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EXCEL FORCE MSC BERHAD Annual Report 2021
Annual Report 2021
1
Notice of Annual General Meeting
4
Five-Year Financial Highlights
7
Corporate Information
9
Management Discussion and Analysis
10
Sustainability Statement
14
Board of Directors’ Profile
18
Key Senior Management Profile
22
Corporate Governance Overview Statement
24
Audit Committee Report
37
Statement on Risk Management and Internal Control
39
Additional Compliance Information
42
Directors’ Report
44
Statement by Directors
48
Independent Auditors’ Report
49
Statements of Financial Position
52
Statements of Profit or Loss and Other Comprehensive Income
53
Statements of Changes in Equity
54
Statements of Cash Flows
57
Notes to the Financial Statements
59
CORPORATE INFORMATION
59
BASIS OF PREPARATION
59
SIGNIFICANT ACCOUNTING POLICIES
64
PROPERTY, PLANT AND EQUIPMENT
77
RIGHT-OF-USE ASSETS
81
PRODUCT DEVELOPMENT COSTS
82
INTANGIBLE ASSETS
83
INVESTMENT IN SUBSIDIARY COMPANIES
83
OTHER INVESTMENTS
86
INVENTORIES
86
TRADE RECEIVABLES
87
OTHER RECEIVABLES
89
AMOUNT DUE FROM SUBSIDIARY COMPANIES
89
DEPOSITS, CASH AND BANK BALANCES AND SHORT-TERM FUNDS
89
SHARE CAPITAL
90
RESERVES
90
TREASURY SHARES
91
LEASE LIABILITIES
91
TRADE PAYABLES
92
OTHER PAYABLES
92
CONTRACT LIABILITIES
93
REVENUE
93
COST OF SALES
95
FINANCE COST
95
PROFIT BEFORE TAX
96
TAXATION
96
DEFERRED TAX
97
EARNINGS PER SHARE
99
DIVIDENDS
100
STAFF COSTS
100
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
101
RELATED PARTY DISCLOSURES
101
SEGMENT INFORMATION
103
FINANCIAL INSTRUMENTS
106
CAPITAL MANAGEMENT
114
CAPITAL COMMITMENT
114
COMPARATIVE INFORMATION
115
DATE OF AUTHORISATION FOR ISSUE OF FINANCIAL STATEMENTS
115
List of Properties
116
Analysis of Shareholdings
117
Form of Proxy
121
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