Nik Hashim of Tan Sri Dato has no family relationship with other directors or major shareholders of the company and has no conflict of interest with the company. Sim has no family relationship with other directors or major shareholders of the company.
CHONG TZU KHEN
CHONG KHING CHUNG
LO CHOON FUNG
MICHELLE
HIEW VUN PUI
INTRODUCTION
- SUSTAINABILITY REPORTING
- SCOPE AND BOUNDARIES
- REPORTING PERIOD AND CYCLE
- GUIDELINES AND STANDARDS
- GOVERNANCE STRUCTURE
To this end, the Group has embedded practices that focus on building sustainability throughout the Group's operations. Bahvest is pleased to present its Sustainability Statement (“Statement”) detailing the Group's environmental, social and governance (“ESG”) performance.
MATERIALITY ASSESSMENT PROCESS 1 PURPOSE
- STAKEHOLDER ENGAGEMENT
In line with stakeholder engagement, as mentioned above, a materiality assessment has been undertaken to identify and prioritize sustainability issues that affect Bahvest's sustainability aspirations. Scale of local resources Therefore, the areas of focus in the Group's sustainability initiatives revolve around the issues identified above.
SUSTAINABILITY ACTIVITIES 1 ECONOMIC
- Rate of Local Sources Procurement
SUSTAINABILITY ACTIVITIES (CONT’D) 1 ECONOMIC (CONT’D)
- Rate of Local Sources (cont’d) Procurement (cont’d)
Total Purchase (Local VS Non-Local)
Ethics and Integrity
SUSTAINABILITY ACTIVITIES (CONT’D) 2 SOCIAL (CONT’D)
- Occupational Safety and Health (“OSH”) (cont’d)
Health and Safety Training Hours
Employment Diversity and Equal Opportunity
The Group promotes employee diversity and promotes equal employment opportunities for career advancement within the Group. As of March 31, 2022, the group employed 156 men and 25 women, which represents 86% and 14% of all employees, respectively.
Employee by Gender
The Group's efforts to balance gender diversity by increasing the number of female participants remain a challenge as the Group's main business activity is mining, located in the remote areas of Sabah.
Distribution of Employee by Gender
Reasonable Remuneration
In addition, the Group rewards its employees based on their merit and talent without any gender, race or nationality discrimination. Consequently, equal pay and common standard benefits are offered to all employees regardless of gender, race or nationality across the Group.
Employee Benefit Training and Development
Bahvest rewards its employees in accordance with applicable labor laws and the standard salary applies to both genders at the entry level.
Training Hours
Community Contribution
Bahvest is aware of its responsibility in maintaining the well-being of local communities in which the Group operates. In line with this, various corporate social responsibility ("CSR") activities have been organized and undertaken as part of the Group's efforts to create a positive impact on society in general.
Donation / Contribution to Society
Community Contribution (cont’d)
By fulfilling the group's corporate social responsibility in FYE 2022, Bahvest has contributed to schools (76%) and provides scholarships (21%), which allows for more focus on student assistance and education reimbursement. The Group believes in taking good social responsibility and will continuously strive to create values in the society with which the Group interacts.
ENVIRONMENT
- Effluent and Waste Management
Total Cycles of 5 Filter Press
SUSTAINABILITY ACTIVITIES (CONT’D) 3 ENVIRONMENT (CONT’D)
- Effluent and Waste Management (cont’d) (ii) Storage of Chemical and Diesel
- Energy
The Group's mining operations require storage of diesel and chemicals in a protective casing and in appropriate bunkers and camps to prevent spillage. These bunkers provide protective layers that prevent any diesel and chemical spills that could lead to polluting the soil and flowing into the catchment areas and water sources.
Diesel Consumption by FYE
Energy (cont’d)
Diesel Consumption by Month (FYE 2022)
Environmental Compliance
Daily analysis for surface water quality is performed at three (3) different sampling locations within the mining boundary. Surface water quality test results indicated that the mining operation has complied with the permissible limits specified by the Mineral Development (Effluent) Regulations 2016 and the National Water Quality Standard (Malaysia).
Environmental Compliance (cont’d) Water Quality (cont’d)
Temperature (°C) by Month (FYE 2022)
Dissolved Oxygen (%) by Month (FYE 2022)
However, the required ppm is not specified under the National Water Quality Standard (Malaysia), and no non-compliance was identified or highlighted by the Group's environmental consultant during FYE 2022.
Conductivity (μS/cm) by Month (FYE 2022)
Total Dissolved Solid (ppm) by Month (FYE 2022)
KEY PERFORMANCE INDICATOR (“KPI”)
The above initiatives are leading indicators of Bahvest's commitment to sustainability and to improving its environmental, social and governance aspects in which the Group operates. The journey towards achieving sustainable growth and long-term profitability is a continuous and dedicated one, and the principles of sustainability have been incorporated into the group's culture, value system, aspirations and approach.
