Table of Contents 1 122

Excel Force MSC Berhad Annual Report 2016

CONTENTS 2
Notice of Annual General Meeting 3
Financial Highlights 6
Corporate Information 8
Management Discussion and Analysis 9
Directors’ Profile 12
Key Senior Management Profile 16
Statement of Corporate Governance 18
Corporate Social Responsibility (“CSR”) 28
Audit Committee Report 30
Statement on Risk Management and Internal Control 33
Additional Compliance Information 36
FINANCIAL STATEMENTS 2
Directors’ Report 37
Statement by Directors 42
Statutory Declaration 42
Independent Auditors’ Report 43
Statements of Financial Position 47
Statements of Profit or Lossand Other Comprehensive Income 49
Statements of Changes in Equity 51
Statements of Cash Flows 53
Notes to the Financial Statements 55
1. CORPORATE INFORMATION 55
2. PRINCIPAL ACTIVITIES 55
3. BASIS OF PREPARATION 55
4. SIGNIFICANT ACCOUNTING POLICIES 55
5. ADOPTION OF NEW MFRSs AND AMENDMENT TO MFRSs 71
6. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS 72
7. PROPERTY, PLANT AND EQUIPMENT 72
8. PRODUCT DEVELOPMENT COSTS 76
9. GOODWILL ON CONSOLIDATION 77
10. OTHER INTANGIBLE ASSETS 79
11. IN VESTMENTS IN SUBSIDIARIES 79
12. TRADE AND OTHER RECEIVABLES 82
13. INVENTORIES 84
14. CASH AND BANK BALANCES AND SHORT TERM FUNDS 84
15. SHARE CAPITAL 85
16. RESERVES 86
17. BORROWINGS 87
18. TERM LOAN 87
19. T RADE AND OTHER PAYABLES 88
20. DEFERRED TAX LIABILITIES 89
21. REVENUE 90
22. COST OF SALES 90
23. FINANCE COSTS 91
24. PROFIT BEFORE TAX 91
25. TAX EXPENSE 92
26. EARNINGS PER ORDINARY SHARE 93
27. DIVIDENDS 94
28. EMPLOYEE BENEFITS 94
29. RELATED PARTY DISCLOSURE 95
30. OPERATING SEGMENTS 96
31. FINANCIAL INSTRUMENTS 99
32. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 105
33. DISPOSAL OF SUBSIDIARIES 111
34. EVENT SUBSEQUENT TO THE END OF REPORTING PERIOD 112
35. C OMPANIES ACT 2016 113
36. SUPPLEMENTARY INFORMATION ON REALISED AND UNREALISED PROFITS OR LOSSES 114
List of Properties 115
Analysis of Shareholdings 116
Analysis of Warrant Holdings 118
Form of Proxy 120

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