Tanggungjawab Koporat

Corporate Social Responsibilities/Tanggungjawab Sosial Korporat
To ensure that each of its subsidiary and business unit complies Bagi memastikan setiap syarikat anak dan unit bisnesnya mematuhi
with all regulations pertaining to safety in their daily operations, semua peraturan berhubung dengan keselamatan dalam operasi
the Group carried out its responsibility to further enhance the hariannya, Kumpulan menjalankan tanggungjawabnya untuk meningkatkan
workers knowledge and awareness on occupational safety and pengetahuan dan kesedaran di kalangan anggota pekerja berkaitan
health, through providing an occasional series of programmes and dengan keselamatan dan kesihatan pekerjaan, dengan menyediakan
training courses for the staff, such as fire drill and fire fighting pelbagai kursus dan latihan untuk anggota pekerjanya dari semasa ke
training, chemical health risk assessment, briefing session for semasa, seperti latihan mencegah kebakaran, penilaian risiko pendedahan
heavy machinery drivers and basic first aid course. kepada kimia, sesi taklimat bagi pemandu jentera berat dan kursus
bantuan asas kecemasan.
In addition to the basic requirements towards a safe and healthy
Selain daripada keperluan asas terhadap persekitaran kerja yang selamat
working environment, the companies within the Group have also
dan sihat, syarikat-syarikat dalam Kumpulan juga telah mengambil
taken further measures which are tailored to their respective
langkah lanjutan yang sesuai untuk syarikat masing-masing. Sebagai
companies. As preventive measure against any hazards at the
langkah menghadapi keadaan merbahaya di tempat kerja, syarikat-
workplace, proper tools and attire are provided to the workers by syarikat dalam Kumpulan telah menyediakan perkakasan dan peralatan
the companies within the Group. yang sesuai kepada anggota pekerjanya.
Pro Office Solutions Sdn Bhd has equipped its premises with Pro Office Solutions Sdn Bhd melengkapkan premisnya dengan ciri-ciri
relevant security features, in order to ensure that its daily operation keselamatan yang sesuai, bagi memastikan operasi sehariannya selamat
is safe from any potential hazards and injuries. Besides that, each daripada sebarang potensi merbahaya dan kecederaan. Selain itu, setiap
employee is also provided with an access card to enter specialised anggota pekerjanya juga diberi kad akses untuk memasuki bilik khas
rooms that are filled with machinery and equipment, besides the yang dilengkapi dengan mesin dan peralatan, selain daripada memasang
installation of safety alarm, as an added safety measure. sistem penggera sebagai tambahan kepada langkah-langkah keselamatan
sedia ada.
Tepak Marketing Sdn Bhd has embarked on stringent international
safety standards employed at every point of its manufacturing Tepak Marketing Sdn Bhd telah menerimapakai piawaian keselamatan
processes. This includes the implementation of Supplier Quality antarabangsa yang ketat di setiap bahagian pemprosesan di kilangnya.
Management Program (SQMP) procedures for critical preferred Ini meliputi pelaksanaan prosedur Program Pengurusan Kualiti Pembekal
vendors imposed by Unilever (Holdings) Berhad. Periodically, the (SQMP) untuk vendor utama oleh Unilever (Holdings) Berhad. Syarikat
company will conduct audit and review of the processing line akan mengadakan audit secara berkala dan kajian berhubung bahagian
and end products, as a step to avoid contamination to the end- pemprosesan dan produk akhir, sebagai salah satu langkah untuk
mengelakkan pencemaran produk. Sebagai langkah keselamatan
products. As a safety and precautionary measures, production
dan mengambil pendekatan yang berwaspada, para anggota pekerja
workers from the tea packaging process are required to adhere to
pengeluaran di bahagian proses pembungkusan teh dikehendaki
the standard operating procedures in order to protect them from
mematuhi piawaian prosedur pengeluaran untuk melindungi mereka
unwanted exposure such as tea dust.
daripada terdedah kepada perkara yang tidak diingini seperti habuk teh.
Sindora Berhad (13418-K) Annual Report 2008 74 www.sindora.com.my

Operasi di Sindora Timber Sdn Bhd adalah terdedah kepada persekitaran
kerja yang berisiko tinggi. Walau bagaimanapun, untuk menghadapi
situasi ini, syarikat berjaya melaksanakan program Keselamatan dan
Kesihatannya. Bagi mempertingkatkan kesedaran di kalangan anggota
pekerjanya berhubung kesan bunyi bising, syarikat mengadakan ujian
audiometrik tahunan, yang diseliakan oleh para profesional kesihatan.
Ujian tersebut dilakukan bagi memastikan sama ada anggota pekerja
dilindungi sepenuhnya daripada pendedahan kepada bunyi bising yang
melampau. Langkah pembetulan akan dilakukan oleh syarikat jika
sebarang keadaan tidak normal ditemui dalam ujian asas atau audiogram.
Di samping itu, syarikat juga menjalankan pemeriksaan keselamatan
yang lebih kerap di seluruh kilang dan kawasan sekelilingnya. Selain
itu, syarikat telah mempertingkatkan lagi kesedaran Keselamatan dan
Kesihatan Pekerjaan Kumpulan melalui pemeriksaan tahunan oleh
Jabatan Keselamatan dan Kesihatan Pekerjaan (DOSH).
By nature of its operation, Sindora Timber Sdn Bhd is exposed to Sejak tahun 2003, MM Vitaoils Sdn Bhd telah berdaftar dengan Jabatan
high risk in its working environment. However, to counteract this Keselamatan dan Kesihatan Pekerjaan (OSHA) Selangor bagi menyediakan
situation, the company has successfully implement Safety and Health langkah keselamatan dan kesihatan kepada anggota pekerjanya. Pada
programmes. In order to raise the employees awareness on the masa yang sama, syarikat juga turut mendaftarkan beberapa mesin
effect of noise in the working environment, the company will conduct kilangnya dengan OSHA. Bagi memastikan lagi kepentingan keselamatan
an annual audiometric test, supervised by health professionals. The dan kesihatan pekerjaan, syarikat telah menggariskan dasar keselamatan
test is done to ensure whether the workers are being adequately dan kesihatan di tempat kerja, dan juga memastikan semua anggota
protected against overexposure to loud noise. Rectification will be done pekerjanya mematuhi peraturan dan syarat yang ditetapkan. Selaras
by the company on any abnormalities found in the baseline tests or dengan Akta OSHA 1994, MM Vitaoils Sdn Bhd juga telah menubuhkan
audiograms. Besides that, the company also performs regular safety Kelab Kesihatan dan Keselamatan pada tahun 1994, di mana semua
anggota pekerjanya boleh mendapatkan maklumat terkini atau berita
inspections throughout the factory and surrounding area. Furthermore,
berkaitan keselamatan, sama ada melalui e-mel, papan kenyataan dan
the company has further instilled the awareness on the Groups
ceramah keselamatan yang diadakan.
Occupational Safety and Health through the annual inspection by the
Department of Safety and Health (DOSH).
Since 2003, MM Vitaoils Sdn Bhd has been registered with the Selangor
Occupational Safety and Health Department (OSHA) in order to provide
safety and health measures for its employees. At the same time, the
company also registered some of its factory machinery with OSHA. In a
move to reinforce the importance of employees safety and health, the
company had formulated policies on safety and health at the workplace,
and also ensures that all of its employees adhere to the rules and
regulations stipulated. In compliance with OSHA Act 1994, MM Vitaoils
had also set up Health and Safety Club in 1994, where all the staff are
able to receive updates on current safety information or news, through
emails, information boards and safety talks.
Kumpulan mengakui bahawa tanggungjawab terhadap keselamatan dan
The Group acknowledges that the responsibility for the safety and health kesihatan anggota pekerjanya tidak hanya dipikul oleh setiap individu
of its employees are not only vested upon the employees themselves, sahaja, tetapi juga memerlukan komitmen penuh dan sokongan berterusan
but also requires full commitment and continuous support from all daripada semua pihak yang berkepentingan di dalam Kumpulan, yang
stakeholders of the Group, which also includes the management and staff, meliputi pihak pengurusan dan anggota pekerja, rakan bisnes seperti
business partners such as contractors, customers, and other individuals kontraktor, pelanggan dan individu yang terbabit secara langsung atau
who are involved directly or indirectly with the Groups activities. tidak langsung dalam aktiviti Kumpulan.
The Group will conduct thorough investigations and analysis for any Kumpulan mengadakan pemeriksaan dan analisis menyeluruh untuk
accident occurrence in order to minimise the likelihood or recurrence sebarang kejadian bagi meminimumkan kemungkinan atau risiko
kejadian yang berulang dengan mengambil pengajaran daripada
by acknowledging any lessons learned from the incident. Apart from all
pengalaman terdahulu. Selain daripada usaha-usaha yang dilaksanakan
these efforts implemented by the Group, the employees are still fully
oleh Kumpulan, anggota pekerja juga bertanggungjawab sepenuhnya
responsible in adopting precautionary measures in preventing any work
untuk mengambil langkah-langkah waspada bagi mengelak sebarang
related accidents or mishaps.
kemalangan atau kejadian tidak diingini semasa bekerja.
Besides providing the basic health requirements, employees within the Selain menyediakan keperluan asas kesihatan, anggota pekerja Kumpulan
Group are also covered with 24-hour specialist health coverage under juga dilindungi dengan skim perlindungan kesihatan pakar 24 jam di
the Prisihatin Scheme, should they suffer serious injuries and require bawah Skim Prisihatin JCorp, sekiranya mereka mengalami kecederaan
specialist medical treatment. The Group also set up in-house clinics at serius dan memerlukan rawatan perubatan pakar. Kemudahan ini
Sindora Estate and Sungai Simpang Kiri Estate to cater to the health dipanjangkan kepada syarikat-syarikat dalam Kumpulan yang menyertai
needs of the estate workers. Skim Prisihatin tersebut. Kumpulan juga menyediakan perkhidmatan
kesihatan melalui klinik-klinik dalaman di Ladang Sindora dan Ladang
Sungai Simpang Kiri bagi memenuhi keperluan kesihatan anggota
pekerja ladangnya.

Corporate Social Responsibilities/Tanggungjawab Sosial Korporat
SUSTAINABLE ENVIRONMENTAL PEMBANGUNAN ALAM SEKITAR LESTARI

DEVELOPMENT Sindora komited untuk mewujudkan persekitaran berkualiti sebagai faktor
Sindora is committed in creating quality environment as a key factor through penting melalui peningkatan prestasi alam sekitarnya ke arah kejayaan
improvement in its environmental performance towards the continuous yang berterusan. Pembangunan alam sekitar lestari ini dapat dilihat
success of the Group. Sustainable environmental development is mainly melalui aktiviti pengeluaran minyak sawit, ladang getah dan baja bio-
observed in its oil palm, rubber plantations and bio-compost production kompos. Kumpulan memastikan ia mematuhi peraturan dan keperluan
activities. The Group ensures that it complies with applicable regulations berkaitan yang ditetapkan oleh pihak berkuasa bagi melindungi alam
and requirements imposed by various relevant authorities in order to protect sekitar, seperti Akta Kualiti Alam Sekitar 1974, Akta Racun Serangga
the environment, Environment Quality Act 1974, Pesticide Act 1974, Poison 1974, Akta Racun 1952, Akta Keselamatan dan Kesihatan Pekerjaan
Act 1952, Occupational Safety and 1994 dan lain-lain lagi. Kumpulan
Health Act 1994 and others. The telah mengambil bebera pa
Group has taken several initiatives inisiatif termasuk mencegah
which include preventing pollution, pencemaran, meminimumkan
minimising soil erosion, and land hakisan dan pencemaran tanah
contamination as well as other serta kemungkinan kesan
potential adverse environmental negatif alam sekitar yang timbul
impact arising from the Companys daripada operasi, produk dan
operations, products and services. perkhidmatan Syarikat.
Both Sindoras estates had adopted Kedua-dua ladang Sindora

the Roundtable on Sustainable Palm menerima pakai prinsip dan
Oil (RSPO) principles and criteria to kriteria Rountable on Sustainable
ensure continuous improvement Palm Oil (RSPO) untuk memastikan
in all of the Plantation Business peningkatan berterusan di dalam
operations. Meanwhile, Sindora operasi ladangnya. Sementara
Palm Oil Mill has been certified with RSPO on 29 January 2009 towards itu, SPOM telah diiktiraf dengan pensijilan RSPO pada 29 Januari
better sustainable management practices. RSPO among others serves as 2009 untuk amalan pengurusan mampan. RSPO antara lain menjadi
a guideline for the Group to continuously observe environmentally sound garis panduan di seluruh bisnes perladangan, dengan mematuhi
measures throughout the estates business practices, by adhering to the undang-undang dan peraturan alam sekitar yang wajib termasuk
statutory environment laws and regulation which include ecologically- amalan pengurusan ladang mesra alam seperti pengurusan bersepadu
friendly estate management practices such as integrated pest management, untuk makhluk pemusnah, pengurangan penggunaan racun tumbuhan,
reducing herbicide consumption, soil conservation and utilisation of palm oil pemuliharaan tanah dan penggunaan produk sampingan kilang sawit.
mill by-products.

Specific focus was given on Fo k u s y a n g k h u s u s d i b e r i
preparation of land for replanting, terhadap penyediaan tanah untuk
cultivation, fertilisers application, penanaman semula, penuaian,
harvesting of oil palm fresh penggunaan baja, penuaian Buah
fruit bunches (FFB), production Tandan Segar (BTS), pengeluaran
of bio-compost and the general baja bio-kompos dan pentadbiran
administration of the plantations. ladang. Sebagai lanjutan kepada
In retrospect to RSPO in terms of RSPO dari segi prestasi alam
environmental performance, the sekitar, Kumpulan kini berada
Group is now in a valid position pada kedudukan yang lebih
to also protect and promote strategik untuk melindungi dan
conservation and rehabilitation menggalakkan pemuliharaan
for the plethora of unique dan pemulihan pelbagai spesies
species found around the Groups unik yang boleh ditemui di
operations. The estates have clear plans and responsibilities for each sekitar operasi Kumpulan. Ladang-ladang milik Sindora mempunyai
estate to restore wildlife corridors and protect vital watercourses. tanggungjawab yang jelas untuk mengekalkan koridor hidupan liar dan
Training our security personnel into Wildlife Defenders is one of the melindungi saliran air yang penting. Memberikan latihan kepada anggota
solutions we have developed in partnership with biodiversity experts pekerja keselamatan sebagai Pelindung Hidupan Liar merupakan
and environmental NGOs. We have also reduced the usage of pesticide salah satu kaedah penyelesaian yang disediakan dengan kerjasama
and will continue tackling issues on climatic change through a series daripada pakar biodiversiti dan NGO alam sekitar. Kumpulan turut
of ambitious Clean Development Mechanism (CDM) projects in the mengurangkan penggunaan racun serangga dan akan terus menangani
coming years. isu-isu berkaitan iklim melalui projek Mekanisme Pembangunan Yang
Bersih (CDM) pada tahun-tahun mendatang.
Sustainability efforts have also been built around multi-stakeholder
approach encompassing dialogue and engagement with employees, Usaha juga dilaksanakan berasaskan kepada pendekatan pelbagai
suppliers, outgrowers, contractors as well as environmental and social pihak-pihak yang berkepentingan merangkumi dialog dengan anggota
NGOs from Malaysia and beyond. pekerja, pembekal, peladang, kontraktor serta NGO alam sekitar dan
sosial dari dalam dan luar negara.
Apart from adopting RSPO, the Group has also implemented and
accredited with ISO 14001 Environmental Management System. Selain daripada menerima pakai RSPO, Kumpulan juga telah mendapat
Periodically, Environmental Policy has been used as a framework pensijilan dan melaksanakan ISO 14001 Sistem Pengurusan Alam Sekitar.
guideline for setting and reviewing the environmental objectives and Polisi Alam Sekitar digunakan secara berkala sebagai garis panduan
targets. The Environmental Policy has been documented, implemented, rangka kerja untuk menetapkan objektif dan sasaran alam sekitar.
maintained and communicated to all employees, and they are Polisi Alam Sekitar ini didokumentasikan, dilaksanakan, dikekalkan dan
encouraged to conduct their business activities in an environmentally disampaikan kepada semua anggota pekerja, dan mereka digalakkan
responsible manner. This policy has also been made available to menjalankan aktiviti bisnes mereka dengan bertanggungjawab terhadap
the public and any other parties who express interest in Sindoras alam sekitar. Polisi ini juga meliputi orang awam dan pihak luar yang
Plantation Business activities. menjalankan aktiviti bisnes dengan ladang-ladang milik Sindora.
Good agricultural and manufacturing practises are also being Amalan perladangan dan perkilangan yang baik akan terus dikaji, diguna
reviewed, adopted and implemented by Sindora through environmental pakai dan dilaksanakan oleh Sindora melalui program pengurusan alam
management programmes. The company ensures that on-site waste sekitar. Syarikat memastikan bahawa sisa buangan dikurangkan, diguna
will be reduced, reused and recycled, wherever practicable, and the dan dikitar semula, atau dilupuskan dengan selamat tanpa menyebabkan
waste will be disposed off safely without causing detrimental effects kesan pencemaran kepada alam sekitar. Untuk memperolehi alam
to the environment. To contribute towards a cleaner environment, oil sekitar yang lebih bersih, ladang-ladang Kumpulan menerima pakai
palm estates within the Group have adopted Zero-burning technique teknik Pembakaran Sifar bagi program penanaman semulanya. Pada
for its replanting programmes. At the same time, this technique has masa yang sama, teknik ini juga memberi manfaat kepada ladang
also benefited the estates by replenishing the soil fertility with higher berkenaan dengan meningkatkan kesuburan tanah melalui kewujudan
presence of organic substance. bahan organik yang lebih tinggi.
Sindora Timber Sdn Bhd (STSB) aims to position itself within the rapidly STSB meletakkan sasaran untuk mengukuhkan kedudukannya di
changing marketplace and foster environmental consciousness within dalam pasaran yang tidak menentu dan pada masa yang sama
the organisation. To achieve this, the company has implemented and memupuk kesedaran alam sekitar di dalam organisasinya. Untuk
sourced its timber source materials from sustainable forest management mencapai hasrat tersebut, syarikat ini melaksanakan dan memperolehi
system and certified sources. This move is in line with the National sumbernya daripada sistem pengurusan hutan mampan dan sumber
Forestry Policy (NFP) that proposed to give effect to ecologically yang disahkan. Langkah ini adalah selaras dengan Dasar Perhutanan
sustainable forest management. Negara (DPN) yang akan memberi kesan terhadap pengurusan hutan
mampan dari segi ekologi.
To ensure that these practises are being observed throughout the
Group, Sindora closely monitors and continuously researches other Bagi memastikan bahawa amalan ini dipatuhi sepenuhnya di dalam
probable beneficial improvement in order to preserve the sensitive bio- Kumpulan, Sindora sentiasa membuat pemantauan terperinci dan
diversity and eco-system. membuat penyelidikan berterusan terhadap pelbagai kemungkinan yang
akan memberi manfaat demi untuk pemuliharaan biodiversiti dan eko-
sistem yang sensitif.

D Hala Tuju Kami
Our
irection
Intrapreneur Venture is synonymous with
Sindoras very own corporate identity that
now defines its future corporate growth
and success and is in tandem with Sindoras
strategic direction to strengthen its corporate
growth prospects going forward.
Intrapreneur Venture amat sinonim dengan identiti korporat Sindora yang kini menjadi penentu kepada
pertumbuhan dan kejayaan korporat masa depannya dan selaras dengan hala tuju strategik Sindora
untuk mengukuhkan prospek pertumbuhan korporatnya bagi melangkah lebih jauh ke hadapan.
GROUPS FIVE YEARS FINANCIAL PERFORMANCE
Prestasi Kewangan Kumpulan Lima Tahun
2008 2007 2006 2005 2004
DESCRIPTION/PERKARA RM'000 RM'000 RM'000 RM'000 RM'000
Results/Keputusan
Revenue/Perolehan 351,193 295,157 205,636 208,304 138,681
Cost of Goods Sold/Kos Jualan (269,728) (225,974) (168,898) (172,026) (94,030)
Gross Profit/Keuntungan Kasar 81,465 69,183 36,738 36,278 44,651
Profit Before Tax/ 35,687 30,760 14,487 13,965 19,473
Keuntungan Sebelum Cukai
Profit After Tax/ 27,775 26,576 11,886 10,391 12,613
Keuntungan Selepas Cukai
Net Profit for the Year after Minority Interest/ 21,935 17,928 10,758 10,007 12,575
Keuntungan Bersih Selepas Kepentingan Minoriti
Group Assets/Aset Kumpulan

Property, plant & equipment 228,248 228,689 309,419 177,893 136,962
Current Assets/Aset Semasa 132,148 106,038 79,923 61,222 59,496
Investment/Pelaburan 19,689 27,305 26,303 15,389 4,514
Plantation Development Expenditure/ 25,039 21,512 19,258 17,396 31,088
Perbelanjaan Pembangunan Ladang
Intangible Assets/Aset Tidak Ketara 28,102 29,172 29,581 - -
Goodwill on Consolidation/Muhibah daripada Penyatuan - - - 5,774 5,545
Deferred Tax Assets/Aset Cukai Tertunda 373 473 197 1,000 1,425
Total Assets/Jumlah Aset 517,596 498,399 389,342 239,115 239,030
Current Liabilities/Tanggungan Semasa 101,217 94,201 69,351 48,877 34,758

Net Current Assets/Aset Semasa Bersih 30,931 11,837 10,572 12,345 24,738
Financed by/Dibiayai oleh

Share Capital/Modal Saham 96,000 96,000 96,000 96,000 96,000
Reserves/Rizab 96,102 81,783 69,047 58,043 83,256
Treasury Shares/Saham Perbendaharaan - - - - (2,596)
Shareholders' Equity/Ekuiti Pemegang Saham 192,102 177,783 165,047 154,043 176,660
Minority Interests/Kepentingan Minoriti 60,101 44,268 33,043 3,255 3,370
Total Equity/Jumlah Ekuiti 252,203 222,051 198,090 157,298 180,030
Borrowings/Pinjaman 139,543 157,908 98,324 8,349 4,031
Deferred Liabilities/Tanggungan Cukai Tertunda 24,633 24,239 23,577 24,591 20,211
Non-Current Liabilities/Tanggungan Bukan Semasa 164,176 182,147 121,901 32,940 24,242
Average Capital Employed/Purata Modal Diguna 416,379 404,198 319,991 190,238 204,272
Financial Ratios/Ratio Kewangan

Profitability Ratios/Ratio Keuntungan
Return On Total Assets (%)/ 5.4 5.3 3.1 4.3 5.3
Pulangan Atas Jumlah Aset (%)
Gross Profit Margin (%)/ 23 23 18 17 32
Margin Keuntungan Kasar (%)
Earnings Per Share (sen)/ 22.9 18.8 11.4 11.0 13.5
Perolehan Sesaham (sen)
Valuation Ratios/Ratio Penilaian

Net Dividend Per Share (sen)/ 7 7 5 10 8
Dividen Kasar Sesaham (sen)
Net Tangible Assets Per Share (sen)/ 200 185 172 160 184
Aset Ketara Bersih Sesaham (sen)
Price to Earnings Multiple/ 9 9 10 11 12
Harga Kepada Pendapatan Berganda
Capital Adequacy Ratios/Ratio Kecukupan Modal

Return On Average Equity (%)/ 11.0 12.0 6.0 6.6 7.0
Pulangan kepada Purata Ekuiti (%)
Return on Capital Employed/Pulangan Atas Modal Diguna 8.6 7.6 4.5 7.3 9.5
Average capital employed comprises shareholders' equity, long term liabilities, short term borrowings and deferred taxation.
Purata modal diguna terdiri daripada ekuiti pemegang saham, tanggungan jangka panjang, pinjaman jangka pendek dan cukai tertunda.

35,687
351,193
30,760
295,157
208,304
205,636
19,473
14,487
138,681
13,965
2004
2005
2006
2007
2008
2004
2005
2006
2007
2008
Revenue Profit Before Tax
Perolehan (RM 000) Keuntungan Sebelum Cukai (RM 000)
RM
351,193 thousand
ribu
RM
35,687 thousand
ribu
517,596
192,102
498,399
177,783
176,660
165,047
154,043
389,342
239,115
239,030
2004
2005
2006
2007
2008
2004
2005
2006
2007
2008
Total Assets Shareholders Equity
Jumlah Aset (RM 000) Ekuiti Pemegang Saham (RM 000)
RM
517,596 thousand
ribu
RM
192,102 thousand
ribu
200
185
184
172
160
22.9
18.8
13.5
11.4
11.0
2004
2005
2006
2007
2008
2004
2005
2006
2007
2008
Earnings Per Share Net Tangible Assets Per Share

Pendapatan Sesaham (sen) Aset Ketara Bersih Sesaham (sen)
23 Sen
Sen 200 Sen
Sen

SUMMARY OF GROUPS 5 YEARS
SEGMENTAL FINANCIAL PERFORMANCE
Ringkasan Prestasi Kewangan Kumpulan Mengikut Segmen Untuk 5 Tahun
2008 2007 2006 2005 2004

REVENUE/PEROLEHAN RM'000 RM'000 RM'000 RM'000 RM'000
Intrapreneur Venture Business/Bisnes Intrapreneur Venture 223,622 215,825 138,750 139,143 111,793
Plantation Business/Bisnes Perladangan 127,571 79,332 66,886 69,161 100,059
Timber Business/Bisnes Perkayuan - - - - 17,731
Elimination/Penyelarasan - - - - (90,902)
Sindora Berhad Group/Kumpulan Sindora Berhad 351,193 295,157 205,636 208,304 138,681
PROFIT/(LOSS) FROM OPERATIONS/

KEUNTUNGAN/(KERUGIAN) OPERASI
Intrapreneur Venture Business/Bisnes Intrapreneur Venture 17,882 23,503 9,313 9,776 4,451
Plantation Business/Bisnes Perladangan 26,572 14,885 11,504 11,327 16,039
Timber Business/Bisnes Perkayuan - - - - (2,882)
Investment/Pelaburan - - - - 4,765
Elimination/Penyelarasan - - - - (6,531)
Group's Profit/(Loss) From Operations/ 44,454 38,388 20,817 21,103 15,842

Keuntungan/(Kerugian) Operasi Kumpulan
63.7% 40.2%
223,622 17,882
Intrapreneur Venture Intrapreneur Venture
Business/ Business/
Bisnes Intrapreneur Profit/(loss) From Bisnes Intrapreneur
Revenue Venture Operations Venture
(RM000) (RM000)
Perolehan Keuntungan/(Kerugian)
(RM000) Daripada Operasi
36.3% (RM000) 59.8%
127,571 26,572
Plantation Business/ Plantation Business/
Bisnes Perladangan Bisnes Perladangan

ANNOUNCEMENTS
Pengumuman
2 January/Januari 25 January/Januari
Change in the boardroom with Tn Hj Johari Bin Maarof appointed Bursa Malaysia Securities Berhad granted Sindora an extension of
as an Independent and Non-Executive Director of Sindora Berhad on time of 9 months until 30 September 2008 to comply with the public
1 January 2008. shareholding spread requirement pursuant to Paragraph 8.15(1) of the
Listing Requirements.
Change in the boardroom with Dato Ir. Abd Hak Bin Md Amin appointed
as an Executive Director of Sindora Berhad on 1 January 2008. Bursa Malaysia Securities Berhad telah memberi lanjutan tempoh
kepada Syarikat selama 9 bulan sehingga 30 September 2008
Change in the boardroom with Tn Hj Esa Bin Mamek re-designated bagi mematuhi keperluan taburan pegangan saham awam menurut
as an Independent and Non-Executive Director of Sindora Berhad on Perenggan 8.15(1) Keperluan Penyenaraian.
1 January 2008.
Perubahan komposisi Lembaga Pengarah dengan perlantikan Tn Hj

Johari Bin Maarof sebagai Pengarah Bebas Bukan Eksekutif Sindora 30 January/Januari
Berhad pada 1 Januari 2008. E.A. Technique (M) Sdn Bhd (EA Technique) which is 51% owned
subsidiary of Sindora acquired a 100% equity interest in Johor
Perubahan komposisi Lembaga Pengarah dengan perlantikan Shipyard and Engineering Sdn Bhd (JSESB) for RM2.00 cash.
Dato Ir. Abd Hak Bin Md Amin sebagai Pengarah Eksekutif Sindora
Berhad pada 1 Januari 2008. E.A. Technique (M) Sdn Bhd (EA Technique) yang merupakan syarikat
subsidiari 51% milik Sindora, telah mengambilalih 100% kepentingan
Perubahan komposisi Lembaga Pengarah dengan perubahan jawatan ekuiti dalam Johor Shipyard and Engineering Sdn Bhd (JSESB) dengan
Tn Hj Esa Bin Mamek sebagai Pengarah Bebas Bukan Eksekutif pembayaran tunai sebanyak RM2.00.
Sindora Berhad pada 1 Januari 2008.
14 January/Januari 4 February/FEBRUARI
The proposed disposal of 440,000 ordinary shares of RM1.00 each
The Company announced that it was not in compliance with the representing 55% equity interest in Tepak Marketing Sdn Bhd
required public shareholding spread pursuant to Paragraph 8.15(1) of was completed.
the Listing Requirements of Bursa Malaysia Securities Berhad. Based
on the Companys Record of Depositors as at 31 December 2007, the Cadangan pelupusan pegangan saham biasa sebanyak 440,000 unit
public shareholding spread was 24.2% in the hands of 2,865 public berharga RM1.00 sesaham yang mewakili 55% kepentingan ekuiti
shareholders holding not less than 100 shares each. dalam Tepak Marketing Sdn Bhd telah diselesaikan.
Pursuant to the above, the Company has on 14 January 2008,

made an application to seek the approval of Bursa Securities for
an extension of time until 30 June 2008 to meet the Required
Shareholding Spread.
21 February/FEBRUARI
Metro Parking (M) Sdn Bhd, Sindoras 75% owned subsidiary,
Syarikat mengumumkan bahawa ia tidak mematuhi taburan pegangan successfully incorporated a subsidiary company in India, Metro
saham awam yang dikehendaki menurut Perenggan 8.15(1) Keperluan Parking Services (India) Private Limited on 18 February 2008. The
Penyenaraian Bursa Malaysia Securities Berhad. Berdasarkan kepada issued and paid-up share capital comprises 10,000 units of ordinary
Rekod Pendeposit Syarikat pada 31 Disember 2007, taburan shares of Rs10 each.
pegangan saham awam adalah sebanyak 24.2% dalam pegangan
2,865 pemegang saham awam yang memiliki tidak kurang daripada Metro Parking (M) Sdn Bhd, syarikat subsidiari 75% milik Sindora,
100 saham seorang. berjaya memperbadankan sebuah syarikat subsidiari di India, Metro
Parking Services (India) Private Limited, pada 18 Februari 2008. Modal
Berikutan perkara di atas, pada 14 Januari 2008, Syarikat telah saham terbitan dan berbayar terdiri daripada 10,000 unit saham biasa
membuat satu permohonan kelulusan Bursa Securities untuk berharga Rs10 sesaham.
melanjutkan tempoh bagi memenuhi Taburan Pegangan Saham yang
dikehendaki sehingga 30 Jun 2008.
Sindora Berhad (13418-K) Annual

Sindora AnnualReport
Report2008
2008 83 www.sindora.com.my
Announcements/Pengumuman
27 February/FEBRUARI 29 May/MEI
Change in the boardroom with Tn Hj Johari Bin Maarof re-designated JSESB, a wholly owned subsidiary of E.A. Technique (M) Sdn Bhd
from an Independent and Non-Executive Director to Non-Independent (EATech) which in turn is a 51% owned subsidiary of Sindora, had
and Non-Executive Director of Sindora Berhad. entered into an agreement for lease with Tanjung Langsat Port Sdn
Bhd, a wholly owned subsidiary of Johor Corporation.
Perubahan komposisi Lembaga Pengarah dengan perubahan jawatan
Tn Hj Johari Bin Maarof daripada Pengarah Bebas Bukan Eksekutif JSESB, sebuah syarikat subsidiari milik penuh EA Technique yang
kepada Pengarah Bukan Bebas Bukan Eksekutif Sindora Berhad. merupakan syarikat subsidiari 51% milik Sindora, telah memeterai
perjanjian pajakan dengan Tanjung Langsat Port Sdn Bhd, sebuah
syarikat subsidiari milik penuh Johor Corporation.
26 March/MAC
Change in the boardroom with Dato Ir. Abd Hak Bin Md Amin re-
designated from an Executive Director to Non-Independent and Non- 17 June/JUN
Executive Director of Sindora Berhad. Change in the boardroom as Tn Hj Johari Bin Maarof tendered his
resignation as the Director of Sindora Berhad.
Perubahan komposisi Lembaga Pengarah dengan perubahan jawatan
Dato Ir. Abd Hak Bin Md Amin daripada Pengarah Eksekutif kepada Perubahan komposisi Lembaga Pengarah dengan perletakan jawatan
Pengarah Bukan Bebas Bukan Eksekutif Sindora Berhad. Tn Hj Johari Bin Maarof sebagai Pengarah Sindora Berhad.
15 April/APRIL 1 July/JULAI
OSK Investment Bank Berhad, acting on behalf of Kulim, had on Change in the boardroom with the appointment of En. Zulkifli Bin Ibrahim
15 April 2008, served a Notice of Mandatory Take-Over Offer to a Non-Independent and Non-Executive Director of Sindora Berhad.
the Board of Sindora to acquire all the remaining ordinary shares
of RM1.00 each in the Company not already owned by Kulim and Perubahan komposisi Lembaga Pengarah dengan perlantikan
persons acting in concert with it for a cash consideration of RM1.72 En. Zulkifli Bin Ibrahim sebagai Pengarah Bukan Bebas Bukan
per Offer Share. Eksekutif Sindora Berhad.
Pada 15 April 2008, OSK Investment Bank Berhad yang mewakili

pihak Kulim, menghantar satu Notis Tawaran Pengambilalihan
Mandatori kepada Lembaga Pengarah Sindora untuk mengambilalih
semua baki saham biasa berharga RM1.00 sesaham dalam Syarikat
15 July/JULAI
yang masih belum dimiliki oleh Kulim dan individu-individu yang Sindora Berhad through its solicitors had issued a notice of
bertindak bersama dengannya pada pertimbangan harga sebanyak termination to Tn Hj Johari Bin Maarof, Pn Laili Binti Ismail and
RM1.72 sesaham. Pn Hayati Binti Jalaludin to terminate the SPA and Supplemental
SPA due to non-fulfillment of conditions precedent and breach of
agreement. Accordingly, the proposed acquisition and subscription of
3,382,600 ordinary shares of RM1.00 each in J.M. Permata Sdn Bhd,
16 May/MEI representing approximately 71.21% of the enlarged issued and paid-
up share capital of JMP were terminated with effect thereof.
Sindora had announced its final dividend of 5% less tax for financial
year end 31 December 2007. Sindora Berhad, melalui peguamnya, telah mengeluarkan notis
penamatan kepada Tn Hj Johari Bin Maarof, Pn Laili Binti Ismail dan
Sindora mengumumkan dividen akhir sebanyak 5% tolak cukai bagi Pn Hayati Binti Jalaludin untuk menamatkan SPA dan SPA Tambahan
tahun kewangan berakhir 31 Disember 2007. disebabkan oleh ketidakpatuhan dan pelanggaran syarat perjanjian.
Selaras dengan itu, cadangan pengambilalihan dan langganan 3,382,600
saham biasa berharga RM1.00 sesaham dalam J.M. Permata Sdn. Bhd
(JMP), mewakili kira-kira 71.21% modal saham terbitan dan berbayar
telah ditamatkan berkuatkuasa mulai tarikh tersebut.

