The Annual Report Requirement Needed In Malaysia Accounting Essay

The accounting board of Malaysia is Malayan Accounting Standard Board. Based on SME Corporation Malaysia, MASB is a statutory organic structure launched by the Financial Reporting Act 1997 with the exclusive authorization to put the lawfully obligatory fiscal coverage criterions in Malaysia. The criterion that issued by MASB is Malayan Financial Reporting Standards ( MFRS ) . This model should be applied by all the companies other than Private companies for the fiscal twelvemonth Begin.

The United States follows Financial Accounting Standard Board ( FASB ) . Fiscal Accounting Standards Board is to be designed to develop the Generally Accepted Accounting Principles ( GAAP ) within the United States. Those criterions are by and large accepted by the Securities and Exchange Commission ( SEC ) of United States that has the statutory authorization to set up the publish listed companies ‘ fiscal accounting and coverage as stated under Securities Exchange Act of 1934.

Management Discussion & A ; Analysis ( MD & A ; A )

There are non mandatory required to include this subdivisions in the accounting and fiscal statements or coverage of the public listed companies in Malaysia. However, there is a compulsory demands for public listed companies to print the accounting and fiscal statements or studies as stated in the FASB.

Reappraisal to the belongingss of companies

In Malaysia, the reappraisal to the companies ‘ assets is allowed and stated in the published stuffs of the companies. However, the yearly fiscal statements of United States ‘ companies are non allowed to do reappraisal to the assets as there is merely utilizing historical cost or book value as the normal accounting footing that stated in the FASB.

Inventory Accounting Methods

There are a differences in the stock list methods that applied by the public companies in reproducing its accounting and fiscal statements to find the value of stock list in the fiscal statements. In general, there are three common methods to value the stock list. There are FIFO ( foremost in, foremost out ) , LIFO ( last in, foremost out ) , and mean cost.

This three stock list methods are most often used by the U.S companies to value the stock list. However, the LIFO are non encouraged been used by the Malaysia companies.

Forms that needed to be filled by public listed companies:

Malaya

United States

Form 11

Notice of Resolution

Form 10-K for one-year studies

Form 24

Tax return of Allotment of Shares

Form 25

Statement Incorporating Particulars of Shares Allotted Otherwise Than For Cash

Form 27

Notice of Redemption of Redeemable Preference Shares

Form 28

Notice of Increase in Share Capital

Form 44

Notice of Situation of Registered Office and Office Hours and Particulars of Changes

Form 49

Return Giving Particulars in Register of Directors, Managers and Secretaries and Changes of Particulars

Liabilitiess

Accounting to the criterions stated in the MASB, the liabilities that describing in the periodical study should be separate into the different classs. However, the U.S companies merely needed to describe one sum in the balance sheet as required in the GAAP.

The Regulation of the Companies

There are few legal ordinance of the companies that needed to be followed by the public listed companies in Malaysia are Companies Act 1965, Securities Commission 1995, Financial Reporting Act 1997 and Income Tax Act 1967, Bursa Malaysia Berhad and Central Bank of Malaysia in order to set up the accounting and fiscal statements or studies.

On the other custodies, United State listed companies follows GAAP have to fix their companies ‘ fiscal statement. The ordinance of the companies need to be followed by U.S listed companies is Securities Exchange Commission ( SEC ) .

2.0 Fiscal Statements

2.1 Fiscal Statements of Fajarbaru Builder Group Bhd.

FAJARBARU BUILDER GROUP BHD

Amalgamate STATEMENTS OF EARNINGS

For the Old ages Ended June 30, 2012, 2011, 2010, 2009, and 2008

A

2012

2011

2010

2009

2008

A

RM

RM

RM

RM

RM

Gross

140,675,092

181,047,003

165,943,999

184,633,817

87,607,979

Other income

3,905,962

3,325,675

4,900,270

1,778,980

9,775,308

Undertaking disbursals

-159,019,683

-154,739,748

-129,446,533

-160,684,971

-77,660,547

Staff costs

-8,685,577

-6,995,726

-5,802,638

-4,737,815

-4,318,779

Depreciation

-1,114,945

-800,519

-801,135

-602,022

-591,372

Other disbursals

-3,062,014

-3,008,541

-1,688,347

-2,459,689

-1,015,149

Profit/Loss from operations

-27,301,165

18,828,144

33,105,616

17,928,300

13,797,440

Finance costs

-962,461

-116,359

-61,754

-173,401

-146,535

Profit/Loss before revenue enhancement

-28,263,626

18,711,785

33,043,862

17,754,899

13,650,905

Tax

6,984,470

-5,007,961

-8,427,168

-3,397,211

1,030,267

Profit/Loss for the twelvemonth

-21,279,156

13,703,824

24,616,694

14,357,688

14,681,172

A

A

Net income attributable to:

A

Owners of the parent

-21,279,156

13,603,960

24,683,626

14,390,500

14,252,635

Non-controlling involvement

99,864

-66,932

-32,812

428,537

A

-21,279,156

13,703,824

24,616,694

14,357,688

14,681,172

Net incomes per portion attributable to equity holders of the Company ( sen ) :

