Assignment Afa II Baru

TABLE OF CONTENTS
ACKNOWLEDGEMENT
1.0
INTRODUCTION.............................................Error! Bookmark not defined.
2.0 METHODOLOGY...............................................Error! Bookmark not defined.

3.0
RATIOS FOR COMPANIES FINANCIAL PERFORMANCE.....................Error!
Bookmark not defined.

3.1
APOLLO FOOD HOLDINGS BHD....................Error! Bookmark not defined.

3.1.1 COMPAN
3.2
OPERATING SEGMENT..................................Error! Bookmark not defined.
3.3
RELATED PARTY DISCLOSURE.......................Error! Bookmark not defined.
3.4
THE EFFECT OF CHANGES IN FOREIGN EXCHANGE RATE......................Error!

4.0
COMMENT ON COMPANYS COMPLIANCE TO THE MFRS..................Error!

4.1
CHOO BEE METAL INDUSTRIES.....................Error! Bookmark not defined.
4.2
KOSSAN RUBBER INDUSTRIES......................Error! Bookmark not defined.
4.3
DAIBOCHI PLASTICS AND PACKAGING INDUSTRIES.....Error! Bookmark not
defined.
4.4
MALAYSIA STEEL WORK (KL) BHD................Error! Bookmark not defined.
4.5
BP PLASTICS HOLDING BERHAD...................Error! Bookmark not defined.
5.0
REFERENCE...................................................Error! Bookmark not defined.
6.0
APPENDIX......................................................Error! Bookmark not defined.
ACKNOWLEDGEMENT
We would like to acknowledge Madam Che Azizah Bt. Abdul Rahman,
lecturer, Faculty of Economics and Management Sciences, University
Sultan Zainal Abidin for this supervision and valuable guidance. During the
preparation of this report, we have collected much important information
from various books and other sources. Thanks also to the members of the
group, for their cooperation in carrying out this task.
Through this assignment, we have selected one group of industry
out of eight industry provided that consumer product industry. Each
member of our group must find one different company through 'Bursa
Malaysia' website. This task requires us to list the five-year annual reports
of companies that had to be chosen started from 2011 until 2015.
We learned how to calculate the ratios for companies' financial
performance in terms of their profitability, activity, liquidity and solvency
ratios. Besides, we also need to interpret the results and perform the
financial statement analysis. Analysis of companies' financial performance
is that we have provided are analytical and cross-sectional according to
time series.
Lastly, for annual reports in 2015, we must prepare a disclosure
index on the companies' conformance to the MFRS in the aspect of
measurement and disclosure of the income tax, operating segment,
related party disclosure and the effect of changes in foreign exchange
rate. The result of this disclosure, we also provide comments on the
company's compliance to the MFRS.
Finally, this work gives a lot of input to us. Additionally, give us the
experience to evaluate the exact position of each company and the right
way to choose the best company. This assignment has indeed helped us to
explore more knowledgeable avenues related to our subject and we are

sure that it will help us in future.
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
shareholders,
salaries.
debenture
Meanwhile,
holders,
external
potential
parties
investors,
such
as
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
ii.
percentage of dividend payments or business development;

to ensure the company's ability to pay interest and repay the
iii.
debentures;
to choose a company that can provide a high return on
iv.
investment;
to assess whether the company is able to repay the loan or
v.
approve a new loan;

to see the company working capital liquidity whether the
company is able to pay its liabilities within the stipulated
vi.
period;
to determine the marketing strategy between competitors.
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
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 timeseries 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:16.0
17.0
18.0
19.0
20.0
21.0
22.0
23.0
24.0
25.0
26.0
27.0
28.0 Liquidity Ratios
i.
Current Ratio
ii.
Quick Ratio
29.0
Current AssetInventory
Current Liabilities
Current Asset
Current Liabilities
30.0
31.0 Activity Ratios

i.
Inventory
ii.
Turnover
32.0
Average Age
of Inventory
33.0
Cost of Goods Sold

Inventory
iii.
Average
Collection
Period
Account Receivable
34.0
Sales Daysa Year
365
Inventory Turnover
35.0
36.0 Solvency Ratios

i.
Debt Ratio
37.0
Total Liabilities
Total Asset
ii.
Debt to Equity Ratio
38.0
Total Liabilities
39.0
Common Stock Equity
40.0
41.0 Profitability Ratios
i.
Earnings Per Share
42.0
Earnings Available for Common Stockholders
Number of Shares of CommonOutstanding
ii.
Return on Total Assets
43.0
Total Assets
iii.
Return on Equity
44.0
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,
4
the Apollo products are distributed in Malaysia and other

overseas market which are Singapore, Indonesia, Thailand,
Philippines, Vietnam, China, Hong Kong, Taiwan, Japan, India,
Middle East, Mauritius, and Maldives.
52.0
53.0
54.0
55.0
56.0
57.0
58.0
59.0
60.0
61.0
62.0 Quality and Standards:
63.0 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
and improve to remain competitively.

d) Enhance customer satisfaction by
requirements.
e) Recognize
our
customers
constantly
upgrade
meeting
customer
needs
by
introduce
independence packaging.
f) Ensure the quality assurance procedures, the company had
a credited with HALAL.
64.0 The companys aim is to always fulfil the customer
needs and requirement by using the latest equipment and
technology.
65.0
66.0
67.0
68.0
69.0
70.0
71.0
5
72.0
73.0
74.0
75.0
76.0
77.0
78.0
79.0
80.0
81.0
82.0
83.0
84.0
84.1.1
85.0 YEARS /
86.0 TYPES OF
RATIO
93.0 Current
Ratio
99.0 Quick Ratio
106.0
Invent
ory Turnover
112.0
Averag
e Age of
Inventory
(days)
118.0
Averag
e Collection
Period
(days)
125.0
Debt
Ratio (%)
131.0
Debt
Financial Statement Analysis

87.0 2
0
88.0 20 89.0 20 90.0 20 91.0 20
12
13
14
15
1
94.0 12 95.0 13 96.0 13
97.0 13
98.0 12
.3
.5
.7
.7
.5
4
101.0 11
7
102.0 11
0
103.0 11
5
104.0 10
.2
.5
.8
.8
8
2
107.0 7. 108.0 9. 109.0 8.
110.0 8.
111.0 8.
100.0 9.
98
21
03
05
33
07
113.0 50
114.0 40
115.0 45
116.0 43
117.0 45
.6
.4
.3
.8
.2
119.0 49
120.0 52
121.0 60
122.0 57
123.0 61
.9
.3
.1
.5
.6

126.0 10 127.0 10 128.0 10
129.0 9.
130.0 9.
.8
132.0 31
7
135.0 32
4
136.0 32
.5
133.0 31
6
.2
134.0 32
to Equity
.6
Ratio (%)
.3
.5
.6
.3

138.0
Earnin
gs Per Share
(RM)
144.0
Return
of Asset (%)
150.0
Return
of Equity
(%)
156.0
139.0 0.
140.0 0.
141.0 0.
142.0 0.
143.0 0.
22
27
40
42
32
145.0 7.
146.0 9.
147.0 12
148.0 12
149.0 9.
.5
.4
151.0 22
152.0 27
153.0 39
154.0 41
155.0 31
.3
.3
.7
.9
.0
157.0
Table 1
158.0 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.
159.0 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.
160.0 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,
7
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.
161.0 Average age inventory in 2011 is 50.62
days, then decreasing to 40.42 days in 2012 , in 2013
average age inventory 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.
162.0 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.
163.0 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.
164.0 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.
8
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.
165.0
166.0 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.
167.0 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.
168.0 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.
company
generated
more
compared to another year.

