|
* Adopted abbreviations :
|
SC - Subject Company (the company
enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
451307-K
|
|
COMPANY NAME
|
:
|
BASF PETRONAS CHEMICALS SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
28/10/1997
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
THE GARDENS NORTH TOWER, MID VALLEY CITY,
LINGKARAN SYED PUTRA, LEVEL 18, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
2, JALAN U8/87, SEKSYEN U8, BUKIT
JELUTONG, 40706 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-78412200
|
|
FAX.NO.
|
:
|
03-78466624
|
|
EMAIL
|
:
|
INFO.SERVICE@BASF-PETRONAS.COM.MY
|
|
WEB SITE
|
:
|
WWW.BASF-PETRONAS.COM.MY
|
|
CONTACT PERSON
|
:
|
JOACHIM QUEISSER ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
20291
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURING OF PETROCHEMICALS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 2,400,000,000.00 DIVIDED INTO
ORDINARY SHARE 2,375,000.00 OF MYR 1,000.00 EACH.
PREFERENCE SHARE 25,000.00 OF MYR 1,000.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 1,000,000,000.00 DIVIDED INTO
ORDINARY SHARES 1,000,000 CASH OF MYR 1,000.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 3,453,945,000 [2011]
|
|
NET WORTH
|
:
|
MYR 1,210,213,000 [2011]
|
|
M1000 OVERALL RANKING
|
:
|
199[2011]
|
|
M1000 INDUSTRY RANKING
|
:
|
8[2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
600 [2013]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
|
|
|
|
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 of petrochemicals.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
|
According to the Malaysia 1000
publication, the SC's ranking are as follows:
|
|
|
|
|
|
|
|
|
YEAR
|
2011
|
2009
|
2008
|
2005
|
2004
|
|
|
OVERALL RANKING
|
199
|
114
|
109
|
179
|
278
|
|
|
INDUSTRY RANKING
|
8
|
3
|
4
|
3
|
6
|
|
The immediate holding company of the SC is
BASF NEDERLAND B.V., a company incorporated in NETHERLANDS.
The ultimate holding company of the SC is BASF
SE, a company incorporated in GERMANY.
The major
shareholder(s) of the SC are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
BASF NEDERLAND B.V.
|
POSTBUS 1019 GREBOUW RIJNPOORT GRONINGGENSINGEL
NL-6835EA ARNHEM 1, NETHERLANDS.
|
XLZ00215709
|
600,000.00
|
60.00
|
|
PETRONAS CHEMICALS GROUP BERHAD
|
TOWER 1, PETRONAS TWIN TOWERS, KUALA
LUMPUR CITY CENTRE, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
459830
|
400,000.00
|
40.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
1,000,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
PROFESSOR DR. RAINER DIERCKS
|
|
Address
|
:
|
PHILIPP-MELANCHTHON-STRABE 21, 67346
SPEYER, GERMANY
|
|
IC / PP No
|
:
|
225206719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
24/02/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. ABD HAPIZ BIN ABDULLAH
|
|
Address
|
:
|
24,JALAN SERUNAI 2, TAMAN KLANG JAYA,
41200 KLANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
581007-10-6261
|
|
Date of Birth
|
:
|
07/10/1958
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
09/06/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. WAN ZULKIFLEE BIN WAN ARIFFIN
|
|
Address
|
:
|
5, JALAN 14/1, TAMAN TAR, 68000 AMPANG,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
600819-07-5545
|
|
Date of Birth
|
:
|
19/08/1960
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
13/08/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
SAORI ULRIKE DUBOURG
|
|
Address
|
:
|
SUITE 2701, PASIFIC PLACE APARTMENTS,
PACIFIC PLACE, 88, QUEEENSWAY, HONG KONG
|
|
IC / PP No
|
:
|
646750091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
GERMAN
|
|
Date of Appointment
|
:
|
10/11/2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
DR JOACHIM ALEXANDER QUEISSER
|
|
Address
|
:
|
HOUSE NO.45, KIARA HILLS, NO.1, JALAN
32/70A, TAMAN SRI HARTAMAS, 52480 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
IC / PP No
|
:
|
C5JCTJLJK
|
|
|
|
|
|
Date of Birth
|
:
|
12/05/1967
|
|
|
|
|
|
Nationality
|
:
|
DEUTSCH
|
|
Date of Appointment
|
:
|
01/08/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of Subject
|
:
|
DR TORSTEN PENKUHN, DR.
