Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum
Poll

SLEF Market Sentiment Indicator

73% 73% [ 1130 ]
27% 27% [ 416 ]

Total Votes : 1546

Responsible Care



Latest topics
» LOFC Chart 28.04.2017 (weekly chart)
by stockback Yesterday at 10:56 pm

» MAY 15- Govt. confident to get GSP+ active from 15 May
by Vacations To Sri Lanka Yesterday at 9:30 pm

» RAIGAM share
by Yahapalanaya Yesterday at 8:54 pm

» LOLC STARTED IT`S JOURNEY KEEP AN EYE ON LOFC
by stockback Yesterday at 8:27 pm

» PINS_ next target _Rs.21
by lakmal87 Yesterday at 8:10 pm

» CSEC and CFVF
by Elahara Yesterday at 5:38 pm

» Can We Expect another RED day as last monday
by Miss-Sangeetha Yesterday at 5:17 pm

» OBJECTION DONE IN EU PARLIAMENT
by worthiness Yesterday at 4:50 pm

» THE TRUTH: CSE IN BAD SHAPE - RED ALERT!
by worthiness Yesterday at 4:19 pm

» GOOD NEWS FOR FINANCE COMPANIES
by worthiness Yesterday at 4:01 pm

» Truth about this forum
by kovida Yesterday at 2:46 pm

» BPPL Moving on
by Elahara Yesterday at 10:02 am

» MGT.N 20+ GSP++ BOOM BOOM
by kcrRanz Yesterday at 9:23 am

» LAMB ?????
by crs Fri Apr 28, 2017 6:10 pm

» CSE FOR NEXT LEVEL
by Yahapalanaya Fri Apr 28, 2017 5:16 pm

» EMER superstar
by Teller Fri Apr 28, 2017 3:59 pm

» Where is Teller?
by Miss-Sangeetha Fri Apr 28, 2017 1:59 pm

» WATA next target
by Teller Fri Apr 28, 2017 1:20 pm

» LOFC GEARING UP FOR A RUN
by Eugine Fernando Fri Apr 28, 2017 10:29 am

» ASI GOING TOWARDS 6000
by worthiness Fri Apr 28, 2017 10:27 am

» TESS can be next Run today
by prabath Fri Apr 28, 2017 10:22 am

» DPL.N0000 Don't Be Late Guys
by Elahara Fri Apr 28, 2017 10:15 am

» FLCH Browns Capital
by Yahapalanaya Fri Apr 28, 2017 9:28 am

» BFN - BUY Signal !!!!!!!!!!!!!!!!!!!
by Maharaja Fri Apr 28, 2017 9:09 am

» Sri Lanka won the vote here in Brussels by 436 against and 119 in favor and 22 abstention for the motion to deny GSP plus for #SriLanka
by kcrRanz Fri Apr 28, 2017 9:08 am

» BLI's wife - BFN
by Maharaja Fri Apr 28, 2017 9:05 am

» Where's all our financial experts
by worthiness Fri Apr 28, 2017 8:27 am

» US plans to cut its economic assistance to Sri Lanka by 100%
by worthiness Fri Apr 28, 2017 8:12 am

» No GSP+ yet
by worthiness Fri Apr 28, 2017 8:08 am

» Technical Dshboard for CSE
by EquityChamp Fri Apr 28, 2017 7:35 am

» Govt. confident of winning support for GSP+ - Harsha De Silva: Last time to buy TJL/MGT/ EMER/ HEXP / ETC
by skyfall Thu Apr 27, 2017 11:26 pm

» ASI Chart 21.04.2017
by stockback Thu Apr 27, 2017 8:50 pm

» GSP today.......
by RoughRider Thu Apr 27, 2017 7:52 pm

» SURGE IN STOCK MARKET
by nimantha80 Thu Apr 27, 2017 7:36 pm

» ASI UP 500p...........
by kcrRanz Thu Apr 27, 2017 7:34 pm

» CAN A CHAMELEON & COMEDIAN GOVERN A NATION?
by stockback Thu Apr 27, 2017 4:59 pm