169.0
170.0
171.0
9
Its show that the
income
in
year
2014
172.0
173.0
174.0
175.0
176.0
177.0
177.1
ASIA FILE CORPORATION BERHAD
177.1.1
Background Company
178.0 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.
179.0 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
10
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.
180.0
181.0
182.0
183.0
184.0
185.0
186.0
187.0
187.1.1
188.0
YEARS
/
189.0
TYPES
190.0
191.0
2011
192.0
2012
193.0
2013
194.0
2014
2015
200.0 3.
201.0 3.
OF RATIO
196.0
Curren
t Ratio
202.0
Quick
Ratio
209.0
Invent
ory Turnover
215.0
Averag
e Age of
Inventory

197.0 2. 198.0 2. 199.0 3.
71
82
09
01
25
75
203.0 1.
05
204.0 1.
72
205.0 1.
11
206.0 1.
25
207.0 2.
74
58
56
82
11
72
05
90
210.0 1. 211.0 1. 212.0 1.
19
213.0 2.
214.0 2.
99
78
97
19
32
216.0 18
217.0 20
218.0 18
219.0 16
220.0 15
(days)
221.0
Averag
e Collection
Period
222.0 70
223.0 84
(days)
11
224.0 69
225.0 81
226.0 71
228.0

229.0 20 230.0 18 231.0 16
Debt
Ratio (%)
234.0
Debt
to Equity
Ratio (%)
241.0
Earnin
gs Per Share
232.0 18
233.0 18
.2
.8
.0
.7
.1
8
235.0 76
0
236.0 74
4
237.0 63
8
238.0 86
1
239.0 53
.1
.7
.2
.3
.8
9
1
9
242.0 43 243.0 42 244.0 37
245.0 32
246.0 25
.8
.1
.0
.5
.0
3
248.0 11
1
249.0 10
8
251.0 11
.6
.6
1
254.0 14
4
255.0 13
of Equity
.5
(%)
(RM)
247.0
Return
of Asset (%)
253.0
Return
250.0 9.
35
.2
252.0 8.
88
256.0 11
8
257.0 13
258.0 10
.1
.1
.8
.8
259.0
260.0
Table 2
261.0 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
262.0 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
12
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 2015 are really satisfied because the
current assets without inventories of the company can
support the current liabilities.
263.0
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.
264.0 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.
265.0 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
13
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.
266.0 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.
267.0 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 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.
268.0 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.
269.0 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.
14
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.
270.0 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.
271.0
272.0
273.0
274.0
275.0
276.0
277.0
278.0
279.0
280.0
281.0
282.0
283.0
284.0
285.0
286.0
287.0
288.0
289.0
290.0
291.0
292.0
293.0
294.0
295.0
296.0
297.0
298.0
299.0
15
300.0
301.0
301.1
AJINOMOTO (MALAYSIA) BERHAD
301.1.1
Background Company
302.0 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.
303.0 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.
304.0 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.
305.0 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 Aw Kian Wee (Independent NonExecutive Director), Dato Setia Ramli Bin Mahmud
16
(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).

306.0
307.0
308.0
308.1.1
309.0
YEARS
/
310.0
TYPES
311.0
312.0
2011
313.0
2012
314.0
2013
315.0
2014
2015

318.0 4. 319.0 5. 320.0 4.
321.0 5.
322.0 5.
08
324.0 3.
75
326.0 2.
71
327.0 3.
40
328.0 2.
89
03
97
331.0 2. 332.0 3. 333.0 2.
51
52
334.0 3.
335.0 2.
OF RATIO
317.0
Curren
t Ratio
323.0
Quick
Ratio
330.0
Invent
ory Turnover
336.0
Averag
e Age of
Inventory
(days)
342.0
Averag
e Collection
Period
68
325.0 4.
99
19
82
31
85
337.0 12
338.0 11
339.0 12
340.0 11
341.0 12
2.
4.
9.
0.
8.
343.0 37
344.0 38
345.0 43
346.0 39
347.0 41
.4
.9
.2
.3
.7

350.0 18 351.0 14 352.0 17
353.0 14
354.0 16
(days)
349.0
Debt
Ratio (%)
355.0
Debt
to Equity
Ratio (%)
.5
.1
.0
.9
.0
356.0 22
357.0 16
358.0 20
359.0 17
360.0 19
.7
.4
.5
.5
.1
17
362.0
Earnin
gs Per Share

363.0 0. 364.0 0. 365.0 0.
366.0 0.
367.0 0.
40
42
31
46
48
(cent)
368.0
Return
9
369.0 9.
1
370.0 9.
91
371.0 6.
12
372.0 9.
9
373.0 8.
of Asset (%)
374.0
Return
58
375.0 11
35
376.0 10
59
10
378.0 10
93
379.0 10
.7
.8
of Equity
(%)
5
380.0
377.0 7.
8
Table 3
94
.7
64
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
18
operates along a 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
384.0
385.0 Thirdly, on the solvency ratio, we analyse
the debt ratio and debt to equity ratio. The ratio shows
19
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 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.
386.0 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
20
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%. 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.
387.0
388.0
389.0
390.0
391.0
392.0
393.0
21
394.0
395.0
396.0
397.0
398.0
399.0
400.0
401.0
401.1
DUTCH LADY MILK INDUSTRIES
401.1.1
Background Company
402.0 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.
403.0 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.
404.0 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 to help Malaysians move
forward in life with trusted dairy nutrition.
405.0 Dutch Lady Milk Industries owned by their
Dutch parent company Royal Friesland Campina, they
22
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.
406.0 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.
407.0
408.0
408.1.1
409.0
YEARS
/
410.0
TYPES
411.0
412.0
2011
2012
413.0
414.0
2013
415.0
2014
2015

418.0 2. 419.0 1. 420.0 1.
421.0 1.
422.0 1.
40
424.0 1.
52
426.0 1.
44
427.0 0.
27
428.0 0.
71
37
01
431.0 5. 432.0 6. 433.0 5.
93
87
434.0 7.
435.0 5.
38
26
86
439.0 13
440.0 13
441.0 20
.1
.6
.1
OF RATIO
417.0
Curren
t Ratio
423.0
Quick
Ratio
430.0
Invent
ory Turnover
436.0
Averag
e Age of
Inventory
(days)
91
425.0 1.
42
437.0 16
.5
17
438.0 6.
69
3
23
442.0
Averag
e Collection
443.0 67
444.0 59
445.0 67
446.0 50
447.0 62
.3
.1
.8
.2
.2
Period
(days)

449.0
Debt
Ratio (%)
455.0
Debt
to Equity
450.0 35
451.0 44
452.0 55
453.0 55
454.0 62
456.0 21
457.0 26
458.0 35
459.0 29
460.0 39
Ratio (%)

462.0
Earnin
gs Per Share
(RM)
468.0
Return
of Asset (%)
474.0
Return
of Equity
463.0 1.
464.0 1.
465.0 2.
466.0 1.
467.0 2.
69
93
16
72
20
469.0 27
470.0 32
471.0 33
472.0 32
473.0 34
475.0 16
476.0 19
477.0 21
478.0 17
479.0 22
(%)
480.0
481.0
Table 4
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.
482.0
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,

24
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.
483.0
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.
484.0 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.
485.0 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
25
companys account receivable into cash. As we see the

pattern of 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.
486.0
487.0
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.
488.0
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.
489.0
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
26
the investing public and is considered an important

indicator of corporate success.
490.0
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 2015 is the highest value of ROA and very
effective on generated profit compared with 2011, 2012,
2013 and 2014.
491.0
492.0 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.
493.0
494.0
495.0
27
496.0
497.0
498.0
499.0
500.0
501.0
502.0
503.0
504.0
505.0
506.0
507.0
508.0
509.0
ANALYSIS RATIOS BETWEEN COMPANIES (YEAR 2015)
509.1
LIQUIDITY RATIOS
28
510.0
14
12
10
APOLLO
ASIA FILE
AJINOMOTO
DUTCHLADY
4
2
0
Current ratio
511.0
Quick ratio
For current ratio, company Apollo Foods Holdings
Bhd. is the more liquid in year 2015 compared to company

