(a) Company Establishment
Fima Corporation Berhad (FimaCorp) is an investment holding company whose
subsidiaries are mainly engaged in manufacturing, planting and property management. On 24
February 1972, Malaysian government establishes Fima Sdn Bhd at that time. Their first
business was canned pineapple and that pineapple company was wholly owned by Fima Sdn
Bhd. In 1996, Fima Sdn Bhd was transformed to a public company and changed its name to
Fima Corporation Berhad ("FimaCorp"), and this was listed at the main market of Bursa
Malaysia ("Kumpulan fima Berhad", n.d.).
Today, Fima Corporation Berhad is engaged in property management and investment
holding business. The activities of their subsidiaries are the production and trading of securities
and confidential documents, property management, and the production and processing of oil
palm. Fima Corporation Berhad was specializes in the production and printing of metal and
plastic packaging, and security printing. The company has a factory in Bangi, Selangor. The
factory is capable of producing two-piece wire-drawing and wall-mounted iron cans and easy-
open cans. FIMA has further expanded is security printing business by acquiring security
printing branch from the government printing department ("Fima Corporation Berhad
(Malaysia)", n.d.).
The mission of Fima Corporation Berhad is they believe in acting ethically and
responsibly is fundamental to their continued success on how they carry out every aspect of their
business by minimizing the negative impact on the environment, community and marketplace in
which they operate. The vision of Fima Corporation Berhad is aims to achieve strong,
sustainable leadership positions in markets ("Careers", n.d.).
(b) Company Management
Organisation structure of Fima Corporation Berhad:
Board of directors
Dato' Idris bin Kechot (64 years old) is the Chairman or Independent Non-Executive
Director. He was appointed on 3 May 2019. Dato' Roslan bin Hamir (52 years old) is the Group
Managing Director or Non-Indepedent Executive Director. The date of his appointment was 11
October 2002. Azizan bin Mohd Noor (78 years old) is a Senior Independent or Non-Executive
Director. He was appointed on 2 April 2003. Dato' Rosman bin Abdullah (52 years old) ia the
Independent Non-Executive Director. The date of his appointment was 5 May 2004. Rozana Zeti
Binti Basir (44 years old) is Non-Independent Non-Executive Director. The date of her
appointment was 30 March 2004. Rozilawati binti Haji Basir (48 years old) is a Non-
Independent Non-Executive Director. She was appointed on 26 November 2009. Datuk Anuar
bin Ahmad (65 years old) is an Independent Non-Executive Director. He was appointed on 3
May 2019 ("Board of Directors", n.d.).
(c) Industry Analysis (Porter’s Five Forces)
Threat of New Entrants
Due to the capital intensive nature of the industry, the threat of new entrants for Fima
Corporation Berhad is low. Oil palm cultivation requires a large amount of land to grow oil palm
to achieve economies of scale. In addition, the oil palm plant must be close to the plantation,
because fresh fruits need to be bunched to the plant as soon as possible as within 24 hours in
order to avoid accumulation of free fatty acids that can affect its oil quality. This definitely
provided a trouble for existing new entrants as they cannot easily enter into this industry.
Threat of Substitutes
Oil palm has advantages over substitute crops. For example, the productivity of oil palm
per hectare is higher than any other major oil seed; palm oil production costs are lower as
compared to other vegetable oils; palm oil can exceeds longer storage life than other substitution
products and better resistance to high temperature; palm oil also rich in vitamins and it is useful
as a raw material for various industries. Therefore, considering the advantages of oil palm and
palm oil products over their alternatives, the threat of substitutes for Fima Corporation Berhad is
relatively low.
Rivalry among Existing Firms
The rivalry among competitors for Fima Corporation Berhad is high, as there are many
competitors in larger size in this industry. Larger competitors can offer more competitive prices,
which will reduce Fima Corporation's competitive advantage. In addition, palm oil is an
undifferentiated product. This means that competitors can imitate the products offered, and
buyers can easily switch products between oil palm plantation companies without spending too
much switching costs.
