SINI RESULTS

SINI 1st quarter report out NAVPS 215.81 , EPS 8.21

http://www.cse.lk/cmt/upload_report_file/686_1304681521.pdf

Shan you have made this same claim dozens of times. SINI most definitely is not a profitable company. Their operating profits have actually declined. They are struggling to pay their bills (refer trade and other payables). Their interest bearing loans has decreased, I suspect that the banks have called in their loans! so they are making up for it buy not paying their suppliers.

As for the profit, notice the revaluation of investments. That's where the profit came from.

These comments are not just about SINI: before you think a company is looking wonderfully well by looking at the bottom line, look through the whole P&L

GREAT COMMENT TUBAL
BCZ MOST OF US ONLY CONCERN ABOUT THE EPS & GROWTH RATE OF PROFITS
YES I AGREE WITH U.>>>

tubal wrote:Shan you have made this same claim dozens of times. SINI most definitely is not a profitable company. Their operating profits have actually declined. They are struggling to pay their bills (refer trade and other payables). Their interest bearing loans has decreased, I suspect that the banks have called in their loans! so they are making up for it buy not paying their suppliers.

As for the profit, notice the revaluation of investments. That's where the profit came from.

These comments are not just about SINI: before you think a company is looking wonderfully well by looking at the bottom line, look through the whole P&L

good enlightment thanks

This Shan dude is famous for "Gaurilla Marketing". look at his previous posts, I'm sure he was posting in investnow.lk with a different name, and was promoting NEH repeatedly.

SINI looks cool on first appearnce when you just look at EPS. As Tube explained going by it is deceiving. Just look at the DEC quarter and Sept quarter to get an idea how and why their reported eps goes up and down due to re-evaluation. I recall Sept eps was Rs 30 due to re-evaluation. Dec was a loss!

If you are an investor, the other Singer compaines ( regnis and sins ) is more attractive due to growth compared to SINI glorified eps

SINI nav looks high, But them there are many companies in CSE if you look at the NAV is high but it does not mean they trade at exhorbitant prices.

SINI could get manipulated for a run but that is goign for gambling. Do our selves a favor and invest not gamble. Then we will help CSE to sustain also.

Have a glance at their financials;

Current Assets = 431.1 Mn
Current Liabilities = 175.82 Mn
So SINI has positive working capital

Nav = 215.8 Increased from 173.3 last year

Revenue Year Ending 2009-12-31 = 485.96 Mn, COS = 496.1 Mn and Loss = 33.76 Mn. The Loss has no revaluations to cover up..
Revenue Year Ending 2010-12-31 = 664.14 Mn, COS = 652.25Mn and PAT = 126.8 Mn. The PAT increased due to revaluations of 135.75 Mn

Revenue Qtr Ending 30-09-10 = 215.85 Mn hence a PAT = 154.9
Revenue Qtr Ending 31-12-10 = 172.47 Mn due and due to high COS they incurred a Loss After Tax = 31.3Mn.
Previous year (2009) same Qtr they incurred a loss of 7.86 Mn.

This qtr Revenue = 220.27 Mn, COS is still higher so due to gains from revaluations of investments & disposal of shares added another 29.7 Mn to their profits so SINI ended up with a PAT = 31.58 Mn

During the year 2010,the Company discontinued the TV Assembly Division and the profits of it also added to the above.

Therefore; this is no way a profit making company though they came up with some profits for Q1/2011

I am not an accounts expert. Please clarify me.

In accounting terms, is it possible to add gains from revaluation from current investments. As per SINI March interim report, revaluation has been done for 1.8 million shares in SINS. As I noticed, SINI used to add to the income statement every quarter.

If this revaluation can be done for other companies like RENU, CABO, COLO, LMF etc, those companies will show their profit much higher than current.

Yes gains on revaluation of assets can be shown in Income Statement.
But it all depend on the classification of the asset.

smallville wrote:Have a glance at their financials;

Current Assets = 431.1 Mn
Current Liabilities = 175.82 Mn
So SINI has positive working capital

Nav = 215.8 Increased from 173.3 last year

Revenue Year Ending 2009-12-31 = 485.96 Mn, COS = 496.1 Mn and Loss = 33.76 Mn. The Loss has no revaluations to cover up..
Revenue Year Ending 2010-12-31 = 664.14 Mn, COS = 652.25Mn and PAT = 126.8 Mn. The PAT increased due to revaluations of 135.75 Mn

Revenue Qtr Ending 30-09-10 = 215.85 Mn hence a PAT = 154.9
Revenue Qtr Ending 31-12-10 = 172.47 Mn due and due to high COS they incurred a Loss After Tax = 31.3Mn.
Previous year (2009) same Qtr they incurred a loss of 7.86 Mn.

This qtr Revenue = 220.27 Mn, COS is still higher so due to gains from revaluations of investments & disposal of shares added another 29.7 Mn to their profits so SINI ended up with a PAT = 31.58 Mn

During the year 2010,the Company discontinued the TV Assembly Division and the profits of it also added to the above.