|
|
Address
|
:
|
34 DAKOTA CRESCENT, #19-01 DAKOTA,
RESIDENCE, 399936, SINGAPORE.
|
|
IC / PP No
|
:
|
C4KH5HP60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
DUTCH
|
|
Date of Appointment
|
:
|
16/01/2012
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
JOACHIM QUEISSER
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
PATRICK TONG
|
|
|
Position
|
:
|
FINANCE DIRECTOR
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
NORASHIKIN MOKHTAR
|
|
|
Position
|
:
|
SENIOR FINANCE MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
VOLKER SEIDL
|
|
|
Position
|
:
|
MARKETING DIRECTOR
|
|
|
|
|
|
|
5)
|
Name of Subject
|
:
|
SURAYA
|
|
|
Position
|
:
|
ASSISTANT HUMAN RESOURCES DIRECTOR
|
|
|
|
|
|
|
6)
|
Name of Subject
|
:
|
ELIZABETH
|
|
|
Position
|
:
|
CORPORATE COMMUNICATIONS MANAGER
|
|
|
|
|
|
|
7)
|
Name of Subject
|
:
|
JASON CHOI KAM HENG
|
|
|
Position
|
:
|
MAINTENANCE MANAGER
|
AUDITOR
|
Auditor
|
:
|
KPMG DESA MEGAT & CO
|
|
Auditor' Address
|
:
|
KPMG TOWER, 8 FIRST AVENUE, BANDAR UTAMA,
47800 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. PATRICK TONG BING
|
|
|
|
|
|
|
|
New IC No
|
:
|
521211-13-5241
|
|
|
Address
|
:
|
3B-07-03, SAUJANA BUNGARAYA CONDO,
SEKSYEN U2, 40150 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with
above mentioned banker(s). No adverse record was found during our
investigation.
|
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SC
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have been
placed or assigned to us for collection since 1990. Information was provided
by third party where the debt amount can be disputed. Please check with
creditors for confirmation as alleged debts may have been paid since recorded
or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Import Countries
|
:
|
EUROPE,UNITED STATES
|
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
|
:
|
AUSTRALIA
INDIA
NEW ZEALAND
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
LETTER OF CREDIT (LC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
GAMMA BUTYROLACTONE, TETRAHYDROFURANCE,
ACRYLIC ACID, ACRYLIC ESTERS
|
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM)
MALAYSIAN PLASTICS MANUFACTURERS
ASSOCIATION (MPMA)
SMI ASSOCIATION OF MALAYSIA
SMALL & MEDIUM ENTERPRISE
MALAYSIAN INTERNATIONAL CHAMBER OF
COMMERCE AND INDUSTRY (MICCI)
CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM)
|
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
Factory / Premises
|
:
|
JALAN GEBENG 2/1, KAWASAN PERINDUSTRIAN GEBENG,, 26080 KUANTAN,
PAHANG, MALAYSIA.
Tel No: 09-5855000
Fax No: 09-5834623
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2012
|
2011
|
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
600
|
610
|
900
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing of
petrochemicals.
The SC is a well-known name in the chemical industry and it produces and
markets a wide range of essential chemical products.
The SC owns a world-class integrated Chemical site in Gebeng, Pahang. It has
an annual production output of approximately 1 million metric tonnes, which
makes the site one of the largest integrated chemical sites in the
Asia-Pacific region.
This 'verbund' (integrated) chemical production facility sited in Gebeng,
Kuantan, Pahang Darul Makmur is the first such facility for BASF in the Asia
Pacific, manufacturing acrylic, oxo-products and butanediol.
The SC's plants can be categorised into:
1) Plant 1 - Acrylic O Complex
2) Plant 2 - OXO Complex
3) Plant 3 - BDO Complex
The SC processes and refines petrochemical products and the end products are
raw materials and ingredients for general purposes.