Bargaining Power of Buyers
Buyers have high bargaining power for Fima Corporation Berhad because there are a
large number of palm oil suppliers, and palm oil is an undifferentiated product. As a result,
buyers can easily switch products between other palm oil companies without incurring high
switching costs. Buyers often purchase palm oil in large quantities, this will further increasing
buyers' bargaining power. These buyers may have the ability to integrate backwards because
these buyers are usually large capital companies.
Bargaining Power of Suppliers
The bargaining power of suppliers for Fima Corporation Berhad is very low because
there are many suppliers of raw materials such as oil palm seeds and fertilizers. These raw
materials are homogeneous, which can easily switch to other suppliers without paying high
switching costs. In addition, Fima Corporation can produce its own fertilizer and oil palm seeds,
which further reduces the bargaining power of suppliers. Fima Corporation can use oil palm
seeds collected from the plantations for sale or even for other purposes, so there is no need to
rely on suppliers.
(d) Ratio calculation
According ratios of Fima Corporation Berhad for Year 2015 to 2018:
2016(RM’000) 2017(RM’000) 2018(RM’000)
Profitability Ratio
i) Return on Asset 46527 21538 55859
Net income ( 176182+192525 ) /2 ( 183317+192525 ) /2 (183317+196889)/2
=
Average total asset ¿ 0.2524 ¿ 0.1146 ¿ 0.2938
ii) Return on Equity
46527 21538 55859
Net income (172277+188464)/2 (188464+ 179472)/2 (179472+192733)/2
=
Average total equity
¿ 0.2580 ¿ 0.1171 ¿ 0.3002
Efficiency Ratio
iii) Account Receivable
Turnover 51622 26743 61648
(713+676)/ 2 (676+781)/2 (781+822)/2
=
Net Sales ¿ 74.3297 ¿ 36.7097 ¿ 76.9158
Average Account Receivable
iv) Total Assets
51622 26743 61648
Turnover ( 176182+192525 ) /2 ( 192525+ 183317 ) /2 (183317+196889)/2
Sales revenue ¿ 0.2800 ¿0.1404 ¿ 0.3243
=
Average total assets
Liquidity Ratio
v) Current Ratio 66019 48123 57295
Current assets 4061 3845 4156
=
Current liabilities ¿ 16.2568׿ ¿ 12.5157׿ ¿ 13.7861׿
vi) Quick Ratio
66019−0 48123−0 57295−0
= 4061 3845 4156
Curent assets−Inventory ¿ 16.2568׿ ¿ 12.5157׿ ¿ 13.7861׿
Current liabilities
Leverage Ratio
vii) Debt to Assets 4061 3845 4156
×100 ×100 ×100
193535 183317 196889
Total liabilities
= x 100 ¿ 2.0983 % ¿ 17.9746 % ¿ 2.0896 %
Total assets
viii) Debt to Equity 4061 3845 4156
× 100 ×100 ×100
Total liabilities 188464 179472 193733
= x 100
Total equity ¿ 2.1548 % ¿ 2.1424 % ¿ 2.1452 %
(e) Time series analysis base on the ratios
i. Return on Assets
Return on Asset
0.35
0.2938
0.3
0.2524
0.25
0.2
Fima
0.15 0.1146
0.1
0.05
0
2016 2017 2018
Year
The return on asset is an indicator to measures how efficiently of a company that can able
to generate from its assets to produce its profit during the period. This will result when a
company has the highest number, it will have the more efficient to manage its assets to generate
the profit. Based on the line graph, the return on asset ratio for Fima Corporation Berhad was
recorded as 0.2524 in 2016 and it declined gradually 0.1146 in 2017. However, it has a
dramatically increases to 0.2938 in 2018. When the value of return on assets is high, it is a good
sign for a company to generate revenue and produce the profits. Therefore, Fima Corporation
Berhad has the highest ratio 0.2938 in 2018, this shows that Fima Corporation Berhad is in good
condition to generate the profit with its available asset.
