|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
64135-M
|
|
COMPANY NAME
|
:
|
SYARIKAT BORCOS SHIPPING SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
08/11/1980
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
CHEW FOOK ONN BUILDING, 3 JALAN KROKOP, 98000 MIRI, SARAWAK,
MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
3 JALAN KROKOP, PO BOX 687, 98007 MIRI, SARAWAK, MALAYSIA.
|
|
TEL.NO.
|
:
|
085-419954
|
|
FAX.NO.
|
:
|
085-418850/54
|
|
EMAIL
|
:
|
admin@borcos.com.my
|
|
WEB SITE
|
:
|
www.borcos.com.my
|
|
CONTACT PERSON
|
:
|
SIDQI AHMAD SAID BIN AHMAD ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
61102
|
|
PRINCIPAL
ACTIVITY
|
:
|
AGENT FOR
RELATED SERVICES, VESSELS CHARTERING & HIRE
|
|
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
4,500,000.00 DIVIDED INTO
ORDINARY SHARES 2,595,000 CASH AND 1,905,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 126,032,778 [2005]
|
|
NET WORTH
|
:
|
MYR 97,968,123 [2005]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
500 [2008]
|
|
BANKER (S)
|
:
|
|
BANK
PEMBANGUNAN MALAYSIA BHD
MALAYAN BANKING BHD
UTAMA MERCHANT BANK BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
N/A
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
LOW
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
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) agent for related
services, vessels chartering & hire.
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
|
|
AWH EQUITY HOLDINGS SDN BHD
|
SETIA 1, 15 LORONG DUNGUN, DAMANSARA HEIGHT, LEVEL 7, 50490 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
666396
|
4,500,000.00
|
|
|
|
|
---------------
|
|
|
|
|
4,500,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
DATO' WAN ARIFF BIN WAN HAMZAH @ WAN MUHAMAD
|
|
Address
|
:
|
18, LORONG TITIWANGSA 2, OFF PERSIARAN TITIWANGSA, 53200 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
1946205
|
|
New IC No
|
:
|
450625-03-5245
|
|
Date of Birth
|
:
|
25/06/1945
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
14/07/2006
|
|
|
|
|
|
|
|
|
|
Working Experience
|
:
|
CHAIRMAN OF HAVEN GROUP SINCE 1992. BAR-AT-LAW (MIDDLE TEMPLE)
LONDON IN 1969. HE WAS CALLED TO THE MALAYAN BAR IN AUGUST 1970. PARTNER IN
THE LAW FIRM OF ARIFF & CO SINCE 1974. MEMBER OF THE AMERICAN BUREAU OF
SHIPPING SINCE 1994.
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. NADZRU BIN AZHARI
|
|
Address
|
:
|
1629, JALAN HJ TARMIDI, KAMPUNG RANTAU PANJANG, 42100 KLANG,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
4453998
|
|
New IC No
|
:
|
530720-03-5833
|
|
Date of Birth
|
:
|
20/07/1953
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
13/01/2004
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. SIDQI AHMAD SAID BIN AHMAD
|
|
Address
|
:
|
151-3A5, MENARA DUTA, JALAN 1/38B, SEGAMBUT, 51200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
A188559
|
|
New IC No
|
:
|
710718-02-5183
|
|
Date of Birth
|
:
|
18/07/1971
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
05/01/2000
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
SIDQI AHMAD SAID BIN AHMAD
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
TEOH POH LING
|
|
|
Position
|
:
|
FINANCE MANAGER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
WAN HIDAYAH ARIFF
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
KPMG
|
|
Auditor' Address
|
:
|
WISMA KPMG, JALAN DUNGUN, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. TAI YIT CHAN
|
|
|
IC / PP No
|
:
|
A1167797
|
|
|
New IC No
|
:
|
690118-10-6160
|
|
|
Address
|
:
|
888, HAPPY GARDEN, JALAN KUCHAI LAMA, 58200 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
Date of Appointment
|
:
|
01/06/2004
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. SAW BEE LEAN
|
|
|
IC / PP No
|
:
|
5165841
|
|
|
New IC No
|
:
|
570711-07-5952
|
|
|
Address
|
:
|
2, JALAN SS 22/34, DAMANSARA JAYA, 47400 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
|
Date of Appointment
|
:
|
01/06/2004
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
BANK PEMBANGUNAN MALAYSIA BHD
|
|
|
|
|
|
|
2)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
3)
|
Name
|
:
|
UTAMA MERCHANT BANK BHD
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s).
