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  • Next Generation TELECOMUNICATION Solution Provider

    Annual Report 2015

  • Core Values In order to realise its vision, SILVER RIDGE HOLDINGS BHD’s

    management strongly believes that it has to expand its business activities through appropriate and effective strategies to steer the

    Company towards the right direction in the telecommunications industry. The strategies adopted by the Company are to optimise its current technology capabilities, retain employees’ and stakeholders’

    confidence, increase revenue growth through market expansion, product expansion and improvement in processes plus technology

    upgrade along the value chain.

    Our Mission To build upon core expertise in telecommunications and its association with multinational telecommunication partners to create a local environment that promotes creativity, structured thinking and the establishment of best practices for delivery in the area of Next Generation Telecommunication Solution.

    Our Vision To strive for excellence in INNOVATION, DEVELOPMENT, IMPLEMENTATION of next generation TELECOMMUNICATION SOLUTION in the local and international

    INTEGRITY

    DISCIPLINE

    INNOVATION

    COMMITMENT TO SOCIETY

    CUSTOMER CENTRICITY

  • 2 Corporate Information

    3 Corporate Structure

    4 Financial Highlights

    5 Chairman’s Statement

    7 Profile of Directors

    12 Statement of Corporate Governance

    20 Audit and Risk Management Committee Report

    25 Statement on Risk Management and Internal Control

    27 Additional Compliance Information

    28 Statement of Directors’ Responsibility

    29 Financial Statements

    103 List of Properties

    108 Analysis of Shareholdings

    110 Analysis of Warrants Holdings

    112 Notice of Annual General Meeting

    116 Notice of Nomination of Auditors

    Proxy Form

    Contents

  • 2 Silver Ridge Holdings Bhd. (667785-W) Annual Report 2015

    CORPORATE INFORMATION

    BOARD OF DIRECTORS

    Y. B. Datuk Sr. Haji Md. Alwi bin Haji Che Ahmad Chairman / Independent Non- Executive Director

    Y. B. Senator Dato’ Mohd Suhaimi bin Abdullah Group Managing Director

    Syakur bin Dato’ Mohd Suhaimi Executive Director / Chief Executive Officer

    Wong Chee Keong Executive Director / Group General Manager

    Satila binti Dato’ Mohd Suhaimi Executive Director

    Syauqat bin Dato’ Mohd Suhaimi Executive Director

    Voon Sze Lin Executive Director

    Zakhirah @ Zamariah Binti Mohd Zabidi Executive Director (appointed 27 May, 2015)

    Ho Chee Meow @ Ho Chee Mee Independent Non-Executive Director

    Mohamad Ashshakur bin Ahmad Marzuki Independent Non-Executive Director (appointed 27 February, 2015)

    AUDIT COMMITTEE

    Y. B. Datuk Sr. Haji Md. Alwi bin Haji Che Ahmad Chairman Ho Chee Meow @ Ho Chee Mee Member Mohd Ashshakur bin Ahmad Marzuki Member

    NOMINATION COMMITTEE

    Y. B. Datuk Sr. Haji Md. Alwi bin Haji Che Ahmad Chairman Ho Chee Meow @ Ho Chee Mee Member Mohd Ashshakur bin Ahmad Marzuki Member

    REMUNERATION COMMITTEE

    Y. B. Datuk Sr. Haji Md. Alwi bin Haji Che Ahmad Chairman Y. B. Senator Dato’ Mohd Suhaimi bin Abdullah Member Mohd Ashshakur bin Ahmad Marzuki Member

    COMPANY SECRETARY

    Leong Sue Ching (MAICSA 7040814)

    REGISTERED OFFICE

    No. 9A, Jalan Medan Tuanku Medan Tuanku 50300 Kuala Lumpur Wilayah Persekutuan Tel.: 03 - 26918996 Fax.: 03 - 26986996

    REGISTRAR

    Boardroom Corporate Services (KL) Sdn Bhd Lot 6.05, Level 6, KPMG Tower 8, First Avenue, Bandar Utama 47800 Petaling Jaya Selangor Darul Ehsan

    Tel.: 03 - 77201188 Fax.: 03 - 77201111

    CORPORATE OFFICE

    4 – 6, Jalan 28 / 70A Desa Sri Hartamas 50480 Kuala Lumpur Wilayah Persekutuan Tel.: 03 - 23000163 Fax.: 03 - 23000291 Email : corporate@silverridge.com.my

    AUDITORS

    Messrs. Baker Tilly Monteiro Heng Level 10, Tower 1, Avenue 5 Bangsar South City 59200 Kuala Lumpur Wilayah Persekutuan Tel.: 03 – 22971000 Fax.: 03 – 22829980

    PRINCIPAL BANKERS

    Malayan Banking Berhad CIMB Bank Berhad Bank Islam Malaysia Berhad

    STOCK EXCHANGE LISTING

    ACE Market of Bursa Malaysia Securities Berhad Stock name : SRIDGE Stock code : 0129

  • 3Silver Ridge Holdings Bhd. (667785-W) Annual Report 2015

    CORPORATE STRUCTURE

    SILVER RIDGE SDN. BHD.

