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540933

PIONEER PROCESS PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

REPORTS AND FINANCIAL STATEMENTS


DECEMBER 31, 2006

MESSRS W.K. LEE & CO.


CHARTERED ACCOUNTANTS

540933

PIONEER PROCESS PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

REPORTS AND FINANCIAL STATEMENTS


DECEMBER 31, 2006

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

PIONEER PROCESS PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

DIRECTORS' REPORT FOR THE YEAR ENDED


DECEMBER 31, 2006

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.

540933

DIRECTORS' INTERESTS IN SHARES

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

Leong Chung Meng


Lee Chun Wai

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.

540933
(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.

OTHER STATUTORY INFORMATION

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.

SIGNED ON BEHALF OF THE BOARD OF DIRECTORS IN ACCORDANCE WITH A RESOLUTIO


THE DIRECTORS
......................................................
LEONG CHUNG MENG
Director
......................................................
LEE CHUN WAI
Director
KUALA LUMPUR

Dated:

540933

PIONEER PROCESS PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

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,

)
)
)
)

540933

PIONEER PROCESS PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

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

NET CURRENT LIABILITIES

170,772
700
171,472
(140,308)

FINANCED BY :
SHARE CAPITAL
PROFIT & LOSS ACCOUNT

4
(140,312)
(140,308)

The annexed notes form an integral part of the financial statements.

540933

PIONEER PROCESS PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED


DECEMBER 31, 2006
Share
capital
RM
As at January 1, 2005
Net loss for the year
As at December 31, 2005
Net loss for the year
As at December 31, 2006

Accumulated
losses
RM
4

4
4

(81,867)
(21,584)
(103,451)
(36,861)
(140,312)

INCOME STATEMENT FOR THE YEAR ENDED


DECEMBER 31, 2006
2006
RM
Revenue
Operating & administrative expenses
Net loss for the year
After charging:
Auditors' remuneration
Directors' emoluments

Nil
(36,861)
(36,861)
700
31,212

The annexed notes form an integral part of the financial statements.


540933

PIONEER PROCESS PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

CASH FLOW STATEMENT FOR THE YEAR ENDED


DECEMBER 31, 2006
2006
RM
CASH FLOW FROM OPERATING ACTIVITIES
Net loss for the year
Decrease in receivables
Decrease in payables
Net cash (outflow) / inflow from operating activities
NET CASH (DECREASE) / INCREASE
CASH & CASH EQUIVALENTS

(36,861)
126,270
(140,700)
(51,291)
(51,291)

CASH & CASH EQUIVALENTS AT THE BEGINNING


OF YEAR

82,455

CASH & CASH EQUIVALENTS AT THE END


OF YEAR

31,164

CASH & CASH EQUIVALENTS COMPRISE:


Cash & bank balances

31,164

The annexed notes form an integral part of the financial statements.


540933

PIONEER PROCESS PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

NOTES TO THE FINANCIAL STATEMENTS


DECEMBER 31, 2006
1.

FINANCIAL RISK MANAGEMENT POLICIES

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)

Interest rate risk

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)

Liquidity and cash flow risks

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.

SIGNIFICANT ACCOUNTING POLICIES


a)

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

540933

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.

DATE OF AUTHORISATION FOR ISSUE

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

540933

P
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

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.

AMOUNT DUE TO DIRECTORS


The amount due to directors is unsecured, free of interest and with no fixed terms of repayment.

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

PIONEER PROCESS PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED


DECEMBER 31, 2006
2006
RM
EXPENSES FOR THE YEAR
Allowance
Auditors' remuneration
Bank charges
Directors' emoluments
Penalty
Postages & courier charges
Printing & stationery
Professional fee
Secretarial fees & disbursements
Sundry expenses
Telephone charges
Travelling expenses
LOSS FOR THE YEAR

700
38
31,212
16
323
2,680
1,520
40
102
230
(36,861)

This schedule does not form part of the financial statements

540933

PIONEER PROCESS PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

REPORTS AND FINANCIAL STATEMENTS


DECEMBER 31, 2006

ESS PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

S AND FINANCIAL STATEMENTS


DECEMBER 31, 2006

MESSRS W.K. LEE & CO.


HARTERED ACCOUNTANTS

ESS PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

S AND FINANCIAL STATEMENTS


DECEMBER 31, 2006

PAGE NO.

1-3
4
5
6
7
8
9 - 11

PROJECT MANAGEMENT SDN. BHD.

