A Rt 2020 - Acme Holdings Berhad · 2020. 9. 9. · ACME HOLDINGS BERHAD Annual Report 2020...

ACME HOLDINGS BERHAD

Annual Report

2020

Annual Repor t 2020ACME HOLDINGS BERHAD 198901012432 (189740-X) 1 Annual Repor t 2020ACME HOLDINGS BERHAD 198901012432 (189740-X) 1

CONTENTSOverview 2 CorporateInformation 3 ProfileofDirectors 4 ProfileofKeySeniorManagement 5 FiveYearsGroupFinancialHighlights

Performance 6 Chairman’sStatement 7 ManagementDiscussionandAnalysis 9 SustainabilityStatement

Governance 23 CorporateGovernanceOverviewStatement 35 AuditCommitteeReport 37 StatementonRiskManagementandInternalControl 39 Directors’ResponsibilityStatement 40 DisclosureRequirementspursuanttothe BursaMalaysiaSecuritiesBerhadMainMarketListingRequirements

FinancialStatements 41 Directors’Report 45 Directors’Statement 45 StatutoryDeclaration 46 IndependentAuditors’ReporttotheMembers 51 StatementsofFinancialPosition 52 StatementsofComprehensiveIncome 53 ConsolidatedStatementofChangesinEquity 54 StatementofChangesinEquity 55 StatementsofCashFlows 57 NotestotheFinancialStatements

OtherInformation 114 AnalysisofShareholdings 116 ListofProperties 118 NoticeofAnnualGeneralMeetingEnclosed ProxyForm

Annual Repor t 2020ACME HOLDINGS BERHAD 198901012432 (189740-X) 2

AUDIT COMMITTEE

ChairmanTanCheeKeong

MembersLimShiouGhayLeeChiongMeng

NOMINATION COMMITTEE

ChairmanLimShiouGhay

MembersLeeChiongMengTanCheeKeong

REMUNERATION COMMITTEE

ChairmanLimShiouGhay MembersLeeChiongMengTanCheeKeong

COMPANY SECRETARIES HingPoePyng(MAICSA7053526)SSMPCNO.202008001322WongYeeLin(MIA15898)SSMPCNO.201908001793

PRINCIPAL PLACE OF BUSINESS 1,2,7&8,JalanPKNK3KawasanPerusahaanLPKFasa308000SungaiPetaniKedah,MalaysiaTel.:04-4426888Fax:04-4426448Website:www.acmeholdings.com.my

BOARD OF DIRECTORS LimShiouGhay (Independent Non-Executive Chairman)OoiSoonHong (Executive Director)TanCheeKeong (Independent Non-Executive Director)LeeChiongMeng (Independent Non-Executive Director)

Corporate Information

REGISTERED OFFICE 51-8-A,MenaraBHLBankJalanSultanAhmadShah10050GeorgetownPenang,MalaysiaTel.:04-3736616Fax:04-3736615 AUDITORS GrantThornton(AF:0042)Level5,MenaraBHLBank51,JalanSultanAhmadShah10050PenangMalaysiaTel.:04-2287828Fax:04-2279828

PRINCIPAL BANKERS Ambank(M)Berhad[196901000166(8515-D)]CIMBBankBerhad[197201001799(13491-P)]CIMBIslamicBankBerhad[200401032872(671380-H)HSBCBankMalaysiaBerhad[198401015221(127776-V)MalayanBankingBerhad[196001000142(3813-K)]UnitedOverseasBank(Malaysia)Berhad[199301017069(271809-K)]

SHARE REGISTRAR PlantationAgenciesSdn.Bhd.[195501000033(2603-D)]3rdFloor,2LebuhPantai10300GeorgetownPenang,MalaysiaTel.:04-2625333Fax:04-2622018

STOCK EXCHANGE LISTING MainMarketoftheBursaMalaysiaSecuritiesBerhadStockName : ACMEStockCode : 7131

Overview


Lim Shiou GhayMaleIndependent Non-Executive Chairman

Mr. Lim ShiouGhay,Malaysian, aged 47,was appointed as an IndependentNon-ExecutiveDirector of the Companyon1October2018, and subsequently redesignatedas IndependentNon-ExecutiveChairmanon20 January2020.He is anEngineerbyprofession.HegraduatedwithaBachelorofScience(MechanicalEngineering)DegreefromtheMississippiStateUniversityin1997.Healsositsontheboardofseveralprivatelimitedcompanies.Hedoesnotholdanydirectorshipinanyotherpubliccompaniesandlistedissuers.HeisamemberoftheAuditCommitteeandtheChairmanoftheNominationCommitteeandtheRemunerationCommittee.

Ooi Soon HongMaleExecutive Director

Mr.OoiSoonHong,Malaysian,aged60,wasappointedtotheBoardasanExecutiveDirectoron8December2017.HeisamemberoftheMalaysianInstituteofAccountants(MIA).Startedhiscareerundertrainingwithseveralreputableaccountingfirmswherehequalifiedasa certifiedaccountantwithACCA (UnitedKingdom).Hehasmore than26yearsofworkingexperience in public accountingfirms, real estate development and constructionbusiness.He also sits on the board ofseveralotherprivatelimitedcompanies.Hedoesnotholdanydirectorshipinanyotherpubliccompaniesandlistedissuers.

Lee Chiong MengMaleIndependent Non-Executive Director

Mr.LeeChiongMeng,Malaysian,aged51,wasappointedasanIndependentNon-ExecutiveDirectoroftheCompanyon27November2017.HeisanArchitectbyprofession.HegraduatedwithaBachelorofArchitectureDegreefromtheUniversityTechnologyMalaysia(UTM)in1994andobtained‘TheBestDesigner’inArchitectureAwardduringhisfinalyearthesis.Hehasdevelopedaworkingexperienceinarchitecturepractice,urbanplanningonrealestatepropertiesfromvariouscountriessuchasAbuDhabiUAE,Vietnam,ThailandandCambodiaandMalaysia.HeiscurrentlyleadingaconsortiumteamconsistingofArchitects,Civil&StructuralEngineers,LandscapeArchitects,InteriorDesigners,Perspective&GraphicIllustratorsandModelMaking.Hedoesnotholdanydirectorshipinanyotherpubliccompaniesandlistedissuers.HeisamemberoftheAuditCommittee,theNominationCommitteeandtheRemunerationCommittee.

Tan Chee KeongMaleIndependent Non-Executive Director

TanCheeKeong,Malaysian,aged40,wasappointedasanIndependentNon-ExecutiveDirectoron14May2019.Heisacharteredaccountantbyprofession,graduatedwithBSc.(Hons)inAppliedAccountingandAssociationofCharteredCertifiedAccountants(ACCAUnitedKingdom)qualification.

Hehasmorethan18yearsofexperienceincorporatefinance,investmentbanking,privateequity,M&As,treasury,accountingandconsultingwithleadinginvestmentbanks,conglomeratesandconsultingfirmsinSouthEastAsia.Hedoesnotholdanydirectorshipinanyotherpubliccompaniesandlistedissuers.HeistheChairmanoftheAuditCommitteeandamemberoftheNominationCommitteeandRemunerationCommittee.

ADDITIONAL INFORMATION ON THE DIRECTORS

Family relationship with any director and/or major shareholderNoneoftheDirectorshavefamilyrelationshipwithanyotherDirectorsand/ormajorshareholdersofAcmeHoldingsBerhad.

Other than traffic offences, the list of convictions for offences within the past 5 years and particulars of any public sanction or penalty imposed by the relevant regulatory bodies during the financial year (“FY”), if any• NoneoftheDirectorshaveanyconvictionsforoffencesotherthantrafficoffenceswithinthepast5years.• NoneoftheDirectorswerepenalizedorsanctionedbyanyregulatorybodiesduringtheFY.

Conflict of InterestThe Directors have not entered into any transaction, whether directly or indirectly, which has a conflict of interest with theCompany.

Profile of Directors


Lee Thean YewMaleChief Financial Officer

Mr.LeeTheanYew,Malaysian,aged56,wasappointedasGroupFinancialControlleron1January2018.HeisaqualifiedaccountantwhograduatedwithaBachelorDegreeofAccountancy(withHonours)fromUniversityofMalayain1988.HehasbeenamemberoftheMalaysianInstituteofAccountants(MIA)since1992.Hehasmorethan26yearsofworkingknowledgeinaccountingdisciplinessuchasfinancialaccounting,compliancereporting,budgeting,taxationandsystemsdevelopment.HewaspromotedtoChiefFinancialOfficeron28May2018.

Ooi Ah ChinFemaleProperty Manager

Ms.OoiAhChin,Malaysian,aged56,wasappointedasthePropertyManageron1March2009.ShestartedhercareerastheSalesManagerinCaymanDevelopment(K)SdnBhdandIsagaMergongSdnBhdfrom1986to2005.SheisresponsiblefortheSalesandAdministrationDepartmentoftheGroup’sPropertyDivision.

Teoh Boon LeanMaleGeneral Manager

Mr.TeohBoonLean,Malaysian,aged53,wasappointedasGeneralManageron3October2017.Hehasmorethan16yearsofexperienceinplasticinjectionmouldingindustry.HeisresponsiblefortheoveralloperationsofSupportiveTechnologySdn.Bhd.HegraduatedwithaBachelorDegreeinEconomicsfromUniversitiUtaraMalaysiain1992.HewaspromotedtoChiefOperatingOfficeron10February2020.

Yeong Weng SoonMaleDirector of Marketing Division

Mr.YeongWengSoon,Malaysian,aged54,wasappointedasNationalSalesManageron1March2015.Hehasmorethan26yearsofexperienceinsalesandmarketingofconsumerproducts.HeistheheadofthemarketingdepartmentofSupportiveTechnologySdnBhd.HewaspromotedtoDirectorofMarketingon10February2020.

ADDITIONAL INFORMATION ON THE KEY SENIOR MANAGEMENT

Any directorship in public companies and listed issuersNoneoftheKeySeniorManagementholdanydirectorshipinpubliccompaniesandlistedissuers.

Family relationship with any director and/or major shareholderNoneoftheKeySeniorManagementhaveanyfamilyrelationshipwiththeDirectorsand/ormajorshareholdersofAcmeHoldingsBerhad.

Conflict of InterestTheKeySeniorManagementhavenotenteredintoanytransaction,whetherdirectlyorindirectly,whichhasaconflictofinterestwiththeCompany.

Other than traffic offences, the list of convictions for offences within the past 5 years and particulars of any public sanction or penalty imposed by the relevant regulatory bodies during the financial year (“FY”), if any• NoneoftheKeySeniorManagementhaveanyconvictionsforoffencesotherthantrafficoffenceswithinthepast5

years.• NoneoftheKeySeniorManagementwerepenalizedorpublicsanctionedbyanyrelevantregulatorybodiesduringthe

FY.

Profile of Key Senior Management


0.30

0.29 0.29

61,6

05,7

29

60,5

54,0

20

Equity attributable to owners of the Company

(RM)

Year

90

80

60

40

20

020202016 2017 2018 2019

81,5

10,0

02

69,6

88,7

94

79,2

72,4

00

Net assets per share

(PerSha

re)

Year

3

2

1

020202016 2017 2018 2019

0.34

0.34

27,6

88,0

95

78,4

29,1

90

Revenue

(RM)

Year

80

70

60

50

40

30

20

10

020202016 2017 2018 2019

24,8

37,0

56

26,6

74,0

89

44,5

92,9

33

4.18

Basic earnings/(loss) per ordinary share (Sen)

(Sen

)

Year

6

4

2

0

-2

-4

2020

1.59

1.49

2016 2017 2018 2019

(0.25)

(0.50)

Profit/(Loss) before tax

(RM’000

)

Year

10000

8000

6000

4000

2000

0

-2000

-4000

-6000

-80002020

(1,079

,119

)

5,13

9,46

2

4,80

2,22

2

2016 2017 2018 2019

1,29

2,28

0

(1,261

,141

)

Profit/(Loss) for the financial year

(RM’000

)

Year

10000

5000

0

-5000

-10000

2020

3,33

2,99

1

9,61

5,53

3

3,05

2,13

6

2016 2017 2018

(572

,973

)

2019

(1,079

,506

)

Five Years Group Financial Highlights

2016 2017 2018 2019 2020 (RM) (RM) (RM) (RM) (RM)

Revenue 78,429,190 44,592,933 27,688,095 26,674,089 24,837,056

Profit/(Loss) before tax 4,802,222 (1,261,141) 5,139,462 1,292,280 (1,079,119)

Profit /(Loss) for the financial year 3,052,136 (1,079,506) 3,332,991 9,615,533 (572,973)

Basic earnings/(loss) perordinary share (Sen) 1.49 (0.50) 1.59 4.18 (0.25)

Equity attributable to owners of the Company 61,605,729 60,554,020 69,688,794 79,272,400 81,510,002

Net assets per share 0.29 0.29 0.30 0.34 0.34

No. of shares issued(inunits) 209,703,500* 209,703,500* 229,973,500* 229,973,500* 239,973,500*

*Excluding8,784,500ordinarysharesheldastreasuryshares


DearStakeholders,

OnbehalfoftheBoardofDirectors,IampleasedtopresenttheCompany’sAnnualReportandAuditedFinancialStatementsforthefinancialyearended31March2020(FYE’20).

REVIEW OF RESULTS

For theFYE’20, theGroupachieved revenueofRM24.8million compared to revenueofRM26.7million in thepreviousfinancialyear.Thedecreaseinrevenuebyapproximately7%ascomparedtothefinancialyearended31March2019(FYE’19),ismainlyduetothedecreaseinrevenuefromthepropertydivision.

FortheFYE’20,theGrouprecordedalossaftertaxofRM0.6millioncomparedtoaprofitaftertaxofRM9.6millioninthepreviousfinancialyear.Thesignificantdecreaseinprofitaftertaxofabout106%comparedtoFYE’19wasmainlyduetotherecoveryofincometaxoverpaidamountedtoRM9.2millioninFYE’19.

DIVIDENDS

DuringtheFYE’20,theBoarddoesnotrecommendanydividend.

BOARD CHANGES

Dato’SriDr.LeeKuangShingresignedfromtheBoardwitheffectfrom20January2020.OnbehalfoftheBoard,Iwouldliketoexpressourappreciationtohimforhisinvaluablecontributionoverthelast13years.

PROSPECTS

Althoughthepropertymarketremainslackluster,theGroupisproactivelyplanningtointroduceprojectsthatwillbewellreceivedinthecurrentmarketcondition.

TheGroupexpectsthemanufacturingdivisiontorecordhealthygrowthonthebackofstrongconsumerspending.

APPRECIATION

On behalf of the Board, I would like to conveymy gratitude to our loyal shareholders, valued customers and businessassociatesfortheircontinuedsupportandtrust.Iwouldalsoliketothankourmanagementteamandemployeesfortheirtirelesseffortsandcommitment.

LIM SHIOU GHAYIndependentNon-ExecutiveChairman

25August2020

Chairman’s Statement

Performance


Management Discussion and Analysis

Overview

Weareprincipallyinvolvedinpropertydevelopmentandmanufacturingofdiverseplasticwareproducts.

Since2008,wehavebeeninvolvedina47acresmixeddevelopmentprojectknownasTamanAmanBayu,locatedatTelukAirTawarinSeberangPeraiUtara,Penang.Duringthefinancialyear,wedidnotlaunchanynewdevelopmentproject.

Forthemanufacturingdivision,weoperatefromourownedfactorywithtotalbuiltupareaofapproximately13,675squaremeterlocatedinSungaiPetani,Kedah.

Financial Performance

Overall

FortheFYE’20,werecordedrevenueofRM24.8millioncomparedtorevenueofRM26.7millioninthepreviousfinancialyear.ThedecreaseinrevenuebyRM1.9millionorapproximately7%ascomparedtotheFYE’19wasmainlyduetoadecreaseinrevenueofapproximately22%and1.57%fromthepropertydevelopmentdivisionandmanufacturingdivisionrespectively.

Themanufacturingdivision’s shareofour total revenue inFYE’20has increased from68% inFYE’19 to72% inFYE’20whilstthepropertydevelopmentdivisioncontributedlessfrom28%inFYE’19to23%inFYE’20.ThecontributionfromtheinvestmentholdingdivisioninFYE’20wassimilartoFYE’19at4%.

Wehadrecordedalossaftertax(LAT)ofRM0.6millioninFYE’20comparedtoaprofitaftertax(PAT)ofRM9.6millioninthepreviousfinancialyear.ThesignificantlybetterPATinFYE’19wasmainlyduetotherecoveryofincometaxoverpaidpreviouslybythemanufacturingsubsidiaryamountingtoRM9.2million.

Property Development Division

ThisdivisioncontributedRM5.78millionofrevenueintheFYE’20comparedtoRM7.41millioninthepreviousfinancialyear.Thedropinrevenueofapproximately22%wasduetothedecreaseinsaleofPhase4’sthreestoreyterracehouseduringtheinthecurrentfinancialyear.Consequently,thisdivisionsufferedaLATofRM0.5millioncomparedtoaPATofRM1.6millioninthepreviousfinancialyearduetothesalesoflowcostflatwhichyieldedlowerprofitmarginascomparedtothesalesofthreestoreyterracehousewhichyieldedahigherprofitmargininthepreviousfinancialyear.

Manufacturing Division

Themanufacturingdivisionregisteredaslightdecreaseofapproximately2%inrevenuewithRM17.96millionachievedinFYE’20comparedtoRM18.25millioninthepreviousfinancialyear.Nevertheless,thisdivisionmanagedtopostamodestPATofRM0.1million.

Thedecreasewasaresultof thegovernment’sdeclarationofMovementControlOrder (“MCO”) for theperiod from18March2020to3May2020duringwhichthemanufacturingdivisiondidnotgenerateanyrevenue.

Working Capital, Liquidity and Capital Expenditure

TheGroupgeneratednetinflowofcashfromoperationsofRM1.11millionintheFYE’20ascomparedtoRM9.85millionnetinflowofcashfromoperationsintheFYE’19.ThebetterperformanceintheFYE’19wasmainlyduetotherecoveryofincometaxoverpaidamountingtoRM9.2million.CashandcashequivalentsincreasedfromRM6.77millionasat31March2019toRM9.68millionasat31March2020.

Exceptfornewfinanceleaseundertakenupforthepurchaseofmachinery,nonewbankborrowingwasdrawndownintheFYE’20.


Management Discussion and Analysis (cont’d)

TheGrouphadundertakenaprivateplacementexercise involvingtheallotmentof10,000,000newordinarysharestothirdpartywhichgeneratedproceedsofRM2,900,000.Theseproceedswillbeutilisedtopartfinancetheacquisitionofapropertydevelopmentcompany.

Dividends

Althoughwecurrentlydonothaveanydividendordistributionpolicy,welookforwardtorewardingourshareholdersinfuturefortheircontinuedsupportandfaithinus.

Outlook, Challenges and Strategy

AgainstthebackdropofCOVID-19pandemic,consumerconfidenceisexpectedtoremainresilientduetocontinuouseffortbythegovernmenttoinitiatebusinessfriendlypolicies.

Forthepropertydevelopmentdivision,wehaveaproposeddevelopmentof6blocksof13-storeyapartments (withatotalof404units)atTelukAirTawar,SeberangPeraiUtara,PenangwhichtheGrouporiginallyintendedtolaunchinthethirdquarterofcalendaryear2020.Whilethemanagementisconfidentthatthisprojectwillbewellreceivedgivenitslocationandpricing,thelaunchingwillbedelayedtofirstquarterofcalendaryear2021inviewofprudentfinancialandriskmanagement.

Asforthemanufacturingdivision,whilstitsperformancehadbeenaffectedduringtheMCOperiod,businessperformanceisexpectedtoimprovegraduallyfortheremainderoftheyearbarringanynewdevelopmentwithregardstotheCovid-19outbreak.


Sustainability Statement

ACME’s Sustainability Approach

InACMEHoldingsBerhad (“ACME”or “theGroup”)webelieve thatwhilstweare committed to thegoalsofdeliveringfinancialreturnstoourstakeholders,weshouldalso,intandem,contributetooursurroundingcommunitiesandthenaturalenvironmentinwhichweoperatein.Tobuildasustainablebusinessenvironment,weundertakeinnumerableinitiativestocontinuouslyrefineourbusinessecosystemincreatingasustainablevaluechain.

Inharmonywithourgoal,ACMEendeavourstoaccomplishthefollowing:-

Persistinmanagingourbusinessrelationshipsethicallywithahighlevelofgovernance; Advocateforfinancialandnon-financialcontributions,asourappreciationtowardsthecommunityanditssurrounding

environmentinwhichweoperatein; Minimisingthedetrimentaleffectofoperationstowardstheenvironment,byadoptingaresilientbusinessmodel.

OurSustainabilityReporting(“Statement”)reflectsourperformanceandprogressofaccomplishingourgoalincreatingasymbioticrelationshipwiththeenvironmentandoursurroundingcommunity.Forgingahead,wewillcontinuouslyengagewithourstakeholderstocreateasustainablegrowth.

Reporting Scope and Boundary

ThisStatementispreparedinlinewiththerequirementandguidanceofBursaMalaysiaSecuritiesBerhad(“BursaMalaysia”or“theExchange”)MainMarketListingRequirements(“MMLR”)–PracticeNote9,andtheSustainabilityReportingGuide(2ndEdition)issuedbytheExchange.

Thisyear,wehavecontinuedthedisclosureonoursustainabilityperformancefromtheaspectofeconomic,environmentalandsocial(“EES”)mattersaspartoftheGroup’scommitmentinprovidingatransparentreportingtoourvaluedstakeholders.ThisStatementfocusesonthesustainabilityinitiativesexecutedunderourkeysubsidiaries,howeverexcludetheentitieswhichtheGroupdoesnothavemanagerialcontroloveritsoperations,forinstance,ourjoint-venturepartners,outsourcingvendors,suppliersorbusinesspartners.Thescopeofourreportingaredefinedbelow:-

ACMEaimstoprovideitsstakeholderswithall-inclusiveinformationontheGroup’sperformance.Assuch,weencourageourstakeholderstoreadthisstatementtogetherwiththeManagementDiscussionandAnalysis(“MDA”)inthisAnnualReport,whichreportsbothourfinancialandoperationalperformanceduringthefinancialyear.


Feedback

AspartofourinitiativesoncontinuousimprovementforthebettermentoftheGroup,andtoourcommunityasawholeincreatingasustainableenvironment,theGroupwelcomesandappreciatesallconstructivecommentsposedbyourvaluedstakeholdersonpotentialareasforimprovements.

ThisStatementisavailablefordownloadatourcorporatewebsiteatwww.acmeholdings.com.my.

Our Governance Structure

UndertheleadershipofourBoardofDirectors(“BOD”or“theBoard”),theSustainabilityWorkingGroup(“SWG”or“workinggroup”)maintainsitscommitmentinidentifyingareasforimprovementoverthesustainabilitystrategiesinrelationtotheEconomic,EnvironmentalandSocial(“ESS”)matterssinceitsformationin2019.

ACMErecognisesthatthedevelopmentandcontinuousimprovementoftheESSstrategiesrequireteameffortstoachieveitsstakeholders’expectation.Inviewofthis,theworkinggroupisstructuredtoincludeourkeymanagementpersonnelwhoareresponsibleandaccountablefortheexecutionoftheGroup’sESSstrategies,whilstmonitoring itseffectivenessfromtheirrespectiveareaofoperations.

ThefollowingcoreprinciplesremainedaspartoftheSWG’scornerstoneinassessingtheeffectivenessofESSstrategiesinACME:-

Aligningwiththeabove-mentionedprinciples,theSWGmeetsatleastonceayeartodiscusstheoverallperformanceoftheGroup’sESSinitiatives,andworktogethertodeterminenewsustainabilityinsightsforfuturegrowth.InMarch9,2020,theSWGheldameetingtodiscussonthefollowingmatters:-

ReviewedthegovernancestructureofSWG; Reassessedthestakeholders’engagementanalysis; Re-evaluatedthesustainabilitymattersdisclosedinAnnualReport(“AR”)2019;and RecommendednewinitiativesfortheFinancialYearEnded(“FYE”)2020.

Furtherance to theabovementionedprocesses, the reviewofESS strategiesand recommendationasmadeby theSWGwillbeproperlycommunicatedacrossACME’sBoardofDirectors(“BOD”or“theBoard”)upontheconclusionofeachSWGmeeting.ThisistoensurethattheSWGobtainsfullsupportfromtheBoardindefiningthemoving-forwardsustainabilitydirection,allocatingadequateresources,andapprovingthestrategiestopropelthesustainabilitymatters.

Sustainability Statement (cont’d)



Our Governance Structure (cont’d)

ThegovernancestructureoftheGroupareillustratedbelow:-

Stakeholders Engagement

Ingeneral, thestakeholderengagement isdefinedasanorganisation’spractice inestablishinganopenand transparentplatformtoengagewithitsvariouskeystakeholdersasidentifiedbytheGroup.SuchengagementsareessentialasobtainingtheirvaluableviewsandfeedbackswouldpermitACMEtoidentifysustainabilityopportunityorrisksinwhichtheGroupmaynothaveotherwiseconsidered.

Toachievetheaforesaidobjective,ourkeymanagementpersonnelundertakeastakeholdermappingexercisetodeterminetheGroup’sindispensablestakeholders,astheirexpectationmayimmenselyinfluencetheGroup’sperformance.Likewise,suchexerciseallows theGroup toproritiseand focuson the corematterswhichare raisedbyeach identifiedgroupofstakeholdersviavariouschannelanticipatedbyACMEacrosstheyear.

InFYE2020,theGrouphaspredominantlyengagedwiththeseven(7)keystakeholdersasidentifiedbelow.

Stakeholder Types of Engagement Frequency of Engagement

Government/RegulatoryBodies • ReportSubmission • Ad-Hoc • Meeting/Discussion • Monthly • AuditInspectionVisit • Annually • Forum Employee • AnnualPerformanceReview • Ad-Hoc • GrievancesProcedures • On-Going • Meeting/Discussion • HalfYearly • Annually

Supplier/Vendor • EvaluationandPerformanceReview • Ad-Hoc • Meeting/Discussion • On-Going • VendorRegistration • HalfYearly • ContractNegotiation



Stakeholders Engagement (cont’d)

InFYE2020,theGrouphaspredominantlyengagedwiththeseven(7)keystakeholdersasidentifiedbelow(cont’d).


Customer • Meeting/Discussion • Ad-Hoc • CustomerSatisfactionSurvey • On-Going • ContractNegotiation • Daily • SocialMedia • CorporateWebsite Shareholder • Announcement • Ad-Hoc • AnnualGeneralMeeting • On-Going • Disclosure/Report • Monthly • SocialMedia • Quarterly • PressRelease • Half-Yearly • Annually

Public/LocalCommunity • Announcement/Disclosure • Ad-Hoc • SocialMedia • On-Going • CommunityProgrammes • Daily

Competitor/IndustryPlayer • Announcement/Disclosure • Ad-Hoc • SocialMedia • On-Going • CorporateWebsite • Daily • Forum

ACMEacknowledgesthatitsstakeholdersplayanimportantroleincontributingtothesuccessoftheGroup.Assuch,theGrouphascontinuallystrivedtoensurethekeystakeholder’sfeedbacksarereasonablyconsideredbyitsmanagement,priortoitsimplementationandexecutionofsustainabilityapproacheswhicharealignedwithitsstakeholders’expectation.

Inaneverchangingbusinessenvironment,theGroupenvisagestoaimandexploreothermeansofengagement,aswellastoidentifynewpotentialkeystakeholderswhichmayprovideinvaluablefeedbacksfortheadvancementoftheGroup.

Materiality Assessment

Materialityassessmentreferstoanapproachtoidentify,enhance,andevaluatethepotentialEESmattersthatconcernsthevariousstakeholders’oftheGroup,whichmaypotentiallyimpactACME’sbusinesssustainability.Hence,theGroupviewsmateriality assessment as a critical step in ensuring the ever evolvingprioritiesof concerned stakeholders areproperlyaddressedandadequateresourcesaredeployedeffectively.

InACME,webeginthematerialityassessmentwiththeidentificationofkeystakeholders’ofwhichtheGrouphasactivelyengagedwiththroughouttheyear.Thisprocessallowsustogatherconstructivefeedbacksfromourkeystakeholdersforthepurposeofdefiningthematterswhicharevitaltothestakeholders.Thereafter,ourmanagementteamshallperformaninternalassessmenttoprioritisethesustainabilitymattersthataremostrelevanttoourstakeholdersandatthesametime,prominenttotheGroup.Theseareperformedthroughaplottingofsustainabilitymattersinamatrixwhicharemeasuredagainst the degreeof importanceof amatter toACME’s stakeholders, and its significance to theGroup. The results ofsustainabilitymattersaresubsequentlypresentedtotheBoardfortheirreviewandapproval.Theprocessofmaterialityassessmentaresummarisedinthefollowingchart:-



Materiality Assessment (cont’d)

In2020,theGrouphasre-evaluateditsmaterialityassessmentinaccordancewithitsinternalguidelinesaswellasindustrialbenchmarkingpractices,withtheconclusionthatatotalofseven(7)keymattersremainintegraltotheGroupaswellasourvaluedstakeholders.

Concisely,theEESmattersthattheGrouphasplacedemphasisonitsresourcesallocationinYear2020arepresentedbelow:-


Asapointofreference,thesaidmattersareplottedunderthematerialitymatrixwhichoutlinesthedegreeofimportanceofamattertoACME’sstakeholders(Y-axis),andthelevelofsignificancetotheGroup(X-axis).



Materiality Assessment (cont’d)


Inresponsetotheresultspresentedinthematerialitymatrix,ACMEisabletomakeinformeddecisionsandstrategiseditssustainabilityapproachwhichreflectstheGroup’scommitmentinmeetingitsstakeholders’expectations.Detaileddisclosureofoursustainabilityperformancearerepresentedinthefollowingsection.



Economic Sustainability Matters

Ethical Conduct of Business

AtACME,itisofparamountimportanceforustoupholdthehigheststandardsofintegrityandbusinessethicsintheareaswhereweoperate,whilstobservingall relevant lawsand regulations imposedby thenationaland localauthorities.Weacknowledgethatintegrity,ethics,andcomplianceactasthekeyfoundationtothesuccessofourbusiness.Hence,wehaveplacedgreatestemphasisinthismatter,andiscommittedtoensureallrelevantpartiesassociatedwithourGrouparefullyapprisedwiththiselementaryrequirement,duringtheircourseofemploymentorengagementwithus.

Primarily,wepledgetoensureourbusinessconductsareincompliancewiththefollowinglaws,regulationsandvoluntarycodesintroducedbythegovernmentofMalaysiawhichareapplicabletous:-

TheGroupanditsemployeesareresponsibletoensuretheirdailyconductsareincompliancewiththeabovementionedrulesandregulations.Assuch,wehavemaintainedasetofextensivepoliciesandstandardoperatingprocedures(“SOP”)withintheGrouptoensureouremployeesandbusinessassociatesareguidedbytherightprinciplesandprocedures indischargingtheirdutiesfororonbehalfofACME.Overandabove,theGrouphadmandatedthepracticeofconductinginternalauditproceduresonaplannedintervaltoreviewitscurrentpracticeanddegreeofcompliancewiththeinternalpoliciesandprocedures,whichaidtheGroupinidentifying,refining,andimprovingonthecurrentprocesses.

AsalistedcompanyinMalaysia,wewillmakeeveryefforttopromotegoodcorporategovernancepracticewithintheGroup.ThisalignswiththepracticesoutlinedinBursaMalaysia’sMainMarketListingRequirements(“MMLR”),MalaysiaCodeofCorporateGovernance(“MCCG”),SustainabilityReportingGuideandotherrelatedguidelines.

Tofurthercultivategoodgovernancepractice,ACMEencouragesitsstakeholderstoreportanypotentialoractualmalpracticeormisconductcommittedbyouremployeesorourbusinesspartnersthroughtheWhistleblowingpractice.Suchpracticeprovidestheopportunityforustocollectvaluablefeedbacksandissuesfromourstakeholders,whichmayhelptheGroupinpreventing,detectingandmitigatingtherisksassociatedinitscurrentoperation.Nevertheless,wedidnotreceiveanyreportsinFY2020fromthewhistleblowingchannel.

The Group is also cognisant with the latest amendments made towards the Malaysian Anti-Corruption Commission(“MACC”)Act2009intheYearof2018,wherecorporateliabilityareintroducedforcorruptionoffences.Furtherancetotheamendment,BursaMalaysiahasupdateditsMainMarketListingRequirements(“MMLR”)wherebyalllistedcompaniesinMalaysiaareexpectedtoestablishanAnti-CorruptionPolicyandaWhistle-blowingPolicy,stipulatedunderChapter15ofCorporateGovernance.



Economic Sustainability Matters (cont’d)

Ethical Conduct of Business (cont’d)

Withtheaforesaidupdates,ACMEhasallocateditsresourcestoimplementanAnti-BriberyManagementSystem(“ABMS”)fortheGroupanditssubsidiaries.SuchsystemistobeimplementedbyreferringtotheguidelinesonadequateproceduresissuedbythePrimeMinisterDepartmentinDecember2019.Asof31March2020,theGroupisinthemidstoffinalisingitsABMS.Thus,thedetailsofimplementationshallbeupdatedaccordinglyinthefollowingyearofreporting.

Apartfromthat,wearecommittedinmaintainingregularcommunicationandconsultationwiththerelevantauthoritiestoensurewekeepabreastofthelatestdevelopmentorupdatesonthelawsandregulationswhichareimpactfultoourbusiness.Webelievethatwiththeemphasiswehavegiveninensuringcompliancewithallapplicablelawsandregulationswillsubsequentlyopenuptoasmootherandeffectiveoperation.

Strategic Procurement Practice

We are alwaysmindful thatmaintaining a sustainable supply chain is an essential strategy for theGroup’s operationalexcellence.Atthesametime,itisalsopartofourambitiontostimulatethelocaleconomywhereweoperates.Toachievethegoal,wearecommittedingivingprominencetolocalprocurementpracticeswheneverapplicable,withoutcompromisingonthecost,qualityorsafetyofaproductorservicesacquired.

Asageneral rule,ourprocurementpracticesaregovernedbya setof internalprocurementpoliciesandprocedures toensurethatourengagementswithsuppliersareconductedinafairandtransparentmanner.Suppliersarescreenedthroughbyourexperiencedmanagementteamwithpre-definedcriteriabeforeabusinessdecisionismade.Thereafter,ourteamwillcontinuetomonitorandassesstheirperformancethroughasupplier’sevaluationexercisewhichwillbeconductedonanannualbasis.

Upon completing the suppliers’ performanceevaluation, apoolofqualified supplierswill bemaintained inourGroup’sdatabasetomitigatethesupplychainriskofoperationdisruptions.Togetherwithproperplanningandmonitoringoverthelevelofourrawmaterials,work-in-progressgoods,andfinishedgoods,ACMEwillalwaysstrivetodeliveritsproductstocustomersinaccordancewiththeagreedtimeframe.

Guidedbytheaforesaidpoliciesandprocedures,withreferencetothetotalpurchasesmadebytheGroupthroughoutthereportingyear,ACMEhadachievedremarkableresultsinFY2020,wherebyourtopten(10)suppliersare100%localbasedcompanies.Collectively,wehaveattributedtoanexpenseofapproximatelyRM8millioninourGroup’spurchasestothesaidsuppliers.Insummary,ourFY2020performanceispresentedinthefollowinggraph:-

Inanutshell,ourGroupbelievesthatvariouspositiveeffectscanbecreatedthroughstrategicprocurementpractice(i.e.,localprocurement)whichwillbemutuallybeneficialbetweenus,thesuppliers,andtheeconomyofMalaysia.



Economic Sustainability Matters (cont’d)

Strategic Procurement Practice (cont’d)

Amongwhich,thebenefitsare:-

Environmental Sustainability Matters

Sustainable Manufacturing Process

Inourefforttominimisecarbonfootprintintheenvironmentwhereweoperate,wehavetonipthesourceoftheprobleminthebud.Assuch,weplacedourfocalpointintheprocessofsourcingforrawmaterials.Presently,ourrawmaterials,(i.e.resin)formsthebulkofourpurchases.Therefore,weaimtoreducetheuseofvirginresinsinourbusinessoperations.InFY2020,wemanagedtoreducetheuseofvirginresinsfromourproductionlinefrom35%(FY2019)to25%.

