Manufacturing & Marketing: Usiness

16
WEIDA (M) BHD (504747-W)

a n n u a l r e p o r t 2 0 1 3
BUSINESS ACTIVITIES
Manufacturing & Marketing (continued)
APPLICATIONS OF WEIDA PRODUCTS
WATER INFRASTRUCTURE
Water Storage Systems
Utilising advanced rotational moulding processes that
produces single-piece and seamless construction, WEIDAs
water storage tanks are leak proof, durable and resistant
to corrosion. These engineering-grade HDPE tanks such as
our POLYSTOR and AQUASTOR are available in a wide
range of sizes and capacities, making it not only suitable
for domestic and residential use but also for commercial,
industrial and municipal applications.
Apart from our HDPE water storage tanks, our technological
partnership with the renowned LIPP Bio Plus GmbH of
Germany has also allowed us to employ the state-of-the-art
LIPP double-fold technology into the construction of large-
sized tanks with greater speed and efciency as well as
minimal disturbances to the existing environment; in line
with our values for sustainability.
17
a n n u a l r e p o r t 2 0 1 3
BUSINESS ACTIVITIES
APPLICATIONS OF WEIDA PRODUCTS (continued)
Potable Water Distribution Network
WEIDA provides engineering-grade piping solutions for the
distribution of potable water and supplies a wide range of
pipe ttings and accessories. Our strength also lies in our
technical assistance in pipeline design, pipe laying as well as
installation and welding works. WEIDALINE HDPE pipes
are lightweight, highly exible and resistant to chemicals,
ultraviolet rays and impact. These distinct attributes gives
it prominent advantages over conventional metal and
concrete pipes, making it an ideal choice for applications
into water distribution, gas pipelines, cable conduits as
well as irrigations and other agricultural applications.
18
a n n u a l r e p o r t 2 0 1 3
WASTEWATER INFRASTRUCTURE
Wastewater Treatment
Focused on countering pollution and protecting our local
water resources, WEIDA has over 20 years of experience
in developing and providing a full spectrum of expertise
in wastewater treatment solutions through planning,
engineering construction, operation and maintenance,
to process optimisation of various types of wastewater
treatment systems, including conventional activated
sludge (CAS) process, extended aeration (EA) process,
biological nutrient removal (BNR) process and the
membrane bioreactor (MBR) process.
WEIDA is the largest septic tank manufacturer in Malaysia,
providing septic tank systems designed specically for both
domestic and commercial applications. The ECOSEPT
septic tanks, WEIDAs premium grade HDPE single-piece
moulded tanks are suitable for domestic sewage application
as it is designed to suit local sewage ows and loading
parameters.
Sewer Network
Ensuring efcient and safe transfer of wastewater
from residential and commercial establishments to a
wastewater treatment plant is a heavy responsibility
that WEIDA takes on with pride. WEIDAs Double Wall
Corrugated HDPE pipes are ideal for underground or
above ground gravity and low pressure applications in
the civil works and waste management sectors as they
are highly resistant to the chemical corrosions from soils
and sewerage efuents with extreme pH levels.
WEIDA is the market leader in the supply of prefabricated
modular sewerage treatment plants (STP), suitable
for decentralised treatment systems by employing the
EA process. POLYPASS Packaged Activate Sludge
Systems are fast to install, durable and reliable, making
them suitable for applications into housing estates,
schools and government buildings.
BUSINESS ACTIVITIES
19
a n n u a l r e p o r t 2 0 1 3
Over the years, WEIDA as a diversied solutions
provider has taken up various projects that introduce
modern technology to the rural communities of
Malaysia, notably in Sabah and Sarawak. Our
solutions aid to offer the bare necessities to these
communities such as clean water source, electricity
as well as improved sanitation system.
Water Treatment

Apart from offering specially designed water
treatment solutions, our comprehensive services
ensure that these solutions are feasible for the
different needs of the rural projects. Each project
will undergo the survey, design, installation and
construction, commissioning, maintenance and
management phases to ensure that the specic
requirements of each project are catered for
solutions such as the rainwater harvesting system,
groundwater supply systems, conventional water
treatment systems as well as state-of-the-art
membrane ltration systems can be delivered and
implemented as individual systems or fully integrated
into one comprehensive solution.
To date, WEIDA has successfully delivered over 600
rainwater harvesting systems for rural schools and
villages throughout Sabah and Sarawak as well as
undertaken and completed several rural water supply
projects on design-and-build basis using membrane
ltration technology.
Rural Sanitation

Very few of the rural kampong in Sabah and Sarawak have
any form of sanitation facilities. The most economical means
of sanitation or treatment of human waste is via a septic tank
treatment plant.
To date, WEIDA had successfully implemented various septic
tank sewerage systems in Sabah and Sarawak. The provision of
septic tanks for the treatment of human waste will impact the
quality of life and health of the community by reducing cases
of water-borne diseases such as typhoid and cholera which are
associated with polluted drinking water.
BUSINESS ACTIVITIES
20
a n n u a l r e p o r t 2 0 1 3
RECLAIMED RUBBER
ECORREX
TM
Reclaimed Rubber is manufactured from
recycled used tyres, turned into useful products. The
products, in the form of rubber crumbs, powder and sheets,
are used in a wide range of applications ranging from road
works, recreational ooring applications, alternative fuel
source as well as the manufacturing of rubber articles.
The State Government of Sarawak has an environmental
programme to collect, manage and recycle used tyres
throughout Sarawak via a waste tyre storage and recyling
centre as well as depots state-wide as part of its collection
network.
As the number of vehicles on the road increases, used
tyres disposal is becoming an environmental concern
to municipals and public health authorities as sanitary
landlls will soon be unable to accommodate the
stockpiles of used tyres which are also hazard for re
and public health.
BUSINESS ACTIVITIES
21
a n n u a l r e p o r t 2 0 1 3
Environmental Engineering Services
OVERVIEW
WEIDA provides environmental engineering solutions from
its Environmental Business Division, which covers the
following:
a) design and build of water and wastewater treatment
plants including Biogas plants
b) management, operation and maintenance of wastewater
treatment plants
c) pipeline rehabilitation
Our customers also benet from broad access to a
wealth of global expertise and experiences through our
active involvement and strong alliances with a network of
international technology partners across the globe.
WATER AND WASTEWATER TREATMENT
We design and build water and wastewater treatment plants
for municipal, rural and agriculture usages, in Malaysia and
the Middle East.
BUSINESS ACTIVITIES
22
a n n u a l r e p o r t 2 0 1 3
Environmental Engineering Services (continued)
Biogas Plant
Biogas plant is an effective and efcient way of
treating wastewater with high organic pollutants in
an environmentally friendly manner. Besides reducing
waste pollutants and greenhouse gas emissions, biogas
generated can be used to produce clean energy in the
form of electricity and heat. Electricity generated are used
internally or uploaded to the power grid.
Some of the applications of biogas plant include but are
not limited to:
Palm Oil Mill Efuent (POME)
WEIDA also builds biogas plant for POME treatment.
Livestock Farming
Biogas plant for livestock farming, the largest of its kind in
Malaysia.
BUSINESS ACTIVITIES
23
a n n u a l r e p o r t 2 0 1 3
MANAGEMENT, OPERATIONS AND MAINTENANCE
OF TREATMENT PLANTS
WEIDA offers end-to-end solutions in wastewater
management, ranging from management, operation to
maintenance of wastewater treatment plants both locally
and overseas. Our credibility stems from our over 20 years
of extensive experience and expertise in offering a wide
spectrum of wastewater treatment solutions optimised in
process design and treatment capabilities.
Within Malaysia, we have been entrusted to operate and
manage the septic sludge treatment plants in Kuching,
Sibu and Miri on a long-term contract basis. Our team of
professionals make up of former senior and experienced
engineers in operating and maintaining large scale central
sewage treatment plants for Indah Water Konsortium.
BUSINESS ACTIVITIES
24
a n n u a l r e p o r t 2 0 1 3
Using the latest trenchless technology, UTIC Services
Sdn. Bhd., a subsidiary of WEIDA pioneered the
specialist utility services which focuses on pipeline
investigation and evaluation that now demands a
range of rehabilitation services. With over 10 years
of experience, the main focus of our business is
in the water and wastewater sectors as well as
specic applications to petrochemicals, highway
drainage as well as rail track drainage operations.
By working closely with our clients from the initial survey
stage until full rehabilitation, our highly trained personnel
ensure that solutions are customised to t the different
pipeline maintenance problems yet at the same time stay
focused on the safety and quality of our works. By giving
the clients a choice in cost, specications and duration of
work, we are also able to create long term partnerships
with our clients as we continue to add new services and
improvements to the current technology used.
BUSINESS ACTIVITIES
25
a n n u a l r e p o r t 2 0 1 3
Construction Works
With our technical and nancial resources, we have
successfully undertaken and delivered quality construction
works within timely completion period.
Our strong nancial resources allow us the exibility to
build and lease, or via deferred payment; going forward to
also undertake Private Funding Initiative infrastructure and
building projects.
Completed and on-going construction works include
telecommunication towers, treatment plants, distribution
and drainage pipelines, biogas plants, building works etc.
OVERVIEW
BUSINESS ACTIVITIES
26
a n n u a l r e p o r t 2 0 1 3
Property Development
With a founding principle built upon the mission of
making lives better, WEIDA is aiming for that very
cornerstone of every life the home.
Building homes that last is not enough; building versatile
homes that suit yet change with times is. With a unique
understanding on urban living, WEIDA has primed its
pioneer property projects to reect not only lifestyle but
living needs.
BUSINESS ACTIVITIES
27
a n n u a l r e p o r t 2 0 1 3
Cascading its expertise in engineering and environmental
solutions, WEIDA aspires to integrate more landscape
features into current lifestyle property, making each home
an organic blend of modernism and nature.
To date, 2 strategic locations have been earmarked to
showcase WEIDAs interpretation of modern homes
Urbana Residences at Ara Damansara and MontKiara
with many more in the planning.
Property Development (continued)
BUSINESS ACTIVITIES
28
a n n u a l r e p o r t 2 0 1 3
Awarded
Sabah Industry Excellence Award 2010 / 2011 (Category IV)
by Ministry Of Industrial Development
Winner of 3 Malaysia Good Design Mark 2012 Award
by Majlis Rekabentuk Malaysia (MRM)
AWARDS & ACHIEVEMENTS
29
a n n u a l r e p o r t 2 0 1 3
FIVE YEARS GROUP
FINANCIAL HIGHLIGHTS
FINANCIAL YEAR ENDED 31 MARCH
2009 2010 2011 2012 2013
^ (restated) ^ (restated) ^^ (restated)
OPERATING RESULTS
Revenue RM000 271,549 272,451 285,906 309,682 383,182
EBITDA RM000 62,216 36,236 47,157 82,483 43,100
EBIT RM000 52,542 25,098 34,525 69,126 29,894
Prot Before Tax RM000 50,646 23,714 34,546 66,531 27,678
Prot for the Financial Year RM000 38,703 18,439 24,184 54,760 26,473
Prot Attributable to Owners of
the Company RM000 32,933 14,006 21,835 39,341 50,772
KEY BALANCE SHEET DATA
Total Assets RM000 393,377 405,326 462,240 800,158 616,639
Paid-up Capital RM000 66,667 66,667 66,667 66,667 66,667
Equity Attributable to Owners of
the Company RM000 149,598 162,780 182,672 298,246 344,506
VALUATION
Per Ordinary Share of RM0.50 each
Basic Earnings sen 25.95 11.04 17.21 31.00 40.01
Gross Dividend sen 4.00 4.00 4.00 4.00 5.50
Net Assets RM 1.18 1.28 1.44 2.35 2.71
No. of Issued Ordinary Shares
Outstanding at End of Financial
Year * (000) 126,896 126,896 126,895 126,895 126,895
PROFITABILITY RATIOS
Return on Total Assets % 13 6 7 9 5
Return on Capital Employed % 19 10 11 12 7
GEARING RATIO
Net Debt to Equity Attributable
to Owners of the Company times 0.33 0.29 0.47 0.48 N/A
#

* Net of treasury shares.
^ Certain comparative gures have been restated following the prior year adjustments relating to intangible assets, the
adption of FRS 139 and the amendments to FRS 117 in the nancial year ended 31 March 2011.
^^ Certain comparative gures have been restated following the prior year adjustments relating to the adoption of
MFRSs during the nancial year ended 31 March 2013. However, the comparative gures for the nancial years
ended 31 March 2009, 31 March 2010 and 31 March 2011 have not been similarly restated for the effects of the
adoption of MFRSs due to impracticability and non-availability of information.
# In a net cash position.
30
a n n u a l r e p o r t 2 0 1 3
STATEMENT ON
CORPORATE SOCIAL RESPONSIBILITY
Besides maximising shareholders value, WEIDA believes that we are also responsible for our employees, environment
and community. One of our main principles as a public listed company is to create long term value. We achieve this by
providing our clients with value-added products and services, promoting a corporate culture that adheres to high ethical
standards, and by generating superior and sustainable returns for our shareholders. We rmly believe that sustainable
growth and investment for any business is also dependent on what it does above and beyond what laws and regulations
require. It is why we are committed to creating a working environment based on the values of meritocracy, equal opportunity
and diversity. As part of our business, we have contributed immensely to the protection of the environment. We also
adhere to high social standards and contribute to the communities we are part of. All our activities are underpinned by our
governance structure, which complies with the Malaysian Code on Corporate Governance 2012.
ENVIRONMENT AND MARKETPLACE
Protecting the natural environment, sustainable development and living in harmony with the environment is at the heart
of WEIDAs core business in the water and sewerage sectors. As a one-stop centre for water and sewerage solutions,
our people strive to protect the environment everyday. For instance, we have designed and built many water and sewage
treatment plants, thousands of rain water harvesting and gravity feed water supply systems for rural communities, and
countless rural sanitation systems. The communities we serve are far and wide, in Malaysia, the Syrian Arab Republic
and Republic of The Philippines.
The engineering products that we manufacture for water and sewerage applications are made from polyethylene (PE).
PE products are corrosion resistant, relatively lightweight, chemically inert and seamless in construction. These superior
characteristics make them ideal substitutes for similar products made from other materials such as breglass, metals
and concrete. The US Food and Drugs Authority (FDA), an authority in the US that certies the types of materials that
are suitable to be in contact with water and food for the purpose of safeguarding customers/public health, has approved
polyethylene as safe for use as a medium of storage for drinking water and food. Many countries legislate against the
use of alternative materials such as breglass, asbestos concrete, and in certain cases, polyvinyl chloride (PVC), for
pipelines and water storage as they are hazardous to health and/or pollute the environment.
Our commitment to serving our community goes beyond providing environmentally friendly products. We go one step
further by working hand in hand with local city councils and provide services and infrastructure that benet the people we
serve. We have taken the initiative to develop projects that will not only enhance the environment, but serve as a platform
where WEIDA can make positive contributions to the daily lives of the community.
PEOPLE AND SAFETY
At WEIDA, we acknowledge human capital as our main asset. The Group endeavours to attract, develop and retain the
best talents the market has to offer by providing a continuous learning and conducive working environment. We believe
in recognising, advancing and rewarding top talents in an open and mutually supportive work environment which reects
our core corporate values. We pride ourselves as an equal opportunity employer. These core values shape the root of a
sturdy corporate culture that fosters teamwork and holds our Group to grow together.
In addition to the external professional trainings, seminars and conferences, various teambuilding activities are also
organised in order to foster awareness of time management and team spirit as well as to reinforce commitment to the
teams shared goals and objectives.
Safety and health of our employees is our priority and we are continually looking into ways to improve our performance in
these areas. WEIDA has implemented its Safety and Health Policy in Malaysia, the Syrian Arab Republic and Republic of
The Philippines which complies with the Occupational Safety and Health Act (OSHA) of the respective countries.
COMMUNITY
The future of WEIDA is naturally linked to the standard of living of the communities in which it serves. Through a wide
array of initiatives supported by WEIDA, namely community-development programmes, philanthropy, volunteerism and
promotion of health, education, cultural arts and sports, we are making a difference in improving the quality of life in the
community.
31
a n n u a l r e p o r t 2 0 1 3
STATEMENT ON
CORPORATE SOCIAL RESPONSIBILITY
EVENTS
For the nancial year ended 31 March 2013, WEIDA has initiated and/or participated in the following community based
events:
Sponsorship of Septic Tank organised by Breakthrough Network Centre Bhd, Sarawak
WEIDA sponsored 1 unit Septic Tank Model PS-31 to a needy family through the organisation in promoting the objective
of helping the less fortunate families in the community as well as promoting values towards a more caring society.
Go Bald 2012 at The Spring Mall organised by Sarawak Childrens Cancer Society
WEIDA as a group participated through our internal donation drive as well as having our staff volunteered to have their
heads shaved as an active involvement in showing that we care and understand the plights of the children suffering hair
loss due to chemotherapy treatments.
Donation for the Gawai Carnival Redeems 2012 at Singai, Bau organised by Association of Research &
Development Movement of Singai Sarawak
WEIDA contributed funds to the Gawai Carnival Redeems 2012 which is an annual event aimed at showcasing the
authentic Dayak cultures and traditions as well as to encourage better cooperation, unity and understanding between and
among the people involved, including visitors to the event. The event also aimed to promote the tourism industry and to
inculcate entrepreneurship, leadership training and self involvement among the community involved.
Sponsorship for Siol Extreme Mountain Bike Challenge 2012 organised by Dewan Bandaraya Kuching Utara
WEIDA sponsored promotional materials, namely T-shirts and Trophies for the event in enhancing the objective to promote
towards healthy and active lifestyles as well as strengthen relationships between and among participants involved and
visitors to the event.
Together We Care, Love & Serve Classical Charity Concert Dinner organised by National Cancer Society
Malaysia (Sarawak) and Kuching Palliative Association
WEIDA contributed funds for the concert dinner in helping the organisations fund raising event in the aim towards the
maintenance and sustenance of the Jasmine House, which is a facility to accommodate the needs of cancer patients who
visit the General Hospital Kuching together with their accompanying care givers and families for treatments.
Sponsorship for Youth Programs organised by Youth Corporate Malaysians (YCM)
WEIDA sponsored the YCM programs aimed at building a network of young professionals through providing a platform
of opportunities to enhance knowledge, leadership and organisational skills.
Sponsorship for Sarawak Volunteers Walk of Love-We Care We Share Program organised by the Ministry of
Welfare, Women & Family Development, Sarawak
WEIDA contributed to the program through sponsorship for the event with the objective to impart knowledge to the
public on the organisations activities and to instil the spirit of volunteerism among the members of our society.
Blood Drive Campaign organised by Red Crescent Society Kuching
WEIDA participated in the Blood Drive Campaign in conjunction with the aim to create awareness for safe blood transfusion
which helps save lives.
32
a n n u a l r e p o r t 2 0 1 3
CORPORATE GORVERNANCE
STATEMENT
Principle 1 - Establish Clear Roles and Responsibilities of the Board and Management
The Board recognises the key role it plays in charting the strategic direction of the Company and has assumed the
following principal responsibilities in discharging its duciary and leadership functions:
(a) reviewing and adopting a strategic plan for the Company, which also addresses the sustainability of the Groups
businesses;
(b) overseeing the conduct of the Groups businesses and evaluating whether or not its businesses are being properly
managed;
(c) identifying principal business risks faced by the Group and ensuring the implementation of appropriate internal
controls and mitigating measures to address such risks;
(d) ensuring that all candidates appointed to senior management positions are of sufcient calibre, including having in
place a process to provide for the orderly succession of senior management personnel and members of the Board;
(e) overseeing the development and implementation of a shareholder communications policy; and
(f) reviewing the adequacy and integrity of the Groups internal control and management information systems.
To assist in the discharge of its stewardship role, the Board has established Board Committees, namely the Audit
Committee, Nominating Committee and Remuneration Committee, to examine specic issues within their respective
terms of reference as approved by the Board and report to the Board with their recommendations. The ultimate
responsibility for decision making, however, lies with the Board.
The Board of Directors of Weida (M) Bhd. (the Board) is steadfast and committed in ensuring that the highest standards
of corporate governance are observed and applied throughout Weida (M) Bhd. (WEIDA or the Company) and its
Group of Companies (the Group) through its support and application of the Malaysian Code on Corporate Governance
2012 (MCCG 2012).

The Board believes upholding good corporate governance is fundamental in discharging its duciary responsibilities to
protect and enhance shareholders value and the nancial performance of the Group.
This Corporate Governance Statement (Statement) sets out how the Company has applied the eight (8) Principles as
outlined in MCCG 2012 and observed the 26 Recommendations supporting the Principles in respect of the nancial year
ended 31 March 2013. Where a specic Recommendation of the MCCG 2012 has not been observed during the nancial
year under review, the non-observation, including the reasons thereof and, where appropriate, the alternative practice, if
any, is mentioned in this Statement.
33
a n n u a l r e p o r t 2 0 1 3
CORPORATE GOVERNANCE
STATEMENT
Principle 1 - Establish Clear Roles and Responsibilities of the Board and Management (continued)
(i) Board Charter
To enhance accountability, the Board has established clear functions reserved for the Board and those delegated
to Management. There is a formal schedule of matters reserved to the Board for its deliberation and decision to
ensure the direction and control of the Company are in its hands. Key matters reserved for the Board include, inter-
alia, the approval of annual budgets, quarterly and annual nancial statements for announcement, investment and
divestiture, as well as monitoring of the Groups nancial and operating performance. Such delineation of roles
is clearly set out in the Board Charter (the Charter), which serves as a reference point for Board activities. The
Charter provides guidance for Directors and Management regarding the responsibilities of the Board, its Committees
and Management, the requirements of Directors in carrying out their stewardship role and in discharging their duties
towards the Company as well as boardroom activities. A summary of the Charter is available on the Companys
website at www.weida.com.my in line with Recommendation 1.7 of the MCCG 2012.
The Board has adopted and adheres to a Directors Code of Ethics which is in line with that established by the
Companies Commission of Malaysia. A summary of the Directors Code of Ethics is as set out in Appendix A of
the Charter.
To inculcate good ethical conduct, the Group has also established a Code of Conduct for employees, encapsulated
in the Companys Employees Handbook, which has been communicated to all levels of employees in the Group.
(ii) Sustainability of Business
Despite the absence of a formal sustainability policy, the Board is mindful of the importance of business sustainability
and, in conducting the Groups business, the impact on the environmental, social and governance aspects is taken
into consideration. The Group also embraces sustainability in its operations and supply chain, through its own actions
as well as in partnership with its stakeholders, including suppliers, customers and other organisations.
The Groups activities to promote sustainability during the nancial year under review are also disclosed on page 31
of this Annual Report.
(iii) Access to Information and Advice
Directors are supplied with relevant information and reports on nancial, operational, corporate, regulatory, business
development and audit matters for decisions to be made on an informed basis and effective discharge of the Boards
responsibilities.
Procedures have been established for timely dissemination of Board and Board Committee papers to all Directors
at least seven (7) days prior to the Board and Board Committee meetings, to facilitate decision making by the Board
and to deal with matters arising from such meetings. Senior Management of the Group and external advisers are
invited to attend Board meetings to provide additional insights and professional views, advice and explanations on
specic items on the meeting agenda. Besides direct access to Management, Directors may obtain independent
professional advice at the Companys expense, if considered necessary.
Directors have unrestricted access to the advice and services of the Company Secretaries to enable them to
discharge their duties effectively. The Board is regularly updated and advised by the Company Secretaries who are
qualied, experienced and competent on statutory and regulatory requirements, and the resultant implications of any
changes therein to the Company and Directors in relation to their duties and responsibilities.
(iv) Company Secretaries
The Company Secretaries are qualied secretaries as required pursuant to the Malaysian Companies Act 1965. The
Company Secretaries are the members of the Malaysian Institute of Accountant (MIA) and Malaysian Association of
Institute of Chartered Secretaries and Administrators (MAICSA). They are competent in carrying out their work and
play supporting and advisory roles to the Board and its Committees. They ensure adherence and compliance to the
procedures and regulatory requirements from time to time.
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a n n u a l r e p o r t 2 0 1 3
Principle 2 - Strengthen Composition of the Board
During the nancial year under review, the Board consisted of six (6) members, comprising three (3) Executive Directors
and three (3) Independent Directors. This composition fullls the requirements as set out in the Main Market Listing
Requirements (Listing Requirements) of Bursa Malaysia Securities Berhad (Bursa), which stipulate that at least two
(2) Directors or one-third of the Board, whichever is higher, must be Independent. The prole of each Director is set out
on pages 5 to 7 of this Annual Report. The Directors, with their diverse backgrounds and specialisations, collectively bring
with them a wide range of experience and expertise in areas such as engineering; entrepreneurship; nance; taxation,
accounting and audit, and economics.
(i) Nominating Committee Selection and Assessment of Directors
The Nominating Committee comprises the following members:
Chairman: YBhg. Datuk Dr Stalin Hardin
(Senior Independent Director) (appointed as Chairman on 30 May 2012)
Members: Yeoh Chin Hoe (Independent Director)
YBhg. Dato Wee Hoe Soon @ Gooi Hoe Soon
(Independent Director) (appointed on 7 November 2012 and resigned on 18 June 2013)
Haji Suut bin Haji Suhaili
(Independent Director) (retired on 1 October 2012)
The Nominating Committee will recommend candidates for all directorships to be lled for the consideration of the
Board. This involves identication and evaluation of candidates for directorships, interviewing or meeting up with
candidates by Board members, deliberation by the Nominating Committee and recommendations by the Nominating
Committee to the Board.
New Directors will undergo a familiarisation programme, which includes visits to the WEIDA Groups businesses,
and meetings with Senior Management, as appropriate, to facilitate the new Directors understanding of WEIDA
Group. The Company Secretaries will ensure that all appointments of new Director are properly carried out and all
legal and regulatory obligations are met.
The Board, through the Nominating Committee, conducted an annual assessment of the performance of the Board,
as a whole, Board Committees and individual Directors, based on a self-assessment and peer approach. From the
results of the assessment, including the mix of skills and experience possessed by Directors, the Board considered
and approved the recommendations made by the Nominating Committee on the re-election and re-appointment of
Directors at the Companys forthcoming Annual General Meeting.
All assessments and evaluations carried out by the Nominating Committee in the discharge of all its functions are
properly documented.
The Nominating Committee recognises the importance of the roles the Committee plays not only in the selection
and assessment of Directors but also in other aspects of corporate governance which the Committee can assist the
Board to discharge its duciary and leadership functions.
The Board has stipulated specic terms of reference for the Nominating Committee, which cover, inter-alia,
selecting, assessing and recommending to the Board the candidature of Directors, appointment of Directors to Board
Committees and training programmes for the Board. The terms of reference require the Nominating Committee
to review annually the required mix of skills and experience of Directors, annual assessment of the independent
directors and Group Financial Controller; succession plans and board diversity, including gender diversity and other
qualities of the Board, including core-competencies which the Independent Directors should bring to the Board.
Insofar as board diversity is concerned, the Board does not have a specic policy on setting targets for women
candidates. The evaluation of candidates suitability is solely based on their competency, character, time commitment,
integrity and experience in meeting the needs of the Company, including, where appropriate, the ability of the
candidates to act as Independent Directors, as the case may be.
STATEMENT
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a n n u a l r e p o r t 2 0 1 3
Principle 2 - Strengthen Composition of the Board (continued)
(ii) Directors Remuneration
The Remuneration Committee, established by the Board, comprises the following members:
Chairman: YBhg. Dato Wee Hoe Soon @ Gooi Hoe Soon
(Independent Director) (appointed as Chairman on 7 November 2012 and resigned on 18 June 2013)
Members: YBhg. Datuk Dr Stalin Hardin (Senior Independent Director)
Yeoh Chin Hoe (Independent Director)
Haji Suut bin Haji Suhaili
(Independent Director) (retired on 1 October 2012)
The Remuneration Committee, is responsible for setting the remuneration policy framework and recommending to
the Board the remuneration of Directors so as to ensure that the Company is able to attract and retain its Directors
needed to run the Group successfully. The components of Directors remuneration are structured so as to link
rewards to corporate and individual performance in the case of Executive Directors. In the case of Independent
Directors, the level of remuneration reects the experience and level of responsibilities undertaken by the individual
Independent Director concerned.
Directors do not participate in discussion of their individual remuneration.
Directors remuneration for the nancial year ended 31 March 2013, categorised into appropriate components,
distinguishing between Executive and Independent Directors, is as follows:
Directors
Fees
(RM)
Salaries and
performance
awards
(RM)
Allowance
(RM)
EPF
(RM)
Total
(RM)
Executive Directors
YBhg. Dato Lee Choon Chin 36,000 1,645,000 60,000 57,600 1,798,600
Jee Hon Chong 36,000 1,678,500 60,000 36,620 1,811,120
Chew Chin Choong 36,000 794,500 60,000 29,420 919,920
Subtotal 108,000 4,118,000 180,000 123,640 4,529,640
Independent Directors
YBhg. Dato Wee Hoe Soon @
Gooi Hoe Soon
(resigned on 18 June 2013)
64,000 Nil 8,230 Nil 72,230
Haji Suut Bin Haji Suhaili
(retired on 1 October 2012)
24,000 Nil 16,000 Nil 40,000
YBhg. Datuk Dr Stalin Hardin 94,000 Nil 26,000 Nil 120,000
Yeoh Chin Hoe 64,000 Nil 22,000 Nil 86,000
Subtotal 246,000 Nil 72,230 Nil 318,230
Grand total 354,000 4,118,000 252,230 123,640 4,847,870
STATEMENT
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a n n u a l r e p o r t 2 0 1 3
Principle 2 - Strengthen Composition of the Board (continued)
(ii) Directors Remuneration (continued)
The number of Directors of the Company, whose remuneration band falls within the following successive bands of
RM50,000, is as follows:
Range of remuneration
RM
Executive Directors
Number
Number
Less than RM50,000 - 1
RM50,001 to RM100,000 - 2
RM100,001 to RM150,000 - 1
RM150,001 to RM900,000* - -
RM900,001 to RM950,000 1 -
RM950,001 to RM1,750,000* - -
RM1,750,001 to RM1,800,000 1 -
RM1,800,001 to RM1,850,000 1 -
* No Director received any remuneration within this range
Principle 3 Reinforce Independence of the Board
For the nancial year ended 31 March 2013, the positions of Chairman and Chief Executive Ofcer of the Company are
held by an Independent Director and Group Managing Director respectively. The Board is of the view that the composition
of Independent Directors, which fulls the Listing Requirements of Bursa, coupled with the use of Board Charter that
formally sets out the schedule of matters reserved solely to the Board for decision making, provides for the relevant
check and balance on boardroom decisions.
The Chairman is responsible for ensuring the adequacy and effectiveness of the Boards governance process and acts as a
facilitator at Board meetings to ensure that contributions from Directors are forthcoming on matters being deliberated and
that no Board member dominates discussion. As the Group Managing Director, supported by fellow Executive Directors
and an Executive Management team, he implements the Groups strategies, policies and decision adopted by the Board
and oversees the operations and business development of the Group.
The Independent Directors bring to bear objective and independent views, advice and judgment on interests, not only of
the Group, but also of shareholders, employees, customers, suppliers and the communities in which the Group conducts
its business. Independent Directors are essential for protecting the interests of shareholders and can make signicant
contributions to the Companys decision making by bringing in the quality of detached impartiality.
The Board assessed the independence of its Independent Directors based on the criteria adopted by the Board. The
MCCG 2012 provides a limit of a consecutive term of nine (9) years on the tenure of an Independent Director. However, an
Independent Director may continue to serve on the Board upon reaching the nine (9)-year limit subject to the Independent
Directors re-designation as a Non-Independent Non-Executive Director. In the event the Board intends to retain the
Director as Independent Director after the latter has served a consecutive term of nine (9) years, the Board must justify
the decision and seek shareholders approval at general meeting. In justifying the decision, the Board is required to
assess the candidates suitability to continue as an Independent Director based on the criteria adopted by the Board.
STATEMENT
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a n n u a l r e p o r t 2 0 1 3
Principle 3 Reinforce Independence of the Board (continued)
Following an assessment by the Board, Datuk Dr Stalin Hardin who has served as Independent Director of the
Company for a consecutive term of more than nine (9) years as at the end of the nancial year under review, has
been recommended by the Board to continue to act as Independent Director, subject to shareholders approval at
the forthcoming Annual General Meeting of the Company. Key justications for his recommended continuance as
Independent Director are as follows:
he fulfls the criteria under the defnition of Independent Director as stated in the Listing Requirements of Bursa and,
therefore, is able to bring independent and objective judgment to the Board;
his experience in the relevant industries enables him to provide the Board and Audit Committee with pertinent
expertise, skills and competence and his independence judgment will continue to add credence to the Company;
he has been with the Company long and therefore understand the Companys business operations which enables
him to contribute actively and effectively during deliberations or discussions at Audit Committee and Board meetings.
His long tenure with the Company does not give rise to any conict of interest and undue inuence from interested
parties;
he has devoted suffcient time and efforts in attending Audit Committee and Board meetings; and
he has exercised due care during his tenure as an Independent Director of the Company and has carried out his
professional duties in the interest of the Company and shareholders.
Principle 4 Foster Commitment of Directors
The Board ordinarily meets at least ve (5) times a year, scheduled well in advance. Additional meetings are convened
when urgent and important decisions need to be made between scheduled meetings. Board and Board Committees
papers, which are prepared by Management, provide the relevant facts and analysis for the convenience of Directors.
The meeting agenda, the relevant reports and Board papers are furnished to Directors and Board Committees members
at least seven (7) days before the meeting to allow the Directors sufcient time to peruse for effective discussion and
decision making during meetings. At the quarterly Board meetings, the Board reviews the business performance of the
Group and discusses major operational and nancial issues. All pertinent issues discussed at Board meetings in arriving
at the decisions and conclusions are properly recorded by the Company Secretaries by way of minutes of meetings.
During the nancial year under review, the Board convened six (6) scheduled Board meetings and the details of attendance
of each Director are set out below:
Number of
Meetings Attended
YBhg. Dato Wee Hoe Soon @ Gooi Hoe Soon (Chairman) (resigned on 18 June 2013) 6 out of 6
Haji Suut bin Haji Suhaili (Deputy Chairman) (retired on 1 October 2012) 3 out of 3
YBhg. Datuk Dr Stalin Hardin 5 out of 6
Yeoh Chin Hoe 5 out of 6
Executive Directors
YBhg. Dato Lee Choon Chin (Group Managing Director) 6 out of 6
Jee Hon Chong 5 out of 6
Chew Chin Choong 6 out of 6
STATEMENT
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a n n u a l r e p o r t 2 0 1 3
Principle 4 Foster Commitment of Directors (continued)
All proceedings, matters arising, deliberations in terms of the issue discussed, and recommendations made by the Board
Committees at the committees meetings are recorded in the minutes by the Company Secretaries, conrmed by the
Board Committees, signed by the Chairmen of the said committees. All committees meetings were attended by the
Company Secretaries. Upon invitation, Management representatives were present at the Board Committees meetings to
provide additional insight into matters to be discussed during the said committee meetings, if so required. The Directors
shall devote sufcient time and efforts to carry out their responsibilities. The Board shall obtain this commitment from
Directors at the time of their appointment. Each Director is expected to commit time as and when required to discharge
the relevant duties and responsibilities, besides attending meetings of the Board and Board Committees.
Thus far, the Board is satised with the level of time commitment given by all the Directors in fullling their roles and
responsibilities as Directors of the Company. This is evidenced by their attendance at the meetings of the Board and the
Board Committees. All the Directors hold less than ve (5) directorships in public listed companies.
The Board acknowledges that its Directors may be invited to become directors of other companies and that exposure to
other organisation can broaden the experience and knowledge of its Directors which may bring benets to the Group.
Directors are therefore at liberty to accept other board appointments so long as such appointments are not in conict
with the business of the Group and do not adversely affect the Directors performance and contributions as a member
of the Board.
Directors Training Continuing Education Programmes
The Board is mindful of the importance for its members to undergo continuous training to be apprised on changes to
regulatory requirements and the impact such regulatory requirements have on the Group, to enable the Directors to
sustain their active participation in Board deliberations.
During the nancial year under review, the training attended by the Directors includes briengs, seminars and conferences
conducted by relevant regulatory authorities and professional bodies as well as internal ofcers, details of which are
appended below:
Title of Seminar
Mode of
Training
Number of
Day(s) Spent
Insurance Insights External Seminar 2 days
Forensic Accounting Preventing, Detecting & Investigating Frauds External Seminar 2 days
Updates on the Listing Requirements, Corporate Disclosure Guide and
Malaysian Code on Corporate Governance 2012
External Seminar 1 day
MFRS Update 2012/2013 Seminar External Seminar 1 day
MFRS Updates External Seminar 1 day
Briefng on the Malaysian Code on Corporate Governance 2012
Challenges and Implications to the Board and Internal Audit Function
Drafting Board Charter and Term of Reference for Board Committee and
Role of Nominating Committee for PLCs
External Seminar day
Statement of Internal Control External Seminar day
The Company Secretaries normally circulate the relevant guidelines on statutory and regulatory requirements from time
to time for the Boards reference and brief the Board on these updates, where applicable. The Group Financial Controller
and External Auditors also brief the Board members on any changes to the Malaysian Financial Reporting Standards that
affect the Groups nancial statements during the nancial year under review. The Directors continue to undergo relevant
training programmes to further enhance their skills and knowledge in the discharge of their stewardship role.
STATEMENT
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a n n u a l r e p o r t 2 0 1 3
Principle 5 Uphold Integrity in Financial Reporting by the Company
It is the Boards commitment to present a balanced and meaningful assessment of the Groups nancial performance and
prospects at the end of each reporting period and nancial year, primarily through the quarterly announcement of Groups
results to Bursa, the annual nancial statements of the Group and of the Company as well as the Statement from Group
Managing Director and review of the Groups operations in the Annual Report, where relevant.
The Board is responsible for ensuring that the nancial statements give a true and fair view of the state of affairs of the
Group and of the Company as at the end of the reporting period and of their results and cash ows for the period then
ended.
To assist in its discharge of its duties on nancial reporting, the Board has established an Audit Committee, comprising
exclusively Non-Executive Directors, all of whom are independent directors, with Mr. Yeoh Chin Hoe as the Audit
Committee Chairman. The composition of the Audit Committee, including its roles and responsibilities, are set out in the
Audit Committee Report on pages 45 to 49 of this Annual Report. One of the key responsibilities of the Audit Committee
in its specic terms of reference is to ensure that the nancial statements of the Group and of the Company comply with
applicable nancial reporting standards in Malaysia and provisions of the Companies Act, 1965. Such nancial statements
comprise the quarterly nancial report announced to Bursa and the annual statutory nancial statements.
The Board understands its role in upholding the integrity of nancial reporting by the Company. Accordingly, the Audit
Committee, which assists the Board in overseeing the nancial reporting process of the Company, will adopt a policy
for the types of non-audit services permitted to be provided by the external auditors, including the need for the Audit
Committees approval in writing before such services can be provided by the external auditors.
In assessing the independence of external auditors, the Audit Committee has obtained written assurance from the
external auditors, conrming that they and their network rm, engagement partner and audit teams independence,
integrity and objectivity comply with relevant ethical requirements.
In addition, the external auditors, Messrs. KPMG and the audit team are competent in carrying out their work and they
have the necessary audit experience in the industry in which WEIDA Group operates. Messrs. KPMG are registered with
Audit Oversight Board.
During the nancial year under review, the Audit Committee met with the External Auditor twice without the presence of
the other Directors and employees of the Group.
Principle 6 Recognise and Manage Risks of the Group
The Board regards risk management and internal controls as an integral part of the overall management processes. The
following represents the key elements of the risk management and internal control structure:
(a) An organisational structure in the Company with formally dened lines of responsibility and delegation of authority;
(b) Review and approval of annual business plan and budget of all major business units by the Board. This plan sets out
the key business objectives of the respective business units, the major risks and opportunities in the operations and
ensuing action plans;
(c) Quarterly review of the Groups business performance by the Board, which also covers the assessment of the
impact of changes in business and competitive environment;
(d) Active participation and involvement by the Group Managing Director, supported by his fellow Executive Directors
in the day-to-day running of the major businesses and regular discussions with senior management personnel on
operational issues; and
(e) Monthly nancial reporting by the subsidiaries to the holding company.
STATEMENT
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a n n u a l r e p o r t 2 0 1 3
Principle 6 Recognise and Manage Risks of the Group (continued)
Recognising the importance of having risk management processes and practices, the Board is in the advanced stages
of formalising a risk management framework to enable Management to identify, evaluate, control, monitor and report to
the Board the principal business risks faced by the Group on an ongoing basis, including remedial measures to be taken
to address and mitigate the risks.
In line with the MCCG 2012 and the Listing Requirements of Bursa, the Company has established an in-house internal
audit function to assess the adequacy and effectiveness of the Groups governance, risk management and internal control
systems. The in-house internal audit function, which reports directly to the Audit Committee, is guided by professional
standards promulgated by the Institute of Internal Auditors Inc, a globally recognised professional body for internal
auditors. The internal audit function is independent of the activities it audits and the scope of work covered by the internal
audit during the nancial year under review is provided in the Audit Committee Report of the Company set out on page
51 of this Annual Report.
Principle 7 Ensure Timely and High Quality Disclosure
The Board is aware of the need to establish corporate disclosure policies and procedures to enable comprehensive,
accurate and timely disclosures relating to the Company and its subsidiaries to be made to the regulators, shareholders
and stakeholders.
The Board is currently looking into formalising corporate disclosure policies and procedures to facilitate the disclosure of
material information in a timely manner.
Principle 8 Strengthen Relationship between the Company and its Shareholders
(i) Shareholder participation at general meeting
The Annual General Meeting (AGM), which is the principal forum for shareholder dialogue, allows shareholders to
review the Groups performance via the Companys Annual Report and pose questions to the Board for clarication.
At the AGM, shareholders participate in deliberating resolutions being proposed or on the Groups operations in
general. At the last AGM, a question and answer session was held where the Chairman of the meeting invited
shareholders to raise questions with responses from the Board and Senior Management. The Notice of AGM is
circulated at least twenty-one (21) days before the date of the meeting to enable shareholders to go through the
Annual Report and papers supporting the resolutions proposed. All the resolutions set out in the Notice of the last
AGM were put to vote by show of hands and duly passed. The outcome of the AGM is announced to Bursa on the
same meeting day.
The shareholders were informed of their rights to demand a poll vote at the commencement of the general meetings.
The Board will evaluate the feasibility of carrying out electronic polling at its general meetings in future.
The Chairman will declare the outcome of each resolution after proposal and secondment are done by the shareholders.
Shareholders are also given the opportunity to put forward their questions on the proposed resolutions. The Board
is of the view that with the current level of shareholders attendance at general meetings, voting by show of hands
continues to be efcient.
(ii) Communication and engagement with shareholders and prospective investors
The Board recognises the importance of being transparent and accountable to the Companys shareholders and
prospective investors. The various channels of communications are through meetings with institutional shareholders
and investment communities, quarterly announcements on nancial results to Bursa, relevant announcements and
circulars, when necessary, the Annual and Extraordinary General Meetings and through the Groups website at www.
weida.com.my where shareholders and prospective investors can access corporate information, annual reports,
press releases, nancial information and announcements of the Company. To maintain a high level of transparency
and to effectively address any issues or concerns, the Group has a dedicated electronic mail, i.e. weida@weida.com.my
to which stakeholders can direct their queries or concerns.
YBhg. Datuk Dr Stalin Hardin is the Senior Independent Director duly identied by the Board to whom concerns or
queries concerning the Weida Group may be conveyed to.
STATEMENT
41
a n n u a l r e p o r t 2 0 1 3
COMPLIANCE STATEMENT
With the introduction of the MCCG 2012, the Board remains committed to inculcating good corporate governance for
the Group. Although MCCG 2012 has only been recently issued during the nancial year ended 31 March 2013, the
Group has complied with MCCG 2012 except for those non-compliances disclosed in this Statement. The Group will
continue to endeavour to comply with all the key principles and recommendations of MCCG 2012 where the Board
deems appropriate, in its effort to observe high standards of transparency, accountability and integrity.
STATEMENT ON NOMINATING COMMITTEE ACTIVITIES
The primary function of the Nominating Committee is to recommend candidates for all directorships to be lled for the
consideration of the Board. This involves identication and evaluation of candidates for directorships, interviewing or
meeting up with candidates by Board members, deliberation by the Nominating Committee and recommendations by the
Nominating Committee to the Board.

