Antara Dir'10

DIRECTORS' REPORT

Company No:

669691P

ANTARA BIJAK SDN. BHD.

(Incorporated in Malaysia)

DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2010The Directors have pleasure in submitting their report together with the audited financial statements of the Company for the year ended 31 December 2010.

PRINCIPAL ACTIVITIES

The Company was incorporated on 22 June 2005 and has yet to commence operation as at 31 December 2010.FINANCIAL RESULTS

RM

Net loss for the year(4,508)

Accumulated losses brought forward(10,730)

Accumulated losses carried forward(15,238)

RESERVES AND PROVISIONS

There were no material transfers to or from reserves and provisions during the financial year.

DIVIDENDS

No dividend has been paid or declared since the end of previous financial year. The directors do not recommend any dividend in respect of the current financial year.

SHARE CAPITAL

There was no movement in the shares of the Company during the financial year.DIRECTORS OF THE COMPANY

Directors who served since the date of last report until the date of this report made are: -

LEE HOO SON

UMAR BIN ALUS

The holdings in the ordinary shares of the Company of those who were directors at year end are as follows:-

Number of ordinary shares of RM 1 eachAs at

1.1.2010BoughtSoldAs at

31.12.2010

LEE HOO SON1--1

UMAR BIN ALUS1--1

DIRECTORS BENEFITS

Since the end of previous financial year, no director of the Company has received or become entitled to receive a benefit (other than a benefit included in the aggregate amount of emoluments received or due and receivable by directors as shown in the financial statements) by reason of a contract made by the Company or a related company with the director or with a firm of which the director is a member, or with a company in which the director has a substantial financial interest.

There were no arrangements during and at the end of the financial year, which had the object of enabling directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures of the Company or any other body corporate.

STATUTORY INFORMATION ON FINANCIAL STATEMENT

Before the financial statements of the Company were made out, the Directors took reasonable steps:

i) to ascertain that action had been taken in relation to the writing-off of bad debts and the making of allowances for doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate allowances has been made for doubtful debts.

ii) to ensure that any current assets which were unlikely to realise their book value in the ordinary course of business were written down to an amount which they might be expected so to realise.

STATUTORY INFORMATION ON FINANCIAL STATEMENT (CONTD)

At the date of this report, the Directors are not aware of any circumstances which would render:-

i) the amount written off for bad debts or the amount of allowances for doubtful debts in the financial statements of the Company inadequate to any substantial extent;

ii) the values attributed to current assets in the financial statements of the Company misleading;

iii) the adherence to the existing method of valuation of assets or liabilities of the Company misleading or inappropriate.

No contingent liability or other liability has become enforceable or are likely to become enforceable within the period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may affect the ability of the Company to meet its obligations as and when they fall due.

At the date of this report:

i) there are no charges on the assets of the Company that have arisen since the end of the financial year to secure the liabilities of any other person, and

ii) there are no contingent liabilities in respect of the Company which have arisen since the end of the financial year.

OTHER STATUTORY INFORMATION

The Directors state that:

At the date of this report, they are not aware of any circumstances not otherwise dealt with in this report or the financial statements, which would render any amount stated in the financial statements misleading.

In the opinion of the Directors:

a)the results of the Companys operations during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature; and

b)there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely to affect substantially the results of the operations of the Company for the current financial year in which this report is made.

AUDITORS

The retiring Messrs. ARIFIN AHMAD & CO, have indicated their willingness to be re-appointed in accordance with Section 172(2) of the Companies Act, 1965.

Signed in accordance with a resolution of the directors:

LEE HOO SON

Director

UMAR BIN ALUS

Director

SitiawanDate :

STATEMENT BY DIRECTORS PURSUANT TO

SECTION 169(15) OF THE COMPANIES ACT, 1965

We, LEE HOO SON and UMAR BIN ALUS, being the directors of ANTARA BIJAK SDN BHD., state that, in our opinion, the financial statements set out on pages 9 to 16 are drawn up in accordance with Private Entity Reporting Standards in Malaysia and the provisions of the Companies Act, 1965 so as to give a true and fair view of the state of affairs of the Company as at 31 December 2010 and of its results and cash flows for the financial year ended on that date.

