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Touchwood Case Review

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seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Unofficial information that the expected Touchwood case against Sri Lanka Accounting and Auditing Standards Monitoring Board(SLAASMB) next hearing will be on 26th May 2011. Yes everyone looking the favorable outcome. Today, there are rumors that outcome will be favorable to the company and some brokers recommend to buy at current price. I could see some collection (about 820,000 shares) was made @ 23.60 levels.

I just did some research on the Touchwood Case. It looks like decision will be favorable to company. (This is not a promotion, just merely to getting your views. To be honest I do not have TWOD shares at the moment.)

We all know about the case related to the valuation of biological assets. I extracted some facts from SLAASMB website of case information to start from beginning.

The Sri Lanka Accounting and Auditing Standards Monitoring Board has determined that the estimates of fair value of biological assets used by Touchwood Investments Limited in its financial statements for the years ended 31 March 2005 and 31 March 2006 are clearly unreliable. The Company has also not been able to provide the Board with any other estimates which are reliable. Further, the method of valuation used for the year ended 31 March 2005 was not in accordance with International Accounting Standard, IAS 41 Agriculture, which the company has purportedly adopted.

As the company has purportedly adopted International Accounting Standard, IAS 41 Agriculture, the Board has concluded that the biological assets should have been valued at a value which approximates cost in accordance with paragraph 24 (b) of IAS 41 or at cost less accumulated impairment in accordance with paragraph 30 of IAS 41. Based on such valuation the company would not show a net profit for the relevant financial periods.

As the impact on the financial statements is substantial the Board has decided to refer the non-compliance to the Attorney General. The Board has also decided to investigate the compliance with auditing standards by the auditors in relation to the audit of the financial statements of the Company.

Based on the above information I can see in the absence of Sri Lanka Accounting Standards, company uses International Accounting Standards 41, Agriculture for the valuation of biological assets. But SLAASMB argument is that estimates of fair value of the biological assets in not accordance with IAS 41 and the financial statements are unreliable.

Further I have received BASL News Letter (Bar Association) of December 2010, there talked about some legal judgment (I attached the newsletter in our research forum http://research.srilankaequity.com/t96-touchwood-case-basl-bar-association-news-letter-judgement-views , refer page 4 for the Touchwood case). There they briefed about the case and given their views. Based on that, Board had not statutory power to challenge the valuation of the Petitioner on non compliance with IAS 41.

Further company received the Certificate of Compliance by the Institute of Chartered Accountants of Sri Lanka for the Annual Report Awards 2010. This certificates covers the CSR, Financial, Presentation and Compliance. Therefore, this reveals that the company practice in valuing biological assets in accordance with IAS 41 as the certificated awarded by ICASL which is the statutory for setting the Accounting Standards

Followings extract from Touchwood website

Certificate Of Compliance

January 24th 2011

We are proud to announce that our Sri Lankan office, Touchwood Investments PLC has been awarded the “CERTIFICATE OF COMPLIANCE” by the Institute of Chartered Accountants of Sri Lanka for the Annual Report Awards 2010 - at the ceremony held on 7th December 2010.

This award is granted by the Inst. of Chartered Accountants of Sri Lanka every year. They evaluate and grant awards in key areas such as - CSR, Financials, presentation, compliance, etc.

This certificate emphasizes that all requirements are being met in order for us to achieve our goals and serve our investors with industry leading standards.

For the year to come Touchwood Investments PLC has its goals set on the CSR awards to be handed out in the 2011 ceremony.

Thank you to all our accounting and administration staff who made the award possible.

http://www.touchwood.com/news/certificate-compliance

So Guys, Based on the above information and facts, to me the decision would be favorable to company. How do you all look into that..

Pls Share ur thoughts and views

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Post Mon Jul 18, 2011 9:25 am by JennyFunny

rally..rally..hehe

Post Mon Jul 18, 2011 9:48 am by mono

I want this to go up nice and easily without too many massive jumps.

