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Notes to the Financial Statements (cont’d)
For the financial year ended 31 December 2011
1. Corporate information
The Company is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market
(formerly known as Main Board) of the Bursa Malaysia Securities Berhad and Singapore Exchange. The Registered Office of
the Company is located at B-15-11, Block B, 15th Floor, Unit 11, Megan Avenue II, 12 Jalan Yap Kwan Seng, 50450 Kuala
Lumpur, Malaysia.
The immediate holding company of the Company is The Straits Trading Company Limited, a public limited liability company
listed on the Singapore Exchange and publishes financial statements available for public use. The ultimate holding company
of the Company is The Cairns Private Limited, a company incorporated in Singapore.
The principal activities of the Company are investment holding and the smelting of tin concentrates and tin bearing materials,
the production of various grades of refined tin metal under the MSC brand name and the sales and delivery of refined tin
metal and by-products. The principal activities of the subsidiaries, associates and jointly controlled entity are set out in Notes
18 and 19 respectively.
There have been no significant changes in the nature of the principal activities during the financial year.
2. Summary of significant accounting policies
2.1 Basis of preparation
The financial statements of the Group and of the Company have been prepared in accordance with Financial Reporting
Standards (“FRSs”) and the Companies Act, 1965 in Malaysia. At the beginning of the current financial year, the Group
and the Company adopted new and revised FRSs which are mandatory for financial periods beginning on or after 1
January 2011 as described fully in Note 2.2.
The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies
below.
The financial statements are presented in Ringgit Malaysia (RM) and all values are rounded to the nearest thousand
(RM’000) except when otherwise indicated.
2.2 Changes in accounting policies
The accounting policies adopted are consistent with those of the previous financial year except as follows:
On 1 January 2011, the Group and the Company adopted the following new and amended FRS and IC Interpretations
mandatory for annual financial periods beginning on or after 1 January 2011.
MALAYSIA SMELTING CORPORATION (43072-A) • ANNUAL REPORT 2011 85