The Group also acknowledges that a more circular approach is necessary when dealing with plastics. In this respect,ourmaterialscanberecycledandformacontinuousflowaroundthe ‘closed-loop’system.Alongsidewithreducingourproductioncosts,weareabletominimisetheamountofproductionwastewhichisinlinewithourgoaltobuildasustainablebusiness.



Environmental Sustainability Matters (cont’d)

Sustainable Manufacturing Process (cont’d)

InFY2020,wehavecontinuedourinitiativetoenforceaninternalrecyclingprocesswithintheproductioncyclewiththeaimofreducingproductionwastes.Primarily,allsub-standardordefectivegoodsaretransportedtothedesignatedareatobegroundedinaccordancetotheirquality,conditionandcolour.Subsequently,thenewlygroundedmaterials,nowknownasrecycledresinsshallbepackagedanddeliveredtotheproductionlineawaitingforuseasrecycledrawmaterials.

By the same token, we try to reduce the amount of productionwastes by ascertaining that ourmachineries are wellmaintainedatitsoptimumconditionthroughperiodicalinspectionandmaintenancepractices.Assuch,ourproductionlineisoperatingatanoptimisedlevel,ensuringthatourproductionwastesfallsbelowourtolerablethreshold.Throughsuchefforts,weareabletoplayanactiveroleinreducingouroperationalimpacttotheenvironment.

As amean toprovide greater clarity of our performance to the stakeholders,we areworkingoutwith an approach tomeasureoureffortsmadeinthesaidrecyclingprocess.Anupdateshallbeprovidedtoourvaluedstakeholdersinourfuturereporting.

Environmentally Targeted Initiatives

Supplementary to theactions takenabove,wehave continuedourefforts in theexecutionofour additionally targetedinitiativesduringtheyear.

Duetothenatureofourbusiness,plasticsareoneofthemainsourceofrawmaterialsrequiredinourdailyoperationalactivities,particularlyduringthepackagingprocess.Intrinsically,apartfromourinitiativesundertakenthroughourin-houserecyclingpractice,wewouldrelentlesslyencourageotherformsofrecyclingplansforallunusedmaterialsthroughoutthemanufacturingprocesses. Items suchasplastic storagebags,papers, cartons,wrappingfilms shall beassessed for theirrecyclabilitybeforesuchitemsaresegregatedintotheirrespectiverecyclingbins.

Accordingly,theGroupengageswithitsrecyclingvendorsforthecollectionofrecyclablematerialsonabi-monthlybasisorwhenevernecessary.ThefollowinggraphillustratesthetotalamountofmaterialsrecycledinFY2020,categorisedintodifferenttypesofmaterials.

Movingforward,theGroupendeavourstocontinueinmonitoringofitsrecycleactivities,andensureourwasteproductionaregenerated,stored,anddisposedresponsibly,andinaccordancewiththeregulatorystandardssetbytheDepartmentofEnvironment(“DOE”).

Inasimilarmanner,wediligentlyoverseeourusageofelectricityandwaterinourofficeswhilstconductingourdailyactivities.Intheeventthatpeculiardeviationsisdetected,itshallbeinvestigatedandresolvedaccordingly.Throughsuchinitiatives,ourcollecteddataindicatesthatinMarch2020,wehavemanagedtoreduceourelectricityandwaterconsumptionby28%comparatively.



Environmental Sustainability Matters (cont’d)

Environmentally Targeted Initiatives (cont’d)

Aswecontinuetogrow,wewillincorporateadditionalinitiativesinoureffortsasourwayofprotectingtheenvironmentthatweoperatein.

Social Sustainability Matters

Health and Safety Efforts

TheGrouprecognisesthatouremployeesarekeyassetsinattainingtheGroup’ssustainabilityagendainlongrun.Hence,itisanimperativemeasurementfortheGrouptocontinuallyfosterahealthierworkplaceforalllevelsofemployees.TheGroupalsostrivestomaintainasaferworkingenvironmentwhilstcreatingapositiveworkingenvironmentthatisefficient,relaxedandaffectionate.TheseobjectivesareachievedviaourcommitmenttostrictlycomplywithapplicablerulesandregulationssuchasOccupationalSafetyandHealthAct1994,EnvironmentalQualityAct1974,FactoriesandMachineryAct1967,andFireServicesAct1988,togetherwithvariousinitiativesthatareheldforthebenefitofouremployees.

OurHealthandSafetyPolicyactsasapreliminaryguidancetoallouremployeesinobservingtheactivitiesconcerningtheirhealthandsafetymeasures.OurPolicygovernsthekeysubjectssuchas:-



Social Sustainability Matters (cont’d)

Health and Safety Efforts (cont’d)

Wearegladtoreportthattherewerenomajorincidentsoccurredwithinouroperatingpremiseswhichmaycauseseveredisruptiontoouroperationsorbringsignificantharmtoouremployeesoverthesaidreportingyear.TheGrouppursuestoensurethatbyseamlesslyincorporatingasafeandhealthyculturewithinourdailyoperations,employees’confidenceandmoralearesupportedwhenworkingattheGroup.

Covid-19 Pandemic

InMarch2020,COVID-19outbreakhasbecomeamajorconcernamongthecommunitieswherewelivedin.AbidingtotheannouncementmadebyourPrimeMinisteron16March2020,wehaveceasedouroperationtemporarytoensurewehavesufficienttimetopreparethenecessarysafetymeasurementforthehealthandsafetyofouremployees.Additionally,ourmanagementensuresthatthemeasurementsareinplacedaccordinglyandincompliancewiththeguidelinesasissuedbytheDepartmentofOccupationalSafetyandHealth(“DOSH”).WeresumedouroperationinApril29,2020,withCovid-19mitigationinitiativesasfollows:-

Asatthedateofthepreparationofthisreport,wearepleasedtoinformthattherewasnocaseofCOVID-19beingconfirmedamongstouremployees.Nevertheless,ACMEwill continuetoprevailnecessaryefforts infightingagainst thispandemictogetherwithallcommunitiesandkeepabreasttothelatestdevelopmentofsaidmatters.

Employee Engagement and Development

ACME isanequalopportunityemployerasweplacegreatemphasis towardsthewell-beingandcareerdevelopmentorprogressionofouremployees.TheGroupupholdsthevaluesofengagingwithalllevelsofemployeesinaveryactivemanner,regardlessofthegender,ethnicity,background,culturalaffiliationsandageoftheemployee.




Employee Engagement and Development (cont’d)

WiththecommitmentfromtheSeniorManagement,theGroupisdeterminedinachievingthefollowinggoalsandobjectives:-

TheGroupunderstandsthe importance inpreservingacloseengagementwith itsemployeesastoassurethedeliveriesproductsandservicesareofhigh levelofquality.Ourmanagement teamsareobliged tomaintainaclosertiewith theteammemberstoassess,understandandresolvethechallengesasfacedbythemwithintheirrespectivebusinessunitsorfunctions.Inthemeantime,wecultivateanopenworkingenvironmentbyencouragingourworkerstodiscussandproposetheir ideasfreelywithourmanagementteams.SuchapproachisaimedatprovidingthemuchneededinspirationtotheemployeesincontributingtotheGroup’sbusinesssuccesswhilstrealisingtheirpersonalpotentials.

AsmuchastheGroupemphasisestheprogressofouremployees,weimplementamerit-basedprincipleinassociatingtherewardsystemwiththeindividual’sperformanceandcontributiontotheGroup.Theperformanceofouremployeeswillbeassessedinafairandtransparentmanner,priortodeterminingtheappropriateawardswhichcanbedistributedinthefollowingforms:-




Employee Engagement and Development (cont’d)

Besides, theGroupalso establishes continuousdevelopmentprograms for theemployees in ensuring they are growinganddevelopingprogressivelywithus.SucheffortscanbeseeninthetrainingprogramswhichACMEhadprovidedforitsemployeesoverthepast12months.Thesaidprogramscanbedelineatedasfollows:-

SalesTaxTariffCodesandSalesTaxValuation DataAnalytics AccreditationProgramme IFRSMasterclass InternalAuditFunction PracticalAccountingSkills On-thejobtrainingprograms

Furtherancetotheirparticipationinthetrainingprogrammes,theemployeesarealsoencouragedtoshareanddisseminatetheknowledgewhichtheygarneredviathetrainingprogramstoothercorrespondingteammembers.

The aforesaid training programs are aimed at helping the employees to elevate themselves at a personal level, whilstprovidingthemwithaplatformtodevelopaprogressivecareerpath.ItalsoassiststheGroupinidentifyingthepotentialcandidatesinsecuringitssuccessionplanninginamoresystematicandsustainableway.

Community Contribution and Donations

TheGroupispersistentinfulfillingitssocialresponsibilityasit ispartofourcommitmentinimprovingthelifestylesandwellbeingofthesociety.Throughouttheyear,wehavemadedonationsworthRM108,813toeducationalinstitutionandcharitableorganisationwiththeaimofpromotingsustainableeducationsystemtothenextgeneration.

Otherthanthat,ourGroupalsoplaysaroleinpropertydevelopment,wherewearecommittedtodeployadequateresourcestowardsthedevelopmentofourlowcostresidentialproject,situatedatTelukAirTawar,whichwehavecompletedabout70%oftheconstruction.Thesaidprojecthas160unitsthatcomeswithaffordablepricing,aspartoftheGroup’seffortstoprovideabetterlivingenvironmenttotheless-fortunatefamilies.Althoughitispartofourregulatedresponsibility,westrivetoensurethatthequalityofourprojectsarenotbeingcompromisedwiththecostassociatedwithit.Forgoodmeasure,ourprojectcomeswithapromenadeparkrightnexttoseafront,andwillbeopeneduptonotonlyourresidence,buttothepubliccommunitylivingaroundthearea.

The management team in ACME understand that the consumers are increasingly aware of the importance of socialresponsibility,andposegreaterexpectationsforthebusinesstobeconductedinamuchsensibleandethicalmanner.Forthisreason,theGroupwouldcontinueitsstrenuouseffortsininaddressingthesocialissues.

Moving towards a Sustainable Future

Whilst preparing for our sustainability reporting framework, we are able to assess our performance through socio-environmentalperspective.Furthermore,weareabletoevaluateourpastperformanceswhichservesasabenchmarkforustomanageandtrackourgoalinemergingasasustainableandresilientbusinessinthisever-changingenvironment.


Corporate Governance Overview Statement

TheBoardofDirectors(“theBoard”)ofACMEHoldingsBerhad(“ACME”or“theCompany”)recognisestheimportanceofgoodcorporategovernanceandiscommittedtoensurethatgoodcorporategovernanceisbeingpractisedbytheGroupinordertosafeguardstakeholders’interestsaswellasenhancingshareholders’value.

TheensuringparagraphsinthisStatementsetsoutthemannerinwhichtheGrouphasappliedandtheextentofcompliancewith theprinciples and recommendationsas setout in theMalaysianCodeonCorporateGovernance (“MCCG”or “theCode”).

APPLICATION OF THE PRINCIPLES AS SET OUT IN THE MALAYSIAN CODE ON CORPORATE GOVERNANCE PRINCIPLE A: BOARD

LEADERSHIP AND EFFECTIVENESS

I. BOARD RESPONSIBILITIES

1. Board’s Leadership on Objectives and Goals

1.1 Strategic Aims, Values and Standards

TheBoardisresponsibleforformulatingandreviewingthestrategicplansandkeypoliciesoftheCompany,andchartingthecourseoftheGroup’sbusinessoperationswhilstprovidingeffectiveoversightofManagement’sperformance,riskassessmentandcontrolsoverbusinessoperations.

The Board delegates and confers some of its authorities and discretion to the Chairman, Executive Director, andManagement as well as to properly constituted Board Committees comprisingmainly Independent Non-ExecutiveDirectors as at Financial Year End 2020 (“FYE’20”). The role ofManagement is to support the Executive DirectorsandimplementtherunningofthegeneraloperationsandfinancialbusinessoftheCompany,inaccordancewiththedelegatedauthorityoftheBoard.

Notwithstandingthedelegationofspecificpowers,theBoardretainsfullresponsibilityforthedirectionandcontroloftheCompanyandtheGroup.

TheBoardCommitteesaremadeupoftheAuditCommittee(“AC”),NominationCommittee(“NC”)andRemunerationCommittee(“RC”);andareentrustedwithspecificresponsibilitiestooverseetheGroup’saffairs,withauthoritytoactonbehalfoftheBoardinaccordancewiththeirrespectiveTermsofReference(“TOR”).

TheChairmanoftherelevantBoardCommitteesreportstotheBoardonkeyissuesdeliberatedbytheBoardCommitteesattheirrespectivemeetings.

Ingeneral,therolesofIndependentNon-ExecutiveDirectorsaretoconstructivelychallengeManagementandmonitorthesuccessofManagementindeliveringtheapprovedtargetsandbusinessplanswithintheriskappetitesetbytheBoard.TheyhavefreeandopencontactwithManagementatalllevels,andtheyengagewiththeexternalandinternalauditorstoaddressmattersconcerningManagementandoversightoftheCompany’sbusinessandoperations.

KeymattersreservedfortheBoard’sapprovalincludetheannualbusinessplanandbudget,capitalmanagementandinvestment policies, authority limits/levels, riskmanagement policies, declaration of dividends, business continuityplan, issuanceofnewsecurities,businessrestructuring,expenditureaboveacertain limit,materialacquisitionsanddispositionofassets.

Governance


Corporate Governance Overview Statement (cont’d)

LEADERSHIP AND EFFECTIVENESS(cont’d)

I. BOARD RESPONSIBILITIES(cont’d)

1. Board’s Leadership on Objectives and Goals(cont’d)

1.1 Strategic Aims, Values and Standards(cont’d)

Indischargingitsstewardship,theBoardisconstantlymindfulofsafeguardingtheinterestsoftheGroup’sstakeholdersandisultimatelyresponsiblefortheperformanceoftheGroup.TheBoardassumesthefollowingcoreresponsibilities:

i. reviewingandadoptingastrategicplanfortheGroupandtoinstitutearegularandformalboardstrategyreviewtoensurethatthestrategicplansupportlongtermvaluecreationandincludesstrategiesoneconomic,environmentalandsocialconsiderationsunderpinningsustainabilityofitsbusinessandGroupoperations;

ii. overseeing theconductof theGroup’sbusiness, superviseandassessmanagement’sperformance toevaluatewhetherthebusinessisbeingproperlymanagedandthattheGroup’sperformanceisskewedtowardsachievingitsstrategynotwithstandingthatsomeofthesubsidiarieshaveseparateBoardofDirectors;

iii. review,challengeanddecideonmanagement’sproposals fortheCompanyandmonitor its implementationbymanagement;

iv. anticipatechangesinthemarketandensuringthattheGroup’scapabilitiesandresourcesaresufficienttomanageuncertainties;

v. identifying principal risks and ensuring the implementation of appropriate internal controls and mitigationmeasures;

vi. successionplanning,includingappointing,training,fixingthecompensationofandwhereappropriate,replacingBoardmembersandseniormanagement;

vii. developing and implementing an investor relations programme or shareholder communications policy for theGroup;

viii. reviewing the adequacy and the integrity of the Group’s risk management, internal control systems andmanagementinformationsystems, includingsystems/reportingframeworkforcompliancewithapplicablelaws,regulations,rules,directivesandguidelines;

ix. determining the remuneration of non-executive Directors, with the individuals concerned abstaining fromdiscussionsoftheirownremuneration;

x. ensuringthattheCompany’sfinancialstatementsaretrueandfairandotherconformwiththelaws;and

xi. ensuringthattheCompanyadherestohighstandardsofethicsandcorporatebehaviour.

InorderfortheBoardtoclearlyexecuteitsdutiesandresponsibilitiesalongwiththerolesplayedbytheBoardCommitteesandManagement, the Board adopted a Board Charter which sets out the roles of the Board, Board Committees,ExecutiveandNon-ExecutiveDirectorsandManagement,takingintoconsiderationprincipalresponsibilities.

TheBoardCharterissubjecttoperiodicreviewtoensurethatitcontinuestoberelevantandapplicableasareferenceto enable Directors to carry out their stewardship role and discharge their fiduciary duties towards the Company.Inaddition, theBoardCharteralsocontains formal scheduleofmatters reservedby theBoard fordeliberationanddecision.

The Board is satisfiedwith the level of time commitment given by the Directors towards fulfilling their roles andresponsibilities asDirectors of the Company. This is evidenced by the attendance record of theDirectors at Boardmeetings.





1.1 Strategic Aims, Values and Standards(cont’d)

TheBoardmeetsonaquarterlybasiswithadditionalmeetingsheldwhenevernecessary.TheBoardmetfive(5)timesduringtheyearunderreview.ThemeetingattendancerecordoftheDirectorsisasfollows:

Number of Number of Name of director meetings held meetings attended

OoiSoonHong 5 5 LeeChiongMeng 5 5 LimShiouGhay 5 5 TanCheeKeong 4 4 Dato’SriDr.LeeKuangShing(resigned on 20 January 2020) 4 4 AndrewSuMengKit(resigned on 10 July 2019) 1 1

ToensurethattheDirectorshavethetimetofocusandfulfilltheirrolesandresponsibilitieseffectivelyandinlinewiththeListingRequirements(“LR”),aDirectoroftheCompanymustnotholddirectorshipsofmorethanfive(5)PublicListedCompaniesandmustbeabletocommitsufficienttimetotheCompany.

TheDirectorsarerequiredtosubmitanupdateontheirotherdirectorshipsfromtimetotimeformonitoringofthenumber of directorships held by the Directors of the Company and for notification to Companies Commission ofMalaysiaaccordingly.

TheDirectorsaremindfulthattheyshouldcontinuetoattendtrainingprogrammestoenhancetheirskillsandknowledgewhererelevant,aswellastokeepabreastwiththechangingregulatoryandcorporategovernancedevelopments.

ThedetailsoftrainingattendedbytherestoftheDirectorsduringFYE’20areasfollows:

Name of Director Course Title Date

OoiSoonHong IFRSMasterclass2019 20September2019 TanCheeKeong EvaluatingEffectiveInternalAuditFunction –AuditCommittee’sGuideonhowto 15October2019 TanCheeKeong NationalTaxConference2019 5&6August2019 Inthefuture,theNominationCommittee(“NC”)willcontinuetoevaluatetrainingneedsamongsttheDirectorsand

recommendtothedirectorsasandwhenrequired.

1.2 Chairman of the Board

TheBoardisledbyanIndependentNon-ExecutiveChairmansupportedbyanexperiencedBoard,comprisingmemberswithwide rangingexperience in relevantfields suchas generalmanagement, accountingandfinance industry andinformation technology. The Chairman is responsible for leading the Board and ensures that all Directors receivesufficientrelevantinformationonfinancialandnon-financialmatterstoenablethemtoparticipateactivelyinBoarddecisions.

HeprovidesleadershipandgovernanceoftheBoardinordertocreateaconduciveconditiongearedtowardsbuildingandgrowingDirectors’effectivenessandensurethatappropriateissuesarediscussedbytheBoardinatimelymanner.Aspartofthatrole,Chairmanensuresthatnomemberdominatesdiscussionandthatappropriatediscussionstakeplacewithrelevantopinionsamongmembersforthcoming.

OtherrolesoftheChairmanincludeleadingtheBoardintheoversightofmanagement,ensuringadequacyandintegrityofthegovernanceprocessandissues,maintainregulardialoguewithtopmanagementoveroperationalmattersandseekopinionoffellowBoardmembersoveranymattersthatgivecauseformajorconcerns.







1.3 Separation of the position of Chairman and the Managing Director

TheChairmanoftheBoardisMr.LimShiouGhay,theIndependentNon-ExecutiveDirectoroftheCompany,theroleoftheManagingDirectorisassumedbyanExecutiveDirector,Mr.OoiSoonHong.ThereiscleardivisionofresponsibilitiesbetweentheChairmanoftheBoardandtheManagingDirector.ThisdivisionofresponsibilitiesbetweentheChairmanandtheManagingDirectorensuresanappropriatebalanceofrolesandresponsibilitiesandaccountability.TheChairmanleadtheBoardtoensureitssmoothandeffectivefunctioning.

1.4 Qualified and competent Company Secretary TheCompanySecretariesplayanadvisoryroletotheBoardinrelationtotheCompany’sconstitution,Board’spolicies

andproceduresandcompliancewith therelevant regulatory requirements,codesorguidanceand legislations.TheCompanySecretariessupporttheBoardbyensuringthatallBoardmeetingsareproperlyconductedanddeliberationsattheBoardandBoardCommitteemeetingsarewellcapturedandrecorded.TheCompanySecretariesalsokeeptheBoardupdatedonchangesintheBursaMalaysiaSecuritiesBerhad(“BursaSecurities”)LRanddirectivesissuedbytheregulatoryauthorities,andtheresultantimplicationstotheCompanyandtheDirectorsinrelationtotheirdutiesandresponsibilities.

TheDirectorshaveindividualandindependentaccesstotheadviceanddedicatedsupportservicesoftheCompanySecretariesinensuringtheeffectivefunctioningoftheBoard.

1.5 Access to information and advice

The Company Secretaries are competent, qualified and capable of providing the needful support to the Board indischargingitsfiduciaryduties.

TheCompanySecretaries,ortheirassistants,arepresentatallmeetingstorecorddeliberation,issuesdiscussedandconclusionsindischargingtheirdutiesandresponsibilitiesandalsoprovideadviceinrelationtorelevantguidesandlegislations. Other roles of the Company Secretaries included coordinating the preparation of Board papers withManagement,ensureBoardproceduresandapplicablerulesareobservedandmaintainingrecordsoftheBoardaswellasprovidetimelydisseminationofinformationrelevanttotheDirectors’rolesandfunctionsandkeepingthemupdatedonevolvingregulatoryrequirements.

TheDirectors,whetheras fullBoard in their formalcapacity,mayuponapproval fromtheBoardseek independentadvicewhenrequired,infurtheranceoftheirduty,attheGroup’sexpense.

2. Demarcation of responsibilities

2.1 Board Charter

TheBoardhasmadeavailableitsBoardCharteronthecorporatewebsite.ThedocumentclearlysetsouttherolesandresponsibilitiesoftheBoardandBoardCommitteesandtheprocessesandproceduresforconveningtheirmeetings.It serves as a reference and primary induction literature providing prospective and existing Board members andManagementinsightsintothefiduciaryandleadershipfunctionsoftheDirectorsoftheCompany.TheBoardreviewsitscharterregularly,tokeepituptodatewithchangesinregulationsandbestpracticesandensureitseffectivenessandrelevancetotheBoard’sobjectives.TheBoardrevieweditsCharteron28June2019andtherevisedBoardcharterisavailableatitscorporatewebsite.




3. Good business conduct and corporate culture

3.1 Code of Ethics and Conduct

ThecorevaluesofQuality,Branding,SocialObligations,ShareholdersandHumanResourceasobservedbyeveryonefromDirectorsdowntoemployeesandareintegralindrivingtheGroup’sdirectionandsustainability.TheWorkEthicsof the Group and the Employee Handbook are available and serve as guide for the employees andManagementon professional and ethical behavior to safeguard the reputation of theGroup. The Collective Agreement and theEmployeeHandbookdetailed,amongothers,generalemploymenttermsandconditions,compensationandbenefitsand discipline. There is a formalised Board Code of Conductwhich reflects the Board’s commitment to ethics andcompliancewithapplicable lawsand regulations.TheBoardCodeofConductprovidesguidance to itsDirectorsonethicalstandardswhichtheDirectorsshalladheretoincarryingouttheirfiduciarydutiesandresponsibilities.ItsetsouttheprinciplesthatDirectorsneedtoobserveparticularlyinrespectofconflictofinterestandnoimproperuseofassets.Thisistoensurethathighethicalstandardsareupheld,andthattheinterestsofstakeholdersarealwaystakenintoconsideration.Itisalsoawayofprovidingtangibleevidenceoftheircommitmenttodiligence,probityandfairnessinexercisingtheirdutiesandresponsibilitiestomakeinformeddecisionsinthebestinterestoftheGroup.

3.2 Whistleblowing Policy

Inlinewithgoodcorporategovernancepractice,theCompanyhassetoutaWhistleBlowingPolicywhichdelineateswhistleblowingproceduresasanindependentfeedbackavenuefortheemployeesandstakeholderstoraisegenuineconcernonunethicalbehavioursuchasfraud,corruption,criminaloffencesandmiscarriageofjusticeorendangermentofanindividual’shealthandsafetythatistakenplacetotheBoard.MultiplechannelsofreportingaresetuptoencouragestakeholderstoreportdirectlytotheHeadofDepartmentortheChairmanofAuditCommitteeoftheCompany.Reportsmadeshallbescrutinisedpromptlyandappropriatecourseofactionshallbeimplementedaccordingly.

3.3 Anti-Bribery & Corruption Policy

TheAnti-Bribery&CorruptionPolicyhadbeenestablishedtopreventbriberyandmattersofcorruptionfor.Itisourpolicytoconductallofourbusiness inanhonestandethicalmanner,aswellascomplyingwithallapplicable laws,whichincludecompliancewiththeMalaysianAnti-CorruptionCommissionAct2009andtheMalaysianAnti-CorruptionCommission(Amendment)Act2018andanyofitsamendmentsorreenactmentsthatmaybemadebytherelevantauthority from time to time.We take a zero-tolerance approach to Bribery and Corruption and are committed toactingprofessionally,fairlyandwithintegrityinallourbusinessdealingsandrelationshipswhereverweoperateandimplementingandenforcingeffectivesystemstocounterbribery.

II. BOARD COMPOSITION

4. Board Objectivity

4.1 Board composition

AsatFYE’20,theBoardcompriseof four(4)Directorswhichconsistofthree(3) IndependentDirectorsandone(1)isExecutiveDirector.Inlinewiththis,theBoardcompositioncomplieswiththeLRofBursaMalaysiathatrequiresaminimumoftwo(2)Directorsorone-third(1/3)oftheBoard,whicheverishigher,tobeIndependentDirectors.

On20January2020,theBoardhadre-designatedMr.LimShiouGhayasIndependentNon-ExecutiveChairmanoftheCompanyandDato’SriDr.LeeKuangShinghadresignedasExecutiveChairmanoftheCompanyonthesamedate.

TheBoardoftheCompanycurrentlyhasmajorityofIndependentDirectors.Further,thecurrentcompositionofallBoardCommittees,whichmadeupofonlyIndependentDirectorsaffirmedtheBoard’scommitmenttowardsindependencetoprovidestrongcheckandbalanceintheBoard’sfunctioning.

With the Independent Directors, being 75% of the Board composition, the Board has exceeded the compositionrecommendation for IndependentDirectors tocomprisehalf (50%)of theBoard.TheBoard isof theviewthat thepresentIndependentDirectors,withthebreadthofprofessionalandbusinessbackground,haveenabledtheBoardtoexerciseobjectivejudgementonvariousissuesthroughtheirsharingofimpartial,independentandunbiasedopinionandviewpoints.

TheprofileofeachDirectorisdetailedunderProfileofDirectorsinthisAnnualReport.





II. BOARD COMPOSITION(cont’d)

4. Board Objectivity(cont’d)

4.2 The tenure of an independent director

TheBoard ismindful of the recommendationof theCode for the tenureof an IndependentDirectornotexceedacumulativeorconsecutivetermofnine(9)years.However,anIndependentDirectorwhohadexceededtheprescribednine(9)yearsmaycontinuetoservetheBoardsubjecttore-designationasNon-IndependentNon-ExecutiveDirector.Asatto-date,noneoftheIndependentDirectorshaveservedontheBoardforacumulativeorconsecutivetermofnine(9)years.

4.3 Policy on the tenure of an independent director

TheBoardCharterlimitsthetenureofitsIndependentDirectorstonine(9)years.IntheeventtheBoardintendstoretainaDirectorasIndependentDirectorafterthelatterhasservedacumulativeorconsecutivetermofnine(9)years,theBoardmustjustifythedecisionandseekshareholders’approvalatAGM.

4.4 Diverse Board and Senior Management Team

The Board is supportive of diversity on the Board and in SeniorManagement team. Appointment ofmembers oftheBoardandSeniorManagement teamarebasedonobjectivecriteria,meritandalsodue regard fordiversity inexperience,skillsset,ageandculturalbackground.

4.5 Gender diversity

Atpresent,theCompanymaintainsagenderdiversitypolicywhichencapsulatestheobjectives,principlesandmeasuresoftheGroup’sdiversityculture.TheBoardissupportiveinupholdinggenderdiversitywithintheboardroomandtheManagementwith due consideration onmerited factors, such as, skills, experience, attitude and suitability of anypotentialcandidates.

Hence,aspartoftheCompany’ssuccessionplanning,genderdiversityobjectiveswillconstantlybeobservedasakeyconsiderationbytheCompanyevenwithoutanyspecifictargetsdetermined.Additionally,theBoardwilllookintothescopeandmeasuresofthepolicyonaregularbasis,inensuringitson-goingeffectivenessandapplicability.

Notwithstandingtheabsenceoffemaleboardmember,theGroup’sfemalestaffmadeup40%ofthetotalstaff.

4.6 Diverse sources for new candidate(s) for Board appointment

The Company has in place, its procedures and criteria for identifying candidates for appointment of directors.All candidates for appointment arefirst consideredby theNC, taking into account themixof skills, competencies,experience,professionalismandotherrelevantqualitiestomanagetheCompany.

4.7 Nomination Committee TheNCcomprisedsolelyofIndependentDirectorsanditspresentcompositionisasfollows:

Chairman : LimShiouGhay,IndependentNon-ExecutiveDirector Members : LeeChiongMeng,IndependentNon-ExecutiveDirector TanCheeKeong,IndependentNon-ExecutiveDirector

TheNCwouldmeetatleastonceannuallywithadditionalmeetingsconvenedonasandwhenneededbasis.




II. BOARD COMPOSITION(cont’d)

4. Board Objectivity(cont’d)

4.7 Nomination Committee(cont’d) TheobjectivesoftheNCare:

a) TorecommendcandidatestotheBoardofDirectors.TheNCshallberesponsibleinensuringtheappropriateBoardbalanceandsize,andthattheBoardhasarequiredmixofskills,experienceandothercorecompetencies.BasedontheprocessandprocedureslaidoutandensureproperdocumentationofallassessmentandevaluationontheeffectivenessoftheBoard,theBoardCommitteesandthecontributionofeachindividualDirector.

b) TorecommendtotheBoard,Directorswhoareretiringbyrotationtobeputforwardforre-election. c) ToevaluatetrainingneedsforDirectorsannually. d) ToarrangeinductionprogrammersfornewlyappointedDirectorstofamiliarisethemselveswiththeoperationsof

theGroupthoughbriefingsbytheManagingDirector.

Duringtheyearunderreview,keyactivitiesundertakenbytheNCaresummarisedasfollows:

a) Reviewedthecomposition,mixofskillsandexperienceandotherqualities,includingcorecompetenciesaswellascontributionofeachindividualDirectorandtheeffectivenessoftheBoardasawholeandtheBoardCommitteesaswellascontributionofeachindividualDirector.

b) ReviewedthelevelofindependenceoftheIndependentDirectors. c) Discussedthecharacter,experience,integrityandcompetencyoftheDirectors,chiefexecutiveorchieffinancial

officerandensuredthattheyhavethetimetodischargetheirrespectiveroles. d) Discussedandrecommendedthere-election/retentionofDirectors,asapplicableatAGM. e) ReviewedthetermofofficeandperformanceoftheACanditsmemberspursuanttopara15.20oftheMMLRof

BursaSecurities.TheassessmentwascarriedoutbywayofadiscussionintheBoardandself-evaluationbytheACgiventhatthecompositionoftheNCisthesamewithAC.

f) ConductedannualassessmentonBoard,BoardCommitteesandindividualDirectors.

ReviewedandadoptedtherevisedTORfortheNC.TheTORoftheNCispublishedontheCompany’swebsite.

5. Board Assessment

5.1 Overall Effectiveness of the Board and Individual Director

ItistheresponsibilityoftheNCfortheoverallboardeffectivenessevaluationprocess,whichincludesanassessmentoftheBoard,BoardCommitteesandindividualDirectors.TheappraisalwhichwascarriedoutthroughdocumentedquestionnairesthatcomprisesquantitativeandqualitativeperformancecriteriatoevaluatetheperformanceofeachmemberoftheBoardaswellaseachBoardCommitteewasbeingcirculatedattheMeetingforassessment.

TheNC,uponconclusionoftheexercisecarriedouton21May2019,wassatisfiedthattheBoardandBoardCommitteecompositionhadfulfilledthecriteriarequired,possessarightblendofknowledge,experienceandtheappropriatemixofskills.Additionally,independentDirectorswereassessedtobeobjectiveinexercisingtheirjudgement.

III. REMUNERATION

6. Level and composition of Remuneration

6.1 Remuneration Policy

ItisvitalfortheGrouptoattractandretainDirectorsofthenecessarycalibertoruntheGroupsuccessfully.TheGrouphas establishedRC to develop remuneration strategies that drive performance andprovide levels of rewardwhichreflecttheperformanceoftheExecutiveDirectorsandkeyManagementpersonnel.




III. REMUNERATION(cont’d)

6. Level and composition of Remuneration(cont’d)

6.1 Remuneration Policy(cont’d)

Procedures, such as establishing the remuneration framework of the Company, assessing and recommending theremunerationpackagesforDirectorsandSeniorManagement,andotherrelevanttasksarecurrentlycarriedoutbytheRCpriortothenecessaryreportingtotheBoard.TheRCrecommendstotheBoard,theremunerationframeworkandpackageoftheExecutiveDirector,takingintoconsiderationoftheexperience,levelofresponsibilitiesundertakenandtheperformanceofeachExecutiveDirector.Directors’feesarerecommendedbytheBoardforapprovalbytheshareholdersoftheCompanyatAnnualGeneralMeetings.

AremunerationpolicyinstipulatingguidanceovertheadministrationofmattersrelatedtoremunerationwithintheCompanyisinplace.

ThecurrentremunerationpolicyoftheGroupissummarisedasfollows: a) TheDirectors’ salary for ExecutiveDirectors are set at a competitive level for similar roleswithin comparable

markets,reflectstheperformanceofthedirector,skillsandexperienceaswellasresponsibilityundertaken. b) FeesandbenefitspayabletoNon-ExecutiveDirectorsaresubjecttoapprovalbyitsshareholdersattheAGM. c) Meetingallowance–All theDirectorsareentitledtoafixedamountofallowancepaid inaccordancewiththe

numberofmeetingattendedduringtheyear. d) TheRCmayobtainindependentprofessionaladviceinformulatingtheremunerationpackageofitsDirectors.

6.1 Remuneration Committee Atpresent,theRCconsistssolelyofIndependentDirectorsasbelow: Chairman : LimShiouGhay,IndependentNon-ExecutiveDirector Members : LeeChiongMeng,IndependentNon-ExecutiveDirector TanCheeKeong,IndependentNon-ExecutiveDirector

TheRCreviewsandrecommendsmattersrelatingtotheremunerationofBoardandSeniorManagement.TheRChasestablishedawrittenTORtoencompassauthoritiesanddutiesoftheRC.ThesaidTermsofReferenceispublishedontheCompany’swebsite.

ThekeydutiesoftheRCincludedthefollowing:

a) TodetermineandrecommendtotheBoardtheframeworkfortheremuneration, inall forms,oftheExecutiveDirectorand/oranyotherpersonsastheCommitteeisdesignatedtoconsiderbytheBoard,drawingfromoutsideadviceasnecessary;and

b) Toimplement/maintainarewardsystemforExecutiveDirectorbasedonindividualperformanceandtheGroup’sresults. The following factors shall be taking into consideration in determining the quantumof remuneration:position and scope of work, long term objectives of the Group, complexities of Group activities, individualperformance,lengthofservice,experienceandmark-to-marketsalary.



III. REMUNERATION(cont’d)

7. Remuneration of Directors and Senior Management

7.1 Details of Directors’ remuneration

InordertoenablestakeholderstoassesswhethertheremunerationofDirectorscommensuratewiththeirindividualperformance,thedetaileddisclosureonnamedbasisfortheremunerationofDirectorsduringFinancialYear2020isasdisclosedbelow:-

A.DetailedRemuneration

Remuneration Other Directors Fees Salaries Allowances Bonus Total (RM) (RM) (RM) (RM) (RM)

Received from Company & Group Level

Mr.OoiSoonHong* 20,000 222,829 70,000 30,000 342,829

Dato’SriLeeKuangShing (resigned on 02 January 2020)** 16,515 390,636 - 134,200 541,351

Received from Company Level

Mr.LeeChiongMeng 12,000 - 800 - 12,800

Mr.LimShiouGhay 12,000 - 800 - 12,800

Mr.TanCheeKeong 11,000 - 800 - 11,800

Mr.AndrewSuMengKit (resigned on 10 July 2019) 92,200 - - - 92,200

Total 163,715 613,465 72,400 164,200 1,013,780

* Furtherbreakdownof theremunerationreceivedbyMr.OoiSoonHong isRM20,000(receivedfromCompanyLevel)andRM322,829(receivedfromGroupLevel).

