2004 - Hiap Teck Venture Berhad
2004 - Hiap Teck Venture Berhad
2004 - Hiap Teck Venture Berhad
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
STATEMENT ON<br />
DIRECTORS’ RESPONSIBILITY<br />
Pursuant to paragraph 15.17(a) of the Listing<br />
Requirements of the Bursa Malaysia Securities <strong>Berhad</strong>,<br />
the Board is responsible for ensuring that the financial<br />
statements of the Group give a true and fair view of the<br />
state of affairs of the Group and of the Company as at<br />
the end of the financial year and of the results and cash<br />
flow for the year then ended. The Directors have ensured<br />
the financial statements are drawn up to comply with<br />
applicable approved accounting standards in Malaysia<br />
and the provisions of the Companies Act, 1965.<br />
In preparing the financial statements, the Directors have<br />
adopted and applied consistently appropriate accounting<br />
policies, supported by reasonable and prudent<br />
judgements and estimates. The Directors have a general<br />
responsibility for ensuring that the Company and the<br />
Group keeps accounting records and financial<br />
statements, which discloses with reasonable accuracy<br />
the financial position of the Company and the Group.<br />
The Directors are also responsible for taking such steps<br />
that are reasonably open to them to safeguard the assets<br />
of the Group and the Company, and taking reasonable<br />
steps for the prevention and detection of fraud and other<br />
irregularities.<br />
4. IMPOSITION OF SANCTIONS/PENALTIES<br />
There were no public sanctions and/or public<br />
penalties imposed on the Company and its<br />
subsidiaries, directors or management by relevant<br />
regulatory bodies during the financial year ended<br />
31 July <strong>2004</strong>.<br />
5. VARIATION IN RESULTS<br />
The audited consolidated profit after tax for the<br />
Group for financial year ended 31 July <strong>2004</strong> was<br />
51% higher than the forecasted profit after tax<br />
previously included in the prospectus issued on<br />
29 July 2003 in conjunction with the Company’s<br />
listing on the Main Board of the Bursa Malaysia<br />
Securities <strong>Berhad</strong>.<br />
The higher profit was attributable to higher sales<br />
volume due to strong market demand both in the<br />
domestic market and in the international market.<br />
The increase in world steel prices has also<br />
contributed to the better profit.<br />
6. PROFIT GUARANTEE<br />
The Company did not issue any profit guarantee for<br />
the financial year under review.<br />
ADDITIONAL COMPLIANCE STATEMENT<br />
The following information is provided in compliance<br />
with the Bursa Malaysia Securities <strong>Berhad</strong><br />
(“Bursa Securities”) Listing Requirements:<br />
1. SHARE BUYBACKS<br />
There was no share buyback during the financial<br />
year ended 31 July <strong>2004</strong>.<br />
2. OPTIONS, WARRANTS OR CONVERTIBLE SECURITIES<br />
There were no options, warrants or convertible<br />
securities exercised during the financial year ended<br />
31 July <strong>2004</strong>.<br />
3. AMERICAN DEPOSITORY RECEIPT (ADR) OR GLOBAL<br />
DEPOSITORY RECEIPT (GDR) PROGRAMME<br />
The Company did not sponsor any ADR or GDR<br />
programme during the financial year ended<br />
31 July <strong>2004</strong>.<br />
7. MATERIAL CONTRACTS INVOLVING DIRECTORS’ AND<br />
MAJOR SHAREHOLDERS’ INTERESTS<br />
There were no material contracts entered into by the<br />
Company and/or its subsidiaries involving Directors<br />
and major shareholders’ interests as at 31 July <strong>2004</strong><br />
except for those disclosed as recurrent related party<br />
transactions of revenue or trading nature or related<br />
party transactions.<br />
8. REVALUATION POLICY<br />
The Group’s revaluation policy is stated in the<br />
summary of significant Accounting Policies in the<br />
financial statement.<br />
9. RELATED PARTY TRANSACTIONS AND RECURRENT<br />
RELATED PARTY TRANSACTIONS OF REVENUE OR<br />
TRADING NATURE<br />
The Company proposes to seek shareholders’<br />
mandate in respect of recurrent related party<br />
transactions of revenue or trading nature during the<br />
forthcoming Annual General Meeting.<br />
HIAP TECK VENTURE BERHAD<br />
13