Ni Hsin Berhad Annual Report 2017

Ni Hsin Resources Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad. The addresses of the principal place of business and registered office of the Company are as follows: Principal place of business Registered office No. 45, Jalan Taming Dua Lot 6.05, Level 6, KPMG Tower Taman Taming Jaya 8, First Avenue 43300 Seri Kembangan Bandar Utama Selangor Darul Ehsan 47800 Petaling Jaya Selangor Darul Ehsan The consolidated financial statements of the Company as at and for the financial year ended 31 December 2017 comprise the Company and its subsidiaries (together referred to as the “Group” and individually referred to as “Group entities”) . The financial statements of the Company as at and for the financial year ended 31 December 2017 do not include other entities . The Company is principally engaged in investment holding activities, whilst the principal activities of the subsidiaries are as stated in Note 5 to the financial statements. These financial statements were authorised for issue by the Board of Directors on 22 March 2018. 1. Basis of preparation (a) Statement of compliance The financial statements of the Group and the Company have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”), International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia. The following are accounting standards, amendments and interpretations that have been issued by the Malaysian Accounting Standards Board (“MASB”) but have not been adopted by the Group and the Company: MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2018 • MFRS 9, Financial Instruments (2014) • MFRS 15, Revenue from Contracts with Customers • Clarifications to MFRS 15, Revenue from Contracts with Customers • IC Interpretation 22, Foreign Currency Transactions and Advance Consideration • Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards (Annual Improvements to MFRS Standards 2014-2016 Cycle) • Amendments to MFRS 2, Share-based Payment – Classification and Measurement of Share-based Payment Transactions • Amendments to MFRS 4, Insurance Contracts – Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts • Amendments to MFRS 128, Investments in Associates and Joint Ventures (Annual Improvements to MFRS Standards 2014-2016 Cycle) • Amendments to MFRS 140, Investment Property – Transfers of Investment Property MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2019 • MFRS 16, Leases • IC Interpretation 23, Uncertainty over Income Tax Treatments • Amendments to MFRS 3, Business Combinations (Annual Improvements to MFRS Standards 2015-2017 Cycle) • Amendments to MFRS 9, Financial Instruments – Prepayment Features with Negative Compensation • Amendments to MFRS 11, Joint Arrangements (Annual Improvements to MFRS Standards 2015-2017 Cycle) • Amendments to MFRS 112, Income Taxes (Annual Improvements to MFRS Standards 2015-2017 Cycle) • Amendments to MFRS 123 , Borrowing Costs (Annual Improvements to MFRS Standards 2015-2017 Cycle) • Amendments to MFRS 128, Investments in Associates and Joint Ventures – Long-term Interests in Associates and Joint Ventures Notes to the financial statements Annual Report 2017 49