Report2008
12 August/OGOS 10 November/NOVEMBER
Sindora received a letter of acceptance dated 11 August 2008 from EA Technique had entered into a shipbuilding contract with Sumber
En. Mazlan Bin Muhammad pertaining to the disposal of 2,375,000 Samudra Sdn Bhd (SSSB) to design, construct and deliver 1 unit of
ordinary shares of RM1.00 each representing 35% equity interest 8,500MT carrying capacity Double Hull Fuel Oil Carrier for RM68.30
in MM Vitaoils Sdn Bhd (MMV) by Sindora to MMV for a total cash million cash. Under the shipbuilding contract, EA Technique will also
consideration of RM14,500,000 or approximately RM6.11 per share. have the option to order from SSSB another 2 units of similar vessels
with a carrying capacity of 9,500MT each.
Sindora telah menerima satu surat bertarikh 11 Ogos 2008 daripada
En. Mazlan Bin Muhammad berkaitan penjualan 2,375,000 saham biasa EA Technique telah memeterai kontrak membina kapal dengan Sumber
berharga RM1.00 sesaham yang mewakili 35% kepentingan ekuiti dalam Samudra (SSSB) untuk merekabentuk, membina dan menyiapkan
MM Vitaoils Sdn Bhd (MMV) oleh Sindora kepada MMV pada harga 1 unit Kapal Tangki Minyak dengan kapasiti muatan 8,500TM dengan
pertimbangan sebanyak RM14,500,000 atau kira-kira RM6.11 sesaham. bayaran tunai berjumlah RM68.30 juta. Di bawah kontrak pembinaan
kapal, EA Technique akan turut mempunyai pilihan untuk memesan
daripada SSSB, 2 unit lagi kapal yang sama dengan kapasiti muatan
9,500TM setiap unit.
28 August/OGOS
Sindora Berhad had vide its solicitors filed a Writ Of Summons against
Johari Bin Maarof, Laili Binti Ismail and Hayati Binti Jalaludin (the
Defendants) at the Johor Bahru High Court on 28 August 2008, for 10 November/NOVEMBER
the return of deposit and part payment of purchase price totaling EA Technique had entered into a shipbuilding contract with Sumber
RM2,700,000 (which bears an interest of 10% per annum until Samudra Sdn Bhd (SSSB) to design, construct and deliver 2 units of
full settlement) pursuant to the conditional Share Purchase Cum 12.0m Twin Screw Mooring Boat for RM1,900,000 cash.
Subscription Agreement (SPCSA) and Supplemental SPCSA dated
22 March 2007 and 11 September 2007 respectively, which were EA Technique telah memeterai satu kontrak pembinaan kapal dengan
entered between the Sindora, the Defendants and JM Permata Sdn Sumber Samudra Sdn Bhd (SSSB) untuk merekabentuk, membina
Bhd (JMP) in respect of the Plaintiffs proposed investment in JMP. dan menyiapkan 2 unit Bot Penambat 12.0m dengan bayaran tunai
The agreements have been subsequently terminated due to the non- berjumlah RM1,900,000.
fulfillment of conditions precedent and breach.
Sindora has also made additional claims against the Defendants

for legal and financial advisory fees totaling RM210,840 which was 30 December/DISEMBER
incurred pursuant to the transaction, litigation expenses and any other Sindora announced its Interim Dividend of 5% Gross less Malaysian
relief that the Court may deem fit. Income Tax for financial year end 31 December 2008.
Pada 28 Ogos 2008, Sindora Berhad melalui peguamnya telah Sindora mengumumkan Dividen Interimnya sebanyak 5% Kasar
memfailkan satu Writ Saman terhadap Johari bin Maarof, Laili binti tolak Cukai Pendapatan Malaysia bagi tahun kewangan berakhir
Ismail dan Hayati binti Jalaludin (Defendan) di Mahkamah Tinggi 31 Disember 2008.
Johor Bahru bagi pemulangan deposit dan sebahagian pembayaran
untuk harga pembelian berjumlah RM2,700,000 (yang dikenakan
faedah sebanyak 10% setahun sehingga pembayaran penuh) menurut
syarat Perjanjian Jual Beli Bersyarat serta Perjanjian Langganan
(SPCSA) dan SPCSA Tambahan, masing-masing bertarikh 22 Mac
2007 dan 11 September 2007 yang telah dimeterai di antara Sindora,
Defendan dan JM Permata Sdn Bhd (JMP) berhubung cadangan
pelaburan Plaintif dalam JMP. Perjanjian tersebut, kemudiannya, telah
dibatalkan disebabkan oleh kegagalan memenuhi dan pelanggaran
syarat perjanjian.
Sindora turut membuat tuntutan tambahan terhadap Defendan bagi

yuran khidmat rundingan undang-undang dan kewangan berjumlah
RM210,840 yang ditanggung bagi transaksi, perbelanjaan litigasi dan
sebarang tuntutan yang mungkin dianggap perlu oleh Mahkamah.

Report2008
awards, recognition and certification
Anugerah, Pengiktirafan Dan Pensijilan
The Groups relentless pursuit of excellence in all aspects of its

business and operations is evident in the numerous awards and
accolades accorded to Sindora. The awards had enhanced the Groups
reputation and corporate image as a profitable, strong and reliable
business entity and a stepping stone which motivates the Group for
continued improvement in its strive for excellence.
Usaha mencapai kecemerlangan Kumpulan yang berterusan dalam segala

aspek bisnes dan operasi dapat dilihat melalui pelbagai anugerah dan pengiktirafan
yang diberi kepada Sindora. Anugerah ini telah meningkatkan reputasi
dan imej korporat Kumpulan sebagai entiti bisnes yang berdaya maju, kukuh
dan berwibawa seterusnya pencapaian ini akan mendorong Kumpulan untuk terus maju
demi mencapai kecemerlangan.
1 5
3
6
2 7
1. F inalist Starbiz-ICR Award 4. 3rd Business of the Year Award 6. Excellent Service Award 2008
(Workplace Category) 2008 Excellent Company (2008) 1 Gold and 1 Silver Excellent Service
Finalis Anugerah Starbiz-ICR Anugerah Perniagaan Tahunan Kali Ketiga Award 2 November 2008
(Kategori Tempat Kerja) 2008 Syarikat Cemerlang (2008) Anugerah Kecemerlangan Perkhidmatan
Sindora Berhad Metro Parking (M) Sdn Bhd 2008 1 Anugerah Emas & 1 Anugerah
Perak Kecemerlangan Perkhidmatan
2. NACRA Merit Achievement Award 2007 5. Excellent Service Award 2008 2 November 2008
Anugerah Pencapaian Merit NACRA 2007 1 Gold and 1 Silver Excellent Service Metro Parking (S) Pte Ltd
Award 22 October 2008
Sindora Berhad 7. Excellent Service Award 2008
Anugerah Kecemerlangan Perkhidmatan
2008 1 Anugerah Emas dan 1 Silver Award
3. A nugerah Mekar Johor Corporation
Image & Presentation Evaluation 1 Anugerah Perak Kecemerlangan Anugerah Kecemerlangan Perkhidmatan
Perkhidmatan 22 Oktober 2008 2008 1 Anugerah Perak
Anugerah Kualiti Laman Web 11 November 2008
Kumpulan Johor Corporation 2006 Metro Parking (S) Pte Ltd
Metro Parking (S) Pte Ltd
Sindora Berhad

8. Asia Pacific Entrepreneurship 12. Most Outstanding Managed Car Park 15. Most Outstanding Innovative Car Park
Awards 2008 Outstanding (National) 2006 - Asian Star Brand 2005 - Asian Star Brand in the Asia
Entrepreneurship Award Award (Philippines) in the Philippine Brand Excellence Awards
Anugerah Usahawan Asia Pasifik 2008 Brand Excellence Award Tempat Letak Kereta Paling Berinovatif
Anugerah Usahawan Cemerlang Pengurusan Tempat Letak Kereta 2005 Asian Star Brand di dalam
En. Halmi Jasmin (Managing Director/ Terkemuka (Nasional) 2006 Anugerah Kecemerlangan Asia Brand
Pengarah Urusan) Anugerah Asian Star Brand (Filipina) Metro Parking Management
Metro Parking (M) sdn bhd di dalam Anugerah Kecemerlangan (Philippines) Inc.
Jenama Filipina
9. B
randLaureate 2008 Category Metro Parking Management 16. Finalist of the National Award for
Services (Parking Management) (Philippines) Inc. Management Accounting 2006
BrandLaureate 2008 Kategori Finalis Anugerah Kebangsaan
Perkhidmatan (Pengurusan Tempat 13. Most Outstanding Innovative Car Park Management Accounting 2006
Letak Kenderaan) 2006 - Asian Star Brand in the Asia
Brand Excellence Awards MM Vitaoils Sdn Bhd
Metro Parking (M) Sdn Bhd
Tempat Letak Kereta Paling Berinovatif 17. International Quality Crown Award
10. Industry Excellence Award 2006 2006 Asian Star Brand di dalam London 2006
Certificate of Excellence Anugerah Kecemerlangan Asia Brand
Anugerah International Quality Crown
Export (Services) Metro Parking Management London 2006
Anugerah Kecemerlangan Industri 2006 (Philippines) Inc.
MM Vitaoils Sdn Bhd
Sijil Kecemerlangan
Eksport (Perkhidmatan) 14. 2005 National Product Quality
Excellence Award - Phillipines 18. 25th International Golden Award for
Metro Parking (M) Sdn Bhd Food & Beverages (2006)
Anugerah 2005 National Product Quality
Excellence Filipina Anugerah Emas Antarabangsa Makanan
11. 2006 Philippine Awards for Most dan Minuman kali ke-25 (2006)
Admired Companies and Brand in
the Philippines Best Car Park MM Vitaoils Sdn Bhd
Tempat Letak Kenderaan Terbaik
Anugerah Filipina 2006 bagi Syarikat Makati City Awards 19. Superbrand Malaysia 2005
dan Jenama Paling Diminati di Filipina
The National Council for Product and MM Vitaoils Sdn Bhd
etro Parking Management
M Service Quality and Consumer Today
(Philippines) Inc.
Metro Parking Management
(Philippines) Inc.
8 10
9
12
15
11
16
13
17
18
14 19

Award, Recognition and Certification/Anugerah, Pengiktirafan dan Pensijilan
20 23 24
21
22
29 30
28
26
25 27
31
20. SMB Recognition Award Series for 25. Best 10 Innovative and Creative Circle 28. 2005 Overall Best Performance Mill
Export Excellent Award 2005 (ICC) Group in Technical Category, (JCorp Group)
Anugerah Bersiri Pengiktirafan SMB untuk National ICC Convention 2005 Kilang Minyak Sawit Terbaik
Anugerah Kecemerlangan Eksport 2005 Kumpulan Inovatif dan Kreatif Keseluruhan 2005 (Kumpulan JCorp)
MM Vitaoils Sdn Bhd Terbaik dalam Kategori Teknikal (ICC), Sindora Palm Oil Mill
Konvensyen ICC Peringkat Nasional 2005 Kilang Minyak Sawit Sindora
21. MITI Industry Excellence Award 2005 Sindora Timber Sdn Bhd
Anugerah Kecemerlangan Industri 29. Best 10 Innovative and Creative Circle
Kementerian Perdagangan Antarabangsa 26. Intrapreneur of the Year Award (JCorp (ICC) Group in Service Category
dan Industri 2005 Group) En. Bukhari Abd Rahman Kumpulan Inovatif dan Kreatif (ICC)
Anugerah Intrapreneur Tahunan Terbaik dalam Kategori Perkhidmatan
MM Vitaoils Sdn Bhd
(Kumpulan JCorp) En. Bukhari National ICC Convention 2007
22. Selangor Industry Award 2005 Abd Rahman Konvensyen ICC Peringkat Nasional 2007
Quality Management Excellence Award 5 th JCorp Intrapreneur (M) Sdn Bhd Kumpulan Akrab
Anugerah Industri Selangor 2005 Annual Conference 2005 Sindora Palm Oil Mill
Anugerah Kecemerlangan Pengurusan Persidangan Tahunan ke-5 JCorp Kilang Minyak Sawit Sindora
Kualiti Intrapreneur (M) Sdn Bhd Tahun 2005
PRO OFFICE SOLUTIONS SDN BHD 30. Prime Ministers Award National
MM Vitaoils Sdn Bhd Innovation Award 2007 (Product)
27. Outstanding Corporate Governance Anugerah Perdana Menteri Anugerah
23. First Place Practices Awards Inovasi Nasional 2007 (Produk)
Innovative Exhibition (Technical) Anugerah Amalan Tadbir Urus Korporat National Innovation and Conference
Tempat Pertama Cemerlang 2007 (NiCE 2007)
Pameran Inovatif (Teknikal) 5 th JCorp Intrapreneur (M) Sdn Bhd GranuLab (M) Sdn Bhd
Hari Mekar Johor Corporation (2007) Annual Conference 2005
Kumpulan Suria Persidangan Tahunan ke-5 JCorp 31. ISESCO Science Award 2006
Sindora Timber Sdn Bhd Intrapreneur (M) Sdn Bhd Tahun 2005 Technology
Pro Office Solutions Sdn Bhd Anugerah Sains ISESCO 2006
24. Champion in ICC Technical Category Teknologi
Juara dalam Kategori Teknikal ICC Islamic Educational, Scientific and
Cultural Organisation
Hari Mekar Johor Corporation (2006)
Kumpulan Suria GranuLab (M) Sdn Bhd
Sindora Timber Sdn Bhd

32. Gold Medal Salon International Des 38. ISO 9001:2000 Management of Car
Inventions Geneva (2005) Parks (2006)
Health/Medicine ISO9001:2000 Pengurusan Tempat
Pingat Emas Salon International Des Letak Kereta (2006)
Inventions Geneva (2005) Metro Parking Management
Kesihatan / Perubatan (Philippines) Inc.
33rd International Exhibition of Inventions
of New Techniques and Products 39. ISO 9001:2000
Pameran Ciptaan Teknik dan Produk Baru Production of Cooking Oils, Margarine,
Ghee and Shortening (2005)
32 33 GranuLab (M) Sdn Bhd
ISO 9001:2000
33. SIRIM Best Innovation Award 2004 Pengeluaran Minyak Masak, Marjerin,
(Product GranuMas) Minyak Sapi Sayuran dan Lelemak (2005)
Anugerah Inovasi Terbaik SIRIM 2004 MM Vitaoils Sdn Bhd

(Produk GranuMas)
40. ISO 9001:2000 Manufacturing of
SIRIM (M) Berhad Furniture, Kiln Drying and Rubberwood
GranuLab (M) Sdn Bhd Treatment (2000)
ISO 9001:2000 Pembuatan Perabot,
34. SIRIM Best Innovation Award 2004 Tanor Pengeringan dan Pengawetan
(Technology) Kayu Getah (2000)
34 35 Anugerah Inovasi Terbaik SIRIM 2004 Sindora Timber Sdn Bhd
(Teknologi)
Sirim (M) Berhad 41. MS ISO 9001:2000
Quality Management Systems
GranuLab (M) Sdn Bhd
Requirements Processing of Fresh
Fruit Bunches to Crude Palm Oil and
Palm Kernel (1999)
CERTIFICATION/PENSIJILAN
S ISO 9001:2000
M
35. ISO 9001:2000 Provision of
Sistem Pengurusan Kualiti
Investment and Monitoring of Business
Keperluan Pemprosesan Buah Tandan
and Subsidiaries (2007)
Segar kepada Minyak Sawit Mentah dan
ISO 9001:2000 Peruntukan Pelaburan Isirong Sawit (1999)
36 dan Pengawasan Bisnes dan Syarikat-
indora Palm Oil Mill/
S
syarikat Anak (2007)
Kilang Sawit Sindora
Sindora Berhad
42. MS ISO 9001:2000
36. ISO 9001:2000 Quality Management Quality Management Systems
Systems Management of Car Parks Requirements Blending and Packing
(2001, 2008) of Tea (1999)
ISO 9001:2000 Sistem Pengurusan MS ISO 9001:2000
Kualiti Pengurusan Tempat Letak Sistem Pengurusan Kualiti
Kereta (2001, 2008) Keperluan Pengadunan dan
Metro Parking (M) Sdn Bhd Pembungkusan Teh (1999)
37 Tepak Marketing Sdn Bhd
37. ISO 14001:2004 Provision for Oil
Palm and Rubber Estate Management 43. Certificate of Registration
including Bio-Composting Plant (2007) US Food and Drug Administration (2007)
ISO 14001:2004 Peruntukan untuk Sijil Pendaftaran
Pengurusan Ladang Kelapa Sawit dan US Food and Drug Administration (2007)
Getah termasuk Pengilangan
MM Vitaoils Sdn Bhd
Bio-Kompos (2007)
Sindora Estate/Ladang Sindora
38 39 40 41 42 43

Focus will be given on capitalising
Sindoras corporate synergies
presented through mergers
and acquisitions, strengthening,
restructuring and consolidating
its businesses to enhance strength
and sustain growth prospects.
Tumpuan akan diberikan untuk memaksimumkan sinergi korporat
yang dijana melalui pengambilalihan syarikat-syarikat intrapreneur,
memperkukuh, menstruktur dan menggabungkan bisnes berkenaan
bagi memantapkan kedudukan Sindora dan mengekalkan
prospek pertumbuhannya.
S ynergy
Our
Sinergi Kami
STATEMENT ON CORPORATE GOVERNANCE
Penyata Tadbir Urus Korporat
THE BOARD OF DIRECTORS LEMBAGA PENGARAH

COMPOSITION AND BALANCE KOMPOSISI DAN KESEIMBANGAN
The Boards composition is made up of members with a blend of Komposisi Lembaga Pengarah Sindora adalah terdiri daripada ahli-ahli
expertise drawn from various backgrounds, bringing with them, depth yang memiliki pelbagai kepakaran dan latar belakang. Mereka memiliki
and diversity in knowledge and experience, which are invaluable to the pengetahuan dan pengalaman luas yang amat bernilai dan diperlukan
long-term prosperity of the Group. untuk pertumbuhan jangka panjang Kumpulan.
The Board currently has nine (9) members comprising of two (2) Pada masa ini, Lembaga Pengarah dianggotai sembilan (9) ahli yang
executive directors, three (3) non-independent non-executive directors terdiri daripada dua (2) pengarah eksekutif, tiga (3) pengarah bukan
bebas bukan eksekutif dan empat (4) pengarah bebas. Komposisi
and four (4) independent directors. This is in compliance with the
ini adalah mematuhi Keperluan Penyenaraian (LR) Bursa Malaysia
Amended Listing Requirements (LR) of Bursa Malaysia Securities
Securities Berhad (Bursa Malaysia) yang mensyaratkan supaya
Berhad (Bursa Malaysia) which requires that at least one third of the
sekurang-kurangnya satu pertiga daripada keahlian Lembaga Pengarah
directors should be independent.
adalah terdiri daripada Pengarah Bebas.
There is a clear separation of role and responsibility between the Terdapat pengasingan peranan dan tanggungjawab antara Pengerusi
Chairman and the Managing Director to ensure a clear segregation of dan Pengarah Urusan bagi memastikan pemisahan kuasa dan tugas
authorities and duties. The Chairman is responsible for ensuring the yang jelas. Pengerusi berperanan memastikan keberkesanan Lembaga
Boards effectiveness and conduct, whilst the Managing Director is Pengarah serta melaksanakan kewajipannya berlandaskan tatacara yang
responsible for implementing the policies and decisions of the Board, mantap. Pengarah Urusan bertanggungjawab untuk melaksanakan polisi
overseeing the operations as well as co-ordinating the development and dan keputusan yang dibuat oleh Lembaga Pengarah, mengawalselia
implementation of business and corporate strategies. operasi serta menyelaras pembangunan dan pelaksanaan strategi
bisnes dan korporat.
DIRECTORSHIP IN OTHER COMPANIES
PERWAKILAN SEBAGAI PENGARAH DALAM SYARIKAT-SYARIKAT LAIN
None of the Directors of the Company holds more than ten (10)
directorships in listed companies and more than fifteen (15) directorships Tiada seorang pun Pengarah Syarikat yang memegang lebih daripada
in non-listed companies. This practice ensures that the Directors sepuluh (10) jawatan pengarah di syarikat tersenarai awam dan lebih
are able to allocate sufficient commitment, resources and time in daripada lima belas (15) jawatan pengarah dalam syarikat tidak tersenarai.
discharging their duties effectively. Amalan ini bertujuan memastikan bahawa para Pengarah Syarikat dapat
menumpukan komitmen, sumber dan masa bagi membolehkan mereka
RESPONSIBILITY OF THE BOARD melaksanakan tugas dan tanggungjawab secara berkesan.
The Board has the ultimate and overall responsibility for the effective TANGGUNGJAWAB LEMBAGA PENGARAH
control of the Group. As prescribed by the Revised Code, the Board
Lembaga Pengarah bertanggungjawab sepenuhnya dan menyeluruh di
assumes six (6) principal responsibilities in discharging its statutory and
dalam memastikan Kumpulan mempunyai sistem kawalan yang efektif.
fiduciary duties. These include:-
Sebagaimana yang dinyatakan di dalam Kod, Lembaga Pengarah
Reviewing and approving the Groups strategic business plans mempunyai enam (6) tanggungjawab utama dalam melaksanakan
as a whole. This encompasses the annual budget, medium term tanggungjawab berkanun dan fidusiarinya. Ini termasuk:-
corporate plan, new investment/divestment as well as acquisition. M enyemak dan meluluskan perancangan bisnes strategik
verseeing the conduct of the business to ascertain its proper
O Kumpulan secara keseluruhannya. Ini merangkumi bajet tahunan,
management, including setting clear objectives and policies for rancangan korporat jangka masa sederhana, pelaburan/pelupusan
senior management to operate. serta pengambilalihan.
Identifying and approving policies pertaining to the management engawalselia tatacara bisnes untuk memastikan pengurusan
M
of all risk categories, including but not limited to strategic and yang mantap termasuk menetapkan objektif dan dasar yang jelas
financial risks. untuk memudahkan pelaksanaan oleh pihak pengurusan kanan.
M engenalpasti dan meluluskan polisi berkaitan pengurusan
eveloping succession plan, particularly for senior management
D
semua kategori risiko, termasuk tetapi tidak terhad kepada risiko
and intrapreneurs.
strategik dan kewangan.
Developing and implementing investor relations programme for
Merumus perancangan penggantian khususnya untuk pengurusan
the Company.
kanan dan intrapreneur.
eviewing the adequacy and the integrity of internal controls
R erangka dan melaksanakan program perhubungan pelabur
M
and management information systems, including system untuk Syarikat.
for compliance with applicable laws, rules, regulations, directives
and guidelines. engkaji kecukupan dan kewibawaan sistem kawalan dalaman
M
Syarikat serta sistem pengurusan maklumat termasuk sistem
pematuhan terhadap undang-undang, peraturan, arahan dan garis
panduan yang berkaitan.

The Board also ensures the sustenance of a dynamic and robust Lembaga Pengarah juga akan memastikan iklim korporat yang dinamik
corporate climate, focused on strong ethical values. This is emphasised dan mantap dengan memfokus kepada nilai-nilai etika yang teguh. Ini
in active participation and dialogues on a structured basis involving key diberi penekanan melalui penyertaan aktif dan penglibatan pengurusan
people at all levels, as well as ensuring transparency and accessibility kanan Syarikat di semua peringkat melalui dialog yang diadakan
to information on all executive actions. The corporate climate is also secara tersusun di samping memastikan semua maklumat mengenai
continuously nourished by value-centred programmes for team-building bisnes dapat disalurkan secara terus dan semua tindakan eksekutif
and active subscription to core values. dilaksanakan secara telus. Iklim korporat juga akan terus dipupuk
melalui program-program yang berteraskan nilai demi membina
BOARD MEETINGS semangat berpasukan dan dokongan nilai-nilai teras secara aktif.
The Board meets on a quarterly basis and when necessary, additional MESYUARAT LEMBAGA PENGARAH
meetings will be convened to deliberate and decide on specific matters.
Lembaga Pengarah bermesyuarat sekali setiap suku tahun dan jika perlu,
There were four (4) Board meetings, two (2) Special meetings and four
mesyuarat khas Lembaga Pengarah akan diadakan bagi membincangkan
(4) Audit Committee meetings convened in the year under review and
perkara-perkara tertentu. Dalam tahun yang ditinjau, empat (4) Mesyuarat
the following are the details of attendance of each Director:- Lembaga Pengarah, dua (2) Mesyuarat Khas Lembaga Pengarah dan empat
(4) Mesyuarat Jawatankuasa Audit telah diadakan dan butir-butir kehadiran
setiap ahli Lembaga Pengarah adalah seperti jadual di bawah:-
General Meetings
mesyuarat agung
Special
Board Audit Extra-
Board lembaga Committee Ordinary
Directors lembaga pengarah jawatankuasa Annual luar
Pengarah pengarah khas audit Tahunan biasa
Tan Sri Dato Muhammad Ali Hashim (4/4) (2/2) - (1/1) (1/1)
Rozan bin Mohd Saat (4/4) (2/2) - (1/1) (1/1)
Halmi Jasmin (4/4) (2/2) - (1/1) (1/1)
Tan Sri Datuk Arshad Ayub* (4/4) (2/2) (4/4) (1/1) (1/1)
Datuk Johan bin Jaaffar* (4/4) (2/2) (2/4) (1/1) (1/1)
Kua Hwee Sim* (4/4) (2/2) (4/4) (1/1) (1/1)
Hj Esa bin Mamek* (4/4) (2/2) - (1/1) (1/1)
Dato Ir. Abd Hak Md Amin (3/4) (2/2) - (0/1) (0/1)
Zulkifli Ibrahim (Appointed/Dilantik Pada 1 July/Julai 2008) (2/2) - - - -
Johari bin Maarof (Resigned/Meletak Jawatan Pada 17 June/Jun 2008) (1/1) (2/2) - - -
Note/Nota-nota:
* denote independent member of the Board/menandakan ahli Lembaga Pengarah Bebas.

Statement on Corporate Governance/Penyata Tadbir Urus Korporat
APPOINTMENT AND RE-ELECTION OF DIRECTORS PERLANTIKAN DAN PEMILIHAN SEMULA PENGARAH

The Board has in place, the process for proposing new nominees, Lembaga Pengarah mempunyai proses khusus untuk mencalonkan ahli
selection of new members for the Board and assessing the Directors on Lembaga Pengarah yang baru. Setiap Pengarah yang dilantik dinilai
an on-going basis. The decision as to who shall be nominated would secara berterusan. Keputusan akhir untuk pemilihan calon pengarah
take into consideration the recommendations from the Nomination and akan mengambil kira pandangan yang dikemukakan oleh Jawatankuasa
Remuneration Committee of Johor Corporation (JCorp Group NRC). Pencalonan dan Imbuhan Johor Corporation (NRC JCorp).
In accordance with the Companys Article of Association, at least one Menurut Tataurusan Pertubuhan Syarikat, sekurang-kurangnya satu
third of the directors are required to retire from office at each Annual pertiga daripada Pengarah disyaratkan untuk bersara daripada jawatan
masing-masing pada setiap Mesyuarat Agung Tahunan (AGM) dan boleh
General Meeting (AGM) and can offer themselves for re-election at the
menawarkan diri mereka untuk pemilihan semula pada AGM. Datuk
AGM. Datuk Johan bin Jaaffar and Hj Esa bin Mamek shall retire from
Johan bin Jaaffar dan Hj Esa bin Mamek akan bersara dari jawatan
office at the forthcoming AGM, scheduled on 25 May 2009. Rozan Bin
masing-masing pada AGM yang dijadual pada 25 Mei 2009. Rozan Bin
Mohd Saat and Halmi Jasmin retired during the last AGM held on 25
Mohd Saat dan Halmi Jasmin telah bersara pada AGM yang lalu yang
June 2008 and had been re-elected. diadakan pada 25 Jun 2008 dan telah dilantik semula.
Directors who are appointed during the financial year are also subject Para Pengarah yang dilantik pada tahun kewangan ini juga tertakluk
to re-election by the shareholders at the next AGM held following their kepada perlantikan semula oleh para pemegang saham pada AGM yang
appointment (Article 93). Zulkifli Ibrahim, who was appointed on 1 July akan diadakan selepas perlantikan mereka (Artikel 93). Zulkifli Ibrahim,
2008 is subjected to re-election at the forthcoming AGM scheduled for yang dilantik pada 1 Julai 2008 tertakluk kepada perlantikan semula
25 May 2009. Directors over 70 years of age are required to submit pada AGM akan datang yang dijadualkan pada 25 Mei 2009. Pengarah
themselves for re-appointment annually in accordance with Section yang berusia lebih daripada 70 tahun dikehendaki menawarkan diri
129(6) of the Companies Act, 1965. Tan Sri Datuk Arshad Ayub is mereka untuk dilantik pada setiap tahun sejajar dengan Seksyen 129(6)
subjected to this requirement. Akta Syarikat, 1965. Pada masa ini hanya Tan Sri Datuk Arshad Ayub
sahaja yang tertakluk kepada syarat tersebut.
BOARD COMMITTEES
JAWATANKUASA LEMBAGA PENGARAH
i) Nomination and Remuneration Committees
i) Jawatankuasa Pencalonan dan Imbuhan
The Board has in place an established method in nominating
and selecting Board members. In line with JCorps Group-wide Lembaga Pengarah mempunyai kaedah khusus untuk mencalon
corporate practice, the functions and responsibilities of the dan memilih ahli Lembaga Pengarah. Sejajar dengan amalan
Nomination and Remuneration Committees are undertaken by korporat Kumpulan JCorp, fungsi dan tanggungjawab Jawatankuasa
Pencalonan dan Imbuhan (NRC) Sindora dilaksanakan oleh NRC
JCorp Group NRC. Sindora is directly represented at JCorp Group
JCorp. Sindora diwakili secara langsung di dalam NRC JCorp oleh
NRC by its Chairman and Managing Director who are respectively
Pengerusi dan Pengarah Urusannya yang mana masing-masing
the Chairman and permanent member of the committee. Tan Sri
adalah merupakan Pengerusi dan ahli tetap jawatankuasa. Tan Sri
Datuk Arshad Ayub, the Independent Director of Sindora, is also
Datuk Arshad Ayub, yang menjadi Pengarah Bebas Sindora juga
an independent member of JCorp Group NRC. adalah Ahli Bebas NRC JCorp.
This approach in centralising NRC functions at JCorp Group is P endekatan dalam menggabungkan fungsi Jawatankuasa Pencalonan
not an uncommon practice among top global companies and dan Imbuhan di peringkat Kumpulan JCorp adalah satu amalan yang
leading multi-national corporations. The prime consideration is the lumrah di kalangan syarikat-syarikat antarabangsa yang ternama
strategic advantage that the centre provides by allowing wider dan terkemuka. Pertimbangan utama dan kelebihan strategik
access and greater reach to a much larger pool of talent, skills ekoran dari langkah penggabungan tersebut adalah akses kepada
and expertise as well as to benchmark remunerations on a Group- peluang mendapatkan individu yang berbakat, berkemahiran dan
wide basis. berkepakaran tinggi yang mampu diketengahkan oleh Kumpulan
JCorp di samping menyelaraskan asas imbuhan yang lebih seragam
ii) Audit Committee (AC) dan kemaskini dalam Kumpulan berasaskan pasaran.
The Audit Committee, chaired by Tan Sri Datuk Arshad Ayub,
ii) Jawatankuasa Audit
is operating within clearly defined terms of reference as stated
in pages 111 to 113 of this Annual Report. Audit Committee Jawatankuasa Audit (AC) yang dipengerusikan oleh Tan Sri
comprises three (3) members, all of whom are Independent Datuk Arshad Ayub, beroperasi mengikut bidang rujukan yang
Non-Executive Directors. jelas seperti yang dinyatakan di mukasurat 111 hingga 113
Laporan Tahunan ini. Jawatankuasa ini terdiri daripada tiga
(3) orang ahli yang mana kesemua daripada mereka adalah
Pengarah Bebas Bukan Eksekutif.

