Mindtell Technology Limited — Annual Report 2020

Feb 25, 2021

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ANNUAL REPORT 年報 2020

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE “STOCK EXCHANGE”)

GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration.

Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board of the Stock Exchange and no assurance is given that there will be a liquid market in the securities traded on GEM.

Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents of this report, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report.

This report, for which the directors (the “Directors”) of Mindtell Technology Limited (the “Company”) collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the “GEM Listing Rules”) for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this report is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this report misleading.

香港聯合交易所有限公司（「聯交所」） GEM之特色

GEM之定位，乃為中小型公司提供一個上市之 市場，此等公司相比起其他在聯交所上市之公司 帶有較高投資風險。有意投資之人士應了解投資 於該等公司之潛在風險，並應經過審慎周詳之考 慮後方作出投資決定。

由於GEM上市公司普遍為中小型公司，在GEM 買賣之證券可能會較於聯交所主板買賣之證券承 受較大之市場波動風險，同時無法保證在GEM 買賣之證券會有高流通量之市場。

香港交易及結算所有限公司及聯交所對本報告之 內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不就因本報告全部或任 何部分內容而產生或因倚賴該等內容而引致之任 何損失承擔任何責任。

本報告之資料乃遵照聯交所GEM證券上市規 則（「GEM上市規則」）而刊載，旨在提供有關 Mindtell Technology Limited（「本公司」）之資 料；本公司董事（「董事」）願就本報告之資料共同 及個別地承擔全部責任。各董事在作出一切合理 查詢後，確認就其所知及所信，本報告所載資料 在各重要方面均屬準確完備，沒有誤導或欺詐成 分，且並無遺漏任何其他事項，足以令致本報告 或其所載任何陳述產生誤導。

2020 ANNUAL REPORT 年報 1

CONTENTS 目錄

Corporate Information Chairman’s Statement Management Discussion and Analysis Biographies of Directors and Senior Management Corporate Governance Report Report of the Directors Independent Joint Auditors’ Report Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements Financial Summary

	Page
	頁
公司資料	3
主席報告書	6
管理層討論及分析	9
董事及高級管理層簡介	31
企業管治報告	40
董事會報告	51
獨立聯席核數師報告	64
綜合損益及其他全面收益表	73
綜合財務狀況表	74
綜合權益變動表	76
綜合現金流量表	78
綜合財務報表附註	80
財務概要	164

2

MINDTELL TECHNOLOGY LIMITED

CORPORATE INFORMATION 公司資料

BOARD OF DIRECTORS

Executive Directors

Mr. Chong Yee Ping (Chairman and Chief Executive Officer) Mr. Liu Yan Chee James

Non-executive Directors

Mr. Siah Jiin Shyang Mr. Lam Pang

Independent Non-executive Directors

Mr. Chan San Ping Ms. Ho Suet Man Stella Mr. Su Chi Wen

BOARD COMMITTEES

Audit Committee

Ms. Ho Suet Man Stella (Chairman) Mr. Chan San Ping Mr. Su Chi Wen

Remuneration Committee

Mr. Chan San Ping (Chairman) Ms. Ho Suet Man Stella Mr. Su Chi Wen

Nomination Committee

Mr. Su Chi Wen (Chairman) Mr. Chan San Ping Ms. Ho Suet Man Stella

COMPLIANCE OFFICER

Mr. Liu Yan Chee James

AUTHORISED REPRESENTATIVES

Mr. Liu Yan Chee James Ms. Lam Yat Ting

COMPANY SECRETARY

Ms. Lam Yat Ting

董事會

執行董事

鍾宜斌先生（主席兼行政總裁） 劉恩賜先生

非執行董事

謝錦祥先生 林鵬先生

獨立非執行董事

陳生平先生 何雪雯女士 蘇熾文先生

董事委員會

審核委員會

何雪雯女士（主席） 陳生平先生 蘇熾文先生

薪酬委員會

陳生平先生（主席） 何雪雯女士 蘇熾文先生

提名委員會

蘇熾文先生（主席） 陳生平先生 何雪雯女士

合規主任

劉恩賜先生

授權代表

劉恩賜先生 林溢婷女士

公司秘書

林溢婷女士

3

2020 ANNUAL REPORT 年報

CORPORATE INFORMATION 公司資料

REGISTERED OFFICE

Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands

HEADQUARTERS IN MALAYSIA

B-7-7, Sky Park @ One City Jalan USJ 25/1, 47650 Subang Jaya Selangor Malaysia

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Unit 1802, 18/F, Ruttonjee House Ruttonjee Centre, 11 Duddell Street Central, Hong Kong

PRINCIPAL SHARE REGISTRAR AND TRANSFER AGENT

Conyers Trust Company (Cayman) Limited Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands

HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE

Tricor Investor Services Limited Level 54, Hopewell Centre 183 Queen’s Road East Hong Kong

PRINCIPAL BANKERS

CIMB Bank Berhad Bank of China (Hong Kong) Limited

COMPLIANCE ADVISER

VBG Capital Limited 18/F, Prosperity Tower 39 Queen’s Road Central Hong Kong

註冊辦事處

Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands

馬來西亞總部

B-7-7, Sky Park @ One City Jalan USJ 25/1, 47650 Subang Jaya Selangor Malaysia

香港主要營業地點

香港中環 都爹利街11號律敦治中心 律敦治大廈18樓1802室

股份登記及過戶總處

Conyers Trust Company (Cayman) Limited Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands

香港股份登記及過戶分處

卓佳證券登記有限公司 香港 皇后大道東183號 合和中心54樓

主要往來銀行

CIMB Bank Berhad 中國銀行（香港）有限公司

合規顧問

建泉融資有限公司 香港 皇后大道中39號 豐盛創建大廈18樓

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MINDTELL TECHNOLOGY LIMITED

CORPORATE INFORMATION 公司資料

LEGAL ADVISERS

As to Hong Kong laws

Raymond Siu & Lawyers Units 1302-3 & 1802, Ruttonjee House Ruttonjee Centre, 11 Duddell Street Central, Hong Kong

As to Malaysian laws

David Lai & Tan Level 8-3 & 8-4, Wisma Miramas, No. 1, Jalan 2/109E Taman Desa Jalan Klang Lama 58100 Kuala Lumpur Malaysia

JOINT AUDITORS

Mazars CPA Limited 42/F, Central Plaza 18 Harbour Road Wanchai, Hong Kong

Mazars LLP 135 Cecil Street #10-01 Singapore 069536

STOCK CODE

8611

WEBSITE

www.mindtelltech.com

法律顧問

有關香港法律

蕭鎮邦律師行 香港中環 都爹利街11號律敦治中心 律敦治大廈1302-3室及1802室

有關馬來西亞法律

David Lai & Tan Level 8-3 & 8-4, Wisma Miramas, No. 1, Jalan 2/109E Taman Desa Jalan Klang Lama 58100 Kuala Lumpur Malaysia

聯席核數師

中審眾環（香港）會計師事務所有限公司 香港灣仔 港灣道18號 中環廣場42樓

瑪澤有限責任合夥會計師事務所 新加坡069536郵區 絲絲街135號 #10-01室

股份代號

8611

網站

www.mindtelltech.com

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2020 ANNUAL REPORT 年報

CHAIRMAN’S STATEMENT 主席報告書

Dear Shareholders,

On behalf of the board of Directors (the “Board”) of Mindtell Technology Limited (the “Company”), I am pleased to present to you the annual report of the Company and its subsidiaries (collectively the “Group”) for the year ended 30 November 2020.

REVIEW

The Group’s operation is mainly located in Malaysia. The Group has provided system integration and computer related services since 2006 and continuously diversified our business to general trading services in relation to IT services and provision of management advice and consultancy services regarding computer softwares and information technology. The Group provided IT services to both private and public sectors and our customers include banks and financial institutions, government and statutory bodies, education institutions, IT services firms, software principals and other small and medium enterprises.

During the year ended 30 November 2020, it was a challenging year to the Group. The outbreak of COVID-19 pandemic gives rise to a challenging and uncertain economic environment to the global market and creates prolonged adverse impacts on all businesses. In Malaysia, the outbreak of COVID-19 pandemic and the implementation of nationwide Movement Control Order (“MCO”) by the Malaysian Government caused significant impacts on the business operation. The outbreak of COVID-19 pandemic affected the negotiation of new projects and delayed the progress of existing projects of the Group. The Group will stay alert to the development and situation of the COVID-19 pandemic, continue to assess its impacts on the financial position and operating results of the Group and take necessary action to maintain stability of the businesses.

For the year ended 30 November 2020, the Group recorded a loss of approximately RM11.2 million compared to a profit of approximately RM1.3 million for the corresponding year of 2019. The Group’s revenue decreased by 48.5% to approximately RM10.0 million as compared to the Group’s revenue of approximately RM19.4 million for the corresponding year of 2019. The loss and decrease in revenue was mainly due to (i) the outbreak of COVID-19 pandemic and the

各位股東：

本人謹代表Mindtell Technology Limited（「本公 司」）董事會（「董事會」）欣然呈列本公司及其附屬 公司（統稱「本集團」）截至二零二零年十一月三十 日止年度之年報。

回顧

本集團主要在馬來西亞營運。自二零零六年起， 本集團一直提供系統整合及電腦相關服務，及繼 續擴展我們之業務至有關資訊科技服務之一般買 賣服務以及提供有關電腦軟件及資訊科技之管理 建議及諮詢服務。本集團向私營及公營機構提供 資訊科技服務。我們之客戶包括銀行及金融機 構、政府及法定團體、教育機構、資訊科技服務 公司、主要軟件企業及其他中小型企業。

對於本集團而言，截至二零二零年十一月三十日 止年度是充滿挑戰的一年。COVID-19疫情爆發 使全球市場的經濟環境充斥著挑戰和變數，並對 所有企業造成長期的不利影響。於馬來西亞， COVID-19疫情爆發及馬來西亞政府在全國範圍 內實施的行動管制令（「行動管制令」）對企業經營 造成重大影響。COVID-19疫情爆發影響本集團 磋商新項目，且使本集團現有項目的進度延誤。 本集團將對COVID-19疫情的發展及情況保持警 覺，繼續評估其對本集團財務狀況及經營業績的 影響，並採取必要的行動以維持業務的穩定。

截至二零二零年十一月三十日止年度，本集團 錄得虧損約馬幣11,200,000元，而二零一九年 相應年度則錄得溢利約馬幣1,300,000元。本集 團的收益減少 48.5% 至約馬幣 10,000,000 元， 而二零一九年相應年度本集團的收益為約馬幣 19,400,000元。虧損及收益減少主要是由於(i) COVID-19疫情爆發及馬來西亞政府自二零二零

6

MINDTELL TECHNOLOGY LIMITED

CHAIRMAN’S STATEMENT 主席報告書

implementation of MCO by the Malaysian Government since March 2020 which have seriously hindered the seeking out of potential customers and negotiation and securing of new projects, and caused the delay of completion of existing projects as customers slowed down the project progress; (ii) the completion of several substantial projects as well as the intense competition in securing new projects; (iii) the increase in staff costs for the works of tendering new projects and staff costs for directors and general administrative staff after listing; and (iv) the increase in amortisation of and the impairment loss on intangible assets.

In light of the worsening situation of the COVID-19 pandemic, the head of state of Malaysia has issued a Proclamation of Emergency for the period from 11 January 2021 to 1 August 2021. Nevertheless, it is stated by the Prime Minister of Malaysia that, despite the proclamation, economic activities will continue to function. The Malaysian Government will ensure that economic activities do not stop so that the people can continue to work and do business while trades and industries can continue to operate as usual. The effect of the proclamation is yet to be seen.

With the launching of MyDIGITAL national campaign, the Prime Minister of Malaysia also announced in February 2021 that development efforts on the building of digital infrastructure will be jointly undertaken by the Malaysian Government and the private sector. The Malaysian Government will invest RM15 billion within a period of 10 years for the implementation of 5G in Malaysia. He also targets to migrate 80% of the public data to hybrid cloud systems by the end of 2022. Therefore, we plan to invest in networking products, cloud storage platform technology, artificial intelligence and big data.

年三月實施行動管制令，嚴重窒礙尋找潛在客戶 及新項目的磋商及落實，並導致現有項目因客戶 放緩項目進度而延遲完成；(ii)若干大型項目已經 完成，且爭取新項目的競爭激烈；(iii)投標新項 目工作的員工成本及上市後董事及一般行政人員 的員工成本增加；及(iv)無形資產攤銷及減值虧 損增加所致。

鑒於COVID-19疫情形勢惡化，馬來西亞國家元 首已頒佈《緊急狀態宣言》，有效期為二零二一年 一月十一日至二零二一年八月一日。然而，馬來 西亞首相表示，儘管作出有關宣言，惟經濟活動 將會繼續進行。馬來西亞政府將確保經濟活動不 停頓，讓人民能夠繼續工作及經商，而各行各業 能夠繼續照常運作。宣言的影響仍有待觀察。

隨著MyDIGITAL全國運動的啟動，馬來西亞首 相亦於二零二一年二月宣佈，馬來西亞政府和私 營界別將聯手進行建設數碼基建的發展工作。馬 來西亞政府將於10年內投資馬幣150億元，以於 馬來西亞實施5G。馬來西亞政府亦訂下目標， 在二零二二年底前將80%公開資料轉移至混合雲 端系統。因此，我們計劃在網路產品、雲端儲存 平台技術、人工智能及大數據方面進行投資。

2020 ANNUAL REPORT 年報 7

CHAIRMAN’S STATEMENT 主席報告書

OUTLOOK

In view of the on-going impacts on the Malaysian economy caused by the COVID-19 pandemic, the nationwide MCO and the Proclamation of Emergency in Malaysia, the business environment will continue to remain challenging for the Group. Nevertheless, the Group will continue to actively pursue the following business strategies: (i) to be a major IT solution provider to the development of digitalisation in Malaysia; (ii) to capture new growth opportunities through our successful product, Square Intelligence; (iii) leveraging on the business networks of the Pre-IPO Investors to introduce IT products in the PRC into Malaysia; and diversifying our service offerings to our customers.

APPRECIATION

On behalf of the Board, I would like to express our sincere gratitude to our shareholders, bankers, customers and business partners for their support and trust placed on us. I would also like to thank our staff for their tremendous effort and contribution. With our competent management and professional teams, I believe the Group will succeed in achieving our business goals.

Yours sincerely,

Chong Yee Ping

Chairman and Chief Executive Officer

Hong Kong, 25 February 2021

展望

鑒於COVID-19疫情、馬來西亞全國行動管制令 及《緊急狀態宣言》對馬來西亞的經濟影響持續， 本集團的營商環境將繼續充滿挑戰。然而，本集 團將繼續積極推行以下業務策略：(i)成為馬來西 亞數碼化發展之主要資訊科技解決方案供應商； (ii)透過我們的成功產品Square Intelligence致 力把握新增長機遇；(iii)憑藉首次公開發售前投 資者之業務網絡將中國資訊科技產品引進馬來西 亞；並向客戶提供多元化服務。

致謝

本人謹代表董事會向我們股東、銀行、客戶及業 務夥伴給予之支持及信任致以衷心感謝。本人亦 謹此對我們員工之努力及貢獻表示謝意。本人相 信，憑藉能幹之管理層及專業團隊，本集團將會 達成其業務目標。

謹啟

鍾宜斌

主席兼行政總裁

香港，二零二一年二月二十五日

8

MINDTELL TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

BUSINESS REVIEW

The Group is an IT service provider based in Malaysia and principally engaged in the design, procurement, installation and maintenance of customised systems application for corporate customers. Our services mainly include (i) system integration and development services, (ii) IT outsourcing services and (iii) maintenance and consultancy services.

The successful listing of the Company’s shares (the “Shares”) on GEM of the Stock Exchange on 22 October 2018 was an important milestone for the Group, enhancing our capital strength and reinforcing the Group’s resources for future development.

FINANCIAL REVIEW

Revenue

The Group’s revenue was derived from three principal sources, namely, system integration and development services, IT outsourcing services and maintenance and consultancy services which are analysed in Note 4 to the consolidated financial statements.

For the year ended 30 November 2020, the Group recorded a decrease in total revenue by approximately 48.5% to approximately RM10.0 million (2019: approximately RM19.4 million). The decrease in revenue was mainly due to significant decrease in revenue from the system integration and development services.

Details of changes in the revenue derived from system integration and development services, IT outsourcing services, and maintenances and consultancy services are analysed as below.

業務回顧

本集團是一間以馬來西亞為基地之資訊科技服務 供應商，專門為企業客戶設計、採購、安裝及維 修個人化系統應用程式。我們之服務主要包括(i) 系統整合及開發服務、(ii)資訊科技外判服務以 及(iii)維修及顧問服務。

本公司股份（「股份」）於二零一八年十月二十二 日於聯交所GEM成功上市為本集團的重要里程 碑，加強我們之資本實力及鞏固本集團未來發展 之資源。

財務回顧

收益

本集團之收益源自三大業務來源，即系統整合及 開發服務、資訊科技外判服務以及維修及顧問服 務，其詳情載於綜合財務報表附註4。

截至二零二零年十一月三十日止年度，本集團錄 得總收益減少約 48.5% 至約馬幣 10,000,000 元 （二零一九年：約馬幣19,400,000元）。收益減 少主要由於系統整合及開發服務的收益大幅減少 所致。

有關系統整合及開發服務、資訊科技外判服務以 及維修及顧問服務之收益變動詳情如下。

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2020 ANNUAL REPORT 年報

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

System integration and development services

For system integration and development services, the revenue decreased by approximately 54.7% from approximately RM17.9 million for the year ended 30 November 2019 to approximately RM8.1 million for the year ended 30 November 2020.

The significant decrease in revenue was mainly due to (i) the outbreak of COVID-19 pandemic in early 2020 and the implementation of the MCO by the Malaysian Government effective from 18 March 2020 which have seriously hindered the seeking out of potential customers and negotiation and securing of new projects, and caused the delay of completion of existing projects as customers slowed down the project progress; and (ii) the completion of several substantial projects as well as the intense competition in securing new projects.

IT outsourcing services

For IT outsourcing services, the revenue increased by approximately 40.9% from approximately RM0.8 million for the year ended 30 November 2019 to approximately RM1.1 million for the year ended 30 November 2020. The increase in revenue was mainly due to increase in outsourcing service time rendered.

Maintenance and consultancy services

For maintenance and consultancy services, the revenue remained stable at approximately RM0.8 million for the years ended 30 November 2020 and 2019.

系統整合及開發服務

就系統整合及開發服務而言，收益由截至二零 一九年十一月三十日止年度約馬幣17,900,000 元減少約54.7%至截至二零二零年十一月三十日 止年度約馬幣8,100,000元。

收益大幅減少主要由於 (i) 二零二零年年初 COVID-19疫情爆發及馬來西亞政府自二零二零 年三月十八日起實施行動管制令，嚴重阻礙尋找 潛在客戶及新項目的磋商及落實，並導致現有項 目因客戶放緩項目進度而延遲完成；及(ii)若干 大型項目已完成，以及爭取新項目時面對激烈競 爭所致。

資訊科技外判服務

就資訊科技外判服務而言，收益由截至二零一九 年十一月三十日止年度約馬幣800,000元上升約 40.9%至截至二零二零年十一月三十日止年度約 馬幣1,100,000元。收益增加乃主要由於所提供 之外判服務時間增加所致。

維修及顧問服務

就維修及顧問服務而言，收益於截至二零二零年 及二零一九年十一月三十日止年度維持穩定，約 為馬幣800,000元。

10 MINDTELL TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Gross profit and gross profit margin

The following table sets forth a breakdown of gross profit and gross profit margin for the years indicated:

毛利及毛利率

下表載列所示年度毛利及毛利率之明細：

	Year ended 30 November 截至十一月三十日止年度	Year ended 30 November 截至十一月三十日止年度
Revenue 收益 Cost of services and materials sold 服務及已售材料成本	2020	2019 二零一九年 RM’000 馬幣千元 19,428 (13,556)
	二零二零年
	RM’000
	馬幣千元
	10,011
	(8,524)
Gross profit 毛利		5,872
	1,487
Grossprofit margin 毛利率		30.2%
	14.9%

The gross profit decreased by approximately 74.7%, from approximately RM5.9 million for the year ended 30 November 2019 to approximately RM1.5 million for the year ended 30 November 2020.

The gross profit margin decreased from approximately 30.2% for the year ended 30 November 2019 to approximately 14.9% for the year ended 30 November 2020. The decrease was due to completion of several substantial projects of system integration and development services and additional costs incurred from the delay of project progress caused by COVID-19 pandemic for the year ended 30 November 2020.

毛利由截至二零一九年十一月三十日止年度約馬 幣5,900,000元減少約74.7%至截至二零二零年 十一月三十日止年度約馬幣1,500,000元。

毛利率由截至二零一九年十一月三十日止年度約 30.2%減少至截至二零二零年十一月三十日止年 度約14.9%。該減少乃由於截至二零二零年十一 月三十日止年度已完成多個系統整合及開發服務 之重大項目，並因COVID-19疫情導致項目進度 延誤而產生額外成本。

2020 ANNUAL REPORT 年報 11

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Administrative expenses

Administrative expenses increased by approximately 114.7% from approximately RM4.6 million for the year ended 30 November 2019 to approximately RM9.8 million for the year ended 30 November 2020. The increase was due to the combined effect of (i) the increase in staff costs since significant portion of staff costs for IT staff previously allocated to “cost of services” and “development costs of intangible assets” were included in administrative expenses during the year ended 30 November 2020 as most of the substantial projects were completed and they were re-allocated to focus on tendering new projects, and staff costs for directors and administrative staff increased generally after listing; and (ii) the increase in amortisation of intangible assets.

Impairment loss on trade receivables

The Group assessed the measurement of expected credit losses for trade receivables using a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For the year ended 30 November 2020, impairment losses on trade receivables of approximately RM761,000 (2019: approximately RM238,000) was recognised. Due to the ongoing impact of the COVID-19 pandemic, most business activities and the payment chain in Malaysia was significantly affected which caused the extension of debt collection periods and increase in loss allowance on trade receivables.

At the date of this annual report, approximately 42% of the trade receivables at 30 November 2020 have been settled. The Group believed that the impairment losses recognised had reflected the Group’s exposure to credit risk.

Impairment loss on non-current assets

In view of the deteriorating economy and significant disruption in the operations of the Group arising from the COVID-19 pandemic and the MCO in Malaysia throughout the year ended 30 November 2020, the Group assessed if any impairment loss should be recognised for the non-current assets of the Group including property, plant and equipment, right-of-use assets and intangible assets.

行政開支

行政開支由截至二零一九年十一月三十日止年度 約馬幣4,600,000元增加約114.7%至截至二零二 零年十一月三十日止年度約馬幣9,800,000元。 該增加乃由於以下各項之綜合影響所致：(i)由於 大部分重大項目已完成，資訊科技員工成本被重 新分配至專注投標新項目，因此，大部分先前分 配至「服務成本」及「無形資產之開發成本」的資訊 科技員工成本於截至二零二零年十一月三十日止 年度計入行政開支，而董事及行政員工的員工成 本普遍亦於上市後有所上升，故員工成本增加； 及(ii)無形資產攤銷增加。

貿易應收款項減值虧損

本集團使用撥備矩陣評估貿易應收款項的預期信 貸虧損計量，該矩陣基於其過往信貸虧損經驗， 並根據債務人及經濟環境的特定前瞻性因素進行 調整。截至二零二零年十一月三十日止年度， 已確認貿易應收款項減值虧損約馬幣 761,000 元（二零一九年：約馬幣 238,000 元）。由於 COVID-19疫情的持續影響，馬來西亞大部分商 業活動及支付鏈受到重大影響，導致收債期延長 及貿易應收款項的虧損撥備增加。

於二零二零年十一月三十日之貿易應收款項，約 42%已於本年報日期結清。本集團相信，已確認 之減值虧損已反映本集團面對的信貸風險。

非流動資產減值虧損

鑒於截至二零二零年十一月三十日止年度， COVID-19疫情及馬來西亞行動管制令導致經濟 轉趨惡化及對本集團營運造成重大干擾，故本集 團評估是否須對本集團非流動資產包括物業、機 器及設備、使用權資產及無形資產確認任何減值 虧損。

12 MINDTELL TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

The Group considered that certain technologies developed in previous years may not easily to meet customers’ increasing expectations and requirements for their IT needs in the future market developments, in particular, after the outbreak of COVID-19 pandemic. Therefore, impairment loss of approximately RM2.2 million (2019: nil) was recognised for these technologies during the year ended 30 November 2020.

At 30 November 2020, the Group further assessed the recoverable amounts of the remaining intangible assets, property, plant and equipment and right-of-use assets based on a 3-year period value-inuse calculation and considered that no further impairment loss should be recognised at 30 November 2020.

Finance costs

The finance costs increased by approximately 27.7% from approximately RM65,000 for the year ended 30 November 2019 to approximately RM83,000 for the year ended 30 November 2020. The increase was primarily due to increase in the number of motor vehicles leased under finance leases.

Income tax expenses

As the Group recorded a loss for the year ended 30 November 2020, no provision for income tax has been made (2019: income tax expenses of approximately RM71,000).

(Loss) Profit for the year

The Group recorded a loss of approximately RM11.2 million for the year ended 30 November 2020, as compared to a profit of approximately RM1.3 million for the year ended 30 November 2019. The loss was mainly attributable to the decrease in revenue and gross profit, and increase in administrative expenses, impairment loss on trade receivables and impairment loss on intangible assets as analysed above.

尤其於COVID-19疫情爆發後，本集團認為過往 年度開發的若干技術可能難以在未來的市場發展 中滿足客戶對其資訊科技需求日漸增加的期望 與要求。因此，於截至二零二零年十一月三十 日止年度，已就該等技術確認減值虧損約馬幣 2,200,000元（二零一九年：無）。

於二零二零年十一月三十日，本集團根據三年期 使用價值計算，進一步評估餘下的無形資產、物 業、機器及設備以及使用權資產的可收回金額， 並認為無須確認進一步減值虧損。

融資成本

融資成本由截至二零一九年十一月三十日止年度 約馬幣65,000元增加約27.7%至截至二零二零年 十一月三十日止年度約馬幣83,000元。該增加 主要由於融資租賃項下租賃汽車數目增加所致。

所得稅開支

鑒於本集團於截至二零二零年十一月三十日止 年度錄得虧損，故並無就所得稅作出撥備（二零 一九年：所得稅開支約馬幣71,000元）。

年度（虧損）溢利

與截至二零一九年十一月三十日止年度的溢利 約馬幣 1,300,000 元相比，本集團於截至二零 二零年十一月三十日止年度錄得虧損約馬幣 11,200,000元。虧損主要由於上文所分析之收 益及毛利減少，以及行政開支、貿易應收款項減 值虧損及無形資產減值虧損增加所致。

2020 ANNUAL REPORT 年報 13

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

RESPONSE TO OUTBREAK OF COVID-19 PANDEMIC

Since early 2020, COVID-19 pandemic spread worldwide. A series of precautionary and control measures have been undertaken by governments around the world, including Hong Kong and Malaysia.

The Malaysian Government announced the implementation of MCO effective from 18 March 2020. On 4 May 2020, the Malaysian Government had eased lockdown restrictions and announced the Conditional Movement Control Order, which allowed certain business sectors to resume operations. On 10 June 2020, the Malaysian Government implemented the Recovery Movement Control Order (“RMCO”). Under RMCO, most of the economic sectors were allowed to resume operations in stages, while in full compliance with Standard Operating Procedures (“SOP”). However, the situation of COVID-19 pandemic in Malaysia worsened again in early 2021 and the Government of Malaysia implemented the MCO again on 11 January 2021 and extended the MCO until 4 March 2021. Further, the head of state of Malaysia has issued a Proclamation of Emergency for the period from 11 January 2021 to 1 August 2021. The effect of the proclamation is yet to be seen.

對COVID-19疫情爆發的應對

自二零二零年初以來，COVID-19 疫情蔓延全 球。香港及馬來西亞等世界各地政府已採取一系 列防控措施。

馬來西亞政府宣佈自二零二零年三月十八日起實 施行動管制令。二零二零年五月四日，馬來西亞 政府放寬封鎖限制，並宣佈有條件行動管制令， 允許若干商界恢復營運。二零二零年六月十日， 馬來西亞政府實施復甦式行動管制令（「復甦式行 動管制令」）。根據復甦式行動管制令，大部分商 界在完全符合標準作業程序（「標準作業程序」） 的情況下，獲准分階段恢復營運。然而，於二 零二一年初，馬來西亞的COVID-19疫情再度惡 化，馬來西亞政府於二零二一年一月十一日再實 施行動管制令，並把行動管制令延長至二零二一 年三月四日。此外，馬來西亞國家元首已頒佈 《緊急狀態宣言》，有效期為二零二一年一月十一 日至二零二一年八月一日。宣言的影響仍有待觀 察。

14 MINDTELL TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

During the year of 2020, the Group has experienced significant disruption in its operations arising from the COVID-19 pandemic and the MCO in Malaysia, including but not limited to (i) temporary closure of offices where most of the staff has worked from home since March 2020, (ii) interruption of operations where SOP was required to be implemented, (iii) only 50% attendance were maintained by all customers’ office and closure of the headquarters of all banks. Our customers slowed down the progress of their projects to complete certain deployment during the MCO and therefore various projects have been delayed for almost 10 months. Further, all meetings were limited to online meetings which seriously hindered the securing of new business. These caused the drop in revenue by 50-60% and the additional cost incurred for the year ended 30 November 2020.

To cope with the ongoing situation of the COVID-19 pandemic, the Group has, in a timely manner, put in place numerous precautionary measures and procured essential protective supplies to ensure the health and safety of all its employees in different regions. At the same time, the Group has implemented various flexible working arrangements for its staff. The Group has used, and will continue to use, its best endeavors to mitigate the adverse impact of the COVID-19 pandemic on the Group.

The Group is closely monitoring the development of the COVID-19 pandemic to ensure the safety of employees and stable operations. As and when appropriate, the Group will adjust its measures and plans for pandemic prevention, operations and business development accordingly.

於二零二零年，本集團因COVID-19疫情及馬來 西亞行動管制令而導致營運受到重大干擾，包括 但不限於(i)自二零二零年三月起暫時關閉辦事處 且大部分員工在家工作；(ii)需要實施標準作業程 序使業務短暫中斷；(iii)所有客戶辦事處僅維持 50%的出勤率及銀行總部一律關閉。客戶於行動 管制令期間放緩項目進度以完成若干部署，因此 多個項目被延遲近10個月。此外，所有會議僅 限於網上會議，嚴重阻礙落實新業務。該等導致 截至二零二零年十一月三十日止年度的收益下降 50-60%，並產生額外成本。

為應對COVID-19疫情持續，本集團及時採取多 項預防措施，並採購必要的防護用品，以確保各 地員工的健康及安全。同時，本集團為員工實施 各種彈性工作安排。本集團已經並將繼續盡最大 努力減低COVID-19疫情對本集團的不利影響。

本集團正密切關注COVID-19疫情的發展，以確 保員工的安全及穩定營運。本集團將於適當時 候，對防疫、營運及業務發展的措施及計劃進行 相應調整。

2020 ANNUAL REPORT 年報 15

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

LIQUIDITY AND CAPITAL RESOURCES

At 30 November 2020, the total borrowings of the Group amounted to approximately RM1.8 million which comprised interest-bearing borrowings and lease liabilities (2019: approximately RM1.7 million which comprised interest-bearing borrowings and obligations under finance leases). Details on the effective interest rate and maturity profile of the Group’s total borrowings are set out in Notes 13, 21 and 22 to the consolidated financial statements.

At 30 November 2020, the gearing ratio of the Group was 8.2% (2019: 5.1%). Gearing ratio is calculated based on total borrowings divided by total equity at the end of the financial year.

At 30 November 2020, the Group’s net current assets amounted to approximately RM16.8 million (2019: approximately RM27.3 million). The current ratio of the Group was approximately 2.7 times (2019: approximately 4.1 times). Current ratio is calculated based on total current assets divided by total current liabilities at the end of the financial year.

The Group’s operations are financed principally by revenue generated from its business operation, available bank balances and cash as well as interest-bearing borrowings. The Board will continue to follow a prudent treasury policy in managing its bank balances and cash and maintain a strong and healthy liquidity position to ensure that the Group is well positioned to achieve its business objectives and strategies.

CONTINGENT LIABILITIES

At 30 November 2020, the Group did not have any significant contingent liabilities (2019: nil).

CAPITAL COMMITMENTS

At 30 November 2020, the Group did not have significant capital commitments contracted but not provided for (2019: nil).

流動資金及資本資源

於二零二零年十一月三十日，本集團之借貸總額 約為馬幣1,800,000元，包括計息借貸及租賃負 債（二零一九年：約馬幣1,700,000元，包括計 息借貸及融資租賃責任）。有關本集團借貸總額 之實際利率及到期日詳情載於綜合財務報表附註 13、21及22。

於二零二零年十一月三十日，本集團之資產負 債比率為8.2%（二零一九年：5.1%）。資產負債 比率乃按於財政年度末之借貸總額除以總權益計 算。

於二零二零年十一月三十日，本集團之流動資產 淨額約為馬幣16,800,000元（二零一九年：約為 馬幣27,300,000元）。本集團之流動比率約為2.7 倍（二零一九年：約為4.1倍）。流動比率乃按於 財政年度末之流動資產總額除以流動負債總額計 算。

本集團之營運主要由其業務營運產生之收益、可 動用銀行結餘及現金及計息借貸撥資。董事會於 管理其銀行結餘及現金時將繼續採用審慎的財務 政策及維持雄厚而健康的流動資金狀況，以確保 本集團能達成其業務目標及策略。

或然負債

於二零二零年十一月三十日，本集團並無任何重 大或然負債（二零一九年：無）。

資本承擔

於二零二零年十一月三十日，本集團並無任何 已訂約但未撥備之重大資本承擔（二零一九年： 無）。

16 MINDTELL TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

SIGNIFICANT INVESTMENTS HELD

At 30 November 2020, the Group did not have any significant investments (2019: nil).

PLEDGE OF ASSETS

At 30 November 2020, the Group had obtained banking facilities on issuance of bank guarantees granted by certain creditworthy banks, which were guaranteed by the restricted bank balances of approximately RM309,000 (2019: approximately RM708,000) as set out in Note 18 to the consolidated financial statements.

At 30 November 2020, the interest-bearing borrowings were secured by properties owned by the Group with aggregate net carrying amount of approximately RM1.2 million (2019: approximately RM1.3 million) as set out in Note 21(i) to the consolidated financial statements.

FUTURE BUSINESS AND DEVELOPMENT PLAN

Following the Listing, the Group consistently and actively pursues the following business strategies: (i) to be a major IT solution provider to the development of digitalisation in Malaysia; (ii) to capture new growth opportunities through our successful product, Square Intelligence; (iii) leveraging on the business networks of the pre-IPO investors of the Company to introduce IT products in the PRC into Malaysia, and diversifying our service offerings to our customers.

重大持作投資

於二零二零年十一月三十日，本集團並無任何重 大投資（二零一九年：無）。

資產抵押

於二零二零年十一月三十日，本集團已就發行由 若干具信譽銀行授出之銀行擔保取得銀行融資， 有關融資由受限制銀行結餘約馬幣 309,000 元 （二零一九年：約馬幣708,000元）所擔保，有關 詳情載於綜合財務報表附註18。

於二零二零年十一月三十日，計息借貸由本 集團擁有之物業作抵押，總賬面淨值約馬幣 1,200,000 元（二零一九年：約馬幣 1,300,000 元），有關詳情載於綜合財務報表附註21(i)。

未來業務及發展計劃

上市後，本集團持續積極推行以下業務策略： (i)成為馬來西亞數碼化發展之主要資訊科技解 決方案供應商；(ii)透過我們的成功產品Square Intelligence致力把握新增長機遇；(iii)憑藉本公 司首次公開發售前投資者之業務網絡將中國資訊 科技產品引進馬來西亞，並向客戶提供多元化服 務。

2020 ANNUAL REPORT 年報 17

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Details of the Group’s future business and development plans are set out below:

(i) To be a major IT solution provider to the development of digitalisation in Malaysia

Since the Listing, the Group has already recruited 12 additional IT specialists and outsourced partial development and upgrading works to technology vendors in providing IT solutions in Digital Free Trade Zone in Malaysia. However, the Digital Free Trade Zone has been affected by change of government and scrapped by the new government. On 19 February 2021, the Malaysian Government has unveiled the country’s Digital Economy Blueprint in a bid to catch up in the digitalisation race and introduced 10-year road map which aims to transform Malaysia into a digital-driven, high income nation and a regional leader in the digital economy. Development efforts on the building of digital infrastructure will be jointly undertaken by the Malaysian Government and the private sector. The Malaysian Government will invest RM15 billion within a period of 10 years for the implementation of 5G in Malaysia. The Malaysian Government also targets to migrate 80% of the public data to hybrid cloud systems by the end of 2022. The Group is preparing to bid for tender opportunity to be revealed by the Malaysian government and conducting studies on potential new products which can capture the business opportunities resulting from the said government initiatives.

Besides, the Group is still in the process of developing and rolling out the advanced version of our mobile payment application (i.e. Blackbutton) in order to localize the mobile payment product into Malaysia and integrating the payment operator with the banking infrastructure.

本集團的未來業務及發展計劃詳情載列如下：

(i) 成為馬來西亞數碼化發展之主要資訊科技 解決方案供應商

• 自上市以來，本集團經已就向馬來西亞數 碼自由貿易區提供資訊科技解決方案聘請 額外12名資訊科技專才以及外判部分發展 及升級工作予科技供應商。然而，數碼自 由貿易區受政府變換所影響，更被新政府 廢止。於二零二一年二月十九日，馬來西 亞政府出台該國的數碼經濟藍圖，務求在 數碼化競賽中力爭上游，並引入十年路線 圖，計劃將馬來西亞轉變為數碼驅動、高 收入國家及數碼經濟的區域領袖。馬來西 亞政府和私營界別將聯手進行建設數碼基 建的發展工作。馬來西亞政府將於 10 年 內投資馬幣150億元，以於馬來西亞實施 5G 。馬來西亞政府亦訂下目標，在二零 二二年底前將80%公開資料轉移至混合雲 端系統。本集團準備就緒，爭取馬來西亞 政府將推出的投標機會，並對能夠掌握上 述政府措施所帶來的商機之潛在新產品進 行研究。

再者，本集團仍正開發及推出流動付款應 用程式（即Blackbutton）的進階版，以將流 動付款產品融入馬來西亞，並與銀行基礎 設施的付款營運商進行整合。

18 MINDTELL TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Affected by the outbreak of COVID-19 pandemic and its economic impact on the global market, it is expected that it gives rise to an uncertain economic environment to the Malaysian market. In the coming years, the business in the information technology industry in Malaysia is expected to remain challenging and competitive. Looking forward, the Group will remain cautious and continue to pay close attention and focus on providing IT solutions by integrating the existing resources and optimising the business performance.

The Group is also currently evaluating the potential acquisitions or development of 4 new major intellectual properties to increase the product features and enhance the compatibility of Square Intelligence (i.e. NS3) and the customer relationship management system (i.e. CUSTPRO).

These functions include scalable mobility technology, statistical modeling of business performance, API technology, as well as building a digital banking feature on top of NS3 and CUSTPRO.

In order to enable the Group to secure contracts from government authorities and agencies, the Group is accelerating its pace in the acquisition of service providers that possess government’s service provider license (Taraf Bumiputra MOF) in early 2021. Only companies possessing this license can provide services, goods and sales to the governmental authorities and agencies.

With reference to the use of the proceeds, the Group still considers that the development of the cloud services and the provision of services is feasible and prosperous in the long run because the target customers of cloud services can be diverse, including but not limited to customers in the secrecy information sector or e-commerce sector etc..

鑒於COVID-19疫情爆發及其對全球市場 造成的經濟影響，預期將為馬來西亞市場 帶來不明朗的經濟環境。於未來數年，馬 來西亞資訊科技行業的業務預期將充滿挑 戰且競爭激烈。展望將來，本集團將保持 謹慎，透過整合現有資源及優化業務表 現，繼續密切關注及專注於提供資訊科技 解決方案。

本集團亦正在就收購或開發四項新主要知 識產權的潛在交易進行評估，以提升產品 特性及提升Square Intelligence（即NS3） 及客戶關係管理系統（即CUSTPRO）的相 容性。

該等功能包括可擴展的流動科技、業務 表現的統計模型、 API 技術以及在 NS3 及 CUSTPRO之上建立數碼銀行功能。

為使本集團能夠從政府機關及部門獲得合 約，本集團於二零二一年初正加快收購持 有政府服務供應商牌照（Taraf Bumiputra MOF）的服務供應商的步伐。僅持有此牌 照的公司可向政府機關及部門提供服務、 貨品及銷售。

經參考所得款項用途，本集團仍認為雲端 服務的發展及提供服務於長遠而言仍然可 行及前景良好，乃由於雲端服務的目標客 戶多樣化，包括但不限於保密資料行業或 電子商務行業的客戶等。

2020 ANNUAL REPORT 年報 19

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

(ii) To capture new growth opportunities through our successful product, Square Intelligence

Our Product, Square Intelligence (i.e. NS3), has been successful since its introduction to the Malaysian market. The Group has successfully secured a contract from Bursa Malaysia, the stock exchange of Malaysia, pursuant to which Bursa Malaysia agreed to use our products as a foundation to develop CDS e-Services solution platform.

The outbreak of COVID-19 pandemic in early 2020 around the world has certain impacts on the business operation and overall global economy. Due to suspension of operation in Malaysia and global travel restriction, it directly and indirectly affects the seeking out of potential customers and negotiation and securing of new projects of the Group. However, the management will actively formulate more alternative business plans and perform a series of sales and marketing efforts in order to expand its existing market share. The Board expects that the expansion of our products will continuously generate a sustainable cash inflow to the Group through the aforesaid measures and means.

The Group is also currently evaluating new data science API plug-in to the Square Intelligence to enrich the business dashboard reporting with natural language processing (NLP) and text mining capabilities.

(ii) 透過我們的成功產品Square Intelligence 致力把握新增長機遇

我們的產品Square Intelligence（即NS3） 自其引入馬來西亞市場以來一直取得成 功。本集團已成功獲得馬來西亞證券交易 所（即馬來西亞交易所）的合約，據此，馬 來西亞交易所同意使用我們的產品作為開 發CDS電子服務解決方案平台的基礎。

COVID-19疫情於二零二零年年初全球爆 發，對業務營運及整體環球經濟構成若干 影響。由於馬來西亞的營運暫停及全球的 旅遊限制，本集團尋找潛在客戶以及磋商 及落實新項目受直接及間接影響。然而， 管理層將積極制訂更多替代業務計劃，並 進行一系列銷售及營銷工作，以擴展其現 有市場份額。董事會預期，我們產品的擴 展將透過上述措施及方式為本集團帶來可 持續的現金流入。

本集團目前亦在評估將新數據科技API嵌 入至Square Intelligence，以擴闊具備自 然語言處理（NLP）及文本挖掘能力的商業 儀表盤報告。

20 MINDTELL TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

(iii) Leveraging on the business networks of the Pre-IPO Investors to introduce IT products in the PRC into Malaysia; and diversifying our service offerings to our customers

Various in-roads have been made to discuss with potential PRC partners regarding their interests in launching their services/ products in Malaysia. However, with the change in Malaysian Government in May 2018, these potential partners decided to take a wait-and-see approach on their expansion plan. These potential partners are concerned about the likelihood of changes in government policy towards foreign investors, especially from the PRC. The discussions were resumed in late 2019 as the Malaysian Government settled in and showed their openness to PRC investors.

