|
EXECUTIVE
SUMMARY
|
REGISTRATION
NO.
|
:
|
422944-D
|
|
COMPANY NAME
|
:
|
SEGI AGRICULTURE
ENTERPRISE SDN. BHD.
|
|
FORMER NAME
|
:
|
FARM FRESH
AGRICULTURE SDN BHD (27/11/2014)
ENG HUP HANG TRADING SDN BHD (20/08/2008)
|
|
INCORPORATION
DATE
|
:
|
13/03/1997
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
(LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
BLOCK 8-16-1,
JALAN JALIL PERKASA 15, ARCADE ESPLANAD, TAMAN BUKIT JALIL, 57000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS
ADDRESS
|
:
|
UNIT 711, 712
& 713, BLOCK A, KELANA BUSINESS CENTRE, 97, JALAN SS 7/2, KELANA JAYA,
47301 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-78055266
|
|
FAX.NO.
|
:
|
03-78062257
|
|
CONTACT PERSON
|
:
|
CHUI AH HOCK (
DIRECTOR )
|
|
|
|
|
INDUSTRY CODE
|
:
|
46329
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING IN
GROCERIES AND OTHER FOODSTUFFS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
10,000,000.00 DIVIDED INTO
ORDINARY SHARE 6,500,000.00 OF MYR 1.00 EACH.
PREFERENCE SHARE 3,500,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
3,500,000.00 DIVIDED INTO
ORDINARY SHARES 2,000,000 CASH AND 1,500,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
SALES
|
:
|
MYR 91,948,633
[2013]
|
|
NET WORTH
|
:
|
MYR 13,965,219
[2013]
|
|
|
|
|
STAFF STRENGTH
|
:
|
100 [2015]
|
|
BANKER (S)
|
:
|
|
CIMB BANK
BHD
EON BANK BHD
HONG LEONG BANK BHD
RHB BANK BHD
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER
CHECK
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
LIMITED
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
MODERATE
|
|
CURRENCY
EXPOSURE
|
:
|
MODERATE
|
|
GENERAL
REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY
OUTLOOK
|
:
|
AVERAGE GROWTH
|
HISTORY
/ BACKGROUND
The Subject 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 Subject must
have at least two directors. A private limited company is a separate legal
entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is
principally engaged in the (as a / as an) trading in groceries and other
foodstuffs.
The Subject is
not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate
holding company of the Subject is SEGI VALUE HOLDINGS SDN. BHD., a company
incorporated in MALAYSIA.
Share Capital
History
|
Date
|
Authorised
Shared Capital
|
Issue &
Paid Up Capital
|
|
30/06/2014
|
MYR
10,000,000.00
|
MYR
3,500,000.00
|
|
27/12/2005
|
MYR
5,000,000.00
|
MYR
2,500,000.00
|
|
15/08/2005
|
MYR
5,000,000.00
|
MYR
2,000,000.00
|
|
18/05/2004
|
MYR
5,000,000.00
|
MYR
1,500,000.00
|
|
19/05/2003
|
MYR
1,000,000.00
|
MYR
1,000,000.00
|
|
14/04/1999
|
MYR 500,000.00
|
MYR 200,000.00
|
|
15/03/1997
|
MYR 500,000.00
|
MYR 100,000.00
|
The major shareholder(s)
of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
SEGI VALUE
HOLDINGS SDN. BHD.
|
UNIT 711, 712
& 713, BLOCK A, KELANA BUSINESS CENTRE, 97, JALAN SS7/2, KELANA JAYA, 47301
PETALING JAYA, SELANGOR, MALAYSIA.
|
885726W
|
3,500,000.00
|
100.00
|
|
|
|
---------------
|
------
|
|
|
|
3,500,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
The Subject's interest
in other companies (Subsidiaries/Associates) are shown as follow :
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
216685A
|
MALAYSIA
|
NILAI GENERASI
(M) SDN. BHD.
|
100.00
|
26/11/2014
|
|
|
|
|
|
|
223702D
|
MALAYSIA
|
PROFIL JUTA (M)
SDN. BHD.
|
100.00
|
26/11/2014
|
|
|
|
|
|
|
230433X
|
MALAYSIA
|
ERA SAUJANA
SDN. BHD.
|
100.00
|
26/11/2014
|
|
|
|
|
|
|
80795U
|
MALAYSIA
|
POSITIVO
CREATIVE SDN. BHD.
|
100.00
|
26/11/2014
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of
Subject
|
:
|
MR. OOI CHENG
HOCK
|
|
Address
|
:
|
30, JALAN
2/11, BUKIT RAWANG JAYA, 48000 RAWANG, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
7018012
|
|
New IC No
|
:
|
630319-07-5087
|
|
Date of Birth
|
:
|
19/03/1963
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
18/07/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
MR. CHUI AH
HOCK
|
|
Address
|
:
|
60, JALAN SJ
4, TAMAN SELAYANG JAYA, 68100 BATU CAVES, SELANGOR, MALAYSIA.
