Published on July 11, 2009
SIAH BROTHERS CORPORATION BERHAD Contents Notice Of Annual General Meeting 1 Report Of The Auditors 38 Corporate Information 5 Balance Sheets 39 Profile Of The Directors 6 Income Statements 40 Corporate Structure 13 Statements Of Changes In Equity 41 Statement Of Directors’ Responsibilities 14 Cash Flow Statements 42 Chairman’s Statement 15 Notes To The Financial Statements 44 Penyata Pengerusi 19 Group Properties 71 Audit Committee Report 23 Shareholders’ Information 73 Group Financial Highlights 28 TSR Holders’ Information 76 Directors’ Report 31 ICULS Holders’ Information 78 Statement By Directors 37 Appendix 1 82 Statutory Declaration 37 Proxy Form
Notice Of Annual General Meeting 1 SIAH BROTHERS CORPORATION BERHAD NOTICE IS HEREBY GIVEN that the Eleventh Annual General Meeting of Siah Brothers Corporation Berhad will be held at the Penthouse, 5th Floor, Wisma Siah Brothers, 74, Jalan Pahang, 53000 Kuala Lumpur on Thursday, 27 September, 2001 at 10.30 a.m. to transact the following business :- AGENDA 1. To receive and adopt the Directors’ Report and the Audited Financial (Resolution 1) Statements for the year ended 31 March, 2001 together with the Auditors’ Report thereon. 2. To declare a first and final dividend of 1.5% less 28% income tax for the year (Resolution 2) ended 31 March, 2001. 3. To approve the payment of Directors’ fees. (Resolution 3) 4. To re-appoint YBhg. Dato’ Lim Phaik Gan as a Director pursuant to Section (Resolution 4) 129(6) of the Companies Act, 1965. 5. To re-elect Mr. Sia Teong Heng as a Director retiring by rotation pursuant (Resolution 5) to Article 80 of the Articles of Association of the Company. 6. To re-elect Mr. Sia Kwee Mow @ Sia Hok Chai as a Director retiring pursuant (Resolution 6) to the Listing Requirements of the Kuala Lumpur Stock Exchange. 7. To re-appoint Messrs Horwath Mok & Poon as Auditors of the Company (Resolution 7) and to authorise the Directors to fix their remuneration. 8. As Special Business, to consider and, if thought fit, to pass the following resolutions :- (A) ORDINARY RESOLUTION (Resolution 8) AUTHORITY TO DIRECTORS TO ALLOT AND ISSUE SHARES "THAT subject always to the Companies Act, 1965, the Articles of Association of the Company and the approval from the Kuala Lumpur Stock Exchange and other governmental/regulatory bodies, where such approval shall be necessary, the Directors be and are hereby authorised pursuant to Section 132D of the Companies Act, 1965, to allot and issue shares in the Company, at any time and upon such terms and conditions and for such purposes as they may in their absolute discretion deem fit, provided that the aggregate number of shares issued pursuant to this resolution does not exceed ten per cent (10%) of the issued capital of the Company for the time being and that such authority shall continue in force until the conclusion of the next Annual General Meeting of the Company. "
Notice Of Annual General Meeting ANNUAL REPORT 2001 2 (B) SPECIAL RESOLUTION ADOPTION OF NEW ARTICLES OF ASSOCIATION (Resolution 9) "THAT the Articles of Association of the Company as set out in Appendix 1 to the Annual Report for year 2001 be and are hereby approved and adopted as the new Articles of Association of the Company in substitution for and to the exclusion of all the existing Articles of Association of the Company." 9. To consider any other business for which due notice shall have been given. NOTICE OF DIVIDEND PAYMENT NOTICE IS HEREBY GIVEN that subject to the approval of the shareholders at the Eleventh Annual General Meeting of the Company, the first and final dividend of 1.5% less 28% income tax for the year ended 31 March, 2001 will be paid on 31 October, 2001 to Depositors registered in the Record of Depositors on 17 October, 2001. A Depositor shall qualify for entitlement only in respect of – (a) shares transferred into the Depositor’s Securities Account before 12.30 p.m. on 17 October, 2001 in respect of ordinary transfers; and (b) shares bought on the Kuala Lumpur Stock Exchange on a cum entitlement basis according to the Rules of the Kuala Lumpur Stock Exchange. By Order of the Board CHONG FOOK SIN KAN CHEE JING Company Secretaries Kuala Lumpur 3 September, 2001 NOTES :- 1) Proxy - A member entitled to attend and vote at the Meeting is entitled to appoint a proxy to attend and vote instead of him. Where a member appoints more than one (1) proxy, the appointment shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy. To be valid, the proxy form duly completed must be deposited at the Registered Office of the Company not less than forty-eight (48) hours before the time for holding the meeting. If the appointor is a corporation, this form must be executed under its common seal or under the hand of its attorney.
Notice Of Annual General Meeting 3 SIAH BROTHERS CORPORATION BERHAD 2) Resolution 8 - The Company is actively pursuing business opportunities in prospective areas so as to broaden the operating base and earnings potential of the Company. Such expansion plans may require the issue of new shares not exceeding 10 per cent (10%) of the Company’s issued share capital. With the passing of the resolution by the shareholders of the Company at the forthcoming Annual General Meeting, the Directors would avoid delay and cost of convening further general meetings to approve the issue of shares for such purposes. 3) Resolution 9 - The proposed Special Resolution is to bring the Articles of Association of the Company to be consistent with Chapter 7 of the Listing Requirements of the Kuala Lumpur Stock Exchange, the Securities Industry (Central Depositories) Act 1991, the Rules of the Malaysian Central Depository Sdn Bhd and other regulatory requirements. STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING PURSUANT TO PARAGRAPH 8.28 (2) OF THE LISTING REQUIREMENTS OF KUALA LUMPUR STOCK EXCHANGE (1) The following are the Directors standing for re-election at the Eleventh Annual General Meeting to be held at the Penthouse, 5th Floor, Wisma Siah Brothers, 74, Jalan Pahang, 53000 Kuala Lumpur on Thursday, 27 September, 2001 at 10.30 a.m.- (a) Pursuant to Section 129(6) of the Companies Act, 1965 YBhg. Dato’ Lim Phaik Gan (b) Pursuant to Article 80 of the Articles of Association of the Company Mr. Sia Teong Heng (c) Pursuant to the Listing Requirements of the Kuala Lumpur Stock Exchange Mr. Sia Kwee Mow @ Sia Hok Chai (2) Number of Board Meetings held during the : Four financial year ended 31 March 2001 Place of the Meetings : The Penthouse, 5th Floor, Wisma Siah Brothers, 74, Jalan Pahang, 53000 Kuala Lumpur. Date and hour of the Meetings : (i) Friday, 26th May, 2000 at 10.20 a.m. (ii) Friday, 25th August, 2000 at 11.00 a.m. (iii) Friday, 24th November, 2000 at 11.00 a.m. (iv) Monday, 26th February, 2001 at 11.36 a.m.