In early 2020, we also negotiated for a potential cooperation project on co-working space with an operator in Hong Kong with an aim to further cooperate on data centre and cloud services in both Hong Kong and Malaysia and a non-legally binding memorandum of understanding (the “MOU”) has been entered into in January 2020. However, the possible cooperation project has been interrupted due to the outbreak of COVID-19 pandemic and the change of the Malaysian Government in February 2020. Despite further negotiation and discussion, no legally binding agreement has been entered into and the MOU has lapsed and ceased to have any effect. Details of the MOU and lapse of MOU are set out in the announcements of the Company dated 24 January 2020 and 26 May 2020.

The Group will continue our discussion and negotiation with potential partner, and actively explore valuable IT products for the purpose of diversifying our products and services offering to our customers.

• (iii) 憑藉首次公開發售前投資者之業務網絡， 將中國資訊科技產品引進馬來西亞，並向 客戶提供多元化服務

我們與有意於馬來西亞推出服務╱產品的 潛在中國合作夥伴進行討論，並取得各方 面的進展。然而，由於馬來西亞政府於二 零一八年五月換屆，該等潛在合作夥伴決 定就其擴展計劃持觀望態度。該等潛在合 作夥伴憂慮政府對海外投資者（尤其是來自 中國）的政策可能有變。有關討論於二零 一九年末馬來西亞政府安撫及對中國投資 者展示開放態度時恢復。

二零二零年年初，我們亦曾與一家香港營 運商就共享工作空間的潛在合作項目進行 磋商，旨在香港及馬來西亞就數據中心及 雲端服務進一步合作，並於二零二零年一 月訂立一份不具法律約束力的諒解備忘錄 （「諒解備忘錄」）。然而，由於COVID-19 疫情爆發及馬來西亞於二零二零年二月撤 換政府，故有關潛在合作項目受阻。儘管 經過進一步磋商及討論，惟並無訂立具法 律約束力協議，而諒解備忘錄經已失效及 不再具有任何效力。有關諒解備忘錄及其 失效的詳情載於本公司日期為二零二零年 一月二十四日及二零二零年五月二十六日 的公告。

本集團將繼續與潛在夥伴討論及磋商，積 極探索有價值的資訊科技產品，務求向客 戶提供多元化的產品及服務。

2020 ANNUAL REPORT 年報 21

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

As at the date of this annual report, the Board confirms that there are no substantial changes in the Group’s future business and development plans as disclosed in the prospectus of the Company dated 29 September 2018 (the “Prospectus”). All plans on technology enhancement, acquisition of intellectual property, as well as investment in research and development are to further enhance the competitive edge of our technical competence. Nevertheless, due to the sudden change of the Malaysian Government and the ongoing impact of COVID-19 pandemic, the Board considers that it is necessary to further prudently evaluate the situation while the overall direction of the Group’s principal business remained the same in all material respects since the Listing. Further announcement will be made should there be any material change on the Group’s future business and development plans.

MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES AND AFFILIATED COMPANIES

During the year ended 30 November 2020, the Group did not have any material acquisitions and disposals of subsidiaries and affiliated companies.

於本年報日期，董事會確認，本公司日期為二零 一八年九月二十九日之招股章程（「招股章程」） 所披露本集團的未來業務及發展計劃並無任何重 大改變。技術提升、收購知識產權及研發投資的 所有計劃均為進一步提升我們技術能力的競爭優 勢。儘管如此，鑒於馬來西亞突然撤換政府及 COVID-19疫情帶來的影響，雖然本集團主要業 務的整體方向自上市以來於所有重大方面均無改 變，惟董事會認為有必要進一步審慎評估狀況。 倘本集團的未來業務及發展計劃出現任何重大變 動，將另行刊發公告。

附屬公司及聯屬公司之重大收購及出售

於截至二零二零年十一月三十日止年度，本集 團並無任何附屬公司及聯屬公司之重大收購及 出售。

22 MINDTELL TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

PRINCIPAL RISKS AND UNCERTAINTIES

The Group identified various principal risk factors and uncertainties that may affect our operating results and business prospects, including but not limited to the following:

主要風險及不確定因素

本集團已識別可能影響經營業績及業務前景的各 個主要風險因素及不確定因素，包括但不限於以 下各項：

Risk factors and uncertainties

風險因素及不確定因素

Risk Response 風險回應

Most of the contracts are project-based which create uncertainty and sustainability of our future revenue steams

大部分合約以項目為基礎，對我們之未來收益流及可持續性造成 不明朗因素

• To secure new contracts, the Group continuously enhances its product and services offerings, introduces various marketing and promotional activities, and provides customised solutions to the customers.

• 為獲得新合約，本集團不斷加強產品和服務組合，推出各種 營銷和推廣活動，並為客戶提供定制化解決方案。

Dependent on major customers for a significant portion of our business and any decrease in revenue generated from major customers could materially and adversely affect our business, results of operations and financial condition

• 倚賴主要客戶以獲得重大部分的業務，從主要客戶產生之收益減 少將對我們之業務、經營業績及財務狀況造成重大不利影響

• The Group maintains good and long-term relationships with the existing customers. At the same time, the Group introduces various marketing and promotional activities to attract potential customers and to increase market awareness. The Group is also exploring new markets by developing cloud services and seeking other cooperation opportunities with potential partners.

• 本集團與現有客戶保持良好及長期的合作關係，同時，本集 團推出各種營銷及推廣活動，吸引潛在客戶，提高市場知 名度。本集團亦通過開發雲端服務和尋求與潛在合作夥伴 的其他合作機會，以開拓新市場。

Cost overruns or delays in our system integration and development projects may materially and adversely affect our business, financial position and results of operation

• 我們之系統整合及開發項目可能出現成本超支或延誤，可能對我 們之業務、財務狀況及經營業績造成重大不利影響

• The COVID-19 pandemic had resulted in the cost overruns and delays in projects in 2020. Nevertheless, the Group continues to manage the cost carefully and optimise the resources utilisation.

• 於二零二零年，COVID-19疫情引致成本超支和項目交付出 現延誤。然而，本集團會繼續謹慎管理成本和善用資源。

2020 ANNUAL REPORT 年報 23

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Risk factors and uncertainties

風險因素及不確定因素

• Failure to anticipate and keep pace with our customer’s business and industry

無法預視及追上客戶業務及行業之迅速發展

• Significant delays in collecting trade receivables from our customers

向客戶收取貿易應收款項出現重大延誤

Risk Response 風險回應

• The Group closely monitors the changes in technologies and review the customers’ needs to mitigate the risks. The Group also develops advanced versions of its existing products and is establishing new products and services (e.g. cloud storage and cloud computing services) from time to time to meet the customers’ demands.

• 本集團密切注意科技的變化及審視客戶的需求，以降低風 險。本集團亦開發現有產品的進階版本及不時建立新的產 品和服務（如雲端儲存及雲端運算服務），以滿足客戶的 需求。

• The Group trades with recognised and creditworthy customers and generally does not provide a long credit period to new customers unless they are sizable enterprises with good reputation. The trade receivable balances are monitored on an ongoing basis by the management. To collect overdue trade receivables, the Group closely monitors overdue payments and performs credit search on our customers to ensure their recoverability.

• 本集團與認可及信譽良好的客戶進行交易，除非該等客戶為 具規模及信譽卓著的企業，一般不會向新客戶提供長時間 的信貸期。管理層持續監察貿易應收款項結餘。為收回逾 期的貿易應收款項，本集團密切監察逾期付款情況，並對 客戶進行信用調查，以確保其可收回性。

24

MINDTELL TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

For a more comprehensive list of risk factors, please also refer to the section headed “Risk Factors” in the Prospectus which are still applicable to the Group.

The financial risk management objectives and policies of the Group are set out in Note 29 to the consolidated financial statements.

FOREIGN EXCHANGE EXPOSURE

The Group has minimal exposure to foreign currency risk as most of the business transactions, assets and liabilities are principally denominated in Malaysian Ringgit and Hong Kong dollars. The Group currently does not have a foreign currency hedging policy in respect of foreign currency transactions, assets and liabilities. The management monitors our foreign currency exposure closely and will consider hedging significant foreign currency exposure should the need arise.

USE OF PROCEEDS

The net proceeds raised by the Company from the placing and public offer of the Company were approximately RM30.5 million (equivalent to approximately HK$58.6 million) (based on the final Offer Price (as defined in the Prospectus) of HK$0.62 per offer share adjusted by the Downward Offer Price Adjustment (as defined in the Prospectus)). The Company intends to apply the net proceeds on a pro-rata basis for the purposes as disclosed in the section headed “Future Plans and Use of Proceeds — Use of Proceeds” of the Prospectus and the price reduction announcement dated 16 October 2018, which are as follows:

• approximately RM3.05 million (equivalent to approximately HK$5.86 million), representing approximately 10% of the net proceeds, for strengthening our technical team by recruiting more IT specialists

• approximately RM18.3 million (equivalent to approximately HK$35.2 million), representing approximately 60% of the net proceeds, for purchase of hardware and equipment for establishment of IT infrastructure for the provision of cloud storage and cloud computing services

• approximately RM6.1 million (equivalent to approximately HK$11.7 million), representing approximately 20% of the net proceeds, for research and development of advanced and adapted versions of our Group’s existing IT products

請參閱招股章程「風險因素」一節以了解更完備的 風險因素清單，該節內容對本集團依然適用。

本集團的金融風險管理目標及政策載於綜合財務 報表附註29。

外匯風險

由於大部分業務交易、資產及負債主要以馬幣及 港元計值，故本集團面對的外匯風險極低。本集 團目前並無就外幣交易、資產及負債設定外幣對 沖政策。管理層密切監察我們的外匯風險，並會 在有需要時考慮對沖重大外幣風險。

所得款項用途

經下調發售價調整（定義見招股章程）作出調整 後，本公司自配售及公開發售籌募之所得款項淨 額約為馬幣30,500,000元（相當於約58,600,000 港元）（按最終發售價（定義見招股章程）每股發售 股份0.62港元計算）。本公司擬按招股章程「未來 計劃及所得款項用途[—] 所得款項用途」一節及於 二零一八年十月十六日之發售價下調公告所披露 之用途按比例應用所得款項淨額，詳情如下﹕

• 約馬幣 3,050,000 元（相當於約 5,860,000 港元）（佔所得款項淨額約10%）將用於招 聘更多資訊科技專才以加強技術團隊

• 約馬幣18,300,000元（相當於約35,200,000 港元）（佔所得款項淨額約60%）將用於購買 硬件及設備以建立資訊科技基礎設施，從 而提供雲端儲存及雲端運算服務

• 約馬幣6,100,000元（相當於約11,700,000 港元）（佔所得款項淨額約20%）將用於研 發本集團現有資訊科技產品之進階版及適 應版

25

2020 ANNUAL REPORT 年報

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

• approximately RM3.05 million (equivalent to approximately HK$5.86 million), representing approximately 10% of the net proceeds, as general working capital

As at the date of this annual report, there were no significant changes of the business plans from those disclosed in the Prospectus. However, the Board is in the process of evaluating the business plans taking into account the uncertainties on the duration and impacts of the COVID-19 pandemic.

The table below sets out the proposed applications of the net proceeds up to 30 November 2020:

• 約馬幣 3,050,000 元（相當於約 5,860,000 港元）（佔所得款項淨額約10%）將用作為 一般營運資金

截至本年報日期，自招股章程所披露之業務 計劃概無重大變動。然而，考慮到無法確定 COVID-19疫情的持續時間及影響，董事會正在 評估有關業務計劃。

下表載列截至二零二零年十一月三十日所得款項 淨額的建議應用方式：

				Total
				unutilised use
				of proceeds
		Planned use	Actual use	from the
		of proceeds	of proceeds	Listing Date
		up to	up to	to
		30 November	30 November	30 November
		2020	2020	2020
		截至	截至	上市日期至
		二零二零年	二零二零年	二零二零年
		十一月三十日	十一月三十日	十一月三十日
		所得款項的	所得款項的	的未使用
		計劃用途	實際用途	所得款項總額
		RM million	RM million	RM million
		馬幣百萬元	馬幣百萬元	馬幣百萬元
Strengthening our technical team by recruiting	招聘更多資訊科技專才以加強技術團隊
more IT specialists		3.05	3.05	–
Purchase of hardware and equipment for	購買硬件及設備以建立資訊科技基礎
establishment of IT infrastructure for the provision	設施，從而提供雲端儲存及
of cloud storage and cloud computing services	雲端運算服務	18.30	1.02	17.28
Research and development of advanced and	研發本集團現有資訊科技產品之進階版及
adapted versions of our Group’s existing	適應版
IT products		6.10	6.10	–
General working capital	一般營運資金	3.05	3.05	–
Total	總計	30.50	13.22	17.28

26 MINDTELL TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Expected completion timeline for utilising the remaining net proceeds

For the unutilised net proceeds up to 30 November 2020, the Company intends to utilise them in the manner as described below. The expected completion timeline for utilising the remaining unused net proceeds is set out below:

Uses of proceeds

Details of uses of proceeds

所得款項用途

所得款項用途詳情

Purchase of hardware and equipment for Establish a data centre in establishment of IT infrastructure for Cyberjaya with a total the provision of cloud storage and storage capacity of approximately cloud computing services 75 million MB

購買硬件及設備以建立資訊科技基礎設施， 於馬來西亞賽城建立一個數據中心， 從而提供雲端儲存及雲端運算服務 總儲存量約為75,000,000 MB

Notes:

• (1) The expected timeline for utilising the remaining unused proceeds is based on the best estimation of the present and future market conditions in Malaysia as assessed by the Board.

• (2) Reference is made to announcement of the Company dated 29 April 2020. The expected time for utilising the remaining unused net proceeds was previously extended to 31 May 2021. In view of the uncertainties on the duration and impacts of the COVID-19 pandemic, the Group estimated that the expected time for utilising the remaining unused net proceeds will be further extended for one year from 31 May 2021 to 31 May 2022.

動用餘下所得款項淨額的預期完成時間表

就截至二零二零年十一月三十日的未使用所得款 項淨額而言，本公司擬按照以下所述方式動用有 關款項。動用餘下未使用所得款項淨額的預期時 間表載列如下：

Original plans for utilising the net proceeds as set

Expected timeline for utilising the remaining unused net proceeds (Note 1) 動用餘下未使用所得款項淨額的 預期時間表 （附註1）

out in the Prospectus 招股章程所載動用所得 款項淨額的原定計劃

• From 1 June 2019 to From 1 December 2019 31 May 2020 to 31 May 2022 (Note 2)

• 由二零一九年六月一日 由二零一九年十二月一日 至二零二零年 至二零二二年 五月三十一日 五月三十一日（附註2）

附註：

• (1) 動用餘下未使用所得款項的預期時間表乃基於 董事會對馬來西亞目前及未來市場狀況評估的 最佳估計。

• (2) 謹此提述本公司日期為二零二零年四月二十九 日之公告，使用餘下未用所得款項淨額的預期 時間曾延遲至二零二一年五月三十一日。鑒於 無法確定COVID-19疫情的持續時間及影響，董 事會估計，動用餘下尚未使用的所得款項淨額 之預期時間將由二零二一年五月三十一日再延 遲一年至二零二二年五月三十一日。

2020 ANNUAL REPORT 年報 27

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

The delay in utilisation of the net proceeds are mainly due to the following reasons:

(i) The sudden change of the Malaysian Government

The Board has observed that the new Malaysian Government formed in May 2018 had put a pause on many major infrastructure projects implemented by the previous government during its handover. The Board was of the view that the progress of the implementation of the infrastructure projects, to a large extent, depends on the decision of the new Malaysian Government. Furthermore, following the handover of the Malaysian Government, there were various changes in the leadership of the Malaysian Government and the policies affecting the industry where the Group belongs. These various policy changes included the reforms of the Malaysian tax (e.g. replacing the Goods and Services Tax with the Sales and Services Tax) and the changes of the existing benefits (e.g. tax incentives) of the status of Malaysian Digital Economy Corporation (MDEC). The impacts of those policies on the Group started to appear in mid-2019. At that time, under those policies, many IT projects and cooperations with potential customers of the Group had been put on hold or the customers of the Group decided to delay their investments in technology as they considered the policy changes were unfavorable to them. This had inevitably caused the Board to postpone its decision on the utilisation of the net proceeds until a more favourable market condition emerges. The Board was also alert to the potential impact on the sudden change of the Malaysian Government in February 2020, causing even more uncertainties. The Group continuously and regularly monitors any changes in government policies in relation to IT industry which may seriously affect the establishment of IT infrastructure for the provision of cloud storage and cloud computing services. The Group also evaluated its decisions and strategies on the size, extent and timing of the infrastructure of the cloud storage and cloud computing services to be built by the Group. After several internal discussions, it was decided to take a more conservative and prudent approach and minimise the utilisation of the net proceeds at the material time. Accordingly, it caused a delay in the utilisation of the net proceeds.

延遲動用所得款項淨額乃主要由於以下原因所 致：

(i) 馬來西亞突然撤換政府

董事會觀察到，於二零一八年五月組成的 新馬來西亞政府於與上屆政府交接期間暫 停前任政府的眾多主要基礎設施實施項 目。董事會認為，實施基礎設施項目的進 度很大程度上取決於新馬來西亞政府的決 策。此外，於馬來西亞政府交接後，馬來 西亞政府的領導層及影響本集團所屬行業 的政策出現多項變動。該等政策變動包括 馬來西亞的稅務改革（例如以銷售及服務稅 取代消費稅）及作為馬來西亞數位經濟機 構（MDEC）的地位之現有優惠（例如稅項優 惠）變動。該等政策對本集團的影響於二零 一九年年中開始浮現。當時，在該等政策 下，本集團的眾多資訊科技項目及與潛在 客戶的合作暫時擱置，或本集團客戶決定 延遲彼等在技術方面的投資，乃由於彼等 認為政策變動對彼等不利。此無可避免地 導致董事會延遲其動用所得款項淨額的決 定，直至較有利的市場狀況出現為止。董 事會亦得悉馬來西亞於二零二零年二月突 然撤換政府的潛在影響，導致更多不確定 因素出現。本集團持續及定期監察與資訊 科技行業有關，且可能嚴重影響建立提供 雲端儲存及雲端運算服務的資訊科技基礎 設施的政府政策變動。就本集團將建立的 雲端儲存及雲端運算服務基礎設施而言， 本集團亦已評估有關其規模、程度及時間 的決定及策略。經多次內部討論後，其決 定採取較為保守及謹慎的方法，以及於關 鍵時候減少動用所得款項淨額。因此，導 致延遲動用所得款項淨額。

28 MINDTELL TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

(ii) The unexpected postponement of alignment of its software systems

Due to the incompatibility among some of the existing hardware and software, the IT specialists and the technicians of the Group had to review the alignment of its software systems with the configurations of hardware equipment and perform further testing which had caused the unexpected delay before undertaking an upgrade to its hardware equipment for the provision of cloud storage and cloud computing services. Moreover, the progress was affected by the COVID-19 pandemic. Accordingly, it caused a further delay in the utilisation of the net proceeds.

(iii) Adverse effect of the outbreak of COVID-19 pandemic and the implementation of MCO in Malaysia

During the year of 2020, the Group has experienced significant disruption in its operations arising from the COVID-19 pandemic and the MCO in Malaysia, including but not limited to temporary closure of offices and interruption of operations where SOP was required to be implemented. It caused a delay in the utilisation of the net proceeds.

EMPLOYEE AND REMUNERATION POLICIES

As at 30 November 2020, the Group had a total of 61 employees (2019: 63) in Hong Kong and Malaysia. For the year ended 30 November 2020, total staff costs and related expenses of the Group (including the Directors’ remuneration) were approximately RM7.7 million (2019: approximately RM8.0 million).

Employees’ remuneration is determined with reference to market terms and the performance, qualifications and experience of employees. Apart from the statutory retirement benefits and medical benefits, the Group also provides trainings to employees to enhance their knowledge and maintain the quality of our services.

(ii) 其軟件系統之校準出現意料之外的延誤

由於部分現有硬件及軟件之間並不相容， 故本集團的資訊科技專才及技術人員需要 審視其軟件系統與硬件設備配置之間的 校準，並作出進一步測試，導致升級提 供雲端儲存及雲端運算服務的硬件設備 出現意料之外的延遲。再者，因進度受 COVID-19疫情的影響，導致進一步延遲 動用所得款項淨額。

(iii) COVID-19疫情爆發與馬來西亞實施行動 管制令的不利影響

於二零二零年，本集團因COVID-19疫情 及馬來西亞實施行動管制令，以致營運受 到重大干擾，包括但不限於暫時關閉辦事 處及因執行標準營運程序使經營短暫中 斷。這引致動用所得款項出現延誤。

僱員及薪酬政策

於二零二零年十一月三十日，本集團在香港及馬 來西亞聘用合共61名僱員（二零一九年：63名）。 截至二零二零年十一月三十日止年度，本集團之 總員工成本及相關開支（包括董事薪酬）約為馬 幣7,700,000元（二零一九年：約馬幣8,000,000 元）。

僱員薪酬經參考市場條款及僱員之表現、資格及 經驗釐定。除法定退休福利及醫療福利外，本集 團亦為員工提供培訓，以提升他們之知識及維持 服務質素。

2020 ANNUAL REPORT 年報 29

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

RETIREMENT BENEFITS SCHEME

The Group joins a mandatory provident fund (“MPF”) Scheme in accordance with the Hong Kong Mandatory Provident Fund Schemes Ordinance for all qualifying employees in Hong Kong. Under the MPF Scheme, the Group is required to make contributions to the scheme at 5% of the employees’ relevant income, subject to a cap of monthly relevant income of HK$30,000. Contributions to the scheme vest immediately. The assets of the scheme are held separately from those of the Group, in funds under the control of trustees.

The subsidiaries of the Group in Malaysia also operate Employees Provident Fund for their employees in accordance with the statutory requirements prescribed by the relevant Malaysian laws and regulations. The Group is required to contribute certain percentage (6%–13%) of their payroll costs to the retirement benefit scheme to fund the benefits. The only obligation of the Group with respect to the retirement benefit scheme is to make the specified contributions.

For the year ended 30 November 2020, the total amount contributed by the Group to the schemes was approximately RM602,000 (2019: approximately RM570,000).

退休福利計劃

本集團根據香港《強制性公積金計劃條例》為香港 所有合資格僱員參加強積金計劃。根據強積金計 劃，本集團須按僱員有關入息的5%向計劃作出 供款，每月有關入息上限為30,000港元。該計 劃的供款會即時歸屬。該計劃的資產與本集團的 資產分開保存，由受託人控制的基金持有。

本集團於馬來西亞的附屬公司亦根據馬來西亞的 相關法律及法規訂明的法定要求為其僱員設立僱 員公積金。本集團須按其薪金成本的一定百分比 (6%–13%)向退休福利計劃供款，以提供福利。 本集團對退休福利計劃的唯一責任是作出指定供 款。

截至二零二零年十一月三十日止年度，本集團 向上述計劃作出的供款總額約為馬幣602,000元 （二零一九年：約為馬幣570,000元）。

30 MINDTELL TECHNOLOGY LIMITED

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理層簡介

EXECUTIVE DIRECTORS

Mr. Chong Yee Ping (“Mr. Chong”) , aged 40, the founder of the Group, was appointed as the chairman of the Board, chief executive officer and executive Director of the Company on 27 February 2018. He is mainly responsible for formulating the overall business development strategy and planning; overseeing the Group’s performance and management; and leading and representing the Group in negotiation with potential business partners.

Mr. Chong is experienced in the field of system integration and development as a software engineer. From 2003 to 2007, Mr. Chong worked in iPower Berhad, a company engaged in system integration based in Malaysia. From March 2017 to December 2020, Mr. Chong was a director of C.I.S Integrated Sdn. Bhd., a company engaged in the provision of online home design solutions. In the past 11 years, Mr. Chong has been working relentlessly to build up the Group. In particular, he has participated in the development of NS3 and CUSTPRO, the two self-developed IT products of the Group.

Mr. Chong obtained a Bachelor’s degree of Information Technology majoring in software engineering with honours from Multimedia University in Malaysia in May 2003. Subsequently, he completed three IBM professional certification programs, which are IBM Certified Specialist DB2 and IBM Certified Database Administrator respectively in 2004 and IBM Certified System Administrator — Websphere Application Server Network Deployment in 2006.

執行董事

鍾宜斌先生（「鍾先生」） ，40歲，為本集團之創 辦人、並於二零一八年二月二十七日獲委任為本 公司董事會主席、行政總裁兼執行董事。彼主要 負責制定整體業務發展策略及規劃、監督本集團 之表現及管理以及帶領及代表本集團與潛在業務 夥伴進行磋商。

鍾先生為軟件工程師並擁有系統整合及開發領域 之經驗。鍾先生於二零零三年至二零零七年任職 於一間以馬來西亞為基地從事系統整合之公司 iPower Berhad。於二零一七年三月至二零二零 年十二月，鍾先生為C.I.S Integrated Sdn. Bhd. （一家從事提供網上家居設計解決方案之公司）之 董事。於過往11年間，鍾先生一直不懈地建立 本集團。尤其是，彼參與開發本集團之兩項自家 開發資訊科技產品NS3及CUSTPRO。

鍾先生於二零零三年五月取得馬來西亞多媒體大 學資訊科技（榮譽）學士學位，主修軟件工程。 其後，彼完成三項 IBM 專業認證課程，當中於 二零零四年分別完成 IBM Certified Specialist DB2及IBM Certified Database Administrator， 並於二零零六年完成 IBM Certified System Administrator[—] Websphere Application Server Network Deployment。

2020 ANNUAL REPORT 年報 31

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理層簡介

EXECUTIVE DIRECTORS (continued)

Mr. Liu Yan Chee James (“Mr. Liu”) , aged 50, was appointed as an executive Director on 8 March 2018. He is also currently the compliance officer and an authorised representative of the Company.

Mr. Liu has over 25 years of experience in finance and accounting. He is currently and has been an executive director and the chief executive officer of Asia Resources Holdings Limited (Stock Code: 0899) since April 2017 and August 2018 respectively. He is also currently and has been an executive director of Future Bright Mining Holdings Limited (Stock Code: 2212) since August 2019. He was the chief executive officer of Future Bright Mining Holdings Limited from 26 October 2018 to 16 June 2020. He was an independent non-executive director and the chairman of the audit committee of Luen Wong Group Holdings Limited (Stock Code: 8217) from March 2016 to December 2017. He was the sales director and licensed representative of Tung Shing Securities (Brokers) Limited during the period between September 2010 and October 2015, and KGI Asia Limited and KGI Futures (Hong Kong) Limited during the period between October 2004 to September 2010.

Mr. Liu obtained a Bachelor’s degree of Commerce from Dalhousie University in Canada in February 1994.

執行董事 （續）

劉恩賜先生（「劉先生」） ，50歲，於二零一八年 三月八日獲委任為執行董事。彼現時亦擔任本公 司之合規主任及法定代表。

劉先生於財務及會計方面擁有超過25年經驗。 彼現時及分別自二零一七年四月及二零一八年 八月起擔任亞洲資源控股有限公司（股份代號： 0899 ）之執行董事及行政總裁。彼現時及自二 零一九年八月起擔任高鵬礦業控股有限公司（股 份代號：2212）之執行董事。於二零一八年十月 二十六日至二零二零年六月十六日為高鵬礦業控 股有限公司之行政總裁。於二零一六年三月至二 零一七年十二月，彼亦為聯旺集團控股有限公司 （股份代號：8217）之獨立非執行董事及審核委 員會主席。於二零一零年九月至二零一五年十月 期間以及於二零零四年十月至二零一零年九月期 間，彼分別為東盛證券（經紀）有限公司及凱基證 券亞洲有限公司與凱基期貨（香港）有限公司之銷 售總監及持牌代表。

劉先生於一九九四年二月取得加拿大戴爾豪斯大 學商科學士學位。

32 MINDTELL TECHNOLOGY LIMITED

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理層簡介

NON-EXECUTIVE DIRECTORS

Mr. Siah Jiin Shyang (“Mr. Siah”) , aged 41, was appointed as a non-executive Director on 27 February 2018.

In 2005, he founded CSS MSC Sdn. Bhd., which focuses on, among others, business intelligence and data warehousing, for enabling a business to gather and analyse its data regarding specific function areas such as finance, supply chain, human resources, sales and marketing and customer service to provide historical, current and predictive views of business operations and has been the chief operating officer and a director thereof until his resignation in February 2018. He was responsible for the operations and research and development of CSS MSC Sdn. Bhd.. From March 2017 to December 2020, Mr. Siah was a director of C.I.S Integrated Sdn. Bhd., a company engaged in the provision of online home design solutions. Mr. Siah is experienced in the implementation of business intelligence, data warehousing and banking solutions.

Currently, Mr. Siah is a director of Rivermains Technology Sdn. Bhd., a company engaged in the provision of online car insurance.

Mr. Siah obtained a Bachelor’s degree of Engineering (Mechanical) with honours from University of Malaya in September 2002. Subsequently, he received an ITIL Foundation Certificate in IT Service Management in February 2005 and an ITIL Manager’s Certificate in IT Service Management in September 2005.

非執行董事

謝錦祥先生（「謝先生」） ，41歲，於二零一八年 二月二十七日獲委任為非執行董事。

彼於二零零五年創立CSS MSC Sdn. Bhd.，該 公司專注於（其中包括）商業智能及數據儲存，以 令企業可收集及分析其有關特定職能領域之數 據，例如金融、供應鏈、人力資源、銷售及市場 推廣以及客戶服務，以提供業務營運之過往、 現 時及預測意見。彼為該公司之首席營運總監 及董 事直至彼於二零一八年二月辭任。彼負責 CSS MSc Sdn. Bhd.之營運及研發。於二零一七 年三月至二零二零年十二月，謝先生為 C.I.S Integrated Sdn. Bhd.（一家從事提供網上家居設 計解決方案之公司）之董事。謝先生擁有實施商 業智能、數據儲存及銀行解決方案之經驗。

目前，謝先生擔任Rivermains Technology Sdn. Bhd.（一家從事提供線上汽車保險之公司）之董 事。

謝先生於二零零二年九月取得馬來亞大學工程學 （機械）（榮譽）學士學位。其後，彼分別於二零零 五年二月及二零零五年九月取得資訊科技服務管 理之ITIL Foundation Certificate證書及資訊科 技服務管理之ITIL Manager’s Certificate證書。

2020 ANNUAL REPORT 年報 33

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理層簡介

NON-EXECUTIVE DIRECTORS (continued)

Mr. Lam Pang (“Mr. Lam”) , aged 51, was appointed as a nonexecutive Director on 8 March 2018.

Mr. Lam has around 30 years of extensive experience in trading between the PRC and Hong Kong, and property investment in the PRC. He founded Stars (Holdings) Limited (now known as Stars Pacific Limited), of which he has been the director and has been engaged in trading business since 1992. He was the chairman of GOME Electrical Appliances Holding Limited (now known as GOME Retail Holdings Limited), a listed company on the Main Board of the Stock Exchange (Stock Code: 0493) from December 2000 to April 2002 and an executive director from September 2000 to May 2007. Afterwards, Mr. Lam was an executive director of 山東金泰集團股份 有限公司 (Shandong Jintai Group Co., Ltd), a listed company on the Shanghai Stock Exchange (Stock Code: 600385) from July 2007 to June 2013, and a director of Blossomhill Investment Limited (formerly known as Special Fine Investment and Management Limited) from December 2013 to October 2015. From 2015 to October 2019, Mr. Lam was the general manager of 湖南富恒建設開發有限公司 (Hunan Fu Heng Construction Development Co., Ltd.), which is principally engaged in infrastructure and property development.

Mr. Lam currently serves as the consultant of 深圳市傳統文化研究會 (Shenzhen Association of Chinese Traditional Culture Studies), 中 國國際經濟技術合作促進會健康科技工作委員會 (Health Science and Technology Work Committee of China Association for Promoting International Economic & Technical Cooperation) and 中國先秦史學會 (China pre-Qin History Society).

Mr. Lam graduated from Pui Ying Secondary School in late 1980s.

非執行董事 （續）

林鵬先生（「林先生」） ，51歲，於二零一八年三 月八日獲委任為非執行董事。

林先生於中港貿易及中國物業投資方面擁有接 近 30 年豐富經驗。彼創立南光（集團）有限公 司（現稱為星．太平洋有限公司），彼一直擔任 該公司之董事，並自一九九二年起從事貿易業 務。彼於二零零零年十二月至二零零二年四月 擔任國美電器控股有限公司（現稱為國美零售控 股有限公司，為一間聯交所主板上市之公司， 股份代號：0493）之主席及於二零零零年九月至 二零零七年五月擔任執行董事。其後，林先生於 二零零七年七月至二零一三年六月擔任山東金泰 集團股份有限公司（上海證券交易所上市公司， 股份代號：600385）之執行董事，並於二零一三 年十二月至二零一五年十月擔任豐碩投資有限公 司（前稱豐碩投資管理有限公司）之董事。於二零 一五年至二零一九年十月，林先生曾擔任湖南富 恒建設開發有限公司之總經理，該公司主要從事 基礎設施及物業發展。

林先生目前擔任深圳市傳統文化研究會、中國國 際經濟技術合作促進會健康科技工作委員會及中 國先秦史學會之顧問。

林先生於一九八零年代後期畢業於培英中學。

34 MINDTELL TECHNOLOGY LIMITED

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理層簡介

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Chan San Ping (“Mr. Chan”) , aged 56, was appointed as an independent non-executive Director on 19 September 2018. He is the chairman of the remuneration committee and a member of the audit committee and nomination committee.

Mr. Chan was the partner of GrammyTech Limited from September 2003 to April 2013, and is the managing partner of EMP Partners since May 2013. During the said periods, he has been responsible for the management of the business for banking and finance recruitment in Hong Kong and China. From July 1997 to September 2003, Mr. Chan was the managing partner of Grammy Financial Institutions Group Limited, and his main responsibility covered the management of the senior level recruitment business for financial services industry in Hong Kong and North Asia. These past and present positions have given Mr. Chan around 25 years of experiences in recruitment of talents in the finance industry.

Mr. Chan obtained a Bachelor’s degree of Arts with honours, majoring in business studies from City University of Hong Kong in 1988.

獨立非執行董事

陳生平先生（「陳先生」） ，56歲，於二零一八年 九月十九日獲委任為獨立非執行董事。彼為薪酬 委員會主席以及審核委員會及提名委員會成員。

陳先生於二零零三年九月至二零一三年四月曾 擔任恒美科技顧問有限公司之合夥人，且自二 零一三年五月起擔任EMP Partners 之首席合夥 人。於上述期間，彼一直負責於香港及中國管理 招聘銀行及財務人才之業務。陳先生於一九九七 年七月至二零零三年九月曾擔任 Grammy Financial Institutions Group Limited之首席合夥 人，彼於有關期間內之主要職責涵蓋在香港及北 亞管理招聘財務服務業高層之業務。該等過往及 現任職位讓陳先生於招聘金融業人才方面擁有約 25年經驗。

陳先生於一九八八年取得香港城市大學（榮譽）文 學士學位，主修商學。

2020 ANNUAL REPORT 年報 35

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理層簡介

INDEPENDENT NON-EXECUTIVE DIRECTORS

獨立非執行董事 （續）

(continued)

Mr. Su Chi Wen (“Mr. Su”) , aged 53, was appointed as an independent non-executive Director on 19 September 2018. He is the chairman of the nomination committee and a member of the remuneration committee and audit committee.

Mr. Su has over 20 years of experience working in the IT industry. Mr. Su has been the deputy IT director of C&C Joint Printing Co., (H.K.) Ltd since January 2014 and was the project manager of C&C Joint Printing Co., (H.K.) Ltd from May 2005 to December 2013. Prior to that, Mr. Su was the executive director of High-Growth (H.K.) Limited from July 1997 to June 2000. From July 1995 to March 1997, Mr. Su was the system consultant of System Management Consultancy Ltd.

Mr. Su was the founder of Sys Solutions Limited and Sys Solutions Holdings Limited (now known as Enviro Energy International Holdings Limited), a company formerly listed on GEM (Stock Code: 8182) since February 2003 and subsequently transferred its listing from GEM to the Main Board of the Stock Exchange (Stock Code: 1102) since December 2010. From July 2000 to May 2004, he was the executive director and chief executive officer of Sys Solutions Limited and Sys Solutions Holdings Limited.

Mr. Su obtained a Bachelor’s degree of Commerce, majoring in marketing from Dalhousie University in Canada in 1995. He was awarded a certificate of digital asset management by the Advanced Printing Technology Centre (APTEC), a subsidiary of the Hong Kong Printers Association in 2005. In 2014, Mr. Su received an executive diploma in digital marketing from Hong Kong Management Association and a certificate from China Business Executives Academy Dalian.

蘇熾文先生（「蘇先生」） ，53歲，於二零一八年 九月十九日獲委任為獨立非執行董事。彼為提名 委員會主席以及薪酬委員會及審核委員會成員。

蘇先生於資訊科技行業擁有超過 20 年工作經 驗。蘇先生自二零一四年一月起一直擔任中華商 務聯合印刷（香港）有限公司之資訊科技副總監， 並於二零零五年五月至二零一三年十二月擔任中 華商務聯合印刷（香港）有限公司之項目經理。此 前，彼於一九九七年七月至二零零零年六月擔任 泰恒（香港）有限公司之執行董事。於一九九五年 七月至一九九七年三月，彼擔任喜訊電腦顧問有 限公司之系統顧問。

蘇先生為軟迅科技有限公司及軟迅科技控股有限 公司（現稱為環能國際控股有限公司）之創辦人， 軟迅科技控股有限公司先前自二零零三年二月起 於GEM上市（股份代號：8182），及其隨後自二 零一零年十二月由聯交所GEM轉往主板上市（股 份代號：1102）。彼於二零零零年七月至二零零 四年五月擔任軟迅科技有限公司及軟迅科技控股 有限公司之執行董事及行政總裁。

蘇先生於一九九五年取得加拿大戴爾豪斯大學之 商科學士學位，主修市場營銷。彼於二零零五 年獲得印刷科技研究中心（香港印刷業商會之一 間附屬公司）之數碼資產管理證書。於二零一四 年，蘇先生取得香港管理專業協會之數碼營銷行 政文憑及中國大連高級經理學院之證書。

36 MINDTELL TECHNOLOGY LIMITED

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理層簡介

INDEPENDENT NON-EXECUTIVE DIRECTORS

獨立非執行董事 （續）

(continued)

Ms. Ho Suet Man Stella (“Ms. Ho”) , aged 49, was appointed as an independent non-executive Director on 19 September 2018. She is the chairman of the audit committee and a member of the remuneration committee and nomination committee.

Ms. Ho has been the chief financial officer and the company secretary of Hong Kong Resources Holdings Company Limited (Stock Code: 2882) since May 2017 and March 2018 respectively. From September 2007 to February 2017, Ms. Ho served as the chief financial officer and company secretary of Paradise Entertainment Limited (Stock Code: 1180). Prior to that, she was the financial controller and company secretary of Linefan Technology Holdings Limited (now known as China Eco-Farming Limited) (Stock Code: 8166) from May 2004 to September 2007. She was the financial manager of Recruit Holdings Limited (now known as KK Culture Holdings Limited) (Stock Code: 550) from November 2002 to August 2003 and the accounting manager of Systek Information Technology Limited (now known as the Dadi International Group Limited) (Stock Code: 8130) from October 2001 to November 2002. These past and present positions have given Ms. Ho over 20 years of financial and accounting experience and extensive experience of working in the listed companies in Hong Kong.

Ms. Ho obtained a Bachelor’s degree in Accountancy with honours from Hong Kong Polytechnic University in 1994. She was admitted as a member of both The Association of Chartered Certified Accountants and the Hong Kong Institute of Certified Public Accountants in May 1998 and May 2000 respectively.

何雪雯女士（「何女士」） ，49歲，於二零一八年 九月十九日獲委任為獨立非執行董事。彼為審核 委員會主席以及薪酬委員會及提名委員會成員。

何女士分別自二零一七年五月及二零一八年三 月起擔任香港資源控股有限公司（股份代號： 2882）之財務總監及公司秘書。於二零零七年九 月至二零一七年二月，何女士擔任滙彩控股有限 公司（股份代號：1180）之財務總監及公司秘書。 此前，彼於二零零四年五月至二零零七年九月擔 任藍帆科技控股有限公司（現稱為中國農業生態 有限公司，股份代號：8166）之財務總監及公司 秘書。彼自二零零二年十一月至二零零三年八月 擔任才庫媒體集團有限公司（現稱為KK文化控股 有限公司，股份代號：550）之財務經理，以及自 二零零一年十月至二零零二年十一月擔任訊泰科 技有限公司（現稱為大地國際集團有限公司，股 份代號：8130）之會計經理。該等過往及現時職 位讓何女士擁有超過20年之財務及會計方面經 驗及於香港上市公司工作之豐富經驗。

何女士於一九九四年取得香港理工大學會計（榮 譽）學士學位。彼分別於一九九八年五月獲認可 為特許公認會計師公會會員及於二零零零年五月 獲認可為香港會計師公會會員。

2020 ANNUAL REPORT 年報 37

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理層簡介

SENIOR MANAGEMENT

Mr. Pang Hen Yong (“Mr. Pang”) , aged 41, is the chief technology officer of the Group. He joined the Group in December 2012 and is responsible for all aspects of strategic IT planning, implementation, and support as an integral component of the business plan. He is also responsible for budgeting, design and support of all technological issues of the Group.

Mr. Pang worked as the technical consultant for DKSH Holding AG, also known as DiethelmKellerSiberHegner, a company listed on the SIX Swiss Exchange (Stock Code: DKSH) from March 2007 to July 2011. From July 2011 to December 2012, he worked as the technical consultant for GlaxoSmithKline plc, a company listed on both the London Stock Exchange (Stock Code: GSK) and the New York Stock Exchange (Stock Code: GSK).

Mr. Pang obtained a Bachelor’s degree of Information Technology with honours from Universiti Tenaga Nasional in August 2003. He received an ITIL Foundation Certificate in IT Service Management in October 2012.

Mr. Chung Foo Shyn (“Mr. Chung”) , aged 40, was the project director of the Group since September 2013 and was responsible for overseeing project implementation and project management. Mr. Chung had tendered his resignation with effect from 31 December 2020.

Mr. Chung was the project manager for Techbase Solution Sdn. Bhd. from August 2012 to August 2013. He worked as the senior IT specialist for iFAST Service Centre Sdn. Bhd. from May 2008 to July 2011 and the senior java developer for Optegra Sdn. Bhd. from November 2005 to May 2008.

Mr. Chung obtained a Bachelor’s degree of Computer Science, majoring in software engineering, with honours from University of Malaya in August 2004.

高級管理層

龐顯榮先生 （「 龐先生 」），41歲，為本集團之技 術總監。彼於二零一二年十二月加入本集團，負 責規劃、實施及作為業務計劃之骨幹支援策略性 資訊科技之所有方面。彼亦負責本集團所有技術 事宜之預算、制定及支援。

龐先生自二零零七年三月至二零一一 年七月擔任 DKSH Holding AG（亦稱為 DiethelmKellerSiberHegner，一間於瑞士證券 交易所上市之公司，股份代號：DKSH）之技術顧 問。於二零一一年七月至二零一二年十二月，彼 擔任GlaxoSmithKline plc（一間於倫敦證券交易 所（股份代號：GSK）及紐約證券交易所（股份代 號：GSK）上市之公司）之技術顧問。

龐先生於二零零三年八月取得國家能源大學資訊 科技（榮譽）學士學位。彼於二零一二年十月取得 資訊科技服務管理之ITIL Foundation Certificate 證書。

鄭富升先生（「鄭先生」） ，40歲，由二零一三年 九月起為本集團之項目總監，並負責監督項目 實施及項目管理。鄭先生於二零二零年十二月 三十一日起辭任。

鄭先生自二零一二年八月至二零一三年八月擔 任Techbase Solution Sdn. Bhd.之項目經理。 於二零零八年五月至二零一一年七月，彼擔任 iFAST Service Centre Sdn. Bhd.之高級資訊科 技專員，及於二零零五年十一月至二零零八年五 月，彼擔任Optegra Sdn. Bhd.之高級java開發 人員。

鄭先生於二零零四年八月取得馬來亞大學之計算 機科學（榮譽）學士學位，主修軟件工程。

38 MINDTELL TECHNOLOGY LIMITED

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理層簡介

SENIOR MANAGEMENT (continued)

Mr. Wong Puh Yih (“Mr. Wong”) , aged 38, is the head of research and development department of the Group. He was appointed as a member of the technical team of the Group on April 2014. His main responsibility includes: (i) development and design of product from concept to specifications and implementation and (ii) coordination with internal or external engineering teams on the new process and equipment design, scale-up, capability improvement and validation.