» ශීත කලය පැමිනෙවි.. තද ශීත කුනටු හමාවි.. හිම කැට සහිත මහ නපුරු සුලි සුලන් හමවි.. එහෙත් වසන්තය එනව සත්තමය්...........
by stockback Thu Apr 27, 2017 4:58 pm

» LOFC.N000 Highly Under value
by stockback Thu Apr 27, 2017 4:56 pm

» FOREIGN INFLOW TO CSE TO BOOST MARKET
by stockback Thu Apr 27, 2017 4:55 pm

» How is SEMB.X at .30
by man123 Thu Apr 27, 2017 2:03 pm

» Ceylon Grain Elevators - A Value Rich Stock
by Lucky Gamage Thu Apr 27, 2017 10:01 am

» rich is a large number of shares holder of kgal
by dow Thu Apr 27, 2017 9:32 am

» Sell your shares..market can be dropped
by nimantha80 Thu Apr 27, 2017 8:48 am

» password request
by Miss-Sangeetha Thu Apr 27, 2017 8:11 am

» OSEA plans to buy 2 floors in WTC
by Miss-Sangeetha Thu Apr 27, 2017 7:54 am

» My 6 th Year in this forum today..........
by Quibit Wed Apr 26, 2017 11:45 pm

» Profit Taking or Downward Trend
by EquityChamp Wed Apr 26, 2017 10:38 pm

» Three Acre Farms PLC - A stock with growing profitability
by EquityChamp Wed Apr 26, 2017 10:27 pm

» Laxapana Batteries - A New Begining
by EquityChamp Wed Apr 26, 2017 10:17 pm

» Ceylon Cold Stores - A valuable illiquid stock
by EquityChamp Wed Apr 26, 2017 10:14 pm

» What will happen tomorrow? We could defeat the petition submitted by 52 Memebrs or not? Sri-Lanka's return to GSP--hangs on EU vote tomorrow...
by kcrRanz Wed Apr 26, 2017 7:19 pm

» List of Companies that will de-list
by ranferdi Wed Apr 26, 2017 6:17 pm

» PLEASE REFRAIN FROM BUMPING GARBAGE THREADS IN FORUM
by ranferdi Wed Apr 26, 2017 6:14 pm

» EU Meeting on GSP+
by nimantha80 Wed Apr 26, 2017 12:54 pm

» Sri Lanka’s return to GSP+ hangs on EU vote tomorrow
by plsp1 Wed Apr 26, 2017 10:25 am

» North Korean Crisis going to influence the Share Markets around the World.
by Eugine Fernando Wed Apr 26, 2017 9:05 am

» AFSL update...
by Wimal Modawansa Tue Apr 25, 2017 9:02 pm

» GENUINE OFFER LEASE BG,SBLC& MTN
by simone12 Tue Apr 25, 2017 7:19 pm

» Certified Bank Guarantee BG StandBy Letter of Credit SBLC Available
by simone12 Tue Apr 25, 2017 7:19 pm

» BG/SBLC Offer For Lease Or Purchase
by simone12 Tue Apr 25, 2017 7:19 pm

» BG/SBLC Financing
by simone12 Tue Apr 25, 2017 7:18 pm

» FRESH CUT (BG/SBLC OFFER
by simone12 Tue Apr 25, 2017 7:18 pm

» Fresh cut bank instrument for lease/sale, such as BG,SBLC, MTN, Bank Bonds
by simone12 Tue Apr 25, 2017 7:17 pm

» We Offer Genuine Bank Instruments for lease (BG/SBLC)
by simone12 Tue Apr 25, 2017 7:17 pm

» We bring Offer For Lease Bank Instruments, Such As BG and SBLC DLC LC
by simone12 Tue Apr 25, 2017 7:16 pm

» TRADE AND PROJECT FUNDINGS
by simone12 Tue Apr 25, 2017 7:15 pm

» Free Stock Market Training for SLEF Members
by simone12 Tue Apr 25, 2017 7:14 pm

» BG/SBLC,MT103,Monetizing,Project Financing,Loan
by simone12 Tue Apr 25, 2017 7:13 pm

