I have gone to the Syarikat Suruhjaya Malaysia to get this information which is available online at www.ssm-einfo.com.my for Rm$15 per company.
The subsidiaries are as listed here
http://www.nlfcs.com.my/subsidiary.html and http://nalfin.com/structure.htm
I could not find any information for Kewalram Oils Sdn Bhd and K.T. Steel Sdn Bhd. I have not included Plantation Agencies Sdn Bhd as NLFCS owns just 23% of it and has no effective control. It has only one director out of 9 on the board of Plantation Agencies, so it is a passive investment. The total profit after tax earned by Plantation Agencies for 31-12-07 was 1.4m.
To view the documents at full size just click on the square box on the right or on the yellow circle on the left and then the square box on the right, to see a full size image.
Let me start going through these companies by the order I posted the information/pdf files.
I will just be highlighting mainly the Profit and Loss account, the rest of the info, balance sheet, charges and the officers and directors you can see for yourself on the blog; they are all familiar names most of the time.
The Profit and Loss and the Balance Sheet are on the last and 2nd last pages of the pdf files respectively.
The accounts are the latest available to the Syarikat Suruhjaya Malaysia, so in some cases they are for 31-12-06 (one case for 31-12-05) and in others 31-12-07. I have no idea why the 2007 accounts have not been filed for some of these companies yet. I believe they have till the end of June (next week).
If there are no percentages beside the company name, then it is a 100% subsidiary.
The figures are as the PDF file's, the only calculation I have included is the Net Profit Margin
The Unappropriated Profit/Loss Carried Forward is simply in most cases the Unappropriated Profit/Loss Brought Forward + Net Profit/Loss or Minority Interest + Net Dividend
Lava Protocols Sdn Bhd (40% Associate)
Latest Accounts as at 31-12-06
Paid Up Capital : 300,000 (Even though it says 2 in the balance sheet, this was the total number of shares issued at 1 ringgit for cash)
Operating Revenue : 3,000
Profit After Taxation : -42,839
Net Profit Margin : None
Unappropriated Profit Brought Forward : 0
Unappropriated Profit Carried Forward : -42,839
Wira Konsep Sdn Bhd [Even thought officially it says that this is a 49% associate, my calculations of its shareholdings (Nalfin Realities owns 140,000 shares out of 200,000) put it at a 70% subsidiary].
Latest Accounts as at 31-12-05
Paid Up Capital : 200,000
Operating Revenue : 493,874
Profit After Taxation : 9,942
Net Profit Margin : 2%
Unappropriated Profit Brought Forward : -1,014,080
Unappropriated Profit Carried Forward : -1,004,138
Apollo Medical Centre Sdn Bhd (72% subsidiary)
Latest Accounts as at 31-12-07
Paid Up Capital : 6,460,000
Operating Revenue : 4,541,352
Profit After Taxation : -1,718
Net Profit Margin : 0
Unappropriated Profit Brought Forward : -6,503,916
Unappropriated Profit Carried Forward : -6,505,634
Apollo TTDI Medical Centre Sdn Bhd
Latest Accounts as at 31-12-07
Paid Up Capital : 5,000,000
Operating Revenue : 2,575,093
Profit After Taxation : -1,082,393
Net Profit Margin : 0
Unappropriated Profit Brought Forward : -6,571,232
Unappropriated Profit Carried Forward : -7,653,625
Nalfin Healthcare Sdn Bhd (Nalfin Healthcare own the interest in Apollo Medical Centre and Apollo TTDI Medical Centre, so the below is roughly a consolidation of the above 2 companies)
Latest Accounts as at 31-12-06
Paid Up Capital : 9,100,002
Operating Revenue : 7,101,314
Profit After Taxation : -1,134,478
Minority Interest : 191,279
Net Profit Margin : 0
Unappropriated Profit Brought Forward : -7,983,732
Unappropriated Profit Carried Forward : -8,926,931
Nalfin Trading (76% subsidiary)
Latest Accounts as at 31-12-07
Paid Up Capital : 396,002Operating Revenue : 10,786,389
Profit After Taxation : 113,256
Net Profit Margin : 1.05%
Net Dividend : -57,816
Unappropriated Profit Brought Forward : 471,985
Unappropriated Profit Carried Forward : 527,425
Mamtaj Travel Agency Sdn Bhd
Latest Accounts as at 31-12-07
Paid Up Capital : 500,000
Operating Revenue : 9,694,329
Profit After Taxation : 39,496
Net Profit Margin : 0.40%
Unappropriated Profit Brought Forward : -144,585
Unappropriated Profit Carried Forward : -105,089
Minsawi Industries (Kuala Kangsar) Sdn Bhd
Latest Accounts as at 31-12-06
Paid Up Capital : 6,594,000
Operating Revenue : 43,151,540
Profit After Taxation : 1,229,520
Net Profit Margin : 2.85%
Unappropriated Profit Brought Forward : -1,830,318
Unappropriated Profit Carried Forward : -600,798
Nalfin Realities Sdn Bhd [this is the central holding company of all the subsidiaries mentioned here http://nalfin.com/structure.htm, excluding Status Point. So the results below will be the consolidated result of the subsidiaries (not the associates i.e. companies it owns less than 50% of will not be consolidated into the accounts) plus whatever own business Nalfin Realities does i.e. property development]
Latest Accounts as at 31-12-06
Paid Up Capital : 32,430,250
Operating Revenue : 69,354,660
Profit After Taxation : -124,197
Net Profit Margin : 0
Other : -1,862,179
Minority Interest : 82,075
Net Dividend : -350,247
Unappropriated Profit Brought Forward : 1,582,265
Unappropriated Profit Carried Forward : -548,086
No idea what the Other -1.8m loss is for.
Status Point Sdn Bhd
Latest Accounts as at 31-12-07
Paid Up Capital : 8,000,000
Operating Revenue : 17,438
Profit After Taxation : 1,151,623
Net Profit Margin : ?
Unappropriated Profit Brought Forward : -11,601,737
Unappropriated Profit Carried Forward : -10,450,114
Not sure how they made such a profit with such a low Operating Revenue Figure. If I can surmise, it is likely from extraordinary gains from the sale of an asset.
Conclusion
In a lot of cases the initial investment (Paid Up Capital) has been wiped out (Wira Konsep, Apollo Medical Centre, Apollo TTDI Medical Centre and Status Point) or close to being wiped out Nalfin Healthcare (Loss Carried Forward of 8.9m vs 9.1m of Paid Up Capital).
In most cases the Net Profit Margin is nonexistent or very, very low.
A lot of the companies have the same key directors (This is also true of Malim Sawit Sdn Bhd, Premium Vegetable Oils Sdn Bhd and Premium Fats Sdn Bhd which are all 100% subsidiaries of Premium Nutrients Berhad which acts as the listed holding company). I think this is pretty unhealthy as it breeds complacency and a lack of accountability. It makes them beholden to each other. On average the directors of these companies have been there for 7 years except Status Point where they have been there for 10 years. It may be a positive or negative thing, but just by looking above you can see that some of these companies have been loss-making for some time (see the Unappropriated Profit Carried Forward figure) and the remaining companies have pretty threadbare profits, so they have been in charge through all this time.
A long hard look has to be taken at the Healthcare business and Status Point and the Profit Margin's have to be improved in all the other business's, otherwise it will not take much for these companies to tip over into loss-making concerns or alternate between loss-making and profit-making indefinitely.
And of course, there should be more accountability and transparency over all these investments and their performance.
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