TIDMTIL
RNS Number : 1199J
Tembusu Investments Limited
27 June 2011
TEMBUSU INVESTMENTS LIMITED
("Tembusu" or the "Compamy")
Final Results
For the Year Ended 31 December 2010
Chairman's Statement
Results
The operating loss on ordinary activities for the year amounted
to GBP207,788 (2009: GBP93,514) and the loss after tax for the year
was GBP259,850 (2009: GBP333,679).
The loss per share for the year was 0.433p (2009: 0.556p).
At 31 December 2010, the Company had cash and cash equivalents
of GBP914,414
Current trading
At 31 Dec 2010, 21,415,861 ordinary shares in EIIB are held by
the Company. The EIIB shares are traded on the AIM market of the
London Stock Exchange. At 31 December 2010, the investment in EIIB
was valued at the market bid price resulting in a fair value loss
adjustment through the income statement of GBP53,540.
Employees
The Company currently has three directors and no other
employees.
Prospects and Investing Policy
Investing Policy
The Company's Investing Policy is to focus on identifying and
acquiring quoted and unquoted financial services businesses based
in Asia, though other geographical areas will be considered should
appropriate opportunities occur which could benefit the Company. By
actively investing in businesses with complementary areas of
expertise, which may for example include real estate, mortgage
financing and other such activities, the Directors believe that it
is possible to generate considerable opportunities for the cross
selling of services between the different operations and countries.
The Directors also intend to continue to make minority investments
in such financial services businesses where it would be a passive
investor, but where those investments provide the opportunity for
enhancing the growth prospects of the Company.
In regards to the acquisitions that the Company expects to make,
the Directors may adopt earn-out structures, with specific
performance targets being set for the sellers of the businesses
acquired, and with suitable metrics applied.
The Company may invest by way of outright acquisition or by the
acquisition of assets, including the intellectual property, of a
relevant business, partnerships or joint venture arrangements. Such
investments may result in the Company acquiring the whole or part
of a company (which in the case of an investment in a company may
be private or listed on a stock exchange, and which may be
pre-revenue), and such investments may constitute a minority stake
in the company or project in question. The Company's investments
may take the form of equity, joint venture debt, convertible
instruments, licence rights, or other financial instruments as the
Directors deem appropriate.
The Company will be both an active and a passive investor and
the Directors will place no minimum or maximum limit on the length
of time that any investment may be held.
There is no limit on the number of projects into which the
Company may invest, nor the proportion of the Company's gross
assets that any investment may represent at any time and the
Company will consider possible opportunities anywhere in the
world.
There are no borrowing limits in the Articles of Association of
the Company. The Directors do not intend to acquire any
cross-holdings in other corporate entities that have an interest in
the Ordinary Shares.
There are no restrictions in the type of investment that the
Company might make nor on the type of opportunity that may be
considered other than set out in this Investing Policy.
As the Company's ordinary shares are traded on AIM this provides
a facility for shareholders to realise their investment in the
Company. In addition, the Directors may consider from time to time
other means of facilitating returns to shareholders including
dividends, share repurchases, demergers, schemes of arrangement or
liquidation.