|
|
|
|
|
New IC No
|
:
|
680609-10-6991
|
|
Date of Birth
|
:
|
09/06/1968
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
13/03/1997
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of
Subject
|
:
|
MR. CHIA AH
KEONG
|
|
Address
|
:
|
178, JALAN DEDAP
BATIK, SIERRAMAS, 47000 SUNGAI BULOH, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A2320596
|
|
New IC No
|
:
|
721005-10-5179
|
|
Date of Birth
|
:
|
05/10/1972
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
09/03/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of
Subject
|
:
|
CHUI AH HOCK
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
MICHAEL NG
& ASSOCIATES
|
|
Auditor'
Address
|
:
|
BLOCK 8-16-G, JALAN
JALIL PERKASA 15, ARCADE ESPLANAD, TAMAN BUKIT JALIL, 57000 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company
Secretary
|
:
|
DR NG CHEE
LOONG
|
|
|
|
|
|
New IC No
|
:
|
690611-10-5823
|
|
Address
|
:
|
66, JALAN
HUJAN EMAS 5, OVERSEAS UNION GARDEN, 58200 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
3)
|
Name
|
:
|
HONG LEONG
BANK BHD
|
|
|
|
|
|
|
|
|
|
5)
|
Name
|
:
|
UNITED
OVERSEAS BANK (MALAYSIA) BHD
|
|
|
|
|
|
|
|
|
ENCUMBRANCE
(S)
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
1
|
22/09/1997
|
N/A
|
PUBLIC BANK
BERHAD
|
MYR
1,500,000.00
|
Satisfied
|
|
2
|
22/09/1997
|
N/A
|
PUBLIC BANK
BERHAD
|
-
|
Satisfied
|
|
3
|
18/03/1998
|
N/A
|
PUBLIC BANK
BERHAD
|
-
|
Satisfied
|
|
4
|
22/03/2002
|
N/A
|
PUBLIC BANK
BERHAD
|
MYR
1,400,000.00
|
Satisfied
|
|
5
|
06/08/2002
|
N/A
|
PUBLIC BANK
BERHAD
|
MYR
1,000,000.00
|
Satisfied
|
|
10
|
29/11/2002
|
N/A
|
HONG LEONG
BANK BERHAD
|
MYR 450,000.00
|
Satisfied
|
|
6
|
19/06/2003
|
MEMORANDUM OF
DEPOSIT AND LETTER OF SET OFF
|
EON BANK
BERHAD
|
MYR
4,200,000.00
|
Unsatisfied
|
|
7
|
19/06/2003
|
N/A
|
EON BANK
BERHAD
|
MYR
1,000,000.00
|
Satisfied
|
|
8
|
19/06/2003
|
N/A
|
EON BANK
BERHAD
|
MYR 3,200,000.00
|
Satisfied
|
|
9
|
03/07/2003
|
MEMORANDUM OF
DEPOSIT AND LETTER OF SET OFF
|
EON BANK
BERHAD
|
MYR
4,200,000.00
|
Unsatisfied
|
|
11
|
18/12/2003
|
LETTER OF SET
OFF
|
HONG LEONG
BANK BERHAD
|
-
|
Unsatisfied
|
|
12
|
24/05/2004
|
N/A
|
EON BANK
BERHAD
|
MYR
3,800,000.00
|
Satisfied
|
|
13
|
24/05/2004
|
OPEN CHARGE
|
EON BANK
BERHAD
|
MYR
3,800,000.00
|
Unsatisfied
|
|
15
|
21/06/2004
|
OPEN CHARGE
|
HONG LEONG
BANK BERHAD
|
-
|
Unsatisfied
|
|
14
|
05/07/2004
|
N/A
|
RHB BANK
BERHAD
|
-
|
Satisfied
|
|
16
|
05/10/2004
|
N/A
|
HONG LEONG
BANK BERHAD
|
-
|
Satisfied
|
|
17
|
05/10/2004
|
N/A
|
HONG LEONG
BANK BERHAD
|
-
|
Satisfied
|
|
18
|
09/12/2005
|
N/A
|
BUMIPUTRA-COMMERCE
BANK BHD
|
-
|
Satisfied
|
|
19
|
03/07/2008
|
FIRST PARTY SECOND
LEGAL CHARGE
|
EON BANK BHD
|
MYR
6,700,000.00
|
Unsatisfied
|
|
20
|
03/07/2008
|
FIRST PARTY
FIRST LEGAL CHARGE
|
EON BANK BHD
|
MYR
6,925,000.00
|
Unsatisfied
|
|
21
|
23/03/2010
|
LETTER OF
SET-OFF
|
EON BANK BHD
|
MYR
6,700,000.00
|
Unsatisfied
|
|
22
|
05/03/2011
|
MEMORANDUM OF
LEGAL CHARGE OVER DEPOSITS
|
UNITED
OVERSEAS BANK (MALAYSIA) BHD
|
-
|
Unsatisfied
|
|
23
|
30/09/2013
|
MEMORANDUM OF
DEPOSIT AND LETTER OF AUTHORIZATION
|
CIMB BANK
BERHAD
|
7,200,000.00
|
Unsatisfied
|
|
25
|
13/10/2014
|
LETTER OF SET
OFF
|
RHB BANK
BERHAD
|
-
|
Unsatisfied
|
LITIGATION
CHECK AGAINST SUBJECT
* A check has been conducted in our databank againt the Subject 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 SUBJECT
* We have checked through the Subject 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.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
|
|
SOURCES OF RAW
MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
Import
Countries
|
:
|
CHINA,INDIA,VIETNAM,EUROPE
|
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT
|
|
Prompt 0-30
Days
|
[
|
|
]
|
|
Good 31-60
Days
|
[
|
X
|
]
|
|
Average 61-90
Days
|
[
|
|
]
|
|
|
Fair 91-120
Days
|
[
|
|
]
|
|
Poor >120
Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic
Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CASH
CHEQUES
