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www.ingresscorp.com.my
Contents
Notice of Annual General Meeting
Statement Accompanying Notice of
Annual General Meeting
4
Corporate Information
5
Financial Highlights
6-7
Group Structure
8
Board of Directors / Lembaga Pengarah
Chairman’s Statement /
Perutusan Pengerusi
53
Our Products
9 - 11
Profile of Directors /
Profil Pengarah-Pengarah
12 - 18 Statement of Corporate Governance
19 - 24
Corporate Social Responsibility
25 - 27
Statement of Directors’ Responsibility for Preparing the Financial Statements
28
Audit Committee
29
Audit Committee Report
30 - 32
Statement of Internal Control
33
Additional Compliance Information
34 - 35 Chairman’s Statement / Perutusan Pengerusi
36 - 48
Corporate Office and Subsidiaries
49 - 51
Certification
52
Our Products
53 - 56
Calendar of Significant Events 2006/2007
/ Kalendar Peristiwa Penting 2006/2007
57 - 59
Newspaper Clippings
60 - 61
Audited Financial Statements
63 - 137
Analysis of Shareholding
- Analysis of Equity Structure
138
- Directors’ Interest in Shares
138
- Name of Top 30 Shareholders
139
- Substantial Shareholders
139
List of Properties
140
Proxy Form
141
Highlights
36
2-3
63
Audited Financial
Statements
NOTICE OF ANNUAL
GENERAL MEETING
NOTICE IS HEREBY GIVEN that the EIGHTH ANNUAL GENERAL MEETING of
INGRESS CORPORATION BERHAD (“the Company”) will be held on Monday,
9 July 2007 at the Selangor Ballroom 3, Sheraton Subang Hotel and Towers,
Jalan SS 12/1, Subang Jaya, 47500 Selangor Darul Ehsan at 10.30 a.m. for the
following businesses:AGENDA
1. To receive, consider and adopt the Audited Financial Statements for the financial year ended 31 January 2007 together
with the Report of the Directors and Auditors thereon.
Resolution 1
2. To approve the declaration of a final ordinary tax exempt dividend of 4 sen per share in respect of the financial year
ended 31 January 2007 as recommended by the Directors.
Resolution 2
3. To approve the Directors’ fees for the financial year ended 31 January 2007.
Resolution 3
4. To re-elect the following Directors retiring pursuant to Article 103 of the Company’s Articles of Association: i. Shamsudin @ Samad bin Kassim
Resolution 4
ii. Ungku Farid bin Ungku Abd Rahman
Resolution 5
5. To consider, and if thought fit, to pass the following resolution pursuant to Section 129(6) of the Companies Act,
1965:
“THAT Dato’ Nasir bin Yusoff, who is over the age of seventy (70) years, be hereby re-appointed as Director of the
Company and to hold office until the next Annual General Meeting of the Company”.
Resolution 6
6. To re-appoint Messrs Ernst & Young as Auditors of the Company for the ensuing year and to authorise the Directors to
fix their remuneration.
Resolution 7
7. To transact any other business of the Company of which due notice has been received.
NOTICE OF BOOK CLOSURE
NOTICE IS ALSO HEREBY GIVEN that the dividend, if approved, will be paid on 15 August 2007. The Register of Members
will be closed on 24 July 2007 to determine shareholders’ entitlement to the said dividend.
A Depositor shall qualify for entitlement only in respect of:(a)Shares transferred into the Depositors’ Securities Account before 4.00 p.m. on 24 July 2007 in respect of ordinary
transfer; and
(b)Shares bought on Bursa Malaysia on a cum entitlement basis according to the Rules of Bursa Malaysia Securities
Berhad.
By Order of the Board
INGRESS CORPORATION BERHAD
Nolida binti Md Hashim (LS 007254)
Company Secretary
Selangor Darul Ehsan
18 June 2007
Annual Report 2006 / 2007
Note:
1. A member entitled to attend and vote
at the Meeting is entitled to appoint a
proxy or proxies to attend and vote in his
or her stead. A proxy may, but need not
be, a member of the Company.
2. The instrument appointing a proxy shall
be in writing under the hand of appointer
or his or her attorney duly appointed
under a power of attorney or if such
appointer is a corporation either under
its common seal or under the hand of an
officer or attorney duly appointed under
a power of attorney.
3. Where a member appoints more than one
proxy, the appointment is invalid unless
the proportions of holdings represented
to each proxy are specified.
4. The instrument appointing a proxy must
be deposited at the registered office of
the Company, Lot 1M, 1st Floor, No.2,
Tasik Ampang, Jalan Hulu Kelang, 68000
Ampang, Selangor, at least forty eight
(48) hours before the time appointed for
holding the Meeting or any adjournment
thereof.
5. Registration
of
Members/Proxies
attending the Meeting will be from
9.00 a.m. on the day of the Meeting.
Members/Proxies are required to
produce their identification documents
for registration.
STATEMENT ACCOMPANYING THE
NOTICE OF ANNUAL GENERAL MEETING
Pursuant to Paragraph 8.28 (2) of the Listing Requirements of Bursa Malaysia Securities Berhad (“Listing Requirements”)
1. The names of the Directors who are standing for re-election are as follows:
No.
Name
Appointed on
1.
2.
Shamsudin @ Samad bin Kassim
Ungku Farid bin Ungku Abd Rahman Further details of Directors who stand for re-election at the eighth Annual General Meeting are set out on pages 14 &
16 which includes the details of any interest in the securities of the Company and its subsidiaries.
2 November 2000
23 October 2000
2. The name of the Director who is seeking for re-appointment pursuant to Section 129(6) of the Companies Act, 1965:-
No.
NameAppointed on
1.
Dato’ Nasir bin Yusoff
Further details of Dato’ Nasir bin Yusoff are set out on page 12.
23 October 2000
corporate information
BOARD OF DIRECTORS
OTHER INFORMATION
Dato’ Nasir bin Yusoff Chairman / Independent Non-Executive Director •
Datuk Rameli bin Musa
Executive Vice-Chairman /
Non-Independent Executive Director
Dato’ Vaseehar Hassan bin Abdul Razack
Independent Non-Executive Director
Ungku Farid bin Ungku Abd Rahman
Ab Rahim bin Husain
Ramli bin Napiah
BOARD COMMITTEES
• Audit Committee
Chairman
- Dato’ Nasir bin Yusoff
Members
- Dato’ Vaseehar Hassan bin Abdul Razack
- Shamsudin @ Samad bin Kassim
- Ungku Farid bin Ungku Abd Rahman
• Nomination Committee
Chairman
- Dato’ Nasir bin Yusoff
Members
- Ab Rahim bin Husain
• Remuneration Committee
Chairman
- Dato’ Vaseehar Hassan bin Abdul Razack
Registered Office
Lot 1M, 1st Floor, Plaza Flamingo,
No. 2, Tasik Ampang, Jalan Hulu Kelang,
68000 Ampang, Selangor Darul Ehsan, Malaysia.
Tel: 603-4252 9696 Fax: 603-4252 9393
• Company Secretary
Nolida binti Md Hashim (LS 007254)
•
Principal Bankers
Bank Muamalat Malaysia Berhad
CIMB Bank Berhad
Malayan Banking Berhad
Bank Islam Malaysia Berhad
HSBC Bank Malaysia Berhad
EON Bank Berhad
Bangkok Bank Berhad
AmIslamic Bank Berhad
Standard Chartered Bank Malaysia Berhad
Hong Leong Bank Berhad
United Overseas Bank (Thai) Public Company Limited, Thailand
Bangkok Bank Public Company Limited, Thailand
ACL Bank Public Company Limited, Thailand
Kasikornbank Public Company Limited, Thailand
TMB Bank Public Company Limited, Thailand
PT Bank Maybank Indocorp, Indonesia
The Hongkong and Shanghai Banking Corporation Limited,
Indonesia
• Stock Exchange Listing
Main Board of Bursa Malaysia
•
Auditors
Ernst & Young (AF 0039)
(Chartered Accountants)
Level 23A, Menara Milenium, Jalan Damanlela,
Pusat Bandar Damansara, 50490 Kuala Lumpur.
•
Principal Solicitors
Messrs Azmi & Associates
Messrs Ainul Azam & Co
Messrs Tajul Arafat & Associates
•
Share Registrar
AAJ Management Services Sdn Bhd (409111-V)
Suite 11.3A,11th Floor, Menara Haw Par,
Jalan Sultan Ismail, 50250 Kuala Lumpur.
Tel: 603-2072 8007 Fax: 603-2072 8006
• Website
http://www.ingresscorp.com.my
• E-Mail Address
[email protected]
Members
- Datuk Rameli bin Musa
Executive Vice-Chairman /
FINANCIAL HIGHLIGHTS
63,730
07
30,234
06
35,376
05
15,684
04
33,964
03
07
06*
05
04
PER
290,642
238,762
173,367
139,775
137,687
03
07
06*
AUTOMOTIVE
213,160
05
155,459
04
03
GROUP
171,651
287,204
358,776
REVENUE (RM’000)
3,832
(5,917)
(4,411)
12
3,247
2003
2004*
GROUP
2005*
2006*
07
06
05
04
03
07
PER
6,396
Financial Year Ended 31 January
06*
05
04
03
07
15,334
20,270
AUTOMOTIVE
1,219
10,843
14,440
05
06*
18,443
04
03
GROUP
22,854
30,371
33,618
PROFIT/(LOSS) BEFORE TAXATION (RM’000)
2007
Revenue
Profit/(loss) before taxation
Profit/(loss) after tax and minority interest
RM’000
RM’000
RM’000
171,651
33,618
18,435
155,459
18,443
6,490
213,160
14,440
5,983
287,204
10,843
8,521
358,776
1,219
(2,764)
Total assets
Shareholders’ equity
RM’000
RM’000
324,480
150,880
330,001
158,070
525,970
163,920
578,841
162,391
618,099
162,115
%
%
5.7
12.2
2.0
4.1
1.1
3.6
1.5
5.3
-
-
sen
sen
times
RM
28.8
4.32
6.7
2.36
10.1
5.00
2.0
2.47
8.1
5.00
1.6
2.21
11.1
7.00
1.6
2.11
(3.6)
7.00
(0.5)
2.11
2004
2005
2006
2007
Return on total assets
Return on shareholders’ equity
Basic earnings per share
Dividend per share
Dividend cover
Net tangible assets per share
* Restated
SHARE PRICE
Financial Year Ended 31 January
Highest
Lowest
2003
RM 3.22 RM 2.90 RM 2.48 RM 1.31 RM 1.30
RM 2.06 RM 2.34 RM 1.09 RM 0.90 RM 0.89
34,350
07
100,342
07
26,862
06
89,441
06
25,585
05
31,081
04
03
07
06*
05*
03
04*
PER
34,115
128,712
136,182
136,963
126,989
116,765
162,115
07
05*
04*
03
GROUP
AUTOMOTIVE
162,391
06*
163,920
158,070
150,880
SHAREHOLDERS’ EQUITY (RM’000)
PER
2005
2006
238,762
15,334
11,954
290,642 6,396 (120)
33,964
3,247
1,837
15,684
(4,411)
(3,037)
35,376
(5,917)
(5,497)
30,234
12
174
438,722
136,963
463,935
136,182
484,831 128,712 84,453
34,115
76,648
31,081 68,680
25,585
89,441
26,862
2.6
8.3
2.5
8.8
- - 2.2
5.4
- -
-
-
0.2
0.7
173,367
20,270
11,480
240,027
116,765
253,353
126,989
3.8
7.5
04
03
2004
139,775
22,854
9,527
68,680
05
84,453
PER
07
06*
2003
137,687
30,371
16,598
76,648
484,831
463,935
438,722
05*
03
04*
578,841
618,099
07
253,353
OTHERS
2007 2004*
6.9
14.2
06*
05*
AUTOMOTIVE
2005*
2006*
2003
240,027
330,001
04*
AUTOMOTIVE
324,480
GROUP
03
525,970
TOTAL ASSETS (RM’000)
2007 2005
2006
2007
63,730 4,41718,208 4,404
3,832 87 (4,503) (9,009)
3,961 44 (3,607) (6,605)
100,342 18,56825,465 32,926
34,350 1,372 (653) (947)
3.9 11.5 0.2
3.2
-
-
-
-
FINANCIAL CALENDAR
Announcement of Results:First Quarter
: 27 June 2006
Second Quarter : 29 September 2006
Third Quarter
: 21 December 2006
Fourth Quarter : 26 March 2007
Annual Report
Despatch Date:18 June 2007
The Eighth Annual General Meeting
of the Company will be held as follows:
Date
Time
9 July 2007 10.30 a.m.
Venue
Selangor Ballroom 3, Sheraton Subang Hotel and Towers,
Jalan SS 12/1, Subang Jaya, 47500 Selangor Darul Ehsan.
