PETALING JAYA: China
Stationery Ltd (CSL) is still unable to ascertain the
total damage caused by the fire at its plant in Fujian province early last month.
Although the affected area made up 40% of its plants’ total combined production capacity for the financial year ended Dec 31 (FY13), its management and insurance representatives were unable to access the scene to verify the damage as the scene where the fire took place had been sealed off by the police,it told Bursa Malaysia.
Although the affected area made up 40% of its plants’ total combined production capacity for the financial year ended Dec 31 (FY13), its management and insurance representatives were unable to access the scene to verify the damage as the scene where the fire took place had been sealed off by the police,it told Bursa Malaysia.
“The external auditors of CSL are unable to proceed with their planned schedule to obtain walk-in bank confirmations, sight of fixed assets, as well as complete their audit fieldwork for the company’s subsidiaries in China, in which the procedures are crucial for them to form and issue an audit opinion on the company and the group’s financial statements for FY13.”
CSL said Bursa had extended the timeline for it to
submit its audited financial statements for FY13 from April 30 to June 30. It
was also granted extension for the announcement of its first-quarter results
for the period ended March31, from the due date of May 31 to July 31, subject
to the monthly updates on the progress of the police investigation report and
steps to be taken to issue the financial statements.The
stock has plunged 7 sen to 13 sen since it announced the incident last month.
Sources from : The Star Online
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