NOTES TO THE ACCOUNTS
1.   Basis of Preparation

     The interim financial report is unaudited and is prepared in accorda...
9.   Changes in the Composition of the Group

     There were no changes in the composition of the Group during the period...
16. Segmental Information

    The Company generates all its revenue from Malaysia and has only one principal activity.


...
23. Dividend

    No interim dividend has been declared or paid.


24. Earnings Per Share

    The earnings per share is c...
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NOTES TO THE ACCOUNTS

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NOTES TO THE ACCOUNTS

  1. 1. NOTES TO THE ACCOUNTS 1. Basis of Preparation The interim financial report is unaudited and is prepared in accordance with MASB 26 “Interim Financial Reporting” and Chapter 7 Part VI of the Kuala Lumpur Stock Exchange Listing Requirements for MESDAQ market, and should be read in conjunction with the Company’s financial statement for the year ended 30th June, 2002. The accounting policies and presentation adopted for the Interim financial report are consistent with those adopted for the annual financial statements for the year ended 30th June, 2002. 2. Qualification of Financial Statement The audit report of the preceding annual financial statements was not subject to any qualification. 3. Nature and Amount of Unusual Items There were no unusual items in the quarterly financial statements under review. 4. Nature and Amount of Changes in Estimates There were no changes in estimates reported in the previous year. 5. Valuation of Property, Plant and Equipment The company did not revalue any of its property, plant and equipment. 6. Taxation There is no taxation as the Company was granted pioneer status which exempts its income from taxation for a period of 5 years commencing from 24th October, 2000. 7. Profit on sale of Unquoted Investments and/or Properties There were no disposal of unquoted investment and properties in the financial periods under review. 8. Quoted Securities There were no disposals of Quoted Securities in the financial period under review.
  2. 2. 9. Changes in the Composition of the Group There were no changes in the composition of the Group during the period under review. 10. Status of Corporate Proposals The Company has issued a prospectus dated 24 December, 2002 for the issue of 22,500,000 new ordinary shares of RM0.10 each at an issue price of RM0.45 per ordinary share by way of private placement and public offer payable in full on application in connection with the proposed listing of the company’s shares on the Kuala Lumpur Stock Exchange MESDAQ Market. The new shares were fully subscribed on its closing date on 8th January, 2003 and the entire share capital of the company is expected to be listed on the MESDAQ Market on 27th January, 2003. 11. Issuance and Repayment of Debt and Equity Securities There were no issuance and repayment of debt and equity securities, share buy-back, share cancellation, shares held as treasury shares and resale of treasury shares for the current financial year to date. 12. Company Borrowings and Debt Securities The borrowing of the company as at 31st December, 2002 represent a hire-purchase loan for the Company’s motor vehicle. 13. Contingent Liabilities There was no contingent liability as at 17th January,2003 (the latest practicable date not earlier than 7 days from date of issue of this quarterly report). 14. Off Balance Sheet Financial Instruments The Company does not have any financial instrument with off balance sheet risk as at 17 th January,2003 (the latest practicable date which is not earlier than 7 days from the date of issue of this quarterly report). 15. Material Litigation The Company is not engaged in any material litigation either as plaintiff or defendant and the directors do not have any knowledge of any proceedings pending or threatened against the Company as at 17th January, 2003.
  3. 3. 16. Segmental Information The Company generates all its revenue from Malaysia and has only one principal activity. 17. Quarterly Analysis For the quarter ended 31st December, 2002, the Company achieved a revenue of RM3.5million representing a growth of 54% as compared to RM2.3 million achieved in the previous quarter. As a result of higher revenue, the profit after tax for this quarter has also surged by 71% to RM1.15 million as compared to the previous quarter of RM0.67 million. 18. Review of Performance The performance of the Company is closely aligned to the growth of the SMS usage in the mobile communication industry in Malaysia. For the 6 months ended 31st December, 2002, the Company generated a revenue of RM5.8 million as compared to RM4.2 million generated for the full financial year ended 30th June, 2002. The growth was brought about mainly by the successful “tie-up” ( partnership) with the mobile network operators for the distribution of the Company’s products and services. The first partnership was clinched in August,2001 and as at todate the Company has already entered into partnership with all the mobile network operators in Malaysia. 19. Material Event Subsequent to 31st December, 2002 There were no material event between 31st December, 2002 and 17th January, 2003 that have not been reflected in the financial statement for the 6 months ended 31st December, 2002. 20. Seasonal or Cyclical Factors The business of the Company is not affected by any significant seasonal or cyclical factors. 21. Current Year’s Prospect Baring any unforeseen circumstances, the Company believes that it will be able to at least maintain the current quarter’s performance for the remaining two quarters. 22. Profit Forecast and Profit Guarantee The Company has not issued any forecast for the current year.
  4. 4. 23. Dividend No interim dividend has been declared or paid. 24. Earnings Per Share The earnings per share is calculated by dividing the Company’s profit after taxation by 67,500,000 number of Ordinary Shares in issue for the 6 months ended 31st December, 2002.

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