2004 - Hiap Teck Venture Berhad

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Report of the Auditors to the members of Hiap Teck Venture Berhad We have audited the accompanying financial statements set out on pages 24 to 54. These financial statements are the responsibility of the Company's directors. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with applicable Approved Standards on Auditing in Malaysia. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the directors, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. In our opinion: (a) the financial statements have been properly drawn up in accordance with the provisions of the Companies Act, 1965 and applicable Approved Accounting Standards in Malaysia so as to give a true and fair view of: (i) (ii) the financial position of the Group and of the Company as at 31 July 2004 and of the results and the cash flows of the Group and of the Company for the year then ended; and the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements; and (b) the accounting and other records and the registers required by the Act to be kept by the Company and by its subsidiaries have been properly kept in accordance with the provisions of the Act. We are satisfied that the financial statements of the subsidiaries that have been consolidated with the financial statements of the Company are in form and content appropriate and proper for the purposes of the preparation of the consolidated financial statements and we have received satisfactory information and explanations required by us for those purposes. The auditors’ report on the financial statements of the subsidiaries were not subject to any qualification and did not include any comment required to be made under Section 174(3) of the Act. Ernst & Young AF: 0039 Chartered Accountants See Huey Beng No. 1495/03/05(J) Partner Kuala Lumpur, Malaysia 21 October 2004 HIAP TECK VENTURE BERHAD 23
Balance Sheets as at 31 July 2004 NON-CURRENT ASSETS GROUP COMPANY Note 2004 2003 2004 2003 RM'000 RM'000 RM'000 RM'000 Property, plant and equipment 3 151,569 157,481 63,346 64,125 Investments in subsidiaries 4 - - 81,570 75,474 Other investments 5 472 332 35 35 Goodwill on consolidation 6 839 891 - - Deferred tax assets 18 1,056 46 370 19 CURRENT ASSETS 153,936 158,750 145,321 139,653 Inventories 7 196,932 146,295 - - Trade receivables 8 143,005 110,258 - - Other receivables 9 19,585 4,379 22 1,347 Due from subsidiaries 10 - - 41,520 - Tax recoverable 948 1,450 - - Cash and bank balances 11 11,577 27,610 1,384 23,027 CURRENT LIABILITIES 372,047 289,992 42,926 24,374 Bank overdrafts 12 - 11,992 - - Borrowings 12 186,720 162,045 - - Trade payables 14 28,914 14,731 - - Other payables 15 10,357 7,469 1,448 670 Due to subsidiaries 10 - - - 2,143 Tax payable 6,777 3,424 63 11 232,768 199,661 1,511 2,824 NET CURRENT ASSETS 139,279 90,331 41,415 21,550 FINANCED BY: 293,215 249,081 186,736 161,203 Share capital 16 163,700 118,100 163,700 118,100 Reserves 17 121,206 107,464 23,036 43,103 Shareholders' equity 284,906 225,564 186,736 161,203 NON-CURRENT LIABILITIES Borrowings 12 - 14,132 - - Deferred tax liabilities 18 8,309 9,385 - - 8,309 23,517 - - 293,215 249,081 186,736 161,203 The accompanying notes form an integral part of the financial statements. 24 HIAP TECK VENTURE BERHAD
Page 1 and 2: 2004 annual report C R E A T I N G
Page 3 and 4: CORPORATE STRUCTURE 100% 100% 100%
Page 5 and 6: PROFILE OF THE BOARD OF DIRECTORS T
Page 7 and 8: CHAIRMAN’S STATEMENT On behalf of
Page 9 and 10: FINANCIAL HIGHLIGHTS Revenue (RM’
Page 11 and 12: The Company’s Articles of Associa
Page 13 and 14: STATEMENT ON INTERNAL CONTROL The B
Page 15 and 16: AUDIT COMMITTEE REPORT The Audit Co
Page 17 and 18: 6. Audit Committee Report The Commi
Page 19 and 20: Directors’ Report The directors h
Page 21 and 22: ISSUE OF SHARES AND INITIAL PUBLIC
Page 23: Statement by Directors Pursuant to
Page 27 and 28: Consolidated Statement of Changes i
Page 29 and 30: Cash Flow Statements for the year e
Page 31 and 32: Notes to the Financial Statements 3
Page 33 and 34: 2. SIGNIFICANT ACCOUNTING POLICIES
Page 35 and 36: 2. SIGNIFICANT ACCOUNTING POLICIES
Page 37 and 38: 3. PROPERTY, PLANT AND EQUIPMENT (C
Page 39 and 40: 5. OTHER INVESTMENTS GROUP COMPANY
Page 41 and 42: 11. CASH AND CASH EQUIVALENTS GROUP
Page 43 and 44: 14. TRADE PAYABLES The normal trade
Page 45 and 46: 18. DEFERRED TAX (CONT’D) Deferre
Page 47 and 48: 23. DIRECTORS' REMUNERATION Directo
Page 49 and 50: 25. TAXATION (CONT’D) Company 200
Page 51 and 52: 30. SIGNIFICANT RELATED PARTY TRANS
Page 53 and 54: 33. SIGNIFICANT EVENTS In conjuncti
Page 55 and 56: 34. SEGMENTAL INFORMATION (CONT’D
Page 57 and 58: Analysis of Shareholdings as at 15
Page 59 and 60: DIRECTORS’ SHAREHOLDING as at 15
Page 61 and 62: financial year, amongst others, on
Page 63 and 64: Statement Accompanying Notice of An
Page 65 and 66: Company Secretaries HIAP TECK VENTU

2004 - Hiap Teck Venture Berhad

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