|
* Adopted abbreviations :
|
SC - Subject Company (the company
enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
134208-U
|
|
COMPANY NAME
|
:
|
RUBBERFLEX SDN. BHD.
|
|
FORMER NAME
|
:
|
HEVEAFLEX SDN. BHD. (18/10/1986)
HEVEA INDUSTRIES SDN BHD (12/08/1985)
|
|
INCORPORATION DATE
|
:
|
26/01/1985
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
UBN TOWER, BOX 48, 10 JALAN P.RAMLEE,
21ST FLOOR , 50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
21ST FLOOR,UBN TOWER, 10 JALAN P.RAMLEE, 50250
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-20720011
|
|
FAX.NO.
|
:
|
03-20785103
|
|
EMAIL
|
:
|
INFO@RUBBERFLEX.COM.MY
|
|
WEB SITE
|
:
|
WWW.RUBBERFLEX.COM.MY
|
|
CONTACT PERSON
|
:
|
ALDO CERINA ( EXECUTIVE CHAIRMAN )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
22191
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURER OF LATEX THREAD
|
|
AUTHORISED CAPITAL
|
:
|
MYR 30,000,000.00 DIVIDED INTO
ORDINARY SHARE 30,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 22,100,000.00 DIVIDED INTO
ORDINARY SHARES 22,100,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 852,549,401 [2011]
|
|
NET WORTH
|
:
|
MYR 243,081,269 [2011]
|
|
M1000 OVERALL RANKING
|
:
|
528[2011]
|
|
M1000 INDUSTRY RANKING
|
:
|
12[2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
800 [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) manufacturer of latex thread.
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
|
2005
|
2004
|
|
|
OVERALL RANKING
|
528
|
822
|
907
|
|
|
INDUSTRY RANKING
|
12
|
17
|
14
|
|
The immediate holding company of the SC is
BORNEO LUMBER CO, a company incorporated in LEICHSTENSTEIN.
The ultimate holding company of the SC is
RUBBER INTERNATIONAL A.G., a company incorporated in LEICHSTENSTEIN.
The major
shareholder(s) of the SC are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
BORNEO LUMBER CO
|
ALTENBACH NO. 8, SL 9490 VADUZ,
FURSTENTUM, LIECHTENSTEIN.
|
XLZ000002394
|
11,050,000.00
|
50.00
|
|
TOPONE ESTABLISHMENT
|
|
XLZ00210884
|
10,166,000.00
|
46.00
|
|
MALAYSIA NOMINEES (TEMPATAN) SENDIAN
BERHAD
|
LEVEL 13, MENARA OCBC, 18 JALAN TUN
PERAK, 50050 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
6193
|
884,000.00
|
4.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
22,100,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
The SC interest
in other companies (Subsidiaries/Associates) are shown as follow :
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
HK011047
|
HONG KONG
|
RUBBERFLEX (HONG KONG) LIMITED
|
100
|
31/12/2011
|
|
|
|
|
|
|
|
909715
|
MALAYSIA
|
RUBBERFLEX REENERGY SDN. BHD.
|
100
|
31/12/2011
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
ALDO CERINA
|
|
Address
|
:
|
12 JALAN U-THANT, 55000 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
YA2464160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
ITALIAN
|
|
Date of Appointment
|
:
|
03/04/1989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. EUGENE KANG HONG NGEE
|
|
Address
|
:
|
B5-3, LOJING HEIGHTS 1, SECTION 5, WANGSA
MAJU, 53300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
A2180211
|
|
New IC No
|
:
|
720323-01-5465
|
|
Date of Birth
|
:
|
23/03/1972
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
10/06/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. KRISTOPA ANAK WATT
|
|
Address
|
:
|
82, KAMPUNG SELAMPIT, 94500 LUNDU, SARAWAK,
MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
680115-13-5557
|
|
Date of Birth
|
:
|
15/01/1968
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
09/06/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
EDGAR BAYSA VENTURA
|
|
Address
|
:
|
390 LORONG BENTONG MAKMUR 14, 28700
BENTONG, PAHANG, MALAYSIA.