A

Basic, for ( loss ) /profit for the twelvemonth

-12.15

8.19

16.18

12.05

16.76

Diluted, for ( loss ) /profit for the twelvemonth

-11.42

7.57

14.68

8.86

16.76

FAJARBARU BUILDER GROUP BHD

CONSOLIDATED BALANCE SHEETS

30 June, 2012, 2011, 2010, 2009, and 2008

A

2012

2011

2010

2009

2008

RM

RM

RM

RM

RM

Assetss

A

Non-current assets

A

A

Property, works and equipment

12,966,944

9,959,595

5,784,355

5,088,701

6,515,658

A

Investing belongingss

1,331,405

1,335,734

1,205,633

A

Land held for belongings development

122,982,715

58,187,844

45,262,348

45,262,348

45,262,348

A

Trade receivables/Retention amounts

87,150

4,837,008

6,414,676

5,667,299

1,075,000

A

Intangible assets

208,202

208,202

208,202

208,202

208,202

A

Deferred revenue enhancement assets

700,000

A

Entire non-current assets

137,576,416

74,528,383

58,875,214

56,226,550

53,761,208

Current assets

A

A

Trade and other receivables

33,843,215

48,773,529

22,688,877

30,766,746

40,452,754

A

Other current assets

1,528,006

1,321,655

A

Tax recoverable

1,741,067

150,728

81,086

13,945

31,201

A

Cash and hard currency equivalents

74,212,285

94,882,763

124,535,455

88,753,795

33,518,742

A

Entire current assetsA

111,324,573

145,128,675

147,305,418

119,534,486

74,002,697

A Total assets

248,900,989

219,657,058

206,180,632

175,761,036

127,763,905

Equity and liabilities

A

Equity attributable to proprietors of the parent

A

A

Share capital

94,474,003

86,345,538

83,105,338

68,698,463

45,098,775

A

Share premium

3,628,459

3,313,468

10,279,378

6,512,547

6,898,973

A

Treasury portions

-1,116,581

-5,894,477

-10,395,891

-5,738,240

A

Warrant modesty

1,196,354

1,250,801

2,149,909

2,149,909

A

Other modesty

-85,947

-140,394

-2,149,909

-2,149,909

A

Employee Share Option Reserve

97,222

240,120

112,800

A

Retained net incomes

37,436,813

58,475,130

50,798,575

32,093,005

17,646,647

A

A

135,630,323

143,590,186

133,900,200

101,565,775

69,644,395

A

Non-controlling involvement

16,397,450

16,464,382

16,497,194

Entire equity

135,630,323

143,590,186

150,297,650

118,030,157

86,141,589

A

A

A

Non-current liabilities

A

A

Trade payables

5,419,464

4,743,334

A

Other payables

80,388

166,365

A

Hire purchase payables

1,583

A

Deferred revenue enhancement liabilities

630,349

8,085,304

7,655,415

7,655,415

7,545,881

A

Loans and adoptions

45,782,222

A

Entire non-current liabilities

51,832,035

12,828,638

7,655,415

7,735,803

7,713,829

Current liabilities

A

A

Trade and other payables

49,177,284

38,368,554

30,725,775

48,204,489

33,852,544

A

Other current liabilities

10,000,000

24,382,129

13,315,736

A

Bank adoptions

46,592

A

Tax collectible

163,569

487,551

4,186,056

1,790,587

9,351

A

Loans and adoptions

2,097,778

A

Entire current liabilitiesA

61,438,631

63,238,234

48,227,567

49,995,076

33,908,487

Entire liabilities

113,270,666

76,066,872

55,882,982

57,730,879

41,622,316

Entire equity and liabilities

248,900,989

219,657,058

206,180,632

175,761,036

127,763,905

FAJARBARU BUILDER GROUP BHD

Amalgamate STATEMENTS OF CASH FLOWS

For the Old ages Ended June 30, 2012, 2011, 2010, 2009, and 2008

A

2012

2011

2010

2009

2008

A

A

RM

RM

RM

RM

RM

Operating activities

A

A

Profit/Loss before revenue enhancement

-28,263,626

18,711,785

33,043,862

17,754,899

13,650,905

A

Adjustments for:

A

A

Depreciation on belongings, works and equipment

1,110,616

796,192

796,808

602,022

591,372

A

Depreciation on investing belongingss

4,329

4,327

4,327

A

Interest disbursal

12,435

47,098

A

Grant of equity-settled portion options to employee

101,603

321,167

136,960

A

Addition on disposal of belongings, works and equipment

-11,949

-9,999

-1,528

69,400

A

Impairment loss on land held for development

612,348

1,216,535

A

Impairment loss on receivables

71,594

A

Interest income

-3,531,624

-3,095,176

-2,190,742

-1,778,980

-930,276

A

Finance costs

962,461

116,359

61,754

A

Accrual for fillip

737,500

415,787

A

Write off of belongings, works and equipment

5,242

A

Operating ( loss ) /profit before working capital alterations

-29,628,190

17,462,245

31,923,035

18,613,811

13,774,886

A

Changes in working capital:

A

A

Trade and other receivables

21,138,689

-25,864,976

6,717,938

5,093,709

-9,002,711

A

Trade and other payables

11,468,214

6,356,379

-5,608,613

13,528,468

-2,243,496

A

Other current assets

-206,351

-1,321,655

A

Other current liabilities

-14,382,129

18,453,023

1,365,247

A

Cash ( used in ) /generated from operations

-11,609,767

15,085,016

34,397,607

37,235,988

2,528,679

A

Interest paid

-12,435

-47,098

A

Taxs paid

-2,384,806

-8,346,219

-6,098,840

-789,185

A

Taxs refunded

415,289

A

Net hard currency ( used in ) /generated from operating activities

-13,994,573

6,738,797

28,298,767

36,434,368

2,896,870

Investing activities

A

A

Acquisition of non-controlling involvement

16,048,407

A

Additions to investing belongingss –

-134,428

669,000

A

Interest received

2,073,107

2,855,527

2,190,742

1,778,980

930,276

A

Net hard currency escape on acquisition of subordinate

-13,532,844

A

Returns from disposal of belongings, works and equipment

11,950

10,000

4,025

50,000

A

Net income warrant received

5,000,000

2,794,635

3,726,180

A

Purchase of belongings, works and equipment

-2,745,649

-4,976,675

-1,494,959

-511,000

-1,278,446

A

Purchase of land held for belongings development

-66,167,188

A

Net hard currency used in puting activities

-66,827,780

-26,826,827

2,825,443

5,044,160

-348,170

A

A

Financing activities

A

A

Finance cost paid

-945,815

-35,000

-61,754

A

Payment of dividend

-10,179,578

-8,789,171

-3,670,322

-910,172

A

Payment of hire purchase payables

-48,175

-54,911

A

Returns from issue of portions, cyberspace of dealing cost

544,465

1,754,200

23,038,560

23,213,262

5,450,789

A

Returns from private arrangements

13,396,395

A

Acquisition of exchequer portions

-874,370

-4,175,584

-9,770,185

-5,738,240

A

Returns from exercising of employee portion options

151,200

3,071,300

240,000

A

Drawdown of adoptions

47,880,000

A

Net hard currency generated from/ ( used in ) funding activities

60,151,875

-9,564,662

4,657,450

13,756,525

4,485,706

A

A

Net increase/decrease in hard currency and hard currency equivalents

-20,670,478

-29,652,692

35,781,660

55,235,053

7,034,406

Cash and hard currency equivalents at beginning of twelvemonth

94,882,763

124,535,455

88,753,795

33,518,742

26,484,336

Cash and hard currency equivalents at terminal of twelvemonth

74,212,285

94,882,763

124,535,455

88,753,795

33,518,742

2.2 Fiscal Statements of Hock Seng Lee Bhd

HOCK SENG LEE BHD

Amalgamate STATEMENTS OF OPERATIONS

For the Old ages Ended June 30, 2012, 2011, 2010, 2009, and 2008

A

2012

2011

2010

2009

2008

A

RM’000

RM’000

RM’000

RM’000

RM’000

Gross

603,267

581,515

488,276

375,021

309,069

Cost of gross revenues

-473,488

-455,388

-379,449

-287,576

-241,200

Gross net income

129,779

126,127

108,827

87,445

67,869

Other income

687

1,065

1,638

823

625

Administrative disbursals

-14,729

-14,498

-14,175

-14,187

-12,742

Consequences from operating activities

115,737

112,694

96,290

74,081

55,752

Finance income

5,995

4,372

2,515

1,488

738

Finance disbursal

-583

-468

-386

-32

Net finance income

5,412

3,904

2,129

1,488

706

Net income before revenue enhancement

121,149

116,598

98,419

75,569

56,458

Income revenue enhancement disbursal

-30,455

-29,330

-24,980

-19,246

-14,619

Profit/Total comprehensive income for the period

90,694

87,268

73,439

56,323

41,839

A

A

Net income attributable to:

A

Owners of the Company

90,692

87,265

74,435

56,324

41,839

Non-controlling involvements

2

3

4

-1

Net income for the period

90,694

87,268

73,439

56,323

41,839

Profit/Total comprehensive income attributable to:

A

Owners of the Company

90,692

87,265

74,435

56,324

41,839

Non-controlling involvements

2

3

4

-1

Profit/Total comprehensive income for the period

90,694

87,268

73,439

56,323

41,839

A

A

Net incomes per portion from go oning operations

A

Basic net incomes per ordinary portion ( sen )

16.37

15.81

13.40

10.25

7.56

Diluted net incomes per ordinary portion ( sen )

16.37

15.81

13.40

10.25

7.56

HOCK SENG LEE BHD

CONSOLIDATED BALANCE SHEETS

30 December, 2012, 2011, 2010, 2009, and 2008

A

2012

2011

2010

2009

2008

A

RM’000

RM’000

RM’000

RM’000

RM’000

Assetss

A

A

A

A

A

Non-current assets

A

A

Property, works and equipment

113,906

112,647

96,175

71,131

49,335

Investing belongingss

4,565

Land held for belongings development

154,738

94,014

87,344

66,721

72,153

Entire non-current assets

273,209

206,661

183,519

137,852

121,488

Current assets

A

A

Cash and hard currency equivalents

198,769

183,721

89,702

76,360

56,942

Trade and other receivables

229682

241669

268709

226,935

196,308

Inventories

17,034

23,246

13,077

10,982

6,036

Property development costs

38,313

27,845

27,013

25,626

20,834

Entire current assets

483,798

476,481

398,501

339,903

280,120

Entire assets

757,007

683,142

582,020

477,755

401,608

A

A

A

Equity

A

A

Share capital

116,535

116,535

116,535

116,535

116,535

Capital salvation militias

2,165

2,165

2,165

2,165

2,165

Retained net incomes

386,901

322,222

247,369

193,967

144,237

Treasury portions

-25,672

-31,672

-21,029

-20,706

-20,296

Entire equity attributable to proprietors of the Company

479,929

409,250

345,040

291,961

242,641

Non-controlling involvement

206

203

199

Entire equity

479,929

409,456

345,243

292,160

242,641

A

A

A

Liabilitoes

A

Non-current liabilities

A

A

Deferred revenue enhancement liabilities

15,517

15,930

14,067

10,368

6,531

Entire non-current liabilities

15,517

15,930

14,067

10,368

6,531

Current liabilities

A

A

Trade and other payables

253,606

249,713

217,297

170,609

148,864

Current revenue enhancement liabilities

7,955

8,043

5,413

4,618

3,572

Entire current liabilities

261,561

257,756

222,710

175,227

152,436

Entire liabilities

277,078

273,686

236,777

185,595

158,967

Entire equity and liabilities

757,007

683,142

582,020

477,755

401,608

HOCK SENG LEE BHD

Amalgamate STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2012, 2011, 2010, 2009, and 2008

