As part of the IPO restructuring, the KLPO group (mill operations in Kota Tinggi, Johor) and KLC (the plantation and milling operations in Sook, Keningau, Sabah) were transferred to Kim Loong Resources Berhad. Kim Loong Resources Berhad was listed on the main board of the Kuala Lumpur Stock Exchange (now known as Bursa Malaysia Securities Berhad).
STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING
The profiles of the board members standing for re-election as mentioned in the above section at the 46th ordinary general meeting are stated in the annual report 2021 under the section called Board profile.
CORPORATE INFORMATIONCORPORATE INFORMATION
BOARD OF DIRECTORS
Gooi Seong Heen, male, age 70, Malaysian, was appointed to the board of directors of KLR as CEO on 28 February 1990. Since 1972, he has been a director of SKL, which owns a controlling stake in KLR and CCB. .
PROFILE OF DIRECTORS
Since 1976, he has been a director of SKL, the company that owns a controlling interest in KLR and CCB. Since 1980, he has been a director of SKL, the company that owns a controlling interest in KLR and CCB.
PROFILE OF KEY SENIOR MANAGEMENT
He also sits on the board of a subsidiary of the KLR Group involved in palm oil production. He is also a member of the board of directors of two KLR Group subsidiaries involved in palm oil processing.
GROUP STRUCTURE
GROUP FINANCIAL HIGHLIGHTS
CHAIRMAN’S STATEMENT
GOOI SEONG
Therefore, management expects that the current MCO rate would not have a significant financial impact on the Group's performance in FY2022. Based on the above, we expect the Group to perform well in FY2022.
MANAGEMENT DISCUSSION AND ANALYSIS
Market conditions and demand for the group's main milling products were good and stable during the business year. Based on the above, we assume that the group will perform well in the financial year 2022.
SUSTAINABILITY STATEMENT
Raise awareness of the Group's commitment to sustainability and better understanding of our policies, cultures and values. All three palm oil mills in the group have passed the audit under this scheme.
ENVIRONMENT
IPM is an integral part of GAP, which includes the use of biological, mechanical and physical methods to reduce the use of chemicals and pesticides. Implementing IPM where the responsible use of chemicals and pesticides is paramount to ensuring the safety of our workforce, local communities and the environment where we operate.
WORKPLACE
The Group is committed to creating a safety and health culture within the organization in which employees are trained to be aware of and adopt safe practices and a healthy lifestyle. The group instills a culture of learning in the organization so that employees at all levels are equipped with what they need.
COMMUNITY
In accordance with the Use and Exposure Standards of Chemicals Hazardous to Health (USECHH) Regulations 2000, the Group has appointed a certified assessor to carry out Chemical Health Risk Assessment ("CHRA"), for all chemicals used in related plantations and oil mills. The Board believes that good CG adds value to the Group's business and will ensure that this practice continues.
CORPORATE GOVERNANCE OVERVIEW STATEMENT
BOARD COMPOSITION 2.1 Board Composition
The result of the assessment was submitted for consideration by the Nominations Committee and its recommendations to the Board of Directors. A description of the duties of the appointment committee is available on the company's website www.
REMUNERATION
The Remuneration Committee recommends to the Board the remuneration package of the Executive Directors and senior management. The Company's financial statements are prepared in accordance with the requirements of the Companies Act, 2016 and Malaysian Financial Reporting Standards in Malaysia. The Board of Directors is responsible for ensuring that the financial statements give a true and fair view and a balanced and comprehensible assessment of the state of affairs of the Company and of the Group.
Submitting the results of the audit to the board and the audit committee would ensure that the board complies with the internal control systems and implements continuous improvements.
STATEMENT ON DIRECTORS’ RESPONSIBILITIES
The Directors are responsible for ensuring that the Company and its subsidiaries maintain accounting records that disclose at all times with reasonable accuracy the financial position of each company and enable them to ensure that the financial statements comply with the requirements of the Act. The Directors believe that in preparing the financial statements of KIM LOONG RESOURCES BERHAD for the financial year ended 31 January 2021, the Group has used appropriate accounting policies, applied consistently and supported by reasonable and prudent judgments and estimates. The annual accounts for the financial year ending January 31, 2021 can be found on pages 84 to 173.
During the financial year, the company has not obtained any proceeds from company proposals.
ADDITIONAL COMPLIANCE INFORMATION
69STATEMENT ON RISK MANAGEMENT & INTERNAL CONTROL
The Executive Chairman, CEO and management take a "hands on" approach to managing the Group's businesses. Regular on-site visits to the activities of the Group by the Executive Chairman, the Chief Executive Officer and the Chief Executive Officer and senior management. Proposals for major capital investments in the group are reviewed and approved by the managing directors.
The management is aware that risk management is an integral part of the Group's operations and important for achieving business goals.
