Notes To The Financial Statements - Announcements - Bursa Malaysia

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214 Notes To The Financial Statements 33 FINANCIAL INSTRUMENTS (continued) (e) Fair value hierarchy (continued) Assets measured at fair value (continued) Company Available-for-sale financial assets: 31 December 2012 Level 1 Level 2 Level 3 RM’000 RM’000 RM’000 RM’000 - Quoted shares 868 868 - - - Club memberships 386 - 386 - During the financial year ended 31 December 2012 and 31 December 2011, there were no significant transfers between levels for fair value measurement. As at 31 December 2011, there were no transfers between Level 1 and Level 3 fair value measurement. For The Financial Year Ended 31 December 2012 (continued) 31 December 2011 Level 1 Level 2 Level 3 RM’000 RM’000 RM’000 RM’000 Group Available-for-sale financial assets: - Unquoted shares and club memberships 827 - 692 135 Company Available-for-sale financial assets: - Unquoted shares and club memberships 521 - 386 135
Notes To The Financial Statements 34 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group’s financial risk management objective is to optimise value creation for shareholder whilst minimising the potential adverse impact arising from fluctuations in foreign currency exchange, interest rates and the unpredictability of the financial markets. The Group operates within an established risk management framework and clearly defined guidelines that are regularly reviewed by the Board of Directors and does not trade in derivative financial instruments. Financial risk management is carried out through risk review programmes, internal control systems, insurance programmes and adherence to the Group’s financial risk management policies. The Group is exposed mainly to credit risk and liquidity, interest rate risk, foreign currency exchange risk, market price risk and cash flow risk. Information on the management of the related exposures is detailed below. (i) Credit risk Konsortium Logistik Berhad (89243-A) Annual Report 2012 Delivering Quality with Speed For The Financial Year Ended 31 December 2012 (continued) Cash deposits and trade receivables may give risk which requires the loss to be recognised if a counter party fails to perform as contracted. It is the Group’s policy to monitor the financial standing of these counter parties on an ongoing basis to ensure that the Group is exposed to minimal credit risk. Credit risk refers to the risk that counterparty will default on their contractual obligations resulting in financial loss to the Group. The Group seeks to invest cash assets safely and profitably. It also seeks to control credit risk by setting counterparty limits and ensuring that sales of services are made to customers with an appropriate credit history. The Group considers the risk of material loss arising in the event of nonperformance by a financial counterparty to be unlikely, except when management deems recoverability of specific debtors as doubtful. The Group’s primary exposure to credit risk arises through its trade receivables. Each customer has a maximum credit limit and the Group seeks to maintain strict control over its outstanding receivables via a credit control department to minimise credit risk. Overdue balances are reviewed regularly by senior management. As at the end of the reporting period, the Company has significant exposure in respect of amount owing by and advances to subsidiaries but there were no significant concentration of credit risk for the Company. The Company had guaranteed the bank credit facilities of certain subsidiaries for RM5,000,000 as at 31 December 2012 (2011: RM5,000,000) of which the outstanding balance is RM5,000,000 (2011: RM5,000,000). The Directors are of the view that the chances of the financial institutions to call upon the corporate guarantees are remote. 215
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www.klb.my KONSORTIUM LOGISTIK BERH
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PERFORMANCE REVIEW 2012 Total Reven
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Our Business Model Logistics Servic
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Corporate Structure 100% 100% North
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Board of Directors From left to rig
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Directors’ Profile (cont’d) Moh
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FINANCIAL STATEMENTS 64 Directors
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Notes To The Financial Statements 3
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Notes To The Financial Statements - Announcements - Bursa Malaysia

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