Kuantan Flour Mills Sdn Bhd

Income Statements For The Year Ended 31st March 2012 To 31st March 2016

2012 2013 2014

(Rm'000) (Rm'000) (Rm'000)
Revenue 53,798,248 48,812,973 41,655,418
Cost of Sales ### ### ###
Gross Profit -1,228,803 295,111 -1,108,262

Other Income 138,955 307,440 4,366,917

Selling and distribution expenses (2,178,673) (1,949,529) (1,849,194)
Administrative Expenses (4,190,641) (3,531,978) (3,124,716)
(7,459,162) (4,878,956) (1,715,255)

Finance Costs (416,333) (326,779) (477789)

(LOSS)/PROFIT BEFORE TAX (7,875,495) (5,205,735) (2,193,044)

(LOSS)/PROFIT FOR THE YEAR (7,875,495) (5,205,735) (2,193,044)

ATTRIBUTABLE TO:
Owners of the company 7,875,069 5,204,809 2,192,974
Non-controlling interests 726 926 70
7,875,795 5,205,735 2,193,044
(LOSS)/EARNINGS PER SHARE (SEN)
ATTRIBUTABLE TO THE OWNERS OF THE
COMPANY
-Basic (14.33) (7.99) -3.36
-Diluted N/A N/A N/A
 2015 2016
(Rm'000) (Rm'000)
24,863,847 3,924,194
### (9,007,990)
-5,875,417 -5,083,796

37,350 5,083,796
(2,295,709) (637,072)
(8,324,902) (4,492,838)
### (5,129,910)

(386177) (298169)
### (5,428,079)

### (5,428,079)

16,844,064 12,092,211
791 623
16,844,855 12,092,834

(25.07) (17.72)
N/A N/A
Kuantan flour mills bhd

Income Statements For The Year Ended 31st March 2012 To 31st March 2016

2012 2013 2014

(Rm'000) (Rm'000) (Rm'000)
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 21,720,560 20,191,144 17,427,121
Other investments 1,735,500 1,735,501 1,735,501
Trade receivables 193,270 66,818 1,024
Total non-current assets 23,649,330 21,993,463 19,163,646

CURRENT ASSETS
Inventories 7,509,485 2,857,058 2,204,616
Trade and other receivables 8,222,163 8,884,968 6,579,438
Other current assets 279,573 748,343
Cash and bank balances 2,149,770 1,440,635 1,420,824
Total current assets 18,160,991 13,182,661 10,953,221
TOTAL ASSETS 41,810,321 35,176,124 30,116,867

EQUITY AND LIABILITIES

CAPITAL AND RESERVES
Issued capital 32,573,292 32,573,292 32,573,292
Minority interests 4,827
(Accumulated Losses)/Retained profits (8,620,964) (13,825,775) (16,018,749)
(SHAREHOLDERS' DEFICIT)/TOTAL EQUITY 23,957,155 18,747,517 16,554,543

LIABILITIES
NON-CURRENT LIABILITY
Loans and borrowings 952,913 999,262 748,814
Total non-current liability 952,913 999,262 748,814

CURRENT LIABILITY
Trade and other payables 16,287,887 15,085,484 12,494,287
current tax liability 6,164 13,919
loans and borrowings 612,366 333,798 301,475
Total current liability 16,900,253 15,425,446 12,809,681
TOTAL LIABILITIES 17,853,166 16,424,708 13,558,495
TOTAL EQUITY AND LIABILITIES 41,810,321 35,172,225 30,113,038
 2015 2016
(Rm'000) (Rm'000)

13,357,885 6,679,857
1,352,760 477,151
- -
14,710,645 7,157,008

6,087,461 381,364
781,074 260,929
1,237,229 -
687,384 433,676
8,793,148 1,075,969
23,503,793 8,232,977

