|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
784210-D
|
|
COMPANY NAME
|
:
|
NS COOLING TOWERS SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
10/08/2007
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
85, BEACH STREET, 1ST FLOOR, 10300 PULAU PINANG, PULAU
PINANG, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
20-B JALAN PERUSAHAAN PRAI INDUSTRIAL ESTATE 4, 13600
PERAI, PULAU PINANG, MALAYSIA.
|
|
TEL.NO.
|
:
|
04-5013322
|
|
FAX.NO.
|
:
|
04-5083355
|
|
CONTACT PERSON
|
:
|
YASHIO YUNOH ( CEO )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
29191
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURER OF COOLING TOWERS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 5,000,000.00
DIVIDED INTO
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP
CAPITAL
|
:
|
MYR 3.00 DIVIDED INTO
ORDINARY SHARES 3 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
N/A
|
|
NET WORTH
|
:
|
N/A
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
30 [2008]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
N/A
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
WEAK
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
GENERAL REPUTATION
|
:
|
NOT YET DETERMINED
|
|
INDUSTRY OUTLOOK
|
:
|
DECLINING
|
|
|
HISTORY
/ BACKGROUND
The SC is a private limited company and is allowed to have a minimum of one
and a maximum of forty-nine shareholders. As a private limited company, the SC
must have at least two directors. A private limited company is a separate
legal entity from its shareholders. As a separate legal entity, the SC is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the
equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the SC is insolvent. The SC is governed by the
Companies Act, 1965 and the company must file its annual returns, together
with its financial statements with the Registrar of Companies.
The SC is principally engaged in the (as a / as an) manufacturer of cooling
towers.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The SC is not qualified to be one of the Top Corporate Performers in the
Malaysia 1000 (M1000) publication, a directory jointly published by Companies
Commission of Malaysia (The Registrar Office), Minister of Domestic Trade and
Consumer Affairs and our publication arm, BASIS Publications House Sdn Bhd.
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
MR. ONG PENG NAM +
|
22-4-2, CANTONMENT ROAD, 10350 PULAU PINANG, PULAU
PINANG, MALAYSIA.
|
440609-07-5053
2521811
|
1.00
|
|
TSUGIO YANAGIHARA +
|
1-18-11 MINAMIKOUSHIEN, NISHINOMIYA-CITY, HYOGO,
663-8153, JAPAN.
|
TG3512178
|
1.00
|
|
MS. ONG JEAN WEI
|
7 JALAN SS 4C/11, 47301 PETALING JAYA, SELANGOR,
MALAYSIA.
|
691016-10-6084
A1367067
|
1.00
|
|
|
|
|
---------------
|
|
|
|
|
3.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. ONG PENG CHOR
|
|
Address
|
:
|
8 HALAMAN FREE SCHOOL, 11600 PULAU PINANG, PULAU PINANG,
MALAYSIA.
|
|
IC / PP No
|
:
|
4084201
|
|
New IC No
|
:
|
500921-07-5367
|
|
Date of Birth
|
:
|
21/09/1950
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
04/10/2007
|
DIRECTOR 2
|
Name Of Subject
|
:
|
TAKASHI MINAMOTO
|
|
Address
|
:
|
1-1168 WAKAKUSA-CHO, OOBU-SHI, AICHI, 474-0022, JAPAN.
|
|
IC / PP No
|
:
|
TF0539707
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
04/10/2007
|
DIRECTOR 3
|
Name Of Subject
|
:
|
YASHIO YUNOH
|
|
Address
|
:
|
23-3 HAGINODAI IKOMA CITY, NARA PERFECTURE, JAPAN.
|
|
IC / PP No
|
:
|
TG8186836
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
04/10/2007
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. ONG PENG NAM
|
|
Address
|
:
|
22-4-2, CANTONMENT ROAD, 10350 PULAU PINANG, PULAU
PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
2521811
|
|
New IC No
|
:
|
440609-07-5053
|
|
Date of Birth
|
:
|
09/06/1944
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
10/08/2007
|
|
|
|
|
|
Qualification
|
:
|
B.SC IMPERIAL COLLEGE, LONDON UNIVERSITY IN 1970.
|
|
Working Experience
|
:
|
FOUNDED MALAYSIA SEWING MACHINE FACTORY S/B WHICH
MANFACTURES SEWING MACHINES. SIMILARLY, GAE-TRANE AIR CONDITIONING S/B WAS FOUNDED
IN 1983, BIOFILTER S/B IN 1989 & LINEAR PLASTICS S/B IN 1990.
