Ratio

ACC720/0911/RAR

Company History & Business

Hwa Tai Industries Berhad (HTIB) is one of the premier and longest established biscuit

manufacturers in Malaysia. Established in 1962 and listed on the Stock Exchange Malaysia in

1992. Since then, this fast expanding company has grown to be one of the largest players in the

biscuits industry in the country and produce a fine, wide range of superior quality biscuits. It has

been successfully marketed domestically and internationally through HTIB’s own vast and

comprehensive distribution network. Our biscuits are marketed under the brand name or

trademark of “HWA TAI” and “LUXURY”.

We take pride in our excellent innovation and high quality products which have firmly

entrenched us not only in Malaysia but also in over 50 countries around the world. We are keenly

involved in the integrated supply chain of our products, from manufacture to sales to distribution

throughout the entire trade channels. Due to our extensive and comprehensive distribution

network, we are also carrying products / brands by other principals for the Malaysian market.

Our Vision

We aim to be a leading biscuits and confectionery manufacturer in the region known for its

product quality and variety.

Our Commitment

HTIB is committed in producing the best quality biscuit products for our customers all over the

world and creating business opportunities for our partners. We have more than 49 years of

manufacturing experience and the ability to manage our entire value chain, from procurement of

raw materials to distribution of finished products. From the company's very first beginning, we

have recognized that the skilled and dedicated people who work for us are critical to our success.

We expect high standards from our staff – a team totally committed to the provision of the

highest quality service in the business.

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Quality Assurance

HTIB's dedication to quality is further reinforced by using the most advanced state-of-the art

machinery and processing techniques to produce premium biscuits with distinct flavors and

tastes. HTIB has developed an internationally recognized Quality Management System based

upon MS ISO 9001:2000 to ensure that our products conform to international standards.

Awards & Achievements

As an active and enterprising company, we participated in the Monde Selection in Belgium with

4 of our products, i.e. Duchess Cookies, Sesamio, Siang-Siang cream crackers & Choose, and we

were awarded with 2 gold & 2 silver medals respectively. In the year 2000, Hwa Tai Industries

Berhad won two gold medals from the Monde Selection again for Luxury Original Calcium

Crackers and Luxury Vegetable Crackers.

HTIB Today

HTIB has successfully established a strong presence in Malaysia and has built up a wide

international market. Today, our products can be found locally from small sundry shops to big

hypermarkets, fast-food chains, airlines and other mass consumption industries. A total of 40%

of our company's production is exported internationally to countries such as China, Taiwan,

Hong Kong, Singapore, Brunei, USA, Mauritius, Middle East, Papua New Guinea, Maldives,

Nigeria and 28 other countries. And we are still growing - support facilities are constantly being

upgraded, with our continuous goal of producing the finest product ranges possible.

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1. Horizontal Analysis (Balance Sheet)

Definition: also called trend analysis, is a technique for evaluating a series of financial statement data over a period of time.

2009 2008 2007

-20%

0%

20%

40%

60%

80%

100%

120%

Property, plant and equipmentLeasehold landInvestment in an associate companyInvestment propertiesPrepaid land lease paymentsTotal Non Current Assets

Total Non Current Assets

Property, plant and equipment

Leasehold land

Investment in an associate company

Investment properties

Prepaid land lease payments

2009

3% 3% 3% 2% 0% 0%

2008

21% 8% 0% -2% 100% 100%

2007

3% -1% 0% -1% 17% 3%

1.1 Horizontal Analysis for Non Current Assets

Based on the graph above, the non-current asset basically is the investment of property, plant

and equipments, leasehold land, investment in an associate company, investment properties and

prepaid land lease payments. The non-current asset growth was the biggest in year 2008, that is

21% as compared to the year 2009 and 2007 which only have 3%. Meaning that compared to this

three years, in 2008, Hwa Tai got higher of asset which is not easily convertible to cash or not

expected to become cash within the next year.

