bo d y ms iso/iec guide 62:1999 qs 02121999 cb 01 · pdf file2 notice of annual general...
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CERTIFIED TO ISO 9001 : 2008CERT. NO. : AR 3687
CERTIFIED TO ISO 9001 : 2008CERT. NO. : AR 3687
CERTIFIED TO ISO 9001 : 2008CERT. NO. : AR 3687
QUALITYMANAGEMENT
U K A S
074
MS ISO/IEC GUIDE 62:1999 QS 02121999 CB 01
ACCREDITED CERTIFICATION BODY
SIRIM
Color number: #3A
53A4 C
MYK =
C: 88%
M:77%
Y:0% K:0%
Color number: #BC
BEC0 C
MYK =
C: 0%
M : 0%
Y:0% K:30%
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 1
2 Notice of Annual General Meeting
3 - 8 Chairman’s Statement
9 - 14 Group Managing Director’s Statement
15 - 17 Board of Directors’ Profiles
18 - 25 AmanahRaya Group of Subsidiaries
26 - 27 COO/Head of Department
28 Regional Managers and Head of Branch
29 - 42 CSR AmanahRaya We Care
43 MS ISO 9001 : 2009 Certification
44 Vision, Mission and Corporate Philosophy
45 Corporate Information
46 - 49 Corporate Structure
50 Subsidiaries
51 Branches
54 - 55 Audit Committee Report
56 - 58 Statement of Corporate Governance
59 - 126 Statutory Financial Statements
ONE FAMILY, ONE PURPOSE
The ‘Amanah Raya Group Annual Report 2009’ cover design portrays a strong spirit of togetherness which makes AmanahRaya a group driven by ‘One Family, One Purpose’. Hence the bold colour ‘red’ dominating the top part of the design. This colour also represents a resilient and radiant atmosphere in the Group despite the waves of economic turbulence in 2009.
The wave lines signify the various activities associated with the Group as a corporate entity as well as its corporate social responsibility (CSR) programmes. The long interweave lines also communicate the concept of strong link in the AmanahRaya family.
The bright ‘white’ hue in the middle means a promising future for AmanahRaya and a multitude of possibilities to be explored with its current and potential businesses.
The typeface is (simple and neat) to complement the vibrancy of the wave lines and the bright colours on the cover.
C O N T E N T S < < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD2
NOTICE IS HEREBY GIVEN that the 15th Annual General Meeting of AMANAH RAYA BERHAD will be held at the Board Room, 15th Floor, Wisma AmanahRaya, No 2, Jalan Ampang, 50508 Kuala Lumpur on Friday, 25 June 2010 at 10.00 a.m. or any adjournment thereof to transact the following business:-
AGENDA
1. To receive and adopt the Statutory Financial Statements of the Company and the Group for the financial year ended 31 December 2009 together with the Reports of the Directors and Auditors thereon.
(Resolution 1)
2. To approve the declaration of a final dividend of 10% for the financial year ended 31 December 2009. (Resolution 2)
3. To approve the payment of Directors’ fees for the financial year ended 31 December 2009. (Resolution 3)
4. To re-appoint Messrs. PricewaterhouseCoopers as Auditors of the Company until the conclusion of the next Annual General Meeting and to authorise the Board of Directors to fix their remuneration.
(Resolution 4)
5. To transact any other ordinary business of which due notice shall have been given in accordance with the Companies Act, 1965.
(Resolution 5)
BY ORDER OF THE BOARD
ZAINUL ABIDIN BIN HAJI AHMADLS8854Company Secretary
3 June 2010
Note:
1. A member of the Company entitled to attend and vote at this Meeting is entitled to appoint a proxy to attend and vote in his stead.
2. A proxy may but need not be a member of the Company, an advocate, an approved Company auditor or a person approved by the Registrar of Company.
3. The instrument appointing a proxy shall be in writing under the hand of the appointer or his/her attorney duly authorised in writing or, if the appointer is a corporation, either under its common seal or under the hand of an officer or attorney duly authorised.
4. The instrument appointing a proxy must be deposited at the registered office of the Company not less than 48 hours before the time appointed for holding the Meeting.
NOTICE OF THE 15th ANNUAL GENERAL MEETING< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 3
Amanah Raya Berhad, or AmanahRaya as we are known now, is Malaysia’s premier trustee company. Since its establishment as the Department of Public Trustee and Official Administrator on 1 May 1921, AmanahRaya has served the nation for 88 years and is the market leader in providing estate administration, trusts, legacy manage-ment and will services.
C H A I R M A N ’ S S T A T E M E N T < < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD4
The productive manner in which the assets are utilized
would ensure a prosperous current generation and provide
well for future generations. The country too would benefit
tremendously from well-managed assets of its people.
To manage assets on behalf of our clients is a big
obligation and we take that obligation as seriously as we
would like our own families.
AmanahRaya Berhad, or AmanahRaya as we are known
now, is Malaysia’s premier trustee company. Since its es-
tablishment as the Department of Public Trustee and
Official Administrator on 1 May 1921, AmanahRaya has
served the nation for 88 years and is the market leader in
providing estate administration, trusts, legacy management
and will services.
I am pleased to say that it is indeed a virtuous circle,
as due to our clients’ belief in us, AmanahRaya has grown
even more, by leaps and bounds, since its corporatization
in 1995.
However, AmanahRaya, as Malaysia’s premier trustee,
also has a pressing duty to perform in the interest of all
Malay sians. Such as, we would strive to encourage more
Malaysians, especially Muslims, to write their wills and to
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appoint an executor and beneficiaries before their demise.
This is to avoid possible legal battles and severed ties
among family members and loved ones.
Milestones
2009 was turbulent for the global economies as they
sought to ride out the financial recession through internal
resilience as well as helping hands from their respective
governments.
AmanahRaya is in a dynamic, sophisticated market
place which was rigorously tested by the global economic
recession.
One of our subsidiaries, AmanahRaya Legacy Services
Sdn Bhd (ARLS) actively pursued our aim to encourage
more Malaysians, especially Muslims, to have wills.
ARLS continues to progress in its business development
as a major provider of Comprehensive Will Services to
various organizations and community groups. During the
year in review, ARLS has managed to make arrangement
with Tabung Haji Pilgrims which enabled 409 pilgrims to
register their Wills and to appoint AmanahRaya as their
Executor and Trustee.
One family, One Purpose
Once again Amanah Raya Berhad (AmanahRaya) has successfully closed another financial year as the trustee and custodian of assets on behalf of wise Malaysians who trusted us to manage their valuable possessions.
AmanahRaya is proud to be instrumental for a family in need of proper handling and varied professional services in inheritance management. AmanahRaya would conscientiously help families manage their value creation from hard work and diligence over many years.
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 5
C H A I R M A N ’ S S T A T E M E N T
In the coming years, ARLS plans to collaborate with more
organizations in providing the Comprehensive Will Services
and strengthen its relationships with its clients through
Personalization of Customer’s Wills and Estate Planning.
Another subsidiary, AmanahRaya Trustees Berhad’s (ART)
recorded a substantial development this year. ART has 78%
market share by Net Asset Value, of RM150 billion, with
total fund size of 299 billion units under management.
2009 was also a significant year for AmanahRaya Invest-
ment Management Sdn Bhd (ARIM). The company’s real
estate investment management activities were separated
from the fund management activities of ARIM into a new
entity – AmanahRaya REIT Management Sdn Bhd (ARREIT).
ARIM’s authorized and paid-up capital were also increased
to RM25 million from RM10 million respectively. The final
step would be a merger with ARUT in 2010.
This exciting development, besides enhancing synergies
and efficiencies, will strengthen ARIM’s position in the
investment management industry and allow it to offer a
diversified range of financial products for the wholesale
and retail markets.
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“On the property front,
AmanahRaya Development (ARD)
continues to grow from strength
to strength since becoming a full-
fledged company.”
DATO’ HAJI DUSUKI AHMADChairman
ANNUAL REPORT 2009 AMANAH RAYA BERHAD6
On the property front, AmanahRaya Development
(ARD) continues to grow from strength to strength since
becoming a full-fledged company. ARD has actively
diversified its role in the property sector through alliances
with other developers and land owners. ARD’s current
projects has a Gross Development Value (GDV) of RM6
billion to date.
To improve our delivery of services and to offer
the best of our clients, AmanahRaya signed an MOU
with The International Centre of Leadership in Finance
(ICLIF) to strengthen the leadership of senior and middle
management.
AmanahRaya has always given strong emphasis on
improving skills and enhancing knowledge of its 721
employees. In the previous years, 2005 to 2009, the
group spent more than RM10 million on human capital
development.
In 2009, 48 employees underwent professional courses
under AmanahRaya twinning programmes with local and
overseas institutions. Of these, 13 staff chose Executive
Master of Business Administration at UiTM and another 13
staff pursued Bachelor of Management with the University
of Ballarat. Meanwhile, 21 employees took the Executive
Diploma at University Malaya and one opted for Diploma
in Enterprise Risk management, National University of
Singapore.
AmanahRaya is also proud to produce 38 professional
Will writers certified by the Institute of Professional Will
Writers, United Kingdom.
In the coming years, AmanahRaya will continue to
invest in programmes and partnerships for the betterment
of its staff.
Corporate Social Responsibility (CSR) is part of
AmanahRaya and we are firmly committed to give the best
to all stakeholders.
AmanahRaya As One Family. With this saying in mind,
we would like to encourage unity among our staff to
achieve their full potential and productivity with maximum
support from the Group. In addition, they are provided
with a wholesome and conducive working environment as
well as open communication to enhance team-work and
the spirit of togetherness.
We keep reminding ourselves to make good judgement
and to embrace good governance with high degree of
commitment which is imperative in business dealings.
Therefore, we have our own Code of Business Ethic as a
guide to conduct business in the most ethical way and with
full of professionalism and integrity. This is to ensure we
can continuously achieve our mission and vision as desired
by our stake-holders.
As a government-owned company, we shall give the
utmost effort to move forward in line with the government’s
aspirations in the in the trust and inheritance industry.
Our clients’ trust in us is vital and we will continue
“To improve our delivery of services and to offer the best to our
clients, AmanahRaya signed an MOU with The International Centre for
Leadership in Finance (ICLIF) to strengthen the leadership of senior and
middle management. ”
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 7
“This year we initiated a special program – Projek Gerak Bakti
AmanahRaya – where we sponsored and distributed 304,000 copies
of Berita Harian and New Straits Times (‘Newspaper in Education’) to
343 schools. The sponsorship benefitted 16,000 UPSR students in the
suburban and rural areas. ”
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD8
to serve them with high quality service and with utmost
integrity.
We believes strongly in giving back to the community
and we also believe that our contributions bring benefits to
those in need.
We have and we shall continue to support the com-
munity not only in monetary but also through our expertise,
knowledge and experience
We always emphasize the importance of respecting
the precious environment. Therefore we strive to avoid
any activities which could bring adverse effects to the
environment. Together with our employees, we implement
recycling programmes and create awareness on ‘green’
products.
From time to time, AmanahRaya organizes and parti-
cipates in nature conservation activities within the Group
and with external parties.
This year we initiated a special program – Projek Gerak
Bakti AmanahRaya – where we sponsored and distributed
304,000 copies of Berita Harian and New Straits Times
(‘Newspaper in Education’) to 343 schools. The sponsorship
benefitted 16,000 UPSR students in the suburban and rural
areas.
Our contribution to flood victims in four states –
Kelantan, Terengganu, Perak and Kedah, is another
example that we care for our community and try our best
to ease their burdens from the annual natural disaster
during the monsoon season.
“I would like to record my gratitude to the AmanahRaya ‘Family’ of
trusted staff for their constant efforts to make us what we are today.”
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As a trusted Malaysian company for close to 90 years,
AmanahRaya will continually endeavor to lend a helping
hand to society as much as possible.
Gratitude
Finally on behalf of AmanahRaya Berhad, I would like
to express my gratitude to our loyal clients and partners
for their enduring trust in us. With your support, we have
achieved all that we’re capable of and with your continued
support, we will strive for and reach greater heights.