Y Mirza
Chairman
Enquiries:
Tembusu Investments Limited
Y Mirza, Chairman Tel: +1 (416) 964 0728
Yun Zhang, Chief Executive Officer Tel: +65 6533 2233
Allenby Capital Limited
Brian Stockbridge Tel: +44 (0)20 3328 5656
Statement of Comprehensive Income
For The Year Ended 31 December 2010
Year Year
ended ended
Notes 31.12.10 31.12.09
GBP GBP
Administrative expenses 207,788 93,514
OPERATING LOSS 7 (207,788) (93,514)
Unrealised losses on financial assets
designated at fair value through
profit or loss 10 (53,540) (261,991)
LOSS BEFORE FINANCE INCOME AND TAX (261,328) (355,505)
Finance income 6 89 21,826
Other income 1,389 ________
LOSS BEFORE TAX (259,850) (333,679)
Tax 8 - -
LOSS FOR THE YEAR (259,850) (333,679)
Other comprehensive income - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR (259,850) (333,679)
Attributable to
Owners of the Company (259,850) (333,679)
Loss per share: 9
Basic (0.433p) (0.556p)
Diluted (0.433p) (0.556p)
Statement of Changes in Equity
For The Year Ended 31 December 2010
Share Share Retained
Capital Premium Loss Total
GBP GBP GBP GBP
At 31 December
2008 600,000 2,504,061 (990,929) 2,113,132
Loss after tax
for the year - - (333,679) (333,679)
At 31 December
2009 600,000 2,504,061 (1,324,608) 1,779,453
Loss after tax
for the year - - (259,850) (259,850)
At 31 December
2010 600,000 2,504,061 (1,584,458) 1,519,603
Share capital is the amount subscribed for shares at nominal
value.
Share premium represents the excess of the amount subscribed for
share capital over the nominal value of the respective shares net
of share issue expenses. Share issue expenses comprise mainly the
costs incurred in respect of the initial public offering on the AIM
market of the London Stock Exchange.
Retained loss represents the cumulative loss of the Company
attributable to equity shareholders.
Statement of Financial Position
31 December 2010
As at As at
31.12.10 31.12.09
Notes GBP GBP
ASSETS
Non-current assets
Investments 11 1 5,174
Financial assets designated at fair
value through profit or loss 10 653,183 706,723
653,184 711,897
Current assets
Trade and other receivables 12 24,208 4,165
Cash and cash equivalents 13 914,414 1,096,141
938,622 1,100,306
LIABILITIES
Current liabilities
Trade and other payables 14 72,203 32,750
72,203 32,750
NET CURRENT ASSETS 866,419 1,067,556
NET ASSETS 1,519,603 1,779,453
SHAREHOLDERS' EQUITY
Called up share capital 15 600,000 600,000
Share premium 16 2,504,061 2,504,061
Retained losses 16 (1,584,458) (1,324,608)
TOTAL EQUITY 1,519,603 1,779,453
Statement of Cashflows
For The Year Ended 31 December 2010
Year Year
ended ended
31.12.10 31.12.09
Note GBP GBP
Cash flows from operating activities
Cash generated from operations 17 (181,816) (129,837)
Net cash from operating activities (181,816) (129,837)
Cash flows from investing activities
Interest received 89 4,326
Sale of held-for-trading investments - 35,000
Purchase of held-for-trading investments _________- -
Net cash from investing activities 89 39,326
Cash flows from financing activities
Loan to subsidiary - (174)
Net cash from financing activities - (174)
Increase in cash and cash equivalents (181,727) (90,685)
Cash and cash equivalents at beginning
of year 1,096,141 1,186,826
Cash and cash equivalents at end
of year 914,414 1,096,141
Notes to the Financial Statements
For The Year Ended 31 December 2010
1. GENERAL INFORMATION
Tembusu Investments Limited is a company incorporated in Bermuda
under the Bermuda Companies Act 1981. The Company's shares are
traded on the AIM market of the London Stock Exchange. The address
of the registered office is disclosed on page 1 of the financial
statements. The principal activities of the Company are described
in the directors' report.
2. ACCOUNTING POLICIES
Basis of preparation
These financial statements have been prepared in accordance with
International Financial Reporting Standards and IFRIC
interpretations issued by the International Accounting Standards
Board (IASB) as adopted by the European Union and with those parts
of the Companies Act 2006 applicable to companies reporting under
IFRS. The financial statements have been prepared under the
historical cost convention.
New and amended standards adopted by the Company
The company has adopted the following new and amended IFRSs as
of 1 January 2010:
-- IFRS 3 (revised), 'Business combinations' and consequential
amendments to IAS 27, 'Consolidated and separate nancial
statements', IAS 28, 'Investments in associates' and IAS 31,
'Interests in joint ventures', effective prospectively to business
combinations for which the acquisition date is on or after the
beginning of the first annual reporting period beginning on or
after 1 July 2009.
