Annual Report (Complete) - MYCRON Steel Berhad

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Notes to the Financial Statements 30 June 2010 (continued) 7. OPERATING COSTS (continued) Group Company 2010 2009 2010 2009 RM RM RM RM Expenses by nature Changes in inventories of finished goods and work in progress Raw materials 17,583,467 363,772,656 (7,713,738) 336,905,034 - - - - Depreciation of property, plant and equipment 11,018,514 10,852,558 195,363 195,364 Staff costs 7,227,749 8,292,724 544,926 1,151,130 Upkeep, repair and maintenance of assets 4,719,695 5,548,468 130,276 100,656 Impairment loss on an associate 3,940,993 3,955,000 3,940,993 3,955,000 Fair value loss on available-for-sale financial assets 616,926 - 616,926 - Impairment loss on staff loans - 199,583 - - Impairment loss on inventories - 40,253,820 - - Inventories written off - 1,601,266 - - (Recovery of)/provision for onerous contracts (403,406) 403,406 - - Professional expenses 1,066,051 815,311 183,710 141,535 Directors’ remuneration (Non-Executive Directors) 486,000 477,500 486,000 477,500 Advertisement expenses 65,898 141,722 31,984 81,287 Printing and stationery expenses 186,617 221,987 111,613 142,172 Entertainment expenses 276,890 312,020 29,503 22,337 Travelling expenses 201,450 306,545 22,959 170,186 Other operating costs 26,137,849 19,176,481 124,388 147,345 436,897,349 421,749,687 6,418,641 6,584,512 8. PROFIT/(LOSS) FROM OPERATIONS Group Company 2010 2009 2010 2009 RM RM RM RM Profit/(loss) from operations is stated after charging/(crediting): Auditors’ remuneration: - audit fees: - current financial year 83,150 74,350 36,400 26,900 - under accrual in prior financial year 13,498 17,880 6,740 8,900 - non-audit fees: - current financial year - 8,000 - 8,000 - under accrual in prior financial year 520 8,000 520 8,000 Unrealised (gain)/loss on foreign exchange Realised (gain)/loss on foreign exchange (10,101,961) (872,627) 3,454,957 138,931 - - - - Depreciation on property, plant and equipment 11,018,514 10,852,558 195,363 195,364 Rental of buildings 8,400 8,400 - - Gain on disposal of property, plant and equipment Staff costs (including remuneration of Executive (104,313) - - - Directors): - salaries, bonus and allowances 5,747,402 6,620,460 427,578 990,914 - defined contribution plan 748,306 875,241 62,178 99,126 - others 732,040 7,971,023 55,170 61,090 Impairment loss: - staff loan - 199,583 - - - inventories - 40,253,820 - - - associate 3,940,993 3,955,000 3,940,993 3,955,000 - fair value loss on available-for-sale financial assets 616,926 - 616,926 - pg 65 | Mycron Steel Berhad
Notes to the Financial Statements 30 June 2010 (continued) 8. PROFIT/(LOSS) FROM OPERATIONS (continued) Group Company 2010 2009 2010 2009 RM RM RM RM Inventories written off - 1,601,266 - - (Reversal of)/provision for onerous contracts Allowance for doubtful debts (403,406) 248,301 403,406 - - - - - Dividend income Interest income Rental income - (152,903) (146,000) - (188,646) (522,879) - (4,500,000) (216) (11,113) - - 9. FINANCE COST Group Company 2010 RM 2009 RM 2010 RM 2009 RM Interest expense on borrowings Interest expense on trade payables Unrealised loss on foreign exchange on borrowings Realised loss on foreign exchange on borrowings 8,049,581 47,707 - - 8,112,964 290,964 3,454,957 293,637 - - - - - - - - Fair value gain on foreign currency forward contract - (51,750) - - 8,097,288 12,100,772 - - 10. DIRECTORS’ REMUNERATION The aggregate amount of emoluments receivable by Directors of the Group is as follows: Group Company 2010 RM 2009 RM 2010 RM 2009 RM Non-executive Directors: - fees - other emoluments 452,000 34,000 444,000 33,500 452,000 34,000 444,000 33,500 Executive Directors: - salaries and other emoluments - defined contribution plan 503,077 75,465 491,077 73,665 - - - - 1,064,542 1,042,242 486,000 477,500 The estimated monetary value of benefits-in-kind received and receivable by the Directors of the Group and Company are RM46,175 (2009: RM63,342) and RM28,950 (2009: RM38,766) respectively. 11. TAXATION Group Company 2010 RM 2009 RM 2010 RM 2009 RM Current tax: - current tax expense - under provision in prior financial year 242,561 264,858 224,228 8,675 204,503 264,858 1,349,229 12,788 507,419 232,903 469,361 1,362,017 pg 66 | Mycron Steel Berhad
Page 2 and 3:
Contents Notice of Seventh (7th) An
Page 4 and 5:
Notice of Seventh Annual General Me
Page 6 and 7:
Chairman’s Statement On behalf of
Page 8 and 9:
Chairman’s Statement (continued)
Page 10 and 11:
Corporate Information Domicile : Ma
Page 12 and 13:
Mycron Steel Berhad pg 11 | Mycron
Page 14 and 15:
Quality Recognition pg 13 | Mycron
Page 16 and 17: Profile of Directors Tunku Dato’
Page 18 and 19: Profile of Directors (continued) Da
Page 20 and 21: Profile of Directors (continued) En
Page 22 and 23: Analysis of Shareholdings As at 15
Page 24 and 25: Analysis of Shareholdings As at 15
Page 26 and 27: Statement on Corporate Governance (
Page 36 and 37: Statement on Internal Control 1. In
Page 38 and 39: Statement on Internal Control (cont
Page 40 and 41: Audit Committee Report (continued)
Page 42 and 43: Directors’ Report for the financi
Page 44 and 45: Directors’ Report for the financi
Page 46 and 47: Statement by Directors Pursuant to
Page 48 and 49: Income Statements for the financial
Page 50 and 51: Consolidated Statement of Changes i
Page 52 and 53: Cash Flow Statements for the financ
Page 54 and 55: Notes to the Financial Statements 3
Page 82 and 83: THIS PAGE HAS BEEN INTENTIONALLY LE
Page 84 and 85: FORM OF PROXY (please refer to the
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Annual Report (Complete) - MYCRON Steel Berhad

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