Asia File, Dutch Lady and Ajinomoto.
512.0 For quick ratio, company Apollo Food Holdings Bhd. also
more liquid without inventories in year 2015 compared to another
company.
513.0
514.0
515.0
516.0
517.0
518.0
519.0
520.0
521.0
29
521.1
ACTIVITY RATIOS
522.0
9
8
7
6
APOLLO
ASIA FILE
4
AJINOMOTO
DUTCHLADY
3
2
1
0
Inventory turnover
523.0 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.
30
524.0
180
160
140
120
APOLLO
100
ASIA FILE
80
AJINOMOTO
DUTCHLADY
60
40
20
0
Average age of inventory
525.0 For
Average collection period
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.
526.0 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.
31
527.0
528.0
529.0
530.0
531.0
532.0
533.0
533.1
SOLVENCY RATIOS
534.0
450.00%
400.00%
350.00%
300.00%
250.00%
APOLLO
200.00%
AJINOMOTO
ASIA FILE
DUTCHLADY
150.00%
100.00%
50.00%
0.00%
Debt ratio
debt to equity ratio
535.0 As we can see, the chart above show the differences on

solvency ratios between 4 companies which is Apollo Food
32
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.
536.0 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.
537.0
538.0
539.0
539.1
PROFITABILITY RATIOS
33
540.0
RM30.00
RM25.00
RM20.00
APOLLO
ASIA FILE
RM15.00
AJINOMOTO
DUTCHLADY
RM10.00
RM5.00
RM0.00
Earning per share
541.0 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.
34
542.0
250%
200%
150%
APOLLO
ASIA FILE
AJINOMOTO
100%
DUTCHLADY
50%
0%
Return on total asset
543.0
Return on total equity
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.
544.0 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.
35
545.0
546.0
547.0
548.0
549.0
550.0
551.0
552.0
DISCLOSURE INDEX ON THE COMPANIES CONFORMANCE
TO THE MFRS
552.1
INCOME TAX (MFRS 12)
553.0 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.
554.0 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.
555.0 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.
556.0
557.0
557.1
OPERATING SEGMENTS (MFRS 8)
558.0 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.
36
559.0 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.
560.0 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.
561.0 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.
562.0 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.
563.0 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.
564.0
37
565.0
565.1
RELATED PARTY DISCLOSURE (MFRS 124)
566.0 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.
567.0
568.0
569.0
570.0
571.0
572.0
572.1
THE EFFECT OF CHANGES IN FOREIGN EXCHANGE
RATE (MFRS 121)

573.0 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
ii.
with MFRS 139; and

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.
38
574.0 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.
575.0 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.
576.0 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.
577.0 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.
578.0
579.0
580.0
581.0 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;
39
ii.
Disclose
the
iii.
information is displayed; and

Disclose the entitys functional currency and the method of
translation
currency
used
to
in
which
determine
the
the
supplementary
supplementary
information.
582.0
583.0
584.0
585.0
COMMENT ON COMPANYS COMPLIANCE TO THE MFRS
(YEAR 2015)
585.1
INCOME TAX
585.1.1
APOLLO FOOD HOLDINGS BHD.
586.0
Income Tax Expense

587.0
588.0
589.0
2015
RM
Income Tax
590.0 Current Year
10,155,000
591.0 Under/(Over) Provision in Prior Years
__358,468
593.0
592.0
10,513,468
Deferred Tax (Note 12)
594.0 Origination and Reversal of Temporary Differences
(967,333)
595.0 Over Provision in Prior Years
(784,000)
596.0
(1,751,333)
597.0
__8,762,135
598.0
599.0 The Malaysian income tax is calculated at the statutory tax rate of
25% (2014: 25%) of the
600.0 estimated taxable profit for the fiscal year.
601.0
602.0
602.1.1
603.0
Income Tax Expense
40
604.0
2015
605.0
RM
606.0
Current Tax Expense

607.0 Malaysian - Current
12,260,000
608.0
- Prior Year
609.0 Overseas - Current
67,230
2,166,983
610.0
- Prior Year
___
_9,380_
611.0 Total Current Tax
14,503,543
612.0
Defered Tax Expense

613.0 Malaysian - Current
(887,555)
614.0
- Prior Year
6,555
615.0 Overseas - Current
__785,147_
616.0 Total Deferred Tax
_( 95,853 )_
617.0
Total Income Tax Expense
14,407,690
618.0
619.0
620.0
621.0
622.0
623.0
624.0
41
625.0
626.0
627.0
628.0
628.1.1
629.0
Income Tax Expense
630.0
631.0
632.0 Current Income Tax:
633.0 Malaysian income tax
2015
RM
10,693,005
634.0 Overprovision in Prior Years:
635.0 Malaysian income tax
(164,132)
636.0
10,528,873
637.0
Deferred Tax (Note 21):
638.0 Relating to Origination and Reversal to Temporary Differences
305,737
639.0 Under/(Over) Provision in Prior Years
28,468
640.0
334,205
641.0 Total Income Tax Expense
10,863,078
642.0
643.0 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.
644.0
645.0
646.0
647.0
648.0
649.0
650.0
651.0
652.0
653.0
42
654.0
655.0
656.0
657.0
657.1.1
658.0
Income Tax Expense

659.0
660.0
661.0
2015
RM 000
Current Tax Expense

662.0 Current Year
49,382
663.0 Over Provision In Prior Year
(1,315)
664.0
48,067
665.0
Deferred Tax Expense
666.0 Origination And Reversal Of Temporary Differences
(310)
667.0 Over Provision In Prior Year
__ __
668.0 Total Income Tax Expense
47,757
669.0
670.0 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%.
671.0 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.
672.0 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.
43
673.0 Others company did not disclosure any item that related
to the MFRS 112 in their financial statements and notes.
674.0
675.0
676.0
677.0
678.0
679.0
679.1
OPERATING SEGMENTS
679.1.1
680.0 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.
681.0 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.
ii.
iii.
Investment holding
Manufacturing
Manufacturing
and
trading
in
compound
chocolates, chocolate confectionery products and

iv.
cakes.
Marketing and distribution
682.0 The
accounting
policies
of
operating
segments are the same as those described in the

summary of significant accounting policies.
683.0 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
consolidated financial statements.
44
profit
in
684.0 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.
685.0 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.
686.0
687.0
688.0
693.0
arketin
690.0
Investme
689.0
692.0
M
anufa
nt
g
694.0
cturin
691.0
Holding
a
nd
695.0
di
696.0
Total
697.0
stribut
ion
698.0
2015
703.0
Reve
nue
708.0
Total
revenue
713.0
Inter-
segment
revenue
719.0
699.0
RM
704.0
709.0
714.0
external
customers
725.0
Inter
02,394
715.0
707.0
711.0 109,44
9,449
,258
(
99,287
716.0
,284)
721.0
722.0
03,106
09,449,
,974
449
727.0
45
728.0
702.0
RM
706.0
710.0
70,350
726.0
701.0
M
705.0
720.0
R
M
70,350
Reve
nue from
700.0
712.0 311,
914,
057
717.0 (99,
287,
284)
718.0
723.0 212,
626,
773
724.0
729.0 2,09
2,46
est income
731.0
Rent
al income
736.0 Depreciatio
n and
amortisatio
1,066,516
732.0
26,579
733.0
737.0 -
9,369
734.0
before
53,000
371,000
740.0 (10,
738.0 (10,49
739.0 (238,17
730,
1,902)
8)
746.0 34,0
743.0 650,
744.0 27,326
513
745.0 6,079,2
,278
56,0
80
71
747.0
tax
Tax
080)
741.0
income
748.0
730.0
735.0
8,000
n
742.0 Segment
profit
749.0 (241,
expense
750.0 (7,033,
433)
751.0 (1,486,
782)
752.0 (8,7
62,1
920)
35)
753.0 Other material non-cash items:

758.0 (117
754.0 inventories
755.0 -
756.0 (117,3
79)
written-off
,379
757.0 -
)
759.0
760.0 Additions
to noncurrent
assets
761.0 other than
financial
762.0 763.0
764.0 6,758,
667
765.0
instrument
768.0 6,75
766.0 -
8,66
767.0
7
769.0
s and
deferred
tax assets
770.0 Segment
assets
775.0
Seg
771.0 27,3
58,0
35
776.0 457,
772.0 229,34
8,708
777.0 11,230
46
773.0 17,399,
738
778.0 235,75
774.0 274,
106,
481
779.0 11,9
ment
658
liabilities
780.0
,205
23,6
17
781.0
782.0
783.0
784.0 Inve
786.0 Manuf
787.0 Marketi
stme
acturin
ng and
nt
785.0 holdi
791.0 2014
796.0 Revenu
e
801.0 Total
revenue
806.0 Inter-
ng
792.0 RM
797.0
802.0 206,
803.0 209,08
804.0 122,171,
segment
revenue
811.0 Revenue
from
tion
794.0 RM
799.0
807.0 -
812.0 206,
927
790.0
788.0 distribu
793.0 RM
798.0
927
789.0 Total
1,795
808.0 (110,74
591
809.0 -
795.0 RM
800.0
805.0 331,
460,
313
810.0 (110,
6,980)
746,
813.0 98,334,
980)
815.0 220,
815
814.0 122,171,
591
713,
333
external
customer
s
816.0 Interest
817.0 1,44
income
3,90
818.0 784,33
819.0 80,107
820.0 2,30
8,34
821.0 Rental
1
822.0 -
823.0 17,400
824.0 308,000
1
825.0 325,
income
826.0 Deprecia
827.0 -
828.0 (9,652,
829.0 (233,743
400
830.0 (9,88
tion and
794)
amortiza
tion
831.0 Segmen
t profit
6,53
7)
832.0 474,
656
833.0 36,769,
806
before
834.0 6,360,96
9
835.0 43,6
05,4
31
income
47
tax
836.0 Tax
837.0 (406,
expense
838.0 (8,103,
699)
839.0 (1,624,5
492)
840.0 (10,1
00)
34,6
91)
841.0 Other
842.0
843.0
844.0
845.0
material
non-cash
items:
846.0 - bad
847.0 -
848.0 (1,544)
849.0 -
debts
850.0 (1,54
4)
written
off
851.0 -
852.0 -
853.0 (151,95
inventori
854.0 -
3)
855.0 (151,
953)
es
written
off
856.0 -
858.0
860.0
impairm
859.0 (657,
861.0 -
ent loss
464)
862.0
864.0
863.0 -
865.0 (657,
464)
on other
857.0 Investme
nts
866.0 Additions
to noncurrent
869.0
872.0
875.0
878.0
870.0
873.0
876.0
879.0
874.0 9,844,9
877.0 122,808
871.0 -
assets
53
880.0 9,96
7,76
867.0 other
than
financial
instrume
nts
868.0 and
deferred
tax
assets
881.0 Segmen
882.0 46,8
t assets
40,0
883.0 193,70
6,545
48
884.0 29,172,7
35
885.0 269,
719,
886.0 Segmen
31
887.0 449,
888.0 9,744,4
049
889.0 453,002
40
311
890.0 10,6
46,4
liabilitie
91
891.0 (a) Reconciliations of reportable segment revenues, profit or loss,

assets and liabilities to the corresponding amounts of the Group are
as follows:
892.0
895.0
898.0
Revenue
901.0 Total revenue for
reportable segments
904.0 Inter-segment
revenue
907.0 Revenue from
external customers
910.0
Profit for the
893.0
2015
896.0
RM
899.0
902.0 311,914,057
894.0 2014
897.0 RM
900.0
903.0 331,460,313
905.0 (99,287,284)
906.0 (110,746,98
908.0 212,626,773
0)
909.0 220,713,333
911.0
912.0
financial year
913.0 Total profit or loss for
914.0 34,056,071
915.0 43,605,431
reportable segments
916.0 Tax expense
919.0 Profit for the financial
917.0 (8,762,135)
921.0 25,293,936
918.0 (10,134,691)
922.0 33,470,740
income
923.0 Total assets for
924.0 274,106,481
925.0 269,719,311
reportable segments
926.0 Tax assets
929.0 Assets of the Group
927.0 185,889
930.0 274,292,370
928.0 65,252
932.0 269,784,563
year of the Group

from continuing
operations per
consolidated
statement of profit or
loss and
920.0 other comprehensive
per consolidated
931.0
statement of financial
49
position
933.0 Total liabilities for
934.0 11,923,617
935.0 10,646,491
reportable segments
936.0 Tax liabilities
939.0 Liabilities of the Group
937.0 13,936,422
940.0 25,860,039
938.0 15,463,647
942.0 26,110,138
per consolidated
941.0
statement of financial
position
943.0
944.0
945.0
946.0
947.0
948.0
949.0
Geographical Segments
950.0 The manufacturing facilities and sales offices of
the group are mainly based in Malaysia, Indonesia,
Singapore, China and others.
951.0 In presenting information on the basis of
geographical areas, segment revenue is based on the
geographical location from which the sale transactions
originated.
952.0
953.0
956.0
Revenue from
external customers
959.0 Malaysia
962.0 Asean (excluding
Malaysia)
965.0 Others
968.0
971.0
954.0
957.0
2015
RM
955.0 2014
958.0 RM
960.0 122,487,836
963.0 82,268,621
961.0 122,802,239
964.0 85,621,627
966.0 7,870,316
969.0 212,626,773
967.0 12,289,467
970.0 220,713,333
972.0
Major Customers
973.0 Revenue from a customer in distributing imported
products represent approximately RM35, 271,353 (2014:
RM43, 203,854) of the group revenue.
974.0
975.0
976.0
977.0
978.0
979.0
50
980.0
981.0
982.0
983.0
984.0
985.0
986.0
987.0
987.1.1
988.0 The Group reportable segment mainly consists of

manufacturing
and
trading
of
stationery
products,
coloured paper and boards.

989.0 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.
990.0 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.
991.0 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.
992.0
993.0
994.0
51
995.0
996.0
997.0
998.0
999.0
1000.0
1001.0
1002.0
1003.0
1004.0
1005.0
Geographical information
1006.0
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.
1007.0
1008.0
1021.0
Assets
Malaysia
1009.0
Revenues
Asia
(excluding
Malaysia)
1031.0
Europe
America
1014.0
2014
1017.0
2015
1018.0
2014
1019.0
2015
1020.0
RM
1022.0
RM
1023.0
RM
1024.0
RM
1025.0
33,819,55
38,505,80
53,839,58
55,509,93
1027.0
1028.0
12,465,90
9,972,976
Others
4
1029.0
4
1030.0
1,617
2,867
8
1032.0
1033.0
1034.0
1035.0
302,793,0
277,820,6
85,734,89
91,755,58
95
1037.0
1038.0
23,551,96
24,757,12
3
1041.0
Current
1015.0
1013.0
85
1036.0
Non-
1012.0
3
1026.0
1010.0
7
1039.0
-
0
1040.0
-
1042.0
1043.0
14,785,63
14,822,64
52
1044.0
-
1045.0
-
4
1046.0
Consolid
ated
1047.0
1048.0
1049.0
1050.0
387,416,1
365,879,2
139,576,0
147,268,3
43
39
98
81
1051.0
1052.0
1053.0
Major customer
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.

1054.0
1055.0
1056.0
1057.0
1058.0
1059.0
1060.0
1061.0
1062.0
1062.1.1
1063.0
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
53
sweetener, frozen food and provision of services in

relation to food industry.
1064.0
1065.0
1066.0
1068.0
Umami
Food and
seas 1069.0
onin
g
segment
1073.0
Total
1072.0
1074.0
RM
RM
1075.0
RM
RM
At 31 March 2015
Revenue 1078.0
233,772,4
1079.0
1080.0
1081.0
104,347,4
2,256,037
340,375,9
67
32
1082.0
Results
1084.0
1086.0
1083.0
Segment
1085.0
1087.0
30,621,95
5,820,146
profit
Others
1070.0
1067.0
1076.0
1077.0
1071.0
36
1088.0
1090.0
1089.0
720,798
1091.0
37,162,89
3
1092.0
Interest
income
1097.0
Profit
1093.0
1098.0
7
1094.0
1095.0
1096.0
1099.0
3,433,560
1100.0
1101.0
before tax
40,596,45
7
1102.0
Income
1103.0
1104.0
1105.0
1106.0
tax expense
1107.0
Profit net
(10,863,07
1108.0
8)
1110.0
1111.0
1109.0
of tax
29,733,37
9
1112.0
At 31
March 2014
1117.0
Revenu
e
1113.0
1114.0
1118.0
1119.0
241,118,3
103,670,2
13
1115.0
1116.0
1120.0
562,318
1121.0
345,350,9
86
17
1122.0
Results
1124.0
1126.0
1128.0
1130.0
1123.0
Segment
1125.0
1127.0
1129.0
1131.0
54
profit
22,948,14
12,073,99
9
1132.0
Interest
income
1137.0
Profit
10,354
35,032,49
1133.0
1134.0
1135.0
1136.0
1138.0
1139.0
1140.0
2,563,660
1141.0
before tax
37,596,15
3
1142.0
Income
1143.0
1144.0
1145.0
tax expense
1146.0
(9,554,980
)
1147.0
Profit net
1148.0
1149.0
1150.0
of tax
1151.0
28,041,17
3
1152.0
1153.0
1154.0
1155.0
1157.0
F 1160.0
Umami
ood
se
and
gm
1158.0
ent
Others
s
1162.0
Total
1161.0
1163.0
RM
RM
easo
1156.0
ning
RM
segm
ent
1159.0
R
M
1164.0
At 31
1165.0
1166.0
1167.0
1168.0
March 2015
1169.0
Assets
1171.0
1173.0
1175.0
1177.0
1170.0
1172.0
1174.0
Segment
assets
1179.0
Total
245,639,
8 1176.0
3,745
275
,165
1180.0
1181.0
3,561,104
1178.0
332,945,5
44
1182.0
assets
1183.0
332,945,5
44
1184.0
es
Liabiliti
1186.0
1188.0
1187.0
1189.0
55
1190.0
1 1191.0
1192.0
1193.0
1185.0
Segment
36,854,9
liabilities
1194.0
Provision
89
1195.0
,693
1196.0
1197.0
1198.0
for taxation
1199.0
Deferred
1200.0
1201.0
1202.0
292,023
1203.0
1207.0
3,501,702
1208.0
tax liabilities
1204.0
Total
1205.0
2,499
274,642
49,629,32
4
1206.0
liabilities
53,423,04
9
1209.0
1210.0
Other segment information