** FurtherbreakdownoftheremunerationreceivedbyDato’SriLeeKuanShingisRM16,515(receivedfromCompanyLevel)andRM524,836(receivedfromGroupLevel).

7.2 Details of top five senior management’s remuneration on name basis

Giventheconfidentialandcommercialsensitivitiesassociatedwithremunerationmattersandthehighlycompetitivehumanresourceenvironmentandthe importanceofensuringstabilityandcontinuityofbusinessoperationswithacompetentandexperiencedManagementteaminplace,theBoardtakestheviewthatthereisnonecessityfortheGrouptodisclosetheremunerationoftheCompany’sSeniorManagementpersonnelwhoarenotDirectors.

PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT

I. AUDIT COMMITTEE (“AC”)

8. Effective and independent Audit Committee

8.1 The Chairman of the AC is not the Chairman of the Board

TheChairmanoftheACisMr.TanCheeKeongwhoisanIndependentDirectorwhereastheChairmanoftheBoardisMr.LimShiouGhay.Presently,theACarecomprisedsolelyofIndependentDirectors.




PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT (cont’d)

I. AUDIT COMMITTEE (“AC”) (cont’d)

8. Effective and independent Audit Committee (cont’d)

8.2 Policy requiring former key audit partner to observe 2-year cooling off period

Asatto-date,theCompanyhasnotappointedanyformerauditpartnerasamemberoftheAC.

Nevertheless,theBoardhasupdatedwithinitsExternalAuditorAssessmentPolicytostipulatethatnoformerkeyauditpartnershallbeappointedasamemberoftheACunlesshe/shehasobservedacooling-offperiodofatleasttwo(2)yearsbeforetheappointment.

8.3 Policy and procedures to assess the suitability, objectivity and independence of the external auditor

TheAChasformalisedapolicywhichstipulatestheprocedurestoassessthesuitability,objectivity,andindependenceof external auditors which encompasses consideration of the nature and extent of non-audit services providedexternalauditorsalongsidetheappropriatenessoftheleveloffees.

Duringtheyear,theACconductedanannualassessmentoftheexternalauditorsbasedonthefollowingconditions:- • thequalityofauditproceduresandworkprovided; • theadequacyofexperience,technicalsupportandresources; • theindependenceandobjectivityofexternalauditors; • theinternalcommunicationqualityofexternalauditorswiththeBoardand/orAC;and • anyothercriteriadeemedfitbytheACand/ortheBoard.

Additionally,thesaidpolicystipulatedcircumstancesunderwhichcontractsfortheprovisionofnon-auditservicescouldbeenteredintoandproceduresthatmustbefollowedbytheexternalauditors.Duringtheyear,theexternalauditorsreportedthedetailsofthenon-auditservicesrenderedwhichincludestaxcomplianceandthereviewoftheStatementonRiskManagementandInternalControl.

Furthermore, theexternal auditorsprovideda confirmation to theAC that they are andhavebeen independentthroughout the conduct of the audit engagement in accordancewith the terms of all relevant professional andregulatoryrequirements.

On25June2020,anannualassessmentonthesuitabilityandindependenceofexternalauditorswasconductedbytheAC.TheAC,havingassessedtheindependenceofexternalauditorsaswellasreviewedthelevelofnon-auditservicesrenderedbythemforFYE’20,wassatisfiedwiththeircompetency,suitabilityandindependence.TheAChasrecommendedtheirre-appointmenttotheBoard,uponwhichshareholders’approvalwillbesoughtattheThirtiethAGM.

Inadditiontotheabove,theACmeetswithexternalauditorsatleasttwiceayeartodiscusstheirauditplans,auditfindingsandtheCompany’sfinancialstatements.AtleastoneofthesemeetingsisheldwithoutthepresenceoftheExecutiveDirectorandtheManagement.Also,theACmeetswiththeexternalauditorsadditionallywhenevertheneedarises.TwodiscussionsessionsbetweentheACandtheexternalauditorswereheldon20February2020and25 June2020, respectively.Furthermore, theexternalauditorattendseveryannualgeneralmeetingwherebythefinancialstatementsofthecompanyforafinancialyeararetobelaidtorespondaccordingtohisknowledgeandabilitytoanyquestionraisedinregardstothefinancialstatements’audit.

8.4 Composition of the Audit Committee

Althoughnotrequiredtoobservethis,theACcomprisedsolelyofIndependentDirectorsastheBoardobservesandvaluestheindependenceoftheAC.

8.5 Diversity in skills of the AC

TheACcurrentlycomprisedofmemberswithnecessaryfinancial,commercialexpertiseandcapitalmarketsskills,experiencerequiredtomeettheirresponsibilitiesandprovideaneffectivelevelofchallengetotheManagement.Onanongoingbasis,theACmemberswillparticipateintraininganddevelopmentsessionsinordertoensurethattheyareupdatedwiththelatestdevelopmentsinaccountingandauditingstandards,guidelinesandpractices.


PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT (cont’d)

II. RISK MANAGEMENT AND INTERNAL CONTROL FRAMEWORK

9. Effective risk management and internal control framework

9.1 The board should establish an effective risk management and internal control framework.

Inordertobeeffectiveindischargingtheseresponsibilities,theBoardisassistedbytheACwhichfunctionsasanoversightbodytoreviewcontrolsandsystemsingeneralandtocarryouton-goingassessmentovertheadequacyandeffectivenessoftheriskmanagementandinternalcontrolpracticeswithintheorganisation.

Inadditiontotheabovementioned,theBoardissupportedbytheManagementindeveloping, implementingandmonitoringpracticesforidentifyingandmanagingrisks.ThisisaddedwiththeroleoftheManagementtoprovideassurancethatthenecessarycontrolpracticesareadheredandcarriedoutaccordinglybasedonstipulatedpoliciesandframework.

9.2 Disclosure on the features of its risk management and internal control framework

Duringtheyear,anassuranceisprovidedbytheChiefExecutiveOfficerandChiefFinancialOfficerthattheGroup’sriskmanagementandinternalcontrolshavebeenoperatingadequatelyandeffectively,inallmaterialaspects,duringtheyearunderreviewanduptothedateofthisStatementtotheBoard.TakingintoconsiderationthisassuranceduringtheBoard’sassessmentoftheGroup’sriskmanagementandinternalcontrol,theBoardisoftheviewthatthesystemsofinternalcontrolandtheriskmanagementisconsideredadequatefortheGroup’sbusinessoperations.

ThekeyelementsandoverallstateoftheinternalcontrolandriskmanagementframeworkoftheGrouphavebeendisclosedaccordinglywithintheAnnualReport.

9.3 Establishment of a Risk Management Committee

TheBoardwasconsideringonsettingupaRiskManagementCommitteebytheendofyear2020.

10. Effective governance, risk management and internal control

10.1 Effective of internal audit function

AsdisclosedwithintheTORoftheAC,oneoftheprimaryresponsibilitiesoftheACistoadministerthereviewandassessmentoftheCompany’sinternalauditfunction.

The internal audit function is currently outsourced to an external professional firm/service providerwho reportsdirectlytotheAC,i.e.byprovidingindependentandobjectivereportsonthestateofinternalcontrolofthevariousoperationswithintheGroupandtheextentofcomplianceonestablishedpoliciesandprocedures.

Onanannualbasis,theACcarriesoutanassessmentontheperformanceoftheoutsourcedinternalauditfunctionandreportssuchassessmenttotheBoard.

DetailsoftheinternalauditfunctionandactivitiesrelevanttothedischargeoftheAC’sresponsibilitiesaresetoutintheStatementonRiskManagementandInternalControlandtheAuditCommitteeReportoftheCompany’sAnnualReport2020.

10.2 Disclosure on the internal audit function

TheinternalauditfunctionisindependentoftheoperationsoftheGroupandisoutsourcedtoacompetentconsultingfirmwhich issufficientlyresourcedtoprovidetheservicesthatmeetwiththeGroup’srequiredservice level.TheserviceproviderhasbeenabletoprovidereasonableassurancethattheGroup’ssystemofinternalcontrolandriskmanagementissatisfactoryandoperatingeffectively.

The internal auditors adopt a risk-based approach towards the planning and conduct of their audits, and this isconsistentwith theGroup’sapproach indesigning, implementingandmonitoring its internal control system.TheactivitiesoftheinternalauditorsduringthefinancialyeararesetoutintheACReportinthisAnnualReport.



PRINCIPLE C: INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS

I. COMMUNICATION WITH STAKEHOLDERS

11. Continuous Communication between the Company and stakeholders

11.1 Effective, transparent and regular communication with its stakeholders.

TheBoardbelievesthateffectivecommunicationfostersbetterunderstandingoftheGroup’sobjectivesandfinancialperformance. InordertopromoteeffectivecommunicationwiththeCompany’sstakeholders, information/resultsaremadeavailablethroughtimelyannouncementsanddisclosure,executedviatheBursaSecuritieswebsite,theCompany’swebpage,pressreleasesandannualreportsinlinewiththedisclosurerequirementsofLR.

Additionally, the Company emphasises on providing a principal platform for dialogue and interactions withstakeholders,i.e.primarilyitsshareholders,throughitsAnnualGeneralMeeting.TheAnnualGeneralMeetingservesasaprincipalforumfordialogueswith individualshareholdersas itprovidesshareholderstheopportunitytoaskquestionsabouttheproposedresolutionsorabouttheCompany’soperationsingeneral.

11.2 Integrated Reporting

IntegratedReportingisnotapplicabletotheGrouppresentlyastheCompanydoesnotfallwithinthedefinitionof“LargeCompany”.

II. CONDUCT OF GENERAL MEETINGS

12. Encourage Shareholder Participation at General Meetings

12.1 Notice for an Annual General Meeting

ThenoticetotheupcomingAGMin2020hasbeenprovidedmorethantwenty-eight(28)daysinadvancetoenablestockholderstomakeadequatepreparation.

12.2 All directors to attend General Meetings

AlltheDirectorsoftheCompanyattendGeneralMeetingsinordertoengagedirectlywithshareholdersandtotakeupanyrelevantquestionswhicharerelatedtomattersthatfallunderthepurviewoftheBoardCommitteesorBoard,unlessunforeseencircumstancesprecludethemfromattendingGeneralMeetings.

AllDirectorsattendedtheTwentyNinth(29th)AnnualGeneralMeeting(AGM)oftheCompanyheldon28August2019.

TheshareholderspresentattheAGMwereinvitedtoaskquestionsabouttheresolutionsbeingproposedattheAGMbeforeputtingthemtovotebypoll.

12.3 Leveraging on technology for voting in absentia and remote shareholders’ participation

Basedonananalysisoftheinvestors,theCompanydoesnothavealargenumberofshareholders.AlargemajorityofinvestorsareMalaysians.Further,allgeneralmeetingsareheldatahotel,whichiseasilyaccessibletoallshareholders.Assuch,theconcernovervotinginabsentiaand/orremoteshareholders’participationatAGMarenotapplicable.

Asofnow, theCompanyencouragesparticipationofshareholders throughthe issuanceofproxieswhenthere isindicationthatshareholdersareunabletoattendandvote inpersonatgeneralmeetingsandmaintainthesamelocationfortheAGMforthepastyears.



Audit Committee Report

OBJECTIVES

The principal objectives of the Audit Committee (“Committee”) is to assist the Board of Directors in discharging theirdutiesandresponsibilitiesintheareaofCorporateGovernanceandinternalauditwithparticularreferencetothepublicaccountabilitityoftheCompany.

COMPOSITION

ThepresentmembersoftheCommitteecomprise:-

ChairmanTanCheeKeong(Independent Non-Executive Director) (Redesignated as Chairman w.e.f. 28 August 2019)

MembersLimShiouGhay (Independent Non-Executive Director) (Redesignated as member w.e.f. 28 August 2019)LeeChiongMeng (Independent Non-Executive Director)

This compositionmeets the requirements of Paragraph 15.09(1)(a) and (b) of the Bursa SecuritiesMainMarket ListingRequirements(MainLR).Mr.TanCheeKeongisamemberofAssociationofCharteredCertifiedAccountants(ACCAUnitedKingdom).Accordingly,theCompanycomplieswithparagraph15.09(1)(c)(i)(bb)oftheMainLR.

ATTENDANCE OF MEETINGS

ThedetailofattendanceofeachmemberattheAuditCommitteemeetingsheldduringthefinancialyearended(FYE)31March2020areasfollows:

Number of meetingsName of director Held Attended

TanCheeKeong(Appointed w.e.f. 21 May 2019) 4 4LimShiouGhay 55LeeChiongMeng 5 5AndrewSuMengKit(Resigned w.e.f 10 July 2019) 1 1

SUMMARY OF WORK OF THE AUDIT COMMITTEE

ThesummaryofworkcarriedoutbytheCommitteeduringtheFYE2020inthedischargeofitsdutiesandresponsibilitiesareasfollows:-

1. FinancialReporting

InoverseeingtheCompany’sfinancialreporting,theCommitteereviewedtheinterimfinancialreportsforthefourthquarterof2019atitsmeetingon21May2019.

Theinterimfinancialreportsforthefirst,secondandthirdquartersof2020,whichwerepreparedinaccordancewithrequirements of FRS 134: “Interim Financial Reporting” and paragraph 9.22 of theMain LR,were reviewed at theCommitteemeetingson28August2019,6November2019and20February2020respectively.On25June2020,theCommitteereviewedtheinterimfinancialreportsforthefourthquarterof2020.TheCommittee’srecommendationswerepresentedforapprovalatthesubsequentBoardmeeting.

2. ExternalAudit

TheCommitteehason20February2020and25June2020respectivelymetwiththeExternalAuditorswithoutthepresenceoftheExecutiveMembers.

On 20 February 2020, the External Auditors tabled the Audit PlanningMemorandumprior to the commencementofauditoffinancialstatementsforFYE2020,moreparticularlyoutlinedtheaudittimeline,keyareasofauditfocus,communicationofthesignificantmattersandauditengagementteamtotheCommittee.TheCommitteetooknoteonthekeychangesinthefinancialreportingstandardsandupdateswhichareapplicabletotheGroup.


Audit Committee Report (cont’d)

SUMMARY OF WORK OF THE AUDIT COMMITTEE (cont’d)

2. ExternalAudit(cont’d)

During themeetingon25 June2020, theAuditCommittee reviewed the statusof theaudit for theFYE2020withtheexternalauditors.TheexternalauditorsbriefedtheAuditCommitteeonissuesdiscussedwithmanagementandinformedtheAuditCommittee:-

• that they had substantially completed their audit and had not identified any potential uncorrected materialmisstatementsduringtheaudit

• theexternalauditorshavenotidentifiedanynon-complianceoflawsandregulationsandfraudrelatedmatter • therewerenosignificantchangestothescopeorauditapproachascomparedtotheauditplan • reviewofaccountingmattersandpointsoninternalcontrol • therewerenomateriallitigationsorclaimsagainsttheGroupduringthefinancialyearunderreviewotherthan

thosedisclosedinthenotestothefinancialstatements

TheAuditCommitteereviewedtheextentofassistancerenderedbymanagementinthecourseoftheauditandbasedon feedback from the external auditors, it was satisfied thatmanagement had co-operated fully and the externalauditorswereabletoobtaininformationrequestedtocarryouttheirwork.Basedonthereviewcarriedoutandthereport fromtheexternalauditors, theAuditCommitteerecommendedtheauditedfinancial statements for theFYE2020totheBoardforapproval.

Accordingly,theAuditCommitteerecommendedthere-appointmentoftheexternalauditorsattheforthcomingAnnualGeneralMeeting.

3. InternalAuditFunction

TheGrouphasengagedtheservicesofanindependentprofessionalaccountingandconsultingfirm,BDOGovernanceAdvisorySdnBhd(BDO)toprovidemuchoftheassuranceitrequiresregardingtheeffectivenessaswellastheadequacyandintegrityoftheGroup’ssystemsofinternalcontrol.BDOreportsdirectlytotheCommitteeonitsactivitiesbasedontheapprovedannualInternalAuditPlan.Itsprincipalroleistoprovideindependentassuranceontheadequacyandeffectivenessofgovernance,riskmanagementandinternalcontrolprocesses.TheannualcostfortheGroup’sinternalauditfunctionisRM12,500.

The Internal Auditors presented its findings together with recommendation and management action plan to theCommitteeforreviewon6November2019and25June2020respectively.

DuringtheFYE2020,theInternalAuditorshaveconductedreviewoninternalcontroloftwoofitssubsidiariesfocusingonthefollowingareas:-

Company Audit Areas Reporting Date

SupportiveTechnologySdnBhd ProcuretoPay 18February2020

WelcomePropertiesSdnBhd SalestoReceipt 24June2020 Information pertaining to the Company’s internal controls is shown in the Statement on Internal Control and Risk

Managementsetoutonpages37to38ofthisAnnualReport.

AttheMeetingheldon25June2020,theCommitteeapprovedtheGroupInternalAuditPlan2020astabledbytheInternalAuditors.

The Audit Committee is pleased to report that neither internal auditors nor external auditors have reported anysignificantweaknessesininternalcontrolwhichresultedinmateriallossorpotentialmateriallosstotheGroup.


Statement on Risk Management and Internal Control

INTRODUCTION

TheBoardofDirectorsofAcmeHoldingsBerhad(“Board”)ispleasedtoprovidethefollowingStatementofRiskManagementandInternalControl(Statement),whichismadepursuanttotheMainMarketListingRequirementsandtheMalaysianCodeonCorporateGovernance2017withregardstothenatureandscopeofriskmanagementandinternalcontroloftheGroupduringthefinancialyear.

RESPONSIBILITY FOR RISK MANAGEMENT

TheBoardrecognisesitsoverallresponsibilityfortheGroup’ssystemsofinternalcontrolandforreviewingtheadequacyandintegrityofthosesystems.Inviewofthelimitationsthatareinherentinanysystemsofinternalcontrol,thesystemsof internalcontrolaredesignedtomanageriskwithintolerablelevelsratherthaneliminatetheriskoffailuretoachievebusiness objectives. Hence, such system by its nature can only provide reasonable and not absolute assurance againstmaterialmisstatement,errororlosses.

The Board has established an ongoing process for identifying, evaluating and managing the significant risks faced, orpotentiallyexposed to,by theGroup inpursuing itsbusinessobjectives. Thisprocesshasbeen inplace throughout thefinancialyearandupto thedateofapprovalof theannual report.Theadequacyandeffectivenessof thisprocesshavebeencontinuallyreviewedbytheBoardandareinaccordancewiththeguidelinespromulgatedbythe“StatementonRiskManagementandInternalControl–AGuidanceforDirectorsofPublicListedCompanies”(“InternalControlGuidance”).

TheBoardhasreceivedassurancefromtheExecutiveDirectorandtheChiefFinancialOfficerthattheGroup’sriskmanagementandinternalcontrolsystemisoperatingadequatelyandeffectivelyinallmaterialaspects,basedontheriskmanagementandinternalcontrolsystemoftheGroup.

RISK MANAGEMENT FRAMEWORK

TheBoardpracticeproactiverisksidentificationintheprocessesandactivitiesoftheGroup,particularlyinmajorproposedtransactions, changes in nature of activities and/or operating environmentwhichmay entail different risks, and assesstheappropriateriskresponsestrategiesandcontrols.Dailyriskmanagementofoperationsaredelegatedtoassignedkeymanagementstaffandheadofdepartments.

Periodicmeetingsattendedbykeymanagement staffandheadofdepartmentsandareheld todiscuss keyoperationalissues,businessperformancemattersandappropriatemitigatingcontrols,whennecessary.

INTERNAL AUDIT

TheBoardacknowledges the importanceof internal audit functionandhasoutsourced its internal audit function toanindependentprofessionalconsultingfirm,BDOGovernanceAdvisorySdnBhdaspartofitseffortstoprovideadequateandeffectiveinternalcontrolsystems.TheperformanceofinternalauditfunctioniscarriedoutinaccordancewiththeannualauditplanapprovedbytheAuditCommittee.

Theinternalauditadoptsarisk-basedapproachindevelopingitsauditplanwhichaddressesallthecoreauditableareasoftheGroupbasedontheirriskprofile.Theauditfocusesonhighriskareatoensurethatanadequateactionplanhasinplaceto improvethecontrols inplace.Theauditascertains that therisksareeffectivelymitigatedbythecontrols.Onaquarterlybasisorearlierasappropriate,theinternalauditorsreporttotheAuditCommitteeonareasforimprovement.Thehighlightedareaswillbefollowedupcloselytodeterminetheextentoftheirrecommendationsthathavebeenimplementedbythemanagement.

Basedontheinternalauditors’reportsforthefinancialyearended31March2020,thereisareasonableassurancethattheGroup’ssystemsofinternalcontrolaregenerallyadequateandappeartobeworkinginasatisfactorymanner.Anumberofminorweaknesseswereidentifiedduringthefinancialyear,allofwhichhavebeen,orarebeing,addressed.Noneoftheweaknesseshaveresultedinanymateriallosses,contingenciesoruncertaintiesthatwouldrequiredisclosureintheGroup’sannualreport.


OTHER KEY ELEMENTS OF INTERNAL CONTROL

Apartfromriskmanagementandinternalaudit,theGrouphasputinplacethefollowingkeyelementsofinternalcontrol:

• Anorganisationstructurewithwell-definedscopesofresponsibility,clearlinesofaccountability,andappropriatelevelsofdelegatedauthority;

• Aprocessofhierarchicalreportingwhichprovidesadocumentedandauditabletrailofaccountability;• Asetofdocumentedinternalpoliciesandprocedureswhichissubjecttoregularreviewandimprovement;• Regularandcomprehensiveinformationprovidedtomanagement,coveringfinancialandoperationalperformanceand

keybusinessindicators,foreffectivemonitoringanddecisionmaking;• RegularvisitstobusinessunitsbymembersoftheBoard;and• Monitoringofthedailyoperationsbytheseniormanagement.

REVIEW OF THIS STATEMENT BY EXTERNAL AUDITORS

AsrequiredbyParagraph15.23oftheMainMarketListingRequirementsofBursaMalaysiaSecuritiesBerhad,theexternalauditors have reviewed this Statement on RiskManagement and Internal Control. Their limited assurance review wasperformed in accordance with Recommended Practice guide (“RPG”) 5 (Revised) issued by the Malaysian Institute ofAccountants.RPG5doesnotrequiretheexternalauditorstoformanopinionontheadequacyandeffectivenessoftheriskmanagementandinternalcontrolsystemsoftheGroup.

CONCLUSION

TheBoardisoftheviewthattherewerenosignificantweaknessesinthecurrentsystemofinternalcontroloftheGroupthatmayhavematerialimpactontheoperationsoftheGroupforthefinancialyearended31March2020.TheBoardandthemanagementwill continuetotakenecessarymeasuresandongoingcommitmenttostrengthenand improve its riskmanagementandinternalcontrolenvironment.

ThisstatementisissuedinaccordancewitharesolutionoftheDirectorsdated25August2020.

Statement on Risk Management and Internal Control (cont’d)


TheDirectorsacknowledgetheirresponsibilityinensuringthatthefinancialstatementsoftheGroupandtheCompanygiveatrueandfairviewofthestateofaffairsoftheGroupandtheCompanyattheendofthefinancialyearandoftheirresultsandcashflowsfortheyearthenended.TheDirectorshavealsoensuredthattherequirementsoftheCompaniesActandthoseapplicableapprovedaccountingstandardsinMalaysiahavebeencompiledwith.Inpreparingthefinancialstatements,theDirectorshave:-

•appliedconsistentlytheappropriateaccountingpoliciesadopted;•madereasonableandprudentjudgmentsandestimates;and•maintainedproperaccountingrecordstoenablethepreparationofthefinancialstatementswithreasonableaccuracy.

Inaddition,theDirectorsarealsoresponsibleforkeepingproperaccountingrecords,whicharedisclosedwithreasonableaccuracyatanytimethefinancialpositionoftheGroupandoftheCompanyandtakingreasonablestepstosafeguardtheassetsofGroupandoftheCompanyandtopreventanddetectfraudsandotherirregularities.

TheDirectorsapprovedthefinancialstatementsfortheyearended31March2020on25August2020.

ThisstatementwasmadeinaccordancewithaResolutionoftheDirectorsdated25August2020.

Directors’ Responsibility Statement


Disclosure Requirements Pursuant to the Bursa MalaysiaSecurities Berhad Main Market Listing Requirements

Status of Utilisation of Proceeds

On26December2019,theCompanycompletedthelistingof10,000,000newordinarysharesatanissuepriceofRM0.29persharepursuanttoaprivateplacement.TheproceedsgeneratedfromtheprivateplacementamountedtoRM2,900,000werereceivedinfullybywayofcash.

Belowarethestatusofutilisationofproceedsasat25August2020:-

Proposed Proposed Actual Balance to be Timeframe Purpose Utilisation Utilisation Utilised of Utilisation RM RM RM

AcquisitionofMedanTropikaSdnBhd 2,686,648 - 2,686,648 Within3months fromthelisting dateof placement shares# Expensesrelatedtothecorporate 213,352 213,352 - Within1month exercise fromthelisting dateof placement shares

Total 2,900,000 213,352 2,686,648

Note:

# Fundshavenotbeenutilisedwithintheproposedtimeframeofutilisation.

Employee Share Scheme

TherewasnoEmployeeShareSchemeimplementedbytheCompanyduringthefinancialyearended31March2020.

AUDIT AND NON-AUDIT FEES

Theamountofauditandnon-auditfeesincurredforservicesrenderedtotheCompanyanditssubsidiariesforthefinancialyearended31March2020bytheCompany’sAuditors,orafirmorcompanyaffiliatedtotheAuditors’firmareasfollow:-

Category Audit Fees (RM) Non-Audit Fees (RM)^Company 30,000 5,000Subsidiaries 71,000 2,000Total 101,000 7,000

^ Non-auditfeesconsistofthefollowingservices: - reviewofthestatementonRiskManagementandInternalControl. - reviewoftheHousingDevelopmentAccounts.

Material contracts or loans

TherewerenomaterialcontractsenteredintobytheCompanyanditssubsidiarycompaniesinvolvingtheinterestsofthedirectorsormajorshareholderseitherstill subsistingasat31March2020orentered intosincetheendof thepreviousfinancialyear.

Recurrent Related Party Transactions

TherewasnorecurrentrelatedpartytransactionofarevenueortradingnatureenteredintobytheGroupduringthefinancialyearended31March2020.


ThedirectorsherebysubmittheirreporttogetherwiththeauditedfinancialstatementsoftheGroupandoftheCompanyforthefinancialyearended31 March 2020.

PRINCIPAL ACTIVITIES

TheprincipalactivitiesoftheCompanyconsistofinvestmentholdingandpropertyletting.

TheprincipalactivitiesofthesubsidiariesaredisclosedinNote8tothefinancialstatements.

Therehavebeennochangesinthenatureoftheseactivitiesduringthefinancialyear.

RESULTS GROUP COMPANY RM RM

(Loss)/Profitforthefinancialyear (572,973) 182,994

Intheopinionofthedirectors,theresultsoftheoperationsoftheGroupandoftheCompanyforthefinancialyearwerenotsubstantiallyaffectedbyanyitem,transactionoreventofamaterialandunusualnature.

DIVIDENDS

Therewerenodividendsproposed,declaredorpaidbytheCompanysincetheendofthepreviousfinancialyear.

Thedirectorsdonotrecommendanydividendpaymentforthefinancialyear.

RESERVES AND PROVISIONS

Therewerenomaterialtransferstoorfromreservesorprovisionsduringthefinancialyear.

SHARE CAPITAL AND DEBENTURE

Duringthefinancialyear, theCompany issued10,000,000newordinarysharesatan issuepriceofRM0.29perordinarysharepursuanttoaprivateplacement.TheproceedswillbeusedfortheproposedacquisitionofMedanTropikaSdn.Bhd.asdisclosedinNote36tothefinancialstatements.Thenewordinarysharesrankpari passuinallrespectswiththeexistingordinarysharesoftheCompany.

TREASURY SHARES

Duringthefinancialyear,theCompanydidnotrepurchaseordistributeanyofitstreasuryshares.

Asat31March2020, theCompanyheld8,784,500treasurysharesoutof the total248,758,000 issuedordinaryshares.FurtherrelevantdetailsaredisclosedinNote17tothefinancialstatements.

Directors’ Reportfor the financial year ended 31 March 2020

FinancialStatements


Directors’ Reportfor the financial year ended 31 March 2020 (cont’d)

WARRANTS

Duringthefinancialyear,theCompanyissuedatotalof57,493,372freewarrantstotheshareholderspursuanttothebonusissueofone(1)freewarrantforeveryfour(4)existingordinarysharesintheCompany.ThewarrantsweregrantedlistingandquotationontheMainMarketofBursaMalaysiaSecuritiesBerhadon29November2019.Therewerenowarrantsexercisedasattheendofthereportingperiod.

ThesalienttermsofthewarrantsaredisclosedinNote35tothefinancialstatements.

Thedetailsofthewarrantissuedtothedirectorsaredisclosedinthesectionondirectors’interestsinthisreport.

DIRECTORS

ThedirectorsoftheCompanyinofficesincethebeginningofthefinancialyeartodateofthisreportare:

Directors of the Company:

Ooi Soon Hong Lee Chiong Meng Lim Shiou Ghay Tan Chee Keong Andrew Su Meng Kit (resigned on 10.7.19)Dato’ Sri Dr. Lee Kuang Shing (resigned on 20.1.20)

Directors of the subsidiaries:

Dato’ Sri Dr. Lee Kuang ShingLee Thean Yew (appointed on 20.1.20)Datin Sri Tan Siew Hong (resigned on 3.1.20)

DIRECTORS’ INTERESTS IN SHARES

AccordingtotheRegisterofDirectors’Shareholdings,theinterestsofdirectorsinofficeattheendofthefinancialyearinsharesandwarrantsintheCompanyanditsrelatedcorporationsduringthefinancialyearareasfollows:

|------------------------- Number of ordinary shares -------------------------| Balance Balance at at 1.4.19 Bought Sold 31.3.20

The CompanyDirect Interest:LimShiouGhay 5,098,000 - - 5,098,000TanCheeKeong - 3,000,000 - 3,000,000LeeChiongMeng - 1,000,000 - 1,000,000

Deemed Interest:1OoiSoonHong 72,901,181 - - 72,901,1812LimShiouGhay 6,136,000 - - 6,136,000

The CompanyLimShiouGhay - 1,274,500 - 1,274,500

Deemed Interest:1OoiSoonHong - 18,225,295 - 18,225,2952LimShiouGhay - 1,534,000 - 1,534,000

Note:1 IndirectinterestpursuanttoSection8oftheCompaniesAct2016byvirtueofhisshareholdingsinNadaWangiSdn.Bhd.2 IndirectinterestpursuanttoSection8oftheCompaniesAct2016byvirtueofhisshareholdingsinEpicParadigmSdn.Bhd.



DIRECTORS’ REMUNERATION AND BENEFITS

Duringthefinancialyear,thefeesandotherbenefitsreceivedandreceivablebythedirectorsoftheCompanyareasfollows:

COMPANY SUBSIDIARIES GROUP RM RM RM

Salaries,bonusandothers 2,400 951,818 954,218Definedcontributionplan - 124,335 124,335Fees 163,715 - 163,715 166,115 1,076,153 1,242,268

Duringandattheendofthefinancialyear,noarrangementssubsistedtowhichtheCompanyisaparty,withtheobjectsofenablingdirectorsoftheCompanytoacquirebenefitsbymeansoftheacquisitionofsharesinordebenturesoftheCompanyoranyotherbodycorporate.

Sincetheendofthepreviousfinancialyear,nodirectoroftheCompanyhasreceivedorbecomeentitledtoreceiveanybenefit (other than a benefit included in the aggregate amount of emoluments received or due and receivable by thedirectorsasshownabove)byreasonofacontractmadebytheCompanyorarelatedcorporationwithadirectororwithafirmofwhichthedirectorisamemberorwithacompanyinwhichthedirectorhasasubstantialfinancialinterest,otherthanthoserelatedpartytransactionsdisclosedinthenotestothefinancialstatements.

INDEMNITY AND INSURANCE FOR DIRECTORS, OFFICERS AND AUDITORS

Noindemnityhasbeengiventoorinsuranceeffectedforanyofthedirectors,officersorauditorsoftheGroupandoftheCompanyduringthefinancialyear.

OTHER STATUTORY INFORMATION

BeforethefinancialstatementsoftheGroupandoftheCompanyweremadeout,thedirectorstookreasonablesteps:

(i) toascertainthatproperactionhadbeentakeninrelationtothewritingoffofbaddebtsandthemakingofprovisionfor doubtful debts, and satisfied themselves that therewere no bad debts to bewritten off and that adequateprovisionhadbeenmadefordoubtfuldebts;and

(ii) toensurethatanycurrentassetswhichwereunlikelytorealisetheirvalueasshownintheaccountingrecordsintheordinarycourseofbusinesshadbeenwrittendowntoanamountwhichtheymightbeexpectedsotorealise.

Atthedateofthisreport,thedirectorsarenotawareofanycircumstances:

(i) thatwouldrenderitnecessarytowriteoffanybaddebtsoramountofprovisionfordoubtfuldebtsinthefinancialstatementsoftheGroupandoftheCompanyinadequatetoanysubstantialextent;or

(ii) thatwouldrenderthevaluesattributedtothecurrentassets inthefinancialstatementsoftheGroupandoftheCompanymisleading;or

(iii) thathavearisenwhichwouldrenderadherencetotheexistingmethodsofvaluationofassetsor liabilitiesoftheGroupandoftheCompanymisleadingorinappropriate;or

(iv) nototherwisedealtwith inthisreportorthefinancialstatementswhichwouldrenderanyamountstated inthefinancialstatementsmisleading.


OTHER STATUTORY INFORMATION(cont’d)

Atthedateofthisreport,theredoesnotexist:

(i) anychargeontheassetsoftheGroupandoftheCompanywhichhasarisensincetheendofthefinancialyearwhichsecurestheliabilityofanyotherperson;or

(ii) anycontingentliabilityoftheGroupandoftheCompanywhichhasarisensincetheendofthefinancialyear.

Intheopinionofthedirectors:

(i) nocontingentliabilityorotherliabilityhasbecomeenforceableorislikelytobecomeenforceablewithintheperiodof twelvemonthsaftertheendof thefinancialyearwhichwillormayaffect theabilityof theGroupandof theCompanytomeettheirobligationsasandwhentheyfalldue;and

(ii) therehasnot arisen in the interval between theendof thefinancial year and thedateof this report any item,transactionoreventofamaterialandunusualnaturelikelytoaffectsubstantiallytheresultsoftheoperationsoftheGroupandoftheCompanyforthecurrentfinancialyearinwhichthisreportismade.

SIGNIFICANT EVENTS

ThedetailsofthesignificanteventsaredisclosedinNote36tothefinancialstatements.

AUDITORS

Thetotalamountoffeespaidtoorreceivablebytheauditors,Grant Thornton,asremunerationfortheirservicesasauditorsoftheGroupandoftheCompanyforthefinancialyearended31March2020areRM101,000andRM30,000respectively.

Theauditors,Grant Thornton,haveexpressedtheirwillingnesstocontinueinoffice.

SignedonbehalfoftheBoardofDirectorsinaccordancewitharesolutionoftheBoardofDirectors:

........................................……............. .………...................................…........Ooi Soon Hong Lim Shiou Ghay

Penang,

Date: 25 August 2020



Statutory Declaration

Intheopinionofthedirectors,thefinancialstatementssetoutonpages51to113areproperlydrawnupinaccordancewithMalaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of theCompaniesAct2016inMalaysiasoastogiveatrueandfairviewofthefinancialpositionoftheGroupandoftheCompanyasat31 March 2020andoftheirfinancialperformanceandcashflowsforthefinancialyearthenended.

