DPS will get nothing, only a new date.

Words from Shah Alam high court was that the reassessment on 23/1/17 is still on, the Status File Closed only indicate that the original main file has been closed previously. If still have doubt, u may call up the Shah Alam court.
http://efiling.kehakiman.gov.my/eFiling/WebRequestEntry?PAGE=999998&PARAM_WS_NAME=SEARCHWS&STR_CASE_NO=1488-12/2012&STR_COURT_LOC_ID=136f5545-8aae-4440-ad1a-46c61fac1999

Also u may call the Federal Court to check if u have any doubt that Federal Court rejected the DPS leave application.

Why rely on others when u can help yourself?

May be that is why Federal court reject the DPS leave application.

Look like the Federal court does not want to entertain DPS until re-assessment is done, as there likely will be additional evidences produced in the re-assessment.
The Federal Court only want to deliberate the matter when all evidences are made available.

When I said "its decision is appealable" , I mean the pending high court decision on re-assessment is appealable, if any party is not satisfied with the re-assessed quantum.
The latest Federal Court decision rejecting the DPS leave application is final and not appealable.

But no need kanjiong lah. Re-assessment at High Court should take at least 6 months, furthermore its decision is appealable !

Surprise, surprise ..... words from the federal court is that DPS's leave application was rejected !
So DPS appeal at Federal Court is finished. Matter is now moved to high court for reassessment.

Since no new date, look liked DPS's application for leave to appeal has completed.

1) If the application is allowed, then proceed to the Appeal Proper stage (2nd stage).
In the coming days/week, there is will be a NEW case number for Shantawood vs MSIG in the federal court cause list, which should be fixed for case management in about 1 to 2 month time.

2) If the application is not allowed, then the appeal at federal court is finished. Matter is moved to high court for re-assessment.

The most likely result is the former. In the coming days/week, go through the federal court cause list for the next 1 to 2 month for the new case number for shantawood vs MSIG. If u have no patience for that, just call up the federal court.

Gold is currently at usd1,135/oz, due to Bornoil
(i) huge purchase of 557.66kg in Nov'16 when gold was average usd 1,232/oz and
(ii) Sept'16 gold purchase (363.69kg, of which 196.07kg was sold in Oct) when gold was average usd 1,326/oz,

Bornoil current gold inventory of 1,394 kg is now on paper loss of about USD 1.6 million (or about RM7 million) !

4Q'16 usd to rm average ex rate = 4.10. For 1Q'17, as on 22-12-2016, average ex rate = 4.38 (higher by 28 sen, this is much bigger than Icon estimated rate of 4.30)

If current rate maintain till Jan 2017, then it is possible 1Q'17 performance is better than 4Q'16 !
(Note that 4Q'15 rate = 4.21, while 1Q'16 rate = 4.31 -> higher by only 10 sen as compared to 28 sen difference between 4Q'16 / 1Q'17)

Pohuat director Tay Kim Huat was truthful when he said 4Q'16 performance will be better than 4Q'15.
Maybe we can trust him when he said 2017 performance will be better than 2016 based on
1) vietnamese factories high margin products and 2) u.s. increased demand in furniture.
http://www.pressreader.com/malaysia/the-busy-weekly/20161217/281496455927649

JJchan, after half a year, u are still as confused as before on court procedure !
Why the attention on the High Court reassessment when the matter is now at Federal Court appeal ?
If u are still not aware, pls be infm that the High Court re-assessment will only proceed if DPS lose her appeal at Federal Court. If DPS win the Federal Court appeal, then the High Court reassessment will be closed. Are u proposing that DPS is going to lose in the Federal Court appeal ?

Even in the event that DPS lose in the Federal Court and the matter is proceeded to High Court for reassessment, minimum 6 months time is required for this reassessment as there will be case managements, hearings, calling of witnesses, submissions and decision, in between which may interpesed with the usual court adjournments !

Pls lah JJchan, don't act like an expert on court procedure when u are not !

shareking1, wish u luck and hope u have good patience also.