The SC's product is Petrochemicals which is ethylene and propylene ( for
plastic products),oxygenated, halogen-free are essential to the production of
many pharmaceutical, paints and cosmetic products.
The end-products are among others plastics, adhesives, paints, lacquers,
paper, diapers, automobile and industrial coatings, pharmaceuticals, fine
chemicals, textiles, leather and personal care materials.
The SC utilizes advanced automated and semi-automated machineries to ensure
production of high quality products.
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-78412200
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
2, JALAN U8/87, SEKSYEN U8, BUKIT
JELUTONG,40706,SHAH ALAM,SELANGOR.
|
|
Current Address
|
:
|
2, JALAN U8/87, SEKSYEN U8, BUKIT
JELUTONG, 40706 SHAH ALAM, SELANGOR, 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
|
:
|
Favourable
|
[
|
82.70%
|
]
|
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
97.69%
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's turnover increased steadily as the
demand for its products / services increased due to the goodwill built up
over the years.The dip in profit could be due to the stiff market
competition which reduced the SC's profit margin. Generally the SC was
profitable. The favourable return on shareholders' funds and return on net
assets indicate that the SC's management was efficient in utilising the
assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
19 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
24 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
2 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
|
[
|
3.01 Times
|
]
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
3.76 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
|
:
|
Favourable
|
[
|
406.48 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.02 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the SC was
able to service the interest. The favourable interest cover could indicate
that the SC was making enough profit to pay for the interest accrued. 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. With the favourable interest cover, the SC could be able to
service all the accrued interest without facing any difficulties. 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 :
STRONG
|
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
|
|
20291 : Manufacture of photographic plates,
films, sensitized paper and other sensitized unexposed materials
|
|
|
|
|
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 of petrochemicals. 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
shareholder has enabled the SC to remain competitive despite the
challenging business environment. The SC is a large entity with strong
capital position. We are confident with the SC's business and its future
growth prospect.
|
|
Over the years, the SC has established an extensive clientele base in the
market. Besides catering to the local market, the SC has penetrated into other
countries. With the contribution of both local and overseas customers, the
SC is likely to be exposed to lower commercial risk. Hence, we believe that
the SC has better business expansion opportunities in the future. Being a
large entity, the SC has a steady workforce of 600 personnel to support its
business operations. Its future prospects seem to be fairly good as its
business operations are running relatively stable. The SC has a good
management capability. Its capable management team has enabled the SC to
keep its business on going. Hence, the future prospect of the SC is bright.
|
|
Financially, the SC registered a higher turnover compared to previous year.
However, its profits showed a reverse trend. The SC has generated a
favourable return based on its existing shareholders' funds which indicated
that the management was efficient in utilising its funds to generate
income. The SC is in good liquidity position with its current liabilities
well covered by it current assets. Hence, it has sufficient working capital
to meet its short term financial obligations. Being a 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 1,210,213,000, 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.
