Annual Report (Complete) - MYCRON Steel Berhad

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Notes to the Financial Statements 30 June 2010 (continued) 23. AMOUNTS OWING BY/(TO) OTHER RELATED COMPANIES Amount owing by/(to) other related companies are unsecured, interest free and have no fixed terms of repayment. 24. CASH AND CASH EQUIVALENTS Group Company 2010 RM 2009 RM 2010 RM 2009 RM Cash in hand Bank balances Deposits with a licensed bank 1,590 4,216,856 - 785 4,275,277 20,500,000 2 257,184 - 2 308,680 - 4,218,446 24,776,062 257,186 308,682 The weighted average interest rates effective at the balance sheet date are as follows: Group Company 2010 % per annum 2009 % per annum 2010 % per annum 2009 % per annum Bank balances Deposits with a licensed bank 0.20 - 0.03 1.34 0.10 - 0.14 - Deposits with a licensed bank of the Group in the previous financial year have an average maturity of 8 days. Bank balances are deposits held at call with a licensed bank. 25. TRADE AND OTHER PAYABLES Group Company 2010 RM 2009 RM 2010 RM 2009 RM Trade payables Other payables Accruals Advance payment received 62,880,191 3,373,518 3,541,209 - 6,809,277 1,210,379 9,073,335 1,936,305 - 101,110 612,241 - - 107,982 564,680 - 69,794,918 19,029,296 713,351 672,662 The currency exposure profile of trade payable is as follows: - Ringgit Malaysia - US Dollar 39,058,357 23,821,834 6,809,277 - - - - - 62,880,191 6,809,277 - - The currency exposure profile of accruals is as follows: - Ringgit Malaysia - Euro 3,541,209 - 3,455,659 5,617,676 612,241 - 564,680 - 3,541,209 9,073,335 612,241 564,680 Credit period granted by trade payables ranged between 7 to 90 days (2009: 7 to 90 days). pg 75 | Mycron Steel Berhad
Notes to the Financial Statements 30 June 2010 (continued) 26. BORROWINGS Group Company 2010 RM 2009 RM 2010 RM 2009 RM Current Bankers’ acceptances Revolving credits Term loan 1 Term loan 2 87,500,000 35,098,163 6,188,468 13,770,973 44,850,000 35,042,575 7,732,088 13,195,073 - - - - - - - - 142,557,604 100,819,736 - - Non-current Term loan 1 Term loan 2 20,677,482 33,652,469 28,593,971 54,351,160 - - - - 54,329,951 82,945,131 - - Total 196,887,555 183,764,867 - - Contractual terms of borrowings Contractual interest rate at balance sheet date (per annum) Functional currency/ currency exposure Total carrying amount RM < 1 year RM Maturity Profile 1-2 years 2-3 years 3-4 years RM RM RM 4-5 years RM Group At 30 June 2010 Secured Bankers’ acceptances Revolving credits Term loan 1 Term loan 2 3.60%- 3.95% 2.62%- 3.30% 4.81% SIBOR + 2.50% RM/RM RM/RM RM/EURO RM/USD 87,500,000 35,098,164 26,865,949 47,423,442 87,500,000 35,098,164 6,188,468 13,770,973 - - 5,907,852 26,194,162 - - 5,907,852 7,458,307 - - 5,907,852 - - - 2,953,925 - 196,887,555 142,557,605 32,102,014 13,366,159 5,907,852 2,953,925 Group At 30 June 2009 Secured Bankers’ acceptances Revolving credits Term loan 1 Term loan 2 3.60%- 3.95% 2.62%- 3.30% 4.81% SIBOR + 2.50% RM/RM RM/RM RM/EURO RM/USD 44,850,000 35,042,575 36,326,060 67,546,232 44,850,000 35,042,575 7,732,088 13,195,073 - - 7,362,170 14,821,800 - - 7,362,170 14,821,800 - - 7,362,170 24,707,559 - - 6,507,462 - 183,764,867 100,819,736 22,183,970 22,183,970 32,069,729 6,507,462 Term Loan 1 is secured by way of specific charge over the property, plant and equipment acquired under the expansion project financed through the facility (refer Note 13). Term Loan 2, bankers’ acceptances and revolving credit is secured by a debenture creating a charge over the fixed and floating assets of a subsidiary excluding those under specific charge in respect of Term Loan 1, ranking pari passu with the charge created in respect of Term Loan 2, bankers’ acceptance and revolving credit (refer Note 13). pg 76 | Mycron Steel Berhad
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Contents Notice of Seventh (7th) An
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Notice of Seventh Annual General Me
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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
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Analysis of Shareholdings As at 15
Page 26 and 27: Statement on Corporate Governance (
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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
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Annual Report (Complete) - MYCRON Steel Berhad

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