Considering its importance under the governance framework, AC had Memandangkan peri pentingnya peranan serta fungsinya
conducted a self-assessment of its effectiveness. The evaluation summarises di bawah rangka kerja tadbir urus, Jawatankuasa ini telah
key principles and best practices that were aligned to Chapter 15 of LR, the menjalankan penilaian sendiri terhadap keberkesanannya.
Revised Code and Statement of Internal Control: Guidance to Directors of Penilaian ini merumuskan prinsip penting dan amalan terbaik
Public Listed Companies (the Guidance), and is provided for AC Members yang diselaraskan dengan Bab 15 Keperluan Penyenaraian,
use in assessing the committees performance. It was adapted from the Kod Semakan, Penyata Kawalan Dalaman: Panduan untuk
latest edition of the research paper Audit Committee Effectiveness What Pengarah Syarikat-Syarikat Awam Tersenarai (Panduan) serta
Works Best by PricewaterhouseCoopers (PwC) and sponsored by the disediakan untuk kegunaan Ahli-ahli AC dalam menilai prestasi
Institute of Internal Auditors (IIA) Research Foundation, USA. The evaluation Jawatankuasa. Prinsip dan amalan tersebut diambil dan
disesuaikan daripada Audit Committee Effectiveness What
covers areas on Financial Statements, Risk Management and Internal
Works Best yang diterbitkan oleh PricewaterhouseCoopers (PwC)
Control, Compliance and Ethics, Oversight of Management and Internal
dan ditaja oleh Yayasan Penyelidikan Institute of Internal Auditors
Audit, Relationship with External Auditors, Committee Composition, Training,
(IIA) Amerika Syarikat. Penilaian tersebut meliputi bidang-bidang
Resources and Special Investigations, Charter and Evaluation, Meetings and
berhubung Penyata Kewangan, Pengurusan Risiko dan Kawalan
The Future. Dalaman, Pematuhan dan Etika, Pengawasan Pengurusan dan
Audit Dalaman, Perhubungan dengan Juruaudit Luar, Komposisi
DIRECTORS TRAINING Jawatankuasa, Latihan, Sumber dan Penyiasatan Khas, Piagam
All members of the Board have attended the required Mandatory dan Penilaian, Mesyuarat serta Masa Depan.
Accreditation Programme (MAP). The members of the Board had also
attended and will continue to participate in the enhancement programmes LATIHAN PENGARAH
related to directors training in the future as part of their Continuing Semua ahli Lembaga Pengarah telah menghadiri Program Akreditasi
Education Programme. In addition to formal trainings, new Directors also Mandatori (MAP). Para Pengarah telah dan akan terus menghadiri
attended Majlis Pedoman (an annual employees meeting and dialogue program-program berkaitan dengan latihan pengarah sebagai
session) held by Sindora, JCorp and other listed or strategic companies sebahagian daripada Program Pendidikan Berterusan (CEP). Di samping
within JCorp Group for a better understanding of the Companys and latihan formal, para Pengarah baru juga menghadiri Majlis Pedoman
JCorp Groups vision, mission and objectives. (mesyuarat tahunan dan sesi dialog anggota pekerja) yang dianjurkan
oleh Sindora, JCorp dan syarikat-syarikat tersenarai atau strategik
SUPPLY OF INFORMATION dalam Kumpulan JCorp untuk lebih memahami wawasan, misi dan
objektif Syarikat dan Kumpulan JCorp.
The Board is provided with relevant and timely information, which are
not merely historical or financially oriented but are broader and of PENYEDIAAN MAKLUMAT
intrinsic value to enable the Board to effectively discharge its duties
Lembaga Pengarah telah disediakan dengan maklumat yang relevan dan
and responsibilities.
terkini, bukan sahaja yang bersifat sejarah dan berorientasikan kewangan,
malah yang lebih luas dan bernilai intrinsik untuk membantu Lembaga
The Board has access to all information, whether as a full
Pengarah melaksanakan tugas dan tanggungjawab dengan berkesan.
Board or in their individual capacity in discharging their duties
and responsibilities. The Board and its committee may also seek Lembaga Pengarah secara kolektif atau atas kapasiti individu, mempunyai
independent professional advice at the Companys expense in the akses untuk mendapatkan semua maklumat yang diperlukan untuk
course of discharging its duties. melaksanakan tugas dan tanggungjawab mereka. Lembaga Pengarah
dan jawatankuasanya juga boleh mendapatkan khidmat nasihat
BOARDS EFFECTIVENESS juruperunding bebas profesional dalam melaksanakan tugas mereka di
The Board forms an important structure/platform of the overall sound mana perbelanjaan tersebut akan ditanggung oleh Syarikat.
internal control system. Beginning 2007, JCorp Group NRC has adopted
a standard format for the Board of Directors evaluation. One of the KEBERKESANAN LEMBAGA PENGARAH
evaluations is adapted from the research paper Corporate Governance Lembaga Pengarah merupakan struktur/landasan yang penting
and the Board - What Works Best by PwC and sponsored by the IIA dalam memastikan sistem kawalan dalaman yang berkesan. Mulai
Research Foundation, USA. The evaluation covers areas on Strategy tahun 2007, NRC JCorp telah menerima pakai satu format borang
and Planning; Risk Management; Tone at the Top; Measuring and yang seragam dalam sistem penilaian Lembaga Pengarah. Salah
Monitoring Performance; Transformational Transactions; Management satu daripada komponen penilaian tersebut dirujuk daripada kertas
Evaluation; Compensation and Succession Planning; Transparency; and penyelidikan bertajuk Corporate Governance and the Board - What
Board Dynamics. Works Best oleh PwC dan ditaja oleh IIA Research Foundation, Amerika
Syarikat. Penilaian tersebut merangkumi bidang-bidang Strategi dan
Perancangan; Pengurusan Risiko; Tatacara Pengendalian Lembaga
Pengarah; Mengukur dan Memantau Prestasi; Urusan Transformasi;
Penilaian Pengurusan; Imbuhan dan Program Pelapis; Ketelusan; dan
Dinamisma Lembaga Pengarah.

DIRECTORS REMUNERATION IMBUHAN PENGARAH

REMUNERATION POLICY POLISI IMBUHAN
JCorp Group NRC is responsible for making recommendations on the NRC Kumpulan JCorp bertanggungjawab mengemukakan syor-syor
framework, policy and procedures to determine and review the specific berhubung rangka kerja, polisi dan prosedur untuk menentukan dan
remuneration package of the Executive Directors and senior executives mengkaji pakej imbuhan yang khusus bagi para Pengarah Eksekutif dan
of JCorp Group, including Sindora Group. eksekutif kanan Kumpulan JCorp termasuk Kumpulan Sindora.
The objectives of the remuneration policy are:- Objektif polisi imbuhan tersebut adalah untuk:-
T o ensure that individual rewards and incentives fairly relate to emastikan supaya setiap ganjaran dan insentif dikaitkan adalah
M
berdasarkan kepada prestasi individu, Syarikat dan kepentingan
the performance of the individual, the Company and the interests
para pemegang saham; dan
of shareholders; and
Menarik serta mengekalkan pengurusan kanan yang berkelayakan.
To attract and retain the most qualified senior executives.
Sekiranya perlu, Jawatankuasa akan mendapatkan khidmat nasihat
The Committee seeks independent advice, where appropriate, and has bebas dan mendapatkan maklumat berhubung tahap pampasan dan
information on compensation and salary levels of other companies in gaji di kalangan syarikat-syarikat lain dalam industri yang sama.
similar industry of comparable size, for executives with similar skills, Maklumat kemahiran, kelayakan dan pengalaman ini akan digunakan
qualifications and experience for the purpose of reviewing the salaries untuk tujuan penilaian semula gaji dan ganjaran kepada anggota
and benefits of staff of the Group. pekerja pengurusan kanan Kumpulan.
DISCLOSURE ON DIRECTORS REMUNERATION FOR 2008 IMBUHAN PENGARAH BAGI TAHUN 2008
The aggregate Boards remuneration paid or payable or otherwise made Jumlah imbuhan Lembaga Pengarah yang telah dibayar atau layak
to all Directors of the Company who served during the financial year dibayar atau diberi kepada semua Pengarah Syarikat yang berkhidmat
is as follows:- pada tahun kewangan adalah seperti berikut:-
Directors Other Meetings

Fees Allowance Allowance Benefit-
Salary yuran elaun elaun in-Kind Total
Director gaji pengarah lain mesyuarat manfaat Jumlah
pengarah (RM) (RM) (RM) (RM) (RM) (RM)
Executive/Eksekutif
Rozan bin Mohd Sa'at 839,518 * 45,000 - - 38,874 923,392
Halmi Jasmin - 30,000 30,000 - - 60,000
Non-executive/Bukan-eksekutif
Tan Sri Dato Muhammad Ali Hashim - 60,000 - 3,000 - 63,000
Tan Sri Datuk Arshad Ayub - 30,000 - 4,400 - 34,400
Datuk Johan bin Jaaffar - 30,000 - 3,300 - 33,300
Kua Hwee Sim - 30,000 - 3,600 - 33,600
Hj Esa bin Mamek - 30,000 - 2,400 - 32,400
Dato Ir. Abd Hak Md Amin - 30,000 - 2,000 - 32,000
Zulkifli Ibrahim - 15,000 - 800 - 15,800
Johari Bin Maarof - 7,500 - 1,200 - 8,700
* Includes fixed allowance, bonus, gratuity payment and employers contribution to EPF/Termasuk elaun tetap, bonus, pembayaran gratuiti dan caruman majikan kepada KWSP.

INVESTOR RELATIONS AND SHAREHOLDERS COMMUNICATION hubungan pelabur dan komunikasi DENGAN PEMEGANG SAHAM
Sindora adopts an open and transparent policy in respect of its Sindora menerima pakai dasar yang terbuka dan telus berkaitan
relationship with its shareholders and investors. Sindora communicates perhubungan dengan pemegang saham Syarikat. Syarikat menyalurkan
with its shareholders and investors through the Annual Reports, AGMs, maklumat dan berkomunikasi dengan pemegang saham dan pelaburnya
announcements to Bursa Malaysia and its website. melalui Laporan Tahunan, Mesyuarat Agung Tahunan, pengumuman
kepada Bursa Malaysia dan laman webnya.
ANNUAL GENERAL MEETING (AGM)
MESYUARAT AGUNG TAHUNAN (AGM)
The AGM serves as the principal forum for dialogue with shareholders.
The role of the Board is to ensure that the AGMs are conducted in Mesyuarat Agung Tahunan (AGM) merupakan satu forum utama
bagi menggalakkan komunikasi di antara Pengarah Syarikat dan
an efficient manner, which includes supply of timely and relevant
para pemegang saham. Peranan Lembaga Pengarah adalah untuk
information, including the Annual Report to shareholders and
memastikan supaya AGM berjalan dangan lancar, termasuk penyediaan
encouragement of active participation at the AGM.
maklumat yang terkini dan relevan, termasuk Laporan Tahunan kepada
pemegang saham serta menggalakkan penyertaan aktif pemegang-
The Companys website, www.sindora.com.my provides easy and pemegang saham di dalam AGM.
quick access to the latest financial, corporate and other significant
information on the Groups various activities. Laman web Syarikat di www.sindora.com.my turut menyediakan akses
yang mudah, pantas serta kemaskini mengenai maklumat kewangan,
ACCOUNTABILITY AND AUDIT korporat dan yang berkaitan dengan aktiviti Kumpulan.
In presenting the quarterly results and annual financial statements
to the shareholders, the Board aims to present an accurate and KEBERTANGGUNGJAWABAN DAN AUDIT
balanced assessment of the Groups financial position and prospects. Dalam membentangkan keputusan suku tahunan dan penyata kewangan
Audit Committee and the external auditors, reviewed the annual tahunan kepada para pemegang saham, Lembaga Pengarah berusaha
financial statements to ensure that appropriate accounting policies memastikan pembentangan kedudukan kewangan Kumpulan dan
are consistently applied and supported by reasonable and prudent prospek adalah tepat dan seimbang. Jawatankuasa Audit dan juruaudit
judgement, and all accounting standards which the Board considers to luar menilai penyata kewangan tahunan bagi memastikan supaya
be applicable have been followed and adhered. polisi perakaunan yang bersesuaian digunakan secara konsisten serta
disokong oleh pertimbangan yang berpatutan dan berhemah, dan
mematuhi kesemua piawaian perakaunan yang difikirkan sesuai oleh
INTERNAL CONTROL Lembaga Pengarah.
The Board acknowledges its full responsibility to ensure a sound Internal
Control System covering the financial, operational and compliances KAWALAN DALAMAN
aspect of the business. The Statement of Internal Control that provides Lembaga Pengarah bertanggungjawab sepenuhnya untuk memastikan
an overview of the state of internal control of Sindora is set out on bahawa Sistem Kawalan Dalaman yang mantap meliputi aspek
page 99 to 104. kewangan, operasi dan pematuhan dalam menjalankan bisnes. Penyata
Kawalan Dalaman yang menerangkan aspek kawalan dalaman secara
RECURRENT RELATED PARTY TRANSACTIONS terperinci dibentangkan di mukasurat 99 hingga 104.
The significant recurrent related party transactions for the financial
TRANSAKSI BERULANG DENGAN PIHAK BERKAITAN (RRPT)
year ended 31 December 2008 are set out in page 107 to 109. At an
Annual General Meeting held on 25 June 2008 the Company obtained Transaksi berulang dengan pihak berkaitan bagi tahun kewangan
the shareholders mandate to allow the Group to enter into recurrent berakhir 31 Disember 2008 adalah sepertimana dilampirkan pada
related party transactions. mukasurat 107 hingga 109. Dalam Mesyuarat Agung Tahunan
yang diadakan pada 25 Jun 2008, Syarikat telah memperolehi
The recurrent related party transactions undertaken by the Company mandat pemegang-pemegang saham untuk membenarkan Kumpulan
are in the ordinary course of business, on arms length basis and are membuat RRPT.
on normal commercial terms which are not more favourable to the
RRPT dijalankan oleh Syarikat adalah atas urusan biasa bisnes, pada
related parties than those generally available to the public and not to
asas yang saksama dan atas terma komersial biasa yang tidak
the detriment of the minority shareholders.
memberi kelebihan kepada mana-mana pihak yang berkaitan dan tidak
menjejaskan kepentingan para pemegang saham minoriti.
As set out in Bursa Malaysia Listing Requirements and Companys
Articles of Association, a Director who has an interest and deemed Seperti yang dinyatakan dalam Keperluan Penyenaraian Bursa Malaysia
connected to a transaction shall abstain from deliberation and voting in dan Tataurusan Pertubuhan Syarikat, Pengarah yang mempunyai
the relevant resolutions in respect of such transactions at Board and kepentingan dan dianggap berkaitan dengan sesuatu transaksi akan
general meetings convened to consider the matter. dikecualikan daripada perbincangan dan pengundian dalam resolusi yang
relevan kepada transaksi tersebut dalam mesyuarat Lembaga Pengarah
dan mesyuarat agung.

RELATIONSHIP WITH AUDITORS PERHUBUNGAN DENGAN JURUAUDIT

The Board, through the Audit Committee, maintained a formal and Lembaga Pengarah melalui Jawatankuasa Audit, mengekalkan hubungan
transparent professional relationship with the external auditors in yang profesional dan telus dengan juruaudit luar dalam mendapatkan
seeking professional advice and ensuring compliance with the applicable nasihat profesional dan memastikan pematuhan kepada piawaian
accounting standards and statutory requirements. The Audit Committee, perakaunan dan keperluan berkanun yang berkaitan. Jawatankuasa Audit,
without the presence of the Executive Directors and the management, telah bermesyuarat dengan juruaudit luar sebanyak dua (2) kali pada tahun
met the external auditors twice in the year under review. 2008 tanpa kehadiran para Pengarah Eksekutif dan pihak pengurusan.
ADDITIONAL INFORMATION MAKLUMAT TAMBAHAN

Apart from providing the shareholders and the stakeholders at large Selain daripada menyediakan satu tinjauan menyeluruh berhubung
with an overview of the state of corporate governance practices amalan tadbir urus korporat Syarikat kepada para pemegang saham dan
of the Company, the following are also disclosed for shareholders semua pihak berkepentingan, perkara-perkara berikut turut didedahkan
information:- untuk makluman para pemegang saham:-
MANAGEMENTS SUCCESSION BARISAN PENGURUSAN PELAPIS
The Company does not anticipate that the Managing Director will Syarikat tidak menjangka bahawa Pengarah Urusan akan bersara
retire other than due to disability. He reports to the Board on melainkan atas sebab-sebab ketidakupayaan. Beliau melapor
senior managements succession planning programmes. terus kepada Lembaga Pengarah berhubung program penyediaan
barisan pengurusan pelapis kanan.
SHARE BUY-BACKS
PEMBELIAN BALIK SAHAM
T he company did not undertake any share buy-back transaction
Syarikat tidak menjalankan sebarang urusniaga pembelian balik
during the financial year.
saham pada tahun kewangan ini.
NON-AUDIT FEES
YURAN BUKAN AUDIT
The amount of non-audit fees paid by the Group to external auditors for Jumlah yuran bukan audit yang dibayar kepada juruaudit luar oleh
the financial year ended 31 December 2008 was as follows:- Kumpulan pada tahun kewangan yang berakhir 31 Disember 2008
adalah seperti berikut:
fees/yuran RM
External Auditors/Juruaudit Luar 245,089
COMPLIANCE TO THE CODE PEMATUHAN TERHADAP KOD TADBIR URUS KORPORAT

The Board is of the opinion that Sindora Group had consistently Lembaga Pengarah berpendapat bahawa Kumpulan Sindora telah mematuhi
complied with the principles and Best Practices of Corporate Governance secara konsisten semua prinsip dan amalan terbaik dalam Tadbir Urus
throughout the financial year ended 31 December 2008. Korporat sepanjang tahun kewangan berakhir 31 Disember 2008.
This statement is made in accordance with the resolutions of the Board Penyata ini disediakan selaras dengan resolusi Lembaga Pengarah
of Directors dated 30 March 2009. bertarikh 30 Mac 2009.
TAN SRI DATO MUHAMMAD ALI HASHIM ROZAN BIN MOHD SAAT
Chairman/Pengerusi Managing Director/Pengarah Urusan

STATEMENT ON internal control
Penyata Kawalan Dalaman
The Board of Directors of Sindora Berhad (the Board) recognises the

critical roles of corporate governance and a sound internal control
to safeguard the interest of shareholders and other stakeholders.
The Board is pleased to present the following report on the state of

principles and applications of the internal controls of Sindora Berhad
(Sindora) GROUP in accordance to Paragraph 15.27(b) of the Listing
Requirements of Bursa Malaysia.
Lembaga Pengarah Sindora Berhad (Lembaga Pengarah) mengiktiraf peranan penting

tadbir urus korporat dan kawalan dalaman yang mantap untuk melindungi kepentingan
para pemegang saham dan pihak berkepentingan.
Lembaga Pengarah dengan sukacita membentangkan laporan berhubung dengan prinsip

dan amalan kawalan dalaman KUMPULAN Sindora Berhad (Sindora) selaras dengan
Perenggan 15.27(b) Keperluan Penyenaraian Bursa Malaysia.
BOARDS RESPONSIBILITIES TANGGUNGJAWAB LEMBAGA PENGARAH

The Boards primary role is to oversee and review the adequacy and Peranan utama Lembaga Pengarah adalah untuk mengawalselia dan
effectiveness of the internal controls and risk management procedures mengkaji kecukupan dan keberkesanan prosedur kawalan dalaman dan
across the various operating subsidiaries in the Group. pengurusan risiko di seluruh syarikat anak Kumpulan yang beroperasi.
The Board has in place, an ongoing process for identifying, evaluating Lembaga Pengarah telah menyediakan satu proses secara berterusan
and managing the significant risks faced by Sindora Group and this untuk mengenalpasti, menilai dan menguruskan risiko-risiko utama yang
is regularly reviewed by the Board, through the Audit Committee, dihadapi oleh Kumpulan Sindora. Lembaga Pengarah melalui Jawatankuasa
in accordance with the Statement on Internal Control: Guidance For Audit, mengenalpasti secara berterusan tahap keberkesanan proses
tersebut selaras dengan Penyata Kawalan Dalaman: Panduan Untuk
Directors of Public Listed Companies (the Guidance).
Pengarah Syarikat-Syarikat Tersenarai Awam (Panduan).
Any systems of internal control, due to its inherent limitations, are only
Sistem kawalan dalaman ini diolah sebaik mungkin untuk mengurus
designed to manage, rather than eliminate, the risk of failure to achieve
dan bukan menghapuskan sama sekali risiko. Sehubungan dengan itu
corporate objectives. Accordingly, it can only provide reasonable but not sistem ini hanya berupaya menyediakan kawalan yang efektif tetapi
absolute assurance against material misstatement or loss. tidak menolak secara mutlak kemungkinan berlakunya salahnyata atau
kerugian yang ketara.

Statement on Internal Control/Penyata Kawalan Dalaman
In making this Statement, pursuant to Paragraph 46 of the Guidance, Lembaga Pengarah ingin memaklumkan bahawa menurut Perenggan
the Board has excluded the assessment of controls on associate 46 Panduan, penyata ini tidak meliputi penilaian kawalan bagi
companies - Willis (Malaysia) Sdn Bhd (Willis), Tepak Marketing Sdn syarikat-syarikat sekutu, iaitu Willis (Malaysia) Sdn Bhd (Willis),
Bhd (Tepak), MM Vitaoils Sdn Bhd (MMV) and AmanahRaya-JMF Tepak Marketing Sdn Bhd (Tepak), MM Vitaoils Sdn Bhd (MMV) dan
Asset Management Sdn Bhd. (AmanahRaya-JMF). The Managing AmanahRaya-JMF Asset Management Sdn Bhd (AmanahRaya-JMF).
Director of Sindora represents the Company in the board of Willis, MMV Penilaian kawalan terhadap Willis, MMV dan AmanahRaya-JMF adalah
and AmanahRaya-JMF whereas the General Manager represents the melalui penglibatan Pengarah Urusan Sindora manakala Pengurus Besar
Company in the Board of Tepak. pula mewakili Syarikat di dalam Lembaga Pengarah Tepak.
INTERNAL CONTROL FRAMEWORK RANGKA KERJA KAWALAN DALAMAN

Lembaga Pengarah telah menerima pakai garis panduan yang ditetapkan
The Board adopted Sponsoring Organisations of the Treadway Commissions
oleh Committee of Sponsoring Organisations of the Treadway Commissions
(COSO) Internal Control Integrated Framework since 2001.
(COSO) Internal Control Integrated Framework sejak 2001.
Internal control is defined as a process, effected by the Board and Kawalan dalaman ditakrifkan sebagai satu proses yang dikuatkuasa
Management, designed to provide reasonable assurance regarding oleh Lembaga Pengarah dan Pengurusan Sindora, di mana ianya diolah
the achievement of the Companys objectives, which focuses on four untuk memastikan objektif syarikat tercapai dan tertumpu kepada
(4) fundamental elements as illustrated in the diagram below:- empat (4) elemen asas sebagaimana berikut:-

ris
k
ing pen as
or uan il a s
ta ia
pe nit
es risi
sm ko
n
Mo
n
ma
en
t
control
environment

infor klum

persekitaran
kawalan
mat
ma
wa ties
ion t &
n
ka tivi
la
co
ac
&
a
m
ko mu ol
mu nica n tr iti
co
nik tion tiv
asi ak

CONTROL ENVIRONMENT PERSEKITARAN KAWALAN

The Board has clear strategies in dealing with the significant risks Lembaga Pengarah telah mengariskan strategi yang jelas untuk
that have been identified. The Group structure has been established menangani risiko-risiko utama yang telah dikenalpasti. Struktur
with clearly defined lines of responsibility, limits of authority and Kumpulan adalah berasaskan kepada skop tanggungjawab yang telah
accountability aligned to business and operations requirements that ditetapkan, had-had kuasa dan kebertanggungjawaban yang ditakrif
support the maintenance of an effective control environment. dengan jelas, selaras dengan keperluan bisnes dan operasi bagi
memastikan persekitaran kawalan yang berkesan.
1. RISK ASSESSMENT
1. PENILAIAN RISIKO
Enterprise-Wide Risk Management (EWRM)
Pengurusan Risiko Kumpulan (EWRM)
For the financial year under review, the Board is satisfied that
Lembaga Pengarah berpuashati bahawa untuk tahun 2008, objektif
the Groups objectives are adequately supported by strategic
Kumpulan telah disokong dengan sebaik mungkin oleh perancangan
business plans and budgets. The Group has in place an effective
bisnes strategik dan bajet. Kumpulan telah menggariskan polisi
risk management policy together with effective mechanisms to
pengurusan risiko yang efektif berserta mekanisma yang berkesan
anticipate and respond to changes. untuk menjangkakan dan bertindakbalas terhadap sebarang
perubahan dan kemungkinan.

T he Group had established an EWRM framework which was Kumpulan telah mewujudkan rangka kerja EWRM yang
adopted from the Australian/New Zealand Standard (AS/NZS) berpandukan kepada sistem Australian/New Zealand Standard
4360. EWRM provides a structured approach to identify, evaluate (AS/NZS) 4360. EWRM menyediakan pendekatan yang rapi
and mitigate the risk exposure of performing various activities untuk mengenalpasti, menilai dan mengurangkan pendedahan
within the Group. terhadap risiko dalam melaksanakan pelbagai aktiviti Kumpulan.
T he Chief Risk Officer (CRO) is responsible in overseeing the Ketua Pegawai Risiko (CRO), dengan bantuan Pegawai-pegawai
formulation and implementation of EWRM at Group level with the Risiko daripada setiap Unit Operasi bertanggungjawab untuk
support of Risk Officers from each Operating Unit. mengawalselia pelaksanaan EWRM di peringkat Kumpulan.
Polisi Risiko
Risk Policy
Prinsip-prinsip asas utama dasar risiko Kumpulan adalah:-
The main underlying principles of the Groups risk policy are:-
P engurusan risiko yang berkesan bagi memastikan
E ffective risk management that provides greater assurance
pencapaian wawasan dan strategi Kumpulan.
of the Groups vision and strategy to be achieved.
Setiap Unit Operasi dan Bahagian mempunyai tanggungjawab
E ach Operating Unit and division is expressly responsible yang jelas untuk mengurus risiko-risiko berkaitan dengan
for managing the risks associated with its respective bisnes dan pelaburan masing-masing.
business and investments.
enterprise-wide risk management structure/struktur pengurusan risiko kumpulan
Board Of Directors
lembaga pengarah
Audit Committee
jawatankuasa audit
Strategic Risk Internal Audit
TERAJU Financial Risk Audit Dalaman
TERAJU Risk Management Committee
Risiko Strategik
Risiko Kewangan jawatankuasa pengurusan risiko
Corporate Office Plantation

Intrapreneur Venture
Pejabat Korporat Perladangan
Financial Risk Risiko Kewangan Financial Risk Risiko Kewangan

Operational Risk Risiko Operasi Operational Risk Risiko Operasi
Hazard Risk Risiko Bahaya Hazard Risk Risiko Bahaya
Operating Unit A Pro Office Solutions Strategic Risk Risiko Strategik

Unit Operasi A Metro Parking Financial Risk Risiko Kewangan
EPASA Shipping Operational Risk Risiko Operasi
Operating Unit B Sindora Timber Hazard Risk Risiko Bahaya
Unit Operasi B EA Technique
GranuLab
Operating Unit C
Unit Operasi C
Risks are identified and analysed to determine the significance of Risiko-risiko telah dikenalpasti dan dianalisis bagi menentukan
the risk, the likelihood of occurrence and the controls established tahap risiko berkenaan, kemungkinan ia berlaku dan kawalan-
to address them. kawalan yang dirancang untuk menanganinya.
T he risk architecture covers all risk categories strategic, Sistem pengawalan risiko meliputi semua kategori risiko
financial, operational and hazards. strategik, kewangan, operasi dan bahaya.
Key Performance Indicators (KPI) Petunjuk Prestasi Utama (KPI)

The adoption of KPI is another tool to mitigate risks. It has proven Penggunaan KPI adalah merupakan satu lagi kaedah untuk
successful since risks associated with the respective Operating mengurangkan risiko. Ia terbukti berkesan kerana risiko-risiko
Units have already been considered when determining the KPIs. yang berkaitan dengan setiap Unit Operasi telah pun diambilkira
dalam menentukan KPI.

2. CONTROL ACTIVITIES 2. AKTIVITI KAWALAN

Policies, control objectives and internal controls have been designed Kesemua dasar, objektif kawalan dan kawalan dalaman telah
and implemented for each risk. Internal controls are effected diolah dan dilaksanakan bagi setiap risiko. Kawalan dalaman
through policy manuals, organisation charts, job descriptions, dikuatkuasakan melalui manual polisi, carta organisasi, skop
operating instructions, delegations, authorisation, etc. kerja, manual operasi, pembahagian tugas, tanggungjawab serta
mandat dan lain-lain.
S indora is MS ISO 9001:2000 certified in the provisions of
investment and monitoring of businesses and subsidiaries. Sindora diiktiraf dengan pensijilan MS ISO 9001:2000 dalam
Management of car parks is also ISO 9001:2000 certified. kategori Peruntukan Pelaburan dan Pemantauan Bisnes dan
Syarikat anak. Pengurusan tempat letak kereta juga telah
memperolehi pensijilan ISO 9001:2000.
Internal control is designed to ensure all activities and operations
of the organisation are in compliance with policies and statutory
Kawalan dalaman diwujudkan untuk memastikan supaya
obligations and include segregation of duties, reconciliation,
semua aktiviti dan operasi dalam organisasi mematuhi dasar
inspections, security of assets and cash. Appropriate control dan keperluan berkanun serta meliputi pembahagian tugas,
activities are in place to safeguard funds and assets of the penyesuaian, pemeriksaan, keselamatan ke atas aset dan wang
organisation and to ensure they are used ethically, economically, tunai. Aktiviti kawalan yang sewajarnya dilaksanakan untuk
efficiently and effectively. melindungi sumber dan aset organisasi dan bagi memastikan ia
digunakan secara beretika, ekonomikal, cekap dan berkesan.
3. INFORMATION AND COMMUNICATION
There is a clear line of communication throughout the organisation 3. MAKLUMAT DAN KOMUNIKASI
and with stakeholders. Formal and informal communication Terdapat saluran komunikasi yang jelas di seluruh organisasi
initiatives include, among others, strategic plans, vision and dan dengan pihak berkepentingan. Inisiatif komunikasi formal
mission statements, specific and ad hoc reports, briefings, dan tidak formal termasuk, antara lain, perancangan strategik,
meetings and discussions, website, circulars and news bulletins, penyata wawasan dan misi, laporan khusus dan ad-hoc, taklimat,
training and induction programmes. mesyuarat dan perbincangan, laman web, pekeliling dan buletin
berita serta program-program latihan dan induksi.
4. MONITORING
4. PEMANTAUAN
In addition to the on-going processes, independent evaluations
of the control activities are performed regularly to ensure their Selain daripada proses-proses yang berlangsung secara berterusan,
effectiveness and relevance. penilaian bebas dijalankan secara kerap bagi memastikan
keberkesanan dan kesesuaian aktiviti-aktiviti kawalan.
Internal Audit Function
Fungsi Audit Dalaman
J CIA Services Sdn Bhd (JCIA), the internal auditors of the
J CIA Services Sdn Bhd (JCIA), Audit Dalaman Kumpulan memantau
Group, supervises the observance of internal control policy
kepatuhan terhadap polisi dan prosedur kawalan dalaman dengan
and procedures by performing regular reviews of the business melaksanakan penilaian secara kerap ke atas proses bisnes.
processes. Audits on Operating Units are carried out on risk- Audit ke atas Unit-unit Operasi dilaksanakan berdasarkan kepada
based approach. pendekatan mengenalpasti risiko.
Governance Committees Jawatankuasa Tadbir Urus

hilst the Board maintains full control of the Groups direction
W Lembaga Pengarah menentukan sepenuhnya halatuju Kumpulan
over strategic, financial, organisational and compliance issues, berkaitan isu-isu strategik, kewangan, organisasi dan pematuhan,
it has delegated to the Management the implementation of manakala pihak Pengurusan pula dipertanggungjawabkan untuk
the internal control system. Accordingly, the Management has melaksanakan sistem kawalan dalaman. Pihak pengurusan
established eight (8) Governance Committees to discharge its telah mewujudkan lapan (8) Jawatankuasa Tadbir Urus seperti
roles and responsibilities and ensure all major decisions are duly berikut untuk melaksanakan peranan dan tanggungjawabnya
discussed, considered and implemented. dan memastikan semua keputusan penting telah dibincang,
dipertimbang dan dilaksanakan dengan teliti.
1. TERAJU
1. TERAJU
The highest management decision making committee.
Formulates and implements overall strategies and policies. Jawatankuasa pengurusan tertinggi yang merumus dan
melaksanakan keseluruhan strategi dan polisi.
2. Management Committee (MCM)
2. Jawatankuasa Pengurusan (MCM)
Focuses on operational issues and monitors the
emfokus kepada isu-isu operasi dan memantau
M
implementation of decisions by the Board, Audit Committee
pelaksanaan keputusan Lembaga Pengarah, Jawatankuasa
and TERAJU.
Audit dan TERAJU.