|
|
In view of the above favourable condition, we recommend credit be proceeded
to the SC with favourable term.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS)
|
|
BASF PETRONAS CHEMICALS 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
|
3,453,945,000
|
3,427,887,000
|
1,947,889,000
|
2,441,060,000
|
2,806,959,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
3,453,945,000
|
3,427,887,000
|
1,947,889,000
|
2,441,060,000
|
2,806,959,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
1,196,972,000
|
1,294,401,000
|
237,782,000
|
<209,049,000>
|
475,188,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
1,196,972,000
|
1,294,401,000
|
237,782,000
|
<209,049,000>
|
475,188,000
|
|
Taxation
|
<196,161,000>
|
24,239,000
|
<2,621,000>
|
67,321,000
|
<131,792,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
1,000,811,000
|
1,318,640,000
|
235,161,000
|
<141,728,000>
|
343,396,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
666,516,000
|
361,876,000
|
114,250,000
|
255,978,000
|
<87,418,000>
|
|
Prior year adjustment
|
-
|
-
|
22,465,000
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
666,516,000
|
361,876,000
|
136,715,000
|
255,978,000
|
<87,418,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,667,327,000
|
1,680,516,000
|
371,876,000
|
114,250,000
|
255,978,000
|
|
TRANSFER TO RESERVES - Statutory
|
-
|
-
|
<10,000,000>
|
-
|
-
|
|
- General
|
-
|
<4,000,000>
|
-
|
-
|
-
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
<1,250,000,000>
|
<1,010,000,000>
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
417,327,000
|
666,516,000
|
361,876,000
|
114,250,000
|
255,978,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to
P&L)
|
|
|
|
|
|
|
Lease interest
|
2,947,000
|
-
|
-
|
-
|
-
|
|
Others
|
5,000
|
5,000
|
4,000
|
4,525,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
2,952,000
|
5,000
|
4,000
|
4,525,000
|
|
BALANCE SHEET
|
BASF PETRONAS CHEMICALS SDN BHD
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
533,463,000
|
485,844,000
|
730,936,000
|
1,047,686,000
|
1,608,206,000
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Deferred assets
|
32,612,000
|
26,254,000
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
32,612,000
|
26,254,000
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
566,075,000
|
512,098,000
|
730,936,000
|
1,047,686,000
|
1,608,206,000
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
180,323,000
|
166,595,000
|
132,345,000
|
148,114,000
|
-
|
|
Trade debtors
|
231,054,000
|
319,348,000
|
177,847,000
|
128,039,000
|
-
|
|
Other debtors, deposits & prepayments
|
7,121,000
|
10,672,000
|
11,745,000
|
61,695,000
|
-
|
|
Short term deposits
|
215,640,000
|
255,643,000
|
365,103,000
|
477,764,000
|
-
|
|
Amount due from related companies
|
267,650,000
|
397,421,000
|
216,504,000
|
158,295,000
|
-
|
|
Cash & bank balances
|
725,000
|
13,425,000
|
5,023,000
|
4,055,000
|
-
|
|
Others
|
-
|
13,000
|
8,264,000
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
902,513,000
|
1,163,117,000
|
916,831,000
|
977,962,000
|
965,989,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
1,468,588,000
|
1,675,215,000
|
1,647,767,000
|
2,025,648,000
|
2,574,195,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
18,683,000
|
23,415,000
|
7,144,000
|
11,906,000
|
-
|
|
Other creditors & accruals
|
63,740,000
|
83,173,000
|
57,447,000
|
101,017,000
|
-
|
|
Hire purchase & lease creditors
|
8,160,000
|
-
|
-
|
-
|
-
|
|
Amounts owing to holding company
|
4,128,000
|
3,794,000
|
-
|
15,288,000
|
-
|
|
Amounts owing to related companies
|
6,589,000
|
4,122,000
|
8,558,000
|
6,372,000
|
-
|
|
Provision for taxation
|
24,105,000
|
1,497,000
|
1,672,000
|
1,597,000
|
-
|
|
Other liabilities
|
114,845,000
|
153,949,000
|
117,587,000
|
48,464,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
240,250,000
|
269,950,000
|
192,408,000
|
184,644,000
|
258,587,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
662,263,000
|
