Annual Report 2011 (Part I) - Wawasan TKH Holdings Berhad

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WAWASAN TKH HOLDINGS BERHAD (540218-A) • ANNUAL REPORT 2011 021 *
022 WAWASAN TKH HOLDINGS BERHAD (540218-A) • ANNUAL REPORT 2011 DIRECTORS’ BENEFITS Since the end of the previous financial year, none of the Directors has received or become entitled to receive any benefit (other than a benefit included in the aggregate amount of emoluments received or due and receivable by the Directors as shown in the financial statements) by reason of a contract made by the Company or a related corporation with the Director or with a firm of which the Director is a member, or with a company in which the Director has a substantial financial interest other than those remunerations received by certain Directors as directors/executives of the subsidiaries and those transactions entered into in the ordinary course of business with companies in which certain Directors of the Company have substantial interests as disclosed in Note 24(b) to the financial statements. There were no arrangements during and at the end of the financial year, to which the Company is a party, which had the object of enabling Directors to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate except for the warrants issued as disclosed in Note 14.2(b) to the financial statements. OTHER STATUTORY INFORMATION REGARDING THE GROUP AND THE COMPANY (I) AS AT THE END OF THE FINANCIAL YEAR (a) Before the income statements, statements of comprehensive income and statements of financial position of the Group and of the Company were made out, the Directors took reasonable steps: (i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfied themselves that there are no known bad debts and that adequate provision had been made for doubtful debts; and (ii) to ensure that any current assets other than debts, which were unlikely to realise their book values in the ordinary course of business had been written down to their estimated realisable values. (b) In the opinion of the Directors, the results of the operations of the Group and of the Company during the financial year have not been substantially affected by any item, transaction or event of a material and unusual nature except for: (i) the effects arising from impairment loss on property, plant and equipment resulting in an increase in the Group’s loss for the financial year by RM2,000,000 as disclosed in Note 7 to the financial statements; (ii) the effects arising from impairment loss on investment in a subsidiary resulting in an increase in the Company’s loss for the financial year by RM1,500,000 as disclosed in Note 9 to the financial statements; (iii) the effects arising from inventories written off resulting in an increase in the Group’s loss for the financial year by RM1,400,000 as disclosed in Note 10 to the financial statements; (iv) the effects arising from gain on disposal of property, plant and equipment resulting in a decrease in the Group’s loss for the financial year by RM2,471,946 as disclosed in Note 7 to the financial statements; and (v) the effects arising from insurance compensation resulting in a decrease in the Group’s loss for the financial year by RM3,919,118 as disclosed in Note 20 to the financial statements. (II) FROM THE END OF THE FINANCIAL YEAR TO THE DATE OF THIS REPORT (c) The Directors are not aware of any circumstances: (i) which would necessitate the writing off of bad debts or would render the amount of the provision for doubtful debts in the financial statements of the Group and of the Company inadequate to any material extent; and (ii) which would render the values attributed to current assets in the financial statements of the Group and of the Company misleading; and (iii) which have arisen which would render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.
Page 1 and 2: WAWASAN TKH HOLDINGS BERHAD (540218
Page 3 and 4: 002 CORPORATE INFORMATION BOARD OF
Page 5 and 6: 004 CHAIRMAN’S STATEMENT (cont’
Page 7 and 8: 006 FIVE-YEAR FINANCIAL HIGHLIGHTS
Page 9 and 10: 008 DIRECTORS’ PROFILE (cont’d)
Page 11 and 12: 010 CORPORATE STRUCTURE WAWASAN TKH
Page 13 and 14: 012 STATEMENT ON CORPORATE GOVERNAN
Page 15 and 16: 014 STATEMENT ON CORPORATE GOVERNAN
Page 17 and 18: 016 STATEMENT ON INTERNAL CONTROL (
Page 19 and 20: 018 AUDIT COMMITTEE REPORT (cont’
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072 WAWASAN TKH HOLDINGS BERHAD (54
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Annual Report 2011 (Part I) - Wawasan TKH Holdings Berhad

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