Mr. Wong obtained an Associate Degree in Information Technology from New Era College in 2006. He is certified as a Sun Certified Programmer for the Java Platform in 2010. In 2014, he completed two IBM professional certification programs, namely IBM Certified Database Administrator and IBM Certified Database Associate in 2014.

Ms. Lam Yat Ting (“Ms. Lam”) , aged 38, was appointed as the company secretary of the Group on 8 March 2018.

Ms. Lam has over 10 years of experience in accounting and audit. She has been the financial controller of Man Lee Management Limited, a subsidiary of Asia Resources Holdings Limited (Stock Code: 899) since May 2018. She was the executive director and company secretary of Elegance Commercial and Financial Printing Group Limited (now known as Cornerstone Technologies Holdings Limited) (Stock Code: 8391) from September 2018 to June 2019. From October 2016 to April 2018, she worked at New World Facilities Management Company Limited, a subsidiary of New World Development Company Limited (Stock Code: 17) where her last position held was a finance manager. Prior to that, she worked at a medium size C.P.A. firm from March 2008 to October 2016 where her last position held was an audit manager.

Ms. Lam obtained a Bachelor’s degree of Business Administration in Accountancy with honours from City University of Hong Kong in 2006. She is admitted as a qualified accountant of the Hong Kong Institute of Certified Public Accountants since January 2013.

高級管理層 （續）

黃朴御先生（「黃先生」） ，38歲，為本集團研發 部門之負責人。彼於二零一四年四月獲委任為本 集團技術團隊成員。彼之主要職責包括：(i)由概 念至規格及實施進行產品開發及設計及(ii)與內 部或外部工程團隊就新程序及設備設計、規模 化、提升產能及認可方面進行合作。

黃先生於二零零六年取得新紀元學院之資訊科 技副學士學位。彼於二零一零年獲認證為Java 平台之昇陽認證程式員。於二零一四年，彼完 成兩項IBM專業認證課程，分別為IBM Certified Database Administrator 及 IBM Certified Database Associate。

林溢婷女士（「林女士」） ，38歲，於二零一八年 三月八日獲委任為本集團之公司秘書。

林女士於會計及審計方面擁有超過10年經驗， 自二零一八年五月起，彼擔任萬利管理有限公司 （亞洲資源控股有限公司（股份代號：899）之附屬 公司）之財務總監。林女士曾於二零一八年九月 至二零一九年六月期間擔任精雅商業財經印刷集 團有限公司（現稱基石科技控股有限公司）（股份 代號：8391）之執行董事兼公司秘書。彼曾於二 零一六年十月至二零一八年四月期間任職於新世 界設施管理有限公司（聯交所主板上市公司新世 界發展有限公司（股份代號：17）之附屬公司）， 離職前之最後職位為財務經理。此前，彼於二零 零八年三月至二零一六年十月任職於中型會計師 行，離職前之最後職位為審核經理。

林女士於二零零六年取得香港城市大學工商管理 （榮譽）學士學位，主修會計學。彼自二零一三 年一月起獲認可為香港會計師公會之合資格會計 師。

2020 ANNUAL REPORT 年報 39

CORPORATE GOVERNANCE REPORT 企業管治報告

CORPORATE GOVERNANCE PRACTICES

The Company has adopted the principles and the code provisions in the Corporate Governance Code (the “CG Code”) as set out in Appendix 15 to the GEM Listing Rules.

During the year ended 30 November 2020, the Company had complied with the CG Code, except for the derivation as stated below:

Code Provision A.2.1

Pursuant to code provision A.2.1 of the CG Code, the roles of chairman and chief executive officer should be separated and should not be performed by the same individual. The division of responsibilities between the chairman and chief executive officer should be clearly established and set out in writing.

Mr. Chong Yee Ping is currently the Chairman of the Board and the Chief Executive Officer of the Company, and is responsible for formulating the overall business development strategy and planning of the Group. In view that Mr. Chong has been responsible for the overall management of the Group since its inception, the Board believes that it is in the best interest of the Group to continue to have Mr. Chong taking up both roles for effective management and business development. The Board considers that the balance of power and authority, accountability and independent decisionmaking under our present arrangement will not be impaired because of the diverse background and experience of the other executive Director, non-executive Directors and independent non-executive Directors. Further, the Audit Committee has free and direct access to the Company’s external auditors and independent professional advisers when it considers necessary. Therefore, the Directors consider that the deviation from code provision A.2.1 of the CG Code is appropriate in such circumstance.

企業管治守則

本公司已採納GEM上市規則附錄十五所載企業 管治守則（「企業管治守則」）之準則及守則條文。

於截至二零二零年十一月三十日止年度，本公司 已遵守企業管治守則，惟下文所述之偏離情況除 外：

守則條文第A.2.1條

根據企業管治守則守則條文第A.2.1條，主席與 行政總裁之角色應有區分，並不應由同一人兼 任。主席與行政總裁之間的職責分工應明確規定 並以書面載述。

鍾宜斌先生目前為本公司之董事會主席兼行政總 裁，並負責制定本集團之整體業務發展策略及規 劃。鑑於鍾先生自創立以來一直負責本集團之整 體管理，董事會相信，鍾先生繼續兼任該等職務 符合本集團最佳利益，以取得有效之管理及業務 發展。董事會認為，基於其他執行董事、非執行 董事及獨立非執行董事之多元化背景及經驗，目 前安排無損權力及授權與問責性及獨立決策能力 之平衡。此外，審核委員會可就其認為有必要時 自由及直接聯繫本公司之外部核數師及獨立專業 顧問。因此，董事認為偏離企業管治守則守則條 文第A.2.1條在此情況下屬恰當。

40 MINDTELL TECHNOLOGY LIMITED

CORPORATE GOVERNANCE REPORT 企業管治報告

In order to maintain good corporate governance and to fully comply with code provision A.2.1 of the CG Code, the Board comprises six other experienced and high-calibre individuals including one other executive Director, two non-executive Directors and three independent non-executive Directors who would be able to offer advice from various perspectives. In addition, for major decisions of the Group, the Company will consult the relevant Board committees and senior management. Considering the present size and the scope of business of the Group, the Board considers that it is not in the best interest of the Company and the shareholders as a whole to separate the roles of the chairman and the chief executive officer, because the separation would render the decision-making process of the Company less efficient than the current structure. Therefore, the Board considers that the present arrangement is beneficial to and in the interest of the Company and the shareholders as a whole.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the required standard of dealings set out in Rules 5.46 to 5.67 of the GEM Listing Rules (the “Standard of Dealings”), as the code of conduct regarding directors’ securities transactions. Having made specific enquiries of all Directors, each of the Directors has confirmed that he/she has complied with the Standard of Dealings from the date on which the shares of the Company are first listed on the Stock Exchange (the “Listing Date”) and up to the date of this annual report.

為維持良好企業管治及全面遵守企業管治守則守 則條文第A.2.1條，董事會由另外六名具經驗及 卓越才幹之人士所組成，包括另外一名執行董 事、兩名非執行董事及三名獨立非執行董事，彼 等能夠在不同方面提供意見。此外，就本集團之 重大決策而言，本公司將會諮詢有關董事會委員 會及高級管理層。經考慮本集團現時規模及業務 範疇，董事會認為區分主席與行政總裁之角色並 不符合本公司及其股東之整體最佳利益，原因是 相比現有架構，區分該等角色將令本集團之決策 過程效率降低。因此，董事會認為現時安排對本 公司及股東整體有利及符合彼等整體利益。

董事之證券交易

本公司已採納GEM上市規則第5.46至5.67條所 載交易規定標準（「交易標準」），作為董事之證 券交易之操作守則。經向所有董事作出特定查詢 後，董事各自已確認自本公司股份首次於聯交所 上市當日（「上市日期」）及直至本年報日期已遵守 交易標準。

2020 ANNUAL REPORT 年報 41

CORPORATE GOVERNANCE REPORT 企業管治報告

BOARD OF DIRECTORS

At the date of this annual report, the Board consists of two executive Directors, two non-executive Directors and three independent nonexecutive Directors as follows:

Executive Directors

Mr. Chong Yee Ping (Chairman and Chief Executive Officer) Mr. Liu Yan Chee James

Non-executive Directors

Mr. Siah Jiin Shyang

Mr. Lam Pang

Independent Non-executive Directors

Mr. Chan San Ping Ms. Ho Suet Man Stella Mr. Su Chi Wen

Biographical details of the Directors are set out in the section headed “Biographies of Directors and Senior Management” of this annual report.

RESPONSIBILITIES OF THE BOARD

The Board is responsible for the leadership and control of the Group, and oversees the Group’s businesses, strategic decisions and performance. The Board is primarily responsible for the overall business plans and strategies of the Group, the implementation of the Group’s policies and strategies, monitoring of the business performance, internal controls and risk management as well as supervision of the management of the Group.

The Board delegates daily management, administration and operation of the Group to the management. The delegated functions are reviewed by the Board to ensure that they accommodate the needs of the Group.

董事會

於本年報日期，董事會由兩名執行董事、兩名非 執行董事及三名獨立非執行董事組成如下：

執行董事

鍾宜斌先生（主席兼行政總裁） 劉恩賜先生

非執行董事

謝錦祥先生 林鵬先生

獨立非執行董事

陳生平先生 何雪雯女士 蘇熾文先生

有關董事之簡介詳情載於本年報「董事及高級管 理層簡介」一節。

董事會之責任

董事會負責領導及控制本集團，並監督本集團之 業務、策略性決策及表現。董事會主要負責本集 團之整體業務規劃及策略、落實本集團之政策及 策略、監督業務表現、內部監控及風險管理，以 及監察本集團之管理。

董事會委任管理層負責本集團之日常管理、行政 及營運工作。董事會則檢討所授出職能，以確保 符合本集團需要。

42 MINDTELL TECHNOLOGY LIMITED

CORPORATE GOVERNANCE REPORT 企業管治報告

APPOINTMENT, RE-ELECTION AND RETIREMENT OF DIRECTORS

The Directors have the power to appoint any person as a Director either to fill a casual vacancy on the board or as an addition to the existing board. Any Director appointed to fill a casual vacancy shall hold office until the first general meeting of members after his/her appointment and be subject to re-election at such meeting and any Director appointed as an addition to the existing board shall hold office only until the next following annual general meeting of the Company and shall then be eligible for re-election.

In accordance with the Articles of Association of the Company (the “Articles”), one-third of the Directors for the time being (or if their number is not a multiple of three, then the number nearest to but not less than one-third) shall retire from office by rotation at each annual general meeting, provided that every Director shall be subject to retirement at an annual general meeting at least once every three years. The Directors to retire by rotation shall include any Director who wishes to retire and not offer himself/herself for re-election. Any further Directors so to retire shall be those who have been longest in office since their last re-election or appointment but as between persons who became or were last re-elected Directors on the same day those to retire will (unless they otherwise agree among themselves) be determined by lot.

DIVERSITY OF THE BOARD

The Company has adopted a board diversity policy to achieve board diversity through the consideration of a number of factors, including but not limited to gender, age, cultural and educational background, professional experience, skills, knowledge and length of service. All board appointments will be based on meritocracy, and candidates will be considered against objective criteria, having due regard for the benefits of diversity on the Board.

The Nomination Committee monitors the implementation of the board diversity policy to ensure its effectiveness.

委任、重選及退任董事

董事會有權委任任何人士為董事，以填補董事會 臨時空缺或出任現行董事會之增任董事。任何獲 委任以填補臨時空缺之董事，僅任職至其獲委任 後之首次股東大會為止，並須於該大會上重選連 任，而任何獲委任以增加現有董事會成員名額之 董事，僅任職至本公司下屆股東週年大會為止， 屆時將符合資格重選連任。

根據本公司之組織章程細則（「章程細則」），當 時三分之一董事（如數目非三之倍數，則取最接 近之數，但不得少於三分之一）應輪席退任，惟 各董事須最少每三年於股東週年大會輪席退任一 次。輪席退任之董事包括任何擬退任且不願重選 連任之任何董事。任何其他擬退任之董事指自其 上次獲重選或委任以來服務年期最長並須予輪席 退任之董事，故此，於同一日成為或獲重選董事 人士之間，以抽籤決定將退任董事人選，惟該等 董事之間另行作出決定之情況除外。

董事會成員之多元化

本公司已採納董事會成員多元化政策，透過考慮 多項因素，包括但不限於性別、年齡、文化及教 育背景、專業經驗、技能、知識及服務年期，務 求達致董事會成員多元化。全體董事會成員委任 乃基於用人唯才之準則，而為有效達致董事會成 員多元化，各候選人將按客觀條件加以考慮。

提名委員會一直監督董事會成員多元化政策之執 行工作，以確保其有效性。

2020 ANNUAL REPORT 年報 43

CORPORATE GOVERNANCE REPORT 企業管治報告

NON-EXECUTIVE DIRECTORS

All non-executive Directors have been appointed for a fixed term. Pursuant to the letters of appointment between the Company and the non-executive Directors, the non-executive Directors have been appointed for a term of three years commencing from the Listing Date which may be terminated by either party by giving three months’ written notice. Every Director is subject to re-election on retirement by rotation in accordance with the Articles.

The Company has complied with Rule 5.05 of the GEM Listing Rules relating to the appointment of at least three independent non- executive directors, with at least one of them have appropriate professional qualifications or accounting or related financial management expertise.

The Company has received from each of the independent nonexecutive Directors an annual confirmation of independence pursuant to Rule 5.09 of the GEM Listing Rules and considers the independent non-executive Directors to be independent in accordance with the independence guidelines set out in the GEM Listing Rules.

BOARD COMMITTEES

Audit Committee

The Company established an Audit Committee with written terms of reference in compliance with Rule 5.28 of the GEM Listing Rules and the code provision C.3 of CG Code as set out in Appendix 15 of the GEM Listing Rules. The Audit Committee consists of three independent non-executive Directors namely Ms. Ho Suet Man Stella, Mr. Chan San Ping and Mr. Su Chi Wen. Ms. Ho Suet Man Stella is the chairman of the Audit Committee.

The primary duties of the Audit Committee are to assist the Board in providing an independent view of the effectiveness of the Company’s financial reporting process, internal control and risk management system, to oversee the audit process and to perform other duties and responsibilities as assigned by the Board. The Audit Committee has reviewed with the management the accounting standards and practices adopted by the Group, and discussing auditing, internal control, risk management and financial reporting matters including the review of quarterly results, interim results and annual results and financial statements for the year ended 30 November 2020.

非執行董事

全體非執行董事按固定條款獲委任。根據本公司 與非執行董事訂立之委任函，非執行董事之任期 由上市日期起計為期三年，可由任何一方向另一 方發出不少於三個月之書面通知終止。各名董事 須按章程細則輪席退任重選。

本公司已遵守GEM上市規則第5.05條有關委任 至少三名獨立非執行董事，並至少其中一名具有 專業資格或會計或相關財務管理專業能力。

本公司已取得各獨立非執行董事就GEM上市規 則第5.09條年度確認其獨立性，並認為全體獨立 非執行董事按GEM上市規則所載獨立性指引均 為獨立自主。

董事會委員會

審核委員會

本公司已成立審核委員會，並遵守GEM上市規 則第5.28條及GEM上市規則附錄十五所載企業 管治守則之守則條文第C.3條以書面形式訂明職 權範圍。審核委員會由三名獨立非執行董事，即 何雪雯女士、陳生平先生及蘇熾文先生組成。何 雪雯女士擔任審核委員會之主席。

審核委員會之主要職責為協助董事會就本公司財 務報告程序、內部監控及風險管理系統之有效性 提供獨立意見、監督審核過程及履行董事會指派 之其他職務及職責。審核委員會已與管理層審閱 本集團所採納之會計準則及慣例，並討論有關審 核、內部監控、風險管理及財務申報事宜、包括 審閱截至二零二零年十一月三十日止年度之季度 業績、中期業績和年度業績及財務報表。

44

MINDTELL TECHNOLOGY LIMITED

CORPORATE GOVERNANCE REPORT 企業管治報告

Remuneration Committee

The Company established a Remuneration Committee with written terms of reference in compliance with code provision B.1 of the CG Code as set out in Appendix 15 of the GEM Listing Rules. The Remuneration Committee consists of three independent nonexecutive Directors, namely Mr. Chan San Ping, Mr. Su Chi Wen and Ms. Ho Suet Man Stella. Mr. Chan San Ping is the chairman of the Remuneration Committee.

The primary duties of the remuneration committee include (but without limitation): (i) making recommendations to the Directors on the policy and structure for all remuneration of Directors and senior management and on the establishment of a formal and transparent procedure for developing policies on such remuneration; (ii) determining the terms of the specific remuneration package of the Directors and senior management; and (iii) reviewing and approving performance-based remuneration with reference to corporate goals and objectives resolved by the Directors from time to time.

Nomination Committee

The Company also established a Nomination Committee with written terms of reference in compliance with code provision A.5 of the CG Code as set out in Appendix 15 of the GEM Listing Rules. The Nomination Committee consists of three independent non-executive Directors, namely Mr. Su Chi Wen, Mr. Chan San Ping and Ms. Ho Suet Man Stella. Mr. Su Chi Wen is the chairman of the Nomination Committee.

The primary function of the Nomination Committee is to, inter alia, make recommendations to the Board to fill vacancies on the same.

NOMINATION POLICY

The secretary of the Company shall call a meeting of the Nomination Committee, and invite nominations of candidates from the Board members for consideration by the Nomination Committee. The Nomination Committee may also put forward candidates who are not nominated by the Board members. The factors which would be used as reference by the Nomination Committee in assessing the suitability of a proposed candidate for a director include, inter alia, reputation for integrity, professional qualifications, skills, knowledge and experience that are relevant to the Company’s business and corporate strategy, willingness to devote adequate time to discharge duties as a board member, diversity of the Board, and such other perspectives appropriate to the Company’s business. The Nomination Committee shall make recommendations for the Board’s consideration and approval.

薪酬委員會

本公司已成立薪酬委員會，並遵守GEM上市規 則附錄十五所載企業管治守則之守則條文第B.1 條以書面形式訂明職權範圍。薪酬委員會由三名 獨立非執行董事，即陳生平先生、蘇熾文先生及 何雪雯女士組成。陳生平先生擔任薪酬委員會之 主席。

薪酬委員會之主要職責包括（但不限於）：(i)就董 事及高級管理層之所有薪酬政策及架構，及就有 關薪酬之制定政策確立正式及透明的程序向董事 提供推薦意見；(ii)釐定董事及高級管理層具體薪 酬待遇之條款；及(iii)參考董事不時議決之企業 宗旨及目標檢討及批准以表現為基準之薪酬。

提名委員會

本公司亦已成立提名委員會，並遵守GEM上市 規則附錄十五所載企業管治守則之守則條文第 A.5條以書面形式訂明職權範圍。提名委員會由 三名獨立非執行董事，即蘇熾文先生、陳生平先 生及何雪雯女士組成。蘇熾文先生擔任提名委員 會之主席。

提名委員會之主要職責為（其中包括）就填補上述 空缺向董事會提供推薦意見。

提名政策

本公司秘書須召開提名委員會會議，並邀請董事 會成員提名候選人，以供提名委員會考慮。提名 委員會亦可提名並非由董事會成員提名之候選 人。提名委員會於評估建議董事候選人之適合性 時，用作參考之因素包括（其中包括）誠信聲譽、 專業資格、技術、與本公司業務及公司策略相關 之知識及經驗、願意投資投入充足時間履行作為 董事會成員職責、董事會成員多元性以及對本公 司業務而言屬適當之其他因素。提名委員會須作 出推薦建議供董事會考慮及批准。

2020 ANNUAL REPORT 年報 45

CORPORATE GOVERNANCE REPORT 企業管治報告

BOARD MEETINGS

For a regular board meeting, at least 14 days’ notice will be given to the Board members. For other board and committee meetings, reasonable notices are generally given. An agenda and board papers of the regular meeting are sent to all Directors in advance within reasonable time and all Directors are free to contribute and share their views at the meeting. Minutes of all board and committee meetings are circulated to the Directors and open for inspection by the Directors.

The Articles of the Company contains provisions requiring the Directors to abstain from voting and not to be counted in the quorum at meetings for approving any contract or arrangement or any other proposal in which such Directors or any of their close associates have a material interest.

During the year ended 30 November 2020, the attendance of the Directors at the board meetings, committee meetings and general meetings are summarised as follows:

董事會會議

就定期董事會會議而言，董事會成員獲至少14 日通知。就其他董事會及委員會會議而言，一般 給予合理通知。定期會議之議程及董事會文件於 合理時間內預先送達全體董事，且全體董事可於 會議上自由發表及分享意見。所有董事會及委員 會會議之會議記錄均寄發予董事，並可供董事查 閱。

本公司之章程細則載有條文規定董事在大會上就 批准該等董事或彼等之任何聯繫人有重大權益之 任何合約或安排或任何其他建議放棄投票及不得 計入法定人數。

於截至二零二零年十一月三十日止年度，董事出 席董事會會議、委員會會議及股東大會之情況概 述如下：

		Number	of meetings	attended/Number of	attended/Number of	meetings	held
			出席會議次數╱舉行會議次數
			Audit	Nomination	Remuneration
		Board	Committee	Committee	Committee		General
Name of Directors		Meeting	Meeting	Meeting	Meeting		Meeting
		董事會	審核委員會	提名委員會	薪酬委員會
董事名稱		會議	會議	會議		會議	股東大會
Executive Directors	執行董事
Mr. Chong Yee Ping	鍾宜斌先生	7/7	—	—		—	1/1
Mr. Liu Yan Chee James	劉恩賜先生	4/7	—	—		—	0/1
Non-executive Directors	非執行董事
Mr. Siah Jiin Shyang	謝錦祥先生	7/7	—	—		—	1/1
Mr. Lam Pang	林鵬先生	7/7	—	—		—	1/1
Independent Non-executive Directors	獨立非執行董事
Mr. Chan San Ping	陳生平先生	7/7	4/4	1/1		1/1	1/1
Ms. Ho Suet Man Stella	何雪雯女士	7/7	4/4	1/1		1/1	1/1
Mr. Su Chi Wen	蘇熾文先生	7/7	4/4	1/1		1/1	1/1

46 MINDTELL TECHNOLOGY LIMITED

CORPORATE GOVERNANCE REPORT 企業管治報告

CORPORATE GOVERNANCE FUNCTIONS

According to code provision D.3.1 of the CG Code, the Board is responsible for performing the corporate governance duties of the Company.

The Board reviewed the Company’s corporate governance policies and practices, continuous professional development of the Directors, the Company’s policies and practices on compliance with legal and regulatory requirements, the compliance of the GEM Listing Rules, and the Company’s compliance with the CG Code and disclosure in this Corporate Governance Report.

FINANCIAL REPORTING

The Directors acknowledge their responsibilities for the preparation of the consolidated financial statements of the Group. In preparing the consolidated financial statements for the year ended 30 November 2020, the Group has selected suitable accounting policies in accordance with international accounting principles and applied them consistently. A statement by the joint auditors of the Company about its responsibilities for the financial statements is set out in the independent joint auditors’ report contained in this annual report. The Directors adopt the going concern approach in preparing the consolidated financial statements and are not aware of any material uncertainties relating to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern.

CONTINUING PROFESSIONAL DEVELOPMENT OF THE DIRECTORS

Pursuant to the code provision A.6.5 of the CG Code, all Directors should participate in continuous professional development to develop and refresh their knowledge and skills. For the year ended 30 November 2020, all Directors participated in continuing professional development regarding their duties and responsibilities as a director of a listed company which included reading materials and/or attending training courses.

The Company will from time to time provide briefings to all Directors to refresh their duties and responsibilities. The Directors are also encouraged to attend relevant training courses provided by legal advisers and/or any appropriate institutions.

企業管治職能

根據企業管治守則守則條文第D.3.1條，董事會 負責履行本公司之企業管治職責。

董事會已審閱本公司之企業管治政策及常規、董 事之持續專業發展、本公司就遵守法律及法規要 求、遵守GEM上市規則，以及本公司是否遵守 企業管治守則及於本企業管治報告作出的披露。

財務申報

董事確認彼等編製本集團綜合財務報表之責任。 於編製截至二零二零年十一月三十日止年度之綜 合財務報表，本集團已根據國際會計準則選取適 用會計政策，且一貫地應用。本公司聯席核數師 就其對財務報表之責任聲明載於本年報所載之獨 立聯席核數師報告。董事於編製綜合財務報表時 採納持續經營法，且並不知悉任何重大不明確之 事件或情況，可能會對本公司持續經營能力造成 重大疑慮。

董事之持續專業發展

根據企業管治守則之守則條文第A.6.5條，全體 董事應參與持續專業發展，發展並更新其知識及 技能。截至二零二零年十一月三十日止年度，全 體董事就彼等作為上市公司董事的職責及責任參 與持續專業發展，其中包括閱讀材料及╱或參加 培訓課程。

本公司將不時向全體董事提供簡介，以提醒彼 此之職責及責任，並鼓勵董事出席由法律顧問 及╱或任何合適機構提供之相關培訓課程。

2020 ANNUAL REPORT 年報 47

CORPORATE GOVERNANCE REPORT 企業管治報告

COMPANY SECRETARY

Ms. Lam Yat Ting is the company secretary of the Company. During the year, Ms. Lam had taken no less than 15 hours of relevant professional trainings to update her skill and knowledge as required under the GEM Listing Rules. Please refer to the section headed ”Biographies of Directors and Senior Management” of this annual report for the biographical details of the company secretary of the Company.

公司秘書

林溢婷女士為本公司之公司秘書。於本年度，林 女士已按照GEM上市規則的規定接受不少於15 小時相關專業培訓，以更新其技能及知識。有關 本公司之公司秘書之簡介詳情，請參閱本年報 「董事及高級管理層簡介」一節。

AUDITORS’ REMUNERATION

The Company engaged Mazars CPA Limited and Mazars LLP (together “Mazars”) as its joint auditors for the year ended 30 November 2020. The analysis of the joint auditors’ remuneration for the year ended 30 November 2020 is set out as follow:

核數師之薪酬

本公司已委聘中審眾環（香港）會計師事務所有 限公司及瑪澤有限責任合夥會計師事務所（統稱 「Mazars」）為其截至二零二零年十一月三十日止 年度之聯席核數師。截至二零二零年十一月三十 日止年度之聯席核數師薪酬分析載列如下：

Mazars Audit services Non-audit services Agreed-upon procedures on interim report 2020	Fee amount 費用金額 RM’000 馬幣千元 Mazars 核數服務 440 非核數服務 就二零二零年中期業績報告 執行協議程序 52
Local auditors in Malaysia (Not Mazars)	492 馬來西亞的本地核數師（非Mazars） 23
Total	總計 515

48 MINDTELL TECHNOLOGY LIMITED

CORPORATE GOVERNANCE REPORT 企業管治報告

RISK MANAGEMENT AND INTERNAL CONTROL

The Board has responsibility for maintaining appropriate and effective risk management and internal control systems of the Group. The Board has delegated responsibility to the Audit Committee to review the Group’s risk management and internal control matters annually.

For the year ended 30 November 2020, the Group did not have an internal audit function as required under code provision C.2.5 of the CG Code. The Company has engaged an external independent internal control consultant to review the Group’s risk management and internal control systems. The Audit Committee reviewed the internal control review report issued by the external independent consultant on the Company’s risk management and internal control systems in respect of the year ended 30 November 2020 and considered that they are effective and adequate. The Board assessed the effectiveness of internal control systems by considering the internal control review report and reviews performed by the Audit Committee and concurred with them.

SHAREHOLDERS’ RIGHTS TO CONVENE AN EXTRAORDINARY GENERAL MEETING AND PUT FORWARD PROPOSALS AT SUCH MEETING

Pursuant to Article 58 of the Articles of the Company, any one or more shareholders holding at the date of deposit of the requisition not less than one-tenth of the paid-up capital of the Company carrying the right of voting at general meetings shall at all time have the right, by written requisition to the Board or the secretary of the Company at the principal place of business of the Company in Hong Kong, to require an extraordinary general meeting to be called by the Board for the transaction of any business specified in such requisition; and such meeting shall be held within 2 months after the deposit of such requisition. If within 21 days of such deposit the Board fails to proceed to convene such meeting, the requisitionist(s) himself (themselves) may do so in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of the board shall be reimbursed to the requisitionist(s) by the Company.

風險管理及內部監控

董事會負責維持本集團適當及有效之風險管理及 內部監控系統。董事會向審核委員會下放責任， 每年檢討本集團之風險管理及內部監控事宜。

截至二零二零年十一月三十日止年度，本集團並 無企業管治守則守則條文第C.2.5條項下所規定 之內部審核職能。本公司已委任外聘獨立內部監 控顧問，以檢閱本集團之風險管理及內部監控系 統。審核委員會已審閱由外聘獨立顧問就本集團 截至二零二零年十一月三十日止年度之風險管理 及內部監控出具之內部監控檢討報告，並認為彼 等有效且充足。董事會經考慮內部監控檢討報告 及審核委員會進行之檢討後評估內部監控系統之 有效性，並持有相同意見。

股東召開股東特別大會及於有關大會提 呈建議之權利

根據本公司之章程細則第58條，任何一位或以 上於遞呈要求當日持有不少於本公司繳足股本 （具本公司股東大會之投票權）十分之一的股東於 任何時候有權透過向本公司董事會或秘書發出書 面要求（地址為本公司之香港主要營運地點），要 求董事會召開股東特別大會，以處理該要求中指 明之任何事務；且該大會應於遞呈該要求後2個 月內舉行。若於遞呈當日起21日內，董事會沒 有開展召開有關大會之程序，則遞呈要求人士可 自發以同樣方式作出此舉，而遞呈要求人士因董 事會之缺失而產生之所有合理開支應由本公司向 遞呈要求人士償付。

2020 ANNUAL REPORT 年報 49

CORPORATE GOVERNANCE REPORT 企業管治報告

COMMUNICATIONS WITH SHAREHOLDERS AND INVESTORS

To ensure that the shareholders and potential investors are provided with ready, equal and timely access to balanced and understandable information about the Company, the Company has established several channels to communicate with the shareholders as follows:

• (i) corporate communications such as annual reports, interim reports, quarterly reports and circulars are issued in printed form and are available on the website of the Stock Exchange at www.hkexnews.hk and on the website of the Company at www.mindtelltech.com;

• (ii) periodic announcements are published on the websites of the Stock Exchange and the Company;

• (iii) corporate information is made available on the Company’s website; and

• (iv) annual and extraordinary general meetings provide a forum for the shareholders to make comments and exchange views with the Directors and senior management.

The Company keeps on promoting investor relations and enhancing communication with the existing shareholders and potential investors. It welcomes suggestions from investors, stakeholders and the public. Enquiries to the Board or the Company may be sent by post to the Company’s principal place of business in Hong Kong.

CONSTITUTIONAL DOCUMENTS

To comply with the GEM Listing Rules, the Company adopted the amended and restated Memorandum and Articles of Association of the Company on 19 September 2018 and it took effect on the Listing Date. A copy of the amended and restated Memorandum and Articles of Association of the Company is posted on the Stock Exchange’s website at www.hkexnews.hk and the Company’s website at www.mindtelltech.com. During the year, there has been no change in the Company’s Memorandum and Articles of Association.

與股東及投資者溝通

為確保股東及潛在投資者可從相同途徑適時獲得 平衡及易於理解之本公司資料，本公司已設立以 下多方與股東溝通之渠道：

• (i) 公司通訊，如以印刷方式發佈年報、中 期報告、季度報告及通函，並於聯交所 網站（ www.hkexnews.hk ）及本公司網站

• （www. mindtelltech.com）可供查閱；

• (ii) 於聯交所及本公司之網站定期發佈公告；

• (iii) 公司資料於本公司網站可供查閱；及

• (iv) 股東週年大會及股東特別大會為股東提供 討論平台，提供意見及與董事及高級管理 層交換意見。

本公司一直促進投資者關係及加強與現有股東及 潛在投資者之溝通。本公司接納投資者、持份者 及公眾人士之建議。向董事會或本公司作出查詢 可透過郵遞方式送發予本公司香港業務主要辦公 室。

憲章文件

為遵守 GEM 上市規則，本公司已於二零一八 年九月十九日採納經修訂及經重列組織章程大 綱及細則，並於上市日期生效。本公司之經 修訂及經重列組織章程大綱及細則副本於聯 交所網站（ www.hkexnews.hk ）及本公司網站 （www. mindtelltech.com）公佈。於本年度，本 公司之組織章程大綱及細則概無變動。

50

MINDTELL TECHNOLOGY LIMITED

REPORT OF THE DIRECTORS 董事會報告

The Directors are pleased to present this annual report and the audited consolidated financial statements of Mindtell Technology Limited (the “Company”) and its subsidiaries (collectively the “Group”) for the year ended 30 November 2020.

PRINCIPAL ACTIVITIES

The Company is an investment holding company and its subsidiaries are principally engaged in the provision of system integration and development services, IT outsourcing services and maintenance and consultancy services. Details of its principal subsidiaries as at 30 November 2020 are set out in Note 15 to the consolidated financial statements.

BUSINESS REVIEW AND FUTURE BUSINESS DEVELOPMENT

The business review of the Group for the year ended 30 November 2020 and future business development of the Group are set out in the sections headed “Chairman’s Statement” and “Management Discussion and Analysis” of this annual report.

The risks and uncertainties that the Group may be facing are set out in the section headed “Management Discussion and Analysis” of this annual report. In addition, various financial risks have been disclosed in Note 29 to the consolidated financial statements.

SEGMENT INFORMATION

Details of segment information are set out in Note 3 to the consolidated financial statements.

RESULTS AND APPROPRIATIONS

The results of the Group for the year ended 30 November 2020 and the financial positions of the Company and the Group as at that date are set out in the audited consolidated financial statements on page 80 to 163 of this annual report.

董事欣然呈列Mindtell Technology Limited（「本 公司」）及其附屬公司（統稱「本集團」）截至二零二 零年十一月三十日止年度之本年報及經審核綜合 財務報表。

主要業務

本公司為投資控股公司，其附屬公司主要從事提 供系統整合及開發服務、資訊科技外判服務以及 維修及顧問服務。有關其於二零二零年十一月 三十日主要附屬公司之詳情載於綜合財務報表附 註15。

業務回顧及未來業務發展

本集團截至二零二零年十一月三十日止年度之業 務回顧及未來業務發展載於本年報「主席報告」及 「管理層討論及分析」章節。

本集團可能面對之風險及不明確因素載於本年報 「管理層討論及分析」一節。此外，不同金融風險 於綜合財務報表附註29披露。

分部資料

有關分部資料之詳情載於綜合財務報表附註3。

業績及分配

本集團截至二零二零年十一月三十日止年度之業 績以及本公司及本集團於該日期之財務狀況載於 本年報第80至163頁之經審核綜合財務報表。

2020 ANNUAL REPORT 年報 51

REPORT OF THE DIRECTORS 董事會報告

DIVIDEND POLICY

The Company has adopted a dividend policy (“Dividend Policy”), pursuant to which the Company may distribute dividends to the shareholders of the Company by way of cash or shares. Any distribution of dividends shall be in accordance with the Articles of the Company and the distribution shall achieve continuity, stability and sustainability.

The recommendation of the payment of any dividend is subject to the absolute discretion of the Board, and any declaration of final dividend will be subject to the approval of the shareholders. In proposing any dividend payout, the Board shall also take into account, inter alia, the Group’s earnings per share, the reasonable return on investment of the investors and the shareholders in order to provide incentive to them to continue to support the Group in their long-term development, the financial conditions and business plan of the Group, and the market sentiment and circumstances.

The Dividend Policy will be reviewed from time to time and there is no assurance that a dividend will be proposed or declared in any specific periods.

The Board does not recommend the payment of final dividend for the year ended 30 November 2020.

FINANCIAL SUMMARY

A summary of the results, assets and liabilities of the Group for the last five financial years is set out on page 164 of this annual report. This summary does not form part of the audited consolidated financial statements in this annual report.

股息政策

本公司已採納股息政策（「股息政策」），據此，本 公司可透過現金或股份方式向本公司股東派發股 息。任何股息分配均應符合本公司章程細則之規 定，分配應實現連續性，穩定性及可持續性。

支付任何股息之建議視乎董事會之絕對酌情權而 定，任何末期股息宣派須待股東批准後方可作 實。在提出任何股息支付時，董事會還應考慮本 集團之每股盈利、投資者及股東之合理投資回 報，以鼓勵他們繼續支持本集團之長期發展、本 集團之財務狀況及業務計劃，以及市場氣氛及情 況。

我們將不時審查股息政策，並不保證在任何特定 時期內會建議派發或宣派股息。

董事會不建議派發截至二零二零年十一月三十日 止年度之末期股息。

財務概況

本集團最近五個財政年度之業績、資產及負債之 概況載於本年報第164頁。此概況並不構成本年 報經審核綜合財務報表之一部分。

52 MINDTELL TECHNOLOGY LIMITED

REPORT OF THE DIRECTORS 董事會報告

MAJOR CUSTOMERS AND SUPPLIERS

During the year ended 30 November 2020, the revenue attributable to the Group’s largest customer accounted for approximately 50.0% (2019: 41.7%) of the Group’s total revenue and the revenue attributable to the Group’s five largest customers accounted for approximately 92.5% (2019: 91.0%) of the Group’s total revenue.

During the year ended 30 November 2020, the costs incurred in respect of the Group’s largest supplier accounted for approximately 53.7% (2019: 39.8%) of the Group’s total cost of services and materials sold incurred and the costs incurred in respect of the Group’s five largest suppliers accounted for approximately 88.2% (2019: 65.4%) of the Group’s total cost of services and materials sold incurred.

None of the Directors or any of their close associates, or any shareholder (who to the knowledge of the Directors own 5% or more of the issued Shares of the Company) had any beneficial interest in any the Group’s major customers or suppliers during the year ended 30 November 2020.

PROPERTY, PLANT AND EQUIPMENT

Details of movements in the property, plant and equipment of the Group during the year ended 30 November 2020 are set out in Note 12 to the consolidated financial statements.

SHARE CAPITAL

Details of movements in share capital of the Company during the year ended 30 November 2020 are set out in Note 24 to the consolidated financial statements.

DEBENTURES

The Company did not issue any debentures during the year ended 30 November 2020.

RESERVES

Details of movement in the reserves of the Group and the Company during the year ended 30 November 2020 are set out in the consolidated statement of changes in equity on pages 152 and in Note 26 to the consolidated financial statements respectively.

主要客戶及供應商

截至二零二零年十一月三十日止年度，本集團 最大客戶之收益佔本集團總收益約50.0%（二零 一九年：41.7%）且本集團五大客戶之收益佔本 集團總收益約92.5%（二零一九年：91.0%）。

截至二零二零年十一月三十日止年度，本集團最 大供應商產生之成本佔本集團總服務及已售材料 成本約53.7%（二零一九年：39.8%）且本集團五 大供應商產生之成本佔本集團總服務及已售材料 成本約88.2%（二零一九年：65.4%）。

截至二零二零年十一月三十日止年度，概無董事 或彼等之任何緊密聯繫人或任何股東（就董事所 知擁有本公司已發行股份5%或以上）於本集團任 何主要客戶及供應商中擁有任何實益權益。

物業、機器及設備

有關本集團於截至二零二零年十一月三十日止年 度之物業、機器及設備變動詳情載於綜合財務報 表附註12。

股本

有關本公司於截至二零二零年十一月三十日止年 度之股本變動載於綜合財務報表附註24。

債券

於截至二零二零年十一月三十日止年度，本公司 並無發行任何債券。

儲備

有關本集團及本公司於截至二零二零年十一月 三十日止年度之儲備變動分別載於第152頁之綜 合權益變動表及綜合財務報表附註26。

53

2020 ANNUAL REPORT 年報

REPORT OF THE DIRECTORS 董事會報告

DISTRIBUTABLE RESERVES OF THE COMPANY

As at 30 November 2020, the Company’s reserves available for distribution to the shareholders of the Company amounted to approximately RM16.0 million.

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES

None of the Company or any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities during the year ended 30 November 2020.

PRE-EMPTIVE RIGHTS

There is no provisions for pre-emptive rights under the Articles or the laws of the Cayman Islands, the jurisdiction in which the Company was incorporated, which would oblige the Company to offer shares on a pro-rata basis to its existing shareholders of the Company.

SHARE OPTION SCHEME

The Company conditionally adopted a share option scheme (the “Share Option Scheme”) on 19 September 2018. The purpose of the Share Option Scheme is to grant an option to subscribe for shares of the Company (the “Option”) to eligible persons as defined in the Share Option Scheme (including, inter alia, directors, employees, suppliers, customers and consultants of the Group) as incentives or rewards for their contribution to the Group.

Unless otherwise cancelled or amended, the Share Option Scheme will remain in force for a period of 10 years from the date of its adoption on 19 September 2018. Since the adoption of the Share Option Scheme and up to 30 November 2020, no Option has been granted by the Company. As of the date of this annual report, the Company had 39,000,000 shares available for issue under the Share Option Scheme (representing 10% of the existing issued share capital of the Company as at the date of this annual report). An option may be accepted within 21 days from the date of offer. A sum of HK$1.00 shall be payable on acceptance. Unless determined by the Directors otherwise, there is no minimum holding period before it can be exercised. The maximum entitlement of each participant and the exercise price shall be in accordance with the GEM Listing Rules. Details of the Share Option Scheme are set out in the paragraph headed “Share Option Scheme” of the section headed “Statutory and General Information” of the Prospectus.

本公司之可供分派儲備

於二零二零年十一月三十日，本公司可供分派予 本公司股東之儲備約為馬幣16,000,000元。

購買、出售或贖回上市證劵

概無本公司或其任何附屬公司於截至二零二零年 十一月三十日止年度購買、出售或贖回本公司任 何上市證券。

優先購買權

根據章程細則或開曼群島（本公司註冊成立所在 司法權區）法律，並無規定本公司須按比例向其 現有股東發售股份之優先購買權條文。

購股權計劃

本公司於二零一八年九月十九日有條件地採納一 項購股權計劃（「購股權計劃」）。購股權計劃旨在 向合資格人士（包括本集團之董事、僱員、供應 商、客戶及顧問）（定義見購股權計劃）授出購股 權以認購本公司股入（「購股權」），作為彼等對本 集團作出貢獻之獎勵或回報。

除非獲取消或修訂，否則購股權將自其採納日 期（二零一八年九月十九日）起計 10 年內一直 有效。自採納購股權計劃日期及直至二零二零 年十一月三十日，本公司並無授出購股權。 截至本年報日期，本公司根據購股權計劃有 39,000,000 股可供發行之股份（佔於本年報日 期本公司現有已發行股本之10%）。購股權可於 授出之日起21日內獲接納。接納時須支付合共 1.00港元。除董事決定外，並無可予行使前的最 短持有期限。每位參與者的最高配額及行使價應 符合GEM上市規則的規定。有關購股權計劃之 詳情載列於招股章程「法定及一般資料」一節「購 股權計劃」一段。

54

MINDTELL TECHNOLOGY LIMITED

REPORT OF THE DIRECTORS 董事會報告

EQUITY-LINKED AGREEMENTS

Save and except for the Share Option Scheme as disclosed in the paragraph headed “Share Option Scheme” above, no equity-linked agreement that (i) will or may result in the Company issuing shares or (ii) requires the Company enter into any agreement that will or may result in the Company issuing shares, was entered into by the Company during the year ended 30 November 2020 or subsisted at the end of the year.

