Table of Contents 1 122

Excel Force MSC Berhad Annual Report 2015

CONTENTS 2
NOTICE OF ANNUAL GENERAL MEETING 3
FINANCIAL HIGHLIGHTS 6
CORPORATE INFORMATION 8
CHAIRMAN’S STATEMENT 9
DIRECTORS’ PROFILE 11
STATEMENT OF CORPORATE GOVERNANCE 14
CORPORATE SOCIAL RESPONSIBILITY (CSR) 24
AUDIT COMMITTEE REPORT 26
STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL 29
ADDITIONAL COMPLIANCE INFORMATION 32
FINANCIAL STATEMENTS 2
DIRECTORS’ REPORT 33
STATEMENT BY DIRECTORS 39
STATUTORY DECLARATION 39
INDEPENDENT AUDITORS’ REPORT 40
STATEMENTS OF FINANCIAL POSITION 42
STATEMENTS OF PROFIT OR LOSS ANDOTHER COMPREHENSIVE INCOME 43
STATEMENTS OF CHANGES IN EQUITY 44
STATEMENTS OF CASH FLOWS 46
NOTES TO THE FINANCIAL STATEMENTS 48
1. CORPORATE INFORMATION 48
2. PRINCIPAL ACTIVITIES 48
3. BASIS OF PREPARATION 48
4. SIGNIFICANT ACCOUNTING POLICIES 48
5. ADOPTION OF NEW MFRSs AND AMENDMENT TO MFRSs 66
6. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS 66
7. PROPERTY, PLANT AND EQUIPMENT 70
8. PRODUCT DEVELOPMENT COSTS 75
9. GOODWILL ON CONSOLIDATION 76
10. INTANGIBLE ASSETS 77
11. INVESTMENTS IN SUBSIDIARIES 78
12. INVENTORIES 80
13. TRADE AND OTHER RECEIVABLES 80
14. CASH AND BANK BALANCES AND SHORT TERM FUNDS 82
15. SHARE CAPITAL 83
16. RESERVES 84
17. BORROWINGS 85
18. TERM LOAN 86
19. HIRE PURCHASE AND FINANCE LEASE LIABILITIES 86
20. TRADE AND OTHER PAYABLES 87
21. DEFERRED TAX LIABILITIES 87
22. REVENUE 89
23. COST OF SALES 89
24. FINANCE COSTS 89
25. PROFIT BEFORE TAX 90
26. TAX EXPENSE 91
27. EARNINGS PER ORDINARY SHARE 93
28. DIVIDENDS 93
29. EMPLOYEE BENEFITS 94
30. RELATED PARTY DISCLOSURE 94
31. OPERATING SEGMENTS 95
32. FINANCIAL INSTRUMENTS 98
33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 105
34. ACQUISITIONS OF SUBSIDIARIES 110
35. SIGNIFICANT EVENT DURING THE FINANCIAL YEAR 111
36. SUPPLEMENTARY INFORMATION ON REALISED AND UNREALISED PROFITS OR LOSSES 112
EXCEL FORCE GROUP PROPERTY LIST 113
ANALYSIS OF SHAREHOLDINGS 114
ANALYSIS OF WARRANT HOLDINGS 117
FORM OF PROXY 120

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