As Chairman, I would like to record my gratitude to
the AmanahRaya ‘Family’ of trusted staff for their constant
efforts to make us what we are today.
I would also like to thank my fellow Board of Directors
for their invaluable advice and unwavering support through
good and bad times.
Lastly, I would like note that AmanahRaya has sailed
safely on some rough seas the last couple of years and we
are equipped to forge ahead for the better.
DATO’ HAJI DUSUKI AHMAD
Chairman
C H A I R M A N ’ S S T A T E M E N T
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 9
While it is imperative for us to keep challenging ourselves to venture out of our comfort zone and to move forward, there is also the need for us to keep reminding ourselves to keep our feet on the ground by always making sound and prudent business decisions for the Group’s benefit in the future as well as for all our stakeholders.
GROUP MANAGING DIRECTOR’S STATEMENT < < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD10
DATO’ AHMAD RODZI PAwANTEH Group Managing Director
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 11
I would like to welcome our shareholders, business partners, customers, friends and supporters to another significant year at Amanah Raya Berhad (AmanahRaya).
As anticipated, 2009 proved to be another challenging financial year. However, AmanahRaya managed to survive the stormy weather which had threatened to engulf the world economies. Notwithstanding, the turbulent economic climate in 2009 had spurred the Group’s resolution to maintain its position as the market leader in trust and legacy management services.
We are pleased to highlight that the diversification strategy
undertaken has served AmanahRaya well especially during these
tough times. We were able to spread the risks by engaging
in different markets and sectors of the economy. The group,
through its subsidiaries, has strengthened its presence in the
financial market and other business sectors via various ventures
and investments. The diversified businesses have allowed
AmanahRaya to engage in a variety of business activities whilst
enhancing the performance of our core business.
While it is imperative for us to keep challenging ourselves
to venture out of our comfort zone and to move forward, there
is also the need for us to keep reminding ourselves to keep
our feet on the ground by always making sound and prudent
business decisions for the Group’s benefit in the future as well
as for all our stakeholders.
For the financial year ended 31st December 2009, the group
has achieved our best performance with net profits of RM
22,277,904 on the back of total revenue of RM306,258,046.
Performance of Subsidiaries
2009 was a challenging year for the world’s economies and
Malaysia was not spared from the difficulties. Given that the
country practices an open economy, the deterioration in external
demand has impacted negatively on the country’s earnings,
employment and overall business and consumer sentiments.
However, although the economy has contracted severely
in the first half of the year, with a GDP rate of -6.2% in the
first quarter and -3.9% in the second quarter, the second
half performance saw a significant recovery due to the swift
implementation of fiscal stimulus measures and the easing of
monetary policy by the government.
As a result, the Malaysian economy regained its growth
momentum when it reported a GDP growth rate of 4.5% in the
last quarter of the year supported by strengthened domestic
and external demand.
Despite the global economic slowdown, which has position-
ed our subsidiaries in difficult circumstances, they have managed
to perform well.
For the financial year ending December 31, 2009 Amanah-
Raya Legacy Services (ARLS) registered 309,696 units of Wills
compared to 162,502 wills registered in the previous year. ARLS’
total revenue was RM6,667,926 and the Company continued to
record a 5% improvement in Wills Income in 2009 as compared
to 2008. The increase was mainly attributed to aggressive
strategic alliances with Banks. ARLS reported a Profit After Tax
of RM1,480,394 in 2009.
AmanahRaya Trustees Berhad (ART) recorded a significant
profit in 2009 with a profit before tax of RM14,340,000 as
compared to RM11,738,000 in 2008. ART is the preferred
trustee to 134 unit trust funds and private debt securities.
Overall, ART has a portfolio of total funds under its trusteeship
worth more than RM250 billion.
GROUP MANAGING DIRECTOR’S STATEMENT < < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
ANNUAL REPORT 2009 AMANAH RAYA BERHAD12
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >GROUP MANAGING DIRECTOR’S STATEMENT< < < < < < < < < < < < < < < < < < <
< < < < < < < < < < < < < < < < < < <
On the local front, AmanahRaya Investment Management
Sdn Bhd (ARIM), formerly Amanah-JMF Asset Management Sdn
Bhd, the asset-management arm of the ARB group, experienced
a relatively stable and conducive business environment in 2009.
As part of its initiatives, ARIM undertook an organizational
restructuring during the year. One objective of the exercise is
to clearly segregate the real estate investment management
activities from ARIM’s fund management operations whereby its
Property and REIT Management department of the ARIM was
separated into a new entity, Amanahraya REIT Management
Sdn Bhd, in September 2009.
Subsequently ARIM became a wholly owned subsidiary of
AmanahRaya after the latter bought over Sindora Bhd’s 20%
stake. Thus Amanah-JMF Asset Management Sdn Bhd then
changed its name to AmanahRaya Investment Management
Sdn Bhd. For the financial year ended 31 December 2009, ARIM
recorded a turnover of RM8.16million.
The offshore financial arm of the AmanahRaya Group,
AmanahRaya Investment Bank Ltd (ARIB) took advantage of
the global economic slowdown in the year 2009 to embark on
business development activities for its advisory services. ARIB
was the arranger in a funding exercise for the Selangor Syariah
Court project. AmanahRaya has also secured the arrangement
to establish a property investment fund in a Gulf country
whereby ARIB participated as the promoter of the fund.
Concurrently, ARIB undertook several cost-cutting measures
including reducing the size of its work-force. Continuous
measures were also undertaken via discussions with financial
advisers to restructure its assets and liabilities portfolio and
to find the means to increase income and minimize financial
commitments. Amidst the difficult operating environment, ARIB
is pleased to note that despite lower profit margin, the bank
still managed to maintain its capital ratio of above 11%.
Meanwhile the public-listed AmanahRaya Real Estate
Investment Trust (ARREIT) recorded an increase of net income
available for distribution of RM30,877,928 during the year
compared to RM30,254,308 in 2008. ARREIT collected a
total rental income of RM46.52 million in 2009 which was an
improvement to the RM45.56 million recorded last year.
In 2009 ARREIT also went through a significant transition
with the appointment of AmanahRaya-REIT Managers Sdn
Bhd (ARRM) as the new manager. ARRM was form via the
separation of the property and REIT management department
of ARIM also continues to be responsible and overseeing other
property investment under AmanahRaya. Shareholders of
ARREIT therefore can be rest assured its investment strategies
are prudently managed in order to achieve the best return on
investment.
Since its formation in 2001, AmanahRaya Development
Sdn Bhd (ARD) has been aggressively expanding its business
activities. It has grown from being the in-house maintenance
arm, mainly involved in renovation works and building
maintenance for AmanahRaya, into a fully-fledge property-
related company providing project management and property
consultancy services.
In 2009, ARD further diversified its role in the property
sector through strategic alliances with property developers
and property owners to undertake project development and
property management services. To date the overall project
gross development value (GDV) of its projects in hand was
approximately RM6 billion. Two projects were completed
successfully in 2009, namely the TM Regional Tower in Malacca
and the Aeon Complex in Seberang Prai, Penang.
“Amidst the difficult operating environment, ARIB is pleased to note
that despite lower profit margin, the bank still managed to maintain its
capital ratio of above 11%.”
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 13
Future Outlook
Although the future will remain unpredictable, AmanahRaya
Group will continue to be resilient and remain focused on its
intended strategies. For the year 2010, we anticipate there
will be good organic growth within the group and will expect
a steady income growth from both its core activities and its
subsidiaries.
We shall remain focused on our core business activities in
trustee and legacy services but at the same time will continuously
look for new opportunities to enhance and improve our venture
in the various sectors of the economy.
AmanahRaya Legacy Services (ARLS) will continue to
pursue its strategic plans, which include the strengthening
of client relationship and the personalization of customer’s
Wills and Estate Planning. It will also enhance its research and
development activities to maintain its competitive advantage.
Barring any unforeseen circumstances, the Company’s
performance for the financial year 2010 is expected to remain
positive.
AmanahRaya Trustees Berhad (ART) likewise will continue
to focus on achieving its target and maintaining market share.
ART believes its objectives would be met by strengthening
client’s relationship through the implementation of excellence
customer delivery and professional approach account services.
Looking ahead, AmanahRaya Investment Management
(ARIM) is expected to improve its financial performance
through the merger with ARUT (Amanah Raya Unit Trust Sdn
Bhd). This would strengthen ARIM’s footing in the investment
management industry.
Meanwhile, AmanahRaya Real Estate Investment Trust
(ARREIT) anticipates steady income through its diversified
portfolio of assets in the Klang Valley, Kedah and Perlis. The
properties are spread out across various segments, ranging
from hospitality, industrial, education to commercial assets.
All the assets are currently leased to single entities, with 11
properties (out of 13) enjoying 100% occupancy rates.
AmanahRaya Development (ARD) will continue to complete
all projects. Our alliance with strategic partners to develop
properties has proven to be effective as a means to mitigate
risks and also to share the technical expertise and financial
resources. We are fully aware that the growth of the company
was attributed to the strength of our partners and the trust
bonded in the strategic alliances.
Moving forward, AmanahRaya Investment Bank Ltd (ARIB)
is confident that its performance in 2010 will improve as
ongoing initiatives in the advisory activities would begin to bear
fruit and new participation in a number of investment funds
would generate dividends. Furthermore, continuous efforts to
enhance ARIB financial management, risk-management and
compliance functions should enhance its operating efficiency
and governance requirements.
AmanahRaya ‘We Care’
Despite the financial and economic crisis, AmanahRaya did
not forget its responsibility to give back to community. This
is a commitment we willingly uphold since 1921 to all our
stakeholders; will continue to make contribution; Be the victims
of natural disasters or providing opportunities in education.
Under AmanahRaya Al-Azhar scholarship program, de-
serving students were given the opportunity to further their
studies at the prestigious and historic Al-Azhar University in
Egypt. We could not have been happier than to see the smiles
of the 2nd batch students and their families when they received
the full scholarship from AmanahRaya and partner Yayasan
“We shall remain focused on our core business activities in trustee
and legacy services but at the same time will continuously look for new
opportunities to enhance and improve our venture in the various sectors
of the economy.”
GROUP MANAGING DIRECTOR’S STATEMENT < < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
ANNUAL REPORT 2009 AMANAH RAYA BERHAD14
Taqwa. This is a legacy and trust that we would like to pass on
to the next generation and make significant contribution to the
nation. We are grateful to Federal Territory Islamic Religious
Affairs Council’s and Yayasan Taqwa for their support and
commitment in this program.
In the holy month of Ramadhan, AmanahRaya maintains
a close bond with the society especially to the less fortunate
through its participation in iftar functions, the contribution of
bubur lambuk and the distribution of zakat.
These are just a few examples which illustrate our
commitment that ‘We Care’ to helping people and building
prosperity in the community.
People are AmanahRaya valuable asset also ensures
their staffs are well taken care of and provided with constant
opportunity to improve their skills, performance and career
advancement. AmanahRaya spent RM3.2 million in human
capital development and ventures in activities.
AmanahRaya is proud to be certified with the prestigious
MS ISO 9001 : 2000 quality services certification since 2005.
With this certification, we are even more committed towards
providing professional services to all of our clients in accordance
with the ISO standards.
Another huge achievement for AmanahRaya was that the
company being awarded the Brand Laureate 2008-2009 for
Best Brands in Financial Services for the Trusts Management
Services category. The recognition affirmed our role as the
leading trust management company in Malaysia. We are equally
proud when one of our subsidiaries, AmanahRaya Hartanah
Sdn Bhd, received the 2009 Frost & Sullivan South East Asia
Industrial Technologies Awards for Excellence in Community
Improvement category. These two awards marked another
exceptional milestone in AmanahRaya history.
Looking back on 2009, the many challenges it brought
were a blessing in disguise as we rose above them and became
stronger as One Family. 2009 also taught us many valuable
lessons – to be resilient and to rise up to next challenges.