BTW, i'm not sure if this has been said earlier what is happening today is the supreme court considering the appeal made by the SLAS against the appeal court judgement. not the case per say. The case has already been won by TWOD jan 2010, which is why we see their accounting standards on all thier financial reports

Post Mon Jul 18, 2011 7:51 pm by JennyFunny

ok thanks for the update...

Post Wed Jul 20, 2011 3:46 pm by seyon

Touchwood Overview ( this post is just to update our database not for promotion)

Very Interesting Review

Touchwood Investment PLC pioneered the Managed Agro-Forestry concept in Sri Lanka and specializes in growing high value exotic tropical timbers as an alternative and sustainable source of investment.

Touchwood Investment has been in existence for 11 years and the success of this company and the bullet proof business model is based on People - Whom they empower, Planet - which they protect and Profit - Ensured for stakeholders.

The beauty of their business is; these vital three elements are intrinsic in their business model making them a Triple Bottom Line company.

Touchwood is a public quoted company with a global presence in eight countries whose founder Roscoe Maloney is now the group Chairman of the organization.

Furthermore Touchwood has emerged as one of Sri Lanka’s most valuable brands ranked within Sri Lanka’s Top 100 Brand Index in 2009 and 2008 compiled annually by Brand Finance (Lanka), a subsidiary of a global entity.

Group Vice Chairman Asitha Koralage continues to play a pivotal role charting the course of the company during this exponential growth phase.

Over the years Touchwood Group has developed an array of sustainable forestry products to suit different investment requirements of both institutional and retail investors.

With over 5,000 acres of private forestry plantations that are home to high value, exotic tropical timber, Touchwood’s client portfolio exceeds 25,000 investors worldwide.

Touchwood Investments PLC Chief Executive Officer Channa Abeygunawardene, Plantation Head Prageeth Herath and Sales and Marketing Manager Jeffry Ebert were interviewed by Daily News Business.

Sales and Marketing Manager Jeffry Ebert said in 1999 Touchwood was founded in Sri Lanka by Group Chairman, Roscoe Maloney investing only Rs 500,000.

With the purpose of combating the rapid deforestation of old-growth forests, Maloney’s father-in-law, is a furniture maker by trade, often complained about the rising cost and scarcity of timber and indeed it was this close to home concern that encouraged Maloney to think of an out of the box solution for not only timber supply but also unmanaged deforestation in Sri Lanka.

Maloney also realized the potential for timber and commercial value in planting trees and that could be sold for a high rate of return and offered as a stable investment.

Touchwood was listed in the Colombo Stock Exchange in 2002 that was one of the major milestones of the company. The company went on to establish plantations in Thailand and register its holding company in Hong Kong in 2004.

Ebert also said, “In the years that followed, our global expansion program has developed 44 plantations encompassing more than 5,000 acres, a reputable representations in over 30 countries and planting three million plants around the globe. Achieving our first ISO certification in 2006, the Touchwood brand has become a stable and respected member of the top 100 companies in the country.

“We are also currently experiencing steady sales growth in the UK and throughout Asia a momentum we intend to sustain. In the coming year, we are targeting for entry into Japan, Singapore and additional countries within Europe. Like our trees, we continue to grow.”

Our group holding company is located within the heart of Hong Kong’s central business district, with our regional head office situated on the edge of Bangkok’s historic Lumpini Park in Thailand,” he said.

“We pioneered the concept of managed forestry in Sri Lanka with over a decade of experience in forestry investments, and we continue to be the benchmark for the industry.

The biggest benefit in this concept is one could take advantage of the supply demand gap in timber. Today timber mainly comes from our precious rainforests but now since this a business venture.

It opens up opportunities for people to invest in managed forestry and take advantage of this scarcity whilst providing an alternative source of timber for global consumption.

Global research has shown timber to outperform most other investment classes in the world. The micro-economical conditions has very little impact on timber values or timber related industries such as changes in the political arena and the volatility in financial markets and policy changes every now and then.

An investment in Touchwood is 100 percent asset-backed, in other words every investor big or small receives a plot of land and trees that are numbered and registered at the Land Registry and transferred as a deed to the client as collateral.