The Nominating Committee met twice during the nancial year under review. The meetings were attended by all its
members who are Independent Directors.
Each year, the Nominating Committee assess the effectiveness of the Board and Board Committees, contributions
and performance of each individual Director, as well as the Group Financial Controller and the independence of the
Independent Directors. In addition, the Nominating Committee also assessed the Directors who are due for retirement
and re-appointment and made the necessary recommendations to the Board for deliberations and decision makings. It
also ensures an appropriate framework and plan for the Board and management succession for the Group.
The Nominating Committee reviews annually and recommends to the Board the structure, size, balance and composition
of the Board and Board Committees. This requires a review of the required mix of skills and experience including core
competencies which Independent Directors should bring to the Board and other qualities for the Board to function
effectively and efciently. Thereafter, the Board carries out its own assessment of the recommendations made by the
Nominating Committee and determines the appointments to be made.
This Statement is issued in accordance with a resolution of the Board of Directors dated 20 August 2013.
STATEMENT
42
a n n u a l r e p o r t 2 0 1 3
ADDITIONAL COMPLIANCE INFORMATION
The following information is presented in compliance with the Main Market Listing Requirements:
Utilisation of Proceeds from Corporate Proposal
There were no proceeds raised from any corporate proposals during the nancial year under review.
Share Buy-Back
At the Extraordinary General Meeting of WEIDA held on 13 February 2007, the Directors obtained the shareholders
approval for the Company to purchase and/or hold its own shares of up to ten percent (10%) of its total issued and
paid-up share capital of the Company (Share Buy-Back Authority). The Share Buy-Back Authority was renewed at the
subsequent Annual General Meetings.
During the nancial year ended 31 March 2013, a total of 200 ordinary shares of RM0.50 each of the Company were
purchased pursuant to the Share Buy-Back Authority. All the shares purchased are currently retained as treasury shares.
None of the shares purchased has been resold or cancelled.
A monthly breakdown of the shares bought back during the nancial year ended 31 March 2013 is set out below:
Month
No. of Shares
Purchased
Purchase Price
Average Price
Paid
Total
Consideration Paid Highest Lowest
RM RM RM RM
May 2012
November 2012
100
100
0.960
1.490
0.960
1.490
0.960
1.490
96.00
149.00
Options and Convertible Securities
There were no exercise of options and convertible securities during the nancial year under review.
Depository Receipt Programme
During the nancial year under review, the Company did not sponsor any depository receipt programme.
Sanctions and/or Penalties
There were no sanctions and/or penalties imposed on the Company and its subsidiaries, Directors or Management by the
relevant regulatory bodies during the nancial year ended 31 March 2013.
Non-Audit Fees
The total amount of non-audit fees incurred for services comprising tax compliance and advisory services, review of
internal control statement, review of compilation of realised and unrealised prots, etc, rendered to the Company and its
subsidiaries for the nancial year ended 31 March 2013 by the Companys external auditors, Messrs. KPMG, and a rm
or corporation afliated to Messrs. KPMG amounted to RM357,833.

Variance in Pro t Estimate, Forecast or Projection
There were no prot estimate, forecast or projection been announced by the Company during the nancial year under
review.
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a n n u a l r e p o r t 2 0 1 3
ADDITIONAL COMPLIANCE INFORMATION
Variance in Results
There was no signicant variance between the results for the nancial year ended 31 March 2013 and the unaudited
results previously released by the Company.
Pro t Guarantee
No prot guarantee had been received by the Company in respect of the nancial year under review.
Material Contracts Involving Directors/Major Shareholders Interests
There were no material contracts entered by the Group involving Directors and major shareholders interests subsisting
at the end of the nancial year under review or entered into since the end of the previous nancial year.
Recurrent Related Party Transactions (RRPT) of Revenue Nature
During the nancial year ended 31 March 2013, no shareholder mandate was obtained for the RRPT.
Disclosure of Realised and Unrealised Pro ts or Losses
The breakdown of the realised and unrealised prots as at 31 March 2013 are disclosed in Note 38 to the nancial
statements for the nancial year ended 31 March 2013, as outlined on page 181 of this Annual Report.
44
a n n u a l r e p o r t 2 0 1 3
STATEMENT OF
DIRECTORS RESPONSIBILITIES
The Directors are required under the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, to issue a
statement explaining their responsibility for preparing the nancial statements.
The Directors are also required by the Companies Act, 1965 (the Act) to prepare nancial statements for each nancial
year which give a true and fair view of the state of affairs of the Company and of the Group at the end of the nancial year
and the results and cash ows of the Company and of the Group for the nancial year then ended.
As required by the Act, the nancial statements have been prepared in accordance with the Malaysian Financial Reporting
Standards, International Financial Reporting Standards and the provisions of the Act. The Directors have considered
that in preparing the nancial statements for the nancial year ended 31 March 2013 as set out on pages 64 to 181 of
this Annual Report, appropriate accounting policies have been adopted and are consistently applied and supported by
reasonable and prudent judgements and estimates.
The Directors have responsibility to ensure the Company and the Group maintain proper accounting records which
disclose with reasonable accuracy, the nancial position and performance of the Company and the Group, and to enable
them to ensure the nancial statements comply with the Act. The Directors have overall responsibility for taking such
steps as are reasonably open to them to safeguard the assets of the Company and the Group and to prevent and detect
fraud and other irregularities.

FOR PREPARING THE ANNUAL FINANCIAL STATEMENTS
45
a n n u a l r e p o r t 2 0 1 3
REPORT OF THE AUDIT COMMITTEE
COMPOSITION OF AUDIT COMMITTEE
The Audit Committee (the Committee) comprises the following Directors:
Chairman: Yeoh Chin Hoe (Independent Director)
(appointed as Chairman on 7 November 2012)
Members: Dato Gooi Hoe Soon (Independent Director)
(appointed on 7 November 2012)
YBhg. Datuk Dr Stalin Hardin (Senior Independent Director)
(re-designated from Chairman to member on 7 November 2012)
Mr. Yeoh Chin Hoe is a member of the Malaysian Institute of Accountants and two (2) other associations of accountants
specied in Part II of the First Schedule of the Accountants Act 1967. All members of the Committee are nancially literate.
During the nancial year ended 31 March 2013, the training programmes attended by some of the Committees members
are as follows:
Title of Seminar Mode of Training
Number of Day(s)
Spent
Briefng on the Malaysian Code on Corporate Governance 2012
Challenges and implications to the Board & Internal Audit Function

Insurance Insights External Seminar 2 days
Statement on Internal Control External Seminar day
SUMMARY OF THE TERMS OF REFERENCE
1. Membership
The Committee shall be appointed by the Board of Directors from amongst their number and shall consist of not
less than three (3) members. All the Committee members must be Non-Executive Directors, with a majority of them
being Independent Directors. No Alternate Director shall be appointed as a member of the Committee.
At least one (1) member of the Committee:
(a) must be a member of Malaysian Institute of Accountants (MIA); or
(b) if he is not a member of the MIA, he must have at least three (3) years of working experience and:
he must have passed the examinations specifed in Part I of the First Schedule of the Accountants Act
1967; or
he must be a member of one (1) of the associations of accountants specifed in Part II of the First Schedule
of the Accountants Act 1967; or
(c) fulls such other requirements as prescribed or approved by Bursa Malaysia Securities Berhad (Bursa Malaysia).
If membership of the Committee for any reason falls below three (3) members, the Board of Directors shall, within three
(3) months of that event, appoint such number of new members as may be required to full the minimum requirement.
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a n n u a l r e p o r t 2 0 1 3
SUMMARY OF THE TERMS OF REFERENCE (continued)
2. Chairman
The Chairman of the Committee shall be an Independent Director appointed by the Board of Directors. In the
absence of the Chairman of the Committee, members present at the meeting shall elect one (1) of them to chair the
meeting.
3. Secretary
The Secretary to the Committee shall be any one (1) of the Joint Company Secretaries.
In the absence of the Secretary at the meeting, the members present at the meeting shall elect any other person as
the Secretary of the meeting.
4. Quorum
A quorum of a meeting of the Committee shall consist of a majority of Independent Directors and shall not be less
than two (2) Independent Directors. For purpose of determining whether the quorum for the transaction of the
business of the Committee exists in the case of a meeting of Committee, in addition to the members present at the
meeting, any member in telephonic communication with such meeting shall be counted in the quorum.
5. Meetings and Minutes
The Committee shall hold at least four (4) meetings a year. Additional meetings may be held as and when necessary,
upon request by any Committee member, the Management, Internal or External Auditors. Internal Auditors, the
Group Financial Controller and Group Accountant are normally invited to attend the meetings. Other members of the
Board of Directors, employees and representatives of External Auditors shall attend the meetings upon the invitation
of the Committee.
Notice of any meeting of the Committee may be given by telephone or facsimile and the contemporaneous linking
together by telephone or such other electronic communication of a number of the members being not less than the
quorum shall be deemed to constitute a meeting of the Committee wherever in the world they are, as long as :
(a) the quorum of Committee is met;
(b) at the commencement of the meeting each member acknowledges the presence thereof to all the other
members taking part and such participation shall be deemed to be present in person;
(c) each of the members taking part is able to hear each of them, subject as hereinafter mentioned throughout the
meeting;
(d) the members present at the commencement of the meeting do not leave the meeting by disconnecting the
telephone, but the meeting shall be deemed to have been conducted validly notwithstanding that a members
telephone is accidentally disconnected during the meeting and the proceedings thereof shall be deemed to be
as valid as if the telephone had not been disconnected;
(e) all information and documents are made equally available to all participants prior to or at/during the meeting;
and
(f) minutes of the proceedings shall be sufcient evidence thereof and of the observance of all necessary formalities
if signed and certied by the Chairman.
Notice of meeting and board papers shall be given to all members of the Committee at least 14 days and seven (7)
days respectively before the date of meeting.
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a n n u a l r e p o r t 2 0 1 3
5. Meetings and Minutes (continued)
The Secretary shall discuss with the Senior Management on the agenda item. The nal agenda for the meeting will
be approved by the Committees Chairman or in his absence, by any one (1) of the Committees members. The
Secretary will inform/remind the relevant head of department to submit their report/materials on presentation to him/
her at least eight (8) days before the date of meeting. In the case where the subject matter/agenda item is sensitive
or otherwise condential or in a state of ux, the report/materials/paper shall be directly circulated/presented at the
meeting.
The decision of the Committee shall be decided by a majority of votes. In the case of an equality of votes, the
Chairman shall have a second or casting vote, provided that where two (2) members form a quorum, the Chairman
of a meeting at which only such a quorum is present, or at which only two (2) Directors are competent to vote on
the question in issue, the Chairman shall not have a casting vote.
Minutes of each meeting shall be signed by the Chairman of the meeting at which the proceedings were held or by
the Chairman of the next succeeding meeting and shall be accepted as prima facie evidence without further proof of
the facts stated therein. Such minutes of meetings shall be kept by the Secretary and distributed to each member
of the Committee. The Chairman of the Committee shall report on each meeting to the Board of Directors from time
to time.
A resolution in writing signed by all members of the Committee shall be deemed to have been passed at a meeting
held on a date on which it was signed by the last member of the Committee.
6. Authority
The Committee is authorised by the Board of Directors to:
(a) investigate any activity within its terms of reference and shall have unrestricted access to all employees of the
Group;
(b) have the resources in order to perform its duties as set out in its terms of reference;
(c) have full and unrestricted access to information pertaining to the Group;
(d) have direct communication channels with the Internal and External Auditors;
(e) obtain external legal or other independent professional advice as necessary; and
(f) convene meetings with the Internal Auditors, External Auditors or both, excluding the attendance of other
Directors and employees of the Group at least twice a year.
Notwithstanding anything to the contrary hereinbefore stated, the Committee does not have executive powers
and shall report to the Board of Directors on matters considered and its recommendations thereon, pertaining
to the Group.
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a n n u a l r e p o r t 2 0 1 3
7. Responsibility
Where the Committee is of the view that a matter reported by it to the Board of Directors has not been satisfactorily
resolved resulting in a breach of the Main Market Listing Requirements, the Committee has the responsibility to
promptly report such matter to Bursa Malaysia Securities Berhad.
8. Functions and Duties
The duties of the Committee are to:
(a) consider the appointment or re-appoint, nomination, resignation and dismissal of External Auditors and the
audit fee;
(b) review the nature and scope of audit plans prepared by the Internal and External Auditors;
(c) review the audit reports prepared by the Internal and External Auditors, the major ndings and managements
responses thereto;
(d) discuss problems and reservations arising from the interim and nal audits, and any matter the external auditors
may wish to bring up;
(e) review the quarterly and annual nancial statements of the Company and the Group, primarily focusing on the
matters set out below, before submission to the Board:
implementation of major accounting policy changes;
signifcant and unusual events; and
compliance with accounting and fnancial reporting standards, and legal requirements.
(f) review the internal audit programme, processes, the results of the internal audit programme and to consider
the internal audit reports, major ndings and managements responses thereto on any internal investigations
carried out by the Internal Auditors and ensure that appropriate action is taken by management in respect of
the audit observations and the Committees recommendations;
(g) review the auditors evaluation of the system of internal controls;
(h) review the scope, functions, competency and resources of the Internal Audit Department and whether it has
the necessary authority to carry out its work;
(i) review any appraisal or assessment of the performance of the staff in the Internal Audit Department;
(j) approve appointment or termination of senior executives in the Internal Audit Department;
(k) be informed of any resignation of executives in the Internal Audit Department and to provide the resigning
executive an opportunity to submit his or her reason for resigning;
(l) review the assistance given by the Company and the Groups employees to the auditors;
49
a n n u a l r e p o r t 2 0 1 3
8. Functions and Duties (continued)
(m) review related party transactions and conict of interest situation that may arise within the Company and
the Group including any transactions, procedure or cause of conduct that raises questions of management
integrity;
(n) review any letter of resignation from the External Auditors of the Group;
(o) review whether there is reason (supported by grounds) to believe that the Group s External Auditors is not
suitable for re-appointment;
(p) to establish and review policies and procedures to assess the suitability and independence of External Auditors;
and
(q) perform such other functions as may be agreed to by the Committee and the Board of Directors.
MEETINGS AND ATTENDANCE
During the nancial year ended 31 March 2013, the Committee held ve (5) meetings which were attended by the
members as follows:

Number of Meetings Attended
Yeoh Chin Hoe 5 out of 5
YBhg. Dato Wee Hoe Soon @ Gooi Hoe Soon
(appointed on 7 November 2011)
2 out of 2
YBhg. Datuk Dr Stalin Hardin 4 out of 5
The Group Managing Director, an Executive Director, Group Financial Controller and some other senior Finance Department
personnel, External and Internal Auditors attended some of these meetings upon invitation by the Committee. All
proceedings, matters arising and deliberations in terms of the issues discussed, and recommendations of the Committee
are recorded in the minutes by the Company Secretaries, conrmed by the Committee and signed by the Committee
Chairman or Chairman of the meeting. All the Committee meetings were attended by one (1) or both of the two (2)
Company Secretaries. The Chairman of the Committee reports on the main ndings and deliberations of the Committees
meetings as well as its recommendation to the Board of Directors.
50
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SUMMARY OF ACTIVITIES
The Committee, had in line with its terms of reference, carried out the following activities in the discharge of its functions
and duties during the nancial year ended 31 March 2013:
(a) reviewed the quarterly nancial results and annual audited nancial statements of the Group prior to submission to
the Board of Directors for consideration and approval;
(b) reviewed the comparison of the Groups actual results against budgeted results on a quarterly basis;
(c) reviewed the annual audit planning memorandum of External Auditors;
(d) reviewed and deliberated on the External Auditors reports in relation to the statutory audit and issues arising from
the audit;
(e) reviewed and approved the annual Internal Audit plan and updates thereof prepared by the Internal Audit
Department;
(f) reviewed and deliberated the Internal Audit reports presented by the Internal Audit Department on ndings,
recommendations (incorporating Managements response) and action plans with persons responsible and a time
frame for implementation of the recommendations;
(g) reviewed the related party transactions and conict of interest situations that may arise within the Group including
any transaction, procedure or course of conduct that raises questions of Management integrity prior to submission
to the Board of Directors for ratication, consideration and approval;
(h) reviewed the adequacy of the disclosure on related party transactions entered into by the Group in the quarterly and
annual reports of the Company;
(i) reviewed the changes and implementation of Company policies prior to recommendation to the Board of Directors
for approval;
(j) met with Internal and External Auditors twice, excluding the attendance of the other Directors and employees of the
Group;
(k) considered the re-appointment of External Auditors, as well as their remuneration;
(l) reviewed the manpower resources for Internal Audit Department; and
(m) reviewed the Report of the Committee and Internal Control Statement for disclosure in annual report 2012 prior to
submission to the Board of Directors for its approval.
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INTERNAL AUDIT FUNCTION
The Group has an Internal Audit Department (IAD) which assists the Committee in the effective discharge of its duties
and responsibilities. The Internal Audit Charter sets out the purpose, responsibility, scopes, independence and authority
of the IAD. The internal audit function adopt a risk-based audit approach in planning and conducting audits by focusing
on key risk areas.
The principal responsibility of the IAD is to undertake regular and systematic reviews of the system of internal controls,
recommending cost-effective measures to mitigate these risks, enhance operational efciency and implementation of
sound governance processes. It is independent of the activities it audits.
In attaining these objectives, the scopes of activities of the IAD include the following:
(a) review and appraise the soundness, adequacy and application of the system of internal controls and recommend
improvements thereon;
(b) ascertain the extent of compliance with established policies, procedures and statutory requirements;
(c) appraise the reliability, integrity and usefulness of nancial and management information developed;
(d) review the controls for safeguarding assets and as appropriate, verify the existence of assets;
(e) carry out special reviews and investigations requested by the Committee and Board of Directors; and
(f) identify ways and opportunities to improve the effectiveness and efciency of the operations and processes of
the Group.
During the nancial year under review, the Senior Internal Audit Executive reports directly to the Committee and is
tasked to provide reasonable assurance to the Committee on the effectiveness of the risk management, internal
control and governance processes within the Group.
The IAD has, during the nancial year ended 31 March 2013, carried out planned audits on the signicant operations of
the Group based on assessed risks. The Internal Audit Reports on the adequacy of controls and extent of compliance to
internal nancial policies and operational procedures were deliberated on by the Committee and recommendations were
duly acted upon by the Management.
The total costs incurred for the IAD during the nancial year ended 31 March 2013 amounted to RM108,193.
52
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INTERNAL CONTROL STATEMENT
INTRODUCTION
The Board of Directors (the Board) of Weida (M) Bhd is committed to maintaining a sound system of risk management
and internal control in the Group and is pleased to provide the following Internal Control Statement (the Statement),
which outlines the nature and scope of risk management and internal control of the Group during the nancial year
ended 31 March 2013. For the purpose of disclosure, this Statement takes into account the Guidelines for Directors of
Listed Issuers (Guidelines) issued by Bursa Malaysia Securities Berhad (Bursa Securities) on the issuance of Internal
Control Statement pursuant to Paragraph 15.26(b) of the Main Market Listing Requirements.
Board Responsibility
The Board recognises the importance of maintaining a sound system of internal control and the proper management of
risks affecting the Groups operations in order to safeguard shareholders investments. Accordingly, the Board afrms
its overall responsibility for the Groups system of internal control and risk management, and for reviewing the operating
adequacy and effectiveness of the said system. The system covers not only nancial but operational and compliance
risks and the relevant controls designed to manage the said risks. In view of the limitations inherent in any system of risk
management and internal controls, the system is designed to manage, rather than eliminate, the risk of failure to achieve
the Groups business and corporate objectives. The system can therefore only provide reasonable, but not absolute
assurance, against material misstatement or loss.
The Board has in place an on-going process for identifying, evaluating and managing the signicant risks faced by the
Group. The Board, through its Audit Committee, periodically reviews the results of this process, including mitigating
measures taken by Management to address areas of key risks as identied. This process has been in place for the
nancial year under review and up to the date of approval of this Statement for inclusion in the Annual Report of the
Company.
Risk Management Framework
Risk management is rmly embedded in the Groups key processes, and is in the advanced stages of being formalised
into an Enterprise Risk Management framework, in line with Recommendation 6.1 of the Malaysian Code on Corporate
Governance 2012 (MCCG 2012). This framework includes a risk management process which is on-going and results in
the compilation of a Group Risk Prole with specic risk registers of each company in the Group as well as action plans
for mitigating the identied risks. Upon nalisation of the framework and adoption of the same by the Board, the Group
Risk Prole and the risk register will thereof include the following risk information:
(a) the principal risks faced by the Group under appropriate risk categories, levels and sub-levels;
(b) the likelihood of risks crystallising and the resulting impact thereof; and
(c) the internal controls deployed by Management to address those risks.
For each of the risks identied, designated personnel of the companies in the Group will be assigned to ensure appropriate
risk response actions are carried out in a timely manner.
53
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Internal Audit Function
The Audit Committee evaluates the in-house internal audit function to assess its effectiveness in the discharge of its
responsibilities. The internal audit function provides assurance to the Audit Committee through the execution of internal
audit based on a risk-based internal audit plan approved by the Audit Committee before commencement of work. Its
scope of works includes periodic reviews and evaluation of operational and nancial controls for operations within the
strategic business units of the Group. The in-house internal audit function is independent of the activities it audits.
Observations from internal audit carried out are presented, together with Managements response and proposed action
plans, to the Audit Committee. The internal audit function also follows up and reports to the Audit Committee on the
status of implementation of action plans by Management on the recommendations highlighted in the internal audit
reports, especially on areas where material internal control deciencies or lapses have been noted. The Audit Committee
considers reports from the internal audit function and comments from Management, before presenting summaries of the
report to the Board of Directors on a quarterly basis or earlier as appropriate. Further details of the activities of the internal
audit function are provided in the Report of the Audit Committee.
Internal Control Framework
The key elements of the Groups internal control system are described below:
(a) Limits of authority and responsibility
Clearly dened and documented lines and limits of authority, responsibility and accountability have been established
through the relevant charters/terms of reference, organisational structures and appropriate authority limits. These
enhance the Groups ability to achieve its strategies and operational objectives. The corporate structure further
enhances the ability of each subsidiary or division, as the case may be, to focus on its assigned core or support
functions within the Group;
(b) Written policies and procedures
Clearly dened internal policies and procedures as set out in the Groups Policies and Procedures covering various
operational aspects are regularly updated to reect changing risks or to address operational deciencies. These help
to enable internal control principles and mechanisms to be embedded in the operations within the Group; and
(c) Planning, monitoring and reporting
there is an established strategic planning and budgeting process, requiring all functional units to prepare the
annual strategic plan, capital and operating expenditure budgets for discussion and approval by the Board;
major capital expenditure and asset disposals are appraised and approved by the Board as well as the boards
of directors of subsidiaries;
the Audit Committee reviews the Groups quarterly fnancial performance, together with Management, which
is subsequently reported to the Board;
comprehensive information, which includes monthly management reports covering all key fnancial and
operational indicators, is provided to Senior Management for the monitoring of performance against strategic
plan;
a reporting system generates monthly performance and variance reports for review by Management and actions
to be taken, where necessary;
management meetings are held regularly to identify, discuss and resolve strategic, operational, fnancial and
key management issues;
54
a n n u a l r e p o r t 2 0 1 3
Internal Control Framework (continued)
(c) Planning, monitoring and reporting (continued)
periodic visits to operating units by members of the Board and Senior Management.
written declaration by all employees confrming their agreement to abide by the Groups code of conduct and
ethics as contained in the Employees Handbook is in place to support the business objectives; and
suffcient insurance coverage and physical safeguards over major assets are in place to ensure that the assets
of the Group are adequately covered against calamities and/or theft that may result in material losses to the
Group.
Assurance Provided by the Group Managing Director and Group Financial Controller
The Group Managing Director and Group Financial Controller have provided assurance to the Board in writing stating that
the Groups internal control system has operated adequately and effectively, in all material aspects, to meet the Groups
objectives during the nancial year under review.
The Board is of the view that the internal control system is satisfactory and have not resulted in any material losses,
contingencies or uncertainties that would require disclosure in the Groups annual report. The Board continues to take
pertinent measures to sustain and, where required, to improve the Groups risk management activities and internal
control system in meeting the Groups strategic objectives.
Pursuant to paragraph 15.23 of the Main Market Listing Requirements of Bursa Securities, the external auditors have
reviewed this Statement for inclusion in the Annual Report of the Group for the nancial year ended 31 March 2013
and reported to the Board that nothing has come to their attention that caused them to believe that the statement is
inconsistent with their understanding of the processes adopted by the Board in reviewing the adequacy and integrity of
the system of internal control.
This Statement is issued in accordance with a Board resolution dated 20 August 2013.
2013
56 DIRECTORS REPORT
61 STATEMENT BY DIRECTORS
61 STATUTORY DECLARATION
62 INDEPENDENT AUDITORS REPORT
64 STATEMENTS OF FINANCIAL POSITION
66 STATEMENTS OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
68 STATEMENTS OF CHANGES IN EQUITY
71 STATEMENTS OF CASH FLOWS
74 NOTES TO THE FINANCIAL STATEMENTS
FINANCIAL
STATEMENTS
56
a n n u a l r e p o r t 2 0 1 3
DIRECTORS REPORT
The Directors have pleasure in submitting their report and the audited nancial statements of the Group and of the
Company for the nancial year ended 31 March 2013.
PRINCIPAL ACTIVITIES
The Company is principally engaged in investment holding and the provision of management services to its subsidiaries
while the principal activities of the subsidiaries are as stated in Note 6 to the nancial statements. Save for the disposal
and cessation of operations of the oil palm plantation division of the Group, there has been no signicant change in the
nature of these activities during the nancial year.
RESULTS
Group Company
RM RM
Prot/(Loss) for the nancial year attributable to:
Owners of the Company 50,772,355 131,591,116
Non-controlling interests (24,299,624) -
26,472,731 131,591,116
DIVIDENDS
Since the end of the previous nancial year, the Company paid a rst and nal dividend of 4.00 sen per ordinary share
of RM0.50 each less tax at 25% totalling RM3,806,854 (equivalent to 3.00 sen net per ordinary share) in respect of the
nancial year ended 31 March 2012 on 22 November 2012.
The Directors are recommending the following dividends in respect of the nancial year ended 31 March 2013, to be paid
once approved by shareholders at the forthcoming Annual General Meeting:
a) a rst and nal dividend of 4.00 sen per ordinary share of RM0.50 each less tax at 25% totalling RM3,806,848
(equivalent to 3.00 sen net per ordinary share); and
b) a special dividend of 1.50 sen per ordinary share of RM0.50 each less tax at 25% totalling RM1,427,568 (equivalent
to 1.13 sen net per ordinary share).
RESERVES AND PROVISIONS
There were no material transfers to or from reserves and provisions during the nancial year under review.
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2013
57
a n n u a l r e p o r t 2 0 1 3
DIRECTORS REPORT
DIRECTORS OF THE COMPANY
Directors who served since the date of the last report are:
Dato Lee Choon Chin
Datuk Dr Stalin Hardin
Jee Hon Chong
Chew Chin Choong
Yeoh Chin Hoe
Tuan Haji Suut Bin Haji Suhaili (retired on 1.10.2012)
Dato Wee Hoe Soon @ Gooi Hoe Soon (resigned on 18.6.2013)
DIRECTORS INTERESTS IN SHARES
The interests of the Directors (including where applicable the interests of their spouses or children who themselves are
not Directors of the Company) in the shares of the Company and of its related corporations (other than wholly owned
subsidiaries) at the nancial year end as recorded in the Register of Directors Shareholdings are as follows:

<------- Number of ordinary shares of RM0.50 each ------->
At 1.4.2012 Bought Sold At 31.3.2013
Shareholdings in the Company in which Directors
have direct interests
Dato Lee Choon Chin 7,074,242 - - 7,074,242
Datuk Dr Stalin Hardin 33,334 - - 33,334
Jee Hon Chong 3,090,776 - (1,326,000) 1,764,776
<------------------- Number of ordinary shares ------------------->
Par value At 1.4.2012 Bought Sold At 31.3.2013
Shareholdings in which Dato Lee
Choon Chin has deemed interests
The Company * RM0.50 26,048,974 - - 26,048,974
Subsidiaries
Weidaya Sdn. Bhd. ** RM1.00 350,000 - - 350,000
Weida Environmental Technology
Sdn. Bhd. ** RM1.00 56,000 - - 56,000
Sar-Alam Indah Sdn. Bhd. ** RM1.00 580,000 - - 580,000
UTIC Services Sdn. Bhd. ** RM1.00 1,358,000 - - 1,358,000
UTIC Industries Sdn. Bhd. ** RM1.00 2 - - 2
Weidasar Engineering Sdn. Bhd. ** RM1.00 640,000 - - 640,000
Renexus-Weida Sdn. Bhd. ** RM1.00 312,840 - - 312,840
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a n n u a l r e p o r t 2 0 1 3
<------------------- Number of ordinary shares ------------------->
Par value At 1.4.2012 Bought Sold At 31.3.2013
Shareholdings in which Dato Lee
Choon Chin has deemed interests
(continued)
Bumi Suria Ventures Sdn. Bhd. ** RM1.00 7,500,000 - (7,500,000)^ -
Weida (B) Sdn. Bhd.** BND1.00 24,999 - - 24,999
Weida Philippines Inc. ** PHP1.00 8,407,277 - - 8,407,277
LIPP Biogas (Malaysia) Sdn. Bhd. ** RM1.00 640,000 - - 640,000
Hydro Solutions Sdn. Bhd. ** RM1.00 2 - - 2
Loyal Paragon Sdn. Bhd. ** RM1.00 2 2,249,998 - 2,250,000
Weida Bioenergy Sdn. Bhd. (formerly
known as Nicoplex Sdn. Bhd.) ** RM1.00 - 1,000,000 - 1,000,000
Weida Water (ADRA) Sdn. Bhd. ** RM1.00 51,000 - - 51,000^^

BND = Brunei Dollar
PHP = Philippine Peso
* Deemed interest by virtue of his substantial interest in Weida Management Sdn. Bhd..
** Deemed interest by virtue of his substantial interest in Weida (M) Bhd..
^ Disposed of during the current nancial year.
^^ In the process of de-registration by the Companies Commission of Malaysia.
Save as disclosed, none of the Directors had any interest in the shares of the Company and of its related corporations
during and at the end of the nancial year.
DIRECTORS BENEFITS
Since the end of the previous nancial year, no Director of the Company has received nor become entitled to receive any
benet (other than a benet included in the aggregate amount of emoluments received or due and receivable by Directors
as shown in the nancial statements) by reason of a contract made by the Company or a related corporation with the
Director or with a rm of which the Director is a member, or with a company in which the Director has a substantial
nancial interest, other than certain Directors who have signicant nancial interests in companies which traded with
certain companies in the Group in the ordinary course of business (see also Note 37 to the nancial statements).
There were no arrangements during and at the end of the nancial year which had the object of enabling Directors of the
Company to acquire benets by means of the acquisition of shares in or debentures of the Company or any other body
corporate.
ISSUE OF SHARES AND DEBENTURES
There was neither change in the authorised, issued and paid-up capitals of the Company, nor issuances of debentures by
the Company, during the nancial year.
DIRECTORS REPORT
DIRECTORS INTERESTS IN SHARES (continued)
59
a n n u a l r e p o r t 2 0 1 3
OPTIONS GRANTED OVER UNISSUED SHARES
No options were granted to any person to take up unissued shares of the Company during the nancial year.
OTHER STATUTORY INFORMATION
Before the nancial statements of the Group and of the Company were made out, the Directors took reasonable steps
to ascertain that:
i. all known bad debts have been written off and adequate provision made for doubtful debts, and
ii. any current assets which were unlikely to be realised in the ordinary course of business have been written down to
an amount which they might be expected so to realise.
At the date of this report, the Directors are not aware of any circumstances:
i. that would render the amount written off for bad debts, or the amount of the provision for doubtful debts, in the
Group and in the Company inadequate to any substantial extent, or
ii. that would render the value attributed to the current assets in the nancial statements of the Group and of the
Company misleading, or
iii. which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group
and of the Company misleading or inappropriate, or
iv. not otherwise dealt with in this report or the nancial statements, that would render any amount stated in the
nancial statements of the Group and of the Company misleading.
At the date of this report, there does not exist:
i. any charge on the assets of the Group or of the Company that has arisen since the end of the nancial year and
which secures the liabilities of any other person, or
ii. any contingent liability in respect of the Group or of the Company that has arisen since the end of the nancial
year.
No contingent liability or other liability of any company in the Group has become enforceable, or is likely to become
enforceable within the period of twelve months after the end of the nancial year which, in the opinion of the Directors,
will or may substantially affect the ability of the Group and of the Company to meet their obligations as and when they
fall due.
In the opinion of the Directors, except for gains of RM59,876,305 and RM127,177,929 arising from the disposal of the oil
palm plantation division of the Group and of investment in subsidiaries of the Company respectively as disclosed in Notes
23 and 33 (iv) to the nancial statements, the nancial performance of the Group and of the Company for the nancial
year ended 31 March 2013 has not been substantially affected by any item, transaction or event of a material and unusual
nature nor has any such item, transaction or event occurred in the interval between the end of that nancial year and the
date of this report.
DIRECTORS REPORT
60
a n n u a l r e p o r t 2 0 1 3
AUDITORS
The auditors, Messrs KPMG, have indicated their willingness to accept re-appointment.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
DATUK DR STALIN HARDIN