SignedonbehalfoftheBoardofDirectorsinaccordancewitharesolutionoftheBoardofDirectors:

........................................……............. .………...................................…........Ooi Soon Hong Lim Shiou Ghay


I, Lee Thean Yew, theofficerprimarily responsible for thefinancialmanagementofAcme Holdings Berhaddosolemnlyandsincerelydeclarethatthefinancialstatementssetoutonpages51to113aretothebestofmyknowledgeandbelief,correctandImakethissolemndeclarationconscientiouslybelievingthesametobetrueandbyvirtueoftheprovisionsoftheStatutoryDeclarationsAct,1960.

Subscribedandsolemnlydeclaredby )theabovenamedatPenang,this25th )dayofAugust 2020. ) ........................................……......... Lee Thean Yew (I/C No. 640124-07-5481) (MIA No. 6990) Before me,

........................................…….............Liew Juan LengNo.: P162Commissioner for Oaths

Directors’ Statement


Report on the Audit of the Financial Statements

Opinion

WehaveauditedthefinancialstatementsofAcme Holdings Berhad,whichcomprisethestatementsoffinancialpositionasat 31 March 2020oftheGroupandoftheCompany,andthestatementsofcomprehensiveincome,statementsofchangesinequityandstatementsofcashflowsoftheGroupandoftheCompanyforthefinancialyearthenended,andnotestothefinancialstatements,includingsignificantaccountingpolicies,assetoutonpages51to113.

Inouropinion,theaccompanyingfinancialstatementsgiveatrueandfairviewofthefinancialpositionoftheGroupandoftheCompanyasat31 March 2020andoftheirfinancialperformanceandcashflowsforthefinancialyearthenendedinaccordancewithMalaysianFinancialReportingStandards,InternationalFinancialReportingStandardsandtherequirementsoftheCompaniesAct2016inMalaysia.

Basis for Opinion

Weconductedouraudit inaccordancewithapprovedstandardsonauditing inMalaysiaand InternationalStandardsonAuditing.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors’ Responsibilities for the Audit of the Financial Statementssectionofourreport.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.

Independence and Other Ethical Responsibilites

WeareindependentoftheGroupandoftheCompanyinaccordancewiththeBy-Laws (on Professional Ethics, Conduct and Practice)oftheMalaysianInstituteofAccountants(“By-Laws”)andtheInternationalEthicsStandardsBoardforAccountants’International Code of Ethics for Professional Accountants(includingInternationalIndependenceStandards)(“IESBACode”),andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeBy-LawsandtheIESBACode.

Key Audit Matters

Keyauditmattersarethosemattersthat,inourprofessionaljudgment,wereofmostsignificanceinourauditofthefinancialstatementsoftheGroupandoftheCompanyforthecurrentfinancialyear.ThesematterswereaddressedinthecontextofourauditofthefinancialstatementsoftheGroupandoftheCompanyasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.

Independent Auditors’ Report to the Members of Acme Holdings Berhad Company No. 198901012432 (189740-X) (Incorporated in Malaysia)


Independent Auditors’ Report to the Members of Acme Holdings Berhad Company No. 198901012432 (189740-X)

(Incorporated in Malaysia) (cont’d)

Key Audit Matter

Valuation of inventories(Notes 7 and 10 to the financial statements)

The Group holds significant number of completedpropertieswhichremainedunsoldaswellassignificantinventoriesfromitsplasticwareproductsmanufacturingactivityasat31March2020whichexposed theGrouptoariskthatthe inventoriesmaybecomeslowmovingorobsoleteandeventuallynon-saleableorsellingbelowtheircarryingvalue.

The Group measures inventories at the lower of costand net realisable value. Identifying and determiningthe appropriate write down of the inventories to netrealisablevaluerequiresjudgement.

Theriskthattheinventoriesarenotstatedatthelowerofcostandnetrealisablevalueisconsideredasignificantriskidentifiedinourriskassessmentprocessasitinvolvesestimation uncertainty by the directors in determiningtheaccuracyofprovisionforinventoryobsolescenceandinassessingtheadequacyofinventorynotstatedatthelowerofcostandnetrealisablevalue.

Impairment of trade receivables (Note 11 to the financial statements)

The Group has significant trade receivables as at thereportingdateanditissubjecttocreditriskexposure.

We focus on this area as deriving the expected creditlossesofreceivablesinvolvesmanagement’sjudgementandestimates indetermining theprobabilityofdefaultoccurring by considering the ageing of receivables,historical loss experience and forward-lookinginformation.

Theoutbreakofthecoronavirus(“COVID-19”)pandemicwhichnegativelyimpactedtheglobaleconomicoutlookhad also increased the probability of default faced bythe Group’s customers. The uncertainty arising fromCOVID-19 further increases the degree of judgementusedbythemanagement.

How our audit addressed the Key Audit Matter

Our audit procedures in relation to the valuation ofinventoriesincluded:• Reviewing the net realisable value of the unsold

propertiesby: - Comparingthecostoftheseunsoldproperties

to the valuation report issued by professionalvaluer;and

- Comparing recorded selling prices of similarunits sold by theGroupduring/subsequent tothefinancialyearendbytracingtolatestsignedsaleandpurchaseagreements.

• Reviewingthenetrealisablevalueoftheinventoriesunder the plasticware products manufacturingactivityby:

- Obtaininganunderstandingof: - theGroup’sinventorymanagementprocess; - how the Group identifies and assesses

inventorywrite-downs;and - how the Group makes the accounting

estimatesforinventorywrite-downs. - Examining theperpetual records for inventory

movements and to identify slowmoving ageditems.

- Making inquiries of management regardingtheactionplanstoclearslowmovingagedandobsoleteinventories.

- Reviewingthenetrealisablevalueofinventoriesonasamplingbasis.

- Evaluating the reasonableness and adequacyof the inventories write-downs recognised foridentifiedexposures.

Our audit procedures in relation to the impairment oftradereceivablesincluded:• Obtaininganunderstandingof: - the Group’s control over the customers

collectionprocess; - the process of identifying and assessing

impairmentoftradereceivables;and - the basis of how the Group makes the

accounting estimates for impairment of tradereceivablesinviewofCOVID-19’simpact.

• ReviewingtheapplicationoftheGroup’spolicyforcalculating the expected credit losses against therequirementsofMFRS9.

• Reviewingtheagingoftradereceivablesandtestingthereliabilitythereof.

• Reviewing subsequent collections for majorcustomersandoverdueamounts.

• Assessing the estimated future cash flows byexamining the historical repayment records,historical loss rate of receivables, informationregarding the current creditworthiness and anysignificantchangesincreditqualityofthedebtors,evidence of subsequent settlements and otherrelevantinformation.


Independent Auditors’ Report to the Members of Acme Holdings Berhad Company No. 198901012432 (189740-X) (Incorporated in Malaysia) (cont’d)

Key Audit Matter

Revenue recognition (Note 24 to the financial statements)

TheGroup’srevenuemainlyarisesfromthemanufacturingofplasticwareproducts,salesofcompleteddevelopmentunitsandpropertydevelopmentrevenue.

Wefocusonrevenuerecognitionasakeyauditmatterdue to the voluminous transactions and wide productrange soldby theGroupwhichmaygive rise tohigherrisk ofmaterialmisstatements in respect of thetimingandamountofrevenuerecognised.

The Group’s policy of providing certain manufacturingcustomers with discounts and volume rebates givesrisetovariableconsiderationswhicharerequiredtobeestimated in determining the transaction price in thecontractwiththesaidcustomers.

The Group’s revenue from property developmentactivity were recognised based on the percentage ofcompletion(“POC”)whichwasmeasuredusingthestageofcompletionbyreferenceofsurveyofworkperformed.Such measurement involves management estimates indeterminingthestageofcompletion,extentofpropertydevelopmentcostsincurredtodateandestimatedtotalpropertydevelopmentcosts.

How our audit addressed the Key Audit Matter

Our audit procedures in relation to the recognition ofmanufacturingrevenueincluded:• ObtaininganunderstandingoftheGroup’srevenue

recognitionprocessandapplicationandthereaftertestingcontrolsontheoccurrenceofrevenue.

• Performing analytical procedures on the trend ofrevenuerecognisedtoidentifyforanyabnormalities.

• Performingsubstantivetestingonasamplingbasisto verify that revenue recognition criteria areproperly applied by checking to the documentswhich evidenced the delivery of goods to thecustomers.

• Inspectingthetermsofsignificantsalestransactionsinordertodeterminethepointwhenthecustomerobtainscontrolofthegoodsandtoassesswhetherrevenueisrecognisedinaccordancewiththeterms.

• Assessing whether revenue is recognised in thecorrectperiodby testingcut-off throughassessingsales transaction takingplaceateither sideof thereportingdateaswellasreviewingcreditnotesandsalesreturnsissuedafterthereportingdate.

• Assessing whether the customers of the Groupareeligibletoenjoythesalesdiscountandvolumerebategiven.

• Testing the accuracy and completeness of theinformation used by the Group to compute thevariable considerations such as sales return, salesdiscount and volume rebates in determining thetransactionprice.

Our audit procedures in relation to the recognition ofpropertydevelopment revenueandsalesof completeddevelopmentunitsincluded:• Checking the reasonableness of the estimated

total property development costs by agreeing toapprovedbudgets, letter of awards, contracts andvariationorders,ifany,withcontractors.

• Examining theactualcosts incurredtodate to thesupportingevidencessuchascontractors’progressclaimsandarchitectcertificates.

• Corroborating the certified POC with the level ofcompletionbasedonactualcosts incurredtodateover the estimated total property developmentcosts.

• Reviewing the sale and purchase agreementsentered into with the customers to obtain anunderstandingofthespecifictermsandconditions.

• Performingtestofdetailsonrevenuefrompropertydevelopmentandsalesofcompleteddevelopmentunitstosignedsaleandpurchaseagreements.


ThereisnokeyauditmattertobecommunicatedintheauditoftheseparatefinancialstatementsoftheCompany.

Information Other than the Financial Statements and Auditors’ Report Thereon

ThedirectorsoftheCompanyareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded in theannual report,butdoesnot include thefinancial statementsof theGroupandof theCompanyandourauditorsreportthereon.

OuropiniononthefinancialstatementsoftheGroupandoftheCompanydoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.

InconnectionwithourauditofthefinancialstatementsoftheGroupandoftheCompany,ourresponsibilityistoreadtheother informationand, indoing so, considerwhether theother information ismaterially inconsistentwith thefinancialstatementsoftheGroupandoftheCompanyorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.

If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.

Responsibilities of the Directors for the Financial Statements

ThedirectorsoftheCompanyareresponsibleforthepreparationoffinancialstatementsoftheGroupandoftheCompanythatgiveatrueandfairviewinaccordancewithMalaysianFinancialReportingStandards,InternationalFinancialReportingStandardsandtherequirementsoftheCompaniesAct2016inMalaysia.ThedirectorsarealsoresponsibleforsuchinternalcontrolasthedirectorsdetermineisnecessarytoenablethepreparationoffinancialstatementsoftheGroupandoftheCompanythatarefreefrommaterialmisstatement,whetherduetofraudorerror.

Inpreparing thefinancial statementsof theGroupandof theCompany, thedirectors are responsible for assessing theGroup’sandtheCompany’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessthedirectorseitherintendtoliquidatetheGrouportheCompanyortoceaseoperations,orhavenorealisticalternativebuttodoso.

Auditors’ Responsibilities for the Audit of the Financial Statements

OurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsoftheGroupandoftheCompanyasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditors’reportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewith approved standards on auditing inMalaysia and International Standards onAuditingwill always detect amaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.

AspartofanauditinaccordancewithapprovedstandardsonauditinginMalaysiaandInternationalStandardsonAuditing,weexerciseprofessionaljudgementandmaintainprofessionalscepticismthroughouttheaudit.Wealso:

• IdentifyandassesstherisksofmaterialmisstatementofthefinancialstatementsoftheGroupandoftheCompany,whetherdue to fraudor error, designandperformaudit procedures responsive to those risks, andobtain auditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that areappropriateinthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheGroup’sandoftheCompany’sinternalcontrol.

• Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebythedirectors.

Independent Auditors’ Report to the Members of Acme Holdings Berhad Company No. 198901012432 (189740-X)

(Incorporated in Malaysia) (cont’d)


Independent Auditors’ Report to the Members of Acme Holdings Berhad Company No. 198901012432 (189740-X) (Incorporated in Malaysia) (cont’d)

Auditors’ Responsibilities for the Audit of the Financial Statements

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based ontheauditevidenceobtained,whetheramaterialuncertaintyexists related toeventsorconditions thatmaycastsignificantdoubtontheGroup’sandtheCompany’sabilitytocontinueasagoingconcern. Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditors’reporttotherelateddisclosuresinthefinancialstatementsoftheGroupandoftheCompanyor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditors’report.However,futureeventsorconditionsmaycausetheGrouportheCompanytoceasetocontinueasagoingconcern.

• Evaluatetheoverallpresentation,structureandcontentofthefinancialstatementsoftheGroupandoftheCompany,including thedisclosures,andwhether thefinancial statementsof theGroupandof theCompany represent theunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.

• ObtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheGrouptoexpressanopiniononthefinancialstatementsoftheGroup.Weareresponsibleforthedirection,supervisionandperformanceofthegroupaudit.Weremainsolelyresponsibleforourauditopinion.

Wecommunicatewiththedirectorsregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.

We also provide the directors with a statement that we have complied with relevant ethical requirements regardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,actionstakentoeliminatethreatsorsafeguardsapplied.

Fromthematterscommunicatedwiththedirectors,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsoftheGroupandoftheCompanyforthecurrentfinancialyearandarethereforethekeyauditmatters.Wedescribethesemattersinourauditors’reportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.

Report on Other Legal and Regulatory Requirements

InaccordancewiththerequirementsoftheCompaniesAct2016inMalaysia,wereportthatthesubsidiaryofwhichwehavenotactedasauditors,isdisclosedinNote8tothefinancialstatements.

Other Matter

ThisreportismadesolelytothemembersoftheCompany,asabody,inaccordancewithSection266oftheCompaniesAct2016inMalaysiaandfornootherpurpose.Wedonotassumeresponsibilitytoanyotherpersonforthecontentofthisreport.

Grant Thornton Terence Lau Han WenNo. AF: 0042 No. 03298/04/2021 JChartered Accountants Chartered Accountant Penang



GROUP COMPANY 2020 2019 2020 2019 NOTE RM RM RM RMASSETS Non-current assets Property,plantandequipment 4 21,030,245 21,434,861 - -Right-of-useasset 5 264,008 - - -Investmentproperties 6 8,338,438 8,650,630 6,817,789 7,095,307 Inventoryproperties 7 18,349,724 14,784,558 - -Investmentinsubsidiaries 8 - - 34,225,168 33,916,351 Deferredtaxassets 9 - 88,539 - - 47,982,415 44,958,588 41,042,957 41,011,658 Current assets Inventoryproperties 7 16,063,552 19,746,902 - -Inventories 10 2,992,750 2,362,833 - -Tradereceivables 11 9,440,041 10,943,066 - -Otherreceivables,deposits andprepayments 12 7,878,403 1,957,279 2,364,940 14,105 Amountduefromsubsidiaries 13 - - 6,704,561 14,656,531 Contractassets 14 231,625 - - -Taxrecoverable 792,104 10,036,264 48,409 -Cashandbankbalances 15 9,679,666 6,768,646 4,843,250 738,421

47,078,141 51,814,990 13,961,160 15,409,057

TOTAL ASSETS 95,060,556 96,773,578 55,004,117 56,420,715 EQUITY AND LIABILITIES Equity attributable to owners of the company Sharecapital 16 228,861,014 226,050,958 228,861,014 226,050,958 Treasuryshares 17 (13,873,523) (13,873,523) (13,873,523) (13,873,523)Reverseacquisitionreserve (193,196,309) (193,196,309) - -Foreigncurrencytranslationreserve 18 (35,528) (36,047) - -Retainedprofits/(Accumulatedlosses) 59,754,348 60,327,321 (162,341,929) (162,524,923)

Total equity 81,510,002 79,272,400 52,645,562 49,652,512 Non-current liabilities Borrowings 19 555,334 234,093 - -Leaseliability 5 224,395 - - -Tradepayables 20 217,949 166,715 - -Deferredtaxliabilities 9 1,827,060 2,235,620 309,414 321,830

2,824,738 2,636,428 309,414 321,830

Current liabilities Tradepayables 20 2,394,317 3,336,662 - -Otherpayablesandaccruals 21 7,609,764 10,573,089 2,049,141 6,369,629 Amountduetodirectors 22 - 76,744 - 76,744 Borrowings 19 445,835 376,250 - -Leaseliability 5 48,891 - - -Taxpayable - 94,937 - -Refundliabilities 23 227,009 407,068 - -

10,725,816 14,864,750 2,049,141 6,446,373

Total liabilities 13,550,554 17,501,178 2,358,555 6,768,203

TOTAL EQUITY AND LIABILITIES 95,060,556 96,773,578 55,004,117 56,420,715

Theaccompanyingnotesformanintegralpartofthesefinancialstatements.

Statements of Financial Positionas at 31 March 2020


GROUP COMPANY 2020 2019 2020 2019 NOTE RM RM RM RM

Revenue 24 24,837,056 26,674,089 1,100,400 1,018,700 Costofsales (20,685,769) (20,149,581) - - Gross profit 4,151,287 6,524,508 1,100,400 1,018,700 Otherincome 821,950 1,002,199 346,298 6,676,767 Administrativeexpenses (5,096,317) (4,958,506) (1,267,120) (1,026,405) Sellinganddistributionexpenses (914,291) (1,228,156) - - Operating (loss)/profit (1,037,371) 1,340,045 179,578 6,669,062 Financecosts (41,748) (47,765) - - (Loss)/Profit before tax 25 (1,079,119) 1,292,280 179,578 6,669,062 Taxation 27 506,146 8,323,253 3,416 (156,830) (Loss)/Profit for the financial year (572,973) 9,615,533 182,994 6,512,232 Total other comprehensive income/(loss), net of tax: Item that will be reclassified subsequently to profit or loss: Foreigncurrencytranslationdifferences forforeignoperation 519 (33,118) - - Total comprehensive (loss)/ income for the financial year (572,454) 9,582,415 182,994 6,512,232 (Loss)/Profit attributable to: OwnersoftheCompany (572,973) 9,616,724 182,994 6,512,232 Non-controllinginterests - (1,191) - -

(572,973) 9,615,533 182,994 6,512,232 Total comprehensive (loss)/ income attributable to: OwnersoftheCompany (572,454) 9,583,606 182,994 6,512,232 Non-controllinginterests - (1,191) - - (572,454) 9,582,415 182,994 6,512,232 (Loss)/Earnings per share attributable to owners of the Company (sen) 28 - Basic (0.25) 4.18 - Diliuted (0.24) 4.18

Statements of Comprehensive Incomefor the financial year ended 31 March 2020


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198901012432 (189740-X)53

Consolidated Statement of Changes in Equity

for the financial year ended 31 March 2020

|-------------------------- Attributable to owners of the parent --------------------------| |------------Non-distributable------------| Reverse Foreign Currency Share Treasury Acquisition Translation Retained Non-controlling Total Capital Shares Reserve Reserve Profits Total Interests Equity NOTE RM RM RM RM RM RM RM RM2020 Balanceatbeginning 226,050,958 (13,873,523) (193,196,309) (36,047) 60,327,321 79,272,400 - 79,272,400 Totalcomprehensiveloss forthefinancialyear - - - 519 (572,973) (572,454) - (572,454) Transactions with owners:

Issuanceofshares 16 2,810,056 - - - - 2,810,056 - 2,810,056 Balanceatend 228,861,014 (13,873,523) (193,196,309) (35,528) 59,754,348 81,510,002 - 81,510,002 2019 Balanceatbeginning 226,050,958 (13,873,523) (193,196,309) (2,929) 50,710,597 69,688,794 (441,122) 69,247,672 Totalcomprehensiveincome forthefinancialyear - - - (33,118) 9,616,724 9,583,606 (1,191) 9,582,415 Disposalofasubsidiary - - - - - - 442,313 442,313 Balanceatend 226,050,958 (13,873,523) (193,196,309) (36,047) 60,327,321 79,272,400 - 79,272,400



Share Treasury Accumulated Total Capital Shares Losses Equity NOTE RM RM RM RM

2020

Balanceatbeginning 226,050,958 (13,873,523) (162,524,923) 49,652,512 Totalcomprehensiveincome forthefinancialyear - - 182,994 182,994 Transactions with owners: Issuanceofshares 16 2,810,056 - - 2,810,056 Balanceatend 228,861,014 (13,873,523) (162,341,929) 52,645,562

2019 Balanceatbeginning 226,050,958 (13,873,523) (169,037,155) 43,140,280 Totalcomprehensiveincome forthefinancialyear - - 6,512,232 6,512,232 Balanceatend 226,050,958 (13,873,523) (162,524,923) 49,652,512

Statement of Changes in Equityfor the financial year ended 31 March 2020




Statements of Cash Flowsfor the financial year ended 31 March 2020

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM

CASH FLOWS FROM OPERATING ACTIVITIES (Loss)/Profitbeforetax (1,079,119) 1,292,280 179,578 6,669,062 Adjustmentsfor: Accretionofinterest 13,697 - - - Allowanceforexpectedcreditlosses 282,325 375,467 - Depreciationofinvestmentproperties 312,192 312,195 277,518 277,522 Depreciationofproperty,plantandequipment 1,954,423 1,376,625 - - Depreciationofright-of-useasset 55,581 - - - Gainondisposalofasubsidiary - (663,471) - (1) Interestexpense 28,051 47,765 - - Interestincome (290,143) (35,290) (37,481) - Inventorieswrittendown - (reversal)/addition (93,787) 561,416 - - Lossondisposalofproperty,plantandequipment - 6,899 - - Property,plantandequipmentwrittenoff - 37,877 - - Reversalofimpairmentlossoninvestmentin asubsidiary - - (308,817) (6,667,119) Unwindingdiscountonretentionsumpayable (33,331) - - - Operatingprofitbeforeworkingcapitalchanges 1,149,889 3,311,763 110,798 279,464 Changesin: Inventoryproperties 118,184 934,783 - -Inventories (536,130) (780,447) - -Receivables (4,700,424) 9,344,635 (2,350,835) 6,081,000 Contractassets (231,625) - - -Payables (3,820,586) (996,203) (4,320,488) 5,718,750 Refundliabilities (180,059) 82,425 - - Cash(usedin)/generatedfromoperations (8,200,751) 11,896,956 (6,560,525) 12,079,214 Incometaxpaid (1,030,194) (2,089,339) (57,409) -Incometaxrefunded 10,365,542 91,824 - -Interestpaid (28,051) (47,765) - - Netcashfrom/(usedin)operatingactivities 1,106,546 9,851,676 (6,617,934) 12,079,214 CASH FLOWS FROM INVESTING ACTIVITIES Netcashoutflowfromdisposalofasubsidiary - (9) - -Proceedsfromdisposalofasubsidiary - - - 1 Interestreceived 290,143 29,993 37,481 -Changesinbankbalancesheldintrust 12,875 153,434 - -Placementoffixeddeposits 194,204 - - -Proceedsfromdisposalofproperty,plant andequipment - 73,000 - -Purchaseofproperty,plantandequipment A (732,004) (8,799,422) - -

Netcash(usedin)/frominvestingactivities (234,782) (8,543,004) 37,481 1 CASH FLOWS FROM FINANCING ACTIVITIES Netchangeinsubsidiaries’balances - - 7,951,970 (11,770,064)Repaymentoffinanceleaseliabilities B (426,977) (347,327) - -Paymentofleaseliability B (60,000) - - -Netproceedsfromprivateplacement 2,810,056 - 2,810,056 -Repaymenttodirectors B (76,744) (86,145) (76,744) (86,145)

Netcashfrom/(usedin)financingactivities 2,246,335 (433,472) 10,685,282 (11,856,209) NET INCREASE IN CASH AND BANK BALANCES 3,118,099 875,200 4,104,829 223,006 CASH AND BANK BALANCES AT BEGINNING 6,561,567 5,686,367 738,421 515,415 CASH AND BANK BALANCES AT END 9,679,666 6,561,567 4,843,250 738,421


Statements of Cash Flowsfor the financial year ended 31 March 2020 (cont’d)

GROUP COMPANY 2020 2019 2020 2019 NOTE RM RM RM RM

Represented by: Cashandbankbalances 9,679,666 6,768,646 4,843,250 738,421

Less:Fixeddepositspledgedto alicensedbank - (194,204) - - Bankbalancesheldintrust - (12,875) - -

9,679,666 6,561,567 4,843,250 738,421 A. Purchase of property, plant and equipment

Totalacquisitioncost 1,549,807 8,879,422 - - Acquiredunderfinanceleaseliabilities B (817,803) (80,000) - -

Totalcashacquisition 732,004 8,799,422 - - B. Liabilities arising from financing activities

Reconciliationbetweentheopeningandclosingbalancesinthestatementsoffinancialpositionforliabilitiesarising

fromfinancingactivitiesisasfollows:

Balance at Balance at beginning Cash flows Others end RM RM RM RM GROUP 2020 Borrowings 610,343 390,826 - 1,001,169 Leaseliability 319,589 (60,000) 13,697 273,286 Amountduetodirectors 76,744 (76,744) - - Totalliabilitiesfromfinancingactivities 1,006,676 254,082 13,697 1,274,455 2019 Borrowings 877,670 (267,327) - 610,343 Amountduetodirectors 571,300 (86,145) (408,411)* 76,744 Totalliabilitiesfromfinancingactivities 1,448,970 (353,472) (408,411) 687,087

* OthersrepresentsmovementarisingfromthedisposlofSupportiveDevelopmentSdn.Bhd.,aformersubsidiaryoftheCompany.

COMPANY 2020 Amountduetodirectors,representing totalliabilitiesfromfinancingliabilities 76,744 (76,744) - - 2019 Amountduetodirectors,representing totalliabilitiesfromfinancingliabilities 162,889 (86,145) - 76,744



1. CORPORATE INFORMATION

General

TheCompanyisapubliclimitedliabilitycompany,incorporatedanddomiciledinMalaysiaandislistedontheMainMarketofBursaMalaysiaSecuritiesBerhad.

The registered office of the Company is located at 51-8-A,Menara BHL Bank, Jalan Sultan Ahmad Shah, 10050Georgetown,Penang.

TheprincipalplaceofbusinessoftheCompanyislocatedatNo.1,2,7&8,JalanPKNK3,KawasanPerusahaanLPKFasa3,08000SungaiPetani,Kedah.

ThefinancialstatementswereauthorisedforissuebytheBoardofDirectorsinaccordancewitharesolutionofthedirectorson25August2020.

Principal Activities

TheprincipalactivitiesoftheCompanyconsistofinvestmentholdingandpropertyletting.

TheprincipalactivitiesofthesubsidiariesaredisclosedinNote8tothefinancialstatements.

Therehavebeennochangesinthenatureoftheseactivitiesduringthefinancialyear.

2. BASIS OF PREPARATION

2.1 Statement of Compliance

ThefinancialstatementsoftheGroupandoftheCompanyhavebeenpreparedinaccordancewithapplicableMalaysianFinancialReportingStandards(“MFRS”),InternationalFinancialReportingStandards(“IFRS”)andtherequirementsoftheCompaniesAct2016inMalaysia.

2.2 Basis of Measurement

ThefinancialstatementsoftheGroupandoftheCompanyarepreparedunderthehistoricalcostconventionunlessotherwiseindicatedinthesignificantaccountingpoliciesassetoutbelow.

Historical cost is generally based on the fair value of the consideration given in exchange for goods andservices.

Fair value is the price thatwould be received to sell an asset or paid to transfer a liability in an orderlytransactionbetweenmarketparticipantsatthemeasurementdate.Thefairvaluemeasurementisbasedonthepresumptionthatthetransactiontoselltheassetortransfertheliabilitytakesplaceeitherintheprincipalmarketfortheassetorliability,orintheabsenceofaprincipalmarket,inthemostadvantageousmarketfortheassetorliability.TheprincipalorthemostadvantageousmarketmustbeaccessibletobytheGroupandbytheCompany.

Thefairvalueofanassetoraliabilityismeasuredusingtheassumptionsthatmarketparticipantswouldusewhenpricingtheassetorliability,assumingthatmarketparticipantsactintheirbesteconomicinterest.

Afairvaluemeasurementofanon-financialassettakesintoaccountamarketparticipant’sabilitytogenerateeconomicbenefitsbyusingtheassetinitshighestandbestuseorbysellingittoanothermarketparticipantthatwouldusetheassetinitshighestandbestuse.

TheGroup and theCompanyuse valuation techniques that are appropriate in the circumstances and forwhichsufficientdataareavailabletomeasurefairvalue,maximisingtheuseofrelevantobservableinputsandminimisingtheuseofunobservableinputs.

Notes to the Financial Statementsfor the financial year ended 31 March 2020


Notes to the Financial Statementsfor the financial year ended 31 March 2020 (cont’d)

2. BASIS OF PREPARATION (cont’d)

2.2 Basis of Measurement(cont’d)

Allassetsandliabilitiesforwhichfairvalueismeasuredordisclosedinthefinancialstatementsarecategorisedwithinthefairvaluehierarchy,describedasfollows,basedonthelowestlevelinputthatissignificanttotheirfairvaluemeasurementasawhole:

- Level1 - Quoted(unadjusted)marketpricesinactivemarketsforidenticalassetsorliabilities. - Level2 - Valuation techniques forwhich the lowest level input that is significant to their fair value

measurementisdirectlyorindirectlyobservable. - Level3 - Valuation techniques forwhich the lowest level input that is significant to their fair value

measurementisunobservable.

Forthepurposeoffairvaluedisclosures,theGroupandtheCompanyhavedeterminedclassesofassetsandliabilitiesonthebasisofthenature,characteristicsandrisksoftheassetorliabilityandtheleveloffairvaluehierarchyasexplainedabove.

2.3 Functional and Presentation Currency

Thefinancial statementsarepresented inRinggitMalaysia (“RM”)which isalso theCompany’s functionalcurrency.

2.4 Adoption of New Standards/Amendments/Improvements to MFRSs

TheaccountingpoliciesadoptedbytheGroupandbytheCompanyareconsistentwiththoseofthepreviousfinancialyearexceptfortheadoptionofthefollowingstandardsthataremandatoryforthecurrentfinancialyear:

Effective for annual periods beginning on or after 1 January 2019

MFRS 16 Leases Amendments to MFRS 9 Financial Instruments: Prepayment Features with Negative Compensation Amendments to MFRS 119 Employee Benefits: Plan Amendment, Curtailment or Settlement Amendments to MFRS 128 Investments in Associates and Joint Ventures: Long-term Interest in Associates and Joint Ventures Annual Improvements to MFRS Standards 2015-2017 Cycle IC Interpretations 23 Uncertainty over Income Tax Treatments

InitialapplicationoftheabovestandardsdidnothaveanymaterialimpacttothefinancialstatementsoftheGroupandoftheCompanyuponadoptionexceptfor:

MFRS 16 Leases

MFRS16supersedesMFRS117Leases,ICInterpretation4DeterminingwhetheranArrangementcontainsaLease,ICInterpretation115OperatingLeases-IncentivesandICInterpretation127EvaluatingtheSubstanceofTransactionsInvolvingtheLegalFormofaLease.Thestandardsetsouttheprinciplesfortherecognition,measurement,presentationanddisclosureofleases.

LessoraccountingunderMFRS16issubstantiallyunchangedfromMFRS117.LessorswillcontinuetoclassifyleasesaseitheroperatingorfinanceleasesusingsimilarprinciplesasinMFRS117.Therefore,MFRS16doesnothaveanimpactforleaseswheretheCompanyisthelessor.

TheGroupadoptedMFRS16usingthemodifiedretrospectivemethodofadoptionwiththedateof initialapplicationof1April2019.Under thismethod, theGroup isnot required to reassesswhetheracontractis,orcontainsaleaseat1April2019.Instead,theGroupappliedthestandardonlytocontractsthatwerepreviouslyidentifiedasleasesapplyingMFRS117andICInterpretation4,andthecumulativeeffectofinitiallyapplyingthisstandardisadjustedtotheopeningbalanceoftheretainedprofitswithouttheneedtorestatethecomparativeinformation.




2.4 Adoption of New Standards/Amendments/Improvements to MFRSs (cont’d)

TheeffectofadoptingMFRS16on1April2019resultedintheincreaseoftheGroup’sassetsandliabilitiesasatthatdateasfollows:

Statements of Financial Position

RM ASSETS Non-current assets Right-of-useasset 319,589 LIABILITIES Non-current liabilities Leaseliability 273,286 Current liabilities Leaseliability 46,303 319,589

UponadoptionofMFRS16,theGroupappliedasinglerecognitionandmeasurementapproachforallleaseswhereleaseswillberecognisedasright-of-useassetandcorrespondingleaseliabilityexceptforshort-termleasesandleasesoflow-valueassetswheretheleaserentalpaymentsarerecognisedasanexpense.

• Leases previously classified as finance leases

LeaseswhichwerepreviouslyclassifiedasfinanceleasesunderMFRS117continuetobetreatedassuchwithoutanychangesuponadoptionofMFRS16on1April2019.

• Leases previously accounted for as operating leases TheGrouprecognisedright-of-useassetandleaseliabilityfortheleasepreviouslyclassifiedasoperating

lease,exceptforshort-termleasesandleasesoflow-valueassets.Theright-of-useassetwererecognisedbasedonthecarryingamountasifthestandardhadalwaysbeenapplied,apartfromtheuseofincrementalborrowing rate at the date of initial application. The right-of-use asset was recognised based on theamountequaltotheleaseliability,adjustedforanyrelatedprepaidandaccruedleasepaymentspreviouslyrecognised.Lease liabilitywasrecognisedbasedonthepresentvalueoftheremaining leasepayments,discountedusingtheincrementalborrowingrateatthedateofinitialapplication.

TheGroupalsoappliedtheavailablepracticalexpedientswhereinit: - Usedasinglediscountratetoaportfolioofleaseswithreasonablysimilarcharacteristics; - Reliedonitsassessmentofwhetherleasesareonerousimmediatelybeforethedateofinitialapplication; - Appliedtheshort-termleasesexemptionstoleaseswithleasetermthatendswithin12monthsofthe

dateofinitialapplication; - Excludedthe initialdirectcosts fromthemeasurementof theright-of-useassetat thedateof initial

application;and - Used hindsight in determining the lease term where the contract contained options to extend or

terminatethelease.




2.4 Adoption of New Standards/Amendments/Improvements to MFRSs (cont’d)

Theleaseliabilityasat1April2019canbereconciledtotheoperatingleasecommitmentsasof31March2019,asfollows:

Assets

Operatingleasecommitmentsasat31March2019(RM) 363,000 Weightedaverageincrementalborrowingrateasat1April2019 5.00%

Discountedoperatingleasecommitmentsasat1April2019, representingleaseliabilityasat1April2019(RM) 319,589

2.5 Standards Issued But Not Yet Effective

TheGroupandtheCompanyhavenotappliedthefollowingstandardsthathavebeenissuedbytheMalaysianAccountingStandardsBoard(“MASB”)butarenotyeteffectivefortheGroupandfortheCompany:

Effective for annual periods beginning on or after 1 January 2020 Amendments to MFRS 3 Business Combinations: Definition of a Business Amendments to MFRS 101 Presentation of Financial Statements and MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Material Amendments to MFRS 9, MFRS 139 and MFRS 7 Interest Rate Benchmark Reform

Effective for annual periods beginning on or after 1 June 2020 Amendments to MFRS 16 Covid-19-Related Rent Concessions

Effective for annual periods beginning on or after 1 January 2021 MFRS 17 Insurance Contracts

Effective for annual periods beginning on or after 1 January 2022 Annual Improvements to MFRS Standards 2018 - 2020 Amendments to MFRS 3 Business Combinations: Reference to the Conceptual Framework Amendments to MFRS 16 Property, Plant and Equipment: Proceeds before Intended Use Amendments to MFRS 137 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts - Cost

of Fulfilling a Contract Amendments to MFRS 101 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current

Effective date yet to be confirmed Amendments to MFRS 10 Consolidated Financial Statements and MFRS 12 Investments in Associates and Joint Ventures - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

The initialapplicationoftheabovestandards isnotexpectedtohaveanymaterial impacttothefinancialstatementsoftheGroupandoftheCompanyuponadoption.