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
TSUGIO YANAGIHARA
|
|
Address
|
:
|
1-18-11 MINAMIKOUSHIEN, NISHINOMIYA-CITY, HYOGO,
663-8153, JAPAN.
|
|
IC / PP No
|
:
|
TG3512178
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
10/08/2007
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
YASHIO YUNOH
|
|
|
Position
|
:
|
CEO
|
|
|
|
|
|
AUDITOR
No Auditor found in our databank
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. HENG FOOK TAU
|
|
|
IC / PP No
|
:
|
4728173
|
|
|
New IC No
|
:
|
550202-01-5507
|
|
|
Address
|
:
|
35, JALAN JELITI, SUNWAY TUNAS JAYA, 11960 BAYAN LEPAS,
PULAU PINANG, MALAYSIA.
|
|
|
Date of Appointment
|
:
|
10/08/2007
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with above
mentioned banker(s). No adverse record was found during our investigation.
|
ENCUMBRANCE
(S)
No encumbrance was found in our databank at the time of investigation.
LEGAL
CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the subject
has been involved in any litigation. Our databank consists of 99% of the
wound up companies in Malaysia back dated since 1900.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
30%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
70%
|
|
Import Countries
|
:
|
UNITED STATES,EUROPE,ASIA
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
70%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
30%
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
30 - 90 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
|
|
Type of Customer
|
:
|
END USERS
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
DUNHAM-BUSH (MALAYSIA) BHD
|
|
MATSUSHITA AIR-CONDITIONING CORPORATION SDN BHD
|
|
O.Y.L. INDUSTRIES SDN BHD
|
|
PANASONIC COMPRESSOR MALAYSIA SDN BHD
|
|
U.C.M. INDUSTRIAL CORPORATION BHD
|
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2008
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
30
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturer of cooling
towers.
PROJECTS
No projects found in our databank
RECENT
DEVELOPMENT
We have checked with the Malaysian National News Agency's (BERNAMA)database, but
no latest development was noted in our investigation.
CURRENT
INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
04-5013322
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
20-B JALAN PERUSAHAAN PRAI INDUSTRIAL ESTATE - 4, 13600
PRAI
|
|
Current Address
|
:
|
20-B JALAN PERUSAHAAN PRAI INDUSTRIAL ESTATE 4, 13600
PERAI, PULAU PINANG, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
NO
|
Other Investigations
We conducted an interview with the SC's staff from Account Dept, Ms. Lim. She
furnished us some information on the SC.
FINANCIAL
COMMENTS
No
latest financial accounts are available at the Registry Office, thus we are
not able to comment on the SC's financial performance.
ECONOMIC
/ INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2004
|
2005
|
2006
|
2007*
|
2008**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
25.58
|
26.13
|
26.64
|
27.17
|
27.73
|
|
Gross Domestic Products ( % )
|
7.1
|
5.3
|
5.8
|
6.0
|
6.5
|
|
Domestic Demand ( % )
|
7.5
|
7.3
|
7.0
|
9.0
|
6.8
|
|
Private Expenditure ( % )
|
13.1
|
9.5
|
7.0
|
8.6
|
8.2
|
|
Consumption ( % )
|
10.5
|
9.2
|
7.1
|
9.0
|
7.9
|
|
Investment ( % )
|
25.8
|
8.5
|
7.0
|
7.1
|
9.5
|
|
Public Expenditure ( % )
|
<2.1>
|
3.6
|
6.8
|
10.1
|
3.2
|
|
Consumption ( % )
|
6.0
|
5.4
|
5.0
|
10.8
|
5.5
|
|
Investment ( % )
|
<8.7>
|
1.9
|
8.9
|
9.3
|
0.5
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
80,663
|
99,760
|
108,192
|
99,965
|
99,599
|
|
Government Finance ( MYR Million )
|
<19,419>
|
<18,684>
|
<19,109>
|
<19,948>
|
<20,933>
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<4.3>
|
<3.8>
|
<3.3>
|
<3.2>
|
<3.1>
|
|
Inflation ( % Change in Composite CPI)
|
1.4
|
3.1
|
3.9
|
4.0
|
4.0
|
|
Unemployment Rate
|
3.5
|
3.5
|
3.4
|
3.5
|
3.3
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
254
|
266
|
290
|
-
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
13.84
|
13.63
|
12.91
|
-
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
8.46
|
6.74
|
5.41
|
-
|
-
|
|
Average Base Lending Rate ( % )
|
5.99
|
6.00
|
6.61
|
-
|
-
|
|
Business Loans Disbursed( % )
|
10.5
|
8.7
|
<2.5>
|
-
|
-
|
|
Foreign Investment ( MYR Million )
|
13,143.9
|
17,882.9
|
20,228.0
|
-
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
38,580
|
37,474
|
38,293
|
-
|
-
|
|
Registration of New Companies ( % )
|
6.8
|
<2.9>
|
2.2
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
3,334
|
3,069
|
8,647
|
-
|
-
|
|
Liquidation of Companies ( % )
|
<15.8>
|
<7.9>
|
181.8
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
189,206
|
193,095
|
216,147
|
-
|
-
|
|
Registration of New Business ( % )
|
4.6
|
2.1
|
11.9
|
-
|
-
|
|
Business Dissolved ( No. )
|
51,301
|
73,355
|
52,879
|
-
|
-
|
|
Business Dissolved ( % )
|
7.0
|
43.0
|
<27.9>
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
380.6
|
400.8
|
374.1
|
-
|
-
|
|
Cellular Phone Subscribers ( Million )
|
14.6
|
18.5
|
19.5
|
21.3
|
-
|
|
Tourist Arrival ( Million Persons )
|
15.7
|
16.7
|
17.5
|
20.1
|
-
|
|
Hotel Occupancy Rate ( % )
|
60.8
|
63.6
|
64.8
|
-
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
19.3
|
13.9
|
15.4
|
-
|
-
|
|
Bad Cheque Offenders (No.)