Looking ahead, the Group would strive to do better to achieve
greater heights and to fulfill our shareholders’ expectations.
Once again AmanahRaya would like to express our gratitude
to all our stakeholders, Board of Directors, business partners,
the management and all of the staff. As a government-owned
company, it is an honour for us to be a part of the 1Malaysia
family as envisioned by the Honourable Prime Minister, Dato’
Seri Najib Tun Razak.
We would like to express our highest appreciation and
gratefulness for the motivation and co-operation extended by
all the relevant ministries and government agencies.
At AmanahRaya, we shall continue to remind ourselves to
strive for excellence and to work as one united family for One
purpose. And in AmanahRaya ‘We Care’.
DATO' RODZI PAwANTEHGroup Managing Director
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >GROUP MANAGING DIRECTOR’S STATEMENT< < < < < < < < < < < < < < < < < < <
< < < < < < < < < < < < < < < < < < <
“AmanahRaya is proud to be certified with the prestigious MS ISO
9001:2000 quality services certification since 2005. With this certification,
we are even more committed towards providing professional services to
all of our clients in accordance with the ISO standards. ”
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 15
BOARD OF DIREC TORS < < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
Graduating in 1966 with a Master in Art in Syariah from the Al-Azhar University,
Cairo, Dato’ Haji Dusuki Ahmad was appointed Chairman of Amanah Raya Berhad
in December 2003. He has been a Member of the Syariah Advisory Council at
Amanah Raya Berhad and the Syariah Advisory Council at AmanahRaya Unit Trust
Management Sdn Bhd, the latter an appointment by the Securities Commission.
In his illustrious career, he was, among others a Member of Parliament,
Parliamentary Secretary of the Ministry of Regional & Land Development,
Parliamentary Secretary of the Ministry of Information, Political Secretary to the
Prime Minister as well as Chairman and Director of Yayasan Dakwah Islamiah
Malaysia. Formerly he was also the Director of Kuala Lumpur office of the Muslim
World League and a member on Board of Directors for the NSTP Group as well as
Advisor to Berita Publishing Sdn Bhd.
Dato’ Ahmad Rodzi Pawanteh graduated from Universiti Malaya with a Bachelor
of Economics-Accounting (Hons) and from the University of Wolverhampton,
United Kingdom, with a Bachelor of Laws (Hons). He holds a Master in Business
Administration (General Management) from the Southern Cross University,
Australia and Master in Business Administration (Banking & Finance) from the
University of Hull, United Kingdom. He is a member of the Chartered Institute of
Marketing, United Kingdom, and is a Registered Financial Planner. Dato’ Ahmad
Rodzi Pawanteh was appointed Group Managing Director on 1 July 2004.
His portfolio includes his positioning as Chairman of the Quotation Committee,
Chairman of the Executive Committee, Member of the Investment Committee,
Member of the Tender Committee, Member of the Law Review Committee and
Member of the Boards of all subsidiaries of Amanah Raya Berhad
Dato’ Haji Dusuki AhmadChairman
Dato’ Ahmad Rodzi PawantehGroup Managing Director
Dato’ Puteh Rukiah Abd Majid holds a Bachelor of Economics (Hons) degree from
University Malaya and an MA in Economics from Western Michigan University, USA.
She was appointed to the Board as a Non-Independent Non-Executive Director on
27 November 2008. She is also a Member of the Investment Committee and the
Audit Committee within the Group.
She began her career in 1976 as Assistant Director, Economic Planning Unit of
the Prime Minister’s Department before serving as Chief Assistant Director. She was
later appointed as Chief Assistant Director of the Implementation Coordination
Unit, Prime Minister’s Department from 1987 to 1990. In 1992 she was appointed
as Budget Senior Assistant Director of the Ministry of Finance, and Secretary of
Minister of Finance Incorporated Companies, Privatisation and Public Enterprise
Division, Ministry of Finance.
At present, she is a Deputy Secretary General (System and Control), Ministry
of Finance.
Dato’ Puteh Rukiah Abd MajidNon-Independent Non-Executive Director
ANNUAL REPORT 2009 AMANAH RAYA BERHAD16
BOARD OF DIREC TORS > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
Datin Aminah Pit Abd Raman graduated with Bachelor of Economics (Hons) from
Monash University, Melbourne, Australia in 1971. She earned her Post-Graduate
Diploma in Business Studies in London School of Economics, United Kingdom in
1985. She was appointed to the Board as an Independent Non-Executive Director
on 1 August 2002.
Her portfolio includes Chairperson of the Personnel & Integrity Committee,
Member of the Syariah Advisory Council, Chairperson for Amanah Raya (Labuan)
Limited and Director of few subsidiaries. Her experience in banking and in corporate
and government sectors makes her a valuable resource to Amanah Raya Berhad.
Her previous experience encompassed 6 years in the private sector as General
Manager, Economic and Islamic Banking Division in Hong Leong Bank Berhad. She
Datin Aminah Pit Abd RamanIndependent Non-Executive Director
served the Government of Malaysia for 23 years in various positions in various ministries including Economic Planning Unit,
Prime Minister’s Department, MITI, Ministry of Finance and the Ministry of Domestic Trade & Consumer Affairs. She was also
seconded to serve as the Deputy Director of Administration of University Hospital, Kuala Lumpur (UMMC).
Datuk Shamsuddin Haji TahirIndependent Non-Executive Director
Dato’ Abdullah Sani Ab Hamid holds
a Masters in Public Administration
from the America University, United
States, as well as a Bachelor of Science
in Political Science from Universiti
Sains Malaysia. He was appointed as
Dato’ Abdullah Sani Ab HamidNon-Independent Non-Executive Director
Datuk Shamsuddin Haji Tahir was appointed as an
Independent Non-Executive Director on 13 July 2004.
He serves as a Member of Investment Committee and
Personnel & Integrity Committee. He is also a Board
Member of few subsidiaries and Chair man of AmanahRaya
Legacy Services Sdn Bhd. He is also a Chairman of various
organisations including the Pendang Youth District
Council.
He is a steadfast politician and has held various positions
in UMNO and at present is the Deputy Chief, Pendang
UMNO.
a Non-Independent Non-Executive Director on 8 February 2007. He is a member of
the Audit Committee for the Company.
He has accumulated invaluable experience in his years in the public sector, and his
experience includes serving as Assistant District Officer in Port Dickson, Assistant
Secretary, Negeri Sembilan State Government, Senior Assistant Director, Office
of Director-General Federal Land and Minerals Department, Principal Assistant
Secretary, Negeri Sembilan (Protocol) and Deputy President, Seremban Municipal
Council. He also served as Director of the Negeri Sembilan Foundation, State
Financial Officer, Negeri Sembilan and State Secretary of Negeri Sembilan.
Presently, he is a Director-General of the Legal Affairs Division in the Prime
Minister’s Department.
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 17
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
Haji Shafii Hamat graduated from Univer siti
Malaya with a Degree in Accounting (Hons)
and completed his Masters in Business
Administration from Universiti Kebangsaan
Malaysia. He is qualified Accountant and
a member of the Malaysian Institute of
Accoun tants. He currently serves as a
Director of Accounting Development
and Management Division of Accountant
General’s Department of Malaysia.
He was appointed to the Board as a
Non-Independent Non-Executive Director
on 18 December 2007 and as a Chairman
of Audit Committee for the Company.
Prior to this, he served as Executive Of-
ficer (Accounting), Inland Revenue Board
where he was directly responsible for the
financial operations of the Board. He was
formerly the State Treasurer, in the Treasury
of Penang, Selangor and Terengganu.
He was also directly involved in the
Privatization and Companies Corporate
Affairs under the Ministry of Finance. He
was also appointed as Board of Director for
Penang Port Sdn Bhd from 1996 to 1998.
Datuk Mohd Hashim Hassan obtained his
Bachelors Degree in Agricultural Science
from Universiti Malaya. He holds a Master
in Business Administration from Ohio
University as well as a Master in Food
Science from Michigan State University.
He was appointed to the Board as an
Independent Non-Executive Director on
28 April 2005. He is also a Chairman of
Tender Committee for the Company.
Datuk Mohd Hashim HassanIndependent Non-Executive Director
He has held various key positions over the 40 years spent in the Government, semi-Government
as well as private sectors. At present, he is Chairman of AmanahRaya Development Sdn Bhd
and a Board Member of AmanahRaya Hartanah Sdn Bhd.
He brings to the Group invaluable experience from his previous portfolios amongst which
positioned him as Chief Executive Officer, Kedah State Development Corporation, Managing
Director, Kulim Technology Park Corporation, Executive Chairman, Bina Darulaman Berhad,
Director / Chief Executive Officer, Putrajaya Holdings Sdn Bhd, Chairman, Putrajaya Holdings
Sdn Bhd, Chairman, Padiberas Nasional Bhd, Deputy Chairman, KUB Malaysia Berhad and
Director of Bank Kerjasama Rakyat (M) Berhad.
He is currently a Chairman of Export-Import Bank of Malaysia Berhad (EXIM Bank) and
Director of Lebar Daun Berhad.
Haji Shafii HamatNon-Independent Non-Executive Director
Datuk Azailiza Mohd Ahad amassed 25
years of legal experience in the Govern-
ment sector and began her career as a
Magistrate and Senior Assistant Regis-
trar of the High Court in Kuala Lumpur
before she moved to the Economic
Planning Unit, Prime Minister’s Depart-
ment. She was subsequently posted to
the International Affairs Division, Attor-
ney-General’s Chambers since 2003 and
is currently serving as the Head of Inter-
Datuk Azailiza Mohd AhadNon-Independent Non-Executive
national Affairs Division, Attorney Genaral’s Chambers Malaysia.
Graduating from University Malaya, she was appointed to the Board as a
Non-Independent Non-Executive Director since 30 June 2006.
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > BOARD OF DIREC TORS
ANNUAL REPORT 2009 AMANAH RAYA BERHAD18
124
134
Unit Trust Funds
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Company ProfileAmanahRaya Trustees Berhad (ART) was incorporated on 23 March 2007, and registered as a trust company on 7 August the same year. It has been registered as an eligible trust corporation to act as trustee to unit trust funds and private debt securities by the Securities Commission on 6 and 29 November 2007, respectively.
ART’s clients include prominent management companies such as Amanah Saham Nasional Berhad and Public Mutual Berhad. ART is also the trustee to Al-’Aqar KPJ REIT, the first Islamic REIT in the world and Amanah Harta Tanah PNB, the real estate investment trust managed by Pelaburan Hartanah Nasional Berhad. On private debt securities, ART has secured trusteeship for both Islamic and conventional issuances covering sectors from infrastructures, oil and gas, power plants and financial institutions, amongst others.
Performance Report 2009ART’s principal activity is to act as trustee for unit trust schemes and private debt securities. The company recorded significant profit in 2009 by posting a Net Profit After Tax of RM10,624,768 an increase of 24% from 2008. This was mainly the result of continuous support and dedication from the management and staff. It also demonstrated ART’s ability to compete in the challenging economic environment and increasing competitive capital market. ART has 78% of the market share by Net Asset Value at RM150 billion with total fund size of 299 billion units under management. The company had made dividend payment amounting to RM13 million to the holding company during the year.
The Company will continue to minimize its costs and improve efficiency, thus improve its performance in the following year.
As at 31 December 2009, ART acting as trustee to 134 unit trust funds and private debt securities worth more than RM250 billion.
Realizing the importance of global expansion, ART formed its strategic partnership with parties in Singa-pore and Hong Kong with a vision to support global custodian business in various foreign markets across the continents including America, Asian, Australia and the Middle-East.
For the year 2009, ART aimed to be an ISO-certified company by ensuring compliance with established monitor ing and control mechanism to offer service as-surance to customers.
Recognizing the importance of strengthening the relationship between ART and its clients, ART have or-ganized and initiated several friendly sports tour nament, client luncheons and visits to client’s office. These initia-tives had enabled us to synergize and complement with our partners i.e. the management companies and issuers in providing holistic services with trust and confidence.
