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8/10/2019 Transmile Group Assignment - Project Paper Sample
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1
FINANCIAL STATEMENT
ANALYSIS
TRANSMILE GROUP BERHAD
(373741 W)
PREPARED FOR:
PROF MADYA DR. ROSHAYANI ARSHAD
PREPARED BY:
WAN ZAIRI AFTAR BIN ISHAK
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NAZRI BIN MOHAMED
RAFIDAH BINTI NORHANIPAH
SITI ZAITON BINTI BUYONGSHAMSUL ANUAR BIN ABD RAHIM
CONTENT
IntroductionI. Company BackgroundII. Issues encounter
III. Analysis of Methodology
Financial Ratio AnalysisI. Liquidity Ratio
- Transmile before restatement- Transmile after restatement- Comparison between Transmile and Nationwide
II. Proftability Ratio- Transmile before restatement- Transmile after restatement- Comparison between Transmile and Nationwide
III. Gearing Ratio- Transmile before restatement- Transmile after restatement- Comparison between Transmile and Nationwide
I. Acti!ity Ratio- Transmile before restatement- Transmile after restatement- Comparison between Transmile and Nationwide
. Alt"an #$%core- Comparison between Transmile and Nationwide
Conclusion
A&&endi'
Re(erences
INTRO)*CTION
I. CO+PAN, -ACGRO*N)
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Transmile is a Malaysian scheduled all cargo airline which obtained its Air
!er"ice #icense in $%%& and commenced business in $%%' as a smallish
o"ernight air e(press transport ser"ice pro"ider with one Boeing &-)**+ and one
Cessna ,rand Cara"an plying ast Malaysian routes became a listed company
on the Malaysian !tock (change in /une $%%0.
At one point it became a fa"ourite stock to hold among both local and foreign
in"estors gi"en the groups e(posure to the growing air cargo industry o"erseas
as well as its impressi"e list of important shareholders including global fund
Capital ,roup International Inc. and the successful multinational conglomerate
1uok ,roup which is owned by business tycoon Tan !ri 2obert 1uok.
Transmile is principally engaged in the pro"ision of scheduled all-cargo ser"ices
both domestic and international charter ser"ices3 wet and dry leases. Its primary
focus is on air e(press transportation of time-sensiti"e freight on a regional basis
such as e(press mail oil and gas e4uipment perishables electronic items
newspaper li"e animal and dangerous goods. Its network consists of ast and
5est Malaysia 6ong 1ong and !ingapore and is capable of e(panding its
network throughout !outheast Asia for e(press air cargo ser"ices.
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were reduced primarily with payments for @allegedly purchase of plant property
and e4uipment and allegedly cash receipts.
No documents to support payments of some 2M&'$ million made for the
purchase of plant property and e4uipment.
The auditor proposed an in"estigation on CN 5orlwide !dn. Bhd. a maor
customer and &0.= associate >rm of Transmile ,roup Berhad 7T,B9. CN
5orldwide has been making loss and a negati"e shareholders fund since
December &$ )**'. Among the e(ecuti"e directors of CN 5orldwide are
1hiudin Mohd 7also the (ecuti"e Director and Audit Committee member of
Transmile9 Mohd A?endi and ,an u /in who is the nephew of ,an Boon Aun
7founder and CE of Transmile9.
A large scale accounting fraud disco"ered in )**0 when Transmile was under a
di?erent management team has resulted in the groups poor credit ratings
persisting to this day. 5ith a poor credit it is diFcult for Transmile to secure
>nancing without ha"ing to pay high costs 7interest rates9 for it.
III. ANAL,%I% OF +ET5O)OLOG,
In this paper we do comparison on the >nancial ratio analysis of Transmile ,roup
Berhad with the competitor in the same nature of business which is Nationwide
(press Courier !er"ices Berhad 7Nationwide9.
Nationwide was one of the >rst few locally established companies in Malaysia. It
was founded in $%G= and the principal acti"ities of the ,roup consist of pro"iding
e(press courier ser"ices trucking ser"ices freight forwarding ser"ices
customi;ed logistics ser"ices mailroom management ser"ices and warehousing.
In $%%' it was listed on 1#! second board known as Nation6ide E'&ress
Courier %er!ices -er7adand subse4uently in )**= the company mo"ed to
the main board of Bursa Malaysia.