» SAITM IPO coming next ?
by soileconomy Tue Apr 25, 2017 7:03 pm

» PAN ASIA BANK FASTEST GROWING COMMERCIAL BANK IN SL
by soileconomy Tue Apr 25, 2017 6:57 pm

» LAST CHANCE ..LCEM
by kovida Tue Apr 25, 2017 6:47 pm

» Incorrect Dividend Checks for Allied Finance Co.
by kovida Tue Apr 25, 2017 6:22 pm

» HSBC Attempt to de stabilize Sri Lanka Economy
by ice4083 Tue Apr 25, 2017 4:08 pm

» GSP+ beneficiaries
by worthiness Tue Apr 25, 2017 9:58 am

» Before SAITM Please introduce BOC ,PEOPLE'S BANK,SRILANKA INSURANCE list into market
by worthiness Mon Apr 24, 2017 9:53 pm

» Get ready for April rise...
by nimantha80 Mon Apr 24, 2017 7:32 pm

» commercial bank rights issue 1;10
by hirankb Mon Apr 24, 2017 3:58 pm

» Shares VS Fixed Desposit
by reyaz Mon Apr 24, 2017 3:14 pm

» GREETINGS FOR SINHALESE & TAMIL NEW YEAR
by reyaz Mon Apr 24, 2017 3:07 pm

» HATS OFF TO QUIBIT
by Miss-Sangeetha Mon Apr 24, 2017 2:01 pm

» Top 10 Index Contributors since 27-Mar-2017
by niru Mon Apr 24, 2017 12:53 pm

» on your mark, get set, go
by kcrRanz Mon Apr 24, 2017 11:32 am

» Indian builders plan to import cement from Sri Lanka
by sureshot Mon Apr 24, 2017 7:05 am

» JIO like Price War in Sri Lanka
by Teller Mon Apr 24, 2017 2:08 am

» Sri Lanka: Net foreign inflow into Sri Lankan equities top Rs. 7.71 billion year to date
by Teller Mon Apr 24, 2017 2:02 am

» DO LOCALS ENTER AFTER MARKET CORRECTION
by worthiness Sun Apr 23, 2017 11:20 am

» Cover Picture need to change
by sureshot Sat Apr 22, 2017 9:41 pm

» Softlogic Holdings Group boosts revenue to Rs.40.0 bn
by Investor1994 Fri Apr 21, 2017 9:09 pm

» SRI LANKA FINANCE SECTOR - HOLD - Mar 2017 - FC Research
by stockback Fri Apr 21, 2017 8:20 pm

» CFIN Clarification
by ShaneMc Fri Apr 21, 2017 7:31 pm

» HVA ponna manipulation
by Steve Jansen Fri Apr 21, 2017 3:36 pm

» MANGALA FINANCE!!!!
by samaritan Fri Apr 21, 2017 8:49 am

» ARPICO INSURANCE - BUY
by sureshot Fri Apr 21, 2017 6:29 am

» LANKA CEMENT..... WELCOME NEW CHAIRMAN
by sureshot Fri Apr 21, 2017 6:23 am

» With cash & scrib dividend SDB why not moving?
by hanuma Thu Apr 20, 2017 7:37 pm

» VFIN target price -- Rs 80.00 within 2 months
by venura Thu Apr 20, 2017 1:48 pm

» CCS next gem
by sikka89 Thu Apr 20, 2017 11:01 am

» EMER hot with GSP
by Vacations To Sri Lanka Thu Apr 20, 2017 10:16 am

» UBC PRICE INCREASING
by MarketWch Thu Apr 20, 2017 10:07 am


REEF and VFIN- Accountants who can't calculate

Page 1 of 2 1, 2  Next

View previous topic View next topic Go down

REEF and VFIN- Accountants who can't calculate

Post by innam on Wed Jun 01, 2011 4:05 pm

REEF results are out and i'm sure we'll get multiple posts about the magical EPS figure of 7 for the March quarter that they have reported.

http://www.cse.lk/cmt/upload_report_file/568_1306907002379.pdf

But it seems that some of the accountants working for CSE listed companies don't seem to know how to use a calculator.

