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FACULTY OF BUSINESS AND MANAGEMENT

JANUARI 2012 BBPW 3103 FINANCIAL MANAGEMENT 1

SAMPLE
MATRICULATION NO IDENTITY CARD NO. TELEPHONE NO. E-MAIL LEARNING CENTRE : : : : :

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Table of Contents 1.0 Introduction ..................................................................................................................3 1.1 Company Background ................................................................................................3 1.1.1 Hup Seng Industries Bhd ............................................................................................3 1.1.2 Ahmad Zaki Resources Bhd .......................................................................................5 2.0 The Liquidity and Leverage Ratio Calculations .......................................................7 Hup Seng Industries Bhd .....................................................................................................9 Ahmad Zaki Resources Bhd ..............................................................................................11 3.0 The Analysis of Companies Financial Position .......................................................13 3.1 Detail Analysis of HSIB Liquidity and Leverage Ratio ..............................................15 3.2 Detail Analysis of AZRB Liquidity and Leverage Ratio.............................................20 4.0 The Differences of Companies Financial Position ..................................................25 5.0 Conclusion ..................................................................................................................27 APPENDIX .......................................................................................................................29 6.0 References ...................................................................................................................35

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1.0 Introduction One way to evaluating company financial position or performance is by calculating financial ratios. Ratios are simply relationships between two financial balances or financial calculations. These relationships establish for company references to manage and performing appropriately. Since the purpose of this assignment is to evaluate and analyze the liquidity and leverage position of Bursa Malaysia listed companies, Ive choose a company which involves in consumer product and construction sector. The names of the companies are Hup Seng Industries Bhd. and Ahmad Zaki Resources Bhd. The background and details are as explain below; 1.1 Company Background 1.1.1 Hup Seng Industries Bhd. The Hup Seng Industries Bhd. (HSIB) was incorporated on 04 October 1991 under Company Act 1965(Company No: 226098-P). The principal activities are manufacture and sales of biscuits and coffee mix, and dealers in biscuits, confectionery, and other foodstuff. HSIB are leading manufacture in consumer sector have been honour with numerous awards such as MS ISO 9002 Quality System Certification, MS ISO 9001:2000 Quality System Certification, HACCP (Hazard Analysis Critical Control Points) and BRC (British Retail Consortium) Certification. Furthermore, the summary of company important information as stated in as stated in Table 1.0.

Elements Company Legal Address

Details Suite 6.1a Level 6, Menara Pelangi, Jalan Kuning, Taman Pelangi, Johor Bahru 80400 JOHOR DARUL TAKZIM

Type Incorporation Date Manufacture and Sales Financial Auditors

Public Limited Company 4 October 1991 Cream Crackers, Crackers, Marie Biscuits, Sandwiches, Cookies and Assorted Biscuits Ernst & Young (2011)

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Financial Information

Turnover, Profit After Tax And Net Earnings Per Share (Sen.) For The Year 2005 Until 2009.

Vision

To establish an integrity and profitable business for our customers, shareholders and suppliers.

Mission

Create products that signify good quality, service, & management for the benefits & pleasures of our customers. To build a range of products known for its competitive pricing. Build a brand one product at a time based on ISO 9002. Some of the product manufacture by HSIB:

Products

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1.1.2 Ahmad Zaki Resources Bhd. The Ahmad Zaki Resources Bhd. (AZRB) was incorporated on 26 May 1997 under Company Act 1965(Company No: 432768-X). The principal activities are contractors of civil and structural contract. At beginning, AZRB contracting job was landscaping works for a housing project owned by Terengganu State Economic Development Corporation in Kemaman, Terengganu. AZRB obtained licensing a Class 'A' contractor and now approximately 2 (two) Billion Ringgit worth of projects, consisting of various types of buildings and civil engineering works successfully completed. AZRB also have 3 overseas projects need complete in year 2015 such as in Chennai, India and two in Riyadh, Saudi Arabia. Furthermore, the summary of company important information as stated in as stated in Table 1.1.

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Elements Company Legal Address

Details 6 Jalan Bangsar Utama 9, Bangsar Utama, Kuala Lumpur, 59000 WILAYAH PERSEKUTUAN

Type Incorporation Date Manufacture and Sales Financial Auditors Financial Information

Non-Liability Limited Company 26 May 1997 Contractors Of Civil And Structural Contract

Moore Stephens AC (2010) Revenue,Shareholder Funds, Profit/(Loss) before Taxation and Net Tangible Assets Per Share for The Year 2005 Until 2009.