This legal tussel is not going to end so soon.

1) If on 17-1-2017 DPS application for appeal is allowed, then the appeal is proceeded to the 2nd stage, which is the appeal proper stage at Federal court, which may take at least another 6 months (and the High court reassessment is to be postponed again pending decision of this appeal proper)

2) If on 17-1-2017 DPS application for appeal is rejected, then the appeal at Federal court is finished and the matter is moved to High court for reassessment, which is fixed for case management on 23-1-2017 only (not hearing or decision). This reassessment at High court will take at least another 6 months also, decision of which, is APPEALABLE ! (never ending story)

3) On 17-1-2017 federal court might not deliver the decision for the DPS application for appeal and the matter is further delay !

In any event, do not expect decision for the appeal proper at Federal court or the High court reassessment to be given at least until end 2017. Long way to go brothers !

Due to lack of clarification in the inventory report, earlier many ppl have been caused to believe that gold in the inventory are gold mined, when they are not (as they were bought for trading).

Now with this annoucement of gold reserve of 1,892 kg in its Bukit Ibam Mine in Pahang, ppl may have been caused to believe that the reserve can bring good profit to the company, when at the end of the day it may not, due to the cost issue. (Pls see soojinhou comment reproduced below)

Is it necessary to take the gold reserve annoucement at face value without considering the cost issue, which at this stage is yet to be ascertained/affirmed?

Maybe we can learn a lesson from the earlier episode of misconceived gold inventory due to the unclarified inventory report.
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soojinhou: Sumika, I agree with everything you said, but it all boils down to cost. How much does it cost to get the gold out from the ground. If it cost less than spot price, it is profitable, if it is more, then it is not. Now CNMC's ore grade is actually quite poor by global standards, and Bornoil is 4-5 times worse than CNMC's. Bornoil is also using a non-cyanide technique which I'm not familiar with. I'm not pouring cold water on you, I hope you make truckloads, but at this moment, it is too difficult to deduce the approximate cost. Mind you, the management guided that they produce gold at a cost of USD 500/oz. I don't know which mine they are talking about but it is almost certainly impossible to get such a low cost from such poor grade ore. Good luck. Just remember ya, to get 1 gram of gold from an ore grade of 0.3 g/t, you need to leach more than 3 tons of ore. That's a humongous load of dirt for a pitiful amount of gold. The management can choose to front load the higher grade ore first, those that are above 1 g/t, in which 874.2 kg can be extracted. But watch out if the company does that because when the higher quality ore are exhausted the cost increases dramatically.
19/07/2016 20:31

Due to the lack of clarification in the inventory report, many ppl have been caused to believe that gold in the inventory are gold mined, when they are not.

Now with this annoucement of gold reserve of 1,892 kg in its Bukit Ibam Mine in Pahang, but the actual cost of mining not ascertained/affirmed yet, many ppl may have been caused to believe that the reserve can bring good profit to the company, when at the end of the day it may not, due to the cost issue.
(Pls see soojinhou comment below, reproduced from Bornoil thread)

Will ppl belief about good profit from the reserve be crushed in due course, just like their belief about the gold inventory earlier? I do not know.
But so far Bornoil has set a not so illustrious precedent in its unclarified inventory report.
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soojinhou: Sumika, I agree with everything you said, but it all boils down to cost. How much does it cost to get the gold out from the ground. If it cost less than spot price, it is profitable, if it is more, then it is not. Now CNMC's ore grade is actually quite poor by global standards, and Bornoil is 4-5 times worse than CNMC's. Bornoil is also using a non-cyanide technique which I'm not familiar with. I'm not pouring cold water on you, I hope you make truckloads, but at this moment, it is too difficult to deduce the approximate cost. Mind you, the management guided that they produce gold at a cost of USD 500/oz. I don't know which mine they are talking about but it is almost certainly impossible to get such a low cost from such poor grade ore. Good luck. Just remember ya, to get 1 gram of gold from an ore grade of 0.3 g/t, you need to leach more than 3 tons of ore. That's a humongous load of dirt for a pitiful amount of gold. The management can choose to front load the higher grade ore first, those that are above 1 g/t, in which 874.2 kg can be extracted. But watch out if the company does that because when the higher quality ore are exhausted the cost increases dramatically.
19/07/2016 20:31

Thanks for your suggestion, Icon. I don't think I am up to the standard to write article yet. I think I just stay with commenting for the moment (minus convincing u to change your article)

Thanks iloveshare128 for your support.