Notice Of Annual General Meeting ANNUAL REPORT 2001 4 (3) Attendance of Directors at Board Meetings held during the financial year ended 31 March, 2001 Date of Number of Name of Directors Appointment Meetings attended Tan Sri Dato’ Ir. Muhammad Yusuff bin Haji Muhammad Yunus 05.02.1991 4 Sia Kwee Mow @ Sia Hok Chai 14.06.1990 4 Sia Teong Heng 05.02.1991 4 Mun Chong Shing @ Mun Chong Tian 01.04.1996 3 Dato’ Lim Phaik Gan 05.02.1991 2 Dr. Norraesah bt. Haji Mohamad 08.07.1991 2 Datuk Sim Peng Choon 14.05.1993 4 Abdul Rahman bin A. Shukor (Alternate to Datuk Sim Peng Choon) 05.02.2001 Nil (4) Further details on the Directors standing for re-election at the Eleventh Annual General Meeting are set out in pages 6 to 9 of the Annual Report.
Corporate Information 5 SIAH BROTHERS CORPORATION BERHAD As at 15 th August, 2001 (as BOARD OF DIRECTORS Tan Sri Dato’ Ir. Muhammad Yusuff Bin Haji Muhammad Yunus PSM, DIMP, JMN, PJK, B.Sc., P. Eng, FAS Chairman and Independent Non Executive Director Sia Kwee Mow @ Sia Hok Chai JMN, FFB, FCIOB, FAIB Group Managing Director Sia Teong Heng B.Sc. (Eng), M.Sc. Executive Director Mun Chong Shing @ Mun Chong Tian Executive Director Dato’ Lim Phaik Gan DPMP, DMPN, M.A.(Law), FCI, ARB Independent Non Executive Director Dr. Norraesah Bt. Haji Mohamad PhD., B.Sc. (Econ) Independent Non Executive Director Datuk Sim Peng Choon PJN Non Executive Director Abdul Rahman Bin A. Shukor B.Sc (Civil & Environmental Eng.), Executive MBA Non Executive Director (Alternate to Datuk Sim Peng Choon) AUDIT COMMITTEE SOLICITORS Dr. Norraesah Bt. Haji Mohamad Lee, Perara & Tan PhD., B.Sc. (Econ) 55, Jalan Thambapillai Chairperson & Independent Non Executive Director Off Jalan Tun Sambanthan Brickfields Tan Sri Dato’ Ir. Muhammad Yusuff 50470 Kuala Lumpur Bin Haji Muhammad Yunus PSM, DIMP, JMN, PJK, B.Sc., P. Eng, FAS Lim & Yeoh Independent Non Executive Director 145-M Jalan Maharajalela 50150 Kuala Lumpur Sia Teong Heng B.Sc. (Eng), M.Sc. PRINCIPAL BANKERS Executive Director Alliance Bank Malaysia Berhad Aseambankers Malaysia Berhad Datuk Sim Peng Choon Bangkok Bank Berhad PJN Bumiputra Commerce Bank Berhad Non Executive Director Commerce International Merchant Bankers Berhad Overseas Union Bank (M) Berhad COMPANY SECRETARIES RHB Bank Berhad Chong Fook Sin ATII, MCCS, AFA Utama Merchant Bank Berhad Kan Chee Jing ACIS REGISTERED OFFICE REGISTRARS Wisma Siah Brothers Tacs Corporation Sdn Bhd 74A Jalan Pahang Unit No. 203, 2nd Floor 53000 Kuala Lumpur Block C, Damansara Intan No. 1, Jalan SS 20/27 Tel : 03-40418118 Fax : 03-40435281 47400 Petaling Jaya AUDITORS Tel : 03-71182688 Fax : 03-71182693 Horwath Mok & Poon Public Accountants STOCK EXCHANGE LISTING Level 16 Tower C, Megan Phileo Avenue The Main Board of Kuala Lumpur Stock Exchange 12 Jalan Yap Kwan Seng 50450 Kuala Lumpur
Profile Of The Directors ANNUAL REPORT 2001 6 (A) DIRECTORS’ PROFILE AS AT 31ST JULY, 2001 Tan Sri Dato’ Ir. Muhammad Yusuff bin Haji Muhammad Yunus, a Malaysian, aged 73, the Independent Non-Executive Chairman of Siah Brothers Corporation Berhad ("SBC"), was appointed to the Board of Directors of SBC on 5th February, 1991. He is also a member of the Audit Committee of SBC. He graduated with a Bachelor of Science Degree majoring in Civil Engineering from the University of Wales, United Kingdom in 1954 and is a Chartered Civil Engineer. He served in the Public Works Department ("Jabatan Kerja Raya" or "JKR") from 1955 until his retirement in 1983, holding the last position as the Director-General of JKR. Presently, he also sits on the board of Projek Lebuhraya Utara Selatan Berhad and several private limited companies in Malaysia. He does not hold any securities, direct or indirect, in SBC or any of its subsidiaries. He has no family relationship with any Director and/or major shareholder of SBC. He does not have any conflict of interest with SBC. He has not been convicted of any offence within the past 10 years. He attended all the four Board Meetings held during the last financial year. Sia Kwee Mow @ Sia Hok Chai, a Malaysian, aged 68, is the Managing Director of Siah Brothers Corporation Berhad ("SBC"). He has been a Director of SBC since its incorporation on 14th June, 1990. He has over 47 years of experience in building and civil engineering contracting and not less than 29 years of experience in plastic engineering since the incorporation of Paling Industries Sdn. Bhd. in 1971. He was actively involved in Master Builders Association ("MBAM") and had served in various capacities including the post of President (1988 to 1994). He was elected as the 29th President (1994 to 1996) of the International Federation of Asian and Western Pacific Contractors’ Associations ("IFAWPCA") during which he led the IFAWPCA delegation to a meeting between the World Bank and International Contractors Association held at Washington D.C. in November, 1996. In recognition of his vast experience and knowledge in construction and his contribution to the building construction industry, he was awarded or conferred the following : q Johan Mangku Negara by DYMM Yang DiPertuan Agong in 2001 q Honorary Life President by MBAM in 2001 q Fellowship of the Faculty of Building, United Kingdom in 1981 q Fellowship of the Chartered Institute of Building, United Kingdom as a Chartered Builder in 1979 q Fellowship of the Australian Institute of Building by the Australian Royal Charter of Building in 1982 He was also a previous President of both the Selangor Builders Association and Selangor Chinese Plumbing and Sanitary Association.