|
|
Type of
Customer
|
:
|
RETAIL,WALK IN
CUSTOMERS
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
|
DRIED
SHRIMPS, DRIED CHILLIES, ONIONS, GARLIC
|
|
|
|
|
|
Competitor(s)
|
:
|
|
7-ELEVEN
MALAYSIA SDN BHD
|
|
IREKA SDN
BHD
|
|
LUN HENG SDN
BHD
|
|
PACIFIC
DEPARTMENT STORE SDN BHD
|
|
TAN CHOON
ENG. & SONS SDN BHD
|
|
|
|
|
|
Ownership of
premises
|
:
|
|
|
Total Number
of Employees:
|
|
|
YEAR
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
100
|
80
|
80
|
80
|
80
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading in groceries
and other foodstuffs.
The Subject sells a wide range of grocery goods such as dried and other foodstuffs
including red onions, yellow onions, potatoes, garlics, chillies, mushrooms,
beans, cooking oil, flour, rice, pepper, spices, grains and others.
Besides that the Subject also provides delivery services to the customers'
doorstep.
The Subject imports its products based on the customers' requirements and
orders.
CURRENT
INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client
|
:
|
N/A
|
|
Current
Telephone Number
|
:
|
03-78055266
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address
Provided by Client
|
:
|
UNIT 714 BLOCK
A KELANA BUSINESSCENTRE 97 JALAN 557/2 KELANA JAYA 47301 PETALING JAYA
SELANGOR DAUIL EHSAN
|
|
Current
Address
|
:
|
UNIT 711, 712
& 713, BLOCK A, KELANA BUSINESS CENTRE, 97, JALAN SS 7/2, KELANA JAYA,
47301 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
Latest
Financial Accounts
|
:
|
YES
|
Other
Investigations
On 3rd July 2015 we contacted one of the staff from the Subject and she
provided some information.
The address as per stated in the report.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss)
Before Tax
|
:
|
Decreased
|
[
|
2009 - 2013
|
]
|
|
|
Return on
Shareholder Funds
|
:
|
Acceptable
|
[
|
10.77%
|
]
|
|
|
Return on Net
Assets
|
:
|
Acceptable
|
[
|
27.23%
|
]
|
|
|
|
|
|
|
|
|
|
The fluctuating
turnover reflects the fierce competition among the existing and new market
players.The dip in profit could be due to the stiff market competition
which reduced the Subject's profit margin. The Subject's management had
generated acceptable return for its shareholders using its assets.
|
|
|
|
|
|
|
|
|
Working
Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
19 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Acceptable
|
[
|
62 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
7 Days
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's
stocks were moving fast thus reducing its holding cost. This had reduced
funds being tied up in stocks. The Subject's management was quite efficient
in handling its debtors. The Subject's debtors days were at an acceptable
range, thus the risk of its debts turning bad was minimised. The Subject
had a favourable creditors' ratio where the Subject could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Acceptable
|
[
|
0.89 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.06 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's liquid
ratio was slightly low. This could indicate that the Subject's working
capital was slightly deficient. The Subject will have to improve its
liquidity position either by obtaining short term financing or increase its
paid up capital so that it can meet all its short term obligations as and
when they fall due.
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Unfavourable
|
[
|
2.05 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
1.44 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's
interest cover was low. If its profits fall or when interest rate rises, it
may not be able to meet all its interest payment. The Subject was
highly geared, thus it had a high financial risk. The Subject was dependent
on loans to finance its business needs. In times of economic downturn and /
or high interest rate, the Subject will become less profitable and
competitive than other firms in the same industry, which are lowly geared.