The SC has bank charges with above mentioned banker(s).
ENCUMBRANCE (S)
ENCUMBRANCE 1
|
Date of Creation
|
:
|
03/03/1999
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM8,260,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK INDUSTRI MALAYSIA BHD
|
|
BGN BANK INDUSTRI, JLN SULTAN ISMAIL, LEVEL 17, 50250 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 20/03/1999
|
|
Registered and Numbered 39 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
22/04/1999
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM19,144,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK INDUSTRI MALAYSIA BHD
|
|
DARUL TAKAFUL, JLN SULTAN ISMAIL, LEVEL 17, 50250 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 29/04/1999
|
|
Registered and Numbered 40 In The Register of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
22/04/1999
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM19,144,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK INDUSTRI MALAYSIA BHD
|
|
DARUL TAKAFUL, JLN SULTAN ISMAIL, LEVEL 17, 50250 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 29/04/1999
|
|
Registered and Numbered 41 In The Register of Charges
|
ENCUMBRANCE 4
|
Date of Creation
|
:
|
02/11/1999
|
|
Description Of Charge
|
:
|
|
CHARGE & DEED OF COVENANT ACCOMPANYING STATUTORY MORTGAGE
|
|
|
Amount Secured
|
:
|
RM5,000,000.00
|
|
Description Of Property Affected
|
:
|
|
BORCOS 20 & 21 WITH GROSS TONNAGE OF 181 TONS & REGISTER
TONNAGE OF 54 TONS
|
|
|
Name & Address Of Chargee
|
:
|
|
UTAMA MERCHANT BANK BHD
|
|
BGN BINAMAS, JLN PADUNGAN, 93100 KUCHING, SARAWAK, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 13/11/1999
|
|
Registered and Numbered 42 In The Register of Charges
|
ENCUMBRANCE 5
|
Date of Creation
|
:
|
24/04/2000
|
|
Description Of Charge
|
:
|
|
A STATUTORY MORTGAGE & ASSIGNMENT
|
|
|
Amount Secured
|
:
|
RM19,144,000.00
|
|
Description Of Property Affected
|
:
|
|
I UNIT EACH OF THE VESSEL KNOWN AS KARANG PUTIH & JANA UTAMA
INSURANCE POLICIES-TAKEN UP & HELD BY THE CO FROM TIME TO TIME
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK INDUSTRI & TEKNOLOGI MALAYSIA BHD
|
|
BGN BANK INDUSTRI, BDR WAWASAN, 1016, JLN SULTAN ISMAIL, LEVEL 28,
50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 29/05/2000
|
|
Registered and Numbered 43 In The Register of Charges
|
ENCUMBRANCE 6
|
Date of Creation
|
:
|
21/04/2003
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM30,745,459.00
|
|
Description Of Property Affected
|
:
|
|
1 UNIT OF STEEL OFFSHORE SUPPLY VESSEL KNOWN AS "BORCOS
TAKDIR"
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
112 JLN BENDAHARA, 98000 MIRI, SARAWAK, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 30/04/2003
|
|
Registered and Numbered 45 In The Register of Charges
|
ENCUMBRANCE 7
|
Date of Creation
|
:
|
21/05/2003
|
|
Description Of Charge
|
:
|
|
DEED OF COVENANT ACCOMPANYING STATUTORY MORTGAGE
|
|
|
Amount Secured
|
:
|
RM30,745,458.00
|
|
Description Of Property Affected
|
:
|
|
I UNIT OF STEEL OFFSHORE SUPPLY VESSEL KNOWN AS "BORCOS
TAKDIR"
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
112 JLN BENDAHARA, 98000 MIRI, SARAWAK, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 04/06/2003
|
|
Registered and Numbered 46 In The Register of Charges
|
ENCUMBRANCE 8
|
Date of Creation
|
:
|
26/05/2003
|
|
Description Of Charge
|
:
|
|
A STATUTORY MORTGAGE, ASSIGNMENT OF CHARTER & INSURANCE
POLICIES
|
|
|
Amount Secured
|
:
|
RM8,260,000.00
|
|
Description Of Property Affected
|
:
|
|
STATUTORY MORTGAGE-118 & DOC-118, TAQWA & DOC-TAQWA,
DOA-CP-TAQWA & DOA-CP-118, AOIP-TAQWQ & AOIP-118
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK INDUSTRI & TEKNOLOGI MALAYSIA BHD
|
|
BGN BANK INDUSTRI, BDR WAWASAN, 1016 JLN SULTAN ISMAIL, LEVEL 28,
50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 09/06/2003
|
|
Registered and Numbered 47 In The Register of Charges
|
ENCUMBRANCE 9
|
Date of Creation
|
:
|
24/06/2003
|
|
Description Of Charge