Beside ART’s core activities, the Company also has managed to initiate discussions with potential prospects to widen the scope of corporate trusteeship.
Prospects for 2010ART will continue to focus on achieving target and main taining market share by strengthening clients’ relationships through implementing quality customer service. It will also strive to improve efficiency and effec-tiveness by ensuring compliance to standard moni toring and control mechanism.
As Malaysia is an important hub for syariah compliant debt securities products or Sukuk, we are prepared to tap the opportunity, play our roles and provide the best possible services to the financial industry and businesses.
To be able to effective in offering trusteeship to this segment, we need to have the necessary skills and knowledge to differentiate us from the competition. Therefore we plan to develop internal body of knowledge on Syariah compliant trust and financial instruments as well as increase training on developing the appropriate body of knowledge.
RM’000 FY 2009 FY 2008Revenue 20,024 17,281Operating Expenses 5,684 5,498Profit Before Tax 14,340 11,783Profit After Tax 10,625 8,597
2008 2009 Growth based on NAV 108 150 39 % increase from previous year
2008 2009 Growth based on No. of unit trust funds 124 134 8 % increase from previous year
2009 2008
AmanahRaya Trustees Berhad (766894-T)2nd Floor, Wisma TAS, 21 Jalan Melaka, 50100 Kuala LumpurTel: 603-2036 5129 Fax: 603-2072 0320
(766894 - T)
Hjh Habsah Bakar Chief Executive OfficerAmanahRaya Trustees Berhad
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108
150
Net Asset ValueFinancial Highlights
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 19
AMANAHRAYA GROUP - SUBSIDIARIES < < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
Company ProfileAmanahRaya Investment Management Sdn Bhd (ARIM)formerly known as AmanahRaya-JMF Asset Manage-ment Sdn Bhd, was licensed as an Asset Management Company by the Securities Commission in 1995.
ARIM’s asset management services include invest-ments in both domestic and foreign markets, tailoring to individual and institutional mandates. As at December 2009, ARIM’s total asset under management stands at RM4.2 billion, spread within a portfolio mix of equities, fixed income, cash and money market placements, REITs and alternative investment products.
Performance Report 2009Contrary to the year before, 2009 saw recovery in both the economy and capital market and ARIM experienced relatively more stable and conducive business environ-ment. In line with its aspiration to become a dominant player in the fund management industry, ARIM has un-dertaken a few organizational restructurings during the year.
In September 2009, the Property and REIT Management Department of the company was separated into a new entity, AmanahRaya REIT Managers Sdn Bhd. The objective of this restructuring is to clearly segregate real estate investment management activities from ARIM’s asset management operations in order to provide a greater and clearer business focus on all subsidiaries under Amanah Raya Berhad’s (AmanahRaya) stable.
2009 also saw a change in ARIM’s shareholding structure. AmanahRaya had bought over the remaining 20% stake held by Sindora Berhad, turning ARIM into a wholly-owned subsidiary of AmanahRaya. To reflect the new shareholding structure, the company’s name was also changed from Amanahraya – JMF Asset Management Sdn Bhd to AmanahRaya Investment Management Sdn Bhd.
During the fiscal year under review, ARIM’s au-thorized and paid-up capital were increased from RM5 million to RM25 million and from RM2 million to RM10 million respectively. The expansion in capital base is to gear up the company for a merger with a sister company,
AmanahRaya Unit Trust Sdn Bhd (ARUT), which would take place in early 2010. The merger is in line with the industry’s trend and would enhance synergy and efficiency.
For the financial year ended 31 December 2009, ARIM recorded a turnover of RM8.16 million, 41.5% lower than previous year’s of RM13.96 million. The decline in revenue was attributed to lower management fee contributed from AmanahRaya and the above mentioned separation of the company’s real estate
AmanahRaya Investment Management Sdn Bhd (309646-H)Level 7, Wisma AmanahRaya, No 2 Jalan Ampang, 50508 Kuala Lumpur
Tel: 603-2687 5200 Fax: 603-2687 5300Website: www.arim.com.my
Sharizad Juma’atManaging Director/Chief Executive Officer
investment management activities. Subsequent to the shrinking top line, ARIM raked in a net profit of RM1.22 million in 2009 or 58% below 2008’s of RM2.92 million.
Prospects for 2010Looking ahead, ARIM is expected to improve its financial performance in 2010. The merger with ARUT would strengthen ARIM’s footing in the investment management industry and this would allow the offering of greater diversity of financial products both for wholesale and retail markets ranging from institutional fund management services all the way to unit trust and cash management products.
Additionally, plans and initiatives have been undertaken to expand its core business, which is asset management services. After a slew of restructuring exercises undertaken by the company over the last 18 months, ARIM has now become a leaner and more dynamic organizations, which would augur well to improve the efficiency and effectiveness of the company’s business and operations. ARIM would continue to leverage its good relationships with many other GLCs to expand its existing business as well as to explore new business opportunities. At the same time, ARIM, being a licensed asset management company, would continue to be an integral strategic business unit of the AmanahRaya Group as its asset management activities that complement both trust and estate management services.
ANNUAL REPORT 2009 AMANAH RAYA BERHAD20
AMANAHRAYA GROUP - SUBSIDIARIES > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
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Company Profile
AmanahRaya-REIT Managers Sdn Bhd (ARRM) was
established in May 2009 and commenced operations
on 1 June 2009 managing Kumpulan Wang Bersama’s
property portfolio mandate. Following the registration
of the Second Supplemental Deed of AmanahRaya Real
Estate Investment Trust (ARREIT) in September 2009,
ARRM took over the management of ARREIT, a real
ARRM continues to maintain the average occupancy
rate of 100% for ARREIT’s properties during 2009, despite
the challenging economic environment. This ensures its
continuous rental income which in turn translated into
good income distribution rate to its unitholders.
Prospects for 2010
The management of ARRM is committed to drive the
company further taking it to a higher level and by being
a premier and reputable real estate investment trust
manager in the region. The management is focused in
delivering sustainable returns to ARREIT’s unitholders.
The company’s mission is to continuously improve the
quality of its property portfolios by enhancing its image,
ensuring its cleanliness, maintaining it through best
property management practices and employing the best
people.
In 2010, with the completion of the injection of
another two properties into ARREIT, ARRM is expected
to generate more income from its management fee.
The management of ARRM will continue its effort
to acquire more quality buildings, enhancing of the
existing buildings and participating in more roadshows
in reaching out to its current and potential unitholders.
Through these efforts, it will add value to ARREIT, hence
realising its goal of becoming one the premier REIT
managers in the region.
AmanahRaya-REIT Managers Sdn Bhd (856167-A)Level 2, Wisma AmanahRaya, No. 2, Jalan Ampang, 50508 Kuala LumpurTel: 603-2078 0898/5808 Fax: 603-2026 6322
Abas Abd JalilChief Operating Officer/ Principal Officer
estate investment trust fund listed on the
Main Market of the Bursa Malaysia from
AmanahRaya-JMF Asset Management Sdn
Bhd (ARJMF). ARRM was previously the
Property Investment & REIT Department
of ARJMF. ARRM is 100% owned by
Amanah Raya Berhad (ARB) with paid up
capital of RM1.5 million.
Performance Report 2009
Upon taking over the management of
ARREIT from ARJMF, the Management of
ARRM started the initiative to participate
in road shows promoting ARREIT to retail
investors. ARRM participated in three
road shows in Penang, Petaling Jaya and
Ipoh, which resulted an increase in the
number of unit holders by 23% within a
six-month period.
ARRM has also proposed the acquisitions of two
properties i.e. Selayang Mall and Dana 13 with a total
value of RM227,000,000.00 to be injected into ARREIT.
These acquisitions will increase ARREIT’s current total
units in circulation from 431,553,191 to 573,219,858.
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 21
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> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
Company ProfileAmanahRaya Legacy Services Sdn Bhd (ARLS) was set-up on 24 January 2007 and was officially operational on 15th February 2007 as a wholly-owned subsdiary of Amanah Raya Berhad. The Company’s objective was to cater for the increasing public demand for Will services which include will preparation, registration, custodian, and execution of testate estate administration. With an initial staff of 31 in 2007, the Company has since grown and strengthened its backroom operations with the strength of 49 staff.
Performance Report 2009For year 2009, the Company managed to register 147,194 units of Wills indicating a 10% increase from previous year. Total number of the registered Wills up to 31 December 2009 was 309,696 units.
In 2009, the Company offered its Will Services to pilgrims who performed their Hajj for the 2009 season. It was deemed to be one of the ways for the Company to develop itself in providing more professional services to
(766894 - T)
AmanahRaya Legacy Services Sdn Bhd (760371-W)10th Floor, Wisma AmanahRaya, 2 Jalan Ampang, 50508 Kuala Lumpur
Tel: 603-2055 7595 Fax: 603-2055 7594Website: www.amanahraya.com.my
the general public. The Company managed to register 409 Wills from the Pilgrims who appointed AmanahRaya as their Executor and Trustee.
The revenue for Year 2009 were RM6,667,926 as compared with RM6,712,817 in Year 2008, representing a decrease of 1%. The decline for the financial year was mainly due to a lower turnover in Testate Administration Income.
Notwithstanding the decreased in the Testate Ad-
ARLS - Wills Performance
Year 2008 2009
No of Wills Registered 162,502 309,696
Growth 133,403 147,194
147,194
No of Wills Registered Growth
162,502
309,696
133,403
2008 2009
ministration Income, the Company con-tinued to record significant improvement for Wills Income by 5% as compared to Year 2008. The increased was mainly contributed by the Wills Income derived from the strategic alliances with Banks.
ARLS reported a Net Profit After Tax (Audited) of RM1,480,394 as compared with RM2,117,610 in Year 2008. The decreased was due to higher operating expenses for Wills incurred for the financial year.
Prospects for 2010For Year 2010 onwards, ARLS plans to gradually pursue its own strategic plans and strengthening the relationship with its clients. We expect that customers’ loyalty will be generated and cultivated through personal relationship. Person-alization of customer’s Wills and Estate Planning is what ARLS aspires to im-
prove. Research and Development will be enhanced in order to maintain the competitiveness of our products and services in the current market.
In 2010, ARLS will begin to collaborate with a few organizations in providing the Comprehensive Will Services. Barring any unforeseen circumstances, the Company’s performance for the financial year 2010 is expected to be positive.
Rafie Bin OmarChief Executive OfficerAmanahRaya Legacy Services Sdn Bhd
ANNUAL REPORT 2009 AMANAH RAYA BERHAD22
AMANAHRAYA GROUP - SUBSIDIARIES > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
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Company ProfileAmanahRaya Development Sdn Bhd (ARD) was established on 26 April 2001, and was formerly known as ARB Hartanah Sdn Bhd. The name was changed on 19 January 2007, as part of the plan to further enhance its business and seek further opportunities in property management, consultation and development. ARD is wholly owned by Amanah Raya Berhad.
Performance Report 2009Since its formation AmanahRaya Development has been aggressively expanding its business activities, from being an in-house contractor mainly used for renovation works and building maintenance for Amanah Raya Berhad, into a project management consultancy, property developer and contractor.
For 2009 ARD actively further diversified its role
was approximately RM6 billions, whereby ARD had committed about RM1 billion in financing the projects involved. There were no new projects initiated by the company in 2009 since ARD is seriously concentrating in completing the existing projects in its portfolio. Two of the projects that had been successfully completed were the TM Regional Malacca Tower and Aeon Seberang Prai City.
Prospects for 2010ARD will continue to complete all projects in hand according to schedule and will continue to develop properties with strategic partners. We are fully aware that the growth of the company has been mainly due to having a strong client base that was satisfied and later developed into repeat clients.