3. Investment Committee 3. Jawatankuasa Pelaburan
Evaluates new projects/investment proposals for Menilai dayamaju cadangan projek/pelaburan baru untuk
recommendations to TERAJU and the Board. disyorkan kepada TERAJU dan Lembaga Pengarah.
4. Risk Management Committee 4. Jawatankuasa Pengurusan Risiko

F ormulates EWRM for the approval of the Board and Merumuskan EWRM untuk kelulusan Lembaga Pengarah
implements the process, including identification of risks, dan melaksanakan proses, termasuk mengenal pasti risiko,
development of risk management strategies, implementation pembangunan strategi pengurusan risiko, pelaksanaan dan
and monitoring of EWRM activities. pemantauan aktiviti EWRM.
5. Induk Perjawatan 5. Induk Perjawatan

Evaluates and proposes policies and strategies related to Menilai dan mencadangkan dasar dan strategi berkaitan
human resource management of the Group. pengurusan sumber manusia Kumpulan.
6. Lembaga Korporat 6. Lembaga Korporat

Focuses on corporate matters including financial emfokus kepada hal-hal korporat termasuk prestasi
M
performance of the Group. kewangan Kumpulan.
7. Agreement Committee 7. Jawatankuasa Perjanjian

Ensures that the interests of Sindora and the companies emastikan supaya kepentingan Sindora dan syarikat-
M
within the Group are protected when executing new syarikat di dalam Kumpulan dilindungi apabila perjanjian
agreements. baru dimeterai.
8. Tender and Selection Committee 8. Jawatankuasa Tender dan Pemilihan

Evaluates, determines and recommends purchases, Menilai, mengenalpasti dan mengesyorkan pembelian,
acquisitions or disposals of assets, awards of contracts pengambilalihan atau pelupusan aset, pemberian kontrak
and appointments of consultants/advisors by the Group. dan perlantikan perunding/penasihat oleh Kumpulan.
OTHER OVERSIGHT FUNCTIONS FUNGSI-FUNGSI KAWAL SELIA LAIN

Internal Quality Audits (IQAs) are performed twice per annum to Audit Kualiti Dalaman (IQA) dilaksanakan dua kali setahun untuk
ensure conformance to systems and procedures of ISO standards. memastikan pematuhan terhadap sistem dan prosedur mengikut piawaian
Such conformance is further ensured through surveillance audits by ISO. Pematuhan tersebut diperkukuhkan lagi melalui audit pemantauan
numerous external parties. oleh pelbagai pihak luar ke atas syarikat-syarikat dalam Kumpulan.
Operating Unit/Unit Operasi Scope/skop Oversight Function/fungsi Kawal selia
Sindora Berhad Procedures in investment and monitoring SIRIM QAS International Sdn Bhd
of subsidiaries/associates
Prosedur pelaburan dan pemantauan
syarikat-syarikat anak
Metro Parking (M) Sdn Bhd Procedures in management of car parks SIRIM QAS International Sdn Bhd
Prosedur dalam pengurusan tempat letak kereta
Pro Office Solutions Sdn Bhd Monthly service performance audit Major clients
Audit bulanan prestasi perkhidmatan Pelanggan-pelanggan Utama
E.A. Technique (M) Sdn Bhd Oil Major (Vetting) Major Clients
Syarikat Minyak Utama (Pemeriksaan) Pelanggan-pelanggan Utama
Internal Safety Management (ISM) Local/International Marine Regulators
Pengurusan Keselamatan Dalaman (ISM) Pihak Berkuasa Marin Tempatan/Antarabangsa
Internal Sea and Port Security Local/International Marine Regulators
Keselamatan Laut dan Pelabuhan Pihak Berkuasa Marin Tempatan/Antarabangsa

EFFECTIVENESS OF INTERNAL CONTROL KEBERKESANAN KAWALAN DALAMAN

The Board confirms that there is an ongoing process throughout Lembaga Pengarah mengesahkan bahawa proses yang berterusan
the financial year ended 31 December 2008 for the review of the untuk mengkaji keberkesanan sistem kawalan dalaman dan pengurusan
effectiveness of the system of internal controls and risk management risiko di dalam Kumpulan telah dilaksanakan sepanjang tahun
within the Group and has taken account of any material development up kewangan berakhir 31 Disember 2008 dan telah mengambil kira semua
to the date of approval of the annual report and financial statements. perkembangan penting sehingga tarikh kelulusan laporan tahunan dan
penyata kewangan.
The process is regularly reviewed by the Board and is in accordance
with the guidelines as contained in the Guidance. No material losses Proses tersebut sentiasa dikaji oleh Lembaga Pengarah dan adalah
were reported during the financial year as a result of weaknesses in selaras dengan garis panduan seperti yang terkandung di dalam
internal controls. Panduan. Tiada kerugian ketara berlaku pada tahun kewangan yang
disebabkan oleh kelemahan dalam kawalan dalaman.
REGULATORS AND EXTERNAL AUDITORS
The external auditors are engaged to express an opinion on the financial PIHAK BERKUASA DAN JURUAUDIT LUAR
statements of the Company and the Group. They review and test the Juruaudit luar dilantik untuk memberikan maklumbalas ke atas penyata
data contained in the financial statements to the extent necessary to kewangan Syarikat dan Kumpulan. Juruaudit luar mengkaji dan menguji
express their audit opinion. They discussed with Management on the data-data yang terkandung di dalam penyata kewangan sebelum
financial statements of the Company and the Group and presented their memberi pendapat audit mereka. Mereka mambincangkan penyata
findings to the Audit Committee. kewangan Syarikat dan Kumpulan dengan pihak Pengurusan dan
mengemukakan segala penemuan kepada Jawatankuasa Audit.
Operating Units are also subjected to periodic inspections by various
authorities and agencies such as the Department of Occupational Safety Unit-unit Operasi adalah juga tertakluk kepada pemeriksaan berkala oleh
and Health, Fire and Rescue Department, Department of Environment, pelbagai pihak berkuasa dan agensi seperti Jabatan Keselamatan dan
Land Office, and other relevant authorities to ensure satisfactory Kesihatan Pekerjaan, Jabatan Bomba dan Penyelamat, Jabatan Alam
compliance. Sekitar, Pejabat Tanah dan lain-lain pihak berkuasa untuk memastikan
pematuhan yang memuaskan.
REVIEW BY THE EXTERNAL AUDITORS
The External Auditors have reviewed this Statement pursuant to ULASAN OLEH JURUAUDIT LUAR
Paragraph 15.24 of the Listing Requirements and in accordance with Juruaudit Luar telah meneliti Penyata Kawalan Dalaman ini menurut
Recommended Practise Guides (RPG) 5, Guidance for Auditors on Perenggan 15.24 Keperluan Penyenaraian dan selaras dengan
the Review of Directors Statement on Internal Control, and reported Recommended Practise Guides (RPG) 5, Guidance for Auditors on
that nothing has come to their attention that cause them to believe that the Review of Directors Statement on Internal Control. Juruaudit
this Statement is inconsistent with their understanding of the processes luar juga telah melaporkan kepada Lembaga Pengarah bahawa menurut
that the Board has adopted in reviewing the adequacy and integrity of pemerhatian mereka sistem kawalan dalaman Kumpulan adalah
the system of internal control. berwibawa dan penyata ini adalah selari dengan proses-proses yang
telah diterimapakai oleh Lembaga Pengarah dalam mengkaji kecukupan
ASSURANCE dan kewibawaan sistem kawalan dalaman.
The Board is of the opinion that the current state of internal controls
is generally appropriate and effective, and that risks are within an JAMINAN
acceptable level throughout the Groups businesses. Lembaga Pengarah berpendapat bahawa sistem kawalan dalaman yang
sedia ada secara keseluruhannya adalah bersesuaian dan berkesan,
This Statement, signed on behalf of the Board of Directors, is in accordance dan risiko di seluruh bisnes Kumpulan berada di tahap yang terkawal.
with a resolution of the Board of Directors dated 30 March 2009.
Penyata yang ditandatangani bagi pihak Lembaga Pengarah ini adalah
selaras dengan resolusi Lembaga Pengarah bertarikh 30 Mac 2009.

ADDITIONAL DISCLOSURE
Pendedahan Maklumat Tambahan
UTILISATION OF PROCEEDS PENGGUNAAN KUTIPAN

The Company has not implemented any fund raising exercise during Syarikat tidak melaksanakan sebarang aktiviti mendapatkan pembiayaan
the financial year. dana dalam tahun kewangan yang dikaji.
OPTION, WARRANTS OR CONVERTIBLE OPSYEN, WARAN ATAU SEKURITI BOLEH

SECURITIES TUKAR
No options, warrants or Convertible Securities were exercised during Tiada sebarang opsyen, waran atau Sekuriti Boleh Tukar telah
the financial year. dilaksanakan dalam tahun kewangan 2008.
AMERICAN DEPOSITORY RECEIPT (ADR) AMERICAN DEPOSITORY RECEIPT (ADR)

OR GLOBAL DEPOSITORY RECEIPT (GDR) ATAU GLOBAL DEPOSITORY RECEIPT (GDR)
The Company has not sponsored any ADR or GDR programme during Syarikat tidak menaja sebarang program ADR atau GDR dalam tahun
the financial year. kewangan 2008.
SANCTIONS AND/OR PENALTIES SEKATAN DAN/ATAU PENALTI

There were no public sanctions and/or penalties imposed on the Tiada sekatan dan/atau penalti awam yang dikenakan ke atas Syarikat
Company and its subsidiaries, Directors or management by any dan syarikat-syarikat anaknya, para Pengarah atau pihak pengurusan
regulatory bodies during the financial year. oleh mana-mana pihak berkuasa dalam tahun kewangan.
VARIATION IN RESULTS PERBEZAAN DALAM KEPUTUSAN KEWANGAN

There were no material variation between the audited results for the Tiada perbezaan ketara antara keputusan beraudit bagi tahun
financial year ended 31 December 2008 and the unaudited results kewangan berakhir 31 Disember 2008 dan keputusan tidak diaudit
previously released for the financial quarter ended 31 December 2008. yang telah diumumkan sebelumnya bagi suku tahun kewangan berakhir
31 Disember 2008.
PROFIT GUARANTEE
The Company has not made any arrangement during the financial year JAMINAN KEUNTUNGAN
which requires profit guarantee. Syarikat tidak membuat sebarang komitmen pada tahun kewangan
yang memerlukan jaminan keuntungan.
MATERIAL CONTRACTS
Save as disclosed below, there was no other material contracts entered KONTRAK-KONTRAK PENTING
into by the Company and/or its subsidiaries involving Directors and Kecuali yang dinyatakan di bawah, tiada sebarang kontrak penting lain
major shareholders interests subsisting at 31 December 2008 or yang telah dimeterai oleh Syarikat dan/atau syarikat anaknya yang
entered into since the end of the previous financial year ended 31 melibatkan kepentingan para Pengarah dan pemegang saham utama
December 2007. setakat 31 Disember 2008 atau dimeterai sejak akhir tahun kewangan
sebelum ini yang berakhir 31 Disember 2007.
i. The Company announced on 15 April 2008 that OSK Investment
Bank Berhad, acting on behalf of Kulim (Malaysia) Berhad (Kulim) i. Pada 15 April 2008, Syarikat telah mengumumkan bahawa OSK
had on even date served a Notice of Mandatory Take-over Offer to Investment Bank Berhad yang bertindak bagi pihak Kulim (Malaysia
the Board of Directors of the Company to acquire all the remaining Berhad (Kulim) telah menghantar satu Notis Tawaran Pengambilalihan
ordinary shares of RM1.00 each in Sindora Berhad which are not Mandatori kepada Lembaga Pengarah Syarikat untuk mengambilalih
already owned by Kulim and persons acting in concert with it for semua baki saham biasa berharga RM1.00 sesaham dalam Sindora
a cash consideration of RM1.72 per offer share. The Offer closed Berhad yang masih belum dimiliki oleh Kulim dan mana-mana
on 27 May 2008. individu berkaitan pada pertimbangan harga tunai RM1.72 sesaham.
Tawaran tersebut tamat pada 27 Mei 2008.

Additional Disclosure/Pendedahan Maklumat Tambahan
ii. On 12 August 2008, the Company received a letter of acceptance ii. P ada 12 Ogos 2008, Syarikat menerima satu surat daripada
from En Mazlan bin Muhammad pertaining to the disposal En Mazlan bin Muhammad berhubung penjualan 2,375,000 saham
of 2,375,000 ordinary shares of RM1.00 each (Sales Shares) biasa berharga RM1.00 sesaham (Penjualan Saham) yang mewakili
representing 35% equity interest in MM Vitaoils Sdn Bhd (MMV) for 35% kepentingan ekuiti dalam MM Vitaoils Sdn Bhd (MMV) pada
a total cash consideration of RM14,500,000 (Disposal Consideration) pertimbangan harga tunai RM14,500,000 (Pembayaran Penjualan)
or approximately RM6.11 per share. On 14 November 2008, Board atau anggaran RM6.11 sesaham. Pada 14 November 2008,
of Directors had agreed on the proposed disposal. On 16 January Lembaga Pengarah telah bersetuju dengan cadangan penjualan
2009, the proposed disposal has been aborted and the Company tersebut. Pada 16 Januari 2009, cadangan penjualan ini telah
is in the process of negotiating the disposal consideration. dibatalkan dan Syarikat sedang dalam proses rundingan bagi
pertimbangan penjualan tesebut.
iii. O
n 28 August 2008, the Company had vide its solicitors filed a Writ
of Summons against Johari bin Maarof, Laili binti Ismail and Hayati iii. P ada 28 Ogos 2008, Syarikat melalui peguamnya telah memfailkan
binti Jalaludin at the Johor Bahru High Court for acquisition of J.M. Writ Saman terhadap Johari bin Maarof, Laili binti Ismail dan
Permata Sdn. Bhd. (JMP). Hayati binti Jalaludin di Mahkamah Tinggi Johor Bahru berhubung
pengambilalihan J.M. Permata Sdn. Bhd. (JMP).
The Company has made a claim against the above parties for
the return of deposit and part payment of purchase price totaling Syarikat telah membuat tuntutan ke atas pihak-pihak di atas
RM2,700,000 which bears an interest 10% per annum until bagi pemulangan deposit dan sebahagian pembayaran bagi
full settlement pursuant to the conditional Share Purchase Cum harga pembelian berjumlah RM2,700,000 yang dikenakan faedah
Subscription Agreement (SPCSA) and Supplemental SPCSA dated sebanyak 10% setahun sehingga pembayaran penuh menurut
22 March 2007 and 11 September 2007 respectively, which were Perjanjian Jual Beli Bersyarat serta Perjanjian Langganan (SPCSA)
entered by above parties in respect of the Companys proposed dan SPCSA Tambahan, masing-masing bertarikh 22 Mac 2007
investment. The agreement has been subsequently terminated due dan 11 September 2007 yang telah dimeterai oleh pihak-pihak di
to the non-fulfillment of conditions precedent and breach. atas berhubung cadangan pelaburan Syarikat. Perjanjian tersebut,
kemudiannya, telah dibatalkan kerana kegagalan memenuhi dan
iv. O
n 29 May 2008, the Companys 51% owned subsidiary, pelanggaran syarat perjanjian.
E.A. Technique (M) Sdn Bhd (EA Technique) had entered into an
agreement of lease with Johor Shipyard Engineering Sdn Bhd iv. P ada 29 Mei 2008, syarikat subsidiari 51% milik Syarikat,
(JSESB) (lesse) and Tanjung Langsat Port Sdn Bhd (TLPSB) (lessor), E.A. Technique (M) Sdn Bhd (EA Technique) telah memeterai
a wholly owned subsidiary of Johor Corporation, to lease of up to perjanjian pemajakan tanah dengan Johor Shipyard Engineering
20 acres or 871,000 square feet of an area of land within Tanjung Sdn Bhd (JSESB) (pemajak) dan Tanjung Langsat Port Sdn Bhd
Langsat Port identified as PLO 46, Tanjung Langsat Industrial (TLPSB) (pemberi pajak), sebuah syarikat subsidiari milik penuh
Complex, Mukim of Sungai Tiram, district of Johor Bahru, State of Johor Corporation, untuk memajak sehingga 20 ekar atau 871,000
Johor for a period of 30 years with a total lease rental of up to kaki persegi kawasan tanah di kawasan Pelabuhan Tanjung Langsat
RM21.78 million or RM25 per square feet. yang dikenalipasti sebagai PLO 46, Kompleks Perindustrian Tanjung
Langsat, Mukim Sungai Tiram, Daerah Johor Bahru, Negeri Johor
v. EA Technique had on 10 November 2008 entered into a shipbuilding bagi tempoh selama 30 tahun dengan jumlah sewa pajakan
contract with Sumber Samudra (SSSB) to design, construct and bernilai RM21.78 juta atau RM25 sekaki persegi.
deliver 1 unit of 8500MT carrying capacity Double Hull Fuel Oil
Carrier for RM68.30 million cash. Under the shipbuilding contract, v. P ada 10 November 2008, EA Technique telah memeterai
EA Technique will also have the option to order from SSSB another kontrak membina kapal dengan Sumber Samudra (SSSB) untuk
2 units of similar vessels with a carrying capacity of 9500MT each. merekabentuk, membina dan menghantar 1 unit Kapal Tangki
Minyak dengan kapasiti muatan 8,500TM bagi bayaran tunai
vi. EA Technique had on 10 November 2008 entered into a shipbuilding bernilai RM68.3 juta. Di bawah kontrak pembinaan kapal itu,
contract with Sumber Samudra Sdn Bhd (SSSB) to design, EA Technique mempunyai pilihan untuk memesan 2 unit lagi kapal
construct and deliver 2 units of 12.0m Twin Screw Mooring Boat yang sama daripada SSSB yang mempunyai kapasiti muatan
for RM1,900,000 cash. 9,500TM setiap unit.
vi. P ada 10 November 2008, EA Technique telah memeterai satu

SHARE BUY-BACKS kontrak membina kapal dengan Sumber Samudra Sdn Bhd
The Company has not repurchased from the open market any of its (SSSB) untuk merekabentuk, membina dan menghantar 2 unit Bot
issued ordinary shares during the financial year. Tambatan 12.0m bernilai RM1,900,000.
PEMBELIAN BALIK SAHAM

Syarikat tidak membuat pembelian semula saham biasa di pasaran
terbuka sepanjang tahun kewangan ini.

RECURRENT RELATED PARTY TRANSACTIONS PENYATA TRANSAKSI PIHAK BERKAITAN BERULANGAN BERBENTUK
OF A REVENUE OR TRADING NATURE HASIL ATAU PERDAGANGAN
The aggregate value of the recurrent transactions of revenue and/ Nilai agregat transaksi berulangan berbentuk hasil dan/atau perdagangan
or trading nature conducted pursuant to the shareholders mandate yang dijalankan menurut mandat pemegang saham pada tahun
during the financial year under review between the Company and/or its kewangan yang ditinjau antara Syarikat dan/atau syarikat-syarikat
subsidiary companies with related parties are set out below: subsidiarinya dengan pihak-pihak berkaitan adalah seperti dinyatakan
di bawah:
Related Parties
involved with the
Company and/or Aggregate
Subsidiary Value of
Companies Nature of Relationship Transaction
pihak-pihak Interested Director and/or with Sindora Berhad (RM)
Sindora berkaitan Major Shareholder Group nilai
Group terlibat dengan pengarah dan/atau hubungan dengan agregat
kumpulan syarikat dan/atau pemegang saham kumpulan Sindora Type of Transaction transaksi
sindora syarikat subsidiari utama yang berkepentingan Berhad jenis transaksi (RM)
Sindora Willis (M) Sdn Bhd Directors/Pengarah Sindora Berhad holds Insurance broking 766,549
Berhad Tan Sri Dato Muhammad 40% equity in Willis. services on business,
Group Ali Hashim Sindora Berhad assets and properties
(Sindora) Rozan bin Mohd Saat memiliki 40% of Sindora Berhad.
Zulkifli Ibrahim kepentingan ekuiti Perkhidmatan
Halmi Jasmin dalam Willis pembrokeran insuran
Major Shareholder/ bagi bisnes, aset dan
Pemegang Saham Utama hartanah Sindora
Kulim Berhad.
Sindora EPA Management Directors/Pengarah EPA Management Management of oil palm 1,410,976
Sdn Bhd Tan Sri Dato Muhammad Sdn Bhd (EPA) is a plantation and palm oil
Ali Hashim wholly-owned subsidiary mill, commission and
Rozan bin Mohd Sa'at of Kulim (M) Berhad provision of related services.
Zulkifli Ibrahim EPA Management Pengurusan ladang kelapa
Halmi Jasmin Sdn Bhd (EPA) adalah sawit dan kilang minyak
Major Shareholder/ syarikat subsidiari sawit, komisyen dan
Pemegang Saham Utama milik penuh Kulim penyediaan perkhidmatan
Kulim (M) Berhad berkaitan.
Sindora JTP Trading Directors/Pengarah JTP is a 75% owned Rental of shop houses 36,000
Sdn Bhd (JTP) Tan Sri Dato Muhammad subsidiary of Kulim to JTP.
Ali Hashim (M) Berhad Penyewaan rumah
Rozan bin Mohd Sa'at JTP adalah syarikat kedai kepada JTP.
Zulkifli Ibrahim subsidiari 75% milik
Halmi Jasmin Kulim (M) Berhad
Major Shareholder/
Pemegang Saham Utama
Kulim
Sindora Kulim (M) Berhad Tan Sri Dato' Muhammad Sindora Berhad is a Rental of office space 466,308
Ali Hashim 76.1% owned subsidiary from Kulim.
Rozan bin Mohd Sa'at of Kulim (M) Berhad Penyewaan ruang
Zulkifli Ibrahim Sindora Berhad pejabat daripada Kulim.
Halmi Jasmin adalah syarikat
Major Shareholder/ subsidiari 76.1% milik
Pemegang Saham Utama Kulim (M) Berhad
Kulim

Additional Disclosure/Pendedahan Maklumat Tambahan
Related Parties
involved with the
Subsidiary Value of
Sindora Johor Corporation Directors/Pengarah JCorp is the parent Administrative and 104,000
(JCorp) Tan Sri Dato Muhammad company of Kulim corporate services
Ali Hashim (M) Berhad rendered by JCorp Group.
Rozan bin Mohd Saat JCorp adalah syarikat (For example: secretarial
Zulkifli Ibrahim induk Kulim (M) Berhad services, staff training,
Halmi Jasmin legal advisory, internal
Major Shareholder/ audit and company
Pemegang Saham Utama registrar services)
Kulim Perkhidmatan pentadbiran
dan korporat yang
dilakukan oleh Kumpulan.
JCorp (Contoh: perkhidmatan
kesetiausahaan, latihan
anggota pekerja,
perundingan undang-undang,
perkhidmatan audit dalaman
dan pendaftaran syarikat)
Sindora Kulim Group Directors/Pengarah Sindora Berhad is a FFB purchased from 6,997,507
Tan Sri Dato Muhammad 76.1% owned Kulim Group Estate.
Ali Hashim subsidiary of Kulim Pembelian Buah
Rozan bin Mohd Saat (M) Berhad Tandan Segar (BTS)
Zulkifli Ibrahim Sindora Berhad adalah daripada ladang
Halmi Jasmin syarikat subsidiari Kumpulan Kulim.
Major Shareholder/ 76.1% milik Kulim
Pemegang Saham Utama (M) Berhad
Kulim
Pro Office JCorp Group Directors/Pengarah JCorp is parent Provision of data and 1,543,953
Solutions Tan Sri Dato Muhammad company of Kulim document processing,
Sdn Bhd Ali Hashim (M) Berhad bulk mailing and related
Rozan bin Mohd Saat JCorp adalah syarikat services to JCorp Group.
Zulkifli Ibrahim induk Kulim (M) Berhad Penyediaan data dan
Halmi Jasmin pemprosesan dokumen,
Major Shareholder/ penghantaran mel
Pemegang Saham Utama secara pukal dan
Kulim perkhidmatan berkaitan
untuk Kumpulan JCorp.
Metro Parking JCorp Group Directors/Pengarah JCorp is parent Management of car 7,559,306
(M) Sdn Bhd Tan Sri Dato Muhammad company of Kulim parks, rental of car park
Group Ali Hashim (M) Berhad facilities and related
Rozan bin Mohd Saat JCorp adalah syarikat services.
Zulkifli Ibrahim induk Kulim (M) Berhad Pengurusan tempat letak
Halmi Jasmin kereta, penyewaan
Major Shareholder/ kemudahan tempat
Pemegang Saham Utama letak kereta dan
Kulim perkhidmatan berkaitan.

Related Parties
involved with the
Subsidiary Value of
Metro Parking Damansara Asset Directors/Pengarah DASB is a wholly-owned Rental of office space 466,308
(M) Sdn Bhd Sdn Bhd (DASB) Tan Sri Dato Muhammad subsidiary of JCorp from DASB.
Group Ali Hashim DASB adalah syarikat Penyewaan ruang pejabat
Rozan bin Mohd Saat subsidiari milik penuh daripada DASB.
Zulkifli Ibrahim JCorp
Halmi Jasmin
Major Shareholder/
Kulim
Epasa Johor Logistic Directors/Pengarah JLSB is a wholly-owned Rental of premises, 360,000

Shipping Sdn Bhd (JLSB) Tan Sri Dato Muhammad subsidiary of JCorp facilities and land from
Agency Ali Hashim JLSB adalah syarikat JLSB.
Sdn Bhd Rozan bin Mohd Saat subsidiari JCorp Penyewa premis,
Zulkifli Ibrahim kemudahan dan tanah
Halmi Jasmin daripada JLSB.
Major Shareholder/
Kulim
Epasa Kulim Group Directors/Pengarah Sindora Berhad is a Provision of shipping and 1,699,473
Shipping Tan Sri Dato Muhammad 76.1% owned subsidiary forwarding, management
Agency Ali Hashim of Kulim (M) Berhad of container yard services
Sdn Bhd Rozan bin Mohd Saat Sindora Berhad adalah and haulage business.
Zulkifli Ibrahim syarikat subsidiari 76.1% Penyediaan perkhidmatan
Halmi Jasmin milik Kulim (M) Berhad perkapalan dan
Major Shareholder/ penghantaran, pengurusan
Pemegang Saham Utama kawasan penyimpanan
Kulim kontena dan bisnes
pengangkutan.
Sindora Timber Makmuran Group Directors Makmuran Group is a Commission for 230,516
Sdn Bhd Tan Sri Dato Muhammad wholly owned selling of Makmuran
Ali Hashim subsidiary of Sindora Groups asset and
Rozan bin Mohd Saat Ventures Group which its management fees
Zulkifli Ibrahim parent company is (commisson is based
Halmi Jasmin JCorp Group on sales).
Major Shareholder/ Kumpulan Makmuran Komisen bagi penjualan
Pemegang Saham Utama adalah syarikat aset Kumpulan Makmuran
Kulim subsidiari milik penuh dan yuran pengurusan
Kumpulan Sindora (Komisen adalah
Ventures yang mana berasaskan jualan).
syarikat induknya adalah
Kumpulan JCorp
TOTAL/Jumlah 21,418,899

Statement on directors responsibilities
Penyata Tanggungjawab Pengarah
(PURSUANT TO PARAGRAPH 15.27 (A) OF (MENURUT PERENGGAN 15.27 (A) KEPERLUAN

THE LISTING REQUIREMENTS OF BURSA PENYENARAIAN BURSA MALAYSIA SECURITIES
MALAYSIA SECURITIES BERHAD) BERHAD)
The Directors consider that in preparing the financial statements of the Para Pengarah menganggap dalam menyediakan Penyata-Penyata
Group and of the Company for the financial year ended 31 December Kewangan Kumpulan dan Syarikat bagi tahun kewangan berakhir 31
2008, the Group and the Company have used appropriate accounting Disember 2008, Kumpulan dan Syarikat telah menggunapakai dan
policies which were consistently applied and supported by reasonable mematuhi dasar perakaunan yang bersesuaian secara konsisten dan
and prudent judgments and estimates. The Directors also consider that disokong oleh anggaran dan pertimbangan yang wajar. Para pengarah
all applicable approved accounting standards for entities other than juga beranggapan bahawa kesemua piawaian perakaunan yang
private entities issued by the Malaysian Accounting Standard Boards diluluskan bagi entiti selain daripada entiti swasta yang dikeluarkan
have been followed and confirm that the financial statements have oleh Lembaga Piawaian Perakaunan Malaysia telah dipatuhi dan
been prepared on a going concern basis. mengesahkan bahawa Penyata Kewangan tersebut telah disediakan
mengikut dasar berterusan.
The Directors are responsible for ensuring that the Company and its
subsidiaries keep accounting records which disclose with reasonable Para pengarah bertanggungjawab untuk memastikan bahawa Syarikat
accuracy at any time the financial position of the Group and of dan kesemua anak syarikatnya menyimpan rekod perakaunan yang
the Company and which enable them to ensure that the financial mendedahkan secara wajar dan tepat pada setiap masa kedudukan
statements comply with the provisions of the Companies Act, 1965. kewangan Kumpulan dan Syarikat yang membolehkannya memastikan
kesemua penyata kewangan tersebut mematuhi peruntukan-peruntukan
The Directors are also responsible for taking such steps as are di bawah Akta Syarikat, 1965.
reasonably open to them to safeguard the assets of the Group and to
prevent and detect fraud and other irregularities. Para pengarah juga bertanggungjawab untuk mengambil langkah yang
sewajarnya bagi melindungi aset milik Kumpulan dan Syarikat serta
Signed on behalf of the Board of Directors in accordance with their mengesan sebarang penipuan dan perkara-perkara yang menyimpang
resolution dated 30 March 2009. dari kebiasaan.
Ditandatangani bagi pihak Lembaga Pengarah mengikut resolusi

bertarikh 30 Mac 2009.

AUDIT COMMITTEE REPORT
Laporan Jawatankuasa Audit
OBJECTIVES OF THE AUDIT COMMITTEE OBJEKTIF JAWATANKUASA AUDIT

The primary objective of the Audit Committee (the Committee) is to Objektif utama Jawatankuasa Audit (Jawatankuasa) adalah untuk
assist the Board of Directors (the Board) in discharging its statutory membantu Lembaga Pengarah (Lembaga Pengarah) menjalankan
duties and responsibilities by reviewing the financial information tugas dan tanggungjawab berkanunnya dengan mengkaji maklumat
which will be provided to the shareholders and others; reviewing the kewangan yang akan dikemukakan kepada pemegang-pemegang
sufficiency and effectiveness of the systems of internal controls which saham dan lain-lain pihak berkepentingan; memastikan kecukupan dan
Management and the Board have established; appointing; retaining keberkesanan sistem kawalan dalaman yang telah dibentuk oleh pihak
and accounting the financial reporting processes and the audits of the Pengurusan dan Lembaga Pengarah; merangka; melantik; mengekalkan
Companys financial statements. dan meneliti proses laporan kewangan dan audit ke atas penyata
kewangan Syarikat.
The Board had revised the Terms and Reference of the Audit Committee
in line with Paragraph 15.21 of the Listing Requirements (LR) Lembaga Pengarah telah menyemak Terma dan Rujukan Jawatankuasa
which stipulates that the Board should revise the term of office and Audit selari dengan Perenggan 15.21 Keperluan Penyenaraian (LR)
performance of the Audit Committee at least once in every 3 years. yang menggariskan bahawa Lembaga Pengarah perlu menyemak
terma pemegang jawatan dan prestasi Jawatankuasa Audit sekurang-
COMPOSITION kurangnya sekali setiap 3 tahun.
The members of Audit Committee shall be appointed by the Board
from amongst its members. They shall consists of not less than three, KOMPOSISI
of whom all shall not be executive directors with a majority of them Ahli-ahli Jawatankuasa Audit adalah dilantik oleh Lembaga Pengarah
shall be independent directors of the Company and shall not have dari kalangan ahli-ahlinya. Ia perlu terdiri tidak kurang daripada
a relationship which in the opinion of the Board, would interfere with tiga (3) orang yang merupakan pengarah bukan eksekutif dengan
the exercise of independent judgement in carrying out the functions of majoriti daripada mereka adalah pengarah bebas Syarikat. Mereka
the Audit Committee. The Company Secretary shall be the secretary of juga tidak mempunyai sebarang perhubungan, yang pada pendapat
the Committee. Lembaga Pengarah, akan menjejaskan pertimbangan secara bebas
dalam menjalankan fungsi Jawatankuasa Audit. Setiausaha Syarikat
The Committee currently comprises three (3) independent non-executive adalah merupakan setiausaha Jawatankuasa.
directors as follows:-
1) TAN SRI DATUK ARSHAD AYUB (Chairman) Jawatankuasa sedia ada terdiri daripada tiga (3) orang pengarah bebas
bukan eksekutif sepertimana berikut:
2) KUA HWEE SIM (member)
1) TAN SRI DATUK ARSHAD AYUB (Pengerusi)
3) DATUK JOHAN BIN JAAFFAR (member)
2) KUA HWEE SIM (Ahli)
Kua Hwee Sim is a Fellow of the Association of Chartered Certified 3) DATUK JOHAN BIN JAAFFAR (Ahli)
Accountant (ACCA), United Kingdom and also a Chartered Accountant by
profession and a member of the Malaysian Institute of Accountants (MIA). Kua Hwee Sim adalah Fellow of The Association of Chartered Certified
Accountant (ACCA), United Kingdom dan merupakan Akauntan Bertauliah
AUTHORITY dan ahli kepada Institut Akauntan Malaysia (MIA).
The Committee is authorised by the Board to:-
BIDANG KUASA
i. Investigate any matter within its terms of reference.
Jawatankuasa diberi kuasa oleh Lembaga Pengarah untuk:-
ii. Command the resources, which are required to perform
its duties. i. Menyiasat apa jua perkara yang tertakluk di dalam bidang
kuasanya.
iii. Gain an unrestricted access to any information pertaining to
the Group. ii. Mendapat sumber-sumber yang diperlukan untuk perlaksanaan
tugasnya.
iv. Channel direct communication with the external auditors and
person(s) carrying out the internal audit functions or activities. iii. Memperolehi maklumat berkaitan Kumpulan tanpa sebarang
sekatan.
v. Obtain external legal or other independent professional advice if
it considers necessary. iv. erkomunikasi secara langsung dengan juruaudit luar
B
dan mana-mana individu yang menjalankan fungsi atau aktiviti
vi. Convene meetings with the external auditors, the internal auditors audit dalaman.
or both, excluding the attendance of other directors and employees
of the listed issuer, whenever deemed necessary. v. endapatkan khidmat nasihat professional yang bebas sekiranya
M
perlu.
vi. engadakan mesyuarat dengan juruaudit luar, juruaudit dalaman
M
atau kedua-duanya, tanpa kehadiran pengarah-pengarah lain dan
anggota pekerja Syarikat, apabila difikirkan perlu.