Vision

Trusted industry leader in delivering commitment with excellence and value.

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Mission

Smart partnership with customers, employees and stakeholders. Institutionalize the virtues of honesty and trust. Setting and maintaining high standards; striving for superior performance in all undertakings. Being pro-active through continuous research and development in meeting challenges.

Products

Some of the completed projects of AZRB:

Indoor Stadium, Kuala Terengganu

Mosque, Jalan Duta

2.0 The Liquidity and Leverage Ratio Calculations The calculation of liquidity and leverage financial ratio for Hup Seng Industries Bhd. (consumer) and Ahmad Zaki Resources Bhd. (construction) computed based on values taken from statement of Financial Position and statement of Comprehensive Income. The summary of HSIB and AZRB companies financial statement and income statement year 2005 until 2009 stated in Appendix 1.0. The detail workings and performance indicator result shows in Table 1.2 Hup Seng Industries Bhd. (consumer) and Table 1.3 Ahmad Zaki Resources Bhd. (construction). To measure companies liquidity and leverage level, calculated a few ratios as stated Chart 1.0 and Chart 1.1.

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Chart 1.0 Account Receivables Turnover Average Collection Period

Quick Ratio

Current Ratio

Net Working Capital

Liquidity

Inventory Turnover

Chart 1.1

Equity Multiplier

Debt to Equity Ratio

Debt Ratio Leverage

Interest Coverage Ratio

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Table 1.2 The Calculation of Liquidity and Leverage Ratio for Company Hup Seng Industries Bhd.

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Table 1.3 The Calculation of Liquidity and Leverage Ratio for Company Ahmad Zaki Resources Bhd.

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3.0 The Analysis of Companies Financial Position In order to measure those companies financial position, liquidity and leverage ratios are applied. Liquidity ratio determines ability companies to repay short-term creditors out of its total cash. The liquidity ratio is the result of dividing the total cash by short-term borrowings. It shows the number of times short-term liabilities are covered by cash. Apart from this, leverage ratio allows companies to increase the potential gains or losses on a position or investment beyond what would be possible through a direct investment of its own funds. The compliance summary liquidity and leverage ratio analysis for Hup Seng Industries Bhd. and Ahmad Zaki Resources Berhad. as stated in Table 1.4 and Table 1.5.

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3.1 Detail Analysis of Hup Seng Industries Bhd. Liquidity and Leverage Ratios Graph 1.0 Net Working Capital Trend
70 60 50 RM (Mil) 40 30 20 10 0 Net Working Capital

2005 35.52

2006 37.97

2007 32.97

2008 43.47

2009 63.76

Graph above showing Net Working Capital and average RM42.74 million indicate HSIB higher than industry average (RM42, 700) for the year 2005 until 2009. The company able to settle its short-term debts and maintained or expand day-to-day operation.

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Graph 1.1 The Trend of Current, Quick, Account Receivables Turnover and Inventory Ratio
9 8 7 6 Times 5 4 3 2 1 0 Current Ratio Quick Ratio Account Receivables Turnover Inventory Turnover 2005 2.73 1.96 6.82 5.92 2006 2.31 1.54 6.94 7.92 2007 1.98 1.19 6.36 6.95 Year Current Ratio Quick Ratio Account Receivables Turnover Inventory Turnover 2008 1.99 1.32 7.39 6.3 2009 2.25 1.42 7.1 7.01

Based on the graph, HSIB decrease the current ratio for the past 5 years but still compliance with industry average. This shows that company short term assets have managed to meet their short term creditors and obligations. Besides, they also managed to achieve a good current ratio flow after year of 2008. In overall from year 2005-2009. Quick Ratio for HSIB was at highest in the year 2009 (at a ratio of 4.94) and they were at lowest in the year 2006 (at a ratio of 1.54). The company achieved a best positioning in the current year of 2009 as they were able to meet their short term obligations with their most liquid assets. In overall, the company maintained a good quick ratio with an average ratio of 1.49 from year 2005-2009 (industry average 1.43). the company maintained a good liquidity performance for current ratio with an average ratio of 2.25 achieved for the last 5 years

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Account Receivables Turnover for HSIB is unsatisfactory level compared the industry average which is less than 8.24 times. This may shows the company unable to manage credit collection in order to collect all the revenues. In overall, the company maintained a business inefficiency with an average ratio of 6.92 times from year 2005-2009. Inventory Turnover for HSIB maintained much better with average 6.82times (industry average 6.6 times) from year 2005-2009 which means company does not keep any surplus of inventory. Graph 1.2 The Trend of Average Collection Turnover
58 56 54 52 50 48 46 44 Average Collection Period

Days

2005 50.7

2006 48.71

2007 56.6

2008 51.87

2009 52.79

Average collection turnover for HSIB is unsatisfactory with average 52.13 days (industry average 44.3 days) which means company takes longer time to collect debts from their customers.

