With a current refining capacity of 3.5 million MT per year, we are one of the largest processors of palm oil in the world. It also provides continuity of leadership at the Board level in the absence of the Chairman.
Board Membership
Dr Cheo has been the driving force behind the Group's success and works closely with the CEO and management. She is responsible for the execution of the Group's overall strategy and day-to-day operations.
Board performance
In evaluating the reappointment of directors, the National Board evaluates based on several criteria, including the qualifications, contributions and independence of the directors. With the approval of the Chairman, the directors, as a group or individually, may seek and obtain independent professional advice to assist them in their duties, at the group's expense.
Internal audit
Details of whistleblowing policies and arrangements are made available to all employees. By creating an atmosphere of openness and trust, the Group encourages employees to use internal mechanisms for reporting any misuse, illegal act or omission by any of the Group's employees or former employees and such reports will be treated fairly and to protect themselves from retaliation.
Shareholder rights
GeneraL InForMatIon
SIGnIFICant aCCountInG poLICIeS 1 Basis of preparation
- revenue recognition
- revenue recognition (continued)
- Group accounting (a) Subsidiaries
- Group accounting (continued) (a) Subsidiaries (continued)
- Group accounting (continued) (c) Associated company (continued)
- property, plant and equipment (a) Measurement
- property, plant and equipment (continued) (a) Measurement (continued)
- Intangible assets Goodwill on acquisitions
- Investments in subsidiaries and associated company
- Impairment of non-financial assets (a) Goodwill
- Impairment of non-financial assets (continued) (b) Property, plant and equipment
- Borrowing costs
- Financial assets (a) Classification
- Financial assets (continued) (b) Recognition and derecognition
- Financial assets (continued) (e) Impairment (continued)
- Financial guarantees
- Borrowings
- trade and other payables
- Derivative financial instruments
- Fair value estimation of financial assets and liabilities
- Leases
- Inventories
- Income taxes
- provisions
- employee compensation
- Currency translation
- Currency translation (continued)
- Segment reporting
- Cash and cash equivalents
- Share capital
- Dividends to Company’s shareholders
Goodwill on an associate represents the excess between the acquisition price of the associate relative to the group's share of the fair value of the associate's identifiable net assets and is included in the carrying amount of the investment. Unrealized gains on transactions between the group and its associate are eliminated in proportion to the group's share in the associate. Increases in accounting values as a result of revaluation, including currency translation differences, are recognized in other comprehensive income, unless they offset previous decreases in the accounting value of the same asset, in which case they are recognized in profit or loss.
Decreases in accounting values that offset previous increases on the same asset are recognized in other comprehensive income. If the asset's (or the CGU's) recoverable amount is estimated to be less than its carrying amount, the asset's (or the CGU's) carrying amount is reduced to its recoverable amount. Direct initial costs incurred by the group when negotiating and mediating operational leasing contracts are added to the accounting value of the leased assets and recognized as a cost in the result over the leasing period on the same basis as the leasing income.
Changes in the estimated timing or amount of expenses or the discount rate are recognized in the income statement as the changes occur.
If the actual useful lives of these plant and equipment had been 5% higher or lower than management's estimates, the carrying amount of the plant and equipment would have been US$567,000 and US$627,000 higher or lower, respectively, relative to profit or loss. the loss. During the financial year ended 31 December 2014, the Group revised its estimates for the useful lives of certain plant and machinery assets following an operational assessment of their useful lives.
FInanCe expenSeS
Singapore and Malaysia, two of the group's top tax jurisdictions, had nominal corporate tax rates of 17% and 25% respectively.
InventorIeS
LeaSehoLD prepaYMentS
BorroWInGS
Certain property, plant and equipment, inventories, trade receivables, cash and cash equivalents that were financed by certain banks and financial institutions. Financial leasing obligations were secured over the leased motor vehicles per 31 December 2014 with a book value of US$62,000) as the legal title was retained by the lessor and will be transferred to the Group upon full settlement of the finance lease obligations. b) Fair value of long-term loans. Deferred tax assets and tax liabilities are offset when there is a legal right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same tax authority.
Deferred tax assets are recognized for tax losses and capital deductions carried forward to the extent that the realization of the related tax benefits through future taxable profits is probable. Fully paid ordinary shares are entitled to one vote per share and are entitled to dividends as soon as they are declared by the Company.
The merger reserve represented the difference between the purchase value of the investment and the nominal value of the share capital of the merged subsidiary. General reserves represented the difference between the book value of the non-controlling interest and the fair value of the consideration paid or received; and the gain from the change in the fair value of non-controlling interest put options.
In 2007, charges were brought in Malaysia against Mewah-oils Sdn Bhd ("MoSB"), a wholly-owned subsidiary, and a director of the company, alleging that MoSB used forged documents in 2003 to discharge crude palm oil ("Cpo"). and to receive allegedly stolen property belonging to Lushing traders pte Ltd (“Lushing”). MoSB had purchased and paid for Cpo from Summerwind trading pte Ltd (“Summerwind”), which Summerwind had purchased from Lushing. In 2010, Lushing also filed civil claims against the MoSB seeking $2,650,000 and interest at 8.0% per annum from the alleged date of conversion of the CPO, which is between October 2003 and November 2003, costs and any other relief had to be granted by the court.