|
|
IC / PP No
|
:
|
EB3797935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
FILIPINO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
ALDO CERINA
|
|
|
Position
|
:
|
EXECUTIVE CHAIRMAN
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
KRISTOPA AK WATT
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
RAYMOND
|
|
|
Position
|
:
|
FINANCE & ADMIN MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
MAZLAN MOPIT
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
AUDITOR
|
Auditor
|
:
|
MOORE STEPHENS AC
|
|
Auditor' Address
|
:
|
A-37-1, MENERA UOA BANGSAR, 5 JALAN BANGSAR
UTAMA 1, LEVEL 37, 59000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. EUGENE KANG HONG NGEE
|
|
|
IC / PP No
|
:
|
A2180211
|
|
|
New IC No
|
:
|
720323-01-5465
|
|
|
Address
|
:
|
B5-3, LOJING HEIGHTS 1, SECTION 5, WANGSA
MAJU, 53300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. LEE SEET MEI
|
|
|
|
|
|
|
|
New IC No
|
:
|
681217-04-5100
|
|
|
Address
|
:
|
60, JALAN SS2/80, 47300 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3)
|
Company Secretary
|
:
|
MR. WONG MAW CHUAN
|
|
|
|
|
|
|
|
New IC No
|
:
|
640419-10-6345
|
|
|
Address
|
:
|
17, JALAN BK 8/1F, BANDAR KINRARA, 47100
PUCHONG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
HSBC BANK MALAYSIA 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
|
|
|
Overseas
|
:
|
YES
|
|
|
Import Countries
|
:
|
TAIWAN,EUROPE,THAILAND
|
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
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
AUSTRALIA
CANADA
FINLAND
GERMANY
UNITED STATES
UNITED KINGDOM
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
LETTER OF CREDIT (LC)
|
|
Type of Customer
|
:
|
TEXTILES AND GARMENT INDUSTRIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Brand Name
|
:
|
|
|
|
|
|
|
Award
|
:
|
|
1 ) MS ISO 9001 : 2000 Year :2003
|
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM)
SMI ASSOCIATION OF MALAYSIA
MALAYSIA EXTERNAL TRADE DEVELOPMENT
CORPORATION (MATRADE)
SMALL & MEDIUM ENTERPRISE
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Factory / Premises
|
:
|
|
LOT 2, BENTONG INDUSTRIAL AREA, 28700
BENTONG, PAHANG, MALAYSIA.
|
|
Tel No: 09-2224611
|
|
Fax No: 09-2225300
|
|
|
|
|
Factory Size
|
:
|
|
|
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
|
800
|
800
|
750
|
750
|
700
|
700
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturer of latex
thread.
The SC offers a full range of elastic yarns based on extruded natural latex.
The SC's products portfolio is includes as follows:
* Talc-coated (RX) thread
* Powderless (EX) silicone coated thread
* Food grade (MP) thread in RX for the manufacture of meat nettings
* High Modulus (HM) thread in RX & EX for the furniture industry
* Super soft thread for elasticated medical bandages
* Brightly coloured EX threads for the toy industry
* Baby Diaper grade thread
* Super Heat Resistant (SHR) threads in both RX & EX form
* Weather resistant thread (LQ) for the sock trade.
The SC utilizes state-of-the-art Italian technology machineries at its
factory to ensure production of high quality products.
Besides that the SC also has a warehouse located at the same premises to keep
stocks and materials.
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
0320720011
|
|
Current Telephone Number
|
:
|
03-20720011
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
21ST FLOOR, UBN TOWER BOX NO. 48, NO. 10
JALAN P RAMLEE 50250 KUALA LUMPUR
|
|
Current Address
|
:
|
21ST FLOOR,UBN TOWER, 10 JALAN P.RAMLEE, 50250
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the SC and she provided some information
on the SC.
The address provided belongs to the SC's PO Box address.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2007 - 2011
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2007 - 2011
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
7.64%
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
9.00%
|
]
|
|
|
|
|
|
|
|
|
|
|
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
|
:
|
Unfavourable
|
[
|
66 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Acceptable
|
[
|
58 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
11 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 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.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Unfavourable
|
[
|
0.79 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.53 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
A low liquid ratio means that the SC may
be facing working capital deficiency. If the SC cannot obtain additional
financing or injection of fresh capital, it may face difficulties in
meeting its short term obligations.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Acceptable
|
[
|
9.99 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 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 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. Due to its weak liquidity position, the SC
will be faced with problems in meeting all its short term obligations if no
short term loan is obtained or additional capital injected into the SC. The
SC had an acceptable interest cover. If there is no sudden sharp increase
in interest rate or fall in the SC's profit, we do believe the SC is able
to generate sufficient cash flow to service its interest payment. The SC
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.
|
|
|
|
|
|
|
|
|
|
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
|
|
22191 : Manufacture of other products of natural
or synthetic rubber, unvulcanized, vulcanized or hardened
|
|
|
|
|
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 1985, the SC is a Private Limited company, focusing on
manufacturer of latex thread. The SC has been in business for over two
decades. It has built up a strong clientele base and good reputation will
enable the SC to further enhance its business in the near term. The SC is
expected to enjoy a stable market shares. Having strong support from its
holding company has enabled the SC to remain competitive despite the
challenging business environment. The 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. Being a large entity, the SC has a
steady workforce of 800 personnel to support its business operations. Its
future prospects seem to be fairly good as its business operations are
running relatively stable. Overall, we regard that the SC's management
capability is average. This indicates that the SC has greater potential to
improve its business performance and raising income for the SC. To improve
its quality products and services, we noted that the SC has received a
number of certifications & awards. This will improve the customer's
confidence level to the SC.
