Investment Holding Company and Assets - Excel

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Investment Holding Company and Assets - Excel Powered By Docstoc
					UME(M)
DR     Exceptional items                                            1,170.00
       CR     Quoted investment                                                  1,170.00

DR     Amount owing to subsidiary company UME (JB)                350,000.00
       CR   Subsidiary companies                                               350,000.00

DR      Amount owing to subsidiary company
        UME (M)                                               800,000.00
        UME (KL)                                              440,000.00
        UME (JB)                                              112,000.00
        CR    Associated company                                             1,352,000.00
(Being investment in subsidiary companies and associated company omitted now adjusted)

DR     Taxation                                                     4,000.00
       CR      Provision for taxation                                            4,000.00
(Being provision for taxation for the period ended 30.9.00)



UEM(M)


DR     Amount owing by holding company                            800,000.00
DR     Loss on disposal of quoted investment                          400.00
       CR      Unquoted investment                                             800,400.00
(Being disposal of unquoted investment omitted now adjusted)

DR     Taxation                                                   572,000.00
       CR      Provision for taxation                                          572,000.00
(Being provision for taxation for the period ended 30.9.00)

UME(KL)


DR     Amount owing by holding company                            112,000.00
       CR      Unquoted investment                                             112,000.00
(Being disposal of unquoted investment omitted now adjusted)

DR     Taxation                                                    90,000.00
       CR      Provision for taxation                                           90,000.00
(Being provision for taxation for the period ended 30.9.00)




UME(KTN)



DR     Other debtors                                               29,000.00
       CR      Provision for taxation                                           29,000.00
(Being over provision for taxation for the year ended 31.12.00)
UME(JB)


DR     Amount owing by holding company                             790,000.00
DR     Loss on disposal of quoted investment                        16,000.00
       CR      Unquoted investment                                              806,000.00
(Being disposal of unquoted investment omitted now adjusted)



DR     Taxation                                                    240,000.00
       CR     Provision for taxation                                            240,000.00
(Being under provision for taxation for the year ended 31.12.00)



UMP


DR     Taxation                                                     17,000.00
       CR     Provision for taxation                                             17,000.00
(Being under provision for taxation for the year ended 31.12.00)




IPSB


DR     Taxation                                                      9,000.00
       CR      Provision for taxation                                             9,000.00
(Being provision for taxation for the year ended 31.12.00)

AESB


DR     Other debtors                                                48,000.00
       CR      Taxation                                                          48,000.00
(Being over provision for taxation for the year ended 31.12.00)

AVSB


DR     Other debtors                                               114,000.00
       CR      Taxation                                                         114,000.00
(Being over provision for taxation for the year ended 31.12.00)

AFSB


DR     Other debtors                                                 3,000.00
       CR      Taxation                                                           3,000.00
(Being over provision for taxation for the year ended 31.12.00)

Q-flex

DR       Other debtors                                              50,000.00
       CR      Taxation                                                       50,000.00
(Being over provision for taxation for the year ended 31.12.00)



UNIJIN


DR     Taxation                                                   39,000.00
       CR      Provision for taxation                                         39,000.00
(Being provision for taxation for the period ended 31.12.00)
UGB GROUP
JOURNAL ENTRIES FOR ELIMINATION AND ADJUSTMENT


Permanent Adjustments : -
                                                                 RM'000         RM'000

DR     Share capital                                                10,610
DR     Retained profits                                             18,892
DR     Revaluation reserve                                           1,862
       CR     Investment in subsidiary companies                                    31,364
(Being adjustment on acqusition of subsidiary companies using the merger method)

DR     Share capital                                                    714
DR     Goodwill on consolidation                                        136
DR     Retained profit ( pre-acquisition)                                                136
       CR     Investment in subsidiary companies                                         714
(Being adjustment on acqusition of Unijin using the acquisition method)



DR     Goodwill on consolidation                                          154
DR     Retained profit ( pre-acquisition)                                                 86
       CR     Investment in associated company                                            68
(Being adjustment on investment in Rigel using the equity method)

DR     Investment in associated company                                    16
       CR     Loss on disposal of unquoted investment                                     16
(Being adjustment on inter-company transaction set-off)

DR     Investment in associated company                                   210
       CR     Share of result from associated company                                    210
(Being adjustment on share of profit from associated company)

