EXECUTIVE SUMMARy
|
REGISTRATION NO.
|
:
|
314248-T
|
|
COMPANY NAME
|
:
|
TCL INDUSTRIES (MALAYSIA)
SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
03/09/1994
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
PLOT 4248,
TELUK KALONG INDUSTRIAL ESTATE, 24007 KEMAMAN, TERENGGANU, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
PLOT 4248,
TELUK KALONG INDUSTRIAL ESTATE, 24007 KEMAMAN, TERENGGANU, MALAYSIA.
|
|
TEL.NO.
|
:
|
09-8633029
|
|
FAX.NO.
|
:
|
09-8633085
|
|
WEB SITE
|
:
|
www.tclm.com.my
|
|
CONTACT PERSON
|
:
|
C V RAJULU ( VICE PRESIDENT )
|
|
INDUSTRY CODE
|
:
|
241
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURING OF
MALEIC ANHYDRIDE
|
|
AUTHORISED CAPITAL
|
:
|
MYR
50,000,000.00 DIVIDED INTO
ORDINARY SHARE 50,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR
38,622,002.00 DIVIDED INTO
ORDINARY SHARES 37,996,022 CASH AND 625,980 OTHERWISE OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 4,774,183
[2007]
|
|
NET WORTH
|
:
|
MYR 1,541,490
[2007]
|
|
STAFF STRENGTH
|
:
|
160 [2011]
|
|
BANKER (S)
|
|
- CIMB BANK BHD
- MALAYAN BANKING BHD
- RHB BANK BHD
|
|
LITIGATION
|
:
|
TRACED
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
N/A
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
N/A
|
|
COMMERCIAL RISK
|
:
|
N/A
|
|
CURRENCY EXPOSURE
|
:
|
N/A
|
|
GENERAL REPUTATION
|
:
|
N/A
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG GROWTH
|
|
PROPOSED
CREDIT LIMIT
|
:
|
NIL
|
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) manufacturing of maleic
anhydride.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
THIRUMALAI CHEMICALS LTD
|
73, MITTAL TOWER B WING, NARIMAN POINT, BOMBAY
400021, 8TH FLOOR, INDIA.
|
|
15,422,000.00
|
|
ULTRAMARINE & PIGMENTS LTD
|
THIRUMALAI HOUSE, PLOT 101/102, SION EAST, MUMBAI 400022, INDIA.
|
|
7,600,000.00
|
|
RANSON PTE LTD
|
150 ORCHARD
ROAD, 06-07 ORCHARD PLAZA, 0923, SINGAPORE.
|
|
5,408,002.00
|
|
PROMET BHD
|
MENARA PROMET, JALAN SULTAN ISMAIL, 33RD FLOOR, 50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
3482
|
3,120,000.00
|
|
SINGAPORE HIGHPOLYMER CHEMICAL PRODUCTS PTE LTD
|
21 TANJUNG PENJURU, JURONG INDUSTRIAL ESTATE, 2260, SINGAPORE.
|
|
3,120,000.00
|
|
TERENGGANU INCORPORATED SDN BHD
|
JKR 168, JALAN TEMASYA PANTAI, BATU BURUK, 20400 KUALA TERENGGANU, TERENGGANU, MALAYSIA.
|
725242
|
3,120,000.00
|
|
MR. N.S. MANI @ NATARAJAN SUBRAMANIAM
|
245 ORCHARD
BOULEVARD, 12-03 ORCHARD BEL AIR, 248648, SINGAPORE.
|
1340632D
|
832,000.00
|
|
|
|
|
---------------
|
|
|
|
|
38,622,002.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. KRISHNASWAMY THIRUMALAI
|
|
Address
|
:
|
LOT 144, 50 JALAN DELIMA, 24000 KEMAMAN, TERENGGANU, MALAYSIA.
|
|
IC / PP No
|
:
|
F1263653
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
02/11/1999
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. SAGI VENKATA SEETHA RAMA RAJU
|
|
Address
|
:
|
2557, TAMAN SI BUYUNG, 24000 KEMAMAN, TERENGGANU, MALAYSIA.
