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1.

0 INTRODUCTION

2.0 Financial statements is a summary data on assets, liabilities


and equity as well as income and business expenses for a specific
period. Financial statements used by management to assess the
financial status of the company, past performance and future
prospects. Users of financial statements are consist of both internal
and external parties. The internal party represents by management
which using the financial statements to make analysis and
comparison of performance in the negotiation process or a claim for
payment of salaries. Meanwhile, external parties such as
shareholders, debenture holders, potential investors, financial
companies, creditors or competitors keen to examine the company's
financial performance for the benefit of them. The reasons why an
external party requires a financial analysis are:

i. to determine the profitability of the company and the


percentage of dividend payments or business development;
ii. to ensure the company's ability to pay interest and repay the
debentures;
iii. to choose a company that can provide a high return on
investment;
iv. to assess whether the company is able to repay the loan or
approve a new loan;
v. to see the company working capital liquidity whether the
company is able to pay its liabilities within the stipulated
period;
vi. to determine the marketing strategy between competitors.

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12.0 METHODOLOGY

13.0 Ratio analysis involves methods of calculating and interpreting


financial ratios to analyse and monitor the firms performance. The
basic inputs to ratio analysis are the firms income statement and
balance sheet. It can be performed on a cross-sectional or time-
series basis. The cross-sectional analysis involves comparing firms
ratios with those of a key competitor or other firms in its industry or
with industry. While, time-series analysis evaluates performance
over time.

14.0 Comparison of current to past performance, using ratios


from year to year, enables analysts to assess the firm's progress. In
order to complete the financial ratio analysis, we used both types of
ratio comparison which are time-series analysis involving five years
starting from 2011 until 2015 for one company in the industry and
cross-sectional analysis which is comparison the financial ratios
between different companies but in the same industry.

15.0 Financial ratios can be divided into four general


categories which are liquidity ratios, activity ratios, solvency ratios
and profitability ratios. The following is the formula are used to
make the financial ratio analysis:-

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28.0 Liquidity Ratios

i. Current Ratio ii. Quick Ratio


29.0
Current Asset Current AssetInventory
Current Liabilities Current Liabilities
30.0

31.0 Activity Ratios

i. Inventory ii. Average Age iii. Average


Turnover of Inventory Collection
32.0 33.0 Period
365 Account Receivable
Inventory Turnover 34.0
Sales Daysa Year
Cost of Goods Sold
Inventory 35.0

36.0 Solvency Ratios

i. Debt Ratio ii. Debt to Equity Ratio


37.0 38.0
Total Liabilities Total Liabilities
Total Asset 39.0
Common Stock Equity
40.0

41.0 Profitability Ratios

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i. Earnings Per Share
42.0
Earnings Available for Common Stockholders
Number of Shares of CommonOutstanding
ii. Return on Total Assets
43.0
Earnings Available for Common Stockholders
Total Assets
iii. Return on Equity
44.0
Earnings Available for Common Stockholders
Common Stock Equity

45.0

46.0

47.0

48.0 RATIOS FOR COMPANIES FINANCIAL PERFORMANCE


48.1 APOLLO FOOD HOLDINGS BHD.
48.1.1 Background Company

49.0 Apollo Food Holdings Bhd. is an investment company, which


engages in the provision of management services to its subsidiaries.
It operates through two segments: Investment Holding, and
Manufacturing, Marketing & Distribution. The Investment Holding
segment refers to the company. The Manufacturing, Marketing &
Distribution segment produces, markets and distributes compound
chocolates, chocolate confectionery products, and cakes. The
company was founded on March 5, 1994 and is headquartered in
Johor Bahru, Malaysia.
50.0 Apollo Food Industries Sdn. Bhd., the Company which is
manufacturing compound chocolate confectionery products and
layer cakes based in Malaysia. Apollos product mainly divided into
two main categories which are Chocolate Wafer products and Layer
cake, Chocolate Layer Cake and Swiss roll products.
51.0 As a leading manufacturer of the Chocolate
Confectionery Products and Layer Cake industry in Malaysia, the
Apollo products are distributed in Malaysia and other overseas
market which are Singapore, Indonesia, Thailand, Philippines,

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Vietnam, China, Hong Kong, Taiwan, Japan, India, Middle East,
Mauritius, and Maldives.
52.0
53.0
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57.0
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60.0
61.0
62.0
63.0
64.0
65.0 Quality and Standards:
66.0 Quality and innovation are one of the Apollos strengths. The
organization constantly strives to determine and provide the
resources needed:-
a) Implement and maintain the quality management system
and continually improve its effectiveness.
b) Produce the products with top quality of raw & packaging
materials
c) Using world class wafer and layer cake manufacturing
machinery from Europe and constantly upgrade
and improve to remain competitively.
d) Enhance customer satisfaction by meeting customer
requirements.
e) Recognize our customers needs by introduce
independence packaging.
f) Ensure the quality assurance procedures, the company had
a credited with HALAL.
67.0 The companys aim is to always fulfil the customer needs and
requirement by using the latest equipment and technology.
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73.0
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76.0

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86.0
87.0
87.1.1 Financial Statement Analysis

90.0 2
88.0 YEARS /
0 91.0 20 92.0 20 93.0 20 94.0 20
89.0 TYPES OF
1 12 13 14 15
RATIO
1
95.0 Liquidity Ratios
97.0 12 98.0 13 99.0 13 100.0 13 101.0 12
96.0 Current
.3 .5 .7 .7 .5
Ratio
1 4 7 0 5
104.0 11 105.0 11 106.0 11 107.0 10
102.0 Quick 103.0 9.
.2 .5 .8 .8
Ratio 98
8 2 0 7
108.0 Activity Ratios
109.0 Invent 110.0 7. 111.0 9. 112.0 8. 113.0 8. 114.0 8.
ory Turnover 21 03 05 33 07
115.0 Averag
116.0 50 117.0 40 118.0 45 119.0 43 120.0 45
e Age of
.6 .4 .3 .8 .2
Inventory
2 2 4 2 3
(days)
121.0 Averag
122.0 49 123.0 52 124.0 60 125.0 57 126.0 61
e Collection
.9 .3 .1 .5 .6
Period
3 3 5 1 8
(days)
127.0 Solvency Ratios
128.0 Debt 129.0 10 130.0 10 131.0 10 132.0 9. 133.0 9.
Ratio (%) .8 .5 .2 7 4
134.0 Debt 135.0 31 136.0 31 137.0 32 138.0 32 139.0 32
to Equity .6 .3 .5 .6 .3

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Ratio (%)
140.0 Profitability Ratios
141.0 Earnin
142.0 0. 143.0 0. 144.0 0. 145.0 0. 146.0 0.
gs Per Share
22 27 40 42 32
(RM)
147.0 Return 148.0 7. 149.0 9. 150.0 12 151.0 12 152.0 9.
of Asset (%) 6 1 .5 .4 0
153.0 Return
154.0 22 155.0 27 156.0 39 157.0 41 158.0 31
of Equity
.3 .3 .7 .9 .0
(%)
159.0

160.0 Table 1

161.0 In 2011, the current ratio for this firm is 12.31 times and increasing
in 2012 to 13.54 times then keep increasing in 2013 to 13.77 times
then decrease to 13.70 times in 2014 and then decrease again to
12.55 times in 2015. The more liquid in current ratio is in 2013
compared to 2011, 2012, 2014 and 2015.

162.0 Quick ratio in 2011, the company has 9.98 of current


assets without inventories for every 1 of currents liabilities. In 2012,
each 1 of current liabilities are supported by 11.28 of current assets
without inventories. While in 2013, every 1 of current liabilities are
supported by 11.52 of current assets without inventories. In 2014,
11.80 of current assets without inventories for 1 of current liabilities.
And last is 2015 has 10.87 of current assets without inventories for
1 of current liabilities. It shows that the quick ratio in 2014 is more
liquid compared to 2011, 2012, 2013 and 2015.

163.0 Inventory turnover in 2011, the company took (7.21


times), while in 2012, increase (9.03 times) then in 2013 decrease
to (8.05 times) and in 2014, increase again (8.33 times). And last in
2015, the company decrease again to (8.07 times). So, the high
ratio indicates fast moving inventories in the company is 2012.

164.0 Average age inventory in 2011 is 50.62 days, then


decreasing to 40.42 days in 2012 , in 2013 average age inventory

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increase again to 45.34 days and then decrease again to 43.82 days
in 2014 and increase to 45.23 days in 2015. A lower average age of
inventory show that the company properly managing their inventory
in 2012.

165.0 Average collection period in 2011 is 49.93 days, then


increasing to 52.33 days in 2012 and increase again to 60.15 days
in 2013, then in 2014 average collection period decrease to 57.51
days and lastly increase to 61.68 days in 2015. Its show that year
2011 is more efficiency for the company to turn their receivable
account into cash compared to year 2012, 2013, 2014 and 2015.

166.0 Debt ratio in 2011, the company financed 10.8% of its


assets with debts and in 2012, it financed decreased to 10.5% of
its assets with debts and then decrease again to 10.2% in 2013.
While in 2014, it financed decreased to 9.7% and lastly in 2015,
decreasing again to 9.4%. Generally, the higher this ratio, the
greater the companys degree of indebtedness and the more
financial leverage it has in year 2011.

167.0 This result debt to equity tells us that for every 1


common stockholders have invested, the company owes about RM
31.62 to creditors in 2011. But in 2012, it decreased to RM 31.26
and increase in 2013 to RM 32.50 and increase RM 32.64 the value
in 2014. Lastly, in 2015 the value decrease again to RM 32.33. So,
2012 is better than the other years because it recorded the lowest
value.

168.0 Earnings per share in year 2011, the company will


distributed RM 0.22 to each of the shareholder as the earning per
share. Rose to RM 0.42 in 2014 from RM 0.27 (in 2012) and RM 0.40
(in 2013). While in year 2015, decrease to RM 0.32 will be
distributed to each of the shareholder. So, 2014 is better than the
other years because it recorded the higher value.

169.0

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170.0 In 2011, the company earned return of total assets 7.6%
on each 1 of common stockholders assets investment and in 2012
increase to 9.1% then increasing again to 12.5% in 2013. While in
2014, the company will earned 12.4% and 9.0% decreasing in 2015.
Its show that year 2013 is more effective compared to the other
years.

171.0 The company will earned return of equity 22.3% on each


1 of common stockholders investment in 2011 and 27.3% in 2012.
While in 2013, the company earned 39.7% of return on equity and in
2014, the company earned 41.9% and lastly in 2015, company
earned 31.0% of return on equity. Its show that the company
generated more income in year 2014 compared to another year.

172.0

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187.0

188.0

188.1 ASIA FILE CORPORATION BERHAD


188.1.1 Background Company

189.0 Asia File Corporation Bhd ("AFC") was listed on stock


exchange in Malaysia since 1996. AFC alongside with its
subsidiaries ("the Group") primarily engage in manufacturing
and marketing of various filing and stationery items. As an
integrated files manufacturer, the Group offers a wide range
of products made from paperboard, plastic and metals. With
its headquarter based in Penang, Malaysia, the Group has a
total manufacturing facilities in Malaysia of approximately
50,000 square meters (538,000 square feet) and a staff
strength of 700 employees.
A manufacturer of world-class standard, the Group's
presence transcended across the globe in more than 80
countries with sales offices set up in Germany, United
Kingdom, United States, Middle East and Singapore. Locally,
the Group remains as No 1 files manufacturer in Malaysia with
a comprehensive distribution network of more than 650
retailers and office suppliers.
190.0 Asia File Corp Bhd produces and supplies
stationery. The company also produces and supplies plastic
related products. The Group started as a family business and
operated a bookshop with a small scale manufacturing facility
producing files, selling textbooks and stationery items to
retailers. On November 1987 ASIAFILE was incorporated to
take over the manufacturing activities of the family business.
The main products are paper and board files, which distributes
through South East Asia.
191.0
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199.0
200.0

200.1.1 Financial Statement Analysis

201.0 YEARS
/ 203.0 204.0 205.0 206.0 207.0
202.0 TYPES 2011 2012 2013 2014 2015
OF RATIO
208.0 Liquidity Ratios
210.0 2. 211.0 2. 212.0 3. 213.0 3. 214.0 3.
209.0 Curren
71 82 09 01 25
t Ratio
75 05 72 11 25
216.0 1. 217.0 1. 218.0 1. 219.0 1. 220.0 2.
215.0 Quick
74 58 56 82 11
Ratio
72 05 90 19 1
221.0 Activity Ratios
222.0 Invent 223.0 1. 224.0 1. 225.0 1. 226.0 2. 227.0 2.
ory Turnover 99 78 97 19 32
228.0 Averag
e Age of 229.0 18 230.0 20 231.0 18 232.0 16 233.0 15
Inventory 3 5 6 7 8
(days)
234.0 Averag
e Collection
235.0 70 236.0 84 237.0 69 238.0 81 239.0 71
Period
(days)
240.0 Solvency Ratios
242.0 20 243.0 18 244.0 16 245.0 18 246.0 18
241.0 Debt
.2 .8 .0 .7 .1
Ratio (%)
8 0 4 8 1
247.0 Debt 248.0 76 249.0 74 250.0 63 251.0 86 252.0 53
to Equity .1 .7 .2 .3 .8
Ratio (%) 9 1 9 1 3
253.0 Profitability Ratios

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254.0 Earnin 255.0 43 256.0 42 257.0 37 258.0 32 259.0 25
gs Per Share .8 .1 .0 .5 .0
(RM) 3 1 5 8 5
261.0 11 262.0 10 264.0 11
260.0 Return 263.0 9. 265.0 8.
.6 .6 .2
of Asset (%) 35 88
1 4 8
266.0 Return 267.0 14 268.0 13 269.0 11 270.0 13 271.0 10
of Equity .5 .1 .1 .8 .8
(%) 7 1 4 9 4
272.0
273.0 Table 2

274.0 In 2011, the current ratio for this firm is 2.7175 times
and increasing in 2012 to 2.8205 times then keep increasing in 2013
to 3.0972 times but its decrease in 2014 to 3.0111 times and back
increasing to 3.2525 in 2015. It means the company had shown the
best performance within these 3 years as its current ratio is
increasing even its decreasing in the next year but it increase again
in 2015 and become more liquid from 2.7175 times the firm had in
its current asset even though the company only had achieve about
3.2525 times in 2015. So the year of 2015, the current ratio is more
liquid compared to another years

275.0

276.0 This firm get 1.7472 times of acid-test ratio in 2011 and
decreasing in 2012 and 2013 to 1.5805 times and1.5690 times but
increasing for the next two years to 1.8219 times and 2.111 times. It
means, in 2011, the company has RM1.75 of current assets without
inventories for every RM1 of currents liabilities. In 2012, each RM1
of current liabilities are supported by RM1.58 of current assets
without inventories. While in 2013, every RM1 of current liabilities
are supported by RM1.57 of current assets without inventories. In
2014 and 2015, every RM1 of current liabilities are supported by
RM1.82 and RM2.11. It shows that the quick ratio in 2013, 2014 and

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2015 are really satisfied because the current assets without
inventories of the company can support the current liabilities.

