FINANCIAL STATEMENTSForbearance Agreement |
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WELLS GARDNER ELECTRONICS. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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WELLS
EASTERN ASIA DISPLAYS (M) SDN. BHD.
(COMPANY NO.:501396U)
(Incorporated in Malaysia)
FINANCIAL
STATEMENTS
DECEMBER 31, 2003
(In Ringgit Malaysia)
Company No.: 501396 U
WELLS EASTERN ASIA DISPLAYS (M) SDN.
BHD.
(Incorporated in Malaysia)
FINANCIAL STATEMENTS
DECEMBER 31, 2003
CONTENTS
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PAGE(S) |
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Directors’
report |
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1-4 |
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Report
of the auditors |
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5 |
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Income
statement |
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6 |
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Balance
sheet |
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7-8 |
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Statement
of changes in equity |
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9 |
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Cash
flow statement |
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10-11 |
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Notes
to the financial statements |
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12-24 |
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Statement
by directors |
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25 |
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Declaration
by the director primarily responsible for the financial management of the
Company |
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25 |
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Company No.: 501396 U
WELLS EASTERN ASIA DISPLAYS (M) SDN. BHD.
(Incorporated in Malaysia)
DIRECTORS’ REPORT
The directors of WELLS EASTERN ASIA DISPLAYS
(M) SDN. BHD. have pleasure in submitting their report and the audited
financial statements of the Company for the financial year ended
December 31, 2003.
PRINCIPAL ACTIVITY
The Company is principally involved in
manufacturing colour monitors. There has been no significant change in the
nature of the activity of the Company during the financial year.
RESULTS OF OPERATIONS
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Net profit after tax for
the year |
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1,622,450 |
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In the opinion of the directors, the results
of operations of the Company during the financial year have not been
substantially affected by any item, transaction or event of a material and
unusual nature.
DIVIDENDS
No dividend has been paid or declared by the
Company since the end of the previous financial year. The directors also do not
recommend any dividend payment in respect of the current financial year.
RESERVES AND PROVISIONS
There were no material transfers to or from
reserves or provisions during the financial year other than those disclosed in
the financial statements.
ISSUE OF SHARES AND DEBENTURES
The Company has not issued any new shares or
debentures during the financial year.
1
Company No.: 501396 U
SHARE OPTIONS
No options have been granted by the Company
to any parties during the financial year to take up unissued shares of the
Company.
No shares have been issued during the
financial year by virtue of the exercise of any option to take up unissued
shares of the Company. As of the end of the financial year, there were no
unissued shares of the Company under options.
OTHER FINANCIAL INFORMATION
Before the income statement and balance sheet
of the Company were made out, the directors took reasonable steps:
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(a) |
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to ascertain
that proper action had been taken in relation to the writing off of bad debts
and the making of allowance for doubtful debts, and have satisfied themselves
that there are no known bad debts to be written off and no allowance for
doubtful debts is required; and |
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(b) |
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to ensure that
any current assets which were unlikely to realise their book values in the
ordinary course of business have been written down to their estimated
realisable values. |
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At the date of this report, the directors are
not aware of any circumstances:
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(a) |
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which would
require the writing off of bad debts or the setting up of allowance for
doubtful debts in the financial statements of the Company; or |
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(b) |
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which would
render the values attributed to current assets in the financial statements of
the Company misleading; or |
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(c) |
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which have
arisen which render adherence to the existing method of valuation of assets
or liabilities of the Company misleading or inappropriate; or |
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(d) |
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not otherwise
dealt with in this report or financial statements which would render any
amount stated in the financial statements of the Company misleading. |
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At the date of this report, there does not
exist:
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(a) |
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any charge on
the assets of the Company which has arisen since the end of the financial
year and secures the liability of any other person; or |
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(b) |
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any contingent
liability of the Company which has arisen since the end of the financial
year. |
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2
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Company No.: 501396 U
No contingent or other liability has become
enforceable or is 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 substantially affect the ability of the Company to meet
its obligations as and when they fall due.
In the opinion of the directors, no item,
transaction or event of a material and unusual nature has arisen in the
interval between the end of the financial year and the date of this report
which is likely to affect substantially the results of operations of the
Company for the succeeding financial year.
DIRECTORS
The following directors served on the Board
of the Company since the date of the last report:
Song, Kow-Wen
Hsu, Che-Chen
Liou Jenq Lin
Anthony Spier
Larry S. Mahl
Cheruvallimalayil Daniel Alexander
DIRECTORS’ INTEREST
The shareholdings in the Company of those who
were directors at the end of the financial year, as recorded in the Register of
Directors’ Shareholdings kept by the Company under Section 134 of
the Companies Act, 1965, are as follows:
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No. of ordinary shares of RM1 each |
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Balance at |
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Balance at |
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Shares in the Company |
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1.1.2003 |
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Bought |
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Sold |
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31.12.2003 |
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Indirect
interest: |
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Liou
Jenq Lin |
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1,254,000 |
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— |
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— |
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1,254,000 |
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DIRECTORS’ BENEFITS
Since the end of the previous financial year,
none of the directors of the Company has received or become entitled to receive
any benefit by reason of a contract made by the Company or a related
corporation with the director or with a firm of which he is a member, or with a
company in which he has a substantial financial interest.
During and at the end of the financial year,
no arrangement subsisted to which the Company was a party whereby directors of
the Company might acquire benefits by means of the acquisition of shares in, or
debentures of, the Company or any other body corporate.
3
Company No.: 501396 U
AUDITORS
The auditors, Messrs. Deloitte
KassimChan, have indicated their willingness to continue in office.
Signed on behalf of the Board
in accordance with a resolution of the Directors,
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Financial instruments carried on the balance sheet include cash and bank balances, receivables, payables and borrowings. The p 
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