Annual Report - Bina Puri

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Notes to and Forming Part of the Financial Statements (Cont’d)4. PREPAID LEASE PAYMENTS (Cont’d)GroupCompany2007 2006 2007 2006RM’000 RM’000 RM’000 RM’000Accumulated amortisationAt 1 January 1,777 1,668 132 124Charge for the year 110 109 8 8Disposal – – – –At 31 December 1,887 1,777 140 132Net carrying amount at 31 December 2,034 2,144 635 643The title deeds to leasehold land of the Group with net carrying amount of RM1,233,000 (2006 : RM1,287,000) has yetto be issued by the relevant authorities.Leasehold land of the Group with net carrying amount of RM165,000 (2006 : RM213,000) is charged to licensedfinancial institutions for banking facilities granted to the Group.5. INVESTMENT PROPERTIESGroup2007 2006RM’000 RM’000At 1 January 1,680 1,680Addition – –Disposal (545) –Changes in fair value – –At 31 December 1,135 1,680Investment properties comprise:Freehold land and commercial buildings 955 1,500Long term leasehold industrial land 180 1801,135 1,680The long term leasehold industrial land is charged to licensed financial institutions for banking facilities granted to asubsidiary.66 BINA PURI HOLDINGS BHDAnnual Report 2007
Notes to and Forming Part of the Financial Statements (Cont’d)5. INVESTMENT PROPERTIES (Cont’d)The Group has developed certain criteria based on FRS 140 in making judgement whether a property qualified as aninvestment property. Investment property is a property held to earn rentals or for capital appreciation of for both. Inmaking judgement, the Group considers whether a property generates cash flows largely independent of other assetsheld by the Group. Owner-occupied properties generate cash flows that are attributable not only to the properties, butalso other assets and in the production and supply of goods and services. Judgement is also made on an individualproperty basis to determine whether ancillary services are so significant that the property does not qualify as aninvestment property.The fair value of the investment properties at the end of the financial year was determined by thedirectors based on various studies conducted which reasonably reflect market conditions of similar properties at thebalance sheet date.6. INVESTMENTS IN SUBSIDIARIES2007 2006RM’000 RM’000Unquoted shares- at cost 40,918 40,829- at valuation 4,264 4,26445,182 45,093Less:Allowance for diminution in value 4,444 4,47440,738 40,619The unquoted shares stated at valuation were revalued by the directors in 1994 based on the value of the underlyingnet tangible assets of the subsidiary concerned.The 1994 valuation was a one-off exercise. It is not the Group’s policy to carry out regular revaluations of itsinvestments in subsidiaries, and accordingly, the carrying amount of the revalued investment has been retained on thebasis of this one-off revaluation as surrogate cost.The subsidiaries, all of which are incorporated in Malaysia except where indicated, are as follows:Gross equityinterestSubsidiaries of the Company 2007 2006 Principal activities% %Bina Puri Sdn Bhd 100 100 Contractor of earthworks, building and roadconstructionAksi Bina Puri Sdn Bhd 70 70 Property developerMaskimi Sdn Bhd 100 100 Investment holding and contractors ofearthworks, building and road constructionBina Puri Plantation Sdn Bhd 100 100 Inactive*Bina Puri Infrastructure Pte Ltd 100 100 Contractor of road construction(Incorporated in India)KL-Kuala Selangor Expressway Berhad 60 60 Builder of an expresswayBINA PURI HOLDINGS BHDAnnual Report 200767
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MISSION• To be a world class orga
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Notice of Annual General MeetingNOT
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Corporate InformationBOARD OF DIREC
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Profile of Directors (Cont’d)Henr
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Executive Chairman’sStatementDato
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Executive Chairman’s Statement (C
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Review of Operations (Cont’d)OVER
Page 18 and 19: Review of Operations (Cont’d)ONGO
Page 20 and 21: Group Financial Highlights2007 2006
Page 22 and 23: Calendar of Events 2007-2008 (Cont
Page 24 and 25: Audit Committee ReportMember of the
Page 26 and 27: Audit Committee Report (Cont’d)RE
Page 28 and 29: Corporate Governance Statement (Con
Page 30 and 31: Corporate Governance Statement (Con
Page 32 and 33: Internal Control StatementThe Malay
Page 34 and 35: Responsibility Statement by the Boa
Page 36 and 37: Directors’ ReportFor the year end
Page 38 and 39: Directors’ Report (Cont’d)DIREC
Page 40 and 41: Directors’ Report (Cont’d)OTHER
Page 42 and 43: Balance Sheets31 December 2007Group
Page 44 and 45: Income StatementsFor the year ended
Page 46 and 47: Statement of Changes in EquityFor t
Page 48 and 49: Cash Flow Statements (Cont’d)Grou
Page 50 and 51: Notes to and Forming Part of the Fi
Page 108 and 109: Statement by DirectorsIn the opinio
Page 110 and 111: Thirty Largest ShareholdersAs at 31
Page 112 and 113: List of Properties 31 December 2007
Page 114 and 115: Group Corporate DirectoryBINA PURI
Page 116: Fold hereFold hereSTAMPBINA PURI HO
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