GROUP STRUCTURE
AUTOMOTIVE & MANUFACTURING
BUSINESS DIVISION
-
Ingress Engineering Sdn Bhd
Ingress Precision Sdn Bhd
Ingress Technologies Sdn Bhd
Ingress Autoventures Co., Ltd
Fine Components (Thailand) Co., Ltd
PT Ingress Malindo Ventures
Matrix Power Services Sdn Bhd
Ingress Research Sdn Bhd
Talent Synergy Sdn Bhd
Ingress Auto Sdn Bhd
Magmapeak Sdn Bhd
POWER, ENGINEERING &
RAILWAY DIVISION
- Multi Discovery Sdn Bhd
- Ramusa Engineering Sdn Bhd
- Matrix Hydro Generation Sdn Bhd
Associate
- Balfour Beatty Rail Sdn Bhd
- Maju Nusa Sdn Bhd
OTHERS
-
Ingress Environmental Sdn Bhd
Ingress Fabricators Sdn Bhd
PT Ingress Amdac Environmental
PT Bina Selaras Tradindo
One (1) other SPV Company*
Note:
* For details, please refer to page 114 on Investment in Subsidiaries.
Board of directorS /
Lembaga pengarah
BOARD OF DIRECTORS /
LEMBAGA PENGARAH
Ramli bin Napiah
Ab Rahim bin Husain
10
Ungku Farid bin Ungku
Abd Rahman
Dato’ Vaseehar Hassan
bin Abdul Razack
11
PROFILE OF DIRECTORS
Aged 73, a Malaysian, appointed as the Chairman and
Independent Non-Executive Director since 23 October 2000.
He holds a Bachelor of Arts in Economics with Honours from
University of Malaya (now National University of Singapore)
and Diploma in Economics and Social Administration
from London School of Economics and Political Science,
University of London. He attended a Senior Management
Programme conducted by Harvard University. He started as
a civil servant in the Kelantan State Government in 1958
and his last position in that service was the Assistant State
Secretary before joining Majlis Amanah Rakyat (MARA) in
1967 as Head of Planning and Evaluation Unit. From 1969
until his retirement in 1997, he then worked in the Federal
Land Development Authority (FELDA) serving in various
posts including Finance Director, Group Managing Director
and finally as Business Advisor.
Aged 60, a Malaysian, appointed as the Executive ViceChairman and Non-Independent Executive Director since 23
October 2000. He holds a Bachelor of Telecommunications
Engineering and a Master in Microwave Communications
both from the University of Sheffield, United Kingdom.
He started as a lecturer in electronics and microwave
telecommunications at Universiti Teknologi Malaysia in
1972. He left Universiti Teknologi Malaysia in 1975 to work
with Pernas NEC Telecommunications Sdn Bhd, where he
worked from 1976 to 1980 before joining Sapura Holdings
Sdn Bhd rising to the post of Executive Vice-Chairman.
In 1997, he joined Tap Resources Berhad as its Executive
Chairman before his resignation in 1998. He currently sits
on the Board of several other private limited companies.
Dato’ Nasir is also a director of Royal and Sun Alliance (M)
Berhad.
Dato’ Nasir serves as the Chairman of the Audit and
Nomination Committees of the Company.
Save as disclosed on page 138, Dato’ Nasir does not hold
any securities in the subsidiaries and none of his family
members have direct or indirect relationship with any
director and/or major shareholder of the Company. He
has not entered into any transaction, whether directly or
indirectly, which has a conflict of interest with the Company
and has not been convicted of any criminal offences within
the past 10 years. He attended all of the six Board Meetings
held during the year.
12
Datuk Rameli is a member of the Remuneration Committee
of the Company.
Save as disclosed on page 138, Datuk Rameli does not
hold any securities in the subsidiaries. None of his family
members have direct or indirect relationship with any
director and/or major shareholder of the Company save
and except by virtue of his substantial shareholdings and
directorship in Ramdawi Sdn Bhd. He has not entered into
any transaction, whether directly or indirectly, which has
a conflict of interest with the Company and has not been
convicted of any criminal offences within the past 10 years.
He attended all of the six Board Meetings held during the
year.
PROFIL PENGARAH-PENGARAH
Berusia 73 tahun, warganegara Malaysia, dilantik sebagai
Pengerusi dan Pengarah Bebas Bukan Eksekutif sejak 23
Oktober 2000. Beliau memegang Ijazah Sarjana Muda Sastera
dalam bidang Ekonomi dengan kepujian dari University of
Malaya (kini National University of Singapore) dan Diploma
Ekonomi dan Pentadbiran Sosial dari London School of
Economics and Political Science, University of London. Beliau
mengikuti Program Pengurusan Kanan yang dikendalikan oleh
Harvard University. Beliau memulakan kerjayanya di dalam
perkhidmatan awam dengan Kerajaan Negeri Kelantan pada
tahun 1958 dan jawatan terakhir beliau di dalam perkhidmatan
itu adalah sebagai Penolong Setiausaha Kerajaan Negeri
sebelum menyertai Majlis Amanah Rakyat (MARA) pada tahun
1967 sebagai Ketua Unit Perancangan dan Penilaian. Dari
tahun 1969 sehingga bersara pada 1997, beliau berkhidmat di
Lembaga Kemajuan Tanah Persekutuan (FELDA), memegang
pelbagai jawatan termasuk Pengarah Kewangan, Pengarah
Urusan Kumpulan dan akhirnya Penasihat Perniagaan.
Naib Pengerusi Eksekutif dan Pengarah Eksekutif Bukan Bebas
sejak 23 Oktober 2000. Beliau memegang Ijazah Sarjana
Muda Kejuruteraan Telekomunikasi dan Sarjana Komunikasi
Gelombang Mikro dari University of Sheffield, United Kingdom.
Beliau memulakan kerjayanya sebagai pensyarah dalam
bidang elektronik dan telekomunikasi gelombang mikro di
Universiti Teknologi Malaysia pada tahun 1972. Beliau meletak
jawatan sebagai pensyarah di Universiti Teknologi Malaysia
pada 1975 bagi menyertai Pernas NEC Telecommunications
Sdn Bhd, di mana beliau berkhidmat dari tahun 1976 hingga
1980 sebelum meneruskan kerjaya beliau bersama Sapura
Holdings Sdn Bhd sehingga dilantik menjadi Naib Pengerusi
Eksekutif. Dalam tahun 1997, beliau menyertai Tap Resources
Berhad sebagai Pengerusi Eksekutif sebelum meletak jawatan
pada tahun 1998. Beliau juga adalah ahli Lembaga beberapa
syarikat sendirian berhad.
Beliau juga menjadi Pengarah di dalam syarikat awam Royal
and Sun Alliance (M) Berhad.
Dato’ Nasir berkhidmat sebagai Pengerusi Jawatankuasa Audit
dan Perlantikan Syarikat.
Selain daripada yang telah dinyatakan pada mukasurat 138,
Dato’ Nasir tidak memegang sebarang saham dalam anak
syarikat dan tiada di kalangan ahli keluarga beliau yang
mempunyai kaitan secara langsung atau tidak langsung
dengan mana-mana Pengarah dan/atau pemegang saham
utama Syarikat. Beliau tidak pernah terlibat dengan apa-apa
urusniaga, sama ada secara langsung atau tidak langsung, yang
mempunyai percanggahan kepentingan dengan Syarikat dan
tidak pernah disabitkan apa-apa kesalahan jenayah sepanjang
10 tahun yang lalu. Beliau telah menghadiri kesemua enam
Mesyuarat Lembaga Pengarah untuk tahun tersebut.
Datuk Rameli
Syarikat.
merupakan
ahli
Jawatankuasa
Imbuhan
Datuk Rameli tidak memegang sebarang saham dalam anak
syarikat dan tiada di kalangan ahli keluarga beliau yang
mempunyai kaitan secara langsung atau tidak langsung dengan
mana-mana Pengarah dan/atau pemegang saham utama
Syarikat kecuali dan hanya dengan menjadi pemegang saham
utama dan jawatan pengarah yang dipegang di Ramdawi Sdn
Bhd. Beliau tidak pernah terlibat dengan apa-apa urusniaga
sama ada secara langsung atau tidak langsung yang mempunyai
percanggahan kepentingan dengan Syarikat dan tidak pernah
disabitkan apa-apa kesalahan jenayah sepanjang 10 tahun
yang lalu. Beliau telah menghadiri kesemua enam Mesyuarat
Lembaga Pengarah untuk tahun tersebut.
13
Aged 56, a Malaysian appointed as an Independent NonExecutive Director since 23 October 2000. He has 26 years
of experience in the financial sector. He has a Bachelor’s
Degree in Accounting, Master in Business Administration
as well as Specialised Masters in Consulting and Coaching
and is currently pursuing a Doctoral Research at the Vrije
Universiteit, Amsterdam.
Aged 60, a Malaysian, appointed as an Independent NonExecutive Director since 2 November 2001. He holds a
Bachelor of Economics from University of Malaya and a
Master in Public and International Affairs (MPIA) from
University of Pittsburg. He started his career as Assistant
Secretary in Ministry of Works in 1970 and later as an
Economist in the Highway Planning Unit in 1973. In 1974,
he was appointed as Assistant Director of Services Division
in Public Services Department until 1979. He was a former
Program Coordinator in Institut Pentadbiran Awam Negara
(lNTAN) from 1981 until his secondment to Malaysian
Industrial Development Finance Berhad (MIDF) in 1984. In
1985, he was appointed as Senior Assistant Secretary of
Industries Division in Ministry of International Trade and
Industry (MITI). He was Malaysia’s Trade Commissioner in
Vienna, Austria from 1989 to 1996. From 1996 to 1999, he
was the Director of Industries Division in MITI. In early 2000,
he was appointed as the Chief Executive Officer of Small
and Medium Industries Development Corporation (SMIDEC)
and served until his retirement from the public service.
He is currently the Chairman of RHB Islamic Bank Berhad and
Chief Executive and Director of the Malaysian subsidiary of
Dallah AlBaraka Group of Saudi Arabia. His directorships in
other public companies and financial institutions are Rashid
Hussain Berhad, RHB Capital Berhad, RHB Bank Berhad, RHB
Sakura Merchant Bankers Berhad, RHB Insurance Berhad,
Utama Banking Group Berhad and CMS Trust Management
Berhad. He also sits on the Board of several other private
limited companies.
He is the Chairman of the Remuneration Committee and a
member of the Audit Committee of the Company.
Save as disclosed on page 138, Dato’ Vaseehar does not
hold any securities in the subsidiaries and none of his
family members have direct or indirect relationship with
any director and/or major shareholder of the Company. He
the past 10 years. He attended three out of the six Board
Meetings held during the year.
14
His directorships in other public companies are Century
Logistics Holdings Berhad, Kinsteel Berhad, Boon Koon
Group Berhad (Chairman), Impressive Edge Group Berhad,
Maxbiz Corporation Berhad and Seal Polymer Industries
Berhad. He also sits on the Board of several other private
limited companies.
He is a member of the Audit, Remuneration and Nomination
Committees of the Company.
Save as disclosed on page 138, Samad does not hold any
securities in the Company and its subsidiaries and none of
his family members have direct or indirect relationship with
any director and/or major shareholder of the Company. He
the past 10 years. He attended all of the six Board Meetings
held during the year.
Pengarah Bebas Bukan Eksekutif sejak 23 Oktober 2000.
Beliau mempunyai 26 tahun pengalaman di bidang kewangan.
Beliau yang memegang Ijazah Sarjana Muda dalam
Perakaunan, Ijazah Sarjana dalam Pengurusan Perniagaan
serta “Specialised Masters in Consulting and Coaching” pada
masa ini sedang mengikuti kursus penyelidikan kedoktoran di
Vrije Universiteit, Amsterdam.
Pengarah Bebas Bukan Eksekutif sejak 2 November 2001.