Audit Committee Report/Laporan Jawatankuasa Audit
RESPONSIBILITIES AND DUTIES TANGGUNGJAWAB DAN TUGAS

To fulfil its responsibilities and duties, the Committee shall:- Dalam melaksanakan tanggungjawab dan tugasnya, Jawatankuasa
hendaklah:-
i. Review and approve scope and nature of audit, audit plan and
i. Mengkaji semula dan meluluskan skop dan bentuk audit,
audit reports of the Company and the Group.
rancangan audit dan laporan audit bagi Syarikat dan Kumpulan.
ii. Assess and review the adequacy and effectiveness of internal
ii. Menilai dan mengkaji kecukupan dan keberkesanan sistem
control system and accounting control procedures of the Company/ kawalan dalaman dan prosedur kawalan perakaunan Syarikat/
Group and in particular review the external auditors management Kumpulan, khususnya mengkaji laporan pengurusan juruaudit luar
letters and management response. dan tindakan pengurusan terhadapnya.
iii. Review the adequacy of the scope, functions, competency and iii. M engkaji kecukupan skop, fungsi, kompetensi dan sumber-
resources of the Companys internal audit function and ensure sumber fungsi jabatan audit dalaman Syarikat dan memastikan
ia mempunyai kuasa yang diperlukan dalam melaksanakan tugas
that it has the necessary authority to carry out its work.
mereka.
iv. Analyse the audit report and findings with the external auditors.
iv. Menganalisa laporan audit dan sebarang penemuan dengan
v. eview the follow-up actions taken by the Management on findings
R juruaudit luar.
and recommendations by both the internal and external auditors. v. Mengkaji semula tindakan susulan yang dilaksanakan oleh pihak
vi. Review the quarterly interim results and annual financial Pengurusan berhubung penemuan dan syor-syor oleh juruaudit
dalaman dan luar.
statements of the Company, focusing particularly on:-
vi. engkaji keputusan laporan kewangan suku tahunan dan penyata
M
Any changes in accounting policies and practices. kewangan tahunan Syarikat, dengan menitikberatkan kepada:
Significant adjustments arising from the external audits. Sebarang perubahan dalam dasar dan amalan perakaunan.
The going concern assumption. Pelarasan penting yang timbul daripada audit-audit luar.
Compliance with accounting standards and other legal Andaian penerusan operasi.
requirements. P ematuhan terhadap piawaian perakaunan dan keperluan
vii. Review any related party transactions and conflict of interest perundangan lain.
situation that may arise within the Company or the business units. vii. engkaji sebarang urusniaga pihak berkaitan dan percanggahan
M
kepentingan yang mungkin timbul di dalam Syarikat atau unit-
viii. Review risk management report and to discuss any significant unit bisnes.
risk or exposure and assess the steps that management had
viii. M
engkaji laporan pengurusan risiko dan membincangkan sebarang
taken to minimise the risks.
risiko atau pendedahan penting dan menilai langkah-langkah
ix. Recommend to the Board on the appointment and resignation of yang dilaksanakan oleh pihak Pengurusan untuk meminimakan
the external auditors, the audit fees and other related matters. risiko-risiko tersebut.
x. Report to the Board on a regular basis on the major events ix. Mengesyorkan kepada Lembaga Pengarah berhubung pelantikan
dan perletakan jawatan juruaudit luar, yuran audit dan perkara-
covered by the Committee and make recommendations to the
perkara lain yang berkaitan.
Board and Management concerning these matters.
x. Melapor kepada Lembaga Pengarah secara kerap berhubung
xi. Perform any other functions as determined by the Audit Committee perkara-perkara penting yang diuruskan oleh Jawatankuasa dan
and the Board of Directors. mengemukakan saranan kepada Lembaga Pengarah dan pihak
Pengurusan berkaitan perkara ini.
MEETINGS xi. Melaksanakan sebarang fungsi lain seperti yang ditentukan oleh
The Audit Committee met four (4) times in the year under review. Jawatankuasa Audit dan Lembaga Pengarah dari semasa ke semasa.
External Auditors and Management Agent were present at the Committee
MESYUARAT
meetings upon request by the Audit Committee.
Jawatankuasa Audit bermesyuarat sebanyak empat (4) kali pada tahun
dinilai. Juruaudit Luar dan Agen Pengurusan turut hadir di mesyuarat
The attendance of each member of the Committee is as follows:-
Jawatankuasa atas permintaan Jawatankuasa Audit.
Kehadiran setiap ahli Jawatankuasa adalah seperti berikut:-
DATE OF MEETING/TARIKH MESYUARAT
26 Feb 21 May/Mei 28 Aug/Ogos 26 Nov

DIRECTORS/pengarah 2008 2008 2008 2008
Tan Sri Datuk Arshad Ayub
Kua Hwee Sim
Datuk Johan Bin Jaaffar - -

SUMMARY OF ACTIVITIES RINGKASAN AKTIVITI
During the financial year ended 31 December 2008, the activities of the Pada tahun kewangan berakhir 31 Disember 2008, aktiviti Jawatankuasa
Audit Committee included the following:- Audit termasuk perkara-perkara berikut:-
R eviewed the findings of the internal audit functions and ensure Mengkaji penemuan audit dalaman dan memastikan supaya
appropriate actions were taken and recommendations implemented. tindakan yang sewajarnya diambil dan cadangan dilaksanakan.
A ssessed and reviewed the unaudited quarterly results, annual enilai dan mengkaji keputusan kewangan suku tahunan
M
audited accounts prior to Boards approval and subsequent yang belum diaudit, akaun beraudit tahunan sebelum diluluskan
release to Bursa Malaysia. oleh Lembaga Pengarah dan kemudian dilaporkan kepada
Bursa Malaysia.
Reviewed with external auditors the results and issue from audit
Mengkaji bersama juruaudit luar keputusan dan isu-isu daripada
findings and resolutions of such issues and management letter
penemuan audit dan penyelesaian isu-isu tersebut serta laporan
including management response.
pengurusan termasuk tindakan pengurusan.
Evaluated and approved Internal Audit Departments annual audit
Menilai dan meluluskan rancangan audit tahunan Jabatan Audit
plan, including its resources and training needs.
Dalaman, termasuk keperluan sumber dan latihannya.
A nalysed and reviewed the Groups key operational and strategic Menganalisis dan mengkaji risiko operasi dan strategik penting
risks and actions taken to address and mitigate such risks. dan tindakan yang diambil untuk menangani dan mengurangkan
eviewed the Internal Control and Corporate Governance
R risiko tersebut.
Statement to be included in the Groups Annual Report. engkaji Penyata Kawalan Dalaman dan Tadbir Urus Korporat
M
eported to the Board on a regular basis on major events
R yang dimuatkan di dalam Laporan Tahunan Kumpulan.
covered by the Committee and make recommendations to the Melapor kepada Lembaga Pengarah secara kerap berhubung
Board and Management concerning these matters. perkara-perkara penting yang diuruskan oleh Jawatankuasa
Performed any other activities as outlined in the Audit Charter, or dan mengemukakan cadangan kepada Lembaga Pengarah dan
any other activities the Board deems necessary, including but not Pengurusan berkaitan perkara tersebut.
limited to the Companys legal and regulatory compliance. elaksanakan sebarang aktiviti lain seperti yang digariskan di
M
dalam panduan Piagam Audit, atau sebarang aktiviti-aktiviti yang
STATEMENT ON INTERNAL AUDIT ACTIVITIES dianggap perlu oleh Lembaga Pengarah, termasuk dan tidak terhad
kepada pematuhan undang-undang dan peraturan Syarikat.
The Internal Audit team, led by a Certified Internal Auditor (CIA), reports
directly to the Audit Committee as required by paragraph 15.18(d) of PENYATA MENGENAI AKTIVITI-AKTIVITI FUNGSI AUDIT DALAMAN
The Listing Requirements (LR) of Bursa Malaysia and recommended by
paragraph 3.2 of the Guidelines on Internal Audit Function (GIAF) issued Kumpulan Audit Dalaman yang diketuai oleh seorang Juruaudit Dalaman
by the Industry Taskforce on Internal Audit Function. Bertauliah (CIA), melapor secara langsung kepada Jawatankuasa Audit
seperti dikehendaki oleh Perenggan 15.18(d) Keperluan Penyenaraian
(LR) Bursa Malaysia dan seperti yang disyorkan oleh Perenggan 3.2
With regards to the operations of the Groups oil palm estates and
Garis Panduan berhubung Fungsi Audit Dalaman (GIAF) yang dikeluarkan
palm oil mill, which a management agent is engaged, the assurance
oleh Kumpulan Tindakan Industri berhubung Fungsi Audit Dalaman.
on the internal control rely on reviews and tests carried out by the
internal audit function of the management agent. They would present Bagi operasi perladangan dan kilang minyak sawit Kumpulan di
the findings and results of their reviews to Audit Committee. mana agen pengurusan telah dilantik, pematuhan terhadap sistem
kawalan dalaman adalah bergantung kepada semakan dan ujian yang
STATEMENT ON EMPLOYEE SHARE OPTION SCHEME (ESOS) dilaksanakan oleh fungsi audit dalaman agen pengurusan tersebut.
The Company did not offer any share scheme options to its employees Mereka akan mengemukakan penemuan dan keputusan ujian kepada
in the year under review. Jawatankuasa Audit.
PENYATA MENGENAI SKIM PEMBERIAN SAHAM KEPADA ANGGOTA

PEKERJA (ESOS)
Syarikat sejauh ini tidak menawarkan sebarang opsyen yang berkaitan
dengan skim pemberian saham kepada anggota pekerjanya.
TAN SRI DATUK ARSHAD AYUB

Chairman, Audit Committee/
Pengerusi, Jawatankuasa Audit

C
Our
hannels
Rangkaian Kami
Sindora will continue to provide an integrated
platform for all companieS of itS intrapreneur
venture buSineSS to maximiSe SynergieS, and further
develop channelS and networkS which will effectively
enhance aSSet valueS and maximiSe returnS.
Sindora akan terus menyediakan landasan yang kukuh kepada semua syarikat-syarikat di dalam
Bisnes Intrapreneur Venturenya bagi mempertingkatkan sinergi dan membangunkan rangkaian
bisnesnya serta menambah nilai aset dengan berkesan dan memaksimumkan pulangan.
CALENDAR OF SIGNIFICANT EVENTS
Kalendar Peristiwa Penting
30 January/Januari 18 February/Februari
E.A. Technique (M) Sdn Bhd (EA Technique) has established a wholly Metro Parking (M) Sdn Bhd has successfully incorporated a subsidiary
own subsidiary, Johor Shipyard and Engineering Sdn Bhd (JSESSB) to company in India, Metro Parking Services (India) Private Limited. The
embark on shipbuilding and ship repairs activities at Tanjung Langsat issued and paid-up share capital comprises 10,000 units of ordinary
Port, Johor. shares of Rs10 each.
E.A. Technique (M) Sdn Bhd (EA Technique) telah menubuhkan sebuah Metro Parking (M) Sdn Bhd berjaya menubuhkan sebuah syarikat
syarikat subsidiari milik penuh, Johor Shipyard and Engineering Sdn subsidiari di India, Metro Parking Services (India) Private Limited. Modal
Bhd (JSESSB) untuk menerokai aktiviti pembinaan dan pembaikan kapal saham diterbit dan berbayar syarikat tersebut terdiri daripada 10,000
di Pelabuhan Tanjung Langsat, Johor. unit saham biasa berharga Rs10 sesaham.
4 February/Februari 2 21 February/Februari
Sindora disposed off its 55% equity interest in Tepak Marketing Sdn Sindora Berhad participated in the annual International Kite Festival in
Bhd (Tepak), reducing Sindoras equity in Tepak to 20%. Pasir Gudang, Johor.
Sindora menjual 55% kepentingan ekuitinya dalam Tepak Marketing Sdn Sindora Berhad mengambil bahagian dalam Festival Layang-layang
Bhd (Tepak), mengurangkan ekuiti Sindora dalam Tepak kepada 20%. Antarabangsa tahunan di Pasir Gudang, Johor.
1 5 February/Februari 3 18 March/MAC
Sindora contributed RM100,000 to the Siswa Bistari as part of its Sindora Berhad and Johor Intrapreneur (M) Bhd (JIMB) co-organised
Corporate Responsibilty cause at the Launching Ceremony of Tunas the Annual Employees Meeting (PEDOMAN Meeting) with the theme of
Bistari and Didik Bistari held at Persada Johor International Convention Jihad Bisnes at the Persada Johor International Convention Centre,
Centre, Johor Bahru. Johor Bahru.
Sindora menyumbang sebanyak RM100,000 kepada Siswa Bistari Sindora Berhad dan Johor Intrapreneur (M) Bhd (JIMB) telah bersama-
sebagai sebahagian daripada aktiviti Tanggungjawab Sosial Korporatnya sama menganjurkan Mesyuarat Anggota Pekerja Tahunan (Mesyuarat
di Majlis Pelancaran Tunas Bistari dan Didik Bistari yang diadakan di PEDOMAN) dengan tema Jihad Bisnes di Pusat Konvensyen
Pusat Konvensyen Antarabangsa Persada Johor, Johor Bahru. Antarabangsa Persada Johor, Johor Bahru.

4
4 19-20 April/APRIL 5 29 April/APRIL

Sindora Sports and Recreation Club (KKS) had participated in the annual KKS had organised a visit to Pusat Pemulihan dan Komuniti Bandar
Creative Raft Competition, organised by Persatuan Pelayaran Negeri Tenggara, Johor which is a rehabilitation centre for physically disabled
Johor at Pantai Pasir Layar, Tanjung Langsat, Johor. children. Seven staffs had represented Sindora for the program.
Kelab Keluarga Sindora (KKS) telah mengambil bahagian dalam KKS telah menganjurkan lawatan ke Pusat Pemulihan dan Komuniti
Pertandingan Rakit Kreatif tahunan yang dianjurkan oleh Persatuan Bandar Tenggara, Johor yang merupakan sebuah pusat rehabilitasi
Pelayaran Negeri Johor di Pantai Pasir Layar, Tanjung Langsat, Johor. bagi kanak-kanak kurang upaya. Tujuh orang anggota pekerja mewakili
Sindora bagi program ini.
25 April/APRIL
Acquisition of Sindora Berhad by Kulim (Malaysia) Berhad was concluded. 26 May/Mei
Pursuant to that Sindora is now the subsidiary of Kulim. Metro Parking (M) Sdn Bhd was certified with ISO 9001:2000 Quality
Management System under the scope Management of Car Parks from
Pengambilalihan Sindora Berhad oleh Kulim (Malaysia) Berhad telah IQ Net and SIRIM QAS International Sdn Bhd.
disempurnakan. Berikutan pengambilalihan tersebut, Sindora kini adalah
syarikat subsidiari Kulim. Metro Parking (M) Sdn Bhd telah berjaya memperolehi persijilan ISO
9001:2000 Sistem Pengurusan Kualiti di bawah skop Pengurusan Tempat
Letak Kereta daripada IQ Net dan SIRIM QAS International Sdn Bhd.
27 April/APRIL
KKS was involved in the celebration of Maulidur Rasul at Bandar
Tenggara, Johor. The event was organised by Al-Muttaqin Mosque, 29 May/Mei
Bandar Tenggara, Johor. Johor Shipyard and Engineering Sdn Bhd, a wholly owned subsidiary
of EA Technique, had entered into an agreement for lease with Tanjung
KKS telah terlibat dalam sambutan Maulidur Rasul di Bandar Tenggara, Langsat Port Sdn Bhd, a wholly owned subsidiary of Johor Corporation.
Johor. Acara tersebut adalah anjuran Masjid Al-Muttaqin, Bandar
Tenggara, Johor. Johor Shipyard and Engineering Sdn Bhd, sebuah syarikat subsidiari
milik penuh EA Technique, telah memeterai perjanjian pajakan dengan
Tanjung Langsat Port Sdn Bhd, sebuah syarikat subsidiari milik penuh
Johor Corporation.

Calendar of Significant Events /Kalendar Peristiwa Penting
6 24 June/jun 8 7-11 July/JUlai

Ladang Sungai Simpang Kiri (LSSK) held a Fire Drill Exercise, with talk GranuLab was involved in the ASEAN Science and Technology Week
and fire demonstration from the Labis Fire and Rescue Team. 2008 held at World Trade Centre, Manila, Philippines.
Ladang Sungai Simpang Kiri (LSSK) telah mengadakan Latihan GranuLab terlibat dalam ASEAN Science and Technology Week 2008
Kebakaran yang disertai dengan ceramah dan demonstrasi kebakaran yang diadakan di World Trade Centre, Manila, Filipina.
oleh Pasukan Bomba dan Penyelamat Labis.
9 23 July/Julai
7 25 June/jun En Halmi Jasmin, Managing Director of Metro Parking was awarded with
35th Annual General Meeting and Extraordinary General Meeting of Asia Pacific Entrepreneurship Award 2008 Outstanding Entrepreneur
Sindora Berhad was held at Puteri Pacific Hotel, Johor Bahru. by Enterprise Asia (NGO) held at Kuala Lumpur Convention Centre,
Kuala Lumpur.
Mesyuarat Agung Tahunan dan Mesyuarat Agung Luar Biasa ke 35
Sindora Berhad telah diadakan di Hotel Puteri Pacific, Johor Bahru. En Halmi Jasmin, Pengarah Urusan Metro Parking telah dianugerahkan
dengan Anugerah Keusahawanan Asia Pasifik 2008 Usahawan
Cemerlang oleh Enterprise Asia (NGO) yang diadakan di Pusat
1 July/Julai Konvensyen Kuala Lumpur, Kuala Lumpur.
Epasa has diversified into haulage business aside from its principal
involvement as an agency for shipping and forwarding and management
of a container yard.
10 26-27 July/Julai
KKS organised a motivational course program Motivasi Alihan Pelajar
Epasa telah mempelbagaikan bisnes di dalam aktiviti penghantaran for the children of Sindoras staff held at Malaysia Productivity
barangan (haulage) selain daripada penglibatan utamanya sebagai Corporation, Johor Bahru. The course was conducted by MAP Training
sebuah agensi perkapalan dan penghantaran serta pengurusan kawasan and Consultancy Sdn. Bhd.
menyimpan kontena.
KKS menganjurkan program motivasi Motivasi Alihan Pelajar bagi
anak-anak anggota pekerja Sindora yang telah diadakan di Perbadanan
Produktiviti Malaysia, Johor Bahru. Kursus tersebut dijalankan oleh MAP
Training and Consultancy Sdn. Bhd.

9
10
11
15 August/Ogos 22 August/Ogos
EA Technique has restructured its paid-up capital with an increase Sindora was selected as one of the finalist for the Starbiz-ICR Malaysia
from RM26.53 million to RM38.56 million. The paid-up capital was Corporate Responsibility Award 2008 (Workplace), by Starbiz and ICR
subsequently increased to RM42 million. Malaysia, held at Nikko Hotel, Kuala Lumpur.
EA Technique telah menyusun semula modal berbayarnya dengan Sindora telah terpilih ke peringkat akhir bagi Anugerah Tanggungjawab
peningkatan daripada RM26.53 juta kepada RM38.56 juta. Modal Korporat Starbiz-ICR Malaysia 2008 (Tempat Kerja), oleh Starbiz dan ICR
berbayar itu kemudian dinaikkan kepada RM42 juta. Malaysia yang diadakan di Hotel Nikko, Kuala Lumpur.
16-19 August/Ogos 11 22-24 August/Ogos

KKS via Education Bureau, together with the Panitia Matematik SMKA Sindora took part in the 8th Annual Conference of JCorp Intrapreneur (M)
Bandar Penawar, Kota Tinggi, Johor had organised an Easy Math Sdn Bhd (JIMB) at Swiss Garden Resort and Spa, Kuantan, Pahang.
Camp (Additional Mathematics) for the children of Sindoras staff. The
program was held at SMKA Bandar Penawar, Kota Tinggi, Johor. Sindora telah mengambil bahagian dalam Persidangan Tahunan Ke 8
JCorp Intrapreneur (M) Sdn Bhd (JIMB) di Swiss Garden Resort and
KKS menerusi Biro Pendidikan, bersama-sama dengan Panitia Matematik Spa, Kuantan, Pahang.
SMKA Bandar Penawar, Kota Tinggi, Johor, telah menganjurkan Kem
Matematik Mudah (Matematik Tambahan) bagi anak-anak anggota
pekerja Sindora. Program tersebut diadakan di SMKA Bandar Penawar, 23-24 August/Ogos
Kota Tinggi, Johor.
KKS through Education Bureau, with the cooperation of Berita Harian
and Skor, had organised Skor A for the children of Sindoras staff, held
at Universiti Teknologi Malaysia, Skudai, Johor.
21 August/Ogos
Sindora Berhad representatives participated in launching ceremony of KKS menerusi Biro Pendidikan, dengan kerjasama Berita Harian dan
a charity drive programme, Tijarah Ramadhan at Putra World Trade Skor, telah menganjurkan Skor A bagi anak-anak anggota pekerja
Centre, Kuala Lumpur. Sindora yang telah diadakan di Universiti Teknologi Malaysia, Skudai,
Johor.
Wakil Sindora Berhad mengambil bahagian dalam majlis pelancaran
program kutipan derma, Tijarah Ramadhan di Pusat Dagangan Dunia
Putra, Kuala Lumpur.

Calendar of Significant Events /Kalendar Peristiwa Penting
13
14
12
15
12 29 August/Ogos 15 3 November/November
LSSK welcomed Yang Berhormat Dato Noraini Binti Ahmad, Deputy Metro Parking (S) Pte Ltd was awarded with 1 Gold and 2 Silver
Minister of Human Resource, who attended a work visit to the estate. Excellence Service Awards by SPRING Singapore.
LSSK mengalu-alukan kedatangan Yang Berhormat Dato Noraini Binti Metro Parking (S) Pte Ltd telah dianugerahkan dengan Anugerah
Ahmad, Timbalan Menteri Sumber Manusia, yang menghadiri lawatan Kecemerlangan Servis 1 emas dan 2 perak oleh SPRING Singapura.
kerja ke ladang tersebut.
4 November/November
13 13 October/Oktober Metro Parking (M) Sdn Bhd has restructured its paid-up capital with an
Metro Parking was awarded with 3rd Business of the Year Award increase of RM2.5 million from RM1.0 million to RM3.5 million.
Excellent Company by SMI & SME Network held at Istana Hotel,
Kuala Lumpur. Metro Parking (M) Sdn Bhd telah menyusun semula modal berbayarnya
dengan peningkatan sebanyak RM2.5 juta daripada RM1.0 juta kepada
Metro Parking dianugerahkan dengan Anugerah Bisnes Terbaik Tahunan RM3.5 juta.
ke 3 Syarikat Cemerlang oleh SMI & SME Network yang diadakan di
Hotel Istana, Kuala Lumpur.
14 16 October/Oktober
As a testimony to its quality drive, Sindora Berhad and JIMB has jointly
organised Quality Day, with the theme Quality Spearheads Excellence,
held at KOMTAR, Johor Bahru.
Sebagai bukti kepada usaha kualitinya, Sindora Berhad dan JIMB

telah bersama-sama menganjurkan Hari Kualiti, dengan tema Kualiti
Menjana Kecemerlangan, yang diadakan di KOMTAR, Johor Bahru.

17
16
18
16 10 November/November 17 19-24 November/November

Signing Ceremony between EA Technique and Sumber Samudra GranuLab participated in the Medica Fair held at Dusseldorf Trade Fair
Sdn Bhd at Malaysian Petroleum Club, KLCC, Kuala Lumpur for the Centre, Germany.
construction of a unit of 8,500 MT Fuel Oil Tanker, 2 units of 9,500 MT
Clean Product Tanker and 2 units of Mooring Boats. GranuLab mengambil bahagian dalam Medica Fair yang diadakan di
Dusseldorf Trade Fair Centre, Jerman.
Majlis Menandatangani Perjanjian di antara EA Technique dan Sumber
Samudra Sdn Bhd di Kelab Petroleum Malaysia, KLCC, Kuala Lumpur
bagi pembinaan satu unit Kapal Tangki Minyak 8,500 TM, 2 unit Kapal 18 13-14 December/Disember
Tangki Produk Bersih 9,500 TM dan 2 unit Bot Penambat.
KKS held Family Day at Selesa Beach Resort, Port Dickson, Negeri
Sembilan.
12-14 November/November KKS telah mengadakan Hari Keluarga di Selesa Beach Resort, Port
Sindora participated in Hari Mekar Johor Corporation, organised by QSR Dickson, Negeri Sembilan.
Brands Berhad and KFC Holdings (Malaysia) Berhad, held at Persada
Johor International Convention Centre, Johor Bahru.
Sindora mengambil bahagian dalam Hari Mekar Johor Corporation anjuran

QSR Brands Berhad dan KFC Holdings (Malaysia) Berhad yang diadakan
di Pusat Konvensyen Antarabangsa Persada Johor, Johor Bahru.

Financial
Statements
Directors Report 124
Statement by Directors 128
Statutory Declaration 128
Independent Auditors Report 129
Balance Sheets 130
Income Statements 131
Statement of Changes in Equity 132
Cash Flow Statements 134
Notes to the Financial Statements 136
Directors Report
for the year ended 31 December 2008
The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the year ended
31 December 2008.
Principal activities
The principal activities of the Company consist of investment holding, intrapreneur venture business and operations of oil palm plantations, palm oil
milling and rubber estate. The principal activities of its subsidiaries are disclosed in Note 8 to the financial statements. There has been no significant
change in the nature of these activities during the financial year.
Results
Group Company
RM000 RM000
Profit attributable to:

Equity holders of the Company 21,935 12,143
Minority interests 5,840 -
27,775 12,143
Reserves and provisions

There were no material transfers to or from reserves and provisions during the financial year under review except as disclosed in the financial
statements.
Dividends
Since the end of the previous financial year, the Company paid:
i) an interim dividend of 5% per ordinary share less tax at 26% totalling RM3,504,000 (3.7 sen net per ordinary share) in respect of the year
ended 31 December 2007 on 25 January 2008;
ii) a final dividend of 5% per ordinary share less tax at 26%, totalling RM3,552,000 (3.70 sen net per ordinary share) in respect of the year
ended 31 December 2007 on 25 July 2008; and
iii) an interim dividend of 5% per ordinary share less tax at 25%, totalling RM3,600,000 (3.75 sen net per ordinary share) in respect of the year
ended 31 December 2008 on 26 February 2009.
The final dividend recommended by the Directors in respect of the year ended 31 December 2008 is 5% per ordinary share less tax at 25% totalling
RM3,600,000 (3.75 sen net per ordinary share).
Directors of the Company

Directors who served since the date of the last report are:
Tan Sri Dato Muhammad Ali Hashim

Rozan bin Mohd Saat
Halmi bin Jasmin
Tan Sri Datuk Arshad Ayub
Datuk Johan bin Jaaffar
Kua Hwee Sim
Dato Ir Abdul Hak bin Md Amin
Hj. Esa bin Mamek
Zulkifli bin Ibrahim (appointed on 1 July 2008)
Hj. Johari bin Maarof (resigned on 17 June 2008)

Directors Report
Directors interests
The interests and deemed interests in the shares of the Company and of its related corporations (other than wholly-owned subsidiaries) of those who
were Directors at year end (including the interests of the spouses or children of the Directors who themselves are not Directors of the Company)
as recorded in the Register of Directors Shareholdings are as follows:
Number of ordinary shares of RM1.00 each

At At
1 January 31 December
Name of Directors Interest 2008 Bought Sold 2008
Company
Tan Sri Dato Muhammad Ali Hashim Direct 73,977 30,000 - 103,977
Tan Sri Datuk Arshad Ayub Direct 413,824 - - 413,824
Deemed 1,016,666 - - 1,016,666
Rozan bin Mohd Saat Direct 15,092 - - 15,092
Dato Ir Abdul Hak bin Md Amin Direct 41,533 - - 41,533
Subsidiary
- Metro Parking (M) Sdn. Bhd.
Halmi bin Jasmin Direct 100,000 250,000 - 350,000
Related companies
- KPJ Healthcare Berhad
Deemed 12,000 - - 12,000
Tan Sri Datuk Arshad Ayub Direct 386,000 41,000 - 427,000
Deemed 733,000 - - 733,000
Rozan bin Mohd Saat Direct 200 - - 200
- Johor Land Berhad

Tan Sri Dato Muhammad Ali Hashim Direct 100,360 - - 100,360
Deemed 4,300 - - 4,300
Tan Sri Datuk Arshad Ayub Direct 217,980 100,000 - 317,980
Deemed 537,690 101,000 - 638,690
Kua Hwee Sim Direct 9,000 - - 9,000
Hj. Esa bin Mamek Direct 270 - - 270
- QSR Brands Berhad

Tan Sri Datuk Arshad Ayub Direct - 100,000 - 100,000
Deemed - 100,000 - 100,000
Number of ordinary shares of RM0.50 each

At At
1 January 31 December
Name of Directors Interest 2008 Bought Sold 2008
- Kulim (Malaysia) Berhad

Deemed 22,400 - - 22,400
Tan Sri Datuk Arshad Ayub Direct 882,950 - (173,000) 709,950
Deemed 1,383,200 - (33,000) 1,350,200
Hj. Esa bin Mamek Direct 1,400 - - 1,400
The other Directors, Datuk Johan bin Jaaffar and Zulkifli bin Ibrahim, holding office at 31 December 2008 do not have any interest in the ordinary
shares of the Company and of its related corporations during the year.

Directors Report
Directors benefits
Since the end of the previous financial year, no Director of the Company has received nor become entitled to receive any benefit (other than a
benefit included in the aggregate amount of emoluments received or due and receivable by Directors as shown in the financial statements) by
reason of a contract made by the Company or a related corporation with the Director or with a firm of which the Director is a member, or with a
company in which the Director has a substantial financial interest.
There were no arrangements during and at the end of the financial year which had the object of enabling Directors of the Company to acquire
benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate.
Issue of shares
There were no changes in the authorised, issued and paid-up capital of the Company during the financial year.
Options granted over unissued shares

No options were granted to any person to take up unissued shares of the Company during the financial year.
Other statutory information

Before the balance sheets and income 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 has been made for doubtful debts, and
ii) all current assets have been stated at the lower of cost and net realisable value.
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 financial 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 financial statements, that would render any amount stated in the financial 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 financial 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 financial 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 financial 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, the results of the operations of the Group and of the Company for the year ended 31 December 2008 have 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 financial year and the date of this report.

Directors Report
Significant events
The Company
(i) On 14 November 2007, the Company received a notification from Johor Corporation (JCorp) and Johor Capital Holdings Sdn. Bhd. (JCHSB)
pertaining to the disposal of their entire 62.01% shareholding in the Company to Kulim (Malaysia) Berhad, comprising 59,533,289 ordinary
shares of RM1.00 each in the Company for a total cash consideration of RM102,397,257.08 or RM1.72 per share. Upon completion of the
disposal in 2008, Kulim (Malaysia) Berhad became the immediate holding company and Johor Corporation remains as the ultimate holding
corporation of the Company.
(ii) On 27 December 2007, the Company entered into a conditional Sale and Purchase Agreement (SPA) with KFC Holdings (Malaysia) Bhd.
(KFCH) to dispose a piece of leasehold land (including all factory, buildings, structures, infrastructure and facilities built or erected on the
land) to KFCH for RM6.15 million cash. The disposal is expected to be completed in 2009.
(iii) On 12 August 2008, the Company received a Letter of Acceptance from Encik Mazlan bin Muhammad (MM) pertaining to the proposed
disposal by the Company to MM of 2,375,000 ordinary shares of RM1.00 each (Sales Shares) representing 35% equity interest in MM
Vitaoils Sdn. Bhd. (MMV) for a total cash consideration of RM14,500,000 (Disposal Consideration) or approximately RM6.11 per share. On
16 January 2009, the proposed disposal was aborted and the Company is currently in the process of renegotiating the proposed disposal
with MM.
(iv) In 2007, the Company entered into a conditional Share Purchase cum Subscription Agreement and Supplemental Agreement with Johari bin
Maarof, Laili binti Ismail and Hayati binti Jalaludin (collectively known as the Vendors) for the proposed acquisition of J.M. Permata Sdn.
Bhd. (JMP) by the Company from the Vendors.
The agreements have been subsequently terminated due to the non-fulfillment of conditions precedent and breach of the terms of the
agreements.
In August 2008, the Company made a claim against the Vendors for the return of deposit and part payment of purchase price totalling
RM2,700,000 (which bears interest at 10% per annum until full settlement) pursuant to the terms of the agreements entered into between
the Company, the Vendors and JMP. The Company also made additional claims against the Vendors for legal and professional fees totalling
RM210,840 which were incurred pursuant to the transaction, litigation expenses and any other relief that the court may deem fit.
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:

Tan Sri Dato Muhammad Ali Hashim Rozan bin Mohd Saat
Johor Bahru,
Date: 23 March 2009

StAtement By DiRectoRS
pursuant to section 169(15) of the companies act, 1965
In the opinion of the Directors, the financial statements set out on pages 130 to 176 are drawn up in accordance with Financial Reporting Standards
and the Companies Act, 1965 in Malaysia and so as to give a true and fair view of the financial position of the Group and of the Company at 31
December 2008 and of their financial performance and cash flows for the financial year then ended.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:

Tan Sri Dato Muhammad Ali Hashim Rozan bin Mohd Saat
Johor Bahru,
Date: 23 March 2009
StAtutoRy DeclAration
pursuant to section 169(16) of the companies act, 1965
I, rosnah binti Basok, the officer primarily responsible for the financial management of SINDORA BERHAD, do solemnly and sincerely declare that
the financial statements set out on pages 130 to 176 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 Johor Bahru in the State of Johor on 23 March 2009
.
Rosnah binti Basok
Before me:

independent auditors report
to the members of Sindora Berhad (Incorporated in Malaysia)
Report on the Financial Statements

We have audited the financial statements of Sindora Berhad, which comprise the balance sheets as at 31 December 2008 of the Group and of the
Company, and the income statements, statements of changes in equity and cash flow statements of the Group and of the Company for the year
then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 130 to 176.
Directors Responsibility for the Financial Statements

The Directors of the Company are responsible for the preparation and fair presentation of these financial statements in accordance with Financial
Reporting Standards and the Companies Act, 1965 in Malaysia. This responsibility includes: designing, implementing and maintaining internal control
relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error;
selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditors Responsibility
Our responsibility is to express an opinion on these financial 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 whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures
selected depend on our judgment, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, we consider internal control relevant to the Companys preparation and fair presentation of the financial
statements 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 Companys 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 financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements have been properly drawn up in accordance with Financial Reporting Standards and the Companies Act,
1965 in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company as of 31 December 2008 and of
their financial performance and cash flows for the year then ended.
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, which are indicated
in Note 8 to the financial statements.
c) We are satisfied that the accounts of the subsidiaries that have been consolidated with the Companys financial statements are in form and
content appropriate and proper for the purposes of the preparation of the financial 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 qualification or any adverse comment made under Section 174(3)
of the Act.
Other Matters
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 Wee Beng Chuan

Firm Number: AF 0758 Approval Number: 2677/12/10 (J)
Chartered Accountants Chartered Accountant
Johor Bahru
Date: 23 March 2009

balance sheets
at 31 December 2008
Group Company
2008 2007 2008 2007
Note RM000 RM000 RM000 RM000
Assets
Property, plant and equipment 3 228,248 228,689 15,898 17,104
Intangible assets 4 28,102 29,172 13,198 14,198
Plantation development expenditure 5 25,039 21,512 25,039 21,512
Prepaid lease payments 6 83,997 85,210 81,275 82,371
Investment properties 7 3,570 3,040 10,020 9,185
Investments in subsidiaries 8 - - 72,382 60,763
Investments in associates 9 10,563 17,518 6,500 15,200
Other investments 10 5,556 6,747 5,556 6,747
Deferred tax assets 11 373 473 - -
Total non-current assets 385,448 392,361 229,868 227,080
Inventories 12 10,976 10,694 3,688 3,936

Trade and other receivables 13 38,118 38,424 2,452 6,156
Due from subsidiaries 14 - - 793 903
Due from related companies 14 9,950 12,649 8,023 10,628
Assets classified as held for sale 15 20,866 14,862 15,650 8,350
Tax recoverable - 427 - -
Cash and cash equivalents 16 52,238 28,982 8,730 7,100
Total current assets 132,148 106,038 39,336 37,073
Total assets 517,596 498,399 269,204 264,153
Equity
Share capital 96,000 96,000 96,000 96,000
Reserves 96,102 81,783 71,653 66,662
Total equity attributable to equity holders of the Company 17 192,102 177,783 167,653 162,662
Minority interests 60,101 44,268 - -
Total equity 252,203 222,051 167,653 162,662
Liabilities
Loans and borrowings 18 139,543 157,908 40,145 43,142
Due to subsidiaries 14 - - 2,217 2,221
Deferred income 298 333 - -
Deferred tax liabilities 11 24,335 23,906 23,281 23,573
Total non-current liabilities 164,176 182,147 65,643 68,936
Trade and other payables 19 53,222 36,917 12,761 8,505

Loans and borrowings 18 35,481 39,261 10,486 12,338
Due to ultimate holding corporation 14 333 6,870 303 5,131
Due to holding company 14 4,681 - 4,681 -
Due to a subsidiary 14 - - 1,313 1,897
Due to related companies 14 2,068 1,588 1,272 618
Taxation 1,832 1,388 1,492 562
Dividend payable 3,600 3,504 3,600 3,504
Liabilities classified as held for sale 15 - 4,673 - -
Total current liabilities 101,217 94,201 35,908 32,555
Total liabilities 265,393 276,348 101,551 101,491
Total equity and liabilities 517,596 498,399 269,204 264,153
The accompanying notes form an integral part of the financial statements

Income statements
For the year ended 31 December 2008
Group Company
Note 2008 2007 2008 2007
RM000 RM000 RM000 RM000
Revenue 20 351,193 295,157 129,938 89,042

Cost of goods sold (269,728) (225,974) (98,059) (64,792)
Gross profit 81,465 69,183 31,879 24,250

Other income 9,034 9,296 5,361 5,151
Distribution expenses (3,094) (3,401) (2,287) (1,525)
Administrative expenses (29,199) (26,445) (8,034) (6,245)
Other expenses (18,905) (15,240) (4,672) (2,610)
Results from operating activities 39,301 33,393 22,247 19,021

Finance costs (10,005) (9,536) (3,788) (4,742)
Operating profit 21 29,296 23,857 18,459 14,279

Share of profit after tax and minority interests of equity
accounted associates 6,391 6,903 - -
Profit before tax 35,687 30,760 18,459 14,279

Tax expense 22 (7,912) (4,184) (6,316) (4,709)
Profit for the year 27,775 26,576 12,143 9,570
Attributable to:
Equity holders of the Company 21,935 17,928 12,143 9,570
Minority interests 5,840 8,648 - -
Basic and diluted earnings per ordinary shares (sen) 23 22.85 18.83