Therefore; this is no way a profit making company though they came up with some profits for Q1/2011

Well I took time to enlighten the members having a peep into SINI financials..

And for the idiot who gave me a negative rep for this post, God bless you man..

smallville wrote:

smallville wrote:Have a glance at their financials;

Current Assets = 431.1 Mn
Current Liabilities = 175.82 Mn
So SINI has positive working capital

Nav = 215.8 Increased from 173.3 last year

Revenue Year Ending 2009-12-31 = 485.96 Mn, COS = 496.1 Mn and Loss = 33.76 Mn. The Loss has no revaluations to cover up..
Revenue Year Ending 2010-12-31 = 664.14 Mn, COS = 652.25Mn and PAT = 126.8 Mn. The PAT increased due to revaluations of 135.75 Mn

Revenue Qtr Ending 30-09-10 = 215.85 Mn hence a PAT = 154.9
Revenue Qtr Ending 31-12-10 = 172.47 Mn due and due to high COS they incurred a Loss After Tax = 31.3Mn.
Previous year (2009) same Qtr they incurred a loss of 7.86 Mn.

This qtr Revenue = 220.27 Mn, COS is still higher so due to gains from revaluations of investments & disposal of shares added another 29.7 Mn to their profits so SINI ended up with a PAT = 31.58 Mn

During the year 2010,the Company discontinued the TV Assembly Division and the profits of it also added to the above.

Therefore; this is no way a profit making company though they came up with some profits for Q1/2011

Well I took time to enlighten the members having a peep into SINI financials..

And for the idiot who gave me a negative rep for this post, God bless you man..

Don't worry my friend!! We know who we are.....
And (+) from me.... Bcz I didn't find anything wrong with your post.....

smallville wrote:

smallville wrote:Have a glance at their financials;

Current Assets = 431.1 Mn
Current Liabilities = 175.82 Mn
So SINI has positive working capital

Nav = 215.8 Increased from 173.3 last year

Revenue Year Ending 2009-12-31 = 485.96 Mn, COS = 496.1 Mn and Loss = 33.76 Mn. The Loss has no revaluations to cover up..
Revenue Year Ending 2010-12-31 = 664.14 Mn, COS = 652.25Mn and PAT = 126.8 Mn. The PAT increased due to revaluations of 135.75 Mn

Revenue Qtr Ending 30-09-10 = 215.85 Mn hence a PAT = 154.9
Revenue Qtr Ending 31-12-10 = 172.47 Mn due and due to high COS they incurred a Loss After Tax = 31.3Mn.
Previous year (2009) same Qtr they incurred a loss of 7.86 Mn.

This qtr Revenue = 220.27 Mn, COS is still higher so due to gains from revaluations of investments & disposal of shares added another 29.7 Mn to their profits so SINI ended up with a PAT = 31.58 Mn

During the year 2010,the Company discontinued the TV Assembly Division and the profits of it also added to the above.

Therefore; this is no way a profit making company though they came up with some profits for Q1/2011

Well I took time to enlighten the members having a peep into SINI financials..

And for the idiot who gave me a negative rep for this post, God bless you man..

Hang in there Smallville. I feel you pain as I have gone through the same before. Good objectives can be misinterpretged at times . The key is to present the facts in a decent and educated manner ( without insulting others to meet their agenda) which I see you have done as before. Then people can analyze themselves.

I also commented on what I felt about SINI above. One thing, given the natures of the other illquids which are far worser situation than SINI ( NAVs eps) now trading at amazing prices , I have still some comparative respest for it ( if one already has it). I am not ruling out the possibility this can go up if it catches some manipulators fancy.

But clearly mentioned in my other post is what I too felt about it growth potential. People can decide now

SINI profits boom or bomb?

smallville wrote:Have a glance at their financials;

Current Assets = 431.1 Mn
Current Liabilities = 175.82 Mn
So SINI has positive working capital

Nav = 215.8 Increased from 173.3 last year

Revenue Year Ending 2009-12-31 = 485.96 Mn, COS = 496.1 Mn and Loss = 33.76 Mn. The Loss has no revaluations to cover up..
Revenue Year Ending 2010-12-31 = 664.14 Mn, COS = 652.25Mn and PAT = 126.8 Mn. The PAT increased due to revaluations of 135.75 Mn

Revenue Qtr Ending 30-09-10 = 215.85 Mn hence a PAT = 154.9
Revenue Qtr Ending 31-12-10 = 172.47 Mn due and due to high COS they incurred a Loss After Tax = 31.3Mn.
Previous year (2009) same Qtr they incurred a loss of 7.86 Mn.

This qtr Revenue = 220.27 Mn, COS is still higher so due to gains from revaluations of investments & disposal of shares added another 29.7 Mn to their profits so SINI ended up with a PAT = 31.58 Mn

During the year 2010,the Company discontinued the TV Assembly Division and the profits of it also added to the above.