Beliau memegang ljazah Sarjana Muda Ekonomi dari Universiti
Malaya dan Sarjana Hal-Ehwal Awam dan Antarabangsa
(MPIA) dari University of Pittsburgh. Beliau memulakan
kerjayanya sebagai Timbalan Setiausaha Kementerian Kerja
Raya pada tahun 1970 dan kemudian sebagai ahli ekonomi di
Unit Perancangan Lebuhraya pada tahun 1973. Mulai 1974,
beliau telah dilantik sebagai Timbalan Pengarah Bahagian
Perkhidmatan di Jabatan Perkhidmatan Awam sehingga tahun
1979. Beliau merupakan bekas Penyelaras Program di Institut
Pentadbiran Awam Negara (INTAN) pada tahun 1981 sehingga
beliau ditukarkan ke Industri Pembangunan Kewangan Berhad,
Malaysia (MIDF) pada tahun 1984. Dalam tahun 1985 pula,
beliau dilantik sebagai Timbalan Setiausaha Kanan Bahagian
Industri Kementerian Perdagangan Antarabangsa dan Industri
(MITI). Beliau merupakan Komisioner Perdagangan ke Vienna,
Austria dari tahun 1989 sehingga 1996. Dari tahun 1996
sehingga 1999, beliau menjadi Pengarah Bahagian Industri
MITI. Pada awal tahun 2000, beliau telah dilantik sebagai
Ketua Pegawai Eksekutif Perbadanan Pembangunan Industri
Kecil dan Sederhana (SMIDEC) sehinggalah persaraan beliau
dari sektor perkhidmatan awam.
Di samping tanggungjawabnya sebagai Pengerusi RHB Islamic
Bank Berhad serta Ketua Eksekutif dan Pengarah kepada anak
syarikat di Malaysia bagi Kumpulan Dallah AlBaraka, Arab
Saudi, beliau juga adalah Pengarah di dalam syarikat-syarikat
awam lain seperti Rashid Hussain Berhad, RHB Capital Berhad,
RHB Bank Berhad, RHB Sakura Merchant Bankers Berhad, RHB
Insurance Berhad, Utama Banking Group Berhad dan CMS
Trust Management Berhad. Beliau juga adalah ahli Lembaga
beberapa syarikat sendirian berhad.
Beliau adalah Pengerusi Jawatankuasa Imbuhan dan ahli
Jawatankuasa Audit Syarikat.
Dato’ Vaseehar tidak memegang sebarang saham di dalam
anak syarikat dan tiada di kalangan ahli keluarga beliau yang
mempunyai kaitan, secara langsung atau tidak langsung,
dengan mana-mana Pengarah dan/atau pemegang saham
utama Syarikat. Beliau tidak pernah terlibat dengan apaapa urusniaga, secara langsung atau tidak langsung yang
mempunyai percanggahan kepentingan dengan Syarikat
dan tidak pernah disabitkan apa-apa kesalahan jenayah
dalam tempoh 10 tahun yang lepas. Beliau telah menghadiri
sebanyak tiga daripada enam Mesyuarat Lembaga Pengarah
untuk tahun tersebut.
Beliau menjadi Pengarah di dalam syarikat-syarikat
awam seperti Century Logistics Holdings Berhad, Kinsteel
Berhad dan Infortech Alliance Berhad, Boon Koon Group
Berhad (Pengerusi), Impressive Edge Group Berhad, Maxbiz
Corporation Berhad dan Seal Polymer Industries Berhad.
Beliau juga adalah ahli Lembaga beberapa syarikat sendirian
berhad.
Beliau adalah ahli Jawatankuasa Audit, Imbuhan dan
Perlantikan Syarikat.
Samad tidak mempunyai sebarang pegangan saham di dalam
Syarikat atau anak syarikat dan tiada di kalangan ahli keluarga
beliau yang mempunyai kaitan secara langsung atau tidak
langsung dengan mana-mana Pengarah dan/atau pemegang
saham utama Syarikat. Beliau tidak pernah terlibat dengan
apa-apa urusniaga sama ada secara langsung atau tidak
langsung, yang mempunyai percanggahan kepentingan dengan
Syarikat dan tidak pernah disabitkan apa-apa kesalahan
jenayah dalam tempoh 10 tahun yang lalu. Beliau telah
menghadiri kesemua enam Mesyuarat Lembaga Pengarah
15
Ab Rahim bin Husain
Aged 53, a Malaysian appointed as the Non-Independent
Executive Director since 23 October 2000. He is a member
of the Malaysian Institute of Accountants and a Fellow
of the Chartered Institute of Management Accountants
(UK). He holds a Master in Business Administration from
Ohio University (USA), in collaboration with Universiti
Teknologi MARA (UiTM). His previous work experience was
with Pernas NEC Telecommunications Sdn Bhd in 1980.
In 1981, he joined Sapura Holdings Sdn Bhd and held
several positions before being promoted to Group General
Manager, Finance & Accounting in 1989. In 1995 he joined
Time Telecommunications Sdn Bhd and in 1997, he joined
Tap Resources Berhad as Executive Director Finance before
resigning in 1998. He joined Ingress Engineering Sdn Bhd as
a Director in 1998. He currently sits on the Board of several
other private limited companies.
Aged 50, a Malaysian appointed as a Non-Independent
Executive Director since 23 October 2000. He holds a
Bachelor in Business Administration in 1980 from Ohio
University (USA), in collaboration with Universiti Teknologi
MARA (UiTM). He worked in Petroliam Nasional Berhad
from 1980 to 1984 before joining Proton and held various
positions with his last being the Deputy General Manager of
Procurement and Vendor Development. He joined Ingress
Engineering Sdn Bhd as a Director in 1996. He currently sits
on the Board of several other private limited companies.
He is a member of the Audit Committee of the Company.
Save as disclosed on page 138, Ungku Farid does not hold any
securities in the subsidiaries. None of his family members
have direct or indirect relationship with any director and/
or major shareholder of the Company save and except by
virtue of his directorship in Ramdawi Sdn Bhd. He has not
entered into any transaction, whether directly or indirectly,
which has a conflict of interest with the Company and has
not been convicted of any criminal offences within the past
10 years. He attended all of the six Board Meetings held
during the year.
16
He is a member of the Nomination Committee of the
Company.
Save as disclosed on page 138, Ab Rahim does not hold any
securities in the subsidiaries and none of his family members
or major shareholder of the Company. He has not entered
into any transaction, whether directly or indirectly, which
has a conflict of interest with the Company and has not
been convicted of any criminal offences within the past 10
years. He attended five out of the six Board Meetings held
during the year.
Ab Rahim bin Husain
Pengarah Eksekutif Bukan Bebas sejak 23 Oktober 2000.
Beliau adalah ahli Institut Akauntan Malaysia dan Fellow
Chartered Institute of Management Accountants (UK).
Beliau mempunyai Sarjana Pentadbiran Perniagaan dari Ohio
University (Amerika Syarikat) secara usaha sama dengan
Universiti Teknologi MARA (UiTM). Pengalaman kerjaya beliau
termasuk berkhidmat di Pernas NEC Telecommunications
Sdn Bhd dalam tahun 1980. Pada tahun 1981, beliau telah
menyertai Sapura Holdings Sdn Bhd dan menjawat beberapa
jawatan sebelum dinaikkan pangkat sebagai Pengurus Besar
Kumpulan, Perakaunan dan Kewangan pada tahun 1989. Dalam
tahun 1995, beliau menyertai Time Telecommunications Sdn
Bhd dan pada tahun 1997, beliau kemudiannya berkhidmat di
Tap Resources Berhad sebagai Pengarah Eksekutif Kewangan
sehingga beliau meletakkan jawatan pada tahun 1998. Beliau
menyertai Ingress Engineering Sdn Bhd sebagai Pengarah
pada tahun 1998. Beliau juga adalah ahli Lembaga beberapa
Pengarah Eksekutif Bukan Bebas sejak 23 Oktober 2000. Beliau
memegang Ijazah Sarjana Muda Pentadbiran Perniagaan dari
Ohio University (Amerika Syarikat) pada tahun 1980 secara
usaha sama dengan Universiti Teknologi MARA (UiTM). Beliau
telah berkhidmat di Petroliam Nasional Berhad dari tahun
1980 sehingga 1984 sebelum menyertai Proton memegang
pelbagai jawatan, yang terakhir sebagai Timbalan Pengurus
Besar Jabatan Perolehan dan Pembangunan Vendor. Beliau
telah menyertai Ingress Engineering Sdn Bhd sebagai Pengarah
dalam tahun 1996. Beliau juga adalah ahli Lembaga beberapa
Beliau merupakan ahli Jawatankuasa Audit Syarikat.
Selain daripada yang telah dinyatakan pada mukasurat
138, Ungku Farid tidak memegang sebarang saham dalam
anak syarikat. Tiada di kalangan ahli keluarga beliau yang
mempunyai kaitan secara langsung atau tidak langsung dengan
mana-mana Pengarah dan/atau pemegang saham utama
Syarikat kecuali dan hanya dengan jawatan pengarah yang
dipegang di Ramdawi Sdn Bhd. Beliau tidak pernah terlibat
dengan apa-apa urusniaga sama ada secara langsung atau
tidak langsung yang mempunyai percanggahan kepentingan
dengan Syarikat dan tidak pernah disabitkan apa-apa
kesalahan jenayah sepanjang 10 tahun yang lalu. Beliau telah
menghadiri kesemua enam Mesyuarat Lembaga Pengarah
Beliau adalah ahli Jawatankuasa Perlantikan Syarikat.
Selain daripada yang telah dinyatakan pada mukasurat 138, Ab
Rahim tidak memegang sebarang saham dalam anak syarikat
dan tiada di kalangan ahli keluarga beliau yang mempunyai
kaitan secara langsung atau tidak langsung dengan manamana Pengarah dan/atau pemegang saham utama Syarikat.
Beliau tidak pernah terlibat dengan apa-apa urusniaga sama
ada secara langsung atau tidak langsung yang mempunyai
yang lepas. Beliau telah menghadiri sebanyak lima daripada
enam Mesyuarat Lembaga Pengarah untuk tahun tersebut.
17
/ PROFIL PENGARAH-PENGARAH
Ramli bin Napiah
Aged 54, a Malaysian appointed as a Non-Independent
Executive Director since 4 October 2001. He holds a
Bachelor Degree of Engineering with Honours in Mechanical
& Management Sciences from University of Sheffield. He
started as a Technical Assistant in 1973 in Jabatan Kerja
Raya, Melaka. In 1979, he was a Trainee Manager in
Heightsway Limited, United Kingdom. He left Heightsway
Limited in 1981 to work in KARA Establishment, Saudi
Arabia as an Assistant Operations Manager until 1982. From
1982, he worked for several years in Pernas NEC Kedah Sdn
Bhd, serving in various managerial positions prior to joining
Ingress Engineering Sdn Bhd in 1991 as a Director. He
currently sits on the Board of several other private limited
companies.
Save as disclosed on page 138, Ramli does not hold any
securities in the subsidiaries. None of his family members
or major shareholder of the Company. He has not entered
into any transaction, whether directly or indirectly, which
has a conflict of interest with the Company and has not
been convicted of any criminal offences within the past
10 years. He attended all of the six Board Meetings held
during the year.
18
Pengarah Eksekutif Bukan Bebas sejak 4 Oktober 2001. Beliau
berkelulusan Ijazah Sarjana Muda Kejuruteraan Mekanikal
dan Sains Pengurusan dengan kepujian dari University of
Sheffield. Beliau memulakan kerjayanya sebagai Pembantu
Teknik Jabatan Kerja Raya, Melaka dalam tahun 1973. Pada
tahun 1979, beliau merupakan Pengurus Pelatih di Heightsway
Limited, United Kingdom. Beliau menamatkan perkhidmatan
dengan Heightsway Limited pada tahun 1981 bagi meneruskan
kerjayanya di KARA Establishment, Arab Saudi sebagai
Pembantu Pengurus Operasi sehingga tahun 1982. Mulai tahun
1982, beliau telah bertugas di Pernas NEC Kedah Sdn Bhd,
dengan memegang pelbagai jawatan pengurusan sebelum
menyertai Ingress Engineering Sdn Bhd dalam tahun 1991
sebagai Pengarah. Beliau juga adalah ahli Lembaga beberapa
Ramli tidak memegang sebarang saham dalam anak syarikat
dan tiada di kalangan ahli keluarga beliau yang mempunyai
kaitan secara langsung atau tidak langsung dengan manamana Pengarah dan/atau pemegang saham utama Syarikat.
