MAXBIZ : Deviation between the Unaudited and Audited Financial Statements

General Announcement
Reference No CS-100514-E3FB7 


Amended Announcement
(Please refer to the ealier announcement reference number: CS-100513-D33AF)
Company Name : MAXBIZ CORPORATION BERHAD   
Stock Name  : MAXBIZ   
Date Announced : 14/05/2010   



Type : Announcement
Subject : MAXBIZ CORPORATION BERHAD ("MAXBIZ" OR "THE COMPANY")
- Deviation between the Unaudited and Audited Financial Statements for the financial year ended 31 December 2009
 

 
Contents : We act for and on behalf of MAXBIZ.

Pursuant to Paragraph 9.19 (35) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of MAXBIZ wishes to inform that the Company's loss after tax and minority interest for the financial year ended 31 December 2009 ("LATMI") of RM2.904 million stated in the announced unaudited financial statements has deviated by 20.87% to LATMI of RM3.510 million as stated in the audited financial statements.

The main reasons for the deviation are as follows:-

(a) The Auditors have reversed MAXBIZ's revenue by RM408,785.06. This reversal has caused a deviation of approximately 14.08%. The reversal of revenue were recommended by the Auditors and they were of the opinion that the trade receivables, namely Anatta Knitting Sdn. Bhd. and some debit notes on other receivables are in doubt in collection and the Auditors recommended that they be written-off.

(b) The Auditors have also recognised additional expenses of RM100,700.23 which resulted a deviation of 3.48%. The Auditors were of the opinion that such expenses should not be debited to the accruals account and recommended to reverse to the Income Statement.

(c) Provision for taxation amounting to RM89,415.12 by MAXBIZ, resulted in deviation of 3.06%.

(d) Other accrued expenses of RM6,846.36, resulted in a deviation of 0.24%.

This announcement is dated 14 May 2010. 
 


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