ii. Return on Equity
Return on Equity
0.35
0.3002
0.3
0.258
0.25
0.2
0.15 Fima
0.1171
0.1
0.05
0
2016 2017 2018
Year
According to the line graph, it has shown the return on equity of Fima Corporation
Berhad from 2016 to 2018. The return on equity measures how effectiveness of the firm uses to
generate the profit from its shareholder’s investments in the company. In another word, it can be
defined as to measures the profit for each dollar from shareholder’s equity (Return to Equity,
n.d). In 2016, Fima Corporation Berhad has a debt to equity of 0.258 in 2016 and it declined
slightly to 0.1171 in 2017. In 2018, the ratio increases back to 0.3002. In overall, among these 3
years, Fima Corporation Berhad has the highest return on equity in 2018. This is because of
investors are more attractive to see the high return on equity to indicate the company are well
manage the investor’s fund. Besides that, its measure effectively how the firm to use the money
from shareholders to grow the company and has the ability to turn assets to generate the profit.
iii. Account Receivable Turnover
Account Receivable Turnover
90
76.9158
80 74.3297
70
60
50
36.7097 Fima
40
30
20
10
0
2016 2017 2018
Year
The line graph shows the account receivable turnover ratio of Fima Corporation Berhad
from 2016 to 2018. The account receivable turnover is the ratio to calculate the number of times
over a period that a firm collects its average accounts receivable (Account Receivable turnover,
n.d). The higher receivable turnover ratio implies that a company collection the account
receivable very efficiently and also defined that customer can pay the debt quickly. From the line
graph above, it shows that account receivable turnover has a downward trend from 74.3297 in
2016 to 36.7097 in 2017 and gradually increases to 76.9158 in 2018. In overall, Fima
Corporation Berhad has a better performance in the year 2018 which was 76.9158, and this
indicates that the company has more efficient to collect the accounts receivable over a period.
iv. Total Asset Turnover
Total Asset Turover
0.35 0.3243
0.28
0.3
0.25
0.2 0.1404
0.15 Fima
0.1
0.05
0
2016 2017 2018
Year
Based on the line graph above, it has shown the total asset turnover ratio of Fima
Corporation Berhad from 2016 to 2018. Total asset turnover can be used as an indicator of the
effectiveness of the firm when using assets to generate sales. The higher the ratios indicate the
less money is needed to invest for the sales generation and better the company performances. In
2016, Fima Corporation Berhad shows a decreasing trend from 0.28 times in 2016 to 0.1404
times in 2017 and further increase to 0.3243 times in 2018. Since the higher ratios indicated that
the company can generate more revenue per dollar of assets. It means that Fima Corporation
Berhad has better performance and is good at using its assets to generate sales in 2018.
v. Current Ratio
Current Ratio
18 16.2568
16 13.7861
14 12.5157
12
10
8 Fima
6
4
2
0
2016 2017 2018
Year
The current ratio measures a company's ability to pay short-term obligations or those due
within one year (Kenton. W, 2019). Besides that, this ratio also can measure a company’s ability
to pay its current liabilities with cash generated from its current assets. Based on the line graph
above, we found that the current ratio indicated that downward trends from 16.2568 times in
2016 to 12.5157 times in 2017, and then gradually increase to 13.7861 times in 2018.
Furthermore, it shows the current ratio is more than 1 means that current assets are more than
current liabilities and the company not faces any liquidity problem. As a result, shows that Fima
Corporation Berhad has the highest ability to pay off its short-term liability with its current assets
in 2016.
vi. Quick Ratio
Quick Ratio
18 16.2568
16 13.7861
14 12.5157
12
10
8 Fima
6
4
2
0
2016 2017 2018
Year
According to the line graph, this shows a quick ratio for Fima Corporation Berhad from
2016 to 2018. The quick ratio measures the ability of a company to pay its short-term liabilities
by having the available assets that readily convert receivable into cash (Willkinson. J, 2013).