REEF profit after tax for the March quarter 2011 is 14 million and with 47 million shares outstanding my excel gives a figure of 30 cents but REEF is showing an EPS figure of 7.27
Profit after tax March quarter 2010 is 9 million and with 47 million shares outstanding my excel gives a figure of 20 cents but REEF is showing an EPS figure of 4.93
i have left out the dilution from the warrants to keep it simple for the moment

The same thing happened with VFIN yesterday and with two DONKEY LEVEL mistakes in two days, the troubling question to ask is, is this a deliberate attempt to mislead retailers by manufacturing incorrect EPS numbers or aren't they bothered about accuracy?
http://forum.srilankaequity.com/t4305-vfin-good-results-will-it-shoot-up-soon#29045

Don't the CEOs/CFOs/Finance Managers of these companies take look at what they file?
avatar
innam
Manager - Equity Analytics
Manager - Equity Analytics

Posts : 215
Equity Stars : 2997
Reputation : 130
Join date : 2010-07-02
Location : Bacon county, GA

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by econ on Wed Jun 01, 2011 4:55 pm

thanks innam. very good observation as always you do.
I think this is not calculation problem. they may want to fool around investors.

_________________

--------------------
This is not buying\selling recommendation. Do your own analysis before take any decision
avatar
econ
Global Moderator

Posts : 1473
Equity Stars : 5857
Reputation : 94
Join date : 2011-01-27

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by smallville on Wed Jun 01, 2011 5:02 pm

Man.. Innam is dead correct..



Lets take Group figures;
Equity Holders of the Parent (12 months ended 31-03-11) - Rs.14834000/-
Equity Holders of the Parent (03 months ended 31-03-11) - Rs.15721000/-

Total No of Shares after rights issue - 47,191,953 (as illustrated on the reports)

Therefore; Annual Group EPS = 14834000/47191953 = Rs. 0.314/-
Qurater Group EPS = 15721000/47191953 = Rs.0.333/-

Lets take company figures;
Compnay figure (03 months ended 31-03-11) = Rs.14286000/-
Therefore Company EPS = 14286000/47191953 = Rs.0.30/-

Now from where this magical number 7.27 came from??


Last edited by smallville on Wed Jun 01, 2011 5:19 pm; edited 1 time in total
avatar
smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Posts : 4131
Equity Stars : 7558
Reputation : 530
Join date : 2011-02-03
Location : Back on Earth

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by Gaja on Wed Jun 01, 2011 5:14 pm

interestingly, admin or moderators or any of the members of you have the contact with the company, why don't you informed to the company and ask them to correct it

Gaja
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Posts : 3130
Equity Stars : 7120
Reputation : 260
Join date : 2011-01-27
Age : 33
Location : Colombo

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by Slstock on Wed Jun 01, 2011 5:17 pm

@innam wrote:REEF results are out and i'm sure we'll get multiple posts about the magical EPS figure of 7 for the March quarter that they have reported.

http://www.cse.lk/cmt/upload_report_file/568_1306907002379.pdf

But it seems that some of the accountants working for CSE listed companies don't seem to know how to use a calculator.

REEF profit after tax for the March quarter 2011 is 14 million and with 47 million shares outstanding my excel gives a figure of 30 cents but REEF is showing an EPS figure of 7.27
Profit after tax March quarter 2010 is 9 million and with 47 million shares outstanding my excel gives a figure of 20 cents but REEF is showing an EPS figure of 4.93
i have left out the dilution from the warrants to keep it simple for the moment

The same thing happened with VFIN yesterday and with two DONKEY LEVEL mistakes in two days, the troubling question to ask is, is this a deliberate attempt to mislead retailers by manufacturing incorrect EPS numbers or aren't they bothered about accuracy?
http://forum.srilankaequity.com/t4305-vfin-good-results-will-it-shoot-up-soon#29045

Don't the CEOs/CFOs/Finance Managers of these companies take look at what they file?