REPORT OF THE AUDIT COMMITTEE
The Audit Committee (“AC”) has been aware of the need to maintain a vigilant attitude during this period. The audit committee currently consists of three (3) board members, all of whom are independent non-executive board members. Other board members and senior management may attend meetings upon invitation from the audit committee.
The details of the Rules of Procedure of the Audit Committee are available at www.kimloong.com.my.
79REPORT OF THE AUDIT COMMITTEE
Oversaw the implementation of the audit recommendation to ensure that all key risks and controls have been addressed. The total costs in connection with the internal audit function during the financial year were approx. RM507,000. This report has been prepared in accordance with a decision of the Board of Directors of 19. May 2021.
This report was made in accordance with the decision of the Board of Directors dated May 19, 2021.
REPORT OF THE REMUNERATION COMMITTEE
Details of the terms and duties of the Remuneration Committee are available on the Company's website at www.kimloong.com.my. Reviewed the remuneration package structure for each of the CEOs and senior management; and.
83REPORT OF THE NOMINATING COMMITTEE
85DIRECTORS’ REPORT
DIRECTORS’ REPORT
87DIRECTORS’ REPORT
The other directors in office at the end of the financial year had no interest in shares in the Company and its associated corporations during the financial year. The company has not issued any bonds or granted any share options during the financial year. During the financial year, the Company did not repurchase any ordinary shares from the open market.
Redeemed shares are held as own shares in accordance with Article 127 of the Companies Act of 2016.
91DIRECTORS’ REPORT
We, Gooi Seong Lim and Gooi Seong Chneh, who are two of the directors of Kim Loong Resources Berhad, hereby declare that, in the opinion of the Board of Directors, the accompanying financial statements on pages 97 to 173 have been prepared in accordance with Malaysian Accounting Standards, International Accounting Standards and the requirements of the Companies Act 2016 in Malaysia to give a true and fair view of the group's and the company's financial position as of 31 January 2021 and their financial results and cash flows for the year then ended. Signed on behalf of the Board in accordance with a resolution of the Board dated 19 May 2021. Signed and solemnly declared by the above Chow Kok Hiang at Johor Bahru in the State of Johor Darul Ta'zim on 19 May 2021.
STATEMENT BY DIRECTORS
STATUTORY DECLARATION
93INDEPENDENT AUDITORS’ REPORT
INDEPENDENT AUDITORS’ REPORT
95INDEPENDENT AUDITORS’ REPORT
We communicate with directors regarding other matters, including the scope and planned timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. From the matters communicated with the directors, we determine those matters that were most significant in the audit of the Group's and the Company's financial statements for the current year and are therefore key audit matters. This report is made solely to the members of the Company, as a body, pursuant to Section 266 of the Companies Act 2016 in Malaysia and for no other purpose.
We assume no responsibility to any other person for the content of this report.
97STATEMENTS OF COMPREHENSIVE INCOME
STATEMENTS OF FINANCIAL POSITION
99STATEMENTS OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
101CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
COMPANY STATEMENT OF CHANGES IN EQUITY
103STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS
105NOTES TO THE FINANCIAL STATEMENTS
The Standards, Amendments and Annual Improvements that have been issued but are not yet in force as of the date of issue of the Group and the Company's financial statements are disclosed below. Classification of liabilities as current or non-current liabilities 1 January 2023 Amendments to MFRS 101: Presentation of financial statements. The consolidated financial statements consist of the financial statements of the Company and its subsidiaries as at the reporting date.
The annual accounts of the subsidiaries used in the preparation of the consolidated annual accounts were prepared for the same reporting date as the Company.
NOTES TO THE FINANCIAL STATEMENTS
The accounting policies applied in segment reporting are identical to the Group's accounting policies. Contingent liabilities and assets are not included in the balance sheet of the Group and the Company. Leases under which the Group and the Company retain substantially all the risks and rewards of ownership of the asset are classified as operating leases.
The fair value measurement of the group's and the company's investment properties is categorized within level 3 of the fair value hierarchy.
143NOTES TO THE FINANCIAL STATEMENTS
The age analysis of receivables from customers of the Group and the Company is as follows: The measurement of the fair value of the short-term assets of the Group and the Company is classified in the 1st level of the fair value hierarchy. The table below summarizes the maturity profile of the Group's and the Company's liabilities at the reporting date based on contractual undiscounted repayment obligations.
The financial instruments of the Group and the Company are categorized in the following classes:
173NOTES TO THE FINANCIAL STATEMENTS
ANALYSIS OF SHAREHOLDINGS
175ANALYSIS OF SHAREHOLDINGS
177ANALYSIS OF WARRANT HOLDINGS
ANALYSIS OF WARRANT HOLDINGS
179ANALYSIS OF WARRANT HOLDINGS
LIST OF PROPERTIES HELD BY THE GROUP
PROXY