Nationwide main hub is located at its head oFce in !hah Alam !elangor and till
to date it has a total of $G* networks comprising of agents and branches all
o"er Malaysia !ingapore Brunei Thailand and !audi Arabia. Its wholly owned
subsidiaries are Nationwide (press Courier #td. 7!ingapore9 Nationwide (press
+reight +orwarders !dn Bhd and Nationwide (press Metro !dn Bhd. Throughout
the years in operations the Company had recei"ed "arious recognitions and
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achie"ements portraying the companys position as one of the preferred brand
name in Malaysian logistic scene.
FINANCIAL RATIO ANAL,%I%
The ratio analysis help to measure the companys ability in >nancing its
operation through it pro>t assets and debt >nancing. It also helps to gi"e an
opinion as to whether the organisation deser"es further in"estigation. Therefore
to analyse Transmiles performance the following ratios are calculated using
four years >nancial data before and after restatement and >nally compare
against same industry.
I. LI8*I)IT, RATIO%
#i4uidity ratio widely use for identifying a companys ability to satisfy its current
liabilities with its current assets. Its re:ect the company ability to co"ert its short
term asset into cash to meet or co"er the short term >nancial obligations when it
is necessary. The higher the li4uidity ratio indicates the larger margin of safety
the company posses to co"er its short term obligation
#i4uidity ratios mainly consists of Current ratio 7Current assets H Current
liabilities9 and uick ratio 77Current assets J In"entory9 H Current #iabilities9. The
li4uidity ratios for Transmile are shown in Table $ below.
Table /9 Trans"ile be(ore restate"ent
Liquidity RatioLiquidity Ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;
Current Ratio &.
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In Table $ abo"e both the Current 2atio and uick 2atio shows an increasing
trend from Kr *' to Kr *(ed deposits amounting to 2M '$G million to support its short term obligations.
uick 2atio shows that Transmile did not hold signi>cant amount of in"entories
e(cept in Kr *= and Kr *
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,raph &
before restatement. In Kr *0 the Current and uick 2atio show *.=< 7refer Table
)9 which indicates Transmile did not ha"e suFcient cash to satisfy its current
liabilities. These also re:ect the going concern status of the company whether
Transmiles can sur"i"e in future is 4uestionable.
The uick 2atio indicates Transmile did not hold any in"entories in Kr *= to Kr *0.
6ence there are no signi>cant changes and the ratio shows the same trend as
Current 2atio.
Liquidity ratio co"&arison bet6een Trans"ile and Nation6ide$ refer
Graph % & '
Table 09 Nation6ide
Liquidity RatioLiquidity Ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;
Current Ratio =.)& =.%' 0.&' 0.0$
8uic< Ratio =.)& =.%' 0.&' 0.0$
8uic< Ratio =$ Recei!able> ).00 ).=' &.0) '.**
2eferring to Table & Transmiles li4uidity ratio show below the normal market
trend as Nationwide. This indicates Transmile ha"e insuFcient cash to co"er itsshort term obligations. In Nationwide all the li4uidity ratio show relati"ely
similar trend. But in Transmile the trend in current and 4uick ratio is "ary 4uick
ratio J recei"able. This is mainly due to more than =* of the Transmile cash in
Kr *' to Kr *< are recei"ables "alue amounting to 2M %
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,raph $
1
LI8*I)IT, RATIO
TRAN%+ILE GRO*P +ALA,%IA -ER5A)
.
After Restatement!efore Restatement
,raph )
AA
-
-
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,raph ',raph &
1
LI8*I)IT, RATIO
Comparison between Transmile 7before restatement9 and Nationwide
T2AN!MI# NATIEN5ID
7T9 Transmile 7N59 Nationwide
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II. PROFITA-LIT, RATIO
The Pro>tability ratio indicates how much of e"ery dollar sales is left after cost of
goods sold or operating e(penses or total e(penses. This ratio measures the
capacity of the business and the ability of the company to sur"i"e depends on
the pro>t generated from the business. The higher the ratio shows a good trend
which may due to increase in actual sales increase in selling price or cost sa"ing
where reduction in e(penses.
Table :9 Trans"ile be(ore restate"ent
Kr *' Kr *= L
Kr *0 Audited
+inancial
2eportsKr *<
2eferred to
uarter ' naudited +inancial 2eports
-e(ore restate"ent J refer Graph (
As per Table ' all the pto>tability ratio such as ,ross Pro>t Margin Eperating
Pro>t Margin and Net Pro>t Margin shows slight drop or reduction in the pro>t
trend for Transmile from Kr *' to Kr *tability ration shows a consistent trend through Kr *' to Kr *t from it operations.
