Showing posts with label Silver Bird. Show all posts
Showing posts with label Silver Bird. Show all posts

Saturday 28 April 2012

SILVER BIRD GROUP BERHAD

THE PRELIMINARY PROPOSED CORPORATE AND DEBT RESTRUCTURING SCHEME (“PCDRS”) OF SBGB AND ITS SUBSIDIARIES (COLLECTIVELY KNOWN AS THE SBGB GROUP”))


                                                               Notes  RM’000
Shareholders’ funds as at 31 October 2011        213,423
Property, Plant & Equipment impairment       1    (98,005)
Goodwill impairment                                     2    (36,730)
Receivables impairment                                3  (110,754)
Cash reduction                                             4      (6,442)
Inventory reduction                                      5      (5,232)
Payables adjustments                                   6    (25,302)
Increased borrowings                                   7    (14,212)
Others                                                         8         (407)
                                                                     ------------
                                                                       (297,084)
                                                                      ________
Shareholders’ funds as at 29 February 2012      (83,661)
                                                                       =======


http://announcements.bursamalaysia.com/EDMS/edmsweb.nsf/all/FCE47820DA0472AF482579ED004296E5/$File/Silver%20Brid%20Financial%20Position%20reconciliation.pdf

http://announcements.bursamalaysia.com/EDMS/edmsweb.nsf/LsvAllByID/FCE47820DA0472AF482579ED004296E5?OpenDocument

Notes

1. Impairment to fair value, after taking into consideration additional depreciation since 31 October 2011, write down of assets that should have been expensed to profit & loss as opposed to being capitalized, movements in acquisitions and disposals, write-offs of assets that cannot be physically identified, write backs of assets that were not previously taken up, and possibly adjustments to assets that may have been suspected to be capitalized above fair market value arising partly from the preliminary forensic investigation.

 2. In view of the net liabilities position of the Group, goodwill is impaired in totality. 

 3. Adjustments have been made for movements in the ordinary course of business between 31 October 2011 and 29 February 2012, and which may relate to the losses incurred during the said period, provisions for doubtful debts and suspected financial irregularities arising from the preliminary findings of the forensic investigation.

4. Adjustments have been made for movements in the ordinary course of business between 31 October 2011 and 29 February 2012, and which may relate to the losses incurred during the said period, and after reconciling for transactions relating to suspected financial irregularities arising from the preliminary findings of the forensic investigation.

5. Adjustments have been made for movements in the ordinary course of business between 31 October 2011 and 29 February 2012, and which may relate to the losses incurred during the said period, and for obsolete inventories and inventories that cannot be physically identified. 

 6. Adjustments have been made for movements in the ordinary course of business between 31 October 2011 and 29 February 2012, and which may relate to the losses incurred during the said period, and for provisions relating to suspected financial irregularities arising from the preliminary findings of the forensic investigation.

7. Increased borrowings can be related to additional net borrowings of the Group between 31 October 2011 and 29 February 2012. Certain facilities, such as bonds, were paid off, whilst additional borrowings were drawn down, in particular bankers acceptances, during the period.

8. Others, relate to the write-off of investment in KPF Quality Foods Sdn Bhd, and increased deferred taxation provisions. The basis of arriving at the 29 February 2012 position is set out in the notes to the financial position.

Friday 2 March 2012

Silver Bird - Could Fundamental Analysis prevent you from investing into this stock?

Unaudited FY 2011 account of Silver Bird

Revenue
2011  612.746m
2010  593.507m

Earnings
2011  4.934m (Diluted EPS 1.24 sen)Thumbs Down
2010  3.655mThumbs Down

Total Asset 382.970m
Total Equity 213.424m  (Net Asset per Share RM 0.52) (Accumulated Losses 44.139m)

Net Profit Margin 0.8%Thumbs DownThumbs DownThumbs DownThumbs DownThumbs Down
Asset Turnover 1.6x
Financial Leverage 1.79xThumbs Down

ROA 1.28%Thumbs DownThumbs DownThumbs DownThumbs DownThumbs Down
ROTC 1.51%Thumbs DownThumbs DownThumbs DownThumbs DownThumbs Down
ROE 2,29%  Thumbs DownThumbs DownThumbs DownThumbs DownThumbs Down

Cash 34.699m
Bank balances 3.704m

Cash & Equivalent 38.403m 
LT Borrowings ( 24.694m)
ST Borrowings (126.772m)
Net Debt  (113.063m)Thumbs DownThumbs DownThumbs Down

CA 169.083m
CL 144.088m
Working capital 24.995m
CA/CL = 1.729m

Inventories  15.016m
Trade receivables 87.459m Thumbs DownThumbs DownThumbs DownThumbs Down(2010:  51.168m)
Other receivables 28.204m Thumbs DownThumbs DownThumbs DownThumbs Down(2010: 18.467m)
Trade payables 10.411m
Other paybales 6.732m

Net CFO (25.582m)Thumbs DownThumbs DownThumbs DownThumbs DownThumbs Down
CFI (6.259m)
CFF 21.125m
Net decrease in cash (10.716m)

Dividend 0Thumbs Down

Valuations
Price 20.5 sen
No. of ordinary shares issued and issuable 396.387m
Market Cap 81.23m

P/E 16,5x
P/BV  0.394x
DY 0%


Stock Performance Chart for Silver Bird Group Bhd


Could fundamental analysis guide you from investing into this stock?


The answer is YES.  The business fundamentals of this company are extremely lousy and there are enough red flags in its accounts to warrant caution or avoidance of this stock.


Please click below to read the post by BENGRAM for a more detailed explanation.
http://www.investlah.com/forum/index.php/topic,39283.msg770490.html#msg770490