ANALYSIS OF RATIO, COMMON SIZE AND INDEX

(FIN 745)

Company Comparison:
Dutch Lady Milk Industries
Power Root Berhad
Spritzer Berhad
Yee Lee Corporation Berhad

Group members:
Norsaniah Omar 2013673956
Farah Nadiah Ibrahim 2013812912
Emy Juita Hj Ismail 2013619036501
Tengku Shahrizanny Tengku Abdullah 2013444102

Prepared for:
Dr Nik Naziman
 Beverages company in Malaysia
Which local beverages company are best to invest?
Consumer
preferences
Halal
Health
Security
Bio
Safety
Culture
Which company that are consistence make consideration profit through years?
Invest in the people, not only the company
Invest in the company where the nature never loose money or have little risk.
Invest in big capital stocks or small capital who owned by the big capital stocks.
If the companies consistently doing well for many quarters and make remarkable and impressive profit,
even though the share price is up, it is still cheap.
Do not invest in High Debt or High Gearing Stocks
Do not invest in outdated business.
Invest in moderate high PE but high ROE
 DUTCH LADY MILK INDUSTRIES BERHAD
(NORSANIAH)

Summary Executive

Dutch Lady Industries Berhad (Dutch Lady Malaysia) was established as a milk
company in Malaysia which Listed on Bursa Malaysia, the local Stock Exchange in
1968. It was incorporated in 1963 which involved producing the quality branded diary
business in Malaysia. Its holding company is Royal Friesland Campina, a Dutch
multinational corporation and one of the largest milk companies in the world

Nowadays, Dutch Lady Malaysia manufactured and sells a wide range of quality dairy
product and fruit juice for home and export market such as infant formula growing up
milk, Powered Milk, Condensed milk, Cultured Milk, Yoghurt and fruit juice drink and
necessary by three category for mum to be, for growing children and for the family.
Based on the figured by five year financial summary, in year 2009 until 2013 above, its
indicated the companys success by increasing in sales revenue and net profit for the
year. The companys believe in product innovation helped to achieve companies goal
by stand-up with the inspired team through stronger co-operation among team and
function in the company. The easy to remember BLUE acronym stands for Believe in
Growth, Look Forward, Unite as One Team and Excel in Execution.

The companies aim to grow as a leader in milk industries with developed the
knowledge and skill to keep forefront of the industry and ensured the people are
continuously equipped with the necessary skills and knowledge via Talent Assessment
and Dutch Lady Associate programed.
 DUTCH LADY MILK INDUSTRIES BERHAD RATIO FOR THE YEAR 2011-2013
RATIO 2013 2012 2011
LIQUIDITY
Current ratio =1.516 times = 1.906 times = 0.814 times
Acid test (quick) ratio =1.007 times = 1.370 times = 0.579 times
ACTIVITY
Inventory turnover =5.377 times =6.170 times = 5.416
Average collection period = 13.179 days 15.25 days = 16.53 days
Average payment period = 123.988 days =99.885 days =87.85 days
Total assets turnover = 2.35 times = 2.304 times = 2.034 times
DEBT
Debt ratio = 54.86% = 43.53% = 34.97%
Times interest earned ratio = 3.85 times = 3.90 times = 4.229 times

PROFITABILITY
Gross profit margin = 0.38% = 0.39% = 0.37%
Operating profit margin = 0.187% = 0.184% = 0.172%
Net profit margin =0.141% 0.14% 0.13%
Earnings per share (EPS) 21.60 cents 19.28 cents 16.89 cents
Return on total assets (ROA) = 33.2% = 32.23% = 27.12%
Return on common equity (ROE) =73.55% 57.08% 41.71%
MARKET
Price / earnings (P/E) ratio = RM21.8148 = RM12.0725 = RM27.631
Market / book (M/B) ratio = RM16.03 = RM6.89 = RM11.46
 DUTCH LADY MILK INDUSTRIES BERHAD
Common Size Income Statements
For the year 2011 - 2013

YEAR
2011 2012 2013 Evaluation
Revenue 100.00 100.00 100.00
Cost of sales 62.44 60.70 61.95 Increase
Gross Profit 37.56 39.3 38.05 Decrease
Other Income 0.25 0.1 0.08 No Signicant changes
Distribution Expenses 13.10 13.68 12.36 Decrease
Administration Expenses 3.22 3.11 2.57 Decrease
Other expenses 4.30 4.17 4.46 Increase
Result From Operating Expenses 17.19 18.43 18.74 Increase
Interest Income 0.38 0.69 0.59 Decrease
Finance Cost 0.11 0.32 0.34 Increase
Profit Before Tax 17.46 18.79 19.00 Increase
Income tax expenses 4.13 4.81 4.93 Increase
Profit for the year and total
Comprehensive Income for the year 13.33 14.00 14.07 Increase
 DUTCH LADY MILK INDUSTRIES BERHAD
Common Size Balance Sheet
For the year 2011 - 2013