Table 29 Trans"ile a(ter restate"ent
Proftability RatioProftability Ratio ,r 4:,r 4: ,r 42 ,r 42 ,r 43 ,r 43 ,r 4;,r 4;
Proftability RatioProftability Ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;
Gross &roft "argin &).0 )%.G )'.% -%.)
O&erating Proft
+argin)=.0 )$.0 )*.% -'=.)
Net Proft +argin $&.$ $=.& $=.% -'
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Gross &roft "argin &).0 -0.= =.& -%.)
O&erating Proft
+argin)=.0 -$$0.$ -G.' -'=.)
Net Proft +argin $&.$ -$*&.0 -G.0 -'ctitious
re"enue in Kr *= and Kr *< of 2M $%' million and 2M &&& million respecti"ely.
In addition the Eperating and Net Pro>t Margin reduce drastically when a huge
amount of Property Plant and 4uipment is being e(pense o? refer * in graph )
"+ The impairment losses for Property Plant and 4uipment was charge to
e(pense amounting to 2M &'= million in Kr *=.
Proftability ratioProftability ratio co"&arison bet6een Trans"ile and Nation6ide J refer
Graph , & -
Table 39 Nation6ide
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Proftability RatioProftability Ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;
,ross pro>t margin -Q -Q &'.$ &'.$
Eperating Pro>t Margin $t Margin $).$ %.' =.= 0.)
Q+igures not a"ailable
Both Nationwides Eperating Pro>n Margin 7EPM9 as per Table < and Transmiles
EPM as per Table = were in a decreasing trend from Kr *' to Kr *
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PROFITA-ILIT, RATIO
TRAN%+ILE GRO*P +ALA,%IA -ER5A)
.
!efore Restatement After Restatement
,raph
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PROFITA-ILIT, RATIO
Comparison between Transmile 7before restatement9 and Nationwide
NoteR Disregard ,ross pro>t margin 7,PM9 Nationwide for year *' and *= prior change of accounting policy adopting +2!. 6ence ,PM
e(cluded.
,raph 0 ,raph G
NATIEN5IDT2AN!MI#
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III. GEARING RATIO
,earing ratio indicates the degree of the companys acti"ity is funded by internal
or e(ternal funds. Its show whether the company depends on >nancial assistant
7debt H loan9 to operates its normal acti"ities other than using its capital. Its also
measure the companys ability to co"er it debts. This ratio is useful to assess
how much >nancial risk the company has taken on. The higher the ratio indicates
the company is depending on its e(ternal funding to operate its business which
may be risky.
Table ;9 Trans"ile be(ore restate"ent
Gearing RatioGearing Ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;
Total debt to asset ratio &).& =&.= ''.*
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Gearing RatioGearing Ratio ,r 4:,r 4: ,r 42 ,r 42 ,r 43 ,r 43 ,r 4;,r 4;
Total debt to asset ratio &).& 0*.& =G.) cantly to cation of current liabilities as long term liabilities. This is to re:ectthe risk of long term debt being call o? by the +inancier as Transmiles has
breached all the >nancial co"enants of the long term debt. +acility as at &$
December )**0.
Gearing Ratio Co"&arison bet6een Trans"ile and Nation6ide
JreferGraph 11 & Graph 1#
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Table B9 Nation6ide
Gearing RatioGearing Ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;
Total debt to asset ratio $).cant
changes in the long term and total debt ratio due to reclassi>cation of current
liabilities as long term liabilities. This is to re:ect the risk of long term debt being
call o? by the +inancier as Transmiles has breached all the >nancial co"enants of
the long term debt.
Transmiles total debt to e4uity ratio shows an inconsistent trend. This indicates
the company its depending on the e(ternal funding which is risky. This is a RE)
FLAGindication.
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,raph %,raph $*
1
GEARING RATIO
TRAN%+ILE GRO*P +ALA,%IA -ER5A)
)
!efore Restatement After Restatement
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,raph $$ ,raph $)
1
GEARING RATIO
Comparison between Transmile 7before restatement9 and Nationwide
NATIEN5IDT2AN!MI#
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I. ACTIIT, RATIO
Acti"ity ratio indicates how well assets of the company is used in the business
operations. This ratio help to gauge the e?ecti"e of the company is at putting its
in"estment to work. The greater the turno"er the more e?ecti"ely the company
at producing bene>t form its in"estment in assets. This ratio indicates themunber of dollar of sales produced by each dollar in"ested in assets.
