I-Berhad (7029-H) - Bursa Malaysia

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To the Shareholders of I-BERHAD (formerly known as Neico Industries (M) Berhad), We have audited the accounts of I-BERHAD (formerly known as Neico Industries (M) Berhad) (the Company) and the consolidated accounts of I-BERHAD (formerly known as Neico Industries (M) Berhad) AND ITS SUBSIDIARIES (the Group) as at 31 December, 1999. These accounts are the responsibility of the Company’s directors. Our responsibility is to express an opinion on these accounts based on our audit. We conducted our audit in accordance with approved Standards on Auditing in Malaysia. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the accounts are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the accounts. An audit also includes assessing the accounting principles used and significant estimates made by the directors, as well as evaluating the overall accounts presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, a. the accounts give a true and fair view of the state of affairs of the Company and of the Group as at 31 December, 1999 and of the results of the Company and of the Group and cash flows of the Group for the year then ended, and have been properly drawn up in accordance with the provisions of the Companies Act, 1965 and applicable approved accounting standards in Malaysia; and b. the accounting and other records and the registers required by the Act to be kept by the Company and its subsidiaries have been properly kept in accordance with the provisions of the Act. We are satisfied that the accounts of the subsidiaries that have been consolidated with the Company’s accounts are in form and content appropriate and proper for the purposes of the preparation of the consolidated accounts and we have received satisfactory information and explanations required by us for these purposes. The audit reports on the accounts of the subsidiaries were not subject to any qualification or any adverse comment made under subsection (3) of Section 174 of the Act. Arthur Andersen & Co. Lim Foo Chew No. AF 0103 No. 1748/01/02(J) Public Accountants Partner of the Firm Dated: 20 March, 2000 Auditors’ Report 29
30 1999 1998 Current Assets Note RM RM Cash and bank balances 2,202,413 1,462,132 Fixed deposits with licensed banks 283,254 6,000,000 Trade debtors 4 14,573,748 10,841,028 Other debtors 5 713,936 1,286,823 Stocks 6 19,329,721 13,626,732 Current Liabilities 37,103,072 33,216,715 Bank borrowings (secured) 8 297,414 804,432 Trade creditors 9 9,449,903 4,178,978 Other creditors 10,411,731 4,235,372 Taxation 288,010 441,817 Proposed dividend 201,960 1,211,760 20,649,018 10,872,359 Net Current Assets 16,454,054 22,344,356 Quoted Investment, at Cost 11 7,769,354 9,065,757 Fixed Assets 12 22,159,791 20,697,490 Goodwill Arising on Consolidation 13 511,277 575,187 Intangible Assets 14 62,594 62,594 Hire-Purchase Creditor 15 – (1,938) Deferred Taxation – (92,800) Shareholders’ Funds Consolidated Balance Sheet ... as at 31 December, 1999 46,957,070 52,650,646 Share capital 16 20,196,000 2 0 , 1 9 6 , 0 0 0 Reserves 17 28,957,774 2 8 , 9 5 7 , 7 7 4 (Accumulated loss)/Retained profits (2,196,704) 3,496,872 The accompanying notes are an integral part of this balance sheet. 46,957,070 52,650,646
Page 1: I-Berhad (7029-H) innovative intell
Page 5 and 6: 02 I-Berhad was established on 2 Fe
Page 7 and 8: 04 Directors Mr Lim Kim Hong - Chai
Page 9 and 10: 06 I-Berhad (7029-H) (formerly know
Page 11 and 12: 08 Lim Kim Hong, 49, appointed Chai
Page 13 and 14: 10 From left to right 1. Chan Yit H
Page 15 and 16: 12 Dear Shareholders, On behalf of
Page 17 and 18: 14 Chairman’s Statement ... cont
Page 19 and 20: 16 CEO’s Review I am pleased to i
Page 21 and 22: 18 The new Management has also unde
Page 23 and 24: 20 April 1999 Sumurwang Group was o
Page 25 and 26: 22 5 November 1999 Tied-up with Gut
Page 27 and 28: 24 The directors hereby submit thei
Page 29 and 30: 26 Significant Event The significan
Page 31: 28 We, EU HONG CHEW and TEY SIEW TH
Page 35 and 36: 32 1999 1998 Cash Flows from Operat
Page 37 and 38: 34 B. Segment Information Cash flow
Page 39 and 40: 36 1999 1998 Note RM RM Turnover 18
Page 41 and 42: 38 3. Significant Accounting Polici
Page 43 and 44: 40 8. Bank Borrowings (Secured) Gro
Page 45 and 46: 42 11.Quoted Investment, at Cost Gr
Page 47 and 48: 44 12.Fixed Assets (cont’d) Net B
Page 49 and 50: 46 12.Fixed Assets (cont’d) Accum
Page 51 and 52: 48 12.Fixed Assets (cont’d) Compa
Page 53 and 54: 50 12.Fixed Assets (cont’d) Accum
Page 55 and 56: 52 14.Intangible Assets Group 1999
Page 57 and 58: 54 19.Loss Before Taxation Loss bef
Page 59 and 60: 56 22.Significant Event During the
Page 61 and 62: 58 Authorised Share Capital The aut
Page 63 and 64: 60 Location Description Tenure Size
Page 66 and 67: I/We of Form of Proxy being a membe

I-Berhad (7029-H) - Bursa Malaysia

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