DATO LEE CHOON CHIN
Kuching,
Date: 31 July 2013
DIRECTORS REPORT
61
a n n u a l r e p o r t 2 0 1 3
In the opinion of the Directors,
(a) the nancial statements set out on pages 64 to 180 are drawn up in accordance with Malaysian Financial Reporting
Standards, International Financial Reporting Standards and the requirements of the Companies Act, 1965 in Malaysia
so as to give a true and fair view of the nancial position of the Group and of the Company as of 31 March 2013 and
of their nancial performance and cash ows for the nancial year then ended, and
(b) the information set out in Note 38 on page 181 to the nancial statements has been compiled in accordance with
the Guidance on Special Matter No. 1, Determination of Realised and Unrealised Prots or Losses in the Context of
Disclosures Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, issued by the Malaysian Institute
of Accountants, and presented based on the format prescribed by Bursa Malaysia Securities Berhad.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:

DATUK DR STALIN HARDIN DATO LEE CHOON CHIN
Kuching,
Date: 31 July 2013
I, Wang Tin Ngee, the ofcer primarily responsible for the nancial management of Weida (M) Bhd., do solemnly and
sincerely declare that the nancial statements set out on pages 64 to 181 are, to the best of my knowledge and belief,
correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions
of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared by the abovenamed
in Kuching in the State of Sarawak
on 31 July 2013
WANG TIN NGEE
Before me:
CHIAM YEN KWANG
No: Q108
Commissioner of Oaths
STATEMENT BY DIRECTORS
STATUTORY DECLARATION
PURSUANT TO SECTION 169(15) OF THE COMPANIES ACT, 1965
PURSUANT TO SECTION 169(16) OF THE COMPANIES ACT, 1965
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a n n u a l r e p o r t 2 0 1 3
REPORT ON THE FINANCIAL STATEMENTS
We have audited the nancial statements of Weida (M) Bhd., which comprise the statements of nancial position as at 31
March 2013 of the Group and of the Company, and statements of prot or loss and other comprehensive income, changes
in equity and cash ows of the Group and of the Company for the nancial year then ended, and notes, comprising a
summary of signicant accounting policies and other explanatory information, as set out on pages 64 to 180.
Directors Responsibility for the Financial Statements
The Directors of the Company are responsible for the preparation of nancial statements so as to give a true and fair
view in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the
requirements of the Companies Act, 1965 in Malaysia. The Directors are also responsible for such internal control as
they determine is necessary to enable the preparation of nancial statements that are free from material misstatement,
whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these nancial statements based on our audit. We conducted our audit
in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the nancial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the nancial
statements. The procedures selected depend on our judgement, including the assessment of risks of material
misstatement of the nancial statements, whether due to fraud or error. In making those risk assessments, we consider
internal control relevant to the entitys preparation of nancial statements that give a true and fair view in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entitys internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall
presentation of the nancial statements.
We believe that the audit evidence we have obtained is sufcient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the nancial statements give a true and fair view of the nancial position of the Group and of the Company
as of 31 March 2013 and of their nancial performance and cash ows for the nancial year then ended in accordance
with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the
Companies Act, 1965 in Malaysia.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In accordance with the requirements of the Companies Act, 1965 in Malaysia, we also report the following:
a) In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company
and its subsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions
of the Act.
b) We have considered the accounts and the auditors reports of all the subsidiaries of which we have not acted as
auditors as indicated in Note 6 to the nancial statements.
INDEPENDENT AUDITORS REPORT
TO THE MEMBERS OF WEIDA (M) BHD
(Company No. 504747-W)
(Incorporated in Malaysia)
63
a n n u a l r e p o r t 2 0 1 3
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS (continued)
c) We are satised that the accounts of the subsidiaries that have been consolidated with the Companys nancial
statements are in form and content appropriate and proper for the purposes of the preparation of the nancial
statements of the Group and we have received satisfactory information and explanations required by us for those
purposes.
d) The audit reports on the accounts of the subsidiaries did not contain any qualication or any adverse comment made
under Section 174(3) of the Act.
OTHER REPORTING RESPONSIBILITIES
Our audit was made for the purpose of forming an opinion on the nancial statements taken as a whole. The information
set out in Note 38 on page 181 to the nancial statements has been compiled by the Company as required by the Bursa
Malaysia Securities Berhad Listing Requirements and is not required by the Malaysian Financial Reporting Standards
and International Financial Reporting Standards. We have extended our audit procedures to report on the process of
compilation of such information. In our opinion, the information has been properly compiled, in all material respects, in
accordance with the Guidance on Special Matter No. 1, Determination of Realised and Unrealised Prots or Losses in
the Context of Disclosures Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, issued by the Malaysian
Institute of Accountants and presented based on the format prescribed by Bursa Malaysia Securities Berhad.
OTHER MATTERS
As stated in Note 34 to the nancial statements, Weida (M) Bhd. adopted Malaysian Financial Reporting Standards
and International Financial Reporting Standards on 1 April 2012 with a transition date of 1 April 2011. These standards
were applied retrospectively by the Directors to the comparative information in these nancial statements, including
the statements of nancial position as at 31 March 2012 and 1 April 2011, and the statements of prot or loss and
other comprehensive income, changes in equity and cash ows for the nancial year ended 31 March 2012 and related
disclosures. We were not engaged to report on the comparative information that is prepared in accordance with
Malaysian Financial Reporting Standards and International Financial Reporting Standards, and hence it is unaudited. Our
responsibilities as part of our audit of the nancial statements of the Group and of the Company for the nancial year
ended 31 March 2013 have, in these circumstances, included obtaining sufcient appropriate audit evidence that the
opening balances as at 1 April 2012 do not contain misstatements that materially affect the nancial position as of 31
March 2013 and the nancial performance and cash ows for the nancial year then ended.
This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies
Act, 1965 in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of
this report.

KPMG CHIN CHEE KONG
Firm Number: AF 0758 Chartered Accountant
Chartered Accountants Approval Number: 1481/01/15(J)
Kuching,
Date: 31 July 2013
INDEPENDENT AUDITORS REPORT
TO THE MEMBERS OF WEIDA (M) BHD
(Incorporated in Malaysia)
64
a n n u a l r e p o r t 2 0 1 3
<------------------ Group ------------------> <----------------- Company ----------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
Note RM RM RM RM RM RM
Assets
Property, plant and equipment 3 81,467,359 162,688,051 159,410,964 3,371,536 3,553,639 5,888,321
Prepaid lease payments 4 3,077,509 3,185,078 3,292,647 - - -
Biological assets 5 - 293,457,636 244,136,730 - - -
Investment in subsidiaries 6 - - - 75,611,026 111,988,199 43,665,797
Investment in an associate 7 395,642 - - 400,000 40 -
Goodwill 8 657,034 739,444 2,519,735 - - -
Other intangible assets 9 38,831,804 42,855,830 45,978,980 - - -
Trade and other receivables 10 50,442,212 18,036,029 16,686,833 2,775,227 36,081,273 104,243,623
Other investments 11 1,375,120 1,452,473 438,621 1,053,120 1,130,473 15,821
Deferred tax assets 12 3,169,347 544,768 133,000 - - -
Total non-current assets 179,416,027 522,959,309 472,597,510 83,210,909 152,753,624 153,813,562
Inventories 13 46,068,496 39,982,680 47,233,180 - - -
Property development costs 14 1,649,353 - - - - -
Trade and other receivables 10 109,794,490 165,637,241 97,981,378 25,839,266 18,265,472 2,270,359
Deposits and prepayments 15 6,733,380 12,869,301 15,574,768 441,202 488,739 264,764
Current tax recoverable 1,471,971 3,720,889 1,487,314 1,364,816 988,663 612,207
Derivative nancial assets 16 136,415 6,680 12,378 - - -
Cash and bank balances 17 266,270,158 54,982,235 37,940,150 213,665,834 34,423,386 9,478,860
432,124,263 277,199,026 200,229,168 241,311,118 54,166,260 12,626,190
Assets classied as held
for sale 18 5,098,974 - - - - -
Total current assets 437,223,237 277,199,026 200,229,168 241,311,118 54,166,260 12,626,190
Total assets 616,639,264 800,158,335 672,826,678 324,522,027 206,919,884 166,439,752
Equity
Share capital 19.1 66,666,666 66,666,666 66,666,666 66,666,666 66,666,666 66,666,666
Reserves 19.2 277,838,947 231,578,876 196,644,164 137,314,368 9,632,925 599,348
Total equity attributable to
owners of the Company 344,505,613 298,245,542 263,310,830 203,981,034 76,299,591 67,266,014
Non-controlling interests 13,496,231 118,311,407 103,278,495 - - -
Total equity 358,001,844 416,556,949 366,589,325 203,981,034 76,299,591 67,266,014
STATEMENTS OF FINANCIAL POSITION
AS AT 31 MARCH 2013
65
a n n u a l r e p o r t 2 0 1 3
<------------------ Group ------------------> <----------------- Company ----------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
Note RM RM RM RM RM RM
Liabilities
Loans and borrowings 20 75,968,771 82,348,801 77,856,640 56,098,991 29,067,753 53,093,596
Deferred tax liabilities 12 8,080,104 74,511,237 72,636,917 - - -
Total non-current liabilities 84,048,875 156,860,038 150,493,557 56,098,991 29,067,753 53,093,596
Trade and other payables 21 109,531,365 108,216,331 106,780,604 44,128,645 65,763,272 39,866,385
Derivative nancial liabilities 16 15,083 7,617 139,408 - - -
Loans and borrowings 20 59,150,754 116,326,909 45,831,179 18,016,418 35,789,268 6,213,757
Current tax payable 5,891,343 2,190,491 2,992,605 2,296,939 - -
Total current liabilities 174,588,545 226,741,348 155,743,796 64,442,002 101,552,540 46,080,142
Total liabilities 258,637,420 383,601,386 306,237,353 120,540,993 130,620,293 99,173,738
Total equity and liabilities 616,639,264 800,158,335 672,826,678 324,522,027 206,919,884 166,439,752
STATEMENTS OF FINANCIAL POSITION
The notes on pages 74 to 180 are an integral part of these nancial statements.
AS AT 31 MARCH 2013
66
a n n u a l r e p o r t 2 0 1 3
Group Company
2013 2012 2013 2012
Note RM RM RM RM
Continuing operations
Revenue 22 380,559,338 309,508,241 30,595,570 20,864,265
Other income 12,231,630 13,854,996 1,861,175 9,426,895
Gain on disposal of subsidiaries - - 127,177,929 -
Contract costs (140,532,665) (101,642,548) - -
Raw materials and consumables used (81,981,610) (62,321,512) - -
Purchase of nished goods (23,182,632) (16,656,574) - -
Changes in inventories 1,282,032 (51,089) - -
Employee benets (48,178,321) (42,270,350) (14,006,869) (9,502,256)
Depreciation and amortisation expenses (12,559,473) (12,953,582) (1,030,697) (804,345)
Plant and production overheads (20,581,423) (17,543,711) - -
Transportation charges (11,980,381) (7,958,942) - -
Other expenses (23,561,620) (27,519,662) (5,063,021) (5,331,112)
Results from operating activities 31,514,875 34,445,267 139,534,087 14,653,447
Interest income 24 3,053,197 2,441,573 5,630,591 4,519,508
Interest expense 24 (4,386,930) (4,188,785) (6,018,082) (5,236,376)
Net interest expense (1,333,733) (1,747,212) (387,491) (716,868)
Share of results of equity accounted associate (4,318) (40) - -
Prot before tax 30,176,824 32,698,015 139,146,596 13,936,579
Tax expense 26 (13,210,768) (6,388,339) (7,555,480) (970,087)
Prot from continuing operations 16,966,056 26,309,676 131,591,116 12,966,492
Discontinued operation
Prot from discontinued operation, net of tax 29 9,506,675 28,450,437 - -
Prot for the nancial year 23 26,472,731 54,760,113 131,591,116 12,966,492
Other comprehensive loss, net of tax
Items that may be reclassied to prot
or loss
Foreign currency translation differences
for foreign operations (917,637) (859,574) - -
Fair value changes of available-for-sale
nancial assets (102,492) (125,772) (102,492) (125,772)
Total other comprehensive loss for the
nancial year (1,020,129) (985,346) (102,492) (125,772)
Total comprehensive income for the
nancial year 25,452,602 53,774,767 131,488,624 12,840,720
STATEMENTS OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
67
a n n u a l r e p o r t 2 0 1 3
Group Company
2013 2012 2013 2012
Note RM RM RM RM
Prot/(Loss) for the nancial year
attributable to:
- Owners of the Company 50,772,355 39,341,248 131,591,116 12,966,492
- Non-controlling interests (24,299,624) 15,418,865 - -
26,472,731 54,760,113 131,591,116 12,966,492
Total comprehensive income/(loss)
attributable to:
- Owners of the Company 50,017,539 38,741,855 131,488,624 12,840,720
- Non-controlling interests (24,564,937) 15,032,912 - -
25,452,602 53,774,767 131,488,624 12,840,720
Basic/Diluted earnings per ordinary
share (sen)
- continuing operations 27 14.30 19.17
- discontinued operation 27 25.71 11.83
STATEMENTS OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
68
a n n u a l r e p o r t 2 0 1 3
<------------------ Attributable to owners of the Company ------------------------------------------------------------------->
<-------------------------------- Non- distributable -------------------------------> Distributable
Share
capital
Foreign
exchange
translation
reserve
Treasury
shares
Fair value
reserve
Retained
earnings Total
Non-controlling
interests
Total
equity
Group Note RM RM RM RM RM RM RM RM
At 1 April 2011 66,666,666 - (4,598,684) - 201,242,848 263,310,830 103,278,495 366,589,325
Foreign currency translation differences for foreign operations - (473,621) - - - (473,621) (385,953) (859,574)
Fair value changes of available-for-sale nancial assets - - - (125,772) - (125,772) - (125,772)
Total other comprehensive loss for the nancial year - (473,621) - (125,772) - (599,393) (385,953) (985,346)
Prot for the nancial year - - - - 39,341,248 39,341,248 15,418,865 54,760,113
Total comprehensive (loss)/income for the nancial year - (473,621) - (125,772) 39,341,248 38,741,855 15,032,912 53,774,767
Distributions to owners of the Company
- Own shares acquired 19.2 - - (283) - - (283) - (283)
- Dividends 28.2 - - - - (3,806,860) (3,806,860) - (3,806,860)
Total distributions to owners of the Company - - (283) - (3,806,860) (3,807,143) - (3,807,143)
At 31 March 2012/1 April 2012 66,666,666 (473,621) (4,598,967) (125,772) 236,777,236 298,245,542 118,311,407 416,556,949
Total other comprehensive loss for the nancial year - (652,324) - (102,492) - (754,816) (265,313) (1,020,129)
Prot/(Loss) for the nancial year - - - - 50,772,355 50,772,355 (24,299,624) 26,472,731
Total comprehensive (loss)/income for the nancial year - (652,324) - (102,492) 50,772,355 50,017,539 (24,564,937) 25,452,602
- Dividends 28.2 - - - - (3,806,854) (3,806,854) - (3,806,854)
Changes in ownership interests in a subsidiary 33 - - - - 49,713 49,713 200,287 250,000
Total transactions with owners of the Company - - (327) - (3,757,141) (3,757,468) 200,287 (3,557,181)
Proceeds from calls-in arrears of shares issued by a subsidiary - - - - - - 2,625,000 2,625,000
Dividends to non-controlling interests - - - - - - (4,209,900) (4,209,900)
Total transactions with non-controlling interests - - - - - - (1,584,900) (1,584,900)
Disposal of subsidiaries 33 - - - - - - (78,865,626) (78,865,626)
At 31 March 2013 66,666,666 (1,125,945) (4,599,294) (228,264) 283,792,450 344,505,613 13,496,231 358,001,844
(Note 19.1) (Note 19.2) (Note 19.2) (Note 19.2)
STATEMENTS OF CHANGES IN EQUITY
69
a n n u a l r e p o r t 2 0 1 3
<------------------ Attributable to owners of the Company ------------------------------------------------------------------->
<-------------------------------- Non- distributable -------------------------------> Distributable
Share
capital
Foreign
exchange
translation
reserve
Treasury
shares
Fair value
reserve
Retained
earnings Total
Non-controlling
interests
Total
equity
Group Note RM RM RM RM RM RM RM RM
At 1 April 2011 66,666,666 - (4,598,684) - 201,242,848 263,310,830 103,278,495 366,589,325
Total other comprehensive loss for the nancial year - (473,621) - (125,772) - (599,393) (385,953) (985,346)
Prot for the nancial year - - - - 39,341,248 39,341,248 15,418,865 54,760,113
Total comprehensive (loss)/income for the nancial year - (473,621) - (125,772) 39,341,248 38,741,855 15,032,912 53,774,767
- Dividends 28.2 - - - - (3,806,860) (3,806,860) - (3,806,860)
Total distributions to owners of the Company - - (283) - (3,806,860) (3,807,143) - (3,807,143)
At 31 March 2012/1 April 2012 66,666,666 (473,621) (4,598,967) (125,772) 236,777,236 298,245,542 118,311,407 416,556,949
Total other comprehensive loss for the nancial year - (652,324) - (102,492) - (754,816) (265,313) (1,020,129)
Prot/(Loss) for the nancial year - - - - 50,772,355 50,772,355 (24,299,624) 26,472,731
Total comprehensive (loss)/income for the nancial year - (652,324) - (102,492) 50,772,355 50,017,539 (24,564,937) 25,452,602
- Dividends 28.2 - - - - (3,806,854) (3,806,854) - (3,806,854)
Changes in ownership interests in a subsidiary 33 - - - - 49,713 49,713 200,287 250,000
Total transactions with owners of the Company - - (327) - (3,757,141) (3,757,468) 200,287 (3,557,181)
Proceeds from calls-in arrears of shares issued by a subsidiary - - - - - - 2,625,000 2,625,000
Dividends to non-controlling interests - - - - - - (4,209,900) (4,209,900)
Total transactions with non-controlling interests - - - - - - (1,584,900) (1,584,900)
Disposal of subsidiaries 33 - - - - - - (78,865,626) (78,865,626)
At 31 March 2013 66,666,666 (1,125,945) (4,599,294) (228,264) 283,792,450 344,505,613 13,496,231 358,001,844
70
a n n u a l r e p o r t 2 0 1 3
<-------------- Non-distributable --------------> Distributable
Share
capital
Treasury
shares
Fair value
reserve
Retained
earnings Total
Company Note RM RM RM RM RM
At 1 April 2011 66,666,666 (4,598,684) - 5,198,032 67,266,014
Total other comprehensive
loss for the nancial year
- Fair value changes of
available-for-sale
nancial assets - - (125,772) - (125,772)
Prot for the nancial year - - - 12,966,492 12,966,492
Total comprehensive (loss)/
income for the nancial
year - - (125,772) 12,966,492 12,840,720
Distributions to owners of
the Company
- Own shares acquired 19.2 - (283) - - (283)
- Dividends 28.2 - - - (3,806,860) (3,806,860)
Total distributions to
owners of the Company - (283) - (3,806,860) (3,807,143)
At 31 March 2012/
1 April 2012
66,666,666 (4,598,967) (125,772) 14,357,664 76,299,591
Total other comprehensive
loss for the nancial year
- Fair value changes of
available-for-sale
nancial assets - - (102,492) - (102,492)
Prot for the nancial year - - - 131,591,116 131,591,116
Total comprehensive (loss)/
income for the nancial
year - - (102,492) 131,591,116 131,488,624
Distributions to owners of
the Company
- Own shares acquired 19.2 - (327) - - (327)
- Dividends 28.2 - - - (3,806,854) (3,806,854)
Total distributions to
owners of the Company - (327) - (3,806,854) (3,807,181)
At 31 March 2013 66,666,666 (4,599,294) (228,264) 142,141,926 203,981,034
71
a n n u a l r e p o r t 2 0 1 3
Group Company
2013 2012 2013 2012
Note RM RM RM RM
Cash ows from operating activities
Prot/(Loss) before tax from:
- continuing operations 30,176,824 32,698,015 139,146,596 13,936,579
- discontinued operation 29 (62,374,718) 33,833,037 - -
(32,197,894) 66,531,052 139,146,596 13,936,579
Adjustments for:
Amortisation of:
- goodwill 8 82,410 430,338 - -
- other intangible assets 9.2 4,024,026 3,936,615 - -
- prepaid lease payments 4 107,569 107,569 - -
Depreciation of property, plant and equipment 3.4 8,992,401 8,882,310 1,030,697 804,345
Derivative gain on forward foreign exchange
contracts (114,651) (27,212) - -
Dividend income (43,584) (47,465) (19,894,284) (8,131,065)
(Gain)/Loss on disposal of:
- investment in subsidiaries - - (127,177,929) -
- other investments (627) (144,532) (627) (110,515)
- property, plant and equipment (1,143,120) (3,198,649) 53,182 (2,584,137)
Interest expense 23 5,272,461 5,043,227 6,018,082 5,236,376
Interest income 23 (3,061,349) (2,448,108) (5,630,591) (4,519,508)
Impairment losses on goodwill 8 - 1,349,953 - -
Impairment losses on property, plant
and equipment 452,663 - - -
Loss/(Gain) from changes in fair value of
biological assets 29 57,022,402 (36,270,839) - -
Property, plant and equipment written off 485,995 76,249 4,405 -
Unrealised foreign exchange loss/(gain) 1,061,197 (139,989) - -
Net reversal of allowance for impairment loss
on investment in subsidiaries - - - (5,222,402)
Share of results of equity accounted associate 4,318 40 - -
Operating prot/(loss) before changes in
working capital 40,944,217 44,080,559 (6,450,469) (590,327)
Changes in working capital:
Property development costs (1,649,353) - - -
Inventories (6,746,748) 7,276,049 - -
Trade and other receivables, deposits and
prepayments, including derivatives