Profile Of The Directors 7 SIAH BROTHERS CORPORATION BERHAD He also sits on the board of several private limited companies in Malaysia, including several subsidiaries of SBC. His holdings in the securities of SBC are as follows – Direct Interest Indirect Interest Ordinary shares 3,982,400 7,463,832(a) Transferable Subscription Rights 3,078,500 1,746,780(b) Irredeemable Convertible Unsecured Loan Stocks 2,054,250 89,693,206(a) Employees’ Shares Option Scheme 450,000 - (a) Deemed interest by virtue of his shareholding in LOM Holdings Sdn. Bhd. and Evergreen Legacy Sdn. Bhd. (b) Deemed interest by virtue of his shareholding in Evergreen Legacy Sdn. Bhd. and Perfect Consistence Sdn. Bhd. He does not hold any securities, direct or indirect, in any of SBC subsidiaries. He is the father of Sia Teong Heng, an Executive Director and a major shareholder of SBC. He does not have any conflict of interest with SBC except for those transactions disclosed in Note 36 to the financial statements. He has not been convicted of any offence within the past 10 years. He attended all the four Board Meetings held during the last financial year. Sia Teong Heng, a Malaysian, aged 38, was appointed as an Executive Director of Siah Brothers Corporation Berhad ("SBC") on 5th February, 1991. He is also a member of the Audit Committee of SBC. He graduated in 1985 with a degree in Bachelor of Science in Civil Engineering from Loughborough University, United Kingdom ("UK") and a Master degree in Management Science from Imperial College, University of London, UK in 1986. His career began in investment banking in 1987 with Morgan Grenfell (Asia) Ltd., Singapore. He joined SBC in 1991. Presently, he also sits on the board of several subsidiaries of SBC. His holdings in the securities of SBC are as follows - Direct Interest Indirect Interest Ordinary shares 1,296,400 7,463,832(a) Transferable Subscription Rights - 1,746,780(b) Irredeemable Convertible Unsecured Loan Stocks 1,432,500 89,693,206(a) Employees’ Shares Option Scheme 350,000 - (a) Deemed interest by virtue of his shareholding in LOM Holdings Sdn. Bhd. and Evergreen Legacy Sdn. Bhd. (b) Deemed interest by virtue of his shareholding in Evergreen Legacy Sdn. Bhd. and Perfect Consistence Sdn. Bhd.
Profile Of The Directors ANNUAL REPORT 2001 8 He does not hold any securities, direct or indirect, in any of SBC subsidiaries. He is a son of Sia Kwee Mow @ Sia Hok Chai, the Managing Director and a major shareholder of SBC. He does not have any conflict of interest with SBC except for those transactions disclosed in Note 36 to the financial statements. He has not been convicted of any offence within the past 10 years. He attended all the four Board Meetings held during the last financial year. Mun Chong Shing @ Mun Chong Tian, a Malaysian, aged 64, was appointed as an Executive Director of Siah Brothers Corporation Berhad ("SBC") on 1st April, 1996. He completed his secondary education up to GCE A Level and has attended courses in Sales Management conducted by National Productive Centre and Malaysia Institute of Management as well as a General Management Programme at the National Productivity Board, Singapore. He joined Hume Industries (M) Bhd. ("Hume") in 1961 and held various management positions rising to the level of General Manager. During his tenure with Hume, he gained extensive experience in all aspects of the manufacturing business including sales management, general management and industrial engineering. He joined Paling Industries Sdn. Bhd. in 1987 as General Manager with overall responsibility for the company's business. Overall, he has approximately 40 years of experience in manufacturing with specific emphasis on piping and construction building materials. His holdings in the securities of SBC are as follows - Direct Interest Indirect Interest Ordinary shares 17,000 - Transferable Subscription Rights 12,500 - Irredeemable Convertible Unsecured Loan Stocks 22,000 - Employees’ Shares Option Scheme 350,000 - He does not hold any securities, direct or indirect, in any of SBC subsidiaries. He is a brother-in-law to Sia Kwee Mow @ Sia Hok Chai and an uncle to Sia Teong Heng, both are Directors and major shareholders of SBC. He does not have any conflict of interest with SBC. He has not been convicted of any offence within the past 10 years. He attended three of the four Board Meetings held during the last financial year.
Profile Of The Directors 9 SIAH BROTHERS CORPORATION BERHAD Dato' Lim Phaik Gan (P.G. Lim), a Malaysian, aged 81, was appointed as an Independent Non- Executive Director of Siah Brothers Corporation Berhad ("SBC") on 5th February, 1991. She is an advocate and solicitor and was called to the Bar of England and the Bar of Malaysia. She obtained a Master of Arts degree in Law from the University of Cambridge, United Kingdom and was in active practice at the Bar of Malaysia from 1954 to 1971 and from 1980 until today. Since 1955, she has had a distinguished career in both the private and public sectors. In 1970, she was a member of the National Economic Consultative Council established when Parliament was suspended as a result of riots in 1969. From 1971 to 1980, she served as the Deputy Permanent Representative of Malaysia to the United Nations and as the Malaysian Ambassador to Yugoslavia, Austria, Belgium and the European Economic Community. She was Malaysia's Permanent Representative to the United Nations Industrial and Development Organisation and International Atomic Energy Agency in Vienna, and served as chairman in various committees. Since her retirement from the Malaysian Foreign Service in 1980, she has been actively involved in various government bodies and advisory panels. She is currently a member of the Board of the Institute of Strategic and International Studies. She was the Director of the Kuala Lumpur Regional Centre for Arbitration, an international organisation involved in the conduct and administration of international commercial arbitration for the settlement of disputes arising out of international commercial contracts and joint ventures from 1982 to 2000. Her holdings in the securities of SBC are as follows - Direct Interest Indirect Interest Ordinary shares 5,000 - She does not hold any securities, direct or indirect, in any of SBC subsidiaries. She has no family relationship with any Director and/or major shareholder of SBC. She does not have any conflict of interest with SBC. She has not been convicted of any offence within the past 10 years. She attended two of the four Board Meetings held during the last financial year. Dr. Norraesah bt. Haji Mohamad, a Malaysian, aged 53, was appointed as an Independent Non- Executive Director of Siah Brothers Corporation Berhad ("SBC") on 8th July, 1991. She is also the Chairperson of the Audit Committee of SBC. She holds a Doctorate Degree in Economics Science (International Economics and Finance) which she obtained in 1986 from University of Paris 1, Pantheon Sorbonne, France. She has over 28 years of working experience in banking, consultancy and international trade and commerce. She worked with the International Trade Division of the Ministry of Trade and Industry (now known as the Ministry of International Trade and Industry) from 1972 to 1985 and was later transferred to the Finance Division of the Ministry of Finance holding the post of Principal Assistant Secretary dealing with privatisation and debt management.