(Incorporated in Malaysia)

' REPORT FOR THE YEAR ENDED


DECEMBER 31, 2006

itting their report together with the audited financial statements of


31, 2006.

project management company. The Company has ceased operations during

RM
36,861

reserves or provisions during the financial year, except as disclosed in the

ssociation, Leong Chung Meng retires from the board at the forthcoming
offers himself for re-election.

hareholdings, the interests of directors in the shares of the Company at


:

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.

values of current assets in the financial statements misleading;

ch render adherence to the existing method of valuation of


y misleading or inappropriate; or

assets or

h in this report or the financial statements of the Company which would


ed in the financial statements misleading.

s of the Company which has arisen since the end of the financial year
ties of any other person; or

which has arisen since the end of the financial year.

not aware of any circumstances, not otherwise dealt with in this report or
t would render any amount stated in the financial statements misleading.

operations during the financial year were not substantially affected by


material and unusual nature;

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

es have become enforceable or are likely to become enforceable


hs after the end of the financial year which will or may affect the ability of
ns as and when they fall due.

o. 22-3-2(A), 3rd Floor, Jalan 4/50 Diamond Square, Off Jalan Gombak,

D OF DIRECTORS IN ACCORDANCE WITH A RESOLUTION OF

S PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

TATEMENT BY DIRECTORS

CHUN WAI, being the directors of PIONEER PROCESS PROJECT


state that in our opinion, the financial statements set out on pages 6 to 11
e approved accounting standards and the provisions of the Companies Act,
e state of affairs of the Company as at December 31, 2006 and of its results
te.

e director primarily responsible for the financial management of


AGEMENT SDN. BHD. do solemnly and sincerely declare that to the best
statements set out on pages 6 to 11 are correct and I make this solemn
me to be true and by virtue of the provisions of the Statutory Declarations

S PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

BALANCE SHEET AS AT
DECEMBER 31, 2006

s form an integral part of the financial statements.

2005
RM

126,270
82,455
208,725

170,772
1,400
140,000
312,172
(103,447)

4
(103,451)
(103,447)

S PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

HANGES IN EQUITY FOR THE YEAR ENDED


DECEMBER 31, 2006
Total
RM
(81,863)
(21,584)
(103,447)
(36,861)
(140,308)

TATEMENT FOR THE YEAR ENDED


DECEMBER 31, 2006
2005
RM
Nil
(21,584)
(21,584)
700
4,967

s form an integral part of the financial statements.


8

S PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

STATEMENT FOR THE YEAR ENDED


DECEMBER 31, 2006
2005
RM
(21,584)
214,500
(114,300)
78,616
78,616
3,839
82,455
82,455

s form an integral part of the financial statements.


9

S PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

TO THE FINANCIAL STATEMENTS


DECEMBER 31, 2006

anagement policy seeks to ensure that adequate financial resources are


the Company's business whilst managing its risks. The Company operates
e approved by the Board of Directors and does not engage in speculative

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

onstruction contract cannot be estimated reliably, contract revenue is


of contract costs incurred that is probable will be recoverable and contract
ses.

struction contract can be estimated reliably, contract revenue and contract


period of the contract as revenue and expenses respectively. The Company
pletion method to determine appropriate amount of revenue and costs to
the stage of completion is measured by reference to the proportion that
work performed to date bear to the estimated total costs for the contract.
total contract costs will exceed total contract revenue, the expected loss is
mediately.

ed and the profit/loss recognised on each contracts is compared against the


ar end. Where costs incurred and recognised profits (less recognised losses)
e balance is shown as amounts due from customers on constructions
lings exceed costs incurred plus recognised profits (less recognised losses),
unts due to customers on construction contracts.

al year is based on the results for the year, as adjusted for tax purpose,
dit for deferred taxation.

d for under the liability method in respect of temporary differences between


s and liabilities at the balance sheet date and their related tax bases.

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

horised for issue by the Board of Directors on

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.

secured, free of interest and with no fixed terms of repayment.

2005
RM
100,000
4

Company has unutilised tax losses of approximately RM100,000 (2005 :


ure taxable profits, subject to agreement by the Inland Revenue Board.

12

S PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

LOSS ACCOUNT FOR THE YEAR ENDED


DECEMBER 31, 2006
2005
RM
14,130
700
64
4,967
650
17
62
0
990
3
(21,584)

does not form part of the financial statements

ER PROCESS PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

REPORTS AND FINANCIAL STATEMENTS


DECEMBER 31, 2006

553676

-3-

NOTE

1994

1993

540933

PIONEER PROCESS PROJECT MANAGEMENT SDN. BHD.


(Incorporated in Malaysia)

REPORT OF THE AUDITORS TO THE MEMBERS

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.

W.K. LEE & CO.


No. AF 1147
CHARTERED ACCOUNTANTS
Head Office
No. 70-2, Tingkat 2(Room B), Wisma Mahamewah
Jalan Sungai Besi, 57100 Kuala Lumpur.
Kelana Jaya Branch Office

307B, Block A, Kelana Centre Point, Jalan SS7/19, Kelana Jaya


47301 Petaling Jaya, Selangor Darul Ehsan

NT SDN. BHD.

ERS

n of the financial statements is the


pinion, based on our audit, on the
section 174 of the Companies Act,
son for the content of this report.

standards require that we plan and


of material misstatement. An audit
n the financial statements. An audit
made by the Directors, as well as
provides a reasonable basis for our

tements of the Company have been


ur in the normal course of business.

ble approved accounting standards


view of:
to be dealt with in the financial
of the results and cash flows of

nies Act, 1965 to be kept by the


said Act.

LEE WAI KUEN


No. 1844/7/08 (J)
KUALA LUMPUR
Dated:

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