This is because the Subject has to service the interest and to repay the loan,
which will erode part of its profits. The profits will fluctuate depending
on the Subject's turnover and the interest it needs to pay.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment :
|
|
|
|
|
|
|
|
The Subject recorded
lower profits as its turnover showed a erratic trend. The Subject's
management was unable to control its costs efficiently as its profit showed
a downward trend. The Subject's liquidity was at an acceptable range. If
the Subject is able to obtain further short term financing, it should be
able to meet all its short term obligations. If there is a fall in the
Subject's profit or any increase in interest rate, the Subject may not be
able to generate sufficient cash-flow to service its interest. The Subject's
gearing level was high and its going concern will be in doubt if there is
no injection of additional shareholders' funds in times of economic
downturn and / or high interest rates.
|
|
|
|
|
|
|
|
|
Overall financial
condition of the Subject : LIMITED
|
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic
Indicators:
|
2011
|
2012
|
2013
|
2014*
|
2015**
|
|
|
|
|
|
|
|
Population (
Million)
|
28.7
|
29.3
|
29.8
|
30.3
|
30.5
|
|
Gross Domestic
Products ( % )
|
5.1
|
5.6
|
5.3
|
6.0
|
6.0
|
|
Domestic
Demand ( % )
|
8.2
|
9.4
|
5.6
|
6.4
|
6.2
|
|
Private
Expenditure ( % )
|
8.2
|
8.0
|
8.6
|
7.9
|
6.9
|
|
Consumption (
% )
|
7.1
|
1.0
|
5.7
|
6.5
|
5.6
|
|
Investment ( %
)
|
12.2
|
11.7
|
13.3
|
12.0
|
10.7
|
|
Public
Expenditure ( % )
|
8.4
|
13.3
|
4.4
|
2.3
|
4.2
|
|
Consumption (
% )
|
16.1
|
11.3
|
(1.2)
|
2.1
|
3.8
|
|
Investment ( %
)
|
(0.3)
|
15.9
|
4.2
|
2.6
|
4.7
|
|
|
|
|
|
|
|
Balance of
Trade ( MYR Million )
|
116,058
|
106,300
|
71,298
|
52,314
|
-
|
|
Government
Finance ( MYR Million )
|
(45,511)
|
(42,297)
|
(39,993)
|
(37,291)
|
-
|
|
Government
Finance to GDP / Fiscal Deficit ( % )
|
(5.4)
|
(4.5)
|
(4.0)
|
(3.5)
|
(3.0)
|
|
Inflation ( %
Change in Composite CPI)
|
3.1
|
1.6
|
2.5
|
3.3
|
4.0
|
|
Unemployment
Rate
|
3.3
|
3.2
|
3.0
|
3.0
|
3.0
|
|
|
|
|
|
|
|
Net
International Reserves ( MYR Billion )
|
415
|
427
|
-
|
417
|
-
|
|
Average
Risk-Weighted Capital Adequacy Ratio ( % )
|
3.50
|
2.20
|
-
|
-
|
-
|
|
Average 3 Months
of Non-performing Loans ( % )
|
14.80
|
14.70
|
-
|
-
|
-
|
|
Average Base
Lending Rate ( % )
|
6.60
|
6.53
|
6.53
|
-
|
-
|
|
Business Loans
Disbursed( % )
|
15.3
|
32.2
|
-
|
-
|
-
|
|
Foreign
Investment ( MYR Million )
|
23,546.1
|
26,230.4
|
38,238.0
|
-
|
-
|
|
Consumer Loans
( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Registration
of New Companies ( No. )
|
45,455
|
45,441
|
46,321
|
-
|
-
|
|
Registration
of New Companies ( % )
|
3.0
|
(0.0)
|
1.9
|
-
|
-
|
|
Liquidation of
Companies ( No. )
|
132,485
|
17,092
|
26,430
|
-
|
-
|
|
Liquidation of
Companies ( % )
|
417.8
|
(87.1)
|
54.6
|
-
|
-
|
|
|
|
|
|
|
|
Registration
of New Business ( No. )
|
284,598
|
324,761
|
329,895
|
-
|
-
|
|
Registration
of New Business ( % )
|
5.0
|
14.0
|
2.0
|
-
|
-
|
|
Business
Dissolved ( No. )
|
20,121
|
20,380
|
18,161
|
-
|
-
|
|
Business
Dissolved ( % )
|
1.9
|
1.3
|
(10.9)
|
-
|
-
|
|
|
|
|
|
|
|
Sales of New
Passenger Cars (' 000 Unit )
|
535.1
|
552.2
|
576.7
|
598.4
|
610.3
|
|
Cellular Phone
Subscribers ( Million )
|
35.3
|
38.5
|
43.0
|
43.8
|
-
|
|
Tourist
Arrival ( Million Persons )
|
24.7
|
25.0
|
25.7
|
28.0
|
-
|
|
Hotel
Occupancy Rate ( % )
|
60.6
|
62.4
|
62.6
|
-
|
-
|
|
|
|
|
|
|
|
Credit Cards
Spending ( % )
|
15.6
|
12.6
|
-
|
-
|
-
|
|
Bad Cheque
Offenders (No.)
|
32,627
|
26,982
|
28,876
|
-
|
-
|
|
Individual
Bankruptcy ( No.)