21,079,949 (56,299,778) 20,947,471 57,918,772
Trade and other payables, including
derivatives 56,450,062 3,186,146 (21,634,627) (37,103,113)
Cash generated from/(used in) operations 110,078,127 (1,757,024) (7,137,625) 20,225,332
Interest paid (714,418) (879,728) (32,653) (28,570)
Income tax paid (13,584,370) (13,450,996) (2,055,149) (211,713)
Net cash from/(used in) operating activities 95,779,339 (16,087,748) (9,225,427) 19,985,049
STATEMENTS OF CASH FLOWS
72
a n n u a l r e p o r t 2 0 1 3
Group Company
2013 2012 2013 2012
Note RM RM RM RM
Cash ows from investing activities
Acquisition of:
- an associate - (40) - (40)
- a subsidiary 33 - - - (2)
- intangible assets - (926,904) - -
- other investments (26,694) (2,132,563) (26,694) (2,132,563)
- property, plant and equipment [Note (i)] (21,656,958) (20,496,784) (545,401) (2,088,435)
Decrease/(Increase) in investment in
subsidiaries 33 - - 13,230,000 (99,998)
Increase in investment in an associate (399,960) - (399,960) -
Incurrence of expenditure on biological
assets, net of depreciation and amortisation
expenses and interest capitalised (6,746,966) (8,978,089) - -
Proceeds from disposal of:
- subsidiaries 29 152,051,544 - 150,325,102 -
- other investments 2,182 1,137,471 2,182 1,002,654
- property, plant and equipment 18,323,740 1,008,524 5,655,020 622,909
Proceeds from issuance of shares to
non-controlling interests
- new shares issued 250,000 - - -
- shares previously issued (calls-in-arrears) 2,625,000 - - -
Decrease in cash and cash equivalents
pledged with licenced banks 1,506,353 6,858,014 - -
Dividends received 43,489 47,385 16,314,739 6,996,235
Interest received 2,823,550 1,781,960 4,882,909 4,123,998
Net cash from/(used in) investing activities 148,795,280 (21,701,026) 189,437,897 8,424,758
Cash ows from nancing activities
Net repayments of Islamic Bonds (25,000,000) (5,000,000) (25,000,000) (5,000,000)
Net proceeds from other loans and borrowings 12,387,956 75,987,179 33,822,588 10,549,668
Purchase of treasury shares 19.2 (327) (283) (327) (283)
Interest paid (7,572,615) (5,314,774) (5,985,429) (5,207,806)
Dividends paid to:
- owners of the Company 28.2 (3,806,854) (3,806,860) (3,806,854) (3,806,860)
- non-controlling interests (4,209,900) - - -
Net cash (used in)/from nancing activities (28,201,740) 61,865,262 (970,022) (3,465,281)
73
a n n u a l r e p o r t 2 0 1 3
Group Company
2013 2012 2013 2012
Note RM RM RM RM
Net increase in cash and cash equivalents 216,372,879 24,076,488 179,242,448 24,944,526
Effect of exchange rate uctuations on
cash held (2,458,691) (1,296,301) - -
Cash and cash equivalents at beginning
of nancial year 51,074,262 28,294,075 34,423,386 9,478,860
Cash and cash equivalents at end of
nancial year [Note (ii)] 264,988,450 51,074,262 213,665,834 34,423,386
Notes:
(i) Acquisition of property, plant and equipment
During the nancial year, the Group and the Company acquired property, plant and equipment in the following
manners:
Group Company
2013 2012 2013 2012
RM RM RM RM
Paid using internal funds 21,656,958 20,496,784 545,401 2,088,435
In the form of nance lease assets 1,045,400 2,880,800 435,800 -
Total (see Note 3) 22,702,358 23,377,584 981,201 2,088,435
(ii) Cash and cash equivalents
Cash and cash equivalents included in the statements of cash ows comprise the following amounts in the statements
of nancial position:
Group Company
2013 2012 2013 2012
RM RM RM RM
Deposits placed with licensed banks with
maturities less than three months 243,600,515 40,388,879 210,329,392 33,841,459
Cash in hand and at banks 21,387,935 11,805,295 3,336,442 581,927
Total (see Note 17) 264,988,450 52,194,174 213,665,834 34,423,386
Bank overdrafts (see Note 20) - (1,119,912) - -
Total cash and cash equivalents as shown in
the statements of cash ows 264,988,450 51,074,262 213,665,834 34,423,386
74
a n n u a l r e p o r t 2 0 1 3
Weida (M) Bhd. is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main
Market of Bursa Malaysia Securities Berhad. The addresses of the principal places of business and registered ofce of
the Company are as follows:
Principal places of business
- Kuching branch Wisma Hock Peng, Ground Floor to 2
nd
Floor, 123, Green Heights, Jalan Lapangan Terbang,
93250 Kuching, Sarawak.
- Kota Kinabalu branch 2-9-1 & 2-9-2, 8
th
Floor, Wawasan Plaza, 88000 Kota Kinabalu, Sabah.
- Kuala Lumpur branch Lot 3.05, Level 3, 1 First Avenue, Bandar Utama, 47800 Petaling Jaya, Selangor Darul Ehsan.
Registered ofce
Wisma Hock Peng, Ground Floor to 2
nd
Floor, 123, Green Heights, Jalan Lapangan Terbang, 93250 Kuching, Sarawak.
The consolidated nancial statements of the Company as at and for the nancial year ended 31 March 2013 comprise the
Company and its subsidiaries (together referred to as the Group and individually referred to as group entities) and
the Groups interest in an associate. The nancial statements of the Company as at and for the nancial year ended 31
March 2013 do not include other entities.
The Company is principally engaged in investment holding and the provision of management services to its subsidiaries
while the principal activities of the subsidiaries are as stated in Note 6 to the nancial statements.
These nancial statements were authorised for issue by the Board of Directors on 31 July 2013.
1. BASIS OF PREPARATION
(a) Statement of compliance
The nancial statements of the Group and the Company have been prepared in accordance with Malaysian
Financial Reporting Standards (MFRSs), International Financial Reporting Standards and the requirements
of the Companies Act, 1965 in Malaysia. These are the Groups and Companys rst MFRS-compliant nancial
statements and MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards has been applied in
the preparation thereof.
In the previous nancial years, the nancial statements of the Group and the Company were prepared in
accordance with Financial Reporting Standards (FRSs) in Malaysia. The nancial impacts on transition to
MFRSs are disclosed in Note 34.
The Malaysian Accounting Standards Board (MASB) has issued various MFRSs, interpretation and amendments
which are not yet effective. Other than Amendments to MFRS 101, Presentation of Financial Statements,
which are effective for annual periods beginning on or after 1 July 2012, the Group and the Company have not
applied any of these standards, interpretations and amendments. The early adoption of the Amendments to
MFRS 101 has no impact on the nancial statements other than the presentation format of the statement of
prot or loss and other comprehensive income.
The following are the accounting standards, amendments and interpretations of the MFRS framework that
have been issued by the MASB but are not yet effective for the Group and the Company:
NOTES TO THE
FINANCIAL STATEMENTS
75
a n n u a l r e p o r t 2 0 1 3
1. BASIS OF PREPARATION (continued)
(a) Statement of compliance (continued)
MFRS/Amendment/Interpretation Effective Date
MFRS 10, Consolidated Financial Statements 1 January 2013
MFRS 11, Joint Arrangements 1 January 2013
MFRS 12, Disclosure of Interests in Other Entities 1 January 2013
MFRS 13, Fair Value Measurement 1 January 2013
MFRS 119, Employee Benets (2011) 1 January 2013
MFRS 127, Separate Financial Statements (2011) 1 January 2013
MFRS 128, Investments in Associates and Joint Ventures (2011) 1 January 2013
IC Interpretation 20, Stripping Costs in the Production Phase of a Surface Mine 1 January 2013
Amendments to MFRS 7, Financial Instruments: Disclosures - Offsetting Financial Assets
and Financial Liabilities 1 January 2013
Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards
- Government Loans 1 January 2013
Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards
(Annual Improvements 2009-2011 Cycle) 1 January 2013
Amendments to MFRS 101, Presentation of Financial Statements (Annual Improvements
2009-2011 Cycle) 1 January 2013
Amendments to MFRS 116, Property, Plant and Equipment (Annual Improvements 2009-
2011 Cycle) 1 January 2013
Amendments to MFRS 132, Financial Instruments: Presentation (Annual Improvements
2009-2011 Cycle) 1 January 2013
Amendments to MFRS 134, Interim Financial Reporting (Annual Improvements 2009-
2011 Cycle) 1 January 2013
Amendments to MFRS 10, Consolidated Financial Statements: Transition Guidance 1 January 2013
Amendments to MFRS 11, Joint Arrangements: Transition Guidance 1 January 2013
Amendments to MFRS 12, Disclosure of Interests in Other Entities: Transition Guidance 1 January 2013
Amendments to MFRS 10, Consolidated Financial Statements: Investment Entities 1 January 2014
Amendments to MFRS 12, Disclosure of Interests in Other Entities: Investment Entities 1 January 2014
Amendments to MFRS 127, Separate Financial Statements (2011): Investment Entities 1 January 2014
Amendments to MFRS 132, Financial Instruments: Presentation - Offsetting Financial
Assets and Financial Liabilities 1 January 2014
MFRS 9, Financial Instruments (2009) 1 January 2015
MFRS 9, Financial Instruments (2010) 1 January 2015
Amendments to MFRS 7, Financial Instruments: Disclosures - Mandatory Effective Date
of MFRS 9 and Transition Disclosures 1 January 2015
NOTES TO THE
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The Group and the Company plan to apply:
from the annual period beginning on 1 April 2013 those standards, amendments or interpretations that
are effective for annual periods beginning on 1 January 2013, except for MFRS 11, MFRS 12, MFRS 119,
Amendments to MFRS 101, Amendments to MFRS 11, Amendments to MFRS 12 and IC Interpretation
20 which are assessed as presently not applicable to the Group and the Company.
from the annual period beginning on 1 April 2014 those standards, amendments or interpretations that are
effective for annual periods beginning on 1 January 2014, except for Amendments to MFRS 12 which is
assessed as presently not applicable to the Group and the Company.
from the annual period beginning on 1 April 2015 those standards, amendments or interpretations that are
effective for annual periods beginning on 1 January 2015.
Material impacts of the initial application of those standards, amendments or interpretations which are or are
likely to be applicable to the Group and the Company and which are to be applied retrospectively are discussed
below:
(i) MFRS 9, Financial Instruments
MFRS 9 replaces the guidance in MFRS 139, Financial Instruments: Recognition and Measurement on
the classication and measurement of nancial assets and nancial liabilities. Upon adoption of MFRS 9,
nancial assets will be measured at either fair value or amortised cost. The adoption of MFRS 9, though
requiring a change in accounting policy, is not expected to have a material impact to the nancial statements
of the Group and the Company.
(ii) MFRS 10, Consolidated Financial Statements
MFRS 10 introduces a new single control model to determine which investees should be consolidated.
MFRS 10 supersedes MFRS 127, Consolidated and Separate Financial Statements and IC Interpretation
112, Consolidation - Special Purpose Entities. There are three elements to the denition of control in
MFRS 10: (i) power by investor over an investee, (ii) exposure, or rights, to variable returns from investors
involvement with the investee, and (iii) investors ability to affect those returns through its power over the
investee.
The Group is currently assessing the nancial impact of adopting MFRS 10.
(iii) MFRS 13, Fair Value Measurement
MFRS 13 establishes the principles for fair value measurement and replaces the existing guidance in
different MFRSs.
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(iv) Amendments to MFRS 116, Property, Plant and Equipment (Annual Improvements 2009 - 2011
Cycle)
Amendments to MFRS 116 clarify that items such as spare parts, stand-by equipment and servicing
equipment shall be recognised as property, plant and equipment when they meet the denition of property,
plant and equipment. Otherwise, such items are classied as inventory.
Currently, the Group classies spare parts as inventory. Upon adoption of Amendments to MFRS 116,
the Group will classify those spare parts that meet the denition of property, plant and equipment from
inventory to property, plant and equipment.
The adoption of Amendments to MFRS 116 is not expected to have any material nancial impact on the
nancial statements of the Group.
The initial application of other standards, amendments and interpretations is not expected to have any material
nancial impact to the nancial statements for current and prior periods upon their rst adoption.
(b) Basis of measurement
The nancial statements have been prepared on the historical cost basis, other than as disclosed in Note 2.
(c) Functional and presentation currency
These nancial statements are presented in Ringgit Malaysia (RM), which is the Companys functional
currency.
(d) Use of estimates and judgements
The preparation of the nancial statements in conformity with MFRSs requires management to make
judgements, estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates
are recognised in the period in which the estimates are revised and in any future periods affected thereby.
There are no signicant areas of estimation uncertainty and critical judgements in applying accounting policies
that have signicant effect on the amounts recognised in the nancial statements other than those disclosed
in the following notes:
Note 3.5, impairment assessment of property, plant and equipment;
Note 5.2, fair value of biological assets;
Note 8, impairment testing for cash-generating units containing goodwill;
Note 10.4, assessment of impairment loss on receivables; and
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(d) Use of estimates and judgements (continued)
Recognition of proft from construction contracts and installation works, as follows:
(i) Prot from installation and construction of wastewater and water treatment systems
The Group recognises contract revenue and contract costs from the installation and construction of
wastewater and water treatment specialised systems in prot or loss in proportion to the stage of
completion of the transactions, measured by reference to survey of work performed.
(ii) Prot from telecommunication towers contracts
The Group recognises contract revenue and contract costs from the construction of telecommunication
towers in prot or loss using the stage of completion method, determined by reference to the physical
proportion of the contract work completed.
Signicant judgement is required in determining the stage of completion of installation/construction contracts,
accrual of costs incurred for which claims/billings have yet to be received, estimated total contract revenue
and contract costs as well as the recoverability of the carrying amount of contract work-in-progress. The total
contract revenue also includes an estimation of variations that are recoverable from contract customers.
In making such estimations and judgements, the Group relies on, inter alia, past experiences and the assessment
of its experienced project teams.
2. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been consistently applied to the periods presented in these nancial
statements and in preparing the opening MFRS statements of nancial position of the Group and of the Company
at 1 April 2011 (being the Group and the Companys transition date to the MFRS framework), unless otherwise
stated.
(a) Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities, including unincorporated entities, controlled by the Company. The nancial
statements of subsidiaries are included in the consolidated nancial statements from the date that
control commences until the date that control ceases. Control exists when the Company has the ability
to exercise its power to govern the nancial and operating policies of an entity so as to obtain benets
from its activities. In assessing control, potential voting rights that presently are exercisable are taken into
account.
Investments in subsidiaries are measured in the Companys statement of nancial position at cost
less impairment losses, unless the investment is classied as held for sale or distribution. The cost of
investments includes transaction costs.
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2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(a) Basis of consolidation (continued)
(ii) Business combinations
Business combinations, other than those involving a common control transaction, are accounted for using
the acquisition method from the acquisition date, which is the date on which control is transferred to the
Group.
Acquisitions on or after 1 April 2011
For acquisitions on or after 1 April 2011, the Group measures the cost of goodwill at the acquisition date
as:
the fair value of the consideration transferred; plus
the recognised amount of any non-controlling interests in the acquiree; plus
if the business combination is achieved in stages, the fair value of the existing equity interest in the
acquiree; less
the net recognised amount (generally fair value) of the identifable assets acquired and liabilities
assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in prot or loss.
For each business combination, the Group elects whether it measures the non-controlling interests in the
acquiree either at fair value or at the proportionate share of the acquirees identiable net assets at the
acquisition date.
Transaction costs, other than those associated with the issue of debt or equity securities, that the Group
incurs in connection with a business combination are expensed as incurred.
Acquisitions before 1 April 2011
As part of its transition to MFRS, the Group elected not to restate those business combinations that
occurred before the date of transition to MFRSs, i.e. 1 April 2011. Goodwill arising from acquisitions before
1 April 2011 has been carried forward from the previous FRS framework as at the date of transition.
(iii) Accounting for acquisitions of entities under common controls
Business combinations involving a common control transaction (i.e. entailing entities that are under the
control of common shareholders) are accounted for as if the acquisition(s) had occurred at the beginning of
the earliest comparative period presented or, if later, at the date that common control was established. The
assets and liabilities acquired are recognised in the consolidated nancial statements at their respective
carrying amounts without restatement. The difference between the cost of acquisition and the nominal
value of the shares acquired together with any share premium are taken to retained earnings. The other
components of equity of the acquired entities are added to the same components within group equity.
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(iv) Acquisitions of non-controlling interests
The Group treats all changes in its ownership interest in a subsidiary that do not result in a loss of control
as equity transactions between the Group and its non-controlling interest holders. Any difference between
the Groups share of net assets before and after the change, and any consideration received or paid, is
adjusted to or against group reserves.
(v) Loss of control
Upon the loss of control of a subsidiary, the Group derecognises the assets and liabilities of the subsidiary,
any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or
decit arising on the loss of control is recognised in prot or loss.
If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value
at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as an
available-for-sale nancial asset depending on the level of in uence retained.
(vi) Associates
Associates are entities in which the Group has signicant in uence, but not control, over their nancial and
operating policies.
Investment in associates is accounted for in the consolidated nancial statements using the equity method
less any impairment losses, unless it is classied as held for sale or distribution (or included in a disposal
group that is classied as held for sale). The cost of the investment includes transaction costs. The
consolidated nancial statements include the Groups share of the prot or loss and other comprehensive
income of the equity accounted associates, after adjustments, if any, to align their accounting policies
with those of the Group, from the date that signicant in uence commences until the date that signicant
in uence ceases.
When the Groups share of losses exceeds its interest in an associate, the carrying amount of that
interest (including any long-term investments) is reduced to zero and the recognition of further losses is
discontinued except to the extent that the Group has an obligation to make, or has made, payments on
behalf of the investee.
Investment in associates is measured in the Companys statement of nancial position at cost less any
impairment losses, unless the investment is classied as held for sale or distribution (or included in a
disposal group that is classied as held for sale). The cost of the investment includes transaction costs.
(vii) Non-controlling interests
Non-controlling interests at the end of the reporting period, being the equity in a subsidiary not attributable
directly or indirectly to the equity holders of the Company, are presented in the consolidated statement
of nancial position and statement of changes in equity within equity, separately from equity attributable
to the owners of the Company. Non-controlling interests in the results of the Group is presented in the
consolidated statement of prot or loss and other comprehensive income as an allocation of the prot or
loss and the comprehensive income for the year between non-controlling interests and the owners of the
Company.
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(vii) Non-controlling interests (continued)
Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling
interests even if doing so causes the non-controlling interests to have a decit balance.
(viii) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-
group transactions, are eliminated in preparing the consolidated nancial statements. Unrealised losses
are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of
impairment to the underlying assets.
(b) Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated to the functional currencies of group entities at the
exchange rates at the transaction dates.
Monetary assets and liabilities denominated in foreign currencies at the end of a reporting period (reporting
date) are retranslated to the functional currency at the exchange rates at that date.
Non-monetary assets and liabilities denominated in foreign currencies are not retranslated at the reporting
date, except for those measured at fair values which are retranslated to the functional currency at the
exchange rate at the date that the fair value was determined.
Foreign currency differences arising on retranslation are recognised in prot or loss, except for differences
arising from the retranslation of available-for-sale equity instruments or a nancial instrument designated
as a hedge of currency risk, which are recognised in other comprehensive income.
(ii) Operations denominated in functional currencies other than Ringgit Malaysia (RM)
The assets and liabilities of operations in functional currencies other than RM, including goodwill and fair
value adjustments arising on acquisition, are translated to RM at exchange rates at the end of the reporting
period. The income and expenses of foreign operations are translated to RM at exchange rates at the
transaction dates.
Foreign currency differences are recognised in other comprehensive income and accumulated in the
foreign currency translation reserve (FCTR) in equity. However, if the operation is a non-wholly owned
subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-
controlling interests. When a foreign operation is disposed of such that control, signicant in uence or
joint control is lost, the cumulative amount in the FCTR related to that foreign operation is transferred to
prot or loss as part of the prot or loss on disposal.
When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation
while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling
interests. When the Group disposes of only part of its investment in an associate that includes a foreign
operation while retaining signicant in uence, the relevant proportion of the cumulative amount is
reclassied to prot or loss.
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(b) Foreign currency (continued)
(ii) Operations denominated in functional currencies other than Ringgit Malaysia (RM) (continued)
In the consolidated nancial statements, when settlement of a monetary item receivable from or payable
to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and
losses arising from such a monetary item are considered to form part of a net investment in a foreign
operation and are recognised in other comprehensive income, and are presented in the FCTR within
equity.
(c) Financial instruments
(i) Initial recognition and measurement
A nancial asset or a nancial liability is recognised in the statement of nancial position when, and only
when, the Group or the Company becomes a party to the contractual provisions of the instrument.
A nancial instrument is recognised initially at its fair value plus, in the case of a nancial instrument not at
fair value through prot or loss, transaction costs that are directly attributable to the acquisition or issue of
the nancial instrument.
An embedded derivative is recognised separately from the host contract and accounted for as a derivative
if, and only if, it is not closely related to the economic characteristics and risks of the host contract and
the host contract is not categorised at fair value through prot or loss. The host contract, in the event an
embedded derivative is recognised separately, is accounted for in accordance with the policy applicable to
the nature of the host contract.
(ii) Categories of nancial instruments and subsequent measurement
The Group and the Company categorise nancial instruments as follows:
Financial assets
(a) Financial assets at fair value through prot or loss
Fair value through prot or loss category comprises nancial assets that are held for trading, including
derivatives (except for a derivative that is a nancial guarantee contract or a designated and effective
hedging instrument) or nancial assets that are specically designated into this category upon initial
recognition.
Derivatives that are linked to and must be settled by delivery of unquoted equity instruments whose
fair values cannot be reliably measured are measured at cost.
Other nancial assets categorised as fair value through prot or loss are subsequently measured at
their fair values with the gain or loss recognised in prot or loss.
(b) Held-to-maturity investments
Held-to-maturity investments category comprises debt instruments that are quoted in an active market
and the Group or the Company has the positive intention and ability to hold them to maturity.
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(c) Financial instruments (continued)
(ii) Categories of nancial instruments and subsequent measurement (continued)
The Group and the Company categorise nancial instruments as follows (continued):
Financial assets (continued)
(b) Held-to-maturity investments (continued)
Financial assets categorised as held-to-maturity investments are subsequently measured at amortised
cost using the effective interest method.
(c) Loans and receivables
Loans and receivables category comprises debt instruments that are not quoted in an active market.
Financial assets categorised as loans and receivables are subsequently measured at amortised cost
using the effective interest method.
(d) Available-for-sale nancial assets
Available-for-sale category comprises investment in equity and debt securities instruments that are
not held for trading.
Investments in equity instruments that do not have a quoted market price in an active market and
whose fair value cannot be reliably measured are measured at cost. Other nancial assets categorised
as available-for-sale are subsequently measured at their fair values with the gain or loss recognised
in other comprehensive income, except for impairment losses, foreign exchange gains and losses
arising from monetary items and gains and losses of hedged items attributable to hedge risks of fair
value hedges which are recognised in prot or loss. On derecognition, the cumulative gain or loss
recognised in other comprehensive income is reclassied from equity into prot or loss. Interest
calculated for a debt instrument using the effective interest method is recognised in prot or loss.
All nancial assets, except for those measured at fair value through prot or loss, are subject to review for
impairment [see Note 2(m)(i)].
Financial liabilities
All nancial liabilities other than those categorised as fair value through prot or loss are subsequently
measured at amortised cost.
Fair value through prot or loss category comprises nancial liabilities that are derivatives (except for
a derivative that is a nancial guarantee contract or a designated and effective hedging instrument) or
nancial liabilities that are specically designated into this category upon initial recognition.
Derivatives that are linked to and must be settled by delivery of unquoted equity instruments whose fair
values cannot be reliably measured are measured at cost.
Other nancial liabilities categorised as fair value through prot or loss are subsequently measured at their
fair values with the gain or loss recognised in prot or loss.
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(c) Financial instruments (continued)
(iii) Financial guarantee contracts
A nancial guarantee contract is a contract that requires the issuer to make specied payments to reimburse
the holder for a loss it incurs because a specied debtor fails to make payment when due in accordance
with the original or modied terms of a debt instrument.
Financial guarantee contracts are classied as deferred income and are amortised to prot or loss using
a straight-line method over the contractual period or, when there is no specied contractual period,
recognised in prot or loss upon discharge of the guarantee. When settlement of a nancial guarantee
contract becomes probable, an estimate of the obligation is made. If the carrying value of the nancial
guarantee contract is lower than the obligation, the carrying value is adjusted to the obligation amount and
accounted for as a provision.
(iv) Regular way purchase or sale of nancial assets
A regular way purchase or sale of nancial assets is a purchase or sale of a nancial asset under a contract
whose terms require delivery of the asset within the time frame established generally by regulation or
convention in the marketplace concerned.
A regular way purchase or sale of nancial assets is recognised and derecognised, as applicable, using
trade date accounting. Trade date accounting refers to:
(a) the recognition of an asset to be received and the liability to pay for it on the trade date, and
(b) the derecognition of an asset that is sold, the recognition of any gain or loss on disposal and the
recognition of a receivable from the buyer for payment on the trade date.
(v) Derecognition
A nancial asset or a part thereof is derecognised when, and only when the contractual rights to the
cash ows from the nancial asset expire or the nancial asset is transferred to another party without
retaining control or substantially all risks and rewards of the asset. On derecognition of a nancial asset,
the difference between the carrying amount and the sum of the consideration received (including any new
asset obtained less any new liability assumed) and any cumulative gain or loss that had been recognised
in equity is recognised in prot or loss.
A nancial liability or a part thereof is derecognised when, and only when, the obligation specied in
the contract is discharged or cancelled or expires. On derecognition of a nancial liability, the difference
between the carrying amount of the nancial liability extinguished or transferred to another party and the
consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in prot
or loss.
(d) Property, plant and equipment
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less any accumulated depreciation and any
accumulated impairment losses.
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(d) Property, plant and equipment (continued)
(i) Recognition and measurement (continued)
Cost includes expenditures that are directly attributable to the acquisition of the asset and any other
costs directly attributable to bringing the asset to working condition for its intended use, and the costs
of dismantling and removing the items and restoring the site on which they are located. The cost of
self-constructed assets also includes the cost of materials and direct labour and for qualifying assets,
capitalised borrowing costs.
Purchased software that is integral to the functionality of the related equipment is capitalised as part of
that equipment.
The cost of property, plant and equipment recognised as a result of a business combination other than that
involving a common control transaction is based on fair value at acquisition date.
When signicant parts of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items (major components) of property, plant and equipment.
The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the
proceeds from disposal with the carrying amount of the property, plant and equipment and is recognised
net within other income and other expenses respectively in prot or loss.
(ii) Subsequent costs
The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying
amount of the item if it is probable that the future economic benets embodied within the component
will ow to the Group or the Company, and its cost can be measured reliably. The carrying amount of the
replaced component is derecognised to prot or loss. The costs of the day-to-day servicing of property,
plant and equipment are recognised in prot or loss as incurred.
(iii) Depreciation
Depreciation is based on the cost of an asset less its residual value, if any. Signicant components of the
individual assets are assessed, and if a component has a useful life that is different from the remainder of
that asset, then that component is depreciated separately.
Depreciation is recognised in prot or loss on a straight-line basis over the estimated useful life of each
component of an item of property, plant and equipment. Leased assets are depreciated over the shorter
of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership
by the end of the lease term. Freehold land is not depreciated. Property, plant and equipment under
construction are not depreciated until the assets are ready for their intended use.
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(d) Property, plant and equipment (continued)
(iii) Depreciation (continued)
The estimated useful lives of the assets for the current and comparative periods are as follows:
Leasehold land over lease terms of 38 years to 98 years
Buildings 5, 20 or 50 years
Plant, machinery and moulds 3, 5 or 10 years
Ofce equipment, furniture and ttings, equipment and tools 3, 5, 8 or 10 years
Motor vehicles 5 years
Electrical installation and renovation 5 or 10 years
Site equipment 10 years
Plantation infrastructure 25 years
Other infrastructure 20 years
Depreciation methods, useful lives and residual values are reviewed and adjusted as appropriate at the end
of the reporting period.
(e) Leased assets
(i) Finance lease
Leases in terms of which the Group or the Company assumes substantially all the risks and rewards
of ownership are classied as nance leases. Upon initial recognition, a leased asset is measured at
an amount equal to the lower of its fair value and the present value of the minimum lease payments.
Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy
applicable to that asset [see Note 2(d)].
Minimum lease payments made under nance leases are apportioned between the nance expense and
the reduction of the outstanding liability. The nance expense is allocated to each period during the lease
term so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Leasehold land which in substance is a nance lease is classied as property, plant and equipment.
(ii) Operating lease
Leases in terms of which the Group or the Company does not assume substantially all the risks and
rewards of ownership are classied as operating leases and the leased assets, other than prepaid lease
payments, are not recognised in the statement of nancial position.
Payments made under operating leases are recognised in prot or loss on a straight-line basis over the
term of the lease. Lease incentives received are recognised in prot or loss as an integral part of the total
lease expense, over the term of the lease. Contingent rentals are charged to prot or loss in the reporting
period in which they are incurred.
Leasehold land which in substance is an operating lease is classied as prepaid lease payments.
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(f) Biological assets
Biological assets mainly include mature and immature oil palm plantations. Cost includes expenditure incurred
during the pre-maturity period for eld preparation, planting, fertilising, upkeep and maintenance of oil palms,
capitalised borrowing costs and an allocation of other indirect costs based on planted hectares. Oil palms are
considered mature 36 months after eld planting. Immature and mature plantations are stated at fair value less
estimated point-of-sale costs, with any resultant gain or loss recognised in prot or loss. Point-of-sale costs
include all costs that would be necessary to sell the assets.
(g) Intangible assets
(i) Goodwill
Goodwill with an indenite useful life arising from business combinations is measured at cost less any
accumulated impairment losses. Goodwill with a nite life is stated at cost less accumulated amortisation
and any accumulated impairment losses. In respect of equity accounted associates, the carrying amount
of goodwill is included in the carrying amount of the investment and an impairment loss on such an
investment is not allocated to any asset, including goodwill, that forms part of the carrying amount of the
equity accounted investee.
(ii) Other intangible assets
Other intangible assets, all with nite useful lives (see Note 9) are measured at cost less accumulated
amortisation and any accumulated impairment losses.
The gain or loss on disposal of an item of intangible assets is determined by comparing the proceeds from
disposal with the carrying amount thereof and is recognised net within other income or other expense
respectively in prot or loss.
(iii) Subsequent expenditure
Subsequent expenditure is capitalised in the carrying amount of intangible assets if it is probable that the
future economic benets embodied within the item will ow to the Group or the Company, and its cost
can be measured reliably. All other expenditure is recognised in prot or loss as incurred.
(iv) Amortisation
Goodwill with indenite useful lives is not amortised but is tested for impairment annually and whenever
there is an indication that it may be impaired.
Goodwill and other intangible assets with nite useful lives are amortised to prot or loss from the date
that they are available for use.
Amortisation is recognised in prot or loss on a straight-line basis over the estimated useful lives of the
assets, except that in the case of the rights to share rental proceeds of telecommunication towers, it is
based on the estimated share of rental proceeds in a reporting period over the total estimated share of
rental proceeds over ten years.
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(g) Intangible assets (continued)
(iv) Amortisation (continued)
Their estimated useful lives for the current and comparative periods are as follows:
Goodwill:
- Interest in construction contracts of foreign operation Stage of completion of the contracts
- Interest in sludge treatment service concession 25 years
Other intangible assets:
- Rights to share rental proceeds of telecommunication towers 10 years
- Licences to use intellectual property 5, 15 years
Amortisation methods, useful lives and residual values are reviewed at the end of each reporting period
and adjusted as appropriate.
(h) Inventories
Inventories are measured at the lower of cost and net realisable value.
The cost of raw materials, consumables and construction materials are measured on the rst-in rst-out basis
while that of manufactured/trading inventories and plantation inventories, the weighted average costs basis.
The cost of inventories includes expenditure incurred in acquiring the inventories, production or conversion
costs and other costs incurred in bringing them to their existing location and condition. In the case of work-in-
progress and manufactured inventories, cost includes an appropriate share of production overheads based on
normal operating capacity.
Oil palm nursery inventories consist of seedlings remaining in the nursery for eventual eld planting.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs
of completion and the estimated costs necessary to make the sale.
(i) Property development costs
Property development costs comprise costs associated with the acquisition of land and all costs that are directly
attributable to development activities or that can be allocated on a reasonable basis to such activities.
Property development costs not recognised as an expense are recognised as an asset and are stated at the
lower of costs and net realisable value.
(j) Non-current assets held for sale
Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered
primarily through sale rather than through continuing use, are classied as held for sale.
Immediately before classication as held for sale, the assets, or components of a disposal group, are remeasured
in accordance with the Groups accounting policies. Thereafter generally the assets, or disposal groups, are
measured at the lower of their carrying amount and fair value less costs to sell.
89
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NOTES TO THE
(j) Non-current assets held for sale (continued)
Any impairment loss on a disposal group is rst allocated to goodwill, and then to remaining assets and liabilities
on pro rata basis, except that no loss is allocated to inventories, nancial assets, deferred tax assets, employee
benet assets and investment property, which continue to be measured in accordance with the Groups
accounting policies. Impairment losses on initial classication of non-current assets or disposal groups as held
for sale and subsequent gains or losses on remeasurement are recognised in prot or loss. Gains are not
recognised in excess of any cumulative impairment loss.
Intangible assets and property, plant and equipment once classied as held for sale are not amortised or
depreciated.
(k) Construction work-in-progress
Construction work-in-progress represents the gross unbilled amount expected to be collected from customers
for contract work performed to date. It is measured at cost plus prot recognised to date less progress billings
and recognised losses. Cost includes all expenditures related directly to specic projects and an allocation
of xed and variable overheads incurred in the Groups construction activities based on normal operating
capacity.
Construction work-in-progress is presented as part of trade and other receivables as amount due from contract
customers in the statement of nancial position for all contracts in which costs incurred plus recognised prots
exceed progress billings. If progress billings exceed cost incurred plus recognised prots, then the difference is
presented as part of trade and other payables as amount due to contract customers in the statement of nancial
position.
(l) Cash and cash equivalents
Cash and cash equivalents presented in the statements of cash ows consist of cash in hand, balances and
deposits with banks (other than pledged deposits) and highly liquid investments which have an insignicant risk
of changes in value with original maturities of three months or less and are used by the Group and the Company
in the management of their short- term commitments, net of bank overdrafts.
(m) Impairment
(i) Financial assets
All nancial assets (except for nancial assets categorised as fair value through prot or loss, investment
in subsidiaries and investment in associate) are assessed at each reporting date whether there is any
objective evidence of impairment as a result of one or more events having an impact on the estimated
future cash ows of the asset. Losses expected as a result of future events, no matter how likely, are not
recognised. For an investment in an equity instrument, a signicant or prolonged decline in the fair value
below its cost is an objective evidence of impairment. If any such objective evidence exists, then the
nancial assets recoverable amount is estimated.
An impairment loss in respect of loans and receivables and held-to-maturity investments is recognised
in prot or loss and is measured as the difference between the assets carrying amount and the present
value of estimated future cash ows discounted at the assets original effective interest rate. The carrying
amount of the asset is reduced through the use of an allowance account.
90
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
(m) Impairment (continued)
(i) Financial assets (continued)
An impairment loss in respect of available-for-sale nancial assets is recognised in prot or loss and is
measured as the difference between the assets acquisition cost (net of any principal repayment and
amortisation) and the assets current fair value, less any impairment loss previously recognised. Where a
decline in the fair value of an available-for-sale nancial asset has been recognised in the other comprehensive
income, the cumulative loss in other comprehensive income is reclassied from equity to prot or loss.
An impairment loss in respect of unquoted equity instrument that is carried at cost is recognised in prot
or loss and is measured as the difference between the assets carrying amount and the present value of
estimated future cash ows discounted at the current market rate of return for a similar nancial asset.
Impairment losses recognised in prot or loss for an investment in an equity instrument classied as
available for sale is not reversed through prot or loss.
If, in a subsequent period, the fair value of a debt instrument increases and the increase can be objectively
related to an event occurring after the impairment loss was recognised in prot or loss, the impairment
loss is reversed, to the extent that the assets carrying amount does not exceed what the carrying amount
would have been had the impairment not been recognised at the date the impairment is reversed. The
amount of the reversal is recognised in prot or loss.
(ii) Other assets
The carrying amounts of other assets [except for inventories, amount due from contract customers,
deferred tax assets and non-current assets (or disposal groups) classied as held for sale] are reviewed at
the end of each reporting period to determine whether there is any indication of impairment. If any such
indication exists, then the assets recoverable amount is estimated. For goodwill with indenite useful
lives, the recoverable amount is estimated each period at the same time.
For the purpose of impairment testing, assets are grouped together into the smallest group of assets
that generates cash in ows from continuing use that are largely independent of the cash in ows of other
assets or cash-generating units. Subject to an operating segment ceiling test, for the purpose of goodwill
impairment testing, cash-generating units to which goodwill has been allocated are aggregated so that the
level at which impairment testing is performed re ects the lowest level at which goodwill is monitored for
internal reporting purpose. The goodwill acquired in a business combination, for the purpose of impairment
testing, is allocated to a group of cash-generating units that are expected to benet from the synergies of
the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value-in-use and its fair
value less costs to sell. In assessing value-in-use, the estimated future cash ows are discounted to their
present value using a pre-tax discount rate that re ects current market assessments of the time value of
money and the risks specic to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit
exceeds its estimated recoverable amount.
91
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
(m) Impairment (continued)
(ii) Other assets (continued)
Impairment losses are recognised in prot or loss. Impairment losses recognised in respect of cash-
generating units are allocated rst to reduce the carrying amount of any goodwill allocated to the cash-
generating unit (group of cash-generating units) and then to reduce the carrying amount of the other
assets in the cash-generating unit (groups of cash-generating units) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses
recognised in prior periods are assessed at the end of each reporting period for any indications that the
loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount since the last impairment loss was recognised.
An impairment loss is reversed only to the extent that the assets carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortisation, if no impairment
loss had been recognised. Reversals of impairment losses are credited to prot or loss in the nancial year
in which the reversals are recognised.
(n) Equity instruments
Instruments classied as equity are measured at cost on initial recognition and are not remeasured
subsequently.
(i) Issue expense
Costs directly attributable to the issue of instruments classied as equity are recognised as a deduction
from equity.
(ii) Ordinary shares
Ordinary shares are classied as equity.
(iii) Repurchase, disposal and reissue of share capital
When share capital recognised as equity is repurchased, the amount of the consideration paid, including
directly attributable costs, net of any tax effects, is recognised as a deduction from equity. Repurchased
shares that are not subsequently cancelled are classied as treasury shares in the statement of changes
in equity.
Where treasury shares are distributed as share dividends, the cost of the treasury shares is applied in the
reduction of the share premium account or distributable reserves, or both.
Where treasury shares are sold or reissued subsequently, the difference between the sales consideration
net of directly attributable costs and the carrying amount of the treasury shares is recognised in equity, and
the resulting surplus or decit on the transaction is presented in share premium.
Where treasury shares are cancelled, their nominal amounts are eliminated and the difference between their
cost and nominal amounts is taken to reserves in the statement of changes in equity as appropriate.
92
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
(o) Employee benets
(i) Short-term employee benets
Short-term employee benet obligations in respect of salaries and annual bonuses are measured on an
undiscounted basis and are expensed as the related service is provided.
A liability is recognised for the amount expected to be paid under short-term cash bonus or prot-sharing
plans if the Group has a present legal or constructive obligation to pay this amount as a result of past
service provided by the employee and the obligation can be estimated reliably.
(ii) State plans
Contributions to statutory pension funds are charged to prot or loss in the nancial year to which they
relate. Once the contributions have been paid, the Group has no further payment obligations.
(p) Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation
that can be estimated reliably, and it is probable that an out ow of economic benets will be required to settle
the obligation. Provisions are determined by discounting the expected future cash ows at a pre-tax rate
that re ects current market assessments of the time value of money and the risks specic to the liability. The
unwinding of the discount is recognised as nance cost.
Contingent liabilities
Where it is not probable that an out ow of economic benets will be required, or the amount cannot be
estimated reliably, the obligation is not recognised in the statements of nancial position and is disclosed as
a contingent liability, unless the probability of out ow of economic benets is remote. Possible obligations,
whose existence will only be conrmed by the occurrence or non-occurrence of one or more future events, are
also disclosed as contingent liabilities unless the probability of out ow of economic benets is remote.
Where the Company enters into nancial guarantee contracts to guarantee the indebtedness of other companies
within its group (see Note 36), the Company considers these to be insurance arrangements, and accounts for
them as such. In this respect, the Company treats the guarantee contract as a contingent liability until such time
as it becomes probable that the Company will be required to make a payment under the guarantee.
(q) Revenue and other income
(i) Goods sold
Revenue from the sale of goods in the course of ordinary activities is measured at fair value of the
consideration received or receivable, net of returns and allowances and trade discounts. Revenue is
recognised when persuasive evidence exists, usually in the form of an executed sales agreement, that
the signicant risks and rewards of ownership have been transferred to the customer, recovery of the
consideration is probable, the associated costs and possible return of goods can be estimated reliably,
and there is no continuing management involvement with the goods, and the amount of revenue can be
measured reliably. If it is probable that discounts will be granted and the amount can be measured reliably,
then the discount is recognised as a reduction of revenue as the sales are recognised.

93
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
(q) Revenue and other income (continued)

(ii) Construction contract income
Contract revenue includes the initial amount agreed in the contract plus any variations in contract work,
claims and incentive payments to the extent that it is probable that they will result in revenue and can be
measured reliably. As soon as the outcome of a construction contract can be estimated reliably, contract
revenue and expenses are recognised in prot or loss in proportion to the stage of completion of the
contract. Contract expenses are recognised as incurred unless they create an asset related to future
contract activity.
The stage of completion is assessed by reference to the physical proportion of the contract work completed
for telecommunication towers construction contracts and survey of work performed for installation and
construction of wastewater and water treatment specialised system contracts.
When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised
only to the extent of contract costs incurred that are likely to be recoverable. An expected loss on a
contract is recognised immediately in prot or loss.
(iii) Services rendered
Revenue from the provision of underground mapping of buried utilities, closed circuit television survey
and investigation and rehabilitation of underground sewer and pipeline networks and storm water culverts
is recognised in prot or loss in proportion to the stage of completion of the transactions. The stage of
completion of a transaction is assessed by reference to the survey of work performed. Where the outcome
of a transaction cannot be estimated reliably, revenue is recognised only to the extent of the expenses
recognised that are likely to be recoverable. An expected loss on a contract is recognised immediately in
prot or loss.
Revenue from the provision of sludge treatment and disposal service is recognised in prot or loss as it
accrues, based on rates agreed with customers.
(iv) Dividend income
Dividend income is recognised in prot or loss on the date that the Groups or the Companys right to
receive payment is established, which in the case of quoted securities is the ex-dividend date.

(v) Management fee
Management fee is recognised in prot or loss as it accrues at contracted rates.
(vi) Share of rental proceeds
Share of rental proceeds with a network facility provider licence holder from the leasing of telecommunication
towers is recognised in prot or loss based on pre-determined ratios over the term of the lease (see also
Note 9.1).
(vii) Rental income
Rental income from letting/hiring of assets is recognised in prot or loss on a straight-line basis over the
term of the lease.
94
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
(q) Revenue and other income (continued)
(viii) Interest income
Interest income is recognised in prot or loss as it accrues using the effective interest method except for
interest income arising from temporary investment of borrowings taken specically for the purpose of
nancing a qualifying asset which is accounted for in accordance with the accounting policy on borrowing
costs.
(r) Borrowing costs
Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying
asset are recognised in prot or loss using the effective interest method.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which
are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are
capitalised as part of the cost of those assets.
The capitalisation of borrowing costs as part of the cost of a qualifying asset commences when expenditure
for the asset is being incurred, borrowing costs are being incurred and activities that are necessary to prepare
the asset for its intended use or sale are in progress. Capitalisation of borrowing costs is suspended or ceases
when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are
interrupted or completed.
Investment income earned on the temporary investment of specic borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs eligible for capitalisation.
(s) Income tax
Income tax expense comprises current and deferred tax and is recognised in prot or loss except to the
extent that it relates to a business combination or items recognised directly in equity or other comprehensive
income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates
enacted or substantively enacted by the end of the reporting period, and any adjustment to tax payable in
respect of previous nancial years.
Deferred tax is recognised using the liability method, providing for temporary differences between the carrying
amounts of assets and liabilities in the statement of nancial position and their tax bases. Deferred tax is not
recognised for the temporary differences arising from the initial recognition of goodwill and the initial recognition
of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor
taxable prot or loss. Deferred tax is measured at the tax rates that are expected to be applied to the temporary
differences when they reverse, based on the laws that have been enacted or substantively enacted by the end
of the reporting period.
95
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
(s) Income tax (continued)
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities
and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on
different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets
and liabilities will be realised simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future taxable prots will be available
against which the temporary differences can be utilised. Deferred tax assets are reviewed at the end of each
reporting period and are reduced by the extent that it is no longer probable that the related tax benet will be
realised.
Unutilised reinvestment allowance, being tax incentive that is not a tax base of an asset, is recognised as a
deferred tax asset to the extent that it is probable that the future taxable prots will be available against the
unutilised tax incentive can be utilised.
(t) Discontinued operations
A discontinued operation is a component of the Groups business that represents a separate major line of
business or geographical area of operations that has been disposed of or is held for sale or distribution, or is
a subsidiary acquired exclusively with a view to resale. Classication as a discontinued operation occurs upon
disposal or when the operation meets the criteria to be classied as held for sale, if earlier. When an operation
is classied as a discontinued operation, the comparative statement of prot or loss and other comprehensive
income is re-presented as if the operation had been discontinued from the start of the comparative period.
(u) Earnings per ordinary share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares.
Basic EPS is calculated by dividing the prot or loss attributable to ordinary shareholders of the Company by the
weighted average number of ordinary shares outstanding during the period, adjusted for own shares held.
Diluted EPS is determined by adjusting the prot or loss attributable to ordinary shareholders and the weighted
average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive
potential ordinary shares.
(v) Operating segments
An operating segment is a component of the Group that engages in business activities from which it may
earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of
the Groups other components. An operating segments operating results are reviewed regularly by the chief
operating decision maker, which in this case is the Group Managing Director, to make decisions about resources
to be allocated to the segment and to assess its performance, and for which discrete nancial information is
available.
96
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
3. PROPERTY, PLANT AND EQUIPMENT
Plant, machinery
<------ and moulds ------>
Ofce equipment,
furniture and ttings,
<- equipment and tools ->
Freehold
land
Leasehold
land Buildings
Outright
purchase
Under
nance lease
Outright
purchase
Under
nance lease Subtotal
Group RM RM RM RM RM RM RM RM
Cost
At 1 April 2011 4,985,012 56,993,870 30,898,428 48,219,710 6,227,757 13,879,333 1,224,918 162,429,028
Additions - - 483,653 2,706,250 2,009,288 2,376,357 - 7,575,548
Disposals - (2,700,000) (1,050,000) (3,529,431) - (529,965) - (7,809,396)
Write-offs - - (7,355) (87,686) - (281,468) - (376,509)
Reclassications - - 434,447 6,758,789 300,000 80,860 (252,745) 7,321,351
Effect of movements in exchange rates - - - 57,226 - 13,949 - 71,175
At 31 March 2012/1 April 2012 4,985,012 54,293,870 30,759,173 54,124,858 8,537,045 15,539,066 972,173 169,211,197
Additions - - 1,167,843 4,969,817 270,000 1,372,919 106,495 7,887,074
Disposals - - - (4,608,984) (3,250,000) (348,127) - (8,207,111)
Write-offs - - (238,462) (509,990) - (457,751) - (1,206,203)
Reclassications - - 1,464,341 8,369,759 (2,606,503) 36,955 - 7,264,552
Transfer to assets classied as held for sale (Note 18) - (1,842,399) (3,547,728) - - (93,485) - (5,483,612)
Disposal of subsidiaries (Note 29) - (39,223,477) (4,377,724) (7,066,793) (270,000) (721,701) (129,300) (51,788,995)
At 31 March 2013 4,985,012 13,227,994 25,227,443 55,442,764 2,680,542 15,366,448 949,368 117,879,571
97
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
3. PROPERTY, PLANT AND EQUIPMENT
Plant, machinery
<------ and moulds ------>
Ofce equipment,
Freehold
land
Leasehold
land Buildings
Outright
purchase
Under
nance lease
Outright
purchase
Under
Group RM RM RM RM RM RM RM RM
Cost
At 1 April 2011 4,985,012 56,993,870 30,898,428 48,219,710 6,227,757 13,879,333 1,224,918 162,429,028
Additions - - 483,653 2,706,250 2,009,288 2,376,357 - 7,575,548
Disposals - (2,700,000) (1,050,000) (3,529,431) - (529,965) - (7,809,396)
Write-offs - - (7,355) (87,686) - (281,468) - (376,509)
Reclassications - - 434,447 6,758,789 300,000 80,860 (252,745) 7,321,351
At 31 March 2012/1 April 2012 4,985,012 54,293,870 30,759,173 54,124,858 8,537,045 15,539,066 972,173 169,211,197
Additions - - 1,167,843 4,969,817 270,000 1,372,919 106,495 7,887,074
Disposals - - - (4,608,984) (3,250,000) (348,127) - (8,207,111)
Write-offs - - (238,462) (509,990) - (457,751) - (1,206,203)
Reclassications - - 1,464,341 8,369,759 (2,606,503) 36,955 - 7,264,552
Transfer to assets classied as held for sale (Note 18) - (1,842,399) (3,547,728) - - (93,485) - (5,483,612)
At 31 March 2013 4,985,012 13,227,994 25,227,443 55,442,764 2,680,542 15,366,448 949,368 117,879,571
98
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
3. PROPERTY, PLANT AND EQUIPMENT (continued)
Plant, machinery
<------- and moulds ------->
Ofce equipment,
Freehold
land
Leasehold
land Buildings
Outright
purchase
Under
nance lease
Outright
purchase
Under
Group (continued) RM RM RM RM RM RM RM RM
Depreciation and impairment losses
At 1 April 2011 - 3,697,930 1,136,284 26,939,432 1,286,575 8,767,347 140,478 41,968,046
Depreciation for the nancial year - 960,112 871,371 4,889,273 1,195,307 1,780,357 405,153 10,101,573
Disposals - (109,021) (40,173) (557,839) - (377,239) - (1,084,272)
Write-offs - - (1,431) (33,651) - (217,259) - (252,341)
Reclassications - - 16,334 34,994 28,280 (78,150) (1,960) (502)
At 31 March 2012/1 April 2012 - 4,549,021 1,982,385 31,290,537 2,510,162 9,880,085 543,671 50,755,861
Disposals - - - (757,354) (975,000) (222,808) - (1,955,162)
Write-offs - - (21,062) (312,699) - (386,450) - (720,211)
Reclassications - - - 1,546,359 (1,546,359) - - -
Impairment losses (Note 23) - - - 452,663 - - - 452,663
Transfer to assets classied as held for sale (Note 18) - (101,510) (226,930) - - (56,198) - (384,638)
At 31 March 2013 - 1,935,364 1,549,353 31,555,029 987,179 10,573,422 855,539 47,455,886
At 31 March 2013
- Accumulated depreciation - 1,935,364 1,549,353 31,102,366 987,179 10,573,422 855,539 47,003,223
- Accumulated impairment losses - - - 452,663 - - - 452,663
- 1,935,364 1,549,353 31,555,029 987,179 10,573,422 855,539 47,455,886
Carrying amounts
At 1 April 2011 4,985,012 53,295,940 29,762,144 21,280,278 4,941,182 5,111,986 1,084,440 120,460,982
At 31 March 2012/1 April 2012 4,985,012 49,744,849 28,776,788 22,834,321 6,026,883 5,658,981 428,502 118,455,336
At 31 March 2013 4,985,012 11,292,630 23,678,090 23,887,735 1,693,363 4,793,026 93,829 70,423,685
99
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
Plant, machinery
<------- and moulds ------->
Ofce equipment,
Freehold
land
Leasehold
land Buildings
Outright
purchase
Under
nance lease
Outright
purchase
Under
Group (continued) RM RM RM RM RM RM RM RM
Depreciation and impairment losses
At 1 April 2011 - 3,697,930 1,136,284 26,939,432 1,286,575 8,767,347 140,478 41,968,046
Disposals - (109,021) (40,173) (557,839) - (377,239) - (1,084,272)
Write-offs - - (1,431) (33,651) - (217,259) - (252,341)
Reclassications - - 16,334 34,994 28,280 (78,150) (1,960) (502)
At 31 March 2012/1 April 2012 - 4,549,021 1,982,385 31,290,537 2,510,162 9,880,085 543,671 50,755,861
Disposals - - - (757,354) (975,000) (222,808) - (1,955,162)
Write-offs - - (21,062) (312,699) - (386,450) - (720,211)
Reclassications - - - 1,546,359 (1,546,359) - - -
Impairment losses (Note 23) - - - 452,663 - - - 452,663
Transfer to assets classied as held for sale (Note 18) - (101,510) (226,930) - - (56,198) - (384,638)
At 31 March 2013 - 1,935,364 1,549,353 31,555,029 987,179 10,573,422 855,539 47,455,886
At 31 March 2013
- Accumulated depreciation - 1,935,364 1,549,353 31,102,366 987,179 10,573,422 855,539 47,003,223
- Accumulated impairment losses - - - 452,663 - - - 452,663
- 1,935,364 1,549,353 31,555,029 987,179 10,573,422 855,539 47,455,886
Carrying amounts
At 1 April 2011 4,985,012 53,295,940 29,762,144 21,280,278 4,941,182 5,111,986 1,084,440 120,460,982
At 31 March 2012/1 April 2012 4,985,012 49,744,849 28,776,788 22,834,321 6,026,883 5,658,981 428,502 118,455,336
At 31 March 2013 4,985,012 11,292,630 23,678,090 23,887,735 1,693,363 4,793,026 93,829 70,423,685
100
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
<-------- Motor vehicles -------->
Subtotal
Outright
purchase
Under
nance
lease
Electrical
installation
and renovation
Site
equipment
Plantation
infrastructure
Other
infrastructure
Assets under
construction
Grand
total
Group (continued) RM RM RM RM RM RM RM RM RM
Cost (continued)
At 1 April 2011 162,429,028 10,455,033 3,462,822 2,193,202 1,513,632 5,035,504 5,343,685 23,411,152 213,844,058
Additions 7,575,548 891,475 1,205,627 1,187,782 6,850 1,177,780 675,694 10,656,828 23,377,584
Disposals (7,809,396) (846,200) - (60,589) - - - - (8,716,185)
Write-offs (376,509) (47,432) - (76,226) (3,500) - - - (503,667)
Reclassications 7,321,351 132,237 (132,237) (9,468) (78,941) 1,334,774 59,180 (8,626,896) -
Effect of movements in exchange rates 71,175 9,405 - 10,360 - - 6,632 - 97,572
At 31 March 2012/1 April 2012 169,211,197 10,594,518 4,536,212 3,245,061 1,438,041 7,548,058 6,085,191 25,441,084 228,099,362
Additions 7,887,074 997,361 793,300 313,880 10,200 - - 12,700,543 22,702,358
Disposals (8,207,111) (1,036,207) - - - - - (1,483,907) (10,727,225)
Write-offs (1,206,203) (43,000) - (217,623) (3,500) - - - (1,470,326)
Reclassications 7,264,552 1,062,055 (1,062,055) 382,133 - 10,027,927 (287,148) (17,387,464) -
Effect of movements in exchange rates 202,669 25,674 - 46,384 - - - - 274,727
Transfer to assets classied as held for sale (Note 18) (5,483,612) - - - - - - - (5,483,612)
Disposal of subsidiaries (Note 29) (51,788,995) (1,561,438) (102,801) (3,400) - (17,575,985) - (18,617,755) (89,650,374)
At 31 March 2013 117,879,571 10,038,963 4,164,656 3,766,435 1,444,741 - 5,798,043 652,501 143,744,910
101
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
<-------- Motor vehicles -------->
Subtotal
Outright
purchase
Under
nance
lease
Electrical
installation
and renovation
Site
equipment
Plantation
infrastructure
Other
infrastructure
Assets under
construction
Grand
total
Cost (continued)
At 1 April 2011 162,429,028 10,455,033 3,462,822 2,193,202 1,513,632 5,035,504 5,343,685 23,411,152 213,844,058
Additions 7,575,548 891,475 1,205,627 1,187,782 6,850 1,177,780 675,694 10,656,828 23,377,584
Disposals (7,809,396) (846,200) - (60,589) - - - - (8,716,185)
Write-offs (376,509) (47,432) - (76,226) (3,500) - - - (503,667)
Reclassications 7,321,351 132,237 (132,237) (9,468) (78,941) 1,334,774 59,180 (8,626,896) -
At 31 March 2012/1 April 2012 169,211,197 10,594,518 4,536,212 3,245,061 1,438,041 7,548,058 6,085,191 25,441,084 228,099,362
Additions 7,887,074 997,361 793,300 313,880 10,200 - - 12,700,543 22,702,358
Disposals (8,207,111) (1,036,207) - - - - - (1,483,907) (10,727,225)
Write-offs (1,206,203) (43,000) - (217,623) (3,500) - - - (1,470,326)
Reclassications 7,264,552 1,062,055 (1,062,055) 382,133 - 10,027,927 (287,148) (17,387,464) -
Transfer to assets classied as held for sale (Note 18) (5,483,612) - - - - - - - (5,483,612)
Disposal of subsidiaries (Note 29) (51,788,995) (1,561,438) (102,801) (3,400) - (17,575,985) - (18,617,755) (89,650,374)
At 31 March 2013 117,879,571 10,038,963 4,164,656 3,766,435 1,444,741 - 5,798,043 652,501 143,744,910
102
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
<-------- Motor vehicles -------->
Subtotal
Outright
purchase
Under
nance
lease
Electrical
installation
and renovation
Site
equipment
Plantation
infrastructure
Other
infrastructure
Assets under
construction
Grand
total
Depreciation and impairment losses (continued)
At 1 April 2011 41,968,046 7,151,413 676,046 1,538,280 1,058,254 201,420 1,839,635 - 54,433,094
Depreciation for the nancial year 10,101,573 1,352,319 898,235 169,533 100,381 230,534 336,054 - 13,188,629
Disposals (1,084,272) (725,569) - (59,240) - - - - (1,869,081)
Write-offs (252,341) (47,432) - (71,253) (3,499) - - - (374,525)
Reclassications (502) 52,500 (52,498) - 500 - - - -
At 31 March 2012/1 April 2012 50,755,861 7,788,107 1,521,783 1,579,906 1,155,636 431,954 2,178,064 - 65,411,311
Disposals (1,955,162) (628,672) - - - - - - (2,583,834)
Write-offs (720,211) (42,999) - (217,621) (3,500) - - - (984,331)
Reclassications - 829,153 (829,153) 154,352 - - (154,352) - -
Impairment losses (Note 23) 452,663 - - - - - - - 452,663
Transfer to assets classied as held for sale (Note 18) (384,638) - - - - - - - (384,638)
Disposal of subsidiaries (Note 29) (10,407,922) (1,423,531) (29,127) (2,436) - (938,908) - - (12,801,924)
At 31 March 2013 47,455,886 7,757,104 1,638,205 1,930,853 1,224,126 - 2,271,377 - 62,277,551
At 31 March 2013
- Accumulated depreciation 47,003,223 7,757,104 1,638,205 1,930,853 1,224,126 - 2,271,377 - 61,824,888
- Accumulated impairment losses 452,663 - - - - - - - 452,663
47,455,886 7,757,104 1,638,205 1,930,853 1,224,126 - 2,271,377 - 62,277,551
Carrying amounts (continued)
At 1 April 2011 120,460,982 3,303,620 2,786,776 654,922 455,378 4,834,084 3,504,050 23,411,152 159,410,964
At 31 March 2012/1 April 2012 118,455,336 2,806,411 3,014,429 1,665,155 282,405 7,116,104 3,907,127 25,441,084 162,688,051
At 31 March 2013 70,423,685 2,281,859 2,526,451 1,835,582 220,615 - 3,526,666 652,501 81,467,359