The revised standard continues to apply the acquisition method
to business combinations, with some signi cant changes. For
example, all payments to purchase a business are to be recorded at
fair value at the acquisition date, with contingent payments classi
ed as debt subsequently re-measured through the statement of
comprehensive income. There is a choice on an
acquisition-by-acquisition basis to measure the minority interest
in the acquiree either at fair value or at the minority interest's
proportionate share of the acquiree's net assets. All
acquisition-related costs should be expensed.
-- IAS 27 (revised), 'Consolidated and separate nancial
statements', (effective from 1 July 2009). The revised standard
requires the effects of all transactions with non-controlling
interests to be recorded in equity if there is no change in control
and these transactions will no longer result in goodwill or gains
and losses. The standard also speci es the accounting when control
is lost. Any remaining interest in the entity is remeasured to fair
value, and a gain or loss is recognised in pro t or loss. The
company will apply IAS 27 (revised) prospectively to transactions
with non-controlling interests from 1 January 2010.
IAS 32 (amendment), 'Financial instruments: presentation -
classification of rights issue', is effective from annual periods
beginning on or after 1 February 2010 and amended the definition of
a financial liability in order to classify rights issues (and
certain options or warrants) as equity instruments in cases where
such rights are given pro-rata to all of the existing owners of the
same class of an entity's non-derivative equity instruments, or to
acquire a fixed number of the entity's own equity instruments for a
fixed amount in any currency. This amendment will have no impact on
the company after initial application.
The following new standards, amendments to standards and
interpretations are mandatory for the rst time for the nancial year
beginning 1 January 2010, but are not currently relevant for the
company:
IFRIC 17, 'Distributions of non-cash assets to owners',
effective for annual periods beginning on or after 1 July 2009.
This is not currently applicable to the company, as it has not made
any non-cash distributions.
IAS 24 (Amendment), 'Related party transactions'. The amended
standard is effective for annual periods beginning on or after 1
January 2011. It clarified definition of a related party to
simplify the identification of such relationships and to eliminate
inconsistencies in its application. The revised standard introduces
a partial exemption of disclosure requirements for
government-related entities. The company does not expect any impact
on its financial position or performance.
-- IFRIC 14 (Amendment), 'Prepayments of a minimum funding
requirement'. The amendment to IFRIC 14 is effective for annual
periods beginning on or after 1 January 2011 with retrospective
application. The amendment provides guidance on assessing the
recoverable amount of a net pension asset. The amendment permits an
entity to treat the prepayment of a minimum funding requirement as
an asset. The amendment is deemed to have no impact on the
financial statements of the company.
-- IFRS 9, 'Financial instruments: classification and
measurement', as issued reflects the first phase of the IASB work
on the replacement of IAS 39 and applies to classification and
measurement of financial assets as defined in IAS 39. The standard
is effective for annual periods beginning on or after 1 January
2013. In subsequent phases, the IASB will address classification
and measurement of financial liabilities, hedge accounting and
derecognition. The completion of this project is expected in early
2011. The adoption of the first phase of IFRS 9 might have an
effect on the classification and measurement of the company's
assets. At this juncture it is difficult for the company to
comprehend the impact on its financial position and
performance.
-- IFRIC 19, 'Extinguishing financial liabilities with equity
instruments', is effective for annual periods beginning on or after
1 July 2010. The interpretation clarifies that equity instruments
issued to a creditor to extinguish a financial liability qualify as
consideration paid. The equity instruments issued are measured at
their fair value. In case that this cannot be reliably measured,
the instruments are measured at the fair value of the liability
extinguished. Any gain or loss is recognised in profit or loss. The
adoption of this interpretation will have no effect on the
financial statements of the company.
