Transmile Group Assignment - Project Paper Sample

8/10/2019 Transmile Group Assignment - Project Paper Sample

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FINANCIAL STATEMENT

ANALYSIS

TRANSMILE GROUP BERHAD

(373741 W)

PREPARED FOR:

PROF MADYA DR. ROSHAYANI ARSHAD

PREPARED BY:

WAN ZAIRI AFTAR BIN ISHAK


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NAZRI BIN MOHAMED

RAFIDAH BINTI NORHANIPAH

SITI ZAITON BINTI BUYONGSHAMSUL ANUAR BIN ABD RAHIM

CONTENT

IntroductionI. Company BackgroundII. Issues encounter

III. Analysis of Methodology

Financial Ratio AnalysisI. Liquidity Ratio

- Transmile before restatement- Transmile after restatement- Comparison between Transmile and Nationwide

II. Proftability Ratio- Transmile before restatement- Transmile after restatement- Comparison between Transmile and Nationwide

III. Gearing Ratio- Transmile before restatement- Transmile after restatement- Comparison between Transmile and Nationwide

I. Acti!ity Ratio- Transmile before restatement- Transmile after restatement- Comparison between Transmile and Nationwide

. Alt"an #$%core- Comparison between Transmile and Nationwide

Conclusion

A&&endi'

Re(erences

INTRO)*CTION

I. CO+PAN, -ACGRO*N)


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Transmile is a Malaysian scheduled all cargo airline which obtained its Air

!er"ice #icense in $%%& and commenced business in $%%' as a smallish

o"ernight air e(press transport ser"ice pro"ider with one Boeing &-)**+ and one

Cessna ,rand Cara"an plying ast Malaysian routes became a listed company

on the Malaysian !tock (change in /une $%%0.

At one point it became a fa"ourite stock to hold among both local and foreign

in"estors gi"en the groups e(posure to the growing air cargo industry o"erseas

as well as its impressi"e list of important shareholders including global fund

Capital ,roup International Inc. and the successful multinational conglomerate

1uok ,roup which is owned by business tycoon Tan !ri 2obert 1uok.

Transmile is principally engaged in the pro"ision of scheduled all-cargo ser"ices

both domestic and international charter ser"ices3 wet and dry leases. Its primary

focus is on air e(press transportation of time-sensiti"e freight on a regional basis

such as e(press mail oil and gas e4uipment perishables electronic items

newspaper li"e animal and dangerous goods. Its network consists of ast and

5est Malaysia 6ong 1ong and !ingapore and is capable of e(panding its

network throughout !outheast Asia for e(press air cargo ser"ices.


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were reduced primarily with payments for @allegedly purchase of plant property

and e4uipment and allegedly cash receipts.

No documents to support payments of some 2M&'$ million made for the

purchase of plant property and e4uipment.

The auditor proposed an in"estigation on CN 5orlwide !dn. Bhd. a maor

customer and &0.= associate >rm of Transmile ,roup Berhad 7T,B9. CN

5orldwide has been making loss and a negati"e shareholders fund since

December &$ )**'. Among the e(ecuti"e directors of CN 5orldwide are

1hiudin Mohd 7also the (ecuti"e Director and Audit Committee member of

Transmile9 Mohd A?endi and ,an u /in who is the nephew of ,an Boon Aun

7founder and CE of Transmile9.

A large scale accounting fraud disco"ered in )**0 when Transmile was under a

di?erent management team has resulted in the groups poor credit ratings

persisting to this day. 5ith a poor credit it is diFcult for Transmile to secure

>nancing without ha"ing to pay high costs 7interest rates9 for it.

III. ANAL,%I% OF +ET5O)OLOG,

In this paper we do comparison on the >nancial ratio analysis of Transmile ,roup

Berhad with the competitor in the same nature of business which is Nationwide

(press Courier !er"ices Berhad 7Nationwide9.

Nationwide was one of the >rst few locally established companies in Malaysia. It

was founded in $%G= and the principal acti"ities of the ,roup consist of pro"iding

e(press courier ser"ices trucking ser"ices freight forwarding ser"ices

customi;ed logistics ser"ices mailroom management ser"ices and warehousing.

In $%%' it was listed on 1#! second board known as Nation6ide E'&ress

Courier %er!ices -er7adand subse4uently in )**= the company mo"ed to

the main board of Bursa Malaysia.