|
|
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. 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. Fortunately, 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
243,081,269, 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.
|
|
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)
|
|
RUBBERFLEX 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
|
852,549,401
|
745,214,544
|
664,663,887
|
550,383,667
|
632,230,155
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
852,549,401
|
745,214,544
|
664,663,887
|
550,383,667
|
632,230,155
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
21,401,086
|
44,281,189
|
64,695,874
|
3,446,839
|
29,105,168
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
21,401,086
|
44,281,189
|
64,695,874
|
3,446,839
|
29,105,168
|
|
Taxation
|
<2,822,381>
|
<1,214,615>
|
<7,114,821>
|
38,435
|
<2,609,810>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
18,578,705
|
43,066,574
|
57,581,053
|
3,485,274
|
26,495,358
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
225,735,163
|
194,823,589
|
149,397,536
|
145,912,262
|
131,416,904
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
225,735,163
|
194,823,589
|
149,397,536
|
145,912,262
|
131,416,904
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
244,313,868
|
237,890,163
|
206,978,589
|
149,397,536
|
157,912,262
|
|
DIVIDENDS - Ordinary (paid &
proposed)
|
<24,310,000>
|
<12,155,000>
|
<12,155,000>
|
-
|
<12,000,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
220,003,868
|
225,735,163
|
194,823,589
|
149,397,536
|
145,912,262
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to
P&L)
|
|
|
|
|
|
|
Others
|
2,381,247
|
4,386,514
|
4,604,873
|
9,185,830
|
5,758,417
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
2,381,247
|
4,386,514
|
4,604,873
|
9,185,830
|
5,758,417
|
BALANCE
SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
153,346,431
|
156,855,571
|
157,358,193
|
173,373,478
|
178,214,240
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Associated companies
|
-
|
-
|
-
|
32,147
|
2,553,048
|
|
Others
|
552,525
|
3,280,459
|
2,593,062
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
552,525
|
3,280,459
|
2,593,062
|
32,147
|
2,553,048
|
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS
|
|
|
|
|
|
|
Goodwill on consolidation
|
-
|
-
|
-
|
-
|
605,753
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL INTANGIBLE ASSETS
|
-
|
-
|
-
|
-
|
605,753
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
153,898,956
|
160,136,030
|
159,951,255
|
173,405,625
|
181,373,041
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
153,644,317
|
113,956,023
|
78,280,806
|
86,833,337
|
113,684,147
|
|
Contract work-in-progress
|
-
|
-
|
-
|
-
|
4,521,774
|
|
Trade debtors
|
134,467,716
|
185,956,301
|
135,499,798
|
130,042,961
|
198,971,366
|
|
Other debtors, deposits & prepayments
|
3,299,865
|
2,796,307
|
2,084,673
|
9,277,178
|
7,111,847
|
|
Cash & bank balances
|
24,550,161
|
43,653,383
|
28,388,498
|
26,770,664
|
26,442,200
|
|
Others
|
1,027,138
|
2,817,171
|
-
|
1,857,086
|
544,700
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
316,989,197
|
349,179,185
|
244,253,775
|
254,781,226
|
351,276,034
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
470,888,153
|
509,315,215
|
404,205,030
|
428,186,851
|
532,649,075
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
26,168,953
|
40,027,614
|
27,179,604
|
22,402,953
|
33,415,666
|
|
Other creditors & accruals
|
9,171,490
|
21,187,908
|
14,117,966
|
10,946,113
|
23,309,986
|
|
Bank overdraft
|
-
|
-
|
-
|
686,061
|
382,195
|
|
Other borrowings
|
-
|
113,000
|
8,326,000
|
89,871,441
|
135,417,000
|
|
Bill & acceptances payable
|
-
|
14,257,000
|
31,148,790
|
100,826,140
|
127,176,000
|
|
Amounts owing to associated companies
|
-
|
-
|
-
|
-
|
1,874,359
|
|
Amounts owing to director
|
190,897
|
-
|
7,650
|
418,392
|
231,395
|
|
Provision for taxation
|
-
|
-
|
934,420
|
-
|
-
|
|
Dividends payable/proposed