|
:
|
|
ASSIGNMENT OF MARINE INSURANCE
|
|
|
Amount Secured
|
:
|
RM30,745,459.00
|
|
Description Of Property Affected
|
:
|
|
1 UNIT OF STEEL OFFSHORE SUPPLY VESSEL KNOWN AS "BORCOS
TAKDIR"
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
112 JLN BENDAHARA, 98000 MIRI, SARAWAK, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 18/07/2003
|
|
Registered and Numbered 48 In The Register of Charges
|
ENCUMBRANCE 10
|
Date of Creation
|
:
|
24/03/2004
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM10,560,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK INDUSTRI & TEKNOLOGI MALAYSIA BHD
|
|
BGN BANK INDUSTRI, BDR WAWASAN, 1016 JLN SULTAN ISMAIL, LEVEL 28,
50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 29/03/2004
|
|
Registered and Numbered 50 In The Register of Charges
|
ENCUMBRANCE 11
|
Date of Creation
|
:
|
22/06/2004
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM7,659,384.56
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
MIRI BUSS CENTRE, 112 JLN BENDAHARA, 1ST FLR, 98000 MIRI, SARAWAK,
MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 05/07/2004
|
|
Registered and Numbered 51 In The Register of Charges
|
ENCUMBRANCE 12
|
Date of Creation
|
:
|
22/06/2004
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM4,441,884.00
|
|
Description Of Property Affected
|
:
|
|
1 UNIT OF A MOTOR TWIN SCREW CALLED BORVOS 112 (OFFICIAL NUMBER:
325738)
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
112 JLN BENDAHARA, 1ST FLR, 98000 MIRI, SARAWAK, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 52 In The Register of Charges
|
ENCUMBRANCE 13
|
Date of Creation
|
:
|
22/06/2004
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM4,441,884.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
112 JLN BENDAHARA, 1ST FLR FLR, 98000 MIRI, SARAWAK, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 53 In The Register of Charges
|
ENCUMBRANCE 14
|
Date of Creation
|
:
|
12/07/2004
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM4,640,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK INDUSTRI & TEKNOLOGI MALAYSIA BHD
|
|
BGN BANK INDUSTRI, BDR WAWASAN, 1016 JLN SULTAN ISMAIL, LEVEL 28,
50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 20/07/2004
|
|
Registered and Numbered 54 In The Register of Charges
|
ENCUMBRANCE 15
|
Date of Creation
|
:
|
02/08/2004
|
|
Description Of Charge
|
:
|
|
ASSIGNMENT & STATUTORY MORTGAGE
|
|
|
Amount Secured
|
:
|
RM10,560,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK INDUSTRI & TEKNOLOGI MALAYSIA BHD
|
|
BGN BANK INDUSTRI, BDR WAWASAN, 1016 JLN SULTAN ISMAIL, LEVEL 28,
50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 06/09/2004
|
|
Registered and Numbered 55 In The Register of Charges
|
ENCUMBRANCE 16
|
Date of Creation
|
:
|
20/08/2004
|
|
Description Of Charge
|
:
|
|
ASSIGNMENT & STATUTORY MORTGAGE
|
|
|
Amount Secured
|
:
|
RM10,560,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK INDUSTRI & TEKNOLOGI MALAYSIA BHD
|
|
BGN BANK INDUSTRI, BDR WAWASAN, 1016 JLN SULTAN ISMAIL, LEVEL 28,
50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 06/09/2004
|
|
Registered and Numbered 56 In The Register of Charges
|
ENCUMBRANCE 17
|
Date of Creation
|
:
|
20/08/2004
|
|
Description Of Charge
|
:
|
|
AGREEMENT & STATUTORY MORTGAGE
|
|
|
Amount Secured
|
:
|
RM10,560,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK INDUSTRI & TEKNOLOGI MALAYSIA BHD
|
|
BGN BANK INDUSTRI, BDR WAWASAN, 1016 JLN SULTAN ISMAIL, LEVEL 28,
50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 30/12/1899
|
|
Registered and Numbered 57 In The Register of Charges
|
ENCUMBRANCE 18
|
Date of Creation
|
:
|
04/08/2004
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM20,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
DSB LABUAN LTD
|
|
MAIN OFFICE TOWER, FINANCIAL PARK LABUAN, JLN MERDAKA, LEVEL 12E,
87000 LABUAN, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 10/09/2004
|
|
Registered and Numbered 58 In The Register of Charges