Beliau tidak pernah terlibat dengan apa-apa urusniaga, sama
ada secara langsung atau tidak langsung yang mempunyai
yang lalu. Beliau telah menghadiri kesemua enam Mesyuarat
Lembaga Pengarah untuk tahun tersebut.
STATEMENT OF CORPORATE
GOVERNANCE
19
GOVERNANCE
The Board of Directors of Ingress Corporation Berhad (“Ingress”) is committed to ensuring that
the practice of good corporate governance is applied throughout Ingress in accordance with the
Malaysian Code of Corporate Governance (“the Code”) for the purpose of protecting and enhancing
shareholders’ value and the financial performance of the Company.
The following paragraphs describe how Ingress has applied the principles set out in the Code and its
compliance with the best practices of the Code.
DIRECTORS
Board of Directors – Composition
The Board consists of seven (7) members of whom four (4) are Executive Directors whilst the
remaining three (3) are Non-Executive Directors who are independent as defined by Bursa Malaysia
including the Chairman. The Non-Executive Directors are independent of Management and disengage
themselves from any business or other relationship with Ingress which could affect the exercise of
their autonomous judgement and thereby bringing objective and independent judgement to the
decision making process of the Board.
The Board is in compliance with paragraph 15.02 of the Listing Requirements in respect of board
composition which requires that at least two (2) directors or one third (1/3) of the total number of
Directors, whichever is higher, are independent Directors.
Board Balance
The Board members have a wealth of experience as well as skills and knowledge which are pertinent
and relevant to Ingress in carrying out the Board’s decision making process.
The role and contribution of the independent Non-Executive Director are particularly and distinctively
recognised to the development of Ingress’ strategy as well as their role in representing the interests
of public shareholders and providing a balanced and independent view of the Board. The profiles of
the Board members are set out on pages 12 to 18 of this Annual Report.
Board Responsibilities
The Board retains full and effective control of the Group. This includes adopting the Group’s overall
strategic plan, approving key business ventures, major investments and funding decisions as well as
developing corporate objectives. The Board also determines the approval of annual and quarterly
financial results, corporate and financial restructuring, acquisitions and disposals, major capital
expenditures, budgets and long term plans of the Group.
These actions are carried out directly by the Board and through the assistance of Risk Management
Executive Committee (RMEC) which facilitates the decision making process in an expeditious manner
by delegation of certain functions by the Board to them.
20
Risk Management Executive Committee (RMEC)
RMEC comprises four (4) members whose primary duties and responsibilities include reviewing risks
management activities affecting Ingress and the Group that are identified, assessed and controlled.
The Committee establishes processes to mitigate and manage those risks and for the reporting year,
several RMEC meetings were held, as and when required, to evaluate risks for new investments. RMEC
endorsement is required prior to tabling any new investment proposals for approval by the Board.
Board Meetings and Supply of Information
Before the end of each financial year, Board meetings are scheduled in advance for distribution
to the Directors to enable them to plan ahead and fit the year’s meeting schedule into their own
programme.
Agenda and board papers are circulated to the Directors prior to Board meetings to enable the
Directors to have ample time to review on issues for deliberation at the meetings. All Directors have
full and unrestricted access to all information within the Group and to the advice and services of the
Company Secretary ensuring Board meeting procedures are adhered to. The Senior Management of
Ingress will make themselves available to brief and provide information to assist the Board during the
meetings. The Board has the right to seek external independent professional advice, if so required,
relating to corporate proposals or issues pertaining to the Group in discharging their duties.
Meetings
The Board meets at least once every quarterly and during the financial year under review, the
Board met six (6) times during which the Board reviewed and approved progress reports of the
Group, the quarterly financial results of the Group for announcement to Bursa Malaysia, corporate
announcements, business plan and strategy and also the overall performance of the Group. Details of
the meeting attendance of each Director during the financial year are stated on pages 12 to 18.
The Board has an Audit Committee whose terms of reference are in line with the Listing Requirements
and the Code. The terms of reference which outline the Audit Committee’s functions and duties
and the summary of the Audit Committee’s activities are furnished in the Audit Committee Report
set out on pages 31 to 33. Minutes of the Audit Committee meetings are tabled to the Board for
notification.
Appointments to the Board
Appointments to the Board are made based on the recommendation by the Nomination Committee to
the Board for their approval. The other responsibilities of the Nomination Committee include making
recommendations to the Board on the appointment of the members of Board Committees, review on
annual basis of the Board structure, size and composition and assessment of the effectiveness of the
Board, its Committees and the contribution of each Director.
21
GOVERNANCE
Appointments to the Board (cont’d)
The Nomination Committee comprises the following members:Dato’ Nasir bin Yusoff - Chairman
Shamsudin @ Samad bin Kassim Ab Rahim bin Husain
During the financial year ended 31 January 2007, one (1) meeting was held on 21 December 2006.
The Nomination Committee is of the opinion that the present composition of the Board contains the
required mix of skills and experience.
Re-election
In accordance with the Articles of Association of the Company, one-third of the Directors shall retire
from office at every annual general meeting but shall be eligible for re-election. In line with the Listing
Requirements, the Articles also provide the requirement of all Directors to retire from office once
at least every three (3) years and are entitled to offer themselves for re-election at the Company’s
annual general meeting. This provides an opportunity for shareholders to renew their mandates.
At the forthcoming Annual General Meeting (AGM), three (3) Directors will retire and their reappointment will be voted by the shareholders. The details of the Directors standing for re-election
is disclosed on page 4. A Director who is over the age of 70 years must retire at the conclusion of the
next AGM unless he or she is re-appointed as a Director by way of special resolution in accordance
with Section 129(6) of the Companies Act, 1965. For this AGM, there is one (1) Director of the
Company, Dato’ Nasir bin Yusoff who is subject to such retirement and re-appointment.
Training and Development of Directors
All Director have successfully completed the Mandatory Accreditation Programme prescribed by Bursa
Malaysia. The Directors will continue to attend other relevant training programmes to keep abreast
with developments on a continuous basis in compliance with paragraph 15.09 of Listing Requirements.
During the year, all the Directors have attended various accredited courses and seminars to further
enhance their skill and knowledge.
DIRECTORS’ REMUNERATION
The Remuneration Committee conducts review and approve salaries, incentive arrangements,
service arrangements and other employment conditions for the executive directors annually and
the Remuneration Committee submits recommendations to the Board on specific adjustments to the
remunerations and/or reward payments that reflect the Directors’ contributions for the year. The
determination of the remuneration of the non-executive is a matter for the Board as a whole, during
which the interested directors will abstain from deliberating their own remuneration. Directors’ fees
are approved by the shareholders at the annual general meeting.
The members of the Remuneration Committee are:Dato’ Vaseehar Hassan bin Abdul Razack - Chairman
22
Meetings of the Remuneration Committee are held as and when necessary, and at least once a year.
During the financial year ended 31 January 2007, the Committee met on 10 July 2006.
Directors’ Remuneration
Details of the remuneration of the Directors of Ingress during the financial year ended 31 January
2007 are as follows:Range of Remuneration
Number of Directors
Executive Directors
Non-Executive Directors
Up to RM50,000
-
3
RM550,001-RM600,000
2
-
RM600,001-RM650,000
1
-
RM800,001-RM850,000
1
-
Executive Directors
RM
Non-Executive Directors
RM
Salaries and other emoluments
Fees/Allowances
2,098,487
-
24,000
106,550
Bonus
489,912
-
Benefit-in-kind
131,050
5,900
2,743,449
112,450
Total
SHAREHOLDERS
Dialogue between Companies and Investors
Ingress recognises the importance of effective communications with the shareholders and investment
community. As part of the Board’s responsibility in developing and implementing an investor relation’s
programme, regular discussions were held between the Executive Directors and the analysts/investors
throughout the year. During the year under review, Ingress participated in several meetings with
financial analysts and investors to have in-sights on Ingress’ business operations.
The Group makes prompt and timely announcements via the BURSA LINK on any material
information.
Ingress has a website at www.ingresscorp.com.my which shareholders and investors can conveniently
access for its latest corporate information.
23
GOVERNANCE
SHAREHOLDERS
The Annual General Meeting
The Annual General Meeting remains the principal forum for dialogue with shareholders. Notice of
the Annual General Meeting and annual reports are sent out to shareholders at least 21 days before
the date of the meeting as this would give sufficient time for the shareholders to peruse and review
the annual report. The shareholders are encouraged to participate in the proceedings and to raise
questions about the resolutions being proposed and the operations of the Group.
ACCOUNTABILITY AND AUDIT
Financial Reporting
In presenting the annual audited financial statements and quarterly announcement of results to
shareholders, the Directors aim to present a balanced and understandable assessment of the Group’s
position and prospect. The Audit Committee assists the Board by scrutinising the information to be
disclosed to ensure accuracy, adequacy and completeness. The Statement by Directors pursuant to
Section 169 of the Companies Act, 1965 is set out on page 28 of this Annual Report.
Internal Control
The Statement on Internal Control Statement set out on page 34 of the Annual Report provides an
overview of the state of internal controls within the Group.
Relationship with Auditors
Through its Audit Committee, Ingress has established transparent and appropriate relationship with
the auditors, both external and internal in seeking professional advice and ensuring compliance with
the accounting standards in Malaysia.
The role of Audit Committee in relation to the external auditors is provided in pages 30 to 31 of this
Annual Report.
Statement of Compliance with the Best Practices of the Code
Ingress is dedicated to achieving the high standards of corporate governance and strive to maintain
the highest level of integrity and ethical standard in all its business dealings, being the core agenda of
Ingress. To this end, Ingress believes that throughout the financial year, it is in substantial compliance
of the Code.
Chairman
24
Bursa Malaysia’s move towards introducing the Corporate Social Responsibility (“CSR”) framework
which serves as a useful guide for corporations in leading their CSR endeavour is indeed immensely
welcomed by Ingress and its Group of companies as CSR has long been practiced throughout the
activities or programmes organised by the Company.
CSR which is embedded in Ingress’ business practices constitute part of its social responsibility or duty
of care towards its stakeholders i.e. the shareholders, the employees, the customers, the community
at large as well as the environmental as stated below:The Shareholders
Ingress has always considered the importance of maintaining good relationship with its shareholders
by generating profits and fair return on their investment. In doing so, Ingress has not only progressed
ahead of its competitors in core business activities but also ventured into different industries in the
recent years to position itself as a stable and dynamic organisation.
The Customers
Customers are one of the many important stakeholders of Ingress. Apart from producing quality
products and providing efficient services in every aspect of business, Ingress always maintains an
interactive communication with its customers.
During the financial year under review, Ingress allocated a total amount of RM12,500 in terms of
provision of advertisement and general contributions to its customers.
The Employees
Human resource development has always been the core agenda of Ingress Group. With an
approximately 850 employees across Malaysia, Thailand and Indonesia, human resource activities that
require participation from all of its employees were carefully planned and successfully implemented
throughout the year 2006.
The employees’ well-being is given paramount consideration by:• providing growth and potential opportunities and also maintaining safe, secure, healthy and
conducive working environment.
25
• monitoring and reviewing annually the remuneration and benefit packages offered to its
employees to ensure they remain competitive in the labour market. Work performance is appraised
on merit and performance appraisal system to ensure high standard of transparency is carried out
across the Group.
• identifying and procuring training and courses for career development. Various motivational and
spiritual activities are also designed and planned yearly to equip staff with intellectual, integrity
as well as ethics. For this reporting year, Ingress incurred RM539,000 as total costs for the said
activities.
• extending financial assistance in events of calamity, misfortune or mishap. Payments of RM10,500
were made to the affected employees in addition to the benefits available under the Group
Insurance Policy subscribed by the Company.
• providing financial support to the employees and/or their dependants to further studies locally
and abroad. For this purpose, Ingress spent a total sum of RM32,000.
To ensure that its Quality Policy Statement is instilled in the working culture, Ingress has, since
1996 commenced its own Quality Creative Circle Convention, now known as Innovative Creative
Circle (ICC) Convention. This ICC Convention allows employees to demonstrate their creativities and
innovative skills with the ultimate aim to achieve cost-savings through their projects. Apart from
monetary awards, the wining team will then represent Ingress at the National ICC Convention. For
year 2006, Ingress spent approximately RM114,000 for the ICC Convention.
The Community
Ingress is fully dedicated to fulfilling its responsibilities to the community at large by focusing on the
areas of welfare, contribution to the under privileged and education.