As as agricultural based company we are prone to natural disasters hence we maintain 100 percent buffer stock and a one to three volume stock as a contingency plan for any replacement of trees due to any reasons, this is done in accordance to ISO 14001, furthermore as an added security our plantations are fully insured.”

Just as the Triple Bottom Line concept is intrinsic in the company’s business model, the Corporate Social Responsibility is a highlighting fact of our company.

“Most of our plantations are situated in rural villages (36 plantations locally) and we have employed the local populace in all our plantations enhancing the livelihoods of these villages, alleviating poverty and rural infrastructure development is not something that we do separately, it is something that happens automatically with every project and every investment, hence the monetary gains are supplemented by the community development that happens alongside with this investment,” Ebert said.

Touchwood Chief Executive Officer Channa Abeygunawardene said, “On June 15 last year the rights issue of Touchwood Investment PLC was concluded with a subscription of 149 percent assuring a solid future for the company. It was oversubscribed by 49 percent.

This step was a natural corollary to the growing demand for the agro-forestation model that Touchwood exemplifies. Keeping in mind the tremendous growth potential of the industry, Touchwood Investment PLC has charted a clear and cohesive strategy for expanding the scope of its business while enhancing shareholder wealth.

The oversubscription of 49 percent was a clear indication of the confidence and belief that the valued shareholders portray of the company and their mission.

“For 11 years we have strengthened our stand again and again in-spite of the financial turmoil globally and the recent financial crisis in local soil owing to the rock solid business model, with the successful conclusion of the rights issue we have consolidated the fact that the public and the company shares a common view,” he said.

Abeygunawardene said: “The funds raised by the rights issue is channelled towards expanding the acreage under cultivation by a significant amount and further to introduce new products to the market.”

Touchwood has already invested in research and development facilities in collaboration with the Sri Jayawardanapura University by setting up a fully equipped tissue culture laboratory to develop more efficient and environment friendly agriculture practices, which even today is a strength that Touchwood possesses.

With the rights issue, Touchwood is in a position to invest in opportunities for backward and forward integration.

The funds would be further invested to strengthen the brand image and improve efficiency to create stakeholder value now and in the future. I am truly thankful to all our shareholders in believing in what we do and placing their trust in our future just as they did for the past 11 years.

“With 11 years of experience in agro forestry investment, we have the knowledge and organizational strength to deliver products and opportunities that are both socially responsible and highly profitable,” he said.

Abeygunawardene said, “Our priorities are simple; people, planet, and profit. Working toward this triple bottom line, we have achieved the following milestones as a group.

25,000 clients worldwide, 44 plantations spread throughout four countries 5,000 acres of, high-value trees comprised of seven unique species 24,000 acres of land secured for future development in Cambodia, on-target returns delivered for the past two years and counting, global presence in over 30 countries throughout the world ISO 9001 and ISO 14001 certifications for excellence in quality and environmental management.

Abeygunawardene said: “Touchwood Group also entered in to the flooring market with the commencement of work on our purpose built flooring manufacturing plant in Sri Lanka. The flooring manufacturing operation will be carried out through its recently incorporated subsidiary,” T Wood Flooring.

Touchwood Ltd Hong Kong holds 51 percent stake in the company and the other 49 percent stake is held by Touchwood Investments PLC. The setting up of the timber manufacturing plant affirms the organization’s commitment to value add to its produce from its plantations, lending assurance to its investors on their returns and also enhance the revenue streams to the company.

T Wood flooring specialized in the manufacture and export of wooden flooring solutions using state-of-the-art equipment in its purpose built manufacturing plant currently under construction. T Wood Flooring will cater to the high-end European and American markets.

T Wood flooring will initially manufacture flooring using bamboo.

Bamboo flooring has seen an exponential growth in demand because it is environmentally friendly, and distinct appearance and other natural properties. Bamboo is an extremely fast growing renewable resource and fast becoming a material of choice for flooring as against hardwood flooring.

Bamboo has been used widely in the Far East for centuries. Touchwood Group has acquired the technical know-how to convert this versatile material in to flooring solutions to meet the demand for flooring in ultra-modern houses and buildings.

