2004 - Hiap Teck Venture Berhad

28. PRIOR YEAR ADJUSTMENT
In the previous financial year, the Group had incorrectly accounted for the deferred tax effects on the fair value
adjustment arising from the revaluation of buildings. The correction of this fundamental error has been accounted
for retrospectively.
The effects of the correction are as follows:
Effect on revaluation reserve
GROUP
2004
RM'000
At 1 August 2003, as previously stated 17,845
Correction of fundamental error (3,178)
At 1 August 2003, as restated 14,667
Effect on deferred tax liabilities
At 1 August 2003, as previously stated 6,207
Correction of fundamental error 3,178
At 1 August 2003, as restated 9,385
Comparatives amounts as at 31 July 2003 have been restated as disclosed in Note 35 to the financial statements.
29. CONTINGENT LIABILITIES
COMPANY
2004 2003
RM'000 RM'000
Guarantees provided to secure banking facilities granted to subsidiaries 187,000 80,000
30. SIGNIFICANT RELATED PARTY TRANSACTIONS
Group
2004 2003
RM'000 RM'000
Sales of steel products to companies in which certain directors
of the Company have significant interests:
Hiap Wing Marketing Sdn Bhd 334 2,005
Hiap Wing Building Materials Sdn Bhd 764 60
Power Concord Sdn Bhd 1,142 873
Allied Engineering Construction Sdn Bhd 304 -
Purchases of steel products from companies in which certain
directors of the Company have significant interests:
Hiap Wing Marketing Sdn Bhd 116 270
Hiap Wing Building Materials Sdn Bhd 14 12
Rent paid to companies in which certain directors of the Company
have significant interests:
K.H.L. Sdn Bhd - 2,655
United Coconut Fibre Products Sdn Bhd - 1,300
HIAP TECK VENTURE BERHAD
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