Ni Hsin Berhad Annual Report 2018

Ni Hsin Resources Berhad (653353-W) Annual Report 2018 24 The following information is provided in compliance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad. 1.1 Utilisation of Proceeds A total of approximately RM12.143 million was raised from the exercise of the Company’s warrants during the financial year. The proceeds were utilised for working capital purposes of the Group. 1.2 Audit Fee and Non-Audit Fees During the financial year, the amount incurred by the Company and by the Group in respect of audit fees and non-audit related fees for services rendered by the external auditors are as follows:- Company (RM’000) Group (RM’000) Audit services 30 146 Non-audit services 26 58 Total 56 204 The non-audit services comprised the following assignments:- a) Review of the Statement on Risk Management and Internal Control b) Tax compliance services c) Review of overseas subsidiaries management accounts for the financial year ended 31 December 2018 d) Review of MFRS 16 1.3 Material Contracts There were no material contracts or loans entered into by the Group involving interests of Directors, Chief Executives and major shareholders, either still subsisting at the end of the financial year ended 31 December 2018 or entered into since the end of the previous financial year. 1.4 Employees’ Share Option Scheme (“ESOS”) The ESOS was terminated on 25 January 2018. There were no options granted during the financial year. 1.5 Revaluation Policy on Landed Properties During the financial year, the Group elected to measure the landed properties using the revaluation model under Malaysian Financial Reporting Standards (MFRS) 116 Property, Plant and Equipment. The Group revalues its property comprising freehold land and factory buildings every five (5) years or at shorter intervals whenever the fair value of the revalued assets is expected to differ materially from their carrying value. The latest revaluation was carried out in December 2016. Additional Compliance Information