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Notes to the Financial Statements (cont’d) For the financial year ended 31 December 2011 23. Inventories At cost: Group Company 2011 2010 2011 2010 RM’000 RM’000 RM’000 RM’000 Inventories of tin-in-concentrates, tin-in-process and refined tin metal Other inventories (stores, spares, fuels, coal and 268,807 376,490 140,498 272,892 by-products) 34,315 27,830 16,036 10,716 303,122 404,320 156,534 283,608 During the year, an amount of RM13,897,000 (2010: RM7,860,000) for tin slag inventory previously written down were written back. This income has been included in cost of tin mining and smelting. 24. Trade and other receivables Non-current Group Company 2011 2010 2011 2010 RM’000 RM’000 RM’000 RM’000 Other receivables Jointly controlled entity 4,523 2,607 4,523 2,607 Current Trade receivables Third parties 227,293 143,825 227,293 141,766 Subsidiaries – – – 6 An associate 1,815 804 1,815 804 229,108 144,629 229,108 142,576 Allowance for impairment Third parties (8,515) (5,954) (8,515) (5,954) Trade receivables, net 220,593 138,675 220,593 136,622 MALAYSIA SMELTING CORPORATION (43072-A) • ANNUAL REPORT 2011 129
Notes to the Financial Statements (cont’d) For the financial year ended 31 December 2011 24. Trade and other receivables (cont’d) 130 Group Company 2011 2010 2011 2010 RM’000 RM’000 RM’000 RM’000 Other receivables Third parties 100,947 119,843 13,501 19,678 Subsidiaries – – 109,550 99,170 Associates – – – 241 Jointly controlled entity 12 12 12 12 100,959 119,855 123,063 119,101 Allowance for impairment - Third parties (14,288) (2,035) (7,641) (1,363) - A subsidiary – – (3,078) (3,078) Other receivables, net 86,671 117,820 112,344 114,660 Deposits 1,766 2,273 766 763 Other receivables 88,437 120,093 113,110 115,423 Total trade and other receivables (current) 309,030 258,768 333,703 252,045 Total trade and other receivables (current and non-current) excluding deposits 311,787 259,102 337,460 253,889 Deposits Total trade and other receivables (current and 1,766 2,273 766 763 non-current) 313,553 261,375 338,226 254,652 Add: Cash and cash equivalents (Note 26) 235,697 119,244 178,367 78,378 Total loans and receivables 549,250 380,619 516,593 333,030 (a) Credit risk The Group’s normal trade credit terms range from cash payment to 90 days. Other credit terms are assessed and approved on a case-by-case basis. Other information on credit risk are disclosed in Note 38(d). (b) Amount due from subsidiaries Amount due from subsidiaries are unsecured and repayable on demand. Included in amounts due from subsidiaries are unsecured advances to subsidiaries amounting to RM104.80 million (2010: RM94.24 million). Interest rates of between 3.0% and 4.0% (2010: 3.0% and 4.0%) per annum are charged on these advances. (c) Amount due from jointly controlled entity The amount of RM4,523,000 (2010: RM2,607,000) due from a jointly controlled entity under other receivables in noncurrent assets is due from KM Resources, Inc.. This is an unsecured long term loan bearing interest at 4% per annum. The amount due from a jointly controlled entity under other receivables in current assets comprises short term advances, for working capital. They are unsecured, interest free and repayable on demand. Building on Success: Developing Resources for the Future
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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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Board of Directors From left to rig
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Directors’ Profile 14 Building on
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Directors’ Profile (cont’d) 16
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Statement by the Chairman 18 Buildi
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Group Chief Executive Officer/Execu
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Securing the Future (cont’d) 32 B
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Securing the Future (cont’d) Ore
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Tin Market Review 2011-2012 (cont
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Tin Market Review 2011-2012 (cont
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New Opportunities for Tin Use (cont
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Directors’ Report The directors h
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Statements of Comprehensive Income
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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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