Attributable to equity holders of the Company
Non-distributable Distributable
Exchange
Note Share Share Treasury Revaluation fluctuation Retained Minority Total
capital premium shares reserves reserve earnings Total interests equity
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Group
At 1 January 2007 96,000 11,107 (1,580) 25,432 51 34,037 165,047 33,043 198,090
Reversal of revaluation reserve
Sindora Berhad (13418-K) Annual Report 2008

and deferred tax liabilities - - - (111) - 155 44 - 44
Exchange differences on translation
of a foreign subsidiary - - - - 110 - 110 - 110
Net (loss)/gains recognised directly in equity - - - (111) 110 155 154 - 154
Profit for the year - - - - - 17,928 17,928 8,648 26,576
Total recognised income and expense for the year - - - (111) 110 18,083 18,082 8,648 26,730
Treasury shares sold 17 - - 22 - - - 22 - 22
Treasury shares acquired 17 - - (362) - - - (362) - (362)
132
Issue of shares by subsidiaries - - - - - - - 3,333 3,333
Dividends to shareholders 24 - - 1,920 - - (6,926) (5,006) (756) (5,762)
At 31 December 2007 96,000 11,107 - 25,321 161 45,194 177,783 44,268 222,051
Group
At 1 January 2008 96,000 11,107 - 25,321 161 45,194 177,783 44,268 222,051
Net loss recognised directly in equity
Exchange differences on translation of a
foreign subsidiary - - - - (464) - (464) (28) (492)
Profit for the year - - - - - 21,935 21,935 5,840 27,775
Total recognised income and

Statement of changes in equity
expense for the year - - - - (464) 21,935 21,471 5,812 27,283

Disposal of share in a subsidiary - - - - - - - (1,009) (1,009)
Issue of shares by subsidiaries - - - - - - - 11,367 11,367
Dividends to shareholders 24 - - - - - (7,152) (7,152) (337) (7,489)
At 31 December 2008 96,000 11,107 - 25,321 (303) 59,977 192,102 60,101 252,203
www.sindora.com.my
Statement of changes in equity
Non-distributable Distributable
Share Share Revaluation Treasury Retained Total
capital premium reserves shares earnings equity
Note RM000 RM000 RM000 RM000 RM000 RM000
Company
At 1 January 2007 96,000 11,107 21,094 (1,580) 31,817 158,438
Profit for the year - - - - 9,570 9,570
Treasury shares acquired 17 - - - (362) - (362)
Treasury shares sold 17 - - - 22 - 22
Dividends to shareholders 24 - - - 1,920 (6,926) (5,006)
At 31 December 2007 96,000 11,107 21,094 - 34,461 162,662

Profit for the year - - - - 12,143 12,143
Dividends to shareholders 24 - - - - (7,152) (7,152)
At 31 December 2008 96,000 11,107 21,094 - 39,452 167,653

cash flow statements
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Cash flows from operating activities

Adjustments for:-
Amortisation and depreciation of:
- Property, plant and equipment 28,548 22,185 2,721 2,794
- Prepaid lease payments 1,213 1,303 1,096 1,126
- Intangible assets 1,070 1,035 1,000 1,000
- Plantation development expenditure 1,369 1,345 1,369 1,345
Change in fair value of investment properties (530) - (835) 450
Finance costs 10,005 9,536 3,788 4,742
Impairment losses/(Reversal):
- Property, plant and equipment - (66) - -
- Plantation development expenditure 166 - 166 -
- Other investment 977 (944) 977 (944)
Property, plant and equipment written off 14 60 - 32
Gain on disposal of:-
- Property, plant and equipment (376) (902) (103) (67)
- An associate - (156) - -
- Subsidiaries (76) - (770) -
Dividend income - - (2,367) (9,710)
Unrealised loss on foreign exchange 52 - - -
Interest income (187) (592) (102) (425)
Share of results in associates (6,391) (6,903) - -
Operating profit before changes in working capital 71,541 56,661 25,399 14,622
Changes in working capital:
Inventories (282) 297 248 (2,406)
Trade and other receivables 78 (15,097) 3,917 (4,012)
Trade and other payables 16,255 8,933 4,256 3,800
Due to ultimate holding corporation (6,611) 2,310 (4,828) 580
Due from/(to) holding company 4,681 - 4,681 -
Due from/(to) related companies 3,189 (5,306) 3,259 (3,899)
Due from/(to) subsidiaries - - (478) 2,853
Cash generated from operations 88,851 47,798 36,454 11,538

Dividend received - - 1,756 7,089
Interest paid (10,005) (9,536) (3,788) (4,742)
Tax paid (6,511) (2,649) (5,066) (812)
Net cash from operating activities 72,335 35,613 29,356 13,073

cash flow statements
Group Company
2008 2007 2008 2007
Note RM000 RM000 RM000 RM000
Cash flows from investing activities

Acquisition of:
- Property, plant and equipment 25 (25,943) (107,755) (1,613) (891)
- Intangible assets - (759) - (59)
- Prepaid lease payments - (49) - -
- Plantation development expenditure (4,964) (3,513) (4,964) (3,513)
Subscription of shares in/Acquisition of subsidiaries,
net of cash acquired - (525) (12,419) (6,141)
Acquisition of other investment - 47 - 47
Increase in pledged deposits placed with licensed banks (1,203) (3,907) - -
Proceeds from disposal of property, plant and equipment 1,201 1,643 103 68
Interest received 187 592 102 425
Dividend income from associates 282 5,760 - -
Disposal of an associate - 1,193 - -
Proceed from disposal of a subsidiary, net of cash disposed 1,050 - 2,970 -
Net cash used in investing activities (29,390) (107,273) (15,821) (10,064)
Cash flows from financing activities

Proceeds from term loans 5,552 84,534 - -
Repayment of term loans (27,205) (11,591) (4,736) (4,679)
Net short term borrowings 297 (2,385) - 918
Net purchase cost of treasury shares - (340) - (340)
Payment of finance lease liabilities (3,241) (309) (113) -
Subscription of shares by minority interests 11,367 3,333 - -
Dividends paid to shareholders of the Company (7,056) (4,901) (7,056) (4,901)
Dividends paid to minority interests (337) (756) - -
Net cash (used in)/from financing activities (20,623) 67,585 (11,905) (9,002)
Net increase/(decrease) in cash and cash equivalents 22,322 (4,075) 1,630 (5,993)
Effects of exchange rate changes - 112 - -
Cash and cash equivalents at 1 January 17,817 21,780 7,053 13,046
Cash and cash equivalents at 31 December 40,139 17,817 8,683 7,053
Cash and cash equivalents included in the cash flow statements comprise the following balance sheet amounts:
Cash and bank balances 37,700 20,166 3,483 6,853

Deposits with licensed banks 14,538 8,816 5,247 247
16 52,238 28,982 8,730 7,100

Add: Cash and cash equivalents included in disposal
group held for sale 15 - 1,920 - -
Less: Bank overdrafts (3,888) (6,077) - -
48,350 24,825 8,730 7,100

Less: Deposits pledged 16 (8,211) (7,008) (47) (47)
40,139 17,817 8,683 7,053

notes to the financial statements
Sindora Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Board of Bursa Malaysia
Securities Berhad. The addresses of the principal place of business and registered office of the Company are as follows:
Principal place of business

9C, 9th Floor, Menara Ansar
65, Jalan Trus
80000 Johor Bahru
Johor
Registered office
Level 2, Persada Johor International Convention Centre
Jalan Abdullah Ibrahim
80000 Johor Bahru
Johor
The consolidated financial statements of the Company as at and for the year ended 31 December 2008 comprise the Company and its subsidiaries
and the Groups interest in associates.
The principal activities of the Company consist of investment holding, intrapreneur venture business and operations of oil palm plantations, palm oil
milling and rubber estate. The principal activities of its subsidiaries are disclosed in Note 8.
The holding company is Kulim (Malaysia) Berhad, a company incorporated in Malaysia and listed on the Main Board of Bursa Malaysia Securities
Berhad. The Companys ultimate holding corporation is Johor Corporation, a body corporate established under the Johor Corporation Enactment
(No. 4 of 1968) (as Amended by Enactment No. 5 of 1995).
The financial statements were approved by the Board of Directors on 23 March 2009.
1. Basis of preparation
(a) Statement of compliance
The financial statements of the Group and of the Company have been prepared in accordance with Financial Reporting Standards (FRS),
the Companies Act, 1965 and accounting principles generally accepted in Malaysia.
The Group and the Company have not applied the following accounting standards (including its consequential amendments) and
interpretations that have been issued by the Malaysian Accounting Standards Board (MASB) but are not yet effective:
FRSs / Interpretations Effective date
FRS 4, Insurance Contracts 1 January 2010

FRS 7, Financial Instruments: Disclosures 1 January 2010
FRS 8, Operating Segment 1 July 2009
FRS 139, Financial Instruments: Recognition and Measurement 1 January 2010
IC Interpretation 9, Reassessment of Embedded Derivatives 1 January 2010
IC Interpretation 10, Interim Financial Reporting and Impairment 1 January 2010
The Group and the Company plan to apply the abovementioned FRSs / Interpretations from the annual period beginning 1 January 2010.
The impact of applying FRS 4, FRS 7 and FRS 139 on the financial statements upon first adoption as required by paragraph 30(b) of FRS 108,
Accounting Policies, Changes in Accounting Estimates and Errors is not disclosed by virtue of the exemptions given in the respective FRSs.
The initial application of the above standards (and its consequential amendments) and interpretations is not expected to have any material
impact on the financial statements of the Group and the Company.
(b) Basis of measurement

The financial statements have been prepared on the historical cost basis except as disclosed in Note 2(c) and 2(g).
(c) Functional and presentation currency

These financial statements are presented in Ringgit Malaysia (RM), which is the Companys functional currency. All financial information
presented in RM, has been rounded to the nearest thousand, unless otherwise stated.

1. Basis of preparation (CONTD)

(d) Use of estimates and judgements
The preparation of financial statements 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 ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised and in any future periods affected.
There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies that have significant
effect on the amounts recognised in the financial statements other than those disclosed in the following Notes:
Note 4 measurement of the recoverable amounts of cash-generating units

Note 7 investment properties
Note 11 recognition of unutilised tax losses and capital allowances
Note 12 inventory write-down
2. Significant accounting policies

The accounting policies set out below have been applied consistently to the periods presented in these financial statements, and have been
applied consistently by Group entities, unless otherwise stated.
(a) Basis of consolidation

(i) Subsidiaries
Subsidiaries are entities, including unincorporated entities, controlled by the Group. Control exists when the Group has the ability
to exercise its power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In
assessing control, potential voting rights that presently are exercisable are taken into account. Subsidiaries are consolidated using
the purchase method of accounting.
Under the purchase method of accounting, the financial statements of subsidiaries are included in the consolidated financial
statements from the date that control commences until the date that control ceases.
Investments in subsidiaries are stated in the Companys balance sheet at cost less any impairment losses, unless the investment
is classified as held for sale (or included in a disposal group that is classified as held for sale).
(ii) Associates
Associates are entities, including unincorporated entities, in which the Group has significant influence, but not control, over the
financial and operating policies.
Associates are accounted for in the consolidated financial statements using the equity method unless it is classified as held for
sale (or included in a disposal group that is classified as held for sale). The consolidated financial statements include the Groups
share of the profit or loss of the equity accounted associates, after adjustments to align the accounting policies with those of the
Group, from the date that significant influence commences until the date that significant influence ceases.
When the Groups share of losses exceeds its interest in an equity accounted associate, the carrying amount of that interest
(including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent
that the Group has an obligation or has made payments on behalf of the investee.
Investments in associates are stated in the Companys balance sheet at cost less any impairment losses, unless the investment
is classified as held for sale (or included in a disposal group that is classified as held for sale).
(iii) Changes in Group composition

Where a subsidiary issues new equity shares to minority interest for cash consideration and the issue price has been established
at fair value, the reduction in the Groups interests in the subsidiary is accounted for as a disposal of equity interest with the
corresponding gain or loss recognised in the income statements.
When the Group purchases a subsidiarys equity shares from minority interest for cash consideration and the purchase price has
been established at fair value, the accretion of the Groups interests in the subsidiary is accounted for as a purchase of equity
interest for which the acquisition method of accounting is applied.

2. Significant accounting policies (contd)

(a) Basis of consolidation (contd)
(iii) Changes in Group composition (contd)
The Group treats all other changes in group composition as equity transactions between the Group and its minority shareholders.
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.
(iv) Minority interest

Minority interest at the balance sheet date, being the portion of the net identifiable assets of subsidiaries attributable to equity
interests that are not owned by the Company, whether directly or indirectly through subsidiaries, are presented in the consolidated
balance sheet and statement of changes in equity within equity, separately from equity attributable to the equity holders of the
Company. Minority interest in the results of the Group are presented on the face of the consolidated income statement as an
allocation of the total profit or loss for the year between minority interest and the equity holders of the Company.
Where losses applicable to the minority exceed the minoritys interest in the equity of a subsidiary, the excess, and any further
losses applicable to the minority, are charged against the Groups interest except to the extent that the minority has a binding
obligation to, and is able to, make additional investment to cover the losses. If the subsidiary subsequently reports profits, the
Groups interest is allocated with all such profits until the minoritys share of losses previously absorbed by the Group has been
recovered.
(v) 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 financial statements. Unrealised gains arising from transactions with equity accounted
investees are eliminated against the investment to the extent of the Groups interest in the investee. Unrealised losses are
eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
(b) Foreign currency

(i) Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of the Group entities at exchange rates
at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are
retranslated to the functional currency at the exchange rate at that date. Non-monetary assets and liabilities denominated in
foreign currencies are translated at exchange rates at the dates of the transactions except for those that are measured at fair
value, 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 the income statements.
(ii) Operations denominated in functional currencies other than Ringgit Malaysia

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 balance sheet date, except for goodwill and fair value
adjustments arising from business combinations before 1 January 2006 which are reported using the exchange rates at the dates
of the acquisitions. The income and expenses of foreign operations, are translated to RM at exchange rates at the dates of the
transactions.
Foreign currency differences are recognised in translation reserve. On disposal, accumulated translation differences are recognised
in the consolidated income statement as part of the gain or loss on sale.
(c) Property, plant and equipment

(i) Recognition and measurement
Items of property, plant and equipment are stated at cost/valuation less any accumulated depreciation and any accumulated
impairment losses.
The Group has availed itself to the transitional provision when the MASB first adopted IAS 16, Property, Plant and Equipment in
1995. Freehold land and buildings were first revalued in 1995 and no later valuation has been recorded for these property, plant
and equipment (except in the case of impairment adjustments based on a valuation).


(c) Property, plant and equipment (contd)
(i) Recognition and measurement (contd)
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, borrowing costs are capitalised in accordance with the Groups accounting policy. 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 is based on fair value at acquisition
date. The fair value of property is the estimated amount for which a property could be exchanged between a willing buyer and a
willing seller in an arms length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently
and without compulsion. The fair value of other items of plant and equipment is based on the quoted market prices for similar
items.
When significant 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.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from
disposal with the carrying amount of property, plant and equipment and are recognised net within other income or other
expenses respectively in the income statements. When revalued assets are sold, the amounts included in the revaluation surplus
reserve are transferred to retained earnings.
(ii) Subsequent costs

The cost of replacing part 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 benefits embodied within the part will flow to the Group and its cost can be measured reliably.
The carrying amount of those parts that are replaced is derecognised. The costs of the day-to-day servicing of property, plant
and equipment are recognised in the income statement as incurred.
(iii) Depreciation
Depreciation is recognised in the income statements on a straight-line basis over the estimated useful lives of each part of an
item of property, plant and equipment. Freehold land is not depreciated. Property, plant and equipment under capital-in-progress
are not depreciated until the assets are ready for their intended use.
The estimated useful lives for the current and comparative periods are as follows:
Buildings and structures 5 - 50 years

Vessels, plant and machinery 5 - 25 years
Motor vehicles, office equipment, furniture and fittings 2 - 12.5 years
Depreciation methods, useful lives and residual values are reassessed at the balance sheet date.
(d) Leased assets

(i) Finance lease
Leases in terms of which the Group or the Company assume substantially all the risks and rewards of ownership are classified
as finance leases. Upon initial recognition the 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.
Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the
outstanding liability. The finance 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. Contingent lease payments are accounted for by revising the minimum
lease payments over the remaining term of the lease when the lease adjustment is confirmed.


(d) Leased assets (contd)
(ii) Operating lease
Leases, where the Group does not assume substantially all the risks and rewards of the ownership are classifies as operating
leases and, except for property interest held under operating lease, the leased assets are not recognised on the Groups balance
sheet. Property interest held under an operating lease, which is held to earn rental income or for capital appreciation or both, is
classified as investment property.
Leasehold land that normally has an indefinite economic life and title is not expected to pass to the lessee by the end of the
lease term is treated as an operating lease. The payment made on entering into or acquiring a leasehold land is accounted for
as prepaid lease payments, except for leasehold land classified as investment property.
Payments made under operating leases are recognised in the income statements on a straight-line basis over the term of the lease.
Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease.
(e) Intangible assets

(i) Goodwill
Goodwill arises on business combinations and is measured at cost less any accumulated impairment losses.
For acquisitions prior to 1 January 2006, goodwill represents the excess of the cost of the acquisition over the Groups interest
in the fair values of the net identifiable assets and liabilities.
For business acquisitions beginning from 1 January 2006, goodwill represents the excess of the cost of the acquisition over the
Groups interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree.
Any excess of the Groups interest in the net fair value of acquirees identifiable assets, liabilities and contingent liabilities over
the cost of acquisition is recognised immediately in income statement.
In respect of equity accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment.
The entire carrying amount of the investment is tested for impairment when there is objective evidence of impairment.
(ii) Other intangible assets

Intangible assets, other than goodwill, that are acquired by the Group are stated at cost less any accumulated amortisation and
any accumulated impairment losses.
(iii) Subsequent expenditure

Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits
embodied in the specific asset to which it relates. All other expenditure is expensed as incurred.
(iv) Amortisation
Goodwill and intangible assets with indefinite useful lives are not amortised but are tested for impairment annually and whenever
there is an indication that they may be impaired.
Intangible assets are amortised from the date that they are available for use. Amortisation of intangible assets is charged to the
income statements on a straight-line basis over the estimated useful lives of the intangible assets.
The estimated useful lives are as follows:
Concession rights 15 years

Technology license 10 years
(f) Plantation development expenditure

Plantation development expenditure are stated at cost less any accumulated depreciation and any accumulated impairment losses.
New planting or replanting expenditure incurred on land clearing, upkeep of immature palms/trees and interest incurred during the
immature period are capitalised under Plantation Development Expenditure.


(f) Plantation development expenditure (contd)
The Plantation Development Expenditure is amortised over its estimated economical life from the maturity date.
Plantation Development Expenditure of oil palm and rubber estates will be amortised on a straight line basis over 20 and 18 years
respectively being their expected useful lives.
Plantation Development Expenditure of timber will be charged to the Income Statement at the time of logging and sale.
(g) Investment properties

(i) Investment property carried at fair value
Investment properties are properties which are owned or held under a leasehold interest to earn rental income or for capital
appreciation or for both. These include land held for a currently undetermined future use. Properties that are occupied by the
companies in the Group are accounted for as owner-occupied rather than as investment properties.
Investment property are measured initially at cost and subsequently at fair value with any change therein recognised in the income
statements.
(ii) Reclassification to / from investment property

When an item of property, plant and equipment is transferred to investment property following a change in its use, any difference
arising at the date of transfer between the carrying amount of the item immediately prior to transfer and its fair value is
recognised directly in equity as a revaluation of property, plant and equipment. However, if a fair value gain reverses a previous
impairment loss, the gain is recognised in the income statements. Upon disposal of an investment property, any surplus previously
recorded in equity is transferred to retained earnings; the transfer is not made through the income statements.
When an item of inventory or property development is transferred to investment property following a change in its use, any
difference arising at the date of transfer between the carrying amount of the item immediately prior to the transfer and its fair
value is recognised in the income statements.
When the use of a property changes such that it is reclassified as property, plant and equipment or inventories, its fair value at
the date of reclassification becomes its cost for subsequent accounting.
(iii) Determination of fair value

An external, independent valuation firm, having appropriate recognised professional qualifications and recent experience in the
location and category of property being valued, values the Groups investment property portfolio annually.
The fair values are based on market values, being the estimated amount for which a property could be exchanged on the date
of the valuation between a willing buyer and a willing seller in an arms length transaction after proper marketing wherein the
parties had each acted knowledgeably, prudently and without compulsion.
In the absence of current prices in an active market, the valuations are prepared by considering the aggregate of the estimated
cash flows expected to be received from renting out the property. A yield that reflects the specific risks inherent in the net cash
flows then is applied to the net annual cash flows to arrive at the property valuation.
Valuations reflect, where appropriate: the type of tenants actually in occupation or responsible for meeting lease commitments
or likely to be in occupation after letting vacant accommodation, and the markets general perception of their creditworthiness;
the allocation of maintenance and insurance responsibilities between the Group and the lessee; and the remaining economic life
of the property. When rent reviews or lease renewals are pending with anticipated reversionary increases, it is assumed that all
notices and where appropriate counter-notices have been served validly and within the appropriate time.
(h) Investments in debt and equity securities

Investments in debt and equity securities are recognised initially at fair value plus attributable transaction costs.
Subsequent to initial recognition:
Investments in non-current equity securities other than investments in subsidiaries, associates, are stated at cost less allowance
for diminution in value,


(h) Investments in debt and equity securities (contd)
Investments in non-current debt securities are stated at amortised cost using the effective interest method less allowance for
diminution in value,
A ll current investments are carried at the lower of cost and market value, determined on an aggregate portfolio basis by category
of investments.
Where in the opinion of the Directors, there is a decline other than temporary in the value of non-current equity securities and non-
current debt securities other than investment in subsidiaries, associates and jointly-controlled entities, the allowance for diminution in
value is recognised as an expense in the financial year in which the decline is identified.
On disposal of an investment, the difference between net disposal proceeds and its carrying amount is recognised in the income statement.
All investments in debt and equity securities are accounted for using settlement date accounting. Settlement date accounting refers to:
a) the recognition of an asset on the day it is received by the entity, and
b) the derecognition of an asset and recognition of any gain or loss on disposal on the date it is delivered.
(i) Inventories
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the weighted average cost
and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. In the case of
work-in-progress and finished goods, cost includes an appropriate share of production overheads based on normal operating capacity.
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.
(j) Receivables
Receivables are initially recognised at their cost when the contractual right to receive cash or another financial asset from another entity
is established.
Subsequent to initial recognition, receivables are stated at cost less allowance for doubtful debts.
Receivables are not held for the purpose of trading.
(k) 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 classified as held for sale. Immediately before classification 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
group) are measured at the lower of their carrying amount and fair value less cost to sell. Any impairment loss on a disposal group first
is allocated to goodwill, and then to remaining assets and liabilities on pro rata basis, except that no loss is allocated to inventories,
financial assets, deferred tax assets and investment property, which continue to be measured in accordance with the Groups accounting
policies. Impairment losses on initial classification as held for sale and subsequent gains or losses on remeasurement are recognised
in the income statements. Gains are not recognised in excess of any cumulative impairment loss.
(l) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, balances and deposits with banks and highly liquid investments which have an
insignificant risk of changes in value. For the purpose of the cash flow statement, cash and cash equivalents are presented net of bank
overdrafts and pledged deposits, if any.
(m) Equity Instruments

All equity instruments are stated at cost on initial recognition and are not re-measured subsequently.
(i) Issue expenses

Incremental costs directly attributable to issue of equity instruments are recognised as a deduction from equity.


(m) Equity Instruments (contd)
(ii) Repurchase of share capital
When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs,
is recognised as a deduction from equity and is not re-valued for subsequent changes in the fair value or market price of shares.
Repurchased shares are classified as treasury shares and are presented as a deduction from total 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 reissued by re-sale in the open market, the difference between the sales consideration net of directly
attributable costs and the carrying amount of the treasury shares is recognised in equity.
(n) Impairment of assets

The carrying amounts of assets except for financial assets, inventories, deferred tax assets, investment property that is measured at fair value
and non-current assets (or disposal groups) classified as held for sale are reviewed at each reporting date to determine whether there is any
indication of impairment. If any such indication exists, then the assets recoverable amount is estimated. For goodwill and / or intangible assets
that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated usually at each reporting date.
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 flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment
testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely
independent of the cash inflows of other assets or groups of assets (the cash-generating unit). The goodwill acquired in a business
combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies
of the combination.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount unless
the asset is carried at a revalued amount, in which case the impairment loss is recognised directly against any revaluation surplus for
the asset to the extent that the impairment loss does not exceed the amount in the revaluation surplus for that same asset. Impairment
losses are recognised in the income statements. Impairment losses recognised in respect of cash-generating units are allocated first to
reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the
unit (groups of 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 each reporting date 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. 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 the income statements
in the year in which the reversals are recognised, unless it reverses an impairment loss on a revalued asset, in which case it is
credited directly to revaluation surplus. Where an impairment loss on the same revalued asset was previously recognised in the income
statements, a reversal of that impairment loss is also recognised in the income statements.
(o) Loans and borrowings

Loans and borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the
income statements over the period of the loans and borrowings using the effective interest method.
(p) Payables
Payables are measured initially and subsequently at cost. Payables are recognised when there is a contractual obligation to deliver cash
or another financial asset to another entity.
(q) Revenue recognition

(i) Goods sold
Revenue from the sale of goods is measured at fair value of the consideration received or receivable, net of returns and
allowances, trade discounts and volume rebates. Revenue is recognised when the significant risks and rewards of ownership
have been transferred to the buyer, 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.


(q) Revenue recognition (contd)
(ii) Services rendered
Revenue from mailing and printing services are recognised as and when the services are rendered.
Revenue from sea transportation, shipping and forwarding services include freight income, time charter hire income and other
shipping related income. These revenues are recognised as and when the services are performed.
(iii) Rental income

Rental income from investment property is recognised in the income statements on a straight-line basis over the term of the
lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease.
(iv) Dividend income

Dividend income is recognised when the right to receive payment is established.
(r) Interest income and borrowings costs

Interest income is recognised as it accrues, using the effective interest method.
All borrowing costs are recognised in the income statements using the effective interest method, in the period in which they are incurred
except to the extent that they are capitalised as being directly attributable to the capital projects which necessarily takes a substantial
period of time to be prepared for its intended use.
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.
(s) Deferred income

Government grant is recognised initially as deferred income when there is reasonable assurance that it will be received and that the
Company will comply with the conditions associated with the grant. Grants that compensate the Company for expenses incurred are
recognised in the income statements on a systematic basis in the same periods in which the expenses are recognised. Grants that
compensate the Company for the cost of an asset are recognised in the income statements on a systematic basis over the useful life
of the asset.
(t) Tax expense

Tax expense comprises current and deferred tax. Tax expense is recognised in the income statements except to the extent that it relates
to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets
and liabilities for reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following
temporary differences arising from: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that
is not a business combination and that affects neither accounting nor taxable profit (tax 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 balance sheet date.
Deferred tax liability is recognised for all taxable temporary differences.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary
difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer
probable that the related tax benefit will be realised.


(u) Employee benefits
Short term employee benefits
Short-term employee benefit obligations in respect of salaries, annual bonuses, paid annual leave and sick leave are measured on an
undiscounted basis and are expensed as the related service is provided.
A provision is recognised for the amount expected to be paid under short-term cash bonus or profit-incentives scheme 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.
The Groups contribution to statutory pension funds are charged to the income statements in the year to which they relate. Once the
contributions have been paid, the Group has no further payment obligations.
(v) Earnings per share

The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit
or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the
period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number
of ordinary shares outstanding for the effects of all dilutive potential ordinary shares.
(w) Segment reporting

A segment is a distinguishable component of the Group that is engaged either in providing products or services (business segment),
or in providing products or services within a particular economic environment (geographical segment), which is subject to risks and
rewards that are different from those of other segments.
3. Property, plant and equipment

Motor
vehicles,
Vessels, office
Land plant equipment,
and and furniture Capital-in
buildings machinery and fittings -progress Total
RM000 RM000 RM000 RM000 RM000
Group
At cost/valuation
At 1 January 2007 35,792 163,117 22,009 19,258 240,176
Additions 111 89,632 1,544 18,310 109,597
Acquisition through business combination - - 9 - 9
Disposals - (6,767) (2,254) - (9,021)
Written off - (1,328) (395) - (1,723)
Transfer to assets held for sale (6,937) (966) (1,049) - (8,952)
Exchange difference - 121 34 (2) 153
At 31 December 2007/1 January 2008 28,966 243,809 19,898 37,566 330,239

Additions 505 21,053 2,800 6,226 30,584
Disposals - (2,447) (831) (13) (3,291)
Written off - (176) (192) - (368)
Transfer to assets held for sale - (1,633) (3) - (1,636)
Reclassification 1,256 36,290 - (37,546) -
Exchange difference - (11) 17 (4) 2
At 31 December 2008 30,727 296,885 21,689 6,229 355,530

3. Property, plant and equipment (contd)

Motor
vehicles,
Vessels, office
RM000 RM000 RM000 RM000 RM000
Representing items at:

Cost 25,923 296,885 21,689 6,229 350,726
Directors valuation 4,804 - - - 4,804
30,727 296,885 21,689 6,229 355,530
Accumulated depreciation
At 1 January 2007 15,999 60,162 17,383 - 93,544
Depreciation charge 1,384 18,726 2,161 - 22,271
Acquisition through business combination - - 6 - 6
Disposals - (6,112) (2,234) - (8,346)
Written off - (1,278) (385) - (1,663)
Transfer to assets held for sale (2,605) (959) (902) - (4,466)
Exchange difference - 114 17 - 131
At 31 December 2007/1 January 2008 14,778 70,653 16,046 - 101,477

Depreciation charge 1,288 25,227 2,131 - 28,646
Disposals - (1,713) (753) - (2,466)
Written off - (161) (193) - (354)
Transfer to assets held for sale - (116) - - (116)
Exchange difference - (1) 23 - 22
At 31 December 2008 16,066 93,889 17,254 - 127,209
Accumulated impairment losses

At 1 January 2007 - 121 18 - 139
Reversal of impairment loss - (66) - - (66)
At 31 December 2007/1 January 2008 - 55 18 - 73

Reclassification - 8 (8) - -
At 31 December 2008 - 63 10 - 73
Carrying amounts
At 31 December 2008 14,661 202,933 4,425 6,229 228,248
At 31 December 2007 14,188 173,101 3,834 37,566 228,689
Company
At cost/valuation
At 1 January 2007 17,668 24,348 10,057 - 52,073
Additions 111 358 422 - 891
Disposals - (862) (1,889) - (2,751)
Written off - (1,282) (282) - (1,564)


Motor
vehicles,
Vessels, office
RM000 RM000 RM000 RM000 RM000

Additions 505 805 303 - 1,613
Disposals - (801) (219) - (1,020)
Written off - - (192) - (192)
At 31 December 2008 18,284 22,566 8,200 - 49,050
Representing items at:

Cost 15,387 22,566 8,200 - 46,153
Directors valuation 2,897 - - - 2,897
18,284 22,566 8,200 - 49,050
Accumulated depreciation
At 1 January 2007 8,444 16,375 8,128 - 32,947
Depreciation charge 757 1,433 690 - 2,880
Disposals - (862) (1,888) - (2,750)
Written off - (1,250) (282) - (1,532)

Depreciation charge 743 1,457 619 - 2,819
Disposals - (801) (219) - (1,020)
Written off - - (192) - (192)
At 31 December 2008 9,944 16,352 6,856 - 33,152
Carrying amounts
At 31 December 2008 8,340 6,214 1,344 - 15,898
At 31 December 2007 8,578 6,866 1,660 - 17,104
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Carrying amounts of land and buildings

At valuation
Buildings 1,465 1,755 1,251 1,541
At cost
Freehold land 2,829 2,829 - -
Buildings 10,367 9,604 7,089 7,037
14,661 14,188 8,340 8,578


Revaluation
The Groups and the Companys buildings were revalued in 1995 by independent professionally qualified valuers using an open market value method.
Had the buildings been carried at cost model, their carrying amounts would have been as follows:
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Buildings 935 1,033 833 844
Leased plant and machinery and motor vehicles

Included in property, plant and equipment of the Group and the Company are assets acquired under lease agreements at net book value of
RM6,015,000 (2007: RM5,788,000) and RM269,756 (2007: RM392,000) respectively. The leased assets consist of equipments and motor
vehicles which secure lease obligations. (see Note 18).
Security
At 31 December 2008, property, plant and equipment of the Group with a carrying amount of RM167,740,000 (2007: RM171,688,000) are
charged to banks for term loan facilities granted to the Group and the Company. (see Note 18).
Borrowing costs
Included in capital-in-progress of the Group is interest capitalised at a rate of 7.38% (2007: 7.38%) per annum for the year of RM898,370
(2007: RM1,840,985) until the asset is ready for its intended use.
Others
Included in property, plant and equipment of the Group and of the Company are fully depreciated assets which are still in use costing
RM16,129,000 (2007: RM18,115,000) and RM14,891,794 (2007: RM16,795,000) respectively.
4. Intangible assets
Concession Technology
Goodwill right license Total
RM000 RM000 RM000 RM000
Group
At cost
At 1 January 2007 14,518 15,306 - 29,824
Directly attributable cost 538 59 - 597
Other acquisition during the year - - 700 700
Transfer to asset classified as held for sale (671) - - (671)
At 31 December 2007 14,385 15,365 700 30,450
At 1 January 2008/31 December 2008 14,385 15,365 700 30,450
Accumulated amortisation
At 1 January 2007 - 167 - 167
Amortisation charge - 1,000 35 1,035
At 31 December 2007/1 January 2008 - 1,167 35 1,202

Amortisation charge - 1,000 70 1,070
At 31 December 2008 - 2,167 105 2,272

4. Intangible assets (contd)

Concession Technology
Goodwill right license Total
RM000 RM000 RM000 RM000
Accumulated impairment losses

At 1 January 2007/31 December 2007 76 - - 76
At 1 January 2008/31 December 2008 76 - - 76
Carrying amounts
At 31 December 2008 14,309 13,198 595 28,102
At 31 December 2007 14,309 14,198 665 29,172
Concession
right
RM000
Company
At cost
At 1 January 2007 15,306
Directly attributable costs 59
At 31 December 2007 15,365
At 1 January 2008/31 December 2008 15,365
At 1 January 2007 167
Amortisation charge 1,000
At 31 December 2007/1 January 2008 1,167

At 31 December 2008 2,167
Carrying amounts
At 31 December 2008 13,198
At 31 December 2007 14,198
Concession right
The concession right arose from a 15 years Concession Agreement with the holding corporation and a subsidiary to manage, operate and
maintain a multi-storey car park together with other parking facilities at Persada Johor International Convention Centre. It is reasonably
anticipated that the cost will be recovered through future income derived from the car park operation or guaranteed income by the holding
corporation pursuant to the Concession Agreement. The remaining amortisation period at year end is 12.8 years (2007: 13.8 years).
Technology license
Technology license was acquired from SIRIM Berhad for a consideration of RM700,000 of which RM350,000 was paid by the Company with
the remaining balance to be paid from the government grant directly. It is reasonably anticipated that the cost will be recovered through
future commercial production. The remaining amortisation period at year end is 8.5 years (2007: 9.5 years).

