Auditor scope is more than that.

They are the one responsible to check and verify whatever account stated is correct and true, that's why they are called 'audit' which based on documentation submitter by the company.

Otherwise, any company can just simple issue invoice and register as sales to jack up profit or simply create account out of nothing.

Auditor has the right to boot up dubious amount within the account, if they suspicious about it.

But auditor has no real-time pr real involvement in any company business operation, they only can audit within their scope that is based on documentation of the company and general industry practice.

I am keeping some of my shares.
No way am I going to miss the chance to attend the EGM/AGM and tell the directors to their faces what my opinion of them is....

....complete with rotten eggs, tomatoes etc.....

---

Added on September 27, 2009, 11:39 pmSo we can assume the RM400++ million receivables are really there?
The more I trawl through their accounts, the more suspicious I become of the auditors' competency...
The last two (unaudited) quarterly reports really do stretch the imagination to the max

This post has been edited by David_Brent: Sep 27 2009, 11:39 PM

Oilcorp holds talks with lenders, expects to stay operational

More News, No Action yet...

Oilcorp’s PN17 dilemma

Another Article -slightly more interesting

This post has been edited by aurora97: Sep 28 2009, 09:38 AM

Many thanks. The second article is very good. Key word: TRANSPARENCY.
We've seen precious little transparency from Sunny Ng and his mates on the board.

Not related, Transmile acocunt was audited as well, which 'blown up' recevables get through auditor eye.

Not means Oilcorp would be similar, just we cannot said or guarantee that anything get through audit path, must be there, as said before, auditor audit based on paper/documentation, they don't know the details how company business operation.

But if revenue yearly is around 70-80 million, receviables 400+ million means your company average let people/customers owed you company for 4 years time, before collecting the payment?

That's one of important question.

"That's one of important question. " If what u said about 70 to 80 mill revenue and balance of receivables is 400 mills. Well wholesales cheats is going on under the watchful eyes of SC then. Oilcorp should be investigated 2 years ago. By now its too late. Another Megan Media in the making and culprits are long gone.


The article by RITA BENOY BUSHON on the need for oilcorp to be transparent echoed on a macro perspective what need to be disclosed by most public listed companies. But sadly this is not so today. Most companies just disclosed the required minimum of SC and KLSE requirements. Yet with the adoption of new worldwide Accounting standards after the Enron, debacle, cases of company failures due to mismanagement and thefts were still cropping up. In the case of Oilcorp, a simple disclosure requirement which in fact would be imposed to all public listed company would have alerted the authorities and shareholders, is the requirement to aged its receivables and report every quarterly and annually in each company's report the amount of debts, segregated between trade and non trade and aged based on % would be suffice to provide the public with and idea of how efficient its management of cashflow. The current cashflow statement is just not sufficient to provide a realiable analysis.

This post has been edited by alenac: Sep 28 2009, 06:57 PM

Not necessarily. Sunny Ng is still there and we know where he lives.....

David, what are u gonna to do with Sunny? Bash him up or otherwise. There are laws in the country. Even the transmile culprits are still to be punished severely and many lightly fined and almost all got away with it. As u know also the institutions in this country are not clean and money will buy them out.

Prevention is better than cure. Caveat emptor mann.

Nothing is further from my mind and I'm quite well aware of how things work - thanks.

As at Dec 31, 2008, the group’s receivables stood at RM474.98mil (audited), of which about RM130.34mil was due from Plant Biofuels Corp Sdn Bhd and Optimis Teguh Sdn Bhd.

i think their problem now is they can't receive part of the receivables (130.34mil) from 2 corporation Plant Biofuels Corp Sdn Bhd and Optimis Teguh Sdn Bhd so now they are proposed subscription of 2,211,166 new convertible preferred stocks of US$0.0001 each in Renewable Fuel Corp (RFC) at a proposed issue price of US$10 per preferred stock.

"This will be be satisfied by conversion of the aggregate debts of about RM80mil, owed by RFC’s two principal subsidiaries, Plant Biofuels and Optimis Teguh."

We'll see.

This post has been edited by David_Brent: Sep 29 2009, 02:31 AM

Capitalisation of debts will not improve cashflow at all. Generally, this will only shift the amount from Amount Owing by Subsidiaries to Investment in Subsidiaries. Therefore, this will not improve the company's cash position.

Generally, this can be considered a defensive move to hopefully avoid the auditors forcing the company to write off the receivables of RM130.34 million.

This post has been edited by ProComplex: Sep 30 2009, 01:08 AM

The company facing cashflow problem, any solution must be able to raise cash one.

RFC’s two principal subsidiaries, Plant Biofuels and Optimis Teguh if not mistaken are in biodiesel production. Just think with the current price of palmoil can they pay? Its holland, I presumed. Any shares for debts are not gonna to lift it out of PN17.

Oh yeah, another interesting thing is the company is in deepsea fishing. If oilcorp is in high value added business, how the heck does it come about to go into deepsea fishing also. The business model is unsound. The fact is a fisherman can't be a millionaire but a middle man can.

I would say the management lack focus years ago.

This post has been edited by alenac: Sep 30 2009, 06:45 PM

conclusion buy this share will vomit blood...
despite suffer huge loss i sold it for peace of mind..

Totally agree. The management is unbelievably incompetent - no focus, no strategy and no transparency.
Not surprising when you check out their backgrounds...

Another bad news Sunny is getting out of the sinking ship. If the captain is getting out, how will the crew feel? Check in the shareholders register showed Sunny has been unloading his shares since 20 july 2009 till todate, from 28 mill shareholding till balance of 8mill. No 9 guns salute baby! The writing was on the wall, he has no confidence in the company and he has the news much earlier of the impending categorisation lah.

Sayonara baby!, from past experience in other companies, a new management team will take over soon or the "demolition team" salvaging the last of its assets and trying ways thru various representations to SC to stop the delisting and heck they may even pull in "ex IGPs" and all other crooked muscles.


3697 OILCORP OILCORP BHD
Changes in Director's Interest (S135)

Particulars of Director 37

Name : NG HUAT TIAN
NRIC/Passport No./Company No. :
Nationality/Country of Incorporation :

Address:
7, JALAN SS 2/16, 47300 PETALING JAYA, SELANGOR

Descriptions (Class and Nominal Value):
ORDINARY SHARES OF RM1.00 EACH


Name and Address of Registered Holder:



Details of Changes

Date of Notice : 28/09/2009

Transactions:
No. Date Transaction Type No of Shares Price (RM)
1. 25/09/2009 Disposed 2,200,000 -


Circumstances by reason of which change has occurred:
DISPOSED OF SHARES

Nature of Interest:
DIRECT

Consideration:



No of Shares Held After Changes:
Direct : 8,714,320 shares (3.9700%)
Indirect/Deemed Interest : 0 shares (0.0000%)
Total : 8,714,320 shares

This post has been edited by alenac: Sep 30 2009, 09:35 PM

Yup. That figures.
Sunny and his bro cashed out most of their holdings a long time ago.

No face
No respect
No shame

Leave someone else to clean up the mess he left behind...

Means GAME over for OILCRAP? Any increase is subject to GORENG activity only.

Yup. Game over for OILCRAP but I wonder if we might find out later that Sunny shows up as a major player in OILFAB - which is the company that just got the two contracts recently