PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.
NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.
Div Payout %, NP Margin, ROE, DY, QoQ Δ & YoY Δ figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.
All figures in '000 unless specified.
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vxpoisonThursday & Friday will see price drop further due to this auditing issue. Shall see if Ranger Jaya can provide proper explanation related to the few questionable matters from Tilly Baker....
30/04/2019 11:26 PM
Imformedvx I think you are the one who left cuscapi before this. otherwise you won't leak this kind of info out. careful you may kena check by macc. they can track you frequent login email from the IP that you use.
vxpoisonImformed, don't let people read this comment from you.... It shown your ignorance on the public announcement made to Bursa on daily basis. Stay focus if you want to consistently survive in the share market, don't just read the chart, the chart may tell you the best entry & exit but the FA is equally important. Read more Imformed... Read!!!
vxpoisonPursuant to Paragraph 9.19(37) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Cuscapi Berhad (“Cuscapi” or “the Company”) wishes to announce that the Company’s External Auditors, Messrs. Baker Tilly Monteiro Heng PLT had expressed the following qualified opinion in the Company’s Audited Financial Statements for the financial year ended 31 December 2018:
A. QUALIFIED OPINION
The details of qualified opinion as disclosed in the Independent Auditors’ Report is reproduced below:
Qualified Opinion
We have audited the financial statements of Cuscapi Berhad, which comprise the statements of financial position as at 31 December 2018 of the Group and of the Company, and the statements of comprehensive income, statements of changes in equity and statements of cash flows of the Group and of the Company for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies, as set out on pages 8 to 119.
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial statements give a true and fair view of the financial position of the Group and of the Company as at 31 December 2018, and of their financial performance and cash flows for the financial year then ended in accordance with the Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia.
Basis for Qualified Opinion
We draw your attention to Note 37(a) to the financial statements, that discloses the circumstances and consideration of the Directors in reporting the carrying amount of the REV hardware equipment included in Property, Plant and Equipment of RM6,615,101 and Inventories of RM15,451,976.
We were unable to obtain sufficient appropriate audit evidence on the said amount of Property, Plant and Equipment and Inventories, as the Group is unable to reliably assess the recoverable amount of the said Property, Plant and Equipment in accordance with MFRS 136: Impairment of Assets and the net realisable values of the inventories in accordance with MFRS 102: Inventories due to the circumstances and consideration disclosed under Note 37(a) to the financial statements. Consequently, we were unable to determine whether any adjustments to these amounts were necessary.
We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Please refer to the attachment as annexed herewith under Appendix I in respect of the Notes 37(a) of the audited financial statement for the year ended 31 December 2018.
B. STEPS TAKEN OR PROPOSED TO BE TAKEN TO ADDRESS THE KEY AUDIT MATTERS THAT RELATES TO THE MODIFIED OPINION
The Directors of the Company will continue to monitor the legal suit (Suit No. WA-22NCC-399-09/2018) outcome closely and make necessary adjustment on the recoverable amount of the said Property, Plant and Equipment in accordance with MFRS 136: Impairment of Assets and the net realisable values of the inventories in accordance with MFRS 102: Inventories based on the Courts' decision once available.
C. TIMELINE
Barring any unforeseen circumstances, the Group expects to resolve the issue relating to the Modified Opinion above within 12 months from the date of this announcement.
D. ALL KEY AUDIT MATTERS DISCLOSED IN THE EXTERNAL AUDITORS’ REPORT
Please refer to the attachment as annexed herewith under Appendix II.
This announcement is dated 30 April 2019.
02/05/2019 9:37 PM
cheektanAren't this relating to the litigation which everyone should already knew? The qualified opinion is something expected from the auditor.
02/05/2019 10:38 PM
vxpoisonRead the appendix.... There's more than the litigation issue. It is not common for an external auditor to issue qualified opinion to Bursa if it is not serious.
02/05/2019 11:01 PM
cheektan"We were unable to obtain sufficient appropriate audit evidence on the said amount of Property, Plant and Equipment and Inventories, as the Group is unable to reliably assess the...", which is the reason it was issued. This is exactly why the litigation is on going...
02/05/2019 11:20 PM
cheektanIf it is already certain, then it would be written off, but it is not. Hence the qualified opinion.
02/05/2019 11:22 PM
vxpoisonAUDIT REPORT - MODIFIED OPINION / MATERIAL UNCERTAINTY RELATED TO GOING CONCERN : QUALIFIED OPINION |
cheektanvxpoison, Appendix II is none issue. Appendix I is expected. (Appendix II is already known matter as well, and frankly should be something positive for Cuscapi, not sure why it is in the Qualified Opinion. )
But thanks for the sharing...
03/05/2019 8:58 AM
vxpoisonYou're welcome cheektan. I agreed whatever in appendix II are something positive for Cuscapi but then auditor doesn't see it the way we see as they were questioning the rationale behind these acquisition.