Table /49 Trans"ile be(ore restate"ent
Acti!ity RatioActi!ity Ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;
AR Turno!er 0.@; :.B2 @.2B :.B@
Total Assets Turno!er *.&) *.)0 *.'* *.=)
Non Current Asset
Turno!er*.=0 *.&= *.cant increase in >ctitiuos re"enue in Kr *= and Kr *ctitous sales
amounting to 2M =)0 million and write o? the trade recei"able as bad debtallowance of 2M %$ million.
There is no signi>cant changes in Property Plant and e4uipment turno"er before
and after restatement due to re"ersal of >ctitious sales and re"ersal of huge
addition of property plant and e4uipment amounting to 2M &$) million and the
re"ersal of e(cess depreciation charges amounting to 2M )* million. Both
property plant and e4uipment and re"enue amount is e?ected hence no
signi>cant changes re:ected in the ratio.
After restatement the trend in both Account 2ecei"able and Property Plant and
e4uipment turno"er ratio show relati"ely similar trend. This is due to signi>cant
adustment made in account recei"able and property plant and e4uipment and
re"ersal of the purported sales.
Acti!ity ratio co"&arison bet6een Trans"ile and Nation6ideJ refer
Graph 1( & 1)
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Table /@9 Nation6ide
Acti!ity ratioActi!ity ratio ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;
AR Turno!er 0.3/ 0.03 0.@B 0.3/
Total Assets Turno!er *.%= $.** $.*0 $.*$
Non Current Asset
Turno!er*.&0 *.'G *.'= *.''
PPE to Turno!er ratio *.&= *.'< *.'' *.'&
Transmiles Account 2ecei"able turno"er show inconsistent in the trend compare
to Nationwide. Nationwide shows a relati"e similar trend from Kr *' to Kr *0.
Transmiles account recei"able ratio show a bumpy trend. Transmiles account
recei"able is inconsistent with the Total Asset turno"er compare to Nationwide
both account recei"able and total asset turno"er show relati"ely similar trend.
Transmiles ratio shows inconsistent trend mainly due to >ctitious re"enue and
transfer of trade recei"able to property plant and e4uipment for purported
purchase.
Transmiles Property plant and e4uipment turno"er shows a inconsistent trend
compare to Nationwide. This indicates RE) FLAG indication. The inconsistent
trend in Transmiles is mainly due to transfer of trade recei"able to property
plant and e4uipment for purported purchase in Kr *' to Kr *< amounting to 2M
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,raph $& ,raph $'
1
ACTIIT, RATIOACTIIT, RATIO
TRAN%+ILE GRO*P +ALA,%IA -ER5A)
!efore Restatement After Restatement
E
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,raph $= ,raph $nancial distress
also referred as bankruptcy prediction models. It e(amine the trend and
beha"iour of selected ratios. Models presume the application will pro"idee"idence of >nancial distress using the ratios and early detection will gi"e ample
time for the management to take actions to either a"oid risk of loss or to
capitalise on the information.
!ubramanyam and 5ild also suggest that probably the most well-known model
of >nancial distress id Altmans 8-!;ore. Altman 8 !core a statistical techni4ue
is used for this Bankruptcy Prediction model. It consist of multiple ratios to
generate a predictor of distress. This techni4ue produces a predictor that is
linear function of se"eral e(planatory "aribles. This predictor classi>es or
predicts the likehood of bankruptcy or non bankruptcy.
8 !core used = >nancial ratios as it "irables. S$5orking CapitalHTotal Assets
7#i4uidity9 S) 2etained arningsHTotal Assets 7Age of +irms and cumulati"e
pro>tability9 S& arning before Interests and Ta(esHTotal Assets 7Pro>tability9
S' !hareholders 4uityHTotal #iabilities 7+inancial !tructure9 and S=
!alesHTotal !ales 7Capital turno"er rate9. The 8 !core is e4uation as followsR-
8 S$ S) S& S' S=
A 8-!core results will presume that less than $.)* suggests a high probability ofbankruptcy while 8-!cores abo"e ).%* presume a low probability of bankruptcy.
En the other hand 8-!core between $.)* to ).%* are in the gray or ambigious
area.
8-!core is used to analyse both Transmile >nancial data from the Kr *' to Kr *0
before >nancial restatement and after Kr *= and Kr *< >nancial restatement. The
Kr *0 and Kr *' data for both analysis is the same data for completion purposes.