YEAR
2011 2012 2013 Evaluation
Assets
Property,plant and equipment 17.97 19.09 18.53 Decrease
Intangible Asset 0.61 0.31 0.37 Increase
Total Non Current Asset 18.58 19.40 18.91 Decrease
Inventories 23.45 22.67 27.18 Increase
Trade and other receivable 9.21 4.23 8.52 Increase
Prepayment 0.29 0.19 0.14 Decrease
Cash and cash equivalent 48.47 53.52 45.06 Decrease
Total Current Assets 81.42 80.60 80.94 Increase
Total Asset 100.00 100.00 100.00
Equity
Share Capital 16.06 16.72 15.37 Decrease
Retained earnings 48.97 39.75 29.77 Decrease
Total Equity 65.03 56.47 45.14 Decrease
Liabilities
Deferred tax liabilities 1.02 1.27 1.37 Increase
Total Non Current Liabilities 1.02 1.27 1.37 Increase
Trade and other payable 30.57 38.28 49.65 Increase
Provision 0.09 0.04 0.04 No Changes
Current tax liabilities 3.29 3.94 3.77 Decrease
Derivative financial liabilities - - 0.03 Increase
Total Current liabilities 33.95 42.27 53.49 Increase
Total Liabilities 34.97 43.53 54.86 Increase
Total Equity and Liabilities. 100.00 100.00 100.00
 DUTCH LADY MILK INDUSTRIES BERHAD
Index Balance Sheet
For the year 2011 - 2013

YEAR
2011 2012 2013 Evaluation
Assets
Property,plant and equipment 100.00 102.05 107.78 Decrease
Intangible Asset 100.00 48.69 63.65 Increase
Total Non Current Asset 100.00 100.29 106.33 Increase
Inventories 100.00 92.87 121.15 Increase
Trade and other receivable 100.00 44.06 96.64 Increase
Prepayment 100.00 61.07 50.22 Decrease
Derivative financial assets 0.00 0.00 0.00 -
Cash and cash equivalent 100.00 0.00 97.15 Increase
Assets classified as held for sale 0.00 0.00 0.00 -
Total Current Assets 100.00 95.08 104.09 Increase
Total Asset 100.00 96.05 104.50 Increase
Equity
Share Capital 100.00 100.00 100.00 -
Retained earnings 100.00 77.96 63.54 Decrease
Total Equity 100.00 83.40 72.54 Increase
Liabilities
Deferred tax liabilities 100.00 119.82 140.58 Increase
Total Non Current Liabilities 100.00 119.82 140.58 Increase
Trade and other payable 100.00 120.28 169.73 Increase
Provision 100.00 44.80 46.13 Increase
Current tax liabilities 100.00 115.10 119.84 Increase
Derivative financial liabilities 100.00 0.00 0.00 -
Total Current liabilities 100.00 119.57 164.64 Increase
Total Liabilities 100.00 119.58 163.94 Increase
Total Equity and Liabilities. 100.00 96.05 105.50 Increase
 DUTCH LADY MILK INDUSTRIES BERHAD
Index Income Statements
For the year 2011 - 2013