Yes, Innam when I saw VFIN report first time I thought two things.
a) They know the greatest of magic
b) maybe as the accountant is indisposed his 4 year old child did the math

On a serious note, as you mentioned the issue is how can it evade 3 qualified peoples eyes it is was a mistake. Accountant , Diretor, CEO ? Twisted Evil
avatar
Slstock
Director - Equity Analytics
Director - Equity Analytics

Posts : 6628
Equity Stars : 10840
Reputation : 1158
Join date : 2011-01-22

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by sapumal on Wed Jun 01, 2011 5:34 pm

My personal idea is EPS = 7 is correct for REEF

Total equities 1,438,306,000
Total shares 47,191,953
NAV = Rs 30.59

last quarter NAV = Rs 22.39
They haven't include the profit to the PL statement but they have included to the balance sheet.
There are lot of comments about the fairness of the way ( selling lands to subsidiaries at higher prices) they earned Rs 7 EPS during the last quarter. But anyhow now they have NAV over 30.


http://forum.srilankaequity.com/t1561-cse-announcement-about-reef-reef-350mn-capital-gain

sapumal
Vice President - Equity Analytics
Vice President - Equity Analytics

Posts : 1102
Equity Stars : 3966
Reputation : 65
Join date : 2010-07-30

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by innam on Wed Jun 01, 2011 6:34 pm

@sapumal wrote:My personal idea is EPS = 7 is correct for REEF

Total equities 1,438,306,000
Total shares 47,191,953
NAV = Rs 30.59

last quarter NAV = Rs 22.39
They haven't include the profit to the PL statement but they have included to the balance sheet.
There are lot of comments about the fairness of the way ( selling lands to subsidiaries at higher prices) they earned Rs 7 EPS during the last quarter. But anyhow now they have NAV over 30.


http://forum.srilankaequity.com/t1561-cse-announcement-about-reef-reef-350mn-capital-gain

so this is the target audience for the magic EPS of 7.

i may be wasting my time convincing the target audience but just so newcomers are not mislead- magical land revaluations that take place on the balance sheet (the so called change in NAV) and not on the income statement (eg-mark to market adjustment) CANNOT be taken to calculate EPS. The only thing that can be used for EPS calculation is the earnings shown in the face of the income statement.
avatar
innam
Manager - Equity Analytics
Manager - Equity Analytics

Posts : 215
Equity Stars : 2997
Reputation : 130
Join date : 2010-07-02
Location : Bacon county, GA

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by sapumal on Wed Jun 01, 2011 6:43 pm

I don't have any disagree with your point innam. They can't show a EPS using this statement. It is a magic figure
My point is they had a EPS of Rs 7 during last quarter due to the land revaluation and it is in the balance sheet.

sapumal
Vice President - Equity Analytics
Vice President - Equity Analytics

Posts : 1102
Equity Stars : 3966
Reputation : 65
Join date : 2010-07-30

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by innam on Wed Jun 01, 2011 6:46 pm

bottom line if these management teams can't even do a simple calculation ( dividing 14 million profits by 47 million shares ), and the error isn't spotted by senior management- what other errors and mistakes are hidden within the detailed accounts?
avatar
innam
Manager - Equity Analytics
Manager - Equity Analytics

Posts : 215
Equity Stars : 2997
Reputation : 130
Join date : 2010-07-02
Location : Bacon county, GA

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by Fresher on Wed Jun 01, 2011 7:10 pm

at least cant the one who prepares spot the large discrepancy between the quarter EPS and the yearly one. purely taking retailers for a ride.
next time they'll type EPS 30 and say they forgot to place the decimal

Fresher
Moderator

Posts : 1501
Equity Stars : 4952
Reputation : 163
Join date : 2011-02-04

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by smallville on Wed Jun 01, 2011 7:14 pm

@Gaja wrote:interestingly, admin or moderators or any of the members of you have the contact with the company, why don't you informed to the company and ask them to correct it

I already sent them a note requesting an explanation..
avatar
smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Posts : 4131
Equity Stars : 7558
Reputation : 530
Join date : 2011-02-03
Location : Back on Earth

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by TuskerLK on Wed Jun 01, 2011 8:05 pm

Donno how many more companies have reported like this.
avatar
TuskerLK
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Posts : 403
Equity Stars : 2800
Reputation : 36
Join date : 2011-03-08

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by monash on Wed Jun 01, 2011 8:38 pm

@innam wrote:bottom line if these management teams can't even do a simple calculation ( dividing 14 million profits by 47 million shares ), and the error isn't spotted by senior management- what other errors and mistakes are hidden within the detailed accounts?

