CSEC: Dunamis Capital- Failing to ignite!

Rocky · 1 CSEC: Dunamis Capital- Failing to ignite! Tue May 24, 2011 9:39 pm

Rocky

Senior Manager - Equity Analytics

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All figures stated here are in LKr. 000's

CSEC has uploaded its statements and they look terribly doctored.
Taxes have been reduced by Rs. 875,000/= for the 12 month period ending 31/3/2011 compared with 31/03/2010.

http://www.cse.lk/cmt/upload_report_file/611_1306231048.pdf

How the heck can that blunder happen?
CSEC EBIT is 836,000/=.

Are the financial guys under drugs like wanniarchchi the boxer?

Are the company auditors and share holders the only ones to poke questions at them?
What about the SEC?

Last edited by hybrid_OS on Wed May 25, 2011 7:20 pm; edited 3 times in total (Reason for editing : Added last para;added link;added the senstence:All figures stated here are in LKr. 000's)

Chinwi · 2 Re: CSEC: Dunamis Capital- Failing to ignite! Tue May 24, 2011 10:21 pm

Chinwi

Associate Director - Equity Analytics

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In their last report (Dec 2010) they explained :

First Capital Holdings PLC, a subsidiary of the Company reported the following in the provisional financial statements as
at 30.09.2010 "Following a decision by the Inland Revenue Board of Review in favour of First Capital Treasuries Limited, a
subsidiary of the Company, in respect of income tax for the year 2003/04, the Board of Directors of First Capital Treasuries
Limited based on advice received from their tax consultants, have taken a decision to reverse tax provisions for 2003/04
and subsequent years amounting to Rs. 444.4 Million in the Financial Statements for the period ended 30 September
2010. This judgement does not preclude the Inland Revenue from issuing assessments in the future."