YEAR
2011 2012 2013 Evaluation
Revenue 100.00 108.82 121.22 Increase
Cost of sales 100.00 105.79 120.26 Increase
Gross Profit 100.00 113.87 122.82 Increase
Other Income 100.00 42.00 37.19 Decrease
Distribution Expenses 100.00 113.65 114.40 Increase
Administration Expenses 100.00 105.12 96.63 Decrease
Other expenses 100.00 105.64 125.64 Increase
Result From Operating Expenses 100.00 116.67 132.17 Increase
Interest Income 100.00 195.1 186.47 Decrease
Finance Cost 100.00 311.43 360.83 Increase
Profit Before Tax 100.00 117.13 131.88 Increase
Income tax expenses 100.00 126.74 144.63 Increase
Profit for the year and total Comprehensive
Income for the year 100.00 114.15 127.93 Increase
POWER ROOT BERHAD (FARAH NADIAH)
Power Root Berhad (formerly Natural Bio Resources Berhad) is an
investment holding company.
The Company, together with its subsidiaries, is engaged in the
manufacture and sale of beverage products.
Its operation is divided into local and export market.
i. Local market sales to customers within Malaysia.
ii. Export market - sales to overseas customers with Middle East
Asia.
January 2009, it opened Restoran Alicafe - Kelana Mall.
The Companys subsidiaries include Power Root (M) Sdn. Bhd.,
Power Root Marketing Sdn. Bhd., Power Root Manufacturing Sdn.
Bhd. and Power Root Nnergy Sdn. Bhd.
 Power Root Berhad Ratio for the year 2011 - 2013
RATIO 2013 2012 2011
LIQUIDITY Current ratio 2.76 times 3.42 times 3.73 times
Acid test (quick) ratio 2.16 times 2.66 times 3.04 times
ACTIVITY Inventory turnover 2.85 times 3.12 times 3.01 times
Average collection period 139.30 days 136.22 days 143.84 days
Average payment period 163.02 days 129.48 days 156.42 days
Total assets turnover 0.98 times 0.93 times 0.84 times
DEBT Debt ratio 27.70% 20.49% 18.12%
Times interest earned ratio 6.28 times 7.22 times 5.68 times
PROFITABILITY Gross profit margin 55.41% 52.28% 61%
Operating profit margin 15.02% 8.93% 8.02%
Net profit margin 12.57% 7.66% 6.62%
Earning per share (EPS) 11.46 cents 5.44 cents 4.07 cents
Return on total assets (ROA) 12.32% 7.15% 5.56%
Return on common equity (ROE) 17.04% 8.99% 6.79%
MARKET Price / earnings (P/E) ratio RM12.74 RM0.96 RM1.40
Market / book (M/B) ratio RM0.43 RM0.17 RM0.19
 Power Root Berhad
Common Size Income Statements for the year 2011 - 2013
YEAR
2011 2012 2013 EVALUATION
Revenue:
Goods sold 100.00 100.00 100.00 No changes
Other income 100.00 100.00 100.00 No changes
Raw materials used 39.02 47.41 43.81 Increase
Marketing expenses 21.33 15.33 16.87 Decrease
Staff costs 10.38 10.06 9.73 Decrease
Depreciation and amortisation expenses 3.35 2.94 2.15 Decrease
Other expenses 17.78 15.25 12.73 Decrease
Total expenses 91.86 91.00 85.28 Decrease
Result from operating activities 8.14 9.00 14.72 Increase
Interest income - - 0.24 No changes
Finance costs 0.20 0.14 1.72 Increase
Net finance income - - 0.07 No changes
Share of loss of equity accounted investees, net of tax - - 0.03 No changes
Profit before tax 7.94 8.87 14.76 Increase
Tax (expense) / income 1.40 1.23 2.35 Increase
Profit for the year 6.54 7.64 12.41 Increase
Other comprehensive income, net of tax:
Foreign currency translation differences 0.67 0.03 0.06 No significance changes
Total comprehensive income for the year 6.55 7.61 12.35 Increase
Profit attributable to:
Owners of the company - 7.47 12.09 Increase
Non controlling interests - 0.17 0.31 No significance changes
Profit for the year - 7.64 12.41 Increase
Total comprehensive income attributable to:
Owners of the company - 7.42 12.05 Increase
Non controlling interests - 0.19 0.30 No significance changes
Total comprehensive income for the year - 7.61 12.35 Increase
Basic earning per ordinary share (sen) 2.18 2.49 4.03 Increase
Diluted earning per ordinary share (sen) 2.18 2.49 3.93 Increase
 Power Root Berhad
Common Size Balance Sheet for the year 2011 - 2013
YEAR
2011 2012 2013 EVALUATION
Assets:
Property, plant and equipment 37.35 31.02 26.31 Decrease
Investment properties - 2.20 0.90 Decrease
Intagible assets 2.44 2.30 1.87 Decrease
Total non current assets 39.79 35.52 29.09 Decrease
Inventories 11.00 14.28 15.33 Increase
Trade and other receivables 33.43 35.06 38.09 Increase
Tax recoverable 2.84 1.60 1.23 Increase
Other investments 0.81 0.40 0.51 No significance changes
Cash and cash equivalent 12.13 12.40 12.93 Increase
Total current assets 60.21 64.48 70.91 Increase
Total assets 100.00 100.00 100.00 No changes
Equity:
Share capital 27.28 25.80 21.06 Increase
Reserves 54.60 53.45 50.54 Increase
Equity attributable to owners of the company 81.88 79.26 71.60 Decrease
Non controlling interests - 0.26 0.70 No significance changes
Total equity - 79.51 72.30 Decrease
Liabilities:
Deferred tax liabilities 1.04 0.92 1.04 Increase
Loans and borrowings 0.92 0.70 0.98 NO significance changes
Total non current liabilities 1.96 1.62 0.20 Decrease
Trade and other payables 14.18 15.80 19.53 Increase
Loans and borrowings 1.95 3.05 3.76 Increase
Taxation 0.03 0.01 0.03 No significance changes
Total current liabilities 16.16 18.86 25.69 Increase
Total liabilities 18.12 20.49 27.70 Increase
Total equity and liabilities 100.00 100.00 100.00 No changes
 Power Root Berhad
Index Income Statement for the year 2011 - 2013
YEAR