103
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
<-------- Motor vehicles -------->
Subtotal
Outright
purchase
Under
nance
lease
Electrical
installation
and renovation
Site
equipment
Plantation
infrastructure
Other
infrastructure
Assets under
construction
Grand
total
Depreciation and impairment losses (continued)
At 1 April 2011 41,968,046 7,151,413 676,046 1,538,280 1,058,254 201,420 1,839,635 - 54,433,094
Disposals (1,084,272) (725,569) - (59,240) - - - - (1,869,081)
Write-offs (252,341) (47,432) - (71,253) (3,499) - - - (374,525)
Reclassications (502) 52,500 (52,498) - 500 - - - -
At 31 March 2012/1 April 2012 50,755,861 7,788,107 1,521,783 1,579,906 1,155,636 431,954 2,178,064 - 65,411,311
Disposals (1,955,162) (628,672) - - - - - - (2,583,834)
Write-offs (720,211) (42,999) - (217,621) (3,500) - - - (984,331)
Reclassications - 829,153 (829,153) 154,352 - - (154,352) - -
Impairment losses (Note 23) 452,663 - - - - - - - 452,663
Transfer to assets classied as held for sale (Note 18) (384,638) - - - - - - - (384,638)
Disposal of subsidiaries (Note 29) (10,407,922) (1,423,531) (29,127) (2,436) - (938,908) - - (12,801,924)
At 31 March 2013 47,455,886 7,757,104 1,638,205 1,930,853 1,224,126 - 2,271,377 - 62,277,551
At 31 March 2013
- Accumulated depreciation 47,003,223 7,757,104 1,638,205 1,930,853 1,224,126 - 2,271,377 - 61,824,888
- Accumulated impairment losses 452,663 - - - - - - - 452,663
47,455,886 7,757,104 1,638,205 1,930,853 1,224,126 - 2,271,377 - 62,277,551
Carrying amounts (continued)
At 1 April 2011 120,460,982 3,303,620 2,786,776 654,922 455,378 4,834,084 3,504,050 23,411,152 159,410,964
At 31 March 2012/1 April 2012 118,455,336 2,806,411 3,014,429 1,665,155 282,405 7,116,104 3,907,127 25,441,084 162,688,051
At 31 March 2013 70,423,685 2,281,859 2,526,451 1,835,582 220,615 - 3,526,666 652,501 81,467,359

104
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
<-------- Motor vehicles -------->
Leasehold
land Buildings
Ofce
equipment,
furniture and
ttings
Outright
purchase
Under
nance
lease Renovation
Assets
under
construction Total
Company RM RM RM RM RM RM RM RM
Cost
At 1 April 2011 2,700,000 1,050,000 3,051,476 1,054,416 727,682 1,419,389 114,959 10,117,922
Additions - - 644,299 296,000 - 1,148,136 - 2,088,435
Disposals (2,700,000) (1,050,000) (209,206) (327,689) - (60,589) - (4,347,484)
Reclassications - - 114,959 - - - (114,959) -
At 31 March 2012/1 April 2012 - - 3,601,528 1,022,727 727,682 2,506,936 - 7,858,873
Additions - - 358,980 2,560 481,994 137,667 - 981,201
Disposals - - (140,614) (160,000) - - - (300,614)
Write-offs - - (142,665) - - (191,955) - (334,620)
At 31 March 2013 - - 3,677,229 865,287 1,209,676 2,452,648 - 8,204,840
Depreciation
At 1 April 2011 90,464 25,564 2,127,049 666,488 119,780 1,200,256 - 4,229,601
Depreciation for the nancial year 18,557 14,609 377,328 146,563 145,536 101,752 - 804,345
Disposals (109,021) (40,173) (192,589) (327,689) - (59,240) - (728,712)
At 31 March 2012/1 April 2012 - - 2,311,788 485,362 265,316 1,242,768 - 4,305,234
Depreciation for the nancial year - - 436,907 127,000 191,990 274,800 - 1,030,697
Disposals - - (132,412) (40,000) - - - (172,412)
Write-offs - - (138,265) - - (191,950) - (330,215)
At 31 March 2013 - - 2,478,018 572,362 457,306 1,325,618 - 4,833,304
Carrying amounts
At 1 April 2011 2,609,536 1,024,436 924,427 387,928 607,902 219,133 114,959 5,888,321
At 31 March 2012/1 April 2012 - - 1,289,740 537,365 462,366 1,264,168 - 3,553,639
At 31 March 2013 - - 1,199,211 292,925 752,370 1,127,030 - 3,371,536
105
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
<-------- Motor vehicles -------->
Leasehold
land Buildings
Ofce
equipment,
furniture and
ttings
Outright
purchase
Under
nance
lease Renovation
Assets
under
construction Total
Company RM RM RM RM RM RM RM RM
Cost
At 1 April 2011 2,700,000 1,050,000 3,051,476 1,054,416 727,682 1,419,389 114,959 10,117,922
Additions - - 644,299 296,000 - 1,148,136 - 2,088,435
Disposals (2,700,000) (1,050,000) (209,206) (327,689) - (60,589) - (4,347,484)
Reclassications - - 114,959 - - - (114,959) -
At 31 March 2012/1 April 2012 - - 3,601,528 1,022,727 727,682 2,506,936 - 7,858,873
Additions - - 358,980 2,560 481,994 137,667 - 981,201
Disposals - - (140,614) (160,000) - - - (300,614)
Write-offs - - (142,665) - - (191,955) - (334,620)
At 31 March 2013 - - 3,677,229 865,287 1,209,676 2,452,648 - 8,204,840
Depreciation
At 1 April 2011 90,464 25,564 2,127,049 666,488 119,780 1,200,256 - 4,229,601
Depreciation for the nancial year 18,557 14,609 377,328 146,563 145,536 101,752 - 804,345
Disposals (109,021) (40,173) (192,589) (327,689) - (59,240) - (728,712)
At 31 March 2012/1 April 2012 - - 2,311,788 485,362 265,316 1,242,768 - 4,305,234
Depreciation for the nancial year - - 436,907 127,000 191,990 274,800 - 1,030,697
Disposals - - (132,412) (40,000) - - - (172,412)
Write-offs - - (138,265) - - (191,950) - (330,215)
At 31 March 2013 - - 2,478,018 572,362 457,306 1,325,618 - 4,833,304
Carrying amounts
At 1 April 2011 2,609,536 1,024,436 924,427 387,928 607,902 219,133 114,959 5,888,321
At 31 March 2012/1 April 2012 - - 1,289,740 537,365 462,366 1,264,168 - 3,553,639
At 31 March 2013 - - 1,199,211 292,925 752,370 1,127,030 - 3,371,536
106
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
3.1 Leasehold land
Leasehold land comprises:
<-------------- Carrying amounts -------------->
31.3.2013 31.3.2012 1.4.2011
Group RM RM RM
Leasehold land
Long term - 38,207,074 41,513,022
Short term 11,292,630 11,537,775 11,782,918
11,292,630 49,744,849 53,295,940
The carrying amount of the leasehold land of the Company subsisting at 1 April 2011 consisted of a parcel of
long-term leasehold land.
3.2 Security
Leasehold land of the Group with a carrying amount of RM36,445,883 subsisting at 31 March 2012 (1.4.2011:
RM37,121,993) was charged to secure a term loan facility granted to a subsidiary. The subsidiary has been
disposed off during the nancial year.
Assets under nance lease are charged to secure the nance lease liabilities of the Group and the Company
(see Note 20.2).
3.3 Assets under construction
Assets under construction consist of buildings under construction and plant and machineries under installation.
In the previous years, it included plantation infrastructure under construction. Additions to the assets under
construction include:
Group
2013 2012
RM RM
Rental of machinery - 32,712
Personnel expenses
- contributions to state plans - 17,875
- wages, salaries and others 170,332 463,668
Finance costs capitalised 1,121,489 1,141,208
107
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
3.4 Allocation of depreciation
Depreciation for the nancial year is allocated as follows:
Group Company
2013 2012 2013 2012
RM RM RM RM
Recognised in prot or loss (Note 23) 8,992,401 8,882,310 1,030,697 804,345
Capitalised in:
- biological assets (Note 5) 2,360,475 2,600,348 - -
- contract costs (Note 10.3) 1,685,314 1,705,971 - -
13,038,190 13,188,629 1,030,697 804,345
3.5 Impairment assessment of property, plant and equipment

Due to operating loss reported from its reclaimed rubber operation, the Group has evaluated whether the
underlying plant and machinery are stated in excess of their recoverable amounts. The recoverable amounts
of the assets are based on their estimated fair values, which are determined by an independent professional
valuation rm, with reference to the market value of similar assets and after taking into account the age and
physical condition of the assets.
Following the assessment, the Group recognised an impairment loss of RM452,663 (31.3.2012 and 1.4.2011: Nil)
on the affected assets. The impairment loss has been recognised during the nancial year as other expenses in
the statement of prot or loss and other comprehensive income (see Note 23).
3.6 Disposal of subsidiaries
Property, plant and equipment with a carrying amount of RM76,848,450 was derecognised following the
completion of the disposal of certain subsidiaries during the nancial year (see Note 29).
3.7 Assets classied as held for sale
Assets classied as held for sale consists of long-term leasehold land, factory buildings and ttings. Included
therein is a parcel of long-term leasehold land with a carrying amount of RM1,740,889 (31.3.2012: RM1,761,191;
1.4.2011: RM1,781,493), the title to which has yet to be issued by the relevant authority.
3.8 Asset held in trust
A motor vehicle with a carrying amount of RM307,530 (31.3.2012: RM449,466; 1.4.2011: RM591,402) is
registered in the name of a director holding it in trust for the Group and the Company.
108
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
4. PREPAID LEASE PAYMENTS - GROUP
Leasehold land
(Unexpired
term less than
50 years)
RM
Cost
At 1 April 2011, 31 March 2012/1 April 2012 and 31 March 2013 3,954,735
Amortisation
At 1 April 2011 662,088
Amortisation for the nancial year (Note 23) 107,569
At 31 March 2012/1 April 2012 769,657
Amortisation for the nancial year (Note 23) 107,569
At 31 March 2013 877,226
Carrying amounts
At 1 April 2011 3,292,647
At 31 March 2012/1 April 2012 3,185,078
At 31 March 2013 3,077,509
5. BIOLOGICAL ASSETS - GROUP
RM
Fair value
At 1 April 2011 244,136,730
Additions 13,050,067
Changes in fair value recognised in prot or loss (Note 23) 36,270,839
At 31 March 2012/1 April 2012 293,457,636
Additions 11,650,482
Changes in fair value recognised in prot or loss (Note 23) (57,022,402)
Disposals (Note 29) (248,085,716)
At 31 March 2013 -
109
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
5. BIOLOGICAL ASSETS - GROUP (continued)
5.1 Additions to biological assets incurred during the current nancial year include:
2013 2012
RM RM
Depreciation of property, plant and equipment (Note 3.4) 2,360,475 2,600,348
Personnel expenses
- contributions to state plans 169,060 209,623
- wages, salaries and others 2,948,999 5,007,772
Finance costs capitalised 2,543,041 1,471,630
5.2 Fair value of biological assets
The fair value of the biological assets of the Group as at 1 April 2011 (being the Groups date of transition to
the MFRS framework) and 27 February 2013 (date of disposal) had been determined by management based
on value-in-use calculations whereas the fair value of the biological assets subsisting at 31 March 2012 was
determined by management based on value-in-use calculation with reference to a valuation report dated 30
August 2012 prepared by an independent professional valuation rm in conjunction with the disposal of the
biological assets during the nancial year. Values were assigned to the key assumptions based on the estimated
economical life cycle of the oil palms.
The value-in-use calculations were based on the following key assumptions:

i) Average life of oil palms of 25 years (31.3.2012 and 1.4.2011: 25 years). Oil palms were considered mature
36 months after eld planting;
ii) Pre-tax discount rate of 10% (31.3.2012 and 1.4.2011: 10%) per annum. The discount rate was determined
by reference to the weighted average cost of capital of the Group;
iii) Selling prices of oil palm fresh fruit bunches (FFB) ranging from RM505 to RM530 (31.3.2012: RM560;
1.4.2011: ranging from RM618 to RM648) per metric tonne;
iv) Average FFB production yield of 20.2 (31.3.2012 and 1.4.2011: 20.2) metric tonne per hectare; and
v) Average oil extraction rate and kernel extraction rate of 22% and 4.5% respectively (31.3.2012: 21% and
4.5%; 1.4.2011: 22% and 4.5%).
The values assigned to the key assumptions represented managements assessment of current trends of the
oil palm industry in Sarawak and were based on both external and internal sources. Any subsequent changes in
the palm oil market conditions or to production yields may have a material impact on the assets fair values as
the future cash ows may differ from these estimates.
The key assumptions are particularly sensitive on the following factors:
Discount rate
A change by 1% in the discount rate would have increased/decreased the fair value of the biological assets by
approximately RM26 million (31.3.2012: RM33 million; 1.4.2011: RM26 million) before tax.
FFB prices
A uctuation of FFB prices by 5% would have increased/decreased the fair value of the biological assets by
approximately RM26 million (31.3.2012: RM23 million; 1.4.2011: RM23 million) before tax.
110
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
5. BIOLOGICAL ASSETS - GROUP (continued)
5.2 Fair value of biological assets (continued)
The key assumptions are particularly sensitive on the following factors: (continued)
FFB production volume
A uctuation of FFB production volume by 5% would have increased/decreased the fair value of the biological
assets by approximately RM20 million (31.3.2012: RM26 million; 1.4.2011: RM18 million) before tax.
6. INVESTMENT IN SUBSIDIARIES
<-------------------- Company -------------------->
31.3.2013 31.3.2012 1.4.2011
RM RM RM
Unquoted shares, at cost 77,003,040 111,833,040 48,733,040
Deemed capital contribution arising from remeasurement
of inter-company loans and advances - 1,547,173 1,547,173
Less: Impairment losses (1,392,014) (1,392,014) (6,614,416)
75,611,026 111,988,199 43,665,797
Details of the subsidiaries, all of which are incorporated in Malaysia except for Weida Philippines Inc. and Weida
(B) Sdn. Bhd., which were incorporated in the Philippines and Brunei Darussalam respectively, and the Companys
interests therein are as follows:
Effective ownership interest (%)
Subsidiary Principal activities 31.3.2013 31.3.2012 1.4.2011
Weida Integrated Industries
Sdn. Bhd. (WII)
Manufacture and sale of high density
polyethylene engineering (HDPE)
products
100.00 100.00 100.00
Weida Works Sdn. Bhd. Construction of water supply and other
specialised systems involving the
use of HDPE products, construction
and share of rental proceeds from
telecommunication towers
100.00 100.00 100.00
Weida Resources Sdn. Bhd. Trading of HDPE products, ttings and
other engineering products and the
provision of specialised installation
services for these products as well
as design, supply and installation,
commissioning and maintenance of
sewerage systems
100.00 100.00 100.00
111
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
6. INVESTMENT IN SUBSIDIARIES (continued)
Weida Water Sdn. Bhd. Dormant 100.00 100.00 100.00
Weidaline Sdn. Bhd. Dormant 100.00 100.00 100.00
Weida Eco Rubber Sdn. Bhd.
(WERSB)
Dormant - 100.00 100.00
Weida Green Industries Sdn
Bhd. (WGISB)
Investment holding 100.00 100.00 100.00
Weida Oil & Gas Sdn. Bhd.
(WOGSB) @
Dormant 100.00 100.00 100.00
Weida Marketing Sdn. Bhd. Trading of HDPE products and the
provision of specialised installation
services for these products
100.00 100.00 100.00
Weida International Sdn. Bhd.
(WISB)
Investment holding 100.00 100.00 100.00
Maju Warisanmas
Sdn. Bhd. ^^
Letting of investment property - 100.00 100.00
Weidaya Sdn. Bhd. Dormant 70.00 70.00 70.00
Weida Environmental
Technology Sdn. Bhd.
(WET)
Provision of sewerage treatment
services comprising the design, supply
and installation, commissioning and
maintenance of sewerage systems
56.00 56.00 56.00
Bumi Suria Ventures
Sdn. Bhd. ^^
Cultivation of oil palms - 51.43 51.43
Weida (B) Sdn. Bhd. ^ Trading of HDPE products 99.99 99.99 99.99
Weida Properties Sdn. Bhd.
(WPSB)
Investment holding 100.00 100.00 -
112
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
Subsidiary of WGISB
WERSB Manufacturing and trading of reclaimed
rubber and rubber related products
100.00 - -
Subsidiary of WII
Greenyard Corporation
Sdn. Bhd.
Letting of investment property 100.00 100.00 100.00
Subsidiary of WISB
Weida Philippines Inc. ^ Manufacture and sale of HDPE products 99.99 99.99 99.99
Subsidiaries of WPSB
Loyal Paragon Sdn. Bhd. Property development 90.00 100.00 -
Good Axis Sdn. Bhd. Property development 100.00 100.00 -
Subsidiaries of WET
Sar-Alam Indah Sdn. Bhd. Collection, provision of treatment and
disposal of sludge services
32.48 32.48 32.48
Renexus-Weida Sdn. Bhd. Construction and installation of
sewerage and water treatment plants
44.24 44.24 44.24
UTIC Services Sdn. Bhd.
(USSB)
Provision of services covering
underground mapping of buried
utilities, closed circuit television survey
and investigation and rehabilitation
of underground sewer and pipeline
networks and storm water culverts
38.02 38.02 38.02
LIPP Biogas (Malaysia)
Sdn. Bhd.
Designing and constructing waste
treatment and biogas plants
44.80 44.80 44.80
Weidasar Engineering
Sdn. Bhd. (WESB)
Construction and installation of
sewerage treatment plants and bulk
storage tanks
35.84 35.84 35.84
Hydro Solutions Sdn. Bhd. Building, construction and installation of
hydro systems
56.00 56.00 56.00
113
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
Subsidiaries of WET (continued)
Weida Water (ADRA)
Sdn. Bhd. (WWASB)*
Dormant 28.56 28.56 28.56
Weida Bioenergy Sdn. Bhd.
(formerly known as
Nicoplex Sdn. Bhd.)
Environmental management and
services and waste treatment solutions
56.00 - -
Subsidiary of USSB
UTIC Industries Sdn. Bhd. Manufacture and trading of synthetic
and composite liners for sewerage,
water pipe application and pipeline
rehabilitation
38.02 38.02 38.02
^ Audited by other member rms of KPMG International.
^^ Disposed of during the current nancial year (see Note 29).
@ WOGSB had held its nal meeting for members voluntary winding-up on 17 June 2013. The Return by Liquidator
Relating to Final Meeting was lodged on 18 June 2013 with the Companies Commission of Malaysia and the
Ofcial Receiver, and on the expiration of three months after the said lodgement date, WOGSB will be fully
dissolved.
* In the progress for de-registration by the Companies Commission of Malaysia.
7. INVESTMENT IN AN ASSOCIATE
<------------------- Group --------------------> <----------------- Company ----------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Unquoted shares, at cost 400,000 40 - 400,000 40 -
Share of post acquisition
reserves (4,358) (40) - - - -
395,642 - - 400,000 40 -
114
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
7. INVESTMENT IN AN ASSOCIATE (continued)

The associate is incorporated in Malaysia and its nancial information, presented in gross terms, are as follows:
Effective
ownership
interest
Revenue
(100%)
Loss
after tax
(100%)
Total
assets
(100%)
Total
liabilities
(100%)
% RM RM RM RM
Asaljuru Weida Sdn. Bhd.
As at 31.3.2013 40 - (6,910) 993,324 4,219
As at 31.3.2012 40 - (3,985) 100 3,985
As at 1.4.2011 - - - - -
8. GOODWILL - GROUP
<--------------------- Goodwill --------------------->
With nite
useful lives
With
indenite
useful lives Total
RM RM RM
Cost
At 1 April 2011, 31 March 2012/1 April 2012 and 31 March 2013 2,635,286 1,423,781 4,059,067
Amortisation/Impairment losses
At 1 April 2011
- Accumulated amortisation 1,539,332 - 1,539,332
Amortisation for the nancial year (Note 23) 430,338 - 430,338
Impairment losses (Note 23) - 1,349,953 1,349,953
At 31 March 2012/1 April 2012
- Accumulated impairment losses - 1,349,953 1,349,953
1,969,670 1,349,953 3,319,623
Amortisation for the nancial year (Note 23) 82,410 - 82,410
At 31 March 2013
- Accumulated impairment losses - 1,349,953 1,349,953
2,052,080 1,349,953 3,402,033
115
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
8. GOODWILL - GROUP (continued)
<--------------------- Goodwill --------------------->
With nite
useful lives
With
indenite
useful lives Total
RM RM RM
Carrying amounts
At 1 April 2011 1,095,954 1,423,781 2,519,735
At 31 March 2012/1 April 2012 665,616 73,828 739,444
At 31 March 2013 583,206 73,828 657,034
Impairment testing for cash-generating units containing goodwill
For the purpose of impairment testing, goodwill is allocated to the cash generating units (CGUs) acquired at which
the goodwill is monitored for internal management purposes.
The aggregate carrying amounts of goodwill allocated to the CGUs are as follows:
31.3.2013 31.3.2012 1.4.2011
RM RM RM
With nite useful lives
CGU 1 583,206 624,864 666,522
Other CGU - 40,752 429,432
583,206 665,616 1,095,954
With indenite useful lives
CGU 2 - - 1,349,953
Other CGU 73,828 73,828 73,828
73,828 73,828 1,423,781
Total 657,034 739,444 2,519,735
116
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
8. GOODWILL - GROUP (continued)
Impairment testing for cash-generating units containing goodwill (continued)
The recoverable amounts of the above CGUs were estimated using value-in-use calculations. These calculations use
pre-tax cash ow projections based on the nancial budgets approved by management and cash ows expected
from the continuing use of the CGUs. The value-in-use calculations were based on the following key assumptions:
CGU 1 Services segment
a) Services rendered are projected to remain at the same level as 2013. The rate of service charges will be revised
upwards by 10% once every ve years in accordance with the service contracts.
b) Expenses are projected to increase at 3% (31.3.2012 and 1.4.2011: 3%) per annum.
c) The projections are for ve (31.3.2012 and 1.4.2011: ve) nancial years from 2014 to 2018 (31.3.2012: 2013
to 2017; 1.4.2011: 2012 to 2016).
d) Pre-tax discount rate used to derive the projected cash ows is 10%, determined by reference to the weighted
average cost of capital of the Group (31.3.2012 and 1.4.2011: 6%) per annum.
e) Collections from trade receivables and settlement of trade payables will be made in accordance with the current
credit arrangements and policies.
The values assigned to the key assumptions represent managements assessment of future trends in the industry
and are based on historical data from both external sources and internal sources.
Sensitivity to changes in assumptions
The above estimates are particularly sensitive to uctuations in the rate of service charges and operational costs.
With a 5% and 10% variations in the projected service charges and operational costs respectively, the projections
show that the recoverable amount of CGU 1 would still exceed the allocated goodwill.
Impairment losses on CGU 2
Impairment loss had been provided in full against the carrying amount of CGU2 in the last nancial year as management
did not foresee any cash ows from this CGU in future.
Other CGU with indenite useful life
No impairment testing is done on this CGU which is considered immaterial to the Group.
117
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
9. OTHER INTANGIBLE ASSETS - GROUP
Intellectual
property
licences
Rights to
share rental
proceeds of
telecom-
munication
towers Total
RM RM RM
Cost
At 1 April 2011 450,500 54,995,064 55,445,564
Additions 926,904 - 926,904
At 31 March 2012/1 April 2012 and 31 March 2013 1,377,404 54,995,064 56,372,468
Amortisation
At 1 April 2011 202,725 9,263,859 9,466,584
Amortisation for the nancial year 175,383 3,874,671 4,050,054
At 31 March 2012/1 April 2012 378,108 13,138,530 13,516,638
Amortisation for the nancial year 185,681 3,838,345 4,024,026
At 31 March 2013 563,789 16,976,875 17,540,664
Carrying amounts
At 1 April 2011 247,775 45,731,205 45,978,980
At 31 March 2012/1 April 2012 999,296 41,856,534 42,855,830
At 31 March 2013 813,615 38,018,189 38,831,804
9.1 Other intangible assets comprise:
Intellectual property licences
The exclusive licences acquired allow the Group:
(i) to use and exploit for a period of ve (5) years certain technical information relating to the operation
of specialised equipment within South East Asia.
(ii) to have access to secret technical and commercial information related to the manufacture and use of
LIPP tanks and Biogas plants within Malaysia for a period of fteen (15) years.
118
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
9. OTHER INTANGIBLE ASSETS - GROUP (continued)
9.1 Other intangible assets comprise: (continued)
Rights to share rental proceeds of telecommunication towers
This arose from the construction of telecommunication towers for a network facility provider licence
holder (NFPLH) in prior years. As payment for the construction works carried out, the NFPLH and a
subsidiary share the rental proceeds from the leasing of the telecommunication towers based on a pre-
determined ratios for a period of ten years commencing from the month when the rental proceeds were
rst received.
9.2 Allocation of amortisation
Amortisation for the nancial year is allocated as follows:
Group
2013 2012
RM RM
Recognised in prot or loss (Note 23) 4,024,026 3,936,615
Capitalised into contract costs (Note 10.3) - 113,439
4,024,026 4,050,054
10. TRADE AND OTHER RECEIVABLES
<------------------- Group -------------------> <----------------- Company ---------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Non-current
Trade
Trade receivable (Note 10.1) 16,923,393 - - - - -
Non-trade
Other receivable [Note 10.2(a)] 6,067,176 18,036,029 16,686,833 - - -
Amount due from joint venture
parties [10.2(b) and 10.2(c)] 27,451,643 - - - - -
Subsidiaries - - - 5,385,227 38,691,273 106,243,623
Less: Allowance for
impairment loss - - - (2,610,000) (2,610,000) (2,000,000)
- - - 2,775,227 36,081,273 104,243,623
Non-current total 50,442,212 18,036,029 16,686,833 2,775,227 36,081,273 104,243,623
119
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
10. TRADE AND OTHER RECEIVABLES (continued)
<------------------- Group -------------------> <----------------- Company ---------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Current
Trade
Trade receivables 84,035,421 148,644,858 74,094,044 - - -
Less: Allowance for
impairment loss (3,321,209) (7,358,375) (4,119,866) - - -
80,714,212 141,286,483 69,974,178 - - -
Amount due from contract
customers (Note 10.3) 22,823,978 14,206,771 26,590,914 - - -
Less: Allowance for
impairment loss - - (254,544) - - -
22,823,978 14,206,771 26,336,370 - - -
103,538,190 155,493,254 96,310,548 - - -
Non-trade
Other receivables 9,280,575 11,143,987 1,681,807 4,092 5,865,580 35,359
Less: Allowance for
impairment loss (3,024,275) (1,000,000) (10,977) - - -
6,256,300 10,143,987 1,670,830 4,092 5,865,580 35,359
Subsidiaries - - - 25,936,136 12,500,854 3,323,398
Less: Allowance for
impairment loss - - - (100,962) (100,962) (1,088,398)
- - - 25,835,174 12,399,892 2,235,000
6,256,300 10,143,987 1,670,830 25,839,266 18,265,472 2,270,359
Current total 109,794,490 165,637,241 97,981,378 25,839,266 18,265,472 2,270,359
Grand total 160,236,702 183,673,270 114,668,211 28,614,493 54,346,745 106,513,982
120
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
10.1 Included in both non-current and current balances of trade receivables is an amount due from a contract
customer relating to construction of waste treatment specialised systems, which is unsecured, interest
free and expected to be collected as follows:
31.3.2013 31.3.2012 1.4.2011
RM RM RM
Current
Within 1 year 10,960,553 4,562,475 -
Non-current
1 - 2 year 9,476,752 - -
2 - 3 year 7,446,641 - -
16,923,393 - -
27,883,946 4,562,475 -
10.2(a) The non-current balance of other receivable represents an amount due from a former associate of the
Group. The amount is secured by a rst xed and oating charge over the former associates assets and
bears xed interest at 6.00% (31.3.2012 and 1.4.2011: 6.00%) per annum. The amount is not subject to a
xed term of repayment but is repayable in full by December 2017.
10.2(b) The Group through its subsidiary, Loyal Paragon Sdn. Bhd. (LPSB), had entered into a joint venture
agreement with a company (the Land Owner) on 20 December 2011 to develop a parcel of leasehold
land into residential properties (the project is hereinafter referred to as the Development and the land,
as the Project Land).
The Land Owner had entered into a Sale and Purchase Agreement (Principal SPA) to purchase the
Project Land from another company (the Vendor).
Through the joint venture agreement, the Land Owner shall contribute the Project Land for the
Development and LPSB shall carry out preparatory works for the Development, applying for approvals,
sales and marketing, undertake construction and development works and complete the Development
in accordance with the plans approved by the appropriate authorities and shall also undertake the entire
project management, nancial and sales administration of the Development.
LPSB shall be responsible to secure all nancing and loan facilities required for the entire costs and
expenses of the Development, including the acquisition of the Project Land.
In the joint venture agreement, the Land Owner shall be entitled to 25% of the gross development value of the
Development or a minimum entitlement of RM30 million whichever is higher (Land Owners entitlement).
Subject to the provisions in the joint venture agreement, LPSB shall complete the Development on the
Project Land within ve (5) years from the legal completion of the Principal SPA between the Vendor and
the Land Owner.
The Land Owners entitlement less payments made on its behalf by LPSB shall be satised by way of
allotment of completed building units. LPSB is granted the absolute right to market and sell the allotted
units on behalf of the Land Owner.
Pursuant to the joint venture agreement, a payment of RM24.4 million was made on behalf of the Land Owner
by LPSB for the acquisition of the Project Land and related land expenses, which is part nanced by an
unsecured term loan obtained by LPSB from a licensed bank bearing a oating interest at 5.29% per annum (see
Note 20). All such payments shall be deducted from the Land Owners entitlement from the Development.
The development order for the Development has been issued by the relevant authority to LPSB in
May 2013.
121
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
10.2(c) The Group through its subsidiary, Good Axis Sdn. Bhd. (GASB) had also entered into a joint venture
agreement with a third party on 30 January 2013 to develop a piece of freehold agriculture land (hereinafter
referred to as the Land) into residential properties.
Pursuant to the joint venture agreement, an amount of RM3.0 million has been made on behalf of the third
party by GASB for the acquisition of the Land and related land expenses.
This payment on behalf shall be deducted from the third partys entitlement from the development.
10.3 Amount due from/to contract customers
<----------------------- Group ----------------------->
31.3.2013 31.3.2012 1.4.2011
RM RM RM
Value of works performed to-date 517,641,610 369,498,253 329,935,735
Progress billings (511,486,980) (368,729,789) (330,298,345)
6,154,630 768,464 (362,610)
Amount due to contract customers reclassied to
trade and other payables (Note 21) 16,669,348 13,438,307 26,953,524
Amount due from contract customers 22,823,978 14,206,771 26,590,914
Additions to the value of works performed to-date include:

Group
2013 2012
RM RM
Amortisation of other intangible assets (Note 9.2) - 113,439
Depreciation of property, plant and equipment (Note 3.4) 1,685,314 1,705,971
Personnel expenses
- contributions to state plans 435,582 343,416
- wages, salaries and others 5,503,957 7,126,291
Property, plant and equipment written off - 52,893
Rental of equipment and vehicles 688,889 1,381,868
Rental of premises 421,588 505,346
Interest expense capitalised 615,945 86,541
10.4 The main collectability risk of trade receivables is customer insolvencies. Management determines
allowance for impairment loss on doubtful receivables based on an on-going review and evaluation
performed as part of its credit risk evaluation process. These include assessment of customers past
payment records, nancial standing and the age of receivables. The evaluation is however inherently
judgemental and requires material estimates, including the amounts and timing of future cash ows
expected to be received, which may be susceptible to signicant changes.
122
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
10.4 Included in trade receivables is a gross retention sum receivables of RM2,696,613 (31.3.2012: RM30,346,429;
1.4.2011: RM32,189,148) from the Government of Syrian Arab Republic in respect of sewerage and water
treatment plants constructed by a subsidiary.