Profile Of The Directors ANNUAL REPORT 2001 10 In 1988, she joined ESSO Production Malaysia, Inc. as Communications Manager and subsequently, in 1990, took the position of Managing Director with a consultant firm providing financial advisory services. From 1991 to 1998 she was appointed as the Chief Representative of Credit Lyonnais Bank in Malaysia. She is currently the Group Chairman of MIDAS Group of Engineering Colleges, the Chairman of Bank Kerjasama Rakyat Malaysia Berhad and also sits on the board of KESM Industries Berhad, a company listed on the Second Board of the Kuala Lumpur Stock Exchange and several private limited companies. Her holdings in the securities of SBC are as follows - Direct Interest Indirect Interest Transferable Subscription Rights 4,000 - She does not hold any securities, direct or indirect, in any of SBC subsidiaries. She has no family relationship with any Director and/or major shareholder of SBC. She does not have any conflict of interest with SBC. She has not been convicted of any offence within the past 10 years. She attended two of the four Board Meetings held during the last financial year. Datuk Sim Peng Choon, a Malaysian, aged 69, was appointed as a Non-Executive Director of Siah Brothers Corporation Berhad ("SBC") on 14th May, 1993. He is also a member of the Audit Committee of SBC. He graduated with a Senior Cambridge Certificate from the Anglo Chinese School in Ipoh, Perak Darul Ridzuan in 1951. He started his career in 1951 with Barlow & Co. Ltd., Kuala Lumpur, an agent for consumer goods as their representative. From 1957 to 1963, he was a Director and Manager of H Rogers & Co. Ltd., Kuala Lumpur. In 1968, he joined Allen & Hansbury Ltd., a manufacturer of vitamin products, antibiotics and surgical instruments as a Medical Representative in Singapore. In 1964, he established Polychem (M) Sdn. Bhd. He is also currently the Chairman of N.P. King (HK) Ltd., Hong Kong and N.P. King Pte. Ltd., Singapore, both act as agents for manufacturers of hardware and industrial products. He is also active in several social organisations, acting as the Vice-Chairman of Kwan Inn Teng Foundation of Malaysia since 1980 and a Director and the Deputy Treasurer of Tung Shin Hospital, Kuala Lumpur since 1981 and 1986 respectively. He is a life member of Chee Kim Thong Pugilistic & Health Society in 1964. Presently, he also sits on the Board of Cabot Malaysia Sdn. Bhd. and SKF Bearing Industries Malaysia Sdn. Bhd. He was awarded the distinction of Panglima Jasa Negara on 2nd June, 2001 by the Yang Di- Pertuan Agung on his Majesty’s 75th Birthday.
Profile Of The Directors 11 SIAH BROTHERS CORPORATION BERHAD His holdings in the securities of SBC are as follows - Direct Interest Indirect Interest Ordinary shares 10,000 - Irredeemable Convertible Unsecured Loan Stocks 4,000 - He does not hold any securities, direct or indirect, in any of SBC subsidiaries. He has no family relationship with any Director and/or major shareholder of SBC. He does not have any conflict of interest with SBC. He has not been convicted of any offence within the past 10 years. He attended all the four Board Meetings held during the last financial year. Abdul Rahman bin A. Shukor, a Malaysian, aged 39, was appointed to the Board of Directors of Siah Brothers Corporation Berhad ("SBC") as a Non-Executive Director alternate to Datuk Sim Peng Choon on 5th February, 2001. He graduated in 1985 with a degree in Bachelor of Science in Civil & Environmental Engineering from the University of Wisconsin at Madison, USA. He started his career in 1985 with Machinta Sdn. Bhd. as a Site Engineer, and subsequently joined the Department of Environment ("DOE") as an Environmental Controller in 1986. Before he left the DOE, he was involved in the Planning Department, specifically on the aspect of Environmental Impact Assessment. In 1992, he joined PNB Equity Resource Corporation Sdn. Bhd., a wholly owned subsidiary company of PNB, as an Assistant Manager in its Venture Capital Business. In 1997, he went to the United States to pursue the Executive Master of Business Administration program from the University of New Haven at Connecticut. At the same time, he has also sat and passed the First and Second of the three levels Examination of the Chartered Financial Analysis ("CFA") Program organised by the Association of Investment Management and Research ("AIMR"), USA. The CFA Program is a distinguished professional chartership for the financial & investment communities in the USA, and have following through the establishment of AIMR charters all around the world. Upon the completion of his studies in 1999, he was assigned as a Manager in the Corporate Services Department of Permodalan Nasional Berhad ("PNB"). Presently, he sits on the Board of GKN Driveshafts (Malaysia) Sdn. Bhd., representing PNB. He does not hold any securities, direct or indirect, in SBC or any of its subsidiaries. He has no family relationship with any Director and/or major shareholder of SBC. He does not have any conflict of interest with SBC. He has not been convicted of any offence within the past 10 years. He did not attend any of the Board Meetings held during the last financial year.