DR     Share of result from associated company                            210
       CR     Investment in associated company                                           210
(Being adjustment on share of tax from associated company)

DR     Quoted investment                                                  935
       CR     P/L-Exceptional items                                                      935
(Being adjustment on diminution in value of quoted investment)
ACQUISITION OF SUBSIDIARY COMPANY
CONSOL WORKING


UNIJIN
Acquisition date : 5/3/2000

Total issued and fully paid up capital      :       1,400,000



                                            :        714,000



                                                :        51%



Accumulated loss B/F                            :   (333,819)

Profit for the period 1.1.00-31.3.00            :     93,645

Pre - acquisition loss                                          Goodwill computation


Pre-acquisition loss (31.12.99)                     (333,819)   Acquisition cost                             714,000

Profit for the period (1.1.00 to 31.3.00)                       Less :    Share capital
(93,645*67/91)                                        68,947             1,400,000*51%            714,000
                                                                          Pre-acquisition loss
                                                    (264,872)             (RM264,872)*51%        (135,085)
                                                                                                             578,915
Post acquisition profit                                         Goodwill on consolidation                    135,085
Unappriopriated profit b/f                           162,372
Pre-acquisition profit                              (264,872)
                                                     427,244


                                                                Consolidated profit and loss account
Minority interest
                                                                Post acquisition profit (RM93,645*67/91)     427,244
Pre-acquisition loss (RM264,872)*49%                (129,787)
                                                                Less : MI                                    209,349
Post acquisition profit RM427,244*49%                209,349
                                                                                                             217,894
Share capital 1,400,000*49%                          686,000
                                                     765,562
ACQUISITION OF ASSOCIATED COMPANY
CONSOL WORKING


RIGEL
Acquisition date : 5/3/2000

Total issued and fully paid up capital      :       6,000,000


UGB hold
Equity holding:                             :       1,680,000


                                                :        28%
% of equity holding

Accumulated loss B/F                            :   (504,705)

Profit for the period 1.1.00-31.3.00            :    267,567

Pre - acquisition loss                                          Goodwill computation


Pre-acquisition loss (31.12.99)                     (501,705)   Acquisition cost                              1,680,000

Profit for the period (1.1.00 to 31.3.00)                       Less :    Share capital
(267,567*67/91)                                      197,000             6,000,000*28%           1,680,000
                                                                          Pre-acquisition loss
                                                    (304,705)             (RM304,705)*28%          (85,317)
                                                                                                              1,594,683
Post acquisition profit                                         Goodwill on consolidation                        85,317
Profit for the year ended 31.12.00                   750,789
Less : pre acquisition profit                        197,000
                                                     553,789


Share of profit from associated company              155,061




Group total goodwill
On acquisition of subsidiary companies:-
UNIJIN                                               135,085

On acquisition of associated company
Rigel                                                 85,317
                                                     220,402



Pre-acquisition loss
Unijin   (135,085)
Rigel     (85,317)
UME(M)      #REF!
         #REF!
UME(M)-CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2001                                                                                                                                Consol
                                                                   Adjustment                                    Adjustment                                   Adjustment            UME(M)
                                        UME(M)        PCT         DR        CR         Total        PISB        DR        CR         Total        OCT        DR        CR             Total
EMPLOYMENT OF CAPITAL
FIXED ASSETS                               5,901             78                          5,979         261                             6,240             6                             6,246
QUOTED INVESTMENT                                 5                                             5                                            5                                               5
SUBSIDIARIES COMPANY                         750                                  51       699         121                     700       120                                120          -
ASSOCIATED COMPANY                           -                                             -                                             -                                               -
UNQUOTED INVESTMENT                              36                                            36      -                                     36                             -                36
PROGRESS PAYMENT                             -                                             -

CURRENT ASSETS
Stock                                     29,304             4                          29,308         110                            29,418          14                        0     29,432
Trade debtors                              9,558             86                          9,644         134                             9,778        252                         5     10,025
Other debtors, deposits & prepayments        261            110                            371          18                               389        -                       -            389
Amount owing by subsidiaries company         -                                             -                                             -                                               -
Amount owing by holding company              138        -                        133          5                                 1           4                  -                4        -
Amount owing by related company            5,045                                         5,045                                         5,045                                           5,045
Fixed deposits                               141                                           141                                           141                                             141
Cash and bank balances                         81          6                                 87           0                                87        19                                  106
                                          44,528        206                             44,601         262                            44,862        285                               45,138

