irasia.com - Yue Yuen Industrial (Holdings) Limited

Yue Yuen Industrial (Holdings) Limited
(incorporated in Bermuda with limited liabiltiy)

Notes on the Accounts

Note: [21] [22] [23] [24] [25] [26] [27] [28] [29] [30] [31] [32] [33] [34]

21. BANK LOANS

22. OTHER LONG-TERM LOAN

23. DEFERRED TAXATION

The deferred tax liability represents the tax effect of timing differences arising as a result of the excess of depreciation allowances claimed for tax purposes over depreciation charged in the financial statements.
In the opinion of the directors, the surplus arising on revaluation of the Group’s property interests does not constitute a timing difference for tax purposes.
The Group and the Company had no significant unprovided deferred taxation at the balance sheet date.

24. RECONCILIATION OF PROFIT FROM ORDINARY ACTIVITIES BEFORE TAXATION TO NET CASH INFLOW FROM OPERATING ACTIVITIES

25. PURCHASE OF SUBSIDIARIES

The subsidiaries acquired in 1996 did not have any significant impact to the Group’s cash flows and operating results in 1996.

26. ANALYSIS OF CHANGES IN FINANCING DURING THE YEAR

27. ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS

28. OPERATING LEASE COMMITMENTS

At the balance sheet date, the Group was committed to make the following rental payments for land and buildings within one year under non-cancellable operating leases which expire:

Included in the above are operating lease commitments under a non-cancellable operating lease of approximately US$9.0 million which expires in the second to fifth year inclusive (1996: US$5.2 million which expires after five years) payable to related companies, Godalming Industries Limited and its subsidiaries, in which certain directors of the Company, Messrs. Tsai Chi Neng and Choi Kwok Keung have beneficial interests.
The Company had no operating lease commitments at the balance sheet date.

29. CAPITAL COMMITMENTS

30. CONTINGENT LIABILITIES

31. RETIREMENT BENEFITS SCHEME

The Company and its subsidiaries operating in Hong Kong do not operate retirement schemes covering their local permanent employees.
The employees in the overseas subsidiaries are members of the respective state-managed retirement benefits scheme operated by the local government. The subsidiaries are required to contribute a certain percentage of their payroll to the retirement benefits scheme to fund the benefits. The only obligation of the Group with respect to the retirement benefits scheme is to make the required contributions under the scheme.
During the year or at the balance sheet date, there was no forfeited contributions, which arose upon employees leaving the retirement benefits scheme, available to reduce the contribution payable in the future years.

32. PRINCIPAL SUBSIDIARIES

Details of the Company’s principal subsidiaries at 30th September, 1997 are as follows:

* The principal activities are carried out in the country stated.
The deferred shares carry no rights to receive notice of or to attend or vote at any general meeting of the company and have practically no rights to dividends or to participate in any distributions on winding up.
The above table lists the subsidiaries of the Company which, in the opinion of the directors, principally affected the results or assets of the Group. To give details of other subsidiaries would, in the opinion of the directors, result in particulars of excessive length.
None of the subsidiaries had any debt securities outstanding at the end of the year, or at any time during the year.

33. PRINCIPAL ASSOCIATED COMPANIES

Details of the Group’s principal associated companies which are held indirectly by the Company and incorporated in the British Virgin Islands, at 30th September, 1997 are as follows:

The above table lists the associated companies of the Group which, in the opinion of the directors, principally affected the results or assets of the Group. To give details of other associated companies would, in the opinion of the directors, result in particulars of excessive length.

34. COMPARATIVE FIGURES

Certain comparative figures have been reclassified to conform with the current year’s presentation.

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21.	BANK LOANS

22.	OTHER LONG-TERM LOAN

23.	DEFERRED TAXATION The deferred tax liability represents the tax effect of timing differences arising as a result of the excess of depreciation allowances claimed for tax purposes over depreciation charged in the financial statements. In the opinion of the directors, the surplus arising on revaluation of the Group’s property interests does not constitute a timing difference for tax purposes. The Group and the Company had no significant unprovided deferred taxation at the balance sheet date.

24.	RECONCILIATION OF PROFIT FROM ORDINARY ACTIVITIES BEFORE TAXATION TO NET CASH INFLOW FROM OPERATING ACTIVITIES

25.	PURCHASE OF SUBSIDIARIES The subsidiaries acquired in 1996 did not have any significant impact to the Group’s cash flows and operating results in 1996.

26.	ANALYSIS OF CHANGES IN FINANCING DURING THE YEAR

27.	ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS

28.	OPERATING LEASE COMMITMENTS At the balance sheet date, the Group was committed to make the following rental payments for land and buildings within one year under non-cancellable operating leases which expire: Included in the above are operating lease commitments under a non-cancellable operating lease of approximately US$9.0 million which expires in the second to fifth year inclusive (1996: US$5.2 million which expires after five years) payable to related companies, Godalming Industries Limited and its subsidiaries, in which certain directors of the Company, Messrs. Tsai Chi Neng and Choi Kwok Keung have beneficial interests. The Company had no operating lease commitments at the balance sheet date.

29.	CAPITAL COMMITMENTS

30.	CONTINGENT LIABILITIES

31.	RETIREMENT BENEFITS SCHEME The Company and its subsidiaries operating in Hong Kong do not operate retirement schemes covering their local permanent employees. The employees in the overseas subsidiaries are members of the respective state-managed retirement benefits scheme operated by the local government. The subsidiaries are required to contribute a certain percentage of their payroll to the retirement benefits scheme to fund the benefits. The only obligation of the Group with respect to the retirement benefits scheme is to make the required contributions under the scheme. During the year or at the balance sheet date, there was no forfeited contributions, which arose upon employees leaving the retirement benefits scheme, available to reduce the contribution payable in the future years.

32.	PRINCIPAL SUBSIDIARIES Details of the Company’s principal subsidiaries at 30th September, 1997 are as follows: * The principal activities are carried out in the country stated. The deferred shares carry no rights to receive notice of or to attend or vote at any general meeting of the company and have practically no rights to dividends or to participate in any distributions on winding up. The above table lists the subsidiaries of the Company which, in the opinion of the directors, principally affected the results or assets of the Group. To give details of other subsidiaries would, in the opinion of the directors, result in particulars of excessive length. None of the subsidiaries had any debt securities outstanding at the end of the year, or at any time during the year.

33.	PRINCIPAL ASSOCIATED COMPANIES Details of the Group’s principal associated companies which are held indirectly by the Company and incorporated in the British Virgin Islands, at 30th September, 1997 are as follows: The above table lists the associated companies of the Group which, in the opinion of the directors, principally affected the results or assets of the Group. To give details of other associated companies would, in the opinion of the directors, result in particulars of excessive length.

34.	COMPARATIVE FIGURES Certain comparative figures have been reclassified to conform with the current year’s presentation.

Yue Yuen Industrial (Holdings) Limited(incorporated in Bermuda with limited liabiltiy)

Yue Yuen Industrial (Holdings) Limited
(incorporated in Bermuda with limited liabiltiy)