maybank lao branch...enterprise accounting law of lao p. d. r and relevant accounting regulations...
TRANSCRIPT
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Maybank Lao Branch
GENERAL INFORMATION
THE BANK
Maybank Lao Branch ("the Branch") is a branch established in Lao People's Democratic Republic ("Lao P.D.R") of Malayan Banking Berhad, a bank incorporated in Malaysia. The Branch operates under Banking License No. 35/BOL granted by the Bank of Lao P. D. R ("the BOL") on 26 October 2012.
The initial registered capital of the Branch is LAK 100,661,400,000. The actual paid-up capital as at 31 December 2013 is LAK 100,661,400,000.
The principal activities of the Branch are to provide comprehensive banking and related financial services in Lao PD.R
The Branch is located at No. 43, 45, 47 Lane Xang Avenue, Hatsady Village, Chantabouly District, Vientiane Lao PD.R
MANAGEMENT
Members of the Management dUring the period from 5 November 2012 to 31 December 2013 and at the date of this report are as follows:
Name Position
Ms. Phengsomchith Phonphosy
Mr. Lim Wai Hoong Mr. Felix Desmond Francis Mr. Bembi Ng Boon Sin
General Manager Head of Operation Department Head of Business Development Department Head of Credit Administration Department
14 May 2012 2 September 2013 7 May 2013
17 September 2012
LEGAL REPRESENTATIVE
The legal representative of the Branch during the period from 5 November 2012 to 31 December 2013 and at the date of this report is Mr. Lim Wai Hoong - General Manager.
AUDITORS
The auditors of the Branch are Ernst & Young Lao Limited.
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Maybank Lao Branch
REPORT OF MANAGEMENT
Management of Maybank Lao Branch ("the Branch") is pleased to present its report and the Branch's financial statements as at and for the period from 5 November 2012 (date of establishment) to 31 December 2013.
MANAGEMENT'S RESPONSIBILITY IN RESPECT OF THE FINANCIAL STATEMENTS
The Branch's Management is responsible for preparation of the financial statements of each financial period which give a true and fair view of the state of affairs of the Branch and of its results and cash flows for the period in accordance with the Enterprise Accounting Law of Lao P.D.R and other relevant accounting regulations stipulated by the Branch of Lao PD.R. In preparing those financial statements, the management of the Branch is required to:
~ select suitable accounting policies and then apply them consistently;
~ make judgments and estimates that are reasonable and prudent;
~ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
~ prepare the financial statements on the going concern presume that the Branch will continue in business.
basis unless it is inappropriate to
The Branch's Management is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the financial position of the Branch and to ensure that the accounting records comply with the registered accounting system. It is also responsible for safeguarding the assets of the Branch and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Branch's Management has confirmed that the Branch has complied with the above requirements in preparing the financial statements for the period from 5 November 2012 to 31 December 2013.
STATEMENT BY MANAGEMENT
Management does hereby state that, in its opinion, the accompanying financial statements give a true and fair view of the financial position of the Branch as at 31 December 2013 and of the results of its operations and its cash flows for the period from 5 November 2012 to 31 December 2013 in accordance with the Enterprise accounting law of Lao P.D.R and relevant accounting regulations stipulated by the Bank of Lao P.D.R.
For and on behalf of Management:
Vientiane, Lao P.D.R
25 March 2014
2
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EY Ernst 8. Young Lao Limited Tel. + 856 21 455 077 6th FloOI, Capital Tower Fa ' 8562 j 45"> 078 23 Singha Road, Nongbone Village ey,c m ::>aysetthd DlslllcL Vientiane Capital, Lao DR
Building a better working world
Reference: 60886110/16690618
INDEPENDENT AUDITORS' REPORT
To: The Management of Maybank Lao Branch
We have audited the accompanying financial statements of Maybank Lao Branch ("the Branch"), which comprise the balance sheet as at 31 December 2013, the income statement, statement of changes in equity and cash flow statement for the period from 5 November 2012 to 31 December 2013, and a summary of significant accounting policies and other explanatory notes, as set out on pages 4 to 31,
Management's Responsibility for the Financial Statements
The Branch's management is responsible for the preparation and fair presentation of these financial statements in accordance with the Enterprise Accounting Law of Lao P.D.R and other relevant accounting regulations stipulated by the Bank of Lao P.D.R, and for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatements, whether due to fraud or error.
Auditors'Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Branch's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 6ranch's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
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Building a better working world
Opinion
In our opinion, the financial statements present fairly, in all material respects the financial position of Maybank Lao Branch as at 31 December 2013 and of its financial performance and cash flows for the period from 5 November 2012 (date of establishment) to 31 December 2013 in accordance with the Enterprise Accounting Law of Lao P. D. R and relevant accounting regulations stipulated by the Bank of Lao P.D.R
We draw attention to Note 2.2 to the financial statement on basis of preparation, which describes the purpose of presenting reference figures in USD in additions to LAK'OOO. The equivalent amounts in USD are presented in the accompanying financial statements for the purpose of the Branch's internal use only and should not be used for any other purpose.