Nationwide main hub is located at its head oFce in !hah Alam !elangor and till

to date it has a total of $G* networks comprising of agents and branches all

o"er Malaysia !ingapore Brunei Thailand and !audi Arabia. Its wholly owned

subsidiaries are Nationwide (press Courier #td. 7!ingapore9 Nationwide (press

+reight +orwarders !dn Bhd and Nationwide (press Metro !dn Bhd. Throughout

the years in operations the Company had recei"ed "arious recognitions and


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achie"ements portraying the companys position as one of the preferred brand

name in Malaysian logistic scene.

FINANCIAL RATIO ANAL,%I%

The ratio analysis help to measure the companys ability in >nancing its

operation through it pro>t assets and debt >nancing. It also helps to gi"e an

opinion as to whether the organisation deser"es further in"estigation. Therefore

to analyse Transmiles performance the following ratios are calculated using

four years >nancial data before and after restatement and >nally compare

against same industry.

I. LI8*I)IT, RATIO%

#i4uidity ratio widely use for identifying a companys ability to satisfy its current

liabilities with its current assets. Its re:ect the company ability to co"ert its short

term asset into cash to meet or co"er the short term >nancial obligations when it

is necessary. The higher the li4uidity ratio indicates the larger margin of safety

the company posses to co"er its short term obligation

#i4uidity ratios mainly consists of Current ratio 7Current assets H Current

liabilities9 and uick ratio 77Current assets J In"entory9 H Current #iabilities9. The

li4uidity ratios for Transmile are shown in Table $ below.

Table /9 Trans"ile be(ore restate"ent

Liquidity RatioLiquidity Ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;

Current Ratio &.


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In Table $ abo"e both the Current 2atio and uick 2atio shows an increasing

trend from Kr *' to Kr *(ed deposits amounting to 2M '$G million to support its short term obligations.

uick 2atio shows that Transmile did not hold signi>cant amount of in"entories

e(cept in Kr *= and Kr *


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,raph &

before restatement. In Kr *0 the Current and uick 2atio show *.=< 7refer Table

)9 which indicates Transmile did not ha"e suFcient cash to satisfy its current

liabilities. These also re:ect the going concern status of the company whether

Transmiles can sur"i"e in future is 4uestionable.

The uick 2atio indicates Transmile did not hold any in"entories in Kr *= to Kr *0.

6ence there are no signi>cant changes and the ratio shows the same trend as

Current 2atio.

Liquidity ratio co"&arison bet6een Trans"ile and Nation6ide$ refer

Graph % & '

Table 09 Nation6ide

Liquidity RatioLiquidity Ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;

Current Ratio =.)& =.%' 0.&' 0.0$

8uic< Ratio =.)& =.%' 0.&' 0.0$

8uic< Ratio =$ Recei!able> ).00 ).=' &.0) '.**

2eferring to Table & Transmiles li4uidity ratio show below the normal market

trend as Nationwide. This indicates Transmile ha"e insuFcient cash to co"er itsshort term obligations. In Nationwide all the li4uidity ratio show relati"ely

similar trend. But in Transmile the trend in current and 4uick ratio is "ary 4uick

ratio J recei"able. This is mainly due to more than =* of the Transmile cash in

Kr *' to Kr *< are recei"ables "alue amounting to 2M %


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,raph $

1

LI8*I)IT, RATIO

TRAN%+ILE GRO*P +ALA,%IA -ER5A)

.

After Restatement!efore Restatement

,raph )

AA

-

-


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,raph ',raph &

1

LI8*I)IT, RATIO

Comparison between Transmile 7before restatement9 and Nationwide

T2AN!MI# NATIEN5ID

7T9 Transmile 7N59 Nationwide


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II. PROFITA-LIT, RATIO

The Pro>tability ratio indicates how much of e"ery dollar sales is left after cost of

goods sold or operating e(penses or total e(penses. This ratio measures the

capacity of the business and the ability of the company to sur"i"e depends on

the pro>t generated from the business. The higher the ratio shows a good trend

which may due to increase in actual sales increase in selling price or cost sa"ing

where reduction in e(penses.

Table :9 Trans"ile be(ore restate"ent

Kr *' Kr *= L

Kr *0 Audited

+inancial

2eportsKr *<

2eferred to

uarter ' naudited +inancial 2eports

-e(ore restate"ent J refer Graph (

As per Table ' all the pto>tability ratio such as ,ross Pro>t Margin Eperating

Pro>t Margin and Net Pro>t Margin shows slight drop or reduction in the pro>t

trend for Transmile from Kr *' to Kr *tability ration shows a consistent trend through Kr *' to Kr *t from it operations.

