Posted by ken2004 > 2022-05-31 16:47 | Report Abuse

“If you take a closer look on their latest QR (quarterly results), the cash flow statement stated that they (Serba Dinamik) are generating positive operating cash flow (which is from the business operation itself) and their cash were mainly used to repay loan and borrowings & interest.

This is very important because they are still able to generate income from their business operation and it will not cause cash exhaustion on the business itself. They are still actively repaying their debts and the business operation itself is sustainable on their own.

Another over optimistic person, yes, somehow this sounds correct but indirectly forgotten that this company had been defaulting months where they cannot repay the debt based on agreement.

Posted by ken2004 > 2022-05-31 16:49 | Report Abuse

If the management is not selfish, they should have already find replacement to build back the trust instead of still sitting on the management running the company. Plus management should be slashing their own salary, allowance and bonuses to reflect on the mistake already...........

Posted by Huangbk72 > 2022-05-31 16:53 | Report Abuse

actively paying their debts? Positive cash flow?

Somehow reality is they owe :
1) Banks
2) Suppliers/Creditors
3) Bondholders

Means they have not been paying their debts.

Now dragged to court.. more and more creditors will magically appear.

Posted by joyvest > 2022-05-31 17:19 | Report Abuse

The bunch of clowns and jokers are trying to exhaust the Company's available cash flows by prolonging whatever cases be it legal or restructuring plans as long as possible so that the bunch of crowns and jokers can keep on drawing high salaries and perks as much as they possibly can before close shop for good

Posted by WisdomNTruth > 2022-05-31 17:31 | Report Abuse

@ken2004

No one has forgotten that the company is indeed trouble with repaying their debts, whether it is to the bank or to their creditors. That is why such measures like bringing up to the court is important so that all matters relating to the concern on their recoverability or repayment method will be on the table infront of court. Both sides will have to provide reasonable evidence and supports. That is the reason why it has to be infront of a third independent party, which is the court who uphold justice and integrity.

Walking away is always the easiest way out. Giving up everything, and just leave everything behind. Do you think it is easy for the management to stay and manage the company who is in serious trouble with people condemning them? Some of the management and employees has been in the Company since the Company was founded and they are experience individuals who are bringing great contribution to the Company and if not to Malaysia as well. You can't just ask them to leave as it might have certain domino effect which could cause greater harm to the company. Thorough consideration have to be made and harsh lessons must be learnt. This is the way forward for the Company as a whole to move forward.

For the salary part, there will be a remuneration committee in every listed company to determine what is the compensation for directors or management of the Company. And now that the company has debt issues with repayment problems, there will be certain negative consideration by the remuneration committee when it comes to approval of the management's compensations moving forward.

@huangbk72

We have to look at operating cashflow and financing cashflow separately when comes to determining which cash is generate from / used in. As you can see their 'net cash flow from operating activities' is positive, whereas their 'net cash from financing activities' is negative, where huge portion of cash were used to repay loans and borrowings and interest paid.

Posted by cicakman > 2022-05-31 17:33 | Report Abuse

Since suspended many months,Serbdk haven't explained anything on Falsifying Account and just pay the fine only.
Can tell me why?

Posted by jeffchan1901 > 2022-05-31 17:43 | Report Abuse

pity the directors? second chance for directors? tell that to investors who lost their hard earned money investing in such stocks and ask whether the directors deserve a second chance. only ask the genuine investors and not paid keyboard warriors hired to defend the company

Posted by Huangbk72 > 2022-05-31 17:55 | Report Abuse

WisdomNTruth

If SD is paying their creditors on time, company will still be able to report positive OCF?

Posted by Ekkram > 2022-05-31 17:57 | Report Abuse

https://focusmalaysia.my/no-hype-petronas-has-renewed-serbas-license-for-another-year/

Posted by Huangbk72 > 2022-05-31 17:57 | Report Abuse

more and more to the party

https://www.theedgemarkets.com/article/court-allows-creditor-orient-arotek-intervene-serba-dinamiks-application-scheme-arrangement

Posted by ngjack1991 > 2022-05-31 18:25 | Report Abuse

The trust already gone by the time faking account. True investor will stay away as regardless of poor or good result, no way to tell is it legitimate or not. The only remain here is short trader or those with interest. Undeniable the background was tough, faking account and gotten out with just paying fine. It's kind of sad but for creditor, the best way to recover debt is by vote for winding up.

Petronas extension license also didn't really meaningful other than title to goreng stock, as even the license extended serba still have to submit for financial security for every tender they initiated.

