MQ TECHNOLOGY BHD AUDIT REPORT - MODIFIED OPINION / MATERIAL UNCERTAINTY RELATED TO GOING
CONCERN AUDIT REPORT - MODIFIED OPINION / MATERIAL UNCERTAINTY RELATED TO GOING CONCERN MQ TECHNOLOGY BERHAD-QUALIFIED OPINION ON THE AUDITEDFINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2020
The Company entered into a marketing agreement with Vivo Tower Ltd (“VIVO”) to enter into business of casino activities. An initial amount of RM3.65 million was paid in accordance with the agreement. However, the payment was made to DONACO Holding Sdn. Bhd. which is not a party involved in the marketing agreement.
Can simply pay 3.65 mil to a third party which is not the agreement? Where is the due diligence?
A little rumours around the corner that IQZAN would be the next to join the glove maker company in Bursa Malaysia by merging with one of the leading glove maker in Malaysia based in Alor Gajah,Melaka.The company is one of the leading suppliers and exporters for Latex Examination Gloves and Latex Surgical Gloves. Currently, they exports to over 45 countries. The main continents covered Africa, Central and South America, European Countries, Japan, Middle East Countries, South East Asia and United States (USA).
The company emphasizes stringent quality control in order to adhere and meet with Good Manufacturing Practice and Standards, such as ASTM D3578-05, and EN455 Part 1&2. It is accredited with FDA 510K, CE, ISO9001, and ISO13485. The announcement could be out by the next few weeks and this will be the most CHEAPEST !! glove
We Manufacture & Supply Latex Examination Gloves In Malaysia For More Than 25 Years
Tan Sin Lian Industries Sdn. Bhd. (TSL), a gloves manufacturing company is one of the leading suppliers and exporters for Latex Examination Gloves and Latex Surgical Gloves in Malaysia. Currently, TSL exports to over 45 countries. The main continents covered Africa, Central and South America, European Countries, Japan, Middle East Countries, South East Asia and United States (USA).
TSL strives to provide best quality of products and services to customers from either healthcare or non-healthcare segments. The workforce number is 450 persons and it is still increasing. TSL built in 22 production lines in order to cope with fast-growing market demand and at the same time, maintain its prices competitiveness.
*Prepayment to Donaco Holdings Sdn. Bhd. RM3,650,000.00* The company has recovered some partial payment from Donaco Holdings Sdn Bhd. Efforts are still pursuing to recover the balance. The Board is confident the full amount will be recovered soon.
*Other Receivables to Cash Support Sdn. Bhd.* The impending issues are the transfer of property from Cash Support Sdn Bhd to Cash Support Property Sdn Bhd. Upon completion of the transfer, Secretary will issue share certificate to Star Acres Sdn Bhd. The process of transfer is on going. The Board’s view is positive development
*Impairment assessment on investment and amount due from subsidiary* Microlead Precision Technology Sdn Bhd is our main subsidiary company contributing almost 100% to the group turnover. MQ will take steps to address the net deficit such as disposing of land and building. New management will take over the operation starting January’ 21 with a view to control cost and increase sales. This will directly contribute positively on the performance of the financial results.
From the qualified opinion, there are technically 3 main concerns/issues that the company is facing. If they could resolve those issues within a year, then the next year's performance would be positive.
The deposit paid to Cash Support Sdn Bhd alone is already RM19mil. If this deposit can be recovered, then we should see the positive results next year.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
RobinHood95
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Posted by RobinHood95 > 2020-10-26 21:47 | Report Abuse
Come to papa at 11c