277.0 For inventory turnover ratio in 2011, the firm took


1.99 times to turn its inventory while in 2012,it decrease to 1.78
times and increase in 2013 to 1.96 times and it keep increasing in
2014 and 2015 where the inventory took 2.19 times and 2.32 times
respectively to turn. In this firm, 2015 indicates the fast moving
inventory where it shows a high ratio.

278.0 The performance of ASIA FILE in average age inventory


in 2011 is 183 days, then increasing to 205 days in 2012 and
decreasing to 186 days in 2013 and it keep decreasing in 2014 and
2015 to 167 days and158 days respectively. This value can also be
viewed as the average number of days sales in inventory. This ratio
indicates how many days of inventories the firm has on hand. A
lower average age of inventory which is 2015 show the firm properly
managing their inventory.
279.0 The performance of ASIA FILE in average collection
period in 2011 is 70 days, then increasing to 84 days in 2012 and
decreasing to 69 days in 2013. In 2014, the ratio increased again to
81 days but then it decreasing to 71 days in 2015.This ratio
indicates how long the company takes to turn the companys
account receivable into cash. Its show that year 2013 is more
efficiency of the company to turn their receivable account into cash
compared to other years.
280.0 In 2011, ASIA FILE financed 20.28% of its assets with
debts. While in 2012 and 2013, it financed decreased to 18.82% and
16.04% of its assets with debts. In 2014, it increase to 18.78% and
in 2015 it decrease again to 18.11%. Generally, the higher this ratio,
the greater the firms degree of indebtedness and the more financial
leverage it has.
281.0 The calculation of debt to equity ratio for ASIA FILE in
2011,2012,2013,2014 and 2015 is RM0.76, RM0.74, RM0.63,
RM0.86, and RM0.54 respectively. This result tells us that for every

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RM1 common stockholders have invested in ASIA FILE, the company
owes about RM0.76 to creditors in 2011. But in 2012 and 2013, it
decreased to RM0.74 and RM0.63 and increase in 2014 to RM0.86
but it fall again to RM0.54 in 2015. A high debt-to-equity ratio
indicated that the company may not be able to generate enough
cash to satisfy its debt obligations. So, 2015 is better than the other
years because it recorded the lowest value.
282.0 In year 2011,2012,2013,2014, and 2015 ASIA FILE will
distributed RM43.83, RM42.11, RM37.05, RM32.58 and RM26.50 to
each of the shareholder as the earning per share. This figure
represents the dollar amount earned on behalf of each outstanding
share of common stock. Earnings per share is closely watched by
the investing public and is considered an important indicator of
corporate success.
283.0 Return on total assets are to measure the overall
effectiveness of management in generating profits with its available
assets. The higher the firms return on total assets, the better. For
the five years, ASIA FILE earned RM0.1161, RM0.1064, RM0.0935,
RM0.1128 and RM0.0888 respectively on each $1 of common
stockholders assets investment. Its show that year 2014 is more
effective compared to the other years.
284.0 In 2013, ASIA FILEs percentage of return on equity in
2011,2012,2013, 2014 and 2015 are 146%, 131%, 111%,139%
and108% respectively. The company will earned RM1.46 on each $1
of common stockholders investment in 2011, RM1.31 on each RM1
in 2012, RM1.11 on each RM1 in 2013, RM1.39 on each RM1 in
2014. While in 2015, the company earned rm1.08 of return on
equity. Its show that ASIA FILE earned more income in year 2011
compared to other years.
285.0
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293.0
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300.0
300.1 AJINOMOTO (MALAYSIA) BERHAD
300.1.1 Background Company

301.0 Ajinomoto (Malaysia) Berhad started its business


operations in 1961 as AJI-NO-MOTO Monosodium Glutamate
(MSG) producer. It is one of the very first Japanese joint-
venture companies to be set up in Malaysia.
302.0 Ajinomoto (Malaysia) Berhad has since grown into
a dynamic food and seasoning manufacturer marketing
diverse brand name that is trusted by Malaysian for decades.
Ajinomoto (Malaysia) Berhad continues to provide
exceptionally safe and high quality products in AJI-NO-MOTO
Umami Seasoning, Industrial Products, Seasoning Products
and Sweetener.
303.0 Mission of Ajinomoto is We create better lives
globally by contributing advances in Food and Health and by
working for Life. While, vision of Ajinomoto is We aim to be a
group of companies that contributes to human health
globally by continually creating unique value to benefit
customers.

304.0 There were 11 members of Board of Directors in


Ajinomoto (Malaysia) Berhad. General Tan Sri (Dr.) Dato
Paduka Mohamed Hashim Bin Mohd. Ali (Rtd) (Chairman and
Independent Non-Executive Director of Ajinomoto (Malaysia)
Berhad), Tan Sri Dato (Dr) Teo Chiang Liang (Independent
Non-Executive Director), Keiji Kaneko (Managing Director/Chief
Executive Officer), Yukiko Nishioka (Executive Director), Koay
Kah Ee (Senior Independent Non-Executive Director), Dominic

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Aw Kian Wee (Independent Non-Executive Director), Dato
Setia Ramli Bin Mahmud (Independent Non-Executive
Director), Kamarudin Bin Rasid (Executive Director), Azharudin
Bin Ab Ghani (Executive Director), Motohiro Komase
(Executive Director) and Dr. Masata Mitsuiki (Executive
Director).

305.0

306.0

307.0

308.0

308.1.1 Financial Statement Analysis

309.0 YEARS
/ 311.0 312.0 313.0 314.0 315.0
310.0 TYPES 2011 2012 2013 2014 2015
OF RATIO
316.0 Liquidity Ratios
317.0 Curren 318.0 4. 319.0 5. 320.0 4. 321.0 5. 322.0 5.
t Ratio 08 68 75 71 40
323.0 Quick 324.0 3. 325.0 4. 326.0 2. 327.0 3. 328.0 2.
Ratio 89 03 97 51 52
329.0 Activity Ratios
330.0 Invent 331.0 2. 332.0 3. 333.0 2. 334.0 3. 335.0 2.
ory Turnover 99 19 82 31 85
336.0 Averag
337.0 12 338.0 11 339.0 12 340.0 11 341.0 12
e Age of
2. 4. 9. 0. 8.
Inventory
1 4 4 3 1
(days)
342.0 Averag
e Collection 343.0 37 344.0 38 345.0 43 346.0 39 347.0 41
Period .4 .9 .2 .3 .7
(days)
348.0 Solvency Ratios
349.0 Debt 350.0 18 351.0 14 352.0 17 353.0 14 354.0 16

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Ratio (%) .5 .1 .0 .9 .0
355.0 Debt
356.0 22 357.0 16 358.0 20 359.0 17 360.0 19
to Equity
.7 .4 .5 .5 .1
Ratio (%)
361.0 Profitability Ratios
362.0 Earnin 363.0 0. 364.0 0. 365.0 0. 366.0 0. 367.0 0.
gs Per Share 40 42 31 46 48
(cent) 9 1 91 12 9
368.0 Return 369.0 9. 370.0 9. 371.0 6. 372.0 9. 373.0 8.
of Asset (%) 58 35 59 10 93
374.0 Return 375.0 11 376.0 10 378.0 10 379.0 10
377.0 7.
of Equity .7 .8 .7 .
94
(%) 5 8 0 64
380.0 Table 3

381.0 First of all, we will analyse the liquidity ratio, which it is


measured by its ability to satisfy its short-term obligations as they
come due. We observe on the both ratio that is current ratio and
quick ratio. Based on its current ratio, in the year 2014, the ratio
goes up to 5.71 as compared to 4.08, 5.68 and 4.75 in the year
2011, 2012 and 2013. Which means that Ajinomoto is improving
their liquidity and efficiency. In 2015, the ratio goes down to 5.40 as
compared to 2014, however, the company still has the ability to pay
its liabilities because of higher current assets. We can conclude that
the firm is able to cover their short-term debt for every RM 1 in the
current asset of RM 5.71. Based on its quick ratio, the year 2012
show more liquid rather than another year because on that year
quick ratio is higher. Which mean Ajinomoto (Malaysia) Berhad has
RM 4.03 in cash and account receivable per RM 1 in current
liabilities.

382.0 Secondly, activity ratios, it is measure the speed with


which various accounts are converted into sales or cash, or inflows
or outflows. We analyse three ratios which is inventory turnover,
average age of inventory and average collection period. In a sense,
activity ratios measure how efficiently a company operates along a

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variety of dimensions. For inventory turnover, comparison between
2.99 on year 2011, 3.19 on year 2012, 2.82 on year 2013, 3.31 on
year 2014 and 2.85 on year 2015 shows that how many days, on
average, before inventory is turned into account receivable through
sales. In year 2014, the inventory turnover was faster than year
2011, 2012, 2013 and 2015. It is shows how effectively the firm
managing inventory and also to gain an indication of the liquidity of
inventory. Same goes to the age of inventory ratio. Average age of
inventory is the shortest with 110.3 days in 2014 but higher in year
2013 with 129.4 days. It shows that longer day of inventory the firm
has on hand on year 2013 and unused inventory stored is the lowest
in year 2014. More less the days is better because the turnover of
inventory is faster. Average collection period is useful in evaluating
credit and collection policies and ability of the firm of collecting the
receivables in the specific time. Here in the year 2013 the turnover
in days was almost 44, but the collecting decrease in the year 2014
to 39 days and turn increase in the year of 2015 with the collection
period of approximately almost 42 days is well within the 60 days
allowed in the credit terms. The best average collection period is
2011. It means the firm collects its account receivables faster. It
shows an effective managed credit department. If the credit term of
the company is reducing every year it is a good credit management.

383.0 Thirdly, on the solvency ratio, we analyse the debt ratio


and debt to equity ratio. The ratio shows the companys ability to
cover its debts through its total assets. The higher the debt ratio
means that the company is in bad shape, once a company reaches
an extremely high debt ratio, the creditors may demand repayment
which may lead to bankruptcy. Typically a debt ratio which is lower
than 1 or 100% means that the company need less debt to finance
its assets. In years 2011, 2012, 2013, 2014 and 2015 which is
18.5%, 14.1%, 17.0%, 14.9% and 16.0% is doing the best in terms
of the debt ratio because of lower percentage of debt ratio.
However, the solvency ratio indicates whether a companys cash

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flow is sufficient to meet its short-term and long-term liabilities. The
lower company solvency ratio, the greater the probability that it will
default on its debt obligations. Based on debt to equity, in year 2011
the company has higher ratio 22.7% its indicate that more creditor
financing is used than investor financing. It is also considered more
risky to creditors and investors than with a lower ratio. In year 2012
the ratio is lowest 16.4%, it is usually implies a more financially
stable business in this year. The ratios get higher on year 2013
means that the higher this ratio, the greater the firms use of
financial leverage. However, a low debt to equity ratio is often
viewed as an indication that a company is not taking sufficient
advantage of financial leverage to increase profits, whereas a high
debt to equity is often viewed as an indication that a company may
not be able to generate enough cash to satisfy its debt obligations.