|
19,167
|
19,575
|
21,984
|
-
|
-
|
|
Individual
Bankruptcy ( % )
|
5.8
|
2.1
|
12.3
|
-
|
-
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ):
|
2011
|
2012
|
2013
|
2014*
|
2015**
|
|
|
|
|
|
|
|
Agriculture
|
5.8
|
1.0
|
2.1
|
3.8
|
3.1
|
|
Palm Oil
|
10.8
|
(0.3)
|
2.6
|
6.7
|
-
|
|
Rubber
|
6.1
|
(7.9)
|
(10.1)
|
(10.4)
|
-
|
|
Forestry &
Logging
|
(7.6)
|
(4.5)
|
(7.8)
|
(4.2)
|
-
|
|
Fishing
|
2.1
|
4.3
|
1.6
|
2.7
|
-
|
|
Other
Agriculture
|
7.1
|
6.4
|
8.2
|
6.2
|
-
|
|
Industry
Non-Performing Loans ( MYR Million )
|
634.1
|
-
|
-
|
-
|
-
|
|
% of Industry
Non-Performing Loans
|
3.2
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Mining
|
(5.4)
|
1.4
|
0.9
|
(0.8)
|
2.8
|
|
Oil & Gas
|
(1.7)
|
-
|
-
|
-
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry
Non-performing Loans ( MYR Million )
|
46.5
|
-
|
-
|
-
|
-
|
|
% of Industry
Non-performing Loans
|
0.1
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Manufacturing
#
|
4.7
|
4.8
|
3.4
|
6.6
|
5.5
|
|
Exported-oriented
Industries
|
4.1
|
6.5
|
3.3
|
5.6
|
-
|
|
Electrical
& Electronics
|
(4.0)
|
12.7
|
6.9
|
13.3
|
-
|
|
Rubber
Products
|
20.7
|
3.0
|
11.7
|
(0.3)
|
-
|
|
Wood Products
|
(5.1)
|
8.7
|
(2.7)
|
5.1
|
-
|
|
Textiles &
Apparel
|
13.2
|
(7.1)
|
(2.6)
|
11.5
|
-
|
|
Domestic-oriented
Industries
|
10.7
|
1.7
|
6.8
|
9.4
|
-
|
|
Food,
Beverages & Tobacco
|
4.80
|
2.70
|
3.60
|
6.13
|
6.13
|
|
Chemical &
Chemical Products
|
10.0
|
10.8
|
5.6
|
-
|
-
|
|
Plastic
Products
|
3.8
|
-
|
-
|
-
|
-
|
|
Iron &
Steel
|
2.2
|
(6.6)
|
5.0
|
0.1
|
-
|
|
Fabricated
Metal Products
|
21.8
|
13.8
|
9.9
|
2.9
|
-
|
|
Non-metallic
Mineral
|
12.1
|
2.9
|
(2.0)
|
5.4
|
-
|
|
Transport
Equipment
|
12.0
|
3.4
|
13.8
|
22.9
|
-
|
|
Paper &
Paper Products
|
9.5
|
3.1
|
1.8
|
4.7
|
-
|
|
Crude Oil
Refineries
|
9.3
|
-
|
-
|
-
|
-
|
|
Industry
Non-Performing Loans ( MYR Million )
|
6,537.2
|
-
|
-
|
-
|
-
|
|
% of Industry
Non-Performing Loans
|
25.7
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Construction
|
4.7
|
18.6
|
10.9
|
12.7
|
10.7
|
|
Industry
Non-Performing Loans ( MYR Million )
|
3,856.9
|
-
|
-
|
-
|
-
|
|
% of Industry
Non-Performing Loans
|
10.2
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Services
|
7.1
|
6.4
|
5.9
|
5.9
|
5.6
|
|
Electric, Gas
& Water
|
3.5
|
4.4
|
4.2
|
3.6
|
3.9
|
|
Transport,
Storage & Communication
|
6.50
|
7.10
|
7.30
|
7.50
|
7.15
|
|
Wholesale,
Retail, Hotel & Restaurant
|
5.2
|
4.7
|
5.9
|
6.9
|
6.5
|
|
Finance,
Insurance & Real Estate
|
6.90
|
9.70
|
3.70
|
4.65
|
4.25
|
|
Government
Services
|
12.4
|
9.4
|
8.3
|
6.1
|
5.6
|
|
Other Services
|
5.1
|
3.9
|
5.1
|
4.8
|
4.5
|
|
Industry
Non-Performing Loans ( MYR Million )
|
6,825.2
|
-
|
-
|
-
|
-
|
|
% of Industry
Non-Performing Loans
|
23.4
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate /
Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
|
INDUSTRY
ANALYSIS
|
MSIC CODE
|
|
46329 :
Wholesale of other foodstuffs
|
|
|
|
INDUSTRY :
|
TRADING
|
|
|
|
|
The wholesale and
retail trade is expected to increase 7.1% in 2015 (2014: 7.7%) driven by
strong domestic consumption and higher tourist arrivals following the
Malaysia Year of Festivals 2015. Besides, in 2014, the wholesale and retail
trade subsector is expected to increase 7.7% (2013: 6.4%) supported by
strong domestic consumption.
|
|
|
According to
Retail Group Malaysia (RGM), the pharmacy and personal care sub-sector had
slow growth rate of 2.6% for the first quarter of 2014, while "other
specialty stores" grew at a rate of 3.5%. During the first quarter of
2014, fashion and fashion accessories recorded a sustainable growth of 6.3%
as compared with the same period last year (3.6%).
|
|
|
The retail
segment increased 10.1% (January - June 2013: 7.1%) attributed to brisk
sales in retail outlets such as hypermarkets and large-scale superstores.