Profile Of The Directors ANNUAL REPORT 2001 12 (B) DIRECTORS’ REMUNERATION FOR THE YEAR ENDED 31ST MARCH, 2001 (i) Aggregate Remuneration Executive Non-Executive Remuneration Directors Directors Total RM RM RM Fee 60,000 50,400 110,400 Salary 832,800 - 832,800 Bonus 66,500 - 66,500 Benefits in kind 46,772 - 46,772 Total 1,006,072 50,400 1,056,472 (ii) Analysis of Remuneration Size by Remuneration No. of No. of Non- RM Executive Directors Executive Directors 1 – 50,000 - 4 50,001 – 100,000 - - 100,001 – 150,000 1 - 150,001 – 200,000 1 - 200,001 – 250,000 1 - 250,001 – 300,000 - - 300,001 – 350,000 - - 350,001 – 400,000 - - 400,001 – 450,000 - - 450,001 – 500,000 1 -
Corporate Structure 13 SIAH BROTHERS CORPORATION BERHAD As at 15 th August, 2001
Statement Of Directors’ Responsibilities In Respect Of The Audited Financial Statements ANNUAL REPORT 2001 14 The Directors are required to ensure that financial statements for each financial year are properly drawn up in accordance with the provisions of the Companies Act, 1965 and approved accounting standards in Malaysia so as to give a true and fair view of the state of affairs and results of the Group and the Company for the financial year then ended. In preparing those financial statements, the Directors have : q adopted suitable accounting policies and then apply them consistently ; q made judgements and estimates that are prudent and reasonable ; q ensured applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements ; and q prepared the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Company will continue in business. The Directors are responsible for ensuring proper accounting records are kept which disclose with reasonable accuracy at any time the financial position of the Group and of the Company and to enable them to ensure that the financial statements comply with the Companies Act, 1965. The Directors are also responsible for safeguarding the assets of the Group and of the Company and, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chairman’s Statement 15 SIAH BROTHERS CORPORATION BERHAD O n behalf of the Board of Directors, it is my pleasure to present the Annual Report and Financial Statements of Siah Brothers Corporation Berhad for the financial year ended 31 March 2001. Financial Review The Group recorded a profit before taxation and provision for doubtful debts of RM8.74 million for the financial year ended 31 March 2001. The provisions of RM7.32 million were made on account of outstanding debts owed primarily from the turnkey construction of Plaza Phoenix, Empire Tower and Princess Hotel. Housing development, a core business of the Group, remained an important contributor to the Group’s earnings. The construction division witnessed a reduction in turnover on account of the completion of the campus and academic facilities for the International Institute of Islamic Thought and Civilization at Taman Duta, Kuala Lumpur and the luxury residential tower at The Peak, Signal Hill, Kota Kinabalu, Sabah. For the year under review, cost cutting and rationalization measures continued to be implemented in order to reduce the effects of the current economic conditions. In the spirit of corporate governance and transparency, the Board had also implemented a policy to continuously review the recoverability of debts and the carrying value of investment. Operational Review Housing Development and Construction Division Considering the competitive operating and business environment in which the division is operating, financial year 2001 was a fulfilling year for the division as it recorded satisfactory performance. During the year under review, the construction division was awarded with the construction of upgrading the Jalan Batu Caves-Simpang Tiga from Jabatan Kerja Raya Selangor. Currently, we are actively negotiating for several Government projects which we hope will give the Group good returns over the next few years. Aerial View Of Taman Mastiara, Kuala Lumpur
Chairman’s Statement ANNUAL REPORT 2001 16 v Bandar Utama, Batang Kali, Selangor Single Storey Terrance House Amongst the major projects undertaken by the housing development division during the year under review and which are still on-going include :- q Townville apartments and supportive shops at Taman Mastiara, Jalan Ipoh, Kuala Lumpur. q Traditional terrace houses at Perkampungan Sri Mahkota Aman, Kuantan, Pahang and Bandar Utama, Batang Kali, Selangor. In addition, the division had also entered into a joint venture project development agreement with TA Properties Sdn Bhd. Under the joint venture development, the division undertakes to develop 400 units of low cost apartment and 294 units of medium cost terrace house at Persiaran Selat Selatan, Pandamaran, Pelabuhan Kelang, Selangor, which is expected to commence in September 2001. Manufacturing Division Despite a very competitive business environment, the manufacturing division achieved significantly higher revenue of RM38.5 million, a 40% increase over 2000’s revenue of RM27.6 million. However, in spite of the increase achieved in the turnover, the division recorded a slightly higher loss of RM261,000 in the year in comparison to RM61,000 in the previous year. This was mainly due to a trademark of RM436,000 which is used for a 51% owned manufacturing subsidiary’s product, was written off as it is no longer expected to generate income in the foreseeable future. On 31 March 2001, the deal on the 60% equity participation in Paling Industries Sdn Bhd ("Paling") by Etex S. A., which is among the world renowned largest plastic building materials manufacturer in Europe with global network, was completed. Among the advantages that Paling will benefit from the equity participation by Etex S. A. are :- q Paling will be Etex’s main conduit for Etex products coming into Malaysia which will result in growth of business turnover. q Paling will benefit from inter-trading within the Etex Group to obtain the most cost- effective product mix. q Paling is to be developed by Etex into its ASEAN centre for production and v Paling Product distribution. q Paling will have access to patented technology and ready know-how in production techniques to achieve world-class standards. q Paling will select Etex products (with potential in ASEAN market) that will be localised and manufactured by Paling. Paling Product
Chairman’s Statement 17 SIAH BROTHERS CORPORATION BERHAD q Paling will leverage off Etex’s bargaining strength for preferential rates on machinery and raw materials. Corporate Development In February 2001, the Group received approval from the Securities Commission for its :- (i) Proposed Renounceable Rights Issue of up to v Perkampungan Sri Mahkota Aman, Kuantan, Pahang 52,277,289 new ordinary shares of RM1.00 each Single Storey House in the Company credited as fully paid-up at an issue price of RM1.00 per share on the basis of one (1) new share for every two (2) shares held; and (ii) Proposed Special Issue of up to 80,920,000 new shares in the Company in consideration of an offer by the Company to replace from the holders of the existing 1997/2002 5% Irredeemable Convertible Unsecured Loan Stocks ("ICULS") their respective ICULS holdings on the basis of 120 ICULS in consideration of 30 new shares in the Company, together with a restricted issue of 30 new shares in the Company at an issue price of RM1.00 per share payable in full for cash. On 23 March 2001, the shareholders of the Company approved the divestment of 2,700,000 ordinary shares of RM1.00 each, representing 60% of the entire issued and paid-up share capital in Paling Industries Sdn Bhd to Etex Holding B.V. for a total cash consideration of RM27,075,000. The divestment resulted in an exceptional gain of RM10,729,328 and RM23,475,000 to the Group and the Company, respectively. Employees’ Share Option Scheme ("ESOS") In February and April 2000, the Group received approval from the Securities Commission and shareholders respectively for its proposed ESOS of 3,563,000 ordinary shares. The relevant documents pertaining to the ESOS have been lodged with the Registrar of Companies on 19 May 2000 and on 14 July 2000, the Group has offered the ESOS to its eligible employees at an exercise price of RM1.40 per share. Boardroom Change I would like to welcome on Board Encik Abdul Rahman bin A. Shukor who was appointed as alternate Director to Datuk Sim Peng Choon (a nominee Director for Permodalan Nasional Berhad) in the year 2001. I would also like to thank Encik Ibrahim bin Awang and Mr Yeoh Hock Thong who have both retired as Directors for their invaluable v Taman Mastiara, Kuala Lumpur contribution to the development of the Group Double Storey Shop during their terms in office. Prospect The Malaysian economy is expected to register a moderation in GDP growth of about 5% in 2001. The growth momentum built over the last two years, strength of economic fundamentals and the implementation of new pre-emptive measures by the Government to cushion the economic against a global slowdown are expected to generate sufficient impetus to sustain a respectable rate of growth of economic activities.
