cover rationale - ChartNexus

CASH FLOW STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2002 (CONTINUED)
98
(B) SUMMARY OF EFFECTS ON ACQUISITION OF SUBSIDIARIES
2002 2001
RM'000 RM'000
Net assets acquired:
MALAYSIAN RESOURCES CORPORATION BERHAD
Property, plant and equipment - 1,564
Trade and other receivables 768 19,374
Deposits with finance companies - 291
Cash and bank balances - 5,082
Trade and other payables (601) (11,718)
Provision for liabilities and charges - (520)
Long term loan - (5,000)
Minority interest - (1,223)
Net assets acquired 167 7,850
Less: Amount accounted for as an associate at 1.9.2001 - (3,742)
Goodwill on acquisition 133 7,016
Purchase consideration 300 11,124
Less: Deposits with finance companies acquired - (291)
Cash and bank balances acquired - (5,082)
Net cash used for acquisition of subsidiaries 300 5,751
On 11 September 2001, MR Securities Sdn. Bhd., a wholly-owned subsidiary of the Company
acquired 100% equity interest in Bintara Guard Force Security Sdn. Bhd. (‘BGFS’) for cash
consideration of RM300,000.
The effect of the acquisition of BGFS on the financial results of the Group from 11
September 2001 (date of acquisition) to 31 August 2002 was as follows:
RM'000
Revenue 2,091
Operating costs (2,591)
Loss on operations (500)
Finance cost -
Loss before taxation (500)
Taxation -
Net loss attributable to shareholder (500)
The effect of the acquisition of BGFS on the financial position of the Group at 31 August
2002 was as follows:
At
31.8.2002
RM'000
Property, plant and equipment 8
Goodwill on acquisition 133
Trade and other receivables 1,345
Cash and bank balances 397
Trade and other payables (2,083)
Group's share of net liabilities (200)