A

2012

2011

2010

2009

2008

RM’000

RM’000

RM’000

RM’000

RM’000

Cash flows from operating activities

A

A

A

A

A

Net income before revenue enhancement from go oning operations

121,149

116,598

98,419

75,569

56,458

Adjustments for: –

A

Non-cash points

10,287

7,844

7,109

5,554

4,505

Non-operating points

-5,688

-3,838

-2,410

-2,035

-803

Operating net income before alterations in working capital

125,748

120,604

103,118

79,088

60,160

Changes in working capital

A

Change in Inventories

8,088

-8,712

3,925

-4,718

-3,052

Change in belongings development costs

-3,364

-2,320

1,161

1,418

-175

Change in receivables, prepayment and other fiscal assets

-21,316

19,213

-81,022

-31,768

-58,183

Change in payables

3,417

32,171

46,996

22,882

64,851

Cash generated from operations

112,573

160,956

74,178

66,902

63,601

Overdraft involvement capitalised

-32

Income revenue enhancements paid

-30,956

-24,836

-20,118

-14,363

-13,717

Net hard currency from operating activities

81,617

136,120

54,060

52,539

49,852

Cash flows from puting activities

A

Acquisition of belongings, works & A ; equipment

-11,975

-17,360

-22,991

-29,118

-18,213

Returns from disposal of belongings, works & A ; equipment

695

1,609

1,712

2,315

426

Acquisition of investing belongings

-4,579

Land held for belongings development

-35,800

-6,670

-1,715

-1,005

-587

Interest received

5,312

3,374

1,529

1,491

655

Acquisition of portions by a subordinate from non-controlling involvement

-200

Issue of portions by a subordinate to minority involvements

200

Net hard currency used in puting activities

-46,547

-19,047

-21,465

-26,117

-17,719

A

A

Cash flows from funding activities

A

Purchase of exchequer portions

-4,131

-10,643

-8,571

-410

-3,189

Dividend paid to proprietors of the Company

-15,890

-12,412

-10,682

-6,594

-13,103

Net hard currency used in funding activities

-20,021

-23,055

-19,253

-7,004

-16,292

Net addition in hard currency and hard currency equivalents

15,049

94,018

13,342

19,418

15,841

Cash and hard currency equivalents, beginning of twelvemonth

183,270

89,252

75,910

56,492

40,651

Cash and hard currency equivalents, terminal of twelvemonth

198,219

183,270

89,252

75,910

56,492

2.3 Fiscal Statements of TSR Capital Bhd

TSR CAPITAL BHD

Amalgamate STATEMENTS OF EARNINGS

For the Years Ended December 31, 2012, 2011, 2010, 2009, and 2008

A

2012

2011

2010

2009

2008

A

RM’000

RM’000

RM’000

RM’000

RM’000

A

A

Gross

108,421

118,597

184,052

173,566

280,344

Cost of gross revenues

-94,837

-142,805

-168,361

-155,400

-285,838

Gross net income

13,584

24,208

15,691

18,166

-5,494

A

A

Other income

4,604

1,906

2,082

1,981

3,163

Administration disbursals

-12,957

-10,068

-14,534

-13,812

-11,074

Finance costs

-1,638

-133

-506

-868

-462

Profit/ ( Loss ) before revenue enhancement

3593

32503

2733

5467

-13,867

Income revenue enhancement disbursals

-1155

-95

-1311

-558

50

Net income for the period

2,438

-32,598

1,422

4,909

-13,817

A

A

Attributable to:

A

Equity holders of the Company

2,570

-32,587

1,409

4,771

-14,270

Non-controlling involvements

-132

-11

13

138

453

Net income for the period

2,438

-32,598

1,422

4,909

-13,817

A

A

Net incomes per portion ( sen )

