cont'd - KNM Steel Sdn Bhd

More documents

Recommendations

Info

KNM GROUP BERHAD I Annual Report 2012Independent Auditors’ Reportto the members of KNM Group Berhad (cont’d)137ii)As disclosed in Note 9 to the financial statements, the projected future taxable profit supporting the recognitionof the deferred tax assets is subject to significant risk and uncertainties. In the projection of future taxableprofits, the assumptions used included future events that may not necessarily occur. Actual results could besignificantly different from the Directors’ estimate of future profitability since anticipated events may not occuras expected and the variation could be material. Hence uncertainties exist and any significant variation inthese assumptions may result in a change in the extent of the deferred tax assets recognised.Report on Other Legal and Regulatory RequirementsIn accordance with the requirements of the Companies Act, 1965 in Malaysia, we also report the following:a) In our opinion, the accounting and other records and the registers required by the Act to be kept by theCompany and its subsidiaries of which we have acted as auditors have been properly kept in accordance withthe provisions of the Act.b) We have considered the accounts and the auditors’ reports of the subsidiaries of which we have not acted asauditors, which are indicated in Note 31 to the financial statements.c) We are satisfied that the accounts of the subsidiaries that have been consolidated with the Company’s financialstatements are in form and content appropriate and proper for the purposes of the preparation of the financialstatements of the Group and we have received satisfactory information and explanations required by us forthose purposes.d) The audit reports on the accounts of the subsidiaries did not contain material qualification or any adversecomment made under Section 174(3) of the Act.Other Reporting ResponsibilitiesOur audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The informationset out in Note 37 on page 134 to the financial statements has been compiled by the Company as required by theBursa Malaysia Securities Berhad Listing Requirements and is not required by the Malaysian Financial ReportingStandards and International Financial Reporting Standards. We have extended our audit procedures to report onthe process of compilation of such information. In our opinion, the information has been properly compiled, in allmaterial respects, in accordance with the Guidance on Special Matter No.1, Determination of Realised and UnrealisedProfits or Losses in the Context of Disclosures Pursuant to Bursa Malaysia Securities Berhad Listing Requirements,issued by the Malaysian Institute of Accountants and presented based on the format prescribed by Bursa MalaysiaSecurities Berhad.Other MattersAs stated in Note 1(a) to the financial statements, KNM Group Berhad adopted Malaysian Financial ReportingStandards (“MFRS”) and International Financial Reporting Standards (“IFRS”) on 1 January 2012 with a transitiondate of 1 January 2011. These standards were applied retrospectively by the Directors to the comparative informationin these financial statements, including the statements of financial position as at 31 December 2011 and 1 January2011, and the statements of comprehensive income, changes in equity and cash flows for the year ended 31December 2011 and related disclosures. We were not engaged to report on the comparative information that isprepared in accordance with MFRS and IFRS, and hence it is unaudited. Our responsibilities as part of our auditof the financial statements of the Group and of the Company for the year ended 31 December 2012 have, in thesecircumstances, included obtaining sufficient appropriate audit evidence that the opening balances as at 1 January2012 do not contain misstatements that materially affect the financial position as of 31 December 2012 and financialperformance and cash flows for the year then ended.
138KNM GROUP BERHAD I Annual Report 2012Independent Auditors’ Reportto the members of KNM Group Berhad (cont’d)This report is made solely to the members of the Company, as a body, in accordance with Section 174 of theCompanies Act, 1965 in Malaysia and for no other purpose. We do not assume responsibility to any other personfor the content of this report.KPMGFirm Number: AF 0758Chartered AccountantsChan Kam ChiewApproval Number: 2055/06/14(J)Chartered AccountantPetaling Jaya,Date: 30 April 2013
Page 1 and 2:
KNM GROUP BERHADWorld Class Process
Page 3 and 4:
2KNM GROUP BERHAD I Annual Report 2
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
10KNM GROUP BERHAD I Annual Report
Page 13 and 14:
Page 15 and 16:
Page 17:
Page 20 and 21:
KNM GROUP BERHAD I Annual Report 20
Page 22 and 23:
Page 24 and 25:
Page 26 and 27:
Page 28 and 29:
Page 30 and 31:
Page 32 and 33:
Page 34 and 35:
Page 36 and 37:
Page 38 and 39:
Financial Statements38 Directors’
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89: KNM GROUP BERHAD I Annual Report 20
Page 135 and 136: 134KNM GROUP BERHAD I Annual Report
Page 137: 136KNM GROUP BERHAD I Annual Report
Page 149 and 150: Fold this flap for sealingThen fold
show all

cont'd - KNM Steel Sdn Bhd

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?