Sumatec’s auditors have expressed a disclaimer opinion in the company’s latest audited accounts for the financial year ended Dec 31, 2010. It reported wider losses in its audited results for FY ended Dec 31, 2010.
There was a variance of more than 10% between the loss after tax and minority interest in the announced unaudited fourth quarter result made on Feb 28, 2011 and the audited financial statement made on April 29 2011 for FY 2010. The audited net loss after tax and minority interest is RM35.703 million which is RM28.286 million higher than the unaudited net loss after tax and minority interest of RM9.417 million.
The difference is substantially due to the following arising out of independent valuations dated March 31, 2011 commissioned by the company of some of its current and non current assets pursuant to which the company has incorporated in the financial statement of the company for FY 2010 for any deficit arising from such valuation of the assets.
Sumatec's auditors SJ Grant Thornton was not convinced of the company's ability to secure new contracts.
The auditor highlighted that Sumatec did not impair goodwill on its subsidiary's consolidation and deferred tax assets of RM33.48 million and RM13.15 million respec-tively. It also added that the company's trade receivables of RM5.91 million have been long outstanding and not impaired.
In most cases, the auditors are just making sure that provisions are being made on uncollectable debts. The rule of thumb today is to make provision for debts that can't be collected in six months.
To recap, Sumatec had offered a renounceable rights issue to raise rm18.8 million.
Going forward, will Sumatec bring itself back to profitability and what will become to the assets left within the company? As a PN17 status company, it has 12 months to submit a regularization plan to the authorities.
For FY2010 ended Dec, it appears that losses narrowed for Sumatec due to higher profits at its shipping division and lower losses at its EPCC segment. Revenue also has more than doubled to rm59.2 million.
It last awarded project was in March 2010 when it received a rm49.2 million contract.
Over the past two years, it has been actively working to streamline its operations to concentrate on its EPCC business that serves the O&G industry.
Sumatec’s total borrowings stand at rm578 million and it has negative cash flow of rm230000.
Its auditors’ report points brought up for the disclaimer of opinion included issues on impairment losses and whether the company would be able to recover the receivables stated in the FY2010 results.
It was unable to concur with several assumptions made by Sumatec, such as the use of discounted cash flow projections based on current and future projects, which the auditor notes are an area of uncertainty.
It is uncertain about the recovery of rm72 million worth of receivables as well as the fact that its current liabilities exceed its current assets by rm140 million.
Sunday, November 20, 2011
Saturday, November 12, 2011
iDimension
Manufacturing software solutions provider iDimension Consolidated Bhd is looking at further growth despite the uncertain outlook for semiconductor manufacturers, given the bearish sentiment in the global economy.
About 57% of its RM14.95mil revenue for the financial year ended Dec 31, 2010 (FY10) was derived from the semiconductor sector. Services-based industries such as aviation and oil and gas accounted for 23.2% of revenue last year, followed by the electronics sector, 12%. The rest came from other manufacturing industries.
iDimension currently had an order-book of RM12mil, of which RM10mil are overseas jobs in semiconductor sector.
The group, which has four subsidiaries and more than 60 employees, was set up in 2001 as a value-added reseller of third-party software. Since then it has progressed to become a developer of its own proprietary manufacturing software solutions.
The group has seen impressive growth in the past three years, recording respectively an after-tax profit and revenue of RM4mil and RM7.7mil in FY08, RM6.5mil and RM11.93mil in FY09, and RM8.24mil and RM14.95mil in FY10.
In-house software solutions contributed 69.6% to its FY10 revenue, followed by third-party software, 15.4%. The balance was from systems maintenance.
Among iDimension's major customers are Unisem (M) Bhd, Renesas Semiconductor KL Sdn Bhd, Lexmark Int (Philippines) Inc and STATS ChipPAC Malaysia Sdn Bhd.
Besides Malaysia , the group provides software solutions to Indonesia , Singapore , China , the United States , the Philippines , Japan and Thailand .
