2001 Annual Report - Kian Joo Can

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NOTES TO THE FINANCIAL STAT E M E N T S 31 December 2001 ( c o n t ’ d ) 2. SIGNIFICANT ACCOUNTING POLICIES (cont’d) (i) Hire Purchase Transactions The cost of assets acquired under hire purchase agreements are included in property, plant and equipment. The depreciation policy on these assets is similar to that of the Company's other assets as set out in 2(d) above. Outstanding obligations due under the hire purchase agreements after deducting finance costs are included as liabilities in the financial statements. The finance costs of the hire purchase rentals are charged to the income statement over the period of the respective agreements. (j) Operating Leases Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the period in which they are incurred. (k) Provisions Provisions are recognised when the Group or the Company has present obligations as a result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and a reliable estimate can be made of the amount of the obligations. (l) Retirement Benefits The Group has a defined retirement scheme and provision is made at contracted rates for benefits that would become payable on the retirement of eligible employees. (m) Deferred Taxation Deferred taxation is provided on timing differences using the liability method except where it can be demonstrated with reasonable probability that the tax deferrals will continue in the foreseeable future. Deferred tax benefits are recognised only if there is a reasonable expectation of realisation. (n) Revenue Recognition Revenue from sale of goods is recognised when the goods are delivered and accepted by customer. Rental income is recognised on the accrual basis unless collectibility is in doubt, in which case it is recognised on a receipt basis. Revenue from registration and management services are recognised when the services are rendered. Interest income from deposits is recognised on an accrual basis. Dividend income from subsidiary and associated companies are recognised as and when they are declared or proposed while dividends from other investments are recognised when received. (o) Cash and Cash Equivalents Cash comprises cash and bank balances and deposits with licensed banks. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, against which bank overdraft balances, if any, are deducted. KIAN JOO CAN FACTORY BERHAD (3186-P) 2001 / Annual Report . 39
NOTES TO THE FINANCIAL STAT E M E N T S 31 December 2001 ( c o n t ’ d ) 3. PROPERTY, PLANT AND EQUIPMENT GROUP Leasehold land and Freehold buildings Plant, land and Long Short machinery buildings term term and equipment NET BOOK VALUE RM'000 RM'000 RM'000 RM'000 At 1 January 87,654 71,441 2,909 212,078 Arising from acquisition of a subsidiary - - - - Additions 92 521 - 11,217 Disposals - - - (111) Reclassification 4,133 - - 1,964 Depreciation charge (913) (1,463) (89) (34,242) At 31 December 90,966 70,499 2,820 190,906 At 31 December Cost 94,049 86,624 3,545 467,559 Accumulated depreciation (3,083) (16,125) (725) (276,653) Net book value 90,966 70,499 2,820 190,906 ANALYSIS OF COST At deemed cost (or valuation) in - 1990 740 40,930 1,100 - - 1996 - 23,705 - - At cost 93,309 21,989 2,445 467,559 94,049 86,624 3,545 467,559 The net book value of freehold land and buildings and leasehold land and buildings stated at deemed cost, had the properties been disclosed at historical cost less depreciation, would have been:- At 31 December 2001 Freehold Leasehold land and buildings land and Long Short buildings term term RM'000 RM'000 RM'000 Cost 323 40,726 729 Accumulated depreciation - (8,751) (272) Net book value 323 31,975 457 40 . Annual Report / 2001 KIAN JOO CAN FACTORY BERHAD (3186-P)
Page 1 and 2: (Incorporated In Malaysia) (3186-P)
Page 3 and 4: NOTICE OF Annual General Meeting NO
Page 5 and 6: CORPORATE Information DIRECTORS Y.A
Page 7 and 8: FIVE YEAR Financial Highlights 2001
Page 9 and 10: PROFILE OF Directors YAM TUNKU NAQU
Page 11 and 12: PROFILE OF Directors (Cont’d) SEE
Page 13 and 14: Corporate Governance Statement (Con
Page 15 and 16: Corporate Governance Statement (Con
Page 17 and 18: AUDIT COMMITTEE Report MEMBERSHIPS
Page 19 and 20: AUDIT COMMITTEE Report (Cont’d) S
Page 21 and 22: CHAIRMAN’S Statement (Cont’d) G
Page 23 and 24: D I R E C T O R S ’ R e p o r t T
Page 25 and 26: D I R E C T O R S ’ R e p o r t (
Page 27 and 28: D I R E C T O R S ’ R e p o rt (
Page 29 and 30: STATEMENT BY DIRECTORS Pursuant to
Page 31 and 32: BALANCE SHEETS as at 31 December 20
Page 33 and 34: CONSOLIDATED STATEMENT OF CHANGES I
Page 35 and 36: C O N S O L I D ATED CASH FLOW STAT
Page 37 and 38: CASH FLOW STAT E M E N T for the ye
Page 39: NOTES TO THE FINANCIAL STAT E M E N
Page 43 and 44: NOTES TO THE FINANCIAL STAT E M E N
Page 59 and 60: LIST OF PROPERT I E S as at 31 Dece
Page 61 and 62: A N A LYSIS OF SHAREHOLDINGS as at
Page 63 and 64: D A I N R A E C LYSIS T O R S OF
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2001 Annual Report - Kian Joo Can

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