An impairment loss of RM3,921,467 was provided against these retention sums in the nancial year ended
31 March 2012 in view of the escalating political unrest in Syrian Arab Republic. The quantum of impairment
loss was estimated premised on a delay in the receipt of the retention sums by two (2) years as well as taking
into account the advance payments received from and the amount due to contract customer attributable to
the Government of Syrian Arab Republic totalling some RM15.3 million. The impairment loss was recognised
in prot or loss and measured as the difference between the carrying amount of the retention sums and
the present value of estimated future cash ows discounted at 15% per annum. The discount rate was
determined based on managements best judgement of the on-going risks involved, including country risk
premium (i.e. political and economic risks).
As the subsidiary has managed to recover its retention sums substantially in the nancial year under review,
no impairment loss need be made for the remaining receivables as at 31 March 2013 despite the continuing
political unrest in Syrian Arab Republic, after taking into consideration the advance payments of RM4,015,434
received from and other amounts payable to the Government of Syrian Arab Republic (see Note 21.4).
Nonetheless, the recoverability of the retention sums will continue to be reassessed in future based on the
information then available.
10.5 Included in trade receivables of the Group are retention sums of RM5,531,647 (31.3.2012: RM30,517,213;
1.4.2011: RM34,607,112) relating to construction work-in-progress, inclusive of the retention sums disclosed
in Note 10.4 above.
The retention sums are unsecured, interest free and are expected to be collected as follows:
<----------------------- Group ----------------------->
31.3.2013 31.3.2012 1.4.2011
RM RM RM
Within 1 year 2,534,487 3,232,086 26,048,984
1 - 2 years 2,970,074 23,762,215 7,895,859
2 - 3 years 27,086 7,444,379 662,269
5,531,647 34,438,680 34,607,112
Less: Allowance for impairment loss - (3,921,467) -
5,531,647 30,517,213 34,607,112
10.6 Included in the amount due from subsidiaries is a sum of RM25,839,624 (31.3.2012: RM45,705,099;
1.4.2011: RM103,092,020) which is unsecured and bears interest at 5.50% (31.3.2012 and 1.4.2011: 5.00%)
per annum. The remaining balances are unsecured, interest-free and repayable on demand.
123
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
11. OTHER INVESTMENTS
<------------------- Group -------------------> <----------------- Company ---------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Non-current
Available-for-sale nancial
assets
- quoted shares in Malaysia 1,053,120 1,130,473 116,621 1,053,120 1,130,473 15,821
- unquoted shares 322,000 322,000 322,000 - - -
1,375,120 1,452,473 438,621 1,053,120 1,130,473 15,821
Representing items:
- At cost/amortised cost 322,000 322,000 322,000 - - -
- At fair value 1,053,120 1,130,473 116,621 1,053,120 1,130,473 15,821
Market value of quoted
shares (Note 32.4) 1,053,120 1,130,473 116,621 1,053,120 1,130,473 15,821
124
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
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125
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
12. DEFERRED TAX (continued)
Unrecognised deferred tax assets
Deferred tax assets of RM2,301,000 (31.3.2012: RM1,841,000; 1.4.2011: RM4,409,000) and RM1,416,000
(31.3.2012: RM320,500; 1.4.2011: RM412,000) of the Group and of the Company respectively have not been
recognised in respect of the following temporary differences because it is not certain if future taxable prots of
sufcient quantum will be available against which the affected group entities can utilise the benets therefrom:
<------------------- Group -------------------> <----------------- Company ---------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Property, plant and equipment (1,268,000) (5,395,000) (13,631,000) (1,605,000) (1,696,000) (1,059,000)
Biological assets - - (20,425,000) - - -
Capital allowances carried
forward 3,508,000 8,664,000 31,310,000 3,473,000 2,965,000 2,695,000
Tax losses carried forward 7,269,000 3,674,000 20,380,000 3,796,000 13,000 13,000
Other provisions (307,000) 419,000 - - - -
9,202,000 7,362,000 17,634,000 5,664,000 1,282,000 1,649,000

The unabsorbed capital allowances carried forward and unutilised tax losses carried forward of group entities
incorporated in Malaysia amounting to RM8,685,000 (31.3.2012: RM8,681,000; 1.4.2011: RM47,326,000) do not
expire under the current Malaysian tax legislation except that in the case of a dormant company, such allowances
and losses will not be available to the company if there is a substantial change of 50% or more in the shareholdings
thereof. During the nancial year, unabsorbed capital allowances brought forward of RM2,188,000 have been
forfeited due to the cessation of a production line in the manufacturing division.
Unutilised tax losses carried forward of a foreign subsidiary amounting to RM2,092,000 (31.3.2012: RM3,535,000;
1.4.2011: RM4,344,000) can be claimed as a deduction against future taxable income within three years of incurrence
of such losses. During the current nancial year, tax losses brought forward of RM1,759,000 have expired.
13. INVENTORIES - GROUP
31.3.2013 31.3.2012 1.4.2011
RM RM RM
At cost:
Raw materials and consumables 22,163,585 16,310,526 24,624,455
Manufactured/Trading inventories 22,552,081 21,024,264 18,464,953
Oil palm nursery inventories - 711,667 963,219
Construction materials 1,172,479 1,097,574 553,812
45,888,145 39,144,031 44,606,439
At net realisable value:
Manufactured/Trading inventories - 658,298 700,700
Construction materials 180,351 180,351 1,926,041
180,351 838,649 2,626,741
Total 46,068,496 39,982,680 47,233,180

126
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
14. PROPERTY DEVELOPMENT COSTS - GROUP

RM
Property development costs incurred during 2013 nancial year and balance at 31 March 2013 1,649,353
Property development costs incurred during the nancial year include:

RM
Personnel expenses
- contributions to state plans 44,361
- wages, salaries and others 384,789
The Group via its subsidiary, Loyal Paragon Sdn. Bhd. entered into a joint venture agreement with a third party to
develop a parcel of leasehold land belonging to the third party on 20 December 2011 [see Note 10.2 (b)].
Property development costs are project management costs and consist of administrative and technical expenses
incurred during the pre-development stage, including preparation of design and development plans, for the above
land.
15. DEPOSITS AND PREPAYMENTS
<------------------- Group -------------------> <----------------- Company ---------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Deposits 2,654,459 10,273,416 10,128,444 427,621 460,698 176,146
Prepayments 4,078,921 2,595,885 5,446,324 13,581 28,041 88,618
6,733,380 12,869,301 15,574,768 441,202 488,739 264,764
15.1 Included in the deposits of the Group is an amount of RM1,115,108 (31.3.2012: RM8,764,518; 1.4.2011:
RM8,742,476) paid for the purchases of construction materials, machinery and equipment respectively. The
amount will be progressively deducted against physical goods delivered.
15.2 Included in prepayments of the Group is an advance of RM2,784,449 (31.3.2012: RM1,740,300 and 1.4.2011:
RM3,630,883) paid for the purchases of construction materials, machinery and equipment and made to sub-
contractors respectively. The amount will be progressively deducted against physical goods delivered and
related works performed.
16. DERIVATIVE FINANCIAL ASSETS/LIABILITIES - GROUP
31.3.2013 31.3.2012 1.4.2011
Assets Liabilities Assets Liabilities Assets Liabilities
RM RM RM RM RM RM
Derivatives held for trading
at fair value through prot
or loss
- Forward foreign
exchange contracts 136,415 (15,083) 6,680 (7,617) 12,378 (139,408)

Nominal value of the outstanding forward foreign exchange contracts as at 31 March 2013 is RM7,126,048 (31.3.2012:
RM1,190,282; 1.4.2011: RM3,623,563).
127
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
16. DERIVATIVE FINANCIAL ASSETS/LIABILITIES - GROUP (continued)
Forward foreign exchange contracts are used to manage the foreign currency exposures arising from the Groups
receivables and payables denominated in currencies other than the functional currencies of group entities. Most of
the forward foreign exchange contracts have maturities of less than one year after the end of the reporting period.
Where necessary, the forward foreign exchange contracts are rolled over at maturity.
17. CASH AND BANK BALANCES
<------------------- Group -------------------> <----------------- Company ---------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Deposits placed with
licensed banks with
maturities less than
three months 243,600,515 40,388,879 18,635,762 210,329,392 33,841,459 9,215,762
Cash in hand and at banks 21,387,935 11,805,295 9,658,313 3,336,442 581,927 263,098
Total cash and cash
equivalents 264,988,450 52,194,174 28,294,075 213,665,834 34,423,386 9,478,860
Deposits pledged with
licensed banks 1,281,708 2,788,061 9,646,075 - - -
Total cash and bank balances 266,270,158 54,982,235 37,940,150 213,665,834 34,423,386 9,478,860
Deposits of RM1,281,708 (31.3.2012: RM2,788,061; 1.4.2011: RM9,646,075) are charged to licensed banks as
security for banking facilities granted to certain subsidiaries (see Note 20.2).
18. ASSETS CLASSIFIED AS HELD FOR SALE - GROUP
During the nancial year, the Group has ceased its tyre recycling operation. The Group is committed to a plan to
sell and has entered into sale and purchase agreement with a third party to dispose of certain property, plant and
equipment relating to this division. The sale is expected to be completed by 31 March 2014. As a consequence, these
property, plant and equipment have been classied as assets held for sale as at 31 March 2013. They comprise:
RM
Cost 5,483,612
Accumulated depreciation (384,638)
Carrying amount 5,098,974
Included in the assets classied as held for sale is a parcel of long-term leasehold land with a carrying amount of
RM1,740,889 (31.3.2012: RM1,761,191; 1.4.2011: RM1,781,493), the title to which has yet been issued by the
relevant authority.
128
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
19. CAPITAL AND RESERVES
19.1 Share capital

<-------------------------------------- Group and Company -------------------------------------->
31.3.2013 31.3.2012 1.4.2011
Amount Number of Amount Number of Amount Number of
RM shares RM shares RM shares
Ordinary shares
of RM0.50 each
Authorised:
Opening and
closing
balances 100,000,000 200,000,000 100,000,000 200,000,000 100,000,000 200,000,000
Issued and fully
paid:
Opening and
closing
balances 66,666,666 133,333,332 66,666,666 133,333,332 66,666,666 133,333,332
19.2 Reserves
<------------------- Group -------------------> <----------------- Company ---------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Foreign exchange
translation reserve (1,125,945) (473,621) - - - -
Treasury shares (4,599,294) (4,598,967) (4,598,684) (4,599,294) (4,598,967) (4,598,684)
Fair value reserve (228,264) (125,772) - (228,264) (125,772) -
Retained earnings 283,792,450 236,777,236 201,242,848 142,141,926 14,357,664 5,198,032
277,838,947 231,578,876 196,644,164 137,314,368 9,632,925 599,348
Movements in each category of reserves are disclosed in the statements of changes in equity.
Foreign exchange translation reserve - Group
The translation reserve comprises all foreign currency differences arising from the translation of the nancial
statements of the group entities with functional currencies other than RM.
Treasury shares
Shareholders of the Company, at the Annual General Meeting held on 27 September 2012, renewed the
mandate for the Company to repurchase its own shares to be retained as treasury shares. The Directors of
the Company are committed to enhancing the value of the Company to its shareholders and believe that the
repurchase plan can be applied in the best interests of the Company and its shareholders.
129
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
19. CAPITAL AND RESERVES (continued)
19.2 Reserves (continued)
Treasury shares (continued)
During the current nancial year, the Company purchased 200 units (2012: 200 units) using internal generated
funds of its issued share capital from the open market. The average price paid for the shares repurchased
was RM1.64 (2012: RM1.42) per share. The total consideration paid was RM327 (2012: RM283) including
transaction costs of RM82 (2012: RM82).
The total number of shares repurchased as at 31 March 2013 is 6,438,300 (31.3.2012: 6,438,100; 1.4.2011:
6,437,900).
Fair value reserve
The fair value reserve comprises the cumulative net change in the fair value of nancial assets categorised as
available-for-sale until the assets are derecognised or impaired.
Retained earnings - Section 108 tax credit
Subject to agreement with the Inland Revenue Board, the Company has sufcient Section 108 tax credit and
exempt income to distribute out of its retained earnings at 31 March 2013 approximately RM19,870,000 as
franked dividends and RM42,000 as normal exempt dividends respectively. The remaining retained earnings
are distributable as single-tier exempt dividends under the single-tier company income tax system enacted
via the Finance Act 2007.
The single-tier system, which is effective from 1 January 2008, allows for a transitional period of six years.
Unless the Company elects for early migration to the system, the Section 108 tax credit will be available
to the Company until such time the credit is fully utilised or upon the expiry of the transitional period on 31
December 2013, whichever is earlier.
The tax exempt income will be available to the Company until it is fully distributed as dividends.
130
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
20. LOANS AND BORROWINGS
<------------------- Group -------------------> <----------------- Company ---------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Non-current
Finance lease liabilities 2,585,874 4,986,166 4,977,692 716,094 455,118 514,648
Term loans
- Unsecured 73,382,897 28,612,635 22,578,948 55,382,897 28,612,635 22,578,948
- Secured - 48,750,000 20,300,000 - - -
Unsecured Islamic bonds - - 30,000,000 - - 30,000,000
Non-current total 75,968,771 82,348,801 77,856,640 56,098,991 29,067,753 53,093,596
Current
Finance lease liabilities 1,381,430 2,537,536 1,935,284 143,823 59,530 55,862
Unsecured bankers
acceptances 39,896,729 57,974,000 37,738,000 - - -
Unsecured term loan 17,872,595 24,695,461 6,157,895 17,872,595 10,729,738 6,157,895
Unsecured Islamic bonds - 25,000,000 - - 25,000,000 -
Unsecured revolving credits - 5,000,000 - - - -
Bank overdrafts
- Secured - 524,250 - - - -
- Unsecured - 595,662 - - - -
Current total 59,150,754 116,326,909 45,831,179 18,016,418 35,789,268 6,213,757
Total 135,119,525 198,675,710 123,687,819 74,115,409 64,857,021 59,307,353
131
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
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132
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
20. LOANS AND BORROWINGS (continued)

20.2 Security

Company
Unsecured term loan
The unsecured term loan of the Company is covered by way of:
a) corporate guarantees from four subsidiaries for RM200,000,000;
b) negative pledges from the Company and the four subsidiaries;
c) assignment of dividend proceeds from all subsidiaries to its escrow account;
d) placement in General Investment Account; and
e) charge over the escrow accounts of the Company and a subsidiary.
Subsidiaries
Unsecured term loan
An unsecured term loan of a subsidiary, which is part of the credit facilities obtained thereby during the
nancial year is covered by way of:
a) corporate guarantee from the Company;
b) third party rst legal charge over the Project Land [see Note 10.2(b)];
c) deed of subordination of advances from the Company/shareholders/ directors;
d) Power of Attorney in favour of the bank to appoint a contractor at the banks discretion to proceed and
complete the entire development in the event of repayment default and/or inability to complete the
project; and
e) letter of undertaking from the Company to ensure the completion of the project and meet any cost
overrun on any cash ow decits during the tenure.
Other banking facilities
The banking facilities comprising letters of credit, bankers acceptances and bank guarantees granted to a
subsidiary are secured by way of:
a) corporate guarantee from the Company;
b) charge over term deposits by way of sinking fund (see Note 17);
c) deed of assignment of contract proceeds; and
d) negative pledge over its present and future assets.
Other banking facilities granted to other subsidiaries are principally guaranteed by the Company and negative
pledge over their present and future assets.
Finance lease liabilities
The nance lease liabilities are secured on the respective nance lease assets of the Group and of the
Company. Outstanding nance lease liabilities of RM2,284,870 (31.3.2012: RM5,960,964; 1.4.2011:
RM5,710,626) granted to certain subsidiaries are guaranteed by the Company.
133
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
20. LOANS AND BORROWINGS (continued)
20.3 Signicant covenants for borrowings
The Group is required to maintain the following nancial ratios throughout the tenure of the facilities:
Unsecured term loan - gearing ratio not exceeding 1.50 times; and
- nance service cover ratio of not less than 1.50 times.

21. TRADE AND OTHER PAYABLES
<------------------- Group -------------------> <----------------- Company ---------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Trade
Trade payables (Note 21.1) 36,387,840 45,790,647 37,326,502 - - -
Amount due to contract
customers (Note 10.3) 16,669,348 13,438,307 26,953,524 - - -
Accrued expenses 13,956,557 11,079,163 10,407,574 - - -
67,013,745 70,308,117 74,687,600 - - -
Non trade
Subsidiaries (Note 21.2) - - - 31,180,119 61,012,060 36,552,304
Associate (Note 21.3) 299,766 - - 299,766 - -
Advance payments from
contract customers
(Note 21.4) 4,015,934 8,032,851 13,827,154 - - -
Accrued expenses 28,748,632 27,818,222 16,174,737 12,039,386 3,449,653 3,179,104
Other payables 5,453,288 2,057,141 2,091,113 609,374 1,301,559 134,977
A corporate shareholder
(Note 21.5) 4,000,000 - - - - -
42,517,620 37,908,214 32,093,004 44,128,645 65,763,272 39,866,385
Total 109,531,365 108,216,331 106,780,604 44,128,645 65,763,272 39,866,385
134
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
21. TRADE AND OTHER PAYABLES (continued)
21.1 Trade payables of the Group include retention sums of RM5,696,699 (31.3.2012: RM4,422,594; 1.4.2011:
RM2,434,477).
21.2 Amount due to subsidiaries is unsecured and bears interest at 5.50% (31.3.2012 and 1.4.2011: 5.00%) per
annum.
21.3 Amount due to an associate is unsecured, interest free and repayable on demand.
21.4 Advance payments from contract customers of RM4,015,434 (31.3.2012: RM4,533,143; 1.4.2011:
RM6,951,259) is received from the Government of Syrian Arab Republic in respect of construction works of
sewerage and water treatment plants by a subsidiary (see Note 10.4).
21.5 Advance from a corporate shareholder of a subsidiary is unsecured, interest free and repayable on demand.
22. REVENUE
Group Company
2013 2012 2013 2012
RM RM RM RM
Contract revenue 146,684,757 131,538,231 - -
Sale of goods 196,820,945 140,285,847 - -
Services rendered 27,922,068 27,393,318 - -
Share of rental proceeds of telecommunication
towers 9,131,568 10,290,845 - -
Dividend income from:
- subsidiaries (unquoted in Malaysia) - - 19,850,700 8,089,000
- quoted investments - - 43,584 42,065
Management fee income - - 10,701,286 12,733,200
380,559,338 309,508,241 30,595,570 20,864,265
135
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
23. PROFIT FOR THE FINANCIAL YEAR
Group Company
2013 2012 2013 2012
RM RM RM RM
Prot for the nancial year is arrived at
after charging:
Auditors remuneration:
- Audit fees
- KPMG Malaysia 394,000 348,000 80,000 63,000
- Overseas afliates of KPMG Malaysia 33,780 31,988 - -
- Non-audit fees
- KPMG Malaysia 119,333 42,000 119,333 42,000
- Local afliates of KPMG Malaysia 238,500 129,700 144,200 45,000
Allowance for impairment loss on:
- receivables 2,190,270 5,320,933 - 610,000
- property, plant and equipment 452,663 - - -
- goodwill (Note 8) - 1,349,953 - -
Amortisation of:
- other intangible assets (Note 9.2) 4,024,026 3,936,615 - -
- goodwill (Note 8) 82,410 430,338 - -
- prepaid lease payments (Note 4) 107,569 107,569 - -
Bad debts written off - - - 6,146
Depreciation of property, plant and equipment
(Note 3.4) 8,992,401 8,882,310 1,030,697 804,345
Interest expense
- discontinued operation 885,531 854,442 - -
Loss on disposal of property, plant and
equipment - - 53,182 -
Loss from changes in fair value of biological
assets (Note 5) 57,022,402 - - -
Property, plant and equipment written off 485,995 76,249 4,405 -
Rental of premises and equipment 1,742,858 1,490,359 1,541,382 966,384
Rental of land 642,665 849,040 - -
Foreign exchange loss
- realised - - 52 6,397
- unrealised 1,061,197 - - -
136
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
23. PROFIT FOR THE FINANCIAL YEAR (continued)
Group Company
2013 2012 2013 2012
RM RM RM RM
Prot for the nancial year is arrived at
after crediting:
Derivative gain on forward foreign exchange
contracts 114,651 27,212 - -
Dividend income from:
- subsidiaries (unquoted in Malaysia) - - 19,850,700 8,089,000
- quoted investments 43,584 47,465 43,584 42,065
Gain from changes in fair value of biological
assets (Note 5) - 36,270,839 - -
Gain on disposal of:
- property, plant and equipment 1,143,120 3,198,649 - 2,584,137
- other investments 627 144,532 627 110,515
- subsidiaries 59,876,305 - 127,177,929 -
Foreign exchange gain
- realised 41,954 406,708 35 -
- unrealised - 139,989 - -
Hire of equipment - - 44,625 37,950
Income from rental of furnished premises 117,800 85,800 1,814,192 1,471,892
Interest income
- discontinued operation 8,152 6,535 - -
Reversal of:
- allowance for impairment loss on
receivables 4,126,434 550,464 - -
- allowance for impairment loss on
investment in subsidiaries - - - 5,222,402
Employee benets disclosed in prot or loss include:
Group Company
2013 2012 2013 2012
RM RM RM RM
Contributions to state plans 3,513,534 3,077,154 1,000,431 836,279
137
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
24. INTEREST INCOME AND INTEREST EXPENSE
Recognised in prot or loss
Group Company
2013 2012 2013 2012
RM RM RM RM
Interest income
- interest income from term deposits 2,051,629 840,426 1,189,113 448,972
- interest income from debentures 763,769 934,999 - -
- interest income from other nancial assets 237,799 666,148 747,682 395,510
- interest income from subsidiaries - - 3,693,796 3,675,026
3,053,197 2,441,573 5,630,591 4,519,508
Interest expense
- interest expense from loans and borrowings 4,379,815 4,171,722 3,893,644 3,281,796
- interest expense from other nancial liabilities 7,115 17,063 - -
- interest charged by subsidiaries - - 2,124,438 1,954,580
4,386,930 4,188,785 6,018,082 5,236,376
25. COMPENSATIONS TO KEY MANAGEMENT PERSONNEL
Compensations paid/payable to key management personnel are as follows:
Group Company
2013 2012 2013 2012
RM RM RM RM
Directors of the Company
- Fees 354,000 345,933 324,000 309,933
- Other short-term employee benets 4,493,870 4,788,740 2,158,249 2,977,020
4,847,870 5,134,673 2,482,249 3,286,953
138
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
25. COMPENSATIONS TO KEY MANAGEMENT PERSONNEL (continued)

Compensations paid/payable to key management personnel are as follows: (continued)
Group Company
2013 2012 2013 2012
RM RM RM RM
Other key management personnel
- Fees 184,489 246,782 - -
- Other short-term employee benets 7,197,429 7,828,237 2,091,650 2,014,138
- Benets-in-kind - 680 - -
7,381,918 8,075,699 2,091,650 2,014,138
Total 12,229,788 13,210,372 4,573,899 5,301,091
Other key management personnel comprise persons, other than the Directors, having authority and responsibility for
planning, directing and controlling the activities of the Group either directly or indirectly.
26. TAX EXPENSE
Recognised in prot or loss
Group Company
2013 2012 2013 2012
RM RM RM RM
Income tax expense on continuing operations 13,210,768 6,388,339 3,396,874 970,087
Income tax on discontinued operation
(excluding gain on sale) (Note 29) (16,163,694) 5,382,600 - -
Real property gain tax on sale of discontinued
operation (Note 29) 4,158,606 - 4,158,606 -
Total tax expense 1,205,680 11,770,939 7,555,480 970,087
Current tax expense
Malaysian
- current year 14,655,016 11,503,590 3,274,000 1,230,000
- prior years 663,731 (1,172,203) 122,874 (259,913)
Subtotal 15,318,747 10,331,387 3,396,874 970,087
- current year 63,000 84,000 - -
Total current tax 15,381,747 10,415,387 3,396,874 970,087
139
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
26. TAX EXPENSE (continued)
Recognised in prot or loss (continued)
Group Company
2013 2012 2013 2012
RM RM RM RM
Deferred tax (income)/expense (Note 12)
- current year (2,020,951) (3,291,589) - -
- prior years (87,028) (651,459) - -
(2,107,979) (3,943,048) - -
- current year (16,367,694) 5,298,600 - -
- prior years 141,000 - - -
(16,226,694) 5,298,600 - -
Total deferred tax (18,334,673) 1,355,552 - -
Real property gain tax on sale of
discontinued operation 4,158,606 - 4,158,606 -

Reconciliation of tax expense
Group Company
2013 2012 2013 2012
RM RM RM RM
Prot for the nancial year 26,472,731 54,760,113 131,591,116 12,966,492
Total tax expense
- continuing operations 13,210,768 6,388,339 7,555,480 970,087
- discontinued operation (Note 29) (12,005,088) 5,382,600 - -
1,205,680 11,770,939 7,555,480 970,087
Prot excluding tax 27,678,411 66,531,052 139,146,596 13,936,579
Income tax calculated using Malaysian tax rate
of 25% (2012: 25%) 6,920,000 16,633,000 34,787,000 3,484,000
Effect of different tax rates in foreign
jurisdictions (10,000) (41,000) - -
Income of foreign source not subject to
Malaysian tax 1,333,000 (262,800) - -
Gain on disposal of discontinued operation/
investment in subsidiaries not subject
to income tax (14,969,000) - (31,794,000) -
Subtotal (6,726,000) 16,329,200 2,993,000 3,484,000
140
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
26. TAX EXPENSE (continued)
Reconciliation of tax expense (continued)
Group Company
2013 2012 2013 2012
RM RM RM RM
Subtotal (continued) (6,726,000) 16,329,200 2,993,000 3,484,000
Non-deductible expenses/(Non-taxable income) 2,241,971 1,406,401 (814,500) (2,093,500)
Depreciation and amortisation expenses
capitalised into biological assets (547,600) (651,000) - -
Utilisation of reinvestment allowance - (745,000) - -
Reversal of deferred tax liability on realisation
of previous revaluation of assets (86,000) (177,000) - (69,000)
Expired tax losses brought forward 440,000 - - -
Forfeited capital allowances brought forward 547,000 - - -
Movements in unrecognised deferred tax assets 460,000 (2,568,000) 1,095,500 (91,500)
(3,670,629) 13,594,601 3,274,000 1,230,000
Under/(Over)-provision in prior years 717,703 (1,823,662) 122,874 (259,913)
Real property gain tax on the sale of
discontinued operation 4,158,606 - 4,158,606 -
27. EARNINGS PER ORDINARY SHARE - GROUP
Basic/Diluted earnings per ordinary share
The calculation of basic/diluted earnings per ordinary share was based on the prot attributable to ordinary
shareholders and the weighted average number of ordinary shares outstanding calculated as follows:
Prot attributable to ordinary shareholders
2013 2012
RM RM
Prot for the nancial year attributable to owners of the Company
- continuing operations 18,144,373 24,326,914
- discontinued operation 32,627,982 15,014,334
50,772,355 39,341,248

141
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
27. EARNINGS PER ORDINARY SHARE - GROUP (continued)
Weighted average number of ordinary shares
2013 2012
Issued ordinary shares at beginning of nancial year (Note 19) 133,333,332 133,333,332
Less: Cumulative effect of treasury shares bought back in previous
nancial years (6,438,100) (6,437,900)
126,895,232 126,895,432
Effect of ordinary shares repurchased during the nancial year (133) (133)
Weighted average number of ordinary shares outstanding at the end of
the nancial year 126,895,099 126,895,299
Basic earnings per ordinary share (sen)
- continuing operations 14.30 19.17
- discontinued operation 25.71 11.83
28. DIVIDENDS
28.1 Dividends per ordinary share
Dividends per ordinary share as disclosed below relates to the total dividends declared or proposed for the
nancial year.
Company
2013 2012
Gross dividend per share (sen) 5.50 4.00
28.2 Dividends expense
Total dividends recognised in the statements of changes in equity comprise:

Sen per share
(net of tax)
Total
amount Date of payment
RM
2013
Final 2012 ordinary 3.00 3,806,854 22 November 2012
2012
Final 2011 ordinary 3.00 3,806,860 22 November 2011

142
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
28. DIVIDENDS (continued)
28.2 Dividends expense (continued)
After the end of the reporting period, the Directors have proposed the following dividends in respect of the
nancial year ended 31 March 2013, to be paid once approved by shareholders at the forthcoming Annual
General Meeting and which will be recognised in subsequent nancial reports:
a) a rst and nal dividend of 4.00 sen per ordinary share of RM0.50 each less tax at 25% totalling
RM3,806,848 (equivalent to 3.00 sen net per ordinary share); and
b) a special dividend of 1.50 sen per ordinary share of RM0.50 each less tax at 25% totalling RM1,427,568
(equivalent to 1.13 sen net per ordinary share).
29. DISPOSAL OF A DISCONTINUED OPERATION - OIL PALM PLANTATION DIVISION - GROUP
The Group completed the disposal of its oil palm plantation division on 27 February 2013 following the fulllment
of the conditions precedent set out in the Share Sale Agreements entered into with the acquirer [see Note 33(iv)].
The segment was not a discontinued operation or classied as held for sale as at 31 March 2012. However, for
comparability purposes, the comparative consolidated statement of prot or loss and other comprehensive income
has been re-presented to show the discontinued operation separately from continuing operations, as if the oil palm
plantation division was a discontinued operation in the nancial year ended 31 March 2012.
Prot/(Loss) attributable to the discontinued operation was as follows:
Results from discontinued operation
1.4.2012 -
27.2.2013
1.4.2011 -
31.3.2012
RM RM
Revenue 2,622,725 173,633
Other income 737,875 87,582
(Loss)/Gain from changes in fair value of biological assets (Note 23) (57,022,402) 36,270,839
Expenses (7,835,537) (1,851,110)
Results from operating activities (61,497,339) 34,680,944
Interest income 8,152 6,535
Interest expense (885,531) (854,442)
Net interest expense (877,379) (847,907)
(Loss)/Prot before tax carried down (62,374,718) 33,833,037
143
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
29. DISPOSAL OF A DISCONTINUED OPERATION - OIL PALM PLANTATION DIVISION - GROUP (continued)

Results from discontinued operation (continued)
1.4.2012 -
27.2.2013
1.4.2011 -
31.3.2012
RM RM
(Loss)/Prot before tax brought down (62,374,718) 33,833,037
Current tax
Malaysian - current year (63,000) (84,000)
Deferred tax
- current year 16,367,694 (5,298,600)
- prior years (141,000) -
16,226,694 (5,298,600)
Real property gain tax on sale of discontinued operation (4,158,606) -
Total tax income/(expense) (Note 26) 12,005,088 (5,382,600)
(Loss)/Prot after tax (50,369,630) 28,450,437
Gain on sale of discontinued operation (Note 23) 59,876,305 -
Prot for the nancial period/year 9,506,675 28,450,437
Results from discontinued operation were arrived at after charging:
1.4.2012 -
27.2.2013
1.4.2011 -
31.3.2012
RM RM
Auditors remuneration:
- Audit fees
- KPMG Malaysia - 20,000
- Non-audit fees
- KPMG Malaysia - 6,900
Depreciation of property, plant and equipment 646,933 403,250
Interest expense:
- loans and borrowings 748,232 551,150
- other nancial liabilities 137,299 303,292
Loss from changes in fair value of biological assets 57,022,402 -
Property, plant and equipment written off 35,964 1,480
and after crediting:
Income from rental of land - 22,800
Interest income
- term deposits 8,152 6,535
Gain from changes in fair value of biological assets - 36,270,839
Employee benets disclosed in prot or loss included contributions to state plans of RM89,729 (2012: RM49,117).
144
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
29. DISPOSAL OF A DISCONTINUED OPERATION - OIL PALM PLANTATION DIVISION - GROUP (continued)
Cash ow from/(used in) discontinued operation
2013 2012
RM RM
Net cash used in operating activities (8,548,773) (749,913)
Net cash from/(used in) investing activities 140,650,125 (19,366,286)
Net cash from nancing activities 16,980,854 26,529,930
Effect on cash ows 149,082,206 6,413,731
Effect of disposal on the nancial position of the Group
2013
Note RM
Property, plant and equipment 3 76,848,450
Biological assets 5 248,085,716
Inventories 837,779
Trade and other receivables 783,219
Current tax recoverable 14
Deposits and prepayments 342,703
Deferred tax liabilities 12 (50,721,039)
Loans and borrowings (52,696,071)
Trade and other payables (54,260,216)
Current tax payables (6,132)
Non-controlling interests 33 (78,865,626)
Net assets 90,348,797
Gain on sale of discontinued operation 23 59,876,305
Consideration received, satised in cash 150,225,102
Cash and cash equivalents disposed of 1,826,442
Net cash in ows 152,051,544
30. CAPITAL EXPENDITURE COMMITMENTS
<--------------------- Group ----------------------> <-------------------- Company ------------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Property, plant and
equipment and
biological assets
Within one year
- Authorised
but not
contracted
for 21,891,000 46,424,000 50,523,000 1,209,000 648,000 35,000
- Contracted but
not provided
for 1,395,000 490,000 2,054,000 - - -
23,286,000 46,914,000 52,577,000 1,209,000 648,000 35,000
145
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
31. OPERATING SEGMENTS
The Group has four reporting segments, which are the Groups strategic business units. For each of the strategic
business units, the Group Managing Director, being the Chief Operating Decision Maker, reviews internal management
reports for resource allocation and decision making at least on a quarterly basis.
The following summary describes the operations in each of the Groups existing reporting segments:
(a) Manufacturing
- Manufacture and sale of polyethylene engineering (HDPE) products, reclaimed rubber and trading of
other specialised and technical engineering products
(b) Works
i) Telecommunication towers
- Construction of telecommunication towers and share of rental proceeds of telecommunication
towers
ii) Water, wastewater treatment and other infrastructure
- Design, construction and installation of water supply, storage infrastructure and treatment systems,
wastewater treatment specialised systems, hydro systems and other infrastructure
(c) Services
- Sewerage treatment services, treatment and disposal of sludge services as well as underground mapping
of buried utilities, closed circuit television survey and investigation and rehabilitation of underground sewer
and pipeline networks and storm water culverts
(d) Plantations
- Cultivation of oil palms and sale of fresh fruit bunches. This segment has been disposed of during the
nancial year and the disposal was completed on 27 February 2013 (see Note 29).
There are varying levels of integration between the reportable segments. Inter-segment pricing is determined on
negotiated terms.
Performance is measured based on segment prot before tax as included in the internal management reports.
Segment prot is used to measure performance as management believes that such information is the most relevant
in evaluating the results of certain segments relative to other entities that operate within these industries.
Segment assets and liabilities
The Group Managing Director reviews the statements of nancial position of subsidiaries for decision making
and resources allocation, instead of a summary of total consolidated assets and liabilities by segments. As such,
information on segment assets and segment liabilities is not presented.
Geographical segments and major customers
Group sales were mostly to customers in Malaysia and there were very limited export sales.
Prospective segment Property development
The Group expects to launch its maiden property development project in the third quarter of the nancial year ending
31 March 2014.
146
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
31. OPERATING SEGMENTS (continued)
<-------------------------- Continuing operations -------------------------->
<-------------- Works -------------->
Manufacturing
Telecom-
munication
towers
Water,
wastewater
treatment
and other
infrastructure Services Consolidated
2013 RM RM RM RM RM
Segment results
Revenue from external customers 196,820,945 32,027,929 123,788,396 27,922,068 380,559,338
Segment prot before tax 22,398,961 6,785,418 1,940,769 1,140,897 32,266,045
Unallocated corporate expenses (2,084,903)
Share of results of equity
accounted associate (4,318)
Prot before tax 30,176,824
Tax expense (13,210,768)
Prot for the nancial year 16,966,056
Prot from discontinued operation 9,506,675
Other comprehensive losses (1,020,129)
Total comprehensive income
for the nancial year 25,452,602
Non-controlling interests 24,564,937
for the nancial year attributable
to owners of the Company 50,017,539
Included in the measure of
segment prot are:
Depreciation and amortisation 7,420,384 3,910,850 166,074 1,062,165 12,559,473
Interest expense 2,945,247 316,531 1,050,117 75,035 4,386,930
Interest income (2,322,095) (116,879) (460,978) (153,245) (3,053,197)
Net allowance/(reversal) for
impairment loss on:
- property, plant and
equipment 452,663 - - - 452,663
- receivables 2,051,556 - (3,988,620) 900 (1,936,164)
147
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
<-------------------------- Continuing operations -------------------------->
<-------------- Works -------------->
Manufacturing
Telecom-
munication
towers
Water,
wastewater
treatment
and other
infrastructure Services Consolidated
2012 RM RM RM RM RM
Segment results
Revenue from external customers 140,285,847 66,434,464 75,394,612 27,393,318 309,508,241
Segment prot/(loss) before tax 12,671,729 16,505,159 5,742,282 (529,013) 34,390,157
Unallocated corporate expenses (1,692,102)
Share of results of equity
accounted associate (40)
Prot before tax 32,698,015
Tax expense (6,388,339)
Prot for the nancial year 26,309,676
Prot from discontinued operation 28,450,437
Other comprehensive losses (985,346)
for the nancial year 53,774,767
Non-controlling interests (15,032,912)
for the nancial year attributable
to owners of the Company 38,741,855
Included in the measure of
segment prot/(loss) are:
Depreciation and amortisation 7,985,821 4,108,022 90,502 769,237 12,953,582
Interest expense 2,764,355 349,463 971,070 103,897 4,188,785
Interest income (1,546,423) (37,811) (694,628) (162,711) (2,441,573)
Net allowance/(reversal) for
impairment loss on:
- goodwill - - - 1,349,953 1,349,953
- receivables 1,128,018 - 3,697,044 (54,593) 4,770,469
148
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
Geographical segments
In presenting information on the basis of geographical segments, segment revenue is based on the geographical
location of customers.
Malaysia Middle East
Other
countries Consolidated
2013 2012 2013 2012 2013 2012 2013 2012
RM RM RM RM RM RM RM RM
Revenue from
external
customers
(see Note 22)
- continuing
operations 373,283,051 293,273,248 2,157,535 11,318,207 5,118,752 4,916,786 380,559,338 309,508,241
Major customers
The following are major customers with revenue equal to or more than 10 percent of the Group revenue:
Revenue
2013 2012 Segment
RM RM
A contract customer in Malaysia - 56,139,632 Works - Telecommunication towers
A contract customer in Malaysia 59,454,998 -
Works - Water, wastewater treatment and other
infrastructure
Save as disclosed, no counterparties individually contributed to 10% or more of the Group revenue.
149
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
32. FINANCIAL INSTRUMENTS
32.1 Categories of nancial instruments
The table below provides an analysis of nancial instruments categorised as follows:
(i) Loans and receivables (L&R);
(ii) Fair value through prot or loss (FVTPL) - designated upon initial recognition (DUIR);
(iii) Available-for-sale nancial assets (AFS); and
(iv) Other nancial liabilities measured at amortised cost (FL).
Carrying
amount L&R/(FL) AFS FVTPL
Group RM RM RM RM
Financial assets/(liabilities)
31.3.2013
Other investments 1,375,120 - 1,375,120 -
Trade and other receivables 160,236,702 160,236,702 - -
Derivative nancial assets 136,415 - - 136,415
Cash and bank balances 266,270,158 266,270,158 - -
Loans and borrowings (135,119,525) (135,119,525) - -
Trade and other payables (88,846,083) (88,846,083) - -
Derivative nancial liabilities (15,083) - - (15,083)
31.3.2012
Other investments 1,452,473 - 1,452,473 -
1.4.2011
Other investments 438,621 - 438,621 -
150
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
32. FINANCIAL INSTRUMENTS (continued)
32.1 Categories of nancial instruments (continued)
Carrying
amount L&R/(FL) AFS
Company RM RM RM
Financial assets/(liabilities)
31.3.2013
Other investments 1,053,120 - 1,053,120
Trade and other receivables 28,614,493 28,614,493 -
Cash and bank balances 213,665,834 213,665,834 -
Loans and borrowings (77,115,409) (77,115,409) -
Trade and other payables (44,128,645) (44,128,645) -
31.3.2012
Other investments 1,130,473 - 1,130,473
1.4.2011
Other investments 15,821 - 15,821
151
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
32.2 Net gains and losses arising from nancial instruments
The table below summarises the net gains and losses arising from nancial instruments:
Group Company
2013 2012 2013 2012
RM RM RM RM
Net gains/(losses) on:
Financial instruments at FVTPL 114,651 27,212 - -
AFS nancial assets (102,492) (125,772) (102,492) (125,772)
L&R (1,025,487) (1,789,238) 5,630,574 3,900,941
FL (3,366,933) (4,556,045) (6,018,080) (5,236,376)
(4,380,261) (6,443,843) (489,998) (1,461,207)
Net gains/(losses) on:
L&R 8,152 6,535 - -
FL (885,531) (854,442) - -
(877,379) (847,907) - -
32.3 Financial risk management
The Group is exposed to credit risk, liquidity risk and market risk from its use of nancial instruments.
(a) Credit risk
Credit risk is the risk of a nancial loss to the Group if a customer or counterparty to a nancial instrument
fails to meet its contractual obligations.
The Groups exposure to credit risk arises principally from its receivables from customers. A signicant
portion of these receivables are regular customers of the Group. In addition, the Company is also
exposed to credit risk arising from loans and advances to subsidiaries and nancial guarantees given to
banks for credit facilities granted to subsidiaries.
Receivables
Risk management objectives, policies and processes for managing the risk
Receivables from external parties
The Group has a formal credit policy in place mandating the credit worthiness of customers requiring
credit on sales of goods and services rendered to be reviewed to ensure the exposure to credit
risk is controlled and monitored on an on-going basis by setting appropriate credit limits and terms.
For construction projects, credit evaluation on potential customers or clients is carried out prior to
tendering. These include assessment of customers past payment records, sales level and nancial
standing.
Inter-company balances
The Company sometimes provides unsecured loans and advances to its subsidiaries, the ageing
which is not specically monitored by the Company.
152
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
32.3 Financial risk management (continued)
(a) Credit risk (continued)
Receivables (continued)
Exposure to credit risk, credit quality and collateral
As at the end of the reporting period, the maximum exposure to credit risk arising from receivables is
represented by their carrying amounts in the statements of nancial position. Cash and bank balances
are only placed with licensed banks.
Management has taken reasonable steps to ensure that receivables that are neither past due nor
impaired are stated at their realisable values. The Group monitors individually, using ageing analysis,
all receivables having signicant balances past due for more than 120 days, which are deemed to have
higher credit risk.

At the end of the reporting period, there are no signicant concentrations of credit risk other than the
following:
<------------------- Group ------------------> <----------------- Company --------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Non-current
Trade and other receivables
due from:
- a former associate of the
Group [Note 10.2(a)] - 18,036,029 16,686,833 - - -
- a joint venture party
[Note 10.2(b)] 24,405,482 - - - - -
- a contract customer in
Malaysia 16,923,393 - - - - -
Current
Amount due from four
(31.3.2012 and 1.4.2011:
three) subsidiaries - - - 23,375,016 47,708,094 103,467,157
Trade receivables from:
- a contract customer in
foreign operation (net of
impairment losses)
[Note 10.4] - 28,741,229 33,691,305 - - -
- two (31.3.2012: one)
contract customers in
Malaysia 33,650,759 55,540,806 - - - -
74,979,634 102,318,064 50,378,138 23,375,016 47,708,094 103,467,157
153
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
Exposure to credit risk, credit quality and collateral (continued)
The exposure of credit risk for receivables as at the end of the reporting period by geographic region
was:
<------------------- Group ------------------> <----------------- Company --------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Malaysia 156,740,406 154,117,563 80,218,760 28,614,493 54,346,745 106,513,982
The Philippines 799,683 789,126 661,743 - - -
Syrian Arab Republic (net
of impairment loss) 2,696,613 28,750,881 33,784,889 - - -
Brunei Darussalam - 15,700 2,819 - - -
160,236,702 183,673,270 114,668,211 28,614,493 54,346,745 106,513,982
Details of the Groups exposure to credit risk on the receivables from Syrian Arab Republic are disclosed
in Note 10.4 to the nancial statements.
Impairment losses
The ageing of receivables (excluding inter-company non-trade balances) as at the end of the reporting
period was:
<------------------- Group ------------------> <----------------- Company --------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Age of debts
Not past due 109,007,269 146,806,604 82,843,767 4,092 5,863,821 30,000
Past due 0-30 days 13,401,359 14,214,173 7,417,174 - - -
Past due 31-60 days 9,183,500 9,577,728 6,319,776 - - -
Past due 61-90 days 4,626,947 7,720,242 2,065,025 - - -
Past due 91-120 days 3,977,592 4,326,279 2,918,966 - - -
Past due more than
120 days 26,385,519 9,386,619 17,488,890 - 1,759 5,359
166,582,186 192,031,645 119,053,598 4,092 5,865,580 35,359
Less: Allowance for
impairment loss (6,345,484) (8,358,375) (4,385,387) - - -
Total 160,236,702 183,673,270 114,668,211 4,092 5,865,580 35,359
154
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
Impairment losses (continued)
The movements in the allowance for impairment loss of receivables during the nancial year were:
Group
RM
At 1 April 2011 4,385,387
Recognised 5,320,933
Reversals (550,464)
Write-offs (797,481)
At 31 March 2012/1 April 2012 8,358,375
Recognised 2,190,270
Reversals (4,126,434)
Write-offs (86,268)
Effect of movements in exchange rates 9,541
At 31 March 2013 6,345,484
An allowance account in respect of receivables is used to record impairment losses. Unless the Group
is satised that recovery is possible, the amount considered irrecoverable is written off against the
allowance directly.
Although the Company does not specically monitor the ageing of the loans and receivables due
from subsidiaries, there is no indication the loans and advances are not recoverable as at the end of
the reporting period other than that against which an allowance for impairment loss of RM2,710,962
(31.3.2012: RM2,710,962; 1.4.2011: RM3,088,398) has been made (see Note 10). An amount of
RM987,436 (1.4.2011: Nil) subsisting at 31 March 2012 had been written off against the allowance for
impairment loss made previously.
Financial guarantees
The Company provides unsecured nancial guarantees to banks in respect of certain banking facilities
granted to some of its subsidiaries. The Company monitors on an on-going basis the results of the
subsidiaries and repayments made thereby to ensure that they are able to meet their obligations when
due.
155
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
Financial guarantees (continued)
Exposure to credit risk, credit quality and collateral
The nancial guarantees utilised by the subsidiaries as at the end of the reporting period are summarised
as follows:
<--------------------- Company --------------------->
31.3.2013 31.3.2012 1.4.2011
RM RM RM
Loans and borrowings outstanding and recognised
in nancial statements 60,325,000 132,771,000 63,749,000
Other banking facilities not recognised in nancial
statements 29,605,000 44,764,000 42,003,000
Total (see Note 36) 89,930,000 177,535,000 105,752,000
As at end of the reporting period, there is no indication that any subsidiaries would default on repayments
of its borrowings. The nancial guarantees have not been recognised as their fair value on initial recognition
was not material and probability of the subsidiaries defaulting on the credit lines is remote.
(b) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its nancial obligations as they fall due.
The Groups exposure to liquidity risk arises principally from its various payables, loans and borrowings.
The Group monitors and maintains a level of cash and cash equivalents/balances and banking facilities
deemed adequate by the management to nance its operations and to mitigate the effects of uctuation
in cash ows.
156
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
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157
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
3
2
.

F
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C
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158
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
3
2
.

F
I
N
A
N
C
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A
L

I
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2
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3
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1
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3
3
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2
7
4
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3
9
3
159
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
(c) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and
other prices risks that will affect the Groups nancial position or cash ows.
(i) Currency risk
The Group is exposed to foreign currency risk arising mainly from sales and purchases denominated
in a currency other than the respective functional currencies of group entities. The major currencies
giving rise to this risk are mostly United States Dollar (USD), Euro (EURO), Syrian Pounds (SYP),
Australian Dollar (AUD) and Great Britain Pound (GBP).
As it is not possible to predict with any certainty the movements of foreign exchange rates, this
risk is managed on an on-going and case by case basis and the Group occasionally uses forward
foreign exchange contracts to hedge its foreign currency risk. Most of the forward foreign exchange
contracts have maturities of less than one year after the end of the reporting period. Where
necessary, the forward foreign exchange contracts (see Note 16) are rolled over at maturity.
160
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
3
2
.

F
I
N
A
N
C
I
A
L

I
N
S
T
R
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161
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
(c) Market risk (continued)
(i) Currency risk (continued)
Currency risk sensitivity analysis
The functional currencies of the foreign operations of the Group are Euro, Brunei Dollar and
Philippines Peso. The exposure to currency risk of group entities which do not have Euro, Brunei
Dollar and Philippines Peso as functional currencies is not material and hence, sensitivity analysis
is not presented.
A 10% (2012: 10%) strengthening of the RM against the following currencies at the end of the
reporting period would have increased/(decreased) pre-tax prot or loss by the amounts shown
below. This analysis is based on foreign currency exchange rate variances that the Group considered
to be reasonably possible at the end of the reporting period. This analysis assumes that all other
variables, in particular interest rates, remain constant.
Prot or loss
2013 2012
Group RM RM
USD 553,000 392,000
SYP (60,000) 138,000
A 10% (2012: 10%) weakening of RM against the above currencies at the end of the reporting
period would have had equal but opposite effect on the above currencies to the amounts shown
above, on the basis that all other variables remained constant.
(ii) Interest rate risk
The Groups investments in xed rate debt securities and its xed rate loans and borrowings are
exposed to a risk of change in their fair value due to changes in interest rates. The Groups variable
rate loans and borrowings are exposed to a risk of change in cash ows due to changes in interest
rates. Investments in equity securities and short-term receivables and payables are not signicantly
exposed to interest rate risk.
The Group nances its daily operations through a mixture of internally generated funds and
bank borrowings. Loans and borrowings with oating interest rates expose the Group to certain
elements of risk when there are unexpected adverse interest rate movements. The Groups policy
is to manage its interest rate risk, working within an agreed framework, to ensure that there are no
undue exposures thereto. Management monitors this on an on-going basis and exercises a certain
element of discretion on whether to borrow at xed or oating interest rates, depending on the
market situation and the outlook of the nancial market prevailing then.
The investments in interest-earning assets are mainly short-term in nature and they are not held for
speculative purpose but have been mostly placed as term deposits and cash funds.
162
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
(ii) Interest rate risk (continued)
Exposure to interest rate risk
The interest rate prole of the Group and of the Companys signicant interest-bearing nancial
instruments, based on the carrying amounts at the end of the reporting period was:
<------------------- Group ------------------> <----------------- Company --------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Fixed rate
instruments
Financial assets 250,949,399 61,212,969 44,968,670 210,329,392 33,841,459 9,215,762
Financial liabilities (43,864,033) (95,497,702) (74,650,976) (859,917) (25,514,648) (30,570,510)
Floating rate
instruments
Financial assets - - - 25,839,624 45,705,099 103,092,020
Financial liabilities (91,255,492) (103,178,008) (49,036,843) (104,435,611) (100,354,433) (65,289,147)
Interest rate risk sensitivity analysis
(a) Fair value sensitivity analysis for xed rate instruments
The Group does not account for any xed rate nancial assets and liabilities at fair value
through prot or loss, and the Group does not designate derivatives as hedging instruments
under a fair value hedge accounting model. Therefore, a change in interest rates at the end of
the reporting period would not affect prot or loss.
(b) Cash ow sensitivity analysis for variable rate instruments
A change of 100 basis points (bp) in interest rates at the end of the reporting period would
have increased (decreased) pre-tax prot by the amounts shown below. This analysis assumes
that all other variables, in particular foreign currency rates, remain constant.
Prot or loss
100 bp
increase
100 bp
decrease
Group RM RM
Floating rate instruments
- 2013 (913,000) 913,000
- 2012 (1,032,000) 1,032,000
163
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
(ii) Interest rate risk (continued)
Interest rate risk sensitivity analysis (continued)
(b) Cash ow sensitivity analysis for variable rate instruments (continued)
Prot or loss
100 bp
increase
100 bp
decrease
Company RM RM
Floating rate instruments
- 2013 (731,000) 731,000
- 2012 (546,000) 546,000
(iii) Other price risk
Equity price risk arises from the Groups investments in equity securities.
Management of the Group monitors the equity investments on a portfolio basis. Material
investments within the portfolio are managed on individual basis and all buy and sell decisions are
approved by management.
Equity price risk sensitivity analysis
The exposure to equity price risk is not material and hence, sensitivity analysis is not presented.
32.4 Fair value of nancial instruments
The carrying amounts of cash and bank balances, short-term receivables and payables and short-term loans and
borrowings approximate fair values due to the relatively short-term nature of these nancial instruments.
The carrying amount of non-current receivables as well as non-current loans and borrowings, which bear
interest at rates approximating the prevailing market rates, also approximates fair value are disclosed in the
ensuing pages.
164
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
32.4 Fair value of nancial instruments (continued)
The fair values of other nancial assets and nancial liabilities, together with the carrying amounts shown in
the statements of nancial position, are as follows:
<------ 31.3.2013 -------> <------ 31.3.2012 -------> <------- 1.4.2011 -------->
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Group RM RM RM RM RM RM
Other investments
- Quoted shares in Malaysia 1,053,120 1,053,120 1,130,473 1,130,473 116,621 116,621
Forward foreign exchange
contracts
- Assets 136,415 136,415 6,680 6,680 12,378 12,378
- Liabilities (15,083) (15,083) (7,617) (7,617) (139,408) (139,408)
Trade and other receivables
- Non-current 50,442,212 50,442,212 18,036,029 18,036,029 16,686,833 16,686,833
Finance lease liabilities (2,585,874) (2,585,874) (4,986,166) (4,986,166) (4,977,692) (4,977,692)
Unsecured Islamic Bonds - - - - (30,000,000) (30,000,000)
Secured term loans - - (48,750,000) (48,750,000) (20,300,000) (20,300,000)
Unsecured term loans (73,382,897) (73,382,897) (28,612,635) (28,612,635) (22,578,948) (22,578,948)
Company
Other investments
- Quoted shares in Malaysia 1,053,120 1,053,120 1,130,473 1,130,473 15,821 15,821
Finance lease liabilities (716,094) (716,094) (455,118) (455,118) (514,648) (514,648)
Unsecured Islamic Bonds - - - - (30,000,000) (30,000,000)
Unsecured term loans (55,382,897) (55,382,897) (28,612,635) (28,612,635) (22,578,948) (22,578,948)
The following summarises the method used in determining the fair value of nancial instruments.
Investment in equity securities
Fair values of nancial assets that are quoted in an active market are determined by reference to their
quoted closing bid price at the end of the reporting period.
It is not practicable to estimate the fair value of the Groups investment in unquoted shares of RM322,000
(31.3.2012 and 1.4.2011: RM322,000) [see Note 11] due to lack of comparable quoted market prices.
As a result, this available-for-sale nancial asset is measured at cost in accordance with accounting
policy Note 2(c)(ii)(d). Based on the latest audited nancial statements of the investee companies for the
nancial year ended 31 December 2012, the Groups share of their net assets is RM499,000 (31.3.2012:
RM476,000; 1.4.2011: RM506,000).
165
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
32.4 Fair value of nancial instruments (continued)
Derivatives
The fair value of forward foreign exchange contracts is based on their quoted price, if available. If a
quoted market price is not available, then fair value is estimated by discounting the difference between
the contractual forward price and the current forward price for the residual maturity of the contract using
a risk-free interest rate (based on government bonds).
Non-derivative nancial liabilities
Fair value, which is determined for disclosure purposes, is calculated based on the present value of
future principal and interest cash ows, discounted at the market rate of interest at the end of the
reporting period. For nance leases, the market rate of interest is determined by reference to similar
lease agreements. For Islamic Bonds, the market rate of interest is based on similar bonds with similar
ratings and periods.
Interest rates used to determine fair value
The interest rates used to discount estimated cash ows, when applicable, are as follows:
31.3.2013 31.3.2012 1.4.2011
% % %
Finance lease liabilities 3.81 - 7.31 3.81 - 7.51 3.81 - 7.51
Secured term loans - 5.96 - 7.85 6.30
Unsecured term loans 5.03 - 5.29 4.00 - 5.29 4.73
Unsecured Islamic Bonds - 4.70 4.00
32.5 Fair value hierarchy
The table below analyses nancial instruments carried at fair value, by valuation method. The different levels
have been dened as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
The Group and the Company have applied Level 1 of the fair value hierarchy to measure its nancial assets
categorised as available-for-sale as disclosed in Note 11 and Level 2 of the fair value hierarchy to measure the
derivative nancial assets and liabilities as disclosed in Note 16.
166
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
33. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES
(i) Acquisition of new subsidiaries
On 20 September 2012, the Group through its 56.00% owned subsidiary, Weida Environmental Technology
Sdn. Bhd. (WET) acquired the entire issued and paid-up capital of Weida Bioenergy Sdn. Bhd. (WBSB)
[formerly known as Nicoplex Sdn. Bhd.], comprising 100,000 ordinary shares of RM1.00 each, for a cash
consideration of RM100,000. On 7 November 2012, WBSB issued an additional 900,000 new ordinary shares
of RM1.00 each entirely to WET for cash to raise working capital.
During the last nancial year, the Group acquired the following subsidiaries for a total consideration of RM6,
satised in cash.
Subsidiary Date of acquisition
% of equity
interest
acquired
Total
consideration
RM
31.3.2012
Weida Properties Sdn. Bhd. (WPSB) 9 November 2011 100 2
Loyal Paragon Sdn. Bhd.^ 8 December 2011 100 2
Good Axis Sdn. Bhd.^ 9 March 2012 100 2
6
^ The companies were acquired by WPSB during the nancial year ended 31 March 2012.
The effects of the acquisitions of the above subsidiaries on the Groups assets and liabilities on the date of
acquisition are/were as follows:
Pre-acquisition
carrying amounts
2013 2012
RM RM
Net identiable assets acquired, satised by cash 100,000 6
Less: Cash acquired (100,000) (6)
Net cash out ow on acquisition - -
The acquisition of the above subsidiaries has no material impact on the results of the Group for the nancial
years ended 31 March 2013 and 31 March 2012 as the said subsidiaries were acquired at their respective
dates of incorporation.
167
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
33. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES (continued)
(ii) Changes in investment in existing subsidiaries
Additional investments arising from new shares issued by existing subsidiaries
On 27 December 2012 and 26 February 2013, Loyal Paragon Sdn. Bhd. (LPSB) issued 249,998 and 2,000,000
new ordinary shares of RM1.00 each respectively to Weida Properties Sdn. Bhd. (WPSB). On 26 February
2013, LPSB also issued 250,000 new ordinary shares of RM1.00 each to a third party at par for cash. As a
consequence, LPSB became a 90.00% indirectly owned subsidiary of the Group.
The new ordinary shares subscribed by the third party are accounted for as an equity transaction between the
Group and its non-controlling interests. The change in the Groups share of net assets of RM49,713 was adjusted
against the Groups reserves at the date of completion of the transaction. The Group has also recognised a
decrease in non-controlling interests of RM49,713.
During the nancial year ended 31 March 2012, a wholly-owned subsidiary, Weida Integrated Industries Sdn.
Bhd. (WII), issued 300,000 redeemable preference shares (RPS) of RM1.00 each for a total consideration
of RM63,000,000, which were fully subscribed by the Company. The purchase consideration was settled by
way of set off against the amount due from the said subsidiary.
Decrease in investment
On 28 March 2013, WII partially redeemed 63,000 RPS of RM1.00 each for a total consideration of RM13,230,000
by way of set off against the amount due from the Company, resulting in a decrease in the Companys cost of
investment in WII.
Increase in investment
During the last nancial year, a wholly-owned subsidiary WPSB issued an additional 99,998 new ordinary shares
of RM1.00 each to the Company for cash to raise working capital.
The increase/decrease in investments during the nancial year do not have any impact to the Group as there
are no changes in the Groups equity interest in these subsidiaries.
(iii) De-registration of a subsidiary
Weida Water (ADRA) Sdn. Bhd. (WWASB) led an application to the Companies Commission of Malaysia for
de-registration pursuant to Section 308 of the Companies Act, 1965 in the last nancial year. The strike off of
WWASB does not have any material effect to the Group.
(iv) Disposal of subsidiaries
During the nancial year, the Company disposed of:-
a) 7,500,0000 Class B ordinary shares of RM1.00 each in Bumi Suria Ventures Sdn. Bhd. (BSV) representing
51.43% of the equity interest of BSV for a cash consideration of RM107,730,829 and
b) 1,151,998 ordinary shares of RM1.00 each in Maju Warisanmas Sdn. Bhd. (MWM) representing
100.00% of the equity interest of MWM for a cash consideration of RM42,494,273.
168
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
33. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES (continued)
(iv) Disposal of subsidiaries (continued)
On 20 February 2013, the Board of Directors of the Company announced that the two inter-conditional Share Sale
Agreements (SSAs) with the acquirer had become unconditional following the fulllment of the conditions
precedent set out in the SSAs. The disposals were completed for a net cash consideration of RM150,225,102
on 27 February 2013 and thereafter both BSV and MWM had ceased to be subsidiaries of the Company. As
a consequence, the oil palm plantation division is presented in the nancial statements for the nancial year
ended 31 March 2013 as a discontinued operation and the comparative consolidated statement of prot or loss
and other comprehensive income is restated to show the discontinued operation separately from continuing
operations (see Note 29 to the nancial statements).
The Group and the Company recognised gains on disposals of the oil palm plantation division of RM59,876,305
and RM127,177,929 respectively. The Group also recognised a decrease in non-controlling interests of
RM78,865,626 during the nancial year.
(v) Voluntary winding-up of a subsidiary
Weida Oil & Gas Sdn. Bhd. (WOGSB), a wholly-owned subsidiary of the Company, held its nal meeting for
members voluntary winding-up on 17 June 2013.
The Return by Liquidator Relating to Final Meeting was lodged on 18 June 2013 with the Companies Commission
of Malaysia and Ofcial Receiver, and on the expiration of three months after the said lodgement date, WOGSB
will be fully dissolved.
The voluntary winding-up of WOGSB does not have any material effect to the Group.
(vi) Internal restructuring
During the current nancial year, the Company disposed of all of its equity interest in Weida Eco Rubber Sdn.
Bhd. (WERSB) to Weida Green Industries Sdn. Bhd. for a total consideration of RM100,000 satised in cash.
The internal restructuring of WERSB has no material impact on the results of the Group as both subsidiaries are
wholly-owned by the Group.
34. EXPLANATION OF TRANSITION TO MFRSS
As stated in Note 1(a), these are the rst nancial statements of the Group and of the Company prepared in
accordance with MFRSs.
The accounting policies set out in Note 2 have been applied in preparing the nancial statements of the Group and of
the Company for the nancial year ended 31 March 2013, the comparative information presented in these nancial
statements for the nancial year ended 31 March 2012 and in the preparation of the opening MFRS statement of
nancial position at 1 April 2011 (being the Groups date of transition to MFRSs).
In preparing the opening consolidated statement of nancial position at 1 April 2011, the Group has adjusted certain
amounts reported previously in the nancial statements prepared in accordance with FRSs. An explanation of how
the transition from FRSs to MFRSs has affected the Groups nancial position, nancial performance and cash ows
is set out in the ensuing pages.
169
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
34. EXPLANATION OF TRANSITION TO MFRSS (continued)
34.1 Reconciliation of nancial position
<-------------------- 1.4.2011 --------------------> <------------------- 31.3.2012 ------------------->
Group
Sub-note
to Note
34.4
FRSs
RM
Effect of
transition to
MFRSs
RM
MFRSs
RM
FRSs
RM
Effect of
transition to
MFRSs
RM
MFRSs
RM
Assets
Property, plant
and equipment (a) 159,410,964 - 159,410,964 162,688,051 - 162,688,051
Prepaid lease
payments (b) 3,646,738 (354,091) 3,292,647 3,527,602 (342,524) 3,185,078
Biological
assets (c) 33,195,753 210,940,977 244,136,730 46,130,281 247,327,355 293,457,636
Goodwill 2,519,735 - 2,519,735 739,444 - 739,444
Other intangible
assets 45,978,980 - 45,978,980 42,855,830 - 42,855,830
Trade and other
receivables 16,686,833 - 16,686,833 18,036,029 - 18,036,029
Other
investments 438,621 - 438,621 1,452,473 - 1,452,473
Deferred tax
assets 133,000 - 133,000 544,768 - 544,768
Total non-
current
assets 262,010,624 210,586,886 472,597,510 275,974,478 246,984,831 522,959,309
Inventories 47,233,180 - 47,233,180 39,982,680 - 39,982,680
Trade and other
receivables 97,981,378 - 97,981,378 165,637,241 - 165,637,241
Deposits and
prepayments 15,574,768 - 15,574,768 12,869,301 - 12,869,301
Current tax
recoverable 1,487,314 - 1,487,314 3,720,889 - 3,720,889
Derivatives
nancial
assets 12,378 - 12,378 6,680 - 6,680
Cash and bank
balances 37,940,150 - 37,940,150 54,982,235 - 54,982,235
Total current
assets 200,229,168 - 200,229,168 277,199,026 - 277,199,026
Total assets 462,239,792 210,586,886 672,826,678 553,173,504 246,984,831 800,158,335
170
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
34.1 Reconciliation of nancial position (continued)
<--------------------- 1.4.2011 ---------------------> <------------------- 31.3.2012 ------------------->
Group
Sub-note
to Note
34.4
FRSs
RM
Effect of
transition to
MFRSs
RM
MFRSs
RM
FRSs
RM
Effect of
transition to
MFRSs
RM
MFRSs
RM
Equity
Share capital 66,666,666 - 66,666,666 66,666,666 - 66,666,666
Foreign currency
translation
reserve (e) (395,432) 395,432 - (869,053) 395,432 (473,621)
Fair value reserve - - - (125,772) - (125,772)
Revaluation
reserves (a),(b) 10,690,250 (10,690,250) - 10,232,979 (10,232,979) -
Merger decit (d) (16,833,045) 16,833,045 - (16,833,045) 16,833,045 -
Treasury shares (4,598,684) - (4,598,684) (4,598,967) - (4,598,967)
Retained earnings (g) 127,142,691 74,100,157 201,242,848 149,001,441 87,775,795 236,777,236
Total equity
attributable to
owners of the
Company 182,672,446 80,638,384 263,310,830 203,474,249 94,771,293 298,245,542
Non-controlling
interests 26,164,198 77,114,297 103,278,495 27,973,806 90,337,601 118,311,407
Total equity 208,836,644 157,752,681 366,589,325 231,448,055 185,108,894 416,556,949
Liabilities
Loans and
borrowings 77,856,640 - 77,856,640 82,348,801 - 82,348,801
Deferred tax
liabilities (f) 19,802,712 52,834,205 72,636,917 12,635,300 61,875,937 74,511,237
Total non-
current
liabilities 97,659,352 52,834,205 150,493,557 94,984,101 61,875,937 156,860,038
Trade and other
payables 106,780,604 - 106,780,604 108,216,331 - 108,216,331
Derivatives
nancial
liabilities 139,408 - 139,408 7,617 - 7,617
Loans and
borrowings 45,831,179 - 45,831,179 116,326,909 - 116,326,909
Current tax
payable 2,992,605 - 2,992,605 2,190,491 - 2,190,491
Total current
liabilities 155,743,796 - 155,743,796 226,741,348 - 226,741,348
Total liabilities 253,403,148 52,834,205 306,237,353 321,725,449 61,875,937 383,601,386
Total equity and
liabilities 462,239,792 210,586,886 672,826,678 553,173,504 246,984,831 800,158,335
171
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
<--------------------- 1.4.2011 ---------------------> <------------------- 31.3.2012 ------------------->
Company
Sub-note
to Note
34.4
FRSs
RM
Effect of
transition to
MFRSs
RM
MFRSs
RM
FRSs
RM
Effect of
transition to
MFRSs
RM
MFRSs
RM
Assets
Property, plant
and equipment (a) 5,888,321 - 5,888,321 3,553,639 - 3,553,639
Investment in
subsidiaries 43,665,797 - 43,665,797 111,988,199 - 111,988,199
Investment in an
associate - - - 40 - 40
Trade and other
receivables 104,243,623 - 104,243,623 36,081,273 - 36,081,273
Other
investments 15,821 - 15,821 1,130,473 - 1,130,473
Total non-
current assets 153,813,562 - 153,813,562 152,753,624 - 152,753,624
Trade and other
receivables 2,270,359 - 2,270,359 18,265,472 - 18,265,472
Deposits and
prepayments 264,764 - 264,764 488,739 - 488,739
Current tax
recoverable 612,207 - 612,207 988,663 - 988,663
Cash and bank
balances 9,478,860 - 9,478,860 34,423,386 - 34,423,386
Total current
assets 12,626,190 - 12,626,190 54,166,260 - 54,166,260
Total assets 166,439,752 - 166,439,752 206,919,884 - 206,919,884
Equity
Share capital 66,666,666 - 66,666,666 66,666,666 - 66,666,666
Retained
earnings (g) 392,013 207,335 599,348 9,632,925 - 9,632,925
Revaluation
reserve (a) 207,335 (207,335) - - - -
Total equity 67,266,014 - 67,266,014 76,299,591 - 76,299,591
172
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
<------------------ 1.4.2011 ------------------> <---------------- 31.3.2012 ---------------->
Company
Sub-note
to Note
34.4
FRSs
RM
Effect of
transition
to MFRSs
RM
MFRSs
RM
FRSs
RM
Effect of
transition
to MFRSs
RM
MFRSs
RM
Non-current
liabilities
Loans and borrowings 53,093,596 - 53,093,596 29,067,753 - 29,067,753
Trade and other
payables 39,866,385 - 39,866,385 65,763,272 - 65,763,272
Loans and borrowings 6,213,757 - 6,213,757 35,789,268 - 35,789,268
Total current
liabilities 46,080,142 - 46,080,142 101,552,540 - 101,552,540
Total liabilities 99,173,738 - 99,173,738 130,620,293 - 130,620,293
Total equity and
liabilities 166,439,752 - 166,439,752 206,919,884 - 206,919,884
34.2 Reconciliation of prot or loss and other comprehensive income for the nancial year ended 31 March
2012
Group
Sub-note
to Note
34.4
FRSs
RM
Effect of
transition to
MFRSs
RM
MFRSs
RM
Revenue 309,508,241 - 309,508,241
Other income 13,854,996 - 13,854,996
Contract costs (101,642,548) - (101,642,548)
Raw materials and consumables used (62,321,512) - (62,321,512)
Purchase of nished goods (16,656,574) - (16,656,574)
Changes in inventories (51,089) - (51,089)
Employee benets (42,270,350) - (42,270,350)
Depreciation and amortisation expenses (b) (12,965,149) 11,567 (12,953,582)
Plant and production overheads (17,543,711) - (17,543,711)
Transportation charges (7,958,942) - (7,958,942)
Other expenses (27,519,662) - (27,519,662)
Results from operating activities 34,433,700 11,567 34,445,267
173
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
34.2 Reconciliation of prot or loss and other comprehensive income for the nancial year ended 31 March
2012 (continued)
Group
Sub-note
to Note
34.4
FRSs
RM
Effect of
transition to
MFRSs
RM
MFRSs
RM
Continuing operations (continued)
Results from operating activities
(continued)
34,433,700 11,567 34,445,267
Interest income 2,441,573 - 2,441,573
Interest expense (4,188,785) - (4,188,785)
Net interest expense (1,747,212) - (1,747,212)
Share of results of equity accounted associate (40) - (40)
Prot before tax 32,686,448 11,567 32,698,015
Tax expense (f) (6,385,207) (3,132) (6,388,339)
Prot from continuing operations 26,301,241 8,435 26,309,676
Prot from discontinued operation,net of tax (c),(f) 1,102,659 27,347,778 28,450,437
Prot for the nancial year 27,403,900 27,356,213 54,760,113
Other comprehensive loss, net of tax
Items that may be reclassied to prot or
loss
Foreign exchange translation differences for
foreign operations (859,574) - (859,574)
Fair value changes of available-for-sale
nancial assets (125,772) - (125,772)
Total other comprehensive loss for the
nancial year (985,346) - (985,346)
Total comprehensive income for the
nancial year 26,418,554 27,356,213 53,774,767
There are no material differences between the Companys statements of prot or loss and other comprehensive
income presented under MFRSs and FRSs. Hence, no reconciliation is presented for the nancial year ended
31 March 2012 for the Company.
The FRS gures for the nancial year ended 31 March 2012 have been restated arising from the discontinued
operation as mentioned in Note 29.
174
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
34.3 Material adjustments to the statements of cash ows for nancial year ended 31 March 2012
There are no material differences in the net cash used in or/and from operating, investing and nancing
activities between the Groups and the Companys statements of cash ows presented under MFRSs and
the statements of cash ows presented under FRSs.
34.4 Notes to reconciliations
(a) Property, plant and equipment - Deemed cost exemption - previous revaluation
Under FRSs, the Group and the Company revalued its freehold land, leasehold land (other than prepaid
lease payments) and buildings every 5 years and at shorter intervals whenever the fair value of the
revalued assets is expected to differ materially from their carrying amount. The last valuation was carried
out in the nancial year ended 31 March 2010.
Surplus arising from revaluation is dealt with in the revaluation reserve account. Any decit arising is
offset against the revaluation reserve to the extent of a previous increase for the same property. In
other cases, a decrease in carrying amount is charged to prot or loss.
Upon transition to MFRSs, the Group and the Company elected to apply the optional exemption to use
that previous revaluation as deemed cost under MFRSs. The revaluation reserve of RM9,638,693 and
RM9,247,038 as at 1 April 2011 and 31 March 2012 respectively was reclassied to retained earnings.
The aggregate fair value of the land and buildings of the Group and the Company at 1 April 2011 was
determined to be RM92,877,310 compared to the then carrying amount of RM88,043,096 under FRSs.
The impact arising from the change is summarised as follows:
Group Company
1.4.2011 31.3.2012 1.4.2011 31.3.2012
RM RM RM RM
Consolidated statement of
nancial position
Revaluation reserve 9,638,693 9,247,038 207,335 -
Adjustment to retained earnings
[Sub-note (g)] 9,638,693 9,247,038 207,335 -
(b) Prepaid lease payments - Group
Under FRSs, the Group measured prepaid lease payments on leasehold land in accordance with the
transitional provision in FRS 117, Leases. The transitional provision allowed the Group to carry the
previously revalued leasehold land at the unamortised revalued amount when the Group rst applied
FRS 117 in 2006. This transitional provision is not available under MFRS 117.
175
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
34.4 Notes to reconciliations (continued)
(b) Prepaid lease payments - Group (continued)
The prepaid lease payments were revalued in 2000 for the purpose of the listing of the Group. There
was a further a valuation performed in 2005. Upon transition to MFRSs, the revalued prepaid lease
payments were restated to the unamortised revalued amount of the leasehold land during the listing
of the Group as the surrogate carrying amount of the prepaid lease payments. Since the valuation in
2005 was not event triggered, the revaluation surplus arising in 2005 was retrospectively adjusted and
reversed out.
31.3.2012
RM
Consolidated statement of prot or loss and other comprehensive income
Depreciation and amortisation
- Amortisation of prepaid lease payments 11,567
Adjustment before tax 11,567
1.4.2011 31.3.2012
RM RM
Consolidated statement of nancial position
Prepaid lease payments (354,091) (342,524)
Revaluation reserve 1,051,557 985,941
Deferred tax liabilities [Sub-note (f)] 88,928 85,796
Adjustment to retained earnings [Sub-note (g)] 786,394 729,213
(c) Biological assets - Group
Under FRSs, the Group measured oil palm plantation development expenditure at amortised cost in
accordance with commonly used accounting practices. New planting expenditure including land clearing,
planting, upkeep of immature oil palms and borrowing costs net of sale proceeds from scout harvesting
incurred during the pre-maturity period (pre-cropping costs) were capitalised as oil palm plantation
development expenditure. Upon maturity all subsequent maintenance expenditure was charged to
prot or loss. The capitalised pre-cropping costs of matured plantations were amortised on a straight-
line basis over 25 years, the expected useful life of the oil palms, commencing from the year when the
plantations were declared mature.
Following the migration to MFRS after the disposal of its oil palm plantation segment, the Group has to
retrospectively apply MFRS 141, Agriculture as no specic exemption is provided in MFRS 1 for the rst-
time adopter of MFRS 141. MFRS 141 requires biological assets to be measured on initial recognition
and at subsequent measurement at fair value less estimated costs to sell, unless the fair value cannot
be reliably measured.
176
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
(c) Biological assets - Group (continued)
MFRS 141 has been applied to account for biological assets in the nancial statements of the Group
for the nancial year ended 31 March 2013, the comparative information presented on those nancial
statements for the nancial year ended 31 March 2012 and the preparation of the opening MFRS
statement of nancial position of the Group at 1 April 2011 (being the Groups transition date to MFRS
frameworks).
31.3.2012
RM
Consolidated statement of prot or loss and other comprehensive income
Discontinued operation, net of tax
- Gain from changes in fair value of biological assets 36,270,839
- Amortisation of oil palm plantation development expenditure 115,539
Adjustment before tax 36,386,378
1.4.2011 31.3.2012
RM RM
Biological assets 210,940,977 247,211,816
Accumulated amortisation of oil palm plantation development
expenditure - 115,539
Deferred tax liabilities [Sub-note (f)] (52,923,133) (61,961,733)
158,017,844 185,365,622
Share of non-controlling interests (77,114,297) (90,337,601)
Adjustment to retained earnings [Sub-note (g)] 80,903,547 95,028,021
(d) Merger decit (arising from business combinations involving common control transactions) -
Group
The Group had previously accounted for the acquisitions of certain entities under common controls as
if the acquisitions had occurred at the beginning of the earliest comparative period presented or, if later,
at the date that common control was established. The assets and liabilities acquired are recognised in
the consolidated nancial statements at their respective carrying amounts without restatement. The
difference between the cost of acquisition and the nominal value of the shares acquired together with
any share premium are taken to merger decit or adjusted against any suitable reserve (in the case
of debit differences). The other components of equity of the acquired entities are added to the same
components within group equity.
177
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
(d) Merger decit (arising from business combinations involving common control transactions) -
Group (continued)
Upon transition to MFRSs, merger decit was reclassied to retained earnings at the date of transition.
1.4.2011 31.3.2012
RM RM
Merger decit (16,833,045) (16,833,045)
Adjustment to retained earnings [Sub-note (g)] (16,833,045) (16,833,045)
(e) Foreign currency translation differences - Group
Under FRSs, the Group recognised foreign currency translation differences in other comprehensive
income and accumulated the amount in the foreign currency translation reserve in equity.
Upon transition to MFRSs, the Group has elected to deem all foreign currency translation differences
that arose prior to the date of transition in respect of all foreign operations to be nil at the date of
transition.
1.4.2011 31.3.2012
RM RM
Foreign currency translation reserve (395,432) (395,432)
Adjustment to retained earnings [Sub-note (g)] (395,432) (395,432)
(f) Income tax
The changes that affected the deferred tax liabilities are as follows:
1.4.2011 31.3.2012
RM RM
Prepaid lease payments [Sub-note (b)] (88,928) (85,796)
Biological assets [Sub-note (c)] 52,923,133 61,961,733
Increase in deferred tax liabilities 52,834,205 61,875,937
178
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
(f) Income tax (continued)
The effect on the statement of prot or loss and other comprehensive income for the nancial year
ended 31 March 2012 was to increase the previously reported tax charge for the nancial year by
RM9,041,732.
(g) Retained earnings
The changes that affected the retained earnings are as follows:
Group Company
1.4.2011 31.3.2012 1.4.2011 31.3.2012
Sub-note RM RM RM RM
Property, plant and equipment (a) 9,638,693 9,247,038 207,335 -
Prepaid lease payments (b) 786,394 729,213 - -
Biological assets (c) 80,903,547 95,028,021 - -
Merger decit (d) (16,833,045) (16,833,045) - -
Foreign currency translation reserve (e) (395,432) (395,432) - -
Increase in retained earnings 74,100,157 87,775,795 207,335 -
35. CAPITAL MANAGEMENT
As in previous nancial year, the Groups objectives when managing capital is to maintain a strong capital base and
safeguard the Groups ability to continue as a going concern, so as to maintain the condence of investors, creditors
and other stakeholders in the Group and to sustain the future development of its business. The Directors determine,
monitor and maintain an optimal debt-to-equity ratio for the Group that complies with debt covenants and regulatory
requirements.
One of its capital management strategies is to maintain a maximum debt-to-equity ratio of 1.5 times and nance
service cover ratio of at least 1.5 times, to comply with the covenants of its unsecured term loans, failing which the
affected facilities and borrowings are subject to recall (see Note 20.3). The nance service cover ratio of the Group
for the current and previous years being not less than 1.5 times and the debt-to-equity ratio at the nancial year end
being 0.39 (31.3.2012: 0.67; 1.4.2011: 0.47), the said covenants have been fullled.
Under the requirement of Bursa Malaysia Practice Note No. 17/2005, the Company is required to maintain a
consolidated shareholders equity equal to or not less than 25 percent of the issued and paid-up capitals (excluding
treasury shares) and such shareholders equity is not less than RM40,000,000. The Company has complied with this
requirement.
179
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
36. CONTINGENCIES - UNSECURED
The Directors are of the opinion that provisions are not required in respect of the following corporate guarantees, as
it is not probable that a future sacrice of economic benets will be required or the amount is not capable of reliable
measurement:
<------------------- Group ------------------> <----------------- Company --------------->
31.3.2013 31.3.2012 1.4.2011 31.3.2013 31.3.2012 1.4.2011
RM RM RM RM RM RM
Corporate guarantee utilised:
- for banking facilities of certain
subsidiaries (Note 32.3) - - - 89,930,000 177,535,000 105,752,000
Bank guarantee utilised:
- to third parties for performance
of projects and/or banking facilities
13,013,000 19,830,000 25,308,000 - - -
13,013,000 19,830,000 25,308,000 89,930,000 177,535,000 105,752,000
37. RELATED PARTIES
Identity of related parties
For the purposes of the nancial statements, parties are considered to be related to the Group or the Company if
the Group or the Company has the ability, directly or indirectly, to control or jointly control the parties or exercise
signicant in uence over the parties in making nancial and operating decisions, or vice versa, or where the Group
or the Company and the parties are subject to common control. Related party may be individuals or other entities.
Related parties also include key management personnel dened as those persons having authority and responsibility
for planning, directing and controlling the activities of the Group either directly or indirectly. Key management
personnel include all the Directors of the Group, and certain members of senior management of the Group.
The Group has related party relationships with its signicant investors, subsidiaries, associate and key management
personnel.