|
|
IC / PP No
|
:
|
Z1714023
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
30/06/2003
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
C V RAJULU
|
|
|
Position
|
:
|
VICE PRESIDENT
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
N.ULAGANATHAN
|
|
|
Position
|
:
|
FINANCIAL CONTROLLER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
MOHD ALI BIN AYUB
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
WAN ZAINI
|
|
|
Position
|
:
|
EXECUTIVE
|
AUDITOR
|
Auditor
|
:
|
ERNST & YOUNG
|
|
Auditor' Address
|
:
|
MENARA MILENIUM, JALAN DAMANLELA, PUSAT BANDAR DAMANSARA, LEVEL 23A,
50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. HONG BOON WEE
|
|
|
IC / PP No
|
:
|
A1536772
|
|
|
New IC No
|
:
|
701007-10-5625
|
|
|
Address
|
:
|
12, JALAN CEMARA SD 3/8, BANDAR SRI DAMANSARA, 52200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
BANKING
Banking relations are maintained principally with :
|
2)
|
Name
|
:
|
MALAYAN BANKING 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
|
:
|
26/04/1995
|
|
Description Of Charge
|
:
|
|
DEBENTURE, FIXED AND FLOATING
|
|
|
Amount Secured
|
:
|
USD8,197,471.00
|
|
Description Of Property Affected
|
:
|
|
FIXED AND FLOATING CHARGE
|
|
|
Name & Address Of Chargee
|
:
|
|
MAYBANK INTERNATIONAL (L) LTD
|
|
|
|
|
Form 40 Dated 04/05/1995
|
|
Registered and Numbered 1 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
26/04/1995
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
USD8,197,471.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MAYBANK INTERNATIONAL (L) LTD
|
|
|
|
|
Form 40 Dated 04/05/1995
|
|
Registered and Numbered 2 In The Register of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
26/04/1995
|
|
Description Of Charge
|
:
|
|
AGREEMENT, FIXED AND FLOATING
|
|
|
Amount Secured
|
:
|
RM27,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
MENARA TR, 161B JLN AMPANG, 22ND FLR, 50450 KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
|
Form 40 Dated 04/05/1995
|
|
Registered and Numbered 3 In The Register of Charges
|
ENCUMBRANCE 4
|
Date of Creation
|
:
|
26/04/1995
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
USD8,197,471.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MAYBANK INTERNATIONAL (L) LTD
|
|
WISMA OCEANIC, JLN OKK AWANG BESAR, LEVEL 8, 87007 LABUAN, SABAH, MALAYSIA.
|
|
|
Form 40 Dated 04/05/1995
|
|
Registered and Numbered 4 In The Register of Charges
|
ENCUMBRANCE 5
|
Date of Creation
|
:
|
26/04/1995
|
|
Description Of Charge
|
:
|
|
DEBENTURE, FIXED AND FLOATING
|
|
|
Amount Secured
|
:
|
RM13,500,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
MENARA MAYBANK, 100 JLN TUN PERAK, 50050 KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 04/05/1995
|
|
Registered and Numbered 5 In The Register of Charges
|
ENCUMBRANCE 6
|
Date of Creation
|
:
|
26/04/1995
|
|
Description Of Charge
|
:
|
|
DEBENTURE, FIXED AND FLOATING
|
|
|
Amount Secured
|
:
|
RM13,500,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
MENARA TR, JLN AMPANG, 18TH FLR, 50450 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
Form 40 Dated 04/05/1995
|
|
Registered and Numbered 6 In The Register of Charges
|
ENCUMBRANCE 7
|
Date of Creation
|
:
|
27/04/1999
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM5,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
TOWER 3, RHB CENTRE, 426 JLN TUN RAZAK, LEVEL 8, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 27/04/1995
|
|
Registered and Numbered 7 In The Register of Charges
|
ENCUMBRANCE 8
|
Date of Creation
|
:
|
27/04/1999
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM5,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
MENARA MAYBANK, 100 JLN TUN PERAK, 14TH FLR, 50050 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
Form 40 Dated 27/04/1995
|
|
Registered and Numbered 8 In The Register of Charges
|
ENCUMBRANCE 9
|
Date of Creation
|
:
|
27/04/1999
|
|
Description Of Charge
|
:
|
|
CHARGE, FIXED ANG FLOATING
|
|
|
Amount Secured
|
:
|
RM5,000,000.00
|
|
Description Of Property Affected
|
:
|
|
HS(D) 2425 PT LOT 4248, MK TELUK
KALUNG, KEMAMAN
