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33. DEFERRED LIABILITIES 104 Group 2010 2009 RM’000 RM’000 Hire purchase liabilities 223 1,230 Unfunded defined benefit plan (Note 36(a)) 2,264 2,150 Deferred creditors 8,795 22,760 11,282 26,140 Hire Purchase Liabilities Minimum lease payments: Not later than 1 year 1,107 2,357 Later than 1 year and not later than 2 years 174 1,128 Later than 2 years and not later than 5 years 74 263 1,355 3,748 Future finance charges (155) (431) 1,200 3,317 Present value of finance lease payments: Not later than 1 year 977 2,087 Later than 1 year and not later than 2 years 154 994 Later than 2 years and not later than 5 years 69 236 1,200 3,317 Analysed as: Due within 12 months 977 2,087 Due after 12 months 223 1,230 1,200 3,317 The hire purchase liabilities carry interest rates at the balance sheet date at rates ranging from 2.3% to 8.0% (2009: 2.3% to 8.0%) per annum.
34. TRADE AND OTHER PAYABLES Group Company 2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000 Trade payables 1,632,791 1,271,773 – – Other payables 171,526 307,638 13,348 7,221 Security deposits received from customers 33,499 35,427 – – Product financing liabilities 915,873 633,434 – – Accruals 178,315 151,157 25,187 25,218 Project payables 23,559 34,021 – – Hire purchase liabilities (Note 33) 977 2,087 – – 2,956,540 2,435,537 38,535 32,439 Included in payables of the Group and of the Company are related parties balances of which RM730.7 million (2009: RM470.9 million) and RM Nil (2009: RM Nil) respectively are in trade payables, RM35.0 million (2009: RM63.0 million) and RM13.3 million (2009: RM4.5 million) respectively are in other payables and RM423.9 million (2009: RM256.1 million) and RM Nil (2009: RM Nil) respectively are in product financing liabilities. Certain of the related parties balances bear interest rates ranging from 7.5% to 8.1% (2009: 7.8% to 9.0%) per annum. The security deposits received from customers amounting to RM33.5 million (2009: RM35.3 million) bear interest rates ranging from 8% to 10% (2009: 8% to 10%) per annum. Product financing liabilities are the liabilities arising from the trade financing arrangements with parties where titles to the inventories pertaining to these arrangements are legally with these parties and of which the Group has the obligation to purchase. The obligation to purchase ranges from 30 days to 180 days (2009: 30 days to 180 days) with interest rates ranging from 2% to 9% (2009: 2% to 9%) per annum. The inventories under such arrangements are disclosed in Note 23. All other normal credit terms granted to the Group in trade payables range from 30 days to 60 days (2009: 30 days to 60 days). Project payables represent construction costs for plant and machinery, and are unsecured and interest-free. The normal credit terms granted to the Group range from 30 days to 120 days (2009: 30 days to 120 days). Other credit terms are assessed on a case-by-case basis. Since the previous financial year, a subsidiary had exceeded certain credit terms of trade and other payables and product financing liabilities. The subsidiary has entered into deferral payment plans, formulating payment strategies and refinancing balances with a significant constitution of these creditors. The Directors are of the opinion that there is no material uncertainty that the subsidiary will have continued support from these creditors. 35. BANK OVERDRAFTS 105 Group 2010 2009 RM’000 RM’000 Secured 13,194 16,962 Bank overdrafts pertaining to certain subsidiaries are secured by charges on the property, plant and equipment (Note 14), and other assets of the subsidiaries. The weighted average effective interest rate for bank overdrafts at the balance sheet date is 7.7% (2009: 8.5%) per annum.
