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KarenSoft offers enterprises more affordable ERP
Business Times, Saturday, June 11, 2005
ENTERPRISE resource planning (ERP) software provider KarenSoft Technology Bhd plans to shorten its ERP products’ implementation cycle and make them cheaper.
Executive chairman Chee Chong Hwa said the company now offers “KarenSoft Mini ERP”, or MERP, with financing facility for small- and medium-scale enterprises (SMEs).
“KarenSoft has tied up with a listed company to offer this mini ERP system, which is priced below RM100,000,” he told reporters after the company’s annual general and extraordinary general meetings in Penang yesterday.
Chee said the implementation of MERP involved 10 working days compared with the bigger customised KarenSoft ERP solutions, which take between 12 and 24 months to be operational.
“In addition, KarenSoft has started to integrate mobile technology such as short messaging service as well as radio frequency identification technology into our core products,” he said.
Chee was also asked to comment on KarenSoft’s discrepancy in its financial reporting.
The company, which earlier reported an unaudited profit of RM977,000 for its fiscal year ended December 31 2004, announced an unaudited loss of RM3.9 million in April this year.
“Previously, the group’s policy was to make a general provision for doubtful debts amounting to 3.5 per cent of the trade receivables and specific provision for debts which are deemed doubtful.
“However, with the recommendation from the external auditors and audit committee, the board has revised the doubtful debt provision policy to make provision for all trade receivables exceeding 24 months and specific debts that are deemed doubtful,” said Chee.
He said KarenSoft’s board made an additional specific provision for doubtful account amounting to RM4.952 million.
The additional provision resulted in the group registering an audited net loss after tax of RM3.93 million for fiscal year 2004, Chee added.
For the year in review, the company recorded a revenue of RM6.211 million against RM5.238 million in 2003.
Following a private placement exercise to raise funds to support marketing activities and additional capital, a proposed bonus issue of 1 for 2 was tabled at yesterday’s EGM and approved by the shareholders present.
By MARINA EMMANUEL
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