Capital
1211.0
1212.0
expenditure
8,822,73
,208,
7
1215.0
Depreciat 1216.0
ion
1217.0
7,194,67
At 31
1214.0
13,031,23
497
4
3 1218.0
,431,
2
1220.0
4 1213.0
1219.0
10,626,57
900
1221.0
1222.0
1223.0
1224.0
March 2014
1225.0
Assets
1227.0
1229.0
1231.0
1233.0
1226.0
1228.0
1230.0
5 1232.0
1234.0
Segment
assets
1235.0
Total
242,078,
666
1236.0
9,242
,213
1237.0
6,698,232
308,019,1
1238.0
1239.0
11
assets
308,019,1
11
1240.0
Liabiliti
es
1241.0
1242.0
1244.0
1243.0
1245.0
Segment
28,112,4
liabilities
1250.0
Provision
25
1251.0
for taxation
1255.0
Deferred
tax liabilities
1260.0
Total
1256.0
1261.0
1246.0
1248.0
1 1247.0
1249.0
2,623
,026
1252.0
1257.0
1262.0
20,328
40,755,77
9
1253.0
1254.0
1258.0
1,733,071
1259.0
1263.0
3,454,306
1264.0
liabilities
45,943,15
6
1265.0
Other
1267.0
1270.0
56
1273.0
1276.0
segment
1268.0
1271.0
1274.0
1277.0
information
1269.0
1272.0
5 1275.0
1278.0
1266.0
Capital
6,219,29
expenditure
8
1279.0
Depreciat 1280.0
ion
,440,
11,660,27
972
1281.0
6,230,83
3 1282.0
,967,
0
-
1283.0
10,198,59
762
1284.0
1285.0
1286.0
1287.0
1288.0
1289.0
Geographical Segment
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.
1290.0
1291.0
1292.0
Malaysia
1293.0
1294.0
1296.0
Middle
Asia
RM
1299.0
Other
Others
1301.0
Total
1297.0
1300.0
1302.0
East
RM
RM
n
1295.0
Cou
RM
ntri
1303.0
es
1298.0
RM
1304.0
1305.0
2015
1311.0
2014
Revenue
1306.0
1307.0
1308.0
1309.0
1310.0
220,576,2
74,301,22
3,984,148
340,375,9
41,514,35
14
1312.0
1313.0
1314.0
1315.0
1316.0
232,619,9
37,382,65
69,579,49
5,768,853
345,350,9
14
1317.0
1318.0
57
36
17
1319.0
1320.0
1321.0
1322.0
1323.0
1324.0
1325.0
1326.0
1327.0
1328.0
1329.0
1330.0
1331.0
1331.1.1
1332.0
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.
1333.0
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.
58
1334.0
All of the companies have comply with
the standard.
1335.0
1336.0
1337.0
1338.0
1339.0
1340.0
1341.0
1342.0
1343.0
1344.0
1345.0
1346.0
1347.0
1348.0
1349.0
i.
1349.1
RELATED PARTY DISCLOSURE
1349.1.1 APOLLO FOOD HOLDINGS BHD.
Identities of related parties
1350.0
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
59
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:
1351.0
Company
1352.0
2015
2014
RM
RM
Subsidiaries:
1353.0
Dividend income
20,020,018
20,020,018
Management fees income

220,000
1354.0
240,000
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

1355.0
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:
1356.0
1357.0
60
1358.0
Group
Company
2015
2015
2014
2014
RM
RM
RM
RM
Short term employee benefits

51,750
6,726,782
6,589,435
792,797
750,263
54,250
Contribution to defined
contribution plan
-
-Defined benefit plan
12,736
52,781
-
1359.0
7,572,360
7,352,434
51,750
54,250
Fees
190,000
216,000
216,000
7,788,360
7,568,434
190,000
241,750 244,250
1360.0
1360.1.1
1361.0
1362.0
Identity of related parties

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.
1363.0
The Group has related party relationships with the following :
61
1364.0
i) Subsidiaries and associates of the Company as disclosed in
the financial statements.

1365.0
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).
1366.0
iii) Company in which a Director, Dato Lim Soon Huat has
substantial financial interests - Dynamic Office Sdn. Bhd. (DOSB).

1367.0
iv) Company in which a Director of a subsidiary, Mr. R.C.
Martin, has substantial financial interests - Christopher Martin Ltd.

1368.0
v) Key management personnel of the Group
1369.0
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.
1370.0
Significant related party transactions
1371.0
The significant related party transactions of the Group and the
Company, other than key management personnel compensations,

are as follows:
1372.0
a) Transactions entered into between the Company and its subsidiaries
1373.0
Transactions amount for
the year ended 31 March
1374.0
2015
2014
RM
RM
Dividend income received
24,000,000
84,000,000
62
1375.0
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
1376.0

1377.0
2015
2014
1378.0
RM
RM
1379.0
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 :
1380.0
1381.0
2015
2014
1382.0
RM
1383.0
RM
Sales - AESSB
131,000
281,000
1384.0
- KSPSB
7,000
1385.0
- DOSB
4,000
1,000
1386.0
Purchases - AESSB
25,000
1387.0
30,000
- DOSB
81,000
64,000
1388.0
d) Transactions with key management personnel:
1389.0
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:
63
1390.0
1391.0
1392.0
1393.0
1394.0
Transactions amount
for the year ended 31 March

1395.0
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
1396.0
The above transactions have been entered into in the normal
course of business and have been established under negotiated

terms.
1397.0
1398.0
1399.0
1400.0
1401.0
1402.0
1403.0
1404.0
64
1405.0
1406.0
1407.0
1407.1.1
1408.0
(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:
1409.0
2015
2014
RM
RM
Transactions with related companies

1410.0
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)
1411.0
(1,915,663)
The directors are of the opinion that all the transactions above
have been entered into in the normal course of business and have
65
been established on negotiated terms and conditions that are not

materially different from those obtainable in transactions with
unrelated parties.
1412.0
1413.0
(b) Compensation of key management personnel

The directors of the Company are the key management
personnel during the year whose remuneration is disclosed in Note

7.
1414.0
1415.0
1416.0
1417.0
1418.0
1419.0
1420.0
1421.0
1421.1.1
1422.0
1423.0
Identity of related parties

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.
1424.0
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
66
the Directors of the Company, and certain members of senior

management of the Company.
1425.0
The Company has related party relationship with its holding
companies, related companies and key management personnel.

1426.0
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.
1427.0
1428.0
2015
2014
RM000
1429.0
Immediate holding company Management fees expense
(108)
1430.0
RM000
(101)
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)

services
fees
(7,397)
251
(26,362) Shared
expense
(8,234) Shared services fees income

180
1431.0
1432.0
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
67
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.
1433.0
1434.0
1434.1
THE EFFECT OF CHANGES IN FOREIGN EXCHANGE
RATE
1434.1.1 APOLLO FOOD HOLDINGS BHD.
i. Functional and Presentation Currency
1435.0
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

1436.0
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-
68
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.
1437.0
1438.0
1438.1.1
1439.0
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. Nonmonetary 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.
1440.0
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
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
69
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.
1441.0
1442.0
1443.0
1444.0
1445.0
1446.0
70
1447.0
1448.0
1449.0
1450.0
1451.0
1452.0
1453.0
1454.0
1455.0
1456.0
1457.0
1458.0
1459.0
1460.0
1461.0
1462.0
1462.1.1 AJINOMOTO (MALAYSIA) BERHAD
i. Foreign Currency Translations and Balances
1463.0 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

1464.0 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. Nonmonetary items denominated in foreign currencies that
are measured at historical cost are translated using the
exchange
rates
transactions.
as
at
the
Non-monetary
dates
items
of
the
initial
denominated
in
foreign currencies measured at fair value are translated

using the exchange rates at the date when the fair value
71
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
statements
are
recognised directly in equity.

