Transmile Receivables

My Dearest Moo Moo Cow,

Published on today's Business Times, Transmile to audit latest financial figures .

Highly interest because the auditors are seeking more data!

• Validity of Transmile's 87 per cent higher pre-tax profit of RM206.7 million for the 12 months to December 31 2006, was questioned following the logistics group's failure to furnish its auditors with required data to substantiate the figures, Transmile told Bursa Malaysia yesterday.

And the data required were linked with certain transaction relating to trade receivables and related sales and additions to property, plant and equipment.

• "The company's auditors have not been able to obtain relevant supporting documentation from the management on certain transactions relating to trade receivables and related sales and additions to property, plant and equipment," Transmile said.

Here's the 4th quarter report of the fiscal year earning, Quarterly rpt on consolidated results for the financial period ended 31/12/2006

Below is a snapshot of Transmile's balance sheet!



Fiscal year 2006 receivables were reported at 381.247 million, which is much more than the previous year fiscal year 2005 receivables of 111.113 million!

WOW!

I can understand why the auditors want to see more data!

Transmile opened limit down at 9.10 this morning. It is now trading at 9.95. A crisis buying opportunity? This is really risky because at this moment we do not know how drastic this issue is!

Anyway, this reminds me of The Receivales Issue and Megan once more!