28 February 2014
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Maybank Lao Branch
INCOME STATEMENT for the period from 5 November 2012 to 31 December 2013
Code ITEMS Notes
For the period from 5 November 2012
to 31 December 2013
LAK'OOO
For the period from 5 November 2012
to 31 December 2013
USD equivalent
A. OPERATING INCOME AND EXPENSES
1. Interest and similar income 3 4,703,541 587,722 1.1 Interest and similar income from interbank 56,720 7,087 1.1 Interest and similar income from customers 3,465,571 433,034 1.2 Other interest and similar income 1,181,250 147,601
2. Interest and similar expense 3 (2,739,925) (342,362) 2.1 Interest and similar expense for interbank (2,134,690) (266,736) 2.2 Interest and similar expense for customers (605,235) (75,626)
I. NET INTEREST AND SIMILAR INCOME 1,963,616 245,360
3 Fee and commission income 4 898,352 112,252
4 Fee and commission expense 4 (134,425) (16,797)
5 Net gain from dealing in foreign currencies and gold 5 64,240 8,027
II. NET OPERATING INCOME 2,791,783 348,842
B OTHER INCOME AND EXPENSES
6 Other operating income 6 158,161 19,763
7 Administration expenses (7,531,584) (941,095) 7.1 Payroll and other staff costs 7 (3,339,323) (417,259) 7.2 Other administration expenses 8 (4,192,261) (523,836)
8 Depreciation and amortization charges (1,579,118) (197,314)
9 Other operating expenses 9 (551,409) (68,900)
10 Net specific provision (charges)/reversal for loans to customers 13.2 - -
10.1 Specific provision of credit losses of loans to customers (14,119) (1,764)
10.2 Reversal of specific provision for credit losses 14,119 1,764
III. TOTAL LOSS BEFORE TAX (6,712,167) (838,704)
11 Current enterprise income tax 18 - -IV. LOSS AFTER TAX (6,712,167) (838,704)
Prepared by:
Ms. Siliphone Vongsaphay Executive of Accounting and Finance Department
Vientiane, Lao PD.R
25 March 2014
5
Reviewed by:
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Maybank Lao Branch
BALANCE SHEET as at 31 December 2013
Code ASSETS Notes 31/12/2013
LAK'OOO 31/12/2013
usa equivalent
I Cash and balances with the SOL 128,974,087 16,115,717 1 Cash on hand 10 4,209,853 526,034 2 Demand deposits 11 124,764,234 15,589,683
II Amounts due from other banks 12 22,605,866 2,824,674 1 Demand deposits 10,556,307 1,319,044 2 Term deposits 12,049,559 1,505,630
III Investment in securities - -1 Held to maturity - -
IV Loans to customers (net of specific provision) 13 109,612,477 13,696,423
V Fixed assets 7,044,114 880,185 1 Construction in progress and fixed
assets in transit 420,802 52,580 2 Tangible fixed assets 14.1 6,269,155 783,351 3 Intangible fixed assets 14.2 354,157 44,254
VI Other assets 3,644,601 455,405 1 Accrued interests 291,520 36,427 2 Other assets 15 3,353,081 418,978
TOTAL ASSETS 271,881,145 33,972,404
6
-
I
Code ASSETS Notes 31/12/2013
LAK'OOO 31/12/2013
USD equivalent
I Amounts due to other banks 150,844,949 18,848,550 1 Demand deposits 16.1 10,041,148 1,254,673 2 Term deposits 16.2 140,803,801 17,593,877
II Amounts due to customers 17 18,213,058 2,275,779 1 Demand deposits 4,229,680 528,512 2 Saving deposits 4,312,083 538,808 3 Term deposits 9,671,295 1,208,459
III Other liabilities 8,325,843 1,040,339 1 Accrued interest 2,303,129 287,782 2 Tax payable 18 36,574 4,570 3 Other payables
TOTAL LIABILITIES
19 5,986,140
177,383,850
747,987
22,164,668
IV Capital and reserves 94,497,295 11,807,736 1 Paid-up capital 20 100,661,400 12,577,958 2 Regulatory reserve fund - -3 Business expansion fund - -4 Foreign currency translation reserve - -5 General provision for credit activities 13.2 548,062 68,482 6 Retained earnings
TOTAL CAPITAL
(6,712,167)
94,497,295
(838,704)
11,807,736
TOTAL L1ABILITES AND CAPITAL 271,883,657 33,972,716
Maybank Lao Branch
BALANCE SHEET (continued) as at 31 December 2013
7
-
Maybank Lao Branch
BALANCE SHEET (continued) as at 31 December 2013
Code OFF BALANCE SHEET ITEMS Notes 31/12/2013
LAK'OOO 31/1212013
USD equivalent
I
1
Commitments
Commitments for financing given to customers 62,958 7,867
TOTAL COMMITMENTS GIVEN 62,958 7,867
