Hatching For The Future - teo seng capital berhad

Teo Seng Capital Berhad
Notes To The Financial Statements
For The Financial Year Ended 31 March 2012
28. ACQUISITION OF SUBSIDIARIES
During the financial year, the Group acquired 60% equity interest in Forever Best Supply Sdn. Bhd. (“Forever”) and
entire equity interest in Laskar Fertiliser Sdn. Bhd. (formerly known as Laskar Perikanan Sdn. Bhd.) (“Laskar”).
The fair values of the identifiable assets and liabilities of Forever and Laskar as at the date of acquisition were :
Carrying
Amount
RM
Property, plant and equipment 1,753,250
Trade and other receivables 1,270,593
Inventories 149,676
Cash and cash equivalents 372,092
Trade and other payables (1,712,989)
Deferred tax liabilities (3,442)
Term loans (740,516)
Hire purchase payables (339,990)
Net identifiable assets and liabilities 748,674
Less : Non-controlling interests (299,468)
Add : Goodwill on acquisition 627,279
Total purchase consideration 1,076,485
Less : Cash and cash equivalents of subsidiaries acquired (372,092)
Net cash inflow for acquisition of subsidiaries 704,393
The non-controlling interest are measured at the non-controlling interests’ proportionate share of the fair value of the
acquiree’s identifiable net assets at the date of acquisition.
The acquired subsidiaries have contributed the following results to the Group :
RM
Revenue 4,344,840
Loss after tax (320,862)
Annual Report 2012
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