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
TOWER 3, RHB CENTRE, 426 JLN TUN RAZAK, LEVEL 8, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 27/04/1995
|
|
Registered and Numbered 9 In The Register of Charges
|
ENCUMBRANCE 10
|
Date of Creation
|
:
|
27/04/1999
|
|
Description Of Charge
|
:
|
|
CHARGE, FIXED AND FLOATING
|
|
|
Amount Secured
|
:
|
RM5,000,000.00
|
|
Description Of Property Affected
|
:
|
|
HS(D) 2425 PT LOT 4248, MK TELUK
KALUNG, KEMAMAN
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
MENARA MAYBANK, 100 JLN TUN PERAK, 14TH FLR, 50050 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 27/04/1999
|
|
Registered and Numbered 10 In The Register of Charges
|
ENCUMBRANCE 11
|
Date of Creation
|
:
|
27/04/1999
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM10,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
TOWER 3, RHB CENTRE, 426 JLN TUN RAZAK, LEVEL 8, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 27/04/1999
|
|
Registered and Numbered 11 In The Register of Charges
|
ENCUMBRANCE 12
|
Date of Creation
|
:
|
08/10/2001
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM5,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 01/01/2001
|
|
Registered and Numbered 12 In The Register of Charges
|
ENCUMBRANCE 13
|
Date of Creation
|
:
|
08/10/2001
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM5,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 01/10/2001
|
|
Registered and Numbered 13 In The Register of Charges
|
ENCUMBRANCE 14
|
Date of Creation
|
:
|
08/10/2001
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM5,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 08/10/2001
|
|
Registered and Numbered 14 In The Register of Charges
|
ENCUMBRANCE 15
|
Date of Creation
|
:
|
08/10/2001
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM5,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 08/10/2001
|
|
Registered and Numbered 15 In The Register of Charges
|
ENCUMBRANCE 16
|
Date of Creation
|
:
|
01/10/2001
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM20,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 08/10/2001
|
|
Registered and Numbered 16 In The Register of Charges
|
ENCUMBRANCE 17
|
Date of Creation
|
:
|
01/10/2001
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM20,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 08/10/2001
|
|
Registered and Numbered 17 In The Register of Charges
|
ENCUMBRANCE 18
|
Date of Creation
|
:
|
14/02/1996
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MAYBANK INTERNATIONAL (L) LTD
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 18 In The Register of Charges
|
ENCUMBRANCE 19
|
Date of Creation
|
:
|
14/02/1996
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MAYBANK INTERNATIONAL (L) LTD
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 19 In The Register of Charges
|
ENCUMBRANCE 20
|
Date of Creation
|
:
|
14/02/1996
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM13,500,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 20 In The Register of Charges
|
ENCUMBRANCE 21
|
Date of Creation
|
:
|
14/02/1996
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM13,500,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 21 In The Register of Charges
|
ENCUMBRANCE 22
|
Date of Creation
|
:
|
24/11/2006
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MAYBANK INTERNATIONAL (L) LTD
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 22 In The Register of Charges
|
ENCUMBRANCE 23
|
Date of Creation
|
:
|
24/11/2006
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MAYBANK INTERNATIONAL (L) LTD
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 23 In The Register of Charges
|
ENCUMBRANCE 24
|
Date of Creation
|
:
|
24/11/2006
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MAYBANK INTERNATIONAL (L) LTD
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 24 In The Register of Charges
|
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank against the SC whether the subject
has been involved in any litigation. Our databank consists of 99% of the
wound up companies in Malaysia.