DONATION

During the year ended 30 November 2020, the Group did not make any charitable donations (2019: Nil).

USE OF PROCEEDS

The net proceeds from the issue of new shares of the Company, after deduction of underwriting fees and other expenses payable by the Company in connection with the Listing, were approximately RM30.5 million. Details of the use of proceeds are set out in the section headed “Management Discussion and Analysis” of this annual report.

DIRECTORS

The Directors of the Company during the year ended 30 November 2020 and up to the date of this annual report are as follows:

Executive Directors

Mr. Chong Yee Ping (Chairman and Chief Executive Officer) Mr. Liu Yan Chee James

Non-executive Directors

Mr. Siah Jiin Shyang Mr. Lam Pang

Independent Non-executive Directors

Mr. Chan San Ping Ms. Ho Suet Man Stella

Mr. Su Chi Wen

股票掛鉤協議

除於上文「購股權計劃」一段所披露之購股權計劃 外，本公司於截至二零二零年十一月三十日止年 度亦無訂立或於年末存續(i)將或可能導致本公司 發行股份或(ii)要求本公司訂立任何將或可能導 致本公司發行股份之股票掛鉤協議。

捐款

於截至二零二零年十一月三十日止年度，本集團 並無作出任何慈善捐款（二零一九年：無）。

所得款項用途

經扣除本公司就上市應付之包銷費及其他開支 後，發行本公司新股份之所得款項淨額約為馬幣 30,500,000元。有關所得款項用途之詳情載於 本年報「管理層討論及分析」一節。

董事

於截至二零二零年十一月三十日止年度及直至本 年報日期，本公司董事如下：

執行董事

鍾宜斌先生（主席兼行政總裁） 劉恩賜先生

非執行董事

謝錦祥先生 林鵬先生

獨立非執行董事

陳生平先生 何雪雯女士 蘇熾文先生

2020 ANNUAL REPORT 年報 55

REPORT OF THE DIRECTORS 董事會報告

DIRECTORS

Biographies of the Directors are set out in the section headed “Biographies of Directors and Senior Management” of this annual report.

Pursuant to the Articles, one-third of the Directors for the time being (or if their number is not a multiple of three, then the number nearest to but not less than one-third) shall retire from office by rotation at each annual general meeting, provided that every Director shall be subject to retirement at an annual general meeting at least once every three years.

DIRECTORS’ SERVICE CONTRACTS

Each of the executive Directors has entered into a service contract with the Company for an initial term of three years commencing from the Listing Date and shall continue thereafter unless and until terminated by not less than three months’ notice in writing served by either party on the other and is subject to termination provisions therein and in the Articles.

Each of the non-executive Directors and independent non-executive Directors has entered into a letter of appointment with the Company for a term of three years commencing from the Listing Date which may be terminated by either party by giving three months’ written notice.

None of the Directors who are proposed for re-election at the forthcoming annual general meeting has a service contract with the Company which is not determinable within one year without payment of compensation, other than statutory compensation.

CONFIRMATION OF INDEPENDENCE

The Company has received from each of the independent nonexecutive Directors a confirmation of independence pursuant to rule 5.09 of the GEM Listing Rules and considers all the independent nonexecutive Directors to be independent.

董事

有關董事之簡介載於本年報「董事及高級管理層 簡介」一節。

根據章程細則，當時三分之一董事（如數目非三 之倍數，則取最接近之數，但不得少於三分之 一）應輪席退任，惟各董事須最少每三年於股東 週年大會輪席退任一次。

董事之服務合約

各執行董事已與本公司訂立服務合約，初步為期 三年，自上市日期起生效，除非及直至其中一方 向另一方發出不少於三個月事先書面通知終止合 約，惟須遵守服務合約所載之終止條文及章程細 則。

各非執行董事及獨立非執行董事已與本公司訂立 委任函，為期三年，自上市日期起生效，可由其 中一方發出三個月書面通知予另一方予以終止。

概無建議於應屆股東週年大會上重選之董事與本 公司訂立於一年內不作補償（法定補償除外）而可 予以終止之服務合約。

獨立性之確認

本公司已接獲各獨立非執行董事根據GEM上市 規則第5.09條之獨立性確認函，並認為全體獨立 非執行董事屬獨立。

56 MINDTELL TECHNOLOGY LIMITED

REPORT OF THE DIRECTORS 董事會報告

EMOLUMENT POLICY, REMUNERATION OF DIRECTORS AND FIVE INDIVIDUALS WITH HIGHEST EMOLUMENTS

Details of the emolument of the Directors and five individuals with highest emoluments are set out in Notes 7 and 8 to the consolidated financial statements.

The emolument policy for the employees of the Group is stipulated by the Directors on the basis of the employees’ individual performance, qualifications and competence.

The emoluments of the Directors are recommended by the remuneration committee and determined by the Board, having regard to the Company’s operating results, individual performance and market comparables.

CONTROLLING SHAREHOLDERS’ OR DIRECTORS’ INTERESTS IN SIGNIFICANT TRANSACTIONS, ARRANGEMENTS AND CONTRACTS OF SIGNIFICANCE

Save as disclosed in this annual report, no transaction, arrangement or contracts of significance in relation to the Group’s business to which the Company or any of its subsidiaries was a party and in which a Director of the Company or an entity associated with him/her or a controlling shareholder of the Company or any of its subsidiaries has or had a material interest, whether directly or indirectly, subsisted at any time during the year ended 30 November 2020.

PERMITTED INDEMNITY PROVISIONS

Pursuant to the Articles, every Director is entitled to be indemnified out of the assets of the Company against all losses or liabilities which he/she may sustain or incur in or about execution of duties of his/her office or otherwise in relation thereto provided that such indemnity shall not extend to any matter in respect of fraud or dishonesty committed by the Director.

The Company has taken out and maintained directors’ liability insurance since February 2019, which provides appropriate cover for the Directors.

董事及五名最高薪酬人士之薪酬政策酬 金

董事及五名最高薪酬人士之酬金詳情載於綜合財 務報表附註7及8。

本集團員工的薪酬政策由董事根據員工的個人表 現、資歷和能力制定。

董事的薪酬由薪酬委員會建議，並經董事會考慮 本公司的經營業績、個人表現及市場上可供比較 的薪酬後釐定。

控股股東或董事於重大交易、安排及合 約之權益

除本年報所披露者外，本公司或其任何附屬公司 概無參與訂立與本集團業務有關，而董事或與彼 有關連之實體或本公司或其任何附屬公司之控股 股東於當中直接或間接擁有重大權益，於截至二 零二零年十一月三十日止年度內任何時間仍然有 效之重大交易、安排或合約。

獲准許之彌償條文

根據章程細則，每名董事於其執行職責或其他方 面與此有關之情況下可能蒙受或產生之所有損失 或責任，有權獲得從本公司資產中撥付彌償，惟 該彌償不延伸至任何與董事欺詐或不誠實有關之 事宜。

自二零一九年二月起，本公司已為董事投購董事 責任保險，為董事提供合適保障。

2020 ANNUAL REPORT 年報 57

REPORT OF THE DIRECTORS 董事會報告

CORPORATE GOVERNANCE

The Board is of the view that save and except for the deviation from code provision A.2.1 of the CG Code, the Company has met the code provisions set out in the CG Code and Corporate Governance Report contained in Appendix 15 to the GEM Listing Rules. A report on the principal corporate governance practices adopted by the Company is set out in the section headed “Corporate Governance Report” of this annual report.

ENVIRONMENTAL PROTECTION

The Group recognises its responsibility to protect the environment from its business activities. The Group has endeavored to comply with the laws and regulations regarding environmental protection and encourages environmental protection and promotes awareness towards environmental protections among our staff and employees.

COMPLIANCE WITH RELEVANT LAWS AND REGULATIONS

During the year ended 30 November 2020, to the best of knowledge of the Directors, there was no material breach of or non-compliance with the applicable laws and regulations by the Group that has a significant impact on the businesses and operations of the Group.

RELATED PARTY TRANSACTIONS

Details of the related party transactions undertaken by the Group are set out in Note 28 to the consolidated financial statements.

CONNECTED TRANSACTIONS

During the year ended 30 November 2020, the Directors are not aware of any related party transactions which constituted a nonexempt connected transaction or continuing connected transaction of the Company under the GEM Listing Rules.

企業管治

董事會認為，除於上文偏離企業管治守則條文第 A.2.1條，本公司已達到GEM上市規則附錄十五 所載企業管治守則所載及企業管治報告之守則條 文。本公司採納之主要企業管治常規之報告載於 本年報「企業管治報告」一節。

環境保護

本集團知悉其業務活動保護環境之責任。本集團 致力符合有關環境保護之法律及法規，並於員工 及僱員之間鼓勵環境保護及推廣環境保護之意 識。

遵守相關法例及法規

於截至二零二零年十一月三十日止年度，據董事 所深知，本集團並無會對本集團業務及營運產生 重大影響之重大違反或不遵守適用法例及法規之 情況。

關聯方交易

有關本集團進行之關聯方交易詳情載於綜合財務 報表附註28。

關連交易

截至二零二零年十一月三十日止年度，董事並不 知悉任何關聯方交易會構成GEM上市規則項下 本公司之非豁免關連交易或持續關連交易。

58 MINDTELL TECHNOLOGY LIMITED

REPORT OF THE DIRECTORS 董事會報告

DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY AND ITS ASSOCIATED CORPORATIONS

董事及主要行政人員於本公司及其相聯 法團之股份、相關股份及債券之權益及 淡倉

As at 30 November 2020, the interests and short positions of the Directors and chief executive of the Company in the Shares, underlying Shares and debentures of the Company and its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the “SFO”)), which were required (a) to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO; or (b) pursuant to Section 352 of the SFO, to be recorded in the register referred therein; or (c) pursuant to Rules 5.46 to 5.67 of the GEM Listing Rules to be notified to the Company and the Stock Exchange, were as follows:

Long position in the shares or underlying shares of the Company:

於二零二零年十一月三十日，董事及本公司主要 行政人員於本公司及其相聯法團（定義見香港法 例第571章證券及期貨條例（「證券及期貨條例」） 第XV 部）之股份、相關股份及債券中，擁有(a) 須根據證券及期貨條例第XV部第7及8分部知會 本公司於聯交所之權益或淡倉；或(b)本公司根 據證券及期貨條例第352條須登記於該條所指之 登記冊內之權益或淡倉；或(c)或根據GEM上市 規則第5.46至5.67條須知會本公司及聯交所之權 益或淡倉如下：

於本公司股份或相關股份之長倉：

			Percentage of
		Number of	the Company’s
	Capacity and	shares interested	issued share
Name of Director	nature of interest	(Note 2)	capital
		擁有權益之股份數目	本公司已發行股本
董事姓名	身份及權益性質	（附註2）	概約百分比
Mr. Chong Yee Ping_(Note 1)_	Interests of controlled corporation	196,560,000 (L)	50.4%
	and person acting in concert
鍾宜斌先生（附註1）	受控法團權益及一致行動人士
Mr. Siah Jiin Shyang_(Note 1)_	Interests of controlled corporation	196,560,000 (L)	50.4%
	and person acting in concert
謝錦祥先生（附註1）	受控法團權益及一致行動人士
Mr. Liu Yan Chee James	Beneficial owner	57,720,000 (L)	14.8%
劉恩賜先生	實益擁有人
Mr. Lam Pang	Beneficial owner	38,220,000 (L)	9.8%
林鵬先生	實益擁有人

59

2020 ANNUAL REPORT 年報

REPORT OF THE DIRECTORS 董事會報告

DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY AND ITS ASSOCIATED CORPORATIONS (continued)

Long position in the shares or underlying shares of the Company:

董事及主要行政人員於本公司及其相聯 法團之股份、相關股份及債券之權益及 淡倉 （續）

於本公司股份或相關股份之長倉： （續）

(continued)

Notes:

• (1) Delicate Edge Limited is wholly and beneficially owned by Mr. Chong Yee Ping whereas King Nordic Limited is wholly and beneficially owned by Mr. Siah Jiin Shyang. Each of Delicate Edge Limited and King Nordic Limited holds 98,280,000 Shares representing 25.2% of the total issued share capital of the Company.

• Mr. Chong Yee Ping and Mr. Siah Jiin Shyang are parties acting in concert (having the meaning ascribed to it under the Hong Kong Code on Takeovers and Mergers (the “Takeovers Code”) as confirmed by them in writing. As such, each of Mr. Chong Yee Ping, Mr. Siah Jiin Shyang, Delicate Edge Limited and King Nordic Limited is deemed to be interested in 196,560,000 Shares held by Delicate Edge Limited and King Nordic Limited in aggregate under the SFO.

• (2) The Letter “L” denotes as long positions in the shares of the Company.

Save as disclosed above, as at 30 November 2020, none of the Directors and chief executives of the Company and/or any of their respective associates had any interests and short positions in the shares, underlying shares and debentures of the Company and/ or any of its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register required to be kept by the Company under Section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to Part XV of the SFO or the GEM Listing Rules.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES

Save as disclosed under the paragraphs headed “Directors’ and chief executives’ interests and short positions in the shares, underlying shares and debentures of the Company and its associated corporations” and “Share Option Scheme” above, neither the Company nor any of its subsidiaries or associated corporations was a party to any arrangement to enable the Directors and chief executives of the Company (including their respective spouse and children under 18 years of age) to acquire benefits by means of the acquisition of the shares or underlying shares in, or debentures of, the Company or any of its associated corporations at any time during the year ended 30 November 2020.

附註：

• (1) Delicate Edge Limited 由鍾宜斌先生全資實 益擁有，而King Nordic Limited 由謝錦祥先生 全資實益擁有。Delicate Edge Limited 及King Nordic Limited 各自持有98,280,000股股份，佔 本公司已發行股本總額25.2%。

• 誠如鍾宜斌先生及謝錦祥先生書面確認，彼等 為一致行動人士（具香港公司收購及合併守則

• （「收購守則」）項下賦予該詞之涵義）。因此， 根據證券及期貨條例，鍾宜斌先生、謝錦祥 先生、Delicate Edge Limited 及King Nordic Limited 各自被視為於Delicate Edge Limited 及 King Nordic Limited 合共持有之196,560,000股 股份中擁有權益。

• (2) 字母「L」指本公司股份中之長倉。

除上文所披露者外，於二零二零年十一月三十 日，概無董事及本公司主要行政人員及╱或其各 自之聯繫人於本公司╱或其任何相聯法團（定義 見證券及期貨條例第XV部）之股份、相關股份及 債券中擁有須根據證券及期貨條例第352條須由 本公司登記於該條所指之登記冊內之任何權益或 淡倉，或根據證券及期貨條例第XV部或GEM上 市規則須知會本公司及聯交所之權益或淡倉。

董事購入股份或債券之權利

除於上文「董事及主要行政人員於本公司及其相 聯法團之股份、相關股份及債券之權益及淡倉」 及「購股權計劃」兩節所披露者外，截至二零二零 年十一月三十日止年度內任何時間，本公司或其 任何附屬公司或其相聯法團均無訂立任何安排， 使董事及本公司主要行政人員（包括其各自之配 偶及未滿18歲之子女）通過購入本公司或其任何 相聯法團之股份或相關股份或債券之方式獲得利 益。

60

MINDTELL TECHNOLOGY LIMITED

REPORT OF THE DIRECTORS 董事會報告

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT POSITIONS IN THE SHARES AND UNDERLYING SHARES OF THE COMPANY

So far as the Directors are aware, at 30 November 2020, the following persons have or are deemed or taken to have an interest and/or short position in the shares or the underlying shares of the Company which would fall to be disclosed under the provisions of Division 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under Section 336 of the SFO.

Long position in the shares or underlying shares of the Company:

主要股份於本公司股份及相關股份之權 益及淡倉

據董事所悉，於二零二零年十一月三十日，以下 人士於本公司股份或相關股份中擁有或被視作或 當作擁有根據證券及期貨條例第XV部第2及第3 分部之條文須向本公司披露之權益或淡倉、或記 錄於根據證券及期貨條例第336條規定須由本公 司存置之股東名冊之權益或淡倉。

於本公司股份或相關股份之長倉：

			Percentage of
		Number of	the Company’s
	Capacity and	shares interested	issued share
Name of Director	nature of interest	(Note 2)	capital
		擁有權益之股份數目	本公司已發行股本
董事姓名	身份及權益性質	（附註2）	概約百分比
Delicate Edge Limited	Beneficial owner and person	196,560,000 (L)	50.4%
(Note 1)	acting in concert
Delicate Edge Limited	實益擁有人及一致行動人士
（附註1）
King Nordic Limited_(Note 1)_	Beneficial owner and person	196,560,000 (L)	50.4%
	acting in concert
King Nordic Limited	實益擁有人及一致行動人士
（附註1）
Mr. Liu Yan Chee James	Beneficial owner	57,720,000 (L)	14.8%
劉恩賜先生	實益擁有人
Mr. Lam Pang	Beneficial owner	38,220,000 (L)	9.8%
林鵬先生	實益擁有人

Notes:

• (1) Delicate Edge Limited is wholly and beneficially owned by Mr. Chong Yee Ping whereas King Nordic Limited is wholly and beneficially owned by Mr. Siah Jiin Shyang. Each of Delicate Edge Limited and King Nordic Limited holds 98,280,000 Shares representing 25.2% of the total issued share capital of the Company.

Mr. Chong Yee Ping and Mr. Siah Jiin Shyang are parties acting in concert (having the meaning ascribed to it under the Takeovers Code) as confirmed by them in writing. As such, each of Mr. Chong Yee Ping, Mr. Siah Jiin Shyang, Delicate Edge Limited and King Nordic Limited is deemed to be interested in 196,560,000 Shares held by Delicate Edge Limited and King Nordic Limited in aggregate under the SFO.

• (2) The Letter “L” denotes as long positions in the shares of the Company.

附註：

• (1) Delicate Edge Limited 由鍾宜斌先生全資實益擁 有，而King Nordic Limited 由謝錦祥先生全資實 益擁有。Delicate Edge Limited 及King Nordic Limited 各自持有98,280,000股股份，佔本公司 已發行股本總額25.2%。

• 誠如鍾宜斌先生及謝錦祥先生書面確認，彼 等為一致行動人士（具收購守則項下賦予該詞 之涵義）。因此，根據證券及期貨條例，鍾宜 斌先生、謝錦祥先生、Delicate Edge Limited 及King Nordic Limited 各自被視為於Delicate Edge Limited 及King Nordic Limited 合共持有之 196,560,000股股份中擁有權益。

• (2) 字母「L」指本公司股份中之長倉。

61

2020 ANNUAL REPORT 年報

REPORT OF THE DIRECTORS 董事會報告

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT POSITIONS IN THE SHARES AND UNDERLYING SHARES OF THE COMPANY (continued)

Save as disclosed above, as at 30 November 2020, the Company has not been notified by any persons (other than the Directors or chief executive of the Company) who had interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under Section 336 of the SFO.

MANAGEMENT CONTRACTS

No contracts concerning the management and administration of the whole or any substantial part of the business of the Group were entered into or in existence during the year.

COMPETING INTERESTS

None of the Directors and controlling shareholders of the Company nor their respective associates (as defined under the GEM Listing Rules) had any interest in any other companies as at 30 November 2020 which may, directly or indirectly compete with the Group’s business.

DEED OF NON-COMPETITION

Mr. Chong Yee Ping, Mr. Siah Jiin Shyang, Delicate Edge Limited and King Nordic Limited, being the controlling shareholders (as defined under the GEM Listing Rules) of the Company, have entered into a deed of non-competition dated 19 September 2018 in favour of the Company (the “Deed of Non-Competition”). Details of the Deed of Non-Competition was set out in the section headed “Relationship with Controlling Shareholders” of the Prospectus.

The independent non-executive Directors of the Company have reviewed the status of compliance and confirmed that all the undertakings under the Deed of Non-Competition have been complied with by Mr. Chong Yee Ping, Mr. Siah Jiin Shyang, Delicate Edge Limited and King Nordic Limited up to the date of this annual report.

主要股份於本公司股份及相關股份之權 益及淡倉 （續）

除上文所披露者外，於二零二零年十二月三十一 日，本公司並不知悉任何人士（董事或本公司主 要行政人員除外）於本公司股份或相關股份中擁 有根據證券及期貨條例第XV部第2及第3分部之 條文須向本公司披露之權益或淡倉、或記錄於根 據證券及期貨條例第336條規定須由本公司存置 之股東名冊之權益或淡倉。

管理合約

於年內，概無訂立或存有關於本集團整體或任何 重大部分業務之管理及行政合約。

競爭權益

概無董事及本公司控股股東或彼等各自之聯繫 人（定義見GEM上市規則）於二零二零年十一月 三十日，於或會與本集團業務直接或間接構成競 爭之任何其他公司擁有任何權益。

不競爭契據

鍾宜斌先生、謝錦祥先生、 Delicate Edge Limited及King Nordic Limited（即本公司控股 股東（定義見GEM上市規則）已訂立日期為二零 一八年九月十九日以本公司為受益人之不競爭契 據（「不競爭契據」）。有關不競爭契據之詳情載於 招股章程「與控股股東之關係」一節。

直至本年報日期，本公司獨立非執行董事已檢 閱遵守情況並確認鍾宜斌先生、謝錦祥先生、 Delicate Edge Limited及King Nordic Limited 已遵守所有不競爭契據項下之承諾。

62 MINDTELL TECHNOLOGY LIMITED

REPORT OF THE DIRECTORS 董事會報告

SUFFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the Company and to the best knowledge of the Directors, the Company has maintained sufficient public float under the GEM Listing Rules since the Listing Date and up to the latest practicable date prior to the issue of this annual report.

INTERESTS OF COMPLIANCE ADVISER

In accordance with Rule 6A.19 of the GEM Listing Rules, the Company has appointed VBG Capital Limited (“VBG”) to be its compliance adviser. At 30 November 2020, save as the compliance adviser agreement entered into between the Company and VBG, neither VBG nor its directors, employees or close associates had any interest in relation to the Group which is required to be notified to the Company pursuant to Rule 6A.32 of the GEM Listing Rules.

AUDITORS

The consolidated financial statements for the year ended 30 November 2020 were jointly audited by Mazars CPA Limited, Certified Public Accountants of Hong Kong and Mazars LLP, Public Accountants and Chartered Accountants of Singapore. A resolution will be proposed at the forthcoming annual general meeting of the Company to re-appoint Mazars CPA Limited and Mazars LLP as joint auditors of the Company.

EVENTS AFTER THE REPORTING PERIOD

As from 30 November 2020 to the date of this annual report, the Board is not aware of any significant events that have occurred which require disclosure herein.

On behalf of the board

Mr. Chong Yee Ping

Chairman and Chief Executive Officer

Hong Kong, 25 February 2021

公眾持股量充足性

基於本公司公開可得資料及據董事所知，於本年 報日期，根據GEM上市規則，本公司維持足夠 本公司已發行股本公眾持股量。

合規顧問之權益

根據GEM上市規則第6A.19條，本公司已委任建 泉融資有限公司（「建泉」）為合規顧問。於二零 二零年十一月三十日，除本公司與建泉訂立之合 規顧問協議外，建泉及其董事、僱員或緊密聯繫 人概無擁有有關本集團須根據GEM上市規則第 6A.32條知會本公司之任何權益。

核數師

截至二零二零年十一月三十日止年度之綜合財務 報表已經由香港執業會計師中審眾環（香港）會計 師事務所有限公司及新加坡申報會計師瑪澤有限 責任合夥會計師事務所共同審核。將於本公司應 屆股東週年大會上提呈有關續聘中審眾環（香港） 會計師事務所有限公司及瑪澤有限責任合夥會計 師事務所為本公司聯席核數師之決議案。

報告期後事項

自二零二零年十一月三十日至本年報日期，董事 會並不知悉已發生而須於本年報披露之任何重大 事件。

代表董事會

鍾宜斌先生

主席兼行政總裁

香港，二零二一年二月二十五日

63

2020 ANNUAL REPORT 年報

INDEPENDENT JOINT AUDITORS’ REPORT 獨立聯席核數師報告

To the members of

Mindtell Technology Limited

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of Mindtell Technology Limited (the “Company”) and its subsidiaries (collectively referred to as the “Group”) set out on pages 73 to 163, which comprise the consolidated statement of financial position as at 30 November 2020, and the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 30 November 2020, and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRSs”) issued by the International Accounting Standards Board (the “IASB”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”). Our responsibilities under those standards are further described in the “Joint Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements” section of our report. We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (the “Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

致Mindtell Technology Limited 全體股東 （於開曼群島註冊成立之有限公司）

意見

本聯席核數師已審核列載於第 73 頁至 163 頁 Mindtell Technology Limited（「貴公司」）及其附 屬公司（統稱為「貴集團」）之綜合財務報表，此綜 合財務報表包括於二零二零年十一月三十日之綜 合財務狀況表、截至該日止年度之綜合損益及其 他全面收益表、綜合權益變動表及綜合現金流量 表，以及綜合財務報表附註，包括主要會計政策 概要。

本聯席核數師認為，綜合財務報表已根據國際會 計準則理事會（「國際會計準則理事會」）頒佈之國 際財務報告準則（「國際財務報告準則」）真實而公 平地反映 貴集團於二零二零年十一月三十日之 綜合財務狀況及截至該日止年度之財務表現及現 金流量，並已遵照香港公司條例之披露規定妥為 編製。

意見基礎

我們的審核工作已根據香港會計師公會（「香港會 計師公會」）頒佈之香港審計準則進行。我們根 據該等準則所承擔之責任於本報告「聯席核數師 對審核綜合財務報表之責任」一節進一步詳述。 根據香港會計師公會頒佈之專業會計師行為守則 （「守則」），我們為獨立於 貴集團，而我們已 根據守則履行我們的其他道德責任。我們相信， 我們所獲得之審核憑證就提出意見而言屬充分恰 當。

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INDEPENDENT JOINT AUDITORS’ REPORT 獨立聯席核數師報告

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

關鍵審核事項

按照本聯席核數師之專業判斷，關鍵審核事項為 對我們審核本期間之綜合財務報表而言至為重要 之事項。我們在審核整體綜合財務報表及出具意 見時已處理該等事項，我們不會對該等事項另行 發表意見。

Key audit matter

關鍵審核事項

How our audit addressed the key audit matter 我們於審核中如何處理有關關鍵審核事項

Revenue recognition

收益確認

Refer to significant accounting policy and critical accounting estimate and judgement in Note 2 and the disclosures of revenue in Note 4 to the consolidated financial statements.

根據附註2之主要會計政策以及關鍵會計估計及判斷以及附 註4之綜合財務狀況表收益披露。

The Group recognised revenue of approximately RM10,011,000 (2019: approximately RM19,428,000) from the provision of system integration and development services, IT outsourcing services and maintenance and consultancy services for the year ended 30 November 2020.

貴集團已確認截至二零二零年十一月三十日止年度之提供 系統整合及開發服務、資訊科技外判服務以及維修及顧 問服務之收益約馬幣10,011,000元（二零一九年：約馬幣 19,428,000元）。

Our procedures, among others, included:

我們之程序（其中包括）涵蓋：

• (a) obtaining an understanding of and assessing the design, implementation and operating effectiveness of the Group’s key internal controls over the contract revenue recognition including the control over recording work done, invoicing and cash receipts;

• 了解及評估 貴集團對合約收益確認之主要內部監控

• （包括記錄完成工作、發票及現金收據之監控）之設 計、執行及操作是否有效；

• (b) assessing the reasonableness of the basis and assumptions of the estimated total contract costs;

評估估計合約成本總額之基準及假設是否合理；

• (c) comparing actual total contract costs incurred to estimated total contract costs of contracts completed during the year, on a sample basis, to assess the reasonableness of management’s estimation;

抽樣比較年內已完成合約所產生之實際合約成本總額 及估計合約成本總額，以評估管理層之估計是否合 理；

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INDEPENDENT JOINT AUDITORS’ REPORT 獨立聯席核數師報告

KEY AUDIT MATTERS (continued)

Key audit matter (continued) 關鍵審核事項 （續）

關鍵審核事項 （續）

How our audit addressed the key audit matter (continued) 我們於審核中如何處理有關關鍵審核事項 （續）

Revenue recognition (continued)

收益確認 （續）

Revenue from provision of system integration and development services of approximately RM6,952,000 (2019: approximately RM16,593,000) is recognised over time by reference to the progress towards complete satisfaction of the relevant performance obligation using input method as the Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

提供系統整合及開發服務以及顧問服務之收益分別約馬幣 6,952,000元（二零一九年：約馬幣16,593,000元）按完全履 行相關履約責任之進展情況，以輸入法隨時間確認，乃由 於 貴集團的履約行為並未產生對 貴集團有替代用途的 資產，且 貴集團有強制執行權以收取迄今已履約的款項。

We have identified the above matter as a key audit matter because the amount involved is significant and management used significant judgements and estimations to determine the progress towards complete satisfaction of the performance obligation at the reporting date.

我們已識別上述事項作為主要審核事項，原因為涉及金額 重大，且管理層於報告日期應用重大判斷及估計釐定完全 履行相關履約責任之進展情況。

• (d) performing arithmetical check on the schedule of the calculation of the progress towards complete satisfaction of the relevant performance obligation under input method, on a sample basis, based on the schedule prepared by the management with information including contract sum, estimated total contract costs and contract costs incurred (the “Schedule”); and

根據管理層知悉之合約款額、估計合約成本總額及合 約成本所編製之進度表（「進度表」），對完工百分比進 度計算進行抽樣算法檢查；及

• (e) verifying key terms in contracts (including contract sum, deliverables timetable and milestones), estimated total contract costs and contract cost incurred as set out in the Schedule, on a sample basis, to the respective signed contracts, approved cost budgets and relevant supporting documents of the contract costs incurred respectively.

分別抽樣核實進度表所載之合約款額、估計合約成本 總額及合約成本與相關已簽署合約、經審批成本預算 及相關合約成本支持文件。

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INDEPENDENT JOINT AUDITORS’ REPORT 獨立聯席核數師報告

KEY AUDIT MATTERS (continued)

關鍵審核事項 （續）

Key audit matter (continued) 關鍵審核事項 （續）

How our audit addressed the key audit matter (continued) 我們於審核中如何處理有關關鍵審核事項 （續）

Loss allowance for expected credit losses (“ECL”) on trade receivables and contract assets 貿易應收款項及合約資產之預期信貸虧損（「預期信貸虧損」）之虧損撥備

Refer to significant accounting policy and critical accounting estimate and judgement in Note 2 and the disclosures of trade receivables and contract assets in Note 16 and Note 17 to the consolidated financial statements, respectively.

根據附註2之主要會計政策以及關鍵會計估計及判斷以及分 別根據附註16及附註17之綜合財務狀況表貿易應收款項及 合約資產披露。

At 30 November 2020, the carrying amount (net of loss allowance) of trade receivables and contract assets amounted to approximately RM6,394,000 (2019: approximately RM7,020,000) and RM166,000 (2019: approximately RM9,400,000) , respectively, represent 19.4% (2019: 16.4%) and 0.5% (2019: 22.0%) of the total assets of the Group, respectively.

Our procedures, among others, included:

我們之程序（其中包括）涵蓋：

• (a) obtaining management’s assessment of ECL on trade receivables and contract assets and assessed the reasonableness of the key underlying information referenced by the management; and

獲得管理層對應收款項及合約資產的預期信貸虧損之 評估，並評估管理層引用的關鍵基礎信息之合理性； 及

於二零二零年十一月三十日，貿易應收款項及合約資產之 賬面淨值（扣除虧損撥備）分別約為馬幣 6,394,000 元（二 零一九年：約馬幣7,020,000元）及馬幣 166,000 元（二零 一九年：約馬幣9,400,000元），分別為 貴集團資產總值 之19.4%（二零一九年：約16.4%）及0.5%（二零一九年： 22.0%）。

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INDEPENDENT JOINT AUDITORS’ REPORT 獨立聯席核數師報告

KEY AUDIT MATTERS (continued)

關鍵審核事項 （續）

Key audit matter (continued) 關鍵審核事項 （續）

How our audit addressed the key audit matter (continued) 我們於審核中如何處理有關關鍵審核事項 （續）

Loss allowance for expected credit losses (“ECL”) on trade receivables and contract assets (continued) 貿易應收款項及合約資產之預期信貸虧損（「預期信貸虧損」）之虧損撥備 （續）

Management performed credit evaluations for the Group’s customers and assessed ECL of trade receivables and contract assets. These assessments were focused on the customers’ settlement record and their current repayment ability, and also adjusted for forward-looking factors and took into account information specific to respective customer as well as pertaining to the economic environment in which the customer operated.

管理層對 貴集團之客戶進行信用評估，並評估應收款項 及合約資產的預期信貸虧損。該等評估之重點為客戶的結 算記錄及其當前之還款能力，並針對前瞻性因素進行調整 及考慮各個客戶之特定信息以及與客戶經營所在的經濟環 境有關之信息。

We have identified the above matter as a key audit matter due to the significant amounts involved and the significant judgements were made by the management in determining the ECL on trade receivables and contract assets.

• (b) assessing management’s judgement over the ECL and creditworthiness of the customers by assessing, on a sample basis, the available information, such as background information of the customers, concentration risk of customers, the Group’s actual loss experience (our examination of the customers’ payment records during the current year and subsequent to the end of the reporting period, as well as the historical collection records), and the forwardlooking factors specific to the customers.

通過抽樣評估可掌握之資料，如客戶背景資料、客戶 過往結算記錄、客戶的集中風險、 貴集團的實際 虧損經驗（我們在本年度及報告期末後，以及歷史回 收紀錄檢查客戶之結算結錄）及貿易應收款項的後續 結算等，評估管理層對預期信貸虧損及客戶信譽的判 斷。

我們已識別上述事項作為主要審核事項，原因為涉及金額 重大，且管理層在確定應收款項及合約資產的預期信貸虧 損時作出重大判斷。

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INDEPENDENT JOINT AUDITORS’ REPORT 獨立聯席核數師報告

OTHER INFORMATION

The directors of the Company are responsible for the other information. The other information comprises the information included in the 2020 annual report of the Company, but does not include the consolidated financial statements and our joint auditors’ report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF DIRECTORS AND THOSE CHARGED WITH GOVERNANCE FOR THE CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with IFRSs issued by the IASB, and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial reporting process.

其他資料

貴公司董事須對其他資料負責，其他資料包 括 貴公司二零二零年年報所載資料，惟並不包 括綜合財務報表及本聯席核數師就綜合財務報表 出具之報告。

本聯席核數師就綜合財務報表發表之意見並不涵 蓋其他資料，我們亦不就此發表任何形式之核證 結論。

就審核綜合財務報表而言，本聯席核數師之責任 是閱讀其他資料，並從中考慮其他資料有否與綜 合財務報表嚴重不一致，或我們從審核中或另行 所得之資料有否重大錯誤陳述。倘我們基於所進 行之工作而判定其他資料出現重大錯誤陳述，則 我們須彙報此事實。就此而言，本聯席核數師並 無任何事項須予彙報。

董事及負責管治者對綜合財務報表之責 任

貴公司董事須遵照國際會計準則理事會頒佈之國 際財務報告準則及按照香港公司條例之披露規 定，負責編製真實公平之綜合財務報表，並對董 事認為就編製不存在由於欺詐或錯誤而導致之重 大錯誤陳述之綜合財務報表所需之有關內部監控 負責。

於編製綜合財務報表時，董事負責評估 貴集團 持續經營之能力、披露有關持續經營之事項（如 適用）及使用持續經營為會計基礎，除非董事有 意將 貴集團清盤或停止經營，或別無其他實際 的替代方案。

負責管治者須負責監督 貴集團之財務報告過 程。

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INDEPENDENT JOINT AUDITORS’ REPORT 獨立聯席核數師報告

JOINT AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a joint auditors’ report that includes our opinion. This report is made solely to you, as a body, in accordance with our agreed terms of engagement and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

聯席核數師對審核綜合財務報表之責任

我們的目標為對綜合財務報表整體是否不存在由 於欺詐或錯誤而導致之重大錯誤陳述取得合理保 證，並出具載列我們意見之聯席核數師報告。我 們根據委聘之協定條款將此意見僅向 閣下匯報 而不作其他用途。我們不就此報告之內容，對任 何其他人士負責或承擔責任。

合理保證屬高度保證，但不能確保按照香港審計 準則進行之審核總能發現某項存在之重大錯誤陳 述。錯誤陳述可由欺詐或錯誤引起，倘合理預期 有關錯誤陳述（單獨或匯總起來）可能影響根據該 等綜合財務報表所作出之經濟決定，有關錯誤陳 述即被視作重大。

根據《香港審計準則》進行審核時，我們會在審核 過程中運用專業判斷及保持專業懷疑態度。我們 亦會：

• 識別及評估由於欺詐或錯誤而導致綜合財 務報表存有重大錯誤陳述之風險，設計並 執行應對該等風險之審核程序，並獲取充 分恰當之審核憑證作為我們意見之基礎。 由於欺詐可能涉及串謀、偽造、蓄意遺 漏、虛假陳述或凌駕內部監控，因此未能 發現由於欺詐而導致之重大錯誤陳述之風 險高於未能發現由於錯誤而導致者。

• 了解與審核相關之內部監控，以設計適當 之審核程序但並非旨在就 貴集團之內部 監控之效能發表意見。

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INDEPENDENT JOINT AUDITORS’ REPORT 獨立聯席核數師報告

JOINT AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our joint auditors’ report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our joint auditors’ report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related actions taken to eliminate threats or safeguards applied.

