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540933
CONTENTS
DIRECTORS' REPORT
STATEMENT BY DIRECTORS / STATUTORY DECLARATION
REPORT OF THE AUDITORS
BALANCE SHEET
STATEMENT OF CHANGES IN EQUITY / INCOME STATEMENT
CASH FLOW STATEMENT
NOTES TO THE FINANCIAL STATEMENTS
540933
The directors have pleasure in submitting their report together with the audited financial stateme
the Company for the year ended December 31, 2006.
PRINCIPAL ACTIVITY
The Company is principally engaged as a project management company. The Company has ceased operations
the year.
RESULTS
The result of operations during the year is as follows:
Net loss for the year
ISSUE OF SHARES
During the financial year, no shares were issued by the Company.
DIVIDENDS
The directors do not recommend that a dividend be paid for the year.
RESERVES AND PROVISIONS
There were no material transfers to or from reserves or provisions during the financial year, except as disclosed
financial statements.
DIRECTORS
The directors since the last report are as follows:
Leong Chung Meng
Lee Chun Wai
In accordance with the Articles of Association, Leong Chung Meng retires from the board at the forth
annual general meeting and, being eligible, offers himself for re-election.
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According to the register of directors' shareholdings, the interests of directors in the shares of the Com
the end of the financial year were as follows:
Number of ordinary shares of RM 1 each
As at
01-01-2006
Bought
Sold
2
2
DIRECTORS' BENEFITS
Neither during nor at the end of the financial year, was the Company a party to any arrangement whose obje
enable the directors to acquire benefits by means of the acquisition of shares in or debentures of the Company
other body corporate.
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS
(a)
(b)
Before the income statement and balance sheet of the Company were made out, the directors hav
reasonable steps:
(i)
to ascertain that proper action has been taken in relation to the writing off of bad debts
making of allowance for doubtful debts and have satisfied themselves that there are no kno
debts and no allowance is required for doubtful debts; and
(ii)
to ensure that any current assets which were unlikely to realise their value as shown in the fi
statements in the ordinary course of business have been written down to an amount whi
might be expected so to realise.
As at the date of this report, the directors are not aware of any circumstances:
(i)
which would render the values of current assets in the financial statements misleading;
(ii)
which have arisen which render adherence to the existing method of valuation of as
liabilities of the Company misleading or inappropriate; or
(iii)
not otherwise dealt with in this report or the financial statements of the Company which
render any amount stated in the financial statements misleading.
not otherwise dealt with in this report or the financial statements of the Company which
render any amount stated in the financial statements misleading.
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(c)
P
As at the date of this report, there does not exist:
(i)
any charge on the assets of the Company which has arisen since the end of the financi
which secures the liabilities of any other person; or
(ii)
any contingent liability which has arisen since the end of the financial year.
At the date of this report, the directors are not aware of any circumstances, not otherwise dealt with in this re
the financial statements of the Company that would render any amount stated in the financial statements mislead
In the opinion of the directors:
(a)
the results of the Company's operations during the financial year were not substantially affe
any item, transaction or event of material and unusual nature;
(b)
no item, transaction or event of a material and unusual nature has arisen in the interval betw
end of the financial year and the date of this report which is likely to affect substantially the res
operations of the Company for the financial year in which this report is made; and
(c)
no contingent or other liabilities have become enforceable or are likely to become enfo
within the period of twelve months after the end of the financial year which will or may affect the ab
the Company to meet its obligations as and when they fall due.
REGISTERED OFFICE
The registered office of the Company is No. 22-3-2(A), 3rd Floor, Jalan 4/50 Diamond Square, Off Jalan G
53000 Kuala Lumpur.
AUDITORS
Messrs. W.K. Lee & Co. have expressed their willingness to continue in office.
Dated:
540933
STATEMENT BY DIRECTORS
We, LEONG CHUNG MENG and LEE CHUN WAI, being the directors of PIONEER PROCESS PRO
MANAGEMENT SDN. BHD. do hereby state that in our opinion, the financial statements set out on pages
are drawn up in accordance with applicable approved accounting standards and the provisions of the Compan
1965 so as to give a true and fair view of the state of affairs of the Company as at December 31, 2006 and of its
and cash flows for the year ended on that date.
