NANYANG PRESS HOLDINGS BERHAD
(b) At the date of this report, the Directors are not aware of any circumstances which would render:
the amount written off for bad debts or the amount of the provision for doubtful debts in the Group and the Company inadequate to any substantial extent; and
the values attributed to current assets in the financial statements of the Group and of the Company misleading.
S TAT U T O R Y
I N F O R M AT I O N
At the date of this report, the Directors are not aware of any circumstances which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.
At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or financial statements of the Group and of the Company which would render any amount stated in the financial statements misleading.
At the date of this report, there does not exist:
any charge on the assets of the Group and of the Company which has arisen since the end of the financial year which secures the liabilities of any other person; or
any contingent liability of the Group and of the Company which has arisen since the end of the financial year.
In the opinion of the Directors:
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 will or may affect the ability of the Group and of the Company to meet their obligations as and when they fall due; and
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 the operations of the Group and of the Company for the financial year in which this report is made.
Cessation of RedHot Media Sdn. Bhd. (“RMSB”) as a subsidiary of the Company
On 18 December 2004, the Company had signed a subscription agreement with Hebat Simfoni Sdn Bhd (“HSSB”). Pursuant to this Agreement, HSSB would subscribe for 3,000,000 ordinary shares of nominal value of RM1.00 in the share capital of RMSB. Upon completion of the Agreement, HSSB would be the
registered shareholder of 60% and the Company would be the registered shareholder of 40% of the enlarged issued and paid up share capital of RMSB. Following the completion of the aforesaid agreement, RMSB ceased to be a subsidiary and has become an associate of the Company.