03/05/2019 6:28 PM
ImformedVX, I believe you are not holding any cuscapi share, otherwise you won't purposely bring this here to get others attention. you must be the one who get fire by management before this.
03/05/2019 7:20 PM
ImformedI Believe you will bring more bad thing here.
03/05/2019 7:21 PM
vxpoisonImformed.... So now no more MACC? Lol... Pity u got stuck at high but be patience.... Soon the price will rise to Rm1.00....
03/05/2019 8:51 PM
kenieMATERIAL LITIGATION-Writ of Summons and Statement of Claim (High Court of Malaya at Kuala LumpurSuit No. WA-22NCC-399-09/2018) Hitachi Systems Digital Services (Singapore)Pte. Ltd. (Plaintiff) Cuscapi Malaysia Sdn. Bhd. and Cuscapi Berhad(Defendants)-Defence and Counter Claim (High Court of Malaya at Kuala LumpurSuit No. WA-22NCC-399-09/2018)
07/05/2019 3:47 PM
kenieCONCERNAUDIT REPORT - MODIFIED OPINION / MATERIAL UNCERTAINTY RELATED TO GOING CONCERN CUSCAPI BERHAD QUALIFIED OPINION ON THE AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018
07/05/2019 3:47 PM
vxpoisonImformed... Paging Imformed... You sempat jual? Told you right... Don't be ignoring the announcement...
08/05/2019 1:58 PM
vxpoisonReference is made to announcements dated 26 September 2018, 28 September 2018, 29 October 2018, 15 April 2019 and 30 April 2019.
Unless otherwise stated, the definitions and terms used herein shall have the same meaning as defined in those announcements.
The parties attended Court on 13 May 2019 and 14 May 2019 for the hearing of the following:
(a) Striking Out Application By HCS (i.e. Her Chor Siong);
(b) Striking Out Application By Hitachi Singapore And OCH (i.e. Ong Chin Hui); and
(c) Summary Judgment Application By Hitachi Singapore.
The Striking Out Application By HCS and the Striking Out Application By Hitachi Singapore and OCH have been dismissed by the Court with costs in the cause.
As for the Summary Judgment Application By Hitachi Singapore, conditional leave to defend the action is granted to the Companies provided on or before 28 May 2019 (“due date”), a deposit of USD3,600,248.22 (equivalent to RM15,014,835.20 - based on Bank Negara Malaysia’s USD Exchange Rate @ USD1.00 = RM4.1705 as at 14 May 2019) is paid by the Companies into an Interest-Bearing Fixed Deposit Ringgit Account in Standard Chartered Bank Malaysia Berhad pending the disposal of the Companies’ Counterclaim. The said fixed deposit account plus any interest accrued thereon shall not be uplifted or closed or dealt with by the Companies in any manner whatsoever without an Order of the Court and further the sealed copy of the Order of the Court shall be served on the said bank. In the event of non-payment of the said sum by the due date, the judgment as prayed for in the Summary Judgment Application By Hitachi Singapore shall be entered against the Companies.
The Companies will take all necessary steps to comply with the said direction from the Court.
The application for interrogatories by the Companies against Hitachi Singapore is withdrawn with costs in the cause.
The Court has fixed 28 May 2019 for the final case management; and 10 June 2019 to 12 June 2019 for trial.
Cuscapi will make the necessary announcements on material development in respect of this from time to time.
NicholasNWH90Saw. First time positive wo since 2015. So low profile.
30/05/2019 5:59 PM
Mike ChongVxpoison, HK lost like hell so commenting here.....
05/06/2019 8:29 AM
vxpoisonHey Mikey... Glad you come join Ranger Jaya boat. This one is much more secure than sinking with Zelan there. Welcome to Cuscapi Mikey!
05/06/2019 8:33 PM
Mike ChongVxpoison , you’ve don’t even do basic research and barking everyway....
06/06/2019 11:19 AM
vxpoisonMike Chong, so you think you done enough research thus you are qualified to bark everywhere? Seriously on Zelan fundamental? You think you done "enough" research will save this company from becoming PN17?
06/06/2019 7:05 PM
Mike ChongResearch will save a company????? Ipoh city council oredi done .....
Mike ChongMakan cili padi pedas ke mula barking , luckily I don’t use poison , but I will inform ipoh city council lo...
07/06/2019 9:21 AM
vxpoisonTikTokTikTokTikTok .... You are running out of time Mike.
07/06/2019 5:34 PM
Mike ChongVxpoison, no more MACC but Ipoh city council lo...
09/06/2019 5:38 PM
Mike ChongRefer to private placement utilization 25 mil oredi used for business expansion: inventory , equipment, hardwares??? But check on the receivable and payable .....
Mike ChongHa ha ... vxpoison yr research is to save company , I forgotten. You said qualified opinion??? and payable is double than receivable , good luck ......
10/06/2019 6:37 PM
vxpoisonThank you for the wishes Mikey.... I wish you good luck in Zelan!