Therefore, these assets known as “quick” assets means that can quickly converted into cash.
Based on the result shows in the line graph above, the quick ratio of Fima Corporation Berhad
decreases from 16.2568 times in 2016 to 12.5157 times in 2017 and then gradually increases to
13.7861 times in 2018. Overall, Fima Corporation Berhad has the highest quick ratio 16.2568
times in 2016 which mean it has quick assets than current liabilities and also quickly be
converted into cash.
vii. Debt to Assets
Debt to Assets
17.9746
20
15
10
5 2.0983 2.0896 Fima
0
2016 2017 2018
Year
The debt to assets ratio measures the number of total assets that are financed by creditors
(Debt to Asset, n.d). It also can be explained with the highest ratio, the investor will face more
risky to invest in the company. Based on the line graph above, the debt to assets of the Fima
Corporation Berhad shows 2.0983% in 2016, and it increases to 17.9746% in 2017 and decreases
to 2.0896% in 2018. In short, debt to assets indicate (17.9746%) in 2017 is the highest figure
considered more risky to invest. This means that company has a higher measurement need to pay
out a greater percentage of its profit compared with the lower ratio.
viii. Debt to Equity
Debt to Equity
0.0216
0.02155 0.02156
0.02155
0.0215
Fima
0.02145 0.02142
0.0214
0.02135
2016 2017 2018
Year
According to the line graph above, this shows a debt to equity ratio for Fima Corporation
Berhad from 2016 to 2018. The debt to equity ratio measures the percentage of company
financing that comes from creditors and investors (debt to equity, n.d). Besides that, the higher
leverage ratio indicates that the higher risk to the shareholders. Based on the annual report, we
found that debt to equity for Fima Corporation Berhad shows a downwards trend indicate
0.02155% in 2016 to 0.02142% in 2017 but increase again to 0.02156% in 2018. As a result,
Fima Corporation Berhad implies that (0.02156%) is the highest figure in 2018 which means are
considered more risky to creditor and investor compare with the lower ratio.
(f) Cash Flow Statement of Fima Corporation Berhad
2016 2017 2018
RM (’000) RM (’000) RM (’000)
Cash Flows from Operating Activities -18,794 -698 -19,040
Cash Flows (used in) from Investing
47,099 22,488 50,144
Activities
Cash Flows used in Financing Activities -28,459 -40,536 -48,398
Net Increase/ (Decrease) in Cash and Cash
-154 -18,746 -17,294
Equivalent
Cash and Cash Equivalents at the Beginning
39,510 39,356 20,610
of the Financial Year
Cash and Cash Equivalent at the End of the
39,356 20,610 3,316
Financial Year
Cash flow is the increase or decrease in the amount of money an institution, business. In
finance, cash flow is used to describe the amount of cash that is consumed or generated in a time
period. There are many types of cash flow which are operating activities, investing activities, and
financing activities.
The data above is the three year’s cash flow statement of the Fima Corporation Berhad.
The cash flow for operating activities show the all amount are negative figure in the three years
which from year 2016 to year 2018. In the year 2016, the amount of operating activities is -RM
18,794,000, the amount of the year 2017 is decreased to -RM 698,000. And in the year 2018, the
amount is increased to -RM 19,040,000, which is the highest amount of operating activities
among this three years. According to the annual report of Fima Corporation Berhad, the main
reason may be the high amount of equity income which is dividend and interest income or gain
on disposal of fixed assets that need to minus as noncash income within the adjustments for
noncash items in the operating activities cash flow statements. Operating cash flow measure how
much money is going into or out of the company from operating activities. Negative operating
cash flow indicated that the company was making losses as cash outflowing.
