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let's wait and see how many more cases of fire there will be...
1. truck containing financial records got stolen
2. China Paper's "financial papers" caught fire..
etc, etc
Will starch from China Essence catch fire and destroy all the records?
(18-12-2012, 10:09 AM)Musicwhiz Wrote: China Sun was much more interesting....truck stolen with all the financial records. 
The Straits Times
www.straitstimes.com
Published on Dec 18, 2012
Companies
China Paper financial records destroyed in fire
By jonathan kwok
A FIRE at the Shandong Province office of China Paper Holdings has destroyed many of the firm's financial records, the company announced yesterday.
The fire last Thursday afternoon did not damage any production facilities or injure staff and was put out in about an hour, China Paper said.
But the firm said its 2011 financial records were destroyed and those for the first eight months of this year suffered partial damage. Records for September to November were severely damaged.
Official investigations found that an electrical short circuit in an office started the blaze, said the announcement. There was also some damage to the office.
Singapore-listed China Paper said it has started communications with customers and suppliers to obtain copies of invoices and other transactional records that were damaged, so it can reconstruct its financial records.
As this process could take four to six months, the firm will discuss with its auditors a possible delay to this year's annual audit.
Trading in China Paper stock was halted on Friday afternoon for yesterday's announcement.
Trading resumes today.
The firm sells paper products to publishing houses, printing companies and other paper distributors throughout the mainland.
Its stock changed hands at 4.4 cents on Friday before the trading halt was called. That is near an all-time low for the firm, after a rights issue earlier this year dragged down its stock price.
Shares in the company, which listed here in 2004, hit almost 50 cents in 2006.
Other China companies have also reported mishaps to their financial records in recent years.
Last year, Sino Techfibre said its financial records were destroyed in a fire at its Shandong province premises. In 2009, China Sun Bio-chem Technology Group said its records were lost when a truck transporting them was stolen while the driver was having dinner.
jonkwok@sph.com.sg
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17-05-2013, 05:31 PM
(This post was last modified: 17-05-2013, 05:39 PM by Stockerman.)
China paper is "remaking" its finanical accounts...
Paper industries need quite a lot of starch. if paper industries are down, will this also impact on the industrial demand for starch? (i.e. China Essence)
****************
China Paper expects a loss in the March quarter, but needs more time to reconstruct its fiscal 2012 accounts after a fire and to report its latest quarter's results, the paper manufacturer announced on Friday.
It said lower sales and prices of paper products as a result of a slower Chinese economy and depreciation of new production lines will send the company into a net loss for the quarter that ended in March 2013.
The company is also seeking from Singapore Exchange another extension of its deadline to announce its financial statements for the year ended December 2012 by Dec 31 this year; it also seeks permission to hold its 2012 annual general meeting (AGM) by April 30 next year, and to announce its first-quarter 2013 results by Dec 31, 2013.
The company had originally received an extension until June 30, 2013 to announce its 2012 results, and until Oct 31, 2013 to hold its AGM in the wake of a December 2012 fire that the company said destroyed a substantial portion of its financial records.
China Paper said it is about a third of the way through its accounts reconstruction exercise, which entails reaching out to customers and suppliers. It described the reconstruction as time-consuming and said efforts have been "hampered".
It said that many customers and suppliers have been less than entirely co-operative and prompt in their responses, creating difficulties in obtaining copies of the required documents.
The company is also relying on a new assistant financial controller, who started work only on March 1, following the departure of the previous financial controller, who left last Nov 30.
The board of China Paper will allow the company's shares to remain trading, having received assurances from the executive directors that all known material information has been announced.
Shares of China Paper, which last traded at 3.6 Singapore cents before trading was halted on May 15, resumed trading at 1:15pm on Friday and was seen changing hands at 3.5 Singapore cents at 3:30pm on Friday.
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Another right issue perhaps?
I got a feeling that the mgmt is trying to push the price down and then make an offer to take the company private by buying it cheap. With S chip, anything can happen.
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This is not a situation unique to S-Chips.
US listed China companies and RTOs; emerging market where the government are corrupt and the rules of law and capitalist system are immature, are equally ridden with fraud.
While accountability of Chinese companies listed on the Singapore exchange is certainly an issue, we should apply the same standard to non-China companies when we do our screening as well.
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