|
1,105,000
|
1,105,000
|
17,260,000
|
13,105,000
|
13,105,000
|
|
Other liabilities
|
170,031,944
|
163,415,079
|
66,741,538
|
-
|
10,972,583
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
206,668,284
|
240,105,601
|
165,715,968
|
238,256,100
|
345,884,184
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
110,320,913
|
109,073,584
|
78,537,807
|
16,525,126
|
5,391,850
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
264,219,869
|
269,209,614
|
238,489,062
|
189,930,751
|
186,764,891
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
22,100,000
|
22,100,000
|
22,100,000
|
22,100,000
|
22,100,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
22,100,000
|
22,100,000
|
22,100,000
|
22,100,000
|
22,100,000
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
220,003,868
|
225,735,163
|
194,823,589
|
149,397,536
|
145,912,262
|
|
Others
|
977,401
|
569,851
|
143,373
|
350,015
|
655,829
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
220,981,269
|
226,305,014
|
194,966,962
|
149,747,551
|
146,568,091
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
243,081,269
|
248,405,014
|
217,066,962
|
171,847,551
|
168,668,091
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Deferred taxation
|
21,138,600
|
20,804,600
|
21,422,100
|
18,083,200
|
18,096,800
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
21,138,600
|
20,804,600
|
21,422,100
|
18,083,200
|
18,096,800
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
264,219,869
|
269,209,614
|
238,489,062
|
189,930,751
|
186,764,891
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
24,550,161
|
43,653,383
|
28,388,498
|
26,770,664
|
26,442,200
|
|
Net Liquid Funds
|
24,550,161
|
43,653,383
|
28,388,498
|
26,084,603
|
26,060,005
|
|
Net Liquid Assets
|
<43,323,404>
|
<4,882,439>
|
257,001
|
<70,308,211>
|
<108,292,297>
|
|
Net Current Assets/(Liabilities)
|
110,320,913
|
109,073,584
|
78,537,807
|
16,525,126
|
5,391,850
|
|
Net Tangible Assets
|
264,219,869
|
269,209,614
|
238,489,062
|
189,930,751
|
186,159,138
|
|
Net Monetary Assets
|
<64,462,004>
|
<25,687,039>
|
<21,165,099>
|
<88,391,411>
|
<126,389,097>
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
0
|
113,000
|
8,326,000
|
90,557,502
|
135,799,195
|
|
Total Liabilities
|
227,806,884
|
260,910,201
|
187,138,068
|
256,339,300
|
363,980,984
|
|
Total Assets
|
470,888,153
|
509,315,215
|
404,205,030
|
428,186,851
|
532,649,075
|
|
Net Assets
|
264,219,869
|
269,209,614
|
238,489,062
|
189,930,751
|
186,764,891
|
|
Net Assets Backing
|
243,081,269
|
248,405,014
|
217,066,962
|
171,847,551
|
168,668,091
|
|
Shareholders' Funds
|
243,081,269
|
248,405,014
|
217,066,962
|
171,847,551
|
168,668,091
|
|
Total Share Capital
|
22,100,000
|
22,100,000
|
22,100,000
|
22,100,000
|
22,100,000
|
|
Total Reserves
|
220,981,269
|
226,305,014
|
194,966,962
|
149,747,551
|
146,568,091
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.12
|
0.18
|
0.17
|
0.11
|
0.08
|
|
Liquid Ratio
|
0.79
|
0.98
|
1.00
|
0.70
|
0.69
|
|
Current Ratio
|
1.53
|
1.45
|
1.47
|
1.07
|
1.02
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
66
|
56
|
43
|
58
|
68
|
|
Debtors Ratio
|
58
|
91
|
74
|
86
|
115
|
|
Creditors Ratio
|
11
|
20
|
15
|
15
|
19
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
0.04
|
0.53
|
0.81
|
|
Liabilities Ratio
|
0.94
|
1.05
|
0.86
|
1.49
|
2.16
|
|
Times Interest Earned Ratio
|
9.99
|
11.09
|
15.05
|
1.38
|
6.05
|
|
Assets Backing Ratio
|
11.96
|
12.18
|
10.79
|
8.59
|
8.42
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
2.51
|
5.94
|
9.73
|
0.63
|
4.60
|
|
Net Profit Margin
|
2.18
|
5.78
|
8.66
|
0.63
|
4.19
|
|
Return On Net Assets
|
9.00
|
18.08
|
29.06
|
6.65
|
18.67
|
|
Return On Capital Employed
|
9.00
|
18.08
|
29.06
|
6.63
|
18.57
|
|
Return On Shareholders' Funds/Equity
|
7.64
|
17.34
|
26.53
|
2.03
|
15.71
|
|
Dividend Pay Out Ratio (Times)
|
1.31
|
0.28
|
0.21
|
0.00
|
0.45
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
0
|
0
|
|