II
A 1
B
1
Collaterals and Mortgages
Collaterals and Mortgages for loans Collaterals and Mortgages for loans to customers
Collaterals and Mortgages for guarantees Collaterals and Mortgages for guarantees given to customers
167,194,690
167,194,690
62,958
62,958
20,891,502
20,891,502
7,867
7,867
COLLATERALS AND MORTGAGES 167,257,648 20,899,369
Ms. Siliphone Vongsaphay Executive of Accounting and Finance Department
Vientiane, Lao P.D.R
25 March 2014
8
Reviewed by:
-
Maybank Lao Branch
STATEMENT OF CHANGES IN EQUITY for the period from 5 November 2012 to 31 December 2013
Foreign I General currency
Regulatory provision for translation Retained Paid-up capital reserve fund credit activities reserve earnings Total
ITEMS LAK'OOO LAK'OOO LAK'OOO LAK'OOO LAK'OOO LAK'OOO
Balance as at 5 November 2012 - - - - - -Additional paid-up capital in the period 100,661,400 - - - - 100,661,400 Net loss for the period - - - - (6,712,167) (6,712,167) Created regulatory reserve fund for the period - - - - -General provision charged during the period - - 548,062 - - 548,062 Reversal of general provision during the period - - - - - -Foreign exchange difference - - - - - -
Balance as at 31 December 2013 100,661,400 - 548,062 - (6,712,167) 94,497,295
9
-
Maybank Lao Branch
STATEMENT OF CHANGES IN EQUITY (continued) for the period from 5 November 2012 to 31 December 2013
ITEMS
Paid-up capital USD
equivalent
Regulatory reserve fund
USD equivalent
General provision for
credit activities USD
equivalent
Foreign currency
translation reserve
USD equivalent
Retained earnings
USD equivalent
Total USD
equivalent
Balance as at 5 November 2012 - - - - . -Additional paid-up capital in the period 12,577,958 - - - - 12,577,958 Net loss for the period - - - - (838,704) (838,704) Created regulatory reserve fund for the period - - - - - -General provision charged during the period - - 68,482 - - 68,482 Reversal of general provision during the period - - - - - -Foreign exchange difference - - - - - -
Balance as at 31 December 2013 12,577,958 - 68,482 - (838,704) 11,807,736
Prepared b~
~ Ms. Siliphone Vongsaphay Executive of Accounting and Finance Department
Vientiane, Lao P.D.R
25 March 2014
10
-
Maybank Lao Branch
NOTE TO THE FINANCIAL STATEMENTS as at and for the period from 5 November 2012 to 31 December 2013
ITEMS Notes
For the period from 5 November 2012 to
31 December 2013 LAK'OOO
For the period from 5 November 2012 to
31 December 2013 USD equivalent
Net profit after tax
Adjustments for:
(6,712,167) (838,704)
Tax payable Depreciation and amortization charges
18 36,574 1,579,118
4,570 197,314
Loan loss provision expenses 132 562,181 70,246 Reversal of provision for credit losses
Cash outflows due to operating loss before changing in operating assets and liabilities
(Increase)/Decrease in operating assets Balances with other banks Loans and advances to customers Accrued interest receivables Other assets
Increase/(Decrease) in operating liabilities Deposits and borrowings from other banks Customer deposits and other amounts due to customers
13.2 (14,119)
(4,548,413)
(28,011,810) (109,612,477)
(291,520) (3,773,883)
150,844,949
18,213,058
(1,764)
(568,338)
(3,500,164) (13,696,423)
(36,427) (471,558)
18,848,550
2,275,779 Corporate tax paid during the period Accrued interest payables Other liabilities
Net cash flows from operating activities
INVESTING ACTIVITIES Payments to acquire property and equipment
Net cash flows used in investing activities
FINANCING ACTIVITIES Capital contribution
Net cash flows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Effect of foreign exchange difference
Cash and cash equivalents at the end of the
18 -2,303,129 5,986,140
31,109,173
(8,202,430)
(8,202,430)
100,661,400
100,661,400
123,568,143
-
-
-
287,782 747,987
3,887,188
(1,024,919)
(1,024,919)
12,577,958
12,577,958
15,440,227
-
-
period 21 123,568,143 15,440,227
Prepared by: y Siliphone Vongsaphay Executive of Accounting and Finance Department
Vientiane, Lao PO.R
25 March 2014
11
Reviewed by: