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Reconciliations of Malaysia FRSs with Singapore FRSs For statutory reporting purposes in Malaysia, the Group and the Company continue to prepare consolidated and separate financial statements in accordance with Malaysia Financial Reporting Standards (“FRSs”). The reconciliations between Malaysia FRSs and Singapore FRSs are prepared as the Company is required to lodge its annual report with the Singapore Exchange Securities Trading Limited (SGX-ST) following the completion of its secondary listing on the Main Board of SGX-ST on 27 January 2011. Malaysia FRSs vary in certain respect from Singapore FRSs. The application of Singapore FRSs that affected the preparation and presentation of the consolidated and separate financial statements is discussed below. - Classification of non-current borrowings There is a requirement under Singapore FRS 1, Presentation of Financial Instruments (Revised) in relation to the classification of borrowings whereby the liabilities which are not scheduled for repayment within twelve months after the reporting period, but may be callable by the lender at any time without cause, shall be classified as current liabilities in its entirety. This is so unless there is a letter from bank to waive its right to demand for repayment from the Company for the next twelve months. Malaysia Institute of Accountant has not adopted this requirement. As such, the portion of the bank borrowings of the Group and the Company repayable in installments which are scheduled to be made after twelve months were reflected as noncurrent liabilities in the Financial Statements even though the loan facility agreements for these borrowings include overriding repayment on demand clauses, which give the banks the right to demand repayment at any time, at their sole discretion and irrespective of whether a default event has occurred (i.e. callable term loans). For the financial year ended 31 December 2010 and 2011, the Group and the Company obtained letters from banks stating that they do not contemplate exercising the rights of recalling or cancelling the bank borrowings for the next twelve months from reporting date unless a default event has occurred. As such, the Group’s and the Company’s bank borrowings which are scheduled to be repayable after twelve months can continue to be classified under non-current liabilities under Singapore FRSs. Thus, there is no difference between Malaysia FRSs and Singapore FRSs with regards to classification of non-current borrowings as at 31 December 2010 and 2011. Utilisation of Proceeds On 27 January 2011, the secondary listing of the Company was completed following the listing of and quotation for the entire enlarged issued and paid-up share capital of the Company of RM100,000,000 comprising 100,000,000 ordinary shares of RM1.00 each on the Main Board of Singapore Exchange Securities Trading Limited (SGX-ST). The status of utilisation of proceeds from the public issue of 25,000,000 new ordinary shares of the Company as at 31 December 2011 was: Proposed Actual Expected timeframe Purpose utilisation utilisation Balance for utilisation RM’000 RM’000 RM’000 Expansion of mining and smelting operations 19,690 13,448 6,242 One (1) year (by Feb 2012) Development of new mines through selective acquisitions of suitable mining concessions or leases, mining projects and assets in Malaysia, Indonesia and other countries 62,300 – 62,300 Three (3) years (by Feb 2014) General working capital 13,340 13,340 – One (1) year (by Feb 2012) Estimated expenses in relation to the public issue 8,860 8,684 176 One (1) year and secondary listing (by Feb 2012) Total 104,190 35,472 68,718 MALAYSIA SMELTING CORPORATION (43072-A) • ANNUAL REPORT 2011 175
List of Properties of the Group 31 December 2011 176 Location Description MALAYSIA 1. 27 Jalan Pantai 12000 Butterworth (a) Lot 142-187 & 362 Land with offices and factory buildings (b) Lot 268 Land with car park shed (c) PT 686 Seabed leases with main wharf 2. Unit No. B-15-11 Megan Avenue II 12, Jln Yap Kwan Seng 50450 Kuala Lumpur 3. Unit No. B-15-6, B15-7 Megan Avenue II 12, Jln Yap Kwan Seng 50450 Kuala Lumpur 4. Taman Desa Palma, Alma 14000 Bukit Mertajam 5. Mukim Belukar Semang and Mukim Pengkalan Hulu Daerah Hulu Perak (a) Lot 344 & 348 Land with buildings Approximate area Tenure Building on Success: Developing Resources for the Future Year of expiry Approximate age of buildings 12.5 acres Freehold – 7 to over 50 years Net book value at 31.12.11 RM’000 Date of last revaluation/ acquisition 25,745 2010 45,575 sq. ft. Leasehold 2028 24 years 422 2010 15,000 sq. ft. Leasehold 2069 NA 127 2010 Office premises 4,629 sq. ft. Freehold – 12 years 2,096 2010 Office premises 4,786 sq. ft. Freehold – 12 years 2,316 2010 80 units of flats 52,000 sq. ft. Freehold – 11 years 3,900 2010 3.78 hectares Freehold – over 44 years 220 2010 (b) Lot 1886 Vacant Land 0.4 hectares Freehold – – 11 2010 (c) Lot 1868, 2071, Land with 14.35 Leasehold 2012 - 2110 30 to over 50 249 2010 2163, 2546, 2547, 2548, 4160 buildings hectares years (d) Lot 1705,1706 & 1707 3 units of terrace houses 417 sq. m Leasehold 2108 1 year 349 2011 INDONESIA 6. PT Koba Tin Bangka Island 7. PT MSC Indonesia Bangka Island 8. PT MSC Indonesia Bangka Island Offices, factory buildings and houses on mining lease Land & Buildings Land & Buildings 41,680.3 hectares Mining lease 17,094 sq. ft. Leasehold (Land Rights) 215,278 sq. ft. Leasehold (Land Rights) 2013 14 to 39 years 1,475 2010 2034 17 to 22 years 867 2010 2019 6 years 1,113 2010
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ANNUAL REPORT 2011 Building on Succ
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viSion To be a successful world-cla
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Corporate Profile Malaysia Smelting
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Notice of Annual General Meeting NO
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Group Financial Highlights 10 Build
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