-- Improvements to IFRS (issued in May 2010). The IASB issued
improvement to IFRSs, an omnibus of amendments to its IFRS
standards. The amendments have not been adopted as they become
effective for annual periods on or after 1 January 2011 or 1 July
2010. The amendments listed below, are considered to have a
reasonable possible impact on the company:
- IFRS 3 Business combinations
- IFRS 7 Financial instruments: disclosures
- IAS 1 Presentation of financial statements
- IAS 27 Consolidated and separate financial statements
The company expects no impact from the adoption of the above
amendments on its financial position or performance.
Subsidiary
Subsidiaries are all entities over which the Company has the
power to govern the financial and operating policies generally
accompanying a shareholding of more than one half of the voting
rights. The existence and effect of potential voting rights that
are currently exercisable or convertible are considered when
assessing whether the Company controls another entity.
The purchase method of accounting is used to account for the
acquisition of subsidiaries by the Company. The cost of an
acquisition is measured as the fair value of the assets given,
equity instruments issued and liabilities incurred or assumed at
the date of exchange, plus costs directly attributable to the
acquisition. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are
measured initially at their fair values at the acquisition date,
irrespective of the extent of any minority interest. The excess of
the cost of acquisition over the fair value of the Company's share
of the identifiable net assets acquired is recorded as goodwill. If
the cost of acquisition is less than the fair value of the net
assets of the subsidiary acquired, the difference is recognised
directly in the income statement.
Subsidiaries whose business are dormant or of low volume and
that are insignificant for the presentation of a true and fair view
of the net assets, financial position and earnings performance of
the Company are not consolidated. They are recognized in the
Company's financial statements at the lower of cost or fair value.
The aggregate equity of the Tembusu Invest Pte Ltd ("TIPL") amounts
to 0.04% (previous year: 0.09%) of Company's equity. The aggregate
loss after tax of TIPL amounts to 0.36% (previous year: Profit
0.20%) of the profit after tax of the Company.
Functional currency translation
a) Functional and presentation currency
The financial statements are presented in Pounds Sterling (GBP),
which is the Company's functional and presentation currency.
b) Transactions and balances
Foreign currency transactions are translated into the functional
currency using exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at
year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the income
statement.
Taxation
The Company is an exempted company under the laws of Bermuda and
is granted exemption from all forms of taxation in Bermuda until
2016.
Impairment of assets
At each reporting date, the Group assesses whether there is an
indication that an asset may be impaired. Where an indicator of
impairment exists, the Group makes a formal estimate of the asset's
recoverable amount. Where the carrying amount of an asset exceeds
its recoverable amount, the asset is considered impaired and is
written down to its recoverable amount. Recoverable amount is the
higher of an asset's or cash generating unit's fair value less
costs to sell and its value in use and is determined for an
individual asset, unless the asset does not generate cash flows
that are largely independent of those from other assets or groups
of assets. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset. Impairment
losses on continuing operations are recognised in the income
statement in those expense categories consistent with the functions
of the impaired asset.
Financial assets held at fair value through profit or loss
Financial assets classified as held for trading and other assets
designated as such on inception are included in this category.
Financial assets are classified as held for trading if they are
acquired for sale in the short term.
Purchases and sales of financial assets at fair value through
profit or loss are recognised on trade date being the date the
Company commits to purchase or sell the asset to the market. A
financial asset is derecognised when the contract that gives rise
to it is settled, sold, cancelled or expires.
Financial assets designated as at fair value through profit or
loss at inception are those that are managed and whose performance
is evaluated on a fair value basis, in accordance with the
documented investment strategy of the Company. Information about
these financial assets is provided internally on a fair value basis
to the Company's key management. The Company's investment strategy
is to identify and invest in quoted and unquoted financial services
businesses based in Asia (excluding Japan) to address the growing
Far Eastern markets for financial services. Consequently, all
investments are classified as held at fair value through profit or
loss.
Transaction costs on purchases are expensed immediately through
the income statement in accordance with IFRS.
All investments are measured at fair value with gains and losses
arising from changes in fair value being included in the income
statement as gains (losses) on investments held at fair value. On
sale, the realised gain or loss calculated by reference to the
proceeds less carrying value is recognised in the income
statement.