3,411,454 3,411,454
30,825 30,825
(2,159,725) (14,251,936)
1,282,554 -10,809,657

412,432 4,638
412,432 4,638.00

21,585,626 18,992,098
13,069 13,609
207,074 29,944
21,805,769 19,035,651
22,218,201 19,040,289
23,500,755 8,230,632
Input Data
2012 2013 2014 2015
(Rm'000) (Rm'000) (Rm'000) (Rm'000)
Revenue/sales 53,798,248 48,812,973 41,655,418 24,863,847
Current Asset 18,160,991 13,182,661 10,953,221 8,793,148
Current Liabilities 16,900,253 15,425,446 12,809,681 21,805,769
Total Asset 41,810,321 35,176,124 30,116,867 23,503,793
EBIT (7,459,162) (4,878,956) (1,715,255) (16,458,678)
Market Capitalization 93,362 109,682 117,543 108,139
Working Capital 1,260,738 (2,242,785) (1,856,460) (13,012,621)
Retained Earning (8,620,964) ### ### (2,159,725)
Total Liabilities 17,853,166 16,424,708 13,558,495 22,218,201

Output Data Ratios

Working capital/total assets(X1) 0.03 (0.06) (0.06) (0.55)

Retained earnings/total assets(X2) (0.21) (0.39) (0.53) (0.09)
EBIT/total assets(X3) (0.18) (0.14) (0.06) (0.70)
Market of equity/total liabilities(X4) 0.01 0.01 0.01 0.00
Sales/total assets(X5) 1.29 1.39 1.38 1.06
Altman Z-Score

0.036 (0.077) (0.074) (0.664)

(0.289) (0.550) (0.745) (0.129)
(0.589) (0.458) (0.188) (2.311)
0.003 0.004 0.005 0.003
1.285 1.386 1.382 1.057
Altman Z-Score 0.45 0.31 0.38 (2.04)
 2016
(Rm'000)
3,924,194
1,075,969
19,035,651
8,232,977
(5,129,910)
94,034
(17,959,682)
(14,251,936)
19,040,289

Parameters

(2.18) 1.2
(1.73) 1.4
(0.62) 3.3
0.00 0.6
0.48 0.999

(2.618)
(2.424)
(2.056)
0.003
0.476
(6.62)
Market Capitalization
2012 2013 2014
Outstanding shares
: Ordinary shares (units) 232,902 232,947 235,085
: Market price per share (Rm) from investing.com 0.40 0.47 0.50
93,161 109,485 117,543

: Preference shares (units) 2,009 1,967 -

: @ Rm0.10 0 0 -
201 197 -

Market capitalization 93,362 109,682 117,543

2015 2016 2017 2018 2019

235,085 235,085 235,085 235,085 235,085

0.46 0.40 0.44 0.21 0.16
108,139 94,034 103,437 49,368 37,614

- - - - -
- - - - -
- - - - -

108,139 94,034 103,437 49,368 37,614

Input Data
YEAR 2017 d Absolute Year 2016
Percentage
Total assets 51,199 99% 8,232,977
Market value of equity 37,614 60% 94,034
Working Capital 521 100% ###
Retained earnings 1,882 100% ###
Total liabilities 34,651 100% 19,040,289
Sales 5,794 100% 3,924,194
Earnings before interest and taxes(EBIT) 1,892 100% (5,129,910)

Output Data
Ratios Parameters
working capital/total assets(X1) 0.01 1.2 0.012
retained earnings/total assets(X2) 0.04 1.4 0.051
EBIT/total assets(X3) 0.04 3.3 0.122
market of equity/total liabilities(X4) 1.09 0.6 0.651
sales/total assets(X5) 0.11 0.999 0.113
Altman Z score 0.950