Signicant related party transactions, other than compensations paid to key management personnel (see Note 25)
and those disclosed elsewhere in the nancial statements, are as follows:
180
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
37. RELATED PARTIES (continued)
Transactions with subsidiaries
Company
2013 2012
RM RM
Nature of transaction
Dividends received, net of tax (16,271,250) (6,954,250)
Management fees receivable (10,701,286) (12,733,200)
Rental income for furnished premises, inclusive of maintenance (1,814,191) (1,471,892)
Acquisition of property, plant and equipment - 60,000
Interest income (3,693,796) (3,675,026)
Interest expense 2,124,438 1,954,580
Transaction with a director and companies in which certain Directors of the Company have interests
Group Company
2013 2012 2013 2012
RM RM RM RM
Rental of premises 295,200 292,200 199,200 199,200
Transaction with the spouse of a Director who is a major shareholder of the Company
Group Company
2013 2012 2013 2012
RM RM RM RM
Acquisition of property, plant and equipment - 160,000 - 160,000
Transaction with a company in which a director of a subsidiary has interests
Group Company
2013 2012 2013 2012
RM RM RM RM
Consultancy fee paid 235,820 - - -
The balance between the subsidiary and the related party is as follows:
Group Company
2013 2012 2013 2012
RM RM RM RM
Amount due to 21,020 - - -
The amounts due from/(to) subsidiaries are disclosed in Notes 10 and and Note 21 to the nancial statements.
The above transactions are based on negotiated terms. All the amounts outstanding are unsecured and expected to
be settled in cash.
181
a n n u a l r e p o r t 2 0 1 3
NOTES TO THE
38. SUPPLEMENTARY FINANCIAL INFORMATION ON THE BREAKDOWN OF REALISED AND UNREALISED
PROFITS OR LOSSES
The breakdown of the retained earnings of the Group and of the Company as at 31 March into realised and unrealised
prots or losses, pursuant to Paragraphs 2.06 and 2.23 of Bursa Malaysia Securities Berhad Main Market Listing
Requirement, is as follows:
Group Company
2013 2012 2013 2012
RM RM RM RM
Total retained earnings of the Company and its
subsidiaries
- Realised 304,369,987 398,963,506 142,141,926 14,357,664
- Unrealised 5,819,442 (53,819,051) - -
310,189,429 345,144,455 142,141,926 14,357,664
Share of accumulated losses from associate
- Realised (4,358) (40) - -
310,185,071 345,144,415 142,141,926 14,357,664
Less:
Consolidation adjustments (26,392,621) (108,367,179) - -
Total retained earnings as per statement of
changes in equity (see Note 19) 283,792,450 236,777,236 142,141,926 14,357,664
The determination of realised and unrealised prots or losses is based on Guidance on Special Matter No.1,
Determination of Realised and Unrealised Prots or Losses in the Context of Disclosures Pursuant to Bursa Malaysia
Securities Berhad Listing Requirements, issued by the Malaysian Institute of Accountants on 20 December 2010,
and presented based on the format prescribed by Bursa Malaysia Securities Berhad.
182
a n n u a l r e p o r t 2 0 1 3
LIST OF PROPERTIES
AS AT 31 MARCH 2013
Location Usage Tenure
Date of
Expiry
Land
Area
(acres)
Approximate
Age of
Building
(year)
Carrying
Amount
as at
31.03.2013
(RM)
Date of
Acquisition/
Last
Revaluation
Lot 472, Block 8,
Muara Tebas Land District,
Jalan Bako,
93050 Kuching, Sarawak
Ofce and
manufacturing
buildings and
storage yard
Leasehold 7/7/2058 17.39 15 24,386,212 06/11/2009
Lot 48, SEDCO-Lok Kawi
Industrial Estate, Papar,
88801 Kota Kinabalu,
Sabah
Storage yard Leasehold 31/12/2042 0.82 N/A 488,280 03/11/2009
Sabah
Sabah
Ofce and
manufacturing
building
Leasehold 31/12/2042 2.15 17 4,225,397 03//11/2009
Sabah
Manufacturing
building and
storage yard
Leasehold 31/12/2042 1.03 11 2,072,308 03/11/2009
Sabah
Manufacturing
building and
storage yard
Leasehold 31/12/2042 1.03 3 821,877 03/11/2009
Lot 8, Kota Kinabalu
Industrial Park,
Sabah
Manufacturing
building and
storage yard
Leasehold 31/12/2098 2.11 3 5,064,573 03/11/2009
Lot 1969, Block 5,
Kuala Baram Land District,
Taman Senadin, Miri,
Sarawak
Ofce and
manufacturing
building and
storage yard
Leasehold 14/8/2056 0.64 8 2,076,525 05/11/2009
Lot 1970, Block 5,
Kuala Baram Land District,
Taman Senadin, Miri,
Sarawak
183
a n n u a l r e p o r t 2 0 1 3
LIST OF PROPERTIES
Location Usage Tenure
Date of
Expiry
Land
Area
(acres)
Approximate
Age of
Building
(year)
Carrying
Amount
as at
31.03.2013
(RM)
Date of
Acquisition/
Last
Revaluation
Lot 108, Jalan Permata 1,
Arab-Malaysian Industrial
Park, 71800 Nilai,
Seremban, Negeri Sembilan
Darul Khusus
Storage yard Freehold N/A 3.68 N/A 3,285,375 06/11/2009
Park, 71800 Nilai,
Darul Khusus
Ofce and
manufacturing
building and
storage yard
Freehold N/A 3.04 16 7,093,444 06/11/2009
Park, 71800 Nilai,
Darul Khusus
Storage yard Freehold N/A 1.00 N/A 1,159,191 1/7/2010
AS AT 31 MARCH 2013
184
a n n u a l r e p o r t 2 0 1 3
ANALYSIS OF SHAREHOLDINGS
AS AT 25 JULY 2013
Authorised Share Capital : RM100,000,000.00
Issued and Paid-up Share Capital : RM66,666,666.00
Class of Shares : Ordinary Shares of RM0.50 each
Voting Rights : One vote per ordinary share
DISTRIBUTION SCHEDULE OF ORDINARY SHARES
Holdings No. of Holders Total Holdings %*
Less than 100 shares 119 4,340 0.00
#
100 to 1,000 shares 389 199,870 0.16
1,001 to 10,000 shares 1,188 6,648,016 5.24
10,001 to 100,000 shares 584 19,157,676 15.10
100,001 to less than 5% of issued shares 97 56,428,482 48.47
5% and above of issued shares 3 44,456,548 35.03
TOTAL 2,380 126,894,932 100.00
#
Less than 0.01%
* Excluding 6,438,400 ordinary shares of RM0.50 each bought back and retained as treasury shares as at 25 July 2013.
LIST OF THIRTY LARGEST SECURITIES ACCOUNTS HOLDERS
No. Name No. of Shares Held %*
1. Weida Management Sdn. Bhd. 26,048,974 20.53
2. HLIB Nominees (Tempatan) Sdn. Bhd.
- Assar Asset Management Sdn. Bhd. for Assar Industri Sdn. Bhd. 11,333,332 8.93
3. YBhg. Dato Lee Choon Chin 7,074,242 5.57
4. Lembaga Tabung Haji 6,296,666 4.96
5. Sim Hong Swee 4,103,600 3.23
6. Lim Wei Wui 3,299,500 2.60
7. Citigroup Nominees (Asing) Sdn. Bhd.
- Exempt An for Citibank NA, Singapore (Julius Baer) 3,181,600 2.51
8. Maybank Nominees (Tempatan) Sdn. Bhd.
- Pledged Securities Account for Siaw Teck Siong 2,720,000 2.14
9. Goo Moi 2,188,000 1.72
10. AMSEC Nominees (Tempatan) Sdn. Bhd.
- Pledged Securities Account for Bong Lee Min 1,917,700 1.51
11. Jee Hon Chong 1,749,550 1.38
12. Teh Guat Hong 1,637,000 1.29
13. Yip Yuen Kuan 1,573,600 1.24
14. Loo Geok Lee 1,332,700 1.05
15. Lim Heng Loong 1,274,000 1.00
16. Tiara Wealth Sdn. Bhd. 1,221,000 0.96
185
a n n u a l r e p o r t 2 0 1 3
No. Name No. of Shares Held %*
17. Ng Sea Yong 1,084,000 0.85
18. Liew Yoon Yee 1,056,800 0.83
19. Public Nominees (Tempatan) Sdn. Bhd.
- Pledged Securities Account for Siaw Teck Siong (E-PDG)
1,035,600 0.82
20. Liew Yoon Yee 913,000 0.72
21. Singam A/L Kumarasamy 911,000 0.72
22. Kenanga Nominees (Tempatan) Sdn. Bhd.
- Pledged Securities Account for Too Boon Siong 841,200 0.66
23. Teoh Kian Fuh 795,000 0.63
24. CIMSEC Nominees (Tempatan) Sdn. Bhd.
- CIMB Bank for Yeong Sing Ong (MY0427) 782,800 0.62
25. Public Nominees (Tempatan) Sdn. Bhd.
- Pledged Securities Account for Lim Boon Tiang (BMM/UOB) 702,300 0.55
26. Lim Jit Haw 544,000 0.43
27. Loo Geok Lee 508,300 0.40
28. Seah Mok Khoon 500,000 0.39
29. HSBC Nominees (Tempatan) Sdn. Bhd.
- HSBC (M) Trustee Bhd for OSK-UOB Growth and Income Focus Trust (4892) 472,200 0.37
30. Maybank Nominee (Tempatan) Sdn. Bhd.
- Pledged Securities Account for Tan Boon Huat
463,000 0.36
* Excluding 6,438,400 ordinary shares of RM0.50 each bought back and retained as treasury shares as at 25 July 2013.
LIST OF SUBSTANTIAL SHAREHOLDERS
No. of Shares Held
No. Name Direct %
(a)
Indirect %
(a)
1. YBhg. Dato Lee Choon Chin 7,074,242 5.57 26,048,974
(b)
20.53
2. YBhg. Datin Liew Kee Moi - - 26,048,974
(c)
20.53
3. Weida Management Sdn. Bhd. 26,048,974 20.53 - -
4. Assar Industri Sdn. Bhd. 11,400,656
(d)
8.98 - -
Notes:
(a) Excluding 6,438,400 ordinary shares of RM0.50 each bought back and retained as treasury shares as at 25 July 2013.
(b) Deemed interested by virtue of his substantial shareholding in Weida Management Sdn. Bhd.
(c) Deemed interested by virtue of her spouses, YBhg. Dato Lee Choon Chin and her substantial shareholdings in
Weida Management Sdn. Bhd.
(d) 11,333,332 shares are held through Assar Asset Management Sdn. Bhd.
LIST OF THIRTY LARGEST SECURITIES ACCOUNTS HOLDERS (continued)
AS AT 25 JULY 2013
186
a n n u a l r e p o r t 2 0 1 3
DIRECTORS INTERESTS
No. of Shares Held
No. Name Direct %
(a)
Indirect %
(a)
1. YBhg. Dato Lee Choon Chin 7,074,242 5.57 26,048,974
(b)
20.53
2. YBhg. Datuk Dr Stalin Hardin 33,334 0.03 - -
3. Jee Hon Chong 1,764,776 1.39 - -
4. Chew Chin Choong - - - -
5. Yeoh Chin Hoe - - - -
The Directors by virtue of their interests in shares in the Company are also deemed to have interests in shares in all of its
related corporations to the extent the Company has an interest, pursuant to Section 6A of the Companies Act, 1965.
Notes:
(a) Excluding 6,438,400 ordinary shares of RM0.50 each bought back and retained as treasury shares as at 25 July 2013.
(b) Deemed interested by virtue of his substantial shareholding in Weida Management Sdn. Bhd.
AS AT 25 JULY 2013
187
a n n u a l r e p o r t 2 0 1 3
NOTICE OF FOURTEENTH
ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Fourteenth Annual General Meeting of Weida (M) Bhd. (WEIDA or the Company)
will be held at Four Points by Sheraton Hotel, 3186-3187, Block 16, KCLD, Jalan Lapangan Terbang Baru, 93350 Kuching,
Sarawak on Thursday, 26 September 2013 at 2.30 pm to transact the following businesses:
AGENDA
Ordinary Business
1. To receive the audited nancial statements for the nancial year ended 31 March 2013 together
with the Reports of the Directors and Auditors thereon.
2. To declare and approve payment of a rst and nal dividend of 4.0 sen per ordinary share less tax
and a special dividend of 1.5 sen per ordinary share less tax, in respect of the nancial year ended
31 March 2013 as recommended by the Directors.
Resolution 1
3. To approve the payment of directors fees amounting to RM450,000.00 for the nancial year ending
31 March 2014 (2013: RM450,000.00).
Resolution 2
4. To re-elect the following Directors who retire in accordance with Article 81 of the Companys
Articles of Association and being eligible, offer themselves for re-election:
(i) YBhg. Dato Lee Choon Chin Resolution 3
(ii) Mr. Yeoh Chin Hoe Resolution 4
5. To consider and if thought t, to pass the following resolution:
THAT pursuant to Section 129(6) of the Companies Act, 1965, YBhg. Datuk Dr Stalin Hardin be
hereby re-appointed as a director of the Company to hold ofce until the conclusion of the next
annual general meeting.
Resolution 5
6. To re-appoint Messrs. KPMG as the Companys auditors and to authorise the Directors to x their
remuneration for the ensuing year.
Resolution 6
Special Business
7. To consider and, if thought t, pass the following ordinary resolution:
Continuation in ofce as Independent Non-Executive Director pursuant to Recommendation
3.3 of the Malaysian Code on Corporate Governance 2012
Resolution 7
THAT, subject to passing of Resolution 5, approval be and is hereby given to YBhg. Datuk Dr Stalin
Hardin who has served as an Independent Non-Executive Director of the Company for a consecutive
term of more than nine (9) years, to continue in ofce as an Independent Non-Executive Director
of the Company.
188
a n n u a l r e p o r t 2 0 1 3
8. To consider and, if thought t, pass the following ordinary resolution:
Proposed renewal of authority for purchase of own shares by the Company Resolution 8
THAT, subject always to the Companies Act, 1965 (the Act), rules, regulations and orders made
pursuant to the Act, provisions of the Companys Memorandum and Articles of Association and the
Main Market Listing Requirements of Bursa Malaysia Securities Berhad (Bursa Securities) and
any other relevant authority, the Company be hereby unconditionally and generally authorised to
purchase and hold on the market of Bursa Securities such number of ordinary shares of RM0.50 each
(Shares) in the Company (Proposed Share Buy-Back) as may be determined by the Directors
from time to time through Bursa Securities upon such terms and conditions as the Directors may
deem t, necessary and expedient in the interest of the Company provided that the total aggregate
number of Shares purchased and/or held or to be purchased and/or held pursuant to this resolution
shall not exceed ten percent (10%) of the total issued and paid-up share capital of the Company
for the time being and an amount not exceeding the Companys retained earnings reserve at the
time of purchase be allocated by the Company for the Proposed Share Buy-Back AND THAT, such
Shares purchased are to be retained as treasury shares and distributed as dividends and/or resold
on the market of Bursa Securities, or subsequently may be cancelled AND THAT the Directors be
hereby authorised and empowered to do all acts and things and to take all such steps and to enter
into and execute all commitments, transactions, deeds, agreements, arrangements, undertakings,
indemnities, transfers, assignments and/or guarantees as they may deem t, necessary, expedient
and/or appropriate in order to implement, nalise and give full effect to the Proposed Share Buy-
Back with full powers to assent to any conditions, modications, revaluations, variations and/
or amendments, as may be required or imposed by any relevant authority or authorities AND
FURTHER THAT the authority hereby given will commence immediately upon passing of this
ordinary resolution and will continue to be in force until:
(a) the conclusion of the next annual general meeting of the Company (AGM), at which time
it will lapse, unless by ordinary resolution passed at that meeting, the authority is renewed,
either unconditionally or subject to conditions;
(b) the expiration of the period within which the next AGM after that date is required by law to be
held; or
(c) revoked or varied by ordinary resolution passed by the shareholders in general meeting,
whichever occurs rst, in accordance with the provisions of the guidelines issued by Bursa
Securities or any other relevant authorities.
189
a n n u a l r e p o r t 2 0 1 3
9. To consider and, if thought t, pass the following special resolution:
Proposed amendment to the Companys Articles of Association Resolution 9
THAT the existing Article 145(a) of the Companys Article of Association be deleted in its entirety
and replaced with the following new Article 145(a):
Cash distributions payable by cheque or warrant or through Bank
Any cash distributions (as prescribed by the Exchange from time to time) or other money payable
in cash in respect of securities may be paid by cheque or warrant, sent through the post directed
to the registered address of the Members or persons entitled thereto, or if several persons are
entitled in consequence of the death or bankruptcy of the holder, to any one (1) of such persons
and to such address as such person may in writing direct or through directly crediting of funds
into a nominated bank account as provided to the Depository from time to time of such Members
or persons entitled thereto or through such other mode of electronic means. Every such cheque
or warrant or funds crediting into bank account of the Members or persons entitled thereto or
through such other mode of electronic mean shall be made payable to the order of the Members or
persons entitled thereto and such payment shall be a good and full discharge to the Company for all
payments made in respect of such securities, notwithstanding that it may subsequently appear that
the cheque or warrant has been stolen or that the endorsement thereon has been forged or that
there is discrepancy in the details of the bank account(s) given by the Members or persons entitled
to the payment. Every such cheque and warrant or funds crediting shall be sent or credited at the
risk of the Members or person entitled to the money thereby represented. Where the Members or
persons entitled thereto have provided to the Depository the relevant contact details for purposes
of electronic notications, the Company shall notify them electronically once the Company has paid
the cash distributions out of its account.
10. To transact any other business which may properly be transacted at an annual general meeting, due
notice of which shall have previously given in accordance with the Companies Act, 1965 and the
Companys Articles of Association.
190
a n n u a l r e p o r t 2 0 1 3
NOTICE OF DIVIDEND
ENTITLEMENT AND PAYMENT
NOTICE IS ALSO HEREBY GIVEN that the rst and nal dividend of 4.0 sen per ordinary share less tax and a special
dividend of 1.5 sen per ordinary share less tax, in respect of the nancial year ended 31 March 2013, if approved at the
Fourteenth Annual General Meeting, will be payable on 22 November 2013 to depositors whose names appear in the
Record of Depositors on 6 November 2013.
A depositor shall qualify for entitlement only in respect of:
(a) shares transferred into the depositors securities account before 4:00 pm on 6 November 2013 in respect of transfer; and
(b) shares bought on Bursa Malaysia Securities Berhad on a cum entitlement basis according to the Rules of Bursa
Malaysia Securities Berhad.
By order of the Board of Directors
Voon Jan Moi (MAICSA 7021367)
Wang Tin Ngee (MIA 11670)
Joint Company Secretaries
Dated: 4 September 2013
Kuching, Sarawak
Explanatory notes on special business
(a) Ordinary resolution in relation to continuation in ofce as Independent Non-Executive Director pursuant to
Recommendation 3.3 of the Malaysian Code on Corporate Governance 2012
The Nominating Committee and the Board of Directors had assessed the independence of YBhg. Datuk Dr Stalin Hardin
who has served as an Independent Non-Executive Director of the Company for a consecutive term of more than nine (9)
years, and recommended him to continue to act as an Independent Non-Executive Director of the Company based on the
following justications:
YBhg. Datuk Dr Stalin Hardin continue to provide independent judgement in carrying out his duties as an Independent
Non-Executive Director and he provides guidance, unbiased, fully balance and independent views, advice and judgement
to many aspects of the Company and the Groups strategy so as to safeguard the interests of minority shareholders and
to ensure that the highest standard of conduct and integrity were maintained by the Company and the Group.
(b) Ordinary resolution in relation to proposed renewal of authority for purchase of own shares by the Company
The proposed Resolution No. 8, if passed, will renew the authority for the Company to purchase and/or hold up to ten per
cent (10%) of the issued and paid-up ordinary share capital of the Company through Bursa Securities. This authority will
expire at the conclusion of the next annual general meeting, unless revoked or varied by ordinary resolution passed by
shareholders at general meeting.
Please refer to the Statement to Shareholders dated 4 September 2013 for further information.
(c) Special resolution in relation to proposed amendments to the Companys Articles of Association
The proposed Resolution No. 9 is to amend the Companys Articles of Association in line with the amendments made to
the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.
Notes:
1. A proxy may but need not be a member of the Company and the provisions of Section 149(1)(b) of the Companies Act, 1965 shall
not apply to the Company.
2. To be valid, the duly completed proxy form must be deposited at the registered ofce of the Company at Wisma Hock Peng, Ground
Floor to 2nd Floor, 123, Green Heights, Jalan Lapangan Terbang, 93250 Kuching, Sarawak not less than 48 hours before the time set
for holding the meeting or any adjournment thereof.
3. A member shall be entitled to appoint more than one (1) proxy to attend and vote at the same meeting provided that the provisions
of Section 149(1)(c) of the Companies Act, 1965 are complied with.
4. Where a member appoints more than one (1) proxy, the appointment shall be invalid unless he species the proportions of his
shareholdings to be represented by each proxy.
5. Where a member of the Company is an exempt authorised nominee which holds ordinary shares in the Company for multiple
benecial owners in one (1) securities account (omnibus account), there is no limit to the number of proxies which the exempt
authorised nominee may appoint in respect of each omnibus account it holds. An exempt authorised nominee refers to an authorised
nominee dened under the Securities Industry (Central Depositories) act 1991 (SICDA) which is exempted from compliance with
the provisions of subsection 25A(1) of SICDA.
6. If the appointor is a corporation, the proxy form must be executed under its common seal or under the hand of an ofcer or attorney
duly authorised.
7. A depositor whose name appears in the Record of Depositors as at 20 September 2013 shall be regarded as a member of the
Company entitled to attend this Annual General Meeting or appoint a proxy to attend and vote on his behalf.
I/We (Name in full)
(IC/Passport/Company No.) of
(Address)
being a member/members of the abovenamed Company hereby appoint
(Name in full)
(IC/Passport No.) of
(Address)
or failing him/her, the Chairman of the meeting as my/our proxy to vote for me/us and on my/our
behalf at the Fourteenth Annual General Meeting of the Company to be held at Four Points by Sheraton Hotel,
3186-3187, Block 16, KCLD, Jalan Lapangan Terbang Baru, 93350 Kuching, Sarawak on Thursday,
26 September 2013 at 2.30 p.m. and any adjournment thereof.
Please indicate with an X in the appropriate box against each resolution how you wish your vote to be cast. If you do
not indicate how you wish your proxy to vote on any resolution, the proxy shall vote as he thinks t, or at his discretion,
abstain from voting.
My/our proxy is to vote as indicated below:
No. Resolutions For Against
1. To declare and approve the payment of a rst and nal dividend and a special dividend in
respect of the nancial year ended 31 March 2013.
2. To approve the payment of directors fees for the nancial year ending 31 March 2014.
3. To re-elect YBhg. Dato Lee Choon Chin as director.
4. To re-elect Mr. Yeoh Chin Hoe as director.
5. To re-appoint YBhg. Datuk Dr Stalin Hardin as director.
6. To re-appoint Messrs. KPMG as auditors.
7. Continuation in ofce as Independent Non-Executive Director.
8. Renewal of authority for purchase of own shares by the Company.
9. Proposed amendments to the Companys Articles of Association
Shareholding Represented by Proxy 1
Shareholding Represented by Proxy 2
Dated this day of 2013
Signature of shareholder(s)/common seal
Notes:
1. A proxy may but need not be a member of the Company and the provisions of Section 149(1)(b) of the Companies Act, 1965 shall
not apply to the Company.
2. To be valid, the duly completed proxy form must be deposited at the registered ofce of the Company at Wisma Hock Peng, Ground
Floor to 2nd Floor, 123, Green Heights, Jalan Lapangan Terbang, 93250 Kuching, Sarawak not less than 48 hours before the time set
for holding the meeting or any adjournment thereof.
3. A member shall be entitled to appoint more than one (1) proxy to attend and vote at the same meeting provided that the provisions
of Section 149(1)(c) of the Companies Act, 1965 are complied with.
4. Where a member appoints more than one (1) proxy, the appointment shall be invalid unless he species the proportions of his
shareholdings to be represented by each proxy.
5. Where a member of the Company is an exempt authorised nominee which holds ordinary shares in the Company for multiple
benecial owners in one (1) securities account (omnibus account), there is no limit to the number of proxies which the exempt
authorised nominee may appoint in respect of each omnibus account it holds. An exempt authorised nominee refers to an authorised
nominee dened under the Securities Industry (Central Depositories) Act 1991 (SICDA) which is exempted from compliance with
the provisions of subsection 25A(1) of SICDA.
6. If the appointor is a corporation, the proxy form must be executed under its common seal or under the hand of an ofcer or attorney
duly authorised.
7. A depositor whose name appears in the Record of Depositors as at 20 September 2013 shall be regarded as a member of the
Company entitled to attend this Annual General Meeting or appoint a proxy to attend and vote on his behalf.
WEIDA (M) BHD
(Incorporated in Malaysia) FORM OF PROXY
The Company Secretary
WEIDA (M) BHD
Wisma Hock Peng
Ground Floor to 2nd Floor
123, Green Heights, Jalan Lapangan Terbang
P.O. Box 2424, 93748 Kuching, Sarawak
fold here
fold here
AFFIX
STAMP
PENINSULAR MALAYSIA
Ofce:
Lot 3.05, Level 3,
1 First Avenue, Bandar Utama,
47800 Petaling Jaya,
Selangor Darul Ehsan.
Tel : +603 7950 9688
Fax : +603 7950 9788
Email : weidakl@weida.com.my
Manufacturing plant:
Lot 109, Jalan Permata,
Arab-Malaysian Industrial Park,
71800 Nilai,
Negeri Sembilan Darul Khusus.
Tel : +606 799 0990
Fax : +606 799 0949
Email : wiin@weida.com.my
SABAH
Ofce:
2-9-1 & 2-9-2, 8
th
Floor,
Wawasan Plaza,
88000 Kota Kinabalu, Sabah.
P. O. Box 21276, 88770 Luyang,
Kota Kinabalu, Sabah.
Tel : +6088 264 555
Fax : +6088 262 525
Email : weidakk@weida.com.my
Lot 57, SEDCO Light Industrial Estate,
Lok Kawi, 88801 Kota Kinabalu, Sabah.
Tel : +6088 752 996
Fax : +6088 752 998
Email : wiikk@weida.com.my
TB12882 & 12883,
SEDCO Light Industrial Estate,
Mile 3, Jalan Apas, 91000 Tawau,
Sabah.
Tel : +6089 913 678
Fax : +6089 913 679
Email : wiitawau@weida.com.my
MALAYSIA
www.weida.com.my
SARAWAK
Headquarters:
Wisma Hock Peng,
Ground Floor to 2
nd
Floor,
123, Green Heights,
Jalan Lapangan Terbang,
P. O. Box 2424, 93748 Kuching,
Sarawak.
Tel : +6082 456 456
Fax : +6082 459 000
Email : weida@weida.com.my
Lot 472, Block 8, MTLD,
Sejingkat Industrial Park,
Jalan Bako, Petra Jaya,
P. O. Box 1807,
Tel : +6082 435 435
Fax : +6082 433 933
Email : wiikch@weida.com.my
Jalan Maigold,
Taman Desa Senadin Phase 1,
98100 Miri, Sarawak.
Tel : +6016 879 3322
REPUBLIC OF THE PHILIPPINES
www.weida.com.ph
MANILA
Ofce:
3/F, BT & T Center,
20E. Rodriguez Jr. Avenue (C-5)
Brgy. Bagumbayan, Libis,
Quezon City 1110, Philippines.
Tel : +632 706 2002
Fax : +632 706 4966
Email : weida.ph@weida.com.my
Lot 11 & 13, Block 3,
Dasmarinas Technopark,
Governors Drive,
Dasmarinas Cavite 4114, Philippines.
Tel : +632 529 6193, 529 6195
Fax : +0346 852 2846, +632 529 6194
THE SYRIAN ARAB REPUBLIC
DAMASCUS
Ofce:
Mazzeh, Eastern Villas,
Al Farabi Street,
Building 55 (Ground Floor),
Damascus Countryside Governorate,
Syrian Arab Republic.
P. O. Box 3407 D
Tel : +963 11 611 7449
Fax : +963 11 613 1562
PENINSULAR MALAYSIA
Ofce:
Lot 3.05, Level 3,
1 First Avenue, Bandar Utama,
47800 Petaling Jaya,
Selangor Darul Ehsan.
Tel : +603 7950 9688
Fax : +603 7950 9788
Email : weidakl@weida.com.my
Lot 109, Jalan Permata,
Arab-Malaysian Industrial Park,
71800 Nilai,
Negeri Sembilan Darul Khusus.
Tel : +606 799 0990
Fax : +606 799 0949
Email : wiin@weida.com.my
SABAH
Ofce:
2-9-1 & 2-9-2, 8
th
Floor,
Wawasan Plaza,
88000 Kota Kinabalu, Sabah.
P. O. Box 21276, 88770 Luyang,
Kota Kinabalu, Sabah.
Tel : +6088 264 555
Fax : +6088 262 525
Email : weidakk@weida.com.my
Lot 57, SEDCO Light Industrial Estate,
Lok Kawi, 88801 Kota Kinabalu, Sabah.
Tel : +6088 752 996
Fax : +6088 752 998
Email : wiikk@weida.com.my
TB12882 & 12883,
SEDCO Light Industrial Estate,
Mile 3, Jalan Apas, 91000 Tawau,
Sabah.
Tel : +6089 913 678
Fax : +6089 913 679
Email : wiitawau@weida.com.my
MALAYSIA
www.weida.com.my
SARAWAK
Headquarters:
Wisma Hock Peng,
Ground Floor to 2
nd
Floor,
123, Green Heights,
Jalan Lapangan Terbang,
P. O. Box 2424, 93748 Kuching,
Sarawak.
Tel : +6082 456 456
Fax : +6082 459 000
Email : weida@weida.com.my
Lot 472, Block 8, MTLD,
Sejingkat Industrial Park,
Jalan Bako, Petra Jaya,
P. O. Box 1807,
Tel : +6082 435 435
Fax : +6082 433 933
Email : wiikch@weida.com.my
Jalan Maigold,
Taman Desa Senadin Phase 1,
98100 Miri, Sarawak.
Tel : +6016 879 3322
REPUBLIC OF THE PHILIPPINES
www.weida.com.ph
MANILA
Ofce:
3/F, BT & T Center,
20E. Rodriguez Jr. Avenue (C-5)
Brgy. Bagumbayan, Libis,
Quezon City 1110, Philippines.
Tel : +632 706 2002
Fax : +632 706 4966
Email : weida.ph@weida.com.my
Lot 11 & 13, Block 3,
Dasmarinas Technopark,
Governors Drive,
Dasmarinas Cavite 4114, Philippines.
Tel : +632 529 6193, 529 6195
Fax : +0346 852 2846, +632 529 6194
THE SYRIAN ARAB REPUBLIC
DAMASCUS
Ofce:
Mazzeh, Eastern Villas,
Al Farabi Street,
Building 55 (Ground Floor),
Damascus Countryside Governorate,
Syrian Arab Republic.
P. O. Box 3407 D
Tel : +963 11 611 7449
Fax : +963 11 613 1562
A Balanced
Sustainable
Growth
Annual Report
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