Therefore; this is no way a profit making company though they came up with some profits for Q1/2011

Very good post smallville as ususal...I can't think about any reason for someone to give a negative rep for this; you have nicely revealed the true picture of SINI financial reports...+ rep from me for your hard work. Thanks.

StocksWatch wrote:

smallville wrote:Have a glance at their financials;

Current Assets = 431.1 Mn
Current Liabilities = 175.82 Mn
So SINI has positive working capital

Nav = 215.8 Increased from 173.3 last year

Revenue Year Ending 2009-12-31 = 485.96 Mn, COS = 496.1 Mn and Loss = 33.76 Mn. The Loss has no revaluations to cover up..
Revenue Year Ending 2010-12-31 = 664.14 Mn, COS = 652.25Mn and PAT = 126.8 Mn. The PAT increased due to revaluations of 135.75 Mn

Revenue Qtr Ending 30-09-10 = 215.85 Mn hence a PAT = 154.9
Revenue Qtr Ending 31-12-10 = 172.47 Mn due and due to high COS they incurred a Loss After Tax = 31.3Mn.
Previous year (2009) same Qtr they incurred a loss of 7.86 Mn.

This qtr Revenue = 220.27 Mn, COS is still higher so due to gains from revaluations of investments & disposal of shares added another 29.7 Mn to their profits so SINI ended up with a PAT = 31.58 Mn

During the year 2010,the Company discontinued the TV Assembly Division and the profits of it also added to the above.

Therefore; this is no way a profit making company though they came up with some profits for Q1/2011

Very good post smallville as ususal...I can't think about any reason for someone to give a negative rep for this; you have nicely revealed the true picture of SINI financial reports...+ rep from me for your hard work. Thanks.

*yup a good post by smallville.don't deserve a -rep,may be the user mistakenly click the down side..........rep from me tomorrow,no left today.........

* agree with GAJA and slstock...........
you must consider the sources of income which they arrived,rather than saying there is a boom in profits,don't consider one off gains and losses when look at financials...
revaluation doing nothing,just increase the profits artificially.....
always consider the results from core operations,but when you come to investment trust companies it is good to look at revaluation and other capital improving incidents....

Guys... appreciate your views and thanks for the reps

As Slstock pointed, looking at the other fallen illiquids, SINI still has some respect as they've somehow come up with positive balance at the end

SINI it's a very good stock Compare with other illiquid stocks
ALUF,GEST,BINN,MIRA,HUEJ. Current market SINI massive opportunity for buy.

Gainer wrote:SINI it's a very good stock Compare with other illiquid stocks
ALUF,GEST,BINN,MIRA,HUEJ. Current market SINI massive opportunity for buy.

haven't you read what's posted so far?
If you want to state this, specially after so much comments for a similar post, you must come with better arguments!

IMO, reporting revaluation proceeds is fair enough although it may not be a realized gain/loss for the entity.

But what is important is whether the company is making a profit out of their core business activities.

In SINI financial reports, what we can observe is that the company has been making losses from their core business activities but the bottom figure represents a profit with the help of this revaluation. This is where we got to be careful.

StocksWatch wrote:IMO, reporting revaluation proceeds is fair enough although it may not be a realized gain/loss for the entity.

But what is important is whether the company is making a profit out of their core business activities.

In SINI financial reports, what we can observe is that the company has been making losses from their core business activities but the bottom figure represents a profit with the help of this revaluation. This is where we got to be careful.

To cover up their loss in core business, they just add the gains from revaluation of investments. This is very tricky.

SINI revaluation gains on investments comes from its holding in SINS.

It held 1.8 mn SINS shares as at 31/3/11 valued at Rs203 mn (investment is worth Rs53 per each SINI share) - the interims show revaluation gain of Rs24 m and disposal gain of Rs5 m, so some SINS shares were sold during quarter.

SINI held 1.05 mn shares of SINS as at 31/12/10, before a recent 1 into 2 share split, so it should have held 2.1 mn shares of SINS as at 31/3/11 if it did not sell any SINS.

SINI 1Q net profit of Rs32 mn falls to Rs3 mn after excluding this SINS share impact.

But 1Q profit also included VRS cost of Rs13 mn and discontinued operation profit of Rs4 mn - adjusting for these, SINI normal 1Q profit is Rs12 mn (EPS of Rs3.1).

SINI said in its last Annual report that it would sell its SINS shares, so the 'revaluation gains' will be realised in due course and are 'real' in that sense. But we should monitor SINS share price; it is around Rs94 now, down from Rs112 on 31/3/11 (adjusted for share split).

The other interesting thing about SINI is that only 3,600 shares were needed to enter Top 20 shareholders as at 31/3/11 - Dr Senthilverl has also been selling recently.

SO WHY THE HELL IS SINI GOING UP......?