Annual Report (Complete) - MYCRON Steel Berhad

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Notes to the Financial Statements 30 June 2010 (continued) 26. BORROWINGS (continued) The weighted average interest rates of borrowings as at 30 June 2010 are as follows: Group Company 2010 % per annum 2009 % per annum 2010 % per annum 2009 % per annum Bankers’ acceptances Revolving credits Term loan 1 Term loan 2 4.63 3.53 4.81 2.85 3.85 2.96 4.81 3.50 - - - - - - - - Fair value The carrying amounts of the borrowings due within one year and those with floating rates approximated their fair values at the balance sheet date. The fair values of the borrowings due after one year for the Group that have fixed interest rate are as follows: 2010 2009 Carrying amount RM Fair Value RM Carrying amount RM Fair value RM Term loan 1 20,677,482 19,713,061 35,956,142 36,532,639 27. SHARE CAPITAL Group/Company 2010 2009 Number of shares Nominal value RM Number of shares Nominal value RM Authorised Ordinary shares of RM1 each At 1 July/30 June 500,000,000 500,000,000 500,000,000 500,000,000 Issued and fully paid Ordinary shares of RM1 each At 1 July/30 June 179,000,000 179,000,000 179,000,000 179,000,000 28. SHARE PREMIUM Group/Company Relating to: Ordinary shares 29. TREASURY SHARES 2010 RM 14,918,638 2009 RM 14,918,638 The shareholders of the Company, by an ordinary resolution passed at the Annual General Meeting on 9 December 2009, approved the Company’s plan to purchase its own shares. The Directors of the Company are committed to enhancing the value of the Company and its shareholders. During the financial year, the Company repurchased 100,000 (2009: 940,300) ordinary shares of its own shares from the open market on Bursa Malaysia Securities Berhad for RM52,000 (2009: RM330,685). The average purchase price for the shares repurchased was RM0.52 (2009: RM0.35) per share. The repurchase transaction was financed by internally generated funds. The shares repurchased are being held as treasury shares in accordance with Section 67A of the Companies Act, 1965 and carried at historical cost of repurchase. The Company has the right to reissue these shares at a later date. As treasury shares, the rights attached as to voting, dividends and participation in other distribution are suspended. None of the treasury shares repurchased has been sold as at 30 June 2010. At the balance sheet date, the number of outstanding shares in issue after setting off treasury shares against equity is 177,998,330 (2009: 178,059,700). pg 77 | Mycron Steel Berhad
Notes to the Financial Statements 30 June 2010 (continued) 30. DIVIDENDS 2010 2009 Gross Amount of Gross Amount of dividend dividend dividend dividend per share less tax per share less tax sen RM sen RM Dividend recognised as distribution to ordinary equity holders of the Company - - 2.5 3,355,414 There were no dividends declared or paid by the Company since 30 June 2009. The Directors now recommend the payment of final single tier dividend of 3.5 sen per share on 179,000,000 ordinary shares amounting to RM6,228,590 in respect of financial year ended 30 June 2010 which is subject to the approval of the shareholders at the forthcoming Annual General Meeting of the Company. The dividend amount payable is computed based on the Company’s issued and paid up capital as at 30 June 2010, excluding treasury shares held by the Company. However, these financial statements do not reflect the dividend in respect of the financial year ended 30 June 2010 which will be accrued as liability in the financial statements 30 June 2010 as the dividend was declared after balance sheet date. 31. SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are other significant related party transactions. The Group has related party relationships with the following fellow subsidiaries: - Melewar Steel Mills Sdn Bhd - Melewar Steel Tube Sdn Bhd - Melewar Integrated Engineering Sdn Bhd The following are companies in which the Directors of the Company, Tunku Dato’ Ya’acob bin Tunku Tan Sri Abdullah, Tunku Dato’ Kamil Ikram bin Tunku Tan Sri Abdullah and Dato’ Zulkifly @ Sofi bin Haji Mustapha have or are deemed to have financial interests in: - Malaysian Assurance Alliance Berhad - Maybach Logistics Sdn Bhd (a) Transactions with related parties during the financial year are as follows: Group Group Entity Type of transaction 2010 2009 RM RM Trade: - Melewar Steel Mills Sdn Bhd - Melewar Steel Tube Sdn Bhd Sales of scrap Sales of cold roll coil (5,246,247) (5,919,749) (29,979,678) (29,474,558) Non-trade: - Malaysian Assurance Alliance Berhad Provision of insurance business 951,259 1,038,895 Company Company Entity Type of transaction 2010 2009 RM RM - Melewar Integrated Engineering Sdn Bhd - Mycron Steel CRC Sdn Bhd - Maybach Logistics Sdn Bhd Engineering consultation Dividend income Management fee income Transportation charges 98,700 3,222,364 - (4,500,000) (2,046,794) (2,892,463) 14,160 169,920 pg 78 | 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
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Statement on Corporate Governance (
Page 28 and 29: 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
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Page 46 and 47: Statement by Directors Pursuant to
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Annual Report (Complete) - MYCRON Steel Berhad

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