Signed at Kuala Lumpur this
ON BEHALF OF THE BOARD,
......................................................
LEONG CHUNG MENG
Director
..
LEE CHUN WAI
Director
STATUTORY DECLARATION
I, LEONG CHUNG MENG, being the director primarily responsible for the financial managem
PIONEER PROCESS PROJECT MANAGEMENT SDN. BHD. do solemnly and sincerely declare that to t
of my knowledge and belief the financial statements set out on pages 6 to 11 are correct and I make this
declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory Decla
Act, 1960.
Subscribed and solemnly declared
by the abovenamed
at Petaling Jaya this
Before me,
)
)
)
)
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BALANCE SHEET AS AT
DECEMBER 31, 2006
NOTE
2006
RM
CURRENT ASSETS
Trade receivable
Cash & bank balances
31,164
31,164
CURRENT LIABILITIES
Trade payable
Other payables & accruals
Amount due to directors
170,772
700
171,472
(140,308)
FINANCED BY :
SHARE CAPITAL
PROFIT & LOSS ACCOUNT
4
(140,312)
(140,308)
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Accumulated
losses
RM
4
4
4
(81,867)
(21,584)
(103,451)
(36,861)
(140,312)
Nil
(36,861)
(36,861)
700
31,212
(36,861)
126,270
(140,700)
(51,291)
(51,291)
82,455
31,164
31,164
The Company's financial risk management policy seeks to ensure that adequate financial resour
available for the development of the Company's business whilst managing its risks. The Company o
within defined guidelines that are approved by the Board of Directors and does not engage in spec
transactions.
The policies in respect of the major areas of treasury activity are as follows:
a)
The Company obtains financing through loan from directors. Its policy is to obtain the most fav
interest rate available, where applicable.
b)
Credit risk
The Company's exposure to credit risk arises mainly from receivables. The Company mana
exposure by monitoring it on an ongoing basis.
c)
The Company's exposure to liquidity and cash flow risks mainly from general funding and b
activities. It practices prudent liquidity risk management by maintaining sufficient cash balances
availability of funding through committed credit facilities.
2.
Basis of accounting
The financial statements have been prepared under the historical cost convention and compl
applicable approved accounting standards and the provisions of the Companies Act, 1965 in Mala
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P
b)
Construction Contracts
When the outcome of a construction contract cannot be estimated reliably, contract reve
recognised only to the extent of contract costs incurred that is probable will be recoverable and c
costs are recognised as expenses.
When the outcome of a construction contract can be estimated reliably, contract revenue and c
costs are recognised over the period of the contract as revenue and expenses respectively. The Co
uses the percentage of completion method to determine appropriate amount of revenue and c
recognise in a given period; the stage of completion is measured by reference to the proporti
contract costs incurred for work performed to date bear to the estimated total costs for the c
When it is probable that the total contract costs will exceed total contract revenue, the expected
recognised as an expense immediately.
The aggregate of costs incurred and the profit/loss recognised on each contracts is compared aga
progress billings up to the year end. Where costs incurred and recognised profits (less recognised
exceed progress billings, the balance is shown as amounts due from customers on constr
contracts. Where progress billings exceed costs incurred plus recognised profits (less recognised
the balance is shown as amounts due to customers on construction contracts.
c)
Income tax
Tax expense for the financial year is based on the results for the year, as adjusted for tax p
together with a charge or credit for deferred taxation.
Deferred taxation is provided for under the liability method in respect of temporary differences b
the carrying amounts of assets and liabilities at the balance sheet date and their related tax bases.
d)
Income recognition
Revenue relating to project contracts are accounted for under the percentage of completion meth
stage of completion is measured by reference to the actual costs incurred to date to estimate tot
for each contracts.
3.
The financial statements were authorised for issue by the Board of Directors on
4.
FINANCIAL INSTRUMENTS
a)
Receivables
Receivables are carried at anticipated realisable values. Known bad debts are written off in the pe
which they are identified and specific allowance is made for any debt considered doubtful of colle
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b)
Payables
Payables are stated at cost which is fair value of the consideration to be paid in the future for goo
services rendered.
c)
Cash and cash equivalents comprise cash in hand, bank balances, demand deposits, bank overdra
highly liquid investments which are readily convertible to known amounts of cash and wh
subject to an insignificant risk of changes in value.