General Welfare
In 2006, Ingress Group contributed RM136,000 to the under privileged and needy in Selangor, Negeri
Sembilan, Kedah, Melaka and Kelantan. Not forgetting the earthquake in Yogyakarta and flood in
Johor Darul Takzim, Ingress donated RM15,000 to the victims to ease their financial burdens.
26
Donations to Institutions and Charitable Organisations
Ingress also donated RM18,000 to various non-profitable institutions and charitable organisations
including:•
•
•
•
•
•
•
Tabung Persatuan Kebajikan HOPE Worldwide Kuala Lumpur;
Tabung Persatuan Damai Orang-Orang Kurang Upaya Selangor dan Wilayah Persekutuan;
Kempen Derma Darah Sempena Karnival Kesihatan Peringkat Negeri Sembilan;
Kesatuan Pekerja Bomba & Penyelamat SM;
Yayasan Usahawan Belia Kebangsaan;
Persatuan Bekas Pasukan Keselamatan Negara; and
Yayasan Harapan Kanak-Kanak Malaysia.
Education
Throughout the year 2006, Ingress contributed RM60,000 to the Perpustakaan Dar Nur al-Zahra’, a
public library in Kota Bharu, Kelantan through its monthly contribution of RM5,000. Ingress also made
donations to school libraries in Selangor.
Apart from those mentioned earlier, Ingress also organised activities that require interactive
communication with the community such as Hari Raya gatherings, fishing competition, sports carnival
and other voluntary works. Sport related activities were not forgotten as Ingress at its own initiative,
organised friendly-matches with external parties or organisations such as Seremban Immigration
Department, PERODUA and TV3.
THE ENVIRONMENT
Ingress acknowledges the concern on the depletion of ozone layers and the global warming affecting
the world currently. In its attempt to conserve the environment, Ingress uses environmental friendly
materials in most of its products and employment of health and safety officers to monitor and comply
with the environmental requirements at all of its factories.
27
STATEMENT OF DIRECTORS’ RESPONSIBILITY
FOR PREPARING THE FINANCIAL
STATEMENTS
The Directors are required to ensure that financial statements of the Company and the Group for each
financial year are prepared in accordance to the requirements of the applicable approved accounting
standards in Malaysia, the provisions of the Companies Act, 1965 and the Listing Requirements.
The Directors are also responsible in ensuring that annual financial statements of the Company and
the Group reflect a true and fair view of the state of affairs of the Company and the Group.
In the preparation of financial statements, the Directors consider that:• the Company and the Group adopt appropriate accounting policies and they are consistently
applied;
• reasonable and prudent judgements and estimates are made;
• all applicable approved accounting standards in Malaysia are observed; and,
• proper accounting records are kept so that the financial statements are prepared with reasonable
accuracy.
The Directors have general responsibilities for taking such steps that are reasonably available to them
to safeguard the assets of the Company and the Group in order to prevent and detect fraud and other
irregularities.
28
28
AUDIT COMMITTEE
from left to right / dari kiri ke kanan
Dato’ Nasir bin Yusoff - Chairman
29
AUDIT COMMITTEE REPORT
CHAIRMAN
MEMBERS
FORMATION OF THE AUDIT COMMITTEE
The Audit Committee was formed on 24 October 2000.
TERMS OF REFERENCE
Duties, Responsibilities and Authority
To review and report the following to the Board of Directors of Ingress Corporation Berhad:1.With regards to the external auditor, their audit plan, their evaluation of the system of internal
controls, their audit report including reports and management letters thereon and the extent of
assistance rendered by the company officials to them.
2. With regards to the internal audit function, the adequacy of its scope, functions, resources, the
necessary authority to carry out its work, the internal audit programme, processes or investigation
undertaken and whether or not appropriate action is taken on the recommendation of the internal
audit function.
3. The review, appraisal or assessment of the performance of the internal audit function staff,
approval for any appointment or termination of senior staff member of the internal audit function
and keeping abreast of resignations of internal audit members.
4. The quarterly and year end financial statements with emphasis on changes in or implementation
of major accounting policy changes, significant and unusual events and adherence to accounting
standards and other legal requirements.
5. Any related party transaction and conflict of interest situation that may arise within the company
or group including any transaction, procedure or course of conduct that raises question of
management integrity.
6.Verification and confirmation on the allocation of share options pursuant to the INGRESS Employee
Share Option Scheme (“INGRESS ESOS”) as being in compliance with the criteria set out in the ByLaws of the INGRESS ESOS.
7.The performance of the external auditors and if in their opinion (supported by grounds) the
external auditor is not suitable for reappointment; their recommendation to nominate a person or
persons as external auditors and any letters of resignation from the external auditors.
30
TERMS OF REFERENCE (CONTD.)
8. Any vacancy in the audit committee so that the vacancy be filled within 3 months.
In performing its functions and duties, the Committee shall:1. Have the authority to investigate any matters within its terms of reference and have the resources
which it needs to do so without any restriction on access to any information pertaining to the
Company.
2. Have direct communication channels with the external auditors and obtain independent
professional or other advice and have a meeting with the external auditors without the presence
of any executive directors at least once a year.
3. Report to Bursa Malaysia Securities Berhad with regards to breaches of listing requirements
should the committee consider that a matter reported to the Board of Directors has not been
satisfactorily resolved.
4. Be reviewed by the Board of Directors in term of office and performance of the committee and
each of its members at least once every 3 years to determine whether the duties are carried out
in accordance with the terms of reference.
MEETINGS
The Committee meets four times annually, or more whenever necessary. Meetings will normally be
attended by the Chief Financial Officer, the Head of the Internal Audit Department and a representative
of the external auditor (if required). Heads of operation units or other board members may also be
called upon to attend the meetings. A Meeting with the external auditors which is not attended by
any executive directors is held once a year.
During the year, The Committee met for five times for the following purposes:a. To review the draft quarterly financial statements and recommending the same to be considered
and approved by the Board of Directors for the purpose of making announcements to the Bursa
Malaysia Securities Berhad.
b. To review the year end audited financial statements and the external auditors’ management
letter and management response thereon.
c. To discuss with external auditors the audit plan and scope for the year as well as the audit
procedures to be utilised.
d. To review the internal audit department’s scope of work, adequacy of resources and coordination
with the external auditors.
e. To review the reports from the internal audit department and following up on corrective actions
taken on issues raised.
31
AUDIT COMMITTEE REPORT
DETAILS OF ATTENDANCE
Member
Attendance
5/5
4/5
5/5
4/5
INTERNAL AUDIT FUNCTIONS
The Internal Audit functions of the Company and the Group are undertaken by its Internal Audit
Department, which reports directly to the Audit Committee.
The main role of the internal audit department is to review and assess the effectiveness of the
internal control systems and assisting the company in its risk management.
During the year, the Audit Committee received fourteen reports on the assessment of the Group’s
internal control from the internal audit department.
32
STATEMENT OF INTERNAL CONTROL
Responsibility
The Board acknowledges its responsibility for the Group’s system of internal controls and for reviewing
the adequacy and integrity of the said system. However, such a system is designed to manage rather
then eliminate the risk of failure to achieve business objectives. Therefore, such a system can only
provide reasonable assurance against material misstatements or losses.
Key elements of the Group’s system of internal controls include the following:• An ongoing process for identifying, evaluating and managing significant risks faced by the Group,
which has been in place for the year under review and reviewed by the Board.
• A clear documentation of the risk management principles and procedures which have been
disseminated to all key employees. This document, inter alia, describes the Board’s position
towards risks and processes in the attainment of the Group’s business objectives. A risk management
process is in place to ensure that all key risks within the Group are being clearly identified within
the framework of its line of business and key functional activities. The Group has in place, a Risk
Management Executive Committee which oversees the risk management process.
• The Board regularly reviews the performance of the Group in its meetings and approves any
changes in policies that may affect the Group. Adequate and timely information, covering
financial performance and key business indicators, are being provided by the Management to the
Board.
• A comprehensive annual budget which includes business plans are prepared by all business units
and approved by the Board. Operating results are being closely monitored by Management against
budget and key performance indicators. All major variances and critical operational issues are
being followed up with actions taken thereon. Forecasts are revised on a quarterly basis after
taking into account significant business factors.
• A framework for the Group has been established to handle matters relating to investments,
acquisition or disposal of business.
• The Group’s internal audit department which reports directly to the Audit Committee carries
out regular reviews of business processes to assess the effectiveness of internal controls and
highlighting significant risks impacting the Group.
• The Audit Committee regularly reviews and discusses with key Management on the action taken
on issues brought up by the internal audit department and the external Auditors. During the year,
fourteen of such reports were received and reviewed by the Committee.
The Board does not review the internal control system of its associated company, as the Board does
not have any direct control over the operations. This notwithstanding, the Group’s interests are
served through representation on the board of the associated company and receipt and review of
periodic management financial statements and enquiries thereon. These representations also provide
the Board with information for timely decision making on the continuity of the Group’s investments
based on the performance of the associated company.
Internal control weaknesses identified during the period had been addressed and none of these
weaknesses have resulted in any material losses, contingencies that would require disclosure in the
Group Annual Report.
This statement is made in accordance with the resolution of the Board dated 17 May 2007.
33
ADDITIONAL COMPLIANCE INFORMATION
In conformance with the Listing Requirements, the following information is provided:1. Utilisation of Proceeds Raised from the Company’s Corporate Proposal
The proceeds from the issuance of RM160 Million Islamic papers (Sukuk) based on Islamic principles
of Sukuk Al-Ijarah through the Company wholly-owned subsidiary, Ingress Sukuk Berhad were
utilised in the following manner for the following purposes:-
i) to
ii) to
iii)to
iv) to
v) to
purchase fixed assets;
repay bank borrowings;
construct new factory;
finance working capital; and
defray expenses.
2. Share Buy-back
The Company did not carry out any share buy-back exercise during the financial year ended 31
January 2007.
3. Options, Warrants or Convertible Securities
The Company has not issued any warrants or convertible securities exercised for the financial year
ended 31 January 2007.
4. Sanctions and/or Penalties
During the financial year, there were no sanctions nor penalties imposed on the Company and the
Group, Directors or Management by the relevant regulatory bodies.
5. Non-Audit Fees
The amount of non-audit fees paid and payable to the external auditors by the Company and its
subsidiaries to the financial year ended 31 January 2007 was RM 42,000.
6. Variation in Results
There were no profit estimate, forecast or projection issued by the Company during the financial
year ended 31 January 2007.
7. Profit Guarantee
34
There were no profit guarantee given by the Company during the financial year ended 31 January
2007.
8. Material Contracts
There are no contracts which are or may be material (not being contracts entered into in the
ordinary course of business) which have been entered into by the Company and its subsidiary
companies involving directors and substantial shareholders within two (2) years preceding this
Annual Report.
9. Revaluation Policy
Revaluations are made at least once in every three years based on a valuation by an independent valuer on
an open market value basis. Any revaluation increase is credited to equity as a revaluation surplus, except to
the extent that it reverses a revaluation decrease for the same asset previously recognised as an expense, in
which case the increase is credited to the income statement to the extent of the decrease previously charged.
A revaluation decrease is first offset against an increase on earlier valuation in respect of the same asset and
is thereafter recognised as an expense. Upon the disposal of revalued assets, the attributable revaluation
surplus remaining in the revaluation reserve is transferred to retained profits.
10.ESOS
The Company established an Employee Share Option Scheme (ESOS) for eligible employees including
Executive Directors of the Company and its subsidiary companies whereby the establishment of the
ESOS was duly approved by the Shareholders of the Company at the Extraordinary General Meeting
held on 11 February 2004. Subject to the ESOS By-laws, the aggregate maximum number of new
shares offered to eligible employees is determined at the discretion of the ESOS Committee taking
into consideration the position, performance, seniority and length of service of the employee in
the Group. None of the Non-Executive Directors was offered the ESOS option. Details of the ESOS
is further disclosed in page 124. There is no option exercised by eligible employees so far.
35
CHAIRMAN’S STATEMENT
/ PERUTUSAN PENGERUSI
Chairman / Pengerusi
36
36
Dear Valued Shareholders,
the financial year 2006/07 was a very challenging one especially in the automotive industry. Ingress took the necessary
measures to rationalise our operations in the ever-changing automotive landscape. I am happy to report, that despite these
challenges, the Group still managed to report record revenues.
This year, the Group recorded its highest ever revenue of RM358.8 million beating last year’s revenue of RM287.2 million.