The investing cash flow decreases in the year 2016 to 2017 from RM 47,099,000 to RM
22,488,000 and it increases rapidly in the following year which is year 2018 to RM 50,144,000.
The amount of investing activities between these three years is showed positive, and it consider a
good news for the company. The company focused to do investment and received large amount
of dividends among these three years in order to maximize the net cash flows from investing
activities. The firm may purchase the long-term fixed assets such as equipment and property,
involved in cash acquisitions of investments and cash generated from the disposal of assets that
contributed to the positive investing cash flow within the company. Hence, Fima Corporation
Berhad is more focused on the investing activities and generated positive cash flows from the
investment.
Financing activities is focusing by the Fima Corporation Berhad on how to raise capital
and pay interest to investors through the capital markets. The cash flow of financing activities in
year 2016, 2017 and 2018 are slightly increased which are -RM 28,459,000, -RM 40,536,000
and -RM 48,398,000. The three year’s entire amount is showing in negative figure. Based on the
annual report of Fima Corporation Berhad, the main reason for the negative figure may be the
company pay dividends to equity holders, acquisition of treasury shares and subscription of loan
stocks investment in order to make company’s business look more attractive and show to the
investor that they are reducing the number of outstanding share, because it can raise the company
earnings per share (EPS). Moreover, paying dividend for each share also will generate negative
financing cash flow. In conclusion, Fima Corporation Berhad still manage to maintain a positive
cash flow statement at the end of every financial year that indicated the firms is still making
profits.
g) Prepare and analyze the changes of year’s common size income statements 2015 - 2018
(Horizontal) for the selected company.
The four years of common size income statements (horizontal) for FIMA Corporation
Berhad is prepared by using the base year (2015) and current years (2016, 2017, 2018). We can
analyses the performance for each year by the percentages changes in income statement of FIMA
Corporation Berhad.
The revenue of FIMA Corporation Berhad in the base year (2015) is RM 42,273,000
2015 2016 2017 2018
RM RM RM RM
'000 % '000 % '000 % '000 %
42,27 122.1
100 51622 26743 63.26 61648 145.83
Revenue 3 2
Cost of sales − − − − − − − −
42,27 122.1
100 51622 26743 63.26 61648 145.83
Gross profit 3 2
113.6
1328 100 1509 1072 80.72 877 66.04
Others income 3
Others item of
expenses
Administrative (1965
(2211) 100 (1771) 80.10 (1857) 83.99 88.87
expenses )
Selling and
− − − − − − − −
marketing expenses
(3854
(3963) 100 (3945) 99.55 (3722) 93.92 97.25
Other expenses )
Finance cost − − − − − − − −
Share of results from
− − − − − − − −
associates
126.6
37427 100 47415 22236 59.41 56706 151.51
Profit before tax 9
159.1
(558) 100 (888) (698) 125.09 (847) 151.79
Income tax expense 4
126.2
36869 100 46527 21538 58.42 55859 151.51
Profit net of tax 0
(100%). The revenue in 2016 was increased 22.12% to RM 51,622,000. This is because high
yield and low cost of production (FIMA, 2016). The revenue in 2017 is drop 63.26% become
RM 26,743,000 due to decrease in revenue from the manufacturing and property management
divisions. The prolonged drought caused higher prices for oil palm fresh fruit bunches, crude
palm oil and crude palm kernel oil (Calvin Soon, 2017). In 2018, the revenue was raised about
45.83% to RM 61,648,000 due to better performance by company’s divisions, including
manufacturing, plantation, bulking and food (The Star, 2018).
Furthermore, other income of FIMA Corporation Berhad in the base year (2015) is
RM1,328,000 (100%). It was increased 13.63% to RM 1,509,000 in 2016 due to raising of
received interest income (FIMA, 2016). However, other income of FIMA has decreased in
following two years. In 2017, other income was dropped about 80.72% to RM1,072,000 because
of decreasing in interest income (FIMA, 2017). In addition, other income had decrease 66.04%
to RM877,000 in 2018. Although FIMA has receive income of distribution from short term cash
investments, gain on disposal of property, plant and equipment, but it still have dropping of
interest income caused other income decreased (FIMA, 2018).