As part of its plans going forward, the company aims
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AmanahRaya Development Sdn Bhd (546094-U)1st & 2nd Floor, Wisma Prowara, 19 Jalan Melaka, 50100 Kuala LumpurTel: 603-2070 3533 / 03-2072 4054 Fax: 603-2070 4053Website: www.amanahraya.com.my
CERTIFIED TO ISO 9001 : 2008CERT. NO. : AR 3687
CERTIFIED TO ISO 9001 : 2008CERT. NO. : AR 3687
CERTIFIED TO ISO 9001 : 2008CERT. NO. : AR 3687
QUALITYMANAGEMENT
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MS ISO/IEC GUIDE 62:1999 QS 02121999 CB 01
ACCREDITED CERTIFICATION BODY
SIRIM
Two of the projects that had been successfully completed were the TM Regional Malacca Tower and Aeon Seberang Prai City.
in the property sector through alliances with other developers and land owners, either individuals, the corporate and government sectors. The overall project gross development value (GDV) to-date
to be ISO 9001:2008 certified to ensure compliance to standard monitoring and control mechanisms. It will continue to improve efficiency through the use of technological advances and research and development to meet the needs of clients.
Ir Ahmad Fohad HusseinChief Operating OfficerAmanahRaya Development Sdn Bhd
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 23
AMANAHRAYA GROUP - SUBSIDIARIES < < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
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(766894 - T)
AmanahRaya Hartanah Sdn Bhd (760290-W)Level 6, Wisma Prowara, 19 Jalan Melaka, 50100 Kuala Lumpur
Tel: 603-2036 5151 Fax: 603-2070 5241Website: www.amanahraya.com.my
Company ProfileAmanahRaya Hartanah Sdn Bhd (ARH) was incorporated on the 18th January 2007 to spearhead the property development arm of AmanahRaya and to further contribute to the bottom line of the group.
ARH’s major role is to manage projects by AmanahRaya Development Sdn Bhd (ARD) as project managers.
The property division is a fairly new established integrated property player, presently focused on property development. ARH focus is on developing residential and commercial properties. In addition, the property group has other complementary operations such as property investment and property management.
Performance Report 2009As at 30th December 2009, the property development projects in Malaysia managed by ARH has a total Gross Development Value (GDV) in excess of RM9.6 billion. The land bank available for immediate development over the next 5 years is approximately 700 acres of undeveloped property land bank is strategically located within Klang Valley, Penang, Perak and Johor.
Our property development experiences began with forming joint ventures and smart part-nership with reputable developers and landowners since our in-ception. Through our sister money lending arm, Amanah Raya Capital Sdn. Bhd. (ARC), we are able to provide bridging financing for our project developments and thus keeping income within the group.
Furthermore, with Amanah-Raya having its own real estate investment trust, common fund which has mandate for property investments and our facility management arm, AmanahRaya Properties, we are able to perform a comprehensive multi-tasking and complementing activity from a property developer to a property manager.
Project Name Gross Development Value (RM) 1) ASEANIA Megamall (Penang) 450,000,000 2) TM Regional Office (Melaka) 107,100,000 3) Olives (formerly known as Jana Towers, Subang Jaya) 494,821,375 4) D’Tiara AmanahRaya (Jalan Tun Sambathan) 435,190,650 5) The Haven - Lakeside Residences (Tambun, Perak) 64,370,000 6) Fortune City (Formerly Oriental Gardens, Cheras) 699,921,300 7) Pine Sanctuary (Paya Terubong, Penang) 490,566,800 8) The LakeHill Resort City (Johor Bahru) 6,437,446,000 9) Kampung Baru (Kuala Lumpur) 52,803,600 10) Syariah Court (Selangor) 353,298,000 11) LHDN Building (Kuantan, Pahang) 86,140,000 TOTAL 9,671,657,725
Prospects for 2010ARH aims to become the “Developer for the People” as we become the market pioneer in bringing value-added social and economic development to Malaysians. The tagline reinforces our core objects in upholding the welfare and satisfaction of its customers and potential customers before the project’s capability. Our capabilities have not only been benefiting the community but also changing the building construction landscape, particularly the residential property sector. The company stands out in securing project financing, holding power, smart partnerships and purchasing power in our service and product deliveries to the communities.
List of ProjectsAs at 31 Dec 2009, ARH have managed eleven (11) projects on behalf of ARD’s as below:
Azuan Arif Ariffin Chief Operating Officer AmanahRaya Hartanah Sdn Bhd
ANNUAL REPORT 2009 AMANAH RAYA BERHAD24
AMANAHRAYA GROUP - SUBSIDIARIES > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
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Company ProfileAmanahRaya Investment Bank Ltd (ARIB) was granted an offshore banking license by Labuan Financial Services Authority (Labuan FSA) formerly known as LOFSA in December 2006. The establishment of ARIB is to enhance as well as to create financial values in originating foreign
the end of the year, Amanah Raya Berhad had secured the arrangement to establish a property investment fund in a Gulf country whereby ARIB participated as the promoter of the fund.
During the year, ARIB concentrated on the strength-ening of its internal risk-management and compliance measures in tandem with the financial market calls for more orderly banking activities. A comprehensive ser-vice level agreement was signed between the holding company and ARIB to spell out the shared services and support by the holding company to enhance the opera-tion of ARIB. One of the initial initiatives was the draft-ing of ARIB’s Risk Management Framework which was presented to both the Board of Directors and Labuan Financial Services Authority.
Continuous measures were also undertaken via dis-cus sions with financial advisers to restructure its assets and liabilities portfolio and to find the means to increase income and minimize financial commitments. Amidst the difficult operating environment, ARIB is pleased to note that despite lower profit margin, the bank still managed to maintain capital ratio of above 11%.
Prospects for 2010Looking forward, ARIB is confident that its performance in the year 2010 will improve as ongoing initiatives in advisory works would begin to bear some fruits and new participation in a number of investment funds would commence generating dividends. Furthermore, continuous effort to enhance its financial management, risk-management and compliance functions should improve its operating efficiency and governance requirements. ARIB would like to take the opportunity to thank its Board of Directors, the regulator, Labuan Financial Services Authority, and the AmanahRaya group of companies, who have been pivotal in the progression of AmanahRaya Investment Bank Ltd.
AmanahRaya Investment Bank Ltd (LL05633)HEAD OFFICE
Level 6(G2), Main Office Tower, Financial Park Labuan, Jalan Merdeka, 87000 Labuan F.T. MalaysiaTel: +6087 528 011, +6087 582 012 Fax: +6087 582 013
KUALA LUMPUR MARKETING OFFICE
Level 8, Wisma AmanahRaya, No. 2, Jalan Ampang, 50508 Kuala LumpurTel: +603 2054 7251, +603 2054 7252 Fax: +603 2072 2120
Zanariah JaafarGeneral Manager/Principal OfficerAmanahRaya Investment Bank Ltd
and financial costs. During the year, ARIB took the opportunity of a
stagnating financial market to embark on business development activities for its advisory services. ARIB participated in several discussions and negotiations with potential strategic partners to jointly put efforts in search for new financial mandates and initiatives. In collaboration with its holding company, Amanah Raya Bhd, ARIB played the role of arranger for a funding exercise for the Selangor Syariah Court project. Towards
denominated financial instruments in the international marketplace. Our services provide clients with the flexibility of using internationally denominated financial instruments for growth in foreign markets. With proven experience and capabilities in offshore investments, ARIB offers both conventional and Islamic products, to finely tuned risk management strategies for diverse industries.
Our vision is to be a global investment bank that practices world class standards of investment banking management.
Performance Report 2009The year 2009 remained very challenging for the global financial industry as capital market and investment banking activities remained scarce. Amidst low LIBOR rates and persistently high cost of financing, most financial institutions struggled to maintain a positive balance of profitability
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 25
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AmanahRaya Properties Sdn Bhd (760310-K)
Level 7, Wisma Prowara, 19 Jalan Melaka, 50100 Kuala LumpurTel: 603-2036 5050 Fax: 603-2031 6363
Website: www.amanahraya.com.my
CERTIFIED TO ISO 9001 : 2008CERT. NO. : AR 3687
CERTIFIED TO ISO 9001 : 2008CERT. NO. : AR 3687
CERTIFIED TO ISO 9001 : 2008CERT. NO. : AR 3687
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Company Profile AmanahRaya Properties Sdn Bhd (ARP) was established on 23 January 2007. Its core business is in Property maintenance and management mainly for the property or building owned by the Amanah Raya Berhad Group. ARP is wholly owned by Amanah Raya Berhad.
The operation of ARP are focused to the property management and maintenance activities. The activities planned are as follows:l Providing property management and maintenance
services;l To handle tenancy agreement, including rental
collection and lease renewal;l Providing services that will cover all aspects of
building maintenance management such as service contracts, cleaning services, security arrangement and the setting up and operation of property main-tenance team;
l Daily maintenance services including minor M&E repair works and replacement of fittings;
l Providing interim maintenance of property before handing over to clients.
During its establishment in January 2007, AmanahRaya Properties Sdn Bhd had been entrusted by Amanah Raya Berhad in building management of Wisma AmanahRaya and Wisma AmanahRaya-Annex, and as Project Manage ment Consultancy (PMC) for in-house renovation works such as renovation for ARB Ipoh Branch.
For the year 2008, ARP added two more buildings into its portfolio that are Wisma TAS and Wisma Prowara with a gross lettable area of 65,825.00 square feet. ARP has ventured into the property management service of deceased estates to compliment the role
of Amanah Raya Berhad in the business of deceased estate administration. This is a back to back service to AmanahRaya in ensuring the deceased estate is managed properly until its disbursement. We also have been appointed as Project Management Consultant for the renovation of AmanahRaya Trustees Berhad’s office at Wisma TAS and AmanahRaya Property Group Office at Wisma Prowara.
Hamidi Bin JamariChief Executive OfficerAmanahRaya Properties Sdn Bhd
Performance Report 2009For the year 2009, ARP had added one more building into its portfolio that is Bangunan Puncak Dana or known as DANA 13 for the total number of five buildings under its management. ARP also had been appointed as Project Management Consultant for the re-nova tion of AmanahRaya Seremban, AmanahRaya Johor Bharu, AmanahRaya Pulau Pinang and AmanahRaya Sabah.
Prospects for 2010ARP will continue to upgrade its services in building management and Project Management Consultant for in-house renovation project in line with Amanah Raya Berhad expansion plan. In order to sustain the growth of the company, ARP will venture into dealership with strategic partner.
ARP is also in the process of modern izing its building management approach by implementing an automation building management system which in return will increase the productivity of its manpower with a minimum implication in the cost it charges its client.
ANNUAL REPORT 2009 AMANAH RAYA BERHAD26
GCOO/HEAD OF DEPARTMENT > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
Azwin binti NohHead of Internal Audit
Department
Kanakaraja A/L MuthusamyHead of Risk Management
Department
Asnah binti SarwadiHead of Group Administration
Department
Nik Mariam Salina binti Nik IdrisHead of Care Management
Department
Ahmad Saruji bin Abdul AzizChief Marketing Officer -Marketing Management
DepartmentAlina HashimGroup Chief Operating Officer
Zainul Abidin bin Haji AhmadHead of Company Secretarial
Department
Mohamad Sabri bin Jahya Manager, Amanah Raya Capital Sdn Bhd
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 27
HEAD OF DEPARTMENT < < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
Adam bin MohamedAssistant General Manager -
Operations
Aini Fariza binti Haji Mohd YussoffChief Financial OfficerGroup Finance & Accounts
Department
Md Shuzaimi bin MohamadActing Head of Group
Information Technology Department
Wan Numzila binti Wan JunuhHead of Trust Department
Julia binti MustaffaHead of Private Wealth
Management Department
Zaidi bin ShahrimHead of Product Development
Department
Azliah SuhodHead of Group Corporate
Communications Department
Hanifah Haji KardimanHead of Group Human
Resources Department
Nur Sakinah Haji Abd SamadHead of Customer Relationship
Management Department
Julinah AmitHead of Quality Assurance
Department
ANNUAL REPORT 2009 AMANAH RAYA BERHAD28
REGIONAL MANAGER & HEAD OF BRANCH > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
Mohamad Salleh SamsudinKangar Branch
Rokiah OsmanBangi Branch
Hajjah Zurina Mohd ZahariIpoh Branch
Nor Shafinaz J NulawadinPenang Branch
Hamidon AmenMelaka Branch
Usman Haji HamidKuantan Branch
YM Tengku Zubaidah Tengku Yahya PetraTemerloh Branch
Maimun DaudKota Bharu & Kuala Krai Branch
Norlela Haji AtanAmanahRaya Service Center
Sukriah IsmailSungai Petani Branch
Abqary Abdul AzizRegional Manager,Eastern Region
Haji Mohd Ridzuan TaibRegional Manager,Southern Region
Amran AhmadRegional Manager,Northern Region
Raja Noraini Raja SallehAlor Star Branch
Zianah Md EsaMuar Branch
Hamka MahatJohor Bahru Branch
With apologies:
Suhaimi SamsudinShah Alam Branch
Oh Kwong FoiSarawak Branch
Saftuyah AdenanSabah Branch
Zamzam EmbongKuala Terengganu Branch
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 29
“The objectives of the Corporation are as follows:
a. to be an organization that exhibits a sense of social responsibility by having regard to the interests of the Malaysian community and by endeavouring to accommodate or encourage these when able to do so; and
b. to be as efficient and profitable as private trust companies.”