Since the launch of the Small Retailer Transformation programme (TUKAR) in
January 2011 up to end-July 2014, 1,761 small retailer stores (end-July
2013: 1,381) have been modernized to improve their competitiveness. In
addition, the strong growth of the retail segment was supported by
1Malaysia Unified Sales held from 29 June 2014 to 1 September 2014 to
attract foreign and local tourists to shop in Malaysia. Meanwhile, the wholesale
segment expanded 8.2% (January - June 2013: 4.9%) due to higher sales of
non-agricultural intermediate products, such as petrol, diesel, lubricants
and household goods. Furthermore, food and beverage outlets, laundry
outlets, car wash centres, abd health and beauty outlets took a hit from
the water rationing in the Klang Valley since February this year.
|
|
|
On the other
hand, in 2014, Malaysia's total trade is expected to grow 5.2% to RM1.44 trillion
(2013: 4.5%; RM1.37 trillion) underpinned by recovery in key advanced
economies, resilient regional demand, and partly due to the base effect
arising from sluggish exports in the corresponding period last year. Gross
exports are anticipated to expand 6% to RM762.8 billion while import
decreased 4.3% to RM677.2 billion (2013: 2.4%; RM719.8 billion; 7%; RM
649.1 billion). Consequently, the trade surplus is expected to be higher at
RM85.6 billion or 7.9% of GDP in 2014 (2013: RM70.7 billion; 7.2%).
|
|
|
Furthermore,
gross exports rebounded by 10.7% to RM441.3 billion during the first seven
months of 2014 (January - July 2013: -2.8%; RM398.5 billion), with
manufactured and mining exports rising at a double digit pace of 11.4% and
12.5%. Shipment of agriculture products grew at a slower pace of 2.7%,
primarily due to lower receipts of crude rubber (-24.6%) while export
growth of other commodities remained steady. Consequently, exports of
manufactured and mining products are expected to grow 6.1% and 6.4% in 2014
(2013: 5.1%; 3.3%). Meanwhile, agriculture exports are expected to rebound
sharply by 4.5% in 2014 (2013: -14.4%) despite moderating commodity prices.
Malaysia's top 3 trading partners are China, Singapore, and Japan.
|
|
|
Over 60% of Gross
Domestic Product (GDP) is contributed by domestic consumption. Therefore
the wholesale and retail sector plays a crucial role in driving Malaysia's
growth over the next decade despite the ongoing global economic slowdown.
By 2020, Malaysia's wholesale and retail sector is expected to boost the
country's total Gross National Income (GNI) by RM156 billion, creating
454,190 new jobs.
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : Average Growth
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1997, the Subject is a Private Limited company, focusing on
trading in groceries and other foodstuffs. With its long establishment in
the market, the Subject 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. A paid up
capital of MYR 3,500,000 allows the Subject to expand its business more
comfortably. With a strong backing from its holding company, the Subject
enjoys timely financial assistance should the needs arise.
Over the years, the Subject should have build up its clientele base and
received supports from its regular customers. Investigation revealed that
the Subject's interest lies mostly in the local market. Thus, any adverse
changes to the local economy might have a negative impact on the Subject's
business performance. Being a moderate size company, the Subject has a
total workforce of 100 employees in its business operations. Overall, we
regard that the Subject's management capability is average. This indicates
that the Subject has greater potential to improve its business performance
and raising income for the Subject.
Financially, the Subject 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.
Return on shareholders' funds of the Subject was at an acceptable range
which indicated that the management was efficient in utilising its funds to
generate income. The Subject managed to maintain an adequate liquidity
level, indicating that the Subject has the ability to meet its financial
obligations. The high gearing ratio clearly implied that the Subject was
supported by more debt than equity. Thus, the Subject is exposed to high
financial risk. Given a positive net worth standing at MYR 13,965,219, the
Subject should be able to maintain its business in the near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. The Subject'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 Subject has a good control over its
resources.
Overall, the Subject's payment habit is good as the Subject has a good
credit control and it could be taking advantage of the cash discounts while
maintaining a good reputation with its creditors.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the Subject is expected to benefit from the
favourable outlook of the industry.