OPTIONS, WARRANTS OR CONVERTIBLE SECURITIES
UTILISATION OF PROCEEDS
AUDIT AND NON-AUDIT FEES
RECURRENT RELATED PARTY TRANSACTIONS OF REVENUE OR TRADING NATURE
CONTRACT RELATING TO LOAN BY THE COMPANY There was no contract relating to loan by the Company
MATERIAL CONTRACT
The Directors hereby submit their report together with the audited financial statements of the Group and the Company for the financial year ended 31 March 2022. The Company has not paid or declared any dividend since the end of the previous financial year. The salient features and other details of ESOS are disclosed in note 13 to the financial statements.
Details of significant events during and after the end of the financial year are disclosed in note 31 to the financial statements. The remuneration of the group and company auditors for the financial year is RM245,000 and RM115,000 respectively.
CORPORATE INFORMATION
BASIS OF PREPARATION 1. Statement of compliance
- Adoption of amendments/improvements to MFRSs
BASIS OF PREPARATION (CONT’D)
- New MFRS and amendments/improvements to MFRSs that have been issued, but yet to be effective
- New MFRS and amendments/improvements to MFRSs that have been issued, but yet to be effective (cont’d)
- The Group and the Company plan to adopt the above applicable new MFRS and amendments/
The changes require a company to disclose significant information about accounting practices instead of significant accounting practices. The amendments change the definition of accounting estimates to clarify how an entity must distinguish changes in accounting policies from changes in accounting estimates. The amendments specify how a company must treat deferred tax on transactions such as leases and decommissioning liabilities.
In certain circumstances, MFRS 112 exempts an entity from recognizing deferred tax when it recognizes assets or liabilities for the first time. There was some uncertainty as to whether the exemption from the recognition of deferred tax applied to transactions such as finance leases and decommissioning obligations – transactions for which an entity recognizes both an asset and a liability.
BASIS OF PREPARATION (CONT’D) 4 Functional and presentation currency
- Basis of measurement
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- Basis of consolidation
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 1 Basis of consolidation (cont’d)
- Separate financial statements
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 3 Foreign currency transactions
- Financial instruments
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 4 Financial instruments (cont’d)
- Property, plant and equipment (a) Recognition and measurement
The Group and the Company evaluate whether, and to what extent, they have retained the risks and benefits of ownership. When they have not transferred or retained substantially all the risks and rewards of the asset, or transferred control of the asset, the Group and the Company continue to recognize the transferred asset to the extent of their continuing involvement. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations retained by the Group and the Company.
Continuing commitment, which takes the form of a guarantee for the transferred asset, is measured at the lower of the asset's original accounting value and the maximum consideration that the Group and the Company may be required to repay. When accounting for a transfer of a financial asset that does not meet the conditions for derecognition, the company must not set off the transferred asset and the associated liability.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 5 Property, plant and equipment (cont’d)
- Exploration, evaluation and development expenditure (a) Exploration
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 6 Exploration, evaluation and development expenditure (cont’d)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 7 Leases
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 7 Leases (cont’d)
- Goodwill and other intangible assets (a) Goodwill
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 8 Goodwill and other intangible assets (cont’d)
- Biological assets
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 10 Inventories
- Cash and cash equivalents
- Impairment of assets
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 12 Impairment of assets (cont’d)
- Share capital
- Employee benefits
Impairment losses recognized in respect of a CGU or groups of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to those units or groups of units and then to reduce the carrying amount of the other assets in the unit or groups of units. units to reduce. on a pro rata basis. An equity instrument is a contract that conveys a residual interest in the assets of the Company after deducting all its liabilities. Dividends on ordinary shares are recognized in equity in the period in which they are declared.
Obligations for short-term employee benefits relating to salaries, wages, social security contributions, annual bonuses, paid annual leave, sick leave and non-cash benefits are recognized as an expense in the financial year in which the employees performed their services for the Group. and the company. Such contributions are recognized as an expense in profit or loss in the period in which the employees perform their services.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 15 Share-based payments
- Provisions
- Revenue and other income
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 17 Revenue and other income (cont’d)
- Borrowing costs
- Taxes
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 19 Taxes (cont’d)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 20 Earnings per share
- Operating segments
- Fair value measurements
- Contingencies
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
5. PROPERTY, PLANT AND EQUIPMENT (CONTINUED) (a) Right-of-use assets The Group leases a number of assets, including land, heavy equipment, motor vehicles, pond equipment, furniture fixtures and fittings, office buildings and staff premises . 5. PROPERTY, PLANT AND EQUIPMENT (CONTINUED) (a) Right-of-use assets (continued) Pond equipment, furniture, rental Heavy engine equipment and office staff Land equipment Vehicles Equipment Buildings Quarters Total Group RM RM RM RM RM RM RM. The group also leases heavy machinery, motor vehicles, furniture accessories, equipment and processing plants with lease terms from 1 to 5 years and has the option of purchasing the assets at the end of the contract period.
