FIMA CORPORATION ANNUAL REPORT 2017

Fima Corporation Berhad

(21185-P)

financial statements

CORPORATE INFORMATION

The principal activities of the Company are those of property management and investment holding. The principal activities of the

subsidiaries and associate are described in Notes 16 and 17, respectively. There have been no significant changes in the nature

of these activities during the financial year.

The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of

Bursa Malaysia Securities Berhad. The principal place of business of the Company is located at Suite 4.1, Level 4, Block C, Plaza

Damansara, No.45 Jalan Medan Setia 1, Bukit Damansara, 50490 Kuala Lumpur.

The immediate, penultimate and ultimate holding companies are Fima Metal Box Holdings Sdn. Bhd., Kumpulan Fima Berhad

and BHR Enterprise Sdn. Bhd. respectively, all of which were incorporated in Malaysia. The penultimate holding company is listed

on the Main Market of Bursa Malaysia Securities Berhad.

SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of Preparation

The financial statements of the Group and of the Company have been prepared in accordance with Financial Reporting

Standards (“FRSs”) and the requirements of the Companies Act, 2016 in Malaysia.

The Companies Act 2016 (“New Act”) was enacted to replace the Companies Act 1965 in Malaysia with the objectives

of creating a legal and regulatory structure that will facilitate business and promote accountability as well as protection of

corporate directors and shareholders, taking into consideration the interest of other stakeholders. The New Act was passed

on 4 April 2016 by the Dewan Rakyat (House of Representatives) and gazetted on 15 September 2016. On 26 January

2017, the Minister of Domestic Trade, Co-operatives and Consumerism announced that the date on which the New Act

comes into operation, except section 241 and Division 8 of Part III of the New Act, becomes effective on 31 January 2017.

Amongst the key changes introduced in the New Act which will affect the financial statements of the Group and of the

Company upon the commencement of the New Act on 31 January 2017 are:

(a)

Removal of the authorised share capital; and

(b)

Shares of the Company will cease to have par or nominal value.

The financial statements of the Group and of the Company have been prepared on a historical cost basis except as

disclosed in the accounting policies below.

The financial statements are presented in Ringgit Malaysia (“RM”) and all values are rounded to the nearest thousand

(RM’000) except when otherwise indicated.

NOTES TO THE FINANCIAL STATEMENTS