The last component to be analyzed is profit before tax of FIMA Corporation Berhad. It
shows the profit before tax in base year (2015) is RM37,427,000 (100%). In 2016, there is a raise
of 26.69% to RM47,415,000. The improvement in profit before tax is due to lower depreciation
cost. This is able to maintain satisfactory profit margin despite Ringgit depreciation via prudent
cost management and efficient administration of operational cost (FIMA, 2016). The profit
before tax in 2017 was decreased 59.41% to RM22,236,000 due to impairment losses on
property, plant and equipment and biological assets in a subsidiary, PT Nunukan Jaya Lestari
(PTNJL) mitigated by improved CPO and CPKO prices coupled with lower cost of sales during
the year (FIMA, 2017). However, it increased 51.51% to RM56.706,000 because plantation
division is continuing to drive strong revenue growth (FIMA, 2018).
h) Compare the financial position and performance and comment on whether you would
advise your client to invest in this company.
As mentioned above, Fima Corporation Berhad (FimaCorp) is an investment holding
company. Their main targets are manufacturing, planting and property management. As for now,
we would like to give some advice to our client whether to invest in this company or not by
using the data and the calculations that had been calculated in terms of ratio, and also their
financial position in these few years.
First of all, taking into account its ROA which is also known as return on asset, it showed
that in 2016, the company managed to generate a 0.2524% ROA. It means that with every RM1
worth of asset, the company managed to sell 0.2524% of total assets. While in 2017, the
company managed to achieve a total ROA of 0.1146 which eventually decreased compared to
2016. This might be due to the company not controlling its inventory management well to make
its business profitable. Moving on to 2018, it increased gradually to 0.2938% of ROA. This is
because the company has found the right way to make its assets very liquid in order to generate
more profit throughout the year. On the other hand, the ROE of Fima Corporation Berhad in
2016 was 0.2580, followed by 2017 with 0.1171 and in 2019 was 0.3002. From the calculations
above, we can see that at first Fima Corporation Berhad was having a fair ROE figures, but then
it dropped but managed to pull it back to approximately 0.3 figures. So, we can say that the
company was not fully utilized its capital and hence, it dropped in 2017. However, in 2018, they
managed to figure out what was the problem that hindered them from not managing their capital
well. Fortunately, they managed to find out and increased the ROE up to 0.3002.
Furthermore, the efficiency ratio of Fima Corporation Berhad is the next concern that we
need to look after. As from the calculations above, it showed that in 2016, the account receivable
turnover of Fima Corporation Berhad was 74.3297, and it decreased drastically to 36.7097 and
managed to double its figures in 2018 which was 76.9158. The accounts receivable turnover ratio
is an accounting measure used to quantify a company's effectiveness in collecting its receivables
or money owed by clients. The ratio shows how well a company uses and manages the credit it
extends to customers and how quickly that short-term debt is collected or is paid. So from the
explanation above, we can assume that Fima Corporation Berhad was able to manage its
collected debt to be on track in 2016 but in 2017, there might be some of the debtors who were
unable to pay back the debt to the company due to bankruptcy, death or ran away from business.
But in 2018, the company was able to maintain back its performance like how they were
performed throughout the whole year of 2016. Next, the asset turnover ratio can be used as an
indicator of the efficiency with which a company is using its assets to generate revenue. In 2016,
it is calculated that the total assets turnover of Fima Corporation Berhad was 0.2800, followed by
0.1404 in 2017 and increased in 2018 to 0.3243. As comparison, we can see that in 2017, the
company has the worst performance where poor management of use of assets could be the root
of cause. While for 2016 and 2018, it could be said that they were performing at average
standard.