|
LEGAL ACTION
|
|
|
Code No
|
:
|
52
|
Case No
|
:
|
10711
|
|
|
|
|
|
|
Year
|
:
|
2001
|
Place
|
:
|
KUALA LUMPUR
|
|
|
|
|
|
|
Court
|
:
|
SESSIONS COURT
|
|
|
|
|
|
|
|
|
|
Solicitor
|
:
|
TAY & PARTNERS
|
|
|
|
|
|
|
|
|
|
Defendants
|
:
|
|
TCL INDUSTRIES MALAYSIA
SDN BHD (314248)
|
|
TOWER BLK, KOMPLEKS ANTARABANGSA, JLN SULTAN ISMAIL, 10TH FLR,
50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
MULTIMODAL FREIGHT SDN BHD (174274)
|
|
IBU PEJABAT KORPORAT KTMB, JLN SULTAN HISHAMUDDIN, 1ST FLR, 50621 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
Amount Claimed
|
:
|
77,058.78
|
|
|
|
|
|
|
|
|
|
Remark
|
:
|
LIST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Code No
|
:
|
24
|
Case No
|
:
|
337
|
|
|
|
|
|
|
Year
|
:
|
2006
|
Place
|
:
|
KUALA LUMPUR
|
|
|
|
|
|
|
Court
|
:
|
HIGH COURT
|
|
|
|
|
|
|
|
|
|
Defendants
|
:
|
|
TCL INDUSTRIES (MALAYSIA)
SDN BHD (314248)
|
|
MENARA MILENIUM, JALAN DAMANLELA, PUSAT BANDAR DAMANSARA, LEVEL 5,
50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
Remark
|
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
Please check with creditors for confirmation as alleged debts may
have been paid since recorded or are being disputed. The person wo has been
sued has the same name as the subject. However, we are unable to determine
whether the person sued is the one and the same person.
|
|
WINDING UP PETITION / ORDER LIQUIDATION
|
|
Name
|
:
|
TCL INDUSTRIES (MALAYSIA)
SDN BHD(314248)
|
|
|
|
|
|
|
|
Court
|
:
|
ROC
|
Place
|
:
|
KUALA LUMPUR
|
|
Case No
|
:
|
272
|
Year
|
:
|
2009
|
|
Petitioner Date
|
:
|
03/02/2009
|
|
|
|
|
Receiver / Liquidator
|
:
|
GABRIEL TEO CHUN
|
|
|
|
|
Receiver / Liquidator IC/PP No
|
:
|
710710-13-5089
|
|
|
|
|
Receiver & Address
|
:
|
99, JALAN TELAWI, BANGSAR BARU, 59100 KUALA LUMPUR
|
|
|
|
|
Appointment Date
|
:
|
03/02/2009
|
|
|
|
DEFAULTER CHECK AGAINST SC
* We have checked through the SC in our defaulters' database which comprised of
debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
10%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
90%
|
|
Export Market
|
:
|
ASIA, EUROPE,
MIDDLE EAST
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT),LETTER OF CREDIT (LC)
|
|
Type of Customer
|
:
|
MANUFACTURING INDUSTRIES
|
|
|
|
|
|
|
|
|
CUSTOMER(S)
|
:
|
|
1) SYNTHESE (MALAYSIA)
SDN BHD
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Award
|
:
|
|
1 ) MS ISO 14001 Year :2002
|
|
2 ) MS ISO 9001 : 2000 Year :2000
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
CHEMICAL INDUSTRIES SABAH SDN BHD
|
|
MC BAUCHEMIE (MALAYSIA)
SDN BHD
|
|
PAO YEANG SDN BHD
|
|
SEE SEN CHEMICAL BHD
|
|
TITAN CHEMICALS CORP BHD
|
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
|
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)
|
|
SMI ASSOCIATION OF MALAYSIA
|
|
CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM)
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2009
|
2008
|
2006
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
160
|
160
|
150
|
120
|
90
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing of maleic
anhydride.
The SC produces petrochemicals, one of the crucial raw materials for various
manufacturing applications.