Table 29 Trans"ile a(ter restate"ent

Proftability RatioProftability Ratio ,r 4:,r 4: ,r 42 ,r 42 ,r 43 ,r 43 ,r 4;,r 4;

Proftability RatioProftability Ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;

Gross &roft "argin &).0 )%.G )'.% -%.)

O&erating Proft

+argin)=.0 )$.0 )*.% -'=.)

Net Proft +argin $&.$ $=.& $=.% -'


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Gross &roft "argin &).0 -0.= =.& -%.)

O&erating Proft

+argin)=.0 -$$0.$ -G.' -'=.)

Net Proft +argin $&.$ -$*&.0 -G.0 -'ctitious

re"enue in Kr *= and Kr *< of 2M $%' million and 2M &&& million respecti"ely.

In addition the Eperating and Net Pro>t Margin reduce drastically when a huge

amount of Property Plant and 4uipment is being e(pense o? refer * in graph )

"+ The impairment losses for Property Plant and 4uipment was charge to

e(pense amounting to 2M &'= million in Kr *=.

Proftability ratioProftability ratio co"&arison bet6een Trans"ile and Nation6ide J refer

Graph , & -

Table 39 Nation6ide


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Proftability RatioProftability Ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;

,ross pro>t margin -Q -Q &'.$ &'.$

Eperating Pro>t Margin $t Margin $).$ %.' =.= 0.)

Q+igures not a"ailable

Both Nationwides Eperating Pro>n Margin 7EPM9 as per Table < and Transmiles

EPM as per Table = were in a decreasing trend from Kr *' to Kr *


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PROFITA-ILIT, RATIO


.

!efore Restatement After Restatement

,raph


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PROFITA-ILIT, RATIO


NoteR Disregard ,ross pro>t margin 7,PM9 Nationwide for year *' and *= prior change of accounting policy adopting +2!. 6ence ,PM

e(cluded.

,raph 0 ,raph G

NATIEN5IDT2AN!MI#


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III. GEARING RATIO

,earing ratio indicates the degree of the companys acti"ity is funded by internal

or e(ternal funds. Its show whether the company depends on >nancial assistant

7debt H loan9 to operates its normal acti"ities other than using its capital. Its also

measure the companys ability to co"er it debts. This ratio is useful to assess

how much >nancial risk the company has taken on. The higher the ratio indicates

the company is depending on its e(ternal funding to operate its business which

may be risky.

Table ;9 Trans"ile be(ore restate"ent

Gearing RatioGearing Ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;

Total debt to asset ratio &).& =&.= ''.*


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Gearing RatioGearing Ratio ,r 4:,r 4: ,r 42 ,r 42 ,r 43 ,r 43 ,r 4;,r 4;

Total debt to asset ratio &).& 0*.& =G.) cantly to cation of current liabilities as long term liabilities. This is to re:ectthe risk of long term debt being call o? by the +inancier as Transmiles has

breached all the >nancial co"enants of the long term debt. +acility as at &$

December )**0.

Gearing Ratio Co"&arison bet6een Trans"ile and Nation6ide

JreferGraph 11 & Graph 1#


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Table B9 Nation6ide

Gearing RatioGearing Ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;

Total debt to asset ratio $).cant

changes in the long term and total debt ratio due to reclassi>cation of current

liabilities as long term liabilities. This is to re:ect the risk of long term debt being

call o? by the +inancier as Transmiles has breached all the >nancial co"enants of

the long term debt.

Transmiles total debt to e4uity ratio shows an inconsistent trend. This indicates

the company its depending on the e(ternal funding which is risky. This is a RE)

FLAGindication.


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,raph %,raph $*

1

GEARING RATIO


)



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,raph $$ ,raph $)

1

GEARING RATIO


NATIEN5IDT2AN!MI#


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I. ACTIIT, RATIO

Acti"ity ratio indicates how well assets of the company is used in the business

operations. This ratio help to gauge the e?ecti"e of the company is at putting its

in"estment to work. The greater the turno"er the more e?ecti"ely the company

at producing bene>t form its in"estment in assets. This ratio indicates themunber of dollar of sales produced by each dollar in"ested in assets.