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CONTENTS Page Notice of Meeting 1 C
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6.1.2 Proposed Shareholders’ Mand
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CORPORATE INFORMATION Board of Dire
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Tan Sri Cheng Yong Kim Non-Independ
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Folk Fong Shing @ Kok Fong Hing Ind
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Supply of Information The Board as
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3. RELATIONS WITH SHAREHOLDERS AND
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AUDIT COMMITTEE REPORT COMPOSITION
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ACTIVITIES DURING THE FINANCIAL YEA
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NOMINATION COMMITTEE Chairman : Mr
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THE GROUP’S BUSINESSES • Aerial
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sebanyak 25%. Kesan positif pengumu
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CHAIRMAN’S STATEMENT On behalf of
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主席报告我谨代表董事部,
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FINANCIAL STATEMENTS 2010 For The F
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DIRECTORS’ INTERESTS (continued)
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OTHER STATUTORY INFORMATION Before
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INCOME STATEMENTS FOR THE FINANCIAL
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BALANCE SHEETS (continued) AS AT 30
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Group STATEMENTS OF CHANGES IN EQUI
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CASH FLOW STATEMENTS FOR THE FINANC
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NOTES TO THE FINANCIAL STATEMENTS 3
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3. SIGNIFICANT ACCOUNTING POLICIES
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Page 56 and 57: 3. SIGNIFICANT ACCOUNTING POLICIES
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Page 64 and 65: 5. CRITICAL ACCOUNTING JUDGEMENTS A
Page 66 and 67: 9. PROFIT/(LOSS) FROM OPERATIONS Th
Page 68 and 69: 11. OVER PROVISION FOR LOSS Pursuan
Page 70 and 71: 14. PROPERTY, PLANT AND EQUIPMENT F
Page 72 and 73: 14. PROPERTY, PLANT AND EQUIPMENT (
Page 74 and 75: 14. PROPERTY, PLANT AND EQUIPMENT (
Page 76 and 77: 18. INVESTMENT IN SUBSIDIARIES 74 C
Page 78 and 79: 18. INVESTMENT IN SUBSIDIARIES (con
Page 80 and 81: 18. INVESTMENT IN SUBSIDIARIES (con
Page 82 and 83: 19. INVESTMENT IN ASSOCIATES Group
Page 84 and 85: 20. OTHER INVESTMENTS Long Term Inv
Page 86 and 87: 21. TRADE AND OTHER RECEIVABLES Gro
Page 88 and 89: 22. DEFERRED TAXATION (continued) D
Page 90 and 91: 26. NON-CURRENT ASSETS CLASSIFIED A
Page 92 and 93: 29. PREFERENCE SHARES Megasteel iss
Page 94 and 95: 29. PREFERENCE SHARES (continued) T
Page 96 and 97: 30. BORROWINGS (continued) The weig
Page 98 and 99: 30. BORROWINGS (continued) (A) Synd
Page 100 and 101: 31. REDEEMABLE CONVERTIBLE SECURED
Page 102 and 103: 32. BONDS AND DEBTS Group Company 2
Page 104 and 105: 32. BONDS AND DEBTS (continued) (A)
Page 108 and 109: 36. EMPLOYEE BENEFITS (a) Defined B
Page 110 and 111: 36. EMPLOYEE BENEFITS (continued) (
Page 112 and 113: 39. RELATED PARTY TRANSACTIONS Rela
Page 114 and 115: 40. SEGMENTAL ANALYSIS (continued)
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Page 118 and 119: 42. FINANCIAL INSTRUMENTS Financial
Page 120 and 121: 42. FINANCIAL INSTRUMENTS (continue
Page 122 and 123: INDEPENDENT AUDITORS’ REPORT TO T
Page 124 and 125: LIST OF GROUP PROPERTIES AS AT 30 J
Page 126 and 127: Thirty Largest Registered Sharehold
Page 128 and 129: Thirty Largest Registered Warrant H
Page 130 and 131: OTHER INFORMATION (I) MATERIAL CONT
Page 132 and 133: (IV) STATUS OF CONDITIONS IMPOSED B
Page 134: ✄ FORM OF PROXY CDS ACCOUNT NUMBE
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