893,167,000
|
724,423,000
|
793,318,000
|
707,402,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
1,228,338,000
|
1,405,265,000
|
1,455,359,000
|
1,841,004,000
|
2,315,608,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
1,000,000,000
|
1,000,000,000
|
1,004,000,000
|
1,014,000,000
|
1,014,000,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
1,000,000,000
|
1,000,000,000
|
1,004,000,000
|
1,014,000,000
|
1,014,000,000
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Share premium
|
-
|
-
|
196,000,000
|
686,000,000
|
941,978,000
|
|
Capital reserve
|
14,000,000
|
14,000,000
|
10,000,000
|
-
|
-
|
|
Retained profit/(loss) carried forward
|
417,327,000
|
666,516,000
|
361,876,000
|
114,250,000
|
-
|
|
Others
|
<221,114,000>
|
<275,251,000>
|
<116,517,000>
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
210,213,000
|
405,265,000
|
451,359,000
|
800,250,000
|
941,978,000
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
1,210,213,000
|
1,405,265,000
|
1,455,359,000
|
1,814,250,000
|
1,955,978,000
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Lease obligations
|
18,125,000
|
-
|
-
|
-
|
-
|
|
Deferred taxation
|
-
|
-
|
-
|
26,754,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
18,125,000
|
-
|
-
|
26,754,000
|
359,630,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
1,228,338,000
|
1,405,265,000
|
1,455,359,000
|
1,841,004,000
|
2,315,608,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
BASF PETRONAS CHEMICALS SDN BHD
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
216,365,000
|
269,068,000
|
370,126,000
|
481,819,000
|
-
|
|
Net Liquid Funds
|
216,365,000
|
269,068,000
|
370,126,000
|
481,819,000
|
-
|
|
Net Liquid Assets
|
481,940,000
|
726,572,000
|
592,078,000
|
645,204,000
|
707,402,000
|
|
Net Current Assets/(Liabilities)
|
662,263,000
|
893,167,000
|
724,423,000
|
793,318,000
|
707,402,000
|
|
Net Tangible Assets
|
1,228,338,000
|
1,405,265,000
|
1,455,359,000
|
1,841,004,000
|
2,315,608,000
|
|
Net Monetary Assets
|
463,815,000
|
726,572,000
|
592,078,000
|
618,450,000
|
347,772,000
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
26,285,000
|
0
|
0
|
0
|
-
|
|
Total Liabilities
|
258,375,000
|
269,950,000
|
192,408,000
|
211,398,000
|
618,217,000
|
|
Total Assets
|
1,468,588,000
|
1,675,215,000
|
1,647,767,000
|
2,025,648,000
|
2,574,195,000
|
|
Net Assets
|
1,228,338,000
|
1,405,265,000
|
1,455,359,000
|
1,841,004,000
|
2,315,608,000
|
|
Net Assets Backing
|
1,210,213,000
|
1,405,265,000
|
1,455,359,000
|
1,814,250,000
|
1,955,978,000
|
|
Shareholders' Funds
|
1,210,213,000
|
1,405,265,000
|
1,455,359,000
|
1,814,250,000
|
1,955,978,000
|
|
Total Share Capital
|
1,000,000,000
|
1,000,000,000
|
1,004,000,000
|
1,014,000,000
|
1,014,000,000
|
|
Total Reserves
|
210,213,000
|
405,265,000
|
451,359,000
|
800,250,000
|
941,978,000
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.90
|
1.00
|
1.92
|
2.61
|
-
|
|
Liquid Ratio
|
3.01
|
3.69
|
4.08
|
4.49
|
-
|
|
Current Ratio
|
3.76
|
4.31
|
4.77
|
5.30
|
3.74
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
19
|
18
|
25
|
22
|
-
|
|
Debtors Ratio
|
24
|
34
|
33
|
19
|
-
|
|
Creditors Ratio
|
2
|
2
|
1
|
2
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.02
|
0.00
|
0.00
|
0.00
|
-
|
|
Liabilities Ratio
|
0.21
|
0.19
|
0.13
|
0.12
|
0.32
|
|
Times Interest Earned Ratio
|
406.48
|
258,881.20
|
59,446.50
|
<45.20>
|
-
|
|
Assets Backing Ratio
|
1,228.34
|
1,405.27
|
1,455.36
|
1,841.00
|
2.28
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
34.66
|
37.76
|
12.21
|
<8.56>
|
16.93
|
|
Net Profit Margin
|
28.98
|
38.47
|
12.07
|
<5.81>
|
12.23
|
|
Return On Net Assets
|
97.69
|
92.11
|
16.34
|
<11.11>
|
20.52
|
|
Return On Capital Employed
|
97.04
|
92.11
|
16.34
|
<11.11>
|
20.52
|
|
Return On Shareholders' Funds/Equity
|
82.70
|
93.84
|
16.16
|
<7.81>
|
17.56
|
|
Dividend Pay Out Ratio (Times)
|
1.25
|
0.77
|
0.00
|
0.00
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
0
|
|
|