The ratios for the 8-!core are as followsR-
Table /09 Trans"ile be(ore restate"entRatio ,ears ,r 4: ,r 42 ,r 43 ,r 4;
Dor
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Table /:9 Trans"ile a(ter restate"ent
Ratio ,ears ,r 4: ,r 42 ,r 43 ,r 4;
Dornancial restatement Transmile 8-!core worsen to
*.') and *.0< in Kr *= and Kr *< recepti"ely. Most of the ratios in Kr *= and Kr *ts H Total Assets
ratio for both years. Transmile Kr *0 8-!core shows the lowest from all the years
analysed *.*'. In conclusion the Transmile from Kr *' was already has a going
concern problem and worsen toward Kr *< despite all the illegal adustments orimproper transactions made by Transmile to conceal their actual situation. After
>nancial restatement it clearly indicates Transmile not ust ha"ing a going
concern problem but it is already bankruptcy to happen. The 8-!core for both
abo"e tables are re:ected in the graph $0 and $G below.
Comparison with Nationwide is further analysed to understand the market
situation. The Nationwide 8-!core is as table $= below.
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Table /29 Nation6ide
Ratio ,earsRatio ,ears ,r 4:,r 4: ,r 42,r 42 ,r 43,r 43 ,r 4;,r 4;
Dor
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# %CORE GRAP5# %CORE GRAP5
/.@4 5ig7 &robability o( ban
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CONCL*%ION
Liquidity ratios
!igni>cant decreases in the li4uidity ratio after the restatement indicates
Transmiles ha"e insuFcient cash to meet its short term >nancial obligations.
This is mainly due to the re"ersal of trade recei"able arise from the purportedser"ice of 2M )&' million write o? trade recie"able amount of 2M %) million and
other recei"able of 2M)' million.
Proftability ratios
!igni>cant drop in the pro>tability ratio after the restatement indicates
Transmiles ha"e insuFcient pro>t or income generated from its operation that
shaken its ability and capacity of the company to mo"e on. This is mainly due to
re"ersal of re"enue for the >ctitious "alue amounting to 2M =)0 million re"ersalof the e(cess depreciation due to o"erstated property plant and e4uipment
amounting to 2M )* million and impairment loss property plant and e4uipment
of 2M &'= million.
Gearing ratios
There is no maor change in the gearing ratio for both before and after
restatement. It has been the trend that Transmile depending more than =* of
total liabilities to ac4uire all the operating assets. This also indicates thecompany ha"e insuFcient internal fund to support its operations. Transmiles
long term debts reclassi>ed as current liabilities. This is to re:ect the risk of long
term debt being call o? by the +inancier as Transmiles has breached all the
>nancial co"enants of the long term debt. +acility as at &$ December )**0. This
is a RE) FLAGindication.
# %core
8-!core method of analysing = main ratios is "ery e?ecti"e in identifyingcompany with going concern problem. It really shows that Transmile is already
ha"ing the going concern problem from Kr *'. ngaging with illegal accouting
process and reporting manage to conceal their problem but theproblem being
detected "ia 8-!core as it still shows Transmile had below $.)* mark for Kr *= to
Kr *0 which indicates high probability of bankruptcy.
Con!iction
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Bursa Malaysia !ecurities Berhad publicly reprimands Transmile ,roup Berhad forbreaches of paragraph %.$
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APPEN)IH ? Financial %tate"ent Trans"ile Grou& -er7ad
-ALANCE %5EETRE%TATE+E
NT
AT 0/ )ECE+-ER @44: @442 8: @443 @44; @44: @442 @443 @44;
R+444 R+444 R+444 R+444 R+444 R+444 R+444 R+444
A%%ET%
Property plant and e4uipment =%=*
