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UCHI TECHNOLOGIES BERHAD Registration No .: 199801001764 ( 457890 - A ) NOTES TO THE FINANCIAL REPORT FOR THE PERIOD ENDED MARCH 31 , 2021 1. BASIS OF PREPARATION The condensed consolidated interim financial statements ( Condensed Report ) is unaudited and has been prepared in accordance with the Malaysian Financial Reporting Standard ( MFRS ) 134 : Interim Financial Reporting issued by the Malaysian Accounting Standards Board ( MASB ) and paragraph 9.22 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad . The Group's financial statements for the financial year ended December 31 , 2020 have been prepared in accordance with MFRSs . 2 . 3 . At the date of authorisation of these interim financial statements , the following MFRSs and Amendments to MFRSs were issued but not yet effective and have not been applied by the Group : MFRSs and Amendments to MFRSs Amendments to MFRS 116 Amendments to MFRS 137 Amendments to MFRS 3 Property , plant and Equipment – Proceeds before Intended Use MFRS 17 Amendments to MFRS 4 Effective for annual period beginning on or after January 1 , 2022 Onerous Contracts - Cost of Fulfilling a Contract Reference to the Conceptual Framework Annual improvements to Amendments to MFRS 1 First - time Adoption of MFRS Standards 2018-2020 Malaysian Financial Reporting Standards , MFRS 9 Financial Instruments , MFRS 16 Leases and MFRS 141 Agriculture Insurance Contracts Extension of the Temporary Exemption from Applying MFRS 9 Financial Instruments Amendments to MFRS 101 Classification of Liabilities as Current or Non - current Amendments to MFRS 101Disclosure of Accounting Policies MFRS Practice and Statement 2 Amendments to MFRS 108 Definition of Accounting Estimates January 1 , 2023 Amendments to MFRS 10Sale or Contribution of Assets between an investor and its Deferred to a date to be and MFRS 128 Associate or Joint Venture determined and announced January 1 , 2022 January 1 , 2022 January 1 , 2023 January 1 , 2023 January 1 , 2023 January 1 , 2023 January 1 , 2023 The interim financial report should be read in conjunction with the audited financial statements of the Group for the year ended December 31 , 2020 . During the current financial year , the Group has adopted all the new and revised MFRSS and IC Interpretation that are relevant and effective for an accounting period that begins on or after January 1 , 2021 as follows : Amendments to MFRS 9 , MFRS 139 , MFRS 7 , MFRS 4 and MFRS 16 : Interest Rate Benchmark Reform - Phase 2 The adoption of these new and revised MFRSs and IC Interpretation does not have any material impact on the amounts reported in the financial statements of the Group in the current and previous financial year . AUDIT REPORT OF THE PRECEDING ANNUAL FINANCIAL STATEMENTS The audit report of the preceding annual financial statements was not subject to any qualification . SEASONAL OR CYCLICAL FACTORS The Group serves a wide base of multi - national companies in the consumer and industrial electrical and electronic appliances industries . The demand for the Group's products in the normal course of event is seasonal with demand peaking during the third quarter of the year .