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08-09-2012, 03:02 PM
(07-09-2012, 11:42 PM)pianist Wrote: what brand of air-con are they producing?
no mention of the china exposure? is it doing well?
did u look into the history of king wan..sometime ago, something happened...
King Wan does not produce air-con! Please refer to the company website for more information on their Engineering services.
http://www.kingwan.com/en/about-us.html
Their china exposure is mainly related to their property development business in Dalian. Refer to the following link for more information.
http://www.kingwan.com/dalian-shicheng-p...-dspd.html
Yes, there was an incident where its former director of Dalian Shicheng Property Development Co Ltd (“Associate Company”) misappropriation of funds of around S$6+ million. However, based on the AR 2012 there will not be further material adjustments!!
"In the financial year ended March 31, 2011, the Board of Directors of the associate had engaged a Singapore law firm to request the Singapore Commercial Affairs Department (“CAD”) to carry out an investigation on the alleged fraud set out in (a) above. In addition, police reports have also been lodged in People’s Republic of China (“PRC”) and in Singapore on April 28, 2010 and April 30, 2010 respectively. As the investigations are currently still on-going, there is uncertainty over any adjustments which may be required to be made to the financial statements arising from further information from the investigations.The Board of Directors of the associate does not expect any further material adjustments to arise from these investigations."
http://info.sgx.com/webcorannc.nsf/Annou...endocument
Attached is the last 5 years financial performance of King Wan for your reference. The company has been in profits for the last five years and their net cash is around 9 cents which 1/2 of last trade price of 18 cents.