CURRENT LIABILITIES
Trade creditors                            2,167             41                          2,208             61                          2,269        233                                2,502
Other creditors and accruals                  40              9                              49            52                            101          2             0                    103
Amount owing to directors                    188             12                            200              4                            204          8                                  212
Amount owing to related company            2,394             18                          2,412                       1                 2,411        -                                  2,411
Amount owing to holding company           10,952            133     133                 10,952                                        10,952          9             9       -         10,952
Amount owing to subsidiaries company                                                       -                                             -                                               -
Term loan                                    857                                           857                                           857                                             857
Bank overdraft                             3,485                                         3,485              1                          3,486                                           3,486
Other bank borrowings                      4,801                                         4,801                                         4,801                                           4,801
Application & allotment                      -                                             -                                             -                                               -
Provision for taxation                     1,897                                         1,897                                         1,897                                           1,897
Proposed dividend                            -                                             -                                             -                                               -
                                          26,781        213                             26,861         118                            26,978        252                               27,221
NET CURRENT ASSETS/ (LIABILITIES)         17,747         (7)                            17,740         144                            17,884         33                               17,917

INTANGIBLE ASSETS
Expenditure carried forward                  -                       26           1         25            0        202                   227        -              65           3        289
                                          24,439            71                          24,484         526                            24,512            39                            24,493




SHARE CAPITAL                              5,000            100     100                  5,000       1,000       1,000                 5,000        150        150                     5,000
SHARE PREMIUM                                                                        -                                     -                             -
(GOODWILL)/RESERVE ON CONSOLIDATION        -        -                                -                                     -                             -
REVALUATION RESERVE                      1,209                                     1,209                                 1,209                         1,209
PROFIT AND LOSS ACCOUNT                 17,775      (86)             1      68    17,756       (474)       8     352    17,626    (111)     4    88   17,599
SHAREHOLDERS' FUNDS                     23,984       14                           23,965        526                     23,835      39                23,808

TERM LOAN                                  -        -                                -             0                       -                             -
HIRE PURCHASE & FINANCE                                                              -             0                       -                             -
  LEASE CREDITORS                          408          57                           465           0                       465                           465
DEFERRED TAXATION                            47                                        47          0                         47                            47
MINORITY INTEREST                          -                                 7          7          0              158      165                    8      173
                                        24,439          71       260       260    24,484        526    1,211   1,211    24,512     39     228   228   24,493
NTA per share (RM)                        4.80     0.14




UME(JB)-CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2001
                                                @60%                      Adjustment
                                       UME(JB) UME(KTN)      Total       DR        CR       Total
EMPLOYMENT OF CAPITAL
FIXED ASSETS                            1,004      177     1,181                  1,181
QUOTED INVESTMENT                         388                388                    388
SUBSIDIARIES COMPANY                           5                 5           5      -
ASSOCIATED COMPANY                        -                  -                      -
UNQUOTED INVESTMENT                       -                  -                      -
PROGRESS PAYMENT                          -                  -                      -

CURRENT ASSETS
Stock                                   2,549      254     2,803                  2,803
Trade debtors                           3,505       466    3,971                  3,971
Other debtors, deposits & prepayments       59      101      160              1     159
Amount owing by subsidiaries company      214                214            214     -
Amount owing by holding company             82     -           82                     82
Amount owing by related company             85                 85                     85
Fixed deposits                            -                  -                      -
Cash and bank balances                    873        93      966                    966
                                        7,367      914     8,281                  8,066
                                                             -
CURRENT LIABILITIES                                          -
Trade creditors                           426       27       453                    453
Other creditors and accruals              148       36       184                    184
Amount owing to directors                 -          0       -                      -
Amount owing to related company           113      384       497                    497
Amount owing to holding company           -        215       215      215           -
Amount owing to subsidiaries company                         -                      -
Term loan                                 -                  -                      -
Bank overdraft                            -                  -                      -
Other bank borrowings                     -                  -                      -
Application & allotment                   -                  -                      -
Provision for taxation                      42                 42                     42
Proposed dividend                         -                  -                      -
                                          729      662     1,391                  1,176
NET CURRENT ASSETS/ (LIABILITIES)       6,638      252     6,890                  6,890
                                                             -
INTANGIBLE ASSETS                                            -
Expenditure carried forward               -                  -                      -
                                        8,035      429     8,464                  8,459




