MIMOS Annual Report 2007

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MIMOS BerhadNOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 20071. CORPORATE INFORMATIONThe principal activity of the Company is to undertake research and development in the field of informationand communication tecnologies.The principal activities of its subsidiaries are the assembly of computers for the purpose of selling and leasingof computer hardware a sofware, the designing and marketing of integrated circuit products, provisionof management and semiconductor wafer fabrication services and trading of semiconductor wafer and investmentholding. The principal activities of its associates are disclosed in Note 11.The Company is a public limited liability company, incorporated and domiciled in Malaysia. The registered officeof the Company is located at 14, Jalan Tun Sambanthan 3, P.O Box 12019, 50764 Kuala Lumpur. The principalplace of business of the Company is located at Technology Park Malaysia, Lebuhraya Puchong-Sg. Besi, Bukit Jalil,57000 Kuala Lumpur.The Company's holding company is the Minister of Finance (Incorporated) ("MOF Inc"), a body corporate which wasincorporated under the Minister of Finance (Incorporation) Act, 1967.The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of thedirectors on 04 JUNE 20082. SIGNIFICANT ACCOUNTING POLICIES2.1 Basis of PreparationThe financial statements of the Group and of the Company have been prepared on a historical cost basisandcomply with the provisions of the Companies Act, 1965 and applicable Financial ReportingStandards ("FRSs") in Malaysia .The financial statements are presented in Ringgit Malaysia (RM) unless otherwise indicated.2.2 Summary of Significant Accounting Policies(a)Subsidiaries and Basis of Consolidation(i)SubsidiariesSubsidiaries are entities over which the Group has the ability to control the financial andoperating policies so as to obtain benefits from their activities. The existence and effectof potential voting rights that are currently exercisable or convertible are consideredwhen assessing whether the Group has such power over another entity.In the Company’s separate financial statements, investments in subsidiaries are statedat cost less impairment losses. On disposal of such investments, the difference betweennet disposal proceeds and their carrying amounts is included in profit or loss.Annual Report 2007 69
2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.)2.2 Summary of Significant Accounting Policies (Contd.)(a)Subsidiaries and Basis of Consolidation (Contd.)ii)Basis of Consolidation (Contd.)The consolidated financial statements comprise the financial statements of theCompany and its subsidiaries as at the balance sheet date. The financial statementsof the subsidiaries are prepared for the same reporting date as the Company.Subsidiaries are consolidated from the date of acquisition, being the date on whichthe Group obtains control, and continue to be consolidated until the date that suchcontrol ceases. In preparing the consolidated financial statements, intragroupbalances,transactions and unrealised gains or losses are eliminated in full.Uniform accounting policies are adopted in the consolidated financial statementsfor like transactions and events in similar circumstances.Any excess of the cost of the acquisition over the Group’s interest in the net fairvalue of the identifiable assets, liabilities and contingent liabilities represents goodwill.Any excess of the Group’s interest in the net fair value of the identifiableassets, liabilities and contingent liabilities over the cost of acquisition is recognisedimmediately in profit or loss.Minority interests represent the portion of profit or loss and net assets in subsidiariesnot held by the Group. It is measured at the minorities’ share of the fair value of thesubsidiaries’ identifiable assets and liabilities at the acquisition date and the minorities’share of changes in the subsidiaries’ equity since then.(b)AssociatesAssociates are entities in which the Group has significant influence and that is neithera subsidiary nor an interest in a joint venture. Significant influence is the power to participatein the financial and operating policy decisions of the investee but not in control or joint controlover those policies.Investments in associates are accounted for in the consolidated financial statements usingthe equity method of accounting. Under the equity method, the investment in associateis carried in the consolidated balance sheet at cost adjusted for postacquisition changesin the Group’s share of net assets of the associate. The Group’s share of the net profit or lossof the associate is recognised in the consolidated profit or loss. Where there has beena change recognised directly in the equity of the associate, the Group recognises its shareof such changes. In applying the equity method, unrealised gains and losses on transactionsbetween the Group and the associate are eliminated to the extent of the Group’ interestin the associate. After application of the equity method, the Group determines whether it isnecessary to recognise any additional impairment loss with respect to the Group’s netinvestment in the associate. The associate is equity accounted for from the date the Groupobtains significant influence until the date the Group ceases to have significant influence overthe associate.70Annual 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
Page 20 and 21: DRIVINGFrontier Technologies
Page 22 and 23: Growing Intellectual PropertyAt MIM
Page 24 and 25: Innovating Technologies and Platfor
Page 26: 4.Communication TechnologyCommunica
Page 29 and 30: Fresh Engagement ModelAside from a
Page 31 and 32: National Angkasawan ProgrammeHistor
Page 34 and 35: BUILDINGOrganisational Excellence
Page 36 and 37: In achieving its vision to become a
Page 38: Capacity and Capability Development
Page 41 and 42: Advancing the Human Capital Develop
Page 44 and 45: CORPORATEMilestone
Page 46 and 47: 13 March15 March6 MARCHMIMOS partic
Page 48 and 49: 20 - 23 July25 July27 - 29 July20-2
Page 50 and 51: 26 OCTOBERMIMOS received Technology
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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: CASH FLOW STATEMENTCASH FLOWS FROM
Page 73 and 74: 2. SIGNIFICANT ACCOUNTING POLICIES
Page 85 and 86: 5. LOSS BEFORE TAXATION (CONTD.)Gro
Page 87 and 88: 7. TAXATION (CONTD.)The Company was
Page 89 and 90: 8. PROPERTY, PLANT AND EQUIPMENTFur
Page 91 and 92: 8. PROPERTY, PLANT AND EQUIPMENT (C
Page 93 and 94: 8. PROPERTY, PLANT AND EQUIPMENT (C
Page 95 and 96: MIMOS Berhad8. PROPERTY, PLANT AND
Page 97 and 98: MIMOS Berhad8. PROPERTY, PLANT AND
Page 99 and 100: MIMOS Berhad10. INVESTMENT IN SUBSI
Page 101 and 102: MIMOS Berhad11. INVESTMENT IN ASSOC
Page 103 and 104: MIMOS Berhad16. OTHER RECEIVABLESGr
Page 105 and 106: MIMOS Berhad(b) WarrantyA subsidiar
Page 107 and 108: MIMOS Berhad21. BORROWINGS (CONTD.)
Page 109 and 110: MIMOS Berhad24. DEFERRED TAXATION (
Page 111 and 112: MIMOS Berhad25. FUNDS ACCOUNTSGroup
Page 113 and 114: MIMOS Berhad25. FUNDS ACCOUNTS (CON
Page 115 and 116: MIMOS Berhad27. CAPITAL COMMITMENTS
Page 117: TransformingINNOVATIONSw w w . m i
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MIMOS Annual Report 2007

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