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Notes to the Financial Statements (cont’d) For the financial year ended 31 December 2011 19. Investment in associates and jointly controlled entity (cont’d) Impairment assessment The investment in quoted shares relates to the investment in Asian Mineral Resources Limited (“AMR”), a company listed on Toronto Stock Exchange. In the current financial year, an additional impairment loss of RM6,442,000 (2010: RM58,127,000) for the Group and RM8,679,000 (2010: RM68,064,000) for the Company was recognised based on fair value less cost to sell, which was the market bid price of C$0.05 per share at 31 December 2011. The carrying amount of this investment was RM4,867,000 for the Group and Company as at 31 December 2011. The investment in unquoted shares relates to the investment in Guilin Hinwei Tin Co Ltd. In the current financial year, an additional impairment loss of RM2,000,000 (2010: RM8,800,000) for the Group and RM1,975,000 (2010: RM13,981,000) for the Company was recognised based on fair value less cost to sell, which was determined by the estimated net realizable value of the net assets in this investment. The carrying amount of this investment was RM2,475,000 for the Group and Company as at 31 December 2011. Details of the associates are as follows: Name of associates Held by the Company: Country of incorporation Principal activities Redring Solder (M) Sdn. Bhd. Malaysia Manufacture and sale of solder products Asian Mineral Resources Limited (“AMR”) (a) New Zealand (1) Exploration and development of mineral property interests (2) Guilin Hinwei Tin Co Ltd. (“Guilin”) China Smelting, refining and sales of tin and tin products Proportion of ownership interest 2011 2010 % % 40 40 15 18 35 35 (1) AMR was originally incorporated in New Zealand in year 1988 and was subsequently incorporated under the laws of the Province of British Columbia, Canada by a certificate of continuance as of December 2004. (2) Its principal mineral property interests, held through a joint-venture is in Ban Phuc Project area located in Son La Province, in northwestern Vietnam. (a) Although the Company holds less than 20% interest in the shareholding in this investment, the Company exercises significant influence by virtue of its representative on the Board of this associate company. MALAYSIA SMELTING CORPORATION (43072-A) • ANNUAL REPORT 2011 123
Notes to the Financial Statements (cont’d) For the financial year ended 31 December 2011 19. Investment in associates and jointly controlled entity (cont’d) 124 The summarised financial information of the associates are as follows: Group 2011 2010 RM’000 RM’000 Share of associates’ assets and liabilities Assets and liabilities Current assets 27,639 25,499 Non-current assets 120,695 122,606 Total assets 148,334 148,105 Current liabilities 9,225 7,888 Non-current liabilities 246 23 Total liabilities 9,471 7,911 Share of associates’ revenue and loss Results Revenue 32,973 56,946 Loss for the year (1,121) (8,008) Details of the jointly controlled entity are as follows: Name of jointly controlled entity Held by the Company: Building on Success: Developing Resources for the Future Country of incorporation Principal activities Proportion of ownership interest 2011 2010 % % KM Resources, Inc. Labuan, Malaysia Investment holding 30 30
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ANNUAL REPORT 2011 Building on Succ
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viSion To be a successful world-cla
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Corporate Profile Malaysia Smelting
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Corporate Profile (cont’d) For of
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Notice of Annual General Meeting NO
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Group Financial Highlights 10 Build
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Securing the Future (cont’d) 32 B
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List of Properties of the Group 31
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Tin Statistics (cont’d) 178 Produ
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Shareholding Statistics as at 21 Ma
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Shareholding Statistics (cont’d)
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184 To: The Company Secretary MALAY
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