Page 58 - ar2012

Notes to the Financial Statements
For the Financial Year Ended 31 December 2012
T R A N S F O R M AT I ON / 56
1 CORPORATE INFORMATION
The financial statements of The Straits Trading Company Limited (the Company) for the year ended 31 December 2012
were authorised for issue in accordance with a resolution of the Directors on 29 April 2013.
The Straits Trading Company Limited is a limited liability company incorporated and domiciled in Singapore. The
registered office of the Company is located at 9 Battery Road #28-01, Straits Trading Building, Singapore 049910. The
Company is listed on the Singapore Exchange Securities Trading Limited.
The immediate and ultimate holding company is The Cairns Private Limited, a company incorporated in Singapore.
The principal activity of the Company is that of an investment holding company. The subsidiaries, associates and
joint ventures of the Group are primarily engaged in tin mining and smelting, investments in other metals and mineral
resources, hotel investment and management as well as property investment and operations. There has been no
significant change in the nature of these activities during the financial year.
The consolidated financial statements relate to the Company and its subsidiaries (referred to as the Group) and the
Group’s interests in associates and joint ventures.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION
The consolidated financial statements of the Group and the balance sheet of the Company have been prepared in
accordance with Singapore Financial Reporting Standards (FRS).
The financial statements have been prepared on a historical cost basis except as disclosed in the accounting policies
below.
The financial statements are presented in Singapore dollars (SGD or $) and all values are rounded to the nearest
thousand ($’000) except when otherwise indicated.
2.2 CHANGES IN FINANCIAL REPORTING STANDARDS AND ACCOUNTING POLICIES
The accounting policies adopted are consistent with those of the previous financial year except in the current financial
year, the Group has adopted all the new and revised standards that are effective for annual periods beginning on or
after 1 January 2012.
Certain new amendments to FRS have been published that are mandatory for accounting periods beginning on or
after 1 January 2012:
Effective for annual
periods beginning
on or after
Amendments to FRS 107 Disclosures – Transfers of Financial Assets 1 July 2011
Amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets 1 January 2012