384.0 Lastly, we analyse on earnings per share (EPS), return


on assets (ROA) and return on equity (ROE) in profitability ratios.
Earnings per Share is the amount of income earned during a period
per share of common stock. From the year 2011 to 2012, earnings
per share goes up (0.409 cents to 0.421 cents) but goes down in the
year 2013 (0.3191 cent). However, the companys earnings per
share is slightly better to 0.4612 cent in year 2014 and 0.489 cents
in year 2015. Which means higher is more valuable that company.
The decrease in Return on Assets in the year 2013 to 6.59%
indicates that the company is generating less profit from all of its
resources on that year as compared to other years. The higher this
ratio in 2011 is the better for the company. Therefore this decrease
in Ajinomotos ratio is indicating that the company is not that much
prospering. The return on equity (ROE) measures the return earned
on the common stockholders asset investment. This ratio should be
higher. In the year 2011, the ratio was 11.75% which is the higher
ratio compared to another year. Then, goes down on 2012 to
10.88% and year 2013 to 7.94%. But goes up on 2014 to 10.70%.

19
This increase in Return on Equity is a good thing for stockholders
and indicates that Ajinomoto is using the equity by stockholders
during the specific year effectively and using it to generate more
equity for the owners.

385.0

386.0

387.0

388.0

389.0

390.0

391.0

392.0

392.1 DUTCH LADY MILK INDUSTRIES


392.1.1 Background Company

393.0 Generations in Malaysia have grown up with Dutch Lady.


For years, Dutch Lady Milk Industries Berhad (Dutch Lady
Malaysia) have made it their business to supply quality dairy
nutrition products to the nation.

394.0 They first established as a manufacture of


sweetened condensed milk in 1960s in their factory in Petaling
Jaya. More than 50 years have passed and they are still
operating from the same production plant in Petaling Jaya,
only they have expanded their range of quality and delicious
dairy products.

395.0 Their products, which include Dutch Lady


Purefarm UHT milk, Friso Gold and formulated milk powder for
children Dutch Lady Nutriplan with 5x DHA, are distributed to
Peninsular and East Malaysia. With a workforce of about 600-
strong employees, Dutch Lady Malaysia makes it their mission

20
to help Malaysians move forward in life with trusted dairy
nutrition.

396.0 Dutch Lady Milk Industries owned by their Dutch


parent company Royal Friesland Campina, they are constantly
looking to innovate to further strengthen their position as a
leading dairy company. Royal Friesland Campina N.V. is the
holding company of Dutch Lady Malaysia and its owned by
generations of farmers. For over 140 years, their Dutch farmer
families have been mastering the art of producing milk,
handling down only the very best practices, principles and
knowledge from one generation to another.

397.0 In fact, their farmers were the original breeders of


the Frisian cow, now one of the worlds most breeds for
producing milk. Even the grasslands that their cows roam and
graze upon have been carefully cultivated by their farmers
over many years. Because in Holland, they believe you get out
what you put in.

398.0

399.0

400.0

401.0

401.1.1 Financial Statement Analysis

402.0 YEARS
/ 404.0 405.0 406.0 407.0 408.0
403.0 TYPES 2011 2012 2013 2014 2015
OF RATIO
409.0 Liquidity Ratios
410.0 Curren 411.0 2. 412.0 1. 413.0 1. 414.0 1. 415.0 1.
t Ratio 40 91 52 44 27
416.0 Quick 417.0 1. 418.0 1. 419.0 1. 420.0 0. 421.0 0.
Ratio 71 37 01 93 87

21
422.0 Activity Ratios
423.0 Invent 424.0 5. 425.0 6. 426.0 5. 427.0 7. 428.0 5.
ory Turnover 42 17 38 26 86
429.0 Averag
430.0 16 432.0 13 433.0 13 434.0 20
e Age of 431.0 6.
.5 .1 .6 .1
Inventory 69
3 8 3 0
(days)
435.0 Averag
436.0 67 437.0 59 438.0 67 439.0 50 440.0 62
e Collection
.3 .1 .8 .2 .2
Period
4 6 4 8 9
(days)
441.0 Solvency Ratios
442.0 Debt
443.0 35 444.0 44 445.0 55 446.0 55 447.0 62
Ratio (%)
448.0 Debt
449.0 21 450.0 26 451.0 35 452.0 29 453.0 39
to Equity
8 0 7 4 9
Ratio (%)
454.0 Profitability Ratios
455.0 Earnin
456.0 1. 457.0 1. 458.0 2. 459.0 1. 460.0 2.
gs Per Share
69 93 16 72 20
(RM)
461.0 Return
462.0 27 463.0 32 464.0 33 465.0 32 466.0 34
of Asset (%)
467.0 Return
468.0 16 469.0 19 470.0 21 471.0 17 472.0 22
of Equity
9 3 6 2 0
(%)
473.0 Table 4

474.0 Current ratio of DUTCH LADY MILK INDUSTRIES for


2011 is 2.40 times and it decrease on 2012 to 1.91 times then keep
decreasing in 2013,2014 and 2015 to 1.52, 1.44 and 1.27 times
respectively. It means the company had shown the worst
performance within these 5 years as its current ratio is decreasing
and become less liquid from 2.40 times in 2011 to 1.27 times in
2015. So the year of 2011, the current ratio is more liquid compared
to 2012, 2013, 2014 and 2015.

22
475.0 In 2011, DUTCH LADY MILK INDUSTRIES has 1.71
times of acid-test ratio and decreasing in 2012, 2013, 2014 and
2015 to 1.37, 1.01, 0.93 and 0.87 respectively. It means, in 2011,
the company has RM1.57 of current assets without inventories for
every RM1 of currents liabilities. In 2012, each RM1 of current
liabilities are supported by RM1.37 of current assets without
inventories and each RM1 of current liabilities in 2013 are supported
by RM1.01 of current assets without inventories. While in 2014 and
2015, every RM1 of current liabilities is supported by RM0.93 and
RM0.87 of current assets without inventories. It shows that the quick
ratio in 2011 is more liquid compared to 2012, 2013, 2014 and
2015.

476.0 DUTCH LADY MILK INDUSTRIES took 5.42 times to


turnover its inventory in 2011, while in 2012, it increase to 6.17
times and decrease to 5.38 in 2013. In 2014, the firm took 7.26
times to turnover its inventory and in 2015, it decrease to 5.86
times. This shows that 2013 is the best year that the firm manage to
indicate fast moving inventories compared to other years.

477.0 The performance of DUTCH LADY MILK INDUSTRIES in


average age inventory in 2011 is 67 days, then decreasing to 59
days in 2012 and increasing to 67 days in 2013. While in 2014 and
2015, the average age inventories are 50 days and 62 days
respectively. This value can also be viewed as the average number
of days sales in inventory. This ratio indicates how many days of
inventories the firm has on hand. A lower average age of inventory
shows the firm properly managing their inventory.

478.0 Average collection period of DUTCH LADY MILK


INDUSTRIES in 2011 is 16.53 days, then decreasing to 6.69 days in
2012 and increase to 13.18 days in year 2013. While in 2014, the
average collection period is 13.63 and increase to 20.10 days in
2015. This ratio indicates how long the company takes to turn the
companys account receivable into cash. As we see the pattern of

23
the days on the table, the company takes about 16 days to turn the
companys account receivable into cash in 2011, 6 days in 2012, 13
days in both 2013 and 2014 and 20 days in 2015.

479.0 In 2011, the firm financed 35% of its assets with


debts. While in 2012 and 2013, it financed increased to 44% and
55% of its assets with debts in both years respectively. However, it
maintains at 55% in 2014 and increase to 62% in 2015. Generally,
the higher the debt ratio, the greater the firms degree of
indebtedness and the more financial leverage it has.

480.0 The debt to equity of the firm in 2011 is RM2.18


and increase to RM2.60 in 2012. While in 2013, 2014 and 2015 are
RM3.57, RM2.94 and RM3.99 respectively. For every RM1 common
stockholders have invested in the firm, the company owes about
RM2.18 to creditors in 2011. A high debt-to-equity ratio indicated
that the company may not be able to generate enough cash to
satisfy its debt obligations. So, 2011 is better than the other years
because it recorded the lowest value.

481.0 In year 2011, the firm will distribute RM1.69 to


each of the number of share as the earning per share and increase
to RM1.93 in 2012. While in year 2013, RM2.16 will be distributed to
each of the number of share and decrease to RM1.72 in 2014 but
increase to RM2.20 in 2015. This figure represents the dollar amount
earned on behalf of each outstanding share of common stock.
Earnings per share is closely watched by the investing public and is
considered an important indicator of corporate success.

482.0 The ROA of the firm for year 2011 is RM0.27 and
increase to RM0.32 in 2012. While 2013, 2014 and 2015 are
RM0.33, RM0.32 and RM0.34 respectively. It means, for every RM1
of an asset, this company will earn RM0.27 in 2011. Then it
increased to RM0.32 and RM0.33 in 2012 and 2013 respectively. But
in 2014 it decreased to RM0.32 and increase in 2015 to RM0.34. So

24
2015 is the highest value of ROA and very effective on generated
profit compared with 2011, 2012, 2013 and 2014.

483.0 The percentage of ROE of the firm in 2011 is 169% and


increase to 193% and 216% in 2012 and 2013 respectively. While in
2014, the percentage decreased dramatically to 172% but increase
again in 2015 to 220%. The company earned RM1.69 on each RM1
of common stockholders investment in 2011 and RM1.93 on each
RM1 in 2012. While in 2013, 2014 and 2015, the company earned
RM2.16, RM1.72 and RM2.20 of ROE. Return on equity used to
measure net return per RM1 invested in the firm by the owners, the
common shareholders. For every percent earned means, the firm is
generating a cent return per $1 of net worth. Its show that the firm
earned more income in year 2015 compared between the five years.

484.0

485.0

486.0

487.0

488.0

489.0

490.0

491.0

492.0 ANALYSIS RATIOS BETWEEN COMPANIES (YEAR 2015)


492.1 LIQUIDITY RATIOS

25
493.0

14

12

10

8 APOLLO
ASIA FILE
6 AJINOMOTO
DUTCHLADY
4

0
Current ratio Quick ratio

494.0 For current ratio, company Apollo Foods Holdings


Bhd. is the more liquid in year 2015 compared to company Asia File,
Dutch Lady and Ajinomoto.

495.0 For quick ratio, company Apollo Food Holdings Bhd. also
more liquid without inventories in year 2015 compared to another
company.
496.0
497.0
498.0
499.0
500.0
501.0
502.0
503.0
504.0

26
504.1 ACTIVITY RATIOS

505.0

5 APOLLO
ASIA FILE
4 AJINOMOTO
DUTCHLADY
3

0
Inventory turnover

506.0 For inventory turnover, we can see that Apollo Food


Holdings Berhad shows the fast moving inventory where it has a
high ratio which is 8.07 times. Followed by Dutch Lady Milk
Industries which is 5.86 times then Ajinomoto Malaysia Berhad by
2.85. Inventories ofAsia File corporation Berhad is the lowest when it
shows the lowest ratio which is 2.32 compared to others firm.

27
507.0

180

160

140

120

100 APOLLO
ASIA FILE
80 AJINOMOTO
DUTCHLADY
60

40

20

0
Average age of inventory Average collection period

508.0 For average age of inventory, Apollo Food Holdings


Berhad shows the lowest day of inventories which is 45 days that
the firm has on hand. The lowest means that the firm properly
managing their inventories compared to thers company.

509.0 Dutch Lady Milk Industries show the best performance


on average collection period when they take the shortest time which
is 20 days to turn their account receivable into cash. So we
concludes that Dutch Lady Milk Industries is more efficiency on
average collection period compared to others firm.

510.0

28
511.0

512.0

513.0

514.0

515.0

516.0

517.0

518.0

518.1 SOLVENCY RATIOS

519.0

450.00%

400.00%

350.00%

300.00%

250.00% APOLLO
ASIA FILE
200.00% AJINOMOTO
DUTCHLADY
150.00%

100.00%

50.00%

0.00%
Debt ratio debt to equity ratio

29
520.0 As we can see, the chart above show the differences on
solvency ratios between 4 companies which is Apollo Food Holdings
Berhad, Asia File Corporation Bhd., Ajinomoto (Malaysia) Berhad and
Dutch Lady Milk Industries in the same industry. From this chart, it
showed that the debt ratio for Dutch Lady Milk Industries become
the highest (62%), if compare with the lowest company which is
Apollo Food Holdings Berhad (9.4%) for debt ratio measure the
proportion of the total assets financed by the firms creditors. The
higher this ratio, the greater the amount of other peoples money
being used to generate profits.

521.0 While, the debt to equity ratio measures the relative


proportion of the total liabilities to common stock equity used to
finance the firms assets. The chart showed that Dutch Lady Milk
Industries is the higher ratio (399%) and Ajinomoto (Malaysia)
Berhad is the lowest ratio compared to other companies with 19.1%.
as with debt ratio, the higher this ratio, the greater the firms use of
financial leverage.

522.0

523.0

524.0

525.0

526.0

526.1 PROFITABILITY RATIOS

30
527.0

RM30.00

RM25.00

RM20.00
APOLLO
RM15.00 ASIA FILE
AJINOMOTO
DUTCHLADY
RM10.00

RM5.00

RM0.00
Earning per share

528.0 For Earnings Per Share, Asia File shows the best
performance compared to the other companies which is RM25.05
will be distributed to to each of the common stock. While Apollo
shows the lowest performance, RM0.32 of Earning Per Share.
Earning per share of Ajinomoto and Dutch Lady are RM0.49 and
RM2.20 respectively. This figure represents the dollar amount
earned on behalf of each outstanding share of common stock.
Earnings per share is closely watched by the investing public and is
considered an important indicator of corporate success.