2.6 Significant Accounting Estimates and Judgements

The preparation of financial statements requires management to make judgements, estimates andassumptionsthataffecttheapplicationofaccountingpoliciesandthereportedamountsofassets,liabilities,incomeandexpenses.Actualresultsmaydifferfromtheseestimates.

Estimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionstoaccountingestimatesarerecognisedintheperiodinwhichtheestimateisrevisedandinanyfutureperiodsaffected.

2.6.1 Judgements made in applying accounting policies

IntheprocessofapplyingtheGroup’saccountingpolicies,managementhasmadethefollowingjudgement,apartfromthoseinvolvingestimations,whichhasthemostsignificanteffectontheamountsrecognisedinthefinancialstatements:

(i) Revenue from contracts with customers

TheGroupappliedthefollowingjudgementthatsignificantlyaffectsthedeterminationoftheamountandtimingofrevenuetoberecognisedfromcontractswithcustomers:

Determiningmethodtoestimatevariableconsiderationandassessingtheconstraint

Certaincontractsforthesalesofdiverseplasticwareproducts includearightofreturnanddiscountsthatgiverisetovariableconsideration.Inestimatingthevariableconsideration,theGroupisrequiredtouseeithertheexpectedvaluemethodorthemostlikelyamountmethodbasedonwhichmethodbetterpredictstheamountofconsiderationtowhichitwillbeentitled.

TheGroupdeterminedthattheexpectedvaluemethodistheappropriatemethodtouseinestimatingthevariableconsiderationforthesaleofdiverseplasticwareproductswithrightsofreturnanddiscounts,giventhelargenumberofcustomercontractsthathavesimilarcharacteristics.

Before including any amount of variable consideration in the transaction price, theGroup considerswhethertheamountofvariableconsiderationisconstrained.TheGroupdeterminedthattheestimatesofvariableconsiderationarenotconstrainedbasedonitshistoricalexperience,businessforecastandthecurrenteconomicconditions.Inaddition,theuncertaintyonthevariableconsiderationwillberesolvedwithinashorttimeframe.

(ii) Determining the lease term of contract with renewal option - Group as lessee

TheGroupdeterminestheleasetermasthenon-cancellabletermofthelease,togetherwithanyperiodscoveredbyanoptiontoextendtheleaseifitisreasonablycertaintobeexercised,oranyperiodscoveredbyanoptiontoterminatethelease,ifitisreasonablycertainnottobeexercised.

The Group has a lease contract that includes an extension option. The Group applies judgement inevaluatingwhether it isreasonablycertainwhetherornottoexercisetheoptiontoorterminatethelease.Thatis,itconsidersallrelevantfactorsthatcreateaneconomicincentiveforittoexerciseeithertherenewal.Afterthecommencementdate,theGroupreassessestheleasetermifthereisasignificanteventorchange incircumstances that iswithin itscontrolandaffects itsability toexerciseornot toexercise the option to renew (e.g., construction of significant leasehold improvements or significantcustomisationtotheleasedasset).




2.6 Significant Accounting Estimates and Judgements (cont’d)

2.6.2 Key sources of estimation uncertainty

Thekeyassumptionsconcerningthefutureandotherkeysourcesofestimationuncertaintyattheendofthereportingperiodthathaveasignificantriskofcausingamaterialadjustmenttothecarryingamountsofassetsandliabilitieswithinthenextfinancialyeararediscussedbelow:

(i) Property development activities

As revenue from ongoing property development activities are recognised over time, the amount ofrevenuerecognisedatthereportingdatedependsontheextenttowhichtheperformanceobligationhas been satisfied. This is done by determining the stage of completion. The stage of completion isdeterminedbytheproportionthatpropertydevelopmentorcontractcostsincurredforworkperformedtodatebeartotheestimatedtotalpropertydevelopmentorcontractcosts.

Significantjudgementisrequiredindeterminingthestageofcompletion,theextentofthedevelopmentandcontractcosts incurred,theestimatedtotalrevenueandtotalcostsandtherecoverabilityofthedevelopment project and contract cost. In making these judgements, management relies on pastexperienceand,ifnecessary,theworkofspecialists.

(ii) Inventories

The management reviews for damage, slow-moving and obsolete inventories. This review requiresjudgementsandestimates.Possiblechangesintheseestimatescouldresultinrevisiontothevaluationofinventories.

ThecarryingamountoftheGroup’sinventoriesattheendofthereportingperiodisdisclosedinNote10tothefinancialstatements.

(iii) Estimating variable consideration for returns and rebates

TheGroupestimatesvariableconsiderationtobeincludedinthetransactionpriceforthesalesofdiverseplasticwareproductswithrightsofreturnanddiscounts.

TheGroupdeveloped a statisticalmodel for forecasting sales returns. Themodel used thehistoricalreturndataofeachcustomers.Thesepercentagesareappliedtodeterminetheexpectedvalueofthevariableconsideration.AnysignificantchangesinexperienceascomparedtohistoricalreturnpatternwillimpacttheexpectedreturnpercentagesestimatedbytheGroup.

The Group’s expected discounts are analysed on a per customer. Determining whether a customerwill likelybeentitledtodiscountswilldependonthecustomer’shistoricaldiscountsentitlementandoutstandingreceivablestodate.

TheGroupappliedastatisticalmodelforestimatingexpecteddiscounts.Themodelusesthehistoricalpurchasing patterns and discounts entitlement of customers to determine the expected discountspercentagesandtheexpectedvalueofthevariableconsideration.AnysignificantchangesinexperienceascomparedtohistoricalpurchasingpatternsanddiscountsentitlementsofcustomerswillimpacttheexpecteddiscountspercentagesestimatedbytheGroup.

(iv) Provision for expected credit losses (“ECL”) of trade receivables

TheGroupusesaprovisionmatrixtocalculateECLfortradereceivables.Theprovisionratesarebasedondayspastdueforgroupingsofvariouscustomersegmentsthathavesimilarlosspatterns.

Theprovisionmatrix is initiallybasedontheGroup’shistoricalobserveddefaultrates.TheGroupwillcalibratethematrixtoadjustthehistoricalcreditlossexperiencewithforward-lookinginformation.Forinstance,ifforecasteconomicconditionsareexpectedtodeteriorateoverthenextyearwhichcanleadtoanincreasednumberofdefaultsinthemanufacturingsector,thehistoricaldefaultratesareadjusted.Ateveryreportingdate,thehistoricalobserveddefaultratesareupdatedandchangesintheforward-lookingestimatesareanalysed.




2.6 Significant Accounting Estimates and Judgements (cont’d)

2.6.2 Key sources of estimation uncertainty (cont’d)

The assessment of the correlation between historical observed default rates, forecast economicconditionsandECLisasignificantestimate.TheamountofECLissensitivetochangesincircumstancesand of forecast economic conditions. The Group’s historical credit loss experience and forecast ofeconomicconditionsmayalsonotberepresentativeofcustomer’sactualdefaultinthefuture.

TheinformationabouttheECLontheGroup’stradereceivablesisdisclosedinNote32.3.1tothefinancialstatements.

(v) Deferred tax assets

Deferredtaxassetsarerecognisedforallotherdeductibletemporarydifferencestotheextentthatitisprobablethat futuretaxableprofitwillbeavailableagainstwhichthosetaxcreditscanbeutilised.Significantmanagement judgement is required todetermine the amountof deferred tax assets thatcanberecognised,basedonthelikelytimingandleveloffuturetaxableprofitstogetherwithfuturetaxplanningstrategies.

Assumptionsaboutgenerationoffuturetaxableprofitswoulddependontheachievabilityofprojectedprofitsandthisrequiresjudgementofthemanagement.Theseassumptionsandjudgementaresubjecttorisksanduncertainty,hencethereisapossibilitythatchangesincircumstanceswillalterexpectations,whichmayimpactontheamountofdeferredtaxassetsrecognised.

In theprior year, a subsidiary of theGrouphad recogniseddeferred tax assets as at the endof thereportingperiodasmanagementconsideredthatitisprobablethatfuturetaxableprofitswillbeavailableagainstwhichthetaxcreditscanbeutilised.ThecarryingamountofdeferredtaxassetsoftheGroupasattheendofthereportingperiodisdisclosedinNote9tothefinancialstatements.

(vi) Leases – Estimating the incremental borrowing rate

The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses itsincrementalborrowingrate(“IBR”)tomeasureleaseliabilities.TheIBRistherateofinterestthattheGroupwouldhavetopaytoborrowoverasimilarterm,andwithasimilarsecurity,thefundsnecessarytoobtainanassetofasimilarvaluetotheright-of-useassetinasimilareconomicenvironment.TheIBRthereforereflectswhattheGroup‘wouldhavetopay’,whichrequiresestimationwhennoobservableratesareavailable(suchasforsubsidiariesthatdonotenterintofinancingtransactions)orwhentheyneedtobeadjustedtoreflectthetermsandconditionsofthelease(forexample,whenleasesarenotinthesubsidiary’sfunctionalcurrency).TheGroupestimatestheIBRusingobservableinputs(suchasmarketinterestrates)whenavailableandisrequiredtomakecertainentity-specificestimates(suchasthesubsidiary’sstand-alonecreditrating).

3. SIGNIFICANT ACCOUNTING POLICIES

ThefollowingaccountingpoliciesadoptedbytheGroupandbytheCompanyareconsistentwiththoseadoptedinthepreviousfinancialyearsunlessotherwiseindicatedbelow:

3.1 Basis of Consolidation

(i) Subsidiaries

Subsidiaries are entities, including structured entities, controlled by the Company. The financialstatements of subsidiaries are included in the consolidated financial statements from the date thatcontrolcommencesuntilthedatethatcontrolceases.



3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)

3.1 Basis of Consolidation (cont’d)

(i) Subsidiaries (cont’d) TheGroupcontrolsanentitywhenitisexposed,orhasrights,tovariablereturnsfromitsinvolvement

withtheentityandhastheabilitytoaffectthosereturnsthroughitspowerovertheentity.Potentialvotingrightsareconsideredwhenassessingcontrolonlywhensuchrightsaresubstantive.TheGroupalsoconsidersithasde facto poweroveraninvesteewhen,despitenothavingthemajorityofvotingrights,ithasthecurrentabilitytodirecttheactivitiesoftheinvesteethatsignificantlyaffecttheinvestee’sreturn.

Investment in subsidiaries ismeasuredat cost lessany impairment losses in theCompany’sfinancialstatements,unlesstheinvestmentisheldforsaleordistribution.

Upondisposalofaninvestmentinasubsidiary,thedifferencebetweenthenetdisposalproceedanditscarryingamountisrecognisedinprofitorloss.

(ii) Basis of consolidation

TheGroup’sfinancialstatementsconsolidatetheauditedfinancialstatementsoftheCompanyandallofitssubsidiaries,whichhavebeenpreparedinaccordancewiththeGroup’saccountingpolicies.Amountsreported in the financial statements of subsidiaries have been adjusted where necessary to ensureconsistencywiththeaccountingpoliciesadoptedbytheGroup.ThefinancialstatementsoftheCompanyanditssubsidiariesarealldrawnuptothesamereportingdate.

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactionsbetween entities of the Group (profits or losses resulting from intragroup transactions that arerecognised in asset, such as inventory and property, plant and equipment) are eliminated in full inpreparing the consolidated financial statements. Intragroup lossesmay indicate an impairment thatrequires recognition in theconsolidatedfinancial statements.Temporarydifferencesarising fromtheeliminationofprofitsandlossesresultingfromintragrouptransactionswillbetreatedinaccordancetoNote3.14tothefinancialstatements.

Subsidiariesareconsolidated fromthedateonwhichcontrol is transferred to theGroupandarenolongerconsolidatedfromthedatethatcontrolceases.

ChangesintheCompany’sownershipinterestinasubsidiarythatdonotresultinalossofcontrolareaccountedforasequitytransactions.Insuchcircumstances,thecarryingamountsofthecontrollingandnon-controllinginterestsareadjustedtoreflectthechangesintheirrelativeinterestsinthesubsidiary.Anydifferencebetweentheamountbywhichthenon-controllinginterestisadjustedandthefairvalueof theconsiderationpaidorreceived is recogniseddirectly inequityandattributedtoownersof theparent.

(iii) Business combination

BusinesscombinationsareaccountedforusingtheacquisitionmethodfromtheacquisitiondatewhichisthedateonwhichcontrolistransferredtotheGroup.

TheGroupmeasuresthecostofgoodwillattheacquisitiondateas:

• thefairvalueoftheconsiderationtransferred,plus • therecognisedamountofanynon-controllinginterestintheacquiree,plus • ifthebusinesscombinationisachievedinstages,thefairvalueoftheexistingequityinterestinthe

acquiree,less • thenetrecognisedamountatfairvalueoftheidentifiableassetsacquiredandliabilitiesassumed.

Whentheexcessisnegative,abargainpurchasegainisrecognisedinprofitorloss.




3.1 Basis of Consolidation (cont’d)

(iii) Business combination (cont’d)

Foreachbusinesscombination,theGroupelectswhethertorecognisenon-controlling interest intheacquiree at fair value, or at the proportionate share of the acquiree’s identifiable net assets at theacquisitiondate.

Transactioncosts,otherthanthoseassociatedwiththeissueofdebtorequitysecurities,thattheGroupincursinconnectionwithabusinesscombinationareexpensedasincurred.

(iv) Acquisitions of non-controlling interests

TheGroup treats all changes in its ownership interest in a subsidiary that do not result in a loss ofcontrolasequitytransactionsbetweentheGroupanditsnon-controllinginterestholders.AnydifferencebetweentheGroup’sshareofnetassetsbeforeandafterthechange,andanyconsiderationreceivedorpaid,isadjustedtooragainstGroupreserve.

(v) Loss of control

Uponthelossofcontrolofasubsidiary,theGroupderecognisestheassetsandliabilitiesofthesubsidiary,anynon-controllinginterestsandtheothercomponentsofequityrelatedtothesubsidiary.Anysurplusordeficitarisingonthelossofcontrol isrecognisedinprofitorloss. IftheGroupretainsanyinterestintheprevioussubsidiary,thensuchinterestismeasuredatfairvalueatthedatethatcontrolislost.Subsequently it isaccountedforasanequity-accountedinvesteeorasanavailable-for¬-salefinancialassetdependingonthelevelofinfluenceretained.

(vi) Non-controlling interests

Non-controlling interests at the end of the reporting period, being the equity in a subsidiary notattributabledirectlyorindirectlytotheequityholdersoftheCompany,arepresentedintheconsolidatedstatement of financial position and statement of changes in equity within equity, separately fromequityattributabletotheownersoftheCompany.Non-controllinginterestsintheresultsoftheGroupispresentedintheconsolidatedstatementofcomprehensiveincomeasanallocationoftheprofitorlossandthecomprehensiveincomefortheyearbetweennon-controllinginterestsandownersoftheCompany.

Losses applicable to thenon-controlling interests in a subsidiary are allocated to thenon-controllinginterestsevenifdoingsocausesthenon-controllingintereststohaveadeficitbalance.

(vii) Transactions eliminated on consolidation

Intra-groupbalancesandtransactions,andanyunrealisedincomeandexpensesarisingfromintra-grouptransactions,areeliminatedinpreparingtheconsolidatedfinancialstatements.

3.2 Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation and any accumulatedimpairmentlosses.Thecostofanitemofproperty,plantandequipmentisrecognisedasanassetif,andonlyif,itisprobablethatfutureeconomicbenefitsassociatedwiththeitemwillflowtotheGroupandthecostoftheitemcanbemeasuredreliably.




3.2 Property, Plant and Equipment (cont’d)

Property,plantandequipmentaredepreciatedonthestraight-linemethodtowriteoffthecostofeachassettoitsresidualvalueoveritsestimatedusefullife,atthefollowingannualrates:

Leaseholdland 54years Buildings 1.8%-2.0% Machineryandequipment 10% Officeequipment,furnitureandfittings 10%-20% Motorvehicles 20%

Theresidualvalue,usefullifeanddepreciationmethodarereviewedattheendofeachreportingperiodtoensurethattheamount,methodandperiodofdepreciationareconsistentwithpreviousestimatesandtheexpectedpatternofconsumptionofthefutureeconomicbenefitsembodiedintheitemsofproperty,plantandequipment.

Property,plantandequipmentarederecognisedupondisposalorwhenno futureeconomicbenefitsareexpectedfromitsuseordisposal.Gainsorlossesarisingonthedisposalofproperty,plantandequipmentaredeterminedasthedifferencebetweenthedisposalproceedsandthecarryingamountofthedisposedassetsandarerecognisedinprofitorlossinthefinancialyearinwhichtheassetsarederecognised.

3.3 Investment Properties

Investmentpropertiesarepropertieswhichareheldeithertoearnrentalincomeorforcapitalappreciationorforboth.Suchpropertiesaremeasuredinitiallyatcost.Initialcostcomprisespurchasepriceandanydirectlyattributableexpenditureforapurchasedinvestmentproperty.

Subsequenttoinitialrecognition,investmentpropertiesarestatedatcostlessaccumulateddepreciationandanyaccumulatedimpairmentlosses.

Freehold land is not amortised as it has an infinite life. Leasehold land andbuildings are depreciatedonthestraight-linemethodtowriteoffthecosttotheirresidualvaluesovertheirleasetermof60yearsandestimatedusefullivesat2%perannumrespectively.

Investmentpropertiesarederecognisedwheneithertheyhavebeendisposedoforwhenthe investmentpropertyispermanentlywithdrawnfromuseandnofutureeconomicbenefitisexpectedfromitsdisposal.Anygainsorlossesontheretirementordisposalofaninvestmentpropertyarerecognisedinprofitorlossintheyearinwhichtheyarise.

3.4 Leases

AsdescribedinNote2.4tothefinancialstatements,theGroupandtheCompanyhaveappliedMFRS 16 Leases usingthemodifiedretrospectiveapproachandthereforecomparativeinformationhasnotbeenrestated.ThismeanscomparativeinformationisstillreportedunderMFRS 117andIC Interpretation 4.

Accounting policies applied from 1 April 2019:

TheGroupandtheCompanyassessatcontractinceptionwhetheracontractis,orcontains,alease.Acontractisaleaseifitconveystherighttocontroltheuseofanidentifiedassetforaperiodoftimeinexchangeforconsideration.




3.4 Leases (cont’d)

Accounting policies applied from 1 April 2019:

As a lessee

TheGroupappliesasinglerecognitionandmeasurementapproachforallleases,exceptforshort-termleasesandleasesoflow-valueassets.TheGrouprecognisesleaseliabilitiestomakeleasepaymentsandright-of-useassetsrepresentingtherighttousetheunderlyingassets.

(i) Right-of-use assets

TheGroup recognises right-of-use assets at the commencementdateof the lease (i.e., thedate theunderlyingasset isavailable foruse).Right-of-useassetsaremeasuredatcost, lessanyaccumulateddepreciationandimpairmentlosses,andadjustedforanyremeasurementofleaseliabilities.Thecostofright-of-useassetsincludestheamountofleaseliabilitiesrecognised,initialdirectcostsincurred,andleasepaymentsmadeatorbeforethecommencementdatelessanyleaseincentivesreceived.

Right-of-useassetsofofficelotisdepreciatedonastraight-linebasisoveritsleasetermof6years.

IfownershipoftheleasedassettransferstotheGroupattheendoftheleasetermorthecostreflectstheexerciseofapurchaseoption,depreciationiscalculatedusingtheestimatedusefullifeoftheasset.

Theright-of-useassetisalsosubjecttoimpairment.

(ii) Lease liabilities

Atthecommencementdateofthelease,leaseliabilitiesarerecognisedandmeasuredatthepresentvalueofleasepaymentstobemadeovertheleaseterm.Theleasepaymentsincludefixedpaymentslessanyleaseincentivesreceivable,variableleasepaymentsthatdependonanindexorarate,andamountsexpectedtobepaidunderresidualvalueguarantees.Theleasepaymentsalsoincludetheexercisepriceofapurchaseoptionreasonablycertain tobeexercisedby theGroupandpaymentsofpenalties forterminatingthelease,iftheleasetermreflectstheGroupexercisingtheoptiontoterminate.Variableleasepaymentsthatdonotdependonanindexoraratearerecognisedasexpenses(unlesstheyareincurredtoproduceinventories)intheperiodinwhichtheeventorconditionthattriggersthepaymentoccurs.

Incalculatingthepresentvalueofleasepayments,theGroupuseitsincrementalborrowingrateattheleasecommencementdatebecausetheinterestrate implicit intheleaseisnotreadilydeterminable.After thecommencementdate, theamountof lease liabilities is increasedtoreflect theaccretionofinterestandreducedfortheleasepaymentsmade.Inaddition,thecarryingamountofleaseliabilitiesisremeasuredifthereisamodification,achangeintheleaseterm,achangeintheleasepayments(e.g.,changestofuturepaymentsresultingfromachangeinanindexorrateusedtodeterminesuchleasepayments)orachangeintheassessmentofanoptiontopurchasetheunderlyingasset.

(iii) Short term leases and leases of low-value assets

TheGroupappliestheshort-termleaserecognitionexemptiontoitsshort-termleasesofmachineryandequipment(i.e.,thoseleasesthathavealeasetermof12monthsorlessfromthecommencementdateanddonotcontainapurchaseoption).Italsoappliestheleaseoflow-valueassetsrecognitionexemptiontoleasesofofficeequipmentthatareconsideredtobelowvalue.Leasepaymentsonshort-termleasesandleasesoflow-valueassetsarerecognisedasexpenseonastraight-linebasisovertheleaseterm.




3.4 Leases (cont’d)

As a lessor LeasesinwhichtheGroupandtheCompanydonottransfersubstantiallyalltherisksandrewardsincidental

to ownership of an asset are classified as operating leases. Rental income arising is accounted for on astraight-linebasisovertheleasetermsandisincludedintherevenueandotherincomeinthestatementsofcomprehensiveincome.Initialdirectcostsincurredinnegotiatingandarranginganoperatingleaseareaddedtothecarryingamountoftheleasedassetandrecognisedovertheleasetermonthesamebasisasrentalincome.Contingentrentsarerecognisedasotherincomeintheperiodinwhichtheyareearned.

Accounting policies applied until 31 March 2019:

The determination of whether an arrangement is, or contains, a lease is based on the substance of thearrangement at the inceptiondate,whether fulfilmentof the arrangement is dependenton theuseof aspecificasset(orasset)orthearrangementconveysarighttousetheasset,evenifthatrightisnotexplicitlyspecificinanarrangement.

Finance leases

LeasesofwhichtheGroupassumessubstantiallyalltherisksandrewardsofownership,whichincludehirepurchasearrangement,areclassifiedasfinancelease.

Minimumleasepaymentsmadeunderfinanceleasesareapportionedbetweenfinancechargesandreductionof the lease liability soas toachievea constant rateof intereston the remainingbalanceof the liability.Financechargesarerecognisedinfinancecostsinprofitorloss.Contingentleasepaymentsareaccountedforbyrevisingtheminimumleasepaymentsovertheremainingtermoftheleasewhentheleaseadjustmentisconfirmed.

Aleasedassetisdepreciatedovertheusefullifeoftheasset.However,ifthereisnoreasonablecertaintythattheGroupwillobtainownershipbytheendoftheleaseterm,theassetisdepreciatedovertheshorteroftheestimatedusefullifeoftheassetandtheleaseterm.

Leaseholdlandwhichinsubstanceisafinanceleaseisclassifiedasproperty,plantandequipment.

Operating leases

Leases,wheretheGroupdoesnotassumesubstantiallyalltherisksandrewardsofownershipareclassifiedasoperatingleasesand,exceptforpropertyinterestheldunderoperatinglease,theleasedassetsarenotrecognisedonthestatementoffinancialposition.Propertyinterestheldunderanoperatinglease,whichisheldtoearnrentalincomeorforcapitalappreciationorboth,isclassifiedasinvestmentproperty.

Paymentsmadeunderoperatingleasesarerecognisedasexpenseinprofitorlossonastraight-linebasisoverthetermofthelease.Leaseincentivesreceivedarerecognisedinprofitorlossasanintegralpartofthetotalleaseexpense,overthetermofthelease.Contingentrentalsarechargedtoprofitorlossinthereportingperiodinwhichtheyareincurred.

Leaseholdlandwhichinsubstanceisanoperatingleaseisclassifiedasprepaidlandleasepayments.

3.5 Impairment of Non-Financial Assets

TheGroupandtheCompanyassessattheendofeachreportingperiodwhetherthereisanindicationthatanassetmaybeimpaired.Forthepurposeofimpairmenttesting,recoverableamount(i.e.thehigherofthefairvaluelesscosttosellandvalue-in-use)isdeterminedonanindividualassetbasisunlesstheassetdoesnotgeneratecashflowsthatarelargelyindependentofthosefromotherassets.Ifthisisthecase,therecoverableamountisdeterminedforthecash-generatingunits(“CGU”)towhichtheassetbelongs.




3.5 Impairment of Non-Financial Assets (cont’d)

Iftherecoverableamountoftheasset(orCGU)isestimatedtobelessthanitscarryingamount,thecarryingamountoftheasset(orCGU)isreducedtoitsrecoverableamount.

Thedifferencebetweenthecarryingamountandrecoverableamountisrecognisedasanimpairmentlossintheprofitorlossexceptforassetsthatwerepreviouslyrevaluedwheretherevaluationsurpluswastakentoothercomprehensiveincome.Inthiscasetheimpairmentlossisalsorecognisedinothercomprehensiveincomeuptotheamountofanypreviousrevaluationsurplus.

Animpairmentlossforanassetisreversedif,andonlyif,therehasbeenachangeintheestimatesusedtodeterminetheasset’srecoverableamountsincethelastimpairmentlosswasrecognised.Thecarryingamountofthisassetisincreasedtoitsrevisedrecoverableamount,providedthatthisamountdoesnotexceedthecarryingamountthatwouldhavebeendetermined(netofanyaccumulatedamortisationordepreciation)hadnoimpairmentlossbeenrecognisedfortheassetinprioryears.Areversalofimpairmentlossforanassetisrecognisedinprofitorlossunlesstheassetismeasuredatrevaluedamount,inwhichcasethereversalistreatedasarevaluationincrease.

3.6 Financial Instruments

Afinancialinstrumentisanycontractthatgivesrisetoafinancialassetofoneentityandafinancialliabilityorequityinstrumentofanotherentity.

3.6.1 Financial assets

(i) Initialrecognitionandmeasurement

Theclassificationoffinancialassetsat initial recognitiondependson thefinancialasset’scontractualcashflowcharacteristicsandtheGroup’sandtheCompany’sbusinessmodelformanagingthem.Withtheexceptionoftradereceivablesthatdonotcontainasignificantfinancingcomponent,theGroupandtheCompanyinitiallymeasureafinancialassetatitsfairvalueplus,inthecaseofafinancialassetnotatfairvaluethroughprofitorloss(“FVTPL”),atitstransactioncosts.

Inorderforafinancialassettobeclassifiedandmeasuredatamortisedcost(“AC”)orfairvaluethroughothercomprehensiveincome(“FVOCI”),itneedstogiverisetocashflowsthatare‘solelypaymentsofprincipalandinterest(“SPPI”)’ontheprincipalamountoutstanding.ThisassessmentisreferredtoastheSPPItestandisperformedataninstrumentlevel.FinancialassetswithcashflowsthatarenotSPPIareclassifiedandmeasuredatFVTPL,irrespectiveofthebusinessmodel.

TheGroup’sandtheCompany’sbusinessmodelformanagingfinancialassetsrefertohowitmanagesitsfinancialassetsinordertogeneratecashflows.Thebusinessmodeldetermineswhethercashflowswill result fromcollectingcontractualcashflows,sellingthefinancialassets,orboth.FinancialassetsclassifiedandmeasuredatACareheldwithinabusinessmodelwiththeobjectivetoholdfinancialassetsinordertocollectcontractualcashflowswhilefinancialassetsclassifiedandmeasuredatFVOCIareheldwithinabusinessmodelwiththeobjectiveofbothholdingtocollectcontractualcashflowsandselling.

Purchasesorsalesoffinancialassetsthatrequiredeliveryofassetswithinatimeframeestablishedbyregulationorconventioninthemarketplace(regularwaytrades)arerecognisedonthetradedate,i.e.,thedatethattheGroupandtheCompanycommittopurchaseorselltheasset.





3.6 Financial Instruments (cont’d)

3.6.1 Financial assets (cont’d) (ii) Subsequentmeasurement

Forpurposesofsubsequentmeasurement,financialassetsareclassifiedintofourcategories:

- Financialassetsatamortisedcost(debtinstruments)(“AC”) - Financialassetsatfairvaluethroughprofitorloss(“FVTPL”) - Financialassetsatfairvaluethroughothercomprehensiveincome(“FVOCI”) • withrecyclingofcumulativegainsandlossestoprofitorloss(debtinstruments) • with no recycling of cumulative gains and losses to profit or loss uponderecognition (equity

instruments)

TheGroupandtheCompanydonothaveanyfinancialassetsmeasuredatFVOCIandFVTPLasattheendofthereportingperiod.

Financial assets at amortised cost

Financialassetsatamortisedcostaresubsequentlymeasuredusingtheeffective interestrate(“EIR”)methodandaresubjecttoimpairment.Gainsandlossesarerecognisedinprofitorlosswhentheassetisderecognised,modifiedorimpaired.TheGroup’sandtheCompany’sfinancialassetsatamortisedcostincludescashandcashequivalents,tradeandotherreceivablesandamountduefromsubsidiaries.

(iii) Derecognition

Afinancialasset(or,whereapplicable,apartofafinancialassetorpartofagroupofsimilarfinancialassets) is primarily derecognised (i.e., removed from the Group’s and the Company’s statements offinancialposition)when:

- therightstoreceivecashflowsfromtheassethaveexpired,or - theGroupandtheCompanyhavetransferredtheirrightstoreceivecashflowsfromtheassetorhave

assumedanobligationtopaythereceivedcashflowsinfullwithoutmaterialdelaytoathirdpartyundera ‘pass-through’arrangement;andeither (a) theGroupandtheCompanyhavetransferredsubstantiallyalltherisksandrewardsoftheasset,or(b)theGroupandtheCompanyhaveneithertransferrednor retained substantially all the risks and rewardsof theasset, buthave transferredcontroloftheasset.

WhentheGroupandtheCompanyhavetransferredtheirrightstoreceivecashflowsfromanassetorhasenteredintoapass-througharrangement,itevaluatesif,andtowhatextent,theyhaveretainedtherisksandrewardsofownership.Whentheyhaveneithertransferrednorretainedsubstantiallyalloftherisksandrewardsoftheasset,nortransferredcontroloftheasset,theGroupandtheCompanycontinuetorecognisethetransferredassettotheextentoftheircontinuinginvolvement.Inthatcase,theGroupandtheCompanyalsorecogniseanassociatedliability.ThetransferredassetandtheassociatedliabilityaremeasuredonabasisthatreflectstherightsandobligationsthattheGroupandtheCompanyhaveretained.

ContinuinginvolvementthattakestheformofaguaranteeoverthetransferredassetismeasuredattheloweroftheoriginalcarryingamountoftheassetandthemaximumamountofconsiderationthattheGroupandtheCompanycouldberequiredtorepay.

(iv) Impairment

TheGrouprecognisesanallowanceforexpectedcreditlosses(“ECL”)foralldebtinstrumentsnotheldatfairvaluethroughprofitorloss.ECLarebasedonthedifferencebetweenthecontractualcashflowsdueinaccordancewiththecontractandallthecashflowsthattheGroupexpectstoreceive,discountedatanapproximationoftheoriginaleffectiveinterestrate.Theexpectedcashflowswillincludecashflowsfromthesaleofcollateralheldorothercreditenhancementsthatareintegraltothecontractualterms.





3.6.1 Financial assets (cont’d) (iv) Impairment (cont’d)

ECLarerecognisedintwostages.Forcreditexposuresforwhichtherehasnotbeenasignificantincreaseincreditrisksinceinitialrecognition,ECLareprovidedforcreditlossesthatresultfromdefaulteventsthatarepossiblewithinthenext12-months(“a12-monthECL”).Forthosecreditexposuresforwhichtherehasbeenasignificantincreaseincreditrisksinceinitialrecognition,alossallowanceisrequiredforcreditlossesexpectedovertheremaininglifeoftheexposure,irrespectiveofthetimingofthedefault(“alifetimeECL”).

Fortradereceivables,theGroupappliesasimplifiedapproachincalculatingECL.Therefore,theGroupdoesnottrackchangesincreditrisk,butinsteadrecognisesalossallowancebasedonlifetimeECLateachreportingdate.TheGrouphasestablishedaprovisionmatrixthatisbasedonitshistoricalcreditlossexperience,adjustedforforward-lookingfactorsspecifictothedebtorsandtheeconomicenvironment.

TheGroupassesses impairmentof tradereceivablesonacollectivebasisbasedonsharedcredit riskcharacteristicsandpresentedbydayspastdue.

3.6.2 Financial liabilities

(i) Initial recognition and measurement Allfinancialliabilitiesarerecognisedinitiallyatfairvalueand,inthecaseofloansandborrowingsand

payables,netofdirectlyattributabletransactioncosts.

TheGroup’sandtheCompany’sfinancialliabilitiesincludeborrowings,tradeandotherpayables.

(ii) Subsequent measurement

Forpurposesofsubsequentmeasurement,financialliabilitiesareclassifiedintwocategories: - Financialliabilitiesatamortisedcost - Financialliabilitiesatfairvaluethroughprofitorloss

TheGroupandtheCompanydonothaveanyfinancialliabilitiesatfairvaluethroughprofitorlossasattheendofthereportingperiod.

Financial liabilities at amortised cost

This isthecategorymostrelevanttotheGroupandtheCompany.After initialrecognition,tradeandotherpayables, interest-bearing loans andborrowings are subsequentlymeasured at amortised costusingtheeffectiveinterestrate(“EIR”)method.GainsandlossesarerecognisedinprofitorlosswhentheliabilitiesarederecognisedaswellasthroughtheEIRamortisationprocess.AmortisedcostiscalculatedbytakingintoaccountanydiscountorpremiumonacquisitionandfeesorcoststhatareanintegralpartoftheEIR.TheEIRamortisationisincludedasfinancecostsinthestatementsofcomprehensiveincome.Thiscategorygenerallyappliestotradeandotherpayables,interest-bearingloansandborrowings.

(iii) Derecognition

Afinancialliabilityisderecognisedwhentheobligationundertheliabilityisdischargedorcancelledorexpired.Whenanexistingfinancialliabilityisreplacedbyanotherfromthesamelenderonsubstantiallydifferent terms, or the terms of an existing liability are substantiallymodified, such an exchange ormodificationistreatedasthederecognitionoftheoriginalliabilityandtherecognitionofanewliability.Thedifference in the respective carrying amounts is recognised in the statementsof comprehensiveincome.





3.6.3 Offsetting of financial instruments

Financialassetsandfinancialliabilitiesareoffsetandthenetamountreportedinthestatementsoffinancialpositionif,andonlyif,thereiscurrentlyalegallyenforceablerighttooffsettherecognisedamountsandthereisanintentiontosettleonanetbasis,ortorealisetheassetsandsettletheliabilitiessimultaneously.

3.6.4 Financial guarantee contracts

Afinancialguaranteecontractisacontractthatrequirestheissuertomakespecifiedpaymentstoreimbursetheholderforalossitincursbecauseaspecifieddebtorfailstomakepaymentwhendueinaccordancewiththetermsofadebtinstrument.

Fairvaluearising fromthe issuanceoffinancialguaranteecontractsareclassifiedasdeferred incomeandareamortisedtoprofitorlossusingastraight-linemethodoverthecontractualperiodor,whenthereisnospecifiedcontractualperiod,recognisedinprofitorlossupondischargeoftheguarantee.Whensettlementofafinancialguaranteecontractbecomesprobable,anestimateoftheobligationismade.Ifthecarryingvalueofthefinancialguaranteecontractislowerthantheobligation,thecarryingvalueisadjustedtotheobligationamountandaccountedforasaprovision.

3.7 Inventory Properties

Inventory properties comprise land held for development, property development costs and completeddevelopmentunits.

Inventoriesarevaluedatthelowerofcostandnetrealisablevalue.

Netrealisablevalueistheestimatedsellingpriceintheordinarycourseofbusiness,lessanyestimatedcostsnecessarytomakethesale.