The pre-processed bamboo will be exported from Thailand to Sri Lanka where 90 percent of the value addition will take place before being exported worldwide. Touchwood Group also grows bamboo in its plantations in Thailand, which it sells as investments to its clients.

Creating the capability to value add to its produce is part of the five year strategic plan, the company has chartered out for itself. This initiative will place Sri Lanka on the world bamboo flooring market, competing with China,” he said.

Abeygunawardene also said: “We are proud to announce that our Sri Lankan office, Touchwood Investments PLC has been awarded with the “Certificate of Compliance” by the Institute of Chartered Accountants of Sri Lanka for the Annual Report Awards 2010 - at the ceremony held on December 7, 2010.

This award is granted by the Institute of Chartered Accountants of Sri Lanka every year. They evaluate and grant awards in key areas such as - CSR, Financials, presentation and compliance. This certificate emphasizes that all requirements are being met in order for us to achieve our goals and serve our investors with industry leading standards.

“For the year to come Touchwood Investments PLC has its goals set on the CSR awards to be handed out in the 2011 ceremony,” he said. Touchwood Plantation Head Prageeth Herath said, “In looking to the future, Touchwood remains committed to the colossal goal of increasing its agro-plantation acreage to 15,000 acres over the next five years.

Going forward, Touchwood is confident of its ability to redefine the investment industry in Sri Lanka by proving undoubtedly time and time again that agro plantation returns are a win-win solution for all investors, future generations and for Mother Earth.

Herath further commenting on the current opportunities in the agricultural sector said that Touchwood Investments PLC would be developing plantations of coconut and other cash crops to meet growing demand over the next five years for which land has already been acquired.

At Touchwood we use agro-forestation as a tool for bio- diversity conservation. Our core business concept primarily revolves around environmental conservation. Touchwood is essentially in the business of Agro forestation, a concept that is widely acclaimed as a means to bio-diversity conservation and an alternative to more traditional approaches to biodiversity conservation that focused on protecting natural habitats in parks and reserves while ignoring the possibilities found within certain agricultural habitats.

Land protection, water protection and air protection are key elements of focus in our daily operations. In an effort to encompass best practices that aim to create a scenario of zero negative impact on the environment we adopt a series of global standards modulated and implemented through an Environmental Management System (EMS).

These serve as the framework for the company’s sustainability efforts. Working hand in hand with day to day operations of each agro-forestry estate, the EMS manages the impacts of the company’s activities on the environment,” he said.

Herath said: “We also initiated a national project to plant trees in all places of worship around the country with the guidance of the Environment and Natural Resources Ministry. We have been involved by the leaders of the country in their endeavour to set an example to the general public on preserving trees. Our plantations are situated in rural areas where infrastructure is minimal and the quality of life is poor.

As we expand our presence in these areas, we have enmeshed ourselves with the communities by assisting them with roadways, bridges and other infrastructure facilities, including assistance to upgrade nearby schools and places of religious worship.

Our presence has also meant that direct and indirect employment opportunities are on the increase - and the resultant increase in income has had a cascading effect on the quality of life of the villagers and their children.

Herath also said President Mahinda Rajapaksa implemented a tree planting campaign of 1.1 million trees as part of his birthday and the beginning of his second tenure in office.

In accomplishing this extraordinary act of generosity to Mother Nature, Touchwood Investments PLC planted 200,000 trees to further the vision of the President to stand witness and to be a part of this lasting legacy towards a greener Sri Lanka.

A business encompassed with a vision to “Save the rain forests” Touchwood Investments PLC has taken the world by storm by establishing operations in eight different countries globally.

