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

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Notes to The Financial Statements (cont’d) 10. DEfERRED TAXATIoN (CoNT’D) The components and movements of deferred tax liabilities and assets during the financial year prior to offsetting are as follows:- (a) Deferred Tax Assets Unrealised profit arising from development activities RM At 1st January 2010 (3,240,279) Recognised in profit or loss (453,844) At 31st December 2010/1st January 2011 (3,694,123) Recognised in profit or loss 122,246 At 31st December 2011 (3,571,877) (b) Deferred Tax liabilities Revaluation of land Accelerated capital allowances Total RM RM RM At 1st January 2010 2,030,722 1,417,524 3,448,246 Recognised in profit or loss (2,030,722) 1,260,825 (769,897) Exchange differences - (132,838) (132,838) At 31st December 2010/ 1st January 2011 - 2,545,511 2,545,511 Recognised in profit or loss - 153,453 153,453 Exchange differences - 26,987 26,987 At 31st December 2011 - 2,725,951 2,725,951 Deferred tax assets have not been recognised in respect of the following items:- Group 2011 2010 RM RM Unused tax losses 7,505,447 8,301,062 Unabsorbed capital allowances 7,541,463 7,045,044 15,046,910 15,346,106 The availability of the unused tax losses and unabsorbed capital allowances for offsetting against future taxable profits of the respective subsidiaries are subject to no substantial changes in shareholdings of those subsidiaries under Section 44(5A) and (5B) of Income Tax Act,1967 and guidelines issued by the tax authorities. Deferred tax assets have not been recognised in respect of these items as they may not be used to offset against taxable profits of other subsidiaries in the Group and they have arisen in subsidiaries that have a recent history of losses. <strong>MITRA</strong>JAYA HOLDINGS BERHAD ANNUAL REPORT 2011 75
Notes to The Financial Statements (cont’d) 11. AMoUNT DUE fRoM/(To) CUSToMERS foR CoNTRACT woRk Group 2011 2010 RM RM Aggregate construction contract costs incurred to date 543,843,533 515,646,427 Add: Attributable profits 83,343,042 66,041,753 627,186,575 581,688,180 Less: Progress billings (624,136,886) (585,437,381) 3,049,689 (3,749,201) Exchange difference (124,138) 11,195 2,925,551 (3,738,006) Amount due from customers for contract work 3,067,752 948,677 Amount due to customers for contract work (142,201) (4,686,683) 2,925,551 (3,738,006) Contract revenue recognised during the financial year (Note 23) 141,599,117 147,225,055 Contract costs charged to profit or loss during the financial year (Note 24) 104,284,924 100,005,054 Retention sums on contracts, included within trade receivables (Note 13) 4,667,819 8,421,430 Retention sums on contracts, included within trade payables (Note 21) 13,605,755 12,917,385 12. INvENToRIES Group 2011 2010 RM RM At Cost Properties held for sale 17,020,643 27,945,327 Finished goods 1,045,377 540,294 Raw materials - 77,893 Other stocks 1,526,180 1,684,516 19,592,200 30,248,030 Included in the inventories are shop offices amounting to RM5.0 million (2010: RM5.5 million) which are pledged to a financial institution to secure the term loan facility granted to Primaharta Development Sdn. Bhd., a subsidiary of the Company as disclosed in Note 19(c)(iii). The secured amount will be reduced upon redemption from the proceeds upon the disposal of these inventories. 76 <strong>MITRA</strong>JAYA HOLDINGS BERHAD ANNUAL REPORT 2011
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2011 Annual Report
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Corporate Information Board of dire
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Board of Directors from left to rig
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Directors’ Profile (cont’d) roL
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Chairman’s Statement on behalf of
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Operations Review For the financial
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Audit Committee Report The Audit Co
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