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Graph 1.3 The Trend of Equity Multiplier and Interest Coverage Ratio
60000

50000

40000 Times

30000

20000

10000

0 Equity Multiplier Interest Coverage Ratio

2005 1.33 63.21

2006 1.44 7972.44

2007 1.37 997.45 Year

2008 1.34 2987.04

2009 1.32 57098.07

Equity Multiplier

Interest Coverage Ratio

Average Equity Multiplier for HSIB is satisfactory with average 1.36 times (industry average less than1.67) from year 2005-2009. This shows that company assets via equity is higher compared other constructions companies. Interest coverage ratio for HSIB is satisfactory with average 13,823.64 times (industry average more than 4.3 times) from year 2005-2009. This shows company has higher ability to make interest payment regularly by using operation income.

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Graph 1.4 The Trend of Debt Ratio and Debt to Equity Ratio
35.00% 30.00% 25.00% Percentage (%) 20.00% 15.00% 10.00% 5.00% 0.00% Debt Ratio Debt to Equity Ratio

2005 25.62% 8.77%

2006 29.10% 8.57%

2007 27.02% 8.08% Year

2008 25.21% 7.28%

2009 24.30% 6.15%

Debt Ratio

Debt to Equity Ratio

Debt Ratio for HSIB is satisfactory with average 26.25 % (industry average less than 40%) from year 2005-2009. This means company able to settle off interest and principal loans. Debt to Equity Ratio for HSIB is satisfactory with average 7.77 % (industry average less than 50%) from year 2005-2009. This means companies not rely on long-term creditor supplied fund than owner supplied funds.

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3.2 Detail Analysis of Ahmad Zaki Resources Berhad. Liquidity and Leverage Ratios Graph 1.5 Net Working Capital Trend
200 180 160 140 RM (Mil) 120 100 80 60 40 20 0 Net Working Capital 2005 136.1 2006 130.57 2007 153.22 2008 176.1 2009 108.39

Graph above showing Net Working Capital and average RM140.88 million indicate AZRB higher than industry average (RM42, 700) for the year 2005 until 2009. The company able to settle its short-term debts and maintained or expand day-to-day operation.

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Graph 1.6 The Trend of Current, Quick, Account Receivables Turnover and Inventory Ratio
50 45 40 35 30 Times 25 20 15 10 5 0 Current Ratio Quick Ratio Account Receivables Turnover Inventory Turnover 2005 1.7 1.62 7.1 12.86 2006 1.48 1.4 1.8 36 2007 1.42 1.37 1.82 36.54 Year Current Ratio Quick Ratio Account Receivables Turnover Inventory Turnover 2008 1.52 1.46 2.16 45.43 2009 1.28 1.23 1.44 32.61

Based on the graph, AZRB decrease the current ratio for the past 5 years and shows company not compliance with industry average (2.05> times). This shows that company short term assets not able to meet their short term creditors and obligations. In overall the company maintained a bad liquidity performance for current ratio with an average ratio of 1.48 times for the last 5 years from year 2005-2009. Quick Ratio for AZRB was at highest in the year 2005 (at a ratio of 1.62) and they were at lowest in the year 2009 (at a ratio of 1.23). The company not positioning good in the current year of 2009 as they were not able to meet their short term obligations with their most liquid assets. In overall, the company maintained a bad quick ratio with an average ratio of 1.41 from year 2005-2009 (industry average 1.43).

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Account Receivables Turnover for AZRB is unsatisfactory level compared the industry average which is less than 8.24 times. This may shows the company unable to manage credit collection in order to collect all the revenues. In overall, the company maintained a business inefficiency with an average ratio of 2.86 times from year 2005-2009. Inventory Turnover for AZRB maintained much better with average 32.69 times (industry average 6.6 times) from year 2005-2009 which means company does not keep any surplus of inventory. Graph 1.7 The Trend of Average Collection Turnover
300 250 200 Days 150 100 50 0 Average Collection Period

2005 50.7

2006 200

2007 198

2008 166

2009 250

Average collection turnover for AZRB is unsatisfactory with average 172.94 days (industry average 44.3 days) which means company takes longer time to collect debts from their customers.