As a corporate social responsibility the company has taken their vision to 500 religious locations by growing in excess of 50,000 trees in collaboration of the Environmental Ministry with the view of encouraging the local populace of these areas to sustain our precious rainforests.

http://srilankastockpicks.blogspot.com/2011/01/touchwood-pioneers-agro-forestation.html

avatar

Post Wed Jul 20, 2011 4:01 pm by seyon

Previous year annual report was filed on end of the July, So we can expect this year also by end of this month, this would help us to know more details about the company performance and operation ( Matured Plantation Details and Case info)

So patience is important, don't be Panic

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Post Thu Jul 21, 2011 9:59 am by JennyFunny

very good article lets hope the stock does well in the near future..Smile

Surangaby

Post Thu Jul 21, 2011 5:07 pm by Surangaby

Read da whole thing. Thanx seyon. Let's wait & see.

innam

Post Thu Jul 21, 2011 7:14 pm by innam

well we've seen a lot of positive comments about TWOD and their magical future prospects but we need to consider the negatives as well. i'm posted the following in a different thread but might as well post it here.

currently TWOD revenues are based on management estimates.the worst case is that management estimates for revenues turn out to be overly optimistic.

On page 83 of the annual report (http://www.cse.lk/cmt/upload_report_file/631_1281094628905.pdf)
you can see that the asset valuation change (which is taken to revenues) is extremely sensitive to the management estimates used. currently they use a 12.5% discount rate but if this is changed to 14.5% a 300 million profit in 2010 becomes a 300 million loss).
in simple terms cash flows continues to be negative.....the revenues shown are "manufactured" using estimates (as well as accepted accounting standards). They can change a 300 million loss into a 300 million profit just by changing 2 percentage points- so you need to give a hefty discount the stated NAV.

a long term INVESTOR needs to ask himself, what happens if TWOD can't deliver on their promised estimates (due to wood price declines, diseas etc). also keep in mind what happened in India in the 90s (http://www.icmrindia.org/free%20resources/casestudies/Finance%20freecasestudyp1.htm)- a pure scam that unravelled when the promotors couldn't deliver on their initial estimates and what happened to Sino Forest in China this year (http://www.ft.com/cms/s/0/9981da84-9c20-11e0-acbc-00144feabdc0.html#axzz1SkMUcOR1) -the share price collapsed due to poor disclosure (ring a bell?) and even the smartest hedge fund managers like John Paulson lost money.

TWOD may be a more ethical company then the Indian and Chinese examples but INVESTORS need to know all the possible risks.

i'm sure TWOD can eventually deliver on their magical promises but i'm just highlighting the possible risks, in fact over the short term there may be a trading opportunity if you can time the bounce from the bottom.

avatar

Post Fri Jul 22, 2011 10:04 am by StocksWatch

Thanks innam, some really useful analysis of TWOD financial reporting and background information.

avatar

Post Fri Jul 22, 2011 10:40 am by JennyFunny

get out..Yelp!

avatar

Post Sun Aug 21, 2011 7:31 am by seyon

Touchwood moves to total organic practices

Touchwood Investments PLC plans to move to total organic practices by 2012. At present the company uses two percent of chemicals in their agro forestry plantations.

Winner of the National Quality Award 2010 (Organised by the Ministry of Productivity Promotion and the Productivity Secretariat) in the manufacturing and services sector, Touchwood Investments PLC is the first and only Agro forestry company to win the award, said Sales and Marketing Manager, Jeffry Ebert.

The agro forestry practices the company adhered to in the past 12 years helped it to win the award.

The company has achieved many other firsts-including obtaining ISO 9001:14001 under the agro forestry sector, the first company in South Asia to obtain ISO certification, the first company to be awarded the certificate of compliance and the first agro forestry company to be fully insured.

Touchwood is the first company to prove its business acumen by paying dividends from 2007. "We began paying dividends with our vanilla plantations", said Ebert.

We started our plantations with Mahogany and moved on to grow sandalwood, vanilla, coconut and other cash crops.

The company has patented 'shoot bora eradication' which affects the growth of Mahogany. Worldwide, shoot bora penetration is 40-50 percent. "At the inception we also experienced this problem, but now we have reduced it to 0.5 percent.

This enhances the confidence of the stakeholders as it increases productivity."

The company maintains a 100 percent buffer stock as a contingency plan said Ebert.The company was set up arted in 1999 by Founder Chairman Rosco Maloney who is now the group chairman.

