Carsons Oil Palm companies among biggest violators - SEC report

FRIDAY, 18 MARCH 2011 10:58
By Jithendra Antonio

Four listed oil palm companies were caught violating financial reporting rules, in a review of 127 listed companies by the Securities and Exchange Commission (SEC), a surveillance report disclosed.

“Oil Palms Sector carries the highest percentage of violations sector wise” SEC said in its Financial Reporting Surveillance review that was carried out, studying the Balance Sheet dates representing 31st March 2009, 31st December 2009 and 31st March 2010.

Up to date Colombo Stock Exchange has only five companies listed under the Oil Palms sector including Selinsing PLC (SELI), The Bukit Darah PLC (BUKIT), Shalimar (Malay) PLC (SHAL), The Indo Malay PLC (INDO) and The Good Hope PLC (GOOD) owned by Carsons Group (CARS).

Accordingly, SEC highlighted that four oil palm companies that were reviewed have violated the financial reporting by 80%, whilst two stores and supplies companies along with 8 hotels and travel sector companies too had violated rules by 38% with another three trading companies violating the financial reporting standards at the 25% range.

“We found violations and non-compliances with SLAS, Listing Rules and Companies Act. It was observed that SLAS 30, SLAS 18 and section 7.6 and 7.10 of the Listing Rules were mostly violated.” SEC further said in its report.

The report also pointed out that companies in large had violated the SLAS Rules including SLAS 03 with regards to Presentation Of Financial Statements, SLAS 18 related to Property, Plant & Equipment, SLAS 30 regards to Related Party Disclosures and many others.

http://print.dailymirror.lk/business/127-local/38603.html

JithendraAntonio wrote:
FRIDAY, 18 MARCH 2011 10:58
By Jithendra Antonio

Four listed oil palm companies were caught violating financial reporting rules, in a review of 127 listed companies by the Securities and Exchange Commission (SEC), a surveillance report disclosed.

“Oil Palms Sector carries the highest percentage of violations sector wise” SEC said in its Financial Reporting Surveillance review that was carried out, studying the Balance Sheet dates representing 31st March 2009, 31st December 2009 and 31st March 2010.

Up to date Colombo Stock Exchange has only five companies listed under the Oil Palms sector including Selinsing PLC (SELI), The Bukit Darah PLC (BUKIT), Shalimar (Malay) PLC (SHAL), The Indo Malay PLC (INDO) and The Good Hope PLC (GOOD) owned by Carsons Group (CARS).

Accordingly, SEC highlighted that four oil palm companies that were reviewed have violated the financial reporting by 80%, whilst two stores and supplies companies along with 8 hotels and travel sector companies too had violated rules by 38% with another three trading companies violating the financial reporting standards at the 25% range.

“We found violations and non-compliances with SLAS, Listing Rules and Companies Act. It was observed that SLAS 30, SLAS 18 and section 7.6 and 7.10 of the Listing Rules were mostly violated.” SEC further said in its report.

The report also pointed out that companies in large had violated the SLAS Rules including SLAS 03 with regards to Presentation Of Financial Statements, SLAS 18 related to Property, Plant & Equipment, SLAS 30 regards to Related Party Disclosures and many others.

http://print.dailymirror.lk/business/127-local/38603.html

GOOD! Now they the real PE ratios maybe be over 100 rather than about 80 i guess! Well not that bad for a plantation company

Is there any chance we get to know other companies.. We anyway know the games of CARS group so I'm interested to know the rest

Will there be a investigation against this palm oil companies by SEC

this is just the beginning !
more to come

Meta Trader wrote:this is just the beginning !
more to come

I had been waiting sooo long for this . So pleased to hear & hopefully they will do the same against GREG.

UKboy wrote:

Meta Trader wrote:this is just the beginning !
more to come

I had been waiting sooo long for this . So pleased to hear & hopefully they will do the same against GREG.

Don't worry about GREG. You cannot touch it.
You can liken it to complaints made against one GRINGO named "Mervyn" from Keliyawade.
They have the blessings of some influentials.

Rajitha wrote:

JithendraAntonio wrote:
FRIDAY, 18 MARCH 2011 10:58
By Jithendra Antonio

Four listed oil palm companies were caught violating financial reporting rules, in a review of 127 listed companies by the Securities and Exchange Commission (SEC), a surveillance report disclosed.

“Oil Palms Sector carries the highest percentage of violations sector wise” SEC said in its Financial Reporting Surveillance review that was carried out, studying the Balance Sheet dates representing 31st March 2009, 31st December 2009 and 31st March 2010.

Up to date Colombo Stock Exchange has only five companies listed under the Oil Palms sector including Selinsing PLC (SELI), The Bukit Darah PLC (BUKIT), Shalimar (Malay) PLC (SHAL), The Indo Malay PLC (INDO) and The Good Hope PLC (GOOD) owned by Carsons Group (CARS).

Accordingly, SEC highlighted that four oil palm companies that were reviewed have violated the financial reporting by 80%, whilst two stores and supplies companies along with 8 hotels and travel sector companies too had violated rules by 38% with another three trading companies violating the financial reporting standards at the 25% range.

“We found violations and non-compliances with SLAS, Listing Rules and Companies Act. It was observed that SLAS 30, SLAS 18 and section 7.6 and 7.10 of the Listing Rules were mostly violated.” SEC further said in its report.

The report also pointed out that companies in large had violated the SLAS Rules including SLAS 03 with regards to Presentation Of Financial Statements, SLAS 18 related to Property, Plant & Equipment, SLAS 30 regards to Related Party Disclosures and many others.

http://print.dailymirror.lk/business/127-local/38603.html

GOOD! Now they the real PE ratios maybe be over 100 rather than about 80 i guess! Well not that bad for a plantation company

Some PLCs maintain their share value and profits without allowing them to depreciate, risk management and so on. Where as some PLCs sell their shares at lower ranges without showing any respect towards share holders. When ever there is overall depreciation cash rich Carsons group maintains their share value. Japanese government also pumped in cash in to the share market recently. If all the companies protect their own companies market will be less volatile. This time banks failed to maintain values despite good corporate earnings. Ultimately those businesses that are conscious about the share value and the value of their share holders tend to perform well.