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Graph 1.8 The Trend of Equity Multiplier and Interest Coverage Ratio
12

10

8 Times

0 Equity Multiplier Interest Coverage Ratio

2005 2.01 10.35

2006 2.37 8.7

2007 3.24 5.4 Year

2008 2.34 2.48

2009 2.1 2.25

Equity Multiplier

Interest Coverage Ratio

Average Equity Multiplier for AZRB is unsatisfactory with average 2.41 times (industry average less than1.67) from year 2005-2009. This shows that company assets via equity is lower compared other constructions companies. Interest coverage ratio for AZRB is satisfactory with average 5.84 times (industry average more than 4.3 times) from year 2005-2009. This shows company has higher ability to make interest payment regularly by using operation income.

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Graph 1.9 The Trend of Debt Ratio and Debt to Equity Ratio
120.00%

100.00%

80.00% Percentage (%)

60.00%

40.00%

20.00%

0.00% Debt Ratio Debt to Equity Ratio

2005 66.83% 44.19%

2006 70.33% 40.49%

2007 76.44% 77.15% Year

2008 70.00% 102.51%

2009 67.76% 46.45%

Debt Ratio

Debt to Equity Ratio

Debt Ratio for AZRB is satisfactory with average 70.26 % (industry average less than 40%) from year 2005-2009. This means company has difficulties to settle off interest and principal loans. Debt to Equity Ratio for AZRB is satisfactory with average 62.16 % (industry average less than 50%) from year 2005-2009. This means companies rely on long-term creditor supplied fund than owner supplied funds.

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4.0 The Differences of Companies Financial Position Based on Liquidity and Leverage Ratio Analysis Stated in Table 1.6. Comparison Elements Net Working Capital Hup Seng Industries Berhad (Consumer) Ahmad Zaki Resources Berhad. (Construction)

Comparison from 2005 until 2009 on Net Comparison from 2005 until 2009 on Net Working Capital shows significant Working Capital shows significant decreased increase around 44% throughout the year. around 25% throughout the year. This happen This happen when total current liabilities when total current liabilities keep on increased decrease and increased current assets. Conclusion: Consumer industries are stronger in cable of liquid assets that are available to sustain and build business by measuring your companys efficiency and short-term financial health. and total current assets remain the same.

Current Ratio There are 0.48 times increased on current There are 0.42 times decreased on current ratio ratio throughout year 2005 until 2009 throughout year 2005 until 2009 because the because the total current assets of company total current assets of company drop and total dramatically increased and makes total liabilities dramatically increased. liabilities drop. Conclusion: Consumer industries are positioning in ideal number of cash to be converted from current assets in order to pay debts that come due during every year. Quick Ratio There are 0.55 times increased on current There are 0.39 times decreased on current ratio ratio throughout year 2005 until 2009 throughout year 2005 until 2009 because the because company. Conclusion: Consumer industries and construction sector are in good positioning but the trend construction sector decreasing and afraid in future the firm would not be able to meet its current obligations. the total current assets of total liabilities dramatically increased.

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Account Receivables Turnover/ Average Collection Period

There are 0.28 times and 2.09 days There are 5.66 times and 199.30 days increased increased on Account Receivables on Account Receivables Turnover Ratio and Turnover Ratio and Average Collection Average Collection Period throughout the year Period throughout the year 2005 until 2005 until 2009. 2009. Conclusion: Both companies indicate having trouble collecting on sales it provided customers on credit. Construction sector have extremely have higher risk on revenue collection because the completion projects takes longer time to recognized actual sales.

Inventory Turnover

Inventory turnover drops 1.09 times from Inventory turnover increased 19.75 times from year 2005 until 2009. Conclusion: Construction sector indicates favorable and fastest inventory can be sold in a year comparing consumer industries. This situation happen because cost of goods sold higher than inventory in a company. year 2005 until 2009.

Debt Ratio

Debt Ratio drops 1.32% from year 2005 Debt Ratio increased 0.93% from year 2005 until 2009. Conclusion: Consumer industries most likely facing less debt because amount of liabilities are less compare construction sector debt ratio reach until 67.76 %( Industry Average 40%) and indicate higher risks. until 2009.