Thank you Innam for your effort. I appreciate it.

I don't see these as mistakes. These may be done purposely to mislead investors. Fortunately this is Sri Lanka otherwise the company and auditors in trouble as investors can sue the company. Because this is CSE they are just playing games and toying investors. We have to think again about the credibility of financial statements at CSE.
Evil or Very Mad


Last edited by monash on Wed Jun 01, 2011 8:54 pm; edited 2 times in total
avatar
monash
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Posts : 342
Equity Stars : 3683
Reputation : 16
Join date : 2011-01-22

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by TuskerLK on Wed Jun 01, 2011 8:44 pm

However these are not audited accounts,so audit firm has nothing to do with the quartally reports
avatar
TuskerLK
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Posts : 403
Equity Stars : 2800
Reputation : 36
Join date : 2011-03-08

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by xhora on Wed Jun 01, 2011 8:52 pm

Can we really believe auditors?
E.g ENRON & Arthur Andersen
avatar
xhora
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Posts : 462
Equity Stars : 2797
Reputation : 70
Join date : 2011-04-24
Age : 28
Location : Colombo

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by TuskerLK on Wed Jun 01, 2011 9:08 pm

For me auditors are not ethical at all. Most of the young guys and girls who works days and nights to meets the deadline are getting paid a allowance (not salary) less than what a estate worker get paid.

So how come we can expect a reliable work from them?
avatar
TuskerLK
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Posts : 403
Equity Stars : 2800
Reputation : 36
Join date : 2011-03-08

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by mark on Wed Jun 01, 2011 11:24 pm

guys,same thing i experienced in CSF results,ddn't got correct values......don't know,i may be wrongly calculated,but there was many questions.. Suspect Suspect
avatar
mark
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Posts : 2629
Equity Stars : 7129
Reputation : 418
Join date : 2011-02-04
Age : 26
Location : Hell....

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by Gaja on Wed Jun 01, 2011 11:27 pm

@smallville wrote:
@Gaja wrote:interestingly, admin or moderators or any of the members of you have the contact with the company, why don't you informed to the company and ask them to correct it

I already sent them a note requesting an explanation..

Good let us know, if you got the reply

Gaja
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Posts : 3130
Equity Stars : 7120
Reputation : 260
Join date : 2011-01-27
Age : 33
Location : Colombo

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by Hiru on Thu Jun 02, 2011 7:55 am

tinyman wrote:For me auditors are not ethical at all. Most of the young guys and girls who works days and nights to meets the deadline are getting paid a allowance (not salary) less than what a estate worker get paid.

So how come we can expect a reliable work from them?

That is true trainees are doing all the field work for Audits, but there are several stages which pay attention to accounts before they reach to Assigned Partner for his signature, specially in big for Audit Firms. So, have these managers at the audit firm failed to comply with procedures?
However, it seems these statements are not Audited.

Above all, I believe, there must be check for accuracy at CSE before publishing accounts on the CSE Website as all investors are not of the same quality.


Hiru
Manager - Equity Analytics
Manager - Equity Analytics

Posts : 274
Equity Stars : 2569
Reputation : 31
Join date : 2011-04-24

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by GJ on Thu Jun 02, 2011 5:02 pm

is it good or bad to buy?
--
===
====
=====

GJ
Manager - Equity Analytics
Manager - Equity Analytics

Posts : 126
Equity Stars : 2325
Reputation : 1
Join date : 2011-06-02

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by Hiru on Thu Jun 02, 2011 5:55 pm

@GJ wrote:is it good or bad to buy?
--
===
====
=====

VFIN is good at below Rs 50.

