MITRA-AnnualReport2011 (1.2MB).pdf - Announcements - Bursa ...

Notes to The Financial Statements (cont’d)
6. INvESTMENT pRopERTIES
Group
2011 2010
RM RM
Cost or valuation
At 1st January
At cost 36,619,210 36,712,923
At valuation (Note 6(a)) 700,000 700,000
37,319,210 37,412,923
Additions 4,604,872 -
Disposal/Reversal (250,000) (93,713)
At 31st December 41,674,082 37,319,210
Representing:
At cost 40,974,082 36,619,210
At valuation 700,000 700,000
41,674,082 37,319,210
Accumulated depreciation
At 1st January 1,352,947 78,096
Depreciation for the financial year (Note 25) 360,181 1,274,851
Disposals (60,000) -
At 31st December 1,653,128 1,352,947
Accumulated impairment losses
At 1st January - -
Impairment losses for the financial year 2,082,172 -
At 31st December 2,082,172 -
Net carrying amount
At cost 37,238,782 35,266,263
At valuation (Note 6(a)) 700,000 700,000
At 31st December 37,938,782 35,966,263
(a) Certain freehold lands of the Group were revalued by the Directors in the financial year 1993 based on an
independent valuation carried out on an existing use basis. The property has continued to be stated on the basis
of the 1993 valuation, as allowed by the transitional provisions of IAS16 (Revised), Property, Plant and Equipment,
issued by the Malaysian Accounting Standards Board by virtue of which a reporting enterprise is allowed to retain
revalued amounts on the basis of their previous revaluations (subject to continuity in depreciation policy and the
requirement to write an asset down to its recoverable amount).
The above-mentioned freehold lands were revalued on 25th October 1993.
At 31st December 2011, had the revalued freehold lands of the Company been carried under the cost model, the
carrying amount would have been RM360,044/- (2010: RM360,044/-).
(b) The market value for the above investment properties of approximately RM91.9 million (2010: RM48.5 million) are
determined based on:-
(i) Information available through internal research and Director’s best estimate; and
(ii) Independent valuation report.
(c) The impairment losses of RM2.08 million was made during the year based on information available through
internal assessment and external quotation obtained.
MITRAJAYA HOLDINGS BERHAD ANNUAL REPORT 2011
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