Anywhere I do not think an apology is necessary as at least Icon "... treated him with respect to the extent that I cut and paste his comments on my articles to alert my readers of the possibility that Mango could be correct." and thanks for that Icon.

What puzzled me is with Icon's sharp analysis skill as proven in the past, why he steadfastly held the view that the Bornoil gold inventory is gold mined, when circumstantial evidences clearly said otherwise. It make me wonder is Icon part of syndicate (no offence intended)?

Maybe Icon may have an answer to my puzzlement. Thanks in advance.

secret1q blog dated 8.7.2016:
Based on the news earlier by Nanyang , it stated that the revenue expected to increase by 20% for the 1st half of 2016.
http://www.enanyang.my/news/20160507/%E6%B1%BD%E8%BD%A6%E9%A2%86%E5%9F%9F%E6%8E%A8%E5%8A%A8br-mms%E5%88%9B%E6%8A%95%E9%94%80%E5%94%AE%E7%9C%8B%E5%A2%9E20/
2016 1st half revenue is at RM19.084 Mil, 20% increase in revenue will make the revenue to acheive RM22.9 Mil by 1st half 2016.
From here we can expect the Q2 2016 revenue is RM22.9 Mil minus Q1 2016 revenue which is RM3.844 Mil which will become RM19.056 Mil of revenue for the Q2 revenue
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If 11.4 mil revenue can get 2.19 sen EPS, then 19.056 mil may get about 3.66 sen EPS !!
It is possible for the company to record historical quarter result in coming Q2 2016.

MMS Ventures expects to deliver test equipment for the automotive and smart device industries with a market value of RM16mil in the second quarter compared with RM11mil from the same period last year.
http://www.thestar.com.my/business/business-news/2016/04/23/semicon-support-firms-upbeat/

If 11.4 mi revenue can get 2.19 sen EPS, then 16 mil revenue may get about 3 sen EPS.

It was Borneo Oil chairman Tan Kok Chor who made the statement that Bornoil only produced some 27.35 kg of gold in the last financial year ended Jan 31, 2016.

Borneo Oil chairman Tan Kok Chor had confirmed Bornoil only produced some 27.35 kg of gold in the last financial year ended Jan 31, 2016.

"He said via wholly-owned subsidiary Borneo Oil and Gas Corp Sdn Bhd (BOG), the group produced some 27.35 kg of gold from its mining operations in Merapoh, Pahang, in the last financial year ended Jan 31, 2016."

http://www.thestar.com.my/business/business-news/2016/06/10/borneo-oils-gold-mining-venture-pays-off/

It is believed the balance gold in the inventory (600kg) were purchased for trading purposes.

Final month of the financial year ended Jan 31, 2016 is January 2016.
As at January 2016, Bornoil gold inventory is already 544.58 kg

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5012021

Media reports on 29/2/2016 for the Bornoil January 2016 gold inventory:
http://www.theborneopost.com/2016/02/29/gold-prices-to-continue-upward-trend-experts/
http://www.bernama.com/bernama/v8/bu/newsbusiness.php?id=1220328

Icon, no need for us to debate anymore.
Borneo Oil chairman Tan Kok Chor had confirmed Bornoil only produced some 27.35 kg of gold in the last financial year ended Jan 31, 2016.