A

Basic

2.3

-28.8

1.2

4.2

-12.9

Diluted

2

-25.2

1.1

3.7

N/A

TSR CAPITAL BHD

CONSOLIDATED BALANCE SHEETS

As at December 31, 2012, 2011, 2010, 2009, and 2008

A

2012

2011

2010

2009

2008

A

RM’000

RM’000

RM’000

RM’000

RM’000

Non-Current Assetss

A

Property, works and equipment

8,093

8,435

33,240

10,273

9,567

Investing Properties

91,198

93,728

Prepaid rental payments

334

Other assets

5,301

Deferred revenue enhancement assets

5,42

542

411

376

162

Property development outgo

35,977

7,920

716

Land held for future development

30,338

26,084

4,613

18,907

18,907

Trade receivables

821

128

1,041

Entire non-current assets

130,992

128,917

75,282

37,476

34987

A

A

Current assets

A

Sum due from contract clients

14,613

21,088

56,126

50,320

40,585

Inventories

4,985

3,959

5,906

9,212

6,077

Property development costs

1,538

7,152

Trade receivables

22,900

25,616

29,204

54,995

43,864

Accrued Billingss

10,696

2,789

Other receivables

24,140

9,617

15,446

19,474

16,703

Tax refundable

1,850

1,753

1,269

1,572

2,482

Fixed sedimentations with accredited Bankss

18,449

5,575

17,830

47,961

24,816

Cash and bank balances

13,225

14,981

39,529

16,309

43,835

Entire current assets

112,396

92,530

165,310

199,843

178,362

Entire assets

243388

221447

240,592

237,319

213349

A

A

Equity

A

Share capital

113,300

113,300

113,300

113,300

113,300

Share premium

26,653

26,653

26,653

26,653

26,653

Retained net incomes

14,061

11,867

9,645

Accumulated loss

-15,834

-18,404

Equity attributable to Equity holders of the Company

124,119

121,549

154,014

151,820

149,598

Non-controlling involvements

-142

-10

511

792

789

Entire equity

123,977

121,539

154,525

152,612

150,387

A

A

Non-current liabilities

A

Long-term bank adoptions

30,764

12,889

1,149

643

482

Trade payables

10,624

19,036

17,086

Entire non-current liabilities

41,388

31,925

18,235

643

482

A

A

Current liabilities

A

Short-term bank adoptions

5,755

987

981

895

983

Sum due to contract clients

1,819

5,071

Trade payables

46,949

45,543

31,920

44,857

47,276

Other payables

22,609

16,378

34,923

38,310

13,607

Current revenue enhancement payables

891

4

8

2

614

Entire current liabilities

78,023

67,983

67,832

84,064

62,480

Entire liabilities

119,411

99,908

86,067

84,707

62,962

Entire EQUITY AND LIABILITIES

243388

221,447

240,592

237,319

213,349

TSR CAPITAL BHD

Amalgamate STATEMENTS OF CASH FLOWS

For the Year Ended December 31, 2012, 2011, 2010, 2009, and 2008

A

2012

2011

2010

2009

2008

A

RM’000

RM’000

RM’000

RM’000

RM’000

CASH FLOWS FROM OPERATING ACTIVITIES

A

Profit/ Loss before revenue enhancement

3,593

-32,503

2,663

5,467

-13,867

A

Adjustments for:

Non-cash & A ; non-operating points

1,253

2,509

1,833

1,028

11,387

Operating net income before working capital alterations

4,846

-29,994

4,496

6,495

-2,480

Net alteration in current assets

-12,488

49,562

20,009

-16,213

29,758

Net alteration in current liabilities

4,161

-4,244

2,547

10,051

-9,683

Cash generated from operations

-3,481

15,324

27,052

333

17,595

Non-operating points

-2,004

-845

-1,090

-565

-1,685

Net hard currency used in operating activities

-5,485

14,479

2,5962

-232

15,910

A

CASH FLOWS FROM INVESTING ACTIVITIES

Interest received

664

447

922

1,141

776

Purchase of belongings, works and equipment

-903

-217

-378

-1,601

-1,851

Returns from disposal of belongings, works and equipment

470

483

173

184

311

Returns from disposal of investing belongingss

2,100

Purchase of investing belongingss

-3,459

-41,243

-30,582

Purchase of land held for future development

-4,254

-21,471

Acquisition of portions in bing subordinates from non-controlling involvements

-388

-225

Additions of fixed sedimentations pledged to fiscal establishments

-1,012

-6

-5

Net hard currency generated from puting activities

-6,394

-62,395

-30,095

-276

-764

A

CASH FLOWS FROM Financing ACTIVITIES

Refund of hire purchase duties

-1,012

-1,176

-1,084

-1,189

-1,194

Procceds from issue of portions

10,300

Drawdown of term loan

22,997

12,072

Dividend paid

-1,699

-2,684

-3,014

Net hard currency used in funding activities

21,985

10,896

-2,783

-3,873

6,092

Internet in hard currency and hard currency equivalents

10,106

-37,020

-6,916

-4,381

21,238

Cash and hard currency equivalents, beginning of twelvemonth

20,334

57,354

64,270

68,651

47,413

Cash and hard currency equivalents, terminal of twelvemonth

30,440

20,334

57,354

64,270

68,651

3.0 Companies Background, Activities, and MD & A ; A information

3.1 Fajarbaru Builder Group Bhd.

Fajarbaru Builder Group Bhd is a public listed company in Bursa Malaysia under building sectors. Presently, this company non merely runing its nucleus concern, building, it besides puting in some subordinates form the assorted sectors such as fabricating ready-mix concrete, merchandising building stuffs, and belongings development.

The beginning of the company is get downing their concern on 6 May 1976 as a private limited company, Fajarbaru Builder Sdn Bhd under the Companies Act 1965. Presently, the Fajarbaru Builder Sdn Bhd is besides one of its ‘ nucleus subordinate.

The nucleus operating activities of the beginning companies are civil plants, constructing building and prison guard contractor and other building plants on contract footing. This company is besides a Class A contractor that registered under Pusat Khidmat Kontraktor ( PKK ) , Class G7 contractor that registered under Construction Industry Development Board ( CIDB ) , and as a prison guard contractor that registered with Petroliam Nasional Berhad. Both of this types of licence enable the company to tender any size of the populace or private undertakings.

Presently, the Group is a one halt building bureau that capable to set about a broad scope of buildings undertakings. This capacity of the Group enable the efficiency and effectual of the concern activities such as cost and clip salvaging because of internalisation. Besides that, qualitative and quantitative directions of the Group can be controlled easy within the procedure of building activities merely within the Group.

The consequences of operating of Fajarbaru Builder Group Bhd showed an uncertainness tendencies in the net net incomes for the period of 2008 to 2012. That is a diminishing tendencies for the period 2008 to 2009. This might to the fiscal crisis occurs during that period of clip. Then, the net net incomes for the period of 2009 to 2010 showed an increasing tendencies. This is because of the injections of the authorities to the belongingss and public substructure development undertakings during the periods of clip that besides give important effects to the concern of the building houses. The diminishing tendencies occurred for the net net incomes of 2010 to 2012. During the recent few old ages, the authorities budget to develop many undertakings on public substructure. This types of undertakings usually are long term undertakings, so the return to the houses during the starting period of clip might non be so favourable for this minutes. The presidents of the company besides predicted that the return for the coming twelvemonth 2013 will be favourable as stated in Annual Report 2012.