ONE FAMILY ONE PURPOSE
PRIDEProud to be associated with AmanahRaya and its products and services.
KNOWLEDGEUnderstand and be knowledgeable on AmanahRaya’s products and services, and other related fields in order to achieve good results effectively and efficiently.
CUSTOMERService ExcellenceContinuously delivering excellent customer service.
TEAMWORKCollective effort to achieve AmanahRaya’s goals.
INTEGRITYUphold customer’s trust by discharging our duties fairly, honestly and sincerely.
CORE VALUES
ANNUAL REPORT 2009 AMANAH RAYA BERHAD30
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
The BrandLaureate Awards, Best Brands Category, Financial Services Trusts Management Services 2008-2009
Frost & Sullivan 2009 South East Asia Industrial Technologies Awards, Company of The Year, Excellence in community improvement, Malaysia construction industry.
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 31
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
Opening ceremony for Minggu Saham Amanah Malaysia by Malaysia Prime Minister Dato’ Sri Najib Tun Abdul Razak, 20 April 2009
Closing ceremony for Minggu Saham Amanah Malaysia by Deputy Prime Minister Tan Sri Muhyiddin Yassin, 27 April 2009
Exhibition booth, Amanah Raya Berhad
ANNUAL REPORT 2009 AMANAH RAYA BERHAD32
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
LeTour De Langkawi 2009
Launching ceremony of AmanahRaya - Yayasan Taqwa (MAIWP) scholarship, Al-Azhar University, Cairo, 4 June 2009
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 33
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
Hari Bersama Pelanggan, Jabatan Perdana Menteri di Kuantan, 13 June 2009
Hari Bersama Pelanggan, Jabatan Perdana Menteri di Pulau Pinang, 23 May 2009
MOU Signing Ceremony between ICLIF and AmanahRaya
ANNUAL REPORT 2009 AMANAH RAYA BERHAD34
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
Collaboration Agreements between Universiti Tun Abdul Razak and AmanahRaya
Handing over ceremony for Masjid Tampin, Negeri Sembilan
Briefing session with the government ex-minister servant
MOU signing ceremony with Rahsia Estate Sdn Bhd
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 35
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
Gerak Bakti UPSR AmanahRaya Program, Pendang, Kedah, 10 August 2009
Gerak Bakti UPSR AmanahRaya Program, Tanjung Dawai, Kedah, 27 July 2009
Launching ceremony of the ‘Gerak Bakti UPSR AmanahRaya’ project, Pagoh, 7 July 2009
Gerak Bakti UPSR AmanahRaya Program, Manjoi, Perak, 11 July 2009
ANNUAL REPORT 2009 AMANAH RAYA BERHAD36
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
Zakat and Bubur Lambuk AmanahRaya distribution, Pagoh
Zakat distribution, Darul Hanan, Tumpat
Zakat distribution, Kuala Terengganu
Zakat distribution and handing-over of the Van Jenazah, Padang Rengas
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 37
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
Zakat and Bubur Lambuk distribution, Bagan Datoh
Distribution of Bubur Lambuk AmanahRaya, Bangi branch
Bubur Lambuk AmanahRaya distribution, Kuala Krai
Bubur Lambuk AmanahRaya distribution, Kuala Terengganu
Distribution of Bubur Lambuk AmanahRaya, Ipoh branch
Bubur Lambuk AmanahRaya distribution, Temerloh
Bubur Lambuk AmanahRaya distribution, Muar
ANNUAL REPORT 2009 AMANAH RAYA BERHAD38
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
Donation of school bags and uniforms, Bagan Datoh
‘Gotong-Royong’ Activity, Changkat Jering
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 39
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
Charity drive, Kuala Krai
National Welfare Foundation Treasure Hunt
ANNUAL REPORT 2009 AMANAH RAYA BERHAD40
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
Fraud management training
Stress management training
Launching ceremony of the AmanahRaya “Big Cleaning Day” AmanahRaya towards 5S certification.
5S training
Business Leadership training
CIDB training
AmanahRaya 5S Pra-Audit
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 41
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
AmanahRaya CPR program
Excellent clerk training
Syariah Financial Program
ANNUAL REPORT 2009 AMANAH RAYA BERHAD42
Open Day, Muar Branch
Hari Raya program, Muar
1Rakyat 1JPJ exhibition, Ipoh
‘Semarak 1Malaysia’ program, Ipoh
Briefing session with TNB staff, Ipoh
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
< < < < < < < < < < < < < < < < < < << < < < < < < < < < < < < < < < < < <
Majlis Penyampaian Bantuan Hari Raya dan Majlis Tadarus serta Berbuka Puasa, Pagoh
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 43
CERTIFIED TO ISO 9001 : 2008CERT. NO. : AR 3687
CERTIFIED TO ISO 9001 : 2008CERT. NO. : AR 3687
U K A S
074
CERTIFIED TO ISO 9001 : 2008CERT. NO. : AR 3687
SIRIM
CERTIFIEDMS ISO 9001 : 2008
QUALITy POLICy
We are committed to be an institution that practises quality service and continually strives for excellence in the interest of the institution’s future. We will achieve our goals by offering and providing services in trust administration and legacy management that meet and fulfil the expectations of our customers and our social obligations.
Excellence in service will also be achieved by enhancing a working environment that nurtures trained, competent, motivated, efficient and professional employees.
DATO’ AHMAD RODZI BIN PAWANTEHGroup Managing Director
13 Mei 2010
Color number: #3A53A4 CMYK = C: 88% M:77% Y:0% K:0%
Color number: #BCBEC0 CMYK = C: 0% M : 0% Y:0% K:30%
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD44
VISION & MISSION > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
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MISSION
To ensure efficiency in providing trustee and legacy
services.
To ensure the highest quality of services to our customers.
To provide a cordial working environment for efficient,
knowledgeable, motivated and competent employees to
discharge their responsibilities professionally.
To develop new products and services to cater to the
needs of our customers.
To strive towards strengthening AmanahRaya’s capabilities
and enhancing its image so as to maintain its position as
the market leader in the trust administration and legacy
management services.
VISION
To be an institution of excellence in providing professional
services in trust administration and legacy management
while meeting customers’ satisfaction with a sense of
social responsibility
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 45
CORPORATE INFORMATION
CAPITAL MARKETS
• AmanahRaya Capital Group Sdn Bhd
• AmanahRaya Investment Management Sdn Bhd
(Formerly known as AmanahRaya-JMF Asset Management Sdn Bhd)
> AmanahRaya-JMF Capital Sdn Bhd > AmanahRaya-JMF Margin Sdn Bhd > AmanahRaya-JMF
Nominees (Tempatan) Sdn Bhd
• AmanahRaya Unit Trust Management Sdn Bhd
• Amanah Raya Capital Sdn Bhd
• AmanahRaya Modal Sdn Bhd
• AmanahRaya Private Equities Sdn Bhd
• AmanahRaya Investment Bank Ltd
• AmanahRaya Asset Management (Labuan) Ltd
• AmanahRaya Corporate Advisory Sdn Bhd
• AmanahRaya Holdings Berhad
• Prelude Synergy Sdn Bhd
• Tapak Metro Sdn Bhd
• AmanahRaya-REIT Managers Sdn Bhd
TRUST MANAGEMENT
• Amanah Raya Nominees (Tempatan) Sdn Bhd
• Amanah Raya Nominees (Asing) Sdn Bhd
• Amanah Raya (Labuan) Limited
• AmanahRaya Trustees Berhad
LEGACY SERVICES
• AmanahRaya Legacy Services Sdn Bhd
PROPERTY MANAGEMENT
• AmanahRaya Hartanah Sdn Bhd
• AmanahRaya Properties Sdn Bhd
• AmanahRaya Project Management Sdn Bhd
• AmanahRaya Development Sdn Bhd > Klang Valley Recreation
Berhad
AMANAH RAYA BERHAD(344986-V)
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD46
CORPORATE STRUCTURE
GROUP MANAGING DIRECTOR
GROUP CHIEF OPERATING OFFICER
INTERNAL AUDIT
GROUPHUMAN
RESOURCES
BOARD OF DIRECTORS
RISKMANAGEMENT
COMPANy SECRETARy
CHIEF INTEGRITY OFFICER
ASST. GENERAL MANAGER (OPERATIONS)
GROUPADMINISTRATION
CUSTOMERRELATIONSHIPMANAGEMENT
GROUPCORPORATE
COMMUNICATIONS
MARKETING MANAGEMENT