5.
6.
SHARE CAPITAL
2006
RM
Authorised:
100,000 ordinary shares of RM1 each
Issued and fully paid:
4 ordinary shares of RM1 each
7.
100,000
4
TAXATION
As at December 31, 2006, the Company has unutilised tax losses of approximately RM100,000
RM100,000) to set off against future taxable profits, subject to agreement by the Inland Revenue Boar
540933
700
38
31,212
16
323
2,680
1,520
40
102
230
(36,861)
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PAGE NO.
1-3
4
5
6
7
8
9 - 11
(Incorporated in Malaysia)
RM
36,861
ssociation, Leong Chung Meng retires from the board at the forthcoming
offers himself for re-election.
As at
31-12-2006
2
2
ial year, was the Company a party to any arrangement whose object is to
means of the acquisition of shares in or debentures of the Company or any
d balance sheet of the Company were made out, the directors have taken
action has been taken in relation to the writing off of bad debts and the
r doubtful debts and have satisfied themselves that there are no known bad
s required for doubtful debts; and
nt assets which were unlikely to realise their value as shown in the financial
ary course of business have been written down to an amount which they
realise.
assets or
s of the Company which has arisen since the end of the financial year
ties of any other person; or
not aware of any circumstances, not otherwise dealt with in this report or
t would render any amount stated in the financial statements misleading.
a material and unusual nature has arisen in the interval between the
e date of this report which is likely to affect substantially the results of
e financial year in which this report is made; and
o. 22-3-2(A), 3rd Floor, Jalan 4/50 Diamond Square, Off Jalan Gombak,
TATEMENT BY DIRECTORS
BALANCE SHEET AS AT
DECEMBER 31, 2006
2005
RM
126,270
82,455
208,725
170,772
1,400
140,000
312,172
(103,447)
4
(103,451)
(103,447)
ing through loan from directors. Its policy is to obtain the most favourable
applicable.
o credit risk arises mainly from receivables. The Company manages its
an ongoing basis.
liquidity and cash flow risks mainly from general funding and business
t liquidity risk management by maintaining sufficient cash balances and the
h committed credit facilities.
ve been prepared under the historical cost convention and comply with
ng standards and the provisions of the Companies Act, 1965 in Malaysia.
10
al year is based on the results for the year, as adjusted for tax purpose,
dit for deferred taxation.
ontracts are accounted for under the percentage of completion method; the
ured by reference to the actual costs incurred to date to estimate total costs
ticipated realisable values. Known bad debts are written off in the period in
specific allowance is made for any debt considered doubtful of collection.
11
hich is fair value of the consideration to be paid in the future for goods and
omprise cash in hand, bank balances, demand deposits, bank overdrafts and
hich are readily convertible to known amounts of cash and which are
k of changes in value.
2005
RM
100,000
4
12
553676
-3-
NOTE
1994
1993
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We have audited the financial statements set out on pages 6 to 11. The preparation of the financial statements is
responsibility of the Directors. Its is our responsibility to form an independent opinion, based on our audit, on
financial statements and to report our opinion to you, as a body, in accordance with the section 174 of the Companies A
1965 and for no other purpose. We do not assume responsibility towards any other person for the content of this report.
We conducted our audit in accordance with approved standards on auditing. Those standards require that we plan a
perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement. An au
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An au
also includes assessing the accounting principles used and significant estimates made by the Directors, as well
evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for
opinion.
CESSATION OF BUSINESS
The Company had discontinued operations during the year. However, the financial statements of the Company have b
prepared on the basis that the realisation of assets and settlement of liabilities will occur in the normal course of busine
Except for the above, in our opinion:
(a)
the financial statements are properly drawn up in accordance with applicable approved accounting standa
and the provisions of the Companies Act, 1965 so as to give a true and fair view of:
(b)
(i)
the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financ
statements of the Company; and
(ii)
the state of affairs of the Company as at December 31, 2006 and of the results and cash flows
the Company for the year ended on that date; and
the accounting and other records and the registers required by the Companies Act, 1965 to be kept by
Company have been properly kept in accordance with the provisions of the said Act.
NT SDN. BHD.
ERS