"He said via wholly-owned subsidiary Borneo Oil and Gas Corp Sdn Bhd (BOG), the group produced some 27.35 kg of gold from its mining operations in Merapoh, Pahang, in the last financial year ended Jan 31, 2016."

http://www.thestar.com.my/business/business-news/2016/06/10/borneo-oils-gold-mining-venture-pays-off/

Hence the balance 500+ kg gold in the inventory must have been purchased. Now everything is clear I think.

Aiya, where is your sense of humour? Anywhere, have enough of "constructive" chit-chat with u, have a nice day and good luck with your Bornoil. Bye.

Ah Plane, since u are so nice to concern about my accounting, shouldn't u be the nice one to sponsor me? kyy? no lah, afraid my england not good enough for his standard. Maybe u could be so nice to improve my england before I apply to kyy?

Ah plane, why so angry? Price didn't go up much even though "good" qtr?
May be u should think about that, rather than ask me to take accounting class. U want to sponsor me keh? oh so nice of u.

From your statement "....I was particularly wary of the inventory data. Was it really referring to gold dug out from the ground ? If yes, it would be very valuable. However, there were forum members which debated that it could represent gold acquired for trading purpose. If that was the case, we are looking at potentially very thin profit margin when they were sold off, "

I take it that u are not sure at first.

However u are later assured by the Annual Report in "that the way they presented it more or less confirmed that it originated from own mining operation"

So your reason is based merely on perception derived from the Annual Report, not on any valid facts / logical deduction.

I think that is not good enough, Icon. U can do better than that.

I have the above reasons to think my view if correct, then what is your reasons to make u think your view is correct. In this way readers can better dedice for themselves.

I do not know, that is why I am asking u. If u also don't know, pls don't act like u know (sorry if that offend u, I am really scared of your "bashing").

Ah plane, could u care to elaborate u why say next q, this others income will be even higher?

Icon, maybe u should correct the below misleading paragragh:

"At the rate it is going, it will probably take them another two years to finish processing. As 345,183 MT of ores produced more than 600 kg of gold (the group has sold some gold along the way). Can the remaining ore produce at least another 600 kg of gold for the group ?"

This is because most of the 600 kg of gold is bought by Bornoil, not produced by them, based on the following facts / logical deduction:-

1) Bornoil produce only about 2 kg of gold dore per mth, and as pure gold is purified from this gold dore, hence it is not possible for Bornoil to produce so much gold from such tiny monthly production of gold dore
2) With the high expense in gold mining, it is not possible for Bornoil to produce 600+kg gold and keep it for future sale, without incurring loss in the financial report (Mining expense money out but no income in). But we do not see any loss in Bornoil recent qtr report.
3) Bornoil admit in their 2016 Annual Report that they do gold trading.

If next qrt is without the Other income of RM5.79 million as in this qtr, then EPS most likely will be < 0.20. Annualise it give u PE of more than 20 (at current price of 0.16). So is bornoil undervalue? U decide.

If without the Other income of RM5.79 million, this qtr EPS is only 0.165 (not 0.36 as in now)
Maybe that is why the "powerful profit" also did not bring much effect.
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Posted by gusheng > Jul 1, 2016 04:30 PM | Report Abuse

i tot today can reach to 0.17, seem i was wrong. the powerful profit also did not bring much effect.

If without the Other income of RM5.79 million as in this quarter, next quarter result will not be good.

Icon, I absolutely do not agree with u "possibility is that they sell just enough inventories to offset expenses and also, to generate cash flow to meet requirement".

Because as I understand margin in gold mining is not very high (unless gold price very high), to sell just enough inventories to offset expenses, I think Bornoil need to sell at least 80 to 90% of the gold they produced.
If Bornoil can still leave with 600+ kg of gold after selling 80 to 90% of the gold they produced, that mean Bornoil must have already produced about 5 ton of gold ! Is that possible ?

Nevertheless I am totally in agreement with your statement below:

"I never claim that the company is flawless. I have always made it clear I bought without understanding many things for Borneo Oil"

cheers.

