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22. DEFERRED TAXATION (continued) Deferred Tax Liabilities of the Company 86 RCSLS RM’000 At 1 July 2008 – Recognised in equity 10,162 Recognised in income statement (622) Conversion of RCSLS (15) At 30 June 2009 9,525 Recognised in income statement (1,887) At 30 June 2010 7,638 Deferred tax assets have not been recognised in respect of the following items: Group 2010 2009 RM’000 RM’000 Unutilised tax losses 265,897 274,513 Unabsorbed capital allowances 72,589 52,119 Other deductible temporary differences 2,955 3,832 341,441 330,464 The unused tax losses and unabsorbed capital allowances of the Group are available indefinitely for offsetting against future taxable profits of the respective subsidiaries, subject to no substantial changes in shareholding of the respective subsidiaries under the Income Tax Act, 1967 and guidelines issued by the tax authority. 23. INVENTORIES Group 2010 2009 RM’000 RM’000 At Cost: Properties held for sale 8,341 12,036 Raw materials 728,242 31,288 Work-in-progress 900 1,323 Finished goods 526,824 2,644 Spares, supplies and consumables 162,595 186,927 1,426,902 234,218 At Net Realisable Value: Raw materials 65,660 160,655 Work-in-progress 2,144 3,086 Finished goods 46,665 417,160 Spares, supplies and consumables 1,667 1,174 116,136 582,075 Total 1,543,038 816,293
23. INVENTORIES (continued) The inventories in relation to the product financing liabilities as disclosed in Note 34, where titles are with other parties are as follows: 87 Group 2010 2009 RM’000 RM’000 Raw Materials: - with related parties 98,223 38,013 - with external parties 336,683 36,981 434,906 74,994 Finished Goods: - with related parties 220,022 213,933 - with external parties 29,739 49,199 249,761 263,132 Spares, Supplies and Consumables: - with external parties 39,914 132,256 Total 724,581 470,382 Included in raw materials under product financing facilities of the Group are amounts of RM413.7 million (2009: RM25.5 million) which relate to raw materials in transit. The product financing facilities with related parties have been entered into in the normal course of business and have been established on terms that are no more favourable to the related parties than those arranged with independent third parties. Inventories of the Group amounting to RM668.1 million (2009: RM252.2 million) are secured by way of a floating charge for certain borrowings as disclosed in Note 30. 24. AMOUNT DUE FROM/TO SUBSIDIARIES Company 2010 2009 RM’000 RM’000 Amount due from subsidiaries 2,328,682 2,291,783 Allowance for doubtful receivables (2,259) (2,259) 2,326,423 2,289,524 Amount due to subsidiaries 16,635 16,480 The amounts due from/to subsidiaries which arose mainly from inter-company advances and payments made on behalf are unsecured and repayable on demand. The amounts due from subsidiaries bear a weighted average effective interest rate of 2.8% (2009: 4.6%) per annum and the amounts due to subsidiaries bear a weighted average effective interest rate of 1.0% (2009: 1.0%) per annum. 25. DEPOSITS WITH FINANCIAL INSTITUTIONS The deposits of the Group and the Company carry a weighted average effective interest rate as at the balance sheet date of 2.1% (2009: 1.9%) and 2.5% (2009: 1.9%) per annum respectively and have an average maturity of 25 days (2009: 18 days) and 30 days (2009: 30 days) respectively. Included in deposits of the Group is an amount of RM2.6 million (2009: RM2.6 million) which is pledged as a bank guarantee to certain subsidiaries.
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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
Page 36 and 37:
INCOME STATEMENTS FOR THE FINANCIAL
Page 38 and 39: BALANCE SHEETS (continued) AS AT 30
Page 40 and 41: Group STATEMENTS OF CHANGES IN EQUI
Page 42 and 43: CASH FLOW STATEMENTS FOR THE FINANC
Page 44 and 45: NOTES TO THE FINANCIAL STATEMENTS 3
Page 46 and 47: 3. SIGNIFICANT ACCOUNTING POLICIES
Page 58 and 59: 4. CHANGES IN ACCOUNTING POLICIES (
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 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 106 and 107: 33. DEFERRED LIABILITIES 104 Group
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)
Page 116 and 117: 40. SEGMENTAL ANALYSIS (continued)
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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