Our founder - SY Lee's experiences are wide and varied. His experience ranges from plantations to banks, property development to investment holding etc. Below are some of his working experiences:
- Statutory Audit and Accounting
- Initial Listing and Rights Issue Exercise for Public Listed Companies
- Due Diligent Audit
- Tax Advisory and Tax Compliance
- Special Administrator for Danaharta
- Independent Financial Monitoring Accountant for Danaharta
- Independent Financial Monitoring Accountant for Banker
- Scheme of Arrangement and Reconstruction under Section 176
- Acting as Liquidator for Members’ Voluntary Winding-Up exercises
Statutory audit and accounting services which include:
Carry outstatutory audit for various companies include Public Listed Companies, Finiacial Institution and Foreign Companies;
- Prepare consolidation accounts for a group of companies, which comprising more than 30 subsidiaries and sociates. It also involves several foreign subsidiaries from various countries; and
- Prepare a full set of management accounts for clients.
Initial listing and Rights Issue exercise which include:
- Prepare, review and comments on cash flows and profit forecast/ projections for companies seeking for Initial Public Offers (IPO) on KLSE;
- Review profit and cash flow forecast/ projections for a listed company in relation to its rights issues pursuant to the submission to Securities Commission;
- Revise cash flow and profit forecast/projections for a listed company in relation to its submission to the acquisition of new companies;
Due Diligent Audit which includes
- ‘Share valuation’ for companies, which includes determining a fair value on the acquisition of a public listed company and road/toll concession. The scope of works involves reviewing the asset quality, the outstanding capital commitments and the status of legal actions against the group, if any; as well as ensuring all liabilities have been taken up;
- 'Turnaround exercise' for a client. This includes conducting a financial review of a diversified group with businesses in property development, construction, healthcare, hotel, recreational club, trading and manufacturing. The scope of works comprise assessing the financial position of the group, introducing cost cutting measures and strengthen the cash flow position of the group; and
- Investigative audit by clients on certain matters.
Tax Advisory and Tax Compliance assignments include
- Prepare, review individual and corporate tax computation for clients;
- Tax advisory assignments include Income Tax, Real Property Gains Tax, Sales Tax and Service Tax. Such tax advisory has resulted:
- a few millions corporate tax saving for a financial institution;
- million ringgit of sales tax saving for a corporate client.
Besides, our partner also involved in tax advisory for a restructuring exercise (Back-Door Listing) on a group of companies.
‘Special Administrators Assignment’which involves reviewing the viability of the business, prepares a workout proposal to Pengurusan Danaharta Nasional Berhad and other secured creditors. This assignment also involved determining the selling price ranges, overseeing the production, monitoring the overall cash flows and funding requirements. At the date of handover, the company has piled up its cash reserve amount to RM15 million and the number of workforce also has been increased from around 500 to 700.
‘Independent Financial Monitoring Accountant’on behalf of Pengurusan Danaharta Nasional Berhad. This is a follow-up assignment for ‘Special Administrators Assignment’. The scope of work includes:-
- Review monthly management reports and compare the actual performance against its budgeted performance, analyse and comment on material fluctuation on expenses incurred;
- Monitoring of targeted production output and diagnose the causes of shortfall with the management of the company;
- Attend monthly meeting with the operation staff to review the attainment of the proposed actions plans;
- Review whether the capital expenditure is incurred as per workout proposal;
- Review and analyse the costing of the products; and
- Analyse the receipts and payments and report on the financial position to Danaharta on monthly basis.
Acting as an ‘Independent Financial Monitoring Accountants’on behalf of a banker to evaluate the latest financial position of a development project undertaken by a developer. The scope of work includes establishing the funding requirements and availability of funds generated from the project to make repayments to its banker. Besides, this assignment also requires us to re-examine the continued viability of the said project.
Prepares thescheme of arrangement and reconstruction under Section 176of Companies Act, 1965. The scope of works includes assisting client to submit an application to the High court, classifying the secured and unsecured creditors and preparing the financial position assessment under going concern and break-up scenario. This assignment also requires us to formulating a restructuring scheme for the purpose of enhancing returns to creditors and shareholders.
Acting asliquidators for several members’ voluntary winding-upexercisespursuant to Section 211 of the CompaniesAct, 1965. This includes advising and guiding shareholders of the company for the whole winding-up process.
- Assist client in preparing the bridging loan application to the banker.The scope of work includes discussing and compiling the background information of the company, write-up for directors and key personnel profile, elaborating the development project undertaken by the applicant, review and compile cash flows and profit forecast/projections for the company;
- Assist client in the interview process for new recruitment; and
- Acting as scrutiniser of an extraordinary general meeting (EGM) and the scope of works includes monitoring and ensuring the proceedings of the meeting are in order.