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Posted by Icon8888 > Jul 1, 2016 10:22 AM | Report Abuse

one possibility is that they sell just enough inventories to offset expenses and also, to generate cash flow to meet requirement

to determine whether my above line of thought makes sense, one needs to study business models of of gold mining companies to determine roughly how much it cost to dig out one kg of gold, etc

like I say, I really not in a mood to go into debate at this point. I am not ready for it.

I never claim that the company is flawless. I have always made it clear I bought without understanding many things for Borneo Oil

cheers

Icon, instead of being cheeky like your words below, why not take the serious challenge like a sifu?

1) With the high expense in gold mining, do u think Bornoil can produce 600+kg gold and keep it for future sale, without incurring loss in the financial report (Mining expense money out but no income in) ? Is it logical ?

2) Wouldn't Bornoil cash flow be depleted by the mining operation if they keep on mining but keep most of the gold produced ?

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Posted by Icon8888 > Jul 1, 2016 09:38 AM | Report Abuse

sorry mango, I should have said "you are comparing apple with mango"

X P

Icon, thanks for pointing that out. There is a difference. sorry.
But that does not the discount point that I trying to make, which is Bornoil admitted in their 2016 Annual Report they do gold trading. So it is very safe to say not all the gold in the inventory is produced by Bornoil.

If I understand correctly, Singapore CNMC will sell the gold bar once they are produced, as gold mining is high expense, and if they do not sell it, they will incur loss in report.

What make Bornoil so geng that they can keep 600+kg of gold procuded without incurring loss?
If Bornoil expense to produce 600kg of gold is so low that they can keep in without incurring loss in report, maybe Singapore CNMC should learn from Bornoil.

Icon, sorry to say, please come to grip with reality, Bornoil do buy gold for trading.
If Bornoil really produce most of the 600kg of gold in the inventory, its share price should have rocketed in the wake of the current high gold price, just like SIngapore gold mining company CNMC : https://sg.finance.yahoo.com/echarts?s=5TP.SI

Icon : " Even though the company still hasn't explicitly stated that the gold is not bought from market for trading purpose, the way they presented it more or less confirmed that it originated from own mining operation (you don't brag about the value of gold you bought from somebody else. You didn't get it for free, you pay for it !!!) "

Bornoil hasn't explicitly state they buy gold?

Pls refer to page 4 of the 2016 Annual Report where gold trading is explicitly stated:

The Group is in all the 4 values which are represented by its business activities in:-
(A) Properties ....
(B) Gold mining, trading and accumulation.
(C) Renewable and sustainable energy through .....
(D) Food franchise operations

Based on Quarter EPS of 0.165, annualise = 0.66. At current price of 0.15, PE is 22. Is it really undervalue ?

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Posted by peterho > Jul 1, 2016 06:09 AM | Report Abuse

undervalue

If take out the Other income of RM5.79 million, Quarter EPS is only 0.165.

To be objective, I must say that with the increasing gold price, Bornoil is going to make HUGE profit once they sell the gold inventory and maybe they will give special dividend. This is something one can look forward to.

But pls bear in mind that the gain is only 1 time gain as Bornoil's gold is mostly gold purchased for trading, not produced (note that Bornoil gold production is still low, only 2.6 kg of gold dore produced in May 2016)

Without the Other Income, 1Q 2017 net profit is only RM4.91 million. It is still an improvement nonetheless, but is it good enough ?

Can this Other Income be repeated in 2Q 2017 ?

Actually the operating profit of 1Q 2017 and 4Q 2016 is about the same. What make the difference is the RM5.79 million Other Income in this 1Q 2017.
So the main question is what is this Other Income ?

Pls read my message on 13:40 today. Already told oh.

Pls refer to the above link for future progress of the DPS appeal.

DPS appeal to the Federal Court is now fixed for Case Management on 22-7-2016.

http://efiling.kehakiman.gov.my/eFiling/WebRequestEntry?PAGE=999998&PARAM_WS_NAME=SEARCHWS&STR_CASE_NO=264-05/2016&STR_COURT_LOC_ID=7fdf0bdc-9449-469f-bf37-8ccedc4d6275