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2009 2008 2007

-700%

-600%

-500%

-400%

-300%

-200%

-100%

0%

100%

200%

InventoriesTrade and other receivablesPrepaymentsFixed deposit place with licensed bankTax recoverableCash and bank balanceTotal Current Assets

Total Current Assets

Inventories Trade and Other receivables

Prepayments Fixed Deposit Place

Cash and Bank Balance

Tax Recoverable

2009 4% -24% 9% 110% 0% 7% -53%2008 -3% 18% 7% 0% 100% -624% 56%2007 4% -15% 2% 0% 0% 65% 80%

1.2 Horizontal Analysis for Current Assets

Based on the graph, current assets include inventories, trade and other receivables,

prepayments, fixed deposit place, cash and bank balance and tax recoverable. All this assets are

readily to be converted into cash within one year in the normal course of business. Based on the

result above, in 2009 and 2007, the current assets are higher compare to 2008. As we can see,

total for non current 2008 is higher and the total current asset is lower. Trade receivable was at

the highest in year 2009 when comparing year-to-year (9%). The lowest trade receivable trend is

in 2007 (2%). Trade receivable trend dropped drastically in year 2007 from 2008 (7% dropped to

2%). This is in tandem with the economic trend. During good years, the trade receivable is good,

and during bad times, the trade receivable is bad. Since experiencing an economic downturn in

2008, Hwa Tai decrease. Their cash reserves are remain positive in 2009 and 2007. During the

economic downturn, the cash in 2008 moved to negative (-624%). By reason of this matter, Hwa

Tai experienced losses in 2008.

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2009

2008

2007

0% 1% 2% 3% 4% 5% 6% 7% 8% 9%

Total Assets

Total Assets2009 4%2008 8%2007 4%

1.3 Horizontal Analysis for Total Assets

The total assets registered the highest in years, 2008 (8%) respectively. The increased in the

year 2008 are due to:

i. increased in investment on property, plant and equipments (8%)

ii. increased in inventories (18%)

iii. increase in investment properties (100%)

iv. increased in prepaid land and lease payment (100%)

v. increased in fixed deposit place (100%)

vi. increased in noncurrent assets (21%)

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2009 2008 2007

-600%

-500%

-400%

-300%

-200%

-100%

0%

100%

200%

Loans and borrowingsDeferred tax liabilitiesHire purchase liabilitiesTotal Non Current Liabilities

Total Non Current Liabilities

Loans and Borrowings Deferred Tax Liabilities Hire Purchase Liabilities

2009

21% 21% 0% 0%

2008

-58% 0% 20% 0%

2007

-482% 0% 100% -470%

1.4 Horizontal Analysis for Non Current Liabilities

Noncurrent liabilities are the obligations of the firm that generally are due more than one

year after the balance sheet date. The portion of noncurrent liabilities consists of loans and

borrowings and hire purchase liabilities. In addition, deferred tax liabilities are an important

component of liabilities for many companies. Based on the graph, in 2009, Hwa Tai posses the

highest noncurrent liabilities (21%) compared to 2008 and 2007. These liabilities represent

money Hwa Tai owes one year or more in the future. In 2009, Hwa Tai bought more assets in

terms of transportation in order to expand their businesses after downturn in 2008.

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2009 2008 2007

-200%

-150%

-100%

-50%

0%

50%

100%

150%

Trade and other payablesHire purchase liabilitiesShort term borrowingsLoans and borrowingsTerm loansBank overdraftProvisionsTax PayableTotal Current Liabilities

Total Current Liabilities

Trade and Other Payables

Hire Purchase Liabilities

Loans and Borrowings

Term Loans

Provisions Tax Payable

Bank Overdraft

Short Term Borrowings

2009 5% 21% 0% -3% 0% 95% 11% 0% 0%2008 17% 0% 20% 0% 0% -93% -14% 100% 0%2007 9% 0% 100% 0% 100% -16% 0% 9% -470%

1.5 Horizontal Analysis for Current Liabilities

Current liabilities are understood as all liabilities of the business that are to be settle in cash

within the fiscal year or the operating cycle. Based on the data above, total current liabilities

increase in 2008 (17%). Managing current liabilities is very important to Hwa Tai and other

company’s cash flow process and extended viability. The increase of current liabilities in 2008 is

because of increase of other payable. In 2009, the current liabilities is lower because there are no

hire purchase liabilities compare to another two years (2008, 2007).