|
70,465
|
57,316
|
36,555
|
-
|
-
|
|
Individual Bankruptcy ( No.)
|
16,251
|
15,868
|
13,596
|
-
|
-
|
|
Individual Bankruptcy ( % )
|
31.6
|
<2.4>
|
<14.3>
|
-
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2004
|
2005
|
2006
|
2007*
|
2008**
|
|
|
|
|
|
|
|
|
Agriculture
|
5.0
|
2.5
|
5.3
|
3.1
|
3.5
|
|
Palm Oil
|
3.9
|
7.1
|
5.8
|
<0.6>
|
-
|
|
Rubber
|
16.5
|
<2.9>
|
12.6
|
1.0
|
-
|
|
Forestry & Logging
|
4.3
|
2.0
|
<0.4>
|
2.8
|
-
|
|
Fishing
|
5.5
|
<0.4>
|
9.3
|
5.2
|
-
|
|
Other Agriculture
|
2.4
|
3.2
|
5.3
|
7.0
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
620.3
|
563.7
|
516.5
|
487.3
|
0
|
|
% of Industry Non-Performing Loans
|
1.38
|
1.19
|
1.06
|
1.08
|
0
|
|
|
|
|
|
|
|
|
Mining
|
3.9
|
0.8
|
<0.4>
|
3.3
|
4.0
|
|
Oil & Gas
|
4.5
|
1.6
|
4.6
|
-
|
-
|
|
Other Mining
|
<8.0>
|
<1.0>
|
5.1
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
62.6
|
68.8
|
55.4
|
42.2
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
9.8
|
5.1
|
7.3
|
3.1
|
3.8
|
|
Exported-oriented Industries
|
15.5
|
3.0
|
11.1
|
<1.9>
|
-
|
|
Electrical & Electronics
|
17.8
|
3.6
|
13.4
|
3.0
|
-
|
|
Rubber Products
|
14.8
|
2.4
|
0.4
|
8.0
|
-
|
|
Wood Products
|
12.7
|
0.9
|
0.7
|
3.3
|
-
|
|
Textiles & Apparel
|
<11.7>
|
<4.4>
|
12.6
|
<10.1>
|
-
|
|
Domestic-oriented Industries
|
9.7
|
6.9
|
5.0
|
5.3
|
-
|
|
Food, Beverages & Tobacco
|
3.8
|
7.7
|
4.8
|
5.6
|
-
|
|
Chemical & Chemical Products
|
14.6
|
6.9
|
1.7
|
9.2
|
-
|
|
Plastic Products
|
13.5
|
18.6
|
21.3
|
<3.6>
|
-
|
|
Iron & Steel
|
2.7
|
<6.7>
|
<6.9>
|
17.5
|
-
|
|
Fabricated Metal Products
|
29.2
|
<7.5>
|
20.0
|
26.2
|
-
|
|
Non-metallic Mineral
|
<4.8>
|
<6.0>
|
<1.9>
|
6.6
|
-
|
|
Transport Equipment
|
8.6
|
10.4
|
5.3
|
<19.0>
|
-
|
|
Paper & Paper Products
|
2.3
|
4.6
|
4.1
|
14.9
|
-
|
|
Crude Oil Refineries
|
<2.4>
|
8.2
|
12.1
|
8.6
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
7,765.4
|
6,035.6
|
6,181.3
|
6,366.2
|
-
|
|
% of Industry Non-Performing Loans
|
17.3
|
12.7
|
12.7
|
14.1
|
-
|
|
|
|
|
|
|
|
|
Construction
|
<1.5>
|
<1.6>
|
<0.5>
|
5.2
|
6.3
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,547.7
|
5,172.7
|
5,527.3
|
5,116.7
|
-
|
|
% of Industry Non-Performing Loans
|
12.4
|
10.9
|
11.4
|
11.3
|
-
|
|
|
|
|
|
|
|
|
Services
|
6.8
|
6.6
|
7.2
|
9.0
|
8.6
|
|
Electric, Gas & Water
|
8.1
|
5.5
|
5.2
|
4.6
|
5.0
|
|
Transport, Storage & Communication
|
8.5
|
6.3
|
5.2
|
7.6
|
7.8
|
|
Wholesale, Retail, Hotel & Restaurant
|
7.1
|
8.0
|
7.1
|
11.6
|
10.0
|
|
Finance, Insurance & Real Estate
|
6.3
|
7.0
|
7.7
|
10.7
|
9.2
|
|
Government Services
|
6.5
|
7.6
|
9.8
|
4.6
|
8.6
|
|
Other Services
|
4.9
|
5.0
|
4.7
|
5.0
|
5.9
|
|
Industry Non-Performing Loans ( MYR Million )
|
8,913.7
|
8,716.8
|
11,593.2
|
10,207.8
|
-
|
|
% of Industry Non-Performing Loans
|
19.9
|
18.4
|
23.9
|
22.6
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
|
|
|
|
|
|
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
29191 : Manufacture of air-conditioning, refrigerating and
ventilating machinery
|
|
|
|
|
INDUSTRY :
|
MACHINERY
|
|
|
|
|
|
|
The early development of the machinery and equipment (M&E) industry
emerged to serve the agro-based and tin mining sectors. Over the years, local
manufacturers have also ventured into producing other M&E to meet the
need of other industries. There are four sectors in the M&E industry
and they are power generating M&E; metal working machinery; machinery