Debt To Equity Ratio

Debt to equity Ratio drops 2.62% from Debt Ratio increased 2.26% from year 2005 year 2005 until 2009. Conclusion: Consumer industries consider less satisfactory level because does not take efforts to expand Its sales and earnings even though company meets the requirement every year (2009 -6.19% industry average 50%). Construction satisfactory result because maintain debt on 46.45% and take a lot of efforts to expand their business. until 2009.

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Equity Multiplier

Equity Multiplier Ratio drops 0.01% from Equity Multiplier Ratio increased 0.09% from year 2005 until 2009. Conclusion: Construction sector relies more on debt to finance its assets and higher than the industry average compare consumer industries ideal figure throughout the year. year 2005 until 2009.

Interest Coverage Ratio

Interest 2009.

coverage

ratio

increased

to Interest coverage ratio decreased to 8.1 times

57,034.86 times from year 2005 until from year 2005 until 2009.

Conclusion: Consumer industries shows excellent result compared construction sector on ability to pay the interest charges on its debt. This happen when interest paying buy consumer industries lesser than construction sector.

5.0 Conclusion Based on the evaluation of consumer industry (Hup Seng Industries Bhd.) and construction sector (Ahmad Zaki Resources Bhd.) financial position, tells the actual condition of the company financial management. The analysis of liquidity and leverage ratio on two separate groups of companies indentify the satisfactory or unsatisfactory result in total performance. In order to measure the total performance of both companies for the year 2005 until 2009, percentage of marks scale used such as 0-50% (insufficient), 51-63% (sufficient), 64-79% (satisfactory), 8089% (Good), 90-100% (excellent). The calculation stated below: Hup Seng Liquidity Ratio Measurement Industries Leverage Ratio Measurement Bhd. (HSIB) Total Year 2005 -2009 Total Analysis Done (34/50 100%) 6 4 +

10 5 50

Total Performance Based on Satisfactory Result Average Industry 68%

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Ahmad Zaki Bhd. (AZRB)

Liquidity Ratio Measurement Leverage Ratio Measurement

6 4 +

Resources Total Year 2005 -2009 Total Analysis Done (18/50 100%)

10 5 50

Total Performance Based on Satisfactory Result Average Industry 36%

As a summary of total performance report, clearly shown HSIB satisfactory (68%) result and AZRB insufficient (36%) result. The percentage able to visualize the future, initiates changes and achieves the purpose of companies under highly dynamic conditions. HSIB has potential to grow much better to reach excellent status but AZRB must lessen the liability or borrowings and make collection period faster to reach excellent level. (2768 words)
Thank You Dear Sir/Madam for Allocate your Precious Time to Marking My Assignment

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Appendix SUMMARY HUP SENG INDUSTRIES BHD. The Statement of Financial Position For The Year 2005 until 2009 2009 (RM) Non-Current Assets Property, Plant and Equipment Investment Properties Prepaid Payments Goodwill Deferred Tax Assets 66,074,493 1,865,671 4,959,874 13,227,508 483,543 86,611,089 Current Assets Inventories Trade and Other Receivables Tax Recoverable Cash and Bank Balances Total Assets Equity Attribute to Owners of Company: Share Capital Share Premium Other Reserves Retain Earnings Total Equity 60,000,000 14,333,133 2,621,865 64,706,562 141,661,560 60,000,000 14,333,133 741,468 50,691,989 60,000,000 14,333,133 796,374 39,076,700 60,000,000 14,333,133 42,983 40,889,315 115,265,431 60,000,000 14,333,133 42,983 38,402,464 112,778,580 23,418,474 32,727,914 2,153,919 42,219,598 100,519,905 187,130,994 20,282,491 33,504,972 1,688,218 21,224,792 76,700,473 21,438,292 26,970,184 1,342,882 15,634,694 65,386,052 22,004,531 31,972,951 1,157,978 21,222,356 76,357,816 165,901,179 20,013,925 28,411,531 549,268 14,950,315 63,925,039 149,474,452 70,653,265 1,882,526 5,085,565 13,227,508 610,170 91,459,034 70,283,151 1,899,726 4,651,831 13,227,508 1,050,966 91,113,182 69,163,153 1,915,808 3,803,261 13,227,508 1,433,633 89,543,363 65,487,549 1,935,186 3,910,102 13,227,508 983,068 85,549,413 2008 (RM) 2007 (RM) 2006 (RM) 2005 (RM)