The Company is spread across eight countries with plantations in four countries - Sri Lanka, Thailand, Australia and Vietnam. It is the first agro forestry company to be listed on the Colombo Stock Exchange.

In Sri Lanka, the company owns 3,500 acres of land spread across 42 plantations in six districts, said Ebert.Corporate social responsibility is intrinsic in its business model and the company has contributed to the livelihoods of the rural community with jobs, water, roads and electricity.The company initiated the Sandun Arana Program to preserve sandalwood plants. Under this program the company plants sandalwood trees at religious locations covering 500 locations up to date.

The company also supported the initiative of President Mahinda Rajapaksa to grow 1.1 millon trees by planting 200,000 plants within 11 minutes in Girandurukotte.

The company has set-up a tissue culture laboratory at the University of Sri Jayewardenepura as a joint venture. A sandalwood oil extraction plant and a vanilla extraction plant are in the pipeline.

Tiger

Post Sun Aug 21, 2011 5:05 pm by Tiger

All this is good, They still has to justify that their immature forestry and Nurseries worth 5Billion.

avatar

Post Mon Aug 22, 2011 8:26 am by seyon

Tiger wrote:All this is good, They still has to justify that their immature forestry and Nurseries worth 5Billion.

Nobody can challenge the fair value based valuation, these valuation are based on the assumption and info, which are line with prevailed mkt conditions. However the assumptions should be reasonable to give the assurance about the valuation.

In Sri Lanka, this valuation model are not improved, and there is no expert on this to give the assurance report on the fair valuation.

One reason, We do not have standard ( still in the draft stage) to comply with. this would be overcome by next year.

2nd there is no player in the industry for the comparison.

This may be the reason this particular court case has been dragging for long-time. I guess TWOD is expected to harvest is 1st batch of its plantation by SEP, this would give a idea about actual yield of the plantation, which would be used to compare with its fair valuation. If the valuation is reasonable compare with actual outcome, TWOD will be cleared from the issues on valuation model.


avatar

Post Mon Aug 22, 2011 8:50 am by sajeethk

that biological gain can get in company account cos they already sold that land to investors. actually that gain is own by who buy that land. still i am not sure how TWOD make profit out of biological gain in immature plantation.

Chinwi

Post Mon Aug 22, 2011 9:52 am by Chinwi

sajeethk wrote:that biological gain can get in company account cos they already sold that land to investors. actually that gain is own by who buy that land. still i am not sure how TWOD make profit out of biological gain in immature plantation.

Actually the total gain is not own by who invested in land lots. There is an agreement for minimum buying price with investors and they manage a fair margin with the possible selling price.
This is what I heard. They said ownership of the land is also temporary, after cutting, the company take back the land.... I have no documents to refer.

Somehow, they have started getting income from their plantations in Thailand, even if owned no investor from here will go to sell them.

dr kiru005

Post Thu Aug 25, 2011 12:57 pm by dr kiru005

so whats happening to the case? are they going for a harvest next month and are they liable to give dividends before court decision

avatar

Post Thu Aug 25, 2011 5:58 pm by seyon

dr kiru005 wrote:so whats happening to the case? are they going for a harvest next month and are they liable to give dividends before court decision

I don't think, in past TWOD gave us dividend, what i heard through the rumors, TWOD is going to harvest its 1st batch in September, this will enable to compare the actual value of the biological assets with its estimated value.

If the comparison shows positive TWOD can stand on their previous valuation model, SLASMB can not challenge its valuation model.

rijayasooriya

Post Tue Aug 30, 2011 9:54 pm by rijayasooriya

Next hearing on 2nd December 2011 according to annual report.

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Post Tue Sep 13, 2011 1:09 pm by PGNN

seyon wrote:
dr kiru005 wrote:so whats happening to the case? are they going for a harvest next month and are they liable to give dividends before court decision

I don't think, in past TWOD gave us dividend, what i heard through the rumors, TWOD is going to harvest its 1st batch in September, this will enable to compare the actual value of the biological assets with its estimated value.

If the comparison shows positive TWOD can stand on their previous valuation model, SLASMB can not challenge its valuation model.