31
529.0

250%

200%

150% APOLLO
ASIA FILE
AJINOMOTO
100%
DUTCHLADY

50%

0%
Return on total asset Return on total equity

530.0 For Return on Total Assets, Dutch Lady shows the


highest amount which is 34% compared to other companies. Return
on total assets of Apollo is 9%, Asia File is 8.88% and Ajinomoto is
8.93% which are lower than Dutch Lady. In general, the higher the
value of ROA, the higher the effectiveness on generated profit of the
companies.

531.0 For Return on Equity, also Dutch Lady shows the highest
performance which is 220% followed by Apollo (31%), Asia File
(10.84%) and Ajinomoto (10.64%).Return on equity used to measure
net return per RM1 invested in the firm by the owners, the common
shareholders. For every percent earned means, the firm is
generating a cent return per RM1 of net worth.

32
532.0

533.0

534.0

535.0

536.0

537.0

538.0

539.0 DISCLOSURE INDEX ON THE COMPANIES CONFORMANCE


TO THE MFRS
539.1 INCOME TAX (MFRS 12)

540.0 Income tax expense comprises current and deferred


tax. Current tax and deferred tax are recognised in profit or
loss except to the extent that it relates to a business
combination or items recognised directly in equity or other
comprehensive income.
541.0 Current tax is the expected tax payable or
receivable on the taxable income or loss for the year, using
tax rates enacted or substantively enacted by the end of the
reporting period, and any adjustment to tax payable in respect
of previous financial years.
542.0 Deferred tax is recognised using the liability
method, providing for temporary differences between the
carrying amounts of assets and liabilities in the statement of
financial position and their tax bases.
543.0
544.0
544.1 OPERATING SEGMENTS (MFRS 8)

545.0 MFRS 8 Operating Segments enables users of financial


statements to evaluate the nature and the financial effects of
operations of an entity, taking into account the environment in
which the entity operates.

33
546.0 The reported information will be based on the
information that management uses to run the business and
segment information disclosed will be based on management
information reported to the chief operating decision maker
(CODM). The implication is that the way in which management
assesses the performance of the business should become
more transparent and segment information will be subject to
greater scrutiny from users of financial statements.

547.0 The standard sets out the requirements for


disclosure of financial information of an entitys operating
segments, its products and services, and the geographical
areas in which it operates and its major customers. It specifies
how an entity should report information about its reportable
segments in its annual financial statements.

548.0 The standard is to be applicable to entities whose


equity or debt securities are publicly traded and to entities
which have filed or are in the process of filing financial
statements for the purpose of issuing securities in a public
market.

549.0 The standard is to be applied in complete sets of


publishes financial statements that comply with Malaysian
Financial Reporting Standards. A complete set of financial
statements include the statement of financial position,
statement of profit or loss and other comprehensive income,
statement of cash flows, statement of changes in equity and
notes.

550.0 An entity that presents its own and consolidated


financial statements has to present information on its
reportable segments only on the basis of the consolidated
financial statements.

551.0

34
552.0

552.1 RELATED PARTY DISCLOSURE (MFRS 124)

553.0 This Standard requires disclosure of related party


relationships, transactions and outstanding balances,
including commitments, in the consolidated and separate
financial statements of a parent or investors with joint control
of, or significant influence over, an investee presented in
accordance with MFRS 10 Consolidated Financial Statements
or MFRS 127 Separate Financial Statements. This Standard
also applies to individual financial statements.

554.0

555.0

556.0

557.0

558.0

559.0

559.1 THE EFFECT OF CHANGES IN FOREIGN EXCHANGE


RATE (MFRS 121)

560.0 An entity shall disclose:-


i. The amount of exchange differences recognised in profit or
loss except for those arising on financial instruments
measured at fair value through profit or loss in accordance
with MFRS 139; and
ii. Net exchange differences recognized in other
comprehensive income and accumulated in a separate
component of equity, and a reconciliation of the amount of
such exchange differences at the beginning and end of the
period.

35
561.0 When the presentation currency is different from
the functional currency, that fact shall be stated, together with
disclosure of the functional currency and the reason for using
a different presentation currency.
562.0 When there is a change in the functional currency
of either the reporting entity or a significant foreign operation,
that fact and the reason for the change in functional currency
shall be disclosed.
563.0 When an entity presents its financial statements in
a currency that is different from its functional currency, it shall
describe the financial statements as complying with MFRSs
only if they comply with all the requirements of MFRSs
including the translation method set out in paragraphs 39 and
42.
564.0 An entity sometimes presents its financial
statements or other financial information in a currency that is
not its functional currency without meeting the requirements
of paragraph 55. For example, an entity may convert into
another currency only selected items from its financial
statements. Or, an entity whose functional currency is not the
currency of a hyperinflationary economy may convert the
financial statements into another currency by translating all
items at the most recent closing rate. Such conversions are
not in accordance with MFRSs and the disclosures set out in
paragraph 57 are required.
565.0
566.0
567.0
568.0 When an entity displays its financial statements or
other financial information in a currency that is different from
either its functional currency or its presentation currency and
the requirements of paragraph 55 are not met, it shall:-
i. Clearly identify the information as supplementary
information to distinguish it from the information that
complies with MFRSs;

36
ii. Disclose the currency in which the supplementary
information is displayed; and
iii. Disclose the entitys functional currency and the method of
translation used to determine the supplementary
information.
569.0
570.0
571.0
572.0 COMMENT ON COMPANYS COMPLIANCE TO THE MFRS
(YEAR 2015)
572.1 INCOME TAX
572.1.1 APOLLO FOOD HOLDINGS BHD.

573.0 Income Tax Expense


574.0 2015
575.0 RM

576.0 Income Tax


577.0 Current Year
10,155,000
578.0 Under/(Over) Provision in Prior Years
__358,468
579.0 10,513,468
580.0 Deferred Tax (Note 12)
581.0 Origination and Reversal of Temporary Differences
(967,333)
582.0 Over Provision in Prior Years
(784,000)
583.0 (1,751,333)
584.0
__8,762,135
585.0
586.0 The Malaysian income tax is calculated at the statutory tax rate of
25% (2014: 25%) of the
587.0 estimated taxable profit for the fiscal year.
588.0
589.0

589.1.1 ASIA FILE CORPORATION BERHAD

590.0 Income Tax Expense

37
591.0
2015
592.0
RM
593.0 Current Tax Expense
594.0 Malaysian - Current
12,260,000
595.0 - Prior Year 67,230
596.0 Overseas - Current
2,166,983
597.0 - Prior Year ___
_9,380_
598.0 Total Current Tax
14,503,543

599.0 Defered Tax Expense

600.0 Malaysian - Current


(887,555)
601.0 - Prior Year
6,555
602.0 Overseas - Current
__785,147_
603.0 Total Deferred Tax
_( 95,853 )_

604.0 Total Income Tax Expense


14,407,690

605.0

606.0

607.0

608.0

609.0

610.0

611.0

38
612.0

613.0

614.0

615.0

615.1.1 AJINOMOTO (MALAYSIA) BERHAD

616.0 Income Tax Expense


617.0 2015
618.0 RM
619.0 Current Income Tax:
620.0 Malaysian income tax
10,693,005
621.0 Overprovision in Prior Years:
622.0 Malaysian income tax
(164,132)
623.0 10,528,873
624.0 Deferred Tax (Note 21):
625.0 Relating to Origination and Reversal to Temporary Differences
305,737
626.0 Under/(Over) Provision in Prior Years
28,468
627.0 334,205
628.0 Total Income Tax Expense 10,863,078
629.0
630.0 Domestic current income tax is calculated at the statutory tax rate
of 25% (2014: 25%) of the estimated assessable profit for the year.
The domestic statutory tax rate will be reduced to 24% from current
years rate of 25%, effective from year of assessment 2016. The
effects arising from the reduction in statutory tax rate is not
material.
631.0
632.0
633.0
634.0
635.0
636.0
637.0
638.0
639.0
640.0

39
641.0
642.0
643.0
644.0
644.1.1 DUTCH LADY MILK INDUSTRIES

645.0 Income Tax Expense

646.0 2015
647.0 RM 000
648.0 Current Tax Expense

649.0 Current Year


49,382
650.0 Over Provision In Prior Year
(1,315)
651.0
48,067
652.0 Deferred Tax Expense
653.0 Origination And Reversal Of Temporary Differences
(310)
654.0 Over Provision In Prior Year
__ __
655.0 Total Income Tax Expense 47,757
656.0
657.0 With the higher profit before tax registered, the taxation charges for
the financial year of 2015 under review of RM47.8 million was RM9.2
million higher compared to preceding financial year. The effective
tax rate for the financial year of 2015 was 25.3%.
658.0 Only Apollo Food Holdings Berhad compliance all the
standard under MFRS 112 income tax. Deferred tax assets or
liabilities and liabilities or assets related to employee
benefitarrangements are recognised and measured in accordance
with MFRS 112 Income Taxes.
659.0 For the purposes of this Standard, income taxes include
all domestic and foreign taxes which are based on taxable profits.
Income taxes also include taxes, such as withholding taxes, which
are payable by a subsidiary, associate or joint arrangement on
distributions to the reporting entity.

40
660.0 Others company did not disclosure any item that related
to the MFRS 112 in their financial statements and notes.

661.0
662.0
663.0
664.0
665.0
666.0
666.1 OPERATING SEGMENTS
666.1.1 APOLLO FOOD HOLDINGS BHD.

667.0 Apollo Food Holdings Berhad and its subsidiaries


are principally engaged in investment holding,
manufacturing, distributing and trading in compound
chocolates, chocolate confectionery products and cakes.
668.0 Apollo Food Holdings Berhad has arrived at
three (3) reportable segments that are organised and
managed separately according to the nature of products
and services, specific expertise and technologies
requirements, which requires different business and
marketing strategies. The reportable segments are
summarised as follows:
i. Investment holding
ii. Manufacturing
iii. Manufacturing and trading in compound
chocolates, chocolate confectionery products and
cakes.
iv. Marketing and distribution
669.0 The accounting policies of operating
segments are the same as those described in the
summary of significant accounting policies.
670.0 Segment performance is evaluated based on
operating profit, excluding non-recurring losses, and in
certain respect as explained in the table below, it is
measured differently from operating profit in
consolidated financial statements.

41
671.0 Inter-segment revenue is priced along the
same lines as sales to external customers and is
eliminated in the consolidated financial statements.
These policies have been applied constantly throughout
the current and previous financial years.
672.0 Segment assets exclude tax assets.
Segment liabilities exclude tax liabilities. Details are
provided in the reconciliations from segment assets and
liabilities to the position of the group.
673.0
674.0
675.0
680.0 M
arketin
677.0
679.0 M g
Investme 683.0
anufa 681.0 a
676.0 nt Total
cturin nd
678.0 684.0
g 682.0 di
Holding
stribut
ion
686.0 687.0 R 688.0 R 689.0
685.0 2015
RM M M RM
690.0 Reve
691.0 692.0 693.0 694.0
nue
697.0 2 699.0 311,
695.0 Total 696.0 698.0 109,44
02,394 914,
revenue 70,350 9,449
,258 057
704.0 (99,
700.0 Inter- 702.0 (
701.0 287,
segment 99,287 703.0 -
- 284)
revenue ,284)
705.0
706.0 Reve 710.0 212,
708.0 1 709.0 1
nue from 707.0 626,
03,106 09,449,
external 70,350 773
,974 449
customers 711.0
712.0 Inter 713.0 714.0 9 715.0 9 716.0 2,09

42
2,46
est income 1,066,516 26,579 9,369 4
717.0
718.0 Rent 719.0 720.0 1 721.0 3 722.0
al income - 8,000 53,000 371,000
723.0 Depreciatio 727.0 (10,
n and 725.0 (10,49 726.0 (238,17 730,
724.0 -
amortisatio 1,902) 8) 080)
n 728.0
729.0 Segment
733.0 34,0
profit
730.0 650, 731.0 27,326 732.0 6,079,2 56,0
before
513 ,278 80 71
income
734.0
tax
739.0 (8,7
735.0 Tax 736.0 (241, 737.0 (7,033, 738.0 (1,486,
62,1
expense 433) 782) 920)
35)
740.0 Other material non-cash items:
745.0 (117
741.0 -
743.0 (117,3 ,379
inventories 742.0 - 744.0 -
79) )
written-off
746.0
747.0 Additions
to non-
current
assets 755.0 6,75
751.0 6,758,
748.0 other than 749.0 - 753.0 - 8,66
667
financial 750.0 754.0 7
752.0
instrument 756.0
s and
deferred
tax assets
758.0 27,3 761.0 274,
757.0 Segment 759.0 229,34 760.0 17,399,
58,0 106,
assets 8,708 738
35 481
762.0 Seg 763.0 457, 764.0 11,230 765.0 235,75 766.0 11,9