The fair value of quoted investments is determined by reference
to market bid prices at the close of business on the end of the
reporting period.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at
call with banks, other short-term highly liquid investments with
original maturities of three months or less and bank
overdrafts.
Trade payables
Trade payables are recognised initially at fair value and
subsequently measured at amortised cost using the effective
interest method.
Share capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new
shares or options are shown in equity as a deduction, net of tax,
from the proceeds.
Financial Instruments
Non-derivative financial instruments comprise investments in
equity and debt securities, trade and other receivables, cash and
cash equivalents, loans and borrowings, and trade and other
payables.
Non-derivative financial instruments are recognised initially at
fair value plus, for instruments not at fair value through profit
or loss, any directly attributable transactions costs, except as
described below. Subsequent to initial recognition non-derivative
financial instruments are measured as described below.
A financial instrument is recognised when the Company becomes a
party to the contractual provisions of the instrument. Financial
assets are derecognised if the Company's contractual rights to the
cash flows from the financial assets expire or if the Company
transfers the financial assets to another party without retaining
control or substantially all risks and rewards of the asset.
Regular way purchases and sales of financial assets are accounted
for at trade date, i.e. the date that the Company commits itself to
purchase or sell the asset. Financial liabilities are derecognised
if the Company's obligations specified in the contract expire or
are discharged or cancelled.
Fair values
The carrying amounts of the financial assets and liabilities
such as cash and cash equivalents, receivables and payables of the
Company at the balance sheet date approximated their fair values,
due to relatively short term nature of these financial
instruments.
The Company provides financial guarantees to licensed banks for
credit facilities extended to a subsidiary company. The fair value
of such financial guarantees is not expected to be significantly
different as the probability of the subsidiary company defaulting
on the credit lines is remote.
3. FINANCIAL INSTRUMENTS
The investments are valued in accordance with the policy stated
above. It is the directors' opinion that the carrying value of
trade receivables and trade payables approximates their fair value
due to their short term maturity. Therefore, the directors consider
all assets to be carried at a valuation, which equates to fair
value.
Investments are made in a combination of equity and fixed rate
financial instruments so as to provide potential high future
capital growth.
In accordance with IAS 39, the Group has reviewed all contracts
for embedded derivatives that are required to be separately
accounted for if they do not meet certain criteria set out in the
standard. No embedded derivatives have been identified by the
Group.
The accounting policies for financial instruments have been
applied to the items below:
2010 2010 2009 2009
Assets Assets at
at fair fair value
Assets as per value through through
balance Loans and profit Loans and profit and
sheet receivables and loss receivables loss
GBP GBP GBP GBP
Cash 914,414 - 1,096,141 -
Trade and
other
receivables 24,208 - 4,165 -
Investment at
fair value
through
profit and
loss - 653,184 - 711,723
Total 938,622 653,184 1,100,306 711,723
2010 2009
Liabilities as Other Other
per balance financial financial
sheet liabilities liabilities
Trade and
other
payables 72,203 32,750
Assets classified as fair value through profit or loss were
designated as such upon initial recognition. The Company has not
reclassified financial assets between any of the categories
detailed in IAS39, either in current or prior periods.
The Company's activities expose it to a variety of financial
risks: interest rate risk, foreign currency risk, liquidity risk
and capital risk. The Company's overall risk management programme
focuses on unpredictability and seeks to minimise the potential
adverse effects on the Company's financial performance. The Board
reviews key risks on a regular basis and, where appropriate,
actions are taken to mitigate the key risks identified.
3.1 Interest rate risk and foreign currency risk
The Company does not have formal policies on interest rate risk
or foreign currency risk. However, the Company's exposure in these
areas as at the balance sheet date was minimal.
3.2 Liquidity risk
The Company prepares periodic working capital forecasts for the
foreseeable future, allowing an assessment of the cash requirements
of the Company, to manage liquidity risk. The directors have
considered the risk posed by liquidity and are satisfied that there
is sufficient growth and equity in the Company.
