Afnut, imo a sensible price for this company is 0.2c($2m/1bn shares). The $2m is a nominal value for their ASX listing.
Every year brings a new business to SCE. This year it is land holdings in Mongolia. Last year it was something else, and next year it will be another new scheme.
Imo the $4m+ "revenue" is not real. The cashflow report says they had no receipts from customers (which raises questions in itself), yet they have no receivables (current or otherwise). My gut feel is the rental income is perpetually capitalised in non current investments.
Interesting how their long term auditors have walked away. maybe the audit fee wasn't worth the sleepless nights. Wonder whether the new auditors will sign off on this year's piece of fiction.
Good luck
cosmos
SCE
suntech environmental group limited