43
ment 23,6
658 ,205 4
liabilities 17
767.0

768.0

769.0

770.0 771.0 Inve 773.0 Manuf 774.0 Marketi 776.0 Total


stme acturin ng and 777.0
nt g 775.0 distribu
772.0 holdi tion
ng
778.0 2014 779.0 RM 780.0 RM 781.0 RM 782.0 RM
783.0 Revenu 784.0 785.0 786.0 787.0
e
788.0 Total 789.0 206, 790.0 209,08 791.0 122,171, 792.0 331,
revenue 927 1,795 591 460,
313
793.0 Inter- 794.0 - 795.0 (110,74 796.0 - 797.0 (110,
segment 6,980) 746,
revenue 980)
798.0 Revenue 799.0 206, 800.0 98,334, 801.0 122,171, 802.0 220,
from 927 815 591 713,
external 333
customer
s
803.0 Interest 804.0 1,44 805.0 784,33 806.0 80,107 807.0 2,30
income 3,90 3 8,34
1 1
808.0 Rental 809.0 - 810.0 17,400 811.0 308,000 812.0 325,
income 400
813.0 Deprecia 814.0 - 815.0 (9,652, 816.0 (233,743 817.0 (9,88
tion and 794) ) 6,53
amortiza 7)
tion
818.0 Segmen 819.0 474, 820.0 36,769, 821.0 6,360,96 822.0 43,6
t profit 656 806 9 05,4
before 31
income

44
tax
823.0 Tax 824.0 (406, 825.0 (8,103, 826.0 (1,624,5 827.0 (10,1
expense 699) 492) 00) 34,6
91)
828.0 Other 829.0 830.0 831.0 832.0
material
non-cash
items:
833.0 - bad 834.0 - 835.0 (1,544) 836.0 - 837.0 (1,54
debts 4)
written
off
838.0 - 839.0 - 840.0 (151,95 841.0 - 842.0 (151,
inventori 3) 953)
es
written
off
843.0 - 845.0 847.0 849.0 851.0
impairm 846.0 (657, 848.0 - 850.0 - 852.0 (657,
ent loss 464) 464)
on other
844.0 Investme
nts
853.0 Additions 856.0 859.0 862.0 865.0
to non- 857.0 860.0 863.0 866.0
current 858.0 - 861.0 9,844,9 864.0 122,808 867.0 9,96
assets 53 7,76
854.0 other 1
than
financial
instrume
nts
855.0 and
deferred
tax
assets
868.0 Segmen 869.0 46,8 870.0 193,70 871.0 29,172,7 872.0 269,
t assets 40,0 6,545 35 719,

45
31 311
873.0 Segmen 874.0 449, 875.0 9,744,4 876.0 453,002 877.0 10,6
t 049 40 46,4
liabilitie 91
s

878.0 (a) Reconciliations of reportable segment revenues, profit or loss,


assets and liabilities to the corresponding amounts of the Group are
as follows:
879.0 880.0 2015 881.0 2014
882.0 883.0 RM 884.0 RM
885.0 Revenue 886.0 887.0
888.0 Total revenue for 889.0 311,914,057 890.0 331,460,313
reportable segments
891.0 Inter-segment 892.0 (99,287,284) 893.0 (110,746,98
revenue 0)
894.0 Revenue from 895.0 212,626,773 896.0 220,713,333
external customers
897.0 Profit for the 898.0 899.0
financial year
900.0 Total profit or loss for 901.0 34,056,071 902.0 43,605,431
reportable segments
903.0 Tax expense 904.0 (8,762,135) 905.0 (10,134,691)
906.0 Profit for the financial 908.0 25,293,936 909.0 33,470,740
year of the Group
from continuing
operations per
consolidated
statement of profit or
loss and
907.0 other comprehensive
income
910.0 Total assets for 911.0 274,106,481 912.0 269,719,311
reportable segments
913.0 Tax assets 914.0 185,889 915.0 65,252
916.0 Assets of the Group 917.0 274,292,370 919.0 269,784,563
per consolidated 918.0
statement of financial

46
position
920.0 Total liabilities for 921.0 11,923,617 922.0 10,646,491
reportable segments
923.0 Tax liabilities 924.0 13,936,422 925.0 15,463,647
926.0 Liabilities of the Group 927.0 25,860,039 929.0 26,110,138
per consolidated 928.0
statement of financial
position
930.0
931.0
932.0
933.0
934.0
935.0
936.0 Geographical Segments
937.0 The manufacturing facilities and sales offices of the
group are mainly based in Malaysia, Indonesia, Singapore, China
and others.
938.0 In presenting information on the basis of geographical
areas, segment revenue is based on the geographical location from
which the sale transactions originated.
939.0
940.0 941.0 2015 942.0 2014
943.0 Revenue from 944.0 RM 945.0 RM
external customers
946.0 Malaysia 947.0 122,487,836 948.0 122,802,239
949.0 Asean (excluding 950.0 82,268,621 951.0 85,621,627
Malaysia)
952.0 Others 953.0 7,870,316 954.0 12,289,467
955.0 956.0 212,626,773 957.0 220,713,333
958.0
959.0 Major Customers
960.0 Revenue from a customer in distributing imported
products represent approximately RM35, 271,353 (2014: RM43,
203,854) of the group revenue.
961.0
962.0
963.0
964.0
965.0
966.0
967.0

47
968.0
969.0
970.0
971.0
972.0
973.0
974.0
975.0
976.0
976.1.1 ASIA FILE CORPORATION BERHAD

977.0 The Group reportable segment mainly consists of


manufacturing and trading of stationery products,
coloured paper and boards.
978.0 Reportable segment has not been prepared
as all the Groups revenue, operating profit, assets
employed, liabilities, capital expenditure, depreciation
and amortization and non-cash expenses are mainly
confined to one business segment.
979.0 Operating segments are components in
which separate financial information is available that is
evaluated regularly by the Managing Director in
deciding how to allocate resources and in assessing
performance of the Group. The Group has identified the
business of manufacturing and trading of stationery
products, coloured paper and boards as its sole
operating segment.
980.0 Performance is measured based on revenue
derived from the various products sold and consolidated
profit before income tax of the Group as included in the
internal management reports that are reviewed by the
Managing Director, who is the Groups chief operating
decision maker. The Groups segment assets and
liabilities, as disclosed in the Groups statement of
financial position, are also reviewed regularly by the
Managing Director.
981.0
982.0

48
983.0
984.0
985.0
986.0
987.0
988.0
989.0
990.0
991.0
992.0
993.0
994.0 Geographical information
995.0 In presenting information on the basis of geographical
segments, segment revenue is based on geographical location of
customers. Segment assets are based on the geographical location
of the assets. The amounts of non-current assets do not include
financial instruments (including investment in an associate) and
deferred tax assets.
996.0
997.0 Assets 998.0 Revenues 999.0 Non-
Current
1001.0 1002.0 1003.0 1004.0
2014 2015 2014 2015
1006.0 1007.0 1008.0 1009.0
RM RM RM RM
1010.0 Malaysia 1011.0 1012.0 1013.0 1014.0
33,819,55 38,505,80 53,839,58 55,509,93
3 6 4 4
1015.0 Asia 1016.0 1017.0 1018.0 1019.0
(excluding 12,465,90 9,972,976 1,617 2,867
Malaysia) 8
1020.0 Europe 1021.0 1022.0 1023.0 1024.0
302,793,0 277,820,6 85,734,89 91,755,58
85 95 7 0
1025.0 America 1026.0 1027.0 1028.0 1029.0
23,551,96 24,757,12 - -
3 2
1030.0 Others 1031.0 1032.0 1033.0 1034.0
14,785,63 14,822,64 - -
4 0

49
1035.0 Consolid 1036.0 1037.0 1038.0 1039.0
ated 387,416,1 365,879,2 139,576,0 147,268,3
43 39 98 81
1040.0
1041.0 Major customer
1042.0 A major customer of the Group, with revenue
equal or more than 10% of the Groups total revenue, contributes
approximately RM47,835,580 (2014 : RM36,431,125) of the Groups
total revenue.
1043.0

1044.0

1045.0

1046.0

1047.0

1048.0

1049.0

1050.0

1051.0

1052.0

1052.1.1 AJINOMOTO (MALAYSIA) BERHAD

1053.0 The Company is primarily engaged in two


major areas of activities, umami segment and food and
seasoning segment. Umami segment comprises
products that are derived from the fermentation process
such as Monosodium Glutamate (MSG) and related
products. The food and seasoning segment consists of
products derived from the extraction and mixing process
such as industrial seasonings, tumix and related
seasonings. Other segment consists of products sold by
the Company include trading goods such as industrial

50
sweetener, frozen food and provision of services in
relation to food industry.
1054.0
1055.0 1056.0 1058.0 1061.0 1063.0
Umami Food and Others Total
seas 1059.0 1062.0 1064.0
onin segment RM RM
g 1060.0 1065.0
1057.0 RM
RM
1066.0 At 31 March 2015
1067.0 Revenue 1068.0 1069.0 1070.0 1071.0
233,772,4 104,347,4 2,256,037 340,375,9
67 32 36
1072.0 Results 1074.0 1076.0 1078.0
1080.0
1073.0 Segment 1075.0 1077.0 1079.0 1081.0
profit 30,621,95 5,820,146 720,798 37,162,89
3 7
1082.0 Interest 1083.0 1084.0 1085.0
1086.0
income 3,433,560
1087.0 Profit 1088.0 1089.0 1090.0
1091.0
before tax 40,596,45
7
1092.0 Income 1093.0 1094.0 1095.0
1096.0
tax expense (10,863,07
8)
1097.0 Profit net 1098.0 1099.0 1100.0
1101.0
of tax 29,733,37
9
1102.0 At 31 1103.0 1104.0 1105.0
1106.0
March 2014
1107.0 Revenu 1108.0 1109.0 1110.0 1111.0
e 241,118,3 103,670,2 562,318 345,350,9
13 86 17
1112.0 Results 1114.0 1116.0 1118.0 1120.0
1113.0 Segment 1115.0 1117.0 1119.0 1121.0

51
profit 22,948,14 12,073,99 10,354 35,032,49
9 0 3
1122.0 Interest 1123.0 1124.0 1125.0 1126.0
income 2,563,660
1127.0 Profit 1128.0 1129.0 1130.0 1131.0
before tax 37,596,15
3
1132.0 Income 1133.0 1134.0 1135.0 1136.0
tax expense (9,554,980
)
1137.0 Profit net 1138.0 1139.0 1140.0 1141.0
of tax 28,041,17
3
1142.0
1143.0
1144.0 1145.0 1147.0 F 1150.0 1152.0
Umami ood Others Total
se and 1151.0 1153.0
gm 1148.0 s RM RM
ent easo
1146.0 ning
RM segm
ent
1149.0 R
M
1154.0 At 31 1155.0 1156.0 1157.0 1158.0
March 2015
1159.0 Assets 1161.0 1163.0 1165.0 1167.0
1160.0 Segment 1162.0 1164.0 8 1166.0 1168.0
assets 245,639, 3,745 3,561,104 332,945,5
275 ,165 44
1169.0 Total 1170.0 1171.0 1172.0 1173.0
assets 332,945,5
44
1174.0 Liabiliti 1176.0 1178.0 1180.0 1182.0
es 1177.0 1179.0 1 1181.0 1183.0

52
1175.0 Segment 36,854,9 2,499 274,642 49,629,32
liabilities 89 ,693 4
1184.0 Provision 1185.0 1186.0 1187.0 1188.0
for taxation 292,023
1189.0 Deferred 1190.0 1191.0 1192.0 1193.0
tax liabilities 3,501,702
1194.0 Total 1195.0 1196.0 1197.0 1198.0
liabilities 53,423,04
9
1199.0 Other segment information
1200.0 Capital 1201.0 1202.0 4 1203.0 1204.0
expenditure 8,822,73 ,208, - 13,031,23
7 497 4
1205.0 Depreciat 1206.0 1207.0 3 1208.0 1209.0
ion 7,194,67 ,431, - 10,626,57
2 900 2
1210.0 At 31 1211.0 1212.0 1213.0 1214.0
March 2014
1215.0 Assets 1217.0 1219.0 1221.0 1223.0
1216.0 Segment 1218.0 1220.0 5 1222.0 1224.0
assets 242,078, 9,242 6,698,232 308,019,1
666 ,213 11
1225.0 Total 1226.0 1227.0 1228.0 1229.0
assets 308,019,1
11
1230.0 Liabiliti 1232.0 1234.0 1236.0 1238.0
es 1233.0 1235.0 1 1237.0 1239.0
1231.0 Segment 28,112,4 2,623 20,328 40,755,77
liabilities 25 ,026 9
1240.0 Provision 1241.0 1242.0 1243.0 1244.0
for taxation 1,733,071
1245.0 Deferred 1246.0 1247.0 1248.0 1249.0
tax liabilities 3,454,306
1250.0 Total 1251.0 1252.0 1253.0 1254.0
liabilities 45,943,15
6
1255.0 Other 1257.0 1260.0 1263.0 1266.0

53
segment 1258.0 1261.0 1264.0 1267.0
information 1259.0 1262.0 5 1265.0 1268.0
1256.0 Capital 6,219,29 ,440, - 11,660,27
expenditure 8 972 0
1269.0 Depreciat 1270.0 1271.0 3 1272.0 1273.0
ion 6,230,83 ,967, - 10,198,59
1 762 3
1274.0
1275.0
1276.0
1277.0
1278.0 Geographical Segment
1279.0 Segmental reporting by geographical regions has
only been prepared for revenue as the companys assets are located
in Malaysia. Sales to external customers disclosed in geographical
segments are based on the geographical location of its customers.
1280.0
1281.0 1282.0 1284.0 1286.0 1289.0 1291.0
Malaysia Middle Other Others Total
1283.0 Asia 1287.0 1290.0 1292.0
RM n East RM RM
1285.0 Cou 1293.0
RM ntri
es
1288.0
RM
1294.0 Revenue
1295.0 1296.0 1297.0 1298.0 1299.0 1300.0
2015 220,576,2 41,514,35 74,301,22 3,984,148 340,375,9
14 1 3 36
1301.0 1302.0 1303.0 1304.0 1305.0 1306.0
2014 232,619,9 37,382,65 69,579,49 5,768,853 345,350,9
14 3 7 17
1307.0

1308.0

1309.0

54
1310.0

1311.0

1312.0

1313.0

1314.0

1315.0

1316.0

1317.0

1318.0

1319.0

1320.0

1321.0

1322.0

1322.1.1 DUTCH LADY MILK INDUSTRIES

1323.0 The company operates principally only in


Malaysia and in one major business segment being
manufacturing and distribution of a wide range of dairy
products. The companys Board of Directors (the chief
operating decision maker) reviews internal management
reports in respect of this segment at least on a quarterly
basis.

