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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
Notes to the Financial Statements (cont’d) For the financial year ended 31 December 2011 2. Summary of significant accounting policies (cont’d) 86 2.2 Changes in accounting policies (cont’d) Description Building on Success: Developing Resources for the Future Effective for annual periods beginning on or after FRS 1 First-time Adoption of Financial Reporting Standards 1 July 2010 Amendments to FRS 2 Share-based Payment 1 July 2010 FRS 3 Business Combinations 1 July 2010 Amendments to FRS 5 Non-current Assets Held for Sale and Discontinued Operations 1 July 2010 Amendments to FRS 127 Consolidated and Separate Financial Statements 1 July 2010 Amendments to FRS 138 Intangible Assets 1 July 2010 Amendments to IC Interpretation 9 Reassessment of Embedded Derivatives 1 July 2010 IC Interpretation 12 Service Concession Arrangements 1 July 2010 IC Interpretation 16 Hedges of a Net Investment in a Foreign Operation 1 July 2010 IC Interpretation 17 Distributions of Non-cash Assets to Owners 1 July 2010 Amendments to FRS 132: Classification of Rights Issues 1 March 2010 Technical Release 3 Guidance on Disclosure of Transition to IFRSs 31 December 2010 IC Interpretation 18 Transfers of Assets from Customers 1 January 2011 Amendments to FRS 7: Improving Disclosures about Financial Instruments 1 January 2011 Amendments to FRS 1: Limited Exemptions for First-time Adopters 1 January 2011 Amendments to FRS 1: Additional Exemptions for First-time Adopters 1 January 2011 IC Interpretation 4 Determining Whether an Arrangement contains a Lease 1 January 2011 Group Cash-settled Share based Payment Transactions (Amendments to FRS 2) 1 January 2011 Amendments to FRS 1 [Improvements to FRSs (2010)] 1 January 2011 Amendments to FRS 3 [Improvements to FRSs (2010)] 1 January 2011 Amendments to FRS 7 [Improvements to FRSs (2010)] 1 January 2011 Amendments to FRS 101 [Improvements to FRSs (2010)] 1 January 2011 Amendments to FRS 121 [Improvements to FRSs (2010)] 1 January 2011 Amendments to FRS 128 [Improvements to FRSs (2010)] 1 January 2011 Amendments to FRS 131 [Improvements to FRSs (2010)] 1 January 2011 Amendments to FRS 132 [Improvements to FRSs (2010)] 1 January 2011 Amendments to FRS 134 [Improvements to FRSs (2010)] 1 January 2011 Amendments to FRS 139 [Improvements to FRSs (2010)] 1 January 2011 Amendments to IC Interpretation 13 [Improvements to FRSs (2010)] 1 January 2011 Adoption of the above standards and interpretations did not have any effect on the financial performance or position of the Group and the Company except for those discussed below: Revised FRS 3 Business Combinations and Amendments to FRS 127 Consolidated and Separate Financial Statements The revised standards are effective for annual periods beginning on or after 1 July 2010. The revised FRS 3 introduces a number of changes in accounting for business combinations occurring after 1 July 2010. These changes impact the amount of goodwill recognised, the reported results in the period that an acquisition occurs, and future reported results. The revised FRS 3 continues to apply the acquisition method to business combinations but with some significant changes. All payments to purchase a business are recorded at fair value at the acquisition date, with contingent payments classified as debt subsequently remeasured through the statement of comprehensive income. There is a choice on an acquisitionby-acquisition basis to measure the non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. All acquisition-related costs are expensed. The amendments to FRS 127 require that a change in the ownership interest of a subsidiary (without loss of control) is accounted for as an equity transaction. Therefore, such transactions will no longer give rise to goodwill, nor will they give rise to a gain or loss. Furthermore, the amended standard changes the accounting for losses incurred by the subsidiary as well as the loss of control of a subsidiary.
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viSion To be a successful world-cla
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Corporate Profile Malaysia Smelting
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Corporate Profile (cont’d) For of
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Notice of Annual General Meeting NO
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Group Financial Highlights 10 Build
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Board of Directors From left to rig
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Tin Statistics (cont’d) 178 Produ
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Shareholding Statistics as at 21 Ma
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184 To: The Company Secretary MALAY
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