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2009 2008 20070%

2%

4%

6%

8%

10%

12%

14%

16%

Total Liabilities

Total Liabilities2009 6%2008 14%2007 6%

1.6 Horizontal Analysis for Total Liabilities

The trend for total liabilities peaked in the year 2008, which is at 14%. This peaked is due to

the increase in total current liabilities. This increase is due to the bank overdraft at 100%.

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2009 2008 2007

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

Total equity

Total Equity2009 -2%2008 -14%2007 -3%

1.7 Horizontal Analysis for Total Equity

Total equity is the net worth of business and includes such elements as the value of common

and preferred shares. According to the data, the highest total equity is in year 2009 (-2%). In

Hwa Tai situation, this company experience higher accumulated losses in three years. However,

in 2009, the equity is increased from 2008.

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2. Horizontal Analysis (Income Statement)

Definition: also called trend analysis, is a technique for evaluating a series of financial statement data over a period of time.

2009 2008 2007

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

RevenueCost of Good SoldGross Profit

Revenue Cost of Goods Sold Gross Profit

2009

-7% 10% -13%

2008

-9% 22% -3%

2007

-1% -36% -76%

2.1 Horizontal Analysis for Income Statement (Revenue, Cost of Goods Sold, Gross Profit)

Based on the data, total revenue both the three year dropped into negative figure.

However, the highest total revenue is for year 2007 (-1%). For cost of goods sold, the sale was

highest in 2008 (22%). At this year, the more purchase of raw materials, consumables and

inventories. The gross profit was at highest in year 2008, that is -3%. Second highest is in year

2009, that is -13%. The lowest gross profit is in year 2007 at -76%. This is in tandem with the

revenue generated for that respective year.

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2009 2008 2007

-500%

-400%

-300%

-200%

-100%

0%

100%

200%

Profit/ Loss before TaxationProfit/ Loss after Taxation

Profit/ Loss before Taxation Profit/ Loss after Taxation

2009 67% 81%2008 -386% -394%2007 124% 134%

2.2 Horizontal Analysis for Income Statement (Profit before Tax and profit after Tax)

Hwa Tai experienced the worst profit before tax (PBT) and profit after tax (PAT) in 2008

(-386% PBT and -394% in PAT). The decrease of PBT and PAT is due to the economic

downturn that happened in 2008. However, during 2009 and 2007, PBT and PAT are higher

compared to 2008.

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3. Ratio Analysis

Definition: expresses the relationship among selected items of financial statement data. Financial ratio classified into three categories, liquidity ratio, profitability ratio and solvency ratio.

Current Ratio

A liquidity ratio that measures a company’s ability to pay short term obligations.

Current Ratio 2010 = Current AssetsCurrent Liabilities

= 35,343,809 35,774,652

= 0.99= 0.99 : 1

The ratio of 0.99: 1 means that for every ringgit of current liabilities, Hwa Tai has RM0.99 of current assets.


= 36,746,539 37,634,489

= 0.98= 0.98 : 1

The ratio of 0.98 : 1 means that for every ringgit of current liabilities, Hwa Tai has RM0.98 of current assets.


= 35,795,328 45,486,169

= 0.79= 0.79 : 1

The ratio of 0.79 : 1 means that for every ringgit of current liabilities, Hwa Tai has RM0.79 of current assets.

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2010 2009 2008

0.99 0.98

0.790.80.83000000000000

10.65000000000000

2

Current Ratio and Acid Test RatioCurrent Ratio Acid Test Ratio Series 3

Based on the output of current ratio, for every three year, Hwa Tai ratio is under 1.

Because of this matter, Hwa Tai would be unable to pay off its obligations. This data

shows that the company is not in a good financial health but it does not mean that Hwa

Tai will go bankrupt.

Acid Test ratio

This indicator to determine whether a firm has enough short-term assets to cover its

immediate liabilities without selling inventory. The acid-test ratio is far more strenuous

than the working capital ratio, primarily because the working capital ratio allows for the

inclusion of inventory assets.