2011 2012 2013 EVALUATION

Revenue:

Goods sold 100.00 117.43 151.15 Increase

Other income 100.00 77.38 278.04 Increase

Raw materials used 100.00 142.22 171.06 Decrease

Marketing expenses 100.00 84.11 120.50 Increase

Staff costs 100.00 113.50 142.88 Increase

Depreciation and amortisation expenses 100.00 102.78 97.84 Decrease

Other expenses 100.00 100.36 109.05 Increase

Total expenses 100.00 115.94 141.46 Increase

Result from operating activities 100.00 129.49 275.36 Increase

Finance costs 100.00 81.17 130.76 Increase

Profit before tax 100.00 130.70 283.11 Increase

Tax (expense) / income 100.00 102.92 256.39 Increase

Profit for the year 100.00 136.64 288.82 Increase

Other comprehensive income, net of tax:

Foreign currency translation differences 100.00 505.01 1383.48 Increase

Total comprehensive income for the year 100.00 135.99 287.11 Increase

Basic earning per ordinary share (sen) 100.00 133.66 281.57 Increase

Diluted earning per ordinary share (sen) 100.00 133.66 274.69 Increase
 Power Root Berhad
Index Balance Sheet for the year 2011 - 2013
YEAR
2011 2012 2013 EVALUATION
Assets:
Property, plant and equipment 100.00 87.79 91.25 Increase
Intagible assets 100.00 99.72 99.43 No significance changes
Total non current assets 100.00 94.38 94.70 No significance changes
Inventories 100.00 137.29 180.59 Increase
Trade and other receivables 100.00 110.85 147.55 Increase
Tax recoverable 100.00 59.53 56.00 Decrease
Other investments 100.00 51.71 81.02 Increase
Cash and cash equivalent 100.00 108.02 138.05 Increase
Total current assets 100.00 113.21 152.54 Increase
Total assets 100.00 105.72 129.52 Increase
Equity:
Share capital 100.00 100.00 100.00 No changes
Reserves 100.00 103.50 119.88 Increase
Equity attributable to owners of the company 100.00 102.34 113.26 Increase
Total equity 100.00 102.67 114.38 Increase
Liabilities:
Deferred tax liabilities 100.00 93.77 129.06 Increase
Loans and borrowings 100.00 80.53 137.40 Increase
Total non current liabilities 100.00 87.54 133.00 Increase
Trade and other payables 100.00 117.73 178.29 Increase
Loans and borrowings 100.00 165.26 249.78 Increase
Taxation 100.00 59.67 140.95 Increase
Total current liabilities 100.00 123.38 205.83 Increase
Total liabilities 100.00 119.50 198.00 Increase
Total equity and liabilities 100.00 105.72 129.52 Increase
SPRITZER BERHAD (EMY JUITA)
Spritzer is known as Malaysias best-selling natural mineral water.
The Company operates in three business segments:
- manufacturing- which includes the production of natural
mineral water, carbonated flavored water, distilled water etc
- Trading- includes the sale of bottled water and other
consumer products.
-others- which include investment and properties holding
Spritzer products include natural mineral water, carbonated flavored
water, distilled water, drinking water and non-carbonated flavored
water.
 Spritzer Berhad Ratio for the year 2011 - 2013
RATIO 2013 2012 2011
LIQUIDITY Current ratio 1.21 times 1.16 times 1.21 times
Acid test (quick) ratio 0.90 times 0.86 times 0.91 times
ACTIVITY Inventory turnover 3.57 times 4.13 times 3.70 times
Average collection period 108.82 days 104.89 days 110.52 days
Average payment period 80.45 days 61.06 days 70.58 days
Total assets turnover 0.71 times 0.65 times 0.56 times
DEBT Debt ratio 41.22% 44.79% 46.38%
Times interest earned ratio 6.41 times 3.89 times 4.92 times