In the previous financial year, an impairment loss in the amount of RM 12,108,576 was recognized in the profit and loss, which represents the impairment of some important real estate, plant and equipment related to the Group's aquaculture activities to their recoverable amount. Therefore, no provision for rehabilitation costs and appropriate recognition of tangible fixed assets is necessary, as the company's current liability for rehabilitation costs is limited to this amount and the company has no further obligations in this regard.
INTANGIBLE ASSETS
INTANGIBLE ASSETS (CONT’D)
INVESTMENT IN SUBSIDIARIES
INVESTMENT IN SUBSIDIARIES (CONT’D)
BIOLOGICAL ASSETS
BIOLOGICAL ASSETS (CONT’D) (b) Biological assets (Current)
- INVENTORIES
- TRADE AND OTHER RECEIVABLES
- TRADE AND OTHER RECEIVABLES (CONT’D)
- CASH AND BANK BALANCES
- SHARE CAPITAL
- SHARE CAPITAL (CONT’D) (b) Warrants 2017/2024
- OTHER RESERVES
- OTHER RESERVES (CONT’D)
- LOANS AND BORROWINGS
- LOANS AND BORROWINGS (CONT’D) (a) Lease liabilities
- DEFERRED TAX LIABILITIES
- DEFERRED TAX LIABILITIES (CONT’D)
- TRADE AND OTHER PAYABLES
- REVENUE
- OTHER INCOME
- IMPAIRMENT ON FINANCIAL INSTRUMENTS
- OTHER OPERATING EXPENSES
- FINANCE COSTS
- PROFIT/(LOSS) BEFORE TAX
- EMPLOYEE BENEFITS EXPENSE
- INCOME TAX EXPENSE
- EARNINGS/(LOSS) PER SHARE
- FINANCIAL INSTRUMENTS
- FINANCIAL INSTRUMENTS (CONT’D) (b) Financial risk management
- FINANCIAL INSTRUMENTS (CONT’D) (b) Financial risk management (cont’d)
- FINANCIAL INSTRUMENTS (CONT’D) (c) Fair value measurement
- RELATED PARTIES
- RELATED PARTIES (CONT’D)
- FINANCIAL GUARANTEES
- SIGNIFICANT EVENTS DURING AND SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
- SEGMENT INFORMATION
- SEGMENT INFORMATION (CONT’D)
Debts to related parties refer to persons related to some of the company's directors. The group's and the company's exposure to liquidity risk stems primarily from mismatches in the maturities of financial assets and liabilities. The emergence of the COVID-19 pandemic since the beginning of 2020 has brought great economic uncertainty to Malaysia and the markets in which the Group and the Company operate.
The key audit matters concern those matters that, in our professional judgment, were most significant in our audit of the Group's and the Company's annual accounts for the current financial year. The carrying amounts of the mineral rights are stated in Note 6 to the annual accounts. The other information includes the information included in the annual report, but does not include the annual accounts of the Group and the Company and our auditor's report thereon.
Our opinion on the financial statements of the Group and of the Company does not cover the other information and we do not express any form of assurance conclusion thereon.
LARGEST SECURITIES ACCOUNT SHAREHOLDERS AS AT 4 JULY 2022
Rights of warrant holder: The warrant holders are not entitled to any voting rights or to participate in any form of distribution and/or offering of further securities in the company until and unless such warrant holders exercise their warrants in new BAHVEST shares. LIST OF DIRECTORS' WARRANT RETENTION ACCORDING TO THE REGISTER OF DIRECTORS' OPTION RETENTION AS ON 4 JULY 2022. Note: (1) Deemed interest by virtue of his child's interest in terms of Section 59 of the Companies Act, 2016.
LARGEST SECURITIES ACCOUNT WARRANTS HOLDERS AS AT 4 JULY 2022
- Item 2 of the Agenda – Ordinary Resolution No. 1
- Item (5) of the Agenda – Ordinary Resolution No. 4
Directors up to an amount of RM500,000 for the period from 26 August 2022 until the next annual general meeting of the company. 6 To carry out all other normal business of the company, for which appropriate notification has been received. This authorization, unless revoked or amended at a general meeting of shareholders, shall expire at the conclusion of the next general meeting of the company.
Ordinary Resolution 2 To re-elect Datuk Lo Fui Ming as a director in accordance with section 107(1)(b) of the company's articles of association. Ordinary resolution 4 To authorize the board of directors to allot and issue shares in the company in accordance with section 75 and 76 of the Companies Act of 2016.
BAHVEST RESOURCES BERHAD
BAHVEST RESOURCES BERHAD Registration No. 200401011001 (649504-D)
