kian joo can factory berhad

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1. GENERAL The Company is a public limited liability company, incorporated and domiciled in Malaysia, and listed on the Main Board of the Kuala Lumpur Stock Exchange. The registered office and principal place of business is located at Lot 10, Jalan Perusahaan 1, 68100 Batu Caves, Selangor Darul Ehsan. The principal activities of the Company are the manufacture and distribution of tin cans and investment holding. The principal activities of the Group are the manufacture and distribution of tin cans, 2-piece aluminium beverage cans, polyethelene terephalate products and corrugated fibreboard cartons, provisions of engineering services, letting of property and provision of share registration and management services. The financial statements are expressed in Ringgit Malaysia. The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the Directors on 25 March 2003. 2. SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Preparation The financial statements of the Group and of the Company have been prepared under the historical cost convention modified to include the revaluation of certain assets and comply with the provisions of the Companies Act, 1965 and applicable Approved Accounting Standards issued by the Malaysian Accounting Standards Board ("MASB"). Certain properties of the Group and of the Company were revalued by the Directors in periods prior to 1998. As permitted by MASB Standard No. 15, Property, Plant and Equipment, these assets are stated at their previous revalued amount (subject to continuity in depreciation policy and the requirement to write an asset down to its recoverable amount) on the basis that the revaluation carried out then, was a one off isolated event and not intended to be an adoption of a revaluation policy in place of historical cost. (b) Basis of Consolidation (i) Subsidiaries NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2002 The consolidated financial statements include the financial statements of the Company and all its subsidiary companies. Subsidiary companies are those companies in which the Group has a long term equity interest and where it has power to exercise control over the financial and operating policies so as to obtain benefits therefrom. All the subsidiary companies are consolidated using the acquisition method of accounting. Under the acquisition method of accounting, the results of subsidiary companies acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. The assets and liabilities of a subsidiary company are measured at their fair values at the date of acquisition and these values are reflected in the consolidated balance sheet. The difference between the cost of an acquisition and the fair value of the Group's share of the net assets of the acquired subsidiary company at the date of acquisition is included in the consolidated balance sheet as goodwill or negative goodwill arising on consolidation. ANNUAL REPORT 2002 • KIAN JOO CAN FACTORY BERHAD (3186-P) 4 7
8 4 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2002 (cont’d) 2. SIGNIFICANT ACCOUNTING POLICIES (cont’d) (b) Basis of Consolidation (cont’d) (i) Subsidiaries (cont’d) The gain or loss on disposal of a subsidiary company is the difference between net disposal proceeds and the Group's share of its net assets together with any unamortised balance of goodwill and exchange differences which were not previously recognised in the consolidated income statament. Minority interest is measured at the minorities' share of the post acquisition fair values of the identifiable assets and liabilities of the acquiree. Intragroup transactions, balances and resulting unrealised gains are eliminated on consolidation and the consolidated financial stataments reflect external transactions only. Unrealised losses are eliminated on consolidation unless costs cannot be recovered. (ii) Associated Company Associated company is the company in which the Group has a long term equity interest and where it exercises significant influence over the financial and operating policies. Investment in associated company is accounted for in the consolidated financial statements by the equity method of accounting based on the audited or management financial statements of the asociated company. The Group's share of results and reserves of associated company acquired or disposed is included in the consolidated financial statements from the date of acquisition and up to the date of disposal. Under the equity method of accounting, the Group's share of profits less losses of associated company during the year is included in the consolidated income statement. The Group's interest in associated company is carried in the consolidated balance sheet at cost plus the Group's share of post-acquisition retained profits or accumulated losses and other reserves as well as goodwill on acquisition. Unrealised gain on transactions between the Group and the associate company are eliminated to the extent of the Group's interest in the associate company. Unrealised losses are eliminated unless cost cannot be recovered. (c) Depreciation of Property, Plant and Equipment All property, plant and equipment are stated at cost/deemed cost less accumulated depreciation and impairment losses. The policy for the recognition and measurement of impairment losses is in accordance with Note 2 (m). Freehold land and capital work-in-progress are not depreciated. Leasehold land is amortised to write off the value of leasehold land over the unexpired lease terms ranging from 19 to 88 years. All other property, plant and equipment are depreciated on a straight-line basis calculated to write off the assets over their estimated useful lives at the following annual rates: Buildings 2 Plant, machinery and equipment 6 2/3 - 20 Furniture, fittings and equipment 10 - 50 Motor vehicles 20 KIAN JOO CAN FACTORY BERHAD (3186-P) • ANNUAL REPORT 2002 %
Page 1 and 2: (Incorporated In Malaysia) (3186-P)
Page 3 and 4: O 2 CORPORATE INFORMATION DIRECTORS
Page 5 and 6: O 4 FIVE YEAR FINANCIAL HIGHLIGHTS
Page 7 and 8: O 6 CORPORATE STRUCTURE (3186-P) (I
Page 9 and 10: 8 O PROFILE OF DIRECTORS (cont’d)
Page 11 and 12: 1 O PROFILE OF DIRECTORS (cont’d)
Page 13 and 14: 1 2 CORPORATE GOVERNANCE STATEMENT
Page 15 and 16: 1 4 CORPORATE GOVERNANCE STATEMENT
Page 17 and 18: 6 1 CHAIRMAN’S STATEMENT On behal
Page 19 and 20: 1 8 AUDIT COMMITTEE MEMBERSHIPS AND
Page 21 and 22: 2 O AUDIT COMMITTEE (cont’d) SUMM
Page 23 and 24: 2 2 STATEMENT OF INTERNAL CONTROL (
Page 25 and 26: 4 2 DIRECTORS’ REPORT DIRECTORS'
Page 27 and 28: 6 2 DIRECTORS’ REPORT (cont’d)
Page 35 and 36: 34 DIRECTORS’ REPORT (cont’d) O
Page 37 and 38: 6 3 REPORT OF THE AUDITORS TO THE M
Page 39 and 40: 8 3 BALANCE SHEETS AS AT 31 DECEMBE
Page 41 and 42: 0 4 CONSOLIDATED STATEMENT OF CHANG
Page 43 and 44: 42 STATEMENT OF CHANGES IN EQUITY F
Page 45 and 46: 4 4 CONSOLIDATED CASH FLOW STATEMEN
Page 47: 6 4 CASH FLOW STATEMENT FOR THE YEA
Page 51 and 52: 0 5 NOTES TO THE FINANCIAL STATEMEN
Page 81 and 82: 80 NOTES TO THE FINANCIAL STATEMENT
Page 83 and 84: 82 NOTES TO THE FINANCIAL STATEMENT
Page 87 and 88: 6 8 LIST OF PROPERTIES AS AT 31 DEC
Page 89 and 90: 8 8 ANALYSIS OF SHAREHOLDINGS AS AT
Page 91 and 92: 0 9 ANALYSIS OF SHAREHOLDINGS AS AT
Page 93 and 94: 2 9 NOTICE OF ANNUAL GENERAL MEETIN
Page 95 and 96: 9 4 NOTES KIAN JOO CAN FACTORY BERH
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