What an appalling set of figures. Take a look at Companies House. The Chairman has gone which is the best news - his reputation goes before him and I wonder if he will retain any credibility in the City. We are now a private company with the major shareholder showing no interest. All assets written down including the copper mine that has been written off. The Directors continue to be optimistic though.
from YZJ accounts.. 'This year, we had written down another RMB211 million in value of the jack up drilling rig, and the Group is actively seeking for potential buyer for the jack up rig.'
further questioning from SGX Exchange.. It is disclosed on page 16 of the announced financial results that the Company had written off an amount of RMB 233 million of trade and other receivable. In relation to the trade receivables for which impairment has been provided, please disclose:
i. The Company’s plans to recover the trade receivables; The provision was for advance payment to a supplier which ran into financial difficulties and had ceased operations. The Company plans to recover part of the advance payment via legal proceeding against the supplier.
ii. Whether they are major customer(s) and whether the Company continues to transact with these customer(s); No.