PROFITABILITY Gross profit margin 55.5% 51.3% 52.0%
Operating profit margin 9.5% 5.9% 5.5%
Net profit margin 32.70% 36.70% 44.20%
Earning per share (EPS) 14.70 cents 81 cents 62 cents
Return on total assets (ROA) 23.21% 24.01% 24.70%
Return on common equity (ROE) 39.5% 43.5% 46.0%
MARKET Price / earnings (P/E) ratio RM9.86 RM1.02 RM1.48
Market / book (M/B) ratio RM0.14 RM0.81 RM0.62
 Spritzer Berhad
Common Size Income Statements For the year 2011 - 2013
YEAR EVALUATION
2011 2012 2013
Operating revenue 98.96 98.81 99.25 Increase
Investment revenue 0.08 - - Decrease
Other gains and losses 0.56 0.51 0.59 No significant changes
Changes in inventories of finished goods 0.40 0.67 0.17 Decrease
TOTAL REVENUE 100.00 100.00 100.00
Operating costs :
Depreciation of PPE 5.73 6.07 5.20 Decrease
Raw materials and consumables goods 47.49 48.08 44.14 Decrease
Purchase of finished good and trading merchandies 0.02 0.02 0.07 Increase
Employee benefit expense 10.64 10.74 10.85 Increase
other operating costs 25.89 24.59 26.53 Increase
Finance cost :
finance cost excluding net foreign exchange (losses) /
gains 2.51 2.60 2.00 Decrease
on financing activities Increase
Profit before tax 6.81 12.64 7.00 Increase
Income tax expense 1.39 2.03 1.75 Increase
Total comprehensive income for the financial year
attributable to :
owners of the company 5.43 5.87 9.45 increase
 Spritzer Berhad
Common Size Balance Sheet For the year 2011 - 2013
YEAR EVALUATION
2011 2012 2013
CAPITAL AND RESERVES
Share capital 24.66 24.01 23.21 Decrease
Reserves 28.96 31.20 35.58 Increase
Treasury shares -0.01 -0.01 -0.005 Decrease
Total equity 53.62 55.21 58.78 Increase
NON CURRENT LIABILITIES
Hire-Purchase Payables 7.21 4.38 2.28 Decrease
Borrowings 10.34 8.94 5.32 Decrease
Deferred tax liabilities 4.40 5.21 5.20 Increase
Total non current liabilities 21.95 18.53 12.81 Decrease
CURRENT LIABILITIES
Hire-Purchase Payables 2.28 2.01 1.99 Decrease
Trade and other payables 5.17 5.33 6.97 Increase
Borrowings 15.49 17.61 16.86 Increase
Current tax liabilities 0.002 0.04 0.54 Increase
Other liabilities 1.48 1.27 2.05 Increase
Total current liabilities 24.43 26.27 28.41 Increase
TOTAL EQUITY AND LIABILITIES 100.00 100.00 100.00
NON CURRENT ASSETS
Property, plant and equipment 69.11 67.69 64.06 Decrease
Investment properties 1.36 1.32 1.45 Increase
Goodwill on consolidation 0.02 0.01 0.01 No changes
Other receivables - 0.22 0.08 Increase
Total non current assets 70.48 69.24 65.60 Decrease
CURRENT ASSETS
Inventories 7.23 7.71 8.87 Increase
Trade and other receivables 16.88 18.82 21.19 Increase
Current tax assets 0.26 0.27 0.19 Decrease
Other assets 1.58 0.73 1.24 Decrease
Other investment 0.03 0.02 0.02 No significant changes
Deposits, cash and bank balances 3.54 3.20 2.88 Decrease
Total current assets 29.52 30.76 34.40 Increase
TOTAL ASSETS 100.00 100.00 100.00
 Spritzer Berhad
Index Income Statement For the year 2011 - 2013
YEAR
2011 2012 2013 EVALUATION
Operating revenue 100.00 120.67 136.74 Increase
Other gains and losses 100.00 110.25 142.19 Increase
Changes in inventories of finished goods 100.00 203.87 57.48 Decrease
Operating costs :
Depreciation of PPE 100.00 128.15 123.88 Decrease
Raw materials and consumables goods 100.00 122.36 126.74 Increase
Purchase of finished good and trading merchandies 100.00 82.35 429.41 Increase
Employee benefit expense 100.00 122.00 139.09 Increase
other operating costs 100.00 114.78 139.68 Increase