Despite the record revenue, however, profit after tax (PAT) was significantly less at RM2.3 million down from RM14.6 million
previously.
Para pemegang saham yang dihormati sekalian,
tahun kewangan 2006/07 merupakan suatu tempoh yang mencabar buat industri automotif. Ingress telah mengambil langkahlangkah yang wajar bagi memastikan operasi syarikat tetap teguh di dalam suasana industri masakini yang senantiasa
berubah. Sukacita saya melaporkan bahawa Kumpulan telah berjaya melalui tempoh ini dengan berkesan sehingga dapat
mencatatkan perolehan yang membanggakan.
Pada tahun ini, Kumpulan telah mencatatkan perolehan tertinggi semenjak penubuhannya pada jumlah RM358.8 juta,
mengatasi jumlah perolehan tahun lepas iaitu RM287.2 juta. Walau bagaimanapun, di sebalik jumlah perolehan yang tinggi
ini, keuntungan selepas cukai dicatat lebih rendah sebanyak RM2.3 juta berbanding RM14.6 juta pada tahun sebelumnya.
37
OPERATIONS REVIEW
TINJAUAN OPERASI
Automotive & Automotive Components
Manufacturing (ACM) Malaysia
Automotif & Pengilangan Komponen Automotif
In the financial period under review, the Malaysian
automotive industry continued to experience
significant changes brought upon by a more
liberalised operating environment and challenging
market conditions. While prices of locally assembled
cars generally came down with the reduction in
duties under the National Automotive Policy (NAP)
introduced last year, the price differential between
the national and non-national cars also narrowed,
further intensifying competition faced by the
national car makers. Vehicle sales in the initial period
following the announcement of the NAP were slow as
customers waited for further price reductions.
Bagi tempoh kewangan ini industri automotif Malaysia
In addition, whilst the NAP means lower-priced
cars, higher interest rates and stringent approval
procedures for hire purchase financing coupled with
the increase in fuel prices dampened the growth of the
automotive industry. Along this line, for the calendar
year 2006, domestically, there was a slowdown in the
automotive sector. The market experienced an 11%
decline in total industry volume (TIV) from 551,042
units in 2005 to 490,768 units in 2006 (of which
38
(ACM) Malaysia
terus menyaksikan pelbagai perubahan besar ekoran
suasana operasi yang semakin liberal beserta keadaan
pasaran yang semakin mencabar. Walaupun harga
kereta yang dipasang di dalam negara menjadi lebih
rendah dengan penurunan duti-duti di bawah Dasar
Automotif Nasional (NAP) yang diperkenalkan pada
tahun lepas, jurang perbezaan di antara harga kereta
buatan tempatan dan buatan luar negara semakin tipis
dan ini telah menyebabkan rangkaian kereta nasional
mendapat saingan yang hebat. Jumlah jualan kereta
pada tempoh awal selepas pengumuman NAP ketara
berkurangan kerana para pelanggan menantikan
harga kereta yang lebih rendah lagi.
Di samping itu, di sebalik penurunan harga kereta
selepas pengumuman
NAP, kadar faedah yang
meningkat dan syarat-syarat kelulusan pinjaman sewabeli yang semakin ketat, berserta dengan kenaikan
harga minyak, telah menyebabkan pengucupan
dalam industri automotif. Secara keseluruhannya,
tahun 2006 merupakan suatu tempoh yang kurang
memberansangkan buat seluruh pasaran automotif
passenger vehicles comprised 366,738 units or 75% of
the TIV.
berbanding kadar cemerlang yang dicatat pada
tahun sebelumnya. Jumlah jualan industri, atau TIV,
telah mengalami pengucupan 11% daripada 551,042
For the financial year 2007 (FY2007), our ACM Malaysia
Division registered a growth of 8% in revenue. This
was made up by the significant improvement in
the sales of new models such as Perodua Myvi, but
was offset by declining sales of existing models of
Proton and Perodua. In addition, the year also saw
the commencement of the supply of mouldings and
bonnet assembly for Naza Sutera model, however the
sales were slower than expected.
ACM Thailand
Thailand automotive industry registered a total TIV of
682,159 units for 2006 to register a slight drop of 3%
in domestic sales compared to the previous year’s TIV
of 703,432. Even though TIV was marginally down,
the total production in Thailand which combines the
TIV and exports, grew slightly by 4.6% to 1.2 million
vehicles in the calendar year 2006, driven by 21.8%
growth in export.
For the financial year under review our Thailand
operations produced components for a record total
of 1,085,000 car sets, the first time we have exceeded
one million car sets production threshold, improving
from last year’s volume of 839,000, representing an
increase of 29%. The main increase in production was
mainly due to our commencement of the supply of
sash for Mazda BT-50 pick-up truck out of our Rayong
plant and the full year impact of the supply of sash
and mouldings for Mitsubishi Triton, which began
production in the middle of the last financial year.
Another significant development was made during
the financial year under review, with the acquisition
of Fine Components (Thailand) Co., Ltd. (FCT) for
THB 85 million, completed on 22 June 2006 which is
involved in fine blanking and stamping activities for
the automotive industry. The acquisition of FCT was
in line with Ingress’ long term plan to tap further into
the growing Thailand automotive industry as well as
expanding its product lines.
unit pada tahun 2005 kepada hanya 490,768 unit
pada tahun 2006 (yang mana kenderaan penumpang
merangkumi 366,738 unit atau 75% daripada TIV.
Untuk tahun kewangan 2007 (TK2007), ACM Malaysia
telah mencatatkan pertumbuhan perolehan sebanyak
8%. Pertumbuhan ini telah dapat dicapai dengan
jualan model terbaru Perodua, iaitu Myvi. Walau
bagaimanapun kenaikan ini sedikit terjejas akibat
penurunan perolehan daripada model-model kereta
Proton dan Perodua yang lain. Selain itu, Syarikat
juga telah memulakan pembuatan “moulding” dan
pemasangan but kereta untuk model Naza Sutera,
walau bagaimanapun perolehannya rendah daripada
jangkaan.
ACM Thailand
Industri automotif di Thailand telah mencatatkan
TIV sebanyak 682,159 unit sepanjang tahun 2006,
pengucupan 3% berbanding TIV pada tahun sebelumnya
sebanyak 703,432. Walau bagaimanapun, di sebalik
pengucupan TIV, jumlah pengeluaran di Thailand
yang merangkumi kedua-dua TIV dan eksport telah
meningkat pada kadar 4.6% kepada 1.2 juta kenderaan
pada tahun 2006 hasil daripada peningkatan eksport
sebanyak 21.8%.
Untuk tahun kewangan ini, operasi kami di Thailand
telah berjaya mengeluarkan komponen kenderaan
melebihi satu juta set iaitu sebanyak 1,085,000
set. Dengan itu, bahagian ini telah mencatatkan
pertumbuhan sebanyak 29% daripada 839,000 set
yang dihasilkan pada tahun sebelumnya. Kenaikan
ini telah dapat dicapai dengan bermulanya operasi
pembuatan bingkai atau “sash” untuk trak “pickup” Mazda BT-50 yang diusahakan di kilang Rayong
serta impak sepanjang tahun dari pengeluaran
bingkai dan “moulding” untuk Mitsubishi Triton, yang
telah bermula pada pertengahan tahun kewangan
sebelumnya.
39
ACM Indonesia
Dalam tahun kewangan ini juga, pengambilalihan
syarikat Fine Components (Thailand) Co., Ltd. (FCT)
TIV for Indonesia in the calendar year 2006 saw
a significant drop of 40% to 318,876 from the
previous year’s figure of 533,952 due mainly to the
combination effects of the significant hike in fuel
prices by the Indonesian Government in October
2005, the tightening of credit approvals by the
financial institutions in Indonesia together with the
high interest rates.
pada harga THB 85 juta telah disempurnakan pada 22
Jun 2006, dan semenjak itu, Kumpulan mempunyai
keupayaan
menjalankan
aktiviti-aktiviti
“fine
blanking” dan “stamping” dalam industri automotif.
Pengambilalihan FCT ini juga dibuat sejajar dengan
rancangan jangka panjang Kumpulan Ingress untuk
meluaskan lagi operasi di dalam industri automotif di
Thailand yang pesat berkembang, selain memastikan
Kumpulan dapat menawarkan rangkaian produk yang
lebih komprehensif.
ACM Indonesia
TIV di Indonesia sepanjang tahun 2006 telah
mengalami
pengucupan
ketara
sebanyak
40%
kepada 318,876 daripada TIV 533,952 yang dicatat
pada tahun sebelumnya disebabkan kenaikan harga
minyak, syarat-syarat kelulusan pinjaman sewa-beli
yang lebih ketat dan kadar faedah yang tinggi.
Seiringan dengan prestasi keseluruhan industri,
operasi kami di Indonesia telah mengucup sebanyak
33%. Walau bagaimanapun, Bahagian ini telah berjaya
mendapat pesanan baru iaitu kontrak membekalkan
“glass guides” untuk model Daihatsu Terios pada suku
akhir tahun kewangan ini.
Kejuruteraan, Kuasa dan Rel (PER)
Pada tahun kewangan ini, Bahagian PER telah
mencatatkan perolehan yang baik. Adalah dijangkakan
Bahagian ini mampu menjana perolehan yang lebih
In tandem with the whole industry performance,
our Indonesian operations also recorded a drop in
production with total production was down 33%.
Nevertheless, during the last quarter of the financial
year under review, our Indonesian operations
commenced the supply of glass guides for the new
Daihatsu Terios.
40
memberansangkan di masa hadapan. Penyumbang
terbesar perolehan bagi tahun ini adalah membekal,
memasang dan “commissioning” bagi “Switchgear”
275kV untuk Stesen Janakuasa Tuanku Ja’afar di Port
Dickson untuk Toshiba di mana telah disiapkan pada
bulan Mei 2007.
Power, Engineering and Railway (PER)
Bagi projek Landasan Elektrik Berkembar RawangIpoh pula, projek ini telah dijadualkan semula
The year under review was a very good year for our
PER Division. PER posted another positive result this
year, the second successive year it managed to do
so. This augurs well for the future signifying that the
efforts by the management to turnaround the unit are
showing the expected positive results. Major revenue
contributor for the unit was the supply, installation
and commissioning of 275kV Gas Insulated Switchgear
for the Tuanku Jaafar Power Station in Port Dickson to
Toshiba, which was completed in May 2007.
In relation to the Rawang-Ipoh project, the project is
back on schedule after the Government’s appointment
of another contractor to complete the civil portion of
the project. The accelerated programme for overall
completion has been approved by Government and its
completion is scheduled to be in December 2007.
Another major development is the acquisition in June
2006 of our 49% associate company, Maju Nusa Sdn
Bhd (Maju Nusa), is involved as solutions provider in
the telecommunication industry. Its main project is
the provision of code division multiple access (CDMA)
wireless technology for the provision of voice and
data services for rural areas in Malaysia under the
purview of various Governmental agencies.
setelah pihak Kerajaan melantik kontraktor baru bagi
menyiapkan bahagian kejuruteraan awam projek
tersebut.
Program
mempercepatkan
penyiapan
secara keseluruhan telah diluluskan dan dijadualkan
siap pada Disember 2007.
Satu
lagi
perkembangan
yang
penting
adalah
pengambilalihan 49% ekuiti syarikat bersekutu Maju
Nusa Sdn Bhd (Maju Nusa) pada bulan Jun 2006.
Maju Nusa terlibat dalam perkhidmatan industri
telekomunikasi. Buat masa ini beberapa buah projek
sedang dijalankan seperti perkhidmatan “Code
division multiple access” (CDMA) yang berteknologi
tanpa wayar untuk keperluan suara dan data bagi
kawasan-kawasan di luar bandar dan terpencil
dibawah pelbagai agensi kerajaan.
Walaupun
Bahagian
O&G
belum
mencatatkan
keuntungan, Bahagian ini meneruskan rancangan
pemasaran
untuk
memperolehi
projek-projek
pembersihan tangki minyak secara automatik di
Indonesia dan lain-lain tempat serta projek fabrikasi
dan kejuruteraan di Malaysia. Pemasaran intensif ini
dijangka dapat memberikan pulangan yang positif
kepada Kumpulan pada masa hadapan.
41
For Oil & Gas, even though it has yet to record its
maiden profit, positive developments have been
made. The Group is continuing in its marketing
efforts to secure favourable automatic tank cleaning
projects in Indonesia and elsewhere as well as
fabrication and engineering projects in Malaysia. The
Group will continue its intensive marketing efforts
for more positive outcomes.