Signed in accordance with a resolution of the directors:

LEE HOO SON

Director

UMAR BIN ALUS

Director

SitiawanDate :

DECLARATION PURSUANT TO

SECTION 169(16) OF THE COMPANIES ACT, 1965I, LEE HOO SON, being the director primarily responsible for the financial management of ANTARA BIJAK SDN. BHD., do solemnly and sincerely declare that the financial statements set out on pages 9 to 16 are, in my opinion, correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.

Subscribed and solemnly declared by the abovenamed)

LEE HOO SON

)

I/C:520717-08-5611 at Sitiawan

)

in the state of Perak Darul Ridzuan

) LEE HOO SONBefore me:

Commissioner for Oaths

SitiawanDate :

BALANCE SHEET AS AT 31 DECEMBER 2010

The notes on pages 13 to 16 forms part of these financial statements.INCOME STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2010

The notes on pages 13 to 16 forms part of these financial statements.STATEMENT OF CHANGES IN EQUITY


The notes on pages 13 to 16 forms part of these financial statements.CASH FLOW STATEMENT


NOTES TO THE FINANCIAL STATEMENTS

1. PRINCIPAL ACTIVITY

The Company was incorporated on 22 June 2005 and has yet to commence operation as at 31 December 2010.

2.GENERAL INFORMATION

The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on

The Company is a limited liability Company, incorporated and domiciled in Malaysia.

The registered office of the Company is located at No.3, 1st Floor, Taman Pegawai, Jalan Lumut, 32000 Sitiawan, Perak Darul Ridzuan.3.GOING CONCERN

As at 31 December 2010, the Company has net liabilities of RM15,236 (2009:RM10,728) and net loss of RM4,508 (2009:RM1,930). The financial statements of the Company have been prepared in accordance with the accounting policies applicable to a going concern. This basis presumes that the Company will continue to receive financial support from its shareholders, the director or creditor, and that future operating results of the Company will improve. Should any of the above underlying assumption be negated or substantially altered, the accompanying financial statements may be affected materially.

4.FINANCIAL RISK MANAGEMENT POLICIES

The Companys financial risk policy seeks to ensure that adequate financial resources are available for the development of the Companys business whilst managing its risks. The Company operates within clearly defined guidelines that are approved by the Board and the Companys policy is not engaged in speculative transactions.

The main area of financial risks faced by the Company and the policy in respect of the major area of treasury activity are set out as follows :

a) Liquidity and cash flow risk

The Company seeks to achieve a balance between certainty of funding and flexible, cost-effective borrowing structure. This is to ensure that at the minimum, all projected net borrowing needs are covered by committed facilities. Also, the objective for debts maturity is to ensure that the amount of debts maturity in any one year is not beyond the Company means to repay and refinance.

NOTES TO THE FINANCIAL STATEMENTS (CONTD)5.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) Basis of preparation

The financial statements of the Company have been prepared in accordance with the Private Entity Reporting Standards and the Companies Act, 1965 in Malaysia.

The financial statements have been prepared on the historical cost basis unless otherwise disclosed in the accounting policies below.b) Cash and cash equivalents

For the purpose of the cash flow statement, cash and cash equivalents comprise cash in hand.

c) Payables

Payables are stated at cost, which is the fair value of the consideration to be paid in the future of goods and services received.

d) Provisions

Provisions are recognized when there is a present obligation, legal or constructive, as a result of a past event, when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and reliable estimate can be made of the amount of the obligation.

e)Financial instruments

Financial instruments are recognized when a contractual relationship has been established.

Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual agreement. Interest, dividends, gains and losses relating to the financial instruments classified as liability are reported as expenses or income and distributions in respect of financial instruments classified as equity charged to equity.

Financial instruments are offset when the Company has a legally enforceable right to offset and intends to settle on a net basis or to realize the asset and settle the liability simultaneously.

The Companys accounting policies and the method adopted in respect of each class of financial; instruments and further information thereof are disclosed in the individual accounting policy statements or notes to the financial statements associated with those financial instruments.

NOTES TO THE FINANCIAL STATEMENTS (CONTD)

6.SHARE CAPITAL

2010

RM2009

RM

Authorised :

100,000 units of ordinary shares of RM 1 each100,000100,000

Issued and paid-up:

2 units of ordinary shares of RM 1 each22

7.OTHER PAYABLES AND ACCRUALS

20102009

RMRM

Accruals2,9885,300

8.AMOUNT DUE TO DIRECTOR

The amount due to the director is unsecured, interest free and has no fixed terms of repayment.

9.LOSS BEFORE TAXATION

20102009

RMRM

Loss before taxation is derived after charging:

Audit fees 800800

10.TAXATION

There is no provision for taxation provided in the financial statement at the end financial year as the Company has no chargeable income during the financial year.

NOTES TO THE FINANCIAL STATEMENTS (CONTD)

11FINANCIAL INSTRUMENTS

a)Credit risk

The maximum credit risk associated with recognised financial assets is the carrying amount shown in the balance sheet.

b) Fair value

The carrying amounts of financial assets and liabilities of the Company at the balance sheet date approximate their fair values.

1616

_1366440604.xlsSheet1

NOTE20102009

RMRM

Revenue- 0- 0

Cost of sales- 0- 0

Other operating income- 0- 0

Total income- 0- 0

Administration expenses(4,508)(1,930)

Loss from operation(4,508)(1,930)

Fnance cost- 0- 0

Loss before taxation9(4,508)(1,930)

Taxation10- 0- 0

Loss after taxation(4,508)(1,930)

Attribute VB_Name = "Sheet1"Attribute VB_Base = "0{00020820-0000-0000-C000-000000000046}"Attribute VB_GlobalNameSpace = FalseAttribute VB_Creatable = FalseAttribute VB_PredeclaredId = TrueAttribute VB_Exposed = TrueAttribute VB_TemplateDerived = FalseAttribute VB_Customizable = True

Attribute VB_Name = "ThisWorkbook"Attribute VB_Base = "0{00020819-0000-0000-C000-000000000046}"Attribute VB_GlobalNameSpace = FalseAttribute VB_Creatable = FalseAttribute VB_PredeclaredId = TrueAttribute VB_Exposed = TrueAttribute VB_TemplateDerived = FalseAttribute VB_Customizable = True

_1366446898.xlsSheet1

ShareAccumulatedTotal

CapitalLosses

RMRMRM

At 31 December 20082(8,800)(8,798)

Net loss for the year- 0(1,930)(1,930)

At 31 December 20092(10,730)(10,728)

Net loss for the year- 0(4,508)(4,508)

At 31 December 20102(15,238)(15,236)



_1366447296.xlsSheet1

20102009

RMRM

CASH FLOW FROM OPERATING ACTIVITIES

Loss Before Taxation(4,508)(1,930)

Operating Loss Before Working Capital Changes(4,508)(1,930)

Increase/(Decrease) In:

Payables(2,312)100

Directors$ 6,8201,830

Net Cash Generated From Operating Activities- 0- 0

NET INCREASE IN CASH AND CASH

EQUIVALENTS DURING THE FINANCIAL YEAR- 0- 0

CASH AND BANK BALANCES AT THE

BEGINNING OF THE FINANCIAL YEAR22

CASH AND BANK BALANCES AT THE

END OF THE FINANCIAL YEAR22

Cash and cash equivalents at end the financial

year comprise the following:

Cash and bank balances22



_1366440588.xlsSheet1

Note20102009

RMRM

ASSETS

Current Assets

Cash and bank balances$ 2$ 2

$ 2$ 2

TOTAL ASSETS$ 2$ 2

EQUITY AND LIABILITIES

Equity attributable to the shareholders of the Company

Share capital6$ 2$ 2

Accumulated losses$ (15,238)$ (10,730)

$ (15,236)$ (10,728)

LIABILITIES

Current Liabilities

Other payables and accruals7$ 2,988$ 5,300

Amount due to director8$ 12,250$ 5,430

$ 15,238$ 10,730

TOTAL EQUITY AND LIABILITIES$ 2$ 2





Antara Dir'10

Documents

Transcript of Antara Dir'10