|
ENCUMBRANCE 19
|
Date of Creation
|
:
|
16/02/2005
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM4,640,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK INDUSTRI & TEKNOLOGI MALAYSIA BHD
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 60 In The Register of Charges
|
ENCUMBRANCE 20
|
Date of Creation
|
:
|
17/02/2005
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM10,497,500.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 61 In The Register of Charges
|
ENCUMBRANCE 21
|
Date of Creation
|
:
|
17/02/2005
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM10,497,500.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 62 In The Register of Charges
|
ENCUMBRANCE 22
|
Date of Creation
|
:
|
18/07/2005
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM15,844,944.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 64 In The Register of Charges
|
ENCUMBRANCE 23
|
Date of Creation
|
:
|
02/08/2005
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM20,623,636.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 65 In The Register of Charges
|
ENCUMBRANCE 24
|
Date of Creation
|
:
|
31/10/2005
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM11,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 66 In The Register of Charges
|
ENCUMBRANCE 25
|
Date of Creation
|
:
|
03/03/2006
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM49,384,827.60
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 67 In The Register of Charges
|
ENCUMBRANCE 26
|
Date of Creation
|
:
|
02/05/2006
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM1,695,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BUMIPUTRA-COMMERCE BANK BHD
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 68 In The Register of Charges
|
ENCUMBRANCE 27
|
Date of Creation
|
:
|
26/05/2006
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
O/D
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 69 In The Register of Charges
|
ENCUMBRANCE 28
|
Date of Creation
|
:
|
08/06/2006
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM10,497,500.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 70 In The Register of Charges
|
ENCUMBRANCE 29
|
Date of Creation
|
:
|
08/06/2006
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM10,497,500.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 71 In The Register of Charges
|
ENCUMBRANCE 30
|
Date of Creation
|
:
|
04/07/2006
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM1,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 72 In The Register of Charges
|
ENCUMBRANCE 31
|
Date of Creation
|
:
|
18/01/2007
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM22,630,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK PEMBANGUNAN MALAYSIA BHD
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 73 In The Register of Charges
|
ENCUMBRANCE 32
|
Date of Creation
|
:
|
08/03/2007
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM22,920,955.67
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 74 In The Register of Charges
|
ENCUMBRANCE 33
|
Date of Creation
|
:
|
08/03/2007
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM22,920,955.67
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 75 In The Register of Charges
|
ENCUMBRANCE 34
|
Date of Creation
|
:
|
08/03/2007
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM22,920,955.67
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 76 In The Register of Charges
|
ENCUMBRANCE 35
|
Date of Creation
|
:
|
19/03/2007
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM22,630,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK PEMBANGUNAN MALAYSIA BHD
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 77 In The Register of Charges
|
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
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
The SC is a service provider focusing on the vessel operation and it does not
have direct trade suppliers.