Malaysia is the group's principal market, accounting for 51.8% of revenue in FY10. Singapore was the largest contributor (16.7%) to its overseas revenue last year, followed by China and Indonesia , which contributed 11.7% each.
Malaysia will still be its main market in the future.
iDimension's initial public offering (IPO) was oversubscribed by 6.09 times. The IPO involved a public issue of 38.23 million new shares of 10 sen each at 38 sen apiece. It also involved a private placement of up to seven million shares.
Of the RM14.5mil proceeds, 34.42% will be used for expansion in the group's key markets, 30.97% will be for research and development, 5.69% for working capital and 14.46% as capital expenditure. The balance 14.46% are for listing expenses.
Meanwhile, iDimension posted an unaudited net profit of RM4.2mil on revenue of RM3.98mil its first half ended June 30, 2011. The high net profit was due to the recognition of negative goodwill under other income, which arose from the acquisition of subsidiaries in the first quarter.
About 57% of its RM14.95mil revenue for the financial year ended Dec 31, 2010 (FY10) was derived from the semiconductor sector. Services-based industries such as aviation and oil and gas accounted for 23.2% of revenue last year, followed by the electronics sector, 12%. The rest came from other manufacturing industries.
iDimension currently had an order-book of RM12mil, of which RM10mil are overseas jobs in semiconductor sector.
The group, which has four subsidiaries and more than 60 employees, was set up in 2001 as a value-added reseller of third-party software. Since then it has progressed to become a developer of its own proprietary manufacturing software solutions.
The group has seen impressive growth in the past three years, recording respectively an after-tax profit and revenue of RM4mil and RM7.7mil in FY08, RM6.5mil and RM11.93mil in FY09, and RM8.24mil and RM14.95mil in FY10.
In-house software solutions contributed 69.6% to its FY10 revenue, followed by third-party software, 15.4%. The balance was from systems maintenance.
Among iDimension's major customers are Unisem (M) Bhd, Renesas Semiconductor KL Sdn Bhd, Lexmark Int (Philippines) Inc and STATS ChipPAC Malaysia Sdn Bhd.
Besides Malaysia , the group provides software solutions to Indonesia , Singapore , China , the United States , the Philippines , Japan and Thailand .
Malaysia is the group's principal market, accounting for 51.8% of revenue in FY10. Singapore was the largest contributor (16.7%) to its overseas revenue last year, followed by China and Indonesia , which contributed 11.7% each.
Malaysia will still be its main market in the future.
iDimension's initial public offering (IPO) was oversubscribed by 6.09 times. The IPO involved a public issue of 38.23 million new shares of 10 sen each at 38 sen apiece. It also involved a private placement of up to seven million shares.
Of the RM14.5mil proceeds, 34.42% will be used for expansion in the group's key markets, 30.97% will be for research and development, 5.69% for working capital and 14.46% as capital expenditure. The balance 14.46% are for listing expenses.
Meanwhile, iDimension posted an unaudited net profit of RM4.2mil on revenue of RM3.98mil its first half ended June 30, 2011. The high net profit was due to the recognition of negative goodwill under other income, which arose from the acquisition of subsidiaries in the first quarter.
Monday, November 7, 2011
KBunai/Petaling Tin
Dated March 2011 …
Cambodia’s China Central Asia Group (CCAG) is teaming up with KBunai in a beachfront mixed development project in Kamabunai which would see CCAG pumping in RM310 million and the latter providing the land.
Karambunai Corp Bhd would provide 75 acres of land for the project valued RM270 million, which is the first phase of the Karambunai integrated resort city (KIRC) development. CCAG, on its part, would invest RM310 million
Both parties signed a joint venture agreement to undertake the project. Under the JV, CCAG will be investor, contractor and joint developer and provide seed capital of USD$100 million (about RM310 million) as a revolving fund to carry out and undertake the development at its own costs.
The JV is in line with the strategic implementation plan of KIRC, that is that Karambunai Corp shall provide the land and its strategic partners, in this case, CCAG shall provide the necessary funds to unlock the value of KIRC.