3.3 Capital risk
The Company's objectives when managing capital are to safeguard
the ability to continue as a going concern in order to provide
returns for shareholders and benefits to other stakeholders and to
maintain an optimal capital structure to reduce the cost of
capital.
4. EMPLOYEES AND DIRECTORS
The company has no employees.
During the period the company paid directors' emoluments of
GBP39,107 (2009 - GBP37,500).
The average number of directors during the year was three.
5. SEGMENTAL ANALYSIS
There is no segmental area of operations as the company is not
trading.
Year ended Year ended
6. FINANCE INCOME 31.12.10 31.12.09
GBP GBP
Bank interest received 89 4,326
Sale of held-for-trading investments - 17,500
89 21,826
Year ended Year ended
7. OPERATING LOSS 31.12.10 31.12.009
GBP GBP
The operating loss is stated after
charging:
Loss on foreign currency translation 1,326 142
Auditors remuneration 4,833 4,000
8. TAX
The Company is an exempted company under the laws of Bermuda and
is granted exemption from all forms of taxation in Bermuda until
2016.
9. LOSS PER SHARE
The basic loss per share is calculated by dividing the loss of
GBP259,850 (2009 - GBP333,679) attributable to ordinary
shareholders by the weighted average number of ordinary shares
outstanding during the year, which was 60,000,000 (2009 -
60,000,000)
The diluted loss per share is calculated using the weighted
average number of shares adjusted to assume the conversion of all
dilutive potential ordinary shares. For the year ended 31 December
2010 the diluted loss per share is equivalent to the basic loss per
share.
10. FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR
LOSS
All items held as fair value through profit or loss were
designated as such upon initial recognition. Movements in
investment at fair value through profit or loss are summarised as
follows:
Year ended Year ended
Quoted Investments 31.12.2010 31.12.2009
GBP GBP
Opening cost 1,827,566 1,845,066
Opening unrealised gain/(loss) (1,120,843) (858,852)
Opening Valuation 706,723 986,214
Additions at cost - -
Disposal proceeds - (35,000)
Net profit/(loss) realised
on disposal - 17,500
Changes in fair value in the
year (53,540) (261,991)
653,183 706,723
Closing cost 706,723 1,827,566
Closing unrealised gain/(loss) (53,540) (1,120,843)
Closing valuation 653,183 706,723
In May 2008, the Company acquired 21,915,861 ordinary shares in
European Islamic Investment Bank Plc ("EIIB") for a total
consideration of GBP1,845,066. EIIB is traded on the AIM of London
Stock Exchange. At 31 December 2010, the share price of EIB fell to
2.80 pence per share resulting to a loss arising from change in
fair value made of GBP53,540.
The investment was determined by reference to market bid prices
as at 31 December 2010.
11. INVESTMENT IN SUBSIDIARY
Shares in
Subsidiary Loan to Subsidiary Total
GBP GBP GBP
Cost
At 1 January 2009 1 4,999 5,000
Addition - __174 ___174
At 31 December
2009 1 5,173 5,174
Reclassification - (5,173) (5,173)
At 31 December
2010 _______1 - -
Provision
At 1 January 2009
and 2010 - - -
Charge - - -
At 31 December
2010 - _______- -
CARRYING VALUE
At 31 December
2010 1 - 1
At 31 December
2009 1 5,173 5,174
On 28 August 2007, the Company acquired 1 ordinary share capital
of Primefold Pte Ltd ("Primefold"), a company registered in
Singapore for SGD1 (GBP0.44). The acquisition comprises the total
issued share capital of Primefold. Primefold subsequently changed
its name to Tembusu Invest Pte Ltd ("TIPL"). TIPL has not started
trading during the year. The Company has not prepared consolidated
financial statements as TIPL is dormant and not material to be
consolidated.
In the opinion of the directors, the aggregate value of the
company's investment in subsidiary undertakings is not less than
the amount included in balance sheet.
