Annual Report (Complete) - MYCRON Steel Berhad

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Notes to the Financial Statements 30 June 2010 (continued) 17. DEFERRED TAX Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred taxes relate to the same tax authority. The following amounts, determined after appropriate offsetting, are shown in the balance sheet: Group Company 2010 RM 2009 RM 2010 RM 2009 RM Deferred tax assets Deferred tax liabilities 40,996,508 (43,226,217) 3,922,352 (5,729) - (4,479) - (5,729) (2,229,709) 3,916,623 (4,479) (5,729) At start of financial year 3,916,622 (7,617,902) (5,729) (6,979) Charged to income statement (Note 11): - property, plant and equipment - unabsorbed capital allowances - unutilised tax losses - other liabilities - reinvestment allowance (4,547,249) (1,301,854) (817,167) (146,905) 552,691 (3,428,220) 8,733,258 7,213,564 218,952 (1,203,029) 1,250 - - - - 1,250 - - - - (6,260,484) 11,534,525 1,250 1,250 Credited to assets revaluation reserve: - property, plant and equipment 114,153 - - - At end of financial year (2,229,709) 3,916,623 (4,479) (5,729) Subject to income tax: Deferred tax assets (before offsetting): Unabsorbed capital allowances Other liabilities Unutilised tax losses Unutilised reinvestment allowance 14,697,553 72,047 6,396,397 19,830,511 15,999,408 218,952 7,213,564 19,277,820 - - - - - - - - Offsetting 40,996,508 (40,996,508) 42,709,744 (38,787,392) - - - - Deferred tax assets (after offsetting) - 3,922,352 - - Deferred tax liabilities (before offsetting) Property, plant and equipment Offsetting (43,226,217) 40,996,508 (38,793,121) 38,787,392 (4,479) - (5,729) - Deferred tax liabilities (after offsetting) (2,229,709) (5,729) (4,479) (5,729) pg 73 | Mycron Steel Berhad
Notes to the Financial Statements 30 June 2010 (continued) 18. INVENTORIES Group At cost: - Raw materials - Consumables - Work-in-progress - Finished goods 2010 RM 76,580,473 927,533 11,552,475 35,961,598 125,022,079 2009 RM 86,714 1,057,538 - - 1,144,252 At net realisable value: - Raw materials - Work-in-progress - Finished goods - - - 125,022,079 17,390,419 8,813,921 21,116,686 48,465,278 19. TRADE AND OTHER RECEIVABLES Group Company 2010 RM 2009 RM 2010 RM 2009 RM Trade receivables Staff loans Other receivables Deposits Prepayments 55,255,856 231,455 19,327 1,415,784 13,634,356 34,202,353 111,926 6,435 1,335,958 1,518,659 - - 500 4,500 - - - 500 4,500 - 70,556,778 37,175,331 5,000 5,000 Included in prepayments are advances made for purchases of raw materials amounting to RM12,459,521 (2009: Nil). Group Company 2010 RM 2009 RM 2010 RM 2009 RM The currency exposure profile of gross trade receivables, staff loans, other receivables, deposits and prepayments is as follows: - Ringgit Malaysia - US Dollar 58,096,541 12,460,237 36,852,253 323,078 5,000 - 5,000 - 70,556,778 37,175,331 5,000 5,000 Credit period granted to trade receivables ranged between 30 and 60 days (2009: between 30 and 60 days). 20. AMOUNTS OWING BY/(TO) HOLDING COMPANY Amounts owing by/(to) holding company are unsecured, interest free and have no fixed terms of repayment. 21. AMOUNTS OWING BY SUBSIDIARIES Amounts owing by subsidiaries are unsecured, interest free and have no fixed terms of repayment. 22. AMOUNT OWING BY AN ASSOCIATE Amount owing by an associate in the preceeding financial year arose from trade transactions. Credit period granted for amount owing by an associate in the previous financial year was 60 days. pg 74 | Mycron Steel Berhad
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Contents Notice of Seventh (7th) An
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Notice of Seventh Annual General Me
Page 6 and 7:
Chairman’s Statement On behalf of
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Chairman’s Statement (continued)
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Corporate Information Domicile : Ma
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Mycron Steel Berhad pg 11 | Mycron
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Quality Recognition pg 13 | Mycron
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Profile of Directors Tunku Dato’
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Profile of Directors (continued) Da
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Profile of Directors (continued) En
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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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