Ann: Response to ASX Query-SRF.AX, page-11

This $20 mil reversal of Revenue (all profit) pretty much tells you all you need to know about this business.
They were booking revenue(and profit) for months with no understanding about how real it was. The fact that the debtor was not paying for months would surely have raised questions earlier than now ? Raises huge questions about the very basic financial processes and controls and managements operational ability.
The announcement gives no details on such a big mess up. Best to stay away from this one, I fear that this is certainly not the only cockroach in the closet.