Chairman’s Statement ANNUAL REPORT 2001 18 The regulations to purchase and own property by foreigners have also been relaxed by the Government in order to encourage foreign direct investments and enhance the property market sector. The Group will continue to consolidate its position and restructure its operations to be leaner and more efficient. It will continue to focus on value-added activities such as strategic joint ventures with landowners ; while still sustaining its own housing development activities on its land bank. The construction sector in the Group’s principal markets are expected to be competitive in the forthcoming year. However, in view of the country’s continued economic recovery and with the Group’s diversification into East Malaysia’s projects, the Group expects to remain competitive in its existing businesses. The Group will also continue to seek and explore new avenues and opportunities both in Peninsular Malaysia and East Malaysia. v Bandar Utama Batang Kali Double Storey Terrace Under this macro economy backdrop, the Group is confident of achieving another satisfactory performance for the coming financial year in the Group’s housing development as well as construction divisions, both in Peninsular Malaysia and East Malaysia. Dividend The Board of Directors has recommended a first and final dividend of 1.5% less 28% tax in respect of the financial year ended 31 March 2001. Appreciation On behalf of the Board, I would like to extend my sincere gratitude to my fellow members on the Board, management and staff for their continuing support, confident, commitment and contribution to the performance of the Group. Our satisfactory performance in this financial year would also not have been possible without the support from our shareholders, clients, sub-contractors, suppliers and business associates of the Group. Here, I wish to express my appreciation to the above parties. I would also like to thank the Kuala Lumpur Stock Exchange, the Registrar of Companies, the Securities Commission, our bankers, lawyers, auditors and agencies for their constant assistance throughout the year. YBhg. Tan Sri Dato’ Ir. Muhammad Yusuff Bin Haji Muhammad Yunus PSM, DIMP, JMN, PJK, B.Sc., P.Eng.,FAS Chairman of the Board of Directors 15 August 2001
Penyata Pengerusi 19 SIAH BROTHERS CORPORATION BERHAD Pengenalan D engan sukacitanya saya bagi pihak Lembaga Pengarah membentangkan Laporan Tahunan Siah Brothers Corporation Berhad untuk tahun kewangan berakhir 31 Mac 2001. Kajian Kewangan Kumpulan telah mencatat keuntungan sebelum cukai dan peruntukan hutang ragu sebanyak RM8.74 juta bagi tahun kewangan yang berakhir pada 31 Mac 2001. Jumlah hutang ragu sebanyak RM7.32 juta diperuntukkan setelah mengambilkira hutang-hutang yang belum dibayar bagi pembinaan secara pukal Plaza Phoenix, Empire Tower dan Hotel Princess. Pembangunan hartanah & perumahan, yang kekal sebagai aktiviti utama Kumpulan adalah penyumbang utama kepada perolehan Kumpulan. Walaubagaimanapun, bahagian pembinaan telah mengalami penurunan dalam perolehannya setelah kampus dan kemudahan akademi untuk Institut Antarabangsa Pemikiran dan Tamadun Islam di Taman Duta, Kuala Lumpur dan juga pangsapuri mewah The Peak, Signal Hill, di Kota Kinabalu, Sabah siap dibina. Bagi tahun yang dibentangkan, Kumpulan meneruskan langkah-langkah rasional dan pengurangan kos bagi mengurangkan kesan-kesan daripada situasi ekonomi masa kini. Dengan semangat budaya korporat dan ketelusan, Lembaga Pengarah telahpun melaksanakan satu polisi untuk sentiasa menjalankan kajian menyeluruh untuk mendapatkan kembali hutang-hutang dan mangetahui nilai pelaburan semasa. Kajian Operasi Bahagian Pembanguan Hartanah & Perumahan dan Pembinaan Bahagian ini telah memperolehi pencapaian yang memuaskan dalam tahun kewangan 2001 walaupun beroperasi dalam suasana operasi dan urusniaga yang mencabar dan bersaing. Bagi tahun kewangan yang dibentangkan, bahagian pembinaan telah diberi tender oleh Jabatan Kerja Raya, Selangor untuk menaik-tarafkan Jalan Batu Caves – Simpang Tiga. Kami juga sedang dalam rundingan dengan pihak-pihak yang tertentu untuk mendapatkan beberapa projek kerajaan yang diharap akan dapat menyumbangkan pulangan yang menguntungkan kepada Kumpulan buat beberapa tahun akan datang. Di antara projek-projek utama yang dimajukan dan juga sedang dijalankan oleh bahagian pembangunan hartanah & perumahan bagi tahun yang dibentangkan adalah:- q Apatmen-apatmen bandar dan kedai-kedai pejabat di Taman Mastiara, Jalan Ipoh, Kuala Lumpur. Institut Antarabangsa Pemikiran dan Tamadun Islam