Shafee & Co, which represents the MoSB, believes the case is without merit.
CoMMItMentS (a) Capital commitments
FInanCIaL rISK ManaGeMent Financial risk factors
December 2013 Financial assets
If the ringgit, euro, SGD, AUD and JpY change against the USD by 5% (2013: ringgit, euro, SGD and AUD; 5%) respectively with all other variables including the tax rate held constant, the effects arising from the asset net financial /. Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Fair value interest rate risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market interest rates.
In connection with entering into these contracts, the Group may be exposed to the inherent risk associated with trading activities carried out by its personnel. Balances due within 12 months approximate their accounting balances as the effect of discounting was not material.
December 2014
December 2013
In addition to the information disclosed elsewhere in the financial statements, the following transactions took place between the Group and related parties according to the terms agreed between the parties: a) Sales and purchases of goods and services and other transactions.
SeGMent InForMatIon
BuSIneSS CoMBInatIon
It is a five-step model for recognizing revenue from customer contracts based on the underlying principle that revenue is recognized to the extent of the amount to which an entity expects to be entitled in exchange for the goods or services transferred to customers become Mewah oils FZe (k) United Arab. Held directly by the Company. a) Audited by PricewaterhouseCoopers LLP, Singapore. b) Audited by PricewaterhouseCoopers, Kuala Lumpur, Malaysia. c) Audited by PricewaterhouseCoopers, Johor Bahru, Malaysia. d) Audited by BDO Kendalls (QLD) Pty Ltd, Australia. e) Audited by Shanghai Shen Zhou Da Tong Certified Public Accountants Company Limited, People's Republic of China. f) Audited by Suzhou Qinye Union Certified Public Accountants, People's Republic of China. g) Audited by Tianjin Beiyang CPAs Co., Ltd., People's Republic of China. h) Audited by Mehul D Chheda & Co., India. i) Audited by HALS & Associates, Malaysia. j) Incorporated during the financial year. k) Not obliged to be audited in terms of the laws of the country of incorporation. l) Exempt from audit in terms of the laws of the country of incorporation. n) Audited by Kumar Vijay Gupta & Co., India. o) In the process of liquidation. p) Acquired under common control during the financial year. q) Liquidated during the financial year. r) Audited by AB Bello & Co, Port Harcourt, Nigeria. s) Audited by Hamzat Subrair & Co, Lagos, Nigeria. t) In the process of appointing auditor. Based on the information available to the Company on 13 March 2015, approximately 18.5% of the issued shares of the Company are held by the public.
For the purpose of determining the total number of shares that can be issued, the percentage of the total number of issued shares excluding treasury shares of the Company will be calculated on the basis of the total number of issued shares excluding treasury shares of the Company at that time . of the adoption of resolution 12, after adjustment for (i) new shares resulting from the conversion or exercise of convertible securities; (ii) new shares resulting from the exercise of stock options or the vesting of stock awards outstanding or in existence at the time resolution 12 is passed, provided that the options or awards have been granted in accordance with Part VIII of Chapter 8 of the SGX-St Listing Manual; and (iii) any subsequent bonus issue, consolidation or subdivision of shares. viii) the ordinary resolution 13 proposed in item 14. If a shareholder who is a depositor whose name appears in the register of depositaries (as defined in section 130a of the Companies Act, Cap. 50 of Singapore) wishes to attend the Annual General Meeting and voting Meeting, he/she must complete the proxy form and deposit the duly completed proxy form at the office of the Singapore Share transfer agent, Boardroom Corporate & Advisory Services pte. If a Depositary wishes to appoint a proxy(s), the proxy form must be filed with the office of the Singapore Share transfer agent, Boardroom Corporate & Advisory Services pte.
By submitting the document on the appointment of the proxy(s) and/or representative(s) for participation, speech and voting at the annual general meeting of shareholders and/or any of its postponements, the company member(s) consents to the collection, use and disclosure of personal data member by the company (or its representatives) for the purposes of processing and management by the company (or its representatives) of proxies and representatives appointed for the annual general meeting of shareholders (including any postponement thereof) and the preparation and collection of lists of attendees, minutes and other documents relating to the Annual General Meeting (including any adjournment thereof), and that the Company (or its agents) complies with all applicable laws, listing rules, regulations and/or guidelines (collectively, the “Purposes”), (ii) guarantees that the member, when he discloses the personal data of the member's authorized representative(s) and/or representative(s) to the company (or its representatives), has obtained the prior consent of such authorized representative(s) and/or representative(s) for the collection , the use and disclosure of personal information of such proxy(s) and/or agent(s) by the Company (or its agents) for the purposes and (iii) agrees that the Member will indemnify the Company in connection with any penalties, liabilities, claims, demands, losses and damages resulting from breach of warranty.