4. Intangible assets (contd)

Amortisation and impairment charge
The amortisation and impairment loss are recognised in other expenses in the income statements.
Impairment testing for cash-generating units containing goodwill

For the purpose of impairment testing, goodwill is allocated to the Groups operating divisions which represent the lowest level within the
Group at which the goodwill is monitored for internal management purposes.
The aggregate carrying amounts of goodwill allocated to respective subsidiaries represent individual business unit are as follows:
2008 2007
RM000 RM000
Bulk mailing and printing services 1,931 1,931

Parking operator 2,347 2,347
Shipping and forwarding agent 1,333 1,333
Provision of sea transportation and related services 8,364 8,364
Others 334 334
14,309 14,309
The recoverable amount for the above was based on its value in use and was determined by discounting the future cash flows generated
from the continuing use of those units and was based on the following key assumptions:
Cash flows were projected based on actual operating results and a 5-year forecast and projection
Revenue was projected at anticipated annual revenue growth of approximately 5% 22% per annum.
Budget gross profit margins were projected at annual rate of 16% - 39% per annum.
A pre-tax discount rate of 8% was applied in determining the recoverable amount of the unit. The discount rate was estimated based
on the Groups existing rate of borrowing.
The values assigned to the key assumptions represent managements assessment of future trends in the industry.
5. Plantation development expenditure

Oil palm Rubber Timber Total
RM000 RM000 RM000 RM000
Group/Company
At cost
At 1 January 2007 31,322 4,145 484 35,951
Addition 3,599 - - 3,599
At 31 December 2007/1 January 2008 34,921 4,145 484 39,550

Addition 5,048 - 14 5,062
Reclassification (15) - 15 -
At 31 December 2008 39,954 4,145 513 44,612

5. Plantation development expenditure (contD)

Oil palm Rubber Timber Total
RM000 RM000 RM000 RM000
At 1 January 2007 15,681 1,012 - 16,693
Amortisation charge 1,198 147 - 1,345
At 31 December 2007/1 January 2008 16,879 1,159 - 18,038

Amortisation charge 1,222 147 - 1,369
At 31 December 2008 18,101 1,306 - 19,407
Accumulated impairment loss

Impairment loss/At 31 December 2008 - - 166 166
Carrying amounts
At 31 December 2008 21,853 2,839 347 25,039
At 31 December 2007 18,042 2,986 484 21,512
Included in plantation development expenditure of the Group and of the Company are depreciation capitalised during the financial year
amounting to RM98,000 (2007: RM86,000).
Included in plantation development expenditure of the Group/Company is the following expenses capitalised:
2008 2007
RM000 RM000
Personnel expenses
- Contribution to Employees Provident Fund 48 40
- Wages, salaries and others 273 227
6. Prepaid lease payments

Leasehold Leasehold
land land
Unexpired Unexpired
period period
less than more than
50 years 50 years Total
RM000 RM000 RM000
Group
At cost
At 1 January 2007 6,111 97,083 103,194
Addition 49 - 49
Transfer to property held for sale (2,279) (910) (3,189)
At 31 December 2007 3,881 96,173 100,054
At 1 January 2008/31 December 2008 3,881 96,173 100,054

6. Prepaid lease payments (contd)

Leasehold Leasehold
land land
Unexpired Unexpired
period period
less than more than
50 years 50 years Total
RM000 RM000 RM000
At 1 January 2007 1,488 12,847 14,335
Amortisation charge 161 1,142 1,303
Transfer to property held for sale (607) (187) (794)
At 31 December 2007/1 January 2008 1,042 13,802 14,844

Amortisation charge 117 1,096 1,213
At 31 December 2008 1,159 14,898 16,057
Carrying amounts
At 31 December 2008 2,722 81,275 83,997
At 31 December 2007 2,839 82,371 85,210
Leasehold
land
Unexpired
period
more than
50 years
RM000
Company
At cost
At 1 January 2007 12,676
At 31 December 2007/1 January 2008 13,802

At 31 December 2008 14,898
Carrying amounts
At 31 December 2008 81,275
At 31 December 2007 82,371

7. Investment properties
Group
2008 2007
RM000 RM000
At 1 January 3,040 3,040

Change in fair value 530 -
At 31 December 3,570 3,040
Included in the above are:

Freehold land 2,440 2,360
Buildings 1,130 680
3,570 3,040
Company
2008 2007
RM000 RM000
At 1 January 9,185 15,785

Change in fair value 835 (450)
Transfer to assets held for sale - (6,150)
10,020 9,185
Included in the above are:

Freehold land 2,440 2,360
Leasehold land with unexpired lease period of less than 50 years 4,184 4,000
Buildings 3,396 2,825
10,020 9,185
Investment properties comprise freehold land, leasehold land and factory building that are leased to a subsidiary and third parties. Subsequent
renewals are negotiated with the lessee and no contingent rents are charged.
The fair value of the investment properties at 31 December 2008 is determined using the comparison and cost method based on independent
professional valuation made by chartered valuation surveyors/registered valuers in C H Williams Talhar & Wong.
Security
At 31 December 2008, investment properties of the Group/Company with a carrying amount of RM3,120,000 (2007: RM3,040,000) are charged
to a bank for term loan facility granted to the Group and the Company. (see Note 18)
8. Investments in subsidiaries
Company
2008 2007
RM000 RM000
Unquoted investment
- at cost 80,952 69,333
Less: Accumulated impairment (8,570) (8,570)
72,382 60,763

8. Investments in subsidiaries (COND)

The subsidiaries, are as follows:
Effective
ownership
Place of interest
Name of Company Principal activities incorporation 2008 2007
Direct subsidiaries % %
Sindora Wood Products Sdn. Bhd. Property letting Malaysia 100 100
Sindora Timber Products Sdn. Bhd. Dormant Malaysia 100 100
Sindora Trading Sdn. Bhd. Dormant Malaysia 100 100
Sindora Development Sdn. Bhd. Dormant Malaysia 100 100
Sindora Timber Sdn. Bhd. Timber logging, processing and sale of Malaysia 90 90
sawn timber, timber doors, laminated timber
scantling and trading of wood products
Granulab (M) Sdn. Bhd.# Trading of GranuMas, a granular Malaysia 90 90
synthetic bone graft
Pro Office Solutions Sdn. Bhd. Bulk mailing and printing services Malaysia 75 75
Tepak Marketing Sdn. Bhd.*@ Contract blending and packing of tea Malaysia - 75
and producing carbonated drinks
Epasa Shipping Agency Sdn. Bhd.* Shipping and forwarding agent Malaysia 75 75
E.A. Technique (M) Sdn. Bhd. Provision of sea transportation and Malaysia 51 51
related services
Metro Parking (M) Sdn. Bhd. Parking operations and the provision Malaysia 75 75
of related consultancy services
Subsidiaries of Metro Parking (M) Sdn. Bhd.

Metro Parking (S) Pte. Ltd.* Parking operator and consultancy Republic of 52.50 52.50
services Singapore
Metro Parking (B) Sdn. Bhd.* Parking operator and other transport Negara Brunei 56.25 56.25
related services Darussalam
Metro Equipment Systems (M) Sdn. Bhd. Trading or parking and other Malaysia 68.50 68.50
related equipments
Metro Parking (Sabah) Sdn. Bhd. Parking operator and other transport Malaysia 75 75
related services
Metro Parking Management Parking operator and other transport Philippines 75 75
(Philippines) Inc.* related services
PT Metro Penata Sarana* Parking operator, consultancy services Indonesia 75 75
and transport related services
Smart Parking Management Trading of parking and other Malaysia 52.5 52.5
Systems Sdn. Bhd. related equipments
Metro Parking (HK) Limited* Parking operator and other transport Hong Kong 75 75
related services
Metro Parking Services (India) Parking operator and consultancy India 75 -
Private Limited*# services
Subsidiary of Sindora Timber Sdn. Bhd.

General Access Sdn. Bhd. Field clearing, earthwork, road Malaysia 81 81
construction and resurfacing
Subsidiary of E.A. Technique (M) Sdn. Bhd.

Johor Shipyard & Engineering Sdn. Bhd.# Shipbuilding, fabrication of steel Malaysia 51 -
structures, engineering services
and consultancy
* Audited by other firms of accountants.

# Effect of acquisitions is not material to the Group.
@ 55% shares were disposed and the remaining 20% is classified as investment in associate. The effect of disposal is not material to the Group.

9. Investments in associates
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
In Malaysia:
Unquoted shares at cost 6,500 15,200 6,500 15,200
Share of post-acquisition reserves 4,063 2,318 - -
10,563 17,518 6,500 15,200
Summarised financial information of the associates, which are incorporated in Malaysia, are as follows:
Effective
ownership Total Total
interest Revenue Profit assets liabilities
(%) (100%) (100%) (100%) (100%)
Name of company RM000 RM000 RM000 RM000
2008
Amanahraya-JMF Asset Management Sdn. Bhd. 20 13,958 2,916 7,093 (3,979)
Willis (Malaysia) Sdn. Bhd. 40 23,327 11,173 46,045 (23,256)
MM Vitaoils Sdn. Bhd.*@ 35 101,168 3,522 76,436 (50,549)
Tepak Marketing Sdn. Bhd. 20 19,096 610 8,663 (6,877)
2007
Amanahraya-JMF Asset Management Sdn. Bhd. 20 13,385 4,741 9,776 (6,967)
Willis (Malaysia) Sdn. Bhd. 40 25,251 11,927 34,628 (21,951)
MM Vitaoils Sdn. Bhd.* 35 86,982 4,382 68,742 (47,188)
* The financial statements have not been audited. As such, management accounts have been used for equity accounting.
@ The investment cost has been reclassified as asset held for sale (see Note 15).
The associates do not have any significant contingent liabilities as at 31 December 2008.
10. Other investments

Group/Company
2008 2007
RM000 RM000
In Malaysia:
Quoted share in Malaysia, at cost 15,052 15,266
Less: Allowance for diminution in value (13,496) (12,519)
1,556 2,747
Unquoted subordinated bond 4,000 4,000
5,556 6,747
Market value:
Quoted share in Malaysia 1,472 2,627
Investment in unquoted Subordinated Bond is in accordance with the condition set in the Facility Agreement as detailed in Note 18.

11. Deferred tax assets and liabilities

Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Deferred tax assets (373) (473) - -

Deferred tax liabilities 24,335 23,906 23,281 23,573
23,962 23,433 23,281 23,573
Property, plant and equipment

- capital allowances 4,472 2,791 1,546 1,346
- revaluation 14,922 15,977 14,922 15,720
Investment properties - - 1,017 840
Unabsorbed capital allowances (183) (123) (183) (123)
Plantation development expenditure 6,173 5,467 6,173 5,467
Provision (526) (467) (194) (192)
Others (896) (212) - 515
23,962 23,433 23,281 23,573
Movement in temporary differences during the year are as follows:
At Recognised At Recognised At
1 January in income 31 December in income 31 December
2007 statements 2007 statements 2008
RM000 RM000 RM000 RM000 RM000
Group
- capital allowances 1,735 1,056 2,791 1,681 4,472
- revaluation 16,644 (667) 15,977 (1,055) 14,922
Unabsorbed capital allowances (88) (35) (123) (60) (183)
Plantation development expenditure 5,069 398 5,467 706 6,173
Provision - (467) (467) (59) (526)
Others 20 (232) (212) (684) (896)
23,380 53 23,433 529 23,962
Company
- capital allowances 923 423 1,346 200 1,546
- revaluation 16,542 (822) 15,720 (798) 14,922
Investment properties 994 (154) 840 177 1,017
Unabsorbed capital allowances (88) (35) (123) (60) (183)
Plantation development expenditure 5,069 398 5,467 706 6,173
Provision - (192) (192) (2) (194)
Others - 515 515 (515) -
23,440 133 23,573 (292) 23,281

11. Deferred tax assets and liabilities (contd)

Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the following items in certain subsidiaries:
Group
2008 2007
RM000 RM000
Deductible temporary differences 2,446 2,761

Unabsorbed capital allowances 8,359 8,258
Unutilised tax losses 21,168 20,547
31,973 31,566
The deductible temporary differences, unabsorbed capital allowances and unutilised tax losses do not expire under current tax legislation.
Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profit will be available
against which the Group/Company can utilise the benefits there from.
12. Inventories
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Finished goods 2,455 3,017 - -

Work-in-progress 800 933 - -
Raw materials 1,495 781 - -
General spare parts and fuel 2,664 2,133 127 106
Chemicals and fertilisers 562 330 562 330
Crude Palm Oil and Palm Kernel 3,000 3,500 2,999 3,500
10,976 10,694 3,688 3,936
The write-down of finished goods to net realisable value and reversal of write-down amounted to NIL (2007: RM1,028,079) and RM275,771
(2007: NIL) respectively.
The reversal of write-down is mainly due to increase in market selling price.
The write-down in 2007 was included in other operating expenses while the reversal is included in cost of goods sold.
13. Trade and other receivables

Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Trade receivables 18,792 19,072 779 961

Less: Allowance for doubtful debts (671) (764) - -
18,121 18,308 779 961
Other receivables 12,146 8,202 3,788 1,623

Less: Allowance for doubtful debts (4,021) (1,125) (2,700) -
8,125 7,077 1,088 1,623

13. Trade and other receivables (contd)

Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Partial payment for acquisition of J.M. Permata Sdn. Bhd. (see Note 32) - 2,425 - 2,425
Deposits 8,357 6,184 92 132
Prepayments 3,515 4,430 493 1,015
11,872 13,039 585 3,572
38,118 38,424 2,452 6,156
Included in trade and other receivables of the Group is an amount of RM2,668,000 (2007: RM924,000) denominated in US Dollar. The other
currencies not denominated in the functional currency of the Group entities are not significant to the financial statements.
14. Due from/to ultimate holding corporation/holding company/related companies/subsidiaries

Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Current
Due from subsidiaries non-trade - - 793 903
Due from related companies

- trade 9,839 - 7,916 -
- non-trade 111 12,649 107 10,628
9,950 12,649 8,023 10,628
Due to ultimate holding corporation (333) (6,870) (303) (5,131)
Due to holding company (4,681) - (4,681) -
Due to a subsidiary - - (1,313) (1,897)
Due to related companies

- trade (1,538) (1,588) (1,272) (618)
- non-trade (530) - - -
(2,068) (1,588) (1,272) (618)
Non-current
Due to subsidiaries non-trade - - (2,217) (2,221)
The amounts due from/(to) ultimate holding corporation/holding company/subsidiaries/related companies are unsecured, interest free and have
no fixed terms of repayment.
The non-current amounts due to subsidiaries are not repayable within the next 12 months.

15. Assets/Liabilities classified as held for sale

The assets classified as held for sale consist of the following:
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Other non-current assets held for sale:

Property, plant and equipment (1) 1,518 - - -
Building (2) 3,812 3,812 - -
Prepaid lease payment (2) 1,672 1,672 - -
Investment property (2) - - 6,150 6,150
Investment in a subsidiary (3) - - - 2,200
Investment in an associate (4) 13,864 - 9,500 -
20,866 5,484 15,650 8,350
Assets included in a disposal group held for sale (3):

Property, plant and equipment - 674 - -
Prepaid lease payments - 723 - -
Goodwill - 671 - -
Inventories - 2,260 - -
Trade and other receivables - 3,130 - -
Cash and cash equivalents - 1,920 - -
- 9,378 - -
Total assets held for sale 20,866 14,862 15,650 8,350
The liabilities classified as held for sale consist of the following:
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Liabilities included in a disposal group held for sale (3):

Trade and other payables - 1,695 - -
Borrowings - 2,978 - -
Total liabilities held for sale - 4,673 - -
(1) This relates to disposal of parking equipment to CP Assets (M) Sdn. Bhd. upon the cessation of a car park operation. The disposal is
expected to be completed before the financial year ending 2009.
(2) This relates to disposal of a property to KFC Holdings (Malaysia) Bhd. as disclosed in Note 32.
(3) The disposal group held for sale relates to the disposal of Tepak Marketing Sdn. Bhd. which was completed on 4 February 2008.
(4) This relates to the proposed disposal of MM Vitaoils Sdn. Bhd. as disclosed in Note 32.

15. Assets/Liabilities classified as held for sale (contd)

Property, plant and equipment held for sale comprise the following:
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Cost 9,912 8,952 - -

Accumulated depreciation (4,582) (4,466) - -
5,330 4,486 - -
Trade and other receivables

Trade and other receivables included as disposal group held for sale in previous year are stated at cost less allowance for doubtful debts of RM87,405.
Prepaid lease payments

Prepaid lease held for sale comprise the following:
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Unexpired period less than 50 years 1,672 1,672 - -

Unexpired period more than 50 years - 723 - -
1,672 2,395 - -
16. Cash and cash equivalents

Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Cash and bank balances 37,700 20,166 3,483 6,853

Deposits with licensed banks 14,538 8,816 5,247 247
52,238 28,982 8,730 7,100
The deposits of the Group and of the Company of RM8,211,000 (2007: RM7,008,000) and RM47,000 (2007: RM47,000) are pledged to
licensed banks as security for term loan facilities granted to the Group and the Company. (see Note 18)
Cash and cash equivalents denominated in currencies other than the functional currency of the Group entities are not significant to the
financial statements.

17. Share capital and reserves

Share capital
Group/Company Group/Company
Number of
ordinary shares
2008 2007 2008 2007
RM000 RM000 000 000
Ordinary shares of RM1.00 each:

Authorised 200,000 200,000 200,000 200,000
Issued and fully paid 96,000 96,000 96,000 96,000
Reserves
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Non-distributable
Share premium 11,107 11,107 11,107 11,107
Revaluation reserves 25,321 25,321 21,094 21,094
Exchange fluctuation reserve (303) 161 - -
36,125 36,589 32,201 32,201

Distributable
Retained earnings 59,977 45,194 39,452 34,461
96,102 81,783 71,653 66,662
Treasury shares
The shareholders of the Company, by a special resolution passed in a general meeting held on 27 June 2007, renewed their approval for the
Companys plan to repurchase its own 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.
During the financial year 2007, the Company repurchased 295,500 of its issued share capital from the open market. The average price paid
for the shares repurchased was RM1.22 per share. The repurchase transactions were financed by internally generated funds.
On 20 July 2007, the Company re-issued 1,572,307 treasury shares to the shareholders as an interim dividend by way of distribution of one
existing ordinary share of RM1 each held by the Company pursuant to its treasury shares for every sixty existing ordinary shares held by
shareholders totalling RM1,920,000 in respect of the year ended 31 December 2007 and subsequently resold the remaining 16,100 shares
in the open market at RM1.38 per share.
Section 108 tax credit and tax exempt account

Subject to agreement by the Inland Revenue Board, the Company has sufficient Section 108 tax credit and tax exempt account to frank the
payment of dividends out of its entire retained earnings at 31 December 2008.
The Finance Act, 2007 introduced a single tier company income tax system with effect from year of assessment 2008. As such, the Section
108 tax credit as at 31 December 2007 will be available to the Company until such time the credit is fully utilised or upon expiry of the
six-year transitional period on 31 December 2013, whichever is earlier.
Revaluation reserve
The revaluation reserve relates to the revaluation of property, plant and equipment and prepaid lease payments.

18. Loans and borrowings

Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Non-current
Secured
Term loans 95,260 111,471 - -
Finance lease liabilities 4,283 3,553 145 258
Unsecured
Term loans 40,000 42,884 40,000 42,884
139,543 157,908 40,145 43,142
Current
Secured
Term loans 18,117 19,523 - 700
Finance lease liabilities 2,580 1,910 118 118
Unsecured
Revolving credits 7,500 7,500 7,500 7,500
Term loans 2,868 4,020 2,868 4,020
Bankers acceptance 528 231 - -
Bank overdraft 3,888 6,077 - -
35,481 39,261 10,486 12,338
175,024 197,169 50,631 55,480
Terms and debt repayment schedule
Carrying Under 1 - 2 2 - 5 Over

Year of amount 1 year years years 5 years
Group maturity RM000 RM000 RM000 RM000 RM000
2008
Unsecured bankers acceptances 2009 528 528 - - -
Unsecured bank overdraft 2009 3,888 3,888 - - -
Unsecured revolving credits 2009 7,500 7,500 - - -
Unsecured term loans 2009 - 2011 42,868 2,868 - 40,000 -
Secured finance lease liabilities 2009 - 2013 6,863 2,581 2,476 1,806 -
Secured term loans 2009 - 2018 113,377 18,116 18,067 36,805 40,389
175,024 35,481 20,543 78,611 40,389
2007
Unsecured bankers acceptances 2008 231 231 - - -
Unsecured bank overdraft 2008 6,077 6,077 - - -
Unsecured term loans 2009 - 2011 46,904 4,020 2,884 40,000 -
Secured finance lease liabilities 2008 - 2012 5,463 1,910 1,615 1,938 -
Secured term loans 2008 - 2018 130,994 19,523 17,851 48,841 44,779
197,169 39,261 22,350 90,779 44,779

18. Loans and borrowings (contd)

Carrying Under 1 - 2 2 - 5 Over
Year of amount 1 year years years 5 years
Company maturity RM000 RM000 RM000 RM000 RM000
2008
Secured finance lease liabilities 2010 - 2012 263 118 97 48 -
Unsecured term loans 2009 - 2011 42,868 2,868 - 40,000 -
50,631 10,486 97 40,048 -
2007
Secured term loans 2008 700 700 - - -
Secured finance lease liabilities 2010 - 2011 376 118 91 167 -
Unsecured term loans 2009 - 2011 46,904 4,020 2,884 40,000 -
55,480 12,338 2,975 40,167 -
Finance lease liabilities

2008 2007
Minimum Minimum
lease lease
payments Interest Principal payments Interest Principal
RM000 RM000 RM000 RM000 RM000 RM000
Group
Less than one year 2,958 378 2,580 2,288 378 1,910
Between one and five years 4,805 522 4,283 4,493 940 3,553
7,763 900 6,863 6,781 1,318 5,463
2008 2007
Minimum Minimum
lease lease
payments Interest Principal payments Interest Principal
RM000 RM000 RM000 RM000 RM000 RM000
Company
Less than one year 128 10 118 134 16 118
Between one and five years 154 9 145 272 14 258
282 19 263 406 30 376
Security
The term loans of the Group and of the Company are secured over property, plant and machinery, investment properties and deposits with
licensed banks as disclosed in Note 3, Note 7 and Note 16 respectively.
On 19 September 2006, the Company entered into a Facility Agreement with a licensed bank and a bond issuer (Issuer) for an unsecured
fixed rate term loan facility of RM40 million (the Facility).

18. Loans and borrowings (contd)

The salient terms of the Facility Agreement are as follows:
i) the Facility is repayable in one lump sum at the end of five (5) years from the drawdown date of 10 October 2006;
ii) the interest rate is fixed at 7.45% per annum and the interest is payable at six (6) monthly intervals from the date of drawdown;
iii) the Facility is unsecured; and
iv) as a condition of the Facility, the Company shall subscribe for the Subordinated Bond of RM4 million (Note 10).
Subordinated bonds are asset backed securities issued by the Issuer pursuant to the Primary Collateralised Loan Obligation Transaction, which
shall rank after the Super Senior Bonds, the Senior Bonds and the Mezzanine Bonds in terms of priority.
19. Trade and other payables

Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Trade payables 22,712 19,365 2,998 2,637

Other payables and accrued expenses 30,510 17,552 9,763 5,868
53,222 36,917 12,761 8,505
Included in trade and other payables of the Group and of the Company is an amount of RM5,228,000 (2007: RM615,000) owing to KFC
Holdings Bhd. in respect of deposit received for the proposed disposal of a piece of land (see Note 15).
Included in trade and other payables of the Group is an amount of RM4,728,000 (2007: RM680,000) denominated in Singapore Dollar. The
other currencies not denominated in the functional currency of the Group entities are not significant to the financial statements.
20. Revenue
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Sale of goods and service rendered:

Crude Palm Oil, Palm Kernel and fresh fruit bunches 124,231 76,455 124,231 76,455
Parking collection and management fees 101,732 96,026 - -
Sea transportation, shipping and forwarding services 91,639 71,004 - -
Logs, sawn timber, treated timber and door 6,083 10,150 - -
Rubber 3,340 2,877 3,340 2,877
Dividend income:
- Subsidiaries - - 1,987 1,820
- Associates and others - - 380 7,890
Tea and carbonated drinks - 18,770 - -
Mailing and printing 24,168 19,875 - -
351,193 295,157 129,938 89,042

21. Operating profit

Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Operating profit is arrived at after charging/(crediting)

Audit fees
- Current year
- Holding company auditors 313 333 112 100
- Others 98 68 - -
Amortisation and depreciation of:-
- Property, plant and equipment 28,548 22,185 2,721 2,794
- Prepaid lease payments 1,213 1,303 1,096 1,126
- Intangible assets 1,070 1,035 1,000 1,000
- Plantation development expenditure 1,369 1,345 1,369 1,345
- Deferred income (35) (104) - -
Allowance for doubtful debts:
- Subsidiaries - - - 1,160
- Others 3,052 901 2,700 -
Change in fair value of investment properties (530) - (835) 450
Guaranteed return on car park concession (2,952) (2,990) (2,952) (2,990)
Impairment losses/(Reversal):
- Property, plant and equipment - (66) - -
- Plantation development expenditure 166 - 166 -
- Other investments 977 (944) 977 (944)
Retirement benefit 89 686 89 686
Realised loss on foreign exchange 30 166 - -
Unrealised loss on foreign exchange 52 - - -
Rental of machinery and equipment 372 85 - -
Bad debts recovered (221) - - -
Rental of land and buildings 53,376 45,766 244 175
Property, plant and equipment written off 14 60 - 32
Write down of finished goods - 1,028 - -
Gain on disposal of:
- Property, plant and equipment (376) (902) (103) (67)
- Subsidiaries (76) - (770) -
- An associate - (156) - -
Personnel expenses (including key management personnel):
- Contributions to Employees Provident Fund 2,989 2,559 996 997
- Wages, salaries and others 44,053 38,225 11,456 9,519
Rental income (331) (269) (193) (204)
Interest income (187) (592) (102) (425)
Key management personnel compensation

Key management personnel are defined as those persons having authority and responsibility for planning, directing and controlling the
activities of the Group either directly or indirectly. The key management personnel includes all the Directors of the Group, and certain members
of senior management of the Group.

21. Operating profit (contd)

Key management personnel compensation are as follows:
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Directors
- Fees 499 528 308 255
- Remuneration 4,264 3,245 889 479
Other short term employee benefits (including estimated
monetary value of benefits-in-kind) 339 306 39 36
Total short-term employee benefits 5,102 4,079 1,236 770

Other key management personnel:
- Short-term employee benefits 786 941 252 178
5,888 5,020 1,488 948
Other key management personnel comprises persons other than the Directors of the Company, having authority and responsibility for planning,
directing and controlling the activities of the entity either directly or indirectly.
22. Tax expense

Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Tax expense
- Malaysian tax
- Current year 7,068 3,724 6,657 4,797
- Over provided in prior years (159) (253) (49) (221)
6,909 3,471 6,608 4,576

- Foreign tax
- Current year 527 660 - -
- Over provided in prior years (53) - - -
474 660 - -
7,383 4,131 6,608 4,576

Deferred tax expense/(income)
- Reversal and origination of temporary differences 569 (232) (197) (279)
- (Over)/Under provided prior years (40) 285 (95) 412
529 53 (292) 133
Tax expense 7,912 4,184 6,316 4,709
Share of tax of equity accounted associates 2,100 2,400 - -
Total tax expense 10,012 6,584 6,316 4,709

22. Tax expense (CONTD)

Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Reconciliation of effective tax expense

Total tax expense 10,012 6,584 6,316 4,709
Tax at Malaysian tax rate of 26% (2007: 27%) 9,825 8,953 4,799 3,855
Non deductible expenses 4,216 2,877 2,735 1,925
Effect of income tax rate 20% (25) (64) - -
Effect of different tax rate in other countries 59 84 - -
Effect of change in tax rate* (1,007) (889) (918) (882)
Tax exempt income (2,708) (4,322) - -
Non taxable income (82) (457) (59) (457)
Utilisation of unrecognised deferred tax assets - (423) - -
Deferred tax not recognised during the year 119 722 - -
Others (133) 71 (97) 77
10,264 6,552 6,460 4,518

(Over)/Under provided in prior years (252) 32 (144) 191
Tax expense 10,012 6,584 6,316 4,709
* The corporate tax rate is at 26% for year of assessment 2008 and 25% for the subsequent years of assessment. Consequently, deferred
tax assets and liabilities are measured using these tax rates.
23. Earnings per ordinary share

Basic earnings per ordinary share
The calculation of basic earnings per ordinary share at 31 December 2008 was based on the profit attributable to ordinary shareholders and
a weighted average number of ordinary shares outstanding calculated as follows:
Group
2008 2007
RM000 RM000
Profit attributable to ordinary shareholders 21,935 17,928
Group
2008 2007
Numbers Numbers
Weighted average number of ordinary shares

Number of shares in issue at beginning of year (000) 96,000 96,000
Effect of treasury shares held (000) - (794)
Weighted average number of ordinary shares in issue (000) 96,000 95,206
Basic earnings per ordinary share (sen) 22.85 18.83
Diluted earnings per ordinary share

There are no dilutive potential ordinary shares.

24. Dividends
Dividends recognised in the current year by the Company are:
Sen per Total

share amount Date of payment
RM000
2008
2007 Final, net of tax 3.70 3,552 25 July 2008
2008 Interim, net of tax 3.75 3,600 26 February 2009
Total amount 7.45 7,152
2007
2006 Second interim, net of tax* 2.00 1,920 20 July 2007
2006 Final, net of tax 1.56 1,502 26 July 2007
2007 Interim, net of tax 3.65 3,504 25 January 2008
Total amount 7.21 6,926
* Paid via reissue of treasury shares (See Note 17).
After the balance sheet date the following dividend was proposed by the Directors. This dividend will be recognised in subsequent financial
reports upon approval by the shareholders.
Sen per Total

share amount
RM000
2008 Final, net of tax 3.75 3,600
25. Acquisition of property, plant and equipment

During the year, the Group and the Company acquired property, plant and equipment with an aggregate cost of RM30,584,000 (2007:
RM109,597,000) and RM1,613,000 (2007: RM891,000) of which RM4,641,000 (2007: RM1,842,000) and NIL (2007: NIL) respectively was
acquired under finance leases.
26. Operating leases

Leases as lessee
Non-cancellable operating lease rentals are payable as follows:
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Less than one year 52,240 53,257 55 206

Between one and five years 108,379 126,564 41 96
More than five years 5,040 5,040 - -
165,659 184,861 96 302

26. Operating leases (contd)

The Group leases a number of buildings under operating leases. The leases typically run for a period of between 2 to 5 years with renewal
option included in the contracts. Certain contracts include escalation clauses or contingent rental arrangements computed based on sales
achieved while others include fixed rentals for an average of 3 years. There are no restrictions placed upon the Group by entering into these
leases.
The Group also leases various plant and machinery under cancellable operating lease agreements. The Group is required to give a 3-month
notice for the termination of those agreements.
The Company leases office under operating leases. The leases typically run for a period of 3 years with one year renewal option included
in the contracts. Lease payments are increased every 4 years to reflect market rentals. None of the leases includes contingent rentals.
The lease payments and contingent rent recognised in profit or loss during the financial year are disclosed in Note 21.
Leases as lessor
The Company leases out its investment properties under operating leases (see Note 7). The future minimum lease payments under non-
cancellable leases are as follows:
Group/Company
2008 2007
RM000 RM000
Less than one year 13 150

Between one and five years - 49
13 199
27. Commitments
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Plant and machinery

Contracted but not provided for 189,850 3,395 - -
Authorised but not contracted for 213 45,030 - -
Capital commitment on Groups plant and equipment relates to purchase of new vessels, vessel equipments and shipyard machineries and equipment.
28. Contingent liabilities

Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Secured
Bank guarantee extended to thirdparties in respect of rental
for parking space 1,621 1,837 - -
Corporate guarantee given by subsidiaries to third parties 4,216 4,215 - -
5,837 6,052 - -

29. Segment reporting

Segment information is presented in respect of the Groups business segment. The primary format, business segments, is based on the Groups
management and internal reporting structure. Inter-segment pricing is determined based on an arms length basis or negotiated terms.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable
basis. Unallocated items mainly comprise interest-earning assets and revenue, interest-bearing loans, borrowings and expenses, and corporate
assets and expenses.
Segment capital expenditure is the total cost incurred during the period to acquire segment assets that are expected to be used for more
than one period.
Business segments
The Group comprises the following main business segments:
Plantation - The cultivation of oil palm and palm oil milling and rubber estate.
Intrapreneur Venture - Investment holding in companies.
Geographical segments
Geographical segment is not presented as the Groups customers and assets are principally operating in Malaysia.
Intrapreneur
Plantation Venture Consolidated
2008 2007 2008 2007 2008 2007
RM000 RM000 RM000 RM000 RM000 RM000
Business segments
Revenue from external customers 127,571 79,332 223,622 215,825 351,193 295,157
Segment result 26,572 14,885 17,882 23,503 44,454 38,388

Unallocated expenses (5,153) (4,995)
Results from operating activities 39,301 33,393

Share of profit of associates 6,391 6,903
Finance costs (10,005) (9,536)
Profit before tax 35,687 30,760

Tax expense (7,912) (4,184)
Profit after tax 27,775 26,576

Minority interests (5,840) (8,648)
Profit for the year 21,935 17,928
Segment assets 146,554 148,807 360,479 332,074 507,033 480,881

Investment in associates - - 10,563 17,518 10,563 17,518
Total assets 517,596 498,399
Segment/Total liabilities 56,341 45,200 209,052 231,148 265,393 276,348
Capital expenditure 6,675 4,255 28,971 108,383 35,646 112,638

Depreciation and amortisation 5,284 4,974 27,014 20,894 32,298 25,868
Non-cash expenses other than
depreciation and amortisation 166 32 753 112 919 144

30. Financial instruments

Financial risk management objectives and policies
Exposure to credit, foreign currency, liquidity and interest rate risks arise in the normal course of the Groups and of the Companys
business.
The Groups and the Companys policies for managing the risks are summarised below:
Credit risks
At balance sheet date, the Group has a concentration of credit risk arising from amount due from a major debtor representing approximately
18% (2007: 5%) of Group receivables. The maximum exposure to credit risk is represented by the carrying amount of each financial asset
in the balance sheet.
Foreign currency risk

The Groups activities are exposed to various currencies, mainly US Dollar, Singapore Dollar, Brunei Dollar, Phillipines Peso and Indonesia
Rupiah. Foreign currency denominated assets and liabilities together with expected cash flows from highly probable purchases and sales
give rise to foreign exchange exposures. The management believes that the foreign exchange risks is not considered significant to the overall
Group operations.
The Group does not hedge its financial assets and liabilities denominated in foreign currencies.
Liquidity risk
The Group and the Company monitors and maintains a level of cash and cash equivalents deemed adequate by management to finance the
operations and to mitigate the effects of fluctuation in cash flow.
Interest rate risk

The Groups and the Companys investment in fixed-rate debt securities and its fixed rate borrowings are exposed to a risk of change in
their fair value due to changes in interest rates. The Groups and Companys investments in variable-rate borrowings are exposed to a risk
of change in cash flows due to changes in interest rates. Investments in equity securities and short term receivables and payables are not
exposed to interest rate risk.
There is no formal hedging policy with respect to interest rate exposure. Exposure to interest rate risk is monitored on an ongoing basis and
the Group and the Company endeavour to keep the exposure to an acceptable level.