Penyata Pengerusi ANNUAL REPORT 2001 20 q Rumah-rumah teres di Perkampungan Sri Mahkota Aman, Kuantan, Pahang dan di Bandar Utama, Batang Kali, Selangor. Selain dari itu, bahagian ini juga telah menandatangani satu perjanjian pembangunan usahasama dengan TA Properties Sdn Bhd. Di bawah pembangunan usahasama ini, bahagian ini akan membangunkan 400 unit apatmen kos rendah dan 294 unit rumah teres kos sederhana di Persiaran Selat Selatan, Pandamaran, Pelabuhan Kelang, Selangor. Pembangunan ini dijangka akan bermula pada bulan September 2001. Bahagian Pengilangan Walaupun berada dalam suasana urusniaga yang bersaing, bahagian pengilangan masih mencapai perolehan sebanyak RM38.5 juta iaitu kenaikan sebanyak 40% berbanding perolehan sebanyak RM27.6 juta pada tahun 2000. Namun demikian, bahagian ini mengalami kerugian sebanyak RM261,000 berbanding dengan RM61,000 pada tahun sebelumnya. Ini disebabkan kos tanda perniagaan berjumlah RM436,000 yang digunakan untuk produk pengilangan anak syarikat yang dimiliki 51% telah dilupuskan kerana dijangka tidak akan mendatangkan pendapatan di masa akan datang. Perjanjian telah dimeterai pada 31 Mac 2001 dengan persetujuan perkongsian ekuiti sebanyak 60% dalam Paling Industries Sdn Bhd ("Paling") oleh Etex S.A, salah sebuah pengilang bahan-bahan binaan plastik yang terkemuka di Eropah. Di antara kelebihan-kelebihan yang akan dinikmati oleh Paling dari perkongsian ekuiti oleh Etex S. A. adalah :- q Paling akan dijadikan saluran utama bagi produk-produk Etex yang dibawa masuk ke Malaysia secara langsung yang akan meningkatkan perolehan perniagaannya. q Paling akan berpeluang untuk berurusniaga dalaman sesama Kumpulan Etex untuk memperolehi produk campuran dengan kos yang lebih efektif. v Barangan Keluaran Paling q Paling akan dipermajukankan oleh Etex sebagai pusat pembuatan dan pemasaran di sekitar ASEAN. q Paling akan diberi pendedahan kepada teknologi tercipta dan teknik pengeluaran yang canggih untuk mencapai mutu keluaran yang diiktiraf seluruh dunia. q Paling akan memilih produk-produk Etex yang berpotensi di pasaran ASEAN yang akan dikeluarkan daripada kilang Paling. v Barangan Keluaran Pali q Paling akan menggunakan sepenuhnya kelebihan Etex untuk mendapatkan kadar-kadar yang terbaik ke atas kelengkapan mesin dan bahan-bahan mentah. Perkembangan Korporat Pada bulan Februari 2001, Kumpulan telah menerima kelulusan daripada Suruhanjaya Sekuriti bagi :- (i) Cadangan Terbitan Hak Boleh Diisytihar Semula sebanyak 52,277,289 saham-saham biasa baru yang bernilai RM1.00 setiap satu dalam Syarikat dikreditkan sebagai dibayar sepenuhnya dengan harga terbitan RM1.00 setiap satu atas dasar satu saham biasa untuk setiap dua saham yang dimiliki ; dan (ii) Cadangan Terbitan Istimewa sebanyak 80,920,000 saham baru dalam Syarikat dengan mempertimbangkan tawaran Syarikat untuk menggantikan daripada pemegang-pemegang 1997/
Penyata Pengerusi 21 SIAH BROTHERS CORPORATION BERHAD 2002 5% Stok Pinjaman Tidak Boleh Ditebus, Boleh Diubah Dan Tidak Bercagar ("ICULS") pada masa kini dengan ICULS yang masing-masing dipegang atas dasar 120 ICULS ditukarkan dengan 30 saham-saham baru dalam Syarikat, dan dengan terbitan terhad sebanyak 30 saham baru dengan harga RM1.00 setiap satu, yang akan dibayar sepenuhnya secara tunai. Pada 23 Mac 2001, para pemegang-pemegang saham Syarikat telah meluluskan pelupusan sebanyak 2,700,000 saham biasa bernilai RM1.00 setiap satu, yang mewakili 60% v Taman Mastiara Townnville, Kuala Lumpur 150 units 3 dan 4 Tingkat Rumah Bandar daripada keseluruhan modal saham terbitan dan berbayar Paling Industries Sdn Bhd kepada Etex Holding B.V. dengan harga pelupusan secara tunai berjumlah RM27,075,000. Pelupusan tersebut telah mencatat keuntungan luarbiasa sebanyak RM10,729,328 dan RM23,475,000 kepada Kumpulan dan Syarikat masing-masing. Skim Opsyen Saham Pekerja ("ESOS") Pada bulan Febuari dan April 2000, para pemegang-pemegang saham Syarikat dan Suruhanjaya Sekuriti masing-masing telah meluluskan cadangan penerbitan ESOS sebanyak 3,563,000 saham biasa. Dokumen-dokumen yang berkenaan telahpun didaftarkan di pejabat Pendaftar Syarikat pada 19 Mei 2000. Pada 14 Julai 2000, Kumpulan telah menawarkan ESOS kepada pekerja-pekerja Kumpulan yang berkelayakan untuk membeli saham-saham biasa baru dengan nilainya RM1.40 setiap satu. v Perkampungan Sri Mahkota, Kuantan Rumah Teres Satu Tingkat Perubahan Lembaga Pengarah Bagi pihak Lembaga Pengarah, saya ingin mengalu-alukan Encik Abdul Rahman bin A. Shukor yang telah menyertai Lembaga Pengarah sebagai pengarah alternatif kepada Datuk Sim Peng Choon ( Pengarah nomini bagi Permodalan Nasional Berhad) pada tahun 2001. Saya juga ingin merakamkan penghargaan terhadap sumbangan berharga yang telah diberikan oleh Encik Ibrahim bin Awang dan Encik Yeoh Hock Thong sepanjang penggal mereka sebagai Pengarah Syarikat, bagi pembangunan dan pertumbuhan Kumpulan. Prospek Ekonomi Malaysia dijangka akan mencatat kesederhanaan dalam pertumbuhan Pendapatan Kasar Negara iaitu sebanyak 5% dalam tahun 2001. Dengan momentum pertumbuhan yang dibina dalam masa dua tahun yang lepas, kekuatan asas ekonomi dan pelaksanaan langkah-langkah baru oleh kerajaan untuk mempertahankan ekonomi daripada kemelesetan global dijangka akan merangsangkan kadar pertumbuhan aktiviti-aktiviti ekonomi. Kerajaan juga telah melonggarkan syarat-syarat pembelian dan pemilikan hartanah oleh orang-orang asing bagi menggalakkan pelaburan asing secara langsung serta meningkatkan sektor pasaran hartanah. Kumpulan akan terus mengukuhkan kedudukannya dan menyusun semula operasinya agar lebih efisyen dan berkesan. Tumpuan akan terus diberikan kepada aktiviti-aktiviti yang mempunyai nilai tambahan seperti usahasama yang strategik dengan tuan-tuan tanah sementara masih meneruskan pembangunan hartanah & perumahan di atas tanah yang dimiliki.