The details of the subsidiary are as follows:
Name of Company County of Shareholdings Principal Activity
Incorporation
Tembusu Invest Pte Singapore 100% Dormant
Ltd
Loss for Aggregate capital
Name of Company the year and reserves
GBP GBP
Tembusu Invest Pte
Ltd (1,315) 1,132
12. TRADE AND OTHER RECEIVABLES 31.12.10 31.12.09
GBP GBP
Prepayments 23,738 4,165
23,738 4.165
13. CASH AND CASH EQUIVALENTS 31.12.10 31.12.09
GBP GBP
Bank current accounts 914,414 1,096,189
914,414 1,096,189
14. TRADE AND OTHER PAYABLES 31.12.10 31.12.09
GBP GBP
Current:
Trade payables 18,203 20,950
Accrued expenses 54,000 11,800
72,203 32,750
Trade payable and accruals principally comprise amounts
outstanding for ongoing expenses
15. CALLED UP SHARE CAPITAL
Authorised Nominal 31.12.10 31.12.09
Number Class Value GBP GBP
500,000,000 Ordinary 1p 5,000,000 5,000,000
Allotted, issued
and fully paid
60,000,000 Ordinary 1p 600,000 600,000
16. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS AND
RESERVES
Share Share Retained
Capital Premium Loss Total
GBP GBP GBP GBP
At 1 January 2009 600,000 2,504,061 (990,929) 2,113,132
Loss after tax for
the year - - (333,679) (333,679)
At 1 January 2010 600,000 2,504,061 (1,324,608) 1,779,453
Loss after tax for
the year - - (259,850) (259,850)
At 31 December 2010 600,000 2,504,061 (1,584,458) 1,519,603
17. RECONCILIATION OF OPERATING LOSS TO CASH GENERATED FROM
OPERATIONS
Year ended Year ended
31.12.10 31.12.09
GBP GBP
Loss before interest and tax (261,328) (355,505)
Provision for quoted investment 53,540 261,991
(207,788) (93,514)
(Increase)/decrease in trade and
other receivables (14,870) (1,665)
(Decrease)/increase in trade and
other payables 39,453 (34,658)
Other income derived from written-off
of payables 1,389 -
Cash generated from operations (181,816) (129,837)
18. FINANCIAL COMMITMENTS
Capital commitments
There was no capital expenditure that had been contracted for at
the balance sheet date but not yet incurred.
19. RELATED PARTY TRANSACTIONS
During the year, Total International Investments Limited paid on
behalf of the Company GBPNil (2009 - GBP24,189) in respect of
corporate and administrative services to a third party. The total
amount was reimbursed by the Company during the year. At the year
end, there was no balance outstanding (2009 - GBPnil) due to Total
International Investments Limited.
During the year, the Company advanced a loan of GBPNil (2009 -
GBP174) to its subsidiary Tembusu Invest Pte Ltd, a company
incorporated in Singapore. The balance outstanding at the yearend
was GBPNil (2009 - GBP5,174). The loan is interest free and has no
fixed repayment date.
20. CONTINGENT LIABILITIES
The Company has no contingent liabilities arising in respect of
legal claims arising from the ordinary course of business and it is
not anticipated that any material liabilities will arise from the
contingent liabilities other than those provided for.
21. POST BALANCE SHEET EVENTS
On 15 March 2011 the company issued 10,000,000 new ordinary
shares of 2p each, raising GBP0.2m for working capital purpose. As
part of the Share issue, warrants to subscribe to 30,000,000
ordinary shares were issued. The warrants 10,000,000 are
excercisable at 4p, 10,000,000 are excercisable at 6p and
10,000,000 at 8p.
22. ULTIMATE CONTROLLING PARTY
The parent company is Total International Investments Limited
("TIIL"), a company incorporated in the British Virgin Islands.
TIIL is owned by 3,373 shareholders mainly from Singapore and
Malaysia. The consolidated financial statements for TIIL can be
obtained from 120 Robinson Road #13-02, Singapore 068913.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR DKQDQABKDAAB
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