30. Financial instruments (contd)
Effective interest rate and repricing analysis
In respect of interest-earning financial assets and interest-bearing financial liabilities, the following table indicates their average effective interest rates at the balance sheet date and the
periods in which they mature, or if earlier, reprice.

Average
effective
interest Less than 1 - 2 2 - 3 3 - 4 4 - 5 Over
Group rate Total 1 year years years years years 5 years
2008 % RM000 RM000 RM000 RM000 RM000 RM000 RM000

Fixed rate instruments
Unquoted subordinated bond 7.45 4,000 - - 4,000 - - -
Deposits with licensed banks 2.10 3.40 14,538 14,538 - - - - -
Secured term loans 4.50 6.90 (109,209) (17,083) (17,099) (17,136) (12,418) (5,083) (40,390)
Unsecured term loans 7.47 7.75 (42,868) (2,868) - (40,000) - - -
Unsecured bankers acceptances 3.91 (528) (528) - - - - -
Secured finance lease liabilities 2.28 6.32 (6,863) (2,581) (2,486) (1,180) (418) (198) -
(140,930) (8,522) (19,585) (54,316) (12,836) (5,281) (40,390)
172
Floating rate instruments
Unsecured term loan 8.75 (4,168) (4,168) - - - - -
Unsecured bank overdraft 7.50 8.40 (3,888) (3,888) - - - - -
Unsecured revolving credit 5.30 (7,500) (7,500) - - - - -
(15,556) (15,556) - - - - -
2007
Unquoted subordinated bond 7.45 4,000 - - - 4,000 - -
Deposits with licensed banks 2.78 - 4.05 8,816 8,816 - - - - -
Secured term loans 3.75 - 7.25 (127,154) (18,883) (17,083) (17,099) (17,136) (12,418) (44,535)
Unsecured term loans 7.45 - 7.75 (46,904) (4,021) (2,883) - (40,000) - -
Unsecured bankers acceptances 3.93 (231) (231) - - - - -
Secured finance lease liabilities 2.28 - 7.21 (5,463) (4,818) (267) (280) (85) (11) (2)
(166,936) (19,137) (20,233) (17,379) (53,221) (12,429) (44,537)
www.sindora.com.my
Average
effective
interest Less than 1 - 2 2 - 3 3 - 4 4 - 5 Over
rate Total 1 year years years years years 5 years
Group % RM000 RM000 RM000 RM000 RM000 RM000 RM000
2007
Unsecured term loan 8.80 (3,840) (3,840) - - - - -

Unsecured bank overdraft 6.90 - 7.75 (6,077) (6,077) - - - - -
Unsecured revolving credit 5.28 - 5.47 (7,500) (7,500) - - - - -
(17,417) (17,417) - - - - -
Company
2008
Unquoted subordinated bond 7.45 4,000 - - 4,000 - - -
Deposits with licensed banks 3.25 3.40 5,247 5,247 - - - - -
173
Unsecured term loans 7.45 7.75 (42,868) (2,868) - (40,000) - - -
Secured finance lease liabilities 2.28 3.50 (263) (118) (107) (35) (3) - -
(33,884) 2,261 (107) (36,035) (3) - -

Unsecured revolving credits 5.30 (7,500) (7,500) - - - - -
2007
Unquoted subordinated bond 7.45 4,000 - - - 4,000 - -
Deposits with licensed banks 2.78 - 3.16 247 247 - - - - -
Secured term loan 4.31 (700) (700) - - - - -
Unsecured term loans 7.45 - 7.75 (46,904) (4,021) (2,883) - (40,000) - -
Secured finance lease liabilities 2.28 - 3.50 (376) (118) (118) (107) (30) (3) -
(43,733) (4,592) (3,001) (107) (36,030) (3) -

Unsecured revolving credits 5.28 - 5.47 (7,500) (7,500) - - - - -
www.sindora.com.my

Fair values
Recognised financial instruments
The carrying amounts of the current financial assets and liabilities approximate their fair values due to the relatively short term nature of
these financial instruments.
The carrying amount of floating rate term loan approximates fair value as its effective interest rate changes accordingly to movements in the
market interest rate.
No disclosure of fair value is made for non-current amounts due to/from subsidiary companies as it is not practicable to determine their
fair value with sufficient reliability since the amounts are interest free and have no fixed terms of repayment. However, the Group does not
anticipate the carrying amounts recorded at the balance sheet date to be significantly different from the values that would eventually be
received or settled.
The carrying amount of investment in unquoted subordinated bonds approximate their fair value since there were no material changes in
market interest rate.
The fair value of other financial assets and liabilities, together with the carrying amounts shown in the balance sheets, are as follows:
2008 2007
Carrying Fair Carrying Fair
amount value amount value
Group RM000 RM000 RM000 RM000
Financial liabilities
Fixed rate term loan 152,077 151,616 177,898 177,715
Finance lease liabilities 6,863 5,805 5,463 4,284
Financial assets
Unquoted subordinated bond 4,000 2,973 4,000 2,722
Company
Financial liabilities
Fixed rate term loan 42,868 42,406 47,604 47,421
Finance lease liabilities 263 252 376 376
Financial assets
Unquoted subordinated bond 4,000 2,973 4,000 2,722
Estimation of fair values

The following summarises the methods used in determining the fair values of financial instruments reflected in the table.
Fair value is determined using estimated future cash flows discounted using market related rate for a similar instrument at the balance sheet date.
The interest rate used to discount estimated cash flows are as follows:
2008 2007
Term loan 7.50% - 8.00% 7.50% - 8.00%
Leases 3.88% - 5.00% 8.40%

31. Related parties

For the purposes of these financial 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 the party or exercise significant influence over the party in making financial and operating
decisions, or vice versa, or where the Group or the Company and the party are subject to common control or common significant influence.
Related parties may be individuals or other entities.
The significant related party transactions of the Group and the Company are as follows:
Group Company
2008 2007 2008 2007
RM000 RM000 RM000 RM000
Holding company
Dividend payable 2,738 - 2,738 -
Rental payable 244 - 244 -
Purchases 6,984 - 6,984 -
Ultimate holding corporation

Administrative, secretarial and corporate fee payable 159 526 151 -
Extract of logs - 297 - -
Training and courses 2,757 2,990 2,757 2,990
Dividend payable - 3,000 - 3,000
Management of car parks 1,291 637 - -
Mailing income receivable - 44 - -
Subsidiaries
Dividend receivable - - 2,067 643
Associates
Dividend receivable 281 5,104 281 5,104
Insurance service payable - 233 - 17
Brokerage fee 222 619 222 619
Related companies
Management fee payable 2,369 1,457 2,369 1,328
Sales 112,532 86,303 112,513 79,332
Rental payable 874 869 - 211
Management fee receivable 6,527 1,179 - -
Logistic income receivable 4,380 3,788 - -
Logistic expense payable - 43 - -
Mailing fee income receivable 1,544 614 - -
Mailing fee expenses payable - 13 - 13
Flight charges 51 55 51 55
Agency fee income receivable 1,501 - - -
Forwarding and documentation fee income 267 - - -
Insurance payable 220 - - -
Purchase of goods 41 259 41 -
Deposit payment for leasehold lands 1,089 - - -
Rental income 131 - - -

32. Significant events

The Company
(i) On 14 November 2007, the Company received a notification from Johor Corporation (JCorp) and Johor Capital Holdings Sdn. Bhd.
(JCHSB) pertaining to the disposal of their entire 62.01% shareholding in the Company to Kulim (Malaysia) Berhad, comprising of
59,533,289 ordinary shares of RM1.00 each in the Company for a total cash consideration of RM102,397,257.08 or RM1.72 per share.
Upon completion of the disposal in 2008, Kulim (Malaysia) Berhad become the immediate holding company and Johor Corporation
remains as the ultimate holding corporation of the Company.
(ii) On 27 December 2007, the Company entered into a conditional Sale and Purchase Agreement (SPA) with KFC Holdings (Malaysia) Bhd.
(KFCH) to dispose a piece of leasehold land (including all factory, buildings, structures, infrastructure and facilities built or erected on
the land) to KFCH for RM6.15 million cash. The disposal is expected to be completed in 2009.
(iii) On 12 August 2008, the Company received a Letter of Acceptance from Encik Mazlan bin Muhammad (MM) pertaining to the proposed
disposal by the Company to MM of 2,375,000 ordinary shares of RM1.00 each (Sales Shares) representing 35% equity interest in
MM Vitaoils Sdn. Bhd. (MMV) for a total cash consideration of RM14,500,000 (Disposal Consideration) or approximately RM6.11
per share. On 16 January 2009, the proposed disposal was aborted and the Company is currently in the process of renegotiating the
proposed disposal with MM.
(iv) In 2007, the Company entered into a conditional Share Purchase cum Subscription Agreement and Supplemental Agreement with Johari
bin Maarof, Laili binti Ismail and Hayati binti Jalaludin (collectively known as the Vendors) for the proposed acquisition of J.M. Permata
Sdn. Bhd. (JMP) by the Company from the Vendors.
The agreements have been subsequently terminated due to the non-fulfillment of conditions precedent and breach of the terms of the
agreements.
In August 2008, the Company made a claim against the Vendors for the return of deposit and part payment of purchase price totalling
RM2,700,000 (which bears interest at 10% per annum until full settlement) pursuant to the terms of the agreements entered into
between the Company, the Vendors and JMP. The Company also made additional claims against the Vendors for legal and professional
fees totalling RM210,840 which were incurred pursuant to the transaction, litigation expenses and any other relief that the court may
deem fit.
33. Subsequent events

On 3 March 2009, the Company entered into a conditional Exchange of Land Agreement with Sime Darby Plantation Sdn. Bhd. to exchange
its oil palm estate known as Ladang Sungai Simpang Kiri with a land area of approximately 2,371.6564 hectares located in the Mukim of
Chaah Bahru, District of Batu Pahat, State of Johor Darul Takzim (Sindora Land) for an oil palm estate known as Sungai Tawing Estate with
a land area of approximately 2,225.7675 hectares located in the Mukim of Paloh, District of Kluang, State of Johor Darul Takzim owned by
SDP (Sime Darby Land) and cash consideration of RM6.15 million for SDP.
The proposed exchange is expected to result in a gain of RM38.17 million to be recorded by the Company in 2009.

Share Performance charts/carta prestasi saham
for the year ended 31 December 2008/bagi tahun berakhir 31 Disember 2008
1600
1400
1200
1000
800
600
400
Point/Mata
200
0
2004 2005 2006 2007 2008 2009
Kuala Lumpur Composite Index for the period from 1 January 2004 to 30 March 2009/Indeks Komposit Kuala Lumpur bagi tempoh 1 Januari 2004 hingga 30 Mac 2009
2004 2005 2006 2007 2008 2009

120
100
80
60
Million Shares/Juta Saham
40
20
0
2004 2005 2006 2007 2008 2009
Volume traded for the period from 1 January 2004 to 30 March 2009/Jumlah diniagakan bagi tempoh 1 Januari 2004 hingga 30 Mac 2009
3.00
2.50
2.00
1.50
1.00
Price/Harga (RM)
0.50
0
2004 2005 2006 2007 2008 2009
High/Tinggi Low/Rendah Closing Price/Harga Tutup
Share Price (High and Low) and Closing Prices for the period from 1 January 2004 to 30 March 2009/Harga Saham (Tinggi dan Rendah) dan Harga Penutup bagi tempoh
1 Januari 2004 hingga 30 Mac 2009
Share Price Performance/Prestasi Harga Saham (RM)
2004 2005 2006 2007 2008
High/Tinggi 1.60 1.53 1.37 1.68 2.54

Low /Rendah 1.40 1.07 1.05 0.95 1.50
Close/Tutup 1.60 1.24 1.16 1.61 2.05

SHAREHOLDINGS STATISTICs/statistik pemegang saham
as at 15 April 2009/pada 15 April 2009
Authorised Share Capital/Modal Saham Dibenarkan : RM200,000,000

Issued & Fully Paid-Up Capital/Modal Diterbitkan dan Berbayar Penuh : RM96,000,000
Class of Shares/Jenis Saham : Ordinary Share of RM1 each/Saham biasa RM1 sesaham
Voting Right of Shareholders/Hak Mengundi Pemegang Saham

Every member of the Company present in person or by proxy shall have one vote on a show of hand and in the case of a poll shall have one vote
for every share of which he/she is the holder.
Setiap ahli Syarikat yang hadir secara peribadi atau secara proksi adalah berhak ke atas satu undi melalui undian tangan dan sekiranya undian
dibuat secara bertulis, ahli-ahli berhak ke atas satu undi untuk setiap satu unit saham yang dipegang.
Break down of Shareholdings/Pecahan Pegangan Saham
No. of
Shareholders/
Bil. No. of Shares/
Size of Shareholdings/Saiz Pegangan Saham Pemegang Saham % Bil Saham %
Less than/Kurang dari 100 562 23.75 23,122 0.02

100 1000 113 4.78 37,192 0.04
1,001 10,000 1,563 66.06 298,961 3.44
10,001 100,000 109 61 360,236 2.46
100,001 to less than 5% of Issued Capital/hingga kurang daripada 5%
Modal Diterbitkan 17 0.72 11,384,909 11.96
5% and above of Issued Capital/dan lebih daripada Modal Diterbitkan 2 0.08 78,895,576 82.18
TOTAL/JUMLAH 2,366 100.00 96,000,000 100.00
Top Thirty Securities Account Holders/Tiga Puluh Pemegang Akaun Sekuriti Utama
(Without aggregating the securities from different securities accounts belonging to the same depositor)/
(Tanpa mengagregat sekuriti daripada akaun sekuriti yang berlainan yang dimiliki pendeposit yang sama).
No. of Shares/
Name/Nama Bil Saham %
1 Kulim (Malaysia) Berhad 72,490,576 75.51

2 Yeoh Kean Hua 6,405,000 6.67
3 PRB Noms (T) Sdn Bhd - A/C Rubber Industry Smallholders Development Authority 2,059,360 2.15
4 Pristine Bay Sdn Bhd 1,399,492 1.46
5 Johan Enterprise Sdn Bhd 1,152,900 1.20
6 Yeoh Meng Ghee 1,088,850 1.13
7 Zalaraz Sdn Bhd 1,016,666 1.06
8 Johor Ventures Sdn Bhd 863,795 0.90
9 PRB Noms (T) Sdn Bhd - A/C Rubber Industry Smallholders Development Authority 587,125 0.61
10 Yeoh Phek Leng 536,952 0.56
11 Kulim (Malaysia) Berhad 533,750 0.56
12 Yeoh Swee Leng 525,210 0.55
13 Yeoh Tiong Ghee 427,000 0.44
14 Arshad bin Ayub 313,824 0.33
15 Public Noms (T) Sdn Bhd - A/C Surinder Singh a/l Wassan Singh (E-IMO) 300,025 0.31
16 Amanah Raya Nominees (T) Sdn Bhd - A/C Dana Johor 180,000 0.19
17 Lim Chee Yong 174,535 0.18
18 Citigroup Noms (T) Sdn Bhd - A/C Yeoh Tiong Ghee (473048) 117,425 0.12
19 Sara Ooi Li Ying 108,000 0.11
20 Yayasan Arshad Ayub 100,000 0.10
21 Foo Choo Moy 88,260 0.09
22 Mayban Secs Noms (A) Sdn Bhd - A/C DMG & Partners Securities Pte Ltd for Sim Hong Boon 74,725 0.08
23 Lai Siew Ying 64,050 0.07

SHAREHOLDINGS STATISTICs/statistik pemegang saham
as at 15 April 2009/pada 15 April 2009
Top Thirty Securities Account Holders (contd)/Tiga Puluh Pemegang Akaun Sekuriti Utama (samb)
(Without aggregating the securities from different securities accounts belonging to the same depositor)/
(Tanpa mengagregat sekuriti daripada akaun sekuriti yang berlainan yang dimiliki pendeposit yang sama).
No. of Shares/
Name/Nama Bil Saham %
24 Choo Sen Yoong 64,050 0.07

25 Muhammad Ali bin Hashim 62,025 0.06
26 RHB Noms (T) Sdn Bhd - A/C Foo Choo Moy 60,898 0.06
27 Lew Mok Lang @ Leong Mook Lan 60,847 0.06
28 Tan Chee Ooi 53,375 0.06
29 KAF Noms (A) Sdn Bhd - A/C DBS Vickers Secs (S) Pte Ltd for Lim Sin Hoon 53,375 0.06
30 Yeoh Loy Lean 53,375 0.06
Substantial Shareholders/Pemegang Saham Utama
No. of No. of Shares

Shares (Direct)/ (Indirect)/
Bil. Saham Bil. Saham
Name/Nama (Langsung) % (Tidak Langsung) %
1 Kulim (Malaysia) Berhad - 2 a/cs 73,024,326 76.07 2,265,163 2.36

2 Yeoh Kean Hua 6,405,000 6.67 - -
Analysis of Shareholders/Analisa Pemegang Saham
No. of Shareholders/ No. of Shares/

Bil. Pemegang Saham % Bil. Saham %
Malaysian/Warga Malaysia - Bumiputra 443 18.72 80,520,81 83.88

- Others/Lain-lain 1,882 79.46 15,115,528 15.74
Foreigners/Asing 43 1.82 363,791 0.38
TOTAL/JUMLAH 2,366 100.00 96,000,000 100.00

LIST OF GROUPS LANDED PROPERTIES
Net Book Value

Approximate as at
Land Area Built-up Area Tenure Age of 31 December
Location/Property (Hectares/ (Hectares/ Property 2008
Description Address 000 Sq. Ft.) 000 Sq. Ft.) (Year) RM'000
Mukim of Rengam Ladang Sindora

Kluang, Johor (Sindora Estate) KB 539
- Oil palm and rubber plantations 86009 Kluang 3,939/ 27.03/ 99 years lease expiring 21 58,791
Johor 24 Jan 2086
- Palm oil mill 16/ /120.7 No separate title 10 5,710
(Part of Sindora Estate)
Mukim of Chaah Bahru Ladang Sungai

Batu Pahat, Johor Smpang Kiri
(Sungai Simpang Kiri Estate) KB 103
- Oil palm plantation 85400 Cha'ah 2,371.7/ 4.67/ 99 years lease expiring 9, 26 and 30 24,823
Johor 20 Mar 2081 and
22 Dec 2077
Mukim of Ulu Sungai Johor Lot 1384

Kota Tinggi, Johor Industrial Area
- Industrial land and buildings Phase 1 2.56/ 60 years lease expiring 9 117
Bandar Tenggara 24 Nov 2059
- Industrial land and buildings 81000 Kulai /2,344 /857 60 years lease expiring 26 8,299
for office and factory Johor 30 Jan 2041
- Factory building/moulding factory /5 /5 60 years lease expiring 23 41
30 Jan 2041
- 1 unit of double-storey bungalow No 1, Jalan /6 /3 99 years lease expiring 22 54

(staff resident) Temenggong 10 18 Apr 2085
Bandar Tenggara
81000 Kulai
Johor
Mukim of Plentong No. 6, 6A, 6B,

Johor Bahru, Johor 37, 37A, 37B,
- 4 units of 3 storey shophouses 41, 41A, 41B /8 /18 Freehold 27 3,570
Jalan Perang
Taman Pelangi
80000 Johor Bahru
Johor
Mukim of Tebrau No. 17, 0.5699/ /2.5 Leasehold 19 573

PTD 57100, Greenplain Green Plains Jalan Resam
Ulu Tiram Taman Bukit Tiram
Johor Ulu Tiram
81800 Ulu Tiram
Johor
Wisma Pro Office No 6, Jln SBC 6 /22.8 Freehold 4 4,343

Pro Office Solutions Sdn.Bhd. Taman Sri
HSD 197666, PT 22234 Batu Caves
Mukim of Batu Caves 68100 Batu Caves
Gombak District Selangor
Selangor
E.A. Technique (M) Sdn Bhd Setiawangsa /6.402 Freehold 3 1,392

Business Suites
Unit C-3A-3A
No.2, Jln Setiawangsa II
Taman Setiawan
54200 Kuala Lumpur
Note: Revaluation of land and buildings will be carried out only if there are intended sales or when market value has changed materially.

senarai hartanah kumpulan
Nilai Buku
Keluasan Kawasan Bersih
Tanah Dibina Jangkaan Usia 31 Disember
Lokasi/ (Hektar/ (Hektar/ Hakmilik/ Harta Milikan 2008
Keterangan Tanah Alamat '000 Kps.) '000 Kps.) Pegangan (Tahun) RM'000
Mukim Rengam Ladang Sindora

Kluang, Johor (Ladang Sindora) KB 539
- Ladang Kelapa Sawit dan Getah 86009 Kluang 3,939/ 27.03/ Pajakan 99 tahun tamat 21 58,791
Johor 24 Jan 2086
- Kilang Kelapa Sawit 16/ /120.7 Tiada suratan hakmilik 10 5,710
tersendiri
(Sebahagian Ladang
Sindora)
Mukim Chaah Bahru Ladang Sungai 4.67/ Pajakan 99 tahun tamat 9, 26 and 30 24,823
Batu Pahat, Johor Smpang Kiri 20 Mar 2081 dan
(Ladang Sungai Simpang Kiri) KB 103 22 Dec 2077
- Ladang Kelapa Sawit 85400 Cha'ah 2,371.7/
Johor
Mukim Ulu Sungai Johor Lot 1384

Kota Tinggi, Johor Kawasan
- Tanah perindustrian dan Perindustrian Fasa 1 2.56/ Pajakan 60 tahun tamat 9 117
bangunan Bandar Tenggara 24 Nov 2059
- Tanah perindustrian dan bangunan 81000 Kulai /2,344 /857 Pajakan 60 tahun tamat 26 8,299
yang digunakan sebagai pejabat Johor 30 Jan 2041
dan kilang
- Bangunan kilang/kilang kayu kumai /5 /5 Pajakan 60 tahun tamat 23 41
30 Jan 2041
- 1 unit banglo dua tingkat No 1, Jalan /6 /3 Pajakan 99 tahun tamat 22 54

(kediaman anggota pekerja) Temenggong 10 18 Apr 2085
Bandar Tenggara
81000 Kulai
Johor
Mukim Plentong No. 6, 6A, 6B,

Johor Bahru, Johor 37, 37A, 37B,
- 4 units rumah kedai tiga tingkat 41, 41A, 41B /8 /18 Milikan Bebas 27 3,570
Jalan Perang
Taman Pelangi
80000 Johor Bahru
Johor
Mukim Tebrau No. 17, Jalan Resam 0.5699/ /2.5 Pegangan Pajak 19 573
PTD 57100, Greenplain Green Plains
Ulu Tiram Taman Bukit Tiram
Johor Ulu Tiram
81800 Ulu Tiram
Johor
Wisma Pro Office No 6, Jln SBC 6 /22.8 Milikan Bebas 4 4,343

Pro Office Solutions Sdn.Bhd. Taman Sri Batu Caves
HSD 197666, PT 22234 68100 Batu Caves
Mukim Batu Caves, Daerah Gombak Selangor
Selangor.
E.A. Technique (M) Sdn Bhd Setiawangsa Business /6.402 Milikan Bebas 3 1,392
Unit C-3A-3A
No.2, Jln Setiawangsa II
Taman Setiawan
54200 Kuala Lumpur
Nota: P
enilaian semula tanah dan bangunan akan dilaksanakan hanya apabila Syarikat bercadang menjual hartanah tersebut atau jika harga
pasaran telah berubah.

This Page Has Been Intentionally Left Blank/
Muka Surat Ini Sengaja Dibiarkan Kosong
PROXY FORM
*I/We
(FULL NAME IN CAPITAL LETTERS)
of
(ADDRESS)
being *a member/members of SINDORA BERHAD hereby appoint the *Chairman of the Meeting
or
(FULL NAME)
of
as *my/our Proxy to vote for *me/us on *my/our behalf at the Thirty Sixth (36th) Annual General Meeting of the Company to be held on Monday, 25
May 2009 at 12.00 noon or at any adjournment of such meeting.
Should you desire to direct your Proxy how to vote on the Resolutions set out in the Notice of Meeting and as summarised below, please indicate with an
X in the appropriate space. If no direction as to voting is given, the Proxy will vote or abstain at his/her discretion.
RESOLUTION FOR AGAINST
1 To receive the report and the Audited Financial Statements (Resolution 1)
2 To approve the final dividend (Resolution 2)
3 To re-elect the following Directors:

i. Datuk Johan Bin Jaaffar (Resolution 3)
ii. Hj Esa Bin Mamek (Resolution 4)
iii. Zulkifli Bin Ibrahim (Resolution 5)
iv. Tan Sri Datuk Arshad Ayub (Resolution 6)
4 To approve Directors fees (Resolution 7)
5 To re-appoint Messrs KPMG as Auditors (Resolution 8)
6 To approve issuance of shares (Resolution 9)
7 To approve share buy-back authority (Resolution 10)
8 To approve proposed shareholders mandate (Resolution 11)
(*) Delete where inapplicable.
Number of Shares held (units)
Signed this day of 2009.

Signature of Shareholder(s)/
Common Seal of Appointer

Notes:-
1. A member entitled to attend and vote at this meeting is entitled to appoint a proxy and vote instead of him. A proxy may but need not be a member of the Company.
2. The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorised in writing or if the appointer is a Corporation/Company either
under its common seal or under the hand of its attorney duly authorised. Where a member appoints two proxies, the appointment shall be invalid unless he/she specifies the proportion
of his/her shareholdings to be represented by each proxy.
3. The instrument appointing a proxy must be deposited at the Registered Office of the Company, at Level 2, Persada Johor International Convention Centre, Jalan Abdullah Ibrahim 80000
SindoraJohor Bahru,
Berhad Johor not less than forty eight (48) hours before the time appointed for holding the meeting or any adjournment thereof.
(13418-K) Annual Report 2008
STAMP
SINDORA BERHAD
Level 2, Persada Johor International
Convention Centre
80000 Johor Bahru
Johor, Malaysia
BORANG PROKSI
*Saya/Kami
(NAMA PENUH DENGAN HURUF BESAR)
dari
(ALAMAT)
sebagai *ahli/ahli-ahli SINDORA BERHAD dengan ini melantik *Pengerusi Mesyuarat
atau
(NAMA PENUH)
dari
sebagai Proksi *saya/kami untuk menghadiri dan mengundi mengikut arahan yang tertentu di atas resolusi-resolusi bagi pihak *saya/kami di dalam
Mesyuarat Agung Tahunan Yang ke Tiga Puluh Enam (36) yang akan diadakan pada hari Isnin, 25 Mei 2009 jam 12.00 tengahari atau sebarang
mesyuarat penangguhannya.
Jika anda ingin mengarahkan Proksi anda mengikut arahan yang tertentu di atas resolusi-resolusi yang tercatat di dalam Notis Mesyuarat, tandakan X di
tempat yang berkenaan. Jika arahan tertentu tidak diberi, Proksi anda akan mengundi mengikut budibicaranya sendiri.
RESOLUSI MENYOKONG MENENTANG
1 Menerima dan meluluskan Laporan dan Penyata Kewangan Beraudit (Resolusi 1)
2 Meluluskan dividen akhir (Resolusi 2)
3 Melantik semula Pengarah-pengarah berikut:

i. Datuk Johan Bin Jaaffar (Resolusi 3)
ii. Hj Esa Bin Mamek (Resolusi 4)
iii. Zulkifli Bin Ibrahim (Resolusi 5)
iv. Tan Sri Datuk Arshad Ayub (Resolusi 6)
4 Meluluskan Yuran Pengarah (Resolusi 7)
5 Melantik semula Tetuan KPMG sebagai Juruaudit (Resolusi 8)
6 Meluluskan Penerbitan Saham-saham (Resolusi 9)
7 Meluluskan bidangkuasa pembelian balik saham (Resolusi 10)
8 Meluluskan cadangan mandat para pemegang saham (Resolusi 11)
(*) Potong yang tidak berkenaan.
Bilangan Saham Dipegang (Unit)
Ditandatangani pada haribulan 2009.

Tandatangan Pemegang Saham/
Cop Mohor Pelantik
Nota-Nota:-
1. Seorang ahli yang berhak menghadiri dan mengundi dalam Mesyuarat ini berhak melantik seorang proksi untuk menghadiri bagi pihak dirinya. Seorang proksi tidak semestinya seorang
ahli syarikat.
2. Suratcara perlantikan proksi hendaklah dibuat secara bertulis oleh pelantik atau wakil mutlak yang berkuasa atau jika pelantik adalah sebuah Perbadanan/Syarikat suratcara mestilah
disempurnakan di bawah meterai Perbadanan/Syarikat atau di dalam bidang kuasa wakil mutlak. Apabila seorang Ahli melantik dua orang proksi, perlantikan tersebut tidak akan diterima
sebagai sah melainkan setelah dinyatakan bilangan saham yang akan diwakili oleh mereka.
3. Suratcara perlantikan proksi hendaklah sampai di Pejabat Berdaftar Syarikat, di Aras 2, Pusat Konvensyen Antarabangsa Persada Johor, Jalan Abdullah Ibrahim 80000 Johor Bahru, Johor
tidak lewat dari empat puluh lapan (48) jam sebelum mesyuarat ditetapkan atau sebarang mesyuarat penangguhannya.
SETEM
SINDORA BERHAD
Aras 2, Pusat Konvensyen
Antarabangsa Persada Johor
80000 Johor Bahru
Johor, Malaysia

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Corporate Social Responsibilities/Tanggungjawab Sosial Korporat

Sindora Berhad (13418-K) Annual Report 2008 74 www.sindora.com.my

Sindora Berhad (13418-K) Annual Report 2008 75 www.sindora.com.my

SUSTAINABLE ENVIRONMENTAL PEMBANGUNAN ALAM SEKITAR LESTARI

Both Sindoras estates had adopted Kedua-dua ladang Sindora

Sindora Berhad (13418-K) Annual Report 2008 76 www.sindora.com.my

Sindora Berhad (13418-K) Annual Report 2008 77 www.sindora.com.my

Group Assets/Aset Kumpulan

Current Liabilities/Tanggungan Semasa 101,217 94,201 69,351 48,877 34,758

Financed by/Dibiayai oleh

Financial Ratios/Ratio Kewangan

Valuation Ratios/Ratio Penilaian

Capital Adequacy Ratios/Ratio Kecukupan Modal

Sindora Berhad (13418-K) Annual Report 2008 80 www.sindora.com.my

Earnings Per Share Net Tangible Assets Per Share

Sindora Berhad (13418-K) Annual Report 2008 81 www.sindora.com.my

2008 2007 2006 2005 2004

Plantation Business/Bisnes Perladangan 127,571 79,332 66,886 69,161 100,059

Timber Business/Bisnes Perkayuan - - - - 17,731

PROFIT/(LOSS) FROM OPERATIONS/

Plantation Business/Bisnes Perladangan 26,572 14,885 11,504 11,327 16,039

Timber Business/Bisnes Perkayuan - - - - (2,882)

Group's Profit/(Loss) From Operations/ 44,454 38,388 20,817 21,103 15,842

Sindora Berhad (13418-K) Annual Report 2008 82 www.sindora.com.my

Perubahan komposisi Lembaga Pengarah dengan perlantikan Tn Hj

Pursuant to the above, the Company has on 14 January 2008,

Sindora Berhad (13418-K) Annual

Pada 15 April 2008, OSK Investment Bank Berhad yang mewakili

Sindora Berhad (13418-K) Annual

Sindora has also made additional claims against the Defendants

Sindora turut membuat tuntutan tambahan terhadap Defendan bagi

Sindora Berhad (13418-K) Annual

The Groups relentless pursuit of excellence in all aspects of its

Usaha mencapai kecemerlangan Kumpulan yang berterusan dalam segala

Sindora Berhad (13418-K) Annual Report 2008 86 www.sindora.com.my

Sindora Berhad (13418-K) Annual Report 2008 87 www.sindora.com.my

Sindora Berhad (13418-K) Annual Report 2008 88 www.sindora.com.my

Anugerah Inovasi Terbaik SIRIM 2004 MM Vitaoils Sdn Bhd

Sindora Berhad (13418-K) Annual Report 2008 89 www.sindora.com.my

THE BOARD OF DIRECTORS LEMBAGA PENGARAH

Sindora Berhad (13418-K) Annual Report 2008 92 www.sindora.com.my

Rozan bin Mohd Saat (4/4) (2/2) - (1/1) (1/1)

Halmi Jasmin (4/4) (2/2) - (1/1) (1/1)

Datuk Johan bin Jaaffar* (4/4) (2/2) (2/4) (1/1) (1/1)

Kua Hwee Sim* (4/4) (2/2) (4/4) (1/1) (1/1)

Hj Esa bin Mamek* (4/4) (2/2) - (1/1) (1/1)

Dato Ir. Abd Hak Md Amin (3/4) (2/2) - (0/1) (0/1)

Zulkifli Ibrahim (Appointed/Dilantik Pada 1 July/Julai 2008) (2/2) - - - -

Sindora Berhad (13418-K) Annual Report 2008 93 www.sindora.com.my

APPOINTMENT AND RE-ELECTION OF DIRECTORS PERLANTIKAN DAN PEMILIHAN SEMULA PENGARAH

Sindora Berhad (13418-K) Annual Report 2008 94 www.sindora.com.my

Sindora Berhad (13418-K) Annual Report 2008 95 www.sindora.com.my

DIRECTORS REMUNERATION IMBUHAN PENGARAH

Directors Other Meetings

Halmi Jasmin - 30,000 30,000 - - 60,000

Tan Sri Datuk Arshad Ayub - 30,000 - 4,400 - 34,400

Datuk Johan bin Jaaffar - 30,000 - 3,300 - 33,300

Kua Hwee Sim - 30,000 - 3,600 - 33,600

Hj Esa bin Mamek - 30,000 - 2,400 - 32,400

Dato Ir. Abd Hak Md Amin - 30,000 - 2,000 - 32,000

Zulkifli Ibrahim - 15,000 - 800 - 15,800

Johari Bin Maarof - 7,500 - 1,200 - 8,700

Sindora Berhad (13418-K) Annual Report 2008 96 www.sindora.com.my

Anugerah Inovasi Terbaik SIRIM 2004 MM Vitaoils Sdn Bhd

vi. P ada 10 November 2008, EA Technique telah memeterai satu