Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 24): BSL Corp Bhd has received two bills of demand from the Selangor Customs Department totalling RM11.13 million.

BSL Corp told Bursa Malaysia on Wednesday that the first bill of demand was for import duty amounting to RM6.49 million for the period between December 2011 and July 2014.

The second was sales tax amounting to RM4.64 million for the period between December 2011 and July 2014.

It said both of the bills of demand were received by its unit Crestronics (M) Sdn Bhd.

The principal activities of BSL Corp is stamping and manufacturing of Industries precision metal parts and fabrication of tools and dies. 

BSL Corp said CMSB was contesting the demands and would seek the necessary tax advice to file appeal application against the demands to Customs.

"Based on the demands, the group is expected to assume a total liability of RM11.13 million," the group said.

"Nevertheless, at this juncture, the Board is unable to determine precisely the financial impact on the group for the financial year ending Aug 31, 2015 pending the outcome of the Appeal to the Demands," it added.

BSL said it would update any material developments on the above matter from time to time.

BSL share price closed 3.5 sen or 13.73% lower at 22 sen with 80,000 shares traded today, giving it a market capitalisation of RM24.68 million.

According to theedgemarkets.com, BSL's fundamental score was 1.35, valuation score at 1.2 and volatility was stood at 4.

Fundamental rating is refers to the strength of the company's balance sheet, on a scale of 0-3, with 3 suggesting that it is profitable & has strong balance sheet. 

While valuation rating refers to the value of the stock in the capital market, on a scale of 0-3, with 3 suggesting a company gives higher than market average returns and is trading at a lower than average valuation.

Volatility of a stock is based on its share price movements relative to the whole market over a period, on a scale of 1 to 5, 1 being the least volatile.

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