WHY SING??????

mark · 1 WHY SING?????? Wed Apr 06, 2011 6:36 pm

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WHAT BEHIND SING??.................ANYONE KNOWS??
Public Shareholding-19.63%
EPS-(-0.57)
NAV-53.65
http://www.bloomberg.com/apps/quote?ticker=SING:SL
appreciating almost by 50% per day...........
another WAPO scam???.......... scratch

Monster · 2 Re: WHY SING?????? Wed Apr 06, 2011 6:39 pm

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100% scam. But only 1900 shares traded today. That's why no price band.

mark · 3 11 November 2008 Wed Apr 06, 2011 6:40 pm

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SING has some attractive stories.............

It has been brought to the notice of the Board that an employee of the company namely Mr.K.Keetheswaran, Accountant who appears to have spirited to the United States of America has been manipulating the accounts of the Company for the financial period 2001/2002 upto 2007/2008.
As you maybe aware, pursuant to an order made by the Learned Magistrate several years ago and which order was for the factory of the Company to closedown and the Company suffered tremendous financial loss. The Company was able to re-coup some of it's losses by renting out the factory premises at Ranala. Currenly there was only this Accountant Mr.K.Keetheswaran who was on the payroll of the Colombo Office whilst three other employees are in the factory premises. The Company has not had much transaction as the only income is the rental income and the only outgoings have been the payment of the salary to the few employees, legal fees and connected expenses.
An investigative audit is being commenced to look into the fraudulent activities of this Accountant. The Company is perturbed very much that the set accounts prepared by this accountant, supposedly the audited accounts of BR De Silva and Company with their signatures forged (though it is very likely that the figures in the accounts will not vary much) but will be investigated fully. The inconvenience caused to the Shareholders is very much regretted.
No sooner the proper audit is carried out and the fresh set of accounts for the period on issue are available these would be circulated to the Shareholders.
In the meantime the Securities and Exchange Commission of Sri Lanka also commenced an investigation into matter. The Board is thankful to the Securities and Commission of Sri Lanka for having brought this matter to the notice of the Board. In the meantime the trading of the shares in the Colombo Stock Exchange has been suspended. A further Circular to the Shareholders will be sent as early as possible

Last edited by mark on Wed Apr 06, 2011 10:36 pm; edited 2 times in total

mark · 4 03 September 2009 Wed Apr 06, 2011 6:41 pm

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"It has been revealed that the "Audited Financial Statements" contained in the Annual Reports issued by the above Company to the CSE and shareholders relating to the financial years 2001/2002 upto 2006/2007 have been prepared without an audit being carried out by the former Auditors of the Company, M/s B. R. De Silva & Co. The CSE also noted that the signatures of the former Auditors of the company have been forged in certain documents submitted to the CSE by the Company. Upon detecting this fact, trading in the shares of the above Company was halted by the CSE w.e.f. 23rd October 2008 and the matter was referred to the SEC.

M/s B.R. De Silva & Co. resigned as the Auditors of the Company w.e.f. 4th March 2009. The Company appointed M/s Rajan & Renganathan as the new Auditors w.e.f. 25th May 2009.

The new Auditors have carried out an audit of the Company's financial statements for the financial years 2001/2002 upto 2006/2007. The financial statements for the financial years 2007/2008 and 2008/2009 have also been audited by the new Auditor. Accordingly the Company has submitted amended Annual Reports for the financial years 2001/2002 up to 2006/2007 to the CSE. The Company has also submitted to the CSE the Annual Reports for the financial years 2007/2008 and 2008/2009, subsequent to audits being carried out by the new Auditors. The said Annual Reports have been released by the CSE to Broker Firms on 3rd September 2009. The Annual Reports are also uploaded in CSE web site (www.cse.lk).

Your attention is specifically drawn to the Auditor's Reports contained in the said Annual Reports, where the Auditors of the Company have given a disclaimer opinion for the financial statements for the years 2001/2002 to 2005/2006 and have provided a qualified opinion for the financial statements for the years 2006/2007 to 2008/2009.

In view of the fact that the Company has submitted amended Annual Reports for the financial years 2001/2002 up to 2006/2007 (subsequent to the audit being carried out by the new Auditors) and the Annual Reports for the financial years 2007/2008 and 2008/2009 to the CSE, the CSE has decided to lift the trading halt imposed on the shares of the Company w.e.f. 14th September 2009.