3.7.1 Land held for development

Landheldfordevelopmentconsistsoflandwherenosignificantdevelopmentactivitieshavebeencarriedoutorwheredevelopmentactivitiesarenotexpectedtobecompletedwithinthenormaloperatingcycle.

Suchlandisclassifiedwithinnon-currentassetsandisstatedatcostlessanyaccumulatedimpairmentlosses.

Landheld fordevelopment is reclassifiedaspropertydevelopment costsat thepointwhendevelopmentactivities have commenced and where it can be demonstrated that the development activities can becompletedwithinthenormaloperatingcycle.

3.7.2 Property development costs

Propertydevelopmentcostscomprisethecostof land,relateddevelopmentcostscommontotheprojectanddirectbuildingcostslesscumulativeamountsrecognisedasexpenseintheprofitorloss.Theinventorypropertiescost is subsequently recognisedasanexpense inprofitor lossasandwhenthecontrolof theinventoryistransferredtothecustomer.

Propertydevelopmentcostofunsoldunitistransferredtocompleteddevelopmentunitoncethedevelopmentiscompleted.

3.7.3 Completed development units

Completeddevelopmentunitsrepresentcompletedresidentialproperties.Costisdeterminedonthespecificidentificationbasisandincludescostsofacquisitionof land,relateddevelopmentcoststotheprojectanddirectbuildingcosts.




3.8 Inventories

Inventoriesarestatedatthelowerofcostandnetrealisablevalue.

Costofrawmaterialscomprisetheoriginalcostofpurchaseplusthecostofbringingtheinventoriestotheirpresentlocationandconditionandisdeterminedonthefirst-in,first-outbasis.

Cost of work-in-progress and finished goods include direct materials, direct labour and an appropriateproportionofmanufacturingoverheads.

Netrealisablevaluerepresentstheestimatedsellingpriceintheordinarycourseofbusinesslesstheestimatedcostsofcompletionandtheestimatedcostsnecessarytomakethesale.

3.9 Cash and Cash Equivalents

Cash comprises cash in hand, cash at bank and demand deposits. Cash equivalents are short term andhighlyliquidinvestmentsthatarereadilyconvertibletoknownamountofcashandwhicharesubjecttoaninsignificantriskofchangesinvalue,againstwhichbankoverdraftbalances,ifany,arededucted.

3.10 Provisions

ProvisionsarerecognisedwhentheGroupandtheCompanyhaveapresentlegalorconstructiveobligationasaresultofpasteventsanditisprobablethatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettletheobligation,andareliableestimateoftheamountcanbemade.

Provisions aremeasured at the present value of the expenditures expected to be required to settle theobligationusingapre-taxratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheobligation.Theincreaseintheprovisionduetopassageoftimeisrecognisedasfinancecostexpense.

3.11 Borrowing Costs

Borrowingcoststhatarenotdirectlyattributabletotheacquisition,constructionorproductionofaqualifyingassetarerecognisedinprofitorlossusingtheeffectiveinterestratemethod.

Borrowingcostsdirectlyattributabletotheacquisition,constructionorproductionofqualifyingassets,whichareassetsthatnecessarilytakeasubstantialperiodoftimetogetreadyfortheirintendeduseorsale,arecapitalisedaspartofthecostofthoseassets.

Thecapitalisationofborrowingcostsaspartofthecostofaqualifyingassetcommenceswhenexpenditurefortheassetisbeingincurred,borrowingcostsarebeingincurredandundertakesactivitiesthatarenecessarytopreparetheassetforitsintendeduseorsaleareinprogress.Capitalisationofborrowingcostsissuspendedorceaseswhensubstantiallyalltheactivitiesnecessarytopreparethequalifyingassetforitsintendeduseorsaleareinterruptedorcompleted.

3.12 Revenue

TheGroupisinthebusinessof: (i) manufacturingandsellingofdiverseplasticwareproducts;and (ii) propertydevelopment.

RevenuefromcontractswithcustomersisrecognisedwhencontrolofthegoodsorservicesaretransferredtothecustomeratanamountthatreflectstheconsiderationtowhichtheGroupexpectstobeentitledinexchangeforthosegoodsorservices.TheGrouphasgenerallyconcludedthatitistheprincipalinitsrevenuearrangementsbecauseittypicallycontrolsthegoodsorservicesbeforetransferringthemtothecustomer.




3.12 Revenue (cont’d)

3.12.1 Sale of goods

Revenuefromsaleofgoodsisrecognisedatapointintimewhencontrolofthegoodsistransferredtothecustomer,generallyondeliveryofthegoods.

3.12.1.1 Variable consideration

If the consideration in a contract includes a variable amount, the Group estimates the amount ofconsideration towhich it will be entitled in exchange for transferring the goods to the customer. Thevariableconsiderationisestimatedatcontractinceptionandconstrainedonlytotheextentthatitishighlyprobablethatasignificantrevenuereversalintheamountofcumulativerevenuerecognisedwillnotoccurwhentheuncertaintyassociatedwiththevariableconsiderationissubsequentlyresolved.Somecontractsforthesalesofdiverseplasticwareproductsprovidecustomerswitharightofreturnanddiscounts.Therightsofreturnanddiscountsgiverisetovariableconsideration.

Rights of return Certaincontractsprovidethecustomerswitharight toreturnthegoodswithinaspecifiedperiod.The

GroupusestheexpectedvaluemethodtoestimatethegoodsthatwillnotbereturnedbecausethismethodbestpredictstheamountofvariableconsiderationtowhichtheGroupwillbeentitled.TherequirementsinMFRS 15 on constraining estimates of variable consideration are also applied in order to determinethe amountof variable consideration that canbe included in the transactionprice. For goods that areexpectedtobereturned,insteadofrevenue,theGrouprecognisesarefundliability.Arightofreturnasset(andcorrespondingadjustmenttocostofsales)isalsorecognisedfortherighttorecoverproductsfromacustomer.

Discounts

TheGroupgivestradediscountstocertaincustomersoncethecustomershavemadeearlysettlement.Toestimatethevariableconsiderationfortheexpectedfuturetradediscount,theGroupappliedtheexpectedvaluemethod.TheGroupthenappliestherequirementsonconstrainingestimatesofvariableconsiderationandrecognisesarefundliabilityfortheexpectedfuturetradediscounts.

Volume rebates The Group provides retrospective volume rebates to certain customers once the quantity of products

purchased during the period exceeds a threshold specified in the contract. Rebates are offset againstamountspayablebythecustomer.Toestimatethevariableconsiderationfortheexpectedfuturerebates,theGroupappliestheexpectedvaluemethodforcontractswithmorethanonevolumethreshold.Theselectedmethodthatbestpredictstheamountofvariableconsiderationisprimarilydrivenbythenumberofvolumethresholdscontainedinthecontract.TheGroupthenappliestherequirementsonconstrainingestimatesofvariableconsiderationandrecognisesarefundliabilityfortheexpectedfuturerebates.

3.12.2 Property development revenue

Contractswith customersmay includemultiple promises to customers and therefore accounted for asseparateperformanceobligations.Inthiscase,thetransactionpricewillbeallocatedtoeachperformanceobligation based on the stand-alone selling prices. When these are not directly observable, they areestimatedbasedonexpectedcostplusmargin.

Therevenuefrompropertydevelopmentismeasuredatthefixedtransactionpriceagreedunderthesaleandpurchaseagreement.





3.12.2 Property development revenue (cont’d)

RevenuefrompropertydevelopmentisrecognisedasandwhenthecontroloftheassetistransferredtothecustomeranditisprobablethattheGroupwillcollecttheconsiderationtowhichitwillbeentitledinexchangefortheassetthatwillbetransferredtothecustomer.Dependingonthetermsofthecontractandthelawsthatapplytothecontract,controloftheassetmaytransferovertimeoratapointintime.ControloftheassetistransferredovertimeiftheGroup’sperformancedoesnotcreateanassetwithanalternativeusetotheGroupandtheGrouphasanenforceablerighttopaymentforperformancecompletedtodate.

Thisisgenerallyestablishedwhen:

- thepromisedpropertiesarespecificallyidentifiedbyitsplot,lotandparcelnumberanditsattributes(suchasitssizeandlocation)inthesaleandpurchaseagreementsandtheattachedlayoutplanandthepurchaserscouldenforceitsrightstothepromisedpropertiesiftheGroupseekstoselltheunittoanotherpurchaser.ThecontractualrestrictionontheGroup’sabilitytodirectthepromisedresidentialpropertyforanotheruse issubstantiveandthepromisedpropertiessoldtothepurchasersdonothaveanalternativeusetotheGroup;and

- theGrouphastherighttopaymentforperformancecompletedtodateandisentitledtocontinueto transfer to the customer the development units promised and has the rights to complete theconstructionofthepropertiesandenforceitsrightstofullpayment.

Ifcontroloftheassettransfersovertime,revenueisrecognisedovertheperiodofthecontractbyreferenceto the progress towards complete satisfaction of that performance obligation. Otherwise, revenue isrecognisedatapointintimewhenthecustomerobtainscontroloftheasset.

TheGrouprecognisesrevenueovertimeusingtheinputmethod,whichisbasedontheactualcostincurredtodateonthepropertydevelopmentprojectascomparedtothetotalbudgetedcostfortherespectivedevelopmentprojects.

TheGrouprecognisessalesatapointintimeforthesaleofcompletedproperties,whenthecontrolofthepropertieshasbeentransferredtothepurchasers,beingwhenthepropertieshavebeencompletedanddeliveredtothecustomersanditisprobablethattheGroupwillcollecttheconsiderationstowhichitwillbeentitledtoinexchangefortheassetssold.

3.12.3 Interest income

Interestincomeisrecognisedasitaccruesusingtheeffectiveinterestratemethodinprofitorloss.

3.12.4 Rental income

Rentalincomeisaccountedforonastraight-linebasisovertheleaseterms.Leaseincentivesgrantedarerecognisedasanintegralpartofthetotalrentalincome,overthetermofthelease.

3.12.5 Contract balances Contractbalancescompriseoftheclosingbalancesoftradereceivablesandcontractassetsfromcontracts

withcustomers.

Contract assets

Acontractassetistherighttoconsiderationforgoodsorservicestransferredtothecustomer.Inthecaseofpropertydevelopment,acontractassetistheexcessofcumulativerevenueearnedoverthebillingsto-date.

Trade receivables

AreceivablerepresentstheGroup’srighttoanamountofconsiderationthatisunconditional(i.e.onlythepassageoftimeisrequiredbeforepaymentoftheconsiderationisdue).





3.12.6 Refund liabilities Arefundliabilityistheobligationtorefundsomeoralloftheconsiderationreceived(orreceivable)from

thecustomerforwhichtheGroupisnotentitled,andismeasuredattheamounttobereturnedtothecustomer. The Group updates its estimates of refund liabilities (and the corresponding change in thetransactionprice)attheendofeachreportingperiod.

3.13 Employee Benefits

Short term benefits

Wages,salaries,bonusesandsocialsecuritycontributions(includingemploymentinsurancescheme)arerecognisedasanexpenseinthefinancialyearinwhichtheassociatedservicesarerenderedbyemployeesof the Group and the Company. Short term accumulating compensated absences such as paid annualleavearerecognisedwhenservicesarerenderedbyemployeesthatincreasetheirentitlementtofuturecompensatedabsences,andshorttermnon-accumulatingcompensatedabsencessuchassick leavearerecognisedwhentheabsencesoccur.

Defined contribution plans

As required by law, companies in Malaysia make contributions to the national pension scheme, theEmployeesProvidentFund(“EPF”).Suchcontributionsarerecognisedasanexpenseasincurred.

3.14 Income Tax

Incometaxexpensecomprisescurrentanddeferredtax.Currenttaxanddeferredtaxarerecognised inprofitorlossexcepttotheextentthatitrelatestoabusinesscombinationoritemsrecogniseddirectlyinequityorothercomprehensiveincome.

Current tax is theexpected taxpayableor receivableon the taxable incomeor loss for the year,usingtaxratesenactedorsubstantivelyenactedbytheendofthereportingperiod,andanyadjustmenttotaxpayableinrespectofpreviousyears.

Deferred tax is recognisedusing the liabilitymethod, providing for temporarydifferencesbetween thecarryingamountsofassetsandliabilitiesinthestatementoffinancialpositionandtheirtaxbases.Deferredtaxisnotrecognisedfortemporarydifferencesinrespectoftheinitialrecognitionofgoodwilland/ortheinitialrecognitionofassetsorliabilitiesinatransactionthatisnotabusinesscombinationandthataffectsneitheraccountingnortaxableprofitorloss.

Deferredtax ismeasuredat thetax rates thatareexpectedtobeapplied to thetemporarydifferenceswhentheyreverse,basedonthelawsthathavebeenenactedorsubstantivelyenactedbytheendofthereportingperiod.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current taxliabilitiesandassets,andtheyrelatetoincometaxesleviedbythesametaxauthorityonthesametaxableentity,orondifferenttaxentities,buttheyintendtosettlecurrenttaxliabilitiesandassetsonanetbasisortheirtaxassetsandliabilitieswillberealisedsimultaneously.

Adeferredtaxassetisrecognisedtotheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainstwhichthetemporarydifferencecanbeutilised.Deferredtaxassetsarereviewedattheendofeachreportingperiodandarereducedtotheextentthatitisnolongerprobablethattherelatedtaxbenefitwillberealised.

Unutilisedreinvestmentallowancebeingtaxincentivethatisnotataxbaseofanasset,isrecognisedasadeferredtaxassettotheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainstwhichtheunutilisedreinvestmentallowancecanbeutilised.



3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) 3.15 Goods and Services Tax (“GST”) and Sales and Service Tax (“SST”)

GSTisaconsumptiontaxbasedonthevalue-addedconcept.GSTisimposedongoodsandservicesateveryproductionanddistributionstageinthesupplychainincludingimportationofgoodsandservices,attheapplicabletaxrateof6%inMalaysia.Inputtaxthatacompanypaysonbusinesspurchasesisoffsetagainstoutputtax.

Revenue,expensesandassetsarerecognisednetofGSTexcept:

- wheretheGSTincurredinapurchaseofassetorserviceisnotrecoverablefromtheauthority,inwhichcasetheGSTisrecognisedaspartofthecostofacquisitionoftheassetoraspartoftheexpenseitemasapplicable;and

- receivablesandpayablesthatarestatedwithGSTinclusive.

ThenetGSTrecoverablefrom,orpayableto,thetaxationauthorityis includedaspartofreceivablesorpayablesinthestatementsoffinancialposition.

TheFinanceMinistryofMalaysiahaszeroratedtheGSTeffectivefrom1June2018.ThegovernmenthasreplacedtheGSTwithSSTwhichcameintoeffecton1September2018.

TheSSThastwoelements:aServiceTaxthat ischargedandleviedontaxableservicesprovidedbyanytaxablepersoninMalaysiainthecourseandfurtheranceofbusiness,andasinglestageSalesTaxleviedonimportedandlocallymanufacturedgoods,eitheratthetimeofimportationoratthetimethegoodsaresoldorotherwisedisposedofbythemanufacturer.

TherateforSalesTaxisfixedat5%or10%,whiletherateforServiceTaxisfixedat6%.

3.16 Foreign Currency Translations

TransactionsinforeigncurrenciesaretranslatedtothefunctionalcurrencyoftheGroupatexchangeratesatthedatesofthetransactions.

Monetaryassetsandliabilitiesdenominatedinforeigncurrenciesattheendofthereportingperiodaretranslatedtothefunctionalcurrencyattheexchangerateatthatdate.

Non-monetary assets and liabilitiesmeasured at historical cost in a foreign currency at the endof thereportingperiodaretranslatedtothefunctionalcurrencyattheexchangerateatthedateofthetransactionexceptforthosemeasuredatfairvalueshallbetranslatedattheexchangerateatthedatewhenthefairvaluewasdetermined.

Exchangedifferencesarisingfromthesettlementofforeigncurrencytransactionsandfromthetranslationofforeigncurrencymonetaryassetsandliabilitiesarerecognisedinprofitorloss.

Exchangedifferencesarisingonthetranslationofnon-monetaryitemscarriedatfairvalueareincludedinprofitorlossfortheperiodexceptforthedifferencesarisingonthetranslationofnon-monetaryitemsinrespectofwhichgainsorlossesarerecogniseddirectlyinothercomprehensiveincome.

Foreign operations

TheassetsandliabilitiesofforeignoperationsaretranslatedtoRMatexchangeratesattheendofthereportingperiod.TheincomeandexpensesofforeignoperationsaretranslatedtoRMatexchangeratesatthedatesofthetransactions.

Exchange differences are recognised in other comprehensive income and accumulated in the foreigncurrencytranslation(“FTR”)reserveinequity.However,iftheoperationisanon-whollyownedsubsidiary,then the relevant proportionate share of the exchange difference is allocated to the non-controllinginterests.Whenaforeignoperationisdisposedofsuchthatcontrol,thesignificantinfluenceorjointcontrolislost,thecumulativeamountintheFTRrelatedtotheforeignoperationisreclassifiedtoprofitorlossaspartoftheprofitorlossondisposal.



3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) 3.16 Foreign Currency Translations (cont’d)

Foreign operations (cont’d)

WhentheGroupdisposesofonlypartofitsinterestinasubsidiarythatincludesaforeignoperation,therelevantproportionofthecumulativeamountisreattributedtonon-controllinginterests.WhentheGroupdisposesofonlypartof its investmentinanassociateor jointventurethat includesaforeignoperationwhileretainingsignificantinfluenceorjointcontrol,therelevantproportionofthecumulativeamountisreclassifiedtoprofitorloss.

Intheconsolidatedfinancialstatements,whensettlementofamonetaryitemreceivablefromorpayabletoaforeignoperationisneitherplannednorlikelyintheforeseeablefuture,foreignexchangegainsandlossesarising fromsuchamonetary itemare considered to formpartof anet investment in a foreignoperationandarerecognisedinothercomprehensiveincome,andarepresentedintheFTRinequity.

3.17 Operating segments AnoperatingsegmentisacomponentoftheGroupthatengagesinbusinessactivitiesfromwhichitmay

earnrevenueand incurexpenses, includingrevenuesandexpensesthatrelatetotransactionswithanyof the Group’s other components. An operating segment’s results are reviewed regularly by the chiefoperatingdecisionmaker,whichinthiscasearetheExecutiveDirectorsoftheGroup,tomakedecisionsaboutresourcestobeallocatedtothesegmentandassessitsperformance,andforwhichdiscretefinancialinformationisavailable.

3.18 Warrants

Warrantsareclassifiedasequityinstrumentanditsvalueisallocatedbasedonthemarketpricesontheirfirst day of quotation in the stock exchange. The issuance of the ordinary shares upon exercise of thewarrantsistreatedasnewsubscriptionofordinarysharesfortheconsiderationequivalenttotheexercisepriceofthewarrants.

Uponexerciseofwarrants,theproceedsarecreditedtosharecapital.Thewarrantsreserveinrelationtotheunexercisedwarrantsattheexpiryofthewarrantswillbereversed.

3.19 Share Capital, Share Issuance Costs and Dividends

Classification

Ordinarysharesareclassifiedasequity.Othersharesareclassifiedasequityand/orliabilityaccordingtotheeconomicsubstanceoftheparticularinstrument.

Share issuance costs

Incrementalexternalcostsdirectlyattributabletotheissuanceofnewsharesaredeductedagainstequity.

Dividends

Dividendsonordinary sharesareaccounted for in shareholder’sequityasanappropriationof retainedprofitsandrecognisedasaliabilityintheperiodinwhichtheyaredeclared.

3.20 Contingencies

Whereitisnotprobablethataninfloworanoutflowofeconomicbenefitswillberequired,ortheamountcannotbeestimatedreliably,theassetortheobligationisnotrecognisedinthestatementsoffinancialpositionand isdisclosedasacontingentassetorcontingent liability,unlesstheprobabilityof infloworoutflowofeconomicbenefitsisremote.Possibleobligations,whoseexistencewillonlybeconfirmedbytheoccurrenceornon-occurrenceofoneormorefutureevents,arealsodisclosedascontingentassetsorcontingentliabilitiesunlesstheprobabilityofinfloworoutflowofeconomicbenefitsisremote.



3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) 3.21 Treasury Shares

Whensharecapitalrecognisedasequityisrepurchased,theamountoftheconsiderationpaidincludingdirectlyattributablecosts,netofanytaxeffects, isrecognisedasadeductionfromequity.Repurchasedsharesthatarenotsubsequentlycancelledareclassifiedastreasurysharesinthestatementofchangesinequity.

Whentreasurysharesaresoldorreissuedsubsequently,thedifferencebetweenthesalesconsiderationnetofdirectlyattributablecostsandthecarryingamountofthetreasurysharesisrecognisedinequity.

3.22 Earnings Per Ordinary Share

TheGrouppresentsbasicanddilutedearningspersharedataforitsordinaryshares.

Basic earnings per ordinary share is calculated by dividing the profit or loss attributable to ordinaryshareholders of the Company byweighted average number of ordinary shares outstanding during theperiod,adjustedforownsharesheld.

Dilutedearningsperordinaryshareisdeterminedbyadjustingtheprofitorlossattributabletoordinaryshareholdersandtheweightedaveragenumberofordinarysharesoutstanding,adjustedforownsharesheldandfortheeffectsofalldilutivepotentialordinaryshares,whichcomprisewarrantsandshareoptionsgrantedtoemployees.

3.23 Related Parties

ArelatedpartyisapersonorentitythatisrelatedtotheGroup.Arelatedpartytransactionisatransferofresources,servicesorobligationsbetweentheGroupanditsrelatedparty,regardlessofwhetherapriceischarged.

(a) Apersonoraclosememberofthatperson’sfamilyisrelatedtotheGroupifthatperson:

(i) HascontrolorjointcontrolovertheGroup; (ii) HassignificantinfluenceovertheGroup;or (iii) IsamemberofthekeymanagementpersonneloftheGroup.

(b) AnentityisrelatedtotheGroupifanyofthefollowingconditionsapplies:

(i) TheentityandtheGrouparemembersofthesamegroup. (ii) Oneentityisanassociateorjointventureoftheotherentity. (iii) Bothentitiesarejointventuresofthesamethirdparty. (iv) Oneentityisajointventureofathirdentityandtheotherentityisanassociateofthethird

entity. (v) Theentityisapost-employmentbenefitplanforthebenefitsofemployeesofeithertheGroup

oranentityrelatedtotheGroup. (vi) Theentityiscontrolledorjointly-controlledbyapersonidentifiedin(a)above. (vii) Apersonidentifiedin(a)(i)abovehassignificantinfluenceovertheGrouporisamemberofthe

keymanagementpersonneloftheentity. (viii) Theentity,oranymemberofagroupofwhichitisaparty,provideskeymanagementpersonnel

servicestotheGroup.



4. PROPERTY, PLANT AND EQUIPMENT

GROUP Office Machinery equipment, Leasehold and furniture and Motor land Buildings equipment fittings vehicles Total RM RM RM RM RM RM 2020 At cost Balanceatbeginning 2,100,000 9,844,292 35,017,690 2,584,046 3,774,468 53,320,496 Additions - - 1,531,867 17,940 - 1,549,807 Foreigncurrencytranslation - - - (1,120) - (1,120) Balanceatend 2,100,000 9,844,292 36,549,557 2,600,866 3,774,468 54,869,183 Accumulated depreciation Balanceatbeginning 706,287 3,269,297 21,240,089 2,255,513 3,288,907 30,760,093 Currentcharge 38,853 183,094 1,593,783 12,485 126,208 1,954,423 Foreigncurrencytranslation - - - (541) - (541) Balanceatend 745,140 3,452,391 22,833,872 2,267,457 3,415,115 32,713,975 Accumulated impairment loss Balanceatbeginning - - 854,672 270,870 - 1,125,542 Foreigncurrencytranslation - - - (579) - (579) Balanceatend - - 854,672 270,291 - 1,124,963 Carrying amount 1,354,860 6,391,901 12,861,013 63,118 359,353 21,030,245 2019 Atcost Balanceatbeginning 2,100,000 9,844,292 27,115,929 2,482,157 3,255,175 44,797,553 Additions - - 8,248,518 30,358 600,546 8,879,422 Disposal - - (293,000) - (81,253) (374,253) Writtenoff - - (53,757) - - (53,757) Foreigncurrencytranslation - - - 71,531 - 71,531 Balanceatend 2,100,000 9,844,292 35,017,690 2,584,046 3,774,468 53,320,496 Accumulateddepreciation Balanceatbeginning 667,437 3,086,203 20,503,420 2,213,950 3,188,125 29,659,135 Currentcharge 38,850 183,094 1,045,549 6,996 102,136 1,376,625 Disposal - - (293,000) - (1,354) (294,354) Writtenoff - - (15,880) - - (15,880) Foreigncurrencytranslation - - - 34,567 - 34,567 Balanceatend 706,287 3,269,297 21,240,089 2,255,513 3,288,907 30,760,093 Accumulatedimpairmentloss Balanceatbeginning - - 854,672 233,906 - 1,088,578 Foregincurrencytranslation - - - 36,964 - 36,964 Balanceatend - - 854,672 270,870 - 1,125,542 Carryingamount 1,393,713 6,574,995 12,922,929 57,663 485,561 21,434,861


4. PROPERTY, PLANT AND EQUIPMENT (cont’d)

(i) Theleaseholdlandandbuildingsarepledgedtoalicensedbankassecurityforbankingfacilitygrantedtoasubsidiary.

(ii) The carrying amount of property, plant and equipment which are pledged as securities to the financialinstitutionsisasfollows:

GROUP 2020 2019 RM RM

Machineryandequipment 1,756,863 1,111,082 Motorvehicle 69,800 89,280 1,826,663 1,200,362

(iii) Theinformationofright-of-useassetswhichareincludedintheproperty,plantandequipmentisasfollows:

Carrying Current amount depreciation Additions RM RM RM

2020 Leaseholdland 1,354,860 38,853 - Machineryandequipment 1,756,863 226,885 872,666 Motorvehicle 69,800 19,480 -

(iv) Includedintheproperty,plantandequipmentaremotorvehicleswithcarryingamountof RM169,091(2019:RM222,488)heldintrustbyacompanyinwhichadirectorofasubsidiaryhassubstantialfinancialinterest.

5. RIGHT-OF-USE ASSET AND LEASE LIABILITY

Group as a lessee

TheGrouphasleasecontractforofficeusedinitsoperationsthathasleasetermsofthreeyears,withanoptiontoextendtheleaseforanotherthreeyears.Leasepaymentsareincreasedeverythreeyearstoreflectcurrentmarketrentals.Generally,theGroupisrestrictedfromassigningandsubleasingtheleasedasset.

TheGroupalsohascertainleasesofpremisewithleasetermsof12monthsorless.TheGroupappliesthe‘short-termlease’recognitionexemptionsfortheseleases.




5. RIGHT-OF-USE ASSET AND LEASE LIABILITY (cont’d)

Right-of-use asset

Setoutbelowarethecarryingamountofright-of-useassetrecognisedandthemovementsduringthefinancialyear:

GROUP Office RM 2020

Balanceatbeginning,uponadoptionofMFRS16 319,589 Depreciation (55,581)

Balanceatend 264,008

Lease liability

Setoutbelowarethecarryingamountofleaseliabilityrecognisedandthemovementsduringthefinancialyear:

GROUP RM 2020

Balanceatbeginning,uponadoptionofMFRS16 319,589 Accretionofinterest 13,697 Payments (60,000)


Representedby: Non-currentliabilities 224,395 Currentliabilities 48,891


ThematurityanalysisofleaseliabilityisdisclosedinNote32.4tothefinancialstatements.

Thefollowingaretheamountsrecognisedinprofitorloss: 2020 RM Depreciationexpenseofright-of-useasset 55,581 Interestexpenseonleaseliability 13,697 Expenserelatingtoshort-termleasesofpremise 36,225 Total amount recognised in profit or loss 105,503

Extension option

Theleasecontractofofficeincludesanextensionoption.Managementexercisessignificantjudgementindeterminingwhethertheextensionoptionisreasonablycertaintobeexercised.



5. RIGHT-OF-USE ASSET AND LEASE LIABILITY (cont’d)

Within five years RM Extensionoptionexpectedtobeexercised 198,000

Group and Company as a lessor TheGroupandtheCompanyhaveleaseditsinvestmentpropertiestothirdpartiesforaperiodrangingfrom2to3

years.RentalincomerecognisedbytheGroupandtheCompanyfortheyearareRM1,264,800(2019:RM1,182,100)andRM1,100,400(2019:RM1,018,700)respectively.

Futureminimumrentalsreceivableundernon-cancellableoperatingleasesasattheendofthereportingperiodareasfollows:

2020 2019 RM RM

Withinoneyear 992,400 1,244,400 Morethanoneyearbutlessthanfiveyears 980,400 - 1,972,800 1,244,400

6. INVESTMENT PROPERTIES

GROUP

Freehold Leasehold land land Buildings Total RM RM RM RM

2020 At cost 552,000 1,063,509 14,721,548 16,337,057 Accumulated depreciation

Balanceatbeginning - 516,331 7,170,096 7,686,427 Currentcharge - 17,760 294,432 312,192

Balanceatend - (534,091) (7,464,528) (7,998,619) Carrying amount 552,000 529,418 7,257,020 8,338,438

2019

Atcost 552,000 1,063,509 14,721,548 16,337,057 Accumulateddepreciation

Balanceatbeginning - 498,570 6,875,662 7,374,232 Currentcharge - 17,761 294,434 312,195

Balanceatend - (516,331) (7,170,096) (7,686,427) Carryingamount 552,000 547,178 7,551,452 8,650,630



6. INVESTMENT PROPERTIES (cont’d)

COMPANY Leasehold land Buildings Total RM RM RM

2020 At cost 1,063,509 12,987,888 14,051,397 Accumulated depreciation

Balanceatbeginning 516,331 6,439,759 6,956,090 Currentcharge 17,760 259,758 277,518

Balanceatend (534,091) (6,699,517) (7,233,608) Carrying amount 529,418 6,288,371 6,817,789 2019 Atcost 1,063,509 12,987,888 14,051,397 Accumulateddepreciation

Balanceatbeginning 498,570 6,179,998 6,678,568 Currentcharge 17,761 259,761 277,522

Balanceatend (516,331) (6,439,759) (6,956,090) Carryingamount 547,178 6,548,129 7,095,307

(i) Thefollowingarerecognisedinprofitorlossinrespectofinvestmentproperties:


Rentalincomefrominvestment properties 1,244,400 1,162,700 1,100,400 1,018,700 Directoperatingexpensesarising frominvestmentpropertiesthat generatedrentalduringthe financialyear (402,477) (359,044) (390,970) (347,537)

(ii) ThefairvalueofinvestmentpropertiesisdisclosedinNote33.2tothefinancialstatements.



7. INVENTORY PROPERTIES

GROUP Note 2020 2019 RM RM

Non-current: Landheldfordevelopment 7.1 18,349,724 14,784,558

Current:

Propertydevelopmentcosts 7.2 6,357,127 7,506,178 Completeddevelopmentunits 7.3 9,706,425 12,240,724 Balanceatend 16,063,552 19,746,902

7.1 Land held for development

GROUP

Freehold Development land costs Total RM RM RM

2020 Balanceatbeginning 13,122,751 1,661,807 14,784,558 Additions - 3,565,166 3,565,166 Balanceatend 13,122,751 5,226,973 18,349,724

2019 Balanceatbeginning 13,155,887 1,523,064 14,678,951 Additions - 138,743 138,743 Expensedoff (33,136) - (33,136) Balanceatend 13,122,751 1,661,807 14,784,558

7.2 Property development costs

GROUP


2020 Cumulative property development costs Balanceatbeginning 3,175,768 4,330,410 7,506,178 Costscapitalisedduringthefinancialyear - 1,889,758 1,889,758 Recognisedduringthefinancialyear (217,284) (1,169,285) (1,386,569) Transfertocompleteddevelopmentunits (1,652,240) - (1,652,240) Balanceatend 1,306,244 5,050,883 6,357,127



7. INVENTORY PROPERTIES (cont’d)

7.2 Property development costs (cont’d)

GROUP (cont’d)


2019 Cumulativepropertydevelopmentcosts Balanceatbeginning 3,175,768 869,440 4,045,208 Costscapitalisedduringthefinancialyear - 3,460,970 3,460,970 Propertydevelopmentcostsatend 3,175,768 4,330,410 7,506,178

7.3 Completed development units

GROUP

TheinventoriesrecognisedinprofitorlossascostofsalesduringthefinancialyearamountedtoRM4,178,197 (2019:RM4,287,356).

8. INVESTMENT IN SUBSIDIARIES

COMPANY 2020 2019 RM RM

Unquotedshares,atcost Balanceatbeginning 207,852,387 207,852,393 Disposalduringtheyear - (6) Balanceatend 207,852,387 207,852,387 Less:Allowanceforimpairment Balanceatbeginning (173,936,036) (180,603,161) Reversal 308,817 6,667,119 Disposalduringtheyear - 6 (173,627,219) (173,936,036)

34,225,168 33,916,351

Thedetailsofthesubsidiaries,allofwhichwereincorporatedinMalaysia,exceptwhereindicatedareasfollows:

Name of entities Effective equity interest Principal activities 2020 2019 % %

SupportiveTechnology 100 100 Manufacturingofplasticcomponents. Sdn.Bhd. SupportiveMarketingSdn.Bhd. 100 100 Wholesaleofplasticwareproducts.


8. INVESTMENT IN SUBSIDIARIES (cont’d)

Name of entities Effective equity interest Principal activities 2020 2019 % %

WelcomeProperties 100 100 Propertydevelopment. Sdn.Bhd.

SupportiveInformationTechnology 100 100 Dormant. Development(Hunan)Co.Ltd.# (IncorporatedinthePeople’sRepublic ofChina)

# NotauditedbyGrantThorntonandintheprocessofdissolution.

2020

Reversal of impairment on investment in subsidiaries

During thefinancialyear,a reversalof impairment lossamountingtoRM308,817 in respectof the investment inSupportiveTechnologySdn.Bhd.ismadetotheextentofthenetassetsheldbythesubsidiary.

2019

Reversalofimpairmentoninvestmentinsubsidiaries

Duringthefinancialyear,areversalofimpairmentlossamountingtoRM6,667,119inrespectoftheinvestmentinSupportiveTechnologySdn.Bhd.wasmadetotheextentofthenetassetsheldbythesubsidiary.

Disposalofasubsidiary

On30August2018,theCompanydisposedofits60%equityinterestinSupportiveDevelopmentSdn.Bhd.(“SDSB”)toathirdpartyforacashconsiderationofRM1.

TheeffectofthedisposalofSDSBonthefinancialpositionoftheGroupasatthedateofdisposalwasasfollows:

RM

Cashinhand 10 Deposit 30,000 Otherpayablesandaccruals (690,068) Amountduetoarelatedcompany (37,314) Amountduetodirector (408,411) Netliabilitiesdisposedof (1,105,783) Less:Non-controllinginterests (442,313) Group’sshareofnetliabilities (663,470) Totaldisposalproceedssettledbycash (1) GainondisposaltotheGroup(Note25) (663,471) Netcashoutflowarisingfromdisposalofasubsidiary: Proceedsfromdisposal 1 Less:Cashinhandofasubsidiarydisposedof (10) Netcashoutflowfromdisposal (9)




9. DEFERRED TAX LIABILITIES/(ASSETS)


Balanceatbeginning 2,147,081 2,023,528 321,830 165,000 Recognisedinprofitorloss (234,472) 346,656 (25,291) 178,932 1,912,609 2,370,184 296,539 343,932 (Over)/Underprovisioninprioryear (85,549) (223,103) 12,875 (22,102) Balanceatend 1,827,060 2,147,081 309,414 321,830

Therecogniseddeferredtaxliabilities/(assets),afterappropriateoffsetting,areasfollows:

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM Deferredtaxliabilities 1,827,060 2,235,620 309,414 321,830 Deferredtaxassets - (88,539) - - Balanceatend 1,827,060 2,147,081 309,414 321,830

Thedeferred tax liabilities/(assets)at theendof the reportingperiodaremadeupof the temporarydifferencesarisingfrom:

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM Property,plantandequipment 2,161,000 1,946,303 - - Investmentproperties 411,581 411,326 411,581 411,326 Propertydevelopmentcosts 1,305,646 1,586,528 - - Unabsorbedcapitalallowances (1,752,000) (1,678,697) - (89,496) Unusedtaxlosses (102,167) - (102,167) - Otherdeductibletemporarydifferences (197,000) (118,379) - - 1,827,060 2,147,081 309,414 321,830

Thefollowingdeferredtaxassetshavenotbeenrecognisedasattheendofthereportingperiodasitisnotprobablethatfuturetaxableprofitwillbeavailableagainstwhichtheymaybeutilised:

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM Unusedtaxlosses 89,757 137,900 - 137,900 Unabsorbedcapitalallowances 80,778 77,990 77,990 77,990 Unabsorbedreinvestmentallowances 16,870 16,870 16,870 16,870 Otherdeductibletemporarydifferences 24,510 - - - 211,915 232,760 94,860 232,760



9. DEFERRED TAX LIABILITIES/(ASSETS) (cont’d)

Thegrossamountandfutureavailabilityofunusedtaxlossesandunabsorbedallowanceswhichareavailabletobecarriedforwardforset-offagainstfuturetaxableincomeareestimatedasfollows:


Unusedtaxlosses 799,684 574,584 425,696 574,584 Unabsorbedcapitalallowances 7,635,414 7,319,527 324,957 697,857 Unabsorbedreinvestmentallowances 70,291 70,291 70,291 70,291

Theunusedtaxlossesandunabsorbedreinvestmentallowancecanbecarriedforwardforsevenconsecutiveyearsof assessment immediately following that year of assessment (unused tax losses and unabsorbed reinvestmentallowanceaccumulateduptoyearofassessment2018canbecarriedforwarduntilyearofassessment2025)andtheunabsorbedcapitalallowancescanbecarriedforwardindefinitelypursuanttothegazettedFinanceAct2018.

