KUALA LUMPUR (April 27): Timber and consumer electronics company Nakamichi Corp Bhd announced it is unable to furnish its audited financial account for the financial year ended Dec 31, 2014 (FY14), as it has yet to receive the management accounts of 51%-owned subsidiary Tamabina Sdn Bhd.

It is worth noting that Nakamichi (fundamental 0.6; valuation: 0.9) has failed to submit its financial accounts since the second quarter ended June 30, 2013 (2Q13).

“The Company wishes to stress that it will continue to explore all possible approaches and take the necessary actions to ensure compliance with the Main Market Listing Requirements,” said Nakamichi in a filing to Bursa Malaysia this evening.

Trading in Nakamichi’s shares has been suspended since Sept 9, 2013, and Bursa Malaysia had on March 5 reiterated that “the suspension will continue until further notice.”

A check on Nakamichi’s website (www.naka.com.my) today revealed it is “now under construction”.

On April 17, Nakamichi announced it will seek legal advice to obtain more information about a draft order to wind up its 51%-owned subsidiary Tamabina, which was issued by the High Court of Sabah and Sarawak on Feb 3.

“The company will seek legal advice to obtain more information on this draft order. The non-availability of information is due to the fact that the company has never been informed by Tamabina in respect of the draft order,” said Nakamichi in the filing to Bursa Malaysia this evening.

The draft order which named Ko Kung Siong who trades under K.K.S Timber Trading as the petitioner, and Tamabina as the respondent, was heard before Justice Stephen Chung on Feb 3.

Nakamichi stated it would make further announcements to the local exchange, should the group obtain more information on the matter.

Nakamichi has been embroiled in a legal tussle for more than a year now, with Tamabina and its directors Lo Shwu Fen and her sister-in-law Lai Yun Fung. This followed Lo and Lai’s failure to hand over Tamabina's management accounts to Goh Kheng Peow and his wife See Thoo Chan — the largest shareholders of Nakamichi.

Tamabina is the only asset of Nakamichi, with a concession to log timber from a 15,900 ha tract at the Pinangah Forest Reserve in Sabah.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations)