FEDERAL INTERNATIONAL (2000) LTD

Directors’ ReportCURRENT ASSETSBefore the profit and loss account and the balance sheet of the Company were made out, the Directors tookreasonable steps to ascertain that any current assets which were unlikely to realise their book values in the ordinarycourse of business had been written down to their estimated realisable values or adequate provision had beenmade for the diminution in value of such current assets.Federal International (2000) Ltd AR 2002and its Subsidiary Companies31At the date of this report, the Directors are not aware of any circumstances which would render the values attributedto current assets in the consolidated financial statements misleading.CHARGES AND CONTINGENT LIABILITIESSince the end of the financial year, and up to the date of this report, no charge on the assets of the Company or anycompany in the Group has arisen which secures the liabilities of any other person. Except as disclosed in Note 33to the financial statements, since the end of the financial year, and up to the date of this report, no contingentliability has arisen.ABILITY TO MEET OBLIGATIONSNo contingent or other liability has become enforceable or is likely to become enforceable within the period oftwelve months after the end of the financial year which, in the opinion of the Directors, will or may substantiallyaffect the ability of the Company and of the Group to meet its obligations as and when they fall due.OTHER CIRCUMSTANCES AFFECTING THE FINANCIAL STATEMENTSAt the date of this report the Directors are not aware of any circumstances not otherwise dealt with in this report orin the consolidated financial statements which would render any amount stated in the financial statements of theCompany and the consolidated financial statements misleading.UNUSUAL ITEMSIn the opinion of the Directors, the results of the operations of the Company and of the Group during the financialyear have not been substantially affected by any item, transaction or event of a material and unusual nature.UNUSUAL ITEMS AFTER THE FINANCIAL YEARIn the opinion of the Directors, no item, transaction or event of a material and unusual nature has arisen in theinterval between the end of the financial year and the date of this report which would affect substantially theresults of the operations of the Company or of the Group for the financial year in which this report is made.DIRECTORS’ CONTRACTUAL BENEFITSSince the end of the previous financial year, no Director has received or has become entitled to receive a benefit byreason of a contract made by the Company or a related corporation with the Director, or with a firm of which theDirector is a member, or with a company in which the Director has a substantial financial interest.