168,159,507 156,499,234

125,766,590 114,206,207

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Non-Current Liabilities Deferred Tax Liabilities Current Liabilities Trade and Other Payables Tax Payable Borrowings Total Liabilities Total Equity and Liabilities 33,423,934 3,333,252 36,757,186 45,469,434 187,130,994 31,376,270 1,857,168 33,233,438 42,392,917 32,794,782 263,000 33,057,782 42,293,027 36,219,272 2,164,321 38,383,593 48,258,142 163,910,573 27,878,114 165,367 361,521 28,405,002 38,299,478 151,465,058 8,712,248 9,159,479 9,235,245 9,874,549 9,894,476

168,159,507 156,499,234

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SUMMARY HUP SENG INDUSTRIES BHD. The Statement of Comprehensive Income For The Year 2005 until 2009 2009 (RM) Revenue Cost of Sales Gross Profit Other Operating Income Selling and Marketing Expenses Administrative Expenses Operating Profit Finance Cost Profit before Tax Tax Expenses Profit for the Year Turnover (17,120,606) 35,800,492 (627) 35,799,865 (8,919,368) 26,880,497 213,405,000 (15,526,004) 21,348,342 (7,147) 21,341,195 (5,270,394) 16,070,801 220,329,000 (15,483,201) 6,131,309 (6,147) 6,125,162 (1,367,152) 4,758,010 193,115,000 (16,516,238) 9,965,555 (1,250) 9,964,305 (3,157,454) 6,806,851 188,338,000 (13,092,073) 7,603,386 (120,293) 7,483,093 (2,385,295) 5,097,798 180,968,000 213,405,132 74,674,219 1,866,323 (23,619,444) 2008 (RM) 220,329,264 59,495,444 1,883,155 (24,504,253) 2007 (RM) 193,115,141 44,061,976 1,572,200 (24,019,666) 2006 (RM) 188,338,321 49,616,354 1,384,413 (24,518,974) 2005 (RM) 180,967,603 40,718,525 1,650,768 (21,673,834)

(138,730,913) (160,833,820) (149,053,165) (138,721,967) (140,249,078)

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SUMMARY AHMAD ZAKI RESOURCES BERHAD The Statement of Financial Position For The Year 2005 until 2009 2009 (RM) Non-Current Assets Property, Plant and Equipment Prepaid Land Lease Payment Investment Properties Investment in Associated Company Investment in Joint Venture New Planting Expenditures Other Investment Deferred Tax Assets Goodwill 49,932,707 7,902,103 19,500,000 95,679,500 (28,637,206) 82,011,852 2,615,500 3,744,605 232,749,061 Current Assets Inventories Property Development Cost Trade Receivables Tax Assets Cash and Bank Balances Total Assets 12,045,447 1,459,535 319,274,486 4,268,175 152,619,459 489,667,102 722,416,163 12,927,339 5,831,594 306,258,522 3,931,817 185,642,625 514,591,897 721,144,257 12,142,953 2,531,332 289,351,747 2,514,749 207,990,592 514,531,373 689,961,887 10,521,722 1,784,567 246,063,818 737,035 145,004,720 404,111,862 469,108,800 15,513,481 1,642,492 156,200,474 2,850,925 154,096,042 330,303,414 372,261,303 48,408,426 8,242,056 19,500,000 89,784,333 (28,698,666) 62,956,106 2,615,500 3,744,605 206,552,360 41,644,699 8,582,009 25,000,000 84,762,385 (28,873,164) 31,954,480 8,615,500 3,744,605 175,430,514 37,748,620 10,017,557 24,550,000 59,875 (28,601,943) 12,862,724 4,615,500 3,744,605 64,996,938 35,418,056 24,200,000 63,120 (28,407,817) 2,293,598 4,615,500 30,827 3,744,605 41,957,889 2008 (RM) 2007 (RM) 2006 (RM) 2005 (RM)