1465.0
1466.0
1467.0
1468.0
1469.0
1470.0
1470.1.1 DUTCH LADY MILK INDUSTRIES
i. Foreign Currency Translations and Balances
1471.0
These
financial
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

1472.0
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
72
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.
1473.0
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.
1474.0
1475.0
1476.0
1477.0
1478.0
1479.0
1480.0
1481.0
1482.0
1483.0
1484.0
1485.0
1486.0
CONCLUSION
1487.0
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.
1488.0
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
73
where the company stands at that particular point. Useful

benchmarks are industry comparisons and company trends.
1489.0
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.
1490.0
1491.0
1492.0
1493.0
1494.0
1495.0
1496.0
1497.0
1498.0
74
1499.0
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
Related Party Disclosures. Retrieved from: www.masb.org.my/pdf/MFRS
%20124%20042015.pdf
The Effect of Changes in Foreign Exchange Rates. Retrieved from:
www.masb.org.my/pdf/MFRS%20121%
20042015.pdf
1500.0
1501.0
1502.0
1503.0
1504.0
1505.0
1506.0
1507.0
1508.0
1509.0
1510.0
1511.0
1512.0
1513.0
1514.0
1515.0
1516.0
1517.0
APPENDIX
1517.1
1518.0
FOR
RATIO
1519.0
1520.0
1521.0
2
1522.0
1523.0
2
1524.0
1525.0
2
1526.0
1527.0
2
1528.0
COMPANY
011
012
013
014
015
APOLLO
1529.0
LIQUIDITY :
1530.0
Curre
1534.0
= 1538.0
nt ratio =
1531.0
99,633
1532.0
Curre
nt asset
1533.0
Curre
,147
8,090,
542
1537.0
1546.0
1550.0
121,83
135,43
144,61
0,858
6,462
1,569
9,971
1543.0
1547.0
1551.0
7,611,
8,847,6
9,884,3
11,527
750
96
29
,039
1540.0
1536.0
103,06
1539.0
1535.0
nt liabilities
= 1542.0
= 1545.0
1541.0
1544.0
13.54
1548.0
=
13.77
1549.0
1552.0
=
1553.0
13.70
12.55
12.31
1554.0
Quick
1558.0
ratio=
1555.0
1556.0 (Current
= 1565.0
= 1572.0
1579.0
1586.0
(99,633
(103,06
(121,83
(135,43
(144,61
,147
0,858
6,462
1,569 -
9,971-
1559.0
1566.0
1573.0
1580.0
1587.0
asset
18,866,
17,221,
19,893,
18,790,
19,362,
inventory)
856)
363)
955)
244)
334)
1557.0
Curren
t liabilities
1560.0
1567.0
1574.0
1561.0
= 1568.0
= 1575.0
1589.0
116,641
125,25
291
495
,507
,325
7,637
1569.0
1576.0
1583.0
1590.0
8,090,5
7,611,7
8,847,6
9,884,3
11,527,
42
50
96
29
039
1577.0
1564.0
= 1571.0
= 1578.0
9.98
Inven
101,942
1570.0
1594.0
1582.0
85,839,
1563.0
ACTIVITY :
1588.0
80,766,
1562.0
1593.0
1581.0
1598.0
11.28
= 1602.0
1584.0
=
11.52
= 1606.0
1585.0
1591.0
=
11.80
1610.0
1592.0
=
10.87
1614.0
tory
136,03
155,45
160,12
156,56
156,31
turnover:
6,306
1,965
5,385
7,077
6,175
1595.0
1596.0
Cost
of good sale
1599.0
18,866
1603.0
17,221
1607.0
19,893,
1611.0
18,790,
1615.0
19,362
1597.0
Inven
tory
,856
,363
1600.0
1601.0
1604.0
1608.0
= 1605.0
= 1609.0
7.21
1618.0
Avera
1622.0
inventory
1619.0
1620.0
1621.0
9.03
= 1626.0
ge age of
955
365
= 1630.0
7.21
9.03
1628.0
1632.0
Inven
1625.0
= 1629.0
= 1633.0
50.62
40.42
1634.0
8.07
=
8.33
8.07
1636.0
45.34
1637.0
1640.0
=
ge collection
36,730,
34,777,
397
229
1643.0
1644.0
Accou
nt
receivable
1645.0
Annu
al sale / 365
28,750,
080
275
1647.0
1 1652.0
1672.0
Debt
ratio :
1673.0
1674.0
Total
liability
1675.0
Total
asset
1662.0
35,931,
2
22,904,
20,713,
082
1667.0
00,548,
111/
333/
12,626,
985/
462/
365
365
773/
365
365
1658.0
1663.0
1664.0
1648.0
1653.0
1659.0
1649.0
1654.0
1660.0
1650.0
= 1655.0
1676.0
=
52.33
DAYS
DEBT :
DAYS
1666.0
=
76,291,
49.93
1671.0
1657.0
=
45.23
DAYS
1661.0
=
24,117,
1641.0
43.82
DAYS
DAYS
DAYS
1646.0
= 1651.0
= 1656.0
=
period:
1639.0
turnover
Avera
1642.0
1638.0
365
1635.0
1617.0
365
8.05
1624.0
1613.0
1616.0
8.33
1631.0
365
tory
365
1627.0
,334
1612.0
8.05
365
1623.0
244
1665.0
60.15
57.51
DAYS
DAYS
365
1668.0
=
1670.0
=
61.68
DAYS
= 1680.0
1669.0
DAYS
= 1684.0
1688.0
1692.0
25,293
25,007
26,002,
26,110,
25,860
,175
,337
056
138
,039
1677.0
1681.0
2 1685.0
1689.0
1693.0
233,77
39,221
56,184,
69,784,
74,292
1,475
,242
816
563
,370
1678.0
1679.0
1682.0
1686.0
= 1683.0
= 1687.0
10.8%
10.5%
1690.0
=
10.2%
1691.0
9.7%
1694.0
=
1695.0
9.4%
1696.0
Debt
to equity :
1697.0
1698.0
Total
liabilities
1699.0
Com
mon stock
equity
1700.0
= 1704.0
= 1708.0
1712.0
25,293
25,007
26,002,
26,110,
,175
,337
056
138
1701.0
1705.0
1709.0
,039
1713.0
80,000
80,000,
80,000,
,000
,000
000
000
1703.0
1706.0
1710.0
= 1707.0
= 1711.0
RM
RM
31.62
31.26
,000
=
1715.0
RM
RM
32.50
32.64
1717.0
80,000
1714.0
=
25,860
80,000
1702.0
1716.0
1718.0
=
1719.0
RM
32.33
1720.0
PROFITABILITY :
Earni
1726.0
1721.0
1722.0
= 1731.0
ngs per
17,854
share
,221
1723.0
( EPS
):
1724.0
Profit
attributable
to equity
= 1736.0
21,744
,305
1727.0
80,000
1732.0
,000
1728.0
145
740
80,000,
000
000
1743.0
1744.0
1733.0
1739.0
the parent
1730.0
= 1734.0
1740.0
1725.0
Weig
1735.0
RM
0.22
1745.0
RM
RM
0.40
0.42
1747.0
80,000
,000
1748.0
1749.0
1750.0
RM
0.27
hted
,936
1742.0
1738.0
1746.0
25,293
80,000,
1729.0
RM
33,470,
holders of
(RM)
1741.0
32,083,
1737.0
80,000
,000
0.32
average
number of
ordinary
shares in
1751.0
issue
Retur
1756.0
= 1761.0
= 1766.0
n on total
assets
1752.0
( ROA ) :
1771.0
= 1776.0
31,968,
17,840
21,818
,762
,312
1757.0
1762.0
855
1767.0
256,184
33,491
24,757
,665
,906
1772.0
1777.0
1753.0
1754.0
Earni
233,77
239,22
1,475
1,242
,816
1768.0
ngs
1758.0
1763.0
1769.0
available for
1759.0
1764.0
1770.0
common
stockholder
7.6%
s
1755.0
= 1765.0
1760.0
12.5%
274,29
4,563
2,370
1773.0
1778.0
1774.0
1779.0
= 1780.0
1775.0
9.1%
12.4%
=
9.0%
Total
assets
Retur
1781.0
1786.0
= 1791.0
= 1796.0
n on equity
1782.0
( ROE
):
1783.0
1784.0
Earni
available for
17,840
21,818
,762
,312
1787.0
ngs
80,000
80,000
,000
,000
665
80,000,
000
000
1803.0
1804.0
stockholder
1789.0
1794.0
1800.0
1790.0
22.3%
39.7%
1805.0
,000
1808.0
=
41.9%
27.3%
equity
1811.0
1812.0
1813.0
1814.0
1815.0
. LIQUIDITY RATIO
1816.0
i) Current ratio = _Current asset__
1817.0
Current liability
1818.0
1819.0
1807.0
80,000
mon stock
1814.1
,906
1802.0
1798.0
1806.0
24,757
80,000,
1799.0
Com
855
1793.0
=
1801.0
33,491,
1797.0
1792.0
= 1795.0
31,968,
1788.0
common
1785.0
269,78
ii) Quick (Acid-Test) Ratio = Current Assets - Inventory

