That Silver Birdie: Part VIII

Saw this posted on the Edge Daily..

• Rating Agency Malaysia Bhd said the authorities’ recent check on Silver Bird Group Bhd’s manufacturing facility in Nilai had no immediate impact on the A1/P1 ratings of the latter's debt securities.
  
  The check had reportedly uncovered the presence of illegal foreign workers, the usage of non-halal cooking oil and unhygienic operating conditions, according to a RAM statement on Sept 11.

Another case of illegal foreign workers???? What's wrong with these companies????

So we have a stock whose earnings were projected rather in a very optimistic manner and now we have this issue. This is not looking good if you consider that the earnings has already been looking poor (as mentioned in this blog posting: Silver Bird: Part VII )

And the chart says it all...

Past blog postings:


Silver Bird
Silver Bird: Part II
Silver Bird: Part III
Silver Bird: Part IV
Silver Bird: Part V
Silver Bird: Part VI
Silver Bird: Part VII