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
80%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
20%
|
|
Export Market
|
:
|
ASIA, MIDDLE EAST
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT),LETTER OF CREDIT (LC)
|
|
Type of Customer
|
:
|
OIL & GAS INDUSTRIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The SC's main clients are the major oil and gas companies such as Sarawak
Shell Bhd., Sabah Shell Petroleum Company, Petronas Carigali Sdn. Bhd,
ExxonMobil Exploration and Production Malaysia Inc. and Brunei Shell
Petroleum Co. Ltd.
The SC's other clients include construction and engineering companies
involved in the provision of services to the offshore oil and gas industry.
OPERATIONS
|
Services
|
:
|
|
OPERATING OF VESSELS, SUPPORTING SERVICES TO THE OIL AND GAS
INDUSTRY
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
BUMI ARMADA BHD
|
|
COMPLETE LOGISTIC SPECIALIST SDN BHD
|
|
INTEGRATED LOGISTICS BHD
|
|
LTS LOGISTICS SDN BHD
|
|
U.B. MARINE ENGINEERING SDN BHD
|
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2008
|
2007
|
2006
|
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
500
|
400
|
340
|
|
|
|
|
|
|
|
Branch
|
:
|
|
|
No of Branches
|
:
|
|
|
|
|
|
|
Branch(es)
|
:
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) agent for related
services, vessels chartering & hire.
The SC is involved in operating of the vessels.
The SC's vessels used for the oil and gas industry and for carrying the
petroleum, diesel or gas.
The SC currently owns and manages a fleet of 31 marine vessels comprising
various types of vessels such as Fast Crew Boat, Safety Standby, Offshore
Support Vessel (OSV), Harbour Tug, Utility Vessel, Pilot Boat, Landing Craft
and General Purpose Vessel.
The SC also specializes in the provision of marine transportation and support
services for the offshore oil and gas industry.
According to Ms Teoh, the Finance Manager, the SC is expected to purchase
more vessels for the oil and gas industry.
The SC has branches in Kuala Lumpur, Kemaman and Kota Belud. The SC no longer
has branch in Labuan.
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
|
:
|
085-419954
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
CHEW FOOK ONN BUILDING, 3, JLN KROKOP, PO BOX 687, 98007 MIRI,
SARAWAK.
|
|
Current Address
|
:
|
3 JALAN KROKOP, PO BOX 687, 98007 MIRI, SARAWAK, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
NO
|
|
We contacted the SC's Company Secretary pertaining to the SC's latest
financials. However they refused to provide a copy to us as it is
confidential.
|
|
|
Other Investigations
We contacted the SC's Finance Manager, Ms Teoh Poh Ling. She provided some
information on the SC. Later we contacted one of the Senior staff from the
Operation Division for more information on the SC.
According to the SC, its business address is still valid without the building
name.
FINANCIAL COMMENTS
The SC's latest available financial
accounts with the Registrar of Companies are for the year 2005 only. We are
of the opinion that the financial accounts are outdated and our comment on
the SC's financial is restricted thereto.