Acid Test Ratio 2010 = Cast + Short Term Investment + Receivables (Net)Current Liabilities

= 28,530,006 35,774,652

= 0.80= 0.80 :1

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http://www.investopedia.com/terms/a/acidtest.asp


= 31,403,261 37,634,489

= 0.83= 0.83 :1


= 29,411,898 45,486,169

= 0.65= 0.65 : 1

Acid test ratio for the respective three years shows that Hwa Tai always gain less than 1 ratio. Its

shows that this company cannot pay their current liabilities and should be looked at with extreme

caution. This acid test ratio is much lower compare to current ratio, it means the current assets

for this company in highly dependent on inventory.

Receivable Turnover

This ratio measure used to quantify a firm's effectiveness in extending credit as well as collecting

debts. The receivables turnover ratio is an activity ratio, measuring how efficiently a firm uses its

assets.

Receivables Turnover 2010 = Net Credit Sales

Average Net Receivables

= 77,016,224 25,424,055

= 3.03= 3.03 times

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Average collection period 2010 = 365 days

Receiveables Turnover= 365

3.03= 120.49= every 120 days

A high ratio implies either Hwa Tai operates on a cash basis or that its extension of credit and

collection of accounts receivable is efficient. Based on the output, Hwa Tai receivables are

collected on average every 120 days.

Receivables Turnover 2009 = Net Credit SalesAverage Net Receivables

= 72,125,922 27724051

= 2.60 = 2.6 times



2.60 = 140.30= 140 days

Based on the output, Hwa Tai receivables are collected on average every 140 days.

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Receivables Turnover 2008 = Net Credit SalesAverage Net Receivables

= 80,245,698 29129452.5

= 2.75 = 2.75 times



2.75 = 132.50= 132 days

Based on the output, Hwa Tai receivables are collected on average every 132 days. From the data

in the three respective years, Hwa Tai took mostly more than 100 days to collect debts from the

creditor and it will cause problem in running the business. Furthermore, this matter will decrease

the confidence of the investor to invest in this company.

Inventory Turnover

This ration showing how many times a company's inventory is sold and replaced over a period

Inventory Turnover 2010 = Cost of Goods SoldAverage Inventory

= (54,393,416) 5,735,449

= -9.489.48 times

Days in Inventory 2010 = 365 daysInventory Turnover

= 365-9.48

= -38.49

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= 38.49 days

In 2010, 9.48 times Hwa Tai inventory is sold and replaced over a period. High inventory levels

are seems unhealthy because it represents an investment with a rate of return of zero and it will

give trouble to the company if the prices begin to fall.


= (49,769,251)5684149

= (8.76)= 8.76 times


= 365(8.76)

= -41.69= 41.69 days


= (63,838,577)5855317.5

= (10.90)= 10.90times


= 365 (10.90)

= -33.48= 33.48 days

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Profit Margin

This probability ratio measures how much out of every ringgit of sales a company actually keeps in earnings.

Profit Margin 2010 = Net IncomeNet Sales

= 385,127 77,016,224

= 0.01= 0.50= 0.50%


= 2,051,989 72,125,922

= 0.03= 2.85= 2.85%


= 415,178 80,245,698

= 0.01= 0.52= 0.52%

Higher profit margin indicates a more profitable company that has better control over its costs

compared to its competitors. Based on the output in 2010, Hwa Tai got 0.50% profit margin. It

means that the company has a net income of RM0.005 for each ringgit of sales. And this number

did not show the good performance during 2010. Same goes to 2008, the company only has a net

income of RM0.0052 for each ringgit of sales. However, this company had little increased their

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profit margin in 2009 which the company has a net income of RM0.0285 for each ringgit of

sales.

Asset Turnover

It measures the amount of sales generated for every ringgit’s worth of assets.

Asset Turnover 2010 = Net SalesAverage Assets

= 77,016,224

56502750.5= 1.363052654= 1 times


= 72,125,922

59901160.5= 1.20 = 1 times


= 80,245,698

63626216.5= 1.26 = 1 times

Asset turnover measures a firm's efficiency at using its assets in generating sales or revenue. The

higher the number the better. It also indicates pricing strategy, companies with low profit

margins tend to have high asset turnover, while those with high profit margins have low asset

turnover. But for Hwa Tai, they experienced low profit margin but still low in asset turnover.