聯席核數師對審核綜合財務報表之責任

（續）

• 評估所採用之會計政策之合適性及董事所 作出之會計估計及相關披露事項之合理性。

• 判定董事採用持續經營為會計基礎是否恰 當，及根據所獲取之審計憑證判定是否存 在與事項或情況有關之重大不確定因素， 從而可能導致對 貴集團持續經營能力產 生重大疑慮。倘我們判定存在重大不確定 因素，則須於聯席核數師報告中提請注意 綜合財務報表中之相關披露，或倘有關之 披露不足，則須修訂我們之意見。我們之 結論是以截至本聯席核數師報告日期止所 取得之審核憑證為基礎。然而，未來事項 或情況可能導致 貴集團不能持續經營。

• 評價綜合財務報表之整體呈報、結構和內 容（包括披露事項），以及評價綜合財務報 表是否以中肯呈報之方式反映有關交易及 事項。

• 就 貴集團內實體或業務活動之財務資料 獲取充足、適當的審核憑證，以便對綜合 財務報表發表意見。我們負責 貴集團審 核之指導、監督及執行。我們為我們之審 核意見承擔全部責任。

我們就（其中包括）審核之計劃範圍、時間安排及 重大審核發現（包括我們在審核中識別出內部監 控之任何重大缺陷）與負責管治者溝通。

我們亦向負責管治者提交聲明，說明我們已符合 有關獨立性之相關專業道德要求，並就有可能合 理被認為會影響我們獨立性之所有關係及其他事 項，以及相關之防範措施（如適用）與他們溝通。

2020 ANNUAL REPORT 年報 71

INDEPENDENT JOINT AUDITORS’ REPORT 獨立聯席核數師報告

JOINT AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our joint auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Mazars CPA Limited Mazars LLP Certified Public Accountants, Public Accountants and Hong Kong Chartered Accountants of 42nd Floor, Central Plaza Singapore 18 Harbour Road, Wanchai 135 Cecil Street Hong Kong #10-01 25 February 2021 Singapore 069536 25 February 2021 The engagement director of The engagement partner of Mazars CPA Limited on the Mazars LLP on the audit audit jointly resulting in this jointly resulting in this independent joint auditors’ independent joint auditors’ report is: report is: Fong Chin Lung Tan Chee Tyan

Practising Certificate number: P07321

聯席核數師對審核綜合財務報表之責任

（續）

從與負責管治者溝通之事項中，我們決定哪些事 項對本期間綜合財務報表之審核最為重要，因而 構成關鍵審核事項。我們會在聯席核數師報告中 描述該等事項，除非法例或規例禁止公開披露該 等事項，或在極其罕見之情況下，我們斷定披露 有關事項所造成之負面後果合理預期蓋過公眾知 悉事項之利益因而不應在報告中披露則另作別 論。

中審眾環（香港）會計 瑪澤有限責任合夥 師事務所有限公司 會計師事務所 香港執業會計師 新加坡執業會計師及 香港 特許會計師 灣仔港灣道18號 新加坡069536郵區 中環廣場42樓 絲絲街135號 二零二一年 #10-01室 二月二十五日 二零二一年二月二十五日 負責出具本獨立聯席 負責出具本獨立聯席 核數師報告之中審 核數師報告之瑪澤 眾環（香港）會計師 有限責任合夥會計 事務所有限公司共 師事務所共同審核 同審核項目董事為： 項目董事為： 方展龍 陳子田 執業證書編號： P07321

72 MINDTELL TECHNOLOGY LIMITED

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 綜合損益及其他全面收益表

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

Notes 附註 Revenue 收益 4 Cost of services and materials sold 服務及已售材料成本	2020	2019 二零一九年 RM’000 馬幣千元 19,428 (13,556)
	二零二零年
	RM’000
	馬幣千元
	10,011
	(8,524)
Gross profit 毛利 Other income 其他收入 5 Administrative expenses 行政開支 Finance costs 融資成本 6 Impairment loss on intangible assets 無形資產減值虧損 14 Impairment loss on trade receivables 貿易應收款項減值虧損 29		5,872 390 (4,576) (65) — (238)
	1,487
	216
	(9,825)
	(83)
	(2,226)
	(761)
(Loss) Profit before income tax 除所得稅前（虧損）溢利 6 Income tax expenses 所得稅開支 9		1,383 (71)
	(11,192)
	—
(Loss) Profit for the year 年度（虧損）溢利 Other comprehensive income (expenses) 其他全面收益（開支） Item that may be reclassified subsequently to profit or loss 其後可能重新分類至損益 之項目 Exchange difference on translation of foreign subsidiaries 換算海外附屬公司之匯兌差異		1,312 (354)
	(11,192)
	36
Total comprehensive (expenses) income for theyear 年度全面總（開支）收益		958
	(11,156)
(Loss) Earnings per share, basic and diluted(RM cents) 每股（虧損）盈利（基本及攤薄） （馬幣分） 10		0.34
	(2.87)

2020 ANNUAL REPORT 年報 73

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 綜合財務狀況表

At 30 November 2020 於二零二零年十一月三十日

Notes 附註 Non-current assets 非流動資產 Property, plant and equipment 物業、機器及設備 12 Right-of-use assets 使用權資產 13 Intangible assets 無形資產 14	2020	2019 二零一九年 RM’000 馬幣千元 3,245 — 3,448
	二零二零年
	RM’000
	馬幣千元
	2,185
	838
	2,977
		6,693
	6,000
Current assets 流動資產 Trade and other receivables 貿易及其他應收款項 16 Contract assets 合約資產 17 Restricted bank balances 受限制銀行結餘 18 Bank balances and cash 銀行結餘及現金 19		9,658 9,400 708 16,262
	7,524
	166
	309
	18,876
		36,028
	26,875
Current liabilities 流動負債 Trade and other payables 貿易及其他應付款項 20 Contract liabilities 合約負債 17 Income tax payables 應付所得稅 Interest-bearing borrowings 計息借貸 21 Obligations under finance leases 融資租賃責任 22 Lease liabilities 租賃負債 13		6,388 150 1,235 857 136 —
	5,800
	2,144
	1,026
	853
	—
	223
		8,766
	10,046

74 MINDTELL TECHNOLOGY LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 綜合財務狀況表

At 30 November 2020 於二零二零年十一月三十日

Notes 附註 Net current assets 流動資產淨值	2020	2019 二零一九年 RM’000 馬幣千元 27,262
	二零二零年
	RM’000
	馬幣千元
	16,829
Total assets less current liabilities 總資產減流動負債		33,955
	22,829
Non-current liabilities 非流動負債 Deferred tax liabilities 遞延稅項負債 23 Obligations under finance leases 融資租賃責任 22 Lease liabilities 租賃負債 13		12 713 —
	12
	—
	743
		725
	755
NET ASSETS 資產淨值		33,230
	22,074
Capital and reserves 資本及儲備 Share capital 股本 24 Reserves 儲備		2,067 31,163
	2,067
	20,007
TOTAL EQUITY 權益總額		33,230
	22,074

These consolidated financial statements on pages 73 to 163 were approved and authorised for issue by the Board of Directors on 25 February 2021 and signed on its behalf by

第73頁至163頁所載綜合財務報表於二零二一年二 月二十五日獲董事會批准及授權刊發，並由下列董 事代表簽署：

Chong Yee Ping 鍾宜斌 Director 董事

Liu Yan Chee James

劉恩賜 Director 董事

2020 ANNUAL REPORT 年報 75

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 綜合權益變動表

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

Share capital 股本 RM’000 馬幣千元 (Note 24) （附註24） At 1 December 2018 於二零一八年十二月一日 2,067	Reserves 儲備 Share premium Capital reserve Exchange reserve Accumulated losses Total 股份溢價 資本儲備 匯兌儲備 累計虧損 總計 RM’000 RM’000 RM’000 RM’000 RM’000 馬幣千元 馬幣千元 馬幣千元 馬幣千元 馬幣千元 (Note 26(a)) (Note 26(b)) (Note 26(c)) （附註26(a)） （附註26(b)） （附註26(c)） 28,732 4,952 — (3,479) 32,272
Profit for the year 年度溢利 — Other comprehensive expenses: 其他全面開支： Item that may be reclassified subsequently to profit or loss 其後可能重新分類至損益 之項目 Exchange difference on translation of foreign subsidiaries 換算海外附屬公司 之匯兌差異 —	— — — 1,312 1,312 — — (354) — (354)
Total comprehensive income for the year 年度全面總收益 —	— — (354) 1,312 958
At 30 November 2019 於二零一九年十一月三十日 2,067	28,732 4,952 (354) (2,167) 33,230

76 MINDTELL TECHNOLOGY LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 綜合權益變動表

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

At 1 December 2019 於二零一九年十二月一日		Reserves
		儲備
	Share capital	Share premium Capital reserve Exchange reserve Accumulated losses Total
	股本	股份溢價 資本儲備 匯兌儲備 累計虧損 總計
	RM’000	RM’000 RM’000 RM’000 RM’000 RM’000
	馬幣千元	馬幣千元 馬幣千元 馬幣千元 馬幣千元 馬幣千元
	(Note 24)	(Note 26(a)) (Note 26(b)) (Note 26(c))
	（附註24）	（附註26(a)） （附註26(b)） （附註26(c)）
	2,067	28,732 4,952 (354) (2,167) 33,230
Loss for the year 年度虧損 Other comprehensive income: 其他全面收益： Item that may be reclassified subsequently to profit or loss 其後可能重新分類至損益 之項目 Exchange difference on translation of foreign subsidiaries 換算海外附屬公司 之匯兌差異
	—	— — — (11,192) (11,192)
	—	— — 36 — 36
Total comprehensive expenses for the year 年度全面總開支
	—	— — 36 (11,192) (11,156)
At 30 November 2020 於二零二零年十一月三十日
	2,067	28,732 4,952 (318) (13,359) 22,074

77

2020 ANNUAL REPORT 年報

CONSOLIDATED STATEMENT OF CASH FLOWS 綜合現金流量表

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

OPERATING ACTIVITIES 經營活動 (Loss) Profit before income tax 除所得稅前（虧損）溢利 Adjustments for: 就下列項目作出調整： Amortisation 攤銷 Depreciation 折舊 Impairment loss on intangible assets 無形資產減值虧損 Impairment loss on trade receivables 貿易應收款項減值虧損 Loss on disposal of property, plant and equipment 出售物業、機器及 設備之虧損 Exchange difference 匯兌差異 Interest income 利息收入 Interest expenses 利息開支	2020	2019 二零一九年 RM’000 馬幣千元 1,383 350 306 — 238 1 (354) (332) 65
	二零二零年
	RM’000
	馬幣千元
	(11,192)
	1,930
	623
	2,226
	761
	—
	36
	(156)
	83
Cash flows (used in) generated from operations before movements in working capital 經營資金變動前之營運 （所用）產生之現金流量 Change in working capital: 經營資金變動： Trade and other receivables 貿易及其他應收款項 Contract assets and liabilities 合約資產及負債 Restricted bank balances 受限制銀行結餘 Trade and other payables 貿易及其他應付款項		1,657 (4,831) (4,649) (183) (3,951)
	(5,689)
	1,330
	11,228
	399
	(588)
Cash generated from (used in) operations 營運產生（所用）之現金 Income tax paid 已付所得稅		(11,957) (871)
	6,680
	(209)
Net cash from (used in) operating activities 經營活動產生（所用） 之現金淨額		(12,828)
	6,471
INVESTING ACTIVITIES 投資活動 Purchases of property, plant and equipment 購買物業、 機器及設備 Additions to intangible assets 添置無形資產 Interest received 已收利息		(1,126) (3,669) 332
	(39)
	(3,685)
	156

78 MINDTELL TECHNOLOGY LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS 綜合現金流量表

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

Net cash used in investing activities 投資活動所用之現金淨額	2020	2019 二零一九年 RM’000 馬幣千元 (4,463)
	二零二零年
	RM’000
	馬幣千元
	(3,568)
FINANCING ACTIVITIES 融資活動 Repayment of interest-bearing borrowings 償還計息借貸 Repayment of obligations under finance leases 償還融資 租賃責任 Repayment of lease liabilities 償還租賃負債 Interest paid 已付利息		(37) (129) — (65)
	(4)
	—
	(202)
	(83)
Net cash used in financing activities 融資活動所用之現金淨額		(231)
	(289)
Net increase (decrease) in cash and cash equivalents 現金及現金等價物之 增加（減少）淨額 Cash and cash equivalents at the beginning of the reporting period 報告期初之現金及 現金等價物		(17,522) 33,784
	2,614
	16,262
Cash and cash equivalents at the end of the reporting period, represented by bank balances and cash 報告期末之現金 及現金等價物，以銀行 結餘及現金呈列		16,262
	18,876

2020 ANNUAL REPORT 年報 79

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

1. CORPORATE INFORMATION AND BASIS OF PREPARATION

1. 公司資料及編製基準

Mindtell Technology Limited (the “Company”) was incorporated as an exempted company with limited liability in the Cayman Islands on 27 February 2018. The Company’s shares were listed on GEM of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 22 October 2018. The address of the Company’s registered office is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands and its principal place of business in Hong Kong is Unit 1802, 18/F, Ruttonjee House, Ruttonjee Centre, 11 Duddell Street, Central, Hong Kong. The Group’s headquarter is situated at B-7-7, Sky Park @ One City, Jalan USJ 25/1, 47650 Subang Jaya, Selangor, Malaysia.

The principal activity of the Company is an investment holding company. The Company together with its subsidiaries (the “Group”) are principally engaged in the provision of system integration and development services, IT outsourcing services and maintenance and consultancy services.

Mindtell Technology Limited（「本公司」） 於二零一八年二月二十七日在開曼群島註 冊成立為獲豁免有限公司。本公司股份於 二零一八年十月二十二日在香港聯合交易 所有限公司（「聯交所」）GEM上市。本公 司註冊辦事處之地址為 Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands，其 香港主要營業地點為香港中環都爹利街11 號律敦治中心律敦治大廈18樓1802室。本 集團之總部位於 B-7-7, Sky Park @ One City, Jalan USJ 25/1, 47650 Subang Jaya, Selangor, Malaysia。

本公司之主要業務為投資控股公司。本公 司連同其附屬公司（統稱「本集團」）主要從 事提供系統整合及開發服務、資訊科技外 判服務，以及維修及顧問服務。

80 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES

2. 主要會計政策

Statement of compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) issued by the International Accounting Standards Board (the “IASB”), which collective term includes all applicable individual IFRSs, International Accounting Standards (“IASs”) and Interpretations issued by the IASB and the disclosure requirements of the Hong Kong Companies Ordinance. These consolidated financial statements also comply with the applicable disclosure requirements of the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the “GEM Listing Rules”).

The consolidated financial statements are presented in Malaysian Ringgit (“RM”) and all amounts have been rounded to the nearest thousand (“RM’000”), unless otherwise indicated.

These consolidated financial statements have been prepared on the basis consistent with accounting policies adopted in 2019 consolidated financial statements except for the adoption of the new/revised IFRSs that are relevant to the Group and effective from the current year or the Group elected to early adopt in the current year.

合規聲明

此等綜合財務報表已根據由國際會計準則 委員會（「國際會計準則委員會」）頒佈之國 際財務報告準則（「國際財務報告準則」）， 其為國際會計準則委員會頒佈之所有適用 個別國際財務報告準則、國際會計準則 （「國際會計準則」）及詮釋的統稱）及香港 公司條例之披露規定編製。此等綜合財 務報表亦符合聯交所 GEM 證券上市規則 （「GEM上市規則」）之適用披露規定。

綜合財務報表以馬幣（「馬幣」）呈列。除 另有說明外，所有金額均湊整至最近千位 （「馬幣千元」）。

該等綜合財務報表乃按與二零一九年綜合 財務報表所採納的會計政策一致的基準編 製，惟採納與本集團相關及自本年度起生 效或本集團選擇提早於本年度採納之新 訂╱經修訂國際財務報告準則除外。

2020 ANNUAL REPORT 年報 81

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Adoption of new/revised IFRSs

The Group has applied, for the first time, the following new/ revised IFRSs:

2. 主要會計政策 （續）

採納新訂╱經修訂國際財務報告準則

本集團首次應用以下新訂╱經修訂國際財 務報告準則：

Annual Improvements 2015–2017 Cycle to IFRSs IFRIC 23 Uncertainty over Income Tax Treatments Amendments to IAS 19 Employee Benefits Amendments to IFRS 9 Prepayment Features with Negative Compensation IFRS 16 Leases Amendments to IFRS 16 COVID-19 – Related Rent Concessions

Annual Improvements to IFRSs – 2015–2017 Cycle

IAS 23: Borrowing costs eligible for capitalisation

The amendments clarify that (a) if a specific borrowing remains outstanding after the related qualifying asset is ready for its intended use or sale, it becomes part of the funds an entity borrows generally and (b) funds borrowed specifically to obtain an asset other than a qualifying asset are included as part of general borrowings.

The adoption of the amendments does not have any significant impact on the consolidated financial statements.

國際財務報告準則之 二零一五年至二 年度改進 零一七年週期 國際財務報告詮釋 所得稅之不確定 委員會第23號 性之處理 國際會計準則第19號 僱員福利 之修訂本 國際財務報告準則 提早還款特性及 第9號之修訂本 負補償 國際財務報告準則第16號 租賃 國際財務報告準則第16號 COVID-19相關 之修訂本 租金寬減

國際財務報告準則之年度改進[—] 二零一五 年至二零一七年週期

國際會計準則第23號：合資格資本化的借 貸成本

該等修訂本澄清，(a)如一項特定借貸在相 關合資格資產可用作擬定用途或可供出售 後仍未償還，則其成為一間實體一般借入 資金的一部分；及(b)專門為獲得除合資格 資產外的一項資產而借出的資金包含於一 般借貸中。

採納該等修訂本並無對綜合財務報表造成 任何重大影響。

82 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Adoption of new/revised IFRSs (continued)

IFRIC 23: Uncertainty over Income Tax Treatments

IFRIC 23 supports the requirements in IAS 12 Income Taxes by specifying how to reflect the effects of uncertainty in accounting for income taxes.

The adoption of IFRIC 23 does not have any significant impact on the consolidated financial statements.

Amendments to IAS 19: Employee Benefits

The amendments require the use of updated assumptions to determine current service cost and net interest for the remainder of the reporting period after a change is made to a plan.

The adoption of the amendments does not have any significant impact on the consolidated financial statements.

Amendments to IFRS 9: Prepayment Features with Negative Compensation

Amendments to IFRS 9 clarify that prepayable financial assets with negative compensation can be measured at amortised cost or at fair value through other comprehensive income (“FVOCI”) instead of at fair value through profit or loss (“FVPL”) if specified conditions are met.

The adoption of the amendments to IFRS 9 does not have any significant impact on the consolidated financial statements.

2. 主要會計政策 （續）

採納新訂╱經修訂國際財務報告準則 （續） 國際財務報告詮釋委員會第23號：所得稅 之不確定性之處理

國際財務報告詮釋委員會第23號透過詳細 說明如何反映所得稅會計處理中的不確定 性的影響來支持國際會計準則第12號所得 稅的規定。

採納國際財務報告詮釋委員會第23號並無 對綜合財務報表造成任何重大影響。

國際會計準則第19號之修訂本：僱員福利

該等修訂本要求在對計劃作出修改後，使 用更新後的假設來確定報告期間的剩餘期 間的當前服務成本及淨利息。

採納該等修訂本並無對綜合財務報表造成 任何重大影響。

國際財務報告準則第9號之修訂本：提早 還款特性及負補償

國際財務報告準則第9號之修訂本澄清， 倘滿足特定條件，具有負補償之可預付金 融資產可按攤銷成本或按公平值計入其他 全面收益（「按公平值計入其他全面收益」） 列賬計量，而非以公平值計量且其變動計 入損益（「按公平值計入損益」）列賬計量。

採納國際財務報告準則第9號之修訂本對 綜合財務報表並無任何重大影響。

2020 ANNUAL REPORT 年報 83

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Adoption of new/revised IFRSs (continued)

IFRS 16: Leases

IFRS 16 replaces IAS 17 and related Interpretations for annual periods beginning on or after 1 January 2019. It significantly changes, among others, the lessee accounting by replacing the dual model under IAS 17 with a single model which requires a lessee to recognise right-of-use assets and lease liabilities for the rights and obligations created by all leases with a term of more than 12 months, unless the underlying asset is of low value. For lessor accounting, IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17. Accordingly, a lessor continues to classify its leases as operating leases or finance leases, and to account for those two types of leases differently. IFRS 16 also requires enhanced disclosures to be provided by lessees and lessors.

In accordance with the transitional provisions, the Group has applied IFRS 16 for the first time at 1 December 2019 (i.e. the date of initial application, the “DIA”) using the modified retrospective approach in which comparative information has not been restated. Instead, the Group recognised the cumulative effect of initially applying IFRS 16 as an adjustment to the balance of accumulated profits or other component of equity, where appropriate, at the DIA.

The Group also elected to use the transition practical expedient not to reassess whether a contract was, or contained, a lease at the DIA and the Group applied IFRS 16 only to contracts that were previously identified as leases applying IAS 17 and to contracts entered into or changed on or after the DIA that are identified as leases applying IFRS 16.

2. 主要會計政策 （續）

採納新訂╱經修訂國際財務報告準則 （續）

國際財務報告準則第16號：租賃

國際財務報告準則第16號於二零一九年一 月一日或之後開始之年度期間取代國際會計 準則第17號及相關詮釋。其對（其中包括） 承租人的會計方法有重大變動，以單一模型 取代國際會計準則第17號的雙重模型。該 單一模型規定除非相關資產屬低價值，否則 承租人須就因年期超過12個月的所有租賃 而產生的權利及責任確認使用權資產及租賃 負債。就出租人會計處理而言，國際財務報 告準則第16號大致繼承了國際會計準則第 17號有關出租人會計處理的規定。因此， 出租人繼續將其租賃分類為經營租賃或融資 租賃，並且對兩類租賃進行不同之會計處 理。國際財務報告準則第16號亦規定承租 人及出租人提供更詳盡披露資料。

根據過渡條文，本集團於二零一九年十二 月一日（即首次應用日期，「首次應用日 期」）應用國際財務報告準則第 16 號的經 修訂追溯法，當中並無重述比較資料。相 反，本集團將初步應用國際財務報告準則 第16號的累計影響確認為對首次應用日期 的累計溢利或權益的其他部分（如適用）的 調整。

本集團亦選擇使用過渡性可行權宜方法， 不會就合約於首次應用日期是否為或包含 租賃重新評估；及本集團僅將國際財務報 告準則第16號應用於之前應用國際會計準 則第17號識別為租賃的合約以及於首次應 用日期當日或之後訂立或更改且應用國際 財務報告準則第16號識別為租賃的合約。

84 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Adoption of new/revised IFRSs (continued)

IFRS 16: Leases (continued)

As lessee

Before the adoption of IFRS 16, lease contracts were classified as operating or finance lease in accordance with the Group’s accounting policies applicable prior to the DIA.

Upon adoption of IFRS 16, the Group accounted for the leases in accordance with the transition provisions of IFRS 16 and the Group’s accounting policies applicable from the DIA.

As lessee – leases previously classified as operating leases

The Group recognised right-of-use assets and lease liabilities for leases previously classified as operating leases at the DIA, except for leases for which the underlying asset is of low value, and the Group applied the following practical expedients on a lease-by-lease basis:

• (a) Applied a single discount rate to a portfolio of leases with reasonably similar characteristics.

• (b) Adjusted the right-of-use assets at the DIA by the provision for onerous leases recognised immediately before the DIA by applying IAS 37, as an alternative to performing an impairment review at the DIA.

• (c) Did not recognise right-of-use assets and lease liabilities to leases for which the lease term ends within 12 months of the DIA.

• (d) Excluded initial direct costs from the measurement of the right-of-use assets at the DIA.

• (e) Used hindsight in determining the lease term where the contract contains options to extend or terminate the lease.

2. 主要會計政策 （續）

採納新訂╱經修訂國際財務報告準則 （續）

國際財務報告準則第16號：租賃 （續）

作為承租人

於採納國際財務報告準則第16號前，根據 首次應用日期前適用的本集團會計政策， 租賃合約分類為經營或融資租賃。

於採納國際財務報告準則第16號後，本集 團根據國際財務報告準則第16號的過渡條 文及自首次應用日期起適用的本集團會計 政策對租賃進行入賬。

作為承租人－先前分類為經營租賃的租賃

於首次應用日期，本集團就先前分類為經 營租賃的租賃確認使用權資產及租賃負 債，惟相關資產價值較低的租賃除外。本 集團已按逐項租賃基準採用以下可行權宜 方法：

• (a) 對具有合理相似特徵的租賃組合使 用單一貼現率。

• (b) 通過應用國際會計準則第37號對緊 接首次應用日期前確認的虧損性租 賃作出撥備，並於首次應用日期調 整使用權資產，作為於首次應用日 期進行減值檢討的替代方式。

• (c) 對於租期於首次應用日期起計12個 月內結束的租賃，不會確認使用權 資產及租賃負債。

• (d) 撇除於首次應用日期計量使用權資 產產生的初始直接成本。

• (e) 倘合約包含延長或終止租賃的選擇 權，則於事後釐定租期。

2020 ANNUAL REPORT 年報 85

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Adoption of new/revised IFRSs (continued)

IFRS 16: Leases (continued)

As lessee – leases previously classified as operating leases (continued)

At the DIA, right-of-use assets were, on a lease-by-lease basis, measured at either:

• (a) their carrying amount as if IFRS 16 had been applied since the commencement date, but discounted using the lessee’s incremental borrowing rate at the DIA; or

• (b) an amount equal to the lease liabilities, adjusted by the amount of any prepaid or accrued lease payments relating to the lease recognised immediately before the DIA.

Lease liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate at the DIA. The weighted average incremental borrowing rates applied to the lease liabilities at the DIA is 4.8% per annum.

Reconciliation of operating lease commitments disclosed applying IAS 17 at 30 November 2019 and lease liabilities recognised at the DIA is as follows:

2. 主要會計政策 （續）

採納新訂╱經修訂國際財務報告準則 （續）

國際財務報告準則第16號：租賃 （續）

作為承租人－先前分類為經營租賃的租賃 （續）

於首次應用日期，使用權資產乃根據逐項 租賃基準按以下計量：

• (a) 其賬面值，猶如國際財務報告準則 第16號已自開始日期起應用，惟須 使用承租人於首次應用日期的增量 借款利率進行貼現；或

• (b) 相等於租賃負債的金額，並經緊接 首次應用日期前確認的租賃有關的 任何預付或應計租賃付款的金額調 整。

租賃負債按餘下租賃款項現值計量，於首 次應用日期使用承租人增量借款利率貼 現。於首次應用日期對租賃負債採用的加 權平均增量借款年利率為4.8%。

於二零一九年十一月三十日應用國際會計 準則第17號披露的經營租賃承擔與於首次 應用日期確認的租賃負債的對賬如下：

		RM’000
		馬幣千元
Operating lease commitments at 30 November 2019_(Note 13)_	於二零一九年十一月三十日的經營租賃承擔（附註13）	104
Add: Liabilities for termination option previously not	加： 先前未反映在經營租賃承擔中的終止
reflected in operating lease commitments	選擇權負債	74
Liabilities for leases previously classified as	先前分類為融資租賃的租賃負債
finance lease_(Note 22)_	（附註22）	849
Less: Future finance charges	減： 未來財務開支	(10)
Lease liabilities at 1 December 2019	於二零一九年十二月一日的租賃負債	1,017

86 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Adoption of new/revised IFRSs (continued)

IFRS 16: Leases (continued)

As lessee – leases previously classified as finance leases

The Group measures the carrying amount of the right-of-use assets and lease liabilities at the DIA at the carrying amount of the lease assets and lease liabilities immediately before that date measured applying IAS 17. The Group accounts for those leases applying IFRS 16 from the DIA.

As lessee

At the DIA, lease liabilities including those previously presented under “obligations under finance leases” were shown separately as “lease liabilities” on the consolidated statement of financial position.

As a result, adjustments were made at the DIA to reflect the changes in presentation:

2. 主要會計政策 （續）

採納新訂╱經修訂國際財務報告準則 （續）

國際財務報告準則第16號：租賃 （續）

作為承租人－先前分類為融資租賃的租賃

本集團應用國際會計準則第17號按緊接計 量日期前租賃資產及租賃負債的賬面值計 量於首次應用日期的使用權資產及租賃負 債賬面值。本集團自首次應用日期起應用 國際財務報告準則第16號將該等租賃入賬。

作為承租人

於首次應用日期，租賃負債（包括先前於 「融資租賃責任」項下呈列的租賃負債）於 綜合財務狀況表內獨立呈列為「租賃負 債」。

因此，已在首次應用日期作出調整以反映 列報方式的變化：

		Carrying amounts		Carrying amounts
		under IAS 17 on		under IFRS 16 on
		30 November 2019	Adjustments	1 December 2019
		國際會計準則		國際財務報告準則
		第17號項下		第16號項下
		於二零一九年		於二零一九年
		十一月三十日之賬面值	調整	十二月一日之賬面值
		RM’000	RM’000	RM’000
		馬幣千元	馬幣千元	馬幣千元
Non-current assets	非流動資產
Property, plant and equipment	物業、機器及設備	3,245	(778)	2,467
Right-of-use assets	使用權資產	—	946	946
Current liabilities	流動負債
Lease liabilities	租賃負債	—	269	269
Obligations under finance leases	融資租賃責任	136	(136)	—
Non-current liabilities	非流動負債
Lease liabilities	租賃負債	—	748	748
Obligations under finance leases	融資租賃責任	713	(713)	—

2020 ANNUAL REPORT 年報 87

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Adoption of new/revised IFRSs (continued)

Amendments to IFRS 16: COVID-19-Related Rent

Concessions

The amendments exempt lessees from having to consider individual lease contracts to determine whether rent concessions occurring as a direct consequence of the COVID-19 pandemic are lease modifications and allow lessees to account for such rent concessions as if they were not lease modifications. It applies to COVID-19-related rent concessions that reduce lease payments due on or before 30 June 2021. The amendments do not affect lessors.

2. 主要會計政策 （續）

採納新訂╱經修訂國際財務報告準則 （續） 國際財務報告準則第16 號之修訂本： COVID-19相關租金寬減

根據是項修訂，承租人於釐定直接因 COVID-19疫情而起的租金寬減是否租賃修 訂時，可免於逐張租約考慮，且獲准將有 關寬減當成非租賃修訂入賬。COVID-19相 關租賃寬減，但凡令二零二一年六月三十 日之前到期的租賃付款下降者，適用於是 項修訂。出租人不受是項修訂影響。

These amendments shall be applied for annual periods beginning on or after 1 June 2020 with earlier application permitted. The Group has elected to early adopt the amendments in the current year. In accordance with the transition provisions therein, the amendments have been applied retrospectively by the Group recognising the cumulative effect of initially applying the amendments as an adjustment to the opening balance of accumulated losses and therefore the comparative information has not been restated.

A summary of the principal accounting policies adopted by the Group is set out below.

Basis of measurement

The measurement basis used in the preparation of these consolidated financial statements is historical cost.

Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries. The financial statements of the subsidiaries are prepared for the same reporting period as that of the Company using consistent accounting policies.

All intra-group balances, transactions, incomes and expenses and profits and losses resulting from intra-group transactions are eliminated in full. The results of subsidiaries are consolidated from the date on which the Group obtains control and continue to be consolidated until the date that such control ceases.

是項修訂應於二零二零年六月一日或之後 開始的年度期間採用，但亦可提前採用。 本集團選擇於本年度提前採用是項修訂。 本集團已根據是項修訂的過度條文對其追 溯應用，按此將首次應用修訂的累計效 果，確認為對年初累計虧損結餘的調整， 而比較資料亦因而未有重列。

本集團採納的主要會計政策概要載列如下。

計量基準

編製該等綜合財務報表時採用之計量基準 為歷史成本。

綜合基準

綜合財務報表包括本公司及其所有附屬公 司之財務報表。附屬公司之財務報表乃採 用一致會計政策按與本公司之相同報告期 間而編製。

所有集團內公司間結餘、交易及集團內公 司間交易所產生之收入及開支以及盈虧均 全數對銷。附屬公司之業績乃自本集團獲 取控制權之日開始作合併計算，並繼續綜 合入賬直至有關控制權終止之日為止。

88 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Basis of consolidation (continued)

Non-controlling interests are presented, separately from owners of the Company, in the consolidated statement of profit or loss and other comprehensive income and within equity in the consolidated statement of financial position. The non-controlling interests in the acquiree, that are present ownership interests and entitle their holders to a proportionate share of the acquiree’s net assets in event of liquidation, are measured initially either at fair value or at the present ownership instruments’ proportionate share in the recognised amounts of the acquiree’s identifiable net assets. This choice of measurement basis is made on an acquisition-by-acquisition basis. Other types of non-controlling interests are initially measured at fair value, unless another measurement basis is required by IFRSs.

Allocation of total comprehensive income

Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income is attributed to the owners of the Company and the non-controlling interest even if this results in the non-controlling interest having a deficit balance.

2. 主要會計政策 （續）

綜合基準 （續）

非控股權益於綜合損益及其他全面收益表 內與本公司擁有人分開呈列，並於綜合財 務狀況表內權益中呈列。於被收購方之非 控股權益（為現有擁有權權益，並賦予持有 人權利可於清盤時按比例分佔被收購方資 產淨值）乃初步按公平值或按現有擁有權文 據分佔被收購方可識別資產淨值之已確認 金額計量。所選計量基準會因應不同收購 事項而定。除非國際財務報告準則規定採 用另一項計量基準，否則其他類別之非控 股權益初步按公平值計量。

分配全面總收益

損益及其他全面收益各組成部分均歸屬於 本公司擁有人及非控股權益。全面總收益 歸屬於本公司擁有人以及非控股權益，即 使此舉會導致非控股權益出現虧絀結餘。

Changes in ownership interest

Changes in the Group’s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. The carrying amounts of the controlling and noncontrolling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company.

擁有權權益變動

本集團於一間附屬公司之擁有權權益變動 倘並無導致失去控制權，則作為權益交易 入賬。控股權益與非控股權益之賬面值會 作出調整，以反映其於該附屬公司相關權 益之變動。非控股權益之間之任何差額將 予調整，而已付或已收代價之公平值直接 於權益確認並歸屬於本公司擁有人。

2020 ANNUAL REPORT 年報 89

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Basis of consolidation (continued)

Changes in ownership interest (continued)

When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest determined at the date when control is lost and (ii) the carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests at the date when control is lost. The amounts previously recognised in other comprehensive income in relation to the disposed subsidiary are accounted for on the same basis as would be required if the parent had directly disposed of the related assets or liabilities. Any investment retained in the former subsidiary and any amounts owed by or to the former subsidiary are accounted for as a financial asset, associate, joint venture or others as appropriate from the date when control is lost.

Subsidiaries

A subsidiary is an entity that is controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control.

In the Company’s statement of financial position as set out in Note 25 to the consolidated financial statements, investment in a subsidiary is stated at cost less impairment loss, if any. The carrying amount of the investment is reduced to its recoverable amount on an individual basis, if it is higher than the recoverable amount. The results of the subsidiary are accounted for by the Company on the basis of dividends received and/or receivable.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

2. 主要會計政策 （續）

綜合基準 （續）

擁有權權益變動 （續）

倘本集團失去對附屬公司的控制權，出售 時產生的損益按下列兩者的差額計算：(i) 於失去控制權當日已收代價的公平值與任 何保留權益的公平值之總和及(ii)於失去控 制權當日附屬公司及任何非控股權益的資 產（包括商譽）及負債的賬面值。先前於其 他全面收益確認的有關已出售附屬公司的 金額按與假設母公司直接出售相關資產或 負債的同一基準入賬。於前附屬公司保留 的任何投資及前附屬公司結欠或應付前附 屬公司的任何金額自失去控制權當日起視 適用情況入賬為金融資產、聯營公司、合 營公司或其他。

附屬公司

附屬公司指由本集團控制之實體。倘本集 團透過對實體之權力就參與實體業務所得 可變動回報承擔風險或享有權利，且擁有 能力影響該等回報，則本集團控制該實 體。如有事實及情況顯示控制權之其中一 項或多項要素出現變化，則本集團會重新 評估其對被投資者之控制權。

於綜合財務報表附註25所載本公司財務狀 況表內，於一間附屬公司之投資按成本減 去減值虧損列賬。倘有關投資之賬面值高 於其可收回金額，則其賬面值按個別基準 減至其可收回金額。本公司按已收及╱或 應收股息為基準將該附屬公司業績入賬。

物業、機器及設備

物業、機器及設備按成本減累計折舊及累 計減值虧損列賬。物業、機器及設備項目 之成本包括其購買價及任何使資產達致其 使用狀態及地點作擬定用途所直接產生之 成本。維修及保養開支乃於其產生期間內 於損益中支銷。

90 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Property, plant and equipment (continued)

Depreciation is provided to write off the cost less accumulated impairment losses of property, plant and equipment over their estimated useful lives as set out below from the date on which they are available for use and after taking into account their estimated residual values, using the straight-line method. Where parts of an item of property, plant and equipment have different useful lives, the cost of the item is allocated on a reasonable basis and depreciated separately:

Buildings	50 years
Leasehold improvements	10 years
Furniture, fixtures and office equipment	10 years
Motor vehicles	5 years
Computer equipment	2.5 – 3 years

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in profit or loss in the period in which the item is derecognised.

Intangible assets

Research and development costs

Research costs are expensed as incurred. Costs incurred on development activities, which involve the application of research findings to a plan or design for the production of new or substantially improved products and processes, are capitalised if the product or process is technically and commercially feasible and the Group has sufficient resources to complete the development. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in profit or loss as an expense as incurred. When the asset is available for use, the capitalised development costs are amortised on a straight-line basis over a period of 3 years. For intangible assets yet to be available for use, they are stated at cost less any accumulated impairment losses.

2. 主要會計政策 （續）

物業、機器及設備 （續）

物業、機器及設備於下述估計可使用年期 內，於計及其估計剩餘價值後，由其可供 使用之日起以直線法計算計提撥備，以撇 銷成本減累計減值虧損。倘物業、機器及 設備項目之各部分擁有不同可使用年期， 該項目之成本會獨立按合理基準分配及折 舊：

樓宇	50年
租賃物業裝修	10年
傢俱、裝置及辦公室設備	10年
汽車	5年
電腦設備	2.5－3年

物業、機器及設備項目於出售或預期持續 使用資產將不會產生未來經濟利益時終止 確認。終止確認資產所產生之任何收益或 虧損（按出售所得款項淨額與該項目賬面值 之差額計算）於終止確認項目之期間計入損 益中。

無形資產

研發成本

研究成本於產生時列支。開發活動涉及於 計劃或設計中應用研究成果以生產全新或 重大改良之產品及程序，倘有關產品或程 序於技術層面及商業角度皆為可行，而本 集團具備充足資源以完成開發工作，則開 發活動產生之成本會資本化。資本化之開 支包括物料成本、直接勞工及適當比例之 經常費用。其他開發開支於產生時在損益 中確認為開支。當資產可供使用時，資本 化之開發成本在3年期間內以直線法予以 攤銷。尚未可供使用之無形資產則按成本 減任何累計減值虧損列賬。

2020 ANNUAL REPORT 年報 91

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Financial instruments

Financial assets

Recognition and derecognition

Financial assets are recognised when and only when the Group becomes a party to the contractual provisions of the instruments and on a trade date basis.

2. 主要會計政策 （續）

金融工具

金融資產

確認及終止確認

金融資產乃當且僅當本集團成為工具合約 條文之訂約方時按交易日基準確認。

A financial asset is derecognised when and only when (i) the Group’s contractual rights to future cash flows from the financial asset expire or (ii) the Group transfers the financial asset and either (a) it transfers substantially all the risks and rewards of ownership of the financial asset, or (b) it neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset but it does not retain control of the financial asset.

Classification and measurement

Financial assets (except for trade receivables without a significant financing component) are initially recognised at their fair value plus, in the case of financial assets not carried at FVPL, transaction costs that are directly attributable to the acquisition of the financial assets. Such trade receivables are initially measured at their transaction price.

On initial recognition, a financial asset is classified as (i) measured at amortised cost; (ii) debt investment measured at FVOCI; (iii) equity investment measured at FVOCI; or (iv) measured at FVPL.

The classification of financial assets at initial recognition depends on the Group’s business model for managing the financial assets and the financial asset’s contractual cash flow characteristics. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing them, in which case all affected financial assets are reclassified on the first day of the first annual reporting period following the change in the business model.

金融資產於且僅於(i)本集團對該項金融資 產產生之未來現金流量之合約權利屆滿 時；或(ii)本集團轉讓該項金融資產及(a)本 集團已轉移該項金融資產擁有權之絕大部 分風險及回報；或(b)本集團既無轉移亦無 保留該項金融資產擁有權之絕大部分風險 及回報，但並無保留該項金融資產之控制 權時終止確認。

分類及計量

金融資產（除並無重大融資部分的貿易應收 款項外）初步按公平值確認，而倘金融資產 並非按公平值計入損益，則另加收購金融 資產直接應佔之交易成本。有關貿易應收 款項初步按彼等的交易價計量。

初步確認時，金融資產分類為(i)按攤銷成 本計量；(ii)按公平值計入其他全面收益計 量的債務投資；(iii)按公平值計入其他全面 收益計量的股權投資；或(iv)按公平值計入 損益計量。

初步確認時的金融資產分類取決於本集團 管理金融資產的業務模式及金融資產的合 約現金流量特徵。金融資產在初始確認後 不會重新分類，除非本集團改變管理金融 資產的業務模式，在此情形下，所有受影 響的相關金融資產在業務模式發生變更後 的首個年報期間的第一日進行重新分類。

92 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Financial instruments (continued)

Financial assets (continued)

Classification and measurement (continued)

• (1) Financial assets measured at amortised cost

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated at FVPL:

• (i) it is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and

• (ii) its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses arising from impairment, derecognition or through the amortisation process are recognised in profit or loss.

The Group’s financial assets at amortised cost include trade and other receivables, restricted bank balances and bank balances and cash.

2. 主要會計政策 （續）

金融工具 （續）

金融資產 （續）

分類及計量（續）

• (1) 按攤銷成本計量的金融資產

• 於金融資產同時符合以下條件，且 並無指定按公平值計入損益，則該 金融資產按攤銷成本計量：

• (i) 該金融資產乃於目的為通過持 有金融資產收取合約現金流量 之業務模式所持有；及

• (ii) 該金融資產的合約條款使於指 定日期產生之現金流量純粹為 支付本金及未償還本金之利 息。

按攤銷成本列賬的金融資產隨後使 用實際利息法計量並可能會出現減 值。減值、終止確認或攤銷過程中 產生的收益及虧損於損益中確認。

本集團按攤銷成本計量的金融資產 包括貿易及其他應收款項、應收董 事款項、受限制銀行結餘以及銀行 結餘及現金。

2020 ANNUAL REPORT 年報 93

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Financial instruments (continued)

Financial liabilities

Recognition and derecognition

Financial liabilities are recognised when and only when the Group becomes a party to the contractual provisions of the instruments.

2. 主要會計政策 （續）

金融工具 （續）

金融負債

確認及終止確認

金融負債乃當且僅當本集團成為工具合約 條文之訂約方時確認。

A financial liability is derecognised when and only when the liability is extinguished, that is, when the obligation specified in the relevant contract is discharged, cancelled or expires.

Classification and measurement

Financial liabilities are initially recognised at their fair value plus, in the case of financial liabilities not carried at FVPL, transaction costs that are direct attributable to the issue of the financial liabilities.

當且僅當負債獲解除（即相關合約指明責任 獲履行、註銷或屆滿），金融負債終止確 認。

分類及計量

金融負債初步按公平值確認，而倘金融負 債並非按公平值計入損益，則另加發行金 融負債直接應佔之交易成本。

The Group’s financial liabilities include trade and other payables, interest-bearing borrowings, obligations under finance leases and lease liabilities. All financial liabilities are recognised initially at their fair value and subsequently measured at amortised cost, using the effective interest method, unless the effect of discounting would be insignificant, in which case they are stated at cost.

Impairment of financial assets and other items under IFRS 9

The Group recognises loss allowances for expected credit losses (“ECL”) on financial assets that are measured at amortised cost and contract assets to which the impairment requirements apply in accordance with IFRS 9. Except for the specific treatments as detailed below, at each reporting date, the Group measures a loss allowance for a financial asset at an amount equal to the lifetime ECL if the credit risk on that financial asset has increased significantly since initial recognition. If the credit risk on a financial asset has not increased significantly since initial recognition, the Group measures the loss allowance for that financial asset at an amount equal to 12-month ECL.

本集團之金融負債包括貿易及其他應付款 項、計息借貸、融資租賃責任及租賃負 債。所有金融負債初步按其公平值確認， 並於其後採用實際利率法按攤銷成本計 量，除非貼現影響並不重大，則按成本列 賬。

根據國際財務報表準則第9號計算的金融 資產減值及其他項目

本集團就按攤銷成本及合約資產計量之金 融資產（國際財務報告準則第 9 號之減值 規定適用）之預期信貸虧損（「預期信貸虧 損」）確認虧損撥備。除下文詳述之指定處 理外，於各報告日期，倘金融資產之信貸 風險自初始確認後顯著增加，則本集團按 相等於整個存續期預期信貸虧損之金額計 量金融資產之虧損撥備。倘金融資產之信 貸虧損自初始確認後並無顯著增加，則本 集團按相等於12個月之預期信貸虧損之金 額計量金融資產之虧損撥備。

94 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Financial instruments (continued)

Impairment of financial assets and other items under IFRS 9

(continued)

Measurement of ECL

ECL is a probability-weighted estimate of credit losses (i.e. the present value of all cash shortfalls) over the expected life of the financial instrument.

For financial assets, a credit loss is the present value of the difference between the contractual cash flows that are due to an entity under the contract and the cash flows that the entity expects to receive.

Lifetime ECL represents the ECL that will result from all possible default events over the expected life of a financial instrument while 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.

Where ECL is measured on a collective basis, the financial instruments are grouped based on the following one or more shared credit risk characteristics:

• (i) past due information

• (ii) nature of instrument

• (iii) nature of collateral

• (iv) industry of debtors

• (v) geographical location of debtors

• (vi) external credit risk ratings

Loss allowance is remeasured at each reporting date to reflect changes in the financial instrument’s credit risk and loss since initial recognition. The resulting changes in the loss allowance are recognised as an impairment gain or loss in profit or loss with a corresponding adjustment to the carrying amount of the financial instrument.

2. 主要會計政策 （續）

金融工具 （續）

根據國際財務報表準則第9號計算的金融 資產減值及其他項目 （續）

預期信貸虧損計量

預期信貸虧損為於金融工具預期存續期內 概率加權信貸虧損估計（即目前所有現金短 缺之現值）。

就金融資產而言，信貸虧損為根據合約應 付予一間實體之合約現金流量與實體預期 收到之現金流量之間之差額之現值。

整個存續期預期信貸虧損指於金融工具之 預期存續期內所有可能違約事件將產生之 預期信貸虧損，而12個月之預期信貸虧損 指預期於報告日期後12個月內可能違約事 件預期將產生之整個存續期預期信貸虧損 的一部分。

當預期信貸虧損按整體基準計量，金融工 具按以下一項或多項共同信貸風險特點進 行分組：

• (i) 逾期資料

• (ii) 工具性質

• (iii) 抵押品性質

• (iv) 債務人之行業

• (v) 債務人之地理位置

• (vi) 外部信貸風險評級

虧損撥備於各報告日期重新計量，以反映 金融工具自初始確認起之信貸風險及虧損 變動。所產生之虧損撥備變動於損益內確 認為減值收益或虧損，並相應調整金融工 具的賬面值。

2020 ANNUAL REPORT 年報 95

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Financial instruments (continued)

Impairment of financial assets and other items under IFRS 9

(continued)

Definition of default

The Group considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that the Group may not receive the outstanding contractual amounts in full if the financial instrument that meets any of the following criteria.

• (i) information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group); or

• (ii) there is a breach of financial covenants by the counterparty.

Irrespective of the above analysis, the Group considers that default has occurred when a financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.

2. 主要會計政策 （續）

金融工具 （續）

根據國際財務報表準則第9號計算的金融 資產減值及其他項目 （續）

違約之定義

本集團認為以下情況就內部信貸風險管理 目的而言構成違約事件，因為過往經驗表 明，倘金融工具符合以下任何標準，則本 集團可能無法收取尚未償還合約款項。

• (i) 內部產生或獲取自外部來源之資料 表明，債務人不太可能向債權人（包 括本集團）全額還款（不考慮本集團 持有之任何抵押品）；或

• (ii) 交易對手違反財務契諾。

儘管有上述分析，本集團認為，倘金融資 產逾期超過90日時則發生違約，除非本集 團有合理且可支持之資料證明更滯後之違 約標準屬更合適。

96 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Financial instruments (continued)

Impairment of financial assets and other items under IFRS 9

(continued)

Assessment of significant increase in credit risk

In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. In particular, the following information is taken into account in the assessment:

• the debtor’s failure to make payments of principal or interest on the due dates;

• an actual or expected significant deterioration in the financial instrument’s external or internal credit rating (if available);

• an actual or expected significant deterioration in the operating results of the debtor; and

• actual or expected changes in the technological, market, economic or legal environment that have or may have a significant adverse effect on the debtor’s ability to meet its obligation to the Group.

