Annual Report (Complete) - MYCRON Steel Berhad

Notes to the Financial Statements 30 June 2010
(continued)
31. SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (continued)
(b)
Significant outstanding balances arising from the above are as follows:
Group
Company
2010
RM
2009
RM
2010
RM
2009
RM
Amount owing by subsidiaries
Mycron Steel CRC Sdn Bhd
-
-
35,730,568
35,844,742
Amount owing by other related companies
Melewar Steel Mills Sdn Bhd
Melewar Steel Tube Sdn Bhd
Melewar Integrated Engineering Sdn Bhd
7,015,904
26,737,004
1,414,278
7,449,777
8,216,908
-
-
-
-
-
1,152
-
Amount owing to other related companies
Melewar Steel Tube Sdn Bhd
Melewar Integrated Engineering Sdn Bhd
(45,170)
-
(23,093)
(340,577)
-
-
-
-
(c)
Key management personnel are those persons, having the authority and responsibility for planning, directing and controlling
the activities of the Company either directly or indirectly and thus are considered related parties of the Company.
Key management personnel of the Company comprise only of Directors of the Company and the key management
compensation is disclosed in Note 10 to the financial statements.
32. SEGMENT ANALYSIS
No segment analysis is presented as the Group is involved in a single industry segment relating to the manufacturing of steel
products. The business of the Group is entirely carried out in Malaysia.
33. FINANCIAL GUARANTEE CONTRACT
As at 30 June 2010, the Company had given guarantees to banks amounting to RM138,544,049 (2009: RM112,293,749) for banking
facilities extended to its subsidiaries of which, all (2009: all) have been drawn down.
The fair value of the financial guarantee contract is immaterial to the financial statements.
34. AUTHORISATION FOR ISSUE OF FINANCIAL STATEMENTS
The financial statements were authorised for issue by the Board of Directors on 5 October 2010.
pg 79 | Mycron Steel Berhad