Finance cost :
finance cost excluding net foreign exchange (losses) / gains 100.00 125.01 108.86 Decrease
on financing activities
Profit before tax 100.00 224.16 140.18 Increase
Income tax expense 100.00 177.22 171.91 Decrease
Total comprehensive income for the financial year
attributable to :
owners of the company 100.00 130.72 237.50 Increase
Earnings per share (sen) :
basic 100.00 130.65 237.10 Increase
diluted 100.00 222.58 130.65 decrease
 Spritzer Berhad
Index Balance Sheet For the year 2011 - 2013
YEAR
2011 2012 2013 EVALUATION
CAPITAL AND RESERVES ATTRIBUTABLE TO OWNERS OF THE COMPANY
Share capital 100.00 100.00 100.94 Increase
Reserves 100.00 110.63 131.74 Increase
Treasury shares 100.00 100.00 100.00 No changes
Total equity 100.00 105.74 117.58 Increase
NON CURRENT LIABILITIES
Hire-Purchase Payables 100.00 62.34 33.96 Decrease
Borrowings 100.00 88.78 55.22 Decrease
Deferred tax liabilities 100.00 121.61 126.67 Increase
Total non current liabilities 100.00 86.67 62.17 Decrease
NON CURRENT ASSETS
Property, plant and equipment 100.00 100.60 99.41 Decrease
Investment properties 100.00 100.00 114.75 Increase
Goodwill on consolidation 100.00 100.00 100.00 No changes
Total non current assets 100.00 100.90 99.83 Decrease
CURRENT ASSETS
Inventories 100.00 109.51 131.49 Increase
Trade and other receivables 100.00 114.52 134.64 Increase
Current tax assets 100.00 105.14 78.14 Decrease
Other assets 100.00 47.45 84.42 Increase
Deposits, cash and bank balances 100.00 92.88 87.42 Decrease
Total current assets 100.00 106.99 124.96 Increase
LESS : CURRENT LIABILITIES
Hire-Purchase Payables 100.00 90.47 93.57 Increase
Trade and other payables 100.00 105.85 144.46 Increase
Borrowings 100.00 116.75 116.72 No significant changes
Current tax liabilities 100.00 1783.33 25666.67 Increase
Other liabilities 100.00 88.45 148.56 Increase
Total current liabilities 100.00 99.51 93.41 decrease
 Spritzer Berhad
Index Balance Sheet For the year 2011 - 2013
YEAR
2011 2012 2013 EVALUATION
CAPITAL AND RESERVES ATTRIBUTABLE TO OWNERS OF THE COMPANY
Share capital 100.00 100.00 100.94 Increase
Reserves 100.00 110.63 131.74 Increase
Treasury shares 100.00 100.00 100.00 No changes
Total equity 100.00 105.74 117.58 Increase
NON CURRENT LIABILITIES
Hire-Purchase Payables 100.00 62.34 33.96 Decrease
Borrowings 100.00 88.78 55.22 Decrease
Deferred tax liabilities 100.00 121.61 126.67 Increase
Total non current liabilities 100.00 86.67 62.17 Decrease
NON CURRENT ASSETS
Property, plant and equipment 100.00 100.60 99.41 Decrease
Investment properties 100.00 100.00 114.75 Increase
Goodwill on consolidation 100.00 100.00 100.00 No changes
Total non current assets 100.00 100.90 99.83 Decrease
CURRENT ASSETS
Inventories 100.00 109.51 131.49 Increase
Trade and other receivables 100.00 114.52 134.64 Increase
Current tax assets 100.00 105.14 78.14 Decrease
Other assets 100.00 47.45 84.42 Increase
Deposits, cash and bank balances 100.00 92.88 87.42 Decrease
Total current assets 100.00 106.99 124.96 Increase
LESS : CURRENT LIABILITIES
Hire-Purchase Payables 100.00 90.47 93.57 Increase
Trade and other payables 100.00 105.85 144.46 Increase
Borrowings 100.00 116.75 116.72 No significant changes
Current tax liabilities 100.00 1783.33 25666.67 Increase
Other liabilities 100.00 88.45 148.56 Increase
Total current liabilities 100.00 99.51 93.41 decrease
YEE LEE CORPORATION BERHAD (TENGKU SHAHRIZANNY)