Irrespective of the outcome of the above assessment, the Group presumes that the credit risk on a financial instrument has increased significantly since initial recognition when contractual payments are more than 30 days past due, except for the receivables for which the Group has reasonable and supportable information to demonstrate that previous nonpayments were an administrative oversight, instead of resulting from financial difficulty of the borrower, or that there is no correlation between significant increases in the risk of a default occurring and financial assets on which payments are more than 30 days past due.

2. 主要會計政策 （續）

金融工具 （續）

根據國際財務報表準則第9號計算的金融 資產減值及其他項目 （續）

信貸風險顯著增加之評估

評估金融工具信貸風險自初始確認以來是 否顯著增加時，本集團會比較金融工具於 報告日期發生違約之風險與金融工具於初 始確認日期發生違約之風險。作出評估 時，本集團會考慮合理及具支持性之定量 及定性資料，包括過往經驗及可以合理成 本及努力獲取之前瞻性資料。尤其會於評 估中計及以下資料：

• 債務人未能在合約到期日支付本金 或利息；

• 金融工具之外部或內部信貸評級（如 有）出現實際或預期之重大轉差情 況；

• 債務人經營業績出現實際或預期之 重大倒退；及

• 技術、市場、經濟或法律環境之實 際或預期變動對債務人向本集團履 行責任之能力構成重大不利影響。

不論上述評估結果如何，本集團認為，當 合約付款逾期超過30日，則金融工具自初 始確認以來之信貸風險已顯著增加，惟本 集團有合理且具支持性之資料證明應收款 項並非因先前並無付款為行政疏忽而並非 借款人之財務困難引致，或所產生之違約 風險顯著增加與付款已逾期30日以上之金 融資產之間並無關連。

2020 ANNUAL REPORT 年報 97

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Financial instruments (continued)

Impairment of financial assets and other items under IFRS 9

(continued)

Low credit risk

A financial instrument is determined to have low credit risk if:

• (i) it has a low risk of default;

• (ii) the borrower has a strong capacity to meet its contractual cash flow obligations in the near term; and

• (iii) adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfil its contractual cash flow obligations.

Other receivables, restricted bank balances and bank balances and cash are determined to have low credit risk.

Simplified approach of ECL

For trade receivables and contract assets, without a significant financing components or otherwise for which the Group applies the practical expedient not to account for the significant financing components, the Group applies a simplified approach in calculating ECL. The Group recognises a loss allowance based on lifetime ECL at each reporting date and has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

2. 主要會計政策 （續）

金融工具 （續）

根據國際財務報表準則第9號計算的金融 資產減值及其他項目 （續）

低信貸風險

在以下情況下，金融工具會被釐定為具有 低信貸風險：

• (i) 金融工具具有低違約風險；

• (ii) 借款人有雄厚實力履行近期之合約 現金流量義務；及

• (iii) 經濟及商業狀況之長期不利變動有 可能但未必會降低借款人履行合約 現金流量義務之能力。

其他應收款項、受限制銀行結餘以及銀行 結餘及現金均獲釐定為低信貸風險。

預期信貸虧損之簡化方法

就並無重大融資成份或本集團採用可行之 權宜方法而不就重大融資部分入賬之貿易 應收款項及合約資產而言，本集團於計算 預期信貸虧損時採用簡化方法。本集團根 據各報告日期之整個存續期預期信貸虧損 確認虧損撥備，及設立根據其過往信貸虧 損經驗計算之撥備矩陣，並按債務人之特 定前瞻性因素及經濟環境作出調整。

98 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Financial instruments (continued)

Impairment of financial assets and other items under IFRS 9

(continued)

Credit-impaired financial asset

A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired include observable data about the following events:

• (a) significant financial difficulty of the issuer or the borrower.

2. 主要會計政策 （續）

金融工具 （續）

根據國際財務報表準則第9號計算的金融 資產減值及其他項目 （續）

信貸減值金融資產

當發生對金融資產的估計未來現金流量產 生不利影響的一項或多項事件之時，該金 融資產即出現信貸減值。金融資產信貸減 值的證據包括以下事件的可觀察數據：

• (a) 發行人或借款人陷入嚴重財政困難。

• (b) a breach of contract, such as a default or past due event.

• (c) the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider.

• (b) 違反合約，例如違約或逾期事件。

• (c) 借款人之貸款人出於與借款人財困 相關的經濟或合約原因，而向借款 人授予貸款人原本不會考慮的優惠。

• (d) it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation.

• (e) the disappearance of an active market for that financial asset because of financial difficulties.

• (f) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses.

Write-off

The Group writes off a financial asset when the Group has no reasonable expectations of recovering the contractual cash flows on a financial asset in its entirety or a portion thereof. The Group has a policy of writing off the gross carrying amount based on historical experience of recoveries of similar assets. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities under the Group’s procedures for recovery of amounts due, taking into account legal advice if appropriate. Any subsequent recovery is recognised in profit or loss.

• (d) 借款人可能破產或進行其他財務重 組。

• (e) 因財政困難以致該金融資產失去活 躍市場。

• (f) 以大幅折扣購買或引入一項金融資 產，該折扣反映已產生信貸虧損。

撇銷

當本集團無法合理預期收回金融資產全數 或部分合約現金流量時，本集團撇銷金融 資產。本集團擁有根據其追收類似資產的 過往經驗而制定之撇銷總賬面值之政策。 本集團預期不會就撇銷金額收回大量金 額。然而，經考慮法律意見（如適用）後， 已撇銷之金融資產仍可根據本集團收回到 期款項之程序實施強制執行。任何其後收 回款項於損益中確認。

2020 ANNUAL REPORT 年報 99

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Cash equivalents

For the purpose of the consolidated statement of cash flows, cash equivalents represent short-term highly liquid investments which are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.

Revenue recognition

Revenue from contracts with customers within IFRS 15

Nature of goods or services

The nature of the goods or services provided by the Group is as follows:

2. 主要會計政策 （續）

現金等價物

就綜合現金流量表而言，現金等價物指短 期高流通量投資，其可隨時轉換為已知金 額之現金，且須承受之價值變動風險不屬 重大。

收益確認

國際財務報告準則第15號所指之客戶合約 收益

貨品或服務性質

本集團所提供之貨品或服務性質如下：

• (i) system integration and development services

• (ii) IT outsourcing services

• (iii) maintenance and consultancy services

Identification of performance obligations

At contract inception, the Group assesses the goods or services promised in a contract with a customer and identifies as a performance obligation each promise to transfer to the customer either:

• (i) 系統整合及開發服務

• (ii) 資訊科技外判服務

• (iii) 維修及顧問服務

識別履約責任

於合約開始時，本集團評估與客戶訂立之 合約內承諾之貨品或服務，而向客戶轉移 以下各項承諾被識別為履約責任：

• (a) a good or service (or a bundle of goods or services) that is distinct; or

• (b) a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer.

• (a) 可區別之貨品或服務（或一批貨品或 服務）；或

• (b) 向客戶轉移具有相同模式之一系列 大致相同之可區別貨品或服務。

A good or service that is promised to a customer is distinct if both of the following criteria are met:

• (a) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e. the good or service is capable of being distinct); and

• (b) the Group’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e. the promise to transfer the good or service is distinct within the context of the contract).

倘符合以下兩項準則，向客戶承諾之貨品 或服務為可區別：

• (a) 客戶可得益自貨品或服務本身或連 同其他隨時可供客戶使用之資源（即 貨品或服務視為可區別）；及

• (b) 本集團向客戶轉移貨品或服務之承 諾可與合約內其他承諾（即轉移貨品 或服務之承諾於合約之涵義內為可 區別）分開識別。

100 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Revenue recognition (continued)

Revenue from contracts with customers within IFRS 15

(continued)

Timing of revenue recognition

Revenue is recognised when (or as) the Group satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that asset.

The Group transfers control of a good or service over time and, therefore, satisfies a performance obligation and recognises revenue over time, if one of the following criteria is met:

• (a) the customer simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs;

• (b) the Group’s performance creates or enhances an asset (for example, work in progress) that the customer controls as the asset is created or enhanced; or

• (c) the Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

If a performance obligation is not satisfied over time, the Group satisfies the performance obligation at a point in time when the customer obtains control of the promised asset. In determining when the transfer of control occurs, the Group considers the concept of control and such indicators as legal title, physical possession, right to payment, significant risks and rewards of ownership of the asset, and customer acceptance.

2. 主要會計政策 （續）

收益確認 （續）

國際財務報告準則第15號所指之客戶合約 收益 （續）

收益確認之時間

收益於本集團透過向客戶轉移所承諾之貨 品或服務（即資產）完成履約責任時（或就 此）確認。一項資產在客戶取得該項資產的 控制權時（或就此）獲轉移。

倘符合以下其中一項準則，本集團隨時間 轉移貨品或服務之控制權，因而履行履約 責任，而收益隨時間確認：

• (a) 客戶在本集團履約同時即取得並消 耗本集團履約所帶來之利益；

• (b) 本集團之履約行為創造或改良客戶 在資產被創造或改良時已控制的資 產（如在建工程）；或

• (c) 本集團之履約行為並未創造一項可 被本集團用於替代用途之資產，且 本集團具有就迄今為止已完成之履 約部份獲得客戶付款之可執行權利。

倘本集團並非於一段時間內履行責任，則 本集團乃於客戶取得所承諾資產之控制權 之某一時點履行責任。於釐定控制權轉移 發生之時間時，本集團考慮控制權之概念 及法定所有權、實物擁有權、收款權、資 產所有權之重大風險及回報及客戶接納等 有關指標。

2020 ANNUAL REPORT 年報 101

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Revenue recognition (continued)

Revenue from contracts with customers within IFRS 15

(continued)

Timing of revenue recognition (continued)

Revenue from system integration and development services and consultancy services is recognised over time because the Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

Sales of externally acquired/purchased hardware and software for system integration and development services is recognised at a point in time at which the customer obtains the control of the promised asset, which generally coincides with the time when the goods are delivered to customers and the title is passed.

IT outsourcing services income is recognised over time when services are rendered.

Maintenance services income is recognised over time on a straight-line basis over the life of the related agreements.

For revenue recognised over time under IFRS 15, provided the outcome of the performance obligation can be reasonably measured, the Group applies the input method (i.e. based on the proportion of the actual inputs deployed to date as compared to the estimated total inputs) to measure the progress towards complete satisfaction of the performance obligation because there is a direct relationship between the Group’s inputs and the transfer of control of goods or services to the customers and reliable information is available to the Group to apply the method. Otherwise, revenue is recognised only to the extent of the costs incurred until such time that it can reasonably measure the outcome of the performance obligation.

2. 主要會計政策 （續）

收益確認 （續）

國際財務報告準則第15號所指之客戶合約 收益 （續）

收益確認之時間（續）

來自系統整合及開發服務以及顧問服務之 收益乃隨時間確認，乃由於本集團的履約 行為並未產生對本集團有替代用途的資 產，且本集團有強制執行權以收取迄今已 履約的款項。

銷售有關系統整合及開發服務之外部收 購╱購買硬件及軟件於客戶取得承諾資產 的控制權之某一時間點（即一般與向客戶付 運貨物及轉移所有權之時相符）確認。

資訊科技外判服務收入於提供服務時隨時 間確認。

維修服務收入於相關協議之年期內按直線 法隨時間確認。

就根據國際財務報告準則第15號隨時間確 認收益而言，倘可合理計量履約責任之結 果，本集團應用輸入法（即按迄今之實際投 入與估計總投入之比例）計量完全履行履 約責任之進展情況，原因為本集團之投入 與轉移貨品或服務之控制權予客戶之間有 直接關係及有可靠資料供本集團採用該方 法。否則，本集團僅以所產生成本為限確 認收益，直至其可合理計量履約責任之結 果。

102 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Revenue recognition (continued)

Revenue from contracts with customers within IFRS 15

(continued)

Transaction price: significant financing components

When the contract contains a significant financing component (i.e. the customer or the Group is provided with a significant benefit of financing the transfer of goods or services to the customer), in determining the transaction price, the Group adjusts the promised consideration for the effects of the time value of money. The effect of the significant financing component is recognised as an interest income or interest expense separately from revenue from contracts with customers in profit or loss.

The Group determines the interest rate that is commensurate with the rate that would be reflected in a separate financing transaction between the Group and its customer at contract inception by reference to, where appropriate, the interest rate implicit in the contract (i.e. the interest rate that discounts the cash selling price of the goods or services to the amount paid in advance or arrears), the prevailing market interest rates, the Group’s borrowing rates and other relevant creditworthiness information of the customer of the Group.

The Group has applied the practical expedient in paragraph 63 of IFRS 15 and does not adjust the consideration for the effect of the significant financing component if the period of financing is one year or less.

Interest income

Interest income from financial assets is recognised using the effective interest method. For financial assets measured at amortised cost that are not credit-impaired, the effective interest rate is applied to the gross carrying amount of the assets while it is applied to the amortised cost (i.e. the gross carrying amount net of loss allowance) in case of creditimpaired financial assets.

2. 主要會計政策 （續）

收益確認 （續）

國際財務報告準則第15號所指之客戶合約 收益 （續）

交易價格：重大融資部分

倘合約包括重大融資部分（即向客戶轉讓貨 品或服務為客戶或本集團帶來重大利益）， 本集團於釐定交易價格時就金額時間值之 影響而調整已承諾之代價金額。重大融資 部分之影響與來自客戶合約之收益分開於 損益中確認為利息收入或利息開支。

本集團參考合約中隱含利率（即貨品或服 務之現金售價較預付或拖欠金額折讓之利 率）、現行市場利率、本集團之借貸利率及 本集團客戶之其他相關信譽資料（視適用者 而定），於合約開始時釐定與本集團與其客 戶之獨立融資交易所反映比率相稱之利率。

本集團已應用國際財務報告準則第15號第 63段所載之實際權宜方法，且並無調整對 融資期為一年或以內之重大融資成分之影 響之考慮。

利息收入

來自金融資產之利息收入使用實際利率法 確認。就按攤銷成本計量且並無信貸減值 之金融資產而言，實際利率適用於資產之 總賬面值，而就具信貸減值之金融資產而 言，其適用於攤銷成本（即扣除虧損撥備之 總賬面值）。

2020 ANNUAL REPORT 年報 103

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Contract assets and contract liabilities

If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, the contract is presented as a contract asset, excluding any amounts presented as a receivable. Conversely, if a customer pays consideration, or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the contract is presented as a contract liability when the payment is made or the payment is due (whichever is earlier). A receivable is the Group’s right to consideration that is unconditional or only the passage of time is required before payment of that consideration is due.

For a single contract or a single set of related contracts, either a net contract asset or a net contract liability is presented. Contract assets and contract liabilities of unrelated contracts are not presented on a net basis.

In accordance with the standard payment schedules of the Group, payments are normally not due or received from the customer until the services are completed or when the goods are delivered. However, for such transactions, revenue is recognised over time and therefore, a contract asset is recognised until it becomes a receivable or payments are received. During that period, any significant financing components, if applicable, will be included in the contract asset and recognised as interest income.

Foreign currency translation

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in RM because the Group’s transactions are mainly conducted in RM, which is the functional currency of the operating subsidiaries of the Group in Malaysia. The Company’s functional currency is Hong Kong Dollars (“HK$”).

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

2. 主要會計政策 （續）

合約資產及合約負債

倘本集團透過於客戶支付代價前或在付款 到期應付前將貨品或服務轉移予客戶，合 約將呈列為合約資產，不包括呈列為應收 款項之任何金額。相反，倘客戶支付代 價，或本集團有權無條件取得代價金額， 則於本集團向客戶轉讓貨品或服務前，合 約將於作出付款或付款到期應付（以較早者 為準）時呈列為合約負債。應收款項為本集 團無條件或在支付到期代價前所需時間流 逝之取得代價權利。

單一合約或一組相關合約以合約資產淨值 或合約負債淨額呈列。無關合約之合約資 產及合約負債並不按淨額基準呈列。

根據本集團的標準付款時間表，一般情況 下，直至完成服務或交付貨品時，付款方 會到期或向客戶收取。然而，就該等交易 而言，收益乃隨時間確認，因此，合約資 產於其成為應收款項時或收取付款後確 認。於該期間，任何重大融資部分（倘適 用）將計入合約資產內並確認為利息收入。

外幣換算

本集團各實體之財務報表所列項目乃按實 體經營所在之主要經濟環境之貨幣（「功能 貨幣」）計量。綜合財務報表按馬幣呈列， 原因為本集團之交易主要以本集團於馬來 西亞之營運附屬公司之功能貨幣馬幣進 行。本公司之功能貨幣為港元（「港元」）。

外幣交易均按交易當日之現行匯率換算為 功能貨幣。因該等交易結算及按期末匯率 換算以外幣計值之貨幣資產及負債而產生 之匯兌損益，均於損益中確認。

104 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Foreign currency translation (continued)

The results and financial position of all the group entities that have a functional currency different from the presentation currency (“foreign operations”) are translated into the presentation currency as follows:

• assets and liabilities for each statement of financial position presented, are translated at the closing rate at the end of the reporting period.

• income and expenses for each statement of profit or loss and other comprehensive income are translated at average exchange rate.

• all resulting exchange differences arising from the above translation and exchange differences arising from a monetary item that forms part of the Group’s net investment in a foreign operation are recognised as a separate component of equity.

• on the disposal of a foreign operation, which includes a disposal of the Group’s entire interest in a foreign operation and a disposal involving the loss of control over a subsidiary that includes a foreign operation, the cumulative amount of the exchange differences relating to the foreign operation that is recognised in other comprehensive income and accumulated in the separate component of equity is reclassified from equity to profit or loss when the gain or loss on disposal is recognised.

• on the partial disposal of the Group’s interest in a subsidiary that includes a foreign operation which does not result in the Group losing control over the subsidiary, the proportionate share of the cumulative amount of the exchange differences recognised in the separate component of equity is re-attributed to the non-controlling interests in that foreign operation and are not reclassified to profit or loss; and

• on all other partial disposals, the proportionate share of the cumulative amount of exchange differences recognised in the separate component of equity is reclassified to profit or loss.

2. 主要會計政策 （續）

外幣換算 （續）

所有功能貨幣有別於呈列貨幣之集團實體 （「海外業務」）之業績及財務狀況，均按以 下方式換算為呈列貨幣：

• 各財務狀況表呈列之資產及負債乃 按報告期末之收市匯率換算。

• 各損益及其他全面收益表之收支乃 按平均匯率換算。

• 所有上述換算產生之匯兌差額及構 成本集團於海外業務之投資淨額部 分之貨幣項目所產生之匯兌差額， 乃確認為權益之個別部分。

• 出售海外業務時（包括出售本集團於 海外業務之全部權益，以及涉及失 去包含海外業務之附屬公司之控制 權之出售事項），與海外業務相關 而於其他全面收益中確認並於權益 中獨立部分累計之匯兌差額累計金 額，於確認出售損益時由權益重新 分類至損益。

• 部分出售本集團於包含海外業務之 附屬公司之權益，但並無令本集團 失去對附屬公司之控制權時，按比 例分佔於權益中獨立部分確認之匯 兌差額累計金額會重新分類至該海 外業務之非控股權益，而不會重新 分類至損益；及

• 於所有其他部分出售時，按比例分 佔於權益中獨立部分確認之匯兌差 額累計金額會重新分類至損益。

2020 ANNUAL REPORT 年報 105

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Impairment of other assets

At the end of each reporting period, the Group reviews internal and external sources of information to assess whether there is any indication that its property, plant and equipment, right-of-use assets, intangible assets and the Company’s investment in a subsidiary may be impaired or impairment loss previously recognised no longer exists or may be reduced. If any such indication exists, the recoverable amount of the asset is estimated, based on the higher of its fair value less costs of disposal and value in use. In addition, the Group tests its intangible assets that are yet to be available for use for impairment by estimating their recoverable amount on an annual basis or whenever there is an indication that those assets may be impaired. If any such indication exists, the recoverable amount of intangible assets not yet available for use is estimated, based on the higher of its fair value less costs of disposal and value in use. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the smallest group of assets that generates cash flows independently (i.e. a cashgenerating unit (“CGU”)).

If the recoverable amount of an asset or a cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. Impairment losses are recognised as an expense in profit or loss immediately.

A reversal of impairment loss is limited to the carrying amount of the asset or cash-generating unit that would have been determined had no impairment loss been recognised in prior periods. Reversal of impairment loss is recognised as an income in profit or loss immediately.

2. 主要會計政策 （續）

其他資產減值

於各報告期末，本集團會審閱內部及外部 資料來源，以評估是否有任何跡象顯示其 物業、機器及設備、使用權資產、無形資 產及本公司於附屬公司之投資可能出現減 值，或之前確認之減值虧損是否已不再存 在或可能減少。倘出現任何有關跡象，將 會根據資產之公平值減出售成本及使用價 值（以較高者為準）估計資產之可收回金 額。此外，本集團透過每年或於可能出現 減值跡象時估計尚未可供使用之無形資產 之可收回金額，以測試該等無形資產之減 值。倘存有任何該等跡象，尚未可供使用 之無形資產之可收回金額乃按其公平值減 出售成本與使用價值之較高者估計。倘無 法估計個別資產之可收回金額，則本集團 會估計獨立產生現金流量之最小組別資產 （即現金產生單位（「現金產生單位」））之可 收回金額。

倘估計某項資產或現金產生單位之可收回 金額將低於其賬面值，則該資產或現金產 生單位之賬面值會減低至其可收回金額。 減值虧損即時於損益中確認為開支。

減值虧損之撥回以該資產或現金產生單位 在過往期間並無確認減值虧損而釐定之賬 面值為限。減值虧損撥回即時於損益中確 認為收入。

106 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Borrowing costs

Borrowing costs incurred, net of any investment income on the temporary investment of the specific borrowings, that are directly attributable to the acquisition, construction or production of qualifying assets, i.e. assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised as part of the cost of those assets. Capitalisation of such borrowing costs ceases when the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised as an expense in the period in which they are incurred.

Government grants

Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognised as income over the years necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Where the grant relates to an asset, the fair value is recognised as a deduction from the carrying amount of the relevant asset and is released to profit or loss over the expected useful life of the relevant asset by equal annual instalments.

2. 主要會計政策 （續）

借貸成本

已產生之借貸成本（有關直接用於收購、建 築或製造合資格資產（即須長時間方可用於 擬定用途或出售之資產），扣除該特定借貸 之暫時投資所得之任何投資收入）須撥充資 本，作為該等資產之部分成本。倘該等資 產大致完成可作擬定用途或出售時，有關 借貸成本將停止撥充資本。所有其他借貸 成本於其產生期間確認為開支。

政府補助

政府補助於能合理確定將收到補助，且所 有附帶條件將獲遵守之情況下按公平值確 認。倘補助與開支項目相關，有關補助於 需要有系統地將補助與其擬補償之成本配 對之年度內確認為收入。倘補助與資產有 關，則公平值按扣減相關資產賬面值確 認，並按相關資產之預計可使用年期按年 以等額分期轉撥至損益。

2020 ANNUAL REPORT 年報 107

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Leases

Applicable from 1 December 2019

The Group assesses whether a contract is, or contains, a lease at inception of the contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

As lessee

The Group applies the recognition exemption to short-term leases and low-value asset leases. Lease payments associated with these leases are recognised as an expense on a straightline basis over the lease term.

2. 主要會計政策 （續）

租賃

自二零一九年十二月一日起適用

本集團於合約開始時評估合約是否屬於或 包含租賃。倘合約為換取代價而給予在一 段時間內控制可識別資產用途的權利，則 該合約屬於或包含租賃。

作為承租人

本集團對短期租賃及低價值資產租賃應用 確認豁免。與該等租賃相關之租賃付款按 直線法於租賃期內確認為開支。

The Group has elected not to separate non-lease components from lease components, and accounts for each lease component and any associated non-lease components as a single lease component.

The Group accounts for each lease component within a lease contract as a lease separately. The Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component.

Amounts payable by the Group that do not give rise to a separate component are considered to be part of the total consideration that is allocated to the separately identified components of the contract.

The Group recognises a right-of-use asset and a lease liability at the commencement date of the lease.

本集團已選擇不區分租賃部分與非租賃部 分，並將各租賃部分及任何相關非租賃部 分入賬列作單一租賃部分。

本集團將租賃合約中的各租賃部分作為單 獨租賃入賬。本集團根據租賃部分的相對 單獨價格，將合約代價分配至各租賃部分。

本集團未產生單獨組成部分之應付款項被 視作分配至合約單獨可識別組成部分之總 代價之一部分。

本集團於租賃開始日期確認使用權資產及 租賃負債。

108 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Leases (continued)

Applicable from 1 December 2019 (continued)

As lessee (continued)

The right-of-use asset is initially measured at cost, which comprises:

• (a) the amount of the initial measurement of the lease liability;

• (b) a n y l e a s e s p a y m e n t s m a d e a t o r b e f o r e t h e commencement date, less any lease incentives received;

• (c) any initial direct costs incurred by the Group; and

• (d) an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.

Subsequently, the right-of-use asset is measured at cost less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability. Depreciation is provided on a straight-line basis over the shorter of the lease term and the estimated useful lives of the right-of-use asset (unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or if the cost of the right-of-use asset reflects that the Group will exercise a purchase option – in which case depreciation is provided over the estimated useful life of the underlying asset) as follows:

Office premises	Over the term of lease
Motor vehicles	5 years

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date of the contract.

2. 主要會計政策 （續）

租賃 （續）

自二零一九年十二月一日起適用 （續）

作為承租人（續）

使用權資產按成本初始計量，包括：

• (a) 租賃負債的初始計量金額；

• (b) 於開始日期或之前所作的任何租賃 付款，減任何已收取的租賃優惠；

• (c) 本集團產生之任何初始直接成本；及

• (d) 本集團於拆除及移除相關資產、復 原其所在場地或將相關資產恢復至 租賃條款及條件所要求的狀況時所 產生的估計成本，除非該等成本乃 因生產存貨而產生。

其後，使用權資產按成本減任何累計折舊 及任何累計減值虧損計量，並就租賃負債 的任何重新計量作出調整。折舊按租賃期 與使用權資產的估計可使用年期的較短者 按直線法作出撥備（除非租賃於租賃期屆滿 時將相關資產的所有權轉讓予本集團或倘 使用權資產的成本反映本集團將行使購買 權[—] 於此情況下，折舊則按相關資產的估 計可使用年期作出撥備）如下：

辦公室物業	於租賃期內
汽車	5年

租賃負債按並非於合約開始日期支付的租 賃付款現值初始計量。

2020 ANNUAL REPORT 年報 109

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Leases (continued)

Applicable from 1 December 2019 (continued)

As lessee (continued)

The lease payments included in the measurement of the lease liability comprise the following payments for the right to use the underlying asset during the lease term that are not paid at the commencement date:

2. 主要會計政策 （續）

租賃 （續）

自二零一九年十二月一日起適用 （續）

作為承租人（續）

租賃負債計量所包括的租賃付款包括以下 並未於租賃開始日期就相關資產使用權支 付的款項：

• (a) fixed payments (including in-substance fixed payments), less any lease incentives receivable;

• (b) variable lease payments that depend on an index or a rate;

• (c) amounts expected to be payable under residual value guarantees;

• (d) exercise price of a purchase option if the Group is reasonably certain to exercise that option; and

• (e) payment of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease.

• (a) 固定付款（包括實質性固定付款）， 減任何應收租賃優惠；

• (b) 取決於指數或利率而定之可變租賃 付款；

• (c) 根據剩餘價值擔保預期將予支付之 金額；

• (d) 本集團合理確定行使購買權之行使 價；及

• (e) 倘租賃期反映本集團行使選擇權終 止租賃，終止租賃之罰款。

The lease payments are discounted using the interest rate implicit in the lease, or where it is not readily determinable, the incremental borrowing rate of the lessee.

Subsequently, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability and by reducing the carrying amount to reflect the lease payments made.

租賃付款按租賃中隱含的利率進行貼現， 或倘不能輕易釐定該利率，則使用承租人 增量借款利率。

隨後，通過增加賬面值以反映租賃負債的 利息並通過減少賬面值以反映已支付的租 賃付款，計量租賃負債。

The lease liability is remeasured using a revised discount rate when there are changes to the lease payments arising from a change in the lease term or the reassessment of whether the Group will be reasonably certain to exercise a purchase option.

當租賃期出現變動或重新評估本集團是否 會合理確定行使購買權而導致租賃付款發 生變化時，將使用經修訂貼現率對租賃負 債進行重新計量。

110 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Leases (continued)

Applicable from 1 December 2019 (continued)

As lessee (continued)

The lease liability is remeasured by using the original discount rate when there is a change in the residual value guarantee, the in-substance fixed lease payments or the future lease payments resulting from a change in an index or a rate (other than floating interest rate). In case of a change in future lease payments resulting from a change in floating interest rates, the Group remeasures the lease liability using a revised discount rate.

The Group recognises the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset. If the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, the Group recognises any remaining amount of the remeasurement in profit or loss.

A lease modification is accounted for as a separate lease if:

• (a) the modification increases the scope of the lease by adding the right to use one or more underlying assets; and

2. 主要會計政策 （續）

租賃 （續）

自二零一九年十二月一日起適用 （續）

作為承租人（續）

當指數或利率（浮動利率除外）變動導致剩 餘價值擔保、實質性固定租賃付款或未來 租賃付款發生變化時，則使用原貼現率重 新計量租賃負債。倘因浮動利率變動導致 未來租賃付款發生變化，本集團採用經修 訂貼現率重新計量租賃負債。

本集團確認租賃負債重新計量的金額為使 用權資產調整。倘使用權資產的賬面值減 少至零及租賃負債的計量進一步減少，則 本集團於損益確認重新計量的任何剩餘金 額。

倘發生以下情況，則租賃修訂作為單獨租 賃入賬：

• (a) 該修訂通過增加一項或多項相關資 產的使用權而擴大租賃範圍；及

• (b) the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that standalone price to reflect the circumstances of the particular contract.

• (b) 租賃代價增加的金額相當於擴大範 圍對應的單獨價格，加上以反映特 定合約的情況對單獨價格作出的任 何適當調整。

2020 ANNUAL REPORT 年報 111

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Leases (continued)

Applicable from 1 December 2019 (continued)

As lessee (continued)

When a lease modification is not accounted for as a separate lease, at the effective date of the lease modification:

• (a) the Group allocates the consideration in the modified contract on the basis of relative standalone price as described above.

2. 主要會計政策 （續）

租賃 （續）

自二零一九年十二月一日起適用 （續）

作為承租人（續）

倘租賃修訂並非作為單獨租賃入賬，則於 該租賃修訂生效之日：

• (a) 本公司將合約修訂代價按上述相對 單獨價格作出分配。

• (b) the Group determines the lease term of the modified contract.

• (b) 本集團釐定經修訂合約之租賃期。

• (c) the Group remeasures the lease liability by discounting the revised lease payments using a revised discount rate over the revised lease term.

• (d) for lease modifications that decrease the scope of the lease, the Group accounts for the remeasurement of the lease liability by decreasing the carrying amount of the right-of-use assets to reflect the partial or full termination of the lease and recognising any gain or loss relating to the partial or full termination of the lease in profit or loss.

• (e) for all other lease modifications, the Group accounts for the remeasurement of the lease liability by making a corresponding adjustment to the right-of-use asset.

• (c) 本集團透過於經修訂租賃期使用經 修訂貼現率對經修訂租賃付款進行 貼現，重新計量租賃負債。

• (d) 就縮減租賃範圍之租賃修訂而言， 本集團透過減少使用權資產賬面值 將租賃負債的重新計量入賬，以反 映部分或全面終止該租賃並於損益 中確認任何與部分或全面終止該租 賃相關之收益或虧損。

• (e) 就所有其他租賃修訂而言，本集團 透過對使用權資產作出相應調整， 將租賃負債的重新計量入賬。

112 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Leases (continued)

Applicable from 1 December 2019 (continued)

As lessee (continued)

The Group has applied the practical expedient provided in Amendments to IFRS 16: COVID-19-Related Rent Concessions and does not assess whether eligible rent concessions occurring as a direct consequence of the COVID-19 pandemic are lease modification. The Group accounts for any change in lease payments resulting from the rent concession the same way it would account for the change applying IFRS 16 if the change were not a lease modification.

The practical expedient applies only to rent concessions occurring as a direct consequence of the COVID-19 pandemic and only if all of the following conditions are met:

• (a) the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change;

• (b) any reduction in lease payments affects only payments originally due on or before 30 June 2021; and

• (c) there is no substantive change to other terms and conditions of the lease.

The Group has applied the practical expedient consistently to all eligible rent concessions with similar characteristics and in similar circumstances.

Applicable before 1 December 2019

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

2. 主要會計政策 （續）

租賃 （續）

自二零一九年十二月一日起適用 （續）

作為承租人（續）

本集團已採用國際財務報告準則第16號之 修訂本：COVID-19相關租金寬減訂明的可 行權宜方法，且並無評估因COVID-19疫 情的直接影響而產生的合資格租金寛減是 否租賃修訂。倘相關變動並非租賃修訂， 則本集團就租金寛減導致的租賃付款變動 入賬，其方式與應用國際財務報告準則第 16號時對該變動的入賬方式相同。

此可行權宜方法僅在滿足以下所有條件的 情況下，才能應用於因COVID-19疫情的 直接影響而產生的租金寛減：

• (a) 租賃付款的變動導致租賃的代價修 訂，與緊接變動前的租賃代價大致 相同或低於該代價；

• (b) 租賃付款的任何減少僅影響原於二 零二一年六月三十日或之前到期的 付款；及

• (c) 租賃的其他條款及條件並無實質性 變動。

• 本集團對所有具有類似特徵及處於類似情 況的合資格租金寛減貫徹應用可行權宜方 法。

於二零一九年十二月一日前適用

倘租賃條款將所有權的絕大部分風險及回 報轉讓至承租人，則租賃分類為融資租 賃。所有其他租賃分類為經營租賃。

2020 ANNUAL REPORT 年報 113

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Leases (continued)

Applicable before 1 December 2019 (continued)

Finance leases, as lessee

Assets held under finance leases are recognised as assets of the Group at the lower of the fair value of the leased assets and the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as finance lease obligation. Finance charges, which represent the difference between the total leasing commitments and the fair value of the assets acquired, are charged to profit or loss over the term of the relevant lease so as to produce a constant periodic rate of charge on the remaining balance of the obligations for each accounting period.

Operating leases, as lessee

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the term of the relevant lease.

Employee benefits

Short term employee benefits

Salaries, annual bonuses, paid annual leave and the cost of non-monetary benefits are accrued in the period in which the associated services are rendered by employees.

Defined contribution plans

The obligations for contributions to defined contribution retirement scheme are recognised as an expense in profit or loss as incurred. The assets of the scheme are held separately from those of the Group in an independently administered fund.

Taxation

The charge for current income tax is based on the results for the period as adjusted for items that are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

2. 主要會計政策 （續）

租賃 （續）

於二零一九年十二月一日前適用 （續）

融資租賃，作為承租人

根據融資租賃持有之資產乃以租賃資產之 公平值與最低租賃付款現值之較低者確認 為本集團資產，而出租人承擔之相應負債 則於財務狀況表列作融資租賃責任。融資 費用為租賃承擔總額與所購入資產之公平 值之差額，乃於有關租賃期間內自損益中 扣除，以便就各會計期間之剩餘承擔金額 計算出一個定期支出比率。

經營租賃，作為承租人

經營租賃項下之應付租金於有關租賃期間 按直線法於損益中扣除。

僱員福利

短期僱員福利

薪金、年度花紅、有薪年假及非現金福利 成本乃於僱員提供相關服務之期間內累計。

定額供款計劃

向定額供款退休計劃作出供款之責任在產 生時於損益中確認為開支。計劃之資產與 本集團之資產分開，並由獨立管理之基金 持有。

稅項

即期所得稅支出乃根據期內業績計算，並 就毋須課稅或不可扣減項目作出調整。計 算時所使用之稅率為於報告期末已制定或 實質上已制定之稅率。

114 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Taxation (continued)

Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, any deferred tax arising from initial recognition of goodwill, or other asset or liability in a transaction other than a business combination that at the time of the transaction affects neither the accounting profit nor taxable profit or loss is not recognised.

The deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is recovered or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the end of the reporting period.

Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences, tax losses and credits can be utilised.

2. 主要會計政策 （續）

稅項 （續）

遞延稅項乃就資產及負債之稅基與其於綜 合財務報表內之賬面值於報告期末之所有 暫時性差額，採用負債法作出撥備。然 而，初始確認商譽或一項交易（業務合併除 外）中之其他資產或負債所產生之任何遞延 稅項，倘於交易時不影響會計溢利或應課 稅溢利或虧損，則不會予以確認。

遞延稅項資產及負債乃根據於報告期末已 制定或實質上已制定之稅率及稅法，按已 收回資產或已清償負債之期間預期適用之 稅率計量。

倘可能有未來應課稅溢利可用作抵銷可扣 減暫時性差額、稅項虧損及抵免，則會確 認遞延稅項資產。

Deterred tax is provided on temporary differences arising on investment in subsidiaries, except where the timing of the reversal of the temporary differences is controlled by the Group and it is probable that the temporary difference will net reverse in the foreseeable future.

遞延稅項乃就於附屬公司之投資所產生暫 時性差異計提撥備，惟暫時性差異之撥回 時間由本集團控制且暫時性差異很可能不 會在可見將來撥回之情況除外。

Related parties

A related party is a person or entity that is related to the Group, that is defined as:

• (a) A person or a close member of that person’s family is related to the Group if that person:

• (i) has control or joint control over the Group;

• (ii) has significant influence over the Group; or

• (iii) is a member of the key management personnel of the Group or of the holding company of the Group.

關聯方

關聯方為與本集團有關聯之人士或實體， 定義如下：

• (a) 倘一名人士符合以下條件，該名人 士或其近親即為與本集團有關聯：

• (i) 對本集團有控制權或共同控制 權；

• (ii) 對本集團有重大影響力；或

• (iii) 為本集團或本集團控股公司之 主要管理人員之成員。

2020 ANNUAL REPORT 年報 115

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Related parties (continued)

• (b) An entity is related to the Group if any of the following conditions applies:

• (i) the entity and the Group are members of the same group (which means that each holding company, subsidiary and fellow subsidiary is related to the others).

• (ii) one entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).

• (iii) both entities are joint ventures of the same third party.

• (iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity.

• (v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. If the Group is itself such a plan, the sponsoring employers are also related to the Group.

• (vi) the entity is controlled or jointly controlled by a person identified in (a).

• (vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a holding company of the entity).

• (viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the holding company of the Group.

2. 主要會計政策 （續）

關聯方 （續）

• (b) 倘一間實體符合以下條件，其即為 與本集團有關聯：

• (i) 該實體與本集團為同一集團之 成員公司（即各控股公司、附 屬公司及同系附屬公司彼此互 有關聯）。

• (ii) 一間實體為另一間實體之聯營 公司或合營企業（或為另一間 實體所屬集團成員公司之聯營 公司或合營企業）。

• (iii) 兩間實體均為同一第三方之合 營企業。

• (iv) 一間實體為一名第三方之合營 企業，而另一間實體為該第三 方之聯營公司。

• (v) 該實體為本集團或與本集團有 關聯之實體之僱員福利而設之 退休福利計劃。倘本集團本身 為該計劃，提供資助之僱主亦 為與本集團有關聯。

• (vi) 該實體為受第(a)項所識別人士 控制或共同控制。

• (vii) 第(a)(i)項所識別人士對該實體 有重大影響力或為該實體（或 該實體之控股公司）主要管理 人員之成員。

• (viii) 向本集團或本集團之控股公司 提供主要管理人員服務之實體 或其所屬集團之任何成員公 司。

116 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Related parties (continued)

Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity and include:

• (a) that person’s children and spouse or domestic partner;

• (b) children of that person’s spouse or domestic partner; and

• (c) dependants of that person or that person’s spouse or domestic partner.

In the definition of a related party, an associate includes subsidiaries of the associate and a joint venture includes subsidiaries of the joint venture.

Segment reporting

Operating segments, and the amounts of each segment item reported in the consolidated financial statements, are identified from the financial information provided regularly to the Group’s most senior executive management for the purpose of allocating resources to, and assessing the performance of, the Group’s various lines of business and geographical locations.

Individual material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria.

2. 主要會計政策 （續）

關聯方 （續）

一名人士之近親指於該人士與該實體進行 買賣時，預期可能會影響該名人士或受該 名人士影響之家庭成員，並包括：

• (a) 該名人士之子女及配偶或同居伴侶；

• (b) 該名人士之配偶或同居伴侶之子 女；及

• (c) 該名人士或該名人士配偶或同居伴 侶之受養人。

於關聯方之定義中，聯營公司包括該聯營 公司之附屬公司，而合營企業包括該合營 企業之附屬公司。

分部報告

綜合財務報表內所呈報之經營分部及各分 部項目之金額，乃自定期就本集團各業務 分部及地理位置之資源分配及表現評估而 向本集團最高行政管理層提供之財務資料 中識別得出。

就財務報告而言，個別重大之經營分部不 會彙集計算，惟擁有類似經濟特徵及在產 品及服務性質、生產過程性質、客戶類別 或種類、分派產品或提供服務所用之方法 以及監管環境性質方面類似之分部除外。 個別不重大之經營分部倘具備大部分該等 特質，亦可以彙集計算。

2020 ANNUAL REPORT 年報 117

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Critical accounting estimates and judgements

Estimates and assumptions concerning the future and judgements are made by the management in the preparation of the consolidated financial statements. They affect the application of the Group’s accounting policies, reported amounts of assets, liabilities, income and expenses, and disclosures made. They are assessed on an on-going basis and are based on experience and relevant factors, including expectations of future events that are believed to be reasonable under the circumstances. Where appropriate, revisions to accounting estimates are recognised in the period of revision and future periods, in case the revision also affects future periods.

Key sources of estimation uncertainty are as follow:

Useful lives of property, plant and equipment, right-of-use assets and intangible assets

The management determines the estimated useful lives of the Group’s property, plant and equipment, right-of-use assets and intangible assets based on the experience of actual useful lives of assets of similar nature and functions or expected useful lives of assets, after taking into account of estimated technology life cycle. The estimated useful lives could be different as a result of technical innovations which could affect the related depreciation and amortisation charges included in profit or loss.

Impairment of property, plant and equipment, right-of-use assets and intangible assets

The management determines whether the Group’s property, plant and equipment, right-of-use assets and intangible assets are impaired when an indication of impairment exists or when annual impairment testing is required. This requires an estimation of the recoverable amount of the property, plant and equipment and intangible assets, which is equal to the higher of fair value less costs of disposal or the value in use. Estimating the value in use requires the management to make an estimate of the expected future cash flows from the property, plant and equipment, right-of-use assets and intangible assets and also to choose a suitable discount rate in order to calculate the present value of those cash flows. Any impairment will be charged to profit or loss.