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Equity Attribute to Owners of Company: Share Capital Reserves Treasury Shares Minority Shares Total Equity Non-Current Liabilities Other Borrowings Deferred Tax Liabilities Current Liabilities Trade Payables Other Borrowings Bank Overdrafts Tax Liabilities Total Liabilities Total Equity and Liabilities 279,892,669 83,895,648 16,696,378 795,281 489,485,402 722,416,163 288,922,481 37,723,565 9,865,602 2,006,458 505,148,352 721,144,257 300,207,725 53,039,168 3,497,348 4,568,845 527,405,911 689,961,887 254,826,555 12,640,669 3,687,933 2,382,075 329,927,268 469,108,800 185,382,323 2,916,026 5,361,355 552,322 248,776,662 372,261,303 103,931,069 4,274,357 108,205,426 161,476,632 5,153,614 166,630,246 161,001,406 5,091,419 166,092,825 51,350,526 5,039,510 56,390,036 50,582,645 3,981,991 54,564,636 138,317,965 90,497,764 (1,004,622) 5,119,654 232,930,761 138,265,800 74,073,128 (1,004,622) 4,661,599 215,995,905 69,132,900 89,819,619 3,603,457 162,555,976 66,710,400 69,710,468 2,760,664 139,181,532 66,710,400 54,249,887 2,524,354 123,484,641

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SUMMARY AHMAD ZAKI RESOURCES BERHAD The Statement of Comprehensive Income For The Year 2005 until 2009 2009 (RM) Operating Revenue Direct Operating Cost Gross Profit Other Operating Revenue Administrative Cost Other Operating Cost Profit from Operation Finance Cost Share of Joint Venture Share of Associated Company Profit before Tax Taxation 459,400,393 66,654,685 7,919,874 (30,702,170) (4,216,374) 39,656,010 (17,599,297) 1,481,090 8,952,617 32,490,420 (10,892,791) 2008 (RM) 662,676,939 75,356,838 7,427,952 (34,142,268) (9,299,426) 39,343,096 (15,833,047) 865,580 4,667,242 29,042,871 (12,596,576) 2007 (RM) 525,770,666 82,082,096 5,770,502 (32,183,205) (5,690,637) 49,978,756 (9,248,152) (271,221) 1,699,879 42,129,262 (14,991,475) 2006 (RM) 442,600,300 63,928,773 5,018,843 (22,609,156) (5,022,555) 41,315,905 (4,751,830) (194,126) (3,245) 36,366,704 (11,975,443) 2005 (RM) 249,124,615 49,602,202 4,012,515 (19,391,174) (2,471,975) 31,751,568 (3,067,938) (561,846) (3,899) 28,117,885 (9,249,362)

(392,745,708) (587,320,101) (443,688,570) (378,671,527) (199,522,413)

Profit for the Year

21,597,629

16,446,295

27,137,787

24,391,261

18,868,523

Sample of Good Assignment

6.0 References 1. Paramasivan, C. S. (2009). Financial Management. India: New Age International. 2. Ramagopal, C. (2008). Financial Management. India: New Age International. 3. Satyaprasad, B.G. Raghu, G.A. (2010). Advanced Financial Management. India: Global Media 4. Helfert, E. (2001). Financial Analysis Tools and Techniques. United States of America: McGraw-Hill Professional Publishing. 5. Jewell, J., & Mankin, J. (2009). Standardizing financial statement analysis across the business curriculum: An interdisciplinary approach. Allied Academies International Conference. Academy of Educational Leadership. Proceedings, 14(2), 15-19. Retrieved from http://search.proquest.com/docview/192405168?accountid=48462 6. Hup Seng Industries Bhd. (2012). The Company Annual Report. [ONLINE]. Available:

http://announcements.bursamalaysia.com/HUPSENG-AnnualReport2010.pdf http://announcements.bursamalaysia.com/HUPSENG-AnnualReport2009.pdf http://announcements.bursamalaysia.com/HUPSENG-AnnualReport2008.pdf http://announcements.bursamalaysia.com/HUPSENG-AnnualReport2007.pdf http://announcements.bursamalaysia.com/HUPSENG-AnnualReport2006.pdf http://announcements.bursamalaysia.com/HUPSENG-AnnualReport2005.pdf

7. Ahmad Zaki Resources Bhd. (2012). The Company Annual Report. [ONLINE]. Available:

http://announcements.bursamalaysia.com /AZRB-AnnualReport2010.pdf http://announcements.bursamalaysia.com /AZRB-AnnualReport2009.pdf http://announcements.bursamalaysia.com /AZRB-AnnualReport2008.pdf http://announcements.bursamalaysia.com /AZRB-AnnualReport2007.pdf http://announcements.bursamalaysia.com /AZRB-AnnualReport2006.pdf http://announcements.bursamalaysia.com /AZRB-AnnualReport2005.pdf