Table /49 Trans"ile be(ore restate"ent

Acti!ity RatioActi!ity Ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;

AR Turno!er 0.@; :.B2 @.2B :.B@

Total Assets Turno!er *.&) *.)0 *.'* *.=)

Non Current Asset

Turno!er*.=0 *.&= *.cant increase in >ctitiuos re"enue in Kr *= and Kr *ctitous sales

amounting to 2M =)0 million and write o? the trade recei"able as bad debtallowance of 2M %$ million.

There is no signi>cant changes in Property Plant and e4uipment turno"er before

and after restatement due to re"ersal of >ctitious sales and re"ersal of huge

addition of property plant and e4uipment amounting to 2M &$) million and the

re"ersal of e(cess depreciation charges amounting to 2M )* million. Both

property plant and e4uipment and re"enue amount is e?ected hence no

signi>cant changes re:ected in the ratio.

After restatement the trend in both Account 2ecei"able and Property Plant and

e4uipment turno"er ratio show relati"ely similar trend. This is due to signi>cant

adustment made in account recei"able and property plant and e4uipment and

re"ersal of the purported sales.

Acti!ity ratio co"&arison bet6een Trans"ile and Nation6ideJ refer

Graph 1( & 1)


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Table /@9 Nation6ide

Acti!ity ratioActi!ity ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;

AR Turno!er 0.3/ 0.03 0.@B 0.3/

Total Assets Turno!er *.%= $.** $.*0 $.*$

Non Current Asset

Turno!er*.&0 *.'G *.'= *.''

PPE to Turno!er ratio *.&= *.'< *.'' *.'&

Transmiles Account 2ecei"able turno"er show inconsistent in the trend compare

to Nationwide. Nationwide shows a relati"e similar trend from Kr *' to Kr *0.

Transmiles account recei"able ratio show a bumpy trend. Transmiles account

recei"able is inconsistent with the Total Asset turno"er compare to Nationwide

both account recei"able and total asset turno"er show relati"ely similar trend.

Transmiles ratio shows inconsistent trend mainly due to >ctitious re"enue and

transfer of trade recei"able to property plant and e4uipment for purported

purchase.

Transmiles Property plant and e4uipment turno"er shows a inconsistent trend

compare to Nationwide. This indicates RE) FLAG indication. The inconsistent

trend in Transmiles is mainly due to transfer of trade recei"able to property

plant and e4uipment for purported purchase in Kr *' to Kr *< amounting to 2M


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,raph $& ,raph $'

1

ACTIIT, RATIOACTIIT, RATIO



E


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,raph $= ,raph $nancial distress

also referred as bankruptcy prediction models. It e(amine the trend and

beha"iour of selected ratios. Models presume the application will pro"idee"idence of >nancial distress using the ratios and early detection will gi"e ample

time for the management to take actions to either a"oid risk of loss or to

capitalise on the information.

!ubramanyam and 5ild also suggest that probably the most well-known model

of >nancial distress id Altmans 8-!;ore. Altman 8 !core a statistical techni4ue

is used for this Bankruptcy Prediction model. It consist of multiple ratios to

generate a predictor of distress. This techni4ue produces a predictor that is

linear function of se"eral e(planatory "aribles. This predictor classi>es or

predicts the likehood of bankruptcy or non bankruptcy.

8 !core used = >nancial ratios as it "irables. S$5orking CapitalHTotal Assets

7#i4uidity9 S) 2etained arningsHTotal Assets 7Age of +irms and cumulati"e

pro>tability9 S& arning before Interests and Ta(esHTotal Assets 7Pro>tability9

S' !hareholders 4uityHTotal #iabilities 7+inancial !tructure9 and S=

!alesHTotal !ales 7Capital turno"er rate9. The 8 !core is e4uation as followsR-

8 S$ S) S& S' S=

A 8-!core results will presume that less than $.)* suggests a high probability ofbankruptcy while 8-!cores abo"e ).%* presume a low probability of bankruptcy.

En the other hand 8-!core between $.)* to ).%* are in the gray or ambigious

area.

8-!core is used to analyse both Transmile >nancial data from the Kr *' to Kr *0

before >nancial restatement and after Kr *= and Kr *< >nancial restatement. The

Kr *0 and Kr *' data for both analysis is the same data for completion purposes.