Based on the above condition, we recommend credit be granted to the Subject
normally.
|
|
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
Financial Year
End
|
2013-12-31
|
2012-12-31
|
2011-12-31
|
2010-12-31
|
2009-12-31
|
|
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
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
TURNOVER
|
91,948,633
|
88,618,424
|
94,705,124
|
123,639,937
|
105,649,995
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
91,948,633
|
88,618,424
|
94,705,124
|
123,639,937
|
105,649,995
|
|
Costs of Goods
Sold
|
(75,985,814)
|
(72,537,203)
|
(79,909,761)
|
(108,153,454)
|
(93,878,153)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
15,962,819
|
16,081,221
|
14,795,363
|
15,486,483
|
11,771,842
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
2,033,110
|
2,613,471
|
2,517,860
|
2,633,965
|
3,276,599
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
2,033,110
|
2,613,471
|
2,517,860
|
2,633,965
|
3,276,599
|
|
Taxation
|
(529,141)
|
(314,000)
|
(709,282)
|
(823,788)
|
(467,000)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
1,503,969
|
2,299,471
|
1,808,578
|
1,810,177
|
2,809,599
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously
reported
|
3,564,767
|
2,265,296
|
1,456,718
|
5,243,024
|
2,433,425
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
3,564,767
|
2,265,296
|
1,456,718
|
5,243,024
|
2,433,425
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
5,068,736
|
4,564,767
|
3,265,296
|
7,053,201
|
5,243,024
|
|
TRANSFER TO
RESERVES - General
|
-
|
-
|
-
|
(3,396,483)
|
-
|
|
DIVIDENDS -
Ordinary (paid & proposed)
|
(1,000,000)
|
(1,000,000)
|
(1,000,000)
|
(2,200,000)
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD
|
4,068,736
|
3,564,767
|
2,265,296
|
1,456,718
|
5,243,024
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Bank overdraft
|
167,268
|
82,739
|
57,508
|
40,056
|
43,102
|
|
Hire purchase
|
45,567
|
5,701
|
-
|
-
|
-
|
|
Revolving
loans
|
134,459
|
177,496
|
853
|
-
|
-
|
|
Term loan /
Borrowing
|
581,110
|
595,264
|
-
|
114,940
|
207,144
|
|
Others
|
1,014,378
|
829,452
|
863,870
|
841,696
|
782,811
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
1,942,782
|
1,690,652
|
922,231
|
996,692
|
1,033,057
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
BALANCE
SHEET
|
ASSETS
EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
2,947,127
|
3,275,170
|
1,722,846
|
1,896,919
|
3,062,626
|
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Subsidiary
companies
|
-
|
-
|
-
|
65,000
|
1,224,006
|
|
Associated
companies
|
-
|
-
|
-
|
758,530
|
758,530
|
|
Others
|
9,976,954
|
10,584,720
|
503,624
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM
INVESTMENTS/OTHER ASSETS
|
9,976,954
|
10,584,720
|
503,624
|
823,530
|
1,982,536
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
12,924,081
|
13,859,890
|
2,226,470
|
2,720,449
|
5,045,162
|
|
|
|
|
|
|
|
Stocks
|
4,782,472
|
2,710,406
|
6,061,130
|
5,561,704
|
5,877,156
|
|
Trade debtors
|
15,533,778
|
10,827,218
|
12,892,221
|
18,795,786
|
24,974,041
|
|
Other debtors,
deposits & prepayments
|
735,936
|
1,550,106
|
536,439
|
4,487,317
|
6,426,076
|
|
Short term
deposits
|
7,341,031
|
6,596,572
|
6,383,140
|
-
|
4,533,709
|
|
Deposits with
financial institutions
|
-
|
-
|
-
|
6,161,171
|
-
|
|
Cash &
bank balances
|
828,491
|
4,229,053
|
8,023,037
|
1,694,885
|
3,211,139
|
|
Others
|
40,335
|
75,982
|
142,330
|
247,157
|
60,437
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
29,262,043
|
25,989,337
|
34,038,297
|
36,948,020
|
45,082,558
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
42,186,124
|
39,849,227
|
36,264,767
|
39,668,469
|
50,127,720
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
Trade
creditors
|
1,544,720
|
1,652,210
|
2,114,235
|
3,034,881
|
10,897,733
|
|
Other
creditors & accruals
|
1,799,424
|
438,128
|
4,038,540
|
14,460,476
|
2,129,588
|
|
Hire purchase
& lease creditors
|
427,770
|
411,770
|
-
|
-
|
-
|
|
Bank overdraft
|
4,515,347
|
817,355
|
783,570
|
723,633
|
706,219
|
|
Short term
borrowings/Term loans
|
-
|
-
|
-
|
-
|
345,200
|
|
Bill &
acceptances payable
|
14,566,059
|
16,974,162
|
17,007,643
|
12,750,368
|
19,320,385
|
|
Provision for
taxation
|
133,546
|
-
|
-
|
224,910
|