SHARE CAPITAL                                 90       8         98    8                90
SHARE PREMIUM                                                                       -
(GOODWILL)/RESERVE ON CONSOLIDATION       -        -         -                      -
REVALUATION RESERVE                           44                 44                     44
PROFIT AND LOSS ACCOUNT                   7,752       405       8,157      162         7,995
SHAREHOLDERS' FUNDS                       7,886       413       8,299                  8,129

TERM LOAN                                   -          -          -                      -
HIRE PURCHASE & FINANCE
  LEASE CREDITORS                           136            16    152                     152
DEFERRED TAXATION                             13                  13                      13
MINORITY INTEREST                           -                                    165     165
                                          8,035       429       8,464      385   385   8,459
NTA per share (RM)                        87.62      51.63      84.68                  90.32



HP & Leasing creditors

Portion due within 1 yr                         54         23         77

Portion due after 1 yr                      136            16    152
                                            190            39    229




UMP-CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2001
                                                                          Adjustment
                                        UMP       IPSB        Total      DR        CR         Total
EMPLOYMENT OF CAPITAL
FIXED ASSETS                               496       177          673                             673
QUOTED INVESTMENT                          380                    380                             380
SUBSIDIARIES COMPANY                       173                    173                   173       -
ASSOCIATED COMPANY                         -                      -                               -
UNQUOTED INVESTMENT                        -                      -                               -
PROGRESS PAYMENT                           -                      -                               -

CURRENT ASSETS
Stock                                      202       95           297                             297
Trade debtors                            2,844       231        3,075                           3,075
Other debtors, deposits & prepayments      155        26          181                     0       181
Amount owing by subsidiaries company       100                    100                   100       -
Amount owing by holding company            -         -            -                               -
Amount owing by related company              82          44       126                             126
Fixed deposits                               76           9         85                              85
Cash and bank balances                        2      -               2                               2
                                         3,461       405        3,866                           3,766
                                                                  -
CURRENT LIABILITIES                                               -
Trade creditors                            418       119          537                             537
Other creditors and accruals                 9        99          108                             108
Amount owing to directors                  -           1             1                               1
Amount owing to related company            605         0          605                             605
Amount owing to holding company            154       100          254      100                    154
Amount owing to subsidiaries company                              -                               -
Term loan                                  -                      -                               -
Bank overdraft                               52          13         65                              65
Other bank borrowings                      -                      -                               -
Application & allotment                    -                      -                               -
Provision for taxation                     115           11       126                             126
Proposed dividend                          -                      -                               -
                                         1,353       343        1,696                           1,596
NET CURRENT ASSETS/ (LIABILITIES)        2,108        62        2,170                           2,170
                                                                  -
INTANGIBLE ASSETS                                                 -
Expenditure carried forward                -                      -         84           4         80
                                         3,157       239        3,396                           3,303




SHARE CAPITAL                            1,000       100        1,100      100                  1,000
SHARE PREMIUM                                                                                     -
(GOODWILL)/RESERVE ON CONSOLIDATION     -        -          -                   -
REVALUATION RESERVE                     -                   -                   -
PROFIT AND LOSS ACCOUNT               1,850      110      1,960   46          1,915
SHAREHOLDERS' FUNDS                   2,850      210      3,060               2,915

TERM LOAN                               -        -          -                   -
HIRE PURCHASE & FINANCE
  LEASE CREDITORS                       302          29    331                  331
DEFERRED TAXATION                         5                  5                    5
MINORITY INTEREST                       -                                53      53
                                      3,157      239      3,396   330   330   3,303
NTA per share (RM)                     2.85      2.10      2.78                2.83




HP & Leasing creditors

Portion due within 1 yr                     61       40    101

Portion due after 1 yr                  241          29    270
                                        302          69    371
                                      UNIMECH GROUP BERHAD
                                        (Company No : 407580-X)
                                        (Incorporated in Malaysia)

                              CONSOLIDATED BALANCE SHEET


                                                                As at               As at
                                                               end of            preceding
                                                              current             financial
                                                              quarter             year end
                                                           31 March 2001       31 March 2000
                                                              RM'000              RM'000

