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

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Notes to The Financial Statements (cont’d) 16. SHARE CApITAl (CoNT’D) (b) Treasury Shares 17. RESERvES The shareholders of the Company by an ordinary resolution passed in the fifteenth Annual General Meeting held on 17th June 2008, approved the mandate for the Company’s plan to repurchase its own ordinary shares. On 7th June 2011, the shareholders of the Company at the eighteenth Annual General Meeting granted their mandate for the Company’s renewal of authority to repurchase its own ordinary shares. During the financial year, the Company repurchased 54,500 shares from the open market at an average price of RM1.79 per share. The total consideration paid for the repurchase, was RM97,609/- (2010: RM1,342,866/-) and they were financed by internally generated funds. The shares repurchased are being held as treasury shares in accordance with Section 67A of the Companies Act, 1965 in Malaysia. The total issued and fully paid ordinary shares as at 31st December 2011 is 397,531,801 (2010: 127,989,267), out of which 2,968,046 (2010: 7,796,000) are held as treasury shares by the Company. As at 31st December 2011, the number of outstanding ordinary shares in issue and fully paid is therefore 394,563,755 (2010: 120,193,267) ordinary shares of RM0.50 (2010: RM1/-) each. Group Company 2011 2010 2011 2010 RM RM RM RM Non-distributable: Share premium - 18,457,497 - 18,457,497 Other reserves (Note 18) 1,392,921 6,711,337 - - 1,392,921 25,168,834 - 18,457,497 Distributable: Retained profits 129,869,315 147,256,372 23,456,651 51,984,558 131,262,236 172,425,206 23,456,651 70,442,055 (a) Retained profits Under the single tier system which came into effect from the year of assessment 2008, companies are not required to have tax credits under Section 108 of the Income Tax, 1967 for dividend payment purposes. Under this system, all the Company’s retained profits are distributable by way of dividend and tax on the Company’s profit is the final tax and dividend distributed to shareholders will be exempted from tax. Since the Company has elected for the irrevocable option to disregard the Section 108 balance as at 31st December 2007, the Company is able to distribute dividends out of its entire retained profits under the single tier system. <strong>MITRA</strong>JAYA HOLDINGS BERHAD ANNUAL REPORT 2011 81
Notes to The Financial Statements (cont’d) 18. oTHER RESERvES Group Exchange reserves Revaluation reserves Total RM RM RM At 1st January 2010 (5,923,530) 13,814,988 7,891,458 other comprehensive income: Foreign currency translation (1,180,121) - (1,180,121) At 31st December 2010 (7,103,651) 13,814,988 6,711,337 other comprehensive income: Foreign currency translation (5,318,416) - (5,318,416) At 31st December 2011 (12,422,067) 13,814,988 1,392,921 (a) Exchange Reserves The exchange reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from the Group’s presentation currency. (b) Revaluation Reserves The amount represents net revaluation surplus arising from valuation of freehold land. 19. BoRRowINGS Current liabilities Group Company 2011 2010 2011 2010 RM RM RM RM Secured: Bank overdrafts (Note a) 11,380,861 7,413,514 - - Bankers’ acceptance (Note b) 6,217,000 12,604,000 - - Term loans (Note c) 5,205,332 8,559,279 - - Bridging loan (Note d) 3,763,046 10,946,493 - - Short term revolving credit - 5,000,000 - - Hire purchase and finance lease payables (Note 20) 1,383,082 1,438,746 - - 27,949,321 45,962,032 - - Unsecured: Bank overdrafts (Note a) 5,321 9,283 5,321 9,283 27,954,642 45,971,315 5,321 9,283 82 <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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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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Statement on Internal Control INTRo
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Directors’ Report (cont’d) BAD
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Directors’ Report (cont’d) EMpl
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