Financial Performance
For the financial year under review, the Ingress Group
achieved PAT of RM2.3 million on the back of RM358.8
million in revenue.
Prestasi Kewangan
Bagi tahun kewangan ini, Kumpulan Ingress telah
mencapai keuntungan selepas cukai sebanyak RM2.3
juta yang bersandarkan jumlah perolehan sebanyak
RM358.8 juta.
Tahun ini Kumpulan berjaya mencapai tahap perolehan
yang tertinggi berbanding tahun-tahun sebelumnya.
Kenaikan tersebut telah dapat dicapai dengan
meningkatnya jumlah perolehan secara keseluruhan
oleh kebanyakan Bahagian-Bahagian yang beroperasi
seperti ACM Malaysia, ACM Thailand serta Bahagian
PER, yang telah berjaya mencatat kenaikan lebih dua
kali ganda daripada tahun sebelumnya.
Walau bagaimanapun PAT Kumpulan yang telah
disatukan mencatat penurunan ketara daripada
RM14.6 juta sebelumnya kepada RM2.3 juta untuk
TK2007. Ini akibat kos susutnilai peralatan dan
perkakasan bagi produk-produk baru tahun ini seperti
Honda Civic, trak “pick-up” Mazda BT-50 serta
pengurangan harga jualan bagi pembekalan komponen
untuk Honda City, Honda Jazz dan Perodua Myvi.
Dividen
Syarikat telah membuat pembayaran dividen biasa
akhir yang dikecualikan cukai sebanyak 4 sen sesaham
bagi TK2006 pada 11 Ogos 2006, dan ini bermakna
In terms of revenue, we are very pleased to report
that this was the Group achieved record level of
revenues. The increase in revenue was achieved
through overall increases in revenue by most
operating divisions, namely from ACM Malaysia, ACM
Thailand as well as our PER Division, which more than
doubled its revenue.
jumlah dividen biasa yang telah dibayar bagi TK2006
adalah 7 sen sesaham. Untuk tahun kewangan berakhir
31 Januari 2007, dividen interim yang dikecualikan
cukai sebanyak 3 sen sesaham, iaitu pembayaran
dividen berjumlah RM2.3 juta, telah dibayar pada
tanggal 29 Januari 2007.
Lembaga Pengarah sukacita mencadangkan dividen
Nevertheless, this does not translate into corresponding
increase in profits, with the consolidated PAT
registering a significant drop from RM14.6 million
42
biasa akhir dikecualikan cukai sebanyak 4 sen sesaham
dibuat untuk tahun kewangan 31 Januari 2007, untuk
dibentangkan bagi persetujuan para pemegang saham
previously to RM2.3 for FY2007. This was mainly
attributed to the recognition of the depreciation
and startup costs for tooling and equipment for new
products, whilst waiting for volumes to pickup, during
the year, such as Honda Civic, Mazda BT-50 pick-up
truck, as well as the price adjustments downward for
the supply of components to Honda City, Honda Jazz
and Perodua Myvi.
Dividends
The Company paid the final ordinary tax exempt
dividend of 4 sen per share in respect of FY2006 on
11 August 2006, bringing the total ordinary dividends
paid for FY2006 to 7 sen per share. For financial
year ended 31 January 2007, an interim tax exempt
dividend of 3 sen per share, giving rise to a dividend
payout of RM2.3 million, was paid on 29 January
2007.
The Board of Directors is pleased to recommend a
final ordinary tax exempt dividend of 4 sen per share
in respect of the financial year ended 31 January
2007, subject to the approval of the shareholders at
the forthcoming Annual General Meeting.
di Mesyuarat Agung Tahunan yang akan datang.
PROSPEK MASA HADAPAN
ACM Malaysia
Tinjauan ekonomi makro kelihatan menggalakkan
dengan
kadar
pertumbuhan
ekonomi
dijangka
mencecah 6.0% bagi tahun 2007 (mengikut Laporan
Tahunan 2006 Bank Negara yang diterbitkan Mac 2007).
Namun, keadaan yang positif ini lebih diimbangi oleh
kadar faedah yang semakin meningkat, syarat-syarat
pinjaman sewa-beli yang semakin ketat, kenaikan
harga minyak serta keadaan pasaran kenderaan
terpakai yang lembap. Kesemua faktor ini telah
diambilkira oleh Persatuan Automotif Malaysia (AAM)
yang telah mengunjurkan kadar kenaikan sederhana
untuk TIV bagi tahun 2007, iaitu kenaikan hanya 1.9%
kepada 500,000 buah kenderaan, unjuran kenaikan
mungkin dapat dilihat dalam setengah tahun yang
akan datang ini.
FUTURE PROSPECTS
ACM Malaysia
The macro economic outlook appears to be
encouraging. Economic growth is projected (Bank
Negara, 2006 Annual Report, published in March 2007)
at 6.0% for 2007. Nevertheless, this positive factor
will be offset by the higher interest rates, stringent
approvals on hire purchase, increase in oil prices as
well as the weak and low trade-in prices for used
cars. Taking all these into account, for the calendar
year 2007, Malaysian Automotive Association (MAA)
forecasted a very modest increase in TIV for 2007
of 1.9% to 500,000 vehicles, the expected growth of
which coming mainly in the second half of the year.
43
For the coming financial year we are expecting
continuing good demand for Perodua Myvi. In
addition, the new recently launched Perodua Viva,
to which Ingress is supplying several components, is
generally expected to be well received by the market.
The market is also expecting announcements from
Proton for its new models expected to be launched
in 2007.
Untuk tahun kewangan yang akan datang, Kumpulan
menjangkakan permintaan terhadap Perodua Myvi
akan terus meningkat. Selain itu, pelancaran model
baru Perodua Viva, yang mana Ingress membekalkan
beberapa
komponen,
dijangka
akan
mendapat
sokongan daripada pasaran tempatan. Industri juga
menantikan pengumuman yang bakal dibuat oleh
Proton sempena pelancaran model-model barunya
dalam tahun 2007.
As part of the strategy to diversify our product
lines, Ingress recently completed its acquisition
of the moveable assets of APM Industries Holdings
Berhad (Receivers and Managers Appointed) which
include, amongst others, machinery, equipment and
raw materials. With this acquisition, Ingress has the
necessary capability to produce automotive wire
harness as part of our product lineups.
Another
significant
development
is
the
commencement of the construction of Ingress’ BMW
4S Centre near Mutiara Damansara. The construction
is expected to be completed towards the end of
the current financial year ending 31 January 2008
and the centre is expected to be operational in the
first quarter of the financial year ending 31 January
2009.
ACM Thailand
For the calendar year 2007, Thailand’s production,
the combination between both the domestic and
exported sales is projected to increase to 1.3 million,
an expected increase of 10.5% from the previous
year. For the domestic market, TIV is expected to
improve slightly to 720,000 from 682,159 vehicles
sold in the calendar year 2006. Exports are also
expected to record a respectable 8% growth in 2007
to 580,000 compared to 536,946 previously.
Dalam usaha mempelbagaikan rangkaian produk
Kumpulan, Ingress telah menyempurnakan pembelian
aset-aset
bolehalih
kepunyaan
syarikat
APM
Industries Holdings Berhad (Receivers & Managers
Appointed)
yang
merangkumi,
antara
lainnya,
mesin-mesin, perkakasan dan bahan mentah. Kini,
Ingress mempunyai keupayaan untuk mengeluarkan
“wire harness” untuk kenderaan sebagai sebahagian
daripada rangkaian produk Kumpulan.
Satu
lagi
perkembangan
terbaru
ialah
proses
pembinaan yang telah pun bermula di tapak Pusat
4S BMW kepunyaan Ingress yang berhampiran Mutiara
Damansara. Pembinaan dijangka siap sepenuhnya
pada penghujung tahun kewangan berakhir 31 Januari
2008 dan operasi dijangka akan bermula mulai suku
pertama tahun kewangan berakhir 31 Januari 2009.
ACM Thailand
Bagi
tahun
2007,
pengeluaran
Thailand
yang
merangkumi jualan tempatan dan eksport dijangka
mencecah 1.3 juta iaitu peningkatan sebanyak
10.5% daripada jumlah tahun sebelumnya. Untuk
pasaran tempatan, TIV dijangka mencapai 720,000
daripada 682,159 penjualan kenderaan pada tahun
2006. Jumlah eksport dijangka terus menjadi sumber
utama perolehan dengan peningkatan setinggi 8%
kepada 580,000 unit berbanding 536,946 pada tahun
sebelumnya.
44
For the current FY2008, in line with the whole industry
we are expecting moderate growth from our Thailand
operations. We are expecting continuing good sales
volume for Mitsubishi Triton, as well as for the new
Mazda BT-50 pick-up truck. IAV is also expected to
benefit from robust sales for Honda Civic and City. Our
ACM Thailand is also busy with the development for
the supply of sash and mouldings for a new Mitsubishi
model as well as sash for a new Honda model, both
of which are slated to be launched during the next
financial year ending 31 January 2009. In addition,
our newly acquired Fine Components (Thailand)
Co., Ltd. (FCT) is actively pursuing new products for
the automotive industry in Thailand and for export
market.
ACM Indonesia
For the calendar year 2007, the general consensus
is that the TIV will improve around 20% to 386,000
vehicles, reflecting the overall improvement in the
general economy.
Bagi tahun kewangan 2008, secara keseluruhannya,
kami menjangkakan kenaikan jumlah pengeluaran
adalah sederhana bagi operasi di Thailand. Kami
menjangkakan penjualan yang baik akan berterusan
bagi model-model baru Mitsubishi Triton dan juga
trak “pick-up” Mazda BT-50. Sehubungan dengan itu,
ACM Thailand juga akan terlibat dengan pengeluaran
bingkai dan ‘moulding’ untuk model Mitsubishi dan
juga bingkai untuk model Honda yang baru. Keduaduanya akan dilancarkan pada tahun kewangan
berakhir 31 Januari 2009. Dalam masa yang sama,
kilang baru Fine Components (Thailand) Co., Ltd.
(FCT) juga bergerak aktif dalam mengeluarkan
produk-produk baru untuk industri automotif di
Thailand dan untuk pasaran eksport.
ACM Indonesia
Untuk tahun 2007, TIV dijangka meningkat sekitar
20% kepada 386,000 buah kenderaan, sebagai tanda
ekonomi secara amnya beransur baik.
Sehubungan itu, operasi di Indonesia dijangka
akan
mengalami
pengeluarannya.
peningkatan
Tambahan
dalam
jumlah
bagi
tempoh
pula,
TK2008, ACM Indonesia akan memulakan pembekalan
“glass guides” untuk model baru Daihatsu, serta
“sash” dan “moulding” untuk Suzuki.
Pasaran Baru
Sukacita
dimaklumkan
kepada
para
pemegang
saham bahawa pada bulan Mac 2007, Ingress telah
menandatangani satu Memorandum Persefahaman
(MOU) dan Perjanjian Bantuan Teknikal (TA) dengan
dua buah syarikat dari India. Kedua-dua perjanjian
ini merupakan hasil daripada tinjauan awal kami
ke
India,
yang
dijalankan
sebagai
sebahagian
daripada strategi Kumpulan yang bukan sahaja untuk
meluaskan rangkaian produk tetapi juga pasaran.
Kedua-dua perjanjian ini merakamkan persetujuan
untuk
mengenalpasti
projek-projek
berpotensi
45
In line with this, our Indonesian operation is also
expecting improvement in production volume. In
addition, during FY2008, ACM Indonesia is expected to
commence the supply of glass guides for Daihatsu new
model, as well as sash and mouldings for Suzuki.
dan menjalankan kajian kebolehlaksanaan atau
Potential New Market
Usaha pihak Pengurusan mempelbagaikan usaha untuk
“feasibility studies” untuk memulakan operasi di
India.
PER
mengukuhkan operasi Bahagian telah menampakkan
We are happy to report to the shareholders that
in March 2007, Ingress signed a Memorandum of
Understanding (MOU) and a Technical Assistance
Agreement (TA) with two Indian companies. These
Agreements were the first positive outcome of our
initial foray into India as part of our strategy of not
only expanding our product lines, but also markets.
Both Agreements record the willingness of Ingress
and our partners to explore opportunities in the
Indian automotive markets through joint marketing
efforts in order to secure potential projects and also
to conduct feasibility studies on setting up operations
in India.