    SILVER RIDGE TRADING SDN. BHD.

    SILVER RIDGE CAPITAL SDN. BHD.

    SILVER RIDGE (HK) HOLDINGS LIMITED

    SILVER RIDGE-TANGERINE SDN BHD

    SILVER RIDGE AGRICULTURAL INFOMATICS SDN. BHD.

    100%

    100%

    100%

    100%

    100%

    100%

  • 4 Silver Ridge Holdings Bhd. (667785-W) Annual Report 2015

    FINANCIAL HIGHLIGHTS

    2011 RM’000

    2012 RM’000

    2013 RM’000

    2014 RM’000

    2015 RM’000

    Revenue 40,172 41,690 42,535 32,049 33,661

    Profit/(Loss) before tax 3,029 (1,833) 1,590 (375) (4,934)

    Profit/(Loss) attributable to owners of the company 1,447 (2,987) 516 (502) (4,970)

    Total equity attributable to owners of the company 16,898 16,041 16,557 17,872 12,902

    Net assets per share(RM) 0.17 0.15 0.15 0.15 0.11

    Earnings/(Loss) per share

    - Basic(sen) 1.4 (2.8) 0.5 (0.4) (4.1)

    - Diluted(sen) 1.4 (2.8) 0.5 (0.4) 4.1

  • 5Silver Ridge Holdings Bhd. (667785-W) Annual Report 2015

    CHAIRMAN’S STATEMENT

    OVERVIEW

    The Group recorded revenue of RM33.67 million during financial year 2015 as compared to RM32.05 million for the previous financial year, representing an improvement of 5.05%.

    Nevertheless, the higher revenue did not translate to better profitability where the Group recorded a net loss of RM4.97 million in financial year 2015 as compared with net loss of RM0.50 million in the previous financial year.

    The higher loss was a result of the Group adopting prudent measures to provide for impairment of receivables and investments during the financial year 2015. However, the Group actually generated better cash flows with net cash generated from operating activities improving to RM6.09 million in financial year 2015 from RM2.00 million in the previous year.

    INDUSTRY TREND AND DEVELOPMENT

    As announced in Budget 2016, in order to improve the telecommunication infrastructure, Malaysian Communications and Multimedia Commission (MCMC) will provide RM1.2 billion, among others, for rural broadband projects which will see a four-fold increase in Internet speed from 5 megabyte per second to 20 megabyte per second; National Fibre Backbone Infrastructure; High Speed Broadband; and undersea cable system.

    PROSPECTS

    The Group is cautiously optimistic of improving results in the coming financial year due to its healthy order book from the telecommunication sector. Looking further ahead, the Group is hopeful of the Government’s emphasis on broadband infrastructure through initiatives outlined in the 11th Malaysia Plan (11MP).

    According to the plan for the 2016-2020 period, digital infrastructure will not only be vital in bringing people together through communication

    channels but also lay the foundation for economic development through knowledge-intensive industries.

    The plan, which carries the theme “Anchoring Growth on People”, notes that key infrastructure roll-out initiatives such as High-Speed Broadband 2 (HSBB 2), Suburban Broadband (SUBB) and Digital Terrestrial Television (DTT) will be undertaken during this period, along with policies to improve access pricing and consumer protection frameworks.

    My Fellow Shareholders,

    On behalf of the Board of Directors of Silver Ridge Holdings Bhd., I would like to present to you the Annual Report and Audited Financial Statements of the Group and of the Company for the financial year ended 31 December 2015.

  • 6 Silver Ridge Holdings Bhd. (667785-W) Annual Report 2015

    CHAIRMAN’S STATEMENT (Continued)

    The HSBB 2 proposes to cover all state capitals and selected high-impact growth areas that will see 250,000 ports encompassing 410,000 premises by end-2016. It also eyes 100 megabits per second (Mbps) broadband being made available to all households in the areas involved by 2020.

    Under the Suburban Broadband initiative covering suburban and rural areas, it is targeted that an additional 420,000 ports encompassing 750,000 premises will be installed within five years of the start of the project with 20 Mbps broadband made available to 50% of households by 2020.

    The Group is cautiously optimistic of improving results in the coming financial year due to its healthy order book from thetelecommunication sector. The Group has also expanded its products and services offerings to the education and SMEsectors and is hopeful to start generating some income from these segments.

    CORPORATE SOCIAL RESPONSIBILITY

    The Group is committed to being an exemplary corporate citizen– to practice responsible corporate governance and positively contribute towards safety, sustainable environment and society. Corporate Responsibility (“CR”) has always been an integral part of the Group’s culture.

    Workplace

    To promote closer working relationships and foster better understanding among employees,