Additional observed ratios Computed Target Verdict

𝐸𝐵𝐼�/𝑆𝑎𝑙𝑒� 0.327 0.32 ↔ 0.34 ü↑
(𝑅𝑒𝑡𝑎𝑖𝑛𝑒𝑑 𝑒𝑎𝑟𝑛𝑖𝑛𝑔�)/𝑆𝑎𝑙𝑒� 0.325 0.31 ↔ 0.33 ü↑
(�𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒�)/(�𝑜𝑡𝑎𝑙 𝐴��𝑒𝑡�) 0.677 ≤ 0.85 ü↓
Input Data
YEAR 2018 d Absolute
Percentage
Total assets 44,567 13.0%
Market value of equity 37,614 0.0%
Working Capital 524 0.5%
Retained earnings 2,012 6.9%
Total liabilities 24,318 29.8%
Sales 6,096 5.2%
Earnings before interest and taxes(EBIT) 2,134 12.8%

Output Data
Ratios Parameters
working capital/total assets(X1) 0.01 1.2
retained earnings/total assets(X2) 0.05 1.4
EBIT/total assets(X3) 0.05 3.3
market of equity/total liabilities(X4) 1.55 0.6
sales/total assets(X5) 0.14 0.999
Altman Z score

Additional observed ratios Computed Target

𝐸𝐵𝐼�/𝑆𝑎𝑙𝑒� 0.350 0.35 ↔ 0.36
(𝑅𝑒𝑡𝑎𝑖𝑛𝑒𝑑 𝑒𝑎𝑟𝑛𝑖𝑛𝑔�)/𝑆𝑎𝑙𝑒� 0.330 0.33 ↔ 0.34
(�𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒�)/(�𝑜𝑡𝑎𝑙 𝐴��𝑒𝑡�) 0.546 ≤ 0.80
 Input Data
YEAR 2017 YEAR 2019
51,199 Total assets 39,891
37,614 Market value of equity 37,614
521 Working Capital 526
1,882 Retained earnings 2,202
34,651 Total liabilities 17,275
5,794 Sales 6,117
1,892 Earnings before interest and taxes(EBIT) 2,386

Output Data
Ratios
0.014 working capital/total assets(X1) 0.01
0.063 retained earnings/total assets(X2) 0.06
0.158 EBIT/total assets(X3) 0.06
0.928 market of equity/total liabilities(X4) 2.18
0.137 sales/total assets(X5) 0.15
1.300 Altman Z score

Verdict Additional observed ratios Computed

ü↑ 𝐸𝐵𝐼�/𝑆𝑎𝑙𝑒� 0.390
ü↑ (𝑅𝑒𝑡𝑎𝑖𝑛𝑒𝑑 𝑒𝑎𝑟𝑛𝑖𝑛𝑔�)/𝑆𝑎𝑙𝑒� 0.360
ü↓ (�𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒�)/(�𝑜𝑡𝑎𝑙 𝐴��𝑒𝑡�) 0.433
 Input Data
d Absolute YEAR 2018
Percentage
10.5% 44,567 Total assets
0.0% 37,614 Market value of equity
0.4% 524 Working Capital
9.5% 2,012 Retained earnings
29.0% 24,318 Total liabilities
0.3% 6,096 Sales
11.8% 2,134 Earnings before interest and taxes(EBIT)

Output Data
Parameters
1.2 0.016 working capital/total assets(X1)
1.4 0.077 retained earnings/total assets(X2)
3.3 0.197 EBIT/total assets(X3)
0.6 1.306 market of equity/total liabilities(X4)
0.999 0.153 sales/total assets(X5)
1.750 Altman Z score

Target Verdict Additional observed ratios

0.38 ↔ 0.39 ü↑ 𝐸𝐵𝐼�/𝑆𝑎𝑙𝑒�
0.36 ↔ 0.37 ü↑ (𝑅𝑒𝑡𝑎𝑖𝑛𝑒𝑑 𝑒𝑎𝑟𝑛𝑖𝑛𝑔�)/𝑆𝑎𝑙𝑒�
≤ 0.78 ü↓ (�𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒�)/(�𝑜𝑡𝑎𝑙 𝐴��𝑒𝑡�)
 YEAR 2020 d Absolute YEAR 2019
Percentage
37,007 7.2% 39,891
37,614 0.0% 37,614
527 0.3% 526
2,334 6.0% 2,202
13,285 23.1% 17,275
6,142 0.4% 6,117
2,580 8.1% 2,386