What's the latest

rijayasooriya

Post Tue Sep 13, 2011 2:03 pm by rijayasooriya

seyon wrote:
dr kiru005 wrote:so whats happening to the case? are they going for a harvest next month and are they liable to give dividends before court decision

I don't think, in past TWOD gave us dividend, what i heard through the rumors, TWOD is going to harvest its 1st batch in September, this will enable to compare the actual value of the biological assets with its estimated value.

If the comparison shows positive TWOD can stand on their previous valuation model, SLASMB can not challenge its valuation model.

Did any one find anything about this harvesting rumour on annual report? I did not find anything.

Rocky

Post Tue Sep 13, 2011 11:17 pm by Rocky

Until a full evaluation of the valuation method of Biological Assets of the Company are carried out we will perpetually wait for the price of this share to go up just like all other Blue Chip Shares.

There are insect like investors who attack dormant shares like Touchwood, and when they do dry rot will set in. For what ever its worth, paying 23.60 for a share with NAV at 41.00 is not a bad investment.

I hope to see this gradually moving up in the coming days until 12th of Never.
Anyway, we have our very own ambassadors of Cricket who vouch for this company and with their high level of repute we have nothing to worry.Leaving sentimentality aside, I should invest more in this share.

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Post Wed Sep 21, 2011 7:25 am by seyon

As another step of Sandun Arana National Programme, which is operated with the guidance of Ministry of Environment and Natural Resources and Touchwood PLC, sandalwood plants to be planted at Namal Uyana were handed over under the patronage of Ven. Wanawasi Rahula and First Lady Shiranthi Rajapaksha, at the Namal Uyana World Heritage Site recently.

According to the Red Data of IUCN, sandalwood is one of the plants faced with the threat of extinction. Sandun Arana National Programme has taken necessary steps to plant the valuable sandalwood plant in sacred places, government institutions and jungle gardens in order to protect it. Nearly three hundred thousand plants have been planted under several projects all over the country.

http://print.dailymirror.lk/business/127-local/56682.html

Tiger

Post Wed Sep 21, 2011 1:39 pm by Tiger

If you really see the history of ponzi schemes around the world, all has a common stage in life cycle where they get involved with high profile figures such as celebrities, sportsmen, community leaders etc... this ensures the continuous liquidity flow to the business to keep it moving, when the underlying business is filled with money spinning mechanism to cover up the value creation flaws.

To my observation TWOD is just waiting for court case to finish, to release next round of right issue to keep it moving. Don't forget that public owns 80% of this highly valued company and not by so called creators or guardians.

ssuni

Post Tue Sep 27, 2011 9:29 am by ssuni

dividened-> 0.10 OCT 2011
will this be a signal for buy??

Hawk Eye

Post Fri Oct 14, 2011 3:15 pm by Hawk Eye

Are the trying to give a signal with the Dividend that they are improving on the cashflow.

Will there be a TWOD hype this time also with the court case

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Post Tue Oct 18, 2011 11:34 pm by suranga

Pls tell when is the next hearing of the case.

sureshot

Post Mon Nov 14, 2011 6:00 pm by sureshot

TWOD...........


THINK NOW........ACT AFTER THE CASE.......

ALL THE BEST

sureshot

Post Sat Nov 26, 2011 8:25 pm by sureshot

T O U C H W O O D............COUNTDOWN STARTS ENJOY IT

ALL THE BEST....
ME AND THE JUDGE NO IT TOO.....

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Post Sat Jun 23, 2012 3:05 pm by ccsentha

Guys what is the current situation with TWOD, can some one explain me please??

market bull

Post Sun Jun 24, 2012 4:23 am by market bull

Case No. 100/2011 (SPL LA 42/10) ,Touchwood IPLC Vs. Sri Lanka Accounting and Auditing Standards Monitoring Board which is pending as an appeal matter was heard before the Supreme Court on the 21st May 2012 and postponed until 6th
November 2012 for arguments.

http://www.cse.lk/cmt/upload_report_file/631_1338461934550.pdf

suranga wrote:Pls tell when is the next hearing of the case.

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