The ratios for the 8-!core are as followsR-

Table /09 Trans"ile be(ore restate"entRatio ,ears ,r 4: ,r 42 ,r 43 ,r 4;

Dor


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Table /:9 Trans"ile a(ter restate"ent

Ratio ,ears ,r 4: ,r 42 ,r 43 ,r 4;

Dornancial restatement Transmile 8-!core worsen to

*.') and *.0< in Kr *= and Kr *< recepti"ely. Most of the ratios in Kr *= and Kr *ts H Total Assets

ratio for both years. Transmile Kr *0 8-!core shows the lowest from all the years

analysed *.*'. In conclusion the Transmile from Kr *' was already has a going

concern problem and worsen toward Kr *< despite all the illegal adustments orimproper transactions made by Transmile to conceal their actual situation. After

>nancial restatement it clearly indicates Transmile not ust ha"ing a going

concern problem but it is already bankruptcy to happen. The 8-!core for both

abo"e tables are re:ected in the graph $0 and $G below.

Comparison with Nationwide is further analysed to understand the market

situation. The Nationwide 8-!core is as table $= below.


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Table /29 Nation6ide

Ratio ,earsRatio ,ears ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;

Dor


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# %CORE GRAP5# %CORE GRAP5

/.@4 5ig7 &robability o( ban


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CONCL*%ION

Liquidity ratios

!igni>cant decreases in the li4uidity ratio after the restatement indicates

Transmiles ha"e insuFcient cash to meet its short term >nancial obligations.

This is mainly due to the re"ersal of trade recei"able arise from the purportedser"ice of 2M )&' million write o? trade recie"able amount of 2M %) million and

other recei"able of 2M)' million.

Proftability ratios

!igni>cant drop in the pro>tability ratio after the restatement indicates

Transmiles ha"e insuFcient pro>t or income generated from its operation that

shaken its ability and capacity of the company to mo"e on. This is mainly due to

re"ersal of re"enue for the >ctitious "alue amounting to 2M =)0 million re"ersalof the e(cess depreciation due to o"erstated property plant and e4uipment

amounting to 2M )* million and impairment loss property plant and e4uipment

of 2M &'= million.

Gearing ratios

There is no maor change in the gearing ratio for both before and after

restatement. It has been the trend that Transmile depending more than =* of

total liabilities to ac4uire all the operating assets. This also indicates thecompany ha"e insuFcient internal fund to support its operations. Transmiles

long term debts reclassi>ed as current liabilities. This is to re:ect the risk of long

term debt being call o? by the +inancier as Transmiles has breached all the

>nancial co"enants of the long term debt. +acility as at &$ December )**0. This

is a RE) FLAGindication.

# %core

8-!core method of analysing = main ratios is "ery e?ecti"e in identifyingcompany with going concern problem. It really shows that Transmile is already

ha"ing the going concern problem from Kr *'. ngaging with illegal accouting

process and reporting manage to conceal their problem but theproblem being

detected "ia 8-!core as it still shows Transmile had below $.)* mark for Kr *= to

Kr *0 which indicates high probability of bankruptcy.

Con!iction


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Bursa Malaysia !ecurities Berhad publicly reprimands Transmile ,roup Berhad forbreaches of paragraph %.$


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APPEN)IH ? Financial %tate"ent Trans"ile Grou& -er7ad

-ALANCE %5EETRE%TATE+E

NT

AT 0/ )ECE+-ER @44: @442 8: @443 @44; @44: @442 @443 @44;

R+444 R+444 R+444 R+444 R+444 R+444 R+444 R+444

A%%ET%

Property plant and e4uipment =%=*

0)$=


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R+444 R+444 R+444 R+444 R+444 R+444 R+444 R+444

E8*IT,

!hare capital )*$*

0))&&=

&0)


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R+444 R+444 R+444 R+444 R+444 R+444 R+444 R+444

Re!enue 0:3K

/14224K4;1

B1BK/B/

3/3K@@;

0:3K/14

023K0;B

;0/K@1B

3/3K@@;

Cost o( ser!ices =@0@K

1B3> =013K

@3/> =;:@K

:32> =3;@K

111> =@0@

K1B3> =010K

/4B> =3B@K

004> =3;@K

111>

Gross =loss> &roft //0K

@1:/30K1/;

@:3K;@3

=23K33/>

//0K@1:

=@3K;04>

01KB2B

=23K33/>

In!est"ent in 9

Associated co"&anies

$ $ $ $ $ $ $ $

Pro&ertyK &lant and equi&"ent

$ $ $ $ $=0::K24;>

$ $

Good6ill on consolidation

$ $ $ $ $ $ $ $

Ot7er o&erating inco"e /

K/1;//

K@;:/2

K@3/@@

K::/ /K/1;//

K@;:30

K;@1@@K

::/

Ad"inistration e'&enses =BK

232> =/2K

13;>

$=30K:2B>

=BK232>

=/2K13;>

=3/K0@/>

=30K:2B>

Ot7er o&erating e'&enses =;K

@3:> =/1K

@;3>

$=/:;KB1;>

=;K@3:>

=@4K403>

=22K@;0>

=/:;KB1;>

Result (ro" O&erating Acti!ities B;

K3:@/:4KB:1

@3/KB1;

=@:2K333>

B;K3:@

=0B2K133>

=/0KB4;>

=@:2K333>

Finance costs =1K

2:0> =@/K

2/4> =22K

@20> =:0K

341> =1

K2:0> =@/K

2/4> =22K

@24> =:0K

341>

Interest inco"e

$ $ $/4

K230 $ $;

KBB4/4K

230

O&erating loss 1B

K4BB//BK:01

@43K;0:

=@;1K;//>

1BK4BB

=:/;K0;3>

=3/K/3;>

=@;1K;//>

%7are o( net &roft less loss

o( associated co"&any =

B34>

:B/ $=@K

4;1>

=B34>

014=

B2@> =@K

4;1>

Loss on ot7er in!est"ent =/K

2/B>

$ $ $=/

K2/B>

$ $ $

Proft =Loss> be(ore ta' 13

K3@4//BKB@B

@43K;0:

=@14K;1B>

13K3@4

=:/3KBB3>

=3@K//B>

=@14K;1B>

@44: @442 8: @443 @44; @44: @442 @443 @44;

R+444 R+444 R+444 R+444 R+444 R+444 R+444 R+444


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Ta' e'&ense =@:K@

@;> =02K

2:0> =:BK

/B3> =2K

/@:> =@:

K@@;> :;

K:00=/K

3:B> =2K

/@:>

Proft a(ter ta' 3@

K0B01:

K013/2;K201

=@12KB/0>

3@K0B0

=03BK230>

=30K;31>

=@12KB/0>

+inority interest =/3K

B04>

$ $ $=/3

KB04>

$ $ $

Net &roft =loss> (or t7e year:2

K:301:

K013/2;K201

=@12KB/0>

:2K:30

=03BK230>

=30K;31>

=@12KB/0>

Earnings &er ordinary s7ares

-asic =sen> @

3.340

1.243

2.2@=/43.4B>

@3.34

=/31.;4>

[email protected]@>

=/43.4B>

)iluted =sen> @

3.240

2.;43

0.31 $ @3.24 $ $ $


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%eries o( %ignifcant E!ents at Trans"ile -er7ad

)ATE EENT

April % )**0 Announcement of the appointment of Mr 2obert /ohn 6yslop as

,roup Chief Eperating EFcer of Transmile and its ,roup ofCompanies with e?ect from May )**0.

April &* )**0 Announcement that Transmile has failed to submit its Audited+inancial !tatements within the stipulated prescribed period asre4uired under Bursa Malaysias #isting 2e4uirements. This isbecause the audit process of the aforesaid +inancial !tatementsis still on-going by its e(ternal auditors Messrs Deloitte L

Touche.

May 0 )**0 Based on the pre-ta( pro>t of 2M)*


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August ) )**0 The founder and CE ,an Boon Aun resigned.

!eptember &)**0

Tun Dr. #ing #iong !ik Chairman and Independent Non-(ecuti"e Director resigned.

!eptember ')**0

Tan !ri A. 2a;ak bin 2amli who was a Non-Independent Non-(ecuti"e Director since May )**= was appointed as Chairmanand Non-Independent Non-(ecuti"e Director.

No"ember $')**0

The !ecurities Commission charged two Transmile directorsChin 1eem +eung and !hukri bin !heikh Abdul Tawab for failureto pay compound within the permitted time.

No"ember $=)**0

#ee Chin ,uan Non-Independent Non-(ecuti"e Directorresigned.


42/42

REFERENCE%

$. Audited Annual 2eport )**' J T2AN!MI# ,2EP B26AD

). Audited Annual 2eport )**= J T2AN!MI# ,2EP B26AD&. Audited Annual 2eport )**< J T2AN!MI# ,2EP B26AD'. Audited Annual 2eport )**0 J T2AN!MI# ,2EP B26AD=. Audited Annual 2eport )**' J NATIEN5ID B26ADrm-transmile-

group-announces$

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Transmile Group Assignment - Project Paper Sample

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