The SC produces maleic anhydride, one of the raw materials used for producing
polyesther resin, cosmetics, additives, paper industries as well as fine
chemicals.
The SC produces its products in solid and liquid forms.
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
|
:
|
09-8633029
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
PLOT 4248 TELOK KALONG INDUSTRIAL ESTATE KEMAMAN 24007 TERENGGANU
DARUL IMAN TERENGGANU DARUL IMAN
|
|
Current Address
|
:
|
PLOT 4248, TELUK KALONG INDUSTRIAL ESTATE, 24007 KEMAMAN, TERENGGANU, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
NO
|
|
We have contacted the SC's Accountant and its Company Secretary for the
latest financial accounts. However they have rejected our request in view
of the confidentiality of the documents.
|
Other Investigations
We contacted Mr
Wan Zaini, the SC's Senior Executive from Finance Department. According to
him, the SC is in the process of winding up and it is expected to be taken
over by new management team under the company Optimistic Organic Sdn Bhd by
March 2011.
We also contacted Mr Mohd Ali, one of the Director from the Optimistic
Organic Sdn Bhd. According to him, his compnay will take over the SC in March
2011. At the same time, the business and staff from the SC are expected to be
transferred to Optimistic Organic Sdn Bhd.
However the SC is allowed to carry out its business as the liquidator already
get an approval from the respective bankers.
FINANCIAL COMMENTS
The SC's latest
financial accounts are up to 2007 which is out dated in our opinion.
Therefore, our comment on the SC financial performance is restricted thereto.
Overall financial condition of the SC : N/A
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
27.17
|
27.73
|
28.31
|
28.88
|
29.13
|
|
Gross Domestic Products ( % )
|
6.3
|
4.6
|
<0.5>
|
6.9
|
5.8
|
|
Domestic Demand ( % )
|
9.0
|
6.9
|
2.9
|
4.6
|
4.8
|
|
Private Expenditure ( % )
|
8.6
|
7.1
|
<2.7>
|
8.1
|
7.0
|
|
Consumption ( % )
|
9.0
|
8.4
|
0.7
|
6.7
|
6.3
|
|
Investment ( % )
|
7.1
|
1.5
|
<17.2>
|
15.2
|
10.2
|
|
Public Expenditure ( % )
|
10.1
|
6.5
|
5.2
|
3.8
|
2.8
|
|
Consumption ( % )
|
10.8
|
11.6
|
3.1
|
0.2
|
4.6
|
|
Investment ( % )
|
9.3
|
0.7
|
8.0
|
8.3
|
0.6
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
100,340
|
129,563
|
89,650
|
118,356
|
116,058
|
|
Government Finance ( MYR Million )
|
<19,948>
|
<34,462>
|
<28,450>
|
<40,482>
|
-
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<3.2>
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
|
Inflation ( % Change in Composite CPI)
|
2.0
|
<3.3>
|
<5.2>
|
5.1
|
-
|
|
Unemployment Rate
|
3.2
|
3.7
|
4.5
|
3.9
|
-
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
336
|
388
|
331
|
394
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
3.04
|
1.91
|
2.87
|
2.20
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
13.30
|
13.24
|
11.08
|
15.30
|
-
|
|
Average Base Lending Rate ( % )
|
6.72
|
6.72
|
5.53
|
5.70
|
-
|
|
Business Loans Disbursed( % )
|
9.1
|
11.6
|
10.5
|
14.7
|
-
|
|
Foreign Investment ( MYR Million )
|
33,426.0
|
23,261.4
|
22,156.8
|
22,517.9
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
43,337
|
41,599
|
41,578
|
-
|
-
|
|
Registration of New Companies ( % )
|
13.2
|
<4.0>
|
<0.1>
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
22,629
|
27,992
|
39,075
|
-
|
-
|
|
Liquidation of Companies ( % )
|
161.5
|
23.7
|
39.6
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
227,410
|
269,866
|
312,581
|
-
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
20,431
|
18,885
|
19,345
|
-
|
-
|
|
Business Dissolved ( % )
|
<61.4>
|
<7.6>
|
2.4
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
442.9
|
497.5
|
319.4
|
369.7
|
-
|
|
Cellular Phone Subscribers ( Million )
|
23.3
|
25.1
|
30.1
|
32.8
|
-
|
|
Tourist Arrival ( Million Persons )
|
20.9
|
21.5
|
23.6
|
24.0
|
-
|
|
Hotel Occupancy Rate ( % )
|
70
|
68
|
58
|
63
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
20.1
|
17.1
|
12.8
|
15.1
|
-
|
|
Bad Cheque Offenders (No.)