Notwithstanding, for liquidity ratio, Fima Corporation Berhad actually maintains their
ability to pay the debt well, even for the short-term payment. It has a quite stable ability to fulfill
its obligation. Besides, in leverage ratio, the company’s equities are not considerable due to the
debt to equity ratio more than 100%. This means that their financial sources are more coming
from the debt instead of equity. This is a risk for the company because even it has a good ability
to pay off the debt, but it is too reliable on the creditor or loan. Instead, Fima Corporation Berhad
should try to increase their equity by using the most common way which is to increase the
shareholder’s capital. It is common for companies to raise equity by issuing new shares of
preferred and common stock to investors. Besides this, equity can be increased by reducing,
eliminating or suspending employee-sponsored benefits for an established period.
In the measurement of cash flow for companies, there are two methods that can be used,
which are direct method and indirect method. For Fima Corporation Berhad, it used the indirect
method to show their cash flow for the year. By comparing the 4 years’ cash flow, we can see
that there is a declined cash and cash equivalent from 2015 to 2016 (decrease for
RM18,746,000). In the statement of cash flow clearly showed that the major problem in this
decrease is due to the expenses from the investing activities. As we can see most expenses in
2016 were coming from the investment, this is because the company had issued most of the
preferred shares as well as dividend to their shareholders. Unfortunately, after 2016, their
investment was increasing approximately RM3,000 until 2018. Although there is a sign of cash
used in investing activities, it rose back to around RM50,000 in 2018. This has become a threat
for Fima Corporation Berhad because investing activities is one of their main income sources. As
such, the company should go for a deeper evaluation of the market before they conduct the
investing activities. As the economic headwinds in 2017 has brought the impact to Fima
Corporation which obviously showed in the statement of cash flow of the decreasing income of
investing and even loss. Companies can also choose the lower risk investment to invest to reduce
the risk of loss.
For the overall recommendation of Fima Corporation Berhad, its performance has
become better from year to year which we can see from the time series analysis. The company
should keep an eye on their investment activities. They can find a professional and experienced
investment consultant before they make any decision regarding investment because it was a huge
loss for the past two years. However, if they are able to solve the problem, then it will be a new
stage of success which they will reach for the recent years. Besides, the company could try to
reduce their cost and the asset to maximize their profit in order to boost their financial
performance.
References
1. Account Receivable turnover. (n.d) Retrieved 14 February 2020, from
https://www.myaccountingcourse.com/financial-ratios/accounts-receivable-turnover-ratio
2. Board of Directors. (n.d.). Retrieved from http://www.fima.com.my/board-of-directors.html
3. Careers. (n.d.). Retrieved from http://www.fima.com.my/careers.html
4. Corporate Structure. (n.d.). Retrieved from http://www.fimacorp.com/corporate-structure.php
5. Debt to Asset ratio. (n.d) Retrieved 15 February 2020, from
https://www.myaccountingcourse.com/financial-ratios/debt-to-asset-ratio
6. Debt to Equity Ratio. (n.d). Retrieved 16 February, 2020, from
https://www.myaccountingcourse.com/financial-ratios/debt-to-equity-ratio
7. Fima Corporation Berhad (Malaysia). (n.d.). Retrieved from
https://www.emis.com/php/company-profile/MY/Fima_Corporation_Berhad_en_1661175.html
8. Kenton. W, (2019). Current Ratio. Retrieved from
https://www.investopedia.com/terms/c/currentratio.asp
9. Kumpulan fima Berhad. (n.d.). Retrieved from http://www.fima.com.my/index.html
10. Return on Equity. (n.d). Retrieved 16 February, 2020, from
https://economictimes.indiatimes.com/definition/return-on-equity
11. Willkinson. J. (2013), Quick Ratio Analysis. Retrieved from https://strategiccfo.com/quick-
ratio-analysis-2/