Nothing lost from petronas side by extending the license but indeed this news is better than nothing to boost share price before winding up. Unless creditor is pressured by some other factors or else I don't think why they will against winding up, it's like a dark hole that not able to pay for debt and faking account

Posted by WisdomNTruth > 2022-05-31 19:43 | Report Abuse

@Huangbk72

When a Company repay loans and borrowings, it shows under "financing activities". When a Company shows positive cashflow in "operating CF", it means that the "business operation" without the consideration of any investment or financing elements. When a Company shows positive cashflow in "financing CF", it means that the company is receiving external financing monetary from another sources such as private placement, loan & borrowings. However, in Serbadk case they showed negative financing activities because of repayment in loans & borrowings.

Posted by WisdomNTruth > 2022-05-31 19:48 | Report Abuse

https://www.theedgemarkets.com/article/court-allows-creditor-orient-arotek-intervene-serba-dinamiks-application-scheme-arrangement

This is best for all parties interest. Everything will be tabled and receive judgement accordingly by the Judge. At least the banks and creditors are able to get fair explanations from the management and Serbadk will be given a chance to explain on HOW they are going to repay 100% fully to banks and creditors.

Posted by Huangbk72 > 2022-05-31 19:49 | Report Abuse

This is what you wrote which Im disputing. SD is not repaying their loans, borrowings and interest.

"If you take a closer look on their latest QR. The cashflow statement stated that they are generating positive operating cashflow (which is from the business operation itself) and their cash were mainly used to repay loan and borrowings & interest."

Then you diverted the topic to OCF and FCF.
Im asking if SD is not paying creditors, will it impact their OCF?

Posted by superrr > 2022-05-31 19:55 | Report Abuse

0.115, 0.10, 0.08, 0.06, 0.03..001....next 0.00 balik kampong sudah..

Posted by superrr > 2022-05-31 20:01 | Report Abuse

If SD can ignore and refuse to pay the debts then maybe will limit up .....hahaha

Posted by cicakman > 2022-05-31 20:02 | Report Abuse

Spare some taught for its employee.
Then there shouldnt be any counter must be delisted.Why for Serbdk employee only?
Brahim use robot ka?
If every can talk please spare my employee...then everbody can cheat larrr..banyak senang like that.
Muka tak malu..

Posted by colin888 > 2022-05-31 20:08 | Report Abuse

Correct some more sue SC, Bursa, EY , KPMG , one online site and say give them a chance! Go F off! Blatantly fake the financials to cheat and so many government agencies loss money because of the so called useless management!

Posted by colin888 > 2022-05-31 20:10 | Report Abuse

Some companies suffered due to Covid? Who gave them a chance? This reporter obviously paid by Karam to make up stories and try to get sympathy!

Posted by InsiderShark > 2022-05-31 20:13 | Report Abuse

Huangbk72, how to know if it is real 'free cash flow' and not fake? after all, they will show this new QR to the bankers and hope they will sign a new term. Once a liar, forever a liar. cannot be trusted

Posted by colin888 > 2022-05-31 20:25 | Report Abuse

He can say BAU with positive cash flow without blinking an eye! Worse than a two headed snake!

Posted by Huangbk72 > 2022-05-31 20:28 | Report Abuse

@InsiderShark

Honestly, nothing can be trusted coming out of SD. They can fake accounts too easily.

But for the sake of discussion with WisdomNTruth... we are using SD unaudited accounts.

Posted by WisdomNTruth > 2022-05-31 20:38 | Report Abuse

@Huangbk72

To answer your question if SD is not paying creditors, will it impact their OCF, yes it definitely will have impact on the line item "Trade and other payables" in changes in working capital. However, the amount published by Serbadk on the unaudited QR will be in aggregate whole sum.

Posted by BobAxelrod > 2022-05-31 20:46 |

Post removed.Why?

Posted by BobAxelrod > 2022-05-31 20:47 |

Post removed.Why?

Posted by Huangbk72 > 2022-05-31 20:50 | Report Abuse

So essentially.. we know SD is not paying creditors. Over 90 litigation cases involving RM108.62million.

“Serba Dinamik relies on repayment from its own indirect subsidiaries of its intra-group lending to them before it can repay/pay the borrowed/financing sums; however, SDGB, SDSB, SD Controls and SD Development explicitly admitted that they are unable to pay their debts,” said the creditors.

Moreover, the affidavits said that there are at least 91 litigation arbitration and/or adjudication matters against the entities in the Serba Dinamik group, and that the total amount demanded against the entire group is approximately RM108.62 million — excluding the RM1.78 billion acceleration notice amount and the RM99 million instalment sums."

With this information, you still think SD has real positive OCF?

SD has been lying to investors, bankers and, public for a long long time. Once this House of Cards start unravelling, it will be swift.

Posted by BobAxelrod > 2022-05-31 20:50 |

Post removed.Why?

Posted by Huangbk72 > 2022-05-31 20:52 | Report Abuse

@Bob

Bingo.. i think the impairment will continue for the next few Q.

Right on when you say impairment done in batches.

Posted by BobAxelrod > 2022-05-31 20:52 |

Post removed.Why?

