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February 29, 2008 |
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TECHVENTURE BERHAD: Dec. 31 Balance Sheet Upside-Down by MYR37MM Techventure Berhad's balance sheet went upside down to MYR37.06 million after posting total assets of MYR123.59 million and total liabilities of MYR160.66 million as of Dec. 12, 2007. The company's balance sheet as of end-December also reflected strained liquidity with current assets of MYR8.3 million available to pay MYR160.45 million of current liabilities coming due within the next 12 months. Techventure also incurred a net loss of MYR3.62 million on MYR3.14 million of revenues in the quarter ended Dec. 31, 2007, compared with the MYR16.15-million net loss on MYR5.63 million of revenues in the same period of 2006. Techventure Berhad is based in Selangor, Malaysia. Apart from being a corrugated cartons manufacturer, the Group is also involved in the production of rubber insulation materials and roto-molded plastic products like septic tanks, playground equipment, traffic barriers, and water tanks. It markets its entire corrugated cartons and plastic products locally while about 80% of the rubber insulation materials are exported. In addition, the Group also manufactures ice cream. The Troubled Company Reporter-Asia Pacific reported on May 10, 2006, that Bursa Malaysia Securities Berhad has identified Techventure Berhad as an affected listed issuer having triggered two of the criteria of the Amended Practice Note 17 category. The company fell under the category because: -- the auditors have expressed a modified opinion with emphasis on Techven's going concern status in the latest audited accounts for the financial year ended Dec. 31, 2005, and -- there are defaults in payment by Techven and its major subsidiaries as announced pursuant to Practice Note No. 1 and Techven is unable to provide a solvency declaration to Bursa Malaysia Securities Berhad. |
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