This strategy shall also allow KCB to achieve its corporate objective of minimising debt in developing KIRC and the vision of creating a win-win venture with strategic partners who bring in capital and expertise.
Most of the funding in the unincorporated joint venture is from CCAG and KCB’s portion of the funding would be from its own funds.
Dated April 2011 …
A consortium comprising gaming tycoon Tan Sri Chen Lip Keong’s group of companies and Prism Crystal Enterprises Ltd are set to invest RM9.6 billion to develop the Karambunai Integrated Resort City in Sabah with the project’s landowners.
The resort is situated on a 1,100ha piece of land, owned by Karambunai Corp Bhd and Petaling Tin Bhd, on the Karambunai peninsula.
Chen has substantial interest in both companies and is the president of both.
The low-profile businessman is the single-largest shareholder of Karambunai Corp, holding a 43.9% stake. Petaling Tin has a 34.08% block.
Petaling Tin has not signed any agreement with any parties pertaining to the resort project and there are no corporate developments that warrant future disclosures to the stock exchange at this juncture.
Little is known about Prism Crystal Enterprises, which is said to be a special purpose vehicle formed to participate in the Karambunai Integrated Resort City project.
At present, details are scarce on the RM9.6 billion investment in the resort but it is learnt that Chen’s two other listed companies — steelmaker FACB Industries Inc Bhd and Hong Kong-listed gaming and leisure company NagaCorp Ltd — are not part of the plans.
Chen, who founded NagaCorp, is currently the group’s CEO and executive director and he holds a controlling 63.07% stake in the group. NagaCorp owns and operates NagaWorld, the only licensed casino in Cambodia’s capital city, Phnom Penh .
Chen also appears to have considerable clout with the Cambodian government, having been appointed as economic adviser to Cambodia ’s prime minister and an adviser with ministerial status to the Cambodian government.
In March 2011, Karambunai Corp had entered into a joint venture with Cambodia-based China Central Asia Group Co Ltd (CCAG) to develop the Karambunai resort’s first phase, the Karambunai Beachfront mixed development project.
CCAG, a shareholder of Prism Crystal Enterprises, will invest a seed capital of US$100 million (RM306 million) as a revolving fund for the joint venture. Karambunai Corp’s subsidiary, Karambunai Resorts Sdn Bhd, will contribute 75 acres of land valued at RM270 million to the joint venture.
Prime Minister Datuk Seri Najib Razak said the Karambunai Integrated Resort City is expected to contribute a gross national income of RM9.3 billion and create about 11,002 jobs by 2020.
Plans for the Karambunai resort include attractions like a water theme park, mangrove research centre and spa village. The project will also house luxury residences, hotel accommodation, retail space and eco-nature facilities. However, questions still linger as to whether the resort will eventually feature a casino despite the company denying reports on the plans.
Karambunai Corp already has hospitality operations in Sabah with its five-star Nexus Resort Karambunai and Nexus Golf Resort. The Karambunai Integrated Resort City will be eveloped over eight years from 2012 to 2019.
Dated June 2011
Tan Sri Dr Chen, who owned 43.9% stake in Kbunai unveiled plans of the multi billion ringgit eco nature integrated resort in Sabah . He has since brought in Cambodian investor along with a consortium comprising his own companies to invest in the Karambunai Integrated Resort City project.
But the question remains as to whether the Malaysian government will issue another casino licence let alone one to Karambunai
Meanwhile his gambling resort in Cambodia has been growing steadily and raking in the returns. Chen’s HK listed NagaCorp Ltd owns operates NagaWorld , Cambodia ’s largest gaming resort which houses a casino and a hotel.
Recently, NagaCorp is said to have signed deal with Chen to acquire a hotel, gaming and retail project located next to the existing NagaWorld site in the capital city of Phnom Penh .
Dated Oct 2010
KBunai has clarified that it has not received any notification from the government nor has it signed any agreement with or have shareholding in special purpose vehicle (SPV) originated by its controlling shareholder, together with a Beijing-based contractor, to develop an integrated eco-nature resort in Karambunai.
