TANJUNG OFFSHORE BERHAD

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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2009 8. ASSOCIATE COMPANIES (continued) The details of the associate companies are as follows: 87 TANJUNG OFFSHORE BERHAD (662315-U) ANNUAL REPORT 2009 Group Country of Associate Companies Effective Interest Incorporation Principal Activities 2009 2008 % % Held by Tanjung Offshore Services Sdn. Bhd.: * Hercules Tanjung Asia Sdn. Bhd. 50 50 Malaysia Provision of drilling services (Wilayah Persekutuan, Labuan) Held by Gas Generators (M) Sdn. Bhd.: * Universal Hydrogen Generators (M) Sdn. Bhd. 49.50 49.50 Malaysia Commission agent for the fabrication and supply of industrial equipment. * PT. Gas Generators Indonesia 35 35 Indonesia Commission agent for the fabrication and supply of industrial equipment. * Universal Gas Generators (Thailand) Limited 35 35 Thailand Commission agent for the fabrication and supply of industrial equipment. * Gas Generators Philippines Inc. 35 35 Philippines Commission agent for the fabrication and supply of industrial equipment. * The fi nancial statements of these companies are not audited by AljeffriDean. The Group’s share of revenue and profi t/(loss) of associates is as follows: 2009 2008 RM RM Revenue 42,028,686 74,326,957 Net profi t/(loss) for the year 2,109,257 (942,610) The Group’s share of assets and liabilities of associates is as follows: 2009 2008 RM RM Non-current assets 180,784,831 39,941,881 Current assets 33,002,060 64,266,978 Current liabilities (210,221,752) (97,142,490) Non-current liabilities - (5,776,335) Currency translation differences - 47,887 Net tangible assets 3,565,139 1,337,921
TANJUNG OFFSHORE BERHAD (662315-U) ANNUAL REPORT 2009 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2009 9. DEFERRED TAXATION GROUP 2009 2008 RM RM Property, plant and equipment: Beginning of the year 6,607,227 5,886,227 Acquisition of subsidiary company 71,600 - Recognised in the income statement (Note 24) 1,404,913 721,000 End of the year 8,083,740 6,607,227 The deferred tax, determined before appropriate offsetting as follows: 88 2009 2008 RM RM Deferred tax assets 8,170,175 6,607,227 Deferred tax liabilities (86,435) - The deferred tax assets, determined after appropriate offsetting as follows: 8,083,740 6,607,227 2009 2008 RM RM Unabsorbed capital allowances 24,442,136 37,016,062 Accelerated capital allowances (17,205,850) (31,256,289) Exercise of options pursuant to Employee Share Option Scheme 847,454 847,454 10. INVENTORIES 8,083,740 6,607,227 GROUP 2009 2008 RM RM At cost: Turbine compressor spare parts 1,532,082 1,036,369 Work-in-progress 2,890,524 5,188,718 Raw material 442,076 - Finished goods 513,643 - Long term contract balances 3,972,845 12,021,253 11. TRADE RECEIVABLES The currency exposure profi le of trade receivables are as follows:- 9,351,170 18,246,340 GROUP 2009 2008 RM RM Ringgit Malaysia 197,086,884 174,080,088 Other foreign currencies 18,732,705 64,366,874 End of the year 215,819,589 238,446,962 The credit term of trade receivables are ranging from 30 to 120 days.
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