PER
Efforts by the management to turn around the
Division are now showing positive results. Kudos to
those involved in the Division for their continuing
and untiring efforts to ensure the success of this.
We are expecting this improvement in results to be
continuing in the future with everybody committed
to its cause.
PER main activities will still be focused on substation
and transmission line projects. As an expansion of
our substation offerings, we have begun to offer the
supply, installation and commissioning of capacitor
banks for more value-added services. In addition to
that, we are also making strategic alliance and tieups with some multi-national companies in some
projects that the Group are bidding, not only in order
to improve the chances of securing the said projects
but also in improving our skill and expertise in the
long run.
46
hasil yang positif. Kami menjangkakan perkembangan
yang baik ini akan berterusan dengan kerjasama
sepenuhnya dari semua yang terlibat.
Aktiviti-aktiviti utama PER kekal tertumpu kepada
projek-projek pencawang dan saluran transmisi.
Selain itu, kami juga sedang menjalin kerjasama
strategik
dengan
syarikat-syarikat
antarabangsa
(“multi-national companies”) untuk melaksanakan
projek-projek yang telah dibida oleh Kumpulan, dalam
usaha meningkatkan peluang mendapat projek-projek
tersebut serta untuk mempertingkatkan kemahiran
dan kepakaran kami untuk tempoh jangka panjang.
Projek Landasan Elektrik Berkembar Rawang-Ipoh,
sekiranya tiada gangguan lain, projek ini dijangka
siap Disember 2007. Fasa elektrik pertama dari
tujuh fasa yang dibina antara Rawang dan Rasa telah
disiapkan dan diserahkan kepada Keretapi Tanah
Melayu Berhad (KTMB). KTMB telah pun memulakan
perkhidmatan pengambilan penumpang dari Rawang
ke Rasa bermula pada awal bulan Mei 2007.
Berhubung
dengan
Maju
Nusa,
projek
yang
dikendalikan oleh syarikat ini iaitu penyediaan
infrastruktur tanpa wayar di kawasan-kawasan luar
bandar telah siap dalam masa yang ditetapkan dan
telah dengan rasminya diserahkan kepada pelanggan.
Dengan kejayaan projek ini, Maju Nusa kini berunding
dengan pelbagai agensi Kerajaan untuk melaksanakan
projek yang sama di kawasan-kawasan luar bandar
yang lain.
Bagi Bahagian O&G pula, pengalaman yang didapati
setakat ini amat berguna untuk mencapai kejayaan
pada masa hadapan.
RUMUSAN
Secara keseluruhannya, tahun ini telah membawa
banyak pencapaian untuk Kumpulan. Untuk tahun
The Rawang-Ipoh project, barring any major
disruptions, is right now on schedule for completion in
December 2007. The first of seven electrical sections
between Rawang and Rasa has been completed and
taken over by Keretapi Tanah Melayu Berhad (KTMB).
KTMB has already started their commercial passenger
service from Rawang to Rasa beginning May 2007.
kewangan yang akan datang, syarikat menjangkakan
operasi ACM akan meningkat di dalam negara serta
di Thailand dan Indonesia. Kami turut menjangkakan
peningkatan dalam operasi PER kami.
PENGHARGAAN
Bagi pihak Lembaga Pengarah, saya ingin merakamkan
In respect of our newly acquired 49% associate, Maju
Nusa, the first pilot run under its flagship project for
the provision of wireless infrastructure in rural areas
has been completed on time and officially handed
over to the client. With the success of this pilot
project, Maju Nusa is now negotiating with various
Government agencies for the implementation of
similar projects in other rural areas.
For the oil and gas division, the experience gathered
so far has been vary valuable and should augur well
for the future.
setinggi-tinggi
penghargaan
kepada
peneraju-
peneraju syarikat automotif dan syarikat-syarikat
sekutu perniagaan kami, terutamanya di Malaysia,
Thailand, Indonesia dan Jepun yang yakin di atas
keupayaan kami dan telah meletakkan kepercayaan
mereka kepada kami. Saya juga ingin mengucapkan
terima kasih kepada pihak Pengurusan dan seluruh
kakitangan Kumpulan kerana telah memberikan
sepenuh komitmen dan dedikasi mereka kepada
Kumpulan. Penghargaan kami yang tidak terhingga
juga kepada para pemegang saham kami kerana
anda memberi kepercayaan kepada kami untuk
47
CONCLUSION
menguruskan Syarikat anda sebaik mungkin dan kami
akan terus berusaha memastikan kepentingan anda
In summary, it was a very challenging yet rewarding
year for the Group. In the coming financial year we
are expecting further improvements from our ACM
operations, domestically as well as ACM Thailand
and Indonesia. Furthermore, we are also expecting
improvements from our PER operations.
ACKNOWLEDGEMENT
On behalf of the Board of Directors, I would like to
express my sincere appreciation and admiration to our
industry leaders and business associates particularly
in Malaysia, Thailand, Indonesia and Japan for
their confidence and trust in us. My special thanks
to the staff and management for their relentless
commitment and contribution. To our shareholders,
we wish to put on record our heartfelt appreciation
for your faith in us and we will continue to hold you
in high regards.
I also take this opportunity to thank the members of
the Board for their dedication and untiring effort to
build Ingress to what it is today.
Chairman
48
akan sentiasa terjaga.
Saya ingin mengambil kesempatan ini untuk turut
mengucapkan terima kasih kepada kesemua ahli
Lembaga Pengarah kerana telah memberi sepenuh
dedikasi dan kerjasama dalam usaha membina Ingress
sehingga ia mencapai kejayaan yang dinikmatinya
hari ini.
Pengerusi
CORPORATE OFFICE AND
SUBSIDIARIES
49
CORPORATE OFFICE AND SUBSIDIARIES
Lot 1M, 1st Floor, Plaza Flamingo, No. 2, Tasik Ampang, Jalan Hulu Kelang,
Tel: 603-4252 9696 Fax: 603-4252 9393 E-mail: [email protected]
AUTOMOTIVE & MANUFACTURING BUSINESS DIVISION
PT 2475-2476, Kawasan Perindustrian Nilai, P.O. Box 45,
71807 Nilai, Negeri Sembilan Darul Khusus, Malaysia.
Tel: 06-799 5599 Fax: 06-799 5597 / 8
E-mail: [email protected]
PT 2475-2476, Kawasan Perindustrian Nilai, P.O. Box 45,
71807 Nilai, Negeri Sembilan Darul Khusus, Malaysia.
Tel: 06-799 5599 Fax: 06-799 5597 / 8
Lot 11, Jalan Jasmine 4, Kawasan Perindustrian Bukit Beruntung, TST 29,
48009 Rawang, Selangor Darul Ehsan, Malaysia.
Tel: 03-6028 3003 Fax: 03-6028 3001 / 4
Rayong Plant
Eastern Seaboard Industrial Estate (Rayong)
64/6 Moo 4, Pluakdaeng Rayong 21140, Thailand.
Tel: (66-38) 954942-5 Fax: (66-38) 954946
Ayutthaya Plant
Hi-Tech Industrial Estate (Ayutthaya) 64/6
Moo 1, Banlane Bangpa-in Ayutthaya, 13160, Thailand.
Tel: (66-35) 314404-45 Fax: (66-35) 314410
600 Moo 4, Tambol Makhamkhu, King-Am-PurNikhompattana,
Rayong 21180, Thailand.
Tel: (66-38) 893746-8 / 917035-7 Fax: (66-38) 893 750
Website: www.finecom.co.th
Jln. Industri Selatan 6A, Block GG-7A/B, Kawasan Industri Jababeka II,
Cikarang Selatan, 17854 Bekasi, Indonesia.
Tel: (62-21) 8983 4330/ 31 / 32 / 8983 5831 / 2 Fax: (62-21) 8983 4329
Email: [email protected]
Lot 9, Jalan P/7, Seksyen 13, Kawasan Perindustrian Bangi, P.O. Box 9,
43657 Bandar Baru Bangi, Selangor Darul Ehsan, Malaysia.
Tel: 03-8926 4806 / 07 / 08 / 09 / 10 Fax: 03-8926 2152
Tel: 03-8926 4941 Fax: 03-8926 4939
50
AUTOMOTIVE & MANUFACTURING BUSINESS DIVISION
Tel: 03-8926 4806 / 07 / 08 / 09 / 10 Fax: 03-8926 2152
Lot 1G, 1st Floor, Plaza Flamingo, No. 2, Tasik Ampang, Jalan Hulu Kelang,
Tel: 603-4260 2696 Fax: 603-4260 3696
POWER, ENGINEERING & RAILWAY DIVISION
Lot 1E, 1st Floor, Plaza Flamingo, No. 2, Tasik Ampang, Jalan Hulu Kelang,
Tel: 03-4254 7366 Fax: 03-4252 4088
Website: www.bbrail.com
No. 3, Jalan Alfa B U6/B, Pusat Perdagangan Subang Permai,
40150 Shah Alam, Selangor Darul Ehsan, Malaysia.
Tel: 03-7847 5767 Fax: 03-7847 4594 / 5161
No. 1, Jalan Alfa B U6/B, Pusat Perdagangan Subang Permai,
40150 Shah Alam, Selangor Darul Ehsan, Malaysia.
Tel: 03-7847 4524 Fax: 03-7847 4594 / 5161
No. 15-2, Jalan 10/23A, Medan Makmur,
53200 Setapak, Kuala Lumpur, Malaysia.
Tel: 03-4143 0834 Fax: 03-4143 0728
Lot 1D, 1st Floor, Plaza Flamingo, No. 2, Tasik Ampang, Jalan Hulu Kelang,
Tel: 603-4251 3101 Fax: 603-4252 3201
NEW BUSINESS DEVELOPMENT DIVISION
Lot 1G, 1st Floor, Plaza Flamingo, No. 2, Tasik Ampang, Jalan Hulu Kelang,
Tel: 03-4260 2696 Fax: 03-4260 3696
Graha Niaga, 25th Floor, Jl. Jend Sudirman Kav. 58,
Jakarta 12190, Indonesia. Tel: (62-21) 250 5701 Fax: (62-21) 250 5702
Wisma Aldiron Suite 306, Lantai 3, Jl. Jend Gatot Subroto Kav 72,
Jakarta 12780, Indonesia.
Tel: (62-21) 790 2540 Fax: (62-21) 798 1290
51
CERTIFICATION
ISO / TS 16949
Sirim Cert No: AR 3219
IATF Cert No: 0025184
Serial No: 0005
For IESB
Serial No: 0006
For IPSB
Serial No: 0007
For ITSB
Cert No: TS-2006-0253
For Fine Components (Thailand) Co., Ltd
MS ISO 14001
Cert No: 01104010769
For IAV
Cert No: I02690001
For IPSB
Cert No: I02690001
For IESB
Cert No: I02690001
For ITSB
OHSAS 18001
Cert No: I02690001
For IESB
Cert No: I02690001
For IPSB
Cert No: I02690001
For ITSB
MS ISO / 9001:2000
Cert No: AR 2195
For MDSB
52
52
Annual Report
Report 2006
2006 // 2007
2007
Annual
Cert No: AR 2196
For RESB
Cert No: AR 2197
For MPSSB
Cert No: 01104010769
For IAV
OUR PRODUCTs
53
OUR PRODUCTS
Fine Blanking Technology
Brake
•
Back Plate
Brake
•
Back Plate
Brake
•
Back Plate
Motorcar Brake
•
Pad Plate
Motorcar Brake
•
Back Plate
Seat Recliner
•
Adjusting Plate
Seat Recliner
•
Gear
Seat Recliner
•
Gear
Seat Recliner
•
Gear
Seat Recliner
•
Lock Gear
Seat Recliner
•
Gear
Motorcar
•
Cam Camber
Motorcar
•
Door Latch
Motorcar
•
Locking device for
Seat Belt Assy. System
Motorcar
•
Clamping Lock for
Water Evaporator
Motorcycle
•
Front Sprocket
Gear
Motorcar
•
Water Evaporator
Endplate / Connector
Motorcycle
•
Rear Sprocket Gear
Motorcycle
•
Sprocket Gear
Motorcycle
•
Adjusting Plate
Sprocket Gear
Motorcycle
•
Front Sprocket Gear
Motorcycle
•
Clutch Face Drive
Windscreen
•
Actuator
Motorcar
•
Clamp Plate
Motorcycle
•
Rear Sprocket Gear

our products

Transcription

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