Yee Lee Corporation Bhd group (YLC) began its core business as
an edible oil repacked in Malaysia in 1968.
YLC products include beverages, foods products, households
product, industrial and oral care products.
For the beverages, there are Tea Sabah and also Pop drinking.
The subsidiaries operates in four segments
- Manufacturing-cooking oils, margarine, shortening etc
- Trading- edible oils, kernel and other consumer products.
- Plantation-includes tea and palm oil.
-others, which include tourism related services and investment
holding.
Today YLC has an established marketing and distribution network
servicing both local as well as international customers.
 Yee Lee Corporation Berhad Ratio for the year 2011 - 2013
RATIO 2013 2012 2011
LIQUIDITY Current ratio 1.21 times 1.12 times 1.07 times
Acid test (quick) ratio 0.86 times 0.83 times 0.78 times
ACTIVITY Inventory turnover 3.68 times 4.92 times 4.23 times
Average collection period 75.74 days 74.3 days 73.42 days
Average payment period 148.19 days 129.13 days 108.74 days
Total assets turnover 1.17 times 1.29 times 1.38 times
DEBT Debt ratio 42.30% 46.7% 51.5%
Times interest earned ratio 4.65 times 3.99 times 9.95 times
PROFITABILITY Gross profit margin 59.5% 60.6% 59.0%
Operating profit margin 6.5% 4.2% 2.8%
Net profit margin 5.30% 3.10% 2.60%
Earning per share (EPS) 18.96 cents 12.25 cents 10.99 cents
Return on total assets (ROA) 6.22% 4.01% 3.50%
Return on common equity (ROE) 39.20% 24.80% 22.50%
MARKET Price / earnings (P/E) ratio RM9.33 RM8.29 RM7.87
Market / book (M/B) ratio RM 0.18 RM0.13 RM0.11
 Yee Lee Corporation Berhad
Common Size Income Statements For the year 2011 - 2013
YEAR EVALUATION
2011 2012 2013
Operating revenue 99.16 99.15 98.62 Decrease
Investment revenue 0.09 0.09 0.19 Decrease
Other gains and losses 0.74 0.76 1.19 Increase
Total Revenue 100.00 100.00 100.00
Operating costs :
depreciation, impairment and amortisation 1.35 1.46 1.59 Increase
Raw materials and consumables goods 40.62 39.05 39.94 Decrease
Purchase of finished good and trading merchandies 39.00 36.87 34.54 Decrease
Employee benefit expense 5.66 7.27 7.83 Increase
other operating costs 9.87 9.90 10.10 Increase
Finance cost :
finance cost excluding net foreign exchange (losses) / gains 1.04 0.94 0.78 Decrease
on financing activities
Profit before tax 2.77 4.16 6.40 Increase
Income tax expense 0.28 1.04 1.38 Increase
Total comprehensive income for the financial year
attributable to :
owners of the company 2.49 3.12 5.03 Increase
 Yee Lee Corporation Berhad
Common Size Balance Sheet For the year 2011 - 2013
YEAR
2011 2012 2013 EVALUATION
CAPITAL AND RESERVES
Share capital 15.77 16.21 15.89 Increase
Reserves 9.86 9.93 10.12 Increase
Retained earnings 22.83 27.21 31.71 Increase
Total equity 48.46 53.35 57.72 Increase
NON CURRENT LIABILITIES
Borrowings 2.17 1.82 1.27 Decrease
Deferred tax liabilities 3.75 3.75 3.81 Increase
Total non current liabilities 5.92 5.57 5.08 Decrease
CURRENT LIABILITIES
Trade and other payables 16.16 16.99 16.68 Increase
Borrowings 26.86 20.65 17.08 Decrease
Current tax liabilities 0.03 0.43 0.10 Increase
Other liabilities 2.58 3.01 3.33 Increase
Total current liabilities 45.62 41.08 37.19 Decrease
TOTAL EQUITY AND LIABILITIES 100.00 100.00 100.00
NON CURRENT ASSETS
Property, plant and equipment 40.91 43.73 43.78 Increase
Investment properties 1.70 0.82 1.22 Increase
Investment in an associated company 8.30 9.15 9.79 Increase
Other Investment 0.002 0.002 0.002 No changes
Goodwill on consolidation 0.29 0.30 0.29 No significant changes
Total non current assets 51.20 54.01 55.08 Increase
CURRENT ASSETS
Inventories 13.34 11.85 12.89 Increase
Trade and other receivables 27.73 26.29 24.34 Decrease
Current tax assets 0.89 0.64 0.23 Decrease
Other assets 1.41 0.56 1.03 Increase
Deposits, cash and bank balances 4.97 6.65 6.42 Increase
Non-current asset classified as held for sale 0.46 - - Decrease
Total current assets 48.80 45.99 44.92 Decrease