Ratios Parameters
0.01 1.2 0.017
0.06 1.4 0.088
0.07 3.3 0.230
2.83 0.6 1.699
0.17 0.999 0.166
2.200

Computed Target Verdict

0.420 0.41 ↔ 0.42 ü↑
0.380 0.38 ↔ 0.39 ü↑
0.359 ≤ 0.75 ü↓
Input Data
YEAR 2021 d Absolute YEAR 2020
Percentage
Total assets 34,768 6.1% 37,007
Market value of equity 37,614 0.0% 37,614
Working Capital 528 0.2% 527
Retained earnings 2,597 11.3% 2,334
Total liabilities 10,272 22.7% 13,285
Sales 6,184 0.7% 6,142
Earnings before interest and taxes(EBIT) 2,659 3.1% 2,580

Output Data
Ratios Parameters
working capital/total assets(X1) 0.02 1.2 0.018
retained earnings/total assets(X2) 0.07 1.4 0.105
EBIT/total assets(X3) 0.08 3.3 0.252
market of equity/total liabilities(X4) 3.66 0.6 2.197
sales/total assets(X5) 0.18 0.999 0.178
Altman Z score 2.750

Additional observed ratios Computed Target Verdict

𝐸𝐵𝐼�/𝑆𝑎𝑙𝑒� 0.430 0.60 ↔ 0.65 ü↑
(𝑅𝑒𝑡𝑎𝑖𝑛𝑒𝑑 𝑒𝑎𝑟𝑛𝑖𝑛𝑔�)/𝑆𝑎𝑙𝑒� 0.420 0.62 ↔ 0.67 ü↑
(�𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒�)/(�𝑜𝑡𝑎𝑙 𝐴��𝑒𝑡�) 0.295 ≤ 0.45 ü↓
Input Data
2016 2017 2018 2019
(Rm'000) (Rm'000) (Rm'000) (Rm'000)
Total assets 8,232,977 51,199 44,567 39,891
Market value of equity 94,034 37,614 37,614 37,614
Working Capital (17,959,682) 521 524 526
Retained earnings (14,251,936) 1,882 2,012 2,202
Total liabilities 19,040,289 34,651 24,318 17,275
Sales 3,924,194 5,794 6,096 6,117
Earnings before interest and taxes(EBIT) (5,129,910) 1,892 2,134 2,386

Output Data Ratios

Working capital/total assets(X1) (2.18) 0.01 0.01 0.01

Retained earnings/total assets(X2) (1.73) 0.04 0.05 0.06
EBIT/total assets(X3) (0.62) 0.04 0.05 0.06
Market of equity/total liabilities(X4) 0.00 1.09 1.55 2.18
Sales/total assets(X5) 0.48 0.11 0.14 0.15
Revised Altman Z-Score

(2.618) 0.012 0.014 0.016

(2.424) 0.051 0.063 0.077
(2.056) 0.122 0.158 0.197
0.003 0.651 0.928 1.306
0.476 0.113 0.137 0.153
Revised Altman Z-Score (6.62) 0.95 1.30 1.75
 2020 2021
(Rm'000) (Rm'000)
37,007 34,768
37,614 37,614
527 528
2,334 2,597
13,285 10,272
6,142 6,184
2,580 2,659

os Parameters

0.01 0.02 1.2

0.06 0.07 1.4
0.07 0.08 3.3
2.83 3.66 0.6
0.17 0.18 0.999
an Z-Score

0.017 0.018
0.088 0.105
0.230 0.252
1.699 2.197
0.166 0.178
2.20 2.75
Kuantan Flour Mills Sdn Bhd