REEF is good to watch and buy as there would be huge capital gains. For me REEF.W0017 is comparably good. My view is based on the current trend and the information currently available, but not on fundamentals.

Please search for information available and evaluate by your self as money is yours.

Hiru
Manager - Equity Analytics
Manager - Equity Analytics

Posts : 274
Equity Stars : 2569
Reputation : 31
Join date : 2011-04-24

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by smallville on Sat Jun 04, 2011 8:23 pm

@Gaja wrote:
@smallville wrote:
@Gaja wrote:interestingly, admin or moderators or any of the members of you have the contact with the company, why don't you informed to the company and ask them to correct it

I already sent them a note requesting an explanation..

Good let us know, if you got the reply

I'm afraideven after 2 days I've recieved NO reply.. U know wat this means right??? Twisted Evil
Poor souls.. Can we send this to SEC as well? indicating the malpractice by company??
avatar
smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Posts : 4131
Equity Stars : 7558
Reputation : 530
Join date : 2011-02-03
Location : Back on Earth

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by monash on Sat Jun 04, 2011 8:32 pm

Smallville i also waited for your post to know the response of company.

Yes of course we can inform this to SEC. i think there is possibility to sue the company also if you have money and time, Consult a lawyer.. Wink
Reef is a pure scam.. the latest victim of them is CLND.
avatar
monash
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Posts : 342
Equity Stars : 3683
Reputation : 16
Join date : 2011-01-22

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by smallville on Sat Jun 04, 2011 9:19 pm

@monash wrote:Smallville i also waited for your post to know the response of company.

Yes of course we can inform this to SEC. i think there is possibility to sue the company also if you have money and time, Consult a lawyer.. Wink
Reef is a pure scam.. the latest victim of them is CLND.

Well to be honest with, I dont have a single share even warrants.. but just for the community service I tried informing the company toget some response.. They didnt have the courtesy to accept it a mistake or whatever further assures this is a pure scam Wink Twisted Evil
Well I have other fish to fry.. so if some can post this to SEC, would be glad.. Wink
avatar
smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Posts : 4131
Equity Stars : 7558
Reputation : 530
Join date : 2011-02-03
Location : Back on Earth

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by intelstk on Sun Jun 05, 2011 3:45 pm

tinyman wrote:For me auditors are not ethical at all. Most of the young guys and girls who works days and nights to meets the deadline are getting paid a allowance (not salary) less than what a estate worker get paid.

So how come we can expect a reliable work from them?

this is nothing to do with auditors. These interim figures are un audited. They responsible for annual audited figures only. Even that case prepartion and presentation of FS in a responsible of Directors.

Eventhough they are paid less than state workers, they are doing great job for the entire market definitly. So, don scold auditors in this case plssssssssssss

intelstk
Senior Equity Analytic
Senior Equity Analytic

Posts : 61
Equity Stars : 2264
Reputation : 5
Join date : 2011-05-26

Back to top Go down

Re: REEF and VFIN- Accountants who can't calculate

Post by Sponsored content


Sponsored content


Back to top Go down

Page 1 of 2 1, 2  Next

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum
Who is online?
In total there are 102 users online :: 7 Registered, 0 Hidden and 95 Guests

aathi, BullandBear, kovida, newer1, sameboy, sisira.wijeweera, stockback

Most users ever online was 541 on Mon Sep 19, 2011 11:29 am
Statistics
We have 19029 registered users
The newest registered user is EmoryV48

Our users have posted a total of 323549 messages in 49674 subjects
Forum Rules & Guidelines
Sri Lanka Equity Analytic
Disclaimer

The information contained in this forum have been submitted by third parties directly without any verification by us. The information available in this forum is not researched or purported to be complete description of the subject matter referred to herein. We do not under any circumstances whatsoever guarantee the accuracy and completeness information contained herein.

www.srilankaequity.com its blogs, forums, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not in any way be responsible or liable for loss or damage which any person or party may sustain or incur by relying on the contents of this report and acting directly or indirectly in any manner whatsoever.

Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility, www.srilankaequity.com its blogs, forums, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. The information on this website is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.