specialised for particular industries; and general industrial machinery,
equipment and parts.
|
|
Production of machinery and equipment industry including air conditioning,
refrigerating and ventilating machinery, contracted 13.7% during the first
six months of 2007 (January-June 2006: -1.7%) on account of lower sales of
5.9% (January-June 2006: 2.8%). Weakening sales during the period,
resulting from lower domestic and external demand, led to lower capacity
utilisation of 60.0%.
|
|
During the Industrial Master Plan 3 period the industry is expected to
expand further in tandem with the growth of major economic sectors, in
particular the manufacturing, agriculture and services sectors. With
increasing competition from lower cost producing countries, the industry is
expected to move up the value chain and strengthen its design, development
and innovation capabilities in the production of innovation capabilities in
the production of high technology M&E and specialized M&E for specific
industries.
|
|
To assist local small and medium enterprises enhance their technological
competitiveness in machinery and equipment manufacturing, the Government
has set up the Rasa Machinery and Equipment Technology Centre (Ramet)
managed by Sirim Bhd.
|
|
Malaysia being a net importer of M&E should be able to gained some
advantages from the de-pegged of US Dollar (USD). Even so, the
over-dependency of Malaysia on imported M&E indicates that the local
M&E industry needs to increase the number of projects approved for both
the domestic and the foreign investors.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Decline
|
COMMENTS
|
Established in 2007, the SC is a private limited company with core business
in the manufacturing of cooling towers. The SC was only in the operation
for less than a year and is a new presence in the industry. Its position in
the market is not stable. We noted that the SC's issued and paid up capital
stands at only RM3. This means that its creditors are only able to recover
a limited amount. Hence, caution is advised.
|
|
Besides catering to the local market, the SC has ventured into Asia
countries. We believe that this global approach has minimised its
commercial risk and better growth prospects can be expected. However, with
around 70% of its income are generated from the local market, the SC is
vulnerable to the changes in the local market. Headed by its CEO, Yashio
Yunoh, the SC currently has about 30 staff in its business operations.
|
|
The SC is a new start-up and only activates it business recently. It has
yet to file its financial statement with the Registrar Office. Therefore we
are unable to comment on the SC's financial position.
|
|
We noted that the SC's raw materials are sourced from the local market and
overseas market. With the major concentration on the overseas market, the
SC is exposed to high foreign currency risk.
|
|
The SC is clear from any litigation.
|
|
The industry demonstrates downward trend and the immediate outlook for the
industry is uncertain. If the SC fails to anticipate or respond timely to
changes in the markets, the unfavourable outlook of the industry would
adversely affect the SC's operating results as its market shares would
likely to fall.
|
|
Being a young company, we propose that business transaction with the SC be
conducted with caution and on a conservative basis until such time when the
SC is more fully established. Hence, credit is not recommended.
|
|