|
30,004
|
34,834
|
-
|
-
|
-
|
|
Individual Bankruptcy ( No.)
|
13,238
|
13,907
|
-
|
-
|
-
|
|
Individual Bankruptcy ( % )
|
<2.6>
|
5.1
|
-
|
-
|
-
|
|
INDUSTRIES ( % of Growth ):
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.1
|
3.6
|
0.4
|
3.4
|
4.5
|
|
Palm Oil
|
<0.6>
|
7.0
|
<1.1>
|
1.3
|
-
|
|
Rubber
|
1.0
|
<1.1>
|
<19.8>
|
9.9
|
-
|
|
Forestry & Logging
|
2.8
|
<1.5>
|
<5.9>
|
<1.3>
|
-
|
|
Fishing
|
5.2
|
4.0
|
5.5
|
4.1
|
-
|
|
Other Agriculture
|
7.0
|
5.9
|
9.0
|
6.6
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
487.3
|
393.0
|
413.7
|
508.4
|
-
|
|
% of Industry Non-Performing Loans
|
1.1
|
<2.0>
|
1.3
|
2.1
|
-
|
|
|
|
|
|
|
|
|
Mining
|
3.3
|
<0.8>
|
<3.8>
|
1.0
|
2.9
|
|
Oil & Gas
|
2.2
|
12.7
|
2.1
|
4.9
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
42.2
|
36.0
|
44.2
|
49.7
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
3.1
|
1.3
|
<9.4>
|
10.8
|
6.7
|
|
Exported-oriented Industries
|
<1.9>
|
2.7
|
<19.0>
|
12.1
|
-
|
|
Electrical & Electronics
|
3.0
|
2.4
|
<30.3>
|
27.4
|
-
|
|
Rubber Products
|
8.0
|
4.2
|
<10.1>
|
25.3
|
-
|
|
Wood Products
|
3.3
|
<6.0>
|
<24.1>
|
19.7
|
-
|
|
Textiles & Apparel
|
<10.1>
|
1.9
|
<19.5>
|
<1.3>
|
-
|
|
Domestic-oriented Industries
|
5.3
|
9.9
|
<9.8>
|
16.3
|
-
|
|
Food, Beverages & Tobacco
|
5.6
|
9.5
|
0.2
|
3.0
|
-
|
|
Chemical & Chemical Products
|
9.2
|
1.4
|
<7.7>
|
20.4
|
-
|
|
Plastic Products
|
<3.6>
|
6.5
|
<9.1>
|
2.4
|
-
|
|
Iron & Steel
|
17.5
|
16.8
|
<32.7>
|
30.0
|
-
|
|
Fabricated Metal Products
|
26.2
|
14.7
|
<2.5>
|
14.9
|
-
|
|
Non-metallic Mineral
|
6.6
|
8.3
|
<15.5>
|
20.2
|
-
|
|
Transport Equipment
|
<19.0>
|
27.1
|
<13.5>
|
36.5
|
-
|
|
Paper & Paper Products
|
14.9
|
8.6
|
<5.0>
|
20.5
|
-
|
|
Crude Oil Refineries
|
8.6
|
7.8
|
0.2
|
<11.4>
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,366.2
|
5,729.4
|
6,007.3
|
6,217.5
|
-
|
|
% of Industry Non-Performing Loans
|
14.1
|
16.8
|
18.3
|
23.8
|
-
|
|
|
|
|
|
|
|
|
Construction
|
4.6
|
2.1
|
5.8
|
4.9
|
4.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,116.7
|
4,149.8
|
3,241.8
|
4,038.5
|
-
|
|
% of Industry Non-Performing Loans
|
11.3
|
12.2
|
9.9
|
10.7
|
-
|
|
|
|
|
|
|
|
|
Services
|
9.7
|
7.3
|
2.6
|
6.5
|
5.3
|
|
Electric, Gas & Water
|
4.6
|
5.0
|
0.4
|
8.5
|
5.6
|
|
Transport, Storage & Communication
|
7.60
|
7.80
|
1.60
|
7.15
|
7.55
|
|
Wholesale, Retail, Hotel & Restaurant
|
11.6
|
10.0
|
2.8
|
4.7
|
5.2
|
|
Finance, Insurance & Real Estate
|
10.7
|
9.2
|
3.8
|
6.0
|
5.2
|
|
Government Services
|
4.6
|
8.6
|
2.0
|
6.7
|
1.9
|
|
Other Services
|
5.0
|
5.9
|
4.4
|
4.2
|
5.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
10,207.8
|
8,281.4
|
6,631.3
|
7,384.6
|
-
|
|
% of Industry Non-Performing Loans
|
22.6
|
24.3
|
20.2
|
25.7
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate /
Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
241 : Manufacture of Basic Chemicals
|
|
|
|
|