Based on the amalgamate statements of hard currency flows, there are all negative net hard currency flows for twelvemonth 2012 from three beginnings ( operating, funding and puting ) . This showed that the companies presently wish to do long-run investings. This can look from the purchase of land the held for belongingss developments. Besides that, the companies has a good liquidness directions because harmonizing to the sum stated in the balance sheet, the hard currency and hard currency equivalent of the company still in a healthy degree, that is able to pay-off the current liabilities for that fiscal twelvemonth.

3.2 Hock Seng Lee Bhd

Hock Seng Lee BerhadA ( HSL ) is a well-developed building company based in the Sarawak that to the full incorporate Marine technology, civil technology and edifice building activities or undertakings of Sarawak. This company besides capable to delve up the complex substructure works such as span, route, flyover building, inundation extenuation, rural H2O supply and Marine constructions. Since HSL get downing their concern, many countries of Sarawak have been transformed into modern substructures such as modern lodging, resorts, commercial/shopping centres, industrial estates, international havens, airdromes and main roads.

The beginnings of HSL is operated by three eldest brothers of the Yii household ( Yii Chi Hau, Yu Chee Lieng and Yu Jih Tung ) in the mid-1960s. The chief operating activities are sand dredging and land fill operation. After that, the company was named, Hock Seng Lee, after the first lumber dredging vas to run the partnership company.A The company named Hock Seng Lee is because the soundsA like “ good concern ” in the local Hokkien idiom.

Then, the company was incorporated in January 1979 with the company named Hock Seng Lee Development Company Sendirian Berhad.A Over the past 30 few old ages after incorporated, its nucleus concern activities has been diversified into a broad scope of civil technology and building plants such as esteemed route plants and new township developments projects.A On 10 June 1996, HSL was listed on the Main Market of Bursa Malaysia under the building sectors.A Since HSL listed in Bursa Malaysia, it is one of the company that often winning the stockholder value awards.

Presents, HSL Berhad has over 700 full clip employees in the company and 30 per cent of them hold third or proficient makings. The central office of HSL is located in Kuching and can be classified as electronic office environment that attached with an advanced computing machine web, to the full computerized accounting system and a broad scope of customized computing machine package to back up the tendering activities, occupation costing and undertaking direction.

Harmonizing to the amalgamate statements of net incomes, the consequences of operating of HSL Bhd showed an increasing tendencies in the net net incomes for the period of 2008 to 2012. That is give a good mark of investings to the investors that the company has a stableness growing in the concern. The presidents of the company and besides the investing companies such as OSK besides predicted that the return for the coming twelvemonth 2013 will be favourable. This is common anticipations as to HSL Bhd because this companies is one of the companies that often winning the award of stockholder value of Bursa Malaysia.

Based on the amalgamate statements of hard currency flows, there are all positive net hard currency flows for the twelvemonth of 2008 to 2012. This showed that the company has the capacity to bring forth positive net hard currency flows each twelvemonth. However, the net hard currency used in puting and funding activities are all showed negative value for the period of 5 old ages. This types of negative hard currency flows might non be giving negative signal to investors because as we know that most of the hard currency escapes in this two classs are used in puting long-run investings such as exchequer portions, lands held for belongingss development. So, the possible investors might comprehend this type of hard currency escapes as the investing that give favourable return in the hereafter. Besides that, the companies has a healthy liquidness degrees because the assets and liabilities of the houses are largely in the scope of optimisation.

3.3 TSR Capital Bhd

TSR Capital Berhad is a public listed building company that listed in the Main Market of Bursa Malaysia. The nucleus concern of TSR are building foundation technology, dirt betterment, building and civil technology plants. Besides that, TSR besides involved in the fabrication, investing, development, undertaking direction, and belongingss direction activities. The headquarter of the company is located in Kuala Lumpur, Malaysia.

Based on the information sing to the treatment of the meeting that provided in the one-year study of the companies, I know that the companies from the building faced increasing uncertainnesss in concern during the starting period of my survey, 2008 due to the spill-over consequence of the US sub-prime crisis that occurred during that period of clip. However, the company still remain optimistic head set to the economic status of market Malaysia because of the stronger and the healthy fiscal landscape based on the solid economic basicss. Therefore the company belief that the economic sciences of Malaysia is decupled from the fiscal convulsion of U.S.

Harmonizing to the amalgamate statements of net incomes, the consequences of operating of HSL Bhd showed uncertainness tendencies in the net net incomes for the period of 2008 to 2012. There are an increasing for the period of 2008 to 2009, a decreasing for the period of 2009 to 2011 and an increasing tendencies for the periods of 2011 to 2012. The uncertainness tendencies from 2008 to 2010 might due to the economic system downswing for the period of clip. However, the president of the company predicted that the company can derive favourable return in the coming twelvemonth that generated from the current long-run investing.

Based on the amalgamate statements of hard currency flows, there is a positive net hard currency flows generated in 2012 since continued three fiscal old ages generated negative hard currency and hard currency equivalents from 2009 to 2011. This positive net hard currency flows might actuate the possible to put to the company because harmonizing to the financials theory, there are a clip considered to bring forth the return signifier an investings. So, the company might get down to have some periodical return that generates from the old investings.

The liquidness policies that applied in this company is more to borrowing to bring forth the concern activities. This can demo by the assorted types of payables that stated in the balance sheets under the subdivision of current liabilities.