1.   Property, plant and equipment                                   19,644           19,820
2.   Investment in associated company                                 1,733            1,589
3.   Long term investments                                            1,307              -
4.   Quoted investments                                               1,127            1,361
5.   Goodwill on consolidation                                          538              518

6. Current assets
       Inventories                                                   39,686           37,250
       Trade receivables                                             27,115           27,930
       Other receivables                                                905            1,772
       Fixed deposit with licensed banks                              1,360            1,665
       Cash and bank balances                                         3,952            4,185
                                                                     73,018           72,802
7. Current liabilities
       Trade payables                                                 6,089            6,913
       Other payables                                                 1,418            1,744
       Amount owing to directors                                        236              376
       Short term borrowings                                         10,517           10,664
       Proposed dividend                                              2,362            2,362
       Provision for taxation                                         2,317            2,629
                                                                     22,939           24,688

8. Net current assets/(liabilities)                                  50,079           48,114
                                                                     74,428           71,402

9. Shareholders' funds
   Share capital                                                     41,000           41,000
   Share premium                                                      8,346            8,346
   Exchange fluctuation reserve                                         (11)             (29)
   Retained profit                                                   20,873           17,747
                                                                     70,208           67,064

10. Minority interests                                                1,113            1,127
11. Long term borrowings
       Term loan                                                      1,187            1,670
       Hire purchase creditors                                        1,674            1,296
12 Deferred tax                                                         246              245
                                                                     74,428           71,402

13. Net tangible assets per share (RM)                                 1.70              1.62
                                                          UNIMECH GROUP BERHAD
                                                            (Company No : 407580-X)
                                                            (Incorporated in Malaysia)
                                                            AND ITS SUBSIDIARIES


     QUARTERLY REPORT ON CONSOLIDATED INCOME STATEMENT FOR THE FIRST FINANCIAL QUARTER ENDED
                                             31 MARCH 2001
                                    (The figures have not been audited)

                                                                         INDIVIDUAL QUARTER     CUMULATIVE QUARTER
                                                                       CURRENT PRECEDING YEAR CURRENT PRECEDING YEAR
                                                                        YEAR     CORRESPONDING   YEAR    CORRESPONDING
                                                                       QUARTER      QUARTER    TO DATE       PERIOD
                                                                       31/3/2001    31/3/2000  31/3/2001    31/3/2000
                                                                        RM'000       RM'000     RM'000       RM'000

1. (a) Revenue                                                             13,515        11,783      13,515      11,783

   (b) Investment income                                                           6        -                6      -

   (c) Other income                                                                9             7           9           7

2. (a) Operating profit before finance cost, depreciation,
       exceptional items, income tax, minority
       interests and extraordinary items                                    3,789         3,025       3,789       3,025

   (b) Finance cost                                                          (131)        (141)       (131)       (141)

   (c) Depreciation and amortisation                                         (524)        (355)       (524)       (355)

   (d) Exceptional items                                                     (225)              11    (225)             11

   (e) Operating profit before income tax, minority interests
       and extraordinary items                                              2,909         2,540       2,909       2,540

   (f) Share in the results of associated company                                 10            75          10          75

   (g) Profit before income tax, minority interest and
       extraordinary items                                                  2,919         2,615       2,919       2,615

   (h) Income tax                                                          (1,009)        (735)      (1,009)      (735)

   (i) (i) Profit after taxation before deducting minority interest         1,910         1,880       1,910       1,880

       (ii) Less minority interest                                                81        (29)            81      (29)

   (j) Net profit from ordinary activities attributable
       to members of the Company                                            1,991         1,851       1,991       1,851

   (k) (i) Extraordinary items                                                -             -           -           -
       (ii) Less minority interests                                           -             -           -           -
       (iii) Extraordinary items attributable to members
             of the Company                                                   -             -           -           -

   (l) Net profit after taxation and extraordinary items
       attributable to members of the Company                               1,991         1,851       1,991       1,851

3. (a) Earnings per share based on 2 (l) above after
       deducting any provision for preference dividends,
       if any :

       (i) Basic (based on 41,000,000 ordinary shares;
           2000: 31,363,850 ordinary shares) (sen)                           4.86          5.90        4.86        5.90

				
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Description: Investment Holding Company and Assets document sample