Hatching For The Future - teo seng capital berhad

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Teo Seng Capital Berhad Notes To The Financial Statements For The Financial Year Ended 31 March 2012 24. FINANCE COSTS Group Company 2012 2011 2012 2011 RM RM RM RM Interest on : Bank overdrafts 69,078 121,493 - - Bankers' acceptances 2,193,440 1,491,296 - - Hire purchase 742,620 518,287 - - Term loans 286,714 178,232 - - Advance from a subsidiary - - 336,302 - Others 4,600 5,750 - - 3,296,452 2,315,058 336,302 - 25. PROFIT BEFORE TAX Annual Report 2012 Group Company 2012 2011 2012 2011 RM RM RM RM This is arrived at after charging : Auditors' remuneration : Statutory audit : - current 95,332 72,908 16,000 12,000 - (over)provision in prior years (2,072) - - - Non-statutory audit 102,888 - 102,888 - Depreciation : - property, plant and equipment 9,043,282 7,409,826 80,801 - - investment property 7,776 3,888 - - Goodwill on consolidation written off 627,279 4,170,652 - - Impairment losses on trade receivables 214,682 175,341 - - Incorporation fee 1,795 - - - Inventories written off 30,456 192,802 - - Land rental - 6,831 - - Property, plant and equipment written off 78,266 - - - Rental of hostel 12,300 8,400 - - Rental of machinery and vehicle 3,000 3,656 - - Rental of premises 239,061 79,244 - - And crediting : Fair value gain on derivatives (948) (26,006) - - Gain on disposal of property, plant and equipment (502,180) (25,000) - - Insurance compensation (5,454) (60,000) - - Rental income (35,760) (18,173) - - Reversal of allowance for slow moving inventories (4,104) - - - Reversal of impairment losses on trade receivables (162,667) (77,603) - - Realised gain on foreign exchange (801,581) (799,480) (17,399) - Unrealised gain on foreign exchange (57,014) (166,184) - - 78
Notes To The Financial Statements For The Financial Year Ended 31 March 2012 Teo Seng Capital Berhad 26. TAX EXPENSE Group Company 2012 2011 2012 2011 RM RM RM RM (a) Components of tax expense Current tax expense : - Malaysian income tax 6,652,000 4,286,000 22,000 1,032,000 - Under/(Over)provision in prior years 84,930 (216,780) (52,454) (38,130) 6,736,930 4,069,220 (30,454) 993,870 Deferred tax expense : - Relating to origination of temporary differences 583,896 558,740 - - - Under/(Over)provision in prior years 63,258 (7,000) - - 7,384,084 4,620,960 (30,454) 993,870 (b) Reconciliation of effective tax rate Profit before tax 24,521,220 26,726,609 6,267,370 4,959,851 Tax at Malaysian statutory income tax rate of 25% 6,130,000 6,682,000 1,567,000 1,240,000 Differential in tax rates 59,000 (19,500) - - Tax effect of non-taxable income (112,000) (700) (1,806,000) (300,000) Tax effect of non-deductible expenses 1,888,896 478,300 261,000 92,000 Effect of tax incentive (905,000) (2,207,000) - - Deferred tax assets not recognised during the financial year 175,000 (88,360) - - Under/(Over)provision in prior years : - current tax expense 84,930 (216,780) (52,454) (38,130) - deferred tax expense 63,258 (7,000) - - 7,384,084 4,620,960 (30,454) 993,870 (c) Subject to the agreement of the Inland Revenue Board, at 31 March, the Group has unutilised reinvestment allowances of approximately RM 2,100,000 (2011 : RM 2,100,000) available for offsetting against future taxable profits. 27. EARNINGS PER ORDINARY SHARE (a) Basic earnings per ordinary share Basic earnings per ordinary share is calculated based on profit for the financial year attributable to owners of the Company divided by the weighted average number of ordinary shares in issue during the financial year. Group 2012 2011 RM RM Profit attributable to owners of the Company 17,262,160 22,105,649 Group 2012 2011 Units Units (b) Number of ordinary shares in issue at 1 April 200,000,000 200,000,000 Weighted average number of ordinary shares in issue 200,000,000 200,000,000 Basic earnings per ordinary share (sen) 8.63 11.05 Diluted earnings per ordinary share There is no dilutive potential ordinary shares in issue at the end of the reporting period. Annual Report 2012 79
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