264,242
|
|
Other
liabilities
|
4,600,000
|
5,020,876
|
3,000,000
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
27,586,866
|
25,314,501
|
26,943,988
|
31,194,268
|
33,663,367
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
1,675,177
|
674,836
|
7,094,309
|
5,753,752
|
11,419,191
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
14,599,258
|
14,534,726
|
9,320,779
|
8,474,201
|
16,464,353
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share
capital
|
3,500,000
|
3,500,000
|
3,500,000
|
3,500,000
|
3,500,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
3,500,000
|
3,500,000
|
3,500,000
|
3,500,000
|
3,500,000
|
|
|
|
|
|
|
|
Retained
profit/(loss) carried forward
|
4,068,736
|
3,564,767
|
2,265,296
|
1,456,718
|
5,243,024
|
|
Capital
redemption reserve
|
3,396,483
|
3,396,483
|
3,396,483
|
3,396,483
|
-
|
|
Others
|
3,000,000
|
3,000,000
|
-
|
-
|
3,396,483
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
10,465,219
|
9,961,250
|
5,661,779
|
4,853,201
|
8,639,507
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
13,965,219
|
13,461,250
|
9,161,779
|
8,353,201
|
12,139,507
|
|
|
|
|
|
|
|
Long term loans
|
-
|
-
|
-
|
-
|
4,220,846
|
|
Hire purchase
creditors
|
410,039
|
768,476
|
-
|
-
|
-
|
|
Deferred
taxation
|
224,000
|
305,000
|
159,000
|
121,000
|
104,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM LIABILITIES
|
634,039
|
1,073,476
|
159,000
|
121,000
|
4,324,846
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
14,599,258
|
14,534,726
|
9,320,779
|
8,474,201
|
16,464,353
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
8,169,522
|
10,825,625
|
14,406,177
|
1,694,885
|
7,744,848
|
|
Net Liquid
Funds
|
(10,911,884)
|
(6,965,892)
|
(3,385,036)
|
(11,779,116)
|
(12,281,756)
|
|
Net Liquid
Assets
|
(3,107,295)
|
(2,035,570)
|
1,033,179
|
192,048
|
5,542,035
|
|
Net Current
Assets/(Liabilities)
|
1,675,177
|
674,836
|
7,094,309
|
5,753,752
|
11,419,191
|
|
Net Tangible Assets
|
14,599,258
|
14,534,726
|
9,320,779
|
8,474,201
|
16,464,353
|
|
Net Monetary
Assets
|
(3,741,334)
|
(3,109,046)
|
874,179
|
71,048
|
1,217,189
|
|
PROFIT &
LOSS ITEMS
|
|
|
|
|
|
|
Earnings
Before Interest & Tax (EBIT)
|
3,975,892
|
4,304,123
|
3,440,091
|
3,630,657
|
4,309,656
|
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA)
|
3,975,892
|
4,304,123
|
3,440,091
|
3,630,657
|
4,309,656
|
|
BALANCE SHEET
ITEMS
|
|
|
|
|
|
|
Total
Borrowings
|
20,053,674
|
19,149,259
|
17,792,066
|
13,474,001
|
24,592,650
|
|
Total
Liabilities
|
28,220,905
|
26,387,977
|
27,102,988
|
31,315,268
|
37,988,213
|
|
Total Assets
|
42,186,124
|
39,849,227
|
36,264,767
|
39,668,469
|
50,127,720
|
|
Net Assets
|
14,599,258
|
14,534,726
|
9,320,779
|
8,474,201
|
16,464,353
|
|
Net Assets
Backing
|
13,965,219
|
13,461,250
|
9,161,779
|
8,353,201
|
12,139,507
|
|
Shareholders'
Funds
|
13,965,219
|
13,461,250
|
9,161,779
|
8,353,201
|
12,139,507
|
|
Total Share
Capital
|
3,500,000
|
3,500,000
|
3,500,000
|
3,500,000
|
3,500,000
|
|
Total Reserves
|
10,465,219
|
9,961,250
|
5,661,779
|
4,853,201
|
8,639,507
|
|
LIQUIDITY
(Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.30
|
0.43
|
0.53
|
0.05
|
0.23
|
|
Liquid Ratio
|
0.89
|
0.92
|
1.04
|
1.01
|
1.16
|
|
Current Ratio
|
1.06
|
1.03
|
1.26
|
1.18
|
1.34
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
19
|
11
|
23
|
16
|
20
|
|
Debtors Ratio
|
62
|
45
|
50
|
55
|
86
|
|
Creditors
Ratio
|
7
|
8
|
10
|
10
|
42
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
1.44
|
1.42
|
1.94
|
1.61
|
2.03
|
|
Liabilities
Ratio
|
2.02
|
1.96
|
2.96
|
3.75
|
3.13
|
|
Times Interest
Earned Ratio
|
2.05
|
2.55
|
3.73
|
3.64
|
4.17
|
|
Assets Backing
Ratio
|
4.17
|
4.15
|
2.66
|
2.42
|
4.70
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
|
|
Operating
Profit Margin
|
2.21
|
2.95
|
2.66
|
2.13
|
3.10
|
|
Net Profit
Margin
|
1.64
|
2.59
|
1.91
|
1.46
|
2.66
|
|
Return On Net
Assets
|
27.23
|
29.61
|
36.91
|
42.84
|
26.18
|
|
Return On
Capital Employed
|
20.21
|
27.00
|
34.04
|
39.47
|
25.10
|
|
Return On
Shareholders' Funds/Equity
|
10.77
|
17.08
|
19.74
|
21.67
|
23.14
|
|
Dividend Pay
Out Ratio (Times)
|
0.66
|
0.43
|
0.55
|
1.22
|
0.00
|
|
NOTES TO
ACCOUNTS
|
|
|
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
0
|
0
|
0
|
|