Theexpiryoftheunusedtaxlossesandunabsorbedreinvestmentallowancesareasfollows:

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM YA2025 495,987 644,875 495,987 644,875 YA2027 373,988 - - -

869,975 644,875 495,987 644,875

10. INVENTORIES

GROUP 2020 2019 RM RM Rawmaterials 844,709 673,644 Work-in-progress 312,841 - Finishedgoods 1,835,200 1,689,189 2,992,750 2,362,833

Costofinventoriesrecognisedinprofitorloss: Inventoriesrecognisedascostsofsales 15,214,790 15,300,809 (Reversal)/Additionofinventorieswrittendown (93,787) 561,416

Thereversalofinventorieswrittendownwasmadeduringtheyearwhentherelatedinventoriesweresoldabovetheircarryingamounts.


Notes to the Financial Statementsfor the financial year ended 31 March 2020 (cont’d)a

11. TRADE RECEIVABLES


Tradereceivables 8,783,506 8,745,543 Less:Allowanceforexpectedcreditlosses (992,640) (755,726)

7,790,866 7,989,817 Retentionsumreceivables 1,649,175 2,953,249 9,440,041 10,943,066

Thetradereceivablesarenon-interestbearingandgenerallyon 14 to 120 days(2019:14to120days)creditterms.

Themovementoftheallowanceforexpectedcreditlossesisasfollows:

GROUP 2020 2019 RM RM Balanceatbeginning (755,726) (384,534) Currentyear (282,325) (375,467) Recovered 45,411 4,275 Balanceatend (992,640) (755,726)

Thecurrencyprofileoftradereceivablesisasfollows:

GROUP 2020 2019 RM RM RinggitMalaysia 9,440,030 10,942,731 UnitedStatesDollar 11 335 9,440,041 10,943,066

12. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS

GROUP COMPANY 2020 2019 2020 2019 NOTE RM RM RM RM Otherreceivables 12.1 4,198,708 147,732 - - Deposits - Refundable 12.2 3,396,682 1,061,482 2,334,105 14,105 - Non-refundable 12.3 - 551,524 - - Prepayments 163,706 76,894 30,835 - GSTrecoverable 119,307 119,647 - - 7,878,403 1,957,279 2,364,940 14,105



12. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS (cont’d)

Thecurrencyprofileofotherreceivables,depositsandprepaymentsisasfollows:

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM RinggitMalaysia 7,878,403 1,405,755 2,364,940 14,105 UnitedStatesDollar - 551,524 - - 7,878,403 1,957,279 2,364,940 14,105

12.1 Other receivables

IncludedinotherreceivablesisanamountofRM6,493(2019:RM6,493)duetoaCompanyinwhichadirectorofasubsidiaryhassubstantialfinancialinterest.

12.2 Refundable deposits

IncludedintherefundabledepositsoftheGroupandoftheCompanyare:

(i) depositspaidpursuanttotheSharePurchaseAgreementasdisclosedinNote36tothefinancialstatementsamountingtoRM2,320,000(2019:RMNil).

(ii) depositspaidforthepurchaseof52piecesoffreeholdvacantlotsforshophousesamountingtoRM755,187 (2019:RM755,187).Thepurchaseofvacantlotshasnotbeencompletedasthevendorhasyettofulfilallconditionprecedentassociatedwiththesaleandpurchaseagreement.

12.3 Non-refundable deposits

Included innon-refundabledepositsof theGroup is thedepositpaid forthepurchaseofmouldsandequipmentamountingtoRM Nil(2019:RM551,524).

13. AMOUNT DUE FROM SUBSIDIARIES

COMPANY Theamountduefromsubsidiariesisnon-traderelated,unsecured,non-interestbearingandclassifiedbasedonthe

expectedtimingofrealisation.

14. CONTRACT ASSETS Contractassetsrepresentaccruedbillingsinrespectofpropertydevelopmentcosts.


Revenuerecognisedduringtheyear 1,283,725 - Progressbillingsduringtheyear (1,052,100) - Balanceatend 231,625 -


15. CASH AND BANK BALANCES

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM Fixeddepositswithlicensedbanks 5,421,920 194,204 4,722,567 - Cashandbankbalances 2,767,932 4,955,448 120,683 738,421 HousingDevelopmentAccount 1,489,814 1,618,994 - - 9,679,666 6,768,646 4,843,250 738,421

Thecurrencyprofileofcashandbankbalancesisasfollows:

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM RinggitMalaysia 9,677,425 6,766,257 4,843,250 738,421 UnitedStatesDollar 2,241 2,389 - - 9,679,666 6,768,646 4,843,250 738,421

GROUP

TheeffectiveinterestratesperannumandmaturityofthefixeddepositswithlicensedbanksoftheGroupasattheendofthereportingperiodrangedfrom2.05% to 2.90%(2019:2.55%to2.80%)perannumandfrom1 month to 12 months(2019:1monthto12months)respectively.

TheHousingDevelopmentAccount(“HDA”)ismaintainedinaccordancewithSection7(A)oftheHousingDevelopment(ControlandLicensing)Act,1966inMalaysia,asamendedbytheHousingDevelopers(HDA)(Amendment)Regulation,2002inMalaysia,whichcanonlybeusedforpropertydevelopmentactivities.

IncludedintheGroup’scashandbankbalancesisbankbalanceofRM Nil(2019:RM12,875)whichisheldintrustforaJointManagementBodyofastratadevelopmentprojectbyasubsidiary.

COMPANY

TheeffectiveinterestratesperannumandmaturityofthefixeddepositswithlicensedbanksoftheCompanyasattheendofthereportingperiodwere2.90%(2019:Nil)perannumand1 month(2019:Nil)respectively.



16. SHARE CAPITAL

Number of ordinary shares Amount 2020 2019 2020 2019 RM RM RM RM Issued and fully paid: Balanceatbeginning 238,758,000 238,758,000 226,050,958 226,050,958 Issuancepursuanttoprivateplacement 10,000,000 - 2,810,056 -

248,758,000 238,758,000 228,861,014 226,050,958

During the financial year, the Company issued 10,000,000 new ordinary shares at an issue price of RM0.29 perordinarysharepursuanttoaprivateplacement.TheproceedswillbeusedfortheproposedacquisitionofMedanTropikaSdn.Bhd.asdisclosedinNote36tothefinancialstatements.Thenewordinarysharesrankpari passuinallrespectswiththeexistingordinarysharesoftheCompany.

17. TREASURY SHARES The Company’smandate relating to the share buyback of up to 10% of the existing total paid-up share capital,

inclusiveofalltreasurysharesthathavebeenboughtback,wasapprovedbytheshareholdersoftheCompanyattheExtraordinaryGeneralMeetingheldon29July2010.

Theamountstatedinthestatementsoffinancialpositionrepresentstheacquisitioncostoftreasuryshares.

Outofthetotal248,758,000(2019:238,758,000)issuedandfullypaidordinarysharesasattheendofthereportingperiod,8,784,500 (2019:8,784,500)areheldastreasurysharesbytheCompany.Asattheendofthereportingperiod,the number of outstanding ordinary shares in issue and fully paid is therefore239,973,500 (2019: 229,973,500)ordinaryshares.

Treasuryshareshavenorightstovoting,dividendsandparticipationinotherdistribution.

18. FOREIGN CURRENCY TRANSLATION RESERVE

TheforeigncurrencytranslationreserveisinrespectofforeignexchangedifferencesontranslationofthefinancialstatementsoftheGroup’sforeignsubsidiary.

19. BORROWINGS


Non-current liabilities Financeleaseliabilities Minimumpayments: Withinoneyear 492,978 404,068 Morethanoneyearandlessthantwoyears 315,108 195,822 Morethantwoyearsandlessthanfiveyears 276,014 47,832

1,084,100 647,722 Futurefinancecharges (82,931) (37,379)

1,001,169 610,343 Amountduewithinoneyearincludedundercurrentliabilities (445,835) (376,250) 555,334 234,093



19. BORROWINGS (cont’d)


Non-current liabilities Financeleaseliabilities 445,835 376,250 Total borrowings 1,001,169 610,343

ThefinanceleaseliabilitiesaresecuredovertheleasedassetsasdisclosedinNote4tothefinancialstatements.

Asummaryoftheeffectiveinterestratesandthematuritiesoftheborrowingsisasfollows:

Average More than More than effective one year and two years and interest rate Within less than less than per annum Total one year two years five years % RM RM RM RM GROUP 2020 Financeleaseliabilities 2.43 to 3.09 1,001,169 445,835 288,949 266,385 2019 Financeleaseliabilities 2.43to3.09 610,343 376,250 189,065 45,028

20. TRADE PAYABLES GROUP 2020 2019 RM RM Non-current liabilities Retentionsumpayables 217,949 166,715 Current liabilities Tradepayables 2,094,698 2,664,996 Retentionsumpayables 299,619 671,666 2,394,317 3,336,662 Total trade payables 2,612,266 3,503,377

Thecurrencyprofileoftradepayablesisasfollows:

GROUP 2020 2019 RM RM RinggitMalaysia 2,612,266 3,503,075 UnitedStatesDollar - 302 2,612,266 3,503,377

Tradepayablesareunsecured,non-interestbearingandarenormallysettledon30 to 120 days(2019:30to120days)creditterms.



21. OTHER PAYABLES AND ACCRUALS

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM Relatedparty 1,550,000 5,815,000 1,475,000 5,800,000 Otherpayables 2,953,969 3,569,537 471,402 437,399 Accruals 3,105,795 1,188,552 102,739 132,230 7,609,764 10,573,089 2,049,141 6,369,629

GROUP AND COMPANY

RelatedpartyisduetoacorporateshareholderoftheCompany.

Thecurrencyprofileofotherpayablesandaccrualsisasfollows:

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM RinggitMalaysia 7,141,778 10,330,417 2,049,141 6,369,629 Renminbi 225,833 242,672 - - UnitedStatesDollar 242,153 - - - 7,609,764 10,573,089 2,049,141 6,369,629

22. AMOUNT DUE TO DIRECTORS

Theamountduetodirectorswasunsecured,non-interestbearingandrepayableondemand.

23. REFUND LIABILITIES

GROUP 2020 2019 RM RM Arisingfromvolumerebates 17,399 49,284 Arisingfromrightsofreturn 9,539 139,797 Arisingfromtradediscounts 200,071 217,987 227,009 407,068

Refund liabilitiesarising fromvolumerebates representvolumerebatesprovided tocertaincustomerswhichareentitledtoarebateoncethequantityofproductspurchasedduringtheperiodexceedsthethresholdspecifiedinthesalescontract.Therebateswillbeoffsetagainstbalanceowingbythecustomer.Thevolumerebatesprovidedareexpectedtomaterialisewithinthenextfinancialyear.

Refundliabilitiesarisingfromrightsofreturnrepresentthesalesreturnfromthecustomers.

Refundliabilitiesarisingfromtradediscountsrepresentearlypaymentdiscountstothecustomerswhohavesettledthepaymentswithincertainperiodoftimespecifiedinthecontract.



24. REVENUE

24.1 Disaggregated revenue information

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM Types of goods or service Saleofgoods 17,958,821 18,245,657 - - Salesofcompleteddevelopmentunits 4,494,110 7,409,732 - - Propertydevelopmentrevenue 1,283,725 - - - Rentalincome 1,100,400 1,018,700 1,100,400 1,018,700

Total revenue from contracts with customers 24,837,056 26,674,089 1,100,400 1,018,700

Geographical markets Malaysia 23,750,792 25,385,745 1,100,400 1,018,700 Brunei 473,670 710,058 - - Singapore 508,206 504,986 - - Othercountries 104,388 73,300 - -


Timing of revenue recognition Atapointintime 23,553,331 26,674,089 1,100,400 1,018,700 Overtime 1,283,725 - - -


24.2 Contract balances


Tradereceivables(Note11) 9,440,041 10,943,066 Contractassets(Note14) 231,625 -

24.3 Performance obligations

PerformanceobligationsofrespectiverevenueisdisclosedinNote3.12tothefinancialstatements.

Unsatisfied performance obligations

Theunsatisfiedperformanceobligationattheendofthereportingperiodareexpectedtoberecognisedwithinoneyear.



25. (LOSS)/PROFIT BEFORE TAX

Thisisarrivedat:

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM Aftercharging: Allowanceforexpectedcreditlosses 282,325 375,467 - - Auditor’sremuneration - Statutoryaudit - Company’sauditors - Currentyear 101,000 96,000 30,000 30,000 - Overprovisioninprioryear - (17,000) - - - Otherservices 7,000 7,500 5,000 7,500 Depreciation - Investmentproperties 312,192 312,195 277,518 277,522 - Property,plantandequipment 1,954,423 1,376,625 - - - Right-of-useasset 55,581 - - - Directors’fee 163,715 92,633 163,715 85,133 Employeebenefitsexpense(Note26) 4,849,732 4,791,101 2,400 327,595 Inventorieswrittendown - 561,416 - - Interestexpenseon: - Financeleaseliabilities 28,051 47,765 - - - Leaseliability(accretionofinterest) 13,697 - - - Lossondisposalofproperty,plantand equipment - 6,899 - - Property,plantandequipmentwrittenoff - 37,877 - - Realisedlossonforeignexchange 43,013 57,449 - - Rentalofequipment - 450 - - Rentalofpremises 36,255 35,650 - -

Andcrediting: Baddebtsrecovered 45,411 4,275 - - Gainondisposalofasubsidiary - 663,471 - 1 Interestincome 290,143 35,290 37,481 - Rentalincomerecognisedinotherincome 164,400 163,000 - - Reversalofimpairmentlosson investmentinasubsidiary - - 308,817 6,667,119 Reversalofinventorieswrittendown 93,787 - - - Unwindingdiscountonretention sumpayables 33,331 - - -




26. EMPLOYEE BENEFITS EXPENSE

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM Salaries,bonus,allowancesandothers 4,407,087 4,351,481 2,400 292,795 EPF 399,450 405,054 - 33,120 SOCSO 39,809 31,317 - 1,680 EIS 3,386 3,249 - - 4,849,732 4,791,101 2,400 327,595

IncludedintheemployeebenefitsexpenseoftheGroupandoftheCompanyaredirectors’remunerationasshownbelow:

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM Executive directors of the Company: - Salaries,bonusandothers 750,150 670,975 - 294,475 - EPF 97,515 115,620 - 33,120

847,665 786,595 - 327,595 Non-executive directors of the Company: - Allowance 2,400 - 2,400 - Executive director of the subsidiary: - Salaries,bonusandothers 201,668 115,680 - - - EPF 26,820 26,400 - -

228,488 142,080 - - 1,078,553 928,675 2,400 327,595

Presentdirectors: - Executive 489,941 786,595 - 327,595 - Non-executive 2,400 - 2,400 -

492,341 786,595 2,400 327,595 Formerdirectors: - Executive 586,212 142,080 - - 1,078,553 928,675 2,400 327,595


27. TAXATION

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM Malaysianincometax: Basedonresultsforthefinancialyear - Currenttax (133,000) (765,937) (9,000) - Deferredtaxrelatingtotheorigination andreversaloftemporarydifferences 234,472 (346,656) 25,291 (178,932)

101,472 (1,112,593) 16,291 (178,932) Over/(Under)provisioninprioryears - Currenttax 319,125 9,212,743 - - - Deferredtax 85,549 223,103 (12,875) 22,102

404,674 9,435,846 (12,875) 22,102 506,146 8,323,253 3,416 (156,830)

ThereconciliationoftaxationoftheGroupandoftheCompanyisasfollows:

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM (Loss)/Profitbeforetax (1,079,119) 1,292,280 179,578 6,669,062 IncometaxatMalaysianstatutorytaxrate of24% 258,989 (310,147) (43,099) (1,600,575) Incomenotsubjecttotax 51,012 - 74,116 1,600,109 Expensesnotdeductiblefortaxpurposes (229,374) (117,619) (152,626) (40,566) Reversalofdeferredtaxassetsonunused taxlossespreviouslyrecognised - (684,827) - (137,900) Deferredtaxassetsrecognisedonunused taxlosses 137,900 - 137,900 - Deferredtaxassetsnotrecognised (117,055) - - -

101,472 (1,112,593) 16,291 (178,932) Over/(Under)provisioninprioryears 404,674 9,435,846 (12,875) 22,102 506,146 8,323,253 3,416 (156,830)

2019

On 19March 2019, a subsidiary of the Company, Supportive Technology Sdn. Bhd. (“STSB”) has entered into aSettlementAgreement(“SA”)withtheInlandRevenueBoardofMalaysia(“IRB”).ThroughtheSA,IRBallowedSTSBthefollowing:

(i) ToreviseSTSB’staxcomputationsforyearsofassessment2003to2005;and

(ii) ToclaimthetaxexemptiongrantedviatheIncomeTax(Exemption)(No.17)Order2005[PU(A)158/2005]foryearsofassessment2003to2005.

STSBhadreceivedthenotificationsofreducedassessmentdated9May2019fromIRBforthesumofRM9,167,241ofwhichthefullamounthadbeenreceivedon17July2019.



28. (LOSS)/EARNINGS PER SHARE Basic

Basic(loss)/earningspershareiscalculatedbydividingthe(loss)/profitattributabletoownersoftheCompanyforthefinancialyearbytheweightedaveragenumberofordinarysharesinissueduringthefinancialyearexcludingthetreasurysharesasfollows:


(Loss)/ProfitattributabletoownersoftheCompany(RM) (572,973) 9,616,724

Weightedaveragenumberofordinarysharesinissue 232,768,021 229,973,500

Basic(loss)/earningspershare(sen) (0.25) 4.18

Diluted

Thecalculationofdiluted(loss)/earningspershareiscalculatedbydividingthe(loss)/profitattributabletoownersoftheCompanybytheweightedaveragenumberofordinarysharesinissueduringthefinancialyearexcludingthetreasurysharesandafteradjustingforthedilutiveeffectsofallpotentialordinarysharesasfollows:

GROUP 2020 2019

(Loss)/ProfitattributabletoownersoftheCompany(RM) (572,973) 9,616,724

Weightedaveragenumberofsharesasabove 232,768,021 229,973,500 Adjustmentforconversionofwarrants 4,117,563 -

236,885,584 229,973,500

Diluted(loss)/earningspershare(sen) (0.24) 4.18

29. SEGMENTAL INFORMATION SegmentinformationispresentedinrespectoftheGroup’sbusinesssegment.

Inter-segmentpricingisdeterminedbasedonnegotiatedterms.

Segmentresults,assetsandliabilitiesincludeitemsdirectlyattributabletoasegmentaswellasthosethatcanbeallocatedonareasonablebasis.Unallocateditemsmainlycompriseinterest-earningassets,revenueandexpenses.

Business Segments TheGroupcomprisesthefollowingmainbusinesssegments:

(i) Manufacturing Manufactureofdiverseplasticwareproducts.

(ii) Propertydevelopment Housingandpropertydevelopmentactivities.

(iii) Others Investmentholding.



29. SEGMENTAL INFORMATION (cont’d)

By business segments

Manufacture of diverse plasticware Property

products development Others Elimination Total RM RM RM RM Note RM

2020 Revenue Externalcustomers 17,958,821 5,777,835 1,100,400 - 24,837,056 Inter-segmentrevenue 9,535,746 - - (9,535,746) A - Totalrevenue 27,494,567 5,777,835 1,100,400 (9,535,746) 24,837,056 Results

Segmentresults (253,320) (907,475) (166,719) - (1,327,514) Interestincome 93,681 158,981 37,481 - 290,143 Interestexpense (28,051) (13,697) - - (41,748) Lossbeforetax (187,690) (762,191) (129,238) - (1,079,119) Taxincome 268,535 234,195 3,416 - 506,146 Profit/(Loss)forthe

financialyear 80,845 (527,996) (125,822) - (572,973)

Assets Segmentassets 31,383,753 44,022,304 9,182,729 - 84,588,786

Taxrecoverable 148,369 595,326 48,409 - 792,104 Cashandbankbalances 1,461,233 3,375,183 4,843,250 - 9,679,666 Totalassets 32,993,355 47,992,813 14,074,388 - 95,060,556

Liabilities Segmentliabilities 3,621,621 4,809,410 2,291,294 - 10,722,325 Borrowings 1,001,169 - - - 1,001,169 Deferredtaxliabilities 243,000 1,274,646 309,414 - 1,827,060 Totalliabilities 4,865,790 6,084,056 2,600,708 - 13,550,554

Other segment information Additionstonon-current assets 1,537,567 12,240 - - B 1,549,807 Depreciation 1,953,625 91,053 277,518 - 2,322,196 Non-cashexpenses/ (income)other

thandepreciation 188,538 (33,331) - - C 155,207




Bybusinesssegments

Manufactureof diverseplasticware Property

products development Others Elimination Total RM RM RM RM Note RM

2019

Revenue Externalcustomers 18,245,657 7,409,732 1,018,700 - 26,674,089

Inter-segmentrevenue 6,898,424 - - (6,898,424) A - Totalrevenue 25,144,081 7,409,732 1,018,700 (6,898,424) 26,674,089 Results Segmentresults (1,524,513) 2,166,831 662,437 - 1,304,755 Interestincome - 35,290 - - 35,290 Interestexpense (47,765) - - - (47,765) Profit/(Loss)beforetax (1,572,278) 2,202,121 662,437 - 1,292,280 Taxincome/(expense) 9,038,581 (558,498) (156,830) - 8,323,253 Profit/(Loss)forthe financialyear 7,466,303 1,643,623 505,607 - 9,615,533 Assets Segmentassets 31,967,908 40,891,348 7,109,412 - 79,968,668 Taxrecoverable 9,213,946 822,318 - - 10,036,264 Cashandbankbalances 526,510 5,503,715 738,421 - 6,768,646 Totalassets 41,708,364 47,217,381 7,847,833 - 96,773,578 Liabilities Segmentliabilities 4,319,032 3,552,200 6,689,046 - 14,560,278 Borrowings 610,343 - - - 610,343 Deferredtaxliabilities 319,262 1,594,528 321,830 - 2,235,620 Taxpayable 94,937 - - - 94,937 Totalliabilities 5,343,574 5,146,728 7,010,876 - 17,501,178 Othersegmentinformation Additiontonon-current assets 8,711,572 167,850 - - B 8,879,422 Depreciation 1,385,074 26,224 277,522 - 1,688,820 Non-cashexpensesother thandepreciation 981,659 - (663,471) - C 318,188





Notestosegmentinformation:

A. Inter-segmentrevenueareeliminatedonconsolidation.

B. Additionstonon-currentassetsconsistoftotalcostsincurredtoacquireproperty,plantandequipment.

C. Othernon-cashitemsconsistofthefollowing:

GROUP 2020 2019 RM RM Allowanceforexpectedcreditlosses 282,325 375,467 Gainondisposalofasubsidiary - (663,471) (Reversal)/Additionofinventorieswrittendown (93,787) 561,416 Lossondisposalofproperty,plantandequipment - 6,899 Property,plantandequipmentwrittenoff - 37,877 Unwindingdiscountonretentionsumpayable (33,331) - 155,207 318,188

By geographical segments

Inpresentinginformationonthebasisofgeographicalsegments,segmentrevenueisbasedonthegeographicallocationofcustomers.Segmentassetsarebasedonthegeographicallocationofassets.

Revenue Non-current assets 2020 2019 2020 2019 RM RM RM RM Malaysia 23,750,792 25,385,745 47,982,415 44,958,588 Brunei 473,670 710,058 - - Singapore 508,206 504,986 - - Othercountries 104,388 73,300 - - 24,837,056 26,674,089 47,982,415 44,958,588

D. Totalrevenuefrom2(2019:1)majorcustomerswhichindividuallycontributedtomorethan10%oftheGrouprevenueamountedtoRM6,219,252 (2019:RM3,818,438)underthemanufacturingsegment.

30. CAPITAL COMMITMENTS

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM Contractedbutnotprovidedfor: - Property,plantandequipment - 565,968 - - - Landheldfordevelopment 2,244,813 2,244,813 - - - Investmentinsubsidiaries - - 33,935,000 - 2,244,813 2,810,781 33,935,000 -



31. RELATED PARTY DISCLOSURES

(i) Identity of related parties

TheCompanyhasrelatedpartyrelationshipwithitssubsidiaries,keymanagementpersonnelandthefollowingparties:

Related parties Relationship

- NadaWangiSdn.Bhd. AcorporateshareholderoftheCompany. - AcmeWareSdnBhd. Acompanyinwhichadirectorofasubsidiary,Dato’SriDr.LeeKuangShing,has

substantialfinancialinterest.

(ii) Related party transactions

Relatedpartytransactionshavebeenenteredintoattermsagreedbetweenthepartiesduringthefinancialyear.

GROUP COMPANY 2020 2019 2020 2019 RM RM RM RM (Repaymentto)/Advancefrom NadaWangiSdn.Bhd. (4,325,000) 5,800,000 (4,325,000) 5,800,000 Rentalchargedby NadaWangiSdn.Bhd. 60,000 15,000 - - Purchaseofmotorvehiclefrom AcmeWareSdn.Bhd. - 348,238 - -

(iii) Compensation of key management personnel Key management personnel are those persons including directors having authority and responsibility for

planning,directingandcontrollingtheactivitiesoftheGroup,directlyorindirectly.

TheremunerationofdirectorsisdisclosedunderNote26tothefinancialstatements.TheGroupdoesnothaveanymembersofkeymanagementpersonnel.

32. FINANCIAL INSTRUMENTS

32.1 Categories of financial instruments

Thetablebelowprovidesananalysisoffinancialinstrumentscategorisedasamortisedcost(“AC”).

Carrying Amount AC RM RM GROUP

2020

Financial assets Tradereceivables 9,440,041 9,440,041 Otherreceivablesandrefundabledeposits 7,595,390 7,595,390 Cashandbankbalances 9,679,666 9,679,666 26,715,097 26,715,097



32. FINANCIAL INSTRUMENTS (cont’d)

32.1 Categories of financial instruments (cont’d)

Carrying Amount AC RM RM GROUP (cont’d)

2020 (cont’d)

Financial liabilities Borrowings 1,001,169 1,001,169 Tradepayables 2,612,266 2,612,266 Otherpayablesandaccruals 7,609,764 7,609,764 11,223,199 11,223,199

2019

Financialassets Tradereceivables 10,943,066 10,943,066 Otherreceivablesandrefundabledeposits 1,209,214 1,209,214 Cashandbankbalances 6,768,646 6,768,646 18,920,926 18,920,926 Financialliabilities Borrowings 610,343 610,343 Tradepayables 3,503,377 3,503,377 Otherpayablesandaccruals 10,573,089 10,573,089 Amountduetodirectors 76,744 76,744 14,763,553 14,763,553

COMPANY 2020

Financial assets Otherreceivablesandrefundabledeposits 2,334,105 2,334,105 Amountduefromsubsidiaries 6,704,561 6,704,561 Cashandbankbalances 4,843,250 4,843,250 13,881,916 13,881,916

Financial liabilities Otherpayablesandaccruals 2,049,141 2,049,141

2019

Financialassets Refundabledeposits 14,105 14,105 Amountduefromsubsidiaries 14,656,531 14,656,531 Cashandbankbalances 738,421 738,421 15,409,057 15,409,057 Financialliabilities Otherpayablesandaccruals 6,369,629 6,369,629 Amountduetodirectors 76,744 76,744 6,446,373 6,446,373



32.2 Financial risk management

TheGroupandtheCompanyareexposedtoavarietyoffinancialrisksarisingfromtheiroperationsandtheuseoffinancialinstruments.Thekeyfinancialrisksincludecreditrisk,liquidityrisk,interestrateriskandforeigncurrencyrisk.TheGroupoperateswithinclearlydefinedguidelinesthatareapprovedbytheBoardandtheGroup’spolicyisnottoengageinspeculativeactivities.

32.3 Credit risk Credit risk refers to the risk that the counterpartywill defaulton its contractualobligations resulting infinancial

losstotheGroupandtheCompany.TheGroup’sexposuretocreditriskarisesprincipallyfromitstradereceivablesanddepositsplacedwithfinancial institutionswhiletheCompany’sexposuretocreditriskarisesprincipally fromadvances to its subsidiariesandfinancialguaranteesprovidedtofinancial institution in respectofcredit facilitiesgrantedtoitssubsidiaries.

32.3.1 Trade receivables

TheGroupandtheCompanydonothaveanysignificantexposuretoanyindividualcustomer.Themaximumexposuretocreditriskoftradereceivablesisrepresentedbytheircarryingamountsinthestatementsoffinancialposition.

For the Group’s manufacturing segment, the Group will consider the factors such as the relationship with thecustomer,itspaymenthistoryandcreditworthinessindecidingwhethercreditshallbeextended.TheGroupsubjectsnewcustomerstocreditverificationprocedures.Inaddition,debtmonitoringproceduresareperformedonanon-goingbasiswiththeresultthattheGroup’sexposuretobaddebtsisnotsignificant.

Creditriskinthepropertydevelopmentactivityisnegligibleassalesarenormallytopurchaserswhohaveobtainedfinancingfromfinancialinstitutions.Assuch,thecreditriskhasbeeneffectivelytransferredtothefinancialinstitutionsasstipulatedinthesaleandpurchaseagreements.Forthosesalesonacashbasiswhichonlyformsaninsignificantportionofsalesamount,creditriskisalsonegligibleastitleswillonlybesurrendereduponfullpayments.Thisisthenormalindustrypractice.

TheageinganalysisoftradereceivablesoftheGroupattheendofthereportingperiodisasfollows:

Allowance for expected Gross credit loss Net RM RM RM GROUP

2020 Notpastdue 5,049,220 - 5,049,220

1to30dayspastdue 1,079,389 - 1,079,389 31to60dayspastdue 66,059 - 66,059 Pastduemorethan60days 4,238,013 (992,640) 3,245,373

5,383,461 (992,640) 4,390,821 10,432,681 (992,640) 9,440,041




32.3.1 Trade receivables (cont’d)

TheageingoftradereceivablesandaccumulatedimpairmentlossoftheGroupisasfollows(cont’d):

Allowancefor expected Gross creditloss Net RM RM RM

GROUP (cont’d) 2019

Notpastdue 2,712,771 - 2,712,771

1to30dayspastdue 1,273,018 - 1,273,018 31to60dayspastdue 1,072,481 - 1,072,481 Pastduemorethan60days 6,640,522 (755,726) 5,884,796

8,986,021 (755,726) 8,230,295 11,698,792 (755,726) 10,943,066

TradereceivablesthatareneitherpastduenorimpairedarecreditworthycustomerswithgoodpaymentrecordwiththeGroup.NoneoftheGroup’stradereceivablesthatareneitherpastduenor impairedhavebeenrenegotiatedduringthefinancialyear.

TheGrouphastradereceivablesamountingtoRM4,390,821(2019:RM8,230,295)thatarepastdueattheendofthereportingperiodbutnotimpairedasthemanagementisoftheviewthatthesepastdueamountswillbecollectedinduecourse.

The Group’smanufacturing and property development segment have significant concentration of credit risks intheformofoutstandingbalanceduefrom2 customers(2019:8customers)representing 25%(2019:37%)oftotalreceivables.

Maximum exposure to credit risk

ThefollowingtableprovidesinformationabouttheexposuretocreditriskandECLsfortradereceivablesandcontractassetsasattheendofthereportingperiodwhicharegroupedtogetherastheyareexpectedtohavesimilarrisknature.

Allowance for expected Gross credit loss Net RM RM RM

Credit risk rating

2020

Lowrisk 9,671,666 - 9,671,666 Individuallyimpaired 992,640 (992,640) - 10,664,306 (992,640) 9,671,666 2019

Lowrisk 10,943,066 - 10,943,066 Individuallyimpaired 755,726 (755,726) - 11,698,792 (755,726) 10,943,066




32.3.1 Trade receivables (cont’d)

Inmanagingthecreditriskofthetradereceivables,theGroupmanagesitsdebtorsandtakesappropriateactions(includingbutnot limitedto legalactions) to recover longoverduebalances.TheGroupmeasures theallowanceforexpectedcreditlossesoftradereceivablesatanamountequaltolifetimeECLusingasimplifiedapproach.Theexpectedcreditlossesontradereceivablesareestimatedbasedonpastdefaultexperienceandananalysisofthetradereceivables’currentfinancialposition,adjustedforfactorsthatarespecifictothetradereceivablessuchasliquidationandbankruptcy.Forwardlookinginformationsuchascountryriskassessmenthasbeenincorporatedindeterminingtheexpectedcreditlosses.

Trade receivables are usually collectible and the Group does not havemuch historical bad debts written off orimpairmentoftradereceivables.Therearecircumstanceswherethesettlementoftradereceivableswilltakelongerthanthecredittermsgiventothecustomers.Thedelayinsettlementismainlyduetodisagreementofpricingandqualityissueoradministrativematter.

In respect of the Group’s development properties, most of the end-buyers obtain end-financing to fund theirpurchasesoftheGroup’sproperties.Insuchcases,theGroupmitigatesanycreditriskitmayhavebymaintainingitsnameastheregisteredownerofthedevelopmentuntilfullsettlementbythepurchasersoftheself-financedportionofthepurchaseconsiderationanduponundertakingofend-financingbythepurchaser’send-financier.

32.3.2 Intercompany advances

TheCompanyprovidesadvancestoitssubsidiaries.TheCompanymonitorstheresultsofthesubsidiariesregularly.

Themaximumexposuretocreditriskisrepresentedbytheircarryingamountinthestatementsoffinancialposition.

Asattheendofthereportingperiod,therewasnoindicationthattheadvancestoitssubsidiariesarenotrecoverable.TheCompanydoesnotspecificallymonitortheageingoftheadvancestoitssubsidiaries.

32.3.3 Financial guarantees

The Company has issued secured financial guarantees to financial institution for banking facilities granted to asubsidiaryuptoalimitofRM50,481,960(2019:RM4,664,157)ofwhichRM941,941(2019:RM536,283)wereutilisedasattheendofthereportingperiod.

TheCompanymonitorsonanongoingbasistheresultsofthesubsidiaryandrepaymentsmadebythesubsidiary.Asattheendofthereportingperiod,therewasnoindicationthatthesubsidiarywoulddefaultonrepayment.Thedirectorsconsideredthatthefairvalueofthefinancialguaranteecontractsoninitialrecognitionisinsignificant.

32.4 Liquidity risk

LiquidityriskistheriskthattheGroupandtheCompanywillnotbeabletomeettheirfinancialobligationsasandwhen they falldue.TheGroupand theCompanyactivelymaintaina levelof cashandcashequivalentsdeemedadequatebythemanagementtoensure,asfaraspossible,thatitwillhavesufficientliquiditytomeetitsliabilitiesasandwhentheyfalldue.




