PERS Model financial statements - AXP Solutions

PERS Ref.
1.46(a) MODEL GROUP SDN. BHD. (Company No. 12345678-A)
(Incorporated in Malaysia)
AND ITS SUBSIDIARIES
1.8(e)
1.46(b),(c)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009
Although the Group holds less than 20% of the voting power in SERP Sdn. Bhd., the Group
exercises significant influence by virtue of the Group’s right in participation in the policy-making
processes.
Although the Group holds 25% in SERP Pte. Ltd., a company incorporated in the Republic of
Singapore, the Group does not have significant influence over SERP Pte. Ltd. as the Group has only
one representative on the Board of Directors out of six directors. Consequently, the investment is
recognised as other investments of the Group.
The financial statements of AE Co., Ltd. are made up to 30 September to coincide with the financial
year-end of another investor of AE Co., Ltd., which is incorporated in United States, due to the
statutory requirements in United States. For the purpose of applying the equity method of
accounting, the financial statements of AE Co., Ltd. for the financial year ended 30 September 2009
have been used, and appropriate adjustments have been made for significant transactions between
30 September 2009 and 31 December 2009.
As a result of the borrowings’ terms and conditions, the loan to SERP Sdn. Bhd. of RM47,809 (2008:
RM47,201) is subordinate to the borrowings obtained from an offshore bank.
12.38(a) The following amounts are the Group’s share of the investments in associates:
THE GROUP
2009 2008
RM RM
Assets and Liabilities
Total Assets 2,160,986 1,805,703
Total Liabilities 775,872 646,289
Group’s share of associates’ net assets
1,385,114
1,159,414
Results
Revenue 3,104,983 1,309,042
Profit For The Financial Year
Group’s share of associates’ profit for the financial year
536,820
225,700
213,850
69,779
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