INDUSTRY :
|
CHEMICAL
|
|
The chemicals industry is one of Malaysia's key industries,
catering not only for its own national requirements but also exporting to a
number of countries worldwide. The Malaysian chemicals and chemical products
industry has become the second largest contributor to the manufactured
exports sector, after the electrical and electronics industry.
|
|
The chemicals industry is important in Malaysia on account of the
nation's substantial oil and gas feedstock. The Chemicals Industries
Council of Malaysia (CICM) was established in 1978 as an industry group
under the aegis of the Federation of Malaysian Manufacturers, to focus on
the development of the chemicals industry. The primary objective of the
CICM was to organise the chemicals industry in Malaysia
into a cohesive group to represent Malaysia's interest at the
ASEAN Chemicals Industries Club (ACIC).
|
|
The Malaysian chemicals industry witnessed 37% growth in domestic sales
value in 2004 and sustained solid growth up until mid-2008. It expanded
rapidly and had been forecast to reach sales figures of MYR60,816mn by
2009.
|
|
Malaysia's
balance of trade for the year January to December 2008 was MYR114,883mn. In
the first five months of 2008, total trade was 11.2% up on the same period
last year. These impressive figures were short-lived however, with
significant decreases observed in the latter half of 2008 and early 2009,
due to the impact of global economic crisis. The Industrial Production
Index (IPI) in January 2009 was 20.2 % lower than it was in January 2008,
following a sharp decline of 15.9% in December 2008.
|
|
The biggest drop was witnessed by chemicals and chemical products, which
saw output contract by 29.9%. This is partly because the chemicals industry
tends to be more sensitive to the economic cycle and so fares
disproportionately badly in recessions.
|
|
Total exports are down from MYR100,115mn (US$27,858.48mn) in
January-February 2008 to MYR77,856mn (US$21,662mn) in the same period of
2009. Similarly, there has been a fall in imports, with total incoming
sales falling from MYR81,289mn (US$22,617mn) in January-February 2008 to
MYR57,778mn (US$16,705mn) in January-February 2009.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
COMMENTS & RECOMMENDATION
|
During our investigation, we noticed that the SC is under process of
winding up. However it is allowed to carry out its business as the liquidator
already get an approval from the respective bankers. By March 2011, the SC
is expected to be taken over by new management team under the company
Optimistic Organic Sdn Bhd. At the same time, the business and staff from
the SC are expected to be transferred to new company. In the view of this,
it is inappropriate to comment on its creditworthiness. Hence, we do not
recommend any credit be granted to the SC.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WI
H MALAYSIA
ACCOUNTING STANDARD.
