MIMOS Annual Report 2007

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19. RETIREMENT BENEFIT OBLIGATIONS CONTD.)Movements in the net liability in the current year were as follows:2007 2006 2007 2006RM RM RM RMAt 1 January 3,402,257 4,146,939 3,402,257 3,966,401Amounts recognised in theincome statement - 441,727 - 441,727Net actuarial lossesrecognised (3,162,364) 149,019 (3,162,364) 149,019Disposed to JCSB - (1,335,428) - (1,154,890)At 31 December 239,893 3,402,257 239,893 3,402,257Principal actuarial assumptions used:2007 2006% per annum % per annumDiscount Rate 7.0 7.0Salary Increase Rate 6.0 6.020. DEFERRED INCOMEDeferred income represents advances from customers in respect of computer hardware and software rental.These are recognised over the respective periods to correlate with the service obligations as applicable.21. BORROWINGSGroupCompany2007 2006 2007 2006RM RM RM RMLong Term BorrowingsSecured:Term loan 76,000,000 76,000,000 76,000,000 76,000,00076,000,000 76,000,000 76,000,000 76,000,000Maturity of borrowings:More than 2 years and lessthan 5 years 76,000,000 76,000,000 76,000,000 76,000,00076,000,000 76,000,000 76,000,000 76,000,000Annual Report 2007 105
MIMOS Berhad21. BORROWINGS (CONTD.)(a)The term loan represents loan received from the Government of Malaysia for the purpose of implementinga project on a foreign web venture fund pursuant to a loan facility agreement dated 27 November 2001.Major salient points of the loan facility agreement between the Company and the Government of Malaysiaare as follows:(i)the loan is for a tenure of 10 years.(ii)the Government will share 20% of the profits derived from projects managed, and if loss is incurred,the amount is fully borne by the Company.(ii)if the Company fails to pay the outstanding amount pursuant to the loan facility agreement, a defaultinterest of 8% per annum will be imposed by the Government on amount default from the dateof defaulted to date of actual payment.The term loan is to be secured, interest free and is repayable as follows:(i)If the said project provides sound financial returns to the Company prior to the 6th year from the dateof the first drawdown (December 2001), or prior to the redemption for cash of all or any of theredeemable preference shares, bonds, debentures and other financial instruments of theCompany, whichever comes earlier, a repayment schedule will then concurrently be determinedby the lender. The long term loan is repayable in instalment based on the relevant repaymentdates as laid upon in the repayment schedule; or(ii)If the said project does not provide sound financial returns to the Company prior to the 6thyear from the date of the first drawdown, or prior to the redemption for cash of all or any of theredeemable preference shares, bonds, debentures and other financial instruments of theCompany, whichever comes earlier, a repayment schedule will then concurrently be determinedby the lender. The long term loan is repayable in one lump sum on the 10th year anniversaryof the date of the first drawndown, no later than 30 calendars days from such date.106Annual Report 2007
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TransformingINNOVATIONSANNUAL REPOR
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CONCEPT RATIONALEIn everyday use, a
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Our Vision and MissionOur VisionTo
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Corporate InformationCompany Name:
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Corporate Structure100 %100 %100 %M
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10Annual Report 2007
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Senior Leadership TeamDato’ Abdul
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Foreword by the MinisterHarnessing
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President & CEO’s MessageThe year
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DRIVINGFrontier Technologies
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Growing Intellectual PropertyAt MIM
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Innovating Technologies and Platfor
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4.Communication TechnologyCommunica
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Fresh Engagement ModelAside from a
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National Angkasawan ProgrammeHistor
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BUILDINGOrganisational Excellence
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In achieving its vision to become a
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Capacity and Capability Development
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Advancing the Human Capital Develop
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CORPORATEMilestone
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13 March15 March6 MARCHMIMOS partic
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20 - 23 July25 July27 - 29 July20-2
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26 OCTOBERMIMOS received Technology
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Annual Report 2007 51
Page 55 and 56: DIRECTORS REPORTThe directors prese
Page 57 and 58: OTHER STATUTORY INFORMATION(a) Befo
Page 59 and 60: MIMOS BerhadSTATEMENT BY DIRECTORSP
Page 61 and 62: MIMOS BerhadINCOME STATEMENTSGROUPC
Page 63 and 64: MIMOS BerhadBALANCE SHEETSAS AT 31
Page 65 and 66: MIMOS BerhadCOMPANY STATEMENT OF CH
Page 67 and 68: CONSOLIDATED CASH FLOW STATEMENT200
Page 69 and 70: CASH FLOW STATEMENTCASH FLOWS FROM
Page 71 and 72: 2. SIGNIFICANT ACCOUNTING POLICIES
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Page 87 and 88: 7. TAXATION (CONTD.)The Company was
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Page 95 and 96: MIMOS Berhad8. PROPERTY, PLANT AND
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Page 99 and 100: MIMOS Berhad10. INVESTMENT IN SUBSI
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Page 103 and 104: MIMOS Berhad16. OTHER RECEIVABLESGr
Page 105: MIMOS Berhad(b) WarrantyA subsidiar
Page 109 and 110: MIMOS Berhad24. DEFERRED TAXATION (
Page 111 and 112: MIMOS Berhad25. FUNDS ACCOUNTSGroup
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Page 115 and 116: MIMOS Berhad27. CAPITAL COMMITMENTS
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MIMOS Annual Report 2007

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