1324.0 Accordingly, no segment information


is provided as the financial position and performance as
already shown in the Statement of Financial Position and
Statement of Profit or Loss and Other Comprehensive
Income.

55
1325.0 All of the companies have comply with
the standard.

1326.0

1327.0

1328.0

1329.0

1330.0

1331.0

1332.0

1333.0

1334.0

1335.0

1336.0

1337.0

1338.0

1339.0

1340.0

1340.1 RELATED PARTY DISCLOSURE


1340.1.1 APOLLO FOOD HOLDINGS BHD.
i. Identities of related parties

1341.0 Parties are considered to be related to the group if


the group has the ability, directly or indirectly, to control the party
or exercise significant influence over the party in making financial
and operating decisions, or vice versa, or where the group and the
party are subject to common control or common significant
influence. Related parties could be individuals or other parties. The

56
company has controlling related party relationship with its
subsidiaries and its ultimate holding company.

ii. In addition to the transactions detailed elsewhere in the financial


statements, the company had the following transactions with the
related parties during the financial year:

1342.0 Company

1343.0
2015 2014

RM RM
Subsidiaries:

1344.0 Dividend income


20,020,018 20,020,018
Management fees income
220,000 240,000

1345.0 Material balances with related parties at reporting


date are disclosed in Note 14 to the financial statements. These
transactions have been established under negotiated terms
between the parties.

iii. Compensation of key management personnel

1346.0 Key management personnel are those persons


having the authority and responsibility for planning, directing and
controlling the activities of the entity, directly and indirectly,
including any Director (whether executive or otherwise) of the Group
and the Company. The remuneration of Directors during the year is
as follows:

1347.0

1348.0

57
1349.0 Group
Company
2015 2014
2015 2014
RM RM
RM RM
Short term employee benefits 6,726,782 6,589,435
51,750 54,250
Contribution to defined
contribution plan 792,797 750,263
- -Defined benefit plan 52,781
12,736 - -

1350.0 7,572,360
7,352,434 51,750 54,250
Fees 216,000 216,000
190,000 190,000
7,788,360 7,568,434
241,750 244,250

1351.0

1351.1.1 ASIA FILE CORPORATION BERHAD

1352.0 Identity of related parties

1353.0 For the purposes of these financial statements, parties are


considered to be related to the Group or the Company if the Group
or the Company has the ability, directly or indirectly, to control or
jointly control the party or exercise significant influence over the
party in making financial and operating decisions, or vice versa, or
where the Group or the Company and the party are subject to
common control. Related parties may be individuals or other
entities.

1354.0 The Group has related party relationships with the following :

58
1355.0 i) Subsidiaries and associates of the Company as disclosed in
the financial statements.

1356.0 ii) Companies in which a Director, Dato Lim Soon Huat and
his close family members collectively have controlling interests -
Asia Educational Supplies Sdn. Bhd. (AESSB) and Khyam Seng
Printing Sdn. Bhd. (KSPSB).

1357.0 iii) Company in which a Director, Dato Lim Soon Huat has
substantial financial interests - Dynamic Office Sdn. Bhd. (DOSB).

1358.0 iv) Company in which a Director of a subsidiary, Mr. R.C.


Martin, has substantial financial interests - Christopher Martin Ltd.

1359.0 v) Key management personnel of the Group

1360.0 Key management personnel are defined as those persons


having authority and responsibility for planning, directing and
controlling the activities of the Group either directly or indirectly.
The key management personnel include all the Directors of the
Company and certain Directors of the subsidiaries.

1361.0 Significant related party transactions

1362.0 The significant related party transactions of the Group and the
Company, other than key management personnel compensations,
are as follows:

1363.0

a) Transactions entered into between the Company and its subsidiaries


1364.0 Transactions amount for
the year ended 31 March
1365.0 2015
2014
RM
RM
Dividend income received 24,000,000
84,000,000

59
1366.0 Management fee receivable 2,737,920
2,565,120
b) Transactions entered into by the subsidiaries in the ordinary course
of business with a direct associate
1367.0 Transactions amount for
the year ended 31 March
1368.0 2015
2014
1369.0 RM
RM
1370.0 Purchases 2,784,503
3,750,889
c) Transactions entered into by the Group in the ordinary course of
business with companies in which a Director and his close family
members collectively have controlling interests are as follows :
1371.0 Transactions amount for
the year ended 31 March
1372.0 2015
2014
1373.0 RM
RM
1374.0 Sales - AESSB 131,000
281,000
1375.0 - KSPSB -
7,000
1376.0 - DOSB 4,000
1,000
1377.0 Purchases - AESSB 30,000
25,000
1378.0 - DOSB 81,000
64,000

1379.0 d) Transactions with key management personnel:

1380.0 Key management personnel compensations are disclosed in


Note 22 to the financial statements. The aggregate amount of
transactions relating to key management personnel and entity over
which they have control or significant influence were as follows:

60
1381.0

1382.0

1383.0

1384.0

1385.0 Transactions amount


for the year ended 31 March

1386.0
2015 2014
RM
RM
Group
Consultancy fee paid to a company in which a Director 317,979
359,729
of a subsidiary has substantial financial interest
Rental paid to - a Director of a subsidiary 9,600
9,600

1387.0 The above transactions have been entered into in the normal
course of business and have been established under negotiated
terms.

1388.0

1389.0

1390.0

1391.0

1392.0

1393.0

1394.0

1395.0

61
1396.0

1397.0

1398.0

1398.1.1 AJINOMOTO (MALAYSIA) BERHAD

1399.0 (a) In addition to the transactions detailed elsewhere in the


financial statements, the Company had the following transactions
with related parties during the financial year:

1400.0
2015 2014

RM RM
Transactions with related companies

1401.0 Commission income


9,757 14,487
Royalties payable
(8,228,739) (8,280,317)
Sales
66,049,326 59,237,373
Purchases
(129,016,229) (129,435,950)
Purchases of assets
(1,027,889) (1,746,311)
Promotional expenses
(158,663) (470,851)
Other expenses
(615,123) (331,447)
Shared information technology services
(1,953,125) (1,915,663)

1402.0 The directors are of the opinion that all the transactions above
have been entered into in the normal course of business and have

62
been established on negotiated terms and conditions that are not
materially different from those obtainable in transactions with
unrelated parties.

1403.0 (b) Compensation of key management personnel

1404.0 The directors of the Company are the key management


personnel during the year whose remuneration is disclosed in Note
7.

1405.0

1406.0

1407.0

1408.0

1409.0

1410.0

1411.0

1412.0

1412.1.1 DUTCH LADY MILK INDUSTRIES

1413.0 Identity of related parties

1414.0 For the purposes of these financial statements, parties are


considered to be related to the Company if the Company has the
ability, directly or indirectly, to control or jointly control the party or
exercise significant influence over the party in making financial and
operating decisions, or vice versa, or where the Company and the
party are subject to common control. Related parties may be
individuals or other entities.

1415.0 Related parties also include key management personnel


defined as those persons having authority and responsibility for
planning, directing and controlling the activities of the Company
either directly or indirectly. Key management personnel include all

63
the Directors of the Company, and certain members of senior
management of the Company.

1416.0 The Company has related party relationship with its holding
companies, related companies and key management personnel.

1417.0 Related party transactions have been entered into in the


normal course of business under normal trade terms. The significant
related party transactions of the Company are shown below.

1418.0

1419.0
2015 2014

RM000 RM000

1420.0 Immediate holding company Management fees expense


(108) (101)

1421.0 Related companies


Sales of goods
22,183 23,902
Purchases
(357,634) (268,463) Know-how, Trademark Licence and
Management support fees paid (24,695) (26,362) Shared
services fees expense
(7,397) (8,234) Shared services fees income
251 180

1422.0

1423.0 All of the companies annual reports have


disclosure of related parties. This is complied with MFRS 124 which
is disclosure requirements for related party transactions and
outstanding balances, including commitments, apply for
consolidated and separate financial statements of a parent or
investors with joint control of, or significant influence over an

64
investee. Furthermore, they also include information about
compensation of key management personnel that complied with
standard. But, only Asia File Corporation Bhd fully followed the
standard. The company disclose information about related parties.
While Ajinomoto (Malaysia) Berhad, Apollo Food Holdings Berhad
and Dutch Lady Milk Industries do not disclose the information about
their related parties.

1424.0

1425.0

1425.1 THE EFFECT OF CHANGES IN FOREIGN EXCHANGE


RATE
1425.1.1 APOLLO FOOD HOLDINGS BHD.
i. Functional and Presentation Currency
1426.0 Items included in the financial statements of
each of the entities of the group are measured using the
currency of the primary economic environment in which the
entity operates (the functional currency). The consolidated
financial statements are presented in Ringgit Malaysia, which
is the functional and presentation currency of the Company.
ii. Foreign Currency Translations and Balances
1427.0 Transactions in foreign currencies are
converted into functional currency at rates of exchange ruling
at the transaction dates. Monetary assets and liabilities in
foreign currencies at the end of each reporting period are
translated into functional currency at rates of exchange ruling
at that date. All exchange differences arising from the
settlement of foreign currency transactions and from the
translation of foreign currency monetary assets and liabilities
are included in profit or loss in the period in which they arise.
Non-monetary items initially denominated in foreign
currencies, which are carried at historical cost are translated
using the historical rate as of the date of acquisition, and non-

65
monetary. Items, which are carried at fair value are translated
using the exchange rate that existed when the values were
determined for presentation currency purposes.
1428.0
1429.0
1429.1.1 ASIA FILE CORPORATION BERHAD

1430.0 Transactions in foreign currencies are


translated to the respective functional currencies of
Group entities at exchange rates at the dates of the
transactions. Monetary assets and liabilities
denominated in foreign currencies at the end of the
reporting period are retranslated to the functional
currency at the exchange rate at that date. Non-
monetary assets and liabilities denominated in foreign
currencies are not retranslated at the end of the
reporting date except for those that are measured at fair
value are retranslated to the functional currency at the
exchange rate at the date that the fair value was
determined.
1431.0 Foreign currency differences arising on
retranslation are recognised in profit or loss, except for
differences arising on the retranslation of available-for
sale equity instruments or a financial instrument
designated as a hedge of currency risk, which are
recognised in other comprehensive income. In the
consolidated financial statements, when settlement of a
monetary item receivable from or payable to a foreign
operation is neither planned nor likely to occur in the
foreseeable future, foreign exchange gains and losses
arising from such a monetary item are considered to
form part of a net investment in a foreign operation and
are recognised in other comprehensive income, and are
presented in the foreign currency translation reserve
(FCTR) in equity. The assets and liabilities of operations

66
denominated in functional currencies other than RM,
including goodwill and fair value adjustments arising on
acquisition, are translated to RM at exchange rates at
the end of the reporting period, except for goodwill and
fair value adjustments arising from business
combinations before 1 April 2012 (the date when the
Group first adopted MFRS) which are treated as assets
and liabilities of the Company. The income and expenses
of foreign operations are translated to RM at exchange
rates at the dates of the transactions. Foreign currency
differences are recognised in other comprehensive
income and accumulated in the foreign currency
translation reserve (FCTR) in equity. However, if the
operation is a non-wholly-owned subsidiary, then the
relevant proportionate share of the translation
difference is allocated to the non-controlling interests.
When a foreign operation is disposed of such that
control, significant influence or joint control is lost, the
cumulative amount in the FCTR related to that foreign
operation is reclassified to profit or loss as part of the
gain or loss on disposal. When the Group disposes of
only part of its interest in a subsidiary that includes a
foreign operation, the relevant proportion of the
cumulative amount is reattributed to non-controlling
interests. When the Group disposes of only part of its
investment in an associate that includes a foreign
operation while retaining significant influence or joint
control, the relevant proportion of the cumulative
amount is reclassified to profit or loss.
1432.0
1433.0
1434.0
1435.0
1436.0
1437.0

67
1438.0
1439.0
1440.0
1441.0
1442.0
1443.0
1444.0
1445.0
1446.0
1447.0
1448.0
1449.0
1450.0
1451.0
1452.0
1453.0
1453.1.1 AJINOMOTO (MALAYSIA) BERHAD
i. Foreign Currency Translations and Balances
1454.0 The financial statements of the Company
are measured using the currency of the primary
economic environment in which the entity operates (the
functional currency). The financial statements are
presented in Ringgit Malaysia (RM), which is also the
companys functional currency.
ii. Foreign Currency Transactions
1455.0 Transactions in foreign currencies are
measured in the functional currency of the company and
are recorded on initial recognition in the functional
currency at exchange rates approximating those ruling
at the transaction dates. Monetary assets and liabilities
denominated in foreign currencies are translated at the
rate of exchange ruling at the reporting date. Non-
monetary items denominated in foreign currencies that
are measured at historical cost are translated using the
exchange rates as at the dates of the initial
transactions. Non-monetary items denominated in
foreign currencies measured at fair value are translated
using the exchange rates at the date when the fair value

68
was determined. Exchange differences arising on the
settlement of monetary items or on translating
monetary items at the reporting date are recognised in
profit or loss. Exchange differences arising on the
translation of non-monetary items carried at fair value
are included in profit or loss for the period except for the
differences arising on the translation of non-monetary
items in respect of which gains and losses are
recognised directly in equity. Exchange differences
arising from such non-monetary items are also
recognised directly in equity.
1456.0

1457.0

1458.0

1459.0

1460.0

1461.0

1461.1.1 DUTCH LADY MILK INDUSTRIES


i. Foreign Currency Translations and Balances
1462.0 These financial statements are
presented in Ringgit Malaysia (RM), which is the
Companys functional currency. All financial information
is presented in RM and has been rounded to the nearest
thousand, unless otherwise stated.
ii. Foreign Currency Translations and Balances
1463.0 Transactions in foreign currencies are
translated to the functional currency of the Company at
exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign
currencies at the end of the reporting period are
retranslated to the functional currency at the exchange

69
rate at that date. Non-monetary assets and liabilities
denominated in foreign currencies are not retranslated
at the end of the reporting period except for those that
are measured at fair value are retranslated to the
functional currency at the exchange rate at the date
that the fair value was determined. Foreign currency
differences arising on retranslation are recognised in
profit or loss.
1464.0 All company complied with MFRS 121 where they
disclosed the exchange difference in their financial statements and
items included in the Financial Statements of each of the Groups
entities are measured using the currency of the primary economic
environment in which the entity operates.
1465.0
1466.0
1467.0
1468.0
1469.0
1470.0
1471.0
1472.0
1473.0
1474.0
1475.0
1476.0
1477.0 CONCLUSION

1478.0 Financial managers review and analyse the firms


financial statements periodically, both to uncover developing
problems and to assess the firms progress toward achieving its
goals. Financial ratios enable financial managers to monitor the
pulse of the firm and its progress toward its strategic goals.

1479.0 Ratios are just one number divided by another and


as such really dont mean much. The trick is in the way ratios are
analysed and used by the decision maker. A good strategy is to
compare the ratios to some sort of benchmark, such as industry
averages or to what a company has done in the past, or both. Once
ratios are calculated, an analyst needs some benchmarks to find out

70
where the company stands at that particular point. Useful
benchmarks are industry comparisons and company trends.

1480.0 It may be useful to compare a company to certain


industry averages to get a feel for how the company is performing.
In that case it is necessary to obtain industry performance
measures. One of the ways in which financial statements can be put
to work is through ratio analysis. Ratios are simply one number
divided by another; as such they may or not be meaningful. In
finance, ratios are usually two financial statement items that may be
related to one another and may provide the prudent user a good
deal of information. Of the myriad of ratios that could be generated,
some will be more meaningful than others. Generally ratios are
divided into four areas of classification that provide different kinds of
information: liquidity, turnover, profitability and debt.

1481.0

1482.0

1483.0

1484.0

1485.0

1486.0

1487.0

1488.0

1489.0

71
1490.0 REFERENCES
1) Annual report year 2011, 2012, 2013, 2014, 2015 AJINOMOTO
(MALAYSIA) BERHAD.
2) Annual report year 2011, 2012, 2013, 2014, 2015 DUTCH LADY MILK
INDUSTRIES
3) Annual report year 2011, 2012, 2013, 2014, 2015 ASIA FILE
CORPORATION BERHAD.
4) Annual report year 2011, 2012, 2013, 2014, 2015 APOLLO FOOD
HOLDINGS BHD.
5) Jane Lazar & Tan Ley Leng (2013), Financial reporting Standard for
Malaysia, Revised 7th Edition, Kuala Lumpur, Pearson.
6) IFRS Foundation (2011). Malaysian Financial Reporting Standard 112:
Income Taxes. Retrieved from: www.masb.org.my/pdf/MFRS
%20112%20042015.pdf
7) IFRS Foundation (2011), Malaysian Financial Reporting Standard 8:
Operating Segments. Retrieved from: www.masb.org.my/pdf/MFRS
%208%20042015.pdf
8) IFRS Foundation (2011), Malaysian Financial Reporting Standard 124:
Related Party Disclosures. Retrieved from: www.masb.org.my/pdf/MFRS
%20124%20042015.pdf
9) IFRS Foundation (2011), Malaysian Financial Reporting Standard 121:
The Effect of Changes in Foreign Exchange Rates. Retrieved from:
www.masb.org.my/pdf/MFRS%20121% 20042015.pdf
1491.0
1492.0
1493.0
1494.0
1495.0
1496.0
1497.0
1498.0
1499.0
1500.0
1501.0
1502.0
1503.0
1504.0
1505.0
1506.0
1507.0
1508.0 APPENDIX
1508.1 APOLLO FOOD HOLDINGS BHD.

1509.0 RATIO 1510.0 1512.0 1514.0 1516.0 1518.0


FOR 1511.0 2 1513.0 2 1515.0 2 1517.0 2 1519.0 2
COMPANY 011 012 013 014 015
APOLLO
1520.0 LIQUIDITY :
1521.0 Curre 1525.0 = 1529.0 = 1533.0 = 1537.0 = 1541.0 =
nt ratio = 103,06 121,83 135,43 144,61
1522.0 99,633 0,858 6,462 1,569 9,971
1523.0 Curre ,147 1530.0 1534.0 1538.0 1542.0
nt asset
1526.0 7,611, 8,847,6 9,884,3 11,527
1524.0 Curre
8,090, 750 96 29 ,039
nt liabilities
542 1531.0 1535.0 1539.0 1543.0
1527.0 1532.0 = 1536.0 = 1540.0 = 1544.0 =
1528.0 = 13.54 13.77 13.70 12.55
12.31
1545.0 Quick 1549.0 = 1556.0 = 1563.0 = 1570.0 = 1577.0 =
ratio= (99,633 (103,06 (121,83 (135,43 (144,61
1546.0 ,147 0,858 6,462 1,569 - 9,971-
1547.0 (Current 1550.0 1557.0 1564.0 1571.0 1578.0
asset 18,866, 17,221, 19,893, 18,790, 19,362,
inventory) 856) 363) 955) 244) 334)
1548.0 Curren
1551.0 1558.0 1565.0 1572.0 1579.0
t liabilities
1552.0 = 1559.0 = 1566.0 = 1573.0 = 1580.0 =
80,766, 85,839, 101,942 116,641 125,25
291 495 ,507 ,325 7,637
1553.0 1560.0 1567.0 1574.0 1581.0
8,090,5 7,611,7 8,847,6 9,884,3 11,527,
42 50 96 29 039
1554.0 1561.0 1568.0 1575.0 1582.0
1555.0 = 1562.0 = 1569.0 = 1576.0 = 1583.0 =
9.98 11.28 11.52 11.80 10.87
1584.0 ACTIVITY :
1585.0 Inven 1589.0 = 1593.0 = 1597.0 = 1601.0 = 1605.0 =
tory 136,03 155,45 160,12 156,56 156,31
turnover: 6,306 1,965 5,385 7,077 6,175
1586.0
1590.0 1594.0 1598.0 1602.0 1606.0
1587.0 Cost
18,866 17,221 19,893, 18,790, 19,362
of good sale
1588.0 Inven ,856 ,363 955 244 ,334
tory 1591.0 1595.0 1599.0 1603.0 1607.0
1592.0 = 1596.0 = 1600.0 = 1604.0 = 1608.0 =
7.21 9.03 8.05 8.33 8.07
1609.0 Avera 1613.0 = 1617.0 = 1621.0 = 1625.0 = 1629.0 =
ge age of 365 365 365 365 365
inventory 1614.0 1618.0 1622.0 1626.0 1630.0
1610.0 : 7.21 9.03 8.05 8.33 8.07
1611.0 365 1615.0 1619.0 1623.0 1627.0 1631.0
1612.0 Inven 1616.0 = 1620.0 = 1624.0 = 1628.0 = 1632.0 =
tory 50.62 40.42 45.34 43.82 45.23
turnover DAYS DAYS DAYS DAYS DAYS
1633.0 Avera 1637.0 = 1642.0 = 1647.0 = 1652.0 = 1657.0 =
ge collection 36,730, 34,777,
period: 24,117, 28,750, 397 229 35,931,
1634.0 080 275 1648.0 2 1653.0 2 082
1635.0 Accou 1638.0 1 1643.0 2 22,904, 20,713, 1658.0 2
nt 76,291, 00,548, 111/ 333/ 12,626,
receivable 985/ 462/ 365 365 773/
1636.0 Annu 365 365 1649.0 1654.0 365
al sale / 365 1639.0 1644.0 1650.0 1655.0 1659.0
1640.0 1645.0 1651.0 = 1656.0 = 1660.0
1641.0 = 1646.0 = 60.15 57.51 1661.0 =
49.93 52.33 DAYS DAYS 61.68
DAYS DAYS DAYS
1662.0 DEBT :
1663.0 Debt 1667.0 = 1671.0 = 1675.0 = 1679.0 = 1683.0 =
ratio : 25,293 25,007 26,002, 26,110, 25,860
1664.0 ,175 ,337 056 138 ,039
1665.0 Total
1668.0 1672.0 2 1676.0 2 1680.0 2 1684.0 2
liability
233,77 39,221 56,184, 69,784, 74,292
1666.0 Total
1,475 ,242 816 563 ,370
asset
1669.0 1673.0 1677.0 1681.0 1685.0
1670.0 = 1674.0 = 1678.0 = 1682.0 = 1686.0 =
10.8% 10.5% 10.2% 9.7% 9.4%
1687.0 Debt 1691.0 = 1695.0 = 1699.0 = 1703.0 = 1707.0 =
to equity : 25,293 25,007 26,002, 26,110,
1688.0 ,175 ,337 056 138 25,860
1689.0 Total ,039
1692.0 1696.0 1700.0 1704.0
liabilities
80,000 80,000 80,000, 80,000, 1708.0
1690.0 Com
,000 ,000 000 000 80,000
mon stock
1693.0 1697.0 1701.0 1705.0 ,000
equity
1694.0 = 1698.0 = 1702.0 = 1706.0 = 1709.0
RM RM RM RM 1710.0 =
31.62 31.26 32.50 32.64 RM
32.33
1711.0
1712.0 PROFITABILITY :
1713.0 Earni 1717.0 = 1722.0 = 1727.0 = 1732.0 = 1737.0 =
ngs per 17,854 32,083, 33,470,
share ,221 21,744 145 740 25,293
1714.0 ( EPS ,305 ,936
1718.0 1728.0 1733.0
):
80,000 1723.0 80,000, 80,000, 1738.0
1715.0 Profit
,000 80,000 000 000 80,000
attributable
1719.0 ,000 1729.0 1734.0 ,000
to equity
1720.0 1724.0 1730.0 1735.0 1739.0
holders of
the parent 1721.0 = 1725.0 1731.0 = 1736.0 = 1740.0

(RM) RM 1726.0 = RM RM 1741.0 =


1716.0 Weig 0.22 RM 0.40 0.42 RM
hted 0.27 0.32
average
number of
ordinary
shares in
issue
1742.0 Retur 1747.0 = 1752.0 = 1757.0 = 1762.0 = 1767.0 =
n on total 31,968,
assets 17,840 21,818 855 33,491 24,757
1743.0 ,762 ,312 ,665 ,906
1758.0
( ROA ) :
1748.0 1753.0 256,184 1763.0 1768.0
1744.0 233,77 239,22 ,816 269,78 274,29
1745.0 Earni 1,475 1,242 1759.0 4,563 2,370
ngs 1749.0 1754.0 1760.0 1764.0 1769.0
available for
1750.0 1755.0 1761.0 = 1765.0 1770.0
common
1751.0 = 1756.0 = 12.5% 1766.0 = 1771.0 =
stockholder
7.6% 9.1% 12.4% 9.0%
s
1746.0 Total
assets
1772.0 Retur 1777.0 = 1782.0 = 1787.0 = 1792.0 = 1797.0 =
n on equity 31,968, 33,491,
1773.0 ( ROE 17,840 21,818 855 665 24,757
): ,762 ,312 ,906
1788.0 1793.0
1774.0
1778.0 1783.0 80,000, 80,000, 1798.0
1775.0 Earni
80,000 80,000 000 000 80,000
ngs
,000 ,000 1789.0 1794.0 ,000
available for
1779.0 1784.0 1790.0 1795.0 1799.0
common
stockholder
1780.0 1785.0 1791.0 = 1796.0 = 1800.0

s 1781.0 = 1786.0 = 39.7% 41.9% 1801.0 =


1776.0 Com 22.3% 27.3% 31.0%
mon stock
equity
1802.0

1803.0

1804.0

1805.0

1805.1 ASIA FILE CORPORATION BERHAD

1806.0 . LIQUIDITY RATIO

1807.0 i) Current ratio = _Current asset__


1808.0 Current liability

1809.0 ii) Quick (Acid-Test) Ratio = Current Assets - Inventory


1810.0 Current liability
1811.0 1812.0 Current 1813.0 Quick Ratio
Year Ratio
1814.0 1815.0 1818.0 RM199,388,622
2011 RM199,388,62 RM71,196,768
2 1819.0
1816.0 RM73,370,766
RM73,370,766 1820.0 = 1.7472 times
1817.0 = 2.7175
times
1821.0 1822.0 1825.0 RM215,660,068
2012 RM215,660,06 RM94,813,785
8 1826.0
1823.0 RM76,460,337
RM76,460,337 1827.0 = 1.5805 times
1824.0 = 2.8205
times
1828.0 1829.0 1832.0 RM205,015,011
2013 RM205,015,01 RM101,154,347
1 1833.0
1830.0 RM66,193,631
RM66,193,631 1834.0 = 1.5690 times
1831.0 =3.0972
times
1835.0 1836.0 1839.0 RM263,327,821
2014 RM263,327,82 RM103,998,503
1 1840.0
1837.0 RM87,453,642
RM87,453,642 1841.0 = 1.8219 times
1838.0 = 3.0111
times
1842.0 1843.0 1846.0 RM295,880,141
2015 RM295,880,14 RM103,800,751
1 1847.0
1844.0 RM90,969,895
RM90,969,895 1848.0 = 2.111 times
1845.0 = 3.2525
times
1849.0

1850.0

1851.0

1852.0

1853.0

1854.0

1855.0

1856.0 2. ACTIVITY RATIOS

1857.0 i) Inventory Turnover = Cost of Goods Sold


1858.0 Inventory
1859.0 ii) Average Age of Inventory Ratio (AAI) =
365__________
1860.0 Inventory
turned over

1861.0 iii) Average Collection Period (ACP) = Accounts Receivable


Average Sales per day

1862.0 1863.0 INVENTORY 1864.0 AAI 1865.0 ACP


YEAR TURNOVER
1866.0 1867.0 1870.0 365 1873.0
2011 RM141,993,830 days__ RM47,296,313
1868.0 1871.0 1.9944 ____
RM71,196,768 times 1874.0
1869.0 = 1.9944 1872.0 = 183 RM247,111,56
times days 4/365 days
1875.0 = 70
days
1876.0 1877.0 1880.0 365 1883.0
2012 RM215,660,068 days__ RM63,691,674
1878.0 1881.0 1.7808 _____
RM94,813,785 times 1884.0 RM276,3
1879.0 = 1.7808 1882.0 = 205 22,752/365
times days days
1885.0 = 84
days
1886.0 1887.0 1890.0 365 1893.0
2013 RM198,788,839 days__ RM61,502,364
1888.0 1891.0 1.9652 _____
RM101,154,372 times 1894.0 RM323,3
1889.0 = 1.9652 1892.0 =186 84,372/365
times days days
1895.0 = 69
days
1896.0 1897.0 1900.0 365 1903.0
2014 RM227,404,523 days__ RM80,764,272
1898.0 1901.0 2.1866 _____
RM103,998,503 times 1904.0 RM365,8
1899.0 =2.1866 1902.0 = 167 79,239/365
times days days
1905.0 = 81
days
1906.0 1908.0 1911.0 365 1914.0
2015 RM240,355,099 days__ RM75,664,296
1907.0 1909.0 1912.0 2.3155 _____
RM103800751 times 1915.0 RM387,4
1910.0 = 2.3155 1913.0 =158 16,143/365
times days days
1916.0 = 71
days
1917.0

1918.0

1919.0

1920.0 3. SOLVENCY RATIO


1921.0 i) Debt Ratio = Total Liability
1922.0 Total asset

1923.0 ii) Debt - To - Equity ratio = _ Total liabilities___


1924.0 Common stock equity

1925.0 1926.0 Debt 1927.0 Debt to


Year Ratio Equity Ratio
1928.0 1929.0 1932.0
2011 RM88,007,3 RM88,007,357_
57_ 1933.0 RM115,50
1930.0 6,930
RM433,902, 1934.0 = 0.7619
431
1931.0 =
0.2028
1935.0 1936.0 1939.0
2012 RM86,022,8 RM86,022,801_
01 1940.0 RM116,02
1937.0 RM45 5,730
7,029,521 1941.0 = 0.7414
1938.0 =
0.1882
1942.0 1943.0 1946.0
2013 RM73,576,9 RM73,576,918
18 1947.0 RM116,42
1944.0 RM45 6,830
8,714,891 1948.0 = 0.6329
1945.0 =
0.1604
1949.0 1950.0 RM10 1953.0 RM100.75
2014 0,751,924 1,924
1951.0 RM53 1954.0
6,565,627 RM116,732,830
1952.0 = 1955.0 = 0.8631
0.1878
1956.0 1957.0 RM10 1960.0 RM102,27
2015 2,279,196 9,196
1958.0 RM56 1961.0 RM189,99
4,667,049 0,240
1959.0 =0.18 1962.0 =0.5383
11
1963.0

1964.0 4. PROFITABILITY RATIO

1965.0 i) Earning per Share = Earnings available for common


stockholders
1966.0 Number of shares of common stock
outstanding

1967.0 (* Based on the net attributable to owner)

1968.0 ii) Return on Total Assets (ROA) = Earnings available for


common stockholders_
1969.0 Total
assets

1970.0 iii) Return on Equity (ROE) = Returns on Total Assets


(1 Debts Ratio)

1971.0 1972.0 EPS 1973.0 ROA 1974.0 ROE


Year
1975.0 1976.0 1979.0 1982.0
2011 RM50,389,919__ RM50,389, 0.1161___
1977.0 114,961,304 919 1983.0 (1
shares 1980.0 RM4 0.2028 )
1978.0 = 33,902,431 1984.0 =
RM43.83/share 1981.0 = RM0.1457
RM0.1161
1985.0 1986.0 1989.0 RM4 1992.0
2012 RM48,642,244_ 8,642,244_ 0.1064___
1987.0 115,508,449 1990.0 RM4 1993.0 (1
shares 57,029,521 0.1882 )
1988.0 = 1991.0 = 1994.0 =
RM42.11/shares RM0.1064 RM0.1311
1995.0 1996.0 1999.0 RM4 2002.0
2013 RM42,891,330___ 2,891,330_ 0.0935___
1997.0 115,753,080 2000.0 RM4 2003.0 (1
shares 58,714,891 0.1604 )
1998.0 = 2001.0 = 2004.0 =
RM37.05/shares RM0.0935 RM0.1114
2005.0 2006.0 2009.0 RM6 2012.0
2014 RM60,527,155___ 0,527,155_ 0.1128___
2007.0 185,803,273 2010.0 RM5 2013.0 (1
shares 36,565,627 0.1878 )
2008.0 =RM32.58/ 2011.0 = 2014.0 =
shares RM0.1128 RM0.1389
2015.0 2016.0 RM50,170,86 2019.0 RM5 2022.0
2015 4____ 0,170,864_ 0.0888__
2017.0 189,325,041 2020.0 RM5 2023.0 (1
shares 64,667,049 0.1811 )
2018.0 = 2021.0 = 2024.0 =RM
RM26.50/shares RM0.0888 0.1084
2025.0

2026.0

2027.0

2028.0

2029.0

2030.0

2031.0

2032.0

2033.0

2034.0
2035.0

2036.0

2037.0

2038.0

2039.0

2040.0

2040.1 AJINOMOTO (MALAYSIA) BERHAD

2041.0

2042.0

2043.0

2044.0

2045.0

2046.0

2047.0

2048.0

2049.0

2050.0

2051.0

2052.0

2053.0

2054.0

2055.0

2056.0

2057.0
2058.0

2059.0

2060.0

2061.0

2062.0

2063.0

2063.1 DUTCH LADY MILK INDUSTRIES

2064.0 2066.0 2068.0 2070.0 2072.0 2074.0


2065.0 Ratio 2067.0 2 2069.0 2 2071.0 2 2073.0 2 2075.0
011 012 013 014 2015
2076.0
2077.0 LIQUIDITY :
2078.0 Current 2082.0 R 2083.0 R 2084.0 R 2085.0 R 2086.0
ratio = M M308, M337,7 M260,9 RM316,595
2079.0 324,4 510 28 37 RM24
2080.0 Current 66 RM16 RM222, RM181, 8,91
asset RM 1,786 768 764 2
2081.0 Current 135,3 =1.91 =1.52 =1.44 =1.2
liabilities 09 7
=2.40
2087.0 Quick 2090.0 2091.0 R 2092.0 2093.0 2094.0
ratio= RM32 M308, RM337, RM260,
RM31
2088.0 4,466 510 - 728 937
6,59
Current - __RM8 -___RM1 -___RM9
5
asset __RM9 6,781 13,208_ 2,545__
-___R
-____inventory 3,448 __ _ _
M99,
_____ __
067_
2089.0 Current RM16 RM222, RM181,
__
liabilities RM13 1,786 768 764
5,309 =1.37 =1.01 =0.93
RM24
=1.71
8,91
2
=0.8
7

2095.0
2096.0 ACTIVITY :
2097.0 Inventor 2101.0 R 2102.0 R 2103.0 R 2104.0 R 2105.0
y turnover: M506, M535, M608,7 M671,6 RM580,947
2098.0 175 475 38 77 RM99
2099.0 Cost of RM93, RM86, RM113, RM92,5 ,067
good sale 448 781 208 45 =5.8
2100.0 inventor =5.42 =6.17 =5.38 =7.26 6
y
2106.0 Average 2110.0 2113.0 2116.0 2119.0 2122.0
age of 2111.0 2114.0 2117.0 2120.0 2123.0
inventory 2112.0 _ 2115.0 _ 2118.0 2121.0 2124.0
2107.0 : 365 _365 365 365 365
2108.0 365 days_ days_ days___ days___ days
2109.0 Inventor _ __ _ _ ____
y turnover
5.42 6.17 5.38 7.26 5.86
=67.3 =59.1 =67.84 =50.28 =62.
4 6 29
2125.0 Average 2129.0 _ 2130.0 _ 2131.0 _ 2132.0 _ 2133.0
collection _RM3 _RM1 __RM35, __RM37 ___RM55,17
period: 6,714 6,176 482___ ,346___ 2___
2126.0 __ __ RM982, RM1,00 RM1,
2127.0 Account RM81 RM88 686/365 0,244/3 001,
receivable 0,647/ 2,179/ =13.18 65 663/
2128.0 Annual 365 365 =13.63 365
sale / 365 =16.5 =6.69 =20.
3 10
2134.0 Debt 2138.0 R 2139.0 R 2140.0 R 2141.0 R 2142.0
ratio : M139, M166, M228,4 M188,4 RM255,306
2135.0 360 640 63 68 RM41
2136.0 Total RM39 RM38 RM416, RM345, 2,52
liability 8,514 2,774 461 507 5
2137.0 Total =0.35 =0.44 =0.55 =0.55 =0.6
asset 2

2143.0 Debt to 2147.0 R 2149.0 R 2150.0 R 2151.0 R 2152.0


equity : M139, M166, M228,4 M188,4 RM255,306
2144.0 360 640 63 68 RM64
2145.0 Total RM64, RM64, RM64,0 RM64,0 ,000
liabilities 000 000 00 00 =3.9
2146.0 Commo 2148.0 = =2.60 =3.57 =2.94 9
n stock equity 2.18
2153.0
2154.0 PROFITABILITY :
2155.0 Earning 2158.0 2162.0 2166.0 2170.0 2174.0
s per share 2159.0 2163.0 2167.0 2171.0 2175.0
( EPS ) : 2160.0 2164.0 2168.0 2172.0 2176.0
2161.0 _ 2165.0 _ 2169.0 _ 2173.0 _ 2177.0
2156.0 RM10 RM12 RM138, RM109, _RM140,98
Earnings 8,082 3,380_ 264_ 841_ 0_
available _ 64,00 64,000 64,000 64,0
for 64,00 0 units units 00
common 0 units =2.16 =1.72 units
___stockholder units =1.93 =2.2
s___ =1.69 0
2157.0 Number
of shares of
common stock
outstanding
2178.0 Return 2182.0 R 2183.0 R 2184.0 R 2185.0 R 2186.0
on total assets M108, M123, M138,2 M109,8 RM140,980
( ROA ) : 082 380 64 41 RM41
2179.0 RM39 RM38 RM416, RM345, 2,52
2180.0 8,514 2,774 461 507 5
Earnings =0.27 =0.32 =0.33 =0.32 =0.3
available 4
for
common
___stockholder
s___
2181.0 Total
assets

2187.0 Return 2190.0 R 2191.0 R 2192.0 R 2193.0 R 2194.0


on equity M108, M123, M138,2 M109,8 RM140,980
( ROE ) : 082 380 64 41 RM64
2188.0 RM64, RM64, RM64,0 RM64,0 ,000
Earnings 000 000 00 00 =2.2
available =1.69 =1.93 =2.16 =1.72 0
for
common
___stockholder
s___
2189.0 Commo
n stock equity
2195.0

2196.0

2197.0

2198.0