0)$=
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R+444 R+444 R+444 R+444 R+444 R+444 R+444 R+444
E8*IT,
!hare capital )*$*
0))&&=
&0)
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R+444 R+444 R+444 R+444 R+444 R+444 R+444 R+444
Re!enue 0:3K
/14224K4;1
B1BK/B/
3/3K@@;
0:3K/14
023K0;B
;0/K@1B
3/3K@@;
Cost o( ser!ices =@0@K
1B3> =013K
@3/> =;:@K
:32> =3;@K
111> =@0@
K1B3> =010K
/4B> =3B@K
004> =3;@K
111>
Gross =loss> &roft //0K
@1:/30K1/;
@:3K;@3
=23K33/>
//0K@1:
=@3K;04>
01KB2B
=23K33/>
In!est"ent in 9
Associated co"&anies
$ $ $ $ $ $ $ $
Pro&ertyK &lant and equi&"ent
$ $ $ $ $=0::K24;>
$ $
Good6ill on consolidation
$ $ $ $ $ $ $ $
Ot7er o&erating inco"e /
K/1;//
K@;:/2
K@3/@@
K::/ /K/1;//
K@;:30
K;@1@@K
::/
Ad"inistration e'&enses =BK
232> =/2K
13;>
$=30K:2B>
=BK232>
=/2K13;>
=3/K0@/>
=30K:2B>
Ot7er o&erating e'&enses =;K
@3:> =/1K
@;3>
$=/:;KB1;>
=;K@3:>
=@4K403>
=22K@;0>
=/:;KB1;>
Result (ro" O&erating Acti!ities B;
K3:@/:4KB:1
@3/KB1;
=@:2K333>
B;K3:@
=0B2K133>
=/0KB4;>
=@:2K333>
Finance costs =1K
2:0> =@/K
2/4> =22K
@20> =:0K
341> =1
K2:0> =@/K
2/4> =22K
@24> =:0K
341>
Interest inco"e
$ $ $/4
K230 $ $;
KBB4/4K
230
O&erating loss 1B
K4BB//BK:01
@43K;0:
=@;1K;//>
1BK4BB
=:/;K0;3>
=3/K/3;>
=@;1K;//>
%7are o( net &roft less loss
o( associated co"&any =
B34>
:B/ $=@K
4;1>
=B34>
014=
B2@> =@K
4;1>
Loss on ot7er in!est"ent =/K
2/B>
$ $ $=/
K2/B>
$ $ $
Proft =Loss> be(ore ta' 13
K3@4//BKB@B
@43K;0:
=@14K;1B>
13K3@4
=:/3KBB3>
=3@K//B>
=@14K;1B>
@44: @442 8: @443 @44; @44: @442 @443 @44;
R+444 R+444 R+444 R+444 R+444 R+444 R+444 R+444
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Ta' e'&ense =@:K@
@;> =02K
2:0> =:BK
/B3> =2K
/@:> =@:
K@@;> :;
K:00=/K
3:B> =2K
/@:>
Proft a(ter ta' 3@
K0B01:
K013/2;K201
=@12KB/0>
3@K0B0
=03BK230>
=30K;31>
=@12KB/0>
+inority interest =/3K
B04>
$ $ $=/3
KB04>
$ $ $
Net &roft =loss> (or t7e year:2
K:301:
K013/2;K201
=@12KB/0>
:2K:30
=03BK230>
=30K;31>
=@12KB/0>
Earnings &er ordinary s7ares
-asic =sen> @
3.340
1.243
2.2@=/43.4B>
@3.34
=/31.;4>
=/43.4B>
)iluted =sen> @
3.240
2.;43
0.31 $ @3.24 $ $ $
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%eries o( %ignifcant E!ents at Trans"ile -er7ad
)ATE EENT
April % )**0 Announcement of the appointment of Mr 2obert /ohn 6yslop as
,roup Chief Eperating EFcer of Transmile and its ,roup ofCompanies with e?ect from May )**0.
April &* )**0 Announcement that Transmile has failed to submit its Audited+inancial !tatements within the stipulated prescribed period asre4uired under Bursa Malaysias #isting 2e4uirements. This isbecause the audit process of the aforesaid +inancial !tatementsis still on-going by its e(ternal auditors Messrs Deloitte L
Touche.
May 0 )**0 Based on the pre-ta( pro>t of 2M)*
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August ) )**0 The founder and CE ,an Boon Aun resigned.
!eptember &)**0
Tun Dr. #ing #iong !ik Chairman and Independent Non-(ecuti"e Director resigned.
!eptember ')**0
Tan !ri A. 2a;ak bin 2amli who was a Non-Independent Non-(ecuti"e Director since May )**= was appointed as Chairmanand Non-Independent Non-(ecuti"e Director.
No"ember $')**0
The !ecurities Commission charged two Transmile directorsChin 1eem +eung and !hukri bin !heikh Abdul Tawab for failureto pay compound within the permitted time.
No"ember $=)**0
#ee Chin ,uan Non-Independent Non-(ecuti"e Directorresigned.
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REFERENCE%
$. Audited Annual 2eport )**' J T2AN!MI# ,2EP B26AD
). Audited Annual 2eport )**= J T2AN!MI# ,2EP B26AD&. Audited Annual 2eport )**< J T2AN!MI# ,2EP B26AD'. Audited Annual 2eport )**0 J T2AN!MI# ,2EP B26AD=. Audited Annual 2eport )**' J NATIEN5ID B26ADrm-transmile-
group-announces$