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46
annual repor t 2010
KONSORTIUM LOGISTIK LOGISTIK BERHAD (89243-A)
Directors’ Report (continued)
DIRECTORS’ BENEFITS
Since the end of the previous financial year, none of the Directors have received or become entitled to receive any benefit 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 the following:
(i) directors’ fees and other emoluments as disclosed in Note 27 (b) to the financial statements; and
(ii) deemed benefits arising from related party transactions as disclosed in Note 33 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 the Directors to acquire
benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.
OTHER STATUTORY INFORMATION REGARDING THE GROUP AND THE COMPANY
(I) AS AT THE END OF THE FINANCIAL YEAR
(a) Before the statements of comprehensive income and statements of financial positions 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 have
satisfied themselves that all known bad debts had been written off 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 the impairment of receivables resulting in a decrease in the Group’s and the Company’s results for the financial year by
RM36,869,000 and RM35,947,000 respectively as disclosed in Note 27 to the financial statements;
(ii) the effects arising from the impairment on investment property in the Company resulting in a decrease in the Group’s and the Company’s results for the
financial year by RM5,000,000 as disclosed in Note 27 to the financial statements;
(iii) the effects arising from the waiver of debt due to subsidiaries resulting in an increase in the Company’s results for the financial year by RM9,480,000 as
disclosed in Note 27 to the financial statements.
(iv) the effects arising from the impairment of amounts due from subsidiaries resulting in a decrease in the Company’s results for the financial year by
RM 1,842,000 as disclosed in Note 27 to the financial statements.