4.0 Valuation and Discussion

4.1 Fajarbaru Builder Group Bhd

FAJARBARU BUILDER GROUP

Common-Size Income Statements ( Percent )

A

2012

2011

2010

2009

2008

Gross

100.00 %

100.00 %

100.00 %

100.00 %

100.00 %

Other income

2.777 %

1.837 %

2.953 %

0.964 %

11.158 %

Undertaking disbursals

-113.040 %

-85.469 %

-78.006 %

-87.029 %

-88.646 %

Staff costs

-6.174 %

-3.864 %

-3.497 %

-2.566 %

-4.930 %

Depreciation

-0.793 %

-0.442 %

-0.483 %

-0.336 %

-0.675 %

Other disbursals

-2.177 %

-1.662 %

-1.017 %

-1.332 %

-1.159 %

Profit/Loss from operations

-19.407 %

10.400 %

19.950 %

9.710 %

15.749 %

Finance costs

-0.684 %

-0.064 %

-0.037 %

-0.094 %

-0.167 %

Profit/Loss before revenue enhancement

-20.091 %

10.335 %

19.913 %

9.616 %

15.582 %

Tax

4.965 %

-2.766 %

-5.078 %

-1.840 %

1.176 %

Net Net incomes

-15.126 %

7.569 %

14.834 %

7.776 %

16.758 %

FAJARBARU BUILDER GROUP BHD

COMMON-SIZE BALANCE SHEETS ( PERCENT )

A

2012

2011

2010

2009

2008

Assetss

A

Non-current assets

A

Property, works and equipment

5.210 %

4.534 %

2.805 %

2.895 %

5.100 %

Investing belongingss

0.535 %

0.608 %

0.585 %

Land held for belongings development

49.410 %

26.490 %

21.953 %

25.752 %

35.427 %

Trade receivables/Retention amounts

0.035 %

2.202 %

3.111 %

3.224 %

0.841 %

Intangible assets

0.084 %

0.095 %

0.101 %

0.118 %

0.163 %

Deferred revenue enhancement assets

0.548 %

Entire non-current assets

55.274 %

33.929 %

28.555 %

31.990 %

42.079 %

A

A

Current assets

A

Trade and other receivables

13.597 %

22.204 %

11.004 %

17.505 %

31.662 %

Other current assets

0.614 %

0.602 %

Tax recoverable

0.700 %

0.069 %

0.039 %

0.008 %

0.024 %

Cash and hard currency equivalents

29.816 %

43.196 %

60.401 %

50.497 %

26.235 %

A Total current assets

44.726 %

66.071 %

71.445 %

68.010 %

57.921 %

Entire assets

100.000 %

100.000 %

100.000 %

100.000 %

100.000 %

A

A

Equity and liabilities

A

Equity attributable to proprietors of the parent

A

Share capital

37.956 %

39.309 %

40.307 %

39.086 %

35.299 %

Share premium

1.458 %

1.508 %

4.986 %

3.705 %

5.400 %

Treasury portions

-0.449 %

-2.683 %

-5.042 %

-3.265 %

Warrant modesty

0.481 %

0.569 %

1.043 %

1.223 %

Other modesty

-0.035 %

-0.064 %

-1.043 %

-1.223 %

Employee Share Option Reserve

0.039 %

0.109 %

0.055 %

Retained net incomes

15.041 %

26.621 %

24.638 %

18.259 %

13.812 %

A

54.492 %

65.370 %

64.943 %

57.786 %

54.510 %

Non-controlling involvement

7.953 %

9.367 %

12.912 %

Entire equity

54.492 %

65.370 %

72.896 %

67.154 %

67.422 %

A

A

Non-current liabilities

A

Trade payables

2.177 %

2.159 %

Other payables

0.046 %

0.130 %

Hire purchase payables

0.001 %

Deferred revenue enhancement liabilities

0.253 %

3.681 %

3.713 %

4.356 %

5.906 %

Loans and adoptions

18.394 %

A Total non-current liabilities

20.824 %

5.840 %

3.713 %

4.401 %

6.038 %

Current liabilities

A

Trade and other payables

19.758 %

17.467 %

14.902 %

27.426 %

26.496 %

Other current liabilities

4.018 %

11.100 %

6.458 %

Bank adoptions

0.036 %

Tax collectible

0.066 %

0.222 %

2.030 %

1.019 %

0.007 %

Loans and adoptions

0.843 %

Entire current liabilities

24.684 %

28.790 %

23.391 %

28.445 %

26.540 %

Entire liabilities

45.508 %

34.630 %

27.104 %

32.846 %

32.578 %

Entire Equity and Liabilitiess

100.000 %

100.000 %

100.000 %

100.000 %

100.000 %

FAJARBARU BUILDER GROUP BHD

Amalgamate STATEMENTS OF CASH FLOWS ( PERCENT )

For the Year Ended December 31, 2012, 2011, 2010, 2009, and 2008

A

2012

2011

2010

2009

2008

Operating activities

A

Profit/Loss before revenue enhancement

201.961 %

277.672 %

116.768 %

48.731 %

471.229 %

Adjustments for:

A

Depreciation on belongings, works and equipment ( Note 12 )

-7.936 %

11.815 %

2.816 %

1.652 %

20.414 %

Depreciation on investing belongingss ( Note 13 )

-0.031 %

0.064 %

0.015 %

Interest disbursal

0.034 %

1.626 %

Grant of equity-settled portion options to employee

-0.726 %

4.766 %

0.484 %

Addition on disposal of belongings, works and equipment

0.085 %

-0.148 %

-0.005 %

0.190 %

Impairment loss on land held for development

9.087 %

3.339 %

Impairment loss on receivables

0.253 %

0.000 %

0.000 %

Interest income

25.236 %

-45.931 %

-7.741 %

-4.883 %

-32.113 %

Finance costs

-6.877 %

1.727 %

0.218 %

Accrual for fillip

2.024 %

14.353 %

Write off of belongings, works and equipment

0.078 %

Operating ( loss ) /profit before working capital alterations ( balance carried frontward )