TOTAL ASSETS 100.00 100.00 100.00
 Yee Lee Corporation Berhad
Index Income Statement For the year 2011 - 2013
YEAR
2011 2012 2013 EVALUATION
Operating revenue 100.00 91.16 85.75 Decrease
Investment revenue 100.00 88.60 177.19 Decrease
Other gains and losses 100.00 93.58 138.24 Decrease
Operating costs :
depreciation, impairment and amortisation 100.00 98.30 101.19 Increase
Raw materials and consumables goods 100.00 87.64 84.75 Increase
Purchase of finished good and trading merchandies 100.00 86.19 76.34 Decrease
Employee benefit expense 100.00 117.05 119.31 Increase
other operating costs 100.00 91.40 88.15 Decrease
Finance cost :
finance cost excluding net foreign exchange (losses) / gains 100.00 82.72 65.18 Decrease
on financing activities
Profit before tax 100.00 136.98 199.19 Increase
Income tax expense 100.00 341.67 426.59 Increase
Total comprehensive income for the financial year
attributable to :
owners of the company 100.00 114.12 173.80 Increase
Earnings per share (sen) :
basic 100.00 114.19 172.52 Increase
diluted 100.00 113.92 172.16 increase
 Yee Lee Corporation Berhad
Index Balance Sheet For the year 2011 - 2013
YEAR
2011 2012 2013 EVALUATION
CAPITAL AND RESERVES
Share capital 100.00 100.01 101.59 Increase
Reserves 100.00 98.04 103.51 Increase
Retained earnings 100.00 115.95 139.96 Increase
Total equity 100.00 107.12 120.06 Increased
NON CURRENT LIABILITIES
Borrowings 100.00 81.70 58.99 Decreased
Deferred tax liabilities 100.00 97.45 102.66 Increase
Total non current liabilities 100.00 91.67 86.64 Decrease
NON CURRENT ASSETS
Property, plant and equipment 100.00 104.01 107.86 Increase
Investment properties 100.00 47.18 72.35 Increase
Investment in an associated company 100.00 107.32 118.97 Increase
Other Investment 100.00 109.09 118.18 Increase
Goodwill on consolidation 100.00 100.00 100.00 No changes
Total non current assets 100.00 102.64 108.44 Increase
CURRENT ASSETS
Inventories 100.00 86.45 97.41 Increase
Trade and other receivables 100.00 92.25 88.47 Decrease
Current tax assets 100.00 69.77 26.59 Decrease
Other assets 100.00 38.86 73.93 Increase
Deposits, cash and bank balances 100.00 130.28 130.23 Increase
Assets directly associated with non current assets classified as held for
sale 100.00 0 0 Decrease
Total current assets 100.00 91.72 92.79 Increase
LESS : CURRENT LIABILITIES
Trade and other payables 100.00 102.35 104.03 Increase
Borrowings 100.00 74.82 64.11 Decrease
Current tax liabilities 100.00 1548.32 381.21 Decrease
Other liabilities 100.00 113.55 130.34 Increase
Total current liabilities 100.00 99.51 93.41 Decrease
 Ratio Analysis Comparison of Companies for the year latest 2013
RATIO DUTCH LADY POWER ROOT SPRITZER YEE LEE
LIQUIDITY Current ratio 1.516 times 2.76 times 1.21 times 1.21 times
Acid test (quick) ratio 1.007 times 2.16 times 0.90 times 0.86 times
ACTIVITY Inventory turnover 5.377 times 2.85 times 3.57 times 3.68 times
Average collection period 13.179 days 139.30 days 108.82 days 75.74 days
Average payment period 123.98 days 163.02 days 80.45 days 148.19 days
Total assets turnover 2.35 times 0.98 times 0.71 times 1.17 times
DEBT Debt ratio 54.86 % 27.70% 41.22% 42.00%
Times interest earned ratio 3.85 times 6.28 times 6.41 times 4.65 times
PROFITABILITY Gross profit margin 38.00% 55.41% 55.50% 59.50%
Operating profit margin 18.07% 15.02% 9.50% 6.00%
Net profit margin 14.10% 12.57% 32.70% 5.30%
Earning per share (EPS) 21.60 cents 11.46 cents 14.70 cents 18.96 cents
Return on total assets (ROA) 33.20 % 12.32% 23.21% 6.22%
Return on common equity (ROE) 73.55 % 17.04% 39.50% 39.20%
MARKET Price / earnings (P/E) ratio RM21.81 RM12.74 RM9.86 RM9.33

Market / book (M/B) ratio RM16.03 RM0.43 RM0.14 RM 0.18

 RESULT & CONCLUSION

Dutch Lady is more preferable for investors to

invest because it shows a very good
performance rather than Power Root, Spritzer
and Yee Lee.
Dutch Lady is in the first rank when almost all
the ratios can be controlled by them.