Current liability
1809.0
1810.0
=
31.0%
1820.0
Year
1823.0
2011
1821.0
Current
1827.0
RM199,388,62
1834.0
RM215,660,06
8
RM205,015,01
times
1845.0
RM263,327,82
1843.0
= 1.5690 times
1848.0
RM263,327,821
RM103,998,503
1849.0
1846.0
RM87,453,642
RM87,453,642
2015
RM101,154,347
=3.0972
1851.0
RM205,015,011
RM66,193,631
RM66,193,631
1847.0
= 1.5805 times
1842.0
1839.0
2014
1836.0
1841.0
1844.0
RM94,813,785
= 2.8205
times
1838.0
1840.0
RM215,660,068
RM76,460,337
RM76,460,337
2013
= 1.7472 times
1835.0
1832.0
1837.0
1829.0
= 2.7175
times
1831.0
1833.0
RM71,196,768
RM73,370,766
RM73,370,766
1826.0
RM199,388,622
1828.0
1825.0
2012
Quick Ratio
Ratio
1824.0
2
1830.0
1822.0
1850.0
= 1.8219 times
= 3.0111
times
1852.0
RM295,880,14
1
1853.0
RM90,969,895
1855.0
RM295,880,141
RM103,800,751
1856.0
RM90,969,895
1857.0
= 2.111 times
1854.0
= 3.2525
times
1858.0
1859.0
1860.0
1861.0
1862.0
1863.0
1864.0
1865.0
2. ACTIVITY RATIOS
1866.0
i) Inventory Turnover = Cost of Goods Sold

Inventory
ii) Average Age of Inventory Ratio (AAI) =
1867.0
1868.0
365__________
1869.0
Inventory
turned over
1870.0
iii) Average Collection Period (ACP) = Accounts Receivable

Average Sales per day
1871.0 1872.0
INVENTORY
YEAR
TURNOVER
1875.0 1876.0
2011
RM141,993,830
1877.0
= 1.9944
times
AAI
1879.0
365
days__
1880.0
RM71,196,768
1878.0
1873.0
1882.0
1.9944
____
1883.0
= 183
days
RM247,111,56
4/365 days
1884.0
1885.0 1886.0
2012
RM215,660,068
1887.0
1889.0
365
days__
1890.0
ACP
RM47,296,313
times
1881.0
1874.0
1.7808
= 70
days
1892.0
RM63,691,674
_____
RM94,813,785
1888.0
= 1.7808
times
times
1891.0
1893.0
= 205
days
22,752/365
days
1894.0
1895.0 1896.0
2013
1899.0
RM198,788,839
1897.0
RM101,154,372
1898.0
= 1.9652
times
365
days__
1900.0
1.9652
days
1902.0
_____
1903.0
=186
days
2014
days
1909.0
RM227,404,523
1907.0
RM103,998,503
1908.0
=2.1866
times
365
days__
1910.0
2.1866
days
1912.0
_____
1913.0
= 167
days
2015
days
1920.0
RM240,355,099
1916.0 1918.0
RM103800751
1919.0
times
= 2.3155
365
days__
1921.0
2.3155
times
1922.0
days
RM75,664,296
_____
1924.0
=158
1928.0
1929.0
RM387,4
16,143/365
days
days
1927.0
= 81
days
1923.0
1925.0
1926.0
RM365,8
79,239/365
1914.0
1915.0 1917.0
= 69
RM80,764,272
times
1911.0
RM323,3
84,372/365
1904.0
1905.0 1906.0
= 84
RM61,502,364
times
1901.0
RM276,3
= 71
1930.0
1931.0
1932.0
1933.0
3. SOLVENCY RATIO
1934.0
i) Debt Ratio = Total Liability
1935.0
Total asset
1936.0
ii) Debt - To - Equity ratio = _ Total liabilities___
1937.0
Common stock equity
1938.0
1939.0
Year
1941.0
Ratio
1942.0
2011
Debt
1940.0
Debt to
Equity Ratio
1945.0
RM88,007,3
57_
RM88,007,357_
1946.0
1943.0
RM115,50
6,930
RM433,902,
1947.0
= 0.7619
431
1944.0
1948.0
2012
0.2028
1949.0
RM86,022,8
01
1950.0
1955.0
2013
RM45
RM73,576,9
18
5,730
1954.0
= 0.7414
1959.0
RM73,576,918
1960.0
RM45
8,714,891
1958.0
RM116,02
0.1882
1956.0
1957.0
RM86,022,801_
1953.0
7,029,521
1951.0
1952.0
0.1604
RM116,42
6,830
1961.0
= 0.6329
1962.0
1963.0
2014
RM10
1966.0
0,751,924
1964.0
1,924
RM53
1967.0
6,565,627
1965.0
1969.0
RM116,732,830
0.1878
1970.0
RM10
2015
1968.0
= 0.8631
1973.0
RM102,27
2,279,196
1971.0
9,196
RM56
1974.0
4,667,049
1972.0
RM100.75
RM189,99
0,240
=0.18 1975.0
=0.5383
11
1976.0
1977.0
4. PROFITABILITY RATIO
1978.0
i) Earning per Share = Earnings available for common
stockholders
1979.0
Number of shares of common stock
outstanding
1980.0
(* Based on the net attributable to owner)
1981.0
ii) Return on Total Assets (ROA) = Earnings available for
common stockholders_
1982.0
Total
assets
1983.0
iii) Return on Equity (ROE) = Returns on Total Assets