Income Statements

2016 2017 2018

(Rm'000) (Rm'000) (Rm'000)
Revenue 3,924,194 5,794 6,096
Cost of Sales (20,197) (1,350) (1,400)
Gross Profit 3,903,997 4,444 4,696

Other Income 355 510 558

Selling and distribution expenses (734) (600) (620)
Administrative Expenses (15,669) (1,662) (1,680)
Other Expenses - -
Impairment losses (5,974) (800) (820)
3,881,975 1,892 2,134

Finance Costs (395) (402) (411)

(LOSS)/PROFIT BEFORE TAX 3,881,580 1,490 1,723

INCOME TAX (EXPENSE)/BENEFIT (37) (328) (379)

(LOSS)/PROFIT FOR THE YEAR 3,881,543 1,162 1,344

ATTRIBUTABLE TO:
Owners of the company (16,996) 1,162 1,344
Non-controlling interests - - -
(16,996) 1,162 1,344

Kuantan Flour Mills Sdn Bhd

Statements of Financial Position

2016 2017 2018

(Rm'000) (Rm'000) (Rm'000)
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 2,300 11,500 11,200
Publishing rights -
Other investments 11,950 12,647 12,125
Deferred tax assets - -
Total non-current assets 14,250 24,147 23,325
CURRENT ASSETS
Inventories 2,845 9,878 7,132
Trade and other receivables 4,317 9,543 6,346
Tax recoverable - -
Cash and bank balances 1,002 7,631 7,764
Total current assets 8,164 27,052 21,242
TOTAL ASSETS 22,414 51,199 44,567

EQUITY AND LIABILITIES

CAPITAL AND RESERVES
Issued capital 191,538 191,538 191,538
Share premium -
Fair value adjustment reserve (27,229) (176,872) (173,301)
(Accumulated Losses)/Retained profits (164,544) 1,882 2,012
(SHAREHOLDERS' DEFICIT)/TOTAL EQUITY (235) 16,548 20,249

LIABILITIES
NON-CURRENT LIABILITY
Hire-purchase payables-non current portion - 8,120 3,600
Total non-current liability - 8,120 3,600

CURRENT LIABILITY
Trade and other payables 16,314 17,255 13,462
Deferred income -
Contract liability 924 2,073 1,066
Tax payable 2 2 1
Hire-purchase payables-current portion - - -
Short term borrowing 5,409 7,201 6,189
Total current liability 22,649 26,531 20,718
TOTAL LIABILITIES 22,649 34,651 24,318
TOTAL EQUITY AND LIABILITIES 22,414 51,199 44,567
 2019 2020 2021
(Rm'000) (Rm'000) (Rm'000)
6,117 6,142 6,184
(1,450) (1,469) (1,531)
4,667 4,673 4,653

874 1,105 1,252

(630) (643) (658)
(1,690) (1,710) (1,732)

(835) (845) (856)

2,386 2,580 2,659

(437) (459) (487)

1,949 2,121 2,172

(429) (467) (478)

1,520 1,654 1,694

1,520 1,654 1,694

- - -
1,520 1,654 1,694

2019 2020 2021

(Rm'000) (Rm'000) (Rm'000)

11,090 10,990 10,750

11,550 11,230 11,054

22,640 22,220 21,804

 5,234 3,881 2,486
4,032 2,592 1,872

7,985 8,314 8,606

17,251 14,787 12,964
39,891 37,007 34,768

191,538 191,538 191,538

(171,125) (170,150) (169,639)

2,202 2,334 2,597
22,615 23,722 24,496

550 (975) (2,164)

550 (975) (2,164)

11,400 11,265 10,543

975 447 387

1 1 1

4,349 2,547 1,505

16,725 14,260 12,436
17,275 13,285 10,272
39,891 37,007 34,768