LEGAL
PRIVATEWEALTH
MANAGEMENT
CIOOFFICE
GROUPFINANCE &ACCOUNTS
QUALITyASSURANCE
GROUPINFORMATIONTECHNOLOGY
CAREMANAGEMENT
ESTATES
PRODUCTDEVELOPMENT
TRUST
SUBSIDIARIES
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 47
CORPORATE STRUCTURE
AMANAH RAYA BERHAD (344986-V)
Nature of Business:Administration of Deceased EstatesAdministration of Trust PropertyTrustee for Unit Trust Fund
DIRECTORS• Dato’ Haji Dusuki bin Ahmad (Chairman)• Dato’ Ahmad Rodzi bin Pawanteh (Group Managing Director)• Datin Aminah binti Pit Abd Raman• Datuk Mohd Hashim bin Hassan• Dato’ Abdullah Sani bin Ab Hamid• Datuk Azailiza binti Mohd Ahad• Datuk Shamsuddin bin Haji Tahir• Tuan Haji Shafii bin Hamat• Dato’ Puteh Rukiah binti Abd Majid AMANAHRAYA CAPITAL GROUP SDN BHD (760289-U)
Nature of Business:Dormant
DIRECTORS Dato’ Ahmad Rodzi bin Pawanteh Alina binti Hashim
AMANAHRAYA-INVESTMENT MANAGEMENT SDN BHD(FORMERLY KNOWN AS AMANAHRAYA-JMF ASSET MANAGEMENT SDN BHD) (309646-H)
Nature of Business:Managers of Portfolio Investment & Dealers in Shares, Stock, Debentures
DIRECTORS Tan Sri Datuk Arshad bin Ayub (Chairman) Sharizad binti Juma’at (Managing Director) Dato‘ Haji Ahmad Kamal bin Abdullah Al-Yafii (Vice Chairman) Dato’ Ahmad Rodzi bin Pawanteh Datuk Mohamed Adnan bin Ali Dato’ Sulaiman bin Iberahim Azhar bin Harun Md Saad bin Hashim Alina binti Hashim (Alternate Director to Dato’ Ahmad Rodzi
bin Pawanteh) AMANAHRAYA UNIT TRUST MANAGEMENT SDN BHD (532354-W)
Nature of Business:Unit Trust Management Services
DIRECTORS Dato’ Ahmad Rodzi bin Pawanteh Alina binti Hashim
AMANAHRAYA CAPITAL SDN BHD (549057-K)Nature of Business:Corporate advisory / Financing services
DIRECTORS Haji Ab Gani bin Haron (Chairman) Dato’ Ahmad Rodzi bin Pawanteh Dato’ Mahadi bin Haji Mohd Ibrahim Datuk Shamsuddin bin Haji Tahir Dato‘ Haji Ahmad Kamal bin Abdullah Al-Yafii Alina binti Hashim AMANAHRAYA PRIVATE EQUITIES SDN BHD (760296-P)
Nature of Business:Vendors and purchasers of and dealers in portfolios units
DIRECTORS Dato’ Ahmad Rodzi bin Pawanteh Sharizad binti Juma‘at AMANAHRAYA CORPORATE ADVISORY SDN BHD (760300-A)
Nature of Business:To act as corporate advisers and consultants, general advisers and to provide consultancy services
DIRECTORS Alina binti Hashim Zainul Abidin bin Haji Ahmad
AMANAHRAYA MODAL SDN BHD (760322-X)
Nature of Business:Act as corporate advisers and consultants and to assist management to advance the business and increasing profitablity
DIRECTORS Dato’ Ahmad Rodzi bin Pawanteh Zainul Abidin bin Haji Ahmad
AMANAHRAYA TRUSTEES BERHAD (766894-T)
Nature of Business:Trust company
DIRECTORS Dato’ Idrus bin Harun (Chairman) Hjh Habsah binti Bakar (Chief Executive Officer) Dato’ Ahmad Rodzi bin Pawanteh Datin Aminah binti Pit Abd Raman Dato’ Haji Ahmad Kamal bin Abdullah Al-Yafii Alina binti Hashim Haji Ab Gani bin Haron Zainudin bin Suhaimi (Alternate Director to Hjh Habsah binti
Bakar)
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD48
CORPORATE STRUCTURE
AMANAH RAYA NOMINEES (TEMPATAN) SDN BHD (434217-U)
Nature of Business:To act as nominee, agent or trustee for Malaysian beneficial owners of stocks, shares, bank debentures, loan stocks and other securities
DIRECTORS Dato’ Mahadi bin Haji Mohd Ibrahim (Chairman) Dato’ Ahmad Rodzi bin Pawanteh Zainul Abidin bin Haji Ahmad
AMANAH RAYA NOMINEES (ASING) SDN BHD (684546-P)
Nature of Business:To act as nominee, agent or trustee for foreign beneficial owners of stocks, shares, bonds, bank debentures, loan stocks, obligations and other securities
DIRECTORS Dato’ Ahmad Rodzi bin Pawanteh Dato’ Mahadi bin Haji Mohd Ibrahim Zainul Abidin bin Haji Ahmad
AMANAH RAYA (LABUAN) LIMITED (LL03749)
Nature of Business:Custodian and Trust Services (Offshore Company)
DIRECTORS Datin Aminah binti Pit Abd Raman (Chairperson) Haji Ab Gani bin Haron Dato’ Ahmad Rodzi Bin Pawanteh Dato‘ Mahadi bin Haji Mohd Ibrahim Alina binti Hashim
AMANAHRAYA INVESTMENT BANK LTD (LL05633)
Nature of Business:Offshore bank
DIRECTORS Tan Sri Datuk Arshad bin Ayub (Chairman) Haji Ab Gani bin Haron Dato’ Ahmad Rodzi Bin Pawanteh Datin Aminah binti Pit Abd Raman Alina binti Hashim
AMANAHRAYA ASSET MANAGEMENT (LABUAN) LTD (LL05668)
Nature of Business:Fund management
DIRECTORS Tan Sri Datuk Arshad bin Ayub Datin Aminah binti Pit Abd Raman Dato’ Ahmad Rodzi bin Pawanteh Sharizad binti Juma’at Alina binti Hashim
AMANAHRAYA LEGACY SERVICES SDN BHD (760371-W)
Nature of Business:Legacy management services
DIRECTORS Datuk Shamsuddin bin Haji Tahir (Chairman) Rafie bin Omar (Chief Executive Officer) Dato’ Ahmad Rodzi bin Pawanteh Dato’ Haji Za’ba bin Haji Che Rus Alina binti Hashim AMANAHRAYA HARTANAH SDN BHD (760290-W)
Nature of Business:Consultants of property and to purchase and develop the property
DIRECTORS Dato’ Ahmad Rodzi bin Pawanteh Datuk Mohd Hashim bin Hassan Datuk Shamsuddin bin Haji Tahir Abas bin Abd Jalil
AMANAHRAYA PROPERTIES SDN BHD (760310-K)
Nature of Business:Property investment, developers and building contractors
DIRECTORS Dato’ Ahmad Rodzi bin Pawanteh Datuk Shamsuddin bin Haji Tahir
AMANAHRAYA PROJECT MANAGEMENT SDN BHD (760306-W)
Nature of Business:Builders, contractors and project managementTo act as General contractors for all respective branches of the company
DIRECTORS Dato’ Ahmad Rodzi bin Pawanteh Zainul Abidin bin Haji Ahmad AMANAHRAYA DEVELOPMENT SDN BHD (546094-U)
Nature of Business:Property Management
DIRECTORS Datuk Mohd Hashim bin Hassan (Chairman) Dato‘ Haji Ahmad Kamal bin Abdullah Al-Yafii Dato’ Ahmad Rodzi bin Pawanteh Datuk Shamsuddin bin Haji Tahir Rafie bin Omar Alina binti Hashim
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 49
CORPORATE STRUCTURE
AMANAHRAYA HOLDINGS BERHAD (760311-U)
Nature of Business:Dormant
DIRECTORS Dato’ Ahmad Rodzi bin Pawanteh Zainul Abidin bin Haji Ahmad
AMANAHRAYA-REIT MANAGERS SDN BHD (856167-A)
Nature of Business:Management company of a unit trust scheme which is a property trust or real estate investment trust
DIRECTORS Tan Sri Ahmad Fuzi bin Abdul Razak (Chairman) Dato’ Ahmad Rodzi bin Pawanteh Datuk Syed Hussian bin Syed Junid Dato‘ Abdul Mutalib bin Mohamed Razak Datin Aminah binti Pit Abd Raman Sharizad binti Juma‘at Alina binti Hashim Shahrol Anuwar bin Sarman Abas bin Abd Jalil
PRELUDE SYNERGY SDN BHD (801954-W)
Nature of Business:Dormant
DIRECTORS Sharizad binti Juma‘at Abas bin Abd Jalil
TAPAK METRO SDN BHD (801955-K)
Nature of Business:Dormant
DIRECTORS Sharizad binti Juma‘at Abas bin Abd Jalil
Subsidiary of AmanahRaya Development Sdn Bhd:-KLANG VALLEY RECREATION BERHAD (86118-M)100% Owned by AmanahRaya Development Sdn Bhd
Nature of Business:Investment in properties and development of projects
DIRECTORS
Dato’ Ahmad Rodzi bin Pawanteh Datuk Shamsuddin bin Haji Tahir
Subsidiary of AmanahRaya Investment Management Sdn Bhd (F.K.A. ARJMF):AMANAHRAYA-JMF CAPITAL SDN BHD (338862-K)
Nature of Business:Dormant
DIRECTORS Tan Sri Datuk Arshad bin Ayub Sharizad binti Juma‘at
AMANAHRAYA-JMF NOMINEES (TEMPATAN) SDN BHD (331584-X)
Nature of Business:Dormant
DIRECTORS Sharizad binti Juma‘at Zainul Abidin bin Haji Ahmad
AMANAHRAYA-JMF MARGIN SDN BHD (355295-P)
Nature of Business:Dormant
DIRECTORS Sharizad binti Juma‘at Zainul Abidin bin Haji Ahmad
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD50
SUBSIDIARIES
CAPITAL MARKETS
l AmanahRaya Capital Group Sdn Bhd
9th Floor, Wisma AmanahRaya
2 Jalan Ampang, 50508 Kuala Lumpur
Tel: 603-2687 5200
Fax: 603-2687 5300
l AmanahRaya Investment Management Sdn Bhd
(Formerly known as AmanahRaya-JMF Asset Management Sdn Bhd) 7th & 8th Floor, Wisma AmanahRaya
2 Jalan Ampang, 50508 Kuala Lumpur
Tel: 603-2687 5200
Fax: 603-2687 5300
l Amanah Raya Capital Sdn Bhd
12th Floor, Wisma AmanahRaya
2 Jalan Ampang, 50508 Kuala Lumpur
Tel: 603-2055 7388
Fax: 603-2055 7556
l AmanahRaya Investment Bank Ltd
Head Office, Level 6(G2),
Main Office Tower Financial Park Labuan
Jalan Merdeka, 87000 Labuan F.T.
Tel: 6087-582 011/012 Fax: 6087-582 013
Kuala Lumpur Marketing Office
Level 8, Wisma AmanahRaya
2 Jalan Ampang, 50508 Kuala Lumpur
Tel: 603-2054 7251
Fax: 603-2072 2120
l AmanahRaya-REIT Managers Sdn Bhd
Level 2, Wisma AmanahRaya
No. 2, Jalan Ampang
50508 Kuala Lumpur
Tel: 603-2078 0898/5808
Fax: 603-2026 6322
PROPERTy MANAGEMENT
l AmanahRaya Hartanah Sdn Bhd
Level 6, Wisma Prowara
19 Jalan Melaka, 50100 Kuala Lumpur
Tel: 603-2036 5151
Fax: 603-2070 5241
l AmanahRaya Properties Sdn Bhd
Level 7, Wisma Prowara
19 Jalan Melaka, 50100 Kuala Lumpur
Tel: 603-2036 5050
Fax: 603-2031 6363
l AmanahRaya Development Sdn Bhd
1st & 2nd Floor, Wisma Prowara
19 Jalan Melaka, 50100 Kuala Lumpur
Tel: 603-2036 5088
Fax: 603-2070 4053
TRUST MANAGEMENT
l AmanahRaya (Labuan) Limited
11th Floor, Wisma AmanahRaya
2 Jalan Ampang, 50508 Kuala Lumpur
Tel: 603-2055 7388
Fax: 603-2031 4545
l AmanahRaya Trustees Berhad
2nd Floor, Wisma TAS
21 Jalan Melaka, 50100 Kuala Lumpur
Tel: 603-2036 5000
Fax: 603-2072 0320
LEGACy SERVICES
l AmanahRaya Legacy Services Sdn Bhd
10th Floor, Wisma AmanahRaya
2 Jalan Ampang, 50508 Kuala Lumpur
Tel: 603-2055 7595
Fax: 603-2055 7594
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 51
BRANCHES
HEAD OFFICE11th Floor, Wisma AmanahRaya, No. 2, Jalan Ampang50508 Kuala LumpurWebsite: www.amanahraya.com.myTel: 603-2055 7388Fax: 603-2031 4545
AmanahRaya Service CentreGround & 2nd FloorWisma AmanahRaya–AnnexNo. 4, Jalan Ampang50508 Kuala LumpurTel: 603-2055 7388Fax: 603-2078 3421
Shah AlamLot 1, 1st, 2nd & 3rd Floor Pusat Dagangan UMNO Shah Alam, Persiaran Damai Section 11, 40100 Shah Alam Selangor. Tel: 603-5511 5733Fax: 603-5511 5732
BangiLot 802G, Ground Floor Bangi Business Park Jalan Medan Bangi Off Persiaran Bangi Bandar Baru Bangi43650 Bangi, Selangor.Tel: 603-8210 1346/1347Fax: 603-8210 1345
SerembanNo. 1, Jalan S2 D38Magistrate SquareSeremban 270300 Seremban, Negeri SembilanTel: 606-6015821/824Fax: 606-6015825
Melaka No. 42A, Jalan PMS 3 Plaza Melaka Sentral 75300 Peringgit, Melaka.Tel: 606-282 2848Fax: 606-282 1443
MuarNo. 208, Jalan Meriam 84000 Muar, Johor.Tel: 606-952 3218Fax: 606-951 4597
Johor BahruBlock 5-4Danga Walk Commercial Centre, Jalan Skudai Batu 4½81200 Johor BahruTel: 607-2385918/2362668/ 2327526Fax: 607-2368428
KangarNo. 56, Lot 434, Ground FloorBangunan BernamaMedan Raja Syed Alwi01000 Kangar, Perlis.Tel: 604-976 1485Fax: 604-976 8520
Sungai PetaniNo, 74, Jalan Lagenda Height 1, Lagenda Height 08000 Sungai Petani, Kedah.Tel: 604-422 9902/422 9910/ 422 9905Fax: 604-422 9904
Alor SetarNo. 237, Jalan Shahab 2 Shahab Perdana 05350 Alor Setar, Kedah.Tel : 604-732 2080Fax: 604-730 4406
Penang1st & 2nd FloorBangunan Persatuan Melayu Pulau Pinang (PEMENANG)No. 117, Jalan Macalister10400 Pulau PinangTel: 604-2104822/2140821/2104823Fax: 604-2104820
IpohGround & 1st FloorA-G-3 & A-1-3, Pusat Perniagaan Greentown,Jln Dato’ Seri Ahmad Said30450 Ipoh, PerakTel: 605-254 8714/605-241 7311Fax: 605-254 9454
Kuching No. 31, Ground & 1st Floor Kueh Hock Kui Commercial Centre, Jalan Tun Ahmad Zaidie AdruceP.O.Box 136493150 Kuching, Sarawak.Tel: 6082-254 170Fax: 6082-422 928
Kota BharuLot 303, Ground & 1st Floor Wisma JAZA Batu 2, Jalan Kuala Krai15050 Kota Bharu, Kelantan.Tel : 609-748 2112Fax: 609-747 8353
Kuala KraiNo. PT 4025Jalan PanggungBandar Kuala Krai18000 Kuala KraiKelantan.Tel: 609-960 5787Fax: 609-960 7955
Kuala Terengganu No 4, Ground & 1st Floor Jalan Air Jernih20300 Kuala TerengganuTerengganu.Tel: 609-622 1201Fax: 609-622 8449
KuantanNo 14 & 16, Ground FloorBangunan Majlis Ugama Islam Jalan Bukit Ubi25200 Kuantan, Pahang.Tel: 609-513 5318Fax: 609-514 6785
TemerlohNo. 23, Jalan Dato’ Bahaman 3Temerloh Commercial Centre 28000 Temerloh, Pahang.Tel: 609-296 1296/4562/4381Fax: 609-296 4734
Kota KinabaluGround & 1st FloorLot 31, Block FAlamesra Plaza UtamaSulaman Costal Highway88400 Kota KinabaluSabahTel: 6088-488 473/474Fax: 6088-248 8475
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD52
CORPORATE PHILOSOPHY
To emphasise good corporate governance, accountability
and transparency of public service enterprises by balancing
social responsibility with our on-going commercial and
statutory functions
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 53
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AUDIT COMMITTEE REPORT 54 - 55
STATEMENT OF CORPORATE GOVERNANCE 56 - 58
STATUTORY FINANCIAL STATEMENTS 59 - 126
ANNUAL REPORT 2009 AMANAH RAYA BERHAD54
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MEMBERS
Tuan Hj Shafii Hamat (Chairman)
Dato’ Abdullah Sani Ab Hamid
Datuk Azailiza Mohd Ahad
Dato’ Puteh Rukiah binti Abd Majid
TERMS OF REFERENCE OF AUDIT AND REVIEW COMMITTEE
Composition
The Audit and Review Committee comprises Four (4) members from Non-independent Non-Executive Directors of the Board.
Objectives
The Audit and Review Committee is established in accordance with the Treasury Circular Letter No. 9 Year 1993 - Guidelines on the Setting up of Audit and Review Committees for Government Companies for the purpose of:
1. Maintaining the interest of the Government as the shareholder through control and monitoring of the Management of the Company.
2. To assist the Board of Directors to monitor the principles and accounting systems, internal controls, financial reporting and business ethics.
3. To determine the financial sources of the Company are administered and managed efficiently and effectively in accordance with corporate and social objectives.
4. To undertake the role as the review and balance mechanism (checks and balances) of the management of the Company.
5. To ensure compliance with the statutory requirements as required under the Companies Act 1965.
6. To oversee all functions of the Internal Audit Department.
Meeting
1. The quorum for the Committee shall comprise two (2) members.
2. The Committee shall meet at least once within a period of three (3) months or a period determined by the Committee Chairman.
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 55
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Functions
The Audit and Review Committee is primarily responsible to the Board of Directors.
Their terms of reference are as follow:
1. To endorse the appointment and promotion of the Audit Manager and Internal Auditors for the approval of the Board of Directors.
2. To provide support in ensuring the independence of internal audit activities so that they run smoothly.
3. To carry out audit inspections or special reviews as achievements when needed.
4. To review the previous year’s activities and achievement of the internal audit and to formulate plans for next year.
5. To study and monitor corporate planning for review and internal control especially in the area of management.
6. To review and supervise an effective accounting system by exercising control’s in related areas so that early warning systems about the Company’s weakness can be put in place.
7. To identify flaws in the management system which require improvement.
8. To ensure that breach of policies and system management procedures are identified quickly and dealt with immediately.
9. To review direct expenditures such as annual operation expenditures as well as direct expenses in order to ascertain that those costs are justifiable and related to the functions of the organisations.
10. To determine the proper measures for identifying and protecting assets.
11. To study and discuss the plan for the annual external audit before it is carried out each year.
12. To observe the opinion of external auditors and ensure that matters arising are given due attention and that proper action is taken by the management of the Company.
13. To review the performance of the external auditor and to propose to the Board of Directors on the re-appointment and annual fee of the firm.
14. To review and examine the Parent Company’s audited as well as unaudited annual financial statements, including that of the Subsidiaries and Associate Companies, before their submission to the Board of Directors for approval.
MEETINGS
The Audit Committee had a total of three (3) Meetings during the financial year ended 31 December 2009 and the attendance of the Committee Members were as follows:
Members Attendance
Tuan Haji Shafii bin Hamat 3/3
Dato’ Abdullah Sani bin Ab Hamid 2/3
Datuk Azailiza binti Mohd Ahad 1/3
Dato’ Puteh Rukiah binti Abd Majid 3/3
ANNUAL REPORT 2009 AMANAH RAYA BERHAD56
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The Board of Directors is committed ensuring that the highest standards of corporate governance are continuously practiced throughout the Group as a fundamental part of discharging its responsibilities to protect and enhance shareholders’ value and the financial performance of the Group and the Company.
Based on the Principles of the Malaysian Code on Corporate Gov ernance (“the Code”) and with the practice of openness and corporate accountability, the Board is pleased to present its report on the extent of compliance with the Best Practices as recommended under Part 2 of the Code in this statement.
THE BoARD of DiREcToRs
The Board currently consists of nine (9) members, comprising eight (8) NonExecutive Directors (including the Chairman) and one (1) Executive Director. The Directors bring a wide range of legal, business and financial experience relevant to the direction of an expanding trust company. Biographical for each of Directors are set out on pages 15 to 17 of this Report.
The Board meets at least once every quarter with the additional Meetings convened as and when necessary. All Board members have access to comprehensive information on the Company’s operations, marketing strategies, performance and financial status at the Board Meetings and on a regular or adhoc basis.
During the financial year ended 31 December 2009, four (4) Board Meetings were held and the attendance of the Board Members were as shown in the table below.
There is a clear division of responsibilities and powers between the Chairman and the Group Managing Director to ensure that the necessary checks and balances are in place as well as to provide a degree of certainty in the exercise of their respective authorities.
The Chairman holds a NonExecutive position and is primarily responsible for the orderly conduct and working of the Board while the Group Managing Director is responsible for the daytoday running of the business and implementation of Board policies and decisions with the support of the management team.
The presence of Independent NonExecutive Directors provides an effective Board with a mix of industry specific knowledge and broad business and commercial experience. Directors are equally accountable and responsible and the role of these Independent NonExecutive Directors is particularly important in ensuring that the strategies proposed by the management are fully discussed and examined, complied with the Companies Act 1965 and Public Trust Corporation Act 1995 and/or any other regulations and also to take account of the long term interests, not only of the shareholders, but also of employees, customers, and public at large in which the Company conducts business. The Board may seek advice from independent experts whenever necessary.
Pursuant to the Company’s Article of Association, unless otherwise agreed by the general meeting, the number of Directors of the Company shall be not less than two (2) or more than eleven (11).
Directors Appointed Non Independent Independent Attendance
Dato’ Haji Dusuki bin Ahmad 29/12/2003 Yes 4/4
Dato’ Ahmad Rodzi bin Pawanteh 1/7/2004 Yes 4/4
Datin Aminah binti Pit Abd Raman 1/8/2002 Yes 4/4
Datuk Shamsuddin bin Haji Tahir 13/7/2004 Yes 4/4
Datuk Mohd Hashim bin Hassan 28/4/2005 Yes 2/4
Datuk Azailiza binti Mohd Ahad 30/6/2006 Yes 4/4
Dato’ Abdullah Sani bin Ab Hamid 8/2/2007 Yes 2/4
Dato’ Mohd Bakke Salleh 6/9/2007 Yes 3/4
(resigned w.e.f. 1 June 2010)
Tuan Haji Shafii bin Hamat 18/12/2007 Yes 4/4
Dato’ Puteh Rukiah binti Abd Majid 27/11/2008 Yes 4/4
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 57
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+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATEMENT OF CORPORATE GOVERNANCE
Audit and Review committeeThe Audit and Review Committee reviews the effective ness of the internal control system of the Company as well as monitors the principles and accounting systems, financial reporting and business ethics.
They also determine the financial sources of the Company are administered and managed efficiently and undertake the role as the review and balance mechanism in order to ensure the compliance with the statutory requirements under the Companies Act 1965 has been taken. The Committee comprises of four (4) NonIndependent Nonexecutive Directors. The Chairman of the Committee is Tuan Haji Shafii bin Hamat. The Composition and Terms and Reference are stated on pages 54 to 55.
Three (3) meetings were held during the fi nan cial year ended 31 December 2009. Personnel & integrity committee The Committee reviews and establish a formal and transparent procedure for the framework or board policy for the remuneration and benefit structures including the scope and service agreements, termination, payments and compensation commitments for the entire staff of the Company.
They also recommend for approval to the Board of Directors of the policies relating to any performance related pay schemes for the Company and also to be the appellate body for the Domestic Inquiries within the Company.
The Personnel & Integrity Committee comprises of two (2) Independent NonExecutive Directors and one (1) NonIndependent NonExecutive Directors of the Board.
Datin Aminah binti Pit Abd Raman is the Chairperson of the Committee. Three (3) meetings were held during the financial year ended 31 December 2009.
investment committeeThe Investment Committee is responsible for reviewing and monitoring the progress report for Corporate and Kumpulan Wang Bersama investments and also new investment proposals. The Committee comprises two (2) Independ ent NonExecutive Directors, one (1) NonIndependent Direc tor, one (1) Executive Director of the Board and two (2) Independent persons.
Six (6) meetings were held during the finan cial year end ed 31 December 2009.
Tender committeeThe Tender Committee is responsible for the procurement for works/service/supply amounting to RM200,000/ and above. The Committee comprises two (2) Independent Non
Executive Directors and one (1) Executive Director of the Board and two (2) Members of the Management.
The Chairman of the Committee is Datuk Mohd Hashim bin Hassan. The Committee did not meet during the financial year ended 31 December 2009.
Law Review committeeThe Law Review Committee is set up to study the existing law that relates to the Company, which the Management may find if necessary to amend for the benefits of Company. The Committee comprises one (1) Executive Director of the Board and four (4) Members of the Management.
The Committee did not meet during the finan cial year ended 31 December 2009. syariah Advisory council The Committee main responsibilities are providing professional services and guidelines for the Company in all Syariah related matters including investment man agement, Syariah products and administration as well as operations of the Company. The Syariah Advisory Council comprises two (2) Independent NonExecutive Directors of