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Return on Assets

This indicator show how profitable a company is relative to its total assets. ROA gives an idea as

to how efficient management is at using its assets to generate earnings. It also known as return on

investment.

Return on Assets 2010 = Net IncomeAverage Assets

= 385,127 56502750.5

= 0.01 = 0.68 = 0.68%


= 2,051,989 59901160.5

= 0.03 = 3.43 = 3.43%


= 415,178 63626216.5

= 0.01 = 0.65 = 0.65%

ROA will tells company what earnings were generated from invested capital (assets). ROA for

public companies can vary substantially and will be highly dependent on the industry. The ROA

figure gives investors an idea of how effectively the company is converting the money it has to

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invest into net income. The higher the ROA number, the better, because the company is earning

more money on less investment. From the outcome from three respective years, Hwa Thai does

not show the good ROA because they only got 0.68% for 2010, 3.43% in 2009 and 0.65% in

2008. We can conclude that, Hwa Tai earning less money on high investment.

Return on Common Stockholders’ Equity

This ratio show how many ringgit of net income the company earned for each ringgit invested by

the owner.

Return on common 2010 = Net Income - Preffered DividendsStockholder's Equity Average Common Stockholders' Equity

= 385,127 40042400

= 0.01 = 0.96 = 0.96%


= 2,051,989 40042400

= 0.05 = 5.12 = 5.12%


= 415,178 40042400

= 0.01 = 1.04 = 1.04%

From the result, it seems that in 2009, the owner of the company gain more profit compared to

year 2010 and 2008.

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2010 2009 20080.00%

200.00%

400.00%

600.00%

800.00%

1000.00%

1200.00%

Return on Common Stockholders' Equity

Column2

Perc

enta

ge

From the graph, it shows that this company is not doing well because the percentages keep on

fluctuating from three respective years.

Earnings Per Share

The portion of a company's profit allocated to each outstanding share of common stock. Earnings

per share serve as an indicator of a company's profitability. Earnings per share are generally

considered to be the single most important variable in determining a share's price. It is also a

major component used to calculate the price-to-earnings valuation ratio. From the company’s

annual report, it already stated that the Earning Per share for Hwa Tai company’s is RM1 for

2010, RM5 for 2009 and RM1 for 2008. From here we can conclude that, Hwa tai shows

increasing rate during 2009.

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Price Earnings Ratio

A valuation ratio of a company's current share price compared to its per-share earnings.

Price Earnings Ratio 2010 = Market Price per Share of StockEarnings Per Share

= 0.561

= 0.56= 0.56 times


= 0.565

= 0.112= 0.11 times


= 0.561

= 0.56= 0.56 times

In general, a high price earning suggests that investors are expecting higher earnings growth in

the future compared to companies with a lower price earning. However, the price earnings ratio

doesn't tell us the whole story by itself. It's usually more useful to compare the price

earnings ratios of one company to other companies in the same industry, to the market in general

or against the company's own historical price earning. It would not be useful for investors using

the price earnings ratio as a basis for their investment to compare the price earning of a

technology company (high price earning) to a utility company (low price earning) as each

industry. It is important that investors note an important problem that arises with the price

earning measure, and to avoid basing a decision on this measure alone. The denominator

(earnings) is based on an accounting measure of earnings that is susceptible to forms of

manipulation, making the quality of the price earning only as good as the quality of the

underlying earnings number.

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Payout Ratio

The amount of earnings paid out in dividends to shareholders. Investors can use the payout ratio

to determine what companies are doing with their earnings. For Hwa Tai, no dividend was paid

or declared by the company since the end of the previous financial year. The directors do not

recommend the payment of any dividends in respect of the financial year ended 31st December

for the three respective year.

Debt to Total Asset Ratio

A ratio that indicates what proportion of debt a company has relative to its assets. The measure

gives an idea to the leverage of the company along with the potential risks the company faces in

terms of its debt-load.