Copy of the letter dated 27th August 2009 received from the above company can be viewed under the "Key Financials" section of the company profile."

Last edited by mark on Wed Apr 06, 2011 10:43 pm; edited 1 time in total

mark · 5 23 September 2009 Wed Apr 06, 2011 6:44 pm

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PRESS RELEASE ISSUED BY THE SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA IN RELATION TO SINGALANKA STANDARD CHEMICALS PLC.
23 September 2009

The Securities and Exchange Commission of Sri Lanka (SEC) has filed charges in the Magistrate's Court Fort against Mr.Ratnarajah Navaratnam, the Chairman and Mr. Kanepathipillai Ketheeshwaran, a key employee of Singalanka Standard Chemicals PLC (SING) for the alleged submission of Audited Financial Statements under false signatures in the Annual Reports of Singalanka Standard Chemicals PLC to the Colombo Stock Exchange for the years ended 31st March 2002 to 31st March 2007, in contravention of the provisions contained in Rule 17 of the SEC Rules and in violation of the Continuing Listing Requirements of the CSE Listing Rules.

The Accused are charged for the incorporation of false /fictitious Audit Reports in the Annual Reports, by allegedly committing acts of forgery and by impersonating signatures of the Auditors on the purported Audited Financial Reports and for submitting same to the Colombo Stock Exchange thereby committing an offence under section 51(1) (b) of the Securities and Exchange Commission Act.

$$$ · 6 Re: WHY SING?????? Wed Apr 06, 2011 7:23 pm

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Could be a another artificial push but it also could be some one interested in taking it over or a planned restructue Smile

or MANIPULATION it's the Vegas game again

Monster · 7 Re: WHY SING?????? Thu Apr 07, 2011 9:47 am

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SING went up by another 25% in the morning. What's happening? Mad

cse.alpha · 8 Re: WHY SING?????? Thu Apr 07, 2011 12:52 pm

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Apart from colourful legal adventures, takeover attempts and pending rights issue (since Feb 2010), SING is basically a loss-making 'shell' company - only asset is land and warehouse in Ranala.

CSE listed shell companies are of course popular vehicles for 'back-door' listings - see GREG and CSEC for example.

Not clear when SING land was last revalued or exact extent, but may not boost net book value from current Rs 54 per share to defend current share price of Rs 4,000

Only 1.38 mn shares in issue, with only 2,500 shares needed to enter Top 20 shareholders - a manipulator's paradise, but genuine investor's should be careful.

zazu · 9 Re: WHY SING?????? Thu Apr 07, 2011 3:11 pm

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What?? Really only 2500 shares to be listed in top 20 shareholder list. Awesome i bought about 800 shares today at an average of Rs. 3250. So buy another 1700 i could be in there.

Fresher · 10 Re: WHY SING?????? Thu Apr 07, 2011 10:24 pm

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zazu wrote:What?? Really only 2500 shares to be listed in top 20 shareholder list. Awesome i bought about 800 shares today at an average of Rs. 3250. So buy another 1700 i could be in there.

and what will be your achievement?

Monster · 11 Re: WHY SING?????? Fri Apr 08, 2011 12:50 am

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zazu wrote:What?? Really only 2500 shares to be listed in top 20 shareholder list. Awesome i bought about 800 shares today at an average of Rs. 3250. So buy another 1700 i could be in there.

Why are you chasing overvalued shares when you have enough undervalued shares in the market. Read my signature.

StocksWatch · 12 Re: WHY SING?????? Fri Apr 08, 2011 1:20 am

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Monster wrote:

zazu wrote:What?? Really only 2500 shares to be listed in top 20 shareholder list. Awesome i bought about 800 shares today at an average of Rs. 3250. So buy another 1700 i could be in there.

Why are you chasing overvalued shares when you have enough undervalued shares in the market. Read my signature.

Couple of months back this was trading at 185. For the same share, the traders are now wlling to pay 4000. This is really crazy. To mention thier excellent financial results,

NAVPS - 53.65
EPS - (0.57) - 9 months Dec 2010

Also as I undersatd they have court issues about thier finacial reporting, interim order from commercial high court suspending their proposed rights issue etc.

Sad thing is at the end of the day some of retailers are becoming victims of this manipulation.