(1 Debts Ratio)
1984.0
Year
1988.0
2011
1985.0
EPS
1989.0
ROA
1992.0
RM50,389,919__
1990.0
114,961,304
shares
1991.0
1986.0
ROE
1995.0
RM50,389,
919
1993.0
1987.0
0.1161___
1996.0
RM4
(1
0.2028 )
33,902,431 1997.0
RM43.83/share
1998.0
2012
RM48,642,244_
115,508,449
shares
2001.0
2008.0
2013
RM42.11/shares
2009.0
RM42,891,330___
2010.0
115,753,080
shares
2011.0
2018.0
2014
RM37.05/shares
2019.0
RM60,527,155___
2020.0
185,803,273
shares
2021.0
2028.0
2015
=RM32.58/
shares
2029.0
RM50,170,86
4____
2030.0
189,325,041
=
RM26.50/shares
2038.0
2039.0
2040.0
2041.0
2042.0
2043.0
8,642,244_
2003.0
RM4
57,029,521
2004.0
RM0.1064
2012.0
RM4
2,891,330_
2013.0
RM4
58,714,891
2014.0
RM0.0935
2022.0
RM6
0,527,155_
2023.0
RM5
36,565,627
2024.0
RM0.1128
2032.0
RM5
0,170,864_
shares
2031.0
RM0.1161
2002.0
RM4
1999.0
2000.0
1994.0
2033.0
RM5
64,667,049
2034.0
RM0.0888
RM0.1457
2005.0
0.1064___
2006.0
(1
0.1882 )
2007.0
RM0.1311
2015.0
0.0935___
2016.0
(1
0.1604 )
2017.0
RM0.1114
2025.0
0.1128___
2026.0
(1
0.1878 )
2027.0
RM0.1389
2035.0
0.0888__
2036.0
(1
0.1811 )
2037.0
=RM
0.1084
2044.0
2045.0
2046.0
2047.0
2048.0
2049.0
2050.0
2050.1
2051.0
2052.0
2053.0
2054.0
2054.1
2055.0
2056.0
Ratio
2057.0
2059.0
2058.0
2 2060.0
011
2061.0
2063.0
2 2062.0
012
2065.0
2064.0
013
2
014
2066.0
2015
2067.0
2068.0
LIQUIDITY :
2069.0
Current
ratio =
2070.0
2071.0
Current
asset
2072.0
Current
liabilities
2078.0
Quick
ratio=
2073.0
R 2074.0
R 2075.0
2076.0
M308,
M337,7
M260,9
324,4
510
28
37
RM24
66
RM16
RM222,
RM181,
8,91
RM
1,786
768
764
135,3
=1.91
=1.52
=1.44
=1.2
09
=2.40
2081.0
2082.0
R 2083.0
2084.0
M308,
RM337,
RM260,
4,466
510 -
728
937
__RM8
-___RM1
-___RM9
asset
__RM9
6,781
13,208_
2,545__
-____inventory
3,448
__
_____
__
Current
2080.0
Current
liabilities
2085.0
RM31
6,59
5
-___R
M99,
RM16
RM222,
RM181,
RM13
1,786
768
764
5,309
=1.37
=1.01
=0.93
=1.71
RM316,595
RM32
2079.0
2077.0
067_
__
RM24
8,91
2
=0.8
7
2086.0
2087.0
ACTIVITY :
2088.0
Inventor
y turnover:
2089.0
2090.0
Cost of
good sale
2091.0
inventor
2097.0
y
Average
2092.0
R 2093.0
R 2094.0
2095.0
2096.0
M506,
M535,
M608,7
M671,6
RM580,947
175
475
38
77
RM99
RM93,
RM86,
RM113,
RM92,5
,067
448
781
208
45
=5.8
=5.42
=6.17
=5.38
=7.26
2101.0
2104.0
2107.0
2110.0
2113.0
age of
2102.0
2105.0
2108.0
2111.0
2114.0
inventory
2103.0
_ 2106.0
_ 2109.0
2112.0
2115.0
2098.0
2099.0
365
2100.0
Inventor
365
_365
365
365
365
days_
days_
days___
days___
days
__
____
5.42
6.17
5.38
7.26
5.86
=67.3
=59.1
=67.84
=50.28
=62.
y turnover
2116.0
Average
4
2120.0
6
_ 2121.0
_ 2122.0
2123.0
29
2124.0
collection
_RM3
_RM1
__RM35,
__RM37
period:
6,714
6,176
482___
,346___
2___
__
__
RM982,
RM1,00
RM1,
RM81
RM88
686/365
0,244/3
001,
0,647/
2,179/
=13.18
65
663/
365
365
=13.63
365
=16.5
=6.69
2117.0
2118.0
Account
receivable
2119.0
Annual
sale / 365
2125.0
Debt
ratio :
2126.0
2127.0
Total
liability
2128.0
Total
asset
3
2129.0
R 2130.0
___RM55,17
=20.
R 2131.0
2132.0
10
2133.0
M139,
M166,
M228,4
M188,4
RM255,306
360
640
63
68
RM41
RM39
RM38
RM416,
RM345,
2,52
8,514
2,774
461
507
=0.35
=0.44
=0.55
=0.55
=0.6
2
2134.0
Debt to
equity :
2135.0
2136.0
Total
liabilities
2137.0
Commo
n stock equity
2138.0
R 2140.0
R 2141.0
2142.0
2143.0
M139,
M166,
M228,4
M188,4
360
640
63
68
RM64
RM64,
RM64,
RM64,0
RM64,0
,000
000
000
00
00
=3.9
=2.60
=3.57
=2.94
2139.0
RM255,306
2.18
2144.0
2145.0
PROFITABILITY :
2146.0
Earning
2149.0
2153.0
2157.0
2161.0
2165.0
s per share
2150.0
2154.0
2158.0
2162.0
2166.0
( EPS ) :
2151.0
2155.0
2159.0
2163.0
2167.0
2152.0
_ 2156.0
_ 2160.0
2147.0
2164.0
2168.0
RM10
RM12
RM138,
RM109,
Earnings
8,082
3,380_
264_
841_
0_
available
64,00
64,000
64,000
64,0
64,00
units
units
00
common
units
=2.16
=1.72
units
___stockholder
units
=1.93
s___
=1.69
for
2148.0
_RM140,98
=2.2
0
Number
of shares of
common stock
2169.0
outstanding
Return
2173.0
R 2174.0
R 2175.0
2176.0
2177.0
on total assets
M108,
M123,
M138,2
M109,8
( ROA ) :
082
380
64
41
RM41
2170.0
RM39
RM38
RM416,
RM345,
2,52
2171.0
8,514
2,774
461
507
=0.27
=0.32
=0.33
=0.32
=0.3
Earnings
available
for
common
___stockholder
s___
2172.0
Total
assets
RM140,980
2178.0
Return
2181.0
R 2182.0
R 2183.0
2184.0
2185.0
on equity
M108,
M123,
M138,2
M109,8
( ROE ) :
082
380
64
41
RM64
RM64,
RM64,
RM64,0
RM64,0
,000
Earnings
000
000
00
00
=2.2
available
=1.69
=1.93
=2.16
=1.72
2179.0
for
common
___stockholder
s___
2180.0
Commo
n stock equity
2186.0
2187.0
2188.0
2189.0
RM140,980

Assignment Afa II Baru

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TABLE OF CONTENTS

INTRODUCTION.............................................Error! Bookmark not defined.

2.0 METHODOLOGY...............................................Error! Bookmark not defined.

RATIOS FOR COMPANIES FINANCIAL PERFORMANCE.....................Error!

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APOLLO FOOD HOLDINGS BHD....................Error! Bookmark not defined.

OPERATING SEGMENT..................................Error! Bookmark not defined.

RELATED PARTY DISCLOSURE.......................Error! Bookmark not defined.

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COMMENT ON COMPANYS COMPLIANCE TO THE MFRS..................Error!

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CHOO BEE METAL INDUSTRIES.....................Error! Bookmark not defined.

KOSSAN RUBBER INDUSTRIES......................Error! Bookmark not defined.

DAIBOCHI PLASTICS AND PACKAGING INDUSTRIES.....Error! Bookmark not

MALAYSIA STEEL WORK (KL) BHD................Error! Bookmark not defined.

BP PLASTICS HOLDING BERHAD...................Error! Bookmark not defined.

REFERENCE...................................................Error! Bookmark not defined.

APPENDIX......................................................Error! Bookmark not defined.

explore more knowledgeable avenues related to our subject and we are

Financial statements is a summary data on assets, liabilities

and equity as well as income and business expenses for a specific

companies, creditors or competitors keen to examine the company's

to determine the profitability of the company and the

percentage of dividend payments or business development;

approve a new loan;

31.0 Activity Ratios

Cost of Goods Sold

36.0 Solvency Ratios

Debt to Equity Ratio

Earnings Per Share

48.0 RATIOS FOR COMPANIES FINANCIAL PERFORMANCE

the Apollo products are distributed in Malaysia and other

and improve to remain competitively.

99.0 Quick Ratio

Financial Statement Analysis

88.0 20 89.0 20 90.0 20 91.0 20

124.0 Solvency Ratios

137.0 Profitability Ratios

158.0 In 2011, the current ratio for this firm is 12.31

times then decrease to

13.70 times in 2014 and then decrease again to 12.55

increase again (8.33 times). And last in 2015, the

financed decreased to 10.5% of its assets with debts

to 10.2% in 2013. While in

2014, it financed decreased to 9.7% and lastly in 2015,

Lastly, in 2015 the value decrease again to RM 32.33.

company will distributed RM 0.22 to each of the

increasing again to 12.5% in 2013. While in 2014, the

compared to another year.

Its show that the

manufacturing facility producing files, selling textbooks

Financial Statement Analysis

195.0 Liquidity Ratios

227.0 Solvency Ratios

261.0 In 2011, the current ratio for this firm is 2.7175

2011, the company has RM1.75 of current assets

For inventory turnover ratio in 2011,

the firm took 1.99 times to turn its inventory while in

receivable into cash. Its show that year 2013 is more

For the five years,

ASIA FILE earned RM0.1161, RM0.1064, RM0.0935,

grown into a dynamic food and seasoning manufacturer

Directors in Ajinomoto (Malaysia) Berhad. General Tan