Karambunai Corp's controlling shareholder is low-profile tycoon Tan Sri Dr Chen Lip Keong.
The promoter was a SPV specifically incorporated to assess the feasibility of investing in the Karambunai Peninsula . Together with its local and overseas consultants, including its financial consultant China Construction Bank International, the SPV aims at bringing in foreign direct investments to Malaysia and has presented proposals to the Malaysian government to assess the relevance and importance of developing Karambunai, Sabah to spearhead the growth of tourism in the Eastern corridor of Malaysia.
Up to date, Karambunai Corp has no shareholding in the SPV, nor has it received any official notification from the government or signed any MoU (Memorandum of Understanding) or agreement with the SPV to develop Karambunai yet.
However, both the management of Karambunai Corp and SPV have concrete, specific, clear time-line plans and commitments to the Malaysian government to attain the desired results under Economic Transformation Programmes as envisaged by the Government.
Its board of directors was of the opinion that there were not yet corporate developments which merit disclosure.
KCB said its property was included in the Budget 2011 speech after its Nexus Karambunai Hotel general manager attended the Performance Management and Delivery Unit-driven national key economic areas tourism lab together with other members of the private and public sectors.
The Prime Minister Datuk Seri Najib Tun Razak in his budget speech said Nexus Karambunai, a renowned resort in Sabah , had committed to developing an integrated RM3bil eco-nature resort, the first in the world, by leveraging on its natural beauty and uniqueness.
Najib added that the project would commence in 2011 and the Government would give RM100mil.
Cambodia’s China Central Asia Group (CCAG) is teaming up with KBunai in a beachfront mixed development project in Kamabunai which would see CCAG pumping in RM310 million and the latter providing the land.
Karambunai Corp Bhd would provide 75 acres of land for the project valued RM270 million, which is the first phase of the Karambunai integrated resort city (KIRC) development. CCAG, on its part, would invest RM310 million
Both parties signed a joint venture agreement to undertake the project. Under the JV, CCAG will be investor, contractor and joint developer and provide seed capital of USD$100 million (about RM310 million) as a revolving fund to carry out and undertake the development at its own costs.
The JV is in line with the strategic implementation plan of KIRC, that is that Karambunai Corp shall provide the land and its strategic partners, in this case, CCAG shall provide the necessary funds to unlock the value of KIRC.
This strategy shall also allow KCB to achieve its corporate objective of minimising debt in developing KIRC and the vision of creating a win-win venture with strategic partners who bring in capital and expertise.
Most of the funding in the unincorporated joint venture is from CCAG and KCB’s portion of the funding would be from its own funds.
Dated April 2011 …
A consortium comprising gaming tycoon Tan Sri Chen Lip Keong’s group of companies and Prism Crystal Enterprises Ltd are set to invest RM9.6 billion to develop the Karambunai Integrated Resort City in Sabah with the project’s landowners.
The resort is situated on a 1,100ha piece of land, owned by Karambunai Corp Bhd and Petaling Tin Bhd, on the Karambunai peninsula.
Chen has substantial interest in both companies and is the president of both.
The low-profile businessman is the single-largest shareholder of Karambunai Corp, holding a 43.9% stake. Petaling Tin has a 34.08% block.
Petaling Tin has not signed any agreement with any parties pertaining to the resort project and there are no corporate developments that warrant future disclosures to the stock exchange at this juncture.
Little is known about Prism Crystal Enterprises, which is said to be a special purpose vehicle formed to participate in the Karambunai Integrated Resort City project.
At present, details are scarce on the RM9.6 billion investment in the resort but it is learnt that Chen’s two other listed companies — steelmaker FACB Industries Inc Bhd and Hong Kong-listed gaming and leisure company NagaCorp Ltd — are not part of the plans.
Chen, who founded NagaCorp, is currently the group’s CEO and executive director and he holds a controlling 63.07% stake in the group. NagaCorp owns and operates NagaWorld, the only licensed casino in Cambodia’s capital city, Phnom Penh .