Monster · 13 Re: WHY SING?????? Fri Apr 08, 2011 2:22 pm

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Shares went up without any reason should come down without any reason. That's what happening to SING. While I am writing this comment SING is trading at Rs2000/-. It has taken first place in the top looser list today. Almost 35% down.

StocksWatch · 14 Re: WHY SING?????? Fri Apr 08, 2011 2:36 pm

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And I am sure a bunch of inexperienced retailers may have donated some of their hard earned money to these manipulators in the process.

The person who sold this share at 4000 level yesturday may be laughing now.

smallville · 15 Re: WHY SING?????? Mon Apr 11, 2011 8:59 am

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SING has a long awaited rights issue to continue wit;

RIGHTS ISSUE
25 February 2010

Company ID:- SING
Date of announcement :- 05th February 2010
Proportion:- Three (03) ordinary shares for every One (01) ordinary share held
Issue Price:- Rs.55.00
Current Stated Capital :- Rs. 13,852,070/-
The number of shares to be issued :- 4,155,621 ordinary shares
EGM/ Provisional Allotment :- 18-03-2010
XR: 19-03- 2010
Dispatch of Provisional Letter of Allotment : 25-03-2010
Rights Trading Commences on : 01-04-2010
Renunciation: 09-04-2010
Last Date of Acceptance & Payment: 12-04-2010
Purpose :- Making selected investments in listed and unlisted companies primarily in the manufacturing and chemical industries, whereby assisting and facilitating the development of the industrial sector in Sri Lanka. Directors further intend to utilize approximately 2% of the funds received through the rights issue for the purpose of retiring existing debts of the company.

Then their proposed AGM had to be postponed due to a high court ruling..
http://www.cse.lk/cmt/uploadAnnounceFiles/1671267779043_499.pdf

The compny since then has been restrained from going for a right issue due to this court mishap..
The last announcement made regrading was this sin Sep 2010; http://www.cse.lk/cmt/uploadAnnounceFiles/1951284544618_499.pdf

May be they have settled the court dispute or some good news is on the way regarding this so that the right issue can be proceed with a final date..

mark · 16 Re: WHY SING?????? Mon Apr 11, 2011 9:10 am

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WOW..........what a good prediction.......me too had that idea of the right issue........ Cool

Fresher · 17 Re: WHY SING?????? Mon Apr 11, 2011 3:43 pm

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mark wrote:WOW..........what a good prediction.......me too had that idea of the right issue........

please read that post again to understand what it is.
hope u have nt jumped in and bought

mark · 18 Re: WHY SING?????? Tue Apr 12, 2011 8:41 am

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npp wrote:

mark wrote:WOW..........what a good prediction.......me too had that idea of the right issue........

please read that post again to understand what it is.
hope u have nt jumped in and bought

i never jumping to scams bro............ Cool

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WHY SING??????

1 WHY SING?????? Wed Apr 06, 2011 6:36 pm

mark

2 Re: WHY SING?????? Wed Apr 06, 2011 6:39 pm

Monster

3 11 November 2008 Wed Apr 06, 2011 6:40 pm

mark

4 03 September 2009 Wed Apr 06, 2011 6:41 pm

mark

5 23 September 2009 Wed Apr 06, 2011 6:44 pm

mark

6 Re: WHY SING?????? Wed Apr 06, 2011 7:23 pm

$$$

7 Re: WHY SING?????? Thu Apr 07, 2011 9:47 am

Monster

8 Re: WHY SING?????? Thu Apr 07, 2011 12:52 pm

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9 Re: WHY SING?????? Thu Apr 07, 2011 3:11 pm

zazu

10 Re: WHY SING?????? Thu Apr 07, 2011 10:24 pm

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11 Re: WHY SING?????? Fri Apr 08, 2011 12:50 am

Monster

12 Re: WHY SING?????? Fri Apr 08, 2011 1:20 am

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13 Re: WHY SING?????? Fri Apr 08, 2011 2:22 pm

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14 Re: WHY SING?????? Fri Apr 08, 2011 2:36 pm

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15 Re: WHY SING?????? Mon Apr 11, 2011 8:59 am

smallville

16 Re: WHY SING?????? Mon Apr 11, 2011 9:10 am

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17 Re: WHY SING?????? Mon Apr 11, 2011 3:43 pm

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18 Re: WHY SING?????? Tue Apr 12, 2011 8:41 am

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