211.712 %

259.130 %

112.807 %

51.089 %

475.509 %

Changes in working capital:

A

Trade and other receivables

-151.049 %

-383.822 %

23.739 %

13.981 %

-310.774 %

Trade and other payables

-81.948 %

94.325 %

-19.819 %

37.131 %

-77.446 %

Other current assets

1.475 %

-19.613 %

Other current liabilities

102.769 %

273.833 %

4.824 %

A

A

Cash ( used in ) /generated from operations

82.959 %

223.853 %

121.552 %

102.200 %

87.290 %

Interest paid

-0.034 %

-1.626 %

Taxs paid

17.041 %

-123.853 %

-21.552 %

-2.166 %

Taxs refunded

14.336 %

Net hard currency ( used in ) /generated from operating activities

100.000 %

100.000 %

100.000 %

100.000 %

100.000 %

A

A

Investing activities

A

Acquisition of non-controlling involvement

-59.822 %

Additions to investing belongingss –

0.501 %

23.678 %

Interest received

-3.102 %

-10.644 %

77.536 %

35.268 %

-267.190 %

Net hard currency escape on acquisition of subordinate

50.445 %

Returns from disposal of belongings, works and equipment

-0.018 %

-0.037 %

0.142 %

0.991 %

Net income warrant received

-18.638 %

98.910 %

73.871 %

Purchase of belongings, works and equipment

4.109 %

18.551 %

-52.911 %

-10.131 %

367.190 %

Purchase of land held for belongings development

99.012 %

Net hard currency used in puting activities

100.000 %

100.000 %

100.000 %

100.000 %

100.000 %

A

A

Financing activities

A

Finance cost paid

-1.572 %

0.366 %

-1.326 %

Payment of dividend

106.429 %

-188.712 %

-26.681 %

-20.290 %

Payment of hire purchase payables

-0.350 %

-1.224 %

Returns from issue of portions, cyberspace of dealing cost

0.905 %

-18.340 %

494.660 %

168.744 %

121.515 %

Returns from private arrangements

22.271 %

Acquisition of exchequer portions

-1.454 %

43.656 %

-209.775 %

-41.713 %

Returns from exercising of employee portion options

0.251 %

-32.111 %

5.153 %

Drawdown of adoptions

79.599 %

Net hard currency generated from/ ( used in ) funding activities

100.000 %

100.000 %

100.000 %

100.000 %

100.000 %

Internet ( lessening ) /increase in hard currency and hard currency equivalents

-27.853 %

-31.252 %

28.732 %

62.234 %

20.986 %

Cash and hard currency equivalents at beginning of twelvemonth

127.853 %

131.252 %

71.268 %

37.766 %

79.014 %

Cash and hard currency equivalents at terminal of twelvemonth

100.000 %

100.000 %

100.000 %

100.000 %

100.000 %

4.2 Hock Seng Lee Bhd

HOCK SENG LEE BHD

COMMON-SIZE INCOME STATEMENTS ( PERCENT )

A

2012

2011

2010

2009

2008

Gross

100.000 %

100.000 %

100.000 %

100.000 %

100.000 %

Cost of gross revenues

78.487 %

78.311 %

77.712 %

76.683 %

78.041 %

Gross net income

21.513 %

21.689 %

22.288 %

23.317 %

21.959 %

Other income

0.114 %

0.183 %

0.335 %

0.219 %

0.202 %

Administrative disbursals

-2.442 %

-2.493 %

-2.903 %

-3.783 %

-4.123 %

Consequences from operating activities

19.185 %

19.379 %

19.720 %

19.754 %

18.039 %

Finance income

0.994 %

0.752 %

0.515 %

0.397 %

0.239 %

Finance disbursal

-0.097 %

-0.080 %

-0.079 %

0.000 %

-0.010 %

Net finance income

0.897 %

0.671 %

0.436 %

0.397 %

0.228 %

Net income before revenue enhancement

20.082 %

20.051 %

20.156 %

20.151 %

18.267 %

Income revenue enhancement disbursal

-5.048 %

-5.044 %

-5.116 %

-5.132 %

-4.730 %

Net Net incomes

15.034 %

15.007 %

15.040 %

15.019 %

13.537 %

Other comprehensive income, cyberspace of revenue enhancement

0.000 %

0.000 %

0.000 %

0.000 %

0.000 %

Profit/Total comprehensive income for the period

15.034 %

15.007 %

15.040 %

15.019 %

13.537 %

HOCK SENG LEE BHD

Common-Size Balance Sheets ( Percent )

A

2012

2011

2010

2009

2008

Assetss

A

Non-current assets

A

Property, works and equipment

15.047 %

16.490 %

16.524 %

14.889 %

12.284 %

Investing belongingss

0.603 %

0.000 %

0.000 %

0.000 %

0.000 %

Land held for belongings development

20.441 %

13.762 %

15.007 %

13.966 %

17.966 %

Entire non-current assets

36.091 %

30.252 %

31.531 %

28.854 %

30.250 %

Current assets

A

Cash and hard currency equivalents

26.257 %

26.894 %

15.412 %

15.983 %

14.179 %

Trade and other receivables

30.341 %

35.376 %

46.168 %

47.500 %

48.881 %

Inventories

2.250 %

3.403 %

2.247 %

2.299 %

1.503 %

Property development costs

5.061 %

4.076 %

4.641 %

5.364 %

5.188 %

Entire current assets

63.909 %

69.748 %

68.469 %

71.146 %

69.750 %

Entire assets

100.000 %

100.000 %

100.000 %

100.000 %

100.000 %

A

A

Equity and Liabilitiess

A

Equity

A

Share capital

15.394 %

17.059 %

2