32.4 Liquidity risk (cont’d)

ThetablebelowsummarisesthematurityprofileoftheGroup’sandtheCompany’sfinancialliabilitiesasattheendofthereportingperiodbasedontheundiscountedcontractualpayments:

More than More than one year and two years and Carrying Contractual Within less than less than amount cash flows one year two years five years RM RM RM RM RM GROUP 2020 Non-derivative financial liabilities Borrowings 1,001,169 1,084,100 492,978 315,108 276,014 Tradepayables 2,612,266 2,645,597 2,394,317 - 251,280 Otherpayablesand accruals 7,609,764 7,609,764 7,609,764 - - Leaseliability 273,286 303,000 60,000 61,500 181,500

Totalundiscounted financialliabilities 11,496,485 11,642,461 10,557,059 376,608 708,794

2019 Non-derivative financial liabilities Borrowings 610,343 647,722 404,068 195,822 47,832 Tradepayables 3,503,377 3,503,377 3,336,662 166,715 - Otherpayablesand accruals 10,573,089 10,573,089 10,573,089 - - Amountduetodirectors 76,744 76,744 76,744 - -

Totalundiscounted financialliabilities 14,763,553 14,800,932 14,390,563 362,537 47,832

COMPANY 2020 Non-derivative financial liabilities Otherpayablesand accruals,representing totalundiscounted financialliabilities 2,049,141 2,049,141 2,049,141 - - 2019 Non-derivative financial liabilities Otherpayablesand accruals 6,369,629 6,369,629 6,369,629 - - Amountduetodirectors 76,744 76,744 76,744 - -

Totalundiscounted financialliabilities 6,446,373 6,446,373 6,446,373 - -




32.5 Interest rate risk

TheGroup’sandtheCompany’sfixedrateinstrumentsareexposedtoariskofchangeinitsfairvalueduetochangesininterestrates.TheGroupdoesnothaveanyfloatingrateinstruments.

TheinterestrateprofileoftheGroup’sandoftheCompany’sinterestbearingfinancialinstrumentsbasedontheircarryingamountsasattheendofthereportingperiodareasfollows:

2020 2019 RM RM GROUP Fixed rate instruments Financialassets 5,421,920 194,204 Financialliabilities 1,001,169 610,343

COMPANY

Fixed rate instruments Financialassets 4,722,567 -

Sensitivity analysis for fixed rate instruments

TheGroupandtheCompanydonotaccountforanyfixedratefinancialassetsandliabilitiesatfairvaluethroughprofitorloss,andtheGroupdoesnotdesignatederivativesashedginginstrumentsunderafairvaluehedgeaccountingmodel.Therefore,achangeininterestratesattheendofthereportingperiodwouldnotaffectprofitorloss.

32.6 Foreign currency risk

TheGroupisexposedtoforeigncurrencyriskmainlyonsalesandpurchasesthataredenominatedincurrenciesotherthanthefunctionalcurrencyoftheGroupentities.TheGroupalsoholdscashandbankbalancesdenominatedinforeigncurrenciesforworkingcapitalpurposes.ThecurrenciesgivingrisetothisriskareUnitedStatesDollar(“USD”)andRenminbi(“RMB”).

Sensitivity analysis for foreign currency risk

ThefollowingtabledemonstratesthesensitivitytoareasonablypossiblechangeintheforeigncurrencyexchangeratesagainstRinggitMalaysia,withallothervariablesheldconstant,oftheGroup’sprofitbeforetax.A10%strengtheningofRMagainstthefollowingcurrenciesattheendofthereportingperiodwouldhavedecreasedinprofitbeforetaxbytheamountshownbelowandacorrespondingweakeningwouldhaveanequalbutoppositeeffect.ThisanalysisisbasedonforeigncurrencyexchangeratevariancesthattheGroupconsideredtobereasonablypossibleattheendofthereportingperiod.

GROUP 2020 2019 RM RM USD 23,990 (55,394) RMB 22,583 24,267 Increase/(decrease)inprofitbeforetax 46,573 (31,127)



33. FAIR VALUE MEASUREMENT

33.1 Fair value measurement of financial instruments The carryingamountsoffinancial assetsandfinancial liabilitiesof theGroupandof theCompanyasat theend

of thereportingperiodapproximate their fairvaluesdue to their short-termnature.Thecarryingamountof thecurrentportionoffinanceleaseliabilitiesisreasonableapproximationoffairvalueduetotheinsignificantimpactofdiscounting.

33.2 Fair value measurement of non-financial assets

Thefollowingtableshowsthelevelswithinthehierarchyofnon-financialassetsforwhichfairvalueisdisclosedasattheendofthereportingperiod:

Level 1 Level 2 Level 3 Total RM RM RM RM

GROUP 2020 Investmentproperties - Freeholdland - 830,000 - 830,000 - Leaseholdland - 9,280,000 - 9,280,000 - Buildings - 9,790,000 - 9,790,000 2019 Investmentproperties - Freeholdland - 830,000 - 830,000 - Leaseholdland - 9,280,000 - 9,280,000 - Buildings - 9,790,000 - 9,790,000

COMPANY 2020 Investmentproperties - Leaseholdland - 9,280,000 - 9,280,000 -Buildings - 8,120,000 - 8,120,000 2019 Investmentproperties -Leaseholdland - 9,280,000 - 9,280,000 -Buildings - 8,120,000 - 8,120,000

Fair value

ThefairvalueforinvestmentpropertiesfordisclosurepurposesiscategorisedunderLevel2ofthefairvaluehierarchy(refertoNote2.2tothefinancialstatementfordefinitionoffairvaluehierarchy).Thefairvalue isderivedbasedonappraisal performedby independentprofessional valuersusing the sales comparison approach. Sellingpricesofcomparablepropertiesincloseproximityareadjustedfordifferencesinkeyattributessuchaspropertysize,ageand conditionof thebuilding. Themost significant input into this valuationapproach ispriceper square footofcomparableproperties.




34. CAPITAL MANAGEMENT

TheprimaryobjectiveoftheGroup’scapitalmanagementpolicyistomaintainastrongcapitalbasetosupportitsbusinessesandmaximiseshareholders’value.

TheGroupmanagesitscapitalstructureandmakesadjustmentstoitinthelightofchangesineconomicconditionsorexpansionoftheGroup.TheGroupmayadjustthecapitalstructurebyissuingnewshares,returningcapitaltoshareholdersoradjusting theamountofdividends tobepaid to shareholdersor sell assets to reducedebts.Nochangesweremadeintheobjective,policyandprocessduringthefinancialyearunderreviewascomparedtothepreviousfinancialyear.

TheGroupconsidersitstotalequityandtotalloansandborrowingstobethekeycomponentsofitscapitalstructureandmay,fromtimetotime,adjustthedividendpayouts,purchaseownshares,issuenewshares,sellassets,raiseorredeemdebts,wherenecessary,tomaintainanoptimalcapitalstructure.TheGroupmonitorscapitalusingadebttoequityratio,whichiscalculatedastotalborrowingsdividedbytotalequityasfollows:

GROUP 2020 2019 RM RM Totalborrowings 1,001,169 610,343

Less:Cashandbankbalances (9,679,666) (6,768,646) Netcashsurplus (8,678,497) (6,158,303)

Totalequity 81,510,002 79,272,400

Gearingratio N/A N/A

N/A - not applicable as net cash position.

35. WARRANTS On22November2019,theCompanycompleteditsbonusissueof57,493,372freewarrantsonthebasisofone(1)

warrantforeveryfour(4)ordinarysharesheld.

Themainfeaturesofthewarrantsareasfollows:

(i) Thewarrantsmaybeexercisedatanytimeduringthetenureofthewarrantsoffive(5)yearsincludingandcommencingfrom22November2019andendingon21November2024.Eachwarrantcarriestheentitlementto subscribe forone (1) newordinary share in theCompanyat anexercisepriceofRM0.25and shall besatisfiedfullyincashandsubjectedtoadjustmentsinaccordancewiththerespectiveDeedPolls.

(ii) Thewarrantsarenotentitledtoanydividend,right,allotmentorotherdistributionintheCompanyuntilandunlesssuchwarrantholdersexercisetheirwarrant.

Therewerenowarrantsexercisedasattheendofthereportingperiod.



36. SIGNIFICANT EVENTS

(i) On7August2019,theCompanyhadannouncedtoundertakethefollowing:

(a) proposedbonusissueofupto59,689,500freewarrantsintheCompany(“Warrants”)onthebasisofoneWarrant forevery fourexistingordinaryshares in theCompany (“Proposed Bonus Issue of Warrants”);

(b) proposedprivateplacementofupto89,534,200newsharesoftheCompany,representingupto30%oftheenlargednumberofissuedandpaid-upsharesoftheCompanyafterexcludingtreasuryshares(“Proposed Private Placement”);

(c) proposedacquisitionoftheentiresharecapitalofMedanTropikaSdn.Bhd.(“Medan”)foratotalcashconsiderationofRM20,000,000(“Proposed Medan Acquisition”);and

(d) proposedacquisitionoftheentiresharecapitalofFocalProductsSdn.Bhd.(“Focal”)foratotalcashconsiderationofRM2,000,000(“Proposed Focal Acquisition”).

TheProposedBonusIssueofWarrantshadbeencompletedon29November2019followingthelistingofandquotationforthe57,493,372WarrantsontheMainMarketofBursaMalaysiaSecuritiesBerhad(“Bursa”).

ThefirsttrancheoftheProposedPrivatePlacementhadbeencompletedon26December2019followingthelistingofandquotationforthe10,000,000placementsharesatRM0.29perplacementsharesontheMainMarketofBursa.Anextensionoftimeupto10October2020hadbeengrantedbyBursatocompletetheimplementationoftheprivateplacement.

(ii) On7August2019,theCompanyhadenteredintoaConditionalSharePurchaseAgreement(“Medan SPA”)withGohSooSingandMohammadZubniBin Ismail (“Medan Vendors”)toacquireMedan’sentire issuedand paid-up ordinary shares of RM23,000,000 comprising 23,000,000 ordinary shares for a total cashconsiderationofRM20,000,000.SupplementalSharePurchaseAgreement(“Supplemental Medan SPA”)hadbeenenteredbetweentheCompanyandMedanVendorssubsequentlyon24September2019and5March2020toamendcertaintermsandconditionsofMedanSPA,includingtorevisethepurchaseconsiderationtobecomeRM34,225,000.BoththeCompanyandMedanVendorshadon5February2020mutuallyagreedtoextendtheMedanconditionalperiodforaperiodofsixmonthsupto6August2020forthepartiestofulfiltheconditionsprecedentsetoutinMedanSPAandSupplementalMedanSPA.

On the same date, the Company had also entered into a Conditional Share Purchase Agreement (“Focal SPA”)withLiewKokEarnandChiaCheongYun(“Focal Vendors”)toacquireFocal’sentireissuedandpaid-upordinarysharesofRM5,831,216comprising5,831,216ordinarysharesforatotalcashconsiderationofRM2,000,000.BoththeCompanyandFocalVendorshadon5February2020mutuallyagreedtoextendtheFocalconditionalperiodforaperiodofsixmonthsupto6August2020forthepartiestofulfiltheconditionsprecedentsetoutinFocalSPA.

On6August2020,theCompanyhadagreedtoextendtheSPAforafurthersixmonthsupto5February2021tofulfiltheconditionsprecedentwiththerespectivevendorsofMedanandFocal.

(iii) TheWorldHealthOrganisationdeclaredthe2019NovelCoronavirusoutbreak(“COVID-19”)apandemicon11March2020.Thiswas followedbyourgovernment issuingaGazettedOrderknownas theMovementControlOrder(“MCO”)whichwaseffectivefortheperiodfrom18March2020to3May2020andConditionalMovementControlOrder (“CMCO”) from4May2020to9 June2020.Subsequently,RecoveryMovementControlOrder(“RMCO”)wasgazettedwhichiseffectivefortheperiodfrom10June2020to31August2020.

This pandemic has significantly disruptedmanybusiness operations and causeduncertainties around theworldincludingtheGroup’soperations.TheGroup’srevenuehavebeenaffectedasthemanufacturingandpropertydevelopmentdivisioncouldnotoperateduring theMCO.Therefore, cost cuttingmeasureshavebeentakentominimisetheimpactandpotentialimpactarisingfromthispandemic.TheGrouphassufficientworkingcapitaltosustainitsbusinessoperationsandtocontinueitsbusinessasagoingconcern.

Nevertheless, theGroupwillcontinuetomonitor thesituationsurroundingthepandemiccloselysoas toenabletheGrouptoformulatemeasuresinaswiftanddecisivemannertoanypotentialimpactsarisingfromthepandemic.


Analysis of Shareholdings as at 30 July 2020

SHARE CAPITAL

ClassofShares : OrdinarysharesVotingRights : Onshowofhands,1votefor1person : Onapoll,1votefor1ordinaryshare

*Excluding8,784,500ordinarysharesheldastreasuryshares

ANALYSIS BY SIZE OF SHAREHOLDINGS

Number of Number of % of Size of shareholdings Shareholders Shares Shares

Lessthan100shares 5 200 #100to1,000shares 245 220,873 0.091,001to10,000shares 346 1,757,000 0.7310,001to100,000shares 164 6,394,300 2.67100,001tolessthan5%ofissuedshares 55 102,393,946 42.675%andaboveofissuedshares 3 129,207,181 53.84

Total 818 239,973,500 100.00

#Negligible

LIST OF SUBSTANTIAL SHAREHOLDERS OF THE COMPANY

Name Number of Shares Held Direct % Deemed %

Dato’SriDr.LeeKuangShing 6,000,000 2.50 9,072,973* 3.78 NadaWangiSdnBhd 72,901,181 30.38 - - OoiSoonHong - - 72,901,181# 30.38 HusalmiSuhainiBinShaikhHussain - - 72,901,181# 30.38 InspireSenseSdnBhd 56,306,000 23.46 - - OoiKianChuan - - 56,306,000^ 23.46 TangTiamHok - - 56,306,000^ 23.46

Note :* Deemed interestedbyvirtueofhis shareholdingsofnot less than20% inSupptechHoldingsSdn.Bhd.pursuant to

Section8oftheCompaniesAct2016.# Deemedinterestedbyvirtueofhisshareholdingsofnotlessthan20%inNadaWangiSdn.Bhd.pursuanttoSection8of

theCompaniesAct2016.^ Deemedinterestedbyvirtueofhisshareholdingsofnotlessthan20%inInspireSenseSdn.Bhd.pursuanttoSection8

oftheCompaniesAct2016.

DIRECTORS’ SHAREHOLDINGS IN THE COMPANY

Name Number of Shares Held Direct % Deemed %

OoiSoonHong - - 72,901,181# 30.38 LimShiouGhay 5,098,000 2.12 6,136,000^ 2.56 TanCheeKeong 3,000,000 1.25 - - LeeChiongMeng 1,000,000 0.42 - -

Note :

# Deemedinterestedbyvirtueofhisshareholdingsofnotlessthan20%inNadaWangiSdn.Bhd.pursuanttoSection8oftheCompaniesAct2016.

^ Deemedinterestedbyvirtueofhisshareholdingsofnotlessthan20%inEpicParadigmSdn.Bhd.pursuanttoSection8oftheCompaniesAct2016.

OtherInformation


Analysis of Shareholdings as at 30 July 2020 (cont’d)

LIST OF THIRTY LARGEST SHAREHOLDERS

No. Name No. of Shares Held %

1 INSPIRESENSESDN.BHD. 56,306,000 23.46

2 NADAWANGISDN.BHD. 46,508,077 19.38

3 NADAWANGISDN.BHD. 26,393,104 11.00

4 H.M.WEALTHMANAGEMENTSDN.BHD. 10,000,000 4.17

5 KERJAYAPROSPEK(M)SDN.BHD. 10,000,000 4.17

6 CHEAHLEELEE 9,805,200 4.09

7 SUPPTECHHOLDINGSSDNBHD 9,072,973 3.78

8 LAMDJUNGFUNG@YUPITALAM 8,421,073 3.51

9 ABMALIKBINABDULLAH 8,071,500 3.36

10 GAINFACTORSDN.BHD. 7,064,000 2.94

11 EPICPARADIGMSDN.BHD. 6,136,000 2.56

12 DATO’SRIDRLEEKUANGSHING 6,000,000 2.50

13 TEOHCHOOEE 5,220,800 2.18

14 LIMSHIOUGHAY 5,098,000 2.12

15 TANCHEEKEONG 3,000,000 1.25

16 LEETHEANYEW 1,500,000 0.63

17 ONGSEEWAH 1,174,000 0.49

18 CHIAMLEEHOON 1,002,700 0.42

19 LEECHIONGMENG 1,000,000 0.42

20 RHBNOMINEES(TEMPATAN)SDNBHD PLEDGEDSECURITIESACCOUNTFORTANKHANGKHIM 845,900 0.35

21 MERCSECNOMINEES(TEMPATAN)SDNBHDTEOWAHTEE@TEOHKIMPENG 644,800 0.27

22 S.BALAKRISHNANA/LA.SHANMUGAM 553,500 0.23

23 LEEGUEKCHAU 452,500 0.19

24 KOHYIKLING 428,000 0.18

25 CHEAHLEELEE 377,000 0.16

26 NGGEIKCHENG 368,000 0.15

27 KENANGANOMINEES(TEMPATAN)SDNBHD PLEDGEDSECURITIESACCOUNTFORWONGTZEPENG 364,900 0.15

28 TEHENGHIN 342,000 0.14

29 OHCHWEEHOE 325,400 0.14

30 LEEKUANGHAM 325,000 0.14


Total Land Area/ Approximate Net Book Value Description/ Floor area age of as at 31.03.2020 Title Existing Use Tenure (square meter) building (RM’000) Lot5805H.S.(D)5828, Industrial Leaseholdfor 23,708.50(land) 31years 494(land) Mukim1,DaerahSeberang Building 60years(Expiryon 10,231.65 3,981(building) PeraiTengah,PulauPinang 7Nov2049) (building) LotPT3699,MukimSik, Industrial Leaseholdfor PekanSik,KedahDarulAman Building 60years(Expiryon 24Apr2058) LotPT3700, Industrial Leaseholdfor MukimSik,PekanSik, Building 60years(Expiryon KedahDarulAman 24Apr2058) 2,394.67(land) LotPT3701,MukimSik, Indusrial Leaseholdfor PekanSik,KedahDarulAman Building 60years(Expiryon 24Apr2058) LotPT3702,MukimSik, Industrial Leaseholdfor PekanSik,KedahDarulAman Building 60years(Expiryon 24Apr2058) 29years 35(land) LotPT3723,BandarSik, Industrial Leaseholdfor 2,308(building) PekanSik,KedahDarulAman Building 60years(Expiryon 23Mar2054)

LotPT3724,BandarSik, Industrial Leaseholdfor PekanSik,KedahDarulAman Building 60years(Expiryon 23Mar2054) 2,394.67(land) LotPT3725,BandarSik, Industrial Leaseholdfor PekanSik,KedahDarulAman Building 60years(Expiryon 23Mar2054)

LotPT3726,MukimSik, Industrial Leaseholdfor PekanSik,KedahDarulAman Building 60years(Expiryon 23Mar2054) LotPT17611,Bandarof Industrial Freehold 4,285.62(land) 31years 552(land) SungaiPetani,DistrictofKuala Building 3,994.83 969(building) Mudah,KedahDarulAman (building)

List of Properties


Total Land Area/ Approximate Net Book Value Description/ Floor area age of as at 31.03.2020 Title Existing Use Tenure (square meter) building (RM’000) H.S(D)10271,PT66400, Industrial Leaseholdfor BandarofSungaiPetani, Building 60years(Expiryon DistrictofKualaMudah, 4Apr2055) KedahDarulAman

H.S(D)10272,PT66401, Industrial Leaseholdfor BandarofSungaiPetani, Building 60years(Expiryon DistrictofKualaMudah, 4Apr2055) KedahDarulAman 17,511.90(land) 19years 1,355(land) 13,675.33 6,392(building) H.S(D)10277,PT66406, Industrial Leaseholdfor (building) BandarofSungaiPetani, Building 60years(Expiryon DistrictofKualaMudah, 4Apr2055) KedahDarulAman H.S(D)10278,PT66407, Industrial Leaseholdfor BandarofSungaiPetani, Building 60years(Expiryon DistrictofKualaMudah, 4Apr2055) KedahDarulAman H.S(D)27713,PT758, Development Freehold 45,099.24(land) - 13,123 H.S(D)27270,PT407, Land Mukim7,SeberangPerai Utara,PulauPinang

List of Properties (cont’d)


Notice of Annual General Meeting

NOTICEISHEREBYGIVENTHATthe30thAnnualGeneralMeetingoftheCompanywillbeheldatKelawaiRoom,LobbyLevel,EvergreenLaurelHotel,53PersiaranGurney,10250Georgetown,PulauPinangonMonday,28September2020at10:30a.m.forthefollowingpurposes:-

AGENDA

As Ordinary Business:

1. To receive the Audited Financial Statements of the Company for the financial year ended 31March2020andtheReportsoftheDirectorsandAuditorsthereon.

2. ToapprovethepaymentofDirectors’feesandDirectors’benefitsofuptoRM100,000.00forthe

financialyearending31March2021. 3. To re-electMr. Lee ChiongMengwho retires in accordancewith the Company’s Constitution

pursuanttoArticle111oftheCompany’sConstitution. 4. Tore-appointMessrs.GrantThorntonasAuditorsoftheCompanyuntiltheconclusionofthenext

AnnualGeneralMeetingandtoauthorisetheDirectorstofixtheirremuneration. As Special Business:

5. Toconsiderandifthoughtfit,topasswithorwithoutmodificationsthefollowingresolutions:-

ORDINARY RESOLUTION

AUTHORITY TO ISSUE SHARES

“ThatpursuanttoSections75and76oftheCompaniesAct2016,andsubjecttotheapprovalsof the relevant Governmental and/or regulatory authorities, theDirectors be and are herebyempoweredtoissuesharesintheCompany,atsuchtimeanduponsuchtermsandconditionsandforsuchpurposesastheDirectorsmay,intheirabsolutediscretiondeemfit,providedthattheaggregatenumberofsharesissuedpursuanttothisresolutioninanyonefinancialyeardoesnotexceed20%ofthetotalnumberofissuedshares(excludingtreasuryshares)oftheCompanyforthetimebeingandthattheDirectorsbeandarealsoempoweredtoobtaintheapprovalfromBursaMalaysia Securities Berhad for the listing of and quotation for the additional shares soissuedandthatsuchauthorityshallcontinuetobeinforceuntiltheconclusionofthenextAnnualGeneralMeetingoftheCompany.”

6. TotransactanyotherbusinessforwhichduenoticesshallhavebeengiveninaccordancewiththeCompaniesAct2016.

ByOrderoftheBoard,

WONG YEE LIN (MIA15898)SSM Practicing No: 201908001793HING POE PYNG (MAICSA 7053526)SSM Practicing No: 202008001322JointCompanySecretaries

Date:28August2020

Please refer to the Explanatory Notes

Ordinary Resolution 1





Notice of Annual General Meeting (cont’d)

Notes:-

(1) Amemberentitledtoattendandvoteisentitledtoappointoneormoreproxiestoattend,voteandspeakinhisstead,andaproxyneednotbeamemberoftheCompany.Thereshallbenorestrictionastothequalificationoftheproxy.Theproxysoappointedshallbeentitledtovoteonanymatterwhichmayproperlycomebeforethemeeting.

(2) AMember shall be entitled to appoint amaximumof two (2) proxies to attendand vote at the samemeeting.Where aMemberappointstwo(2)proxies,theappointmentshallbeinvalidunlesshespecifiestheproportionsofhisshareholdingstoberepresentedbyeachproxy.

(3) Where aMember is an ExemptAuthorisedNomineewhich holds ordinary shares in the Company formultiple beneficialownersinonesecuritiesaccount(“omnibusaccount”)thereisnolimittothenumberofproxieswhichtheExemptAuthorisedNomineemayappointinrespectofeachomnibusaccountitholds.

(4) WhereaMember isanauthorisednomineeasdefinedundertheCentralDepositoriesAct, itmayappointat leastone(1)proxybutnotmorethantwo(2)proxiesinrespectofeachsecuritiesaccountitholdswhichiscreditedwiththesharesoftheCompany.Theappointmentoftwo(2)proxiesinrespectofaparticularsecuritiesaccountshallbeinvalidunlesstheauthorisednomineespecifiestheproportionofitsshareholdingtoberepresentedbyeachproxy.

(5) Theinstrumentappointingtheproxyshallbeinwriting,executedbyoronbehalfoftheappointor.Inthecaseofacorporatemember,theinstrumentappointingaproxymustbeeitherunderitscommonsealorunderthehandofitsofficerorattorneydulyauthorised.

(6) TheinstrumentappointingaproxymustbedepositedattheRegisteredOffice,51-8-A,MenaraBHLBank,JalanSultanAhmadShah,10050Georgetown,Penangnotlessthan24hoursbeforethetimeforholdingtheMeetingoranyadjournmentsthereofPROVIDEDthatintheeventthemember(s)dulyexecutestheFormofProxybutdoesnotnameanyproxy,suchmember(s)shallbedeemedtohaveappointedtheChairmanoftheMeetingashis/theirproxy,providedalwaysthattherestoftheFormofProxy,otherthantheparticularsof theproxyhavebeendulycompletedbythemember(s).Proxy formvia facsimileorelectronicmailwillnotbeaccepted.

(7) ForthepurposeofdeterminingaMemberwhoshallbeentitledtoattendthemeeting,theCompanyshallberequestingtheDepositorytoissueaGeneralMeetingRecordofDepositors(“ROD”)asat18September2020.OnlyDepositorswhosenameappearsontheRODshallbeentitledtoattendthesaidmeetingorappointproxiestoattendand/orvoteonhisbehalf.

(8) Allresolutionsassetoutinthisnoticeof30thAnnualGeneralMeetingaretobevotedbypoll.

Explanatory Note on Ordinary Business

Item 1 of the Agenda

To receive the Audited Financial Statements for the financial year ended 31 March 2020 together with the Reports of the Directors and Auditors thereon.

ThisitemismeantfordiscussiononlyastheprovisionofSection340(1)(a)oftheCompaniesAct2016doesnotrequireshareholders’approvalfortheauditedfinancialstatements.Therefore,thisitemwillnotbeputforwardforvoting.

Ordinary Resolution 1 – Payment of Directors’ fees and Directors’ benefits

TheproposedOrdinaryResolution1 is to facilitatepaymentofDirectors’ fees andDirectors’ benefitson currentfinancial yearbasis,calculatedbasedonthenumberofscheduledBoardandCommitteemeetingsforfinancialyearending2021andassumingthatallDirectorswillholdofficeuntiltheendofthefinancialyear.IntheeventtheDirectors’feesandDirectors’benefitsproposedisinsufficient(e.g.duetomoremeetingsorenlargedBoardsize),approvalwillbesoughtatthenextAnnualGeneralMeetingforadditionalfeesandbenefitstomeettheshortfall.

Explanatory Note on Special Business

Ordinary Resolution 4 – Authority to issue shares

TheproposedOrdinaryResolution4, if passed, primarily to renew themandate to give authority to theBoardofDirectors oftheCompanytoissueandallotsharesintheCompanyuptoanamountnotexceeding20%ofthetotalnumberofissuedshares(excludingtreasuryshares)oftheCompanyforthetimebeingforsuchpurposesastheDirectorsconsiderwouldbeinthebestinterestoftheCompanywithoutconveningageneralmeeting.Thiswouldavoidanydelayandcostsinconveningageneralmeetingtospecificallyapprovesuchan issueof shares.Thisauthority,unless revokedorvariedby theshareholdersof theCompany ingeneralmeeting,willexpireattheconclusionofthenextAnnualGeneralMeeting.

TheCompanydidnotutilisethemandateobtainedatthelastAnnualGeneralMeetingandthusnoproceedswereraisedfromthepreviousmandate.

Arenewalofthisauthorityisbeingsoughtatthe30thAnnualGeneralMeetingunderproposedOrdinaryResolution4.

ThisauthorityifgrantedwillprovideflexibilitytotheCompanyforanypossiblefundraisingactivities,includingbutnotlimitedtofurtherplacingofshares,forpurposeoffundingfutureinvestmentanddevelopmentproject(s),workingcapital,acquisition(s)and/orsettlementofbankingfacility(ies).


Notice of Annual General Meeting (cont’d)

PERSONAL DATA POLICY

By submitting an instrument appointing a proxy(ies) and/or representative(s) to attend, speak and vote at theAnnualGeneralMeeting and/or any adjournment thereof, amember of the Company (i) consents to the collection, use and disclosure of themember’spersonaldatabytheCompany(oritsagents)forthepurposeoftheprocessingandadministrationbytheCompany(oritsagents)ofproxiesandrepresentativesappointedfortheAnnualGeneralMeeting(includinganyadjournmentthereof)andthepreparationandcompilationoftheattendancelist,minutesandotherdocumentsrelatingtotheAnnualGeneralMeeting(includinganyadjournmentthereof)andinorderfortheCompany(oritagents)tocomplywithanyapplicablelaws,listingrules,regulationsand/orguidelines(collectively,the“Purposes”).(ii)warrantsthatwherethememberdisclosesthepersonaldataofthemember’sproxy(ies)and/orrepresentative(s)totheCompany(oritsagents),thememberhasobtainedthepriorconsentofsuchproxy(ies)and/orrepresentative(s)forthecollection,useanddisclosurebytheCompany(oritsagents)ofthepersonaldataofsuchproxy(ies)and/orrepresentative(s)forthePurposes,and(iii)agreesthatthememberwillindemnifytheCompanyinrespectofanypenalties,liabilities,claims,demands,lossesanddamagesasaresultofthemember’sbreachofwarranty.

STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING(PursuanttoParagraph8.27(2)oftheListingRequirementsofBursaMalaysiaSecuritiesBerhad)

Asatdateofthisnotice,therearenoindividualswhoarestandingforelectionasDirectors(excludingtheaboveDirectorswhoarestandingforre-election)atthisforthcomingAnnualGeneralMeeting.

TheCompanywillseekshareholders’approvalonthegeneralmandateforissueofsecuritiesinaccordancewithParagraph6.03(3)oftheListingRequirementsofBursaMalaysiaSecuritiesBerhad.PleaserefertotheproposedOrdinaryResolution4asstatedintheNoticeofAnnualGeneralMeetingoftheCompanyforthedetails.

*I/We...........................................................................................................................................*NRIC/CompanyNo.......................................................................................... of .......................................................................................................................................................................................................................beinga*Member/Membersof

ACMEHoldingsBerhad,herebyappoint(Proxy1)..................................................................................................................................................................................

*NRIC/PassportNo.............................................................................................................of .................................................................................................................................... .........................................................................................................................................................................................................................................................................................................

and*/orfailinghim/her*(Proxy2),....................................................................................................................................................................*NRIC/PassportNo.

.............................................................................................................of .................................................................................................................................................................................... .........................................................................................................................................................................................................................................................................................................

and*/orfailinghim*,theChairmanoftheMeeting,as*my/ourproxy/proxiestoattendandvotefor*me/usandon*my/ourbehalfattheThirtiethAnnualGeneralMeetingoftheCompanytobeheldatKelawaiRoom,LobbyLevel,EvergreenLaurelHotel,53PersiaranGurney,10250Georgetown,PulauPinangonMonday,28September2020at10:30a.m.andatanyadjournmentthereoftovoteasindicatedbelow:

AGENDA ToreceivetheAuditedFinancialStatementsfortheyearended31March2020togetherwiththeReportsoftheDirectorsandAuditorsthereon

Pleaseindicatewithan“X”inthespacesprovidedaboveastohowyouwishyourvotetobecast.Ifyoudonotdoso,theproxywillvoteorabstainfromvotingathis/herdiscretion.

Theproportionof*my/ourholdingtoberepresentedby*my/ourproxiesareasfollows:-

Proxy1 %Proxy2 % 100%

Inthecaseofavotetakenbyashowofhands,theFirstProxyshallvoteon*my/ourbehalf.

No.ofsharesheld

Aswitnessmyhandthis……...……dayof……………….......……..…………,2020. .......................................................................................................................... SignatureofMember(s)/CommonSeal*Strikeoutwhicheverisinapplicable

No.ofordinarysharesheld

CDSAccountNo.

$

Proxy Form

Notes:(1) Amemberentitledtoattendandvoteisentitledtoappointoneormoreproxiestoattend,voteandspeakinhisstead,andaproxyneednotbeamemberoftheCompany.

Thereshallbenorestrictionastothequalificationoftheproxy.Theproxysoappointedshallbeentitledtovoteonanymatterwhichmayproperlycomebeforethemeeting.(2) AMembershallbeentitledtoappointamaximumoftwo(2)proxiestoattendandvoteatthesamemeeting.WhereaMemberappointstwo(2)proxies,theappointment

shallbeinvalidunlesshespecifiestheproportionsofhisshareholdingstoberepresentedbyeachproxy.(3) WhereaMemberisanExemptAuthorisedNomineewhichholdsordinarysharesintheCompanyformultiplebeneficialownersinonesecuritiesaccount(“omnibusaccount”)

thereisnolimittothenumberofproxieswhichtheExemptAuthorisedNomineemayappointinrespectofeachomnibusaccountitholds.(4) WhereaMemberisanauthorisednomineeasdefinedundertheCentralDepositoriesAct,itmayappointatleastone(1)proxybutnotmorethantwo(2)proxiesinrespect

ofeachsecuritiesaccountitholdswhichiscreditedwiththesharesoftheCompany.Theappointmentoftwo(2)proxiesinrespectofaparticularsecuritiesaccountshallbeinvalidunlesstheauthorisednomineespecifiestheproportionofitsshareholdingtoberepresentedbyeachproxy.

(5) Theinstrumentappointingtheproxyshallbeinwriting,executedbyoronbehalfoftheappointor.Inthecaseofacorporatemember,theinstrumentappointingaproxymustbeeitherunderitscommonsealorunderthehandofitsofficerorattorneydulyauthorised.

(6) TheinstrumentappointingaproxymustbedepositedattheRegisteredOffice,51-8-A,MenaraBHLBank,JalanSultanAhmadShah,10050Georgetown,Penangnotlessthan24hoursbeforethetimeforholdingtheMeetingoranyadjournmentsthereofPROVIDEDthatintheeventthemember(s)dulyexecutestheFormofProxybutdoesnotnameanyproxy,suchmember(s)shallbedeemedtohaveappointedtheChairmanoftheMeetingashis/theirproxy,providedalwaysthattherestoftheFormofProxy,otherthantheparticularsoftheproxyhavebeendulycompletedbythemember(s).Proxyformviafacsimileorelectronicmailwillnotbeaccepted.

(7) ForthepurposeofdeterminingaMemberwhoshallbeentitledtoattendthemeeting,theCompanyshallberequestingtheDepositorytoissueaGeneralMeetingRecordofDepositors(“ROD”)asat18September2020.OnlyDepositorswhosenameappearsontheRODshallbeentitledtoattendthesaidmeetingorappointproxiestoattendand/orvoteonhisbehalf.

(8) Allresolutionsassetoutinthisnoticeof30thAnnualGeneralMeetingaretobevotedbypoll.

For Against

ACME HOLDINGS BERHAD Company No. 198901012432 (189740-X)

(FullNameinBlockLetters)



(FullAddress)

(FullAddress)

(FullAddress)

(FullAddress)

Ordinary Resolution1. ApprovalofpaymentofDirectors’feesandDirectors’benefitsforthefinancialyear

ending31March2021.2. Re-electionofMr.LeeChiongMengasDirector.3. Re-appointment of Messrs. Grant Thornton as Auditors and to authorise the

DirectorstofixtheAuditors’remuneration.4. Authority under Section 75 and Section 76 of the Companies Act 2016 for the

Directorstoissueshares.

TheSecretariesACME HOLDINGS BERHAD CompanyNo.198901012432(189740-X)

488A-16-01OfficeTowerKompleksMidlandsParkJalanBurma10350PenangMalaysia.

Stamp

Fold along this line

Fold along this line

ACME Holdings Berhad 198901012432 (189740-X)

Manufacturing division:1, 2, 7 & 8, Jalan PKNK 3

Kawasan Perusahaan LPK Fasa 308000 Sungai Petani, Kedah Darul Aman.Tel: (604) 442 6888 Fax: (604) 442 6448

Property development division:488A-16-01 Office TowerKompleks Midlands Park

Jalan Burma, 10350 Penang.Tel: (604) 210 9911

www.acmeholdings.com.my

A Rt 2020 - Acme Holdings Berhad · 2020. 9. 9. · ACME HOLDINGS BERHAD Annual Report 2020...

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