Penyata Pengerusi ANNUAL REPORT 2001 22 Sektor pembinaan Kumpulan dijangka akan terus bersaing dalam pasaran utama pada tahun yang akan datang. Walaubagaimanapun, memandangkan situasi ekonomi yang memberangsangkan dan kepelbagaian aktiviti Kumpulan yang melibatkan projek-projek di Malaysia Timur, Kumpulan dijangka akan terus bersaing dalam urusniaga sediaada. Kumpulan akan terus berusaha untuk mencari dan memperkembangkan peluang-peluang baru yang ada di Semenanjung Malaysia dan juga Malaysia Timur. Dalam situasi ekonomi makro, Kumpulan yakin akan meraih pencapaian yang memuaskan bagi tahun kewangan akan datang dalam bahagian hartanah & perumahan dan pembinaan Kumpulan di Semenanjung Malaysia dan Malaysia Timur. v Bandar Utama Batang Kali Rumah Kedai Dua Tingkat v Bandar Utama Batang Kali Rumah Teres Satu Tingkat Dividen Lembaga Pengarah mencadangkan dividen pertama dan terakhir sebangyak 1.5% selepas cukai 28% bagi tahun kewangan berakhir 31 Mac 2001.. Penghargaan Bagi pihak Lembaga Pengarah, saya mengambil kesempatan ini untuk merakamkan penghargaan saya kepada ahli-ahli Lembaga Pengarah atas sokongan dan tunjukajar mereka serta penghargaan kepada para pemegang-pemegang saham yang memberikan keyakinan dan dedikasi kepada Kumpulan. Saya juga ingin meyampaikan ribuan terima kasih kepada semua kakitangan dan pihak pengurusan kami di atas usaha gigih, kesetiaan dan keyakinan mereka kepada Kumpulan. Pihak kami juga ingin merakamkan setinggi-tinggi penghargaan kepada agensi-agensi kerajaan, pihak bank, peguam-peguam, juruaudit, rakan kongsi perniagaan, penasihat dan pelanggan kami di atas sokongan dan galakan mereka. YBhg. Tan Sri Dato’ Ir. Muhammad Yusuff Bin Haji Muhammad Yunus PSM, DIMP, JMN, PJK, B.Sc., P.Eng., FAS Pengerusi Lembaga Pengarah 15 Ogos 2001
Audit Committee Report 23 SIAH BROTHERS CORPORATION BERHAD The Board of Siah Brothers Corporation Berhad is pleased to present the Audit Committee Report for the financial year ended 31 March 2001. (i) COMPOSITION OF THE AUDIT COMMITTEE The Audit Committee comprises the following:- Chairperson : Dr. Norraesah Bt. Haji Mohamad PhD., B.Sc. (Econ) (Independent Non-Executive Director) Members : Tan Sri Dato’ Ir. Muhammad Yusuff Bin Haji Muhammad Yunus PSM, DIMP, JMN, PJK, B.Sc., P.Eng, FAS (Independent Non-Executive Director) Datuk Sim Peng Choon PJN (Non-Executive Director) Sia Teong Heng B.Sc. (Eng), M.Sc. (Executive Director) Secretaries : Chong Fook Sin ATII, MCCS, AFA Kan Chee Jing ACIS (ii) MEETING OF THE AUDIT COMMITTEE The Audit Committee met four times during the financial year ended 31 March 2001 and the details of the attendance of each member of the Audit Committee are as follows:- No. of Meetings Name of Members attended Dr. Norraesah Bt. Haji Mohamad 2 Tan Sri Dato’ Ir. Muhammad Yusuff Bin Haji Muhammad Yunus 4 Datuk Sim Peng Choon 4 Sia Teong Heng 4
Audit Committee Report ANNUAL REPORT 2001 24 (iii) ACTIVITIES OF THE AUDIT COMMITTEE In a proactive move towards ensuring the promotion of high standards of corporate governance, accountability, due diligence and integrity, the Audit Committee had undertaken the following activities in the financial year ended 31 March 2001:- 1. reviewed the annual plan with the External Auditors in terms of the nature of the audit procedures, significant accounting and auditing problems, impact of new or proposed changes in the accounting standards and regulatory requirements; 2. ensured that sufficient audit coverage was accorded on all areas of the Group’s business and activities; 3. reviewed the audit programme, performance and findings of the Internal Audit Department ("IAD") as well as monitored the implementation of IAD’s Audit Programme; 4. assessed the capacity of IAD to fulfil its responsibilities for reviewing, amongst other thing, the scope of IAD’s charter; 5. reviewed the Company’s compliance with certain government regulations; and 6. assessed the performance of the Company’s financial management. At the Audit Committee Meetings held on 26 May 2000 and 25 August 2000, IAD tabled its audit report to the Audit Committee for deliberation. Weaknesses of procedures were identified and the respective Heads of Department were asked to take the necessary actions to rectify those weaknesses and to put proper procedures and control mechanism in place to prevent future occurrences of a similar nature. During the year, IAD focused on: x Housing Development Division’s receipt and payment systems - Seri Ampangan Realty Sdn Bhd; and - Sinaran Naga Sdn Bhd, x Construction Division’s appointment & awarding of sub-contractors and payment systems - Syarikat Siah Brothers Trading Sdn Bhd; and - Syarikat Siah Brothers Construction Sdn Bhd, which collectively contributed more than 50% of the Group’s turnover. It is also the Audit Committee’s normal practice that External Auditors are invited to present their views to the Audit Committee in respect of the Company’s annual financial results before the Audit Committee submits its recommendation to the Board for approval. Minutes of each Audit Committee Meeting were distributed to all members of the Board for notation. Recommendations of the Audit Committee were also considered by the Board. The Company has paid RM10,000 non-audit fees to the External Auditors for the financial year ended 31 March 2001.
Audit Committee Report 25 SIAH BROTHERS CORPORATION BERHAD (iv) TERMS OF REFERENCE OF THE AUDIT COMMITTEE (a) Membership The committee shall be appointed by the Board from amongst the Directors of the Company and shall consist of at least 3 directors, a majority of whom are independent. At least one member of the Committee:- 1. must be a member of the Malaysian Institute of Accountants; or 2. if he is not a member of the Malaysian Institute of Accountants, he must have at least 3 years’ working experience and x he must have passed the examinations specified in Part I of the 1st Schedule to the Accountants Act, 1967; or x he must be a member of one of the associations of accountants specified in Part II of the 1st Schedule to the Accountants Act, 1967. The members of the Committee shall elect the Chairman from among their number who shall be an independent director. In order to form a quorum in respect of a meeting of the Committee, the majority of members present must be independent directors. (b) Attendance At Meetings The Finance Director, the Head of Internal Audit and a representative of the external auditors shall normally attend meetings. Other directors and employees of the Company may attend meetings at the Committee’s invitation. However, at least once a year the Committee shall meet with the external auditors without any executive director present. The Company Secretary shall be the secretary of the Committee. (c) Frequency Of Meetings Meetings shall be held not less than four times a year. The external auditors may request a meeting if they consider that one is necessary. (d) Authority The Committee is authorised by the Board to investigate any activity within its terms of reference. It is authorised to seek any information it requires from any employee and all the employees are directed to cooperate with any request made by the Committee. The Committee is authorised by the Board to obtain outside legal or other independent professional advice and to secure the attendance of an outs
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