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Annual Report 2013
• 68 •
NOTES TO THE FINANCIAL STATEMENTS
- 31 DECEMBER 2013
1.
Corporate information
The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main
Market of Bursa Malaysia Securities Berhad. The registered office of the Company is located at Lot 865, Section 66,
Jalan Kilang, Bintawa Industrial Estate, 93450 Kuching, Sarawak.
The holding company is Kho Kak Beng Holding Company Sdn. Bhd., a company incorporated and domiciled in
Malaysia with its registered office located at No.22, 4th Floor, Jalan Tunku Abdul Rahman, 93100 Kuching, Sarawak.
The principal activities of the Company are steel fabrication, civil construction, hot dip galvanising and the manufacture
of LPG cylinders. The principal activities of the subsidiaries are set out in Note 13 to the financial statements. There
have been no significant changes in the nature of the principal activities during the financial year.
2.
Summary of significant accounting policies
2.1 Basis of preparation
The financial statements of the Group and of the Company have been prepared in accordance with Malaysian
Financial Reporting Standards (“MFRS”), International Financial Reporting Standards (“IFRS”) and the
requirements of the Companies Act, 1965 in Malaysia.
The financial statements of the Group and of the Company have also been prepared on the historical cost basis
except as disclosed in the accounting policies below.
The financial statements of the Group and of the Company are presented in Ringgit Malaysia (“RM”).
2.2 Changes in accounting policies
The accounting policies adopted are consistent with those of previous financial year except as follows:
On 1 January 2013, the Group and the Company adopted the following new and amended MFRS and IC
Interpretations mandatory for annual financial periods beginning on or after 1 January 2013:
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Amendments to MFRS 101, Presentation of Items of Other Comprehensive Income
•
Amendments to MFRS 1, Government Loans
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Amendments to MFRS 7, Disclosures - Offsetting Financial Assets and Financial Liabilities
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MFRS 3, Business Combinations (IFRS 3 Business Combinations issued by IASB in March 2004)
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MFRS 10, Consolidated Financial Statements
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MFRS 11, Joint Arrangements
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MFRS 12, Disclosure of Interests in Other Entities
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Amendments to MFRS 10, MFRS 11 and MFRS 12, Consolidated Financial Statements, Joint Arrangements
and Disclosure of Interests in Other Entities: Transition Guidance
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MFRS 13, Fair Value Measurement
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MFRS 119, Employee Benefits (IAS 19 as amended by IASB in June 2011)
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MFRS 127, Separate Financial Statements (IAS 27 as amended by IASB in May 2011)
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MFRS 127, Consolidated and Separate Financial Statements (IAS 27 as revised by IASB in December
2003)
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MFRS 128, Investments in Associates and Joint Ventures (IAS 28 as amended by IASB in May 2011)
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Amendments to MFRS 1, MFRS 101, MFRS 116, MFRS 132 and MFRS 134, Annual Improvements 2009-
2011 Cycle
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Amendment to IC Interpretation 2, Annual Improvements 2009-2011 Cycle
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IC Interpretation 20, Stripping Costs in the Production Phase of a Surface Mine
Adoption of the above standards and interpretations did not have any effect on the financial performance or
position of the Group and the Company except for those discussed below:
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MFRS 10: Consolidated Financial Statements
MFRS 10 replaces part of MFRS 127 Consolidated and Separate Financial Statements that deals with
consolidated financial statements and IC Interpretation 112 Consolidation - Special Purpose Entities.