|
|
TCL INDUSTRIES
(MALAYSIA)
SDN BHD
|
|
For The Year
Ended 31-December-2007
|
|
|
2007
|
|
|
MYR
|
|
TURNOVER
|
4,774,183
|
|
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
<18,271,109>
|
|
|
|
|
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
<18,271,109>
|
|
|
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
<18,271,109>
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
<18,271,109>
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
<18,271,109>
|
|
As previous
reported
|
<59,881,954>
|
|
As restated
|
------------
<59,881,954>
|
|
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
<78,153,063>
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
<78,153,063>
==========
|
|
RETAINED BY: The Company
|
<78,153,063>
|
|
|
------------
<78,153,063>
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
Term loan
|
2,739,081
|
|
Bank overdraft
|
39,955
|
|
Revolving loans
|
1,374,447
|
|
Shareholder's loan
|
689,595
|
|
|
------------
4,843,078
==========
|
BALANCE SHEET
|
TCL INDUSTRIES
(MALAYSIA)
SDN BHD
|
|
As At
31-December-2007
|
|
|
|
|
|
2007
|
|
|
MYR
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
FIXED ASSETS
|
145,829,088
|
|
TOTAL LONG TERM ASSETS
|
------------
145,829,088
|
|
CURRENT ASSETS
|
|
|
|
Stocks
|
2,535,262
|
|
|
Trade debtors
|
590,878
|
|
|
Other debtors, deposits & prepayments
|
503,270
|
|
|
Cash & bank balances
|
75,493
|
|
TOTAL CURRENT ASSETS
|
------------
3,704,903
|
|
CURRENT LIABILITIES
|
|
|
|
Other creditors & accruals
|
37,472,681
|
|
|
Bank overdraft
|
2,343,920
|
|
TOTAL CURRENT LIABILITIES
|
------------
39,816,601
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
<36,111,698>
|
|
TOTAL NET ASSETS
|
------------
109,717,390
==========
|
|
FINANCED BY:
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share capital
|
38,622,002
|
|
TOTAL SHARE CAPITAL
|
------------
38,622,002
|
|
RESERVES
|
|
|
|
revaluation reserve
|
41,072,551
|
|
|
Retain profit/(Accumulated loss) carried forward
|
<78,153,063>
|
|
TOTAL RESERVES
|
------------
<37,080,512>
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
1,541,490
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
Long term loans
|
108,175,900
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
108,175,900
|
|
|
------------
|
|
|
109,717,390
|
|
|
==========
|
|
|
|
|
FINANCIAL RATIOS
|
TCL INDUSTRIES
(MALAYSIA)
SDN BHD
|
|
As At
31-December-2007
|
|
|
2007
|
|
|
MYR
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
75,493
|
|
|
Net Liquid Funds
|
<2,268,427>
|
|
|
Net Liquid Assets
|
<38,646,960>
|
|
|
Net Current Assets/(Liabilities)
|
<36,111,698>
|
|
|
Net Tangible Assets
|
109,717,390
|
|
|
Net Monetary Assets
|
<146,822,860>
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
110,519,820
|
|
|
Total Liabilities
|
147,992,501
|
|
|
Total Assets
|
149,533,991
|
|
|
Net Assets
|
109,717,390
|
|
|
Net Assets Backing
|
1,541,490
|
|
|
Shareholders" Funds
|
1,541,490
|
|
|
Total Share Capital
|
38,622,002
|
|
|
Total Reserves
|
<37,080,512>
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
Cash Ratio
|
0
|
|
|
Liquid Ratio
|
0.03
|
|
|
Current Ratio
|
0.09
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
194
|
|
|
Debtors Ratio
|
45
|
|
|
Creditors Ratio
|
0
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
71.70
|
|
|
Liabilities Ratio
|
96.01
|
|
|
Times Interest Earned Ratio
|
<2.77>
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
<382.71>
|
|
|
Net Profit Margin
|
<382.71>
|
|
|
Return On Net Assets
|
<12.24>
|
|
|
Return On Capital Employed
|
<11.98>
|
|
|
Return On Shareholders' Funds/Equity
|
<1,185.29>
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0.00
|
|
|
|
|
|
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