Posted by BobAxelrod > 2022-05-31 20:53 | Report Abuse

Mr Huang,
Correction : Over 100 litigation cases on-going......

Posted by BobAxelrod > 2022-05-31 21:00 |

Post removed.Why?

Posted by cicakman > 2022-05-31 21:04 | Report Abuse

Pay larrr USD 300 million + RM 100 millions.
Tommorow can gap up meahh!

Posted by Huangbk72 > 2022-05-31 21:04 | Report Abuse

https://www.theedgemarkets.com/article/serba-dinamik-received-oneyear-term-renewal-licence-petronas

2 conditions pops out which I dont think SD will fulfill

1) The licence stipulates that Serba Dinamik shall, within one year from the effective date, submit its audited financial statements for the financial year-end June 30, 2022, duly accompanied by the auditor’s unqualified opinion.

2) Also, Serba Dinamik is required to submit financial guarantees as a prerequisite for all and every Serba Dinamik’s participation in tenders initiated and/or conducted within one year from the effective date.

How are they gonna convince Nexia to drop KPMG and EY findings? How on earth are they gonna get the financial guarantee??

Posted by EVO118 > 2022-05-31 21:06 | Report Abuse

Serba Dinamik records revenue of RM205.5 mil in Q3.
https://www.theedgemarkets.com/article/serba-dinamik-records-revenue-rm2055-mil-q3.

Is this for real? According to this report it is mostly from Middle East or outside Malaysia. I presume this aren't audited accounts, because they can't check the figures again. Do we trust Karim?

Posted by paulthesotong > 2022-05-31 21:07 | Report Abuse

ITs Official... confession defaulted its sukuk bonds... investors will get nothing, zero, nil ...EXIT...

Posted by ken2004 > 2022-05-31 21:12 | Report Abuse

@WisdomNTruth

This whole thing is bring by the management, everyone should be sacked already if you in other company especially the financial people, there is no second chance here as it is been 1 year++ since this whole thing started, this is not just happen but awhile back already, don't make me laugh saying how much they contribute to the company, they are the one bringing down the company.

Posted by BobAxelrod > 2022-05-31 21:16 |

Post removed.Why?

Posted by Mikecyc > 2022-05-31 21:19 |

Post removed.Why?

Posted by Mikecyc > 2022-05-31 21:20 | Report Abuse

Haha iklan murah murah ke .....

Posted by EVO118 > 2022-05-31 21:23 | Report Abuse

It's OK. We got Petronas company seal that might be needed for any guarantees.

Posted by BobAxelrod > 2022-05-31 21:23 |

Post removed.Why?

Posted by paulthesotong > 2022-05-31 21:28 | Report Abuse

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3264481

Posted by Mikecyc > 2022-05-31 21:28 |

Post removed.Why?

Posted by Mikecyc > 2022-05-31 21:29 |

Post removed.Why?

Posted by cicakman > 2022-05-31 21:29 | Report Abuse

1st June Advance Day.
8th June Payday.
9th June.
Guillotine ,is a Sharp Vertical Farming Blade use during French Revolutions.

Posted by myinvesting > 2022-05-31 21:34 | Report Abuse

It is not possible to issue unqualified audit report this year because opening balance is qualified (or unaudited since it was a disclaimer opinion), which has been bearing to 2022 results. They got their opening inventories unverified.
Cost of good sold = opening stock + purchases - closing stock
___________________________
Huangbk72

https://www.theedgemarkets.com/article/serba-dinamik-received-oneyear-...

2 conditions pops out which I dont think SD will fulfill

1) The licence stipulates that Serba Dinamik shall, within one year from the effective date, submit its audited financial statements for the financial year-end June 30, 2022, duly accompanied by the auditor’s unqualified opinion.

Posted by Mikecyc > 2022-05-31 21:34 | Report Abuse

Haha Ah Chan after failed in Malaysia restaurant venture ...went to oversea to venture on less sugar crop .. finally back to China ....

Posted by BobAxelrod > 2022-05-31 21:37 |

Post removed.Why?

Posted by BobAxelrod > 2022-05-31 21:38 |

Post removed.Why?

Posted by bojed > 2022-05-31 21:43 | Report Abuse

Today's announcement:

SERBA DINAMIK HOLDINGS BERHAD ("SDHB" OR "THE COMPANY")

DEFAULT IN PAYMENT PURSUANT TO PARAGRAPH 9.19A OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD

MYR100,000,000 TRUST CERTIFICATES DUE 24 MAY 2022 (ICP PROGRAMME)

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3264480




SERBA DINAMIK HOLDINGS BERHAD ("SDHB" OR "THE COMPANY")

DEFAULT IN PAYMENT PURSUANT TO PARAGRAPH 9.19A OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD

USD300,000,000 TRUST CERTIFICATES DUE 9 MAY 2022 (USD SUKUK)

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3264481

Defaulted ~RM 1.4 billion in payment.


Good luck with that.