Chen also appears to have considerable clout with the Cambodian government, having been appointed as economic adviser to Cambodia ’s prime minister and an adviser with ministerial status to the Cambodian government.
In March 2011, Karambunai Corp had entered into a joint venture with Cambodia-based China Central Asia Group Co Ltd (CCAG) to develop the Karambunai resort’s first phase, the Karambunai Beachfront mixed development project.
CCAG, a shareholder of Prism Crystal Enterprises, will invest a seed capital of US$100 million (RM306 million) as a revolving fund for the joint venture. Karambunai Corp’s subsidiary, Karambunai Resorts Sdn Bhd, will contribute 75 acres of land valued at RM270 million to the joint venture.
Prime Minister Datuk Seri Najib Razak said the Karambunai Integrated Resort City is expected to contribute a gross national income of RM9.3 billion and create about 11,002 jobs by 2020.
Plans for the Karambunai resort include attractions like a water theme park, mangrove research centre and spa village. The project will also house luxury residences, hotel accommodation, retail space and eco-nature facilities. However, questions still linger as to whether the resort will eventually feature a casino despite the company denying reports on the plans.
Karambunai Corp already has hospitality operations in Sabah with its five-star Nexus Resort Karambunai and Nexus Golf Resort. The Karambunai Integrated Resort City will be eveloped over eight years from 2012 to 2019.
Dated June 2011
Tan Sri Dr Chen, who owned 43.9% stake in Kbunai unveiled plans of the multi billion ringgit eco nature integrated resort in Sabah . He has since brought in Cambodian investor along with a consortium comprising his own companies to invest in the Karambunai Integrated Resort City project.
But the question remains as to whether the Malaysian government will issue another casino licence let alone one to Karambunai
Meanwhile his gambling resort in Cambodia has been growing steadily and raking in the returns. Chen’s HK listed NagaCorp Ltd owns operates NagaWorld , Cambodia ’s largest gaming resort which houses a casino and a hotel.
Recently, NagaCorp is said to have signed deal with Chen to acquire a hotel, gaming and retail project located next to the existing NagaWorld site in the capital city of Phnom Penh .
Dated Oct 2010
KBunai has clarified that it has not received any notification from the government nor has it signed any agreement with or have shareholding in special purpose vehicle (SPV) originated by its controlling shareholder, together with a Beijing-based contractor, to develop an integrated eco-nature resort in Karambunai.
Karambunai Corp's controlling shareholder is low-profile tycoon Tan Sri Dr Chen Lip Keong.
The promoter was a SPV specifically incorporated to assess the feasibility of investing in the Karambunai Peninsula . Together with its local and overseas consultants, including its financial consultant China Construction Bank International, the SPV aims at bringing in foreign direct investments to Malaysia and has presented proposals to the Malaysian government to assess the relevance and importance of developing Karambunai, Sabah to spearhead the growth of tourism in the Eastern corridor of Malaysia.
Up to date, Karambunai Corp has no shareholding in the SPV, nor has it received any official notification from the government or signed any MoU (Memorandum of Understanding) or agreement with the SPV to develop Karambunai yet.
However, both the management of Karambunai Corp and SPV have concrete, specific, clear time-line plans and commitments to the Malaysian government to attain the desired results under Economic Transformation Programmes as envisaged by the Government.
Its board of directors was of the opinion that there were not yet corporate developments which merit disclosure.
KCB said its property was included in the Budget 2011 speech after its Nexus Karambunai Hotel general manager attended the Performance Management and Delivery Unit-driven national key economic areas tourism lab together with other members of the private and public sectors.
The Prime Minister Datuk Seri Najib Tun Razak in his budget speech said Nexus Karambunai, a renowned resort in Sabah , had committed to developing an integrated RM3bil eco-nature resort, the first in the world, by leveraging on its natural beauty and uniqueness.
Najib added that the project would commence in 2011 and the Government would give RM100mil.
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