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
|
|
61102 : Freight transportation by sea-going and coastal water
vessels
|
|
|
|
|
INDUSTRY :
|
FREIGHT FORWARDING
|
|
|
|
|
|
|
The Federation of Malaysian Freight Forwarders (FMFF) has forecasted the
growth for the freight forwarding industry would be uncertain and very much
depending on government policy in 2007. This is due to the increasingly
challenging operating environment following the liberalisation of the
logistics industry in the region. The local freight forwarders have to
adopt better strategies in order to face the challenges from the regional
peers. Nonetheless, the local container hauliers see sustainable profits
and increased efficiency in year 2007 as the industry makes upward
adjustments to the rates for 20-foot container deliveries. With the new
"single box-rate" tariff would see hauliers charging one flat
rate for all container sizes they carry. The charges will be based on the
current 40-footer rate, regardless of whether hauliers carry a 20-, 40- or
45- foot container.
|
|
The logistics industry is one of the fastest growing sector in tandem with
growth in world trade. The supply chain is changing rapidly as a result of
globalisation. The cross border flow of foreign investment has altered world
trade patterns. Manufacturers are increasingly outsourcing their transport
and logistics activities reflecting their strategies to maintain lower
inventories and also to meet customer demand without disruption in supply.
The logistics industry in Malaysia has developed into an industry by itself
rather than a supportive industry as in the past. The expansion of trade
and the flow of FDI has enhanced the integration of Malaysia into the
global economy. As such the logistics industry needs to be further developed
to keep pace with the increasing demand of international trade, as well as
provide a source of growth to the national economy.
|
|
The Third Industrial Master Plan (IMP3) targets for the logistics industry
to grow at 8.6% (2006-2020) and constribute 12.1% to GDP by 2020. The
efficient performance of ports and inland logistics services is important
to achieve the targets of the IMP3. Following are the SIX strategies
thrusts have been identified for the development of the logistics industry
under the IMP3 :-
|
|
1. creating an efficient and competitive logistrics industry to support
Malaysia's industrialisation efforts;
|
|
2. developing the industry in particular transport modes to operate in a
competitive international environment;
|
|
3. improving the capacity and capability of the industry to enhance its
participation in the global supply chain;
|
|
4. intensifying the application of new information and communication
technology;
|
|
5. ensuring and adequate supply of competent workforce; and
|
|
6. strengthening the institutional support through inter-ministry and
agency co-ordination in the planning, implementation and monitoring of
policies and measures affecting the industry.
|
|
Overall the volume forecast by 2020 are as below :-
|
|
1. Total marine cargo handled to increase by more than three-fold, from
252.6 million tonnes in 2005 to 751 million tonnes;
|
|
2. Volume of air cargo trade to increase by more than two-fold, from 1
million tonnes in 2005 to 2.4 million tonnes; and
|
|
3. Cargo handled by railway freight to increase by more than four-fold,
from 4 million tonnes in 2005 to 18.6 million tonnes.
|
|
To assit Malaysian logistics proivders the Government has established the
Malaysian Logistics Council (MLC). The MLC is a public and private sector
consultative body, that will provide relevant feedback to government to
ensure the continued and sustained growth of the logistrics industry in
Malaysia.
|
|
For the year 2006, boosted by strong international trade and trade-related
activities, capacity expansion in post facilities and equipment as well as
improvements in productivity, container traffic at seven major ports namely
Port Klang, Penang, Johor and including Port of Tanjong Pelepas (PTP),
Kuantan, Kuching, and Bintulu rose to 6.3 million twenty-foot equivalent units
(TEUs) in the first six months of the year (January-June 2005 : 3.3%; 5.8
million TEUs), an increase of 9.5% over the corresponding period last year.
Port Klang, comprising Northport and Westports, handled 3.1 million TEUs or
48.3% (January-June 2005: 2.7 million TEUs; 46.8%) of the total volume
handled while PTP's share of container throughout rose to 2.2 million TEUs
during the same period (January-June 2005: 2.1 million TEUs). Meanwhile,
the number of ships calling on the seven major ports increased by 704 ships
to 21,603 in the same period with Port Klang dominating 37.3% of the ship
calls (January- June 2005:20,899; 36%).
|
|
As the freight services is the main revenue earner for Keretapi Tanah
Melayu Berhad (KTMB), the fully commissioned 20 units of high-powered
locomotives are expected to further enhance volume capacity. KTMB's growth
prospects will also be targeted to carry long haul with higher yield goods,
such as containerized cargo which accounts for 65% of freight services
revenue. Land feeder services between ports have also increased to enable
KTMB handle an estimated 450,000 TEUs for the year (2005:380,000 TEUs).
Futher, pit stop operations (PSO), which call for close monitoring and
review of all critical operations at terminals such as time taken for
shunting, loading, refueling and inspection have also expedited work
processes and improved productivity.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
COMMENTS
|
Established in 1980, as a private limited company, the SC is principally involved
in operating of vessels and supporting services to the oil and gas
industry. Being a large entity with a paid up capital of RM4.5million, the
SC has the abilities to expand its business comfortably. With over two
decades of business experience, it should have enabled the SC to build up
its business experience in the market. As a wholly owned company of AWH
Equity Holdings Sdn Bhd, the SC is expected to enjoy timely assistance when
the needs arise.
|
|
Apart from supplying its products to the local market, the SC has broaden
its reach and penetrated into the global market such as Asia and Middle
East countries. Such a wide market coverage has minimised its business risk
and benefited the SC in terms of higher earning. With the strong support
from its reputed customers, the SC should have competitive edge against
other players. Today, the management of the SC is assisted by 500 employees
in the operations. Its management capability is considered average.
|
|
Due to unavailability of its latest financial statements, we are unable to
comment on the SC's financial standing.
|
|
As a services providing company, the SC has no supplier. Being involved in
small volume of export activities, the SC is not affected by foreign
exchange risk.
|
|
There are no legal suits against the SC.
|
|
The industry shows an upward trend and this trend is very likely to sustain
in the near term. With the promising outlook of the industry, the SC should
be able to further enhance its business.
|
|
Nonetheless, we noted that the SC's bank charges in year 2007 are exceed
its paid up capital. In view of this and based on our assessment, we do not
recommend credit be granted to the SC.
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA
ACCOUNTING STANDARD.
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
SYARIKAT BORCOS SHIPPING SDN BHD
|
|
31-December-2005
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Turnover
|
126,032,778.00
|
|
Operating Revenue
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Before Tax
|
28,536,958.00
|
|
|
---------------------
|
|
|
|
Profit/(Loss) After Tax
|
23,599,637.00
|
|
Extraordinary Item
|
0.00
|
|
Minority Interest
|
1,106.00
|
|
|
---------------------
|
|
Profit/(Loss) Attributable to Shareholders
|
23,600,743.00
|
|
|
---------------------
|
|
|
|
Prior Period Adjustment
|
0.00
|
|
Net Dividend
|
0.00
|
|
Transferred To/From Reserved
|
0.00
|
|
Others
|
0.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Brought Forward
|
69,606,359.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Carried Forward
|
93,207,102.00
|
|
|
================
|
|
|
|
BALANCE SHEET
|
|
SYARIKAT BORCOS SHIPPING SDN BHD
|
|
31-December-2005
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Fixed Assets
|
185,640,364.00
|
|
Total Investment
|
0.00
|
|
Amount Owing By
|
0.00
|
|
Current Assets
|
93,268,121.00
|
|
Intangible Assets
|
0.00
|
|
Other Assets
|
18,432,648.00
|
|
|
---------------------
|
|
Total Assets
|
297,341,133.00
|
|
|
================
|
|
|
|
|
Working Capital
|
9,236,670.00
|
|
|
|
|
Issued Capital
|
4,500,000.00
|
|
Paid Up Capital
|
4,500,000.00
|
|
Share Premium & Reserved
|
261,021.00
|
|
Unappropriated Profit/(Loss)
|
93,207,102.00
|
|
|
---------------------
|
|
Shareholder's Fund/Equity
|
97,968,123.00
|
|
|
---------------------
|
|
|
|
Current Liabilities
|
84,031,451.00
|
|
Amount Owing To
|
0.00
|
|
Long-term and Deferred Liabilities
|
114,906,262.00
|
|
Share Application Account
|
0.00
|
|
Minority Interest
|
435,297.00
|
|
|
---------------------
|
|
Total Equity Liability
|
297,341,133.00
|
|
|
================
|
|
|
|
|
Contingent Liabilities
|
0.00
|
|