2. 主要會計政策 （續）

關鍵會計估計及判斷

管理層於編製綜合財務報表時會作出關於 未來之估計、假設及判斷。有關估計、假 設及判斷會影響本集團會計政策之應用、 資產、負債、收入及開支之呈報金額，以 及所作出之披露。管理層會持續根據經驗 及相關因素（包括在各種情況下相信對未來 事件作出之合理預期）對有關估計、假設及 判斷作出評估。倘適用，會計估計之修訂 會於作出修訂之期間及未來期間（如有關修 訂亦會影響未來期間）確認。

估計不確定因素之主要來源如下：

物業、機器及設備、使用權資產以及無形 資產之可使用年期

管理層根據有相似性質及功能或資產之預 期可使用年期之資產實際可使用年期之經 驗並經計及估計科技之使用周期釐定本集 團之物業、機器及設備、使用權資產以及 無形資產之估計可使用年期。該估計可使 用年期可能因科技創新而有所不同，可影 響於損益中入賬之相關折舊及攤銷費用。

物業、機器及設備、使用權資產以及無形 資產之減值

管理層於出現減值跡象或須進行年度減值 測試時釐定本集團之物業、機器及設備、 使用權資產以及無形資產有否減值。此須 對物業、機器及設備以及無形資產之可收 回金額進行估計，其相當於公平值減出售 成本或使用價值之較高者。估計使用價值 要求管理層對來自物業、機器及設備、使 用權資產以及無形資產之預期未來現金流 量作出估計，並選擇一個適當貼現率，以 計算該等現金流量之現值。任何減值將於 損益中扣除。

118

MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Critical accounting estimates and judgements (continued)

Discount rates for calculating lease liabilities — as lessee

The Group uses the lessee’s incremental borrowing rates to discount future lease payments since interest rates implicit in the leases are not readily determinable. In determining the discounts rates for its leases, the Group refers to a rate that is readily observable as the starting point and then applies judgement and adjusts such observable rate to determine the incremental borrowing rate.

Loss allowance for ECL

The Group’s management estimates the loss allowance for trade receivables and contract assets by using various inputs and assumptions including risk of a default and expected loss rate. The estimation involves high degree of uncertainty which is based on the Group’s historical information, existing market conditions as well as forward-looking estimates at the end of each reporting period. Where the expectation is different from the original estimate, such difference will impact the carrying amount of trade receivables and contract assets. Details of the key assumption and inputs used in estimating ECL are set out in Note 29 to the consolidated financial statements.

2. 主要會計政策 （續）

關鍵會計估計及判斷 （續）

計算租賃負債之貼現率－作為承租人

因為租賃中隱含的利率不能輕易釐定，本 集團使用承租人增量借款利率貼現未來租 賃款項。釐定其租賃的貼現率時，本集團 參考開始時可觀察到的利率並作出判斷以 及對有關可觀察利率作出調整，以釐定增 量借款利率。

預期信貸虧損之虧損撥備

本集團管理層使用不同輸入數據及假設， 包括違約風險及預期虧損率以估計貿易應 收款項及合約資產之虧損撥備。估計存在 重大不確定因素，其基於本集團之過往估 計、現行市況及於各報告期末之前瞻性資 料。倘預計與原先估計不同，有關差額將 影響貿易應收款項及合約資產的賬面值。 估計預期信貸虧損所用的主要假設及輸入 數據的詳情載於綜合財務報表附註29。

Revenue recognition

The Group recognised revenue from system integration and development services and consultancy services over time by reference to the progress of satisfaction of performance obligations of each project at the reporting date. The progress is determined based on actual inputs, such as staff costs, deployed on each project and the respective input costs comparing to the estimated total service costs of each project by tracing to the contracts signed with respective customers. The computation of the progress and estimation of total service costs for each project require the use of judgement and estimates.

收益確認

經參考報告日期各項目履約義務之履行進 度，本集團隨時間確認來自系統整合及開 發服務以及顧問服務之收益。進度乃根據 實際輸入數據（例如員工成本）、透過追踪 與各客戶簽訂之合約，與各項目之估計總 服務成本進行比較，調配各項目及各項輸 入數據。進度之計算及各項目之估計總服 務成本須使用判斷及估計。

2020 ANNUAL REPORT 年報 119

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Future changes in IFRSs

At the date of approving these consolidated financial statements, the IASB has issued the following new/revised IFRSs that are not yet effective for the current year, which the Group has not early adopted.

Amendments to IASs 1 and 8 Definition of Material[1]

Interest Rate Benchmark Reform – Phase 1[[1]]

Amendments to IAS 39, Interest Rate Benchmark Reform – Phase 1[[1]] IFRSs 7 and 9 Amendments to IFRS 3 Definition of a Business[2] Amendments to IAS 39, Interest Rate Benchmark Reform – Phase 2[3] IFRSs 4, 7, 9 and 16

Proceeds before Intended Use[4] Cost of Fulfilling a Contract[4] Reference to the Conceptual Framework[4] 2018-2020 Cycle[4]

Amendments to IAS 16 Amendments to IAS 37 Amendments to IFRS 3 Annual Improvements to IFRSs

Amendments to IAS 1 Classification of Liabilities as Current or Non-current[5] Amendments to IAS 1 Disclosures of Accounting Policies[5] Amendments to IAS 8 Definition of Accounting Estimates[5] IFRS 17 Insurance Contracts[5] Amendments to IFRS 10 and Sale or Contribution of Assets between an Investor IAS 28 and its Associate or Joint Venture[6]

• 1 Effective for annual periods beginning on or after 1 January 2020

• 2 Effective for acquisitions that occur on or after the beginning of the first annual period beginning on or after 1 January 2020

• 3 Effective for annual periods beginning on or after 1 January 2021

• 4 Effective for annual periods beginning on or after 1 January 2022

• 5 Effective for annual periods beginning on or after 1 January 2023

• 6 The effective date to be determined

The Directors do not anticipate that the adoption of these new/ revised IFRSs in future periods will have any material impact on the Group’s consolidated financial statements.

2. 主要會計政策 （續）

國際財務報告準則之未來變動

於批准此等綜合財務報表當日，本集團並 無提早採納國際會計準則理事會已頒佈惟 於本年度尚未生效之下列新訂╱經修訂國 際財務報告準則。

國際會計準則第1號及 重大之定義[1] 第8號之修訂本 國際會計準則第39號、國際財務 利率基準改革[—] 第一階段[1] 報告準則第7號及第9號之修訂本 國際財務報告準則第3號之修訂本 業務之定義[2] 國際會計準則第39號、 利率基準改革[—] 第二階段[3] 國際財務報告準則第4號、 第7號、第9號及第16號之修訂本 國際會計準則第16號之修訂本 用作擬定用途前的所得款項[4] 國際會計準則第37號之修訂本 履行合約的成本[4] 國際財務報告準則第3號之修訂本 概念框架的引用[4] 國際財務報告準則之年度改進 二零一八年至二零二零年 週期[4] 國際會計準則第1號之修訂本 將負債分類為流動或非流動[5] 國際會計準則第1號之修訂本 會計政策之披露[5] 國際會計準則第8號之修訂本 會計估計之定義[5] 國際財務報告準則第17號 保險合約[5] 國際財務報告準則第10號及 投資者與其聯營公司或合營 國際會計準則第28號之修訂本 企業之間的資產出售或 注資[6]

• 1 自二零二零年一月一日或之後開始的年度 期間生效

• 2 對二零二零年一月一日或之後開始的首個 年度期間開始時或之後發生的收購生效

• 3 自二零二一年一月一日或之後開始的年度 期間生效

• 4 自二零二二年一月一日或之後開始的年度 期間生效

• 5 自二零二三年一月一日或之後開始的年度 期間生效

• 6 生效日期尚待釐定

董事預期於未來期間應用該等新訂╱經修 訂國際財務報告準則將不會對本集團的綜 合財務報表造成任何重大影響。

120 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

3. SEGMENT INFORMATION

Information reported to the executive directors of the Company, being identified as the chief operating decision makers (the “CODM”), for the purposes of resource allocation and assessment of segment performance focuses on types of goods delivered or services provided. No operating segments identified by the CODM have been aggregated in arriving at the reportable segments of the Group.

Specifically, the Group’s reportable and operating segments are:

3. 分部資料

向本公司執行董事（即被識別為主要營運決 策者（「主要營運決策者」）呈報之資料，就 資源分配及評估分部表現而言，著重於已 交付或提供之物品或服務之類型。於達致 本集團可呈報分部時，並無綜合主要營運 決策者所識別之經營分部。

具體而言，本集團之可呈報及經營分部為：

• (i) system integration and development services;

• (ii) IT outsourcing services; and

• (iii) maintenance and consultancy services.

Segment revenue and results

The accounting policies of the operating segments are the same as the Group’s accounting policies described in Note 2 to the consolidated financial statements.

• (i) 系統整合及開發服務；

• (ii) 資訊科技外判服務；及

• (iii) 維修及顧問服務。

分部收益及業績

經營分部之會計政策與綜合財務報表附註 2所述之本集團之會計政策一致。

Segment revenue represents revenue derived from the system integration and development services, IT outsourcing services and maintenance and consultancy services.

Segment results represent the gross profit reported by each segment without allocation of other income, administrative expenses, finance costs, impairment loss on intangible assets and trade receivables and income tax expenses. This is the measure reported to the CODM of the Group for the purposes of resource allocation and performance assessment.

No analysis of the Group’s assets and liabilities by operating segments is presented as it is not regularly provided to the CODM for review.

In addition, the Group’s place of domicile is Malaysia, where the central management and control is located.

分部收益指來自系統整合及開發服務、資 訊科技外判服務以及維修及顧問服務取得 之收益。

分部業績指各分部已呈報毛利，而並未分 配之其他收入、行政開支、融資成本、無 形資產及貿易應收款項減值虧損及所得稅 開支。就資源分配及表現評估而言，此乃 向本集團之主要營運決策者呈報之方法。

由於本集團按經營分部劃分之資產及負債 並無定期提供予主要營運決策者進行審 閱，故並無呈報其分析。

此外，本集團之所在地為馬來西亞，即中 央管理及控制之所在地。

2020 ANNUAL REPORT 年報 121

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

3. SEGMENT INFORMATION (continued)

Segment revenue and results (continued)

The segment information provided to the CODM for the reportable segments for the years ended 30 November 2020 and 2019 is as follows:

3. 分部資料 （續）

分部收益及業績 （續）

於截至二零二零年及二零一九年十一月 三十日止年度，就可呈報分部向主要營運 決策者提供之分部資料如下：

Year ended 30 November 2020 截至二零二零年十一月三十日 止年度 Revenue from external customers and reportable segment revenue 來自外部客戶之收益及 可呈報分部收益	System integration and development services IT outsourcing services Maintenance and consultancy services Total
	系統整合及 開發服務 資訊科技 外判服務 維修及 顧問服務 總計
	RM’000 RM’000 RM’000 RM’000
	馬幣千元 馬幣千元 馬幣千元 馬幣千元
	8,084 1,086 841 10,011
Reportable segment results 可呈報分部業績
	133 538 816 1,487
Other information: 其他資料： Amortisation 攤銷
	1,930 — — 1,930
Addition of intangible assets 添置無形資產
	3,685 — — 3,685
Impairment loss on intangible assets 無形資產減值虧損
	2,226 — — 2,226
Impairment loss on trade receivables 貿易應收款項減值虧損
	811 — (50) 761
Year ended 30 November 2019 截至二零一九年十一月三十日 止年度 Revenue from external customers and reportable segment revenue 來自外部客戶之收益及 可呈報分部收益	17,864 771 793 19,428
Reportable segment results 可呈報分部業績	5,193 396 283 5,872
Other information: 其他資料： Amortisation 攤銷	350 — — 350
Addition of intangible assets 添置無形資產	3,669 — — 3,669
Research and development expenses 研發開支	152 — — 152
Impairment loss on trade receivables 貿易應收款項減值虧損	188 — 50 238

122 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

3.	3. 分部資料（續） 可呈報分部業績之對賬 SEGMENT INFORMATION(continued) Reconciliation of reportable segment results	3. 分部資料（續） 可呈報分部業績之對賬 SEGMENT INFORMATION(continued) Reconciliation of reportable segment results	3. 分部資料（續） 可呈報分部業績之對賬 SEGMENT INFORMATION(continued) Reconciliation of reportable segment results
	Reportable segment results 可呈報分部業績 Unallocated income and expenses: 未分配收入及開支： Other income 其他收入 Administrative expenses 行政開支 Finance costs 融資成本 Impairment loss on intangible assets 無形資產減值虧損 Impairment loss on trade receivables 貿易應收款項減值虧損	2020	2019 二零一九年 RM’000 馬幣千元 5,872 390 (4,576) (65) – (238)
		二零二零年
		RM’000
		馬幣千元
		1,487
		216
		(9,825)
		(83)
		(2,226)
		(761)
	(Loss) Profit before income tax 除所得稅前（虧損）溢利 Income tax expenses 所得稅開支		1,383 (71)
		(11,192)
		—
	(Loss)Profit for theyear 年度（虧損）溢利		1,312
		(11,192)

Geographical information

The following table sets out information about the geographical location of (i) the Group’s revenue from external customers; and (ii) the Group’s property, plant and equipment, right-ofuse assets and intangible assets (the “Specified Non-current Assets”). The geographical location of revenue is based on the location of external customers. The geographical location of the Specified Non-current Assets is based on the physical location of the assets (in the case of property, plant and equipment and right-of-use assets, the location of operation to which they are located, in the case of intangible assets, the location of operations).

地區資料

下表載列有關(i)本集團來自外部客戶之收 益；及 (ii) 本集團之物業、機器及設備、 使用權資產以及無形資產（「特定非流動資 產」）之地理位置之資料。收益之地理位置 乃根據外部客戶之位置而定。特定非流動 資產之地理位置乃根據資產之實際位置（如 屬物業、機器及設備以及使用權資產，則 其所處營運之位置；如屬無形資產，則為 營運之位置）而定。

2020 ANNUAL REPORT 年報 123

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

3. SEGMENT INFORMATION (continued)

Geographical information (continued)

(a) Revenue from external customers

3. 分部資料 （續）

地區資料 （續）

(a) 來自外部客戶之收益

Revenue from external customers (	a) 來自外部客戶之	收益
Malaysia 馬來西亞 Singapore 新加坡	2020	2019 二零一九年 RM’000 馬幣千元 19,379 49
	二零二零年
	RM’000
	馬幣千元
	10,011
	—
		19,428
	10,011

(b) Specified Non-current Assets

At 30 November 2020 and 2019, all the Specified Noncurrent Assets are located in Malaysia.

Information about major customers

Revenue from customers individually contributing 10% or more of the total revenue of the Group for the years ended 30 November 2020 and 2019 is as follows:

(b) 特定非流動資產

於二零二零年及二零一九年十一月 三十日，所有特定非流動資產位於 馬來西亞。

有關主要客戶之資料

來自個別貢獻本集團截至二零二零年及二 零一九年十一月三十日止年度之總收益 10%或以上之客戶之收益如下：

Customer A 客戶A Customer B 客戶B Customer C 客戶C Customer D 客戶D	2020	2019 二零一九年 RM’000 馬幣千元 8,102 (Note)（附註） 3,890 3,150
	二零二零年
	RM’000
	馬幣千元
	5,066
	1,277
	1,252
	(Note) （附註）

Note: The customer individually did not contribute 10% or more of the total revenue of the Group for the relevant year.

附註：該客戶於有關年度並無個別貢獻本集團總 收益10%或以上。

124 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

4.	REVENUE 4. 收益	REVENUE 4. 收益	REVENUE 4. 收益
	Revenue from contract with customers within IFRS 15 國際財務報告準則第15號所指 之客戶合約收益 System integration and development services 系統整合及開發服務 Services provided 所提供服務 Sales of externally acquired/ purchased hardware and software 銷售外部收購╱購買之硬件 及軟件	2020	2019 二零一九年 RM’000 馬幣千元 16,593 1,271
		二零二零年
		RM’000
		馬幣千元
		6,952
		1,132
	IT outsourcing services 資訊科技外判服務 Maintenance and consultancy services 維修及顧問服務		17,864 771 793
		8,084
		1,086
		841
			19,428
		10,011
	Timing of revenue recognition: 收益確認之時間性： At a point in time 某一時點 Over time 隨時間	2020	2019 二零一九年 RM’000 馬幣千元 1,271 18,157
		二零二零年
		RM’000
		馬幣千元
		1,132
		8,879
			19,428
		10,011

2020 ANNUAL REPORT 年報 125

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

5. 6.	5. 其他收入 OTHER INCOME	5. 其他收入 OTHER INCOME	5. 其他收入 OTHER INCOME
	Exchange gain, net 匯兌收益淨額 Government grant 政府補助 Interest income 利息收入 Others 其他	2020	2019 二零一九年 RM’000 馬幣千元 31 — 332 27
		二零二零年
		RM’000
		馬幣千元
		—
		52
		156
		8
			390
		216
	(LOSS) PROFIT BEFORE INCOME TAX This is stated after charging: 6. 除所得稅前（虧損）溢利 除所得稅前（虧損）溢利經扣除下列各項計算：
	Finance costs 融資成本 Interest expenses on interest-bearing borrowings 計息借貸之利息開支 Finance charges on obligations under finance leases 融資租賃責任之融資費用 Finance charges on lease liabilities 租賃負債之融資費用	2020	2019 二零一九年 RM’000 馬幣千元 42 23 —
		二零二零年
		RM’000
		馬幣千元
		34
		—
		49
			65
		83

126 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

6.	6. 除所得稅前（虧損）溢利（續） (LOSS) PROFIT BEFORE INCOME TAX(continued)	6. 除所得稅前（虧損）溢利（續） (LOSS) PROFIT BEFORE INCOME TAX(continued)	6. 除所得稅前（虧損）溢利（續） (LOSS) PROFIT BEFORE INCOME TAX(continued)
	Staff costs and related expenses (including directors’ remuneration) 員工成本及相關開支 （包括董事薪酬） Salaries, allowances and other benefits in kind 薪金、津貼及其他實物 福利 Contributions to defined contribution plans 定額供款計劃之供款	2020	2019 二零一九年 RM’000 馬幣千元 7,383 570
		二零二零年
		RM’000
		馬幣千元
		7,077
		602
			7,953
		7,679
	Represented by: 代表： Staff costs for administrative and sales staff 行政及銷售員工之 員工成本 Staff costs for IT staff included in administrative expenses 資訊科技員工的員工成本， 計入行政開支 Staff costs for research and development expenses 研發開支之員工成本 Staff costs allocated to “Cost of services” 已分配至「服務成本」之 員工成本		1,553 — 152 4,116
		1,912
		1,930
		—
		3,741
	Staff costs charged to profit or loss 計入損益之員工成本 Staff costs capitalised as “Intangible assets” 已資本化為「無形資產」 之員工成本		5,821 2,132
		7,583
		96
			7,953
		7,679
	Other items 其他項目 Amortisation of intangible assets, included in administrative expenses 無形資產攤銷 （計入行政開支） Auditors’ remuneration 核數師薪酬 Cost of materials sold 已售材料成本 Depreciation of property, plant and equipment 物業、機器及設備 折舊 Depreciation of right-of-use assets 使用權資產折舊 Exchange loss, net 外匯虧損淨額 Operating lease expense 經營租賃開支 Research and development expenses 研發開支		350 478 1,065 306 — — 128 152
		1,930
		515
		912
		321
		302
		38
		—
		—

2020 ANNUAL REPORT 年報 127

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

7. DIRECTORS’ EMOLUMENTS

In addition to the directors’ fee, certain directors of the Company received remuneration from the Group during the years ended 30 November 2020 and 2019 for their appointment as employees of these entities. The aggregate amounts of remuneration received and receivable by the directors of the Company during the years ended 30 November 2020 and 2019 are set out below.

Year ended 30 November 2020

7. 董事酬金

除董事袍金外，本公司之若干董事於截至 二零二零年及二零一九年十一月三十日止 年度內已自本集團收取薪酬，以作為彼等 獲委任為此等實體僱員之薪酬。於截至二 零二零年及二零一九年十一月三十日止年 度內，本公司董事已收及應收薪酬之總金 額載列如下。

截至二零二零年十一月三十日止年度

Year ended 30 November 2020	截至二零二零年十一月三十日止年度
Executive directors 執行董事 Mr. Chong Yee Ping 鍾宜斌先生 Mr. Liu Yan Chee James 劉恩賜先生 Non-executive directors 非執行董事 Mr. Siah Jiin Shyang 謝錦祥先生 Mr. Lam Pang 林鵬先生 Independent non-executive directors 獨立非執行董事 Mr. Chan San Ping 陳生平先生 Mr. Su Chi Wen 蘇熾文先生 Ms. Ho Suet Man Stella 何雪雯女士	Directors’ fees Salaries, allowances and other benefits in kind Discretionary bonus Contributions to defined contribution plans Total
	董事袍金 薪金、津貼 及其他 實物福利 酌情花紅 定額供款 計劃之供款 總計
	RM’000 RM’000 RM’000 RM’000 RM’000
	馬幣千元 馬幣千元 馬幣千元 馬幣千元 馬幣千元
	— 361 — 9 370
	— 254 — 9 263
	— 191 — — 191
	— 191 — — 191
	— 70 — — 70
	— 70 — — 70
	— 70 — — 70
	— 1,207 — 18 1,225

128 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

7. DIRECTORS’ EMOLUMENTS (continued) 7. 董事酬金 （續）

Year ended 30 November 2019 截至二零一九年十一月三十日止年度

			Salaries,
			allowances		Contributions
			and other		to defined
		Directors’	benefits	Discretionary	contribution
		fees	in kind	bonus	plans	Total
			薪金、津貼
			及其他		定額供款
		董事袍金	實物福利	酌情花紅	計劃之供款	總計
		RM’000	RM’000	RM’000	RM’000	RM’000
		馬幣千元	馬幣千元	馬幣千元	馬幣千元	馬幣千元
Executive directors	執行董事
Mr. Chong Yee Ping	鍾宜斌先生	—	254	—	9	263
Mr. Liu Yan Chee James	劉恩賜先生	—	231	—	9	240
Non-executive directors	非執行董事
Mr. Siah Jiin Shyang	謝錦祥先生	—	143	—	—	143
Mr. Lam Pang	林鵬先生	—	175	—	—	175
Independent non-executive	獨立非執行董事
directors
Mr. Chan San Ping	陳生平先生	—	68	—	—	68
Mr. Su Chi Wen	蘇熾文先生	—	68	—	—	68
Ms. Ho Suet Man Stella	何雪雯女士	—	68	—	—	68
		—	1,007	—	18	1,025

During the years ended 30 November 2020 and 2019, no emoluments were paid by the Group to any of these directors as an inducement to join or upon joining the Group, or as a compensation for loss of office. No directors waived or agreed to waive any emoluments during the years ended 30 November 2020 and 2019.

於截至二零二零年及二零一九年十一月 三十日止年度，本集團概無向任何該等董 事支付薪酬，以作為吸引其加入或於加入 本集團後之獎勵，或作為其離職補償。概 無董事放棄或同意放棄於截至二零二零年 及二零一九年十一月三十日止年度之任何 酬金安排。

2020 ANNUAL REPORT 年報 129

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

8. FIVE HIGHEST PAID INDIVIDUALS

An analysis of the five highest paid individuals during the years ended 30 November 2020 and 2019 is as follows:

8. 五名最高薪人士

於截至二零二零年及二零一九年十一月 三十日止年度，五名最高薪人士之分析如 下：

Number of individuals 人數	Number of individuals 人數	Number of individuals 人數
Director 董事 Non-director 非董事	2020	2019 二零一九年 2 3
	二零二零年
	2
	3
		5
	5

Details of the remuneration of the above highest paid nondirector individuals are as follows:

上述最高薪非董事人士之薪酬詳情如下：

Salaries, allowances and other benefits in kind 薪金、津貼及其他實物福利 Contributions to defined contribution plans 定額供款計劃之供款	2020	2019 二零一九年 RM’000 馬幣千元 673 46
	二零二零年
	RM’000
	馬幣千元
	677
	49
		719
	726

The number of these non-director individuals whose emoluments fell within the following emoluments band is as follows:

此等非董事人士之酬金介乎下列酬金範圍 之人數如下：

follows:
Nil to HK$1,000,000 零至1,000,000港元	2020	2019 二零一九年 3
	二零二零年
	3

During the years ended 30 November 2020 and 2019, no remuneration was paid by the Group to any of these highest paid non-director individuals as an inducement to join or upon joining the Group, or as a compensation for loss of office. None of these highest non-director paid individuals waived or has agreed to waive any emoluments during the years ended 30 November 2020 and 2019.

於截至二零二零年及二零一九年十一月 三十日止年度內，本集團概無向任何此等 最高薪非董事人士支付薪酬，作為吸引彼 等加入或加入本集團時之獎勵，或作為其 離職補償。於截至二零二零年及二零一九 年十一月三十日止年度內，概無任何此等 最高薪非董事人士放棄或同意放棄任何酬 金之安排。

130 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

INCOME TAX EXPENSES 9. 所得稅開支	INCOME TAX EXPENSES 9. 所得稅開支	INCOME TAX EXPENSES 9. 所得稅開支
Current tax 即期稅項 Malaysia corporate income tax (“Malaysia CIT”) 馬來西亞企業所得稅 （「馬來西亞企業所得稅」） Deferred tax 遞延稅項	2020	2019 二零一九年 RM’000 馬幣千元 68 3
	二零二零年
	RM’000
	馬幣千元
	—
	—
Total income tax expenses for theyear 本年度所得稅開支總額		71
	—

9. INCOME TAX EXPENSES

於開曼群島及英屬處女群島（「英屬處女群 島」）成立之集團實體獲豁免繳付當地所得 稅。由於本集團並無於或自香港產生應課 稅溢利，故並無就香港利得稅計提撥備。

The group entities established in the Cayman Islands and the British Virgin Islands (the “BVI”) are exempted from income tax. No provision for Hong Kong profits tax has been made as the Group had no assessable profits arising in or derived from Hong Kong.

由於本集團於截至二零二零年十一月三十 日止年度就稅項產生虧損，故並無就馬來 西亞企業所得稅計提撥備。馬來西亞企業 所得稅於截至二零一九年十一月三十日止 年度按估計應課稅溢利之 24% 計算。繳 足資本為馬幣 2,500,000 元或以下之馬來 西亞企業實體於截至二零一九年十一月 三十日止年度估計應課稅溢利之首筆馬幣 500,000元按稅率17%繳稅，而餘額按稅 率24%繳稅。

Malaysia CIT has not been provided as the Group incurred a loss for taxation purpose for the year ended 30 November 2020. Malaysia CIT is calculated at 24% of the estimated assessable profits for the year ended 30 November 2019. Malaysia incorporated entities with paid-up capital of RM2.5 million or less enjoy tax rate of 17% on the first RM500,000 and remaining balance of the estimated assessable profits at tax rate of 24% for the year ended 30 November 2019.

2020 ANNUAL REPORT 年報 131

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

9. INCOME TAX EXPENSES (continued)

Mixsol Sdn. Bhd. (“Mixsol”) and Tandem Advisory Sdn. Bhd. (“Tandem”) have obtained the pioneer status effective from 23 September 2011 and 7 December 2012, respectively. A pioneer status company is eligible for exemption from income tax on eligible activities and products for five years and subject to submitting a formal request to the Malaysia Investment Development Authority on or prior to expiration date and upon the Ministry of International Trade and Industry confirming that Mixsol and Tandem have been complying with all the applicable conditions as imposed, the tax relief period shall be extended for a further five years after each five-year tax relief period ends.

The pioneer status for Mixsol has been renewed during the year ended 30 November 2016 and subject to next renewal on or prior to 22 September 2021. The renewal of the pioneer status for Tandem has been submitted and was rejected on 27 August 2019 due to change in government policy on the pioneer status. As a result, the Inland Revenue Board of Malaysia requested supplementary income tax payment from Tandem during the year ended 30 November 2019. Upon the rejection, Tandem is subject to Malaysia CIT in the absence of approval for the extension of pioneer status since the year ended 30 November 2019.

Reconciliation of income tax expenses

9. 所得稅開支 （續）

Mixsol Sdn. Bhd.（「 Mixsol 」）及 Tandem Advisory Sdn. Bhd.（「Tandem」）已取得 新興工業地位，分別自二零一一年九月 二十三日及二零一二年十二月七日起生 效。新興工業地位之公司合資格可就五年 合資格活動及產品獲得所得稅豁免，惟須 於屆滿日期或之前向馬來西亞投資發展局 提交正式申請，及於國際貿易和工業局確 認後遵守所施加之所有適用條件。於每五 年免稅期結束後，免稅期可進一步延長五 年。

於截至二零一六年十一月三十日止年度， Mixsol之新興工業地位已予重續，並須於 二零二一年九月二十二日或之前再次重 續。Tandem之新興工業地位續期經已提 交，惟由於有關新興工業的政府政策變 動，其已於二零一九年八月二十七日遭拒 絕。因此，馬來西亞稅務局要求Tandem 補繳截至二零一九年十一月三十日止年度 之所得稅。於有關拒絕後，在不被批准延 長新興工業地位之情況下，Tandem須繳 交自截至二零一九年十一月三十日止年度 起之馬來西亞企業所得稅。

所得稅開支之對賬

Reconciliation of income tax expenses	所得稅開支之對賬
(Loss)Profit before income tax 除所得稅前（虧損）溢利	2020	2019 二零一九年 RM’000 馬幣千元 1,383
	二零二零年
	RM’000
	馬幣千元
	(11,192)
Income tax at applicable tax rate 按適用稅率計算之所得稅 Non-deductible expenses 不可扣稅開支 Tax incentives on the pioneer status 新興工業地位之稅項優惠 Unrecognised tax losses 未確認稅項虧損 Others 其他		490 527 (1,025) — 79
	(2,288)
	1,922
	—
	426
	(60)
Income tax expenses 所得稅開支		71
	—

The applicable tax rate is the weighted average of rates prevailing in the territories in which the Group’s entities operate against profit or loss before tax. The change in applicable tax rate is caused by changes in the taxable results of the Group’s subsidiaries in the respective countries in which the Group operates.

適用稅率為本集團實體經營所在地區用以 計算除稅前溢利或虧損之現行稅率之加權 平均稅率。適用稅率之變動由本集團在經 營業務所在各相關國家之本集團附屬公司 之應課稅業績變動所致。

132 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

10. (LOSS) EARNINGS PER SHARE

The calculation of basic and diluted (loss) earnings per share attributable to owners of the Company is based on the following information:

10. 每股（虧損）盈利

本公司擁有人應佔基本及攤薄（虧損）盈利 乃根據以下數據計算：

(Loss) Profit for the year attributable to the owners of the Company, used in basic and diluted (loss) earnings per share calculation 用作計算每股基本及 攤薄（虧損）盈利之本公司 擁有人應佔（虧損）溢利	2020	2019 二零一九年 RM’000 馬幣千元 1,312
	二零二零年
	RM’000
	馬幣千元
	(11,192)
Number of shares 股份數目 Weighted average number of ordinary shares for basic and diluted (loss) earningsper share calculation 用作計算每股基本及攤薄（虧損） 盈利之普通股加權平均股數 390,000,000 390,000,000

Diluted (loss) earnings per share are same as the basic (loss) earnings per share as there are no dilutive potential ordinary shares in existence during the years ended 30 November 2020 and 2019.

由於截至二零二零年及二零一九年十一月 三十日止年度，並無任何具潛在攤薄影響 之普通股，每股攤薄（虧損）盈利與每股基 本（虧損）盈利相同。

11. DIVIDENDS

The directors of the Group did not recommend the payment of final dividend for the year ended 30 November 2020 ( 2019: Nil ).

11. 股息

本集團董事並不建議就截至二零二零年 十一月三十日止年度派付末期股息（二零 一九年：無）。

2020 ANNUAL REPORT 年報 133

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

12. PROPERTY, PLANT AND EQUIPMENT

12. 物業、機器及設備

PROPERTY, PLANT AND EQUIPMENT		12.物	業、機器及	設備
Buildings 樓宇 RM’000 馬幣千元 Reconciliation of carrying amount – Year ended 30 November 2019 賬面值對賬 — 截至二零一九年十一月 三十日止年度 At 1 December 2018 於二零一八年十二月一日 1,279 Additions 添置 — Depreciation 折舊 (28) Disposals 出售 —	Leasehold improvements 租賃物業裝修 RM’000 馬幣千元 68 — (11) —	Furniture, fixtures and office equipment 傢俱、裝置及 辦公室設備 RM’000 馬幣千元 121 — (17) (1)	Motor vehicle 汽車 RM’000 馬幣千元 47 898 (167) —	Computer equipment 電腦設備 RM’000 馬幣千元 63 1,076 (83) —	Total 總計 RM’000 馬幣千元 1,578 1,974 (306) (1)
At 30 November 2019 於二零一九年十一月三十日 1,251	57	103	778	1,056	3,245
Reconciliation of carrying amount – Year ended 30 November 2020 賬面值對賬 — 截至二零二零年十一月 三十日止年度 At 1 December 2019 於二零一九年十二月一日 1,251 Adjustment upon adoption of IFRS 16_(Note 2)_ 採納國際財務報告準則 第16號後調整（附註2） — Additions 添置 — Depreciation 折舊 (28)
	57	103	778	1,056	3,245
	—	—	(778)	—	(778)
	—	—	—	39	39
	(11)	(5)	—	(277)	(321)
At 30 November 2020 於二零二零年十一月三十日 1,223
	46	98	—	818	2,185
At 30 November 2019 於二零一九年十一月三十日 Cost 成本 1,390 Accumulated depreciation 累計折舊 (139)	112 (55)	267 (164)	1,133 (355)	1,292 (236)	4,194 (949)
1,251	57	103	778	1,056	3,245
At 30 November 2020 於二零二零年十一月三十日 Cost 成本 1,390 Accumulated depreciation 累計折舊 (167)
	112	267	—	1,331	3,100
	(66)	(169)	—	(513)	(915)
1,223
	46	98	—	818	2,185

At 30 November 2019, the carrying amount of the Group’s motor vehicles held under finance leases amounted to approximately RM778,000 are presented under right-of-use assets upon the adoption of IFRS 16 at 1 December 2019.

於二零一九年十二月一日採納國際財務報 告準則後，於二零一九年十一月三十日根 據融資租賃持有之本集團汽車之賬面值約 馬幣778,000元於使用權資產項下呈列。

134 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

13. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

13. 使用權資產及租賃負債

Right-of-use assets

使用權資產

At 1 December 2019 於二零一九年十二月一日 Upon adoption of IFRS 16 (Note 2) 採納國際財務報告準則第16條 （附註2） Addition 添置 Depreciation 折舊	Office premises Motor vehicles Total
	辦公室物業 汽車 總計
	RM’000 RM’000 RM’000
	馬幣千元 馬幣千元 馬幣千元
	— — —
	168 778 946
	— 194 194
	(115) (187) (302)
At 30 November 2020 於二零二零年十一月三十日
	53 785 838
Cost 成本 Accumulated depreciation 累計折舊
	168 1,327 1,495
	(115) (542) (657)
Net carrying amount 賬面淨值
	53 785 838

2020 ANNUAL REPORT 年報 135

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

13. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (continued)

Lease liabilities

13. 使用權資產及租賃負債 （續）

租賃負債

Lease liabilities 租賃負債
Current portion 流動部分 Non-current portion 非流動部分	2020
	二零二零年
	RM’000
	馬幣千元
	223
	743
	966

The Group leases various office premises and motor vehicles 本集團租借多處辦公處所及多架汽車以供

for its operation and the lease terms ranging from one to nine 營運之用，租期介乎一至九年不等。於截

years. The total cash outflow for lease was approximately 至二零二零年十一月三十日止年度，租賃

RM251,000 for the year ended 30 November 2020. 的現金流出總額約為馬幣251,000元。

At 30 November 2020, the weighted average effective interest 於二零二零年十一月三十日，本集團租賃

rate for the lease liabilities of the Group was 4.8% per annum. 負債的加權平均實際年利率為4.8%。

Commitment under operating leases 經營租賃承擔

At 30 November 2019, the Group had total future minimum 於二零一九年十一月三十日，本集團按不

lease payments under non-cancellable operating leases, which 可撤銷的經營租賃應付之未來最低租賃付

are payable as follows: 款總額如下： 2019 二零一九年 RM’000 馬幣千元 Within one year 一年內 55 In the second to fifth years inclusive 第二年至第五年（包括首尾兩年） 49 104

The Group leases various office premises and motor vehicles for its operation and the lease terms ranging from one to nine years. The total cash outflow for lease was approximately RM251,000 for the year ended 30 November 2020.

At 30 November 2020, the weighted average effective interest rate for the lease liabilities of the Group was 4.8% per annum.

Commitment under operating leases

At 30 November 2019, the Group had total future minimum lease payments under non-cancellable operating leases, which are payable as follows:

136 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

14. INTANGIBLE ASSETS

14. 無形資產

				Internally
				developed
				technologies
				內部開發之科技
				RM’000
				馬幣千元
	Reconciliation of carrying amount –	賬面值對賬 —
	Year ended 30 November 2019		截至二零一九年十一月三十日止年度
	At 1 December 2018	於二零一八年十二月一日		129
	Additions	添置		3,669
	Amortisation	攤銷		(350)
	At 30 November 2019	於二零一九年十一月三十日		3,448
	Reconciliation of carrying amount –	賬面值對賬 —
	Year ended 30 November 2020		截至二零二零年十一月三十日止年度
	At 1 December 2019 Additions Amortisation Impairment loss	於二零一九年十二月一日 添置 攤銷 減值虧損		3,448 3,685 (1,930) (2,226)
	At 30 November 2020	於二零二零年十一月三十日		2,977
	At 30 November 2019	於二零一九年十一月三十日
	Cost	成本		4,697
	Accumulated amortisation	累計攤銷		(1,249)
				3,448
	At 30 November 2020	於二零二零年十一月三十日
	Cost Accumulated amortisation and impairment loss	成本 累計攤銷及減值虧損		8,382 (5,405)
				2,977

2020 ANNUAL REPORT 年報 137

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

14. INTANGIBLE ASSETS (continued)

Development costs represented costs incurred at the development phase of certain new technologies, which are capitalised and amortised (if applicable) in accordance with the accounting policies set out in Note 2 to the consolidated financial statements.

14. 無形資產 （續）

開發成本指於若干新科技之開發階段所產 生之成本，其已根據綜合財務資料附註2 所載之會計政策予以資本化及攤銷（倘適 用）。

At 30 November 2020, all the intangible assets are available for use. The carrying amounts of intangible assets yet to be available for use at 30 November 2019 were approximately RM2,754,000.

於二零二零年十一月三十日，所有無形資 產均可供使用。截至二零一九年十一月 三十日止年度之尚未可供使用的無形資產 之賬面值約馬幣2,754,000元。

The Group carried out annual impairment test for intangible assets where an indicator of impairment appears by comparing their recoverable amounts to their carrying amounts at the end of the reporting period.

The Group, through its subsidiaries in Malaysia, is engaged in the provision of system integration and development services and maintenance services (the “System Integration CGU”). In view of the deteriorating economy and the outbreak of COVID-19 pandemic during the year ended 30 November 2020, the management considered that there is impairment indicator under the System Integration CGU.

The management assessed that certain technology developed in previous years may not be easily meet the customers’ increasing expectations and requirements for their IT needs in the future market development, in particular, after the outbreak of COVID-19 pandemic. According, the recoverable amount of these technologies under the System Integration CGU which its fair value less costs of disposal was zero. Impairment loss on these technologies of approximately RM2,226,000 was recognised for the year ended 30 November 2020.

本集團透過於報告期末比較無形資產之可 收回金額與賬面值，就其是否出現減值跡 象進行年度減值測試。

本集團透過其位於馬來西亞的附屬公司從 事提供系統整合及開發服務和維修服務 （「系統整合現金產生單位」）。鑒於截至二 零二零年十一月三十日止年度經濟轉趨惡 化及COVID-19疫情爆發，管理層認為系 統整合現金產生單位下存有減值指標。

就管理層評估，尤其於COVID-19疫情爆 發後，過往年度開發的若干技術可能難以 在未來的市場發展中滿足客戶對其資訊科 技需求日漸增加的期望與要求，因此系統 整合現金產生單位下該等技術的可收回金 額（即公平值減去出售成本）為零。該等技 術於截至二零二零年十一月三十日止年度 確認減值虧損約為馬幣2,226,000元。

138 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

14. INTANGIBLE ASSETS (continued)

At 30 November 2020, the Group further assessed the recoverable amount of the System Integration CGU based on the value-in-use calculation using pre-tax cash flow projections covering a 3-year period which is provided by the management. The estimated revenue and costs for each individual intangible asset were based on management expectation. As the recoverable amount of the System Integration CGU was approximately RM4,791,000, no further impairment loss should be recognised for the remaining noncurrent assets allocated to the System Integration CGU at 30 November 2020.

14. 無形資產 （續）

於二零二零年十一月三十日，本集團根據 管理層提供的三年期稅前現金流量預測作 使用價值計算，進一步評估系統整合現金 產生單位的可收回金額。各項無形資產的 估計收入和成本均以管理層的預期為基 礎。由於系統整合現金產生單位的可收回 金額約為馬幣 4,791,000 元，所以於二零 二零年十一月三十日無須就分配予系統整 合現金產生單位的餘下非流動資產確認進 一步減值虧損。

Key assumptions and inputs used for value-in-use calculation are as follows:

用於使用價值計算的主要假設和輸入數據 如下：

Average gross profit margin 平均毛利率 Average growth rate 平均增長率 Discount rate 貼現率	2020
	二零二零年
	28%
	21%
	9%

The management considered that any reasonable possible change in the key assumptions used in the value-in-use calculation on the System Integration CGU would not cause a further impairment loss.

管理層認為，系統整合現金產生單位的使 用價值計算所採用的主要假設如有任何合 理可能的變動，不會導致進一步減值虧損。

At 30 November 2019, the management is of the view that (i) there is no impairment indication for the intangible assets already in use and (ii) the intangible assets yet to be available for use were not impaired as their recoverable amounts exceed their carrying amounts.

於二零一九年十一月三十日，管理層認為 (i)已使用之無形資產並無減值跡象及(ii)因 可收回金額超過其賬面值，未供使用之無 形資產並無減值。

2020 ANNUAL REPORT 年報 139

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

15. SUBSIDIARIES

Details of subsidiaries at the end of the reporting period are as follows:

15. 附屬公司

於報告期末之附屬公司詳情如下：

		Paid-up/
	Place of	registered share	Attributable equity interest		Principal activities and
Name of subsidiary	incorporation	capital	held by the Company		place of operation
附屬公司名稱	註冊成立地點	實繳╱註冊股本	本公司所持應佔權益		主要活動及經營地點
			2020	2019
			二零二零年	二零一九年
Directly held by the Company
本公司直接持有
Excel Elite Global Limited	The BVI	United States Dollar	100%	100%	Investment holding, Hong Kong
(“Excel Elite”)		(“US$”) 13,890
Excel Elite Global Limited	英屬處女群島	13,890美元			投資控股，香港
（「Excel Elite」）		（「美元」）
Indirectly held by the Company
本公司間接持有
Mixsol	Malaysia	RM200,502	100%	100%	Provision of system integration and
					computer related services, Malaysia
Mixsol	馬來西亞	馬幣200,502元			提供系統整合及電腦相關服務，馬來西亞
Concorde Technology Sdn. Bhd.	Malaysia	RM500,000	100%	100%	Provision of IT products and
(“Concorde”)					services, Malaysia
Concorde Technology Sdn. Bhd.	馬來西亞	馬幣500,000元			提供資訊科技產品及服務，馬來西亞
（「Concorde」）
Tandem	Malaysia	RM500,000	100%	100%	Provision of management advice and
					consultancy services for computer
					software and information technology,
					Malaysia
Tandem	馬來西亞	馬幣500,000元			提供有關電腦軟件及資訊科技之管理意見及
					諮詢服務，馬來西亞

140 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

16. TRADE AND OTHER RECEIVABLES 16. 貿易及其他應收款項

Notes 附註 Trade receivables from third parties 應收第三方之貿易 應收款項 Less: Loss allowance 減：虧損撥備 29	2020	2019 二零一九年 RM’000 馬幣千元 7,258 (238)
	二零二零年
	RM’000
	馬幣千元
	7,393
	(999)
16(a) Other receivables 其他應收款項 Deposits, prepayments and other receivables 按金、預付款及其他 應收款項 16(b)		7,020 2,638
	6,394
	1,130
		9,658
	7,524
(a) Trade receivables from third parties The Group normally grants credit periods of up to 30 days, from the date of issuance of invoices, to its customers as approved by the management on a case by (a) 應收第三方之貿易應收款項 本集團一般按個別個案向其客戶授 予經管理層批准由發票出具日期起 計直至30日之信貸期。

The Group normally grants credit periods of up to 30 days, from the date of issuance of invoices, to its customers as approved by the management on a case by case basis. The ageing analysis of trade receivables (net of loss allowance) based on invoice date at the end of the reporting period is as follows:

於報告期末，按發票日期劃分之貿 易應收款項（扣除虧損撥備）之賬齡 分析如下：

Within 30 days 30天內 31 to 60 days 31至60天 61 to 90 days 61至90天 91 to 180 days 91至180天 181 to 365 days 181至365天 Over 365 days 超過365天	2020	2019 二零一九年 RM’000 馬幣千元 614 70 398 1,030 4,705 203
	二零二零年
	RM’000
	馬幣千元
	1,672
	—
	—
	151
	913
	3,658
		7,020
	6,394

2020 ANNUAL REPORT 年報 141

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

16. TRADE AND OTHER RECEIVABLES (continued)

(a) Trade receivables from third parties (continued)

At the end of the reporting period, the ageing analysis of the trade receivables (net of loss allowance) by due date is as follows:

16. 貿易及其他應收款項 （續）

(a) 應收第三方之貿易應收款項 （續）

於報告期末，按逾期日期劃分之貿 易應收款項（扣除虧損撥備）之賬齡 分析如下：

Not yet due 未逾期	2020	2019 二零一九年 RM’000 馬幣千元 614
	二零二零年
	RM’000
	馬幣千元
	1,672
Past due: 逾期： Within 30 days 30天內 31 to 60 days 31至60天 61 to 90 days 61至90天 91 to 180 days 91至180天 181 to 365 days 181至365天 Over 365 days 超過365天		70 398 — 1,190 4,545 203
	90
	—
	29
	112
	833
	3,658
		6,406
	4,722
		7,020
	6,394

(b) Deposits, prepayments and other receivables

Included in deposits, prepayments and other receivables at 30 November 2020 were Goods and Services Tax receivables and prepayment to a company which provides IT outsourcing services to the Group of approximately RM649,000 (2019: approximately RM1,762,000) and approximately RM11,000 (2019: approximately RM761,000) , respectively.