Debt to Total Assets Ratio 2010 = Total Debt

Total Assets

= 16,029,961 55,460,793

= 0.289032308= 28.90323079= 28.90%

Debt to Total Assets Ratio 2009 = Total Debt

Total Assets

= 15,632,505 57,544,708

= 0.271658429= 27.16584295= 27.10%

Based on the information of debt to total assets ratio for 2010 and 2009, the percentage of Hwa

Tai is below than 30%. For this ratio, the higher percentage, it will give no benefits to the

company because the company has to pay the higher interest to all their debt. Because of this

matter, Hwa Tai have to pay less than 30% of their interest.

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Time Interest Earned

A metric used to measure a company's ability to meet its debt obligations. It is calculated by

taking a company's earnings before interest and taxes (EBIT) and dividing it by the total interest

payable on bonds and other contractual debt. It is usually quoted as a ratio and indicates how

many times a company can cover its interest charges on a pretax basis. Failing to meet these

obligations could force a company into bankruptcy. Also referred to as "interest coverage ratio"

and "fixed-charged coverage".

Times Interest Earned 2010 = Income before Income Taxes and Interest ExpensesInterest Expenses

= 722,004 (336,877)

= -2.14322735= 2.14times


= 2,221,382 (169,393)

= -13.11377684= 13.11times


= 457,177 (41,999)

= -10.88542584= 10.88times

From these three respective years result, we noticed that ratio for TIE is decrease from year 2008

to 2010. We can say that this company has to struggle in order to survive the company

performance and to gain higher profit margin. Basically, for a good company, they need to have

higher TIE because they will become easier for them to pay all the interest.

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RATIO 2010 2009 2008

Current Ratio 0.99:1 0.98:1 0.79:1

Acid Test ratio 0.80:1 0.83:1 0.65:1

Receivables Turnover 3.03times 2.6times 2.75times

Average Collective Period 120days 140days 132days

Inventory Turnover 9.48times 8.76times 10.9times

Days in Inventory 38days 41days 33days

Profit Margin 0.50% 2.85% 0.52%

Assets Turnover 1times 1times 1times

Return on Assets 0.68% 3.43% 0.65%

Return on Common Shareholder Equity

0.96% 5.12% 1.04%

Earnings Per Share RM1 RM5 RM1

Price Earnings Ratio 0.56times 0.11times 0.56%

Debt to Total Assets Ratio 28.9% 27.10%

Time Interest Earned 2.14times 13.11times 10.88times

1.1 Summary for Liquidity Analysis, Profitability Analysis and Solvency Analysis

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Conclusion & Suggestion

Based on the summary from financial statement analysis above, we can conclude that this

company Hwa Tai has a very crucial time in 2008. The reasons why this company did not

performance well is because of the economic condition that affect it production. Other than that,

Hwa Tai have to compete with biggest competitors such as Hup Seng, Munchy and London

Biscuits. As we looked at the current and acid test ratio, in three respective years, Hwa Tai just

got below than1. From this result, we can say that, Hwa Tai is having a problem and unable to

pay off all its obligations. In this three years (2008, 2009, 2010), the receivables turnover is

around two to three times only. Meaning that, Hwa Tai collected their debts from the creditors in

around 120 days to 140 days. It is a long period to regain the capital. Haw Tai also took a long

period to store their inventory. They took 33 days to 41 days. The good inventory management

can be implement if Hwa Tai take at least a week for their product to be store. Higher profit

margin indicates a more profitable company that has better control over its costs compared to its

competitors. Hwa Tai highest profit margin is during 2009 (2.85%). The company did not gain

many profit compare to others competitors. Asset turnover measures a firm's efficiency at using

its assets in generating sales or revenue. The higher the number the better. For Hwa Tai, they

only got one times for assets turnover for the three respectively years and return on assets for

Hwa Tai is higher at 2009. It shows that, Hwa Tai effectively converting their money in 2009

compared to 2008 and 2010.

From the conclusion above, Hwa Tai must make sure that they are efficiently managed

their assets to gain higher profit. They also need to sell their inventory and not to collect the bad

debt for a long period. Besides that, they need to manage the creditors in order to make sure they

pay all the credit at a given period. In order to fully maximize their assets, they have to generate

more income from collecting debt, reduce the days in inventory, reduce the average collective

period and increase the current ratio and acid test ratio. The credit management must be well

organized in order to success.

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Ratio

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