Annual report 2008-OK-B-up.qxp - Canadia Bank Plc.

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DIRECTORS' REPORT The Board of Directors ("the Directors") hereby submit their report and the audited financial statements of Canadia Bank Plc. ("the Bank") for the year ended 31 December 2008. CANADIA BANK PLC. The Bank was incorporated in 1991 under a joint venture between the National Bank of Cambodia ("the Central Bank") and certain overseas Cambodians. On 4 February 1998, the Central Bank disposed of all its shares to private investors. In 2001, the Overseas Cambodian Investment Corporation ("OCIC"), a public limited company incorporated in the Kingdom of Cambodia, acquired 100% of the shares of the Bank and consequently became the holding company of the Bank. In 2007, OCIC conducted a corporate restructuring whereby it transferred its investment in the Bank to Canadia Investment Holding Plc ("CIHP"). The restructuring was approved by the Central Bank and the Ministry of Commerce. Consequently, CIHP is now the new holding company of the Bank. PRINCIPAL ACTIVITIES The principal activities of the Bank consist of the operation of core banking business and the provision of related financial services through the Bank's head office and various branches in Phnom Penh and the provinces. There were no significant changes in the nature of these principal activities during the year. RESULTS OF OPERATIONS AND DIVIDEND The results of operations for the year ended 31 December 2008 are set out in the income statement on page 24. There were no dividends declared or paid during the year ended 31 December 2008 (2007: Nil). RESERVES AND PROVISIONS There were no material movements to or from reserves and provisions during the financial year other than those disclosed in the financial statements. Annual Report 2008 13
BAD AND DOUBTFUL LOANS Before the financial statements of the Bank were drawn up, the Directors took reasonable steps to ascertain that action had been taken in relation to the writing off of bad loans or the making of provisions for bad and doubtful loans, and satisfied themselves that all known bad loans had been written off and that adequate provisions had been made for bad and doubtful loans. At the date of this report, the Directors are not aware of any circumstances which would render the amount written off for bad loans or the amount of the provision for bad and doubtful loans in the financial statements of the Bank inadequate to any material extent. ASSETS Before the financial statements of the Bank were drawn up, the Directors took reasonable steps to ensure that any assets which were unlikely to be realised in the ordinary course of business at their value as shown in the accounting records of the Bank, have been written down to an amount which they might be expected to realise. At the date of this report, the Directors are not aware of any circumstances which would render the values attributed to the assets in the financial statements of the Bank misleading in any material respect. VALUATION METHODS At the date of this report, the Directors are not aware of any circumstances that have arisen which would render adherence to the existing method of valuation of assets and liabilities in the financial statements of the Bank misleading or inappropriate in any material respect. CONTINGENT AND OTHER LIABILITIES At the date of this report, there is: (a) no charge on the assets of the Bank which has arisen since the end of the financial year which secures the liabilities of any other person, and (b) no contingent liability in respect of the Bank that has arisen since the end of the financial year other than in the ordinary course of banking business. No contingent or other liability of the Bank has become enforceable, or is likely to become enforceable within the period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may have a material effect on the ability of the Bank to meet its obligations as and when they become due. CHANGE OF CIRCUMSTANCES At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or the financial statements of the Bank which would render any amount stated in the financial statements misleading in any material respect. 14 Annual Report 2008
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