(b) 按金、預付款及其他應收款項

於二零二零年十一月三十日之按 金，預付款及其他應收款項包括應 收貨品及服務稅支付一間向本集團 提供資訊科技外判服務的公司之預 付款分別約馬幣 649,000 元（二零 一九年：約馬幣1,762,000元）及約 馬幣11,000元（二零一九年：約馬幣 761,000元）。

142 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

17. CONTRACT ASSETS AND CONTRACT 17. 合約資產及合約負債 LIABILITIES

Contracts in progress 進行中的合約 Contract costs incurred plus recognised profits less recognised losses to date 已產生合約成本加已確認 溢利減迄今已確認虧損 Less: progress billings received and receivable 減：已收及應收進度款項	2020	2019 二零一九年 RM’000 馬幣千元 76,393 (67,143)
	二零二零年
	RM’000
	馬幣千元
	60,473
	(62,451)
		9,250
	(1,978)
Analysed for the reporting purpose: 作報告用途之分析：
Notes 附註 Contract assets 合約資產 17(a) Contract liabilities 合約負債 17(b)	2020	2019 二零一九年 RM’000 馬幣千元 9,400 (150)
	二零二零年
	RM’000
	馬幣千元
	166
	(2,144)
		9,250
	(1,978)

There was no retention held by customers on services contracts at 30 November 2020 and 2019.

At 30 November 2020 and 2019, the contract assets and liabilities are expected to be received or settled within 12 months.

於二零二零年及二零一九年十一月三十 日，客戶並無就服務合約持有保留金。 於二零二零年及二零一九年十一月三十 日，合約資產及負債預期於12個月內收取 或償付。

2020 ANNUAL REPORT 年報 143

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

17. 合約資產及合約負債 （續）

17. CONTRACT ASSETS AND CONTRACT LIABILITIES (continued)

截至二零二零年十一月三十日止年度，於 國際財務報告準則第15號範圍內與客戶訂 立之合約產生之合約資產及合約負債變動 （不包括相同年度內因增加及減少產生之變 動）如下：

The movements (excluding those arising from increases and decreases both occurred within the same year) of contract assets and contract liabilities with customers within IFRS 15 during the year ended 30 November 2020 are as follows:

(a) 合約資產

(a) Contract assets

Contract assets (	a) 合約資產
At the beginning of the reporting period 於報告期初 Recognition of revenue 確認收益 Transferred to trade receivables 轉移至貿易應收款項	2020	2019 二零一九年 RM’000 馬幣千元 4,658 9,217 (4,475)
	二零二零年
	RM’000
	馬幣千元
	9,400
	—
	(9,234)
At the end of the reporting period 於報告期末		9,400
	166
Contract liabilities (b) 合約負債
At the beginning of the reporting period 於報告期初 Receipt in advance 預收款項 Recognition of revenue 確認收益	2020	2019 二零一九年 RM’000 馬幣千元 57 150 (57)
	二零二零年
	RM’000
	馬幣千元
	150
	2,144
	(150)
At the end of the reporting period 於報告期末		150
	2,144

(b) Contract liabilities

於二零二零年十一月三十日，分配 至未達成的履約責任的交易價格總 額約為馬幣13,000,000元（二零一九 年：約馬幣17,700,000元）。本集團 預期分配至未達成的履約責任的交 易價格將於一年或更短時間內確認 為收益。

At 30 November 2020, the aggregate amount of transaction price allocated to unsatisfied performance obligations is approximately RM13.0 million (2019: approximately RM17.7 million) . The Group expects the transaction price allocated to the unsatisfied performance obligations will be recognised as revenue within one year or less.

144 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

18. RESTRICTED BANK BALANCES

The Group had obtained banking facilities on issuance of bank guarantees granted by certain creditworthy banks. Such facilities were guaranteed by the restricted bank balances. At 30 November 2020, the Group had utilised approximately RM309,000 (2019: approximately RM708,000) under such facilities for issuing bank guarantees to customers in respect of the Group’s fulfilment of related contracts.

18. 受限制銀行結餘

本集團已就發行由若干具信譽銀行授出之 銀行擔保取得銀行融資。有關融資由受限 制銀行結餘所擔保。就本集團履行相關合 約而言，本集團於二零二零年十一月三十 日就向客戶發行銀行擔保已動用該融資項 下約馬幣309,000元（二零一九年：約馬幣 708,000元）。

19. BANK DEPOSIT AND BALANCES AND CASH

19. 銀行存款及結餘以及現金

Cash at banks and in hand 銀行及手頭現金 Short-term time deposits 短期定期存款	2020	2019 二零一九年 RM’000 馬幣千元 4,565 11,697
	二零二零年
	RM’000
	馬幣千元
	10,311
	8,565
		16,262
	18,876

Cash at banks earns interest at floating rates based on daily floating bank deposit rate. Short-term time deposits are made for three months, and earn interest at the prevailing deposit rates. The Group can withdraw the short-term fixed time deposits anytime before the maturity date without incurring any significant bank charges.

銀行現金以基於每日浮動銀行存款利率的 浮動利率賺取利息。短期定期存款為期三 個月，並以現行存款利率賺取利息。本集 團可於到期日前隨時提取短期定期存款， 而不會產生任何重大銀行費用。

2020 ANNUAL REPORT 年報 145

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

TRADE AND OTHER PAYABLES 20.貿易及其他應付款項	TRADE AND OTHER PAYABLES 20.貿易及其他應付款項	TRADE AND OTHER PAYABLES 20.貿易及其他應付款項	TRADE AND OTHER PAYABLES 20.貿易及其他應付款項
Note 附註 Trade payables from third parties 應付第三方之貿易 應付款項 20(a)		2020	2019 二零一九年 RM’000 馬幣千元 1,045
		二零二零年
		RM’000
		馬幣千元
		2,763
Other payables 其他應付款項 Accruals and other payables 應計費用及其他應付款項 Accrued listing expenses 應計上市開支			2,644 2,699
		3,037
		—
			5,343
		3,037
			6,388
		5,800
(a)	Trade payables from third parties At the end of the reporting period, the ageing analysis of the trade payables based on invoice date is as follows: (a) 應付第三方之貿易應付款項 於報告期末，按發票日期劃分之貿易應付 款項之賬齡分析如下：
	Within 30 days 30天內 31 to 60 days 31至60天 61 to 90 days 61至90天 91 to 180 days 91至180天 181 to 365 days 181至365天 Over 365 days 超過365天	2020	2019 二零一九年 RM’000 馬幣千元 — 40 400 570 — 35
		二零二零年
		RM’000
		馬幣千元
		2,666
		34
		—
		—
		—
		63
			1,045
		2,763

20. TRADE AND OTHER PAYABLES

貿易應付款項之信貸期最多為90天。

The credit term on trade payables is up to 90 days.

146 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

21. INTEREST-BEARING BORROWINGS

21. 計息借貸

INTEREST-BEARING BORROWINGS 21.	計息借貸
Interest-bearingborrowings(secured) 計息借貸（有抵押）	2020	2019 二零一九年 RM’000 馬幣千元 857
	二零二零年
	RM’000
	馬幣千元
	853
Carrying amounts of interest-bearing borrowings that are repayable_(Note)_ 須於以下年期償還之計息借貸 賬面值（附註） Within one year 一年內 One to two years 一至兩年 Two to five years 兩至五年 Over five years 超過五年		38 39 131 649
	12
	49
	159
	633
		857
	853

• Note: The interest-bearing borrowings, with a clause in their terms that gives the lender an overriding right to demand repayment at their sole discretion, are classified as current liabilities even though the management does not expect that the lender would exercise its rights to demand repayment. The amounts due are presented based on scheduled repayment dates set out in the loan agreements.

The interest-bearing borrowings represent amounts due to a bank in Malaysia with a maturity period of 15 years at 30 November 2020.

At 30 November 2020 and 2019, the interest-bearing borrowings bore a floating interest rate at the bank’s Base Lending Rate minus 2.10% per annum. The effective interest rate on interest-bearing borrowings at 30 November 2020 is 4.0% (2019: 4.8%) per annum.

The interest-bearing borrowings are drawn under a banking facility. The interest-bearing borrowings are secured and guaranteed by:

• (i) properties owned by the Group with aggregate net carrying amount of approximately RM1,223,000 (2019: approximately RM1,251,000) at 30 November 2020, as set out in Note 12 to the consolidated financial statements; and

• (ii) guarantees provided by Mr. Chong Yee Ping and Mr. Siah Jiin Shyang, the ultimate controlling parties and the directors of the Group.

• 附註：計息借貸之其中一條條款給予貸款人凌駕 一切權利，可按其全權酌情權要求還款； 儘管管理層並不預期貸款人將行使要求還 款之權利，惟計息借貸乃分類為流動負 債。到期款項乃根據該等貸款協議所載預 定還款日期呈列。

計息借貸指於二零二零年十一月三十日到 期、年期為15年之應付一間馬來西亞銀行 之款項。

於二零二零年及二零一九年十一月三十 日，計息借貸按銀行基準貸款利率之浮動 利率減年利率2.10%計息。於二零二零年 十一月三十日，計息借貸之實際利率為年 利率4.0%（二零一九年：4.8%）。

計息借貸為根據銀行融資提取之借貸。計 息借貸之抵押及擔保如下：

• (i) 於二零二零年十一月三十日，本集 團所擁有物業之總賬面淨值約馬幣 1,223,000 元（二零一九年：約馬幣 1,251,000元），有關詳情載於綜合 財務報表附註12；及

• (ii) 由本集團最終控股方及董事鍾宜斌 先生及謝錦祥先生所提供之擔保。

2020 ANNUAL REPORT 年報 147

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

22. OBLIGATIONS UNDER FINANCE LEASES

At 30 November 2019, the Group had obligations under finance leases repayable as follows:

22. 融資租賃責任

於二零一九年十一月三十日，本集團應予 償還之融資租賃責任如下：

Minimum lease payments Present value of minimum lease payments 最低租賃款項最低租賃款項之現值 RM’000 RM’000 馬幣千元 馬幣千元 Amount payable: 應付款項： Within one year 一年內 178 136 One to two years 一至兩年 189 155 Two to five years 兩至五年 480 430 Over five years 超過五年 134 128	Minimum lease payments Present value of minimum lease payments 最低租賃款項最低租賃款項之現值 RM’000 RM’000 馬幣千元 馬幣千元 Amount payable: 應付款項： Within one year 一年內 178 136 One to two years 一至兩年 189 155 Two to five years 兩至五年 480 430 Over five years 超過五年 134 128
981 Future finance charges 未來融資費用 (132)	849 (136)
Present value of lease obligations 租賃責任之現值 849
_Less:_Amounts due for settlement within 12 months 減：於12個月內到期 償還之款項 Amounts due for settlement after 12 months 於12個月後到期償還之 款項
	713

The Group leased 4 motor vehicles under finance leases with average lease term of 84 months. It is secured by the lessor’s charge over the leased assets. At 30 November 2019, the effective interest rate for the obligations under finance leases is 6.9% per annum.

本集團根據融資租賃租賃四輛汽車，平均 租期為 84 個月。其以出租人對租賃資產 之質押為抵押。於二零一九年十一月三十 日，融資租賃責任之實際年利率為6.9%。

148 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

23. DEFERRED TAX

The movement in the Group’s deferred tax liabilities arising from depreciation allowance for the years ended 30 November 2020 and 2019 was as follows:

23. 遞延稅項

以下為於截至二零二零年及二零一九年 十一月三十日止年度自折舊撥備產生之本 集團之遞延稅項負債變動：

At the beginning of the reporting period 於報告期初 Charge to profit or loss 於損益中扣除	2020	2019 二零一九年 RM’000 馬幣千元 9 3
	二零二零年
	RM’000
	馬幣千元
	12
	—
At the end of the reporting period 於報告期末		12
	12

Unrecognised deferred tax assets

At 30 November 2020, the Group has tax losses arising in Malaysia of approximately RM1,774,000 (2019: Nil) that can be offset against future taxable profits of the respective subsidiaries, which can be carried for 7 consecutive years of assessment (i.e. from year of assessment 2021 to 2027). Deferred tax assets have not been recognised in respect of the tax losses because it is not probable that future taxable profit will be available against which the Group can utilise the benefits therefrom.

未確認遞延稅項資產

於二零二零年十一月三十日，本集團於馬 來西亞產生的稅項虧損約馬幣 1,774,000 元（二零一九年：無）可用於抵銷各附屬 公司的未來應課稅溢利，可結轉連續七個 評稅年度（即二零二一至二零二七評稅年 度）。由於本集團於未來不大可能獲得應課 稅溢利以動用有關稅項利益，故概無就稅 項虧損確認遞延稅項資產。

24. SHARE CAPITAL

24. 股本

SHARE CAPITAL	24.股本
Ordinary share of HK$0.01 each 每股面值0.01港元之普通股 Authorised: 法定： At 1 December 2018, 30 November 2019 and 30 November 2020 於二零一八年十二月一日、 二零一九年十一月三十日及 二零二零年十一月三十日	Number of shares	HK$	Equivalent to RM
	股份數目	港元	相等於馬幣
	2,000,000,000	20,000,000	10,596,200
Issued and fully paid: 已發行及悉數繳足： At 1 December 2018, 30 November 2019 and 30 November 2020 於二零一八年十二月一日、 二零一九年十一月三十日及 二零二零年十一月三十日
	390,000,000	3,900,000	2,067,000

2020 ANNUAL REPORT 年報 149

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

25. STATEMENT OF FINANCIAL POSITION OF THE COMPANY

Pursuant to the disclosure requirement of the Hong Kong Companies Ordinance, the statement of financial position of the Company and the movements in its reserves are set out below:

25. 本公司之財務狀況表

根據香港公司條例之披露規定，本公司財 務狀況表及其儲備變動如下：

Notes 附註 Non-current assets 非流動資產 Investment in a subsidiary 於一間附屬公司之投資 15	2020	2019 二零一九年 RM’000 馬幣千元 57
	二零二零年
	RM’000
	馬幣千元
	57
Current assets 流動資產 Deposits, prepayments and other receivables 存款、預付款及其他應收 款項 Due from a subsidiary 應收一間附屬公司款項 Bank balances and cash 銀行結餘及現金		18 10,582 15,163
	18
	10,582
	9,117
		25,763
	19,717
Current liabilities 流動負債 Accruals and other payables 應計費用及其他應付款項 Due to subsidiaries 應付附屬公司款項		3,067 1,196
	492
	1,191
		4,263
	1,683
Net current assets 流動資產淨值		21,500
	18,034
NET ASSETS 資產淨值		21,557
	18,091
Capital and reserves 資本及儲備 Share capital 股本 24 Reserves 儲備 25(a)		2,067 19,490
	2,067
	16,024
TOTAL EQUITY 權益總額		21,557
	18,091

T h i s s t a t e m e n t o f f i n a n c i a l p o s i t i o n w a s a p p r o v e d and authorised for issue by the Board of Directors on 25 February 2021 and signed on its behalf by

本財務狀況表於二零二一年二月二十五日 獲董事會批准及授權刊發，並由下列董事 代表簽署：

Chong Yee Ping 鍾宜斌 Director 董事

Liu Yan Chee James

劉恩賜 Director 董事

150 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

25. STATEMENT OF FINANCIAL POSITION OF THE 25. 本公司之財務狀況表 （續）

COMPANY (continued)

(a) Movements of the reserves

(a) 儲備之變動

		Share	Capital	Accumulated
		premium	reserve	losses	Total
		股份溢價	資本儲備	累計虧損	總計
		RM’000	RM’000	RM’000	RM’000
		馬幣千元	馬幣千元	馬幣千元	馬幣千元
		(Note 26(a))	(Note 26(b))
		（附註26(a)）	（附註26(b)）
At 1 November 2018	於二零一八年十一月一日	28,732	57	(7,997)	20,792
Loss for the year and total	年內虧損及年內
comprehensive expenses	全面開支總額
for the year		—	—	(1,302)	(1,302)
At 30 November 2019 and	於二零一九年十一月三十日及
1 December 2019	二零一九年十二月一日	28,732	57	(9,299)	19,490
Loss for the year and total	年內虧損及年內
comprehensive expenses	全面開支總額
for the year		—	—	(3,466)	(3,466)
At 30 November 2020	於二零二零年十一月三十日	28,732	57	(12,765)	16,024

2020 ANNUAL REPORT 年報 151

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

26. RESERVES

(a) Share premium

It represents the excess of the net proceeds from issuance of the Company’s shares over its par value. Under the law of the Cayman Islands and the Company’s Articles of Association, it is distributable to the Company’s shareholders provided that the Company is able to pay its debts as they fall due in the ordinary course of business.

26. 儲備

(a) 股份溢價

股份溢價指本公司發行股份之所得 款項淨額超出其面值部分。根據開 曼群島法律及本公司之組織章程細 則，倘本公司有能力在一般業務過 程中於其債務到期時支付有關債 務，則其可分派予本公司股東。

(b) Capital reserve

For the consolidated statement of financial position of the Group and the statement of financial position of the Company, it represents the aggregate amount of the issued and paid-up share capital of the entities now comprising the Group before completion of the Reorganisation (as defined in the prospectus issued by the Company dated 29 September 2018) and the Company, respectively, less consideration paid to acquire the relevant interests (if any) upon completion of the Reorganisation.

(c) Exchange reserve

Exchange reserve of the Group comprises all foreign exchange differences arising from translation of the financial statements of the Group’s subsidiaries. The reserve is dealt with in accordance with the accounting policies as set out in Note 2 to the consolidated financial statements.

(b) 資本儲備

就本集團之綜合財務狀況表及本公 司之財務狀況表而言，資本儲備分 別指於完成重組（定義見本公司所刊 發日期為二零一八年九月二十九日 的招股章程）前現時組成本集團之實 體及本公司之已發行及繳足股本總 額，減於完成重組後就收購相關權 益之已付代價（如有）。

(c) 匯兌儲備

本集團的匯兌儲備包括換算本集團 附屬公司財務報表產生的所有匯兌 差異。儲備按綜合財務報表附註2所 載的會計政策處理。

152 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

27. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENT OF CASH FLOWS

27. 綜合現金流量表之額外資料

(a) Major non-cash transactions

• (i) Upon the initial adoption of IFRS 16 on 1 December 2019, the Group recognised right-of-use assets with a total capital value of approximately RM946,000.

• (ii) During the year ended 30 November 2019, the Group purchased three motor vehicles and approximately RM848,000 were settled through obligations under finance leases.

(b) Reconciliation of liabilities arising from financing activities

(a) 主要非現金交易

• (i) 於二零一九年十二月一日首次 採用國際財務報告準則第16號 後，本集團確認資本總值約馬 幣946,000元的使用權資產。

• (ii) 於截至二零一九年十一月三十 日止年度，本集團購買了三輛 汽車，並透過融資租賃責任以 約馬幣848,000元結算。

• (b) 融資活動產生之負債對賬

Details of changes in the Group’s liabilities arising from financing activities are as follows:

Year ended 30 November 2020

本集團融資活動產生之負債變動詳 情載列如下：

截至二零二零年十一月三十日止年 度

Year ended 30 November 2020				截至二零二零年十一 度	截至二零二零年十一 度	月三十日止年
Interest-bearing borrowings 計息借貸 Obligations under finance leases 融資租賃責任 Lease liabilities 租賃負債				Non-cash changes
				非現金變動
	At 1 December 2019	Cash flows		Adoption of IFRS 16	Addition	At 30 November 2020
	於二零一九年 十二月一日	現金流量		採納國際 財務報告 準則第16號	增加	於二零二零年 十一月三十日
	RM’000 RM’000			RM’000 RM’000 RM’000
	馬幣千元 馬幣千元			馬幣千元 馬幣千元 馬幣千元
	857 (4)			— — 853
	849 —			(849) — —
	— (202)			1,017 151 966
Total liabilities from financingactivities 融資活動產生之 負債總額
	1,706 (206)			168 151 1,819

2020 ANNUAL REPORT 年報 153

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

27. ADDITIONAL INFORMATION ON THE

27. 綜合現金流量表之額外資料 （續）

CONSOLIDATED STATEMENT OF CASH FLOWS

(continued)

(b) Reconciliation of liabilities arising from financing activities (continued)

Year ended 30 November 2019

(b) 融資活動產生之負債對賬 （續）

截至二零一九年十一月三十日止年度

At 1 December 2018 Cash flows 於二零一八年 十二月一日 現金流量 RM’000 RM’000 馬幣千元 馬幣千元 Interest-bearing borrowings 計息借貸 894 (37) Obligations under finance leases 融資租賃責任 130 (129)	Non-cash changes 非現金變動 Addition of finance leases At 30 November 2019 增加融資租賃 於二零一九年 十一月三十日 RM’000 RM’000 馬幣千元 馬幣千元 — 857 848 849
Total liabilities from financingactivities 融資活動產生之 負債總額 1,024 (166)	848 1,706

154 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

28. RELATED PARTIES TRANSACTIONS

In addition to the transactions/information disclosed elsewhere in the consolidated financial statements, the Group had the following transactions with related parties:

(a) Transaction with a director of the Company

On 20 March 2018, the Group entered into a tenancy agreement with Mr. Siah Jiin Shyang to lease the property commencing on 1 April 2018. For the year ended 30 November 2020, the related cash outflow for leases was approximately RM103,200 (2019: approximately RM107,500) .

(b) Remuneration for key management personnel (including directors) of the Group

28. 關聯方交易

除綜合財務報表其他部分所披露之交 易╱資料外，本集團有以下關聯方交易：

(a) 與本公司一名董事之交易

於二零一八年三月二十日，本集團 與謝錦祥先生訂立租賃協議，自二 零一八年四月一日起租賃該物業。 截至二零二零年十一月三十日止年 度，相關租賃現金流出額約為馬 幣 103,200 元（二零一九年：馬幣 107,500元）。

(b) 本集團主要管理人員（包括董事）之 薪酬

Salaries, allowances and other benefits in kind 薪金、津貼及其他實物福利 Contributions to defined contribution schemes 定額供款計劃之供款	2020	2019 二零一九年 RM’000 馬幣千元 1,547 58
	二零二零年
	RM’000
	馬幣千元
	1,802
	63
		1,605
	1,865

Further details of the directors’ remuneration are set out in Note 7 to the consolidated financial statements.

(c) Personal guarantees obtained

The ultimate controlling parties have provided unlimited personal guarantees in respect of the interest-bearing borrowings obtained by the Group from a bank in Malaysia as set out in Note 21 to the consolidated financial statements.

董事薪酬之進一步詳情載於綜合財 務報表附註7。

(c) 已取得之個人擔保

誠如綜合財務報表附註21所載，最 終控股方已就本集團從一間馬來西 亞銀行取得之計息貸款提供無限個 人擔保。

2020 ANNUAL REPORT 年報 155

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

29. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

29. 金融風險管理目標及政策

The Group’s principal financial instruments comprise interestbearing borrowings, obligations under finance leases, lease liabilities, restricted bank balances and bank balances and cash. The main purpose of these financial instruments is to raise and maintain finance for the Group’s operations. The Group has various other financial instruments such as trade and other receivables/payables and contract assets and liabilities which arise directly from its business activities.

The main risks arising from the Group’s financial instruments are interest rate risk, credit risk and liquidity risk. The management generally adopts conservative strategies on its risk management and limits the Group’s exposure to these risks to a minimum level as follows:

本集團之主要金融工具包括計息借貸、融 資租賃責任、租賃負債、受限制銀行結餘 以及銀行結餘及現金。該等金融工具之主 要目的為就本集團之營運籌集及維持財 務。本集團擁有各種由其業務活動直接產 生之其他金融工具，例如貿易及其他應 收╱應付款項以及合約資產及負債。

本集團金融工具之要風險為利率風險、信 貸風險及流動資金風險。管理層一般就其 風險管理採取保守策略，並將本集團面對 之該等風險降至最低，詳情如下：

Interest rate risk

The Group’s exposure to market risk for changes in interest rates relates primarily to the Group’s interest-bearing borrowings with floating interest rates. The interest rates and terms of repayment of the interest-bearing borrowings of the Group are disclosed in Note 21 to the consolidated financial statements.

利率風險

本集團面對利率變動之市場風險，其主要 與本集團按浮動息率計息之計息借貸有 關。本集團計息借貸之利率及償還條款於 綜合財務報表附註21披露。

At the end of the reporting period, if interest rates had been 100 basis points higher/lower and all other variables were held constant, the Group’s (loss) profit before income tax would decrease/increase by approximately RM18,000 (2019: approximately RM9,000) .

The sensitivity analysis above has been determined assuming that the change in interest rates had occurred at the end of the reporting period and had been applied to the exposure to interest rate risk in existence at that date. The 100 basis points increase or decrease represents management’s assessment of a reasonable possible change in interest rates over the period until the next annual end of the report period.

於報告期末，倘利率增加╱減少100個基 點及其他變數維持不變，本集團除所得稅 前（虧損）溢利會減少╱增加約馬幣18,000 元（二零一九年：約馬幣9,000元）。

上述敏感度分析乃假設利率變動於報告期 末發生，且已將該變動已應用於當日已存 在之利率風險而釐定。100個基點之增加 或減少指管理層對於直至下個報告期間年 度結算日前期間之利率合理可能變動之評 估。

156 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

29. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Credit risk

Credit risk refers to the risk that debtors will default on their obligations to repay the amounts due to the Group, resulting in a loss to the Group. The carrying amount of financial assets and contract assets recognised on the consolidated statement of financial position, which is net of impairment losses, represents the Group’s exposure to credit risk without taking into account the value of any collateral held or other credit enhancements. The Group’s maximum exposure to credit risk is summarised as follows:

29. 金融風險管理目標及政策 （續）

信貸風險

信貸風險指債務人將未能履行其償還應付 本集團款項之責任，導致本集團蒙受虧損 之風險。綜合財務報表中確認之金融資產 及合約資產之賬面值（扣除減值虧損）代表 本集團承擔之信貸風險，當中並無計入及 所持任何抵押品及其他增貸物之價值。本 集團所承擔最大信貸風險概述如下：

Contract assets 合約資產 Trade and other receivables 貿易及其他應收款項 Restricted bank balances 受限制銀行結餘 Bank balances and cash 銀行結餘及現金	2020	2019 二零一九年 RM’000 馬幣千元 9,400 9,625 708 16,262
	二零二零年
	RM’000
	馬幣千元
	166
	7,476
	309
	18,876
		35,995
	26,827

Trade receivables and contract assets

The Group trades only with recognised, creditworthy third parties. Before accepting any new customer, the Group assesses the potential customer’s credit quality and defines credit limits for the customer. The receivable balances are monitored on an ongoing basis by senior management and the Group’s exposure to bad debts is not significant.

The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The default risk of the industry and country in which customers operate also has an influence on credit risk but to a lesser extent. Credit quality of a customer is assessed based on an extensive credit rating and individual credit limit assessment which is mainly based on the Group’s own trading records.

貿易應收款項及合約資產

本集團與認可及信譽良好之第三方進行交 易。在接受任何新客戶前，本公司會評估 潛在客戶之信貸質素及為客戶定義其信貸 限額。應收款項結餘由高級管理層持續監 察，而本集團之壞賬風險並不重大。

本集團之信貸風險主要受客戶個別特性影 響。客戶經營所在行業及國家之違約風險 亦會影響信貸風險，但程度較低。客戶之 信用質素根據全面信貸評級及個人信用額 度進行評估，該評估主要基於本集團本身 之交易記錄而定。

2020 ANNUAL REPORT 年報 157

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

29. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Credit risk (continued)

Trade receivables and contract assets (continued)

At 30 November 2020, the Group had a concentration of credit risk as approximately 54.1% (2019: 57.2%) of the total trade receivables and contract assets were due from the Group’s largest trade debtor and contract assets and approximately 94.7% (2019: 95.3%) of the total trade receivables and contract assets were due from the Group’s five largest trade debtors and contract assets.

The Group’s customer base consists of a wide range of clients and the trade receivables and contract assets are categorised by common risk characteristics that are representative of the customers’ abilities to pay all amounts due in accordance with the contractual terms. The Group applies a simplified approach in calculating ECL for trade receivables and contract assets and recognises a loss allowance based on lifetime ECL at each reporting date and has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The expected loss rate used in the provision matrix is calculated for each category based on actual credit loss experience over the past three years and adjusted for current and forward-looking factors to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and the Group’s estimate on future economic conditions over the expected lives of the receivables. There was no change in the estimation techniques or significant assumptions made during the year.

29. 金融風險管理目標及政策 （續）

信貸風險 （續）

貿易應收款項及合約資產 （續）

於二零二零年十一月三十日，由於約 54.1%（二零一九年：57.2%）貿易應收款 項總額及合約資產為應收本集團最大貿易 債務人之款項及合約資產，及約94.7%（二 零一九年：95.3%）之貿易應收款項總額及 合約資產為應收本集團五大貿易債務人之 款項及合約資產，故本集團有集中信貸風 險。

本集團之客戶群由廣泛之客戶組成，貿易 應收款項按共同風險特徵分類，而該等特 徵代表客戶按照合約條款支付所有到期款 項之能力。本集團採用簡化方法計算貿易 應收款項及合約資產的預期信貸虧損，並 於各報告日期根據整個存續期預期信貸虧 損確認虧損撥備，且已設立根據其過往信 貸虧損記錄計算的撥備矩陣，並按債務人 的特定前瞻性因素及經濟環境作出調整。 撥備矩陣所用的預期虧損率乃根據過去三 年的實際信貸虧損經驗就各類別，並按目 前及前瞻性因素作出調整，以反映收集過 往數據期間的經濟狀況與目前狀況的差異 以及本集團對應收款項預期年限內的未來 經濟狀況的估計。年內，估計技術或作出 的重大假設並無變動。

158 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

29. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Credit risk (continued)

Trade receivables and contract assets (continued)

The information about the exposure to credit risk and ECL for trade receivables and contract assets using a provision matrix at 30 November 2020 and 2019 is summarised below.

At 30 November 2020

29. 金融風險管理目標及政策 （續）

信貸風險 （續）

貿易應收款項及合約資產 （續）

於二零二零年及二零一九年十一月三十日 使用撥備矩陣釐定的應收貨款及合約資產 信貸風險及預期信貸虧損資料總結如下。

於二零二零年十一月三十日

At 30 November 2020	於二零二零年十一月三十日
Trade receivables 應收貨款 Not past due 未逾期 1 – 180 days past due 逾期1至180日 181 – 365 days past due 逾期181至365日 Over 1 year past due 逾期超過一年	Expected loss rate Gross carrying amount Loss allowance Net carrying amount Credit- impaired
	預期虧損率 賬面值總額 虧損撥備 總賬面淨值 信貸減值
	% RM’000 RM’000 RM’000
	馬幣千元 馬幣千元 馬幣千元
	— 1,672 — 1,672 No無
	— 231 — 231 No無
	2% 850 (17) 833 No無
	21% 4,640 (982) 3,658 No無
	7,393 (999) 6,394
Contract assets 合約資產
	— 166 — 166 No無
At 30 November 2019 Trade receivables 應收貨款 Not past due 未逾期 1 – 180 days past due 逾期1至180日 181 – 365 days past due 逾期181至365日 Over 1 year past due 逾期超過一年	於二零一九年十一月三十日 Expected loss rate Gross carrying amount Loss allowance Net carrying amount Credit- impaired 預期虧損率 賬面值總額 虧損撥備 總賬面淨值 信貸減值 % RM’000 RM’000 RM’000 馬幣千元 馬幣千元 馬幣千元 — 614 — 614 No無 — 1,658 — 1,658 No無 2% 4,638 (93) 4,545 No無 42% 348 (145) 203 No無
	7,258 (238) 7,020
Contract assets 合約資產	— 9,400 — 9,400 No無

2020 ANNUAL REPORT 年報 159

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

29. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Credit risk (continued)

Trade receivables and contract assets (continued)

At 30 November 2020, the Group recognised loss allowance of approximately RM999,000 (2019: RM238,000) on the trade receivables. The movement in the loss allowance for trade receivables during the year is summarised below.

29. 金融風險管理目標及政策 （續）

信貸風險 （續）

貿易應收款項及合約資產 （續）

於二零二零年十一月三十日，本集團已 就貿易應收款項確認虧損撥備約馬幣 999,000 元（二零一九年：馬幣238,000 元）。年內貿易應收款項之虧損撥備變動於 下文中概述。

At the beginning of the reporting period 報告期初 Increase in allowance 撥備增加	2020	2019 二零一九年 RM’000 馬幣千元 — 238
	二零二零年
	RM’000
	馬幣千元
	238
	761
At the end of the reporting period 報告期末		238
	999

At the date of this annual report, approximately 42% of the trade receivables at 30 November 2020 have been settled.

The Group does not hold any collateral over trade receivables and contract assets at 30 November 2020 (2019: Nil) .

Other receivables

The Group considers that other receivables have low credit risk based on the borrowers’ strong capacity to meet its contractual cash flow obligations in the near term and low risk of default. Impairment on other receivables is measured on 12-month ECL and reflects the short maturities of the exposures.

In estimating the ECL, the Group has taken into account the historical actual credit loss experience over the past three years and the financial position of the counterparties, adjusted for forward-looking factors that are specific to the debtors and general economic conditions of the industry in which the counterparties operate, in estimating the probability of default of these financial assets, as well as the loss upon default in each case. The management of the Group considers the ECL of these financial assets to be insignificant after taking into account the financial position and credit quality of the counterparties.

There was no change in the estimation techniques or significant assumptions made during the year.

截至本年報日期，於二零二零年十一月 三十日的貿易應收款項中約42%已經結付。

本集團於二零二零年十一月三十日並無就 貿易應收款項及合約資產持有任何抵押品 （二零一九年：無）。

其他應收款項

本集團認為，由於借貸人具有短期內履行 合約現金流量責任之強大能力及低違約風 險，其他應收款項之信貸風險較低。其他 應收款項之減值乃按12個月之預期信貸虧 損計量，並反映風險於短期內到期。

於估計預期信貸虧損時，本集團已計及對 手方過去三年之過往實際信貸虧損經驗及 財務狀況，於估計該等金融資產之違約概 率及於各情況下之違約虧損時，根據債務 人及對手方經營所在行業之一般經濟環境 之特定前瞻性因素予以調整。經考慮對手 方之財務狀況及信貸質素後，本集團管理 層認為，此等金融資產之預期信貸虧損並 不重大。

於本年度之估計方法或所作出之重大假設 並無變動。

160 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

29. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Credit risk (continued)

Restricted bank balances and bank balances and cash

The management considers the credit risk in respect of restricted bank balances and bank balances and cash is minimal because the counter-parties are authorised financial institutions with high credit ratings.

29. 金融風險管理目標及政策 （續）

信貸風險 （續）

受限制銀行結餘以及銀行結餘及現金

管理層認為，受限制銀行結餘以及銀行結 餘及現金之信貸風險極微，原因為交易對 手均為擁有高信貸評級之認可金融機構。

Liquidity risk

The Group’s objective is to maintain a balance between continuity of funding and flexibility. The Group has no specific policy for managing its liquidity. The undiscounted contractual maturity profile of the Group’s financial liabilities at the end of the reporting period, based on the earliest date on which the Group is required to settle, is summarised as below:

流動資金風險

本集團之目標為維持資金持續性與靈活性 兩者間之平衡。本集團並無具體政策管理 其流動資金。於報告期末本集團金融負債 之未貼現合約到期狀況（根據本集團須結算 之最早日期）概述如下：

At 30 November 2020 於二零二零年十一月三十日 Trade and other payables 貿易及其他應付款項 Interest-bearing borrowings_(Note)_ 計息借貸（附註） Lease liabilities 租賃負債	Total carrying amount	Total contractual undiscounted cash flow	On demand or less than 1 year	1 to 5 years	Over 5 years
	總賬面值	未貼現 合約現金 流量總額	按要求 或少於1年	1至5 年	超過5 年
	RM’000	RM’000	RM’000	RM’000	RM’000
	馬幣千元	馬幣千元	馬幣千元	馬幣千元	馬幣千元
	5,800	5,800	5,800	—	—
	853	853	853	—	—
	966	1,095	270	757	68
	7,619	7,748	6,923	757	68
At 30 November 2019 於二零一九年十一月三十日 Trade and other payables 貿易及其他應付款項 Interest-bearing borrowings_(Note)_ 計息借貸（附註） Obligations under finance leases 融資租賃責任	6,388 857 849	6,388 857 981	6,388 857 178	— — 669	— — 134
	8,094	8,226	7,423	669	134

2020 ANNUAL REPORT 年報 161

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

29. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Liquidity risk (continued)

Note: The amounts repayable under bank loan agreement that include a clause that gives the bank an unconditional right to call the borrowings at any time are classified under the category of “On demand or less than 1 year”. However, the management of the Group does not expect that the bank would exercise such right to demand the repayment and thus, the borrowings, which included the related interest, would be repaid according to the below schedule as set out in the bank loan agreement as follow:

29. 金融風險管理目標及政策 （續）

流動資金風險 （續）

• 附註：根據銀行貸款協議應償還之款項分類為 「按要求或少於1年」類別，該協議載有賦 予銀行無條件權利隨時追收借貸款之條 款。然而，本集團管理層預期銀行將不 會行使相關權利要求還款，因此，該借貸

• （包括相關利息）將根據銀行貸款協議所載 下列時間表償還：

At 30 November 2020 於二零二零年十一月三十日 Interest-bearing borrowings 計息借貸	Total carrying amount Total contractual undiscounted cash flow Less than 1 year 1 to 5 years Over 5 years
	總賬面值 未貼現 合約現金 流量總額 少於1年 1至5 年 超過5 年
	RM’000 RM’000 RM’000 RM’000 RM’000
	馬幣千元 馬幣千元 馬幣千元 馬幣千元 馬幣千元
	853 1,096 41 311 744
At 30 November 2019 於二零一九年十一月三十日 Interest-bearing borrowings 計息借貸	857 1,235 79 316 840

Fair value

All financial assets and financial liabilities are carried at amounts not materially different from their fair values at 30 November 2020 and 2019.

公平值

所有金融資產及金融負債乃按與其於二零 二零年及二零一九年十一月三十日之公平 值分別不大之金額列賬。

162 MINDTELL TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

Year ended 30 November 2020 截至二零二零年十一月三十日止年度

30. CAPITAL MANAGEMENT

The objectives of the Group’s capital management are to safeguard the Group’s ability to continue as a going concern and to provide returns for equity owners. The Group manages its capital structure and makes adjustments, including payment of dividends to equity owners, call for additional capital from equity owners or sale of assets to reduce debts. No changes were made in the objectives, policies or processes during the years ended 30 November 2020 and 2019.

30. 資本管理

本集團資本管理之目標為保障本集團持續 經營業務之能力，並向權益擁有人提供回 報。本集團管理其資本架構及作出調整， 包括向權益擁有人支付股息、向權益擁有 人催收額外資本或出售資產，以減少債 務。於截至二零二零年及二零一九年十一 月三十日止年度，有關目標、政策或程序 並無變動。

2020 ANNUAL REPORT 年報 163

FINANCIAL SUMMARY 財務概要

The following is a summary of the published results and assets and liabilities of the Group for the last five financial years. The financial information for the year ended/as at 30 November 2018, 2019 and 2020 is extracted from the consolidated financial statements in this annual report while the relevant information for the years ended/as at 30 November 2016 and 2017 is extracted from the Prospectus.

下列為本集團於最近五個財政年度之已刊發業績 及資產以及負債之概要。截至二零一八年、二零 一九年及二零二零年十一月三十日止年度╱於該 日之財務資料乃摘錄自本年報之綜合財務報表， 而截至二零一六年及二零一七年十一月三十日止 年度╱於該日之相關資料則摘錄自招股章程。

Results of the Group for the year ended 30 November 本集團截至十一月三十日止年度之業績

Revenue 收益	2020	2019 2018 2017 2016 二零一九年 二零一八年 二零一七年 二零一六年 RM’000 RM’000 RM’000 RM’000 馬幣千元 馬幣千元 馬幣千元 馬幣千元 19,428 47,581 38,929 13,986
	二零二零年
	RM’000
	馬幣千元
	10,011
(Loss) Profit before taxation 除稅前（虧損）溢利 Income tax expenses 所得稅開支		1,383 10,266 16,604 8,448 (71) (2,414) (71) (55)
	(11,192)
	—
(Loss) Profit for the year 年度（虧損）溢利 Other comprehensive income (expenses) 其他全面收益（開支）		1,312 7,852 16,533 8,393 (354) — — —
	(11,192)
	36
(Loss) Profit and total comprehensive (expenses) income for theyear 年度（虧損）溢利及 全面（開支）收益 總額		958 7,852 16,533 8,393
	(11,156)

Assets and liabilities of the Group as at 30 November 本集團於十一月三十日之資產及負債

Non-current assets 非流動資產	2020	2019 2018 2017 2016 二零一九年 二零一八年 二零一七年 二零一六年 RM’000 RM’000 RM’000 RM’000 馬幣千元 馬幣千元 馬幣千元 馬幣千元 6,693 1,707 2,119 3,551
	二零二零年
	RM’000
	馬幣千元
	6,000
Current assets 流動資產		36,028 44,032 23,789 9,296
	26,875
Total assets 總資產		42,721 45,739 25,908 12,847
	32,875
Current liabilities 流動負債		8,766 13,352 21,861 4,913
	10,046
Non-current liabilities 非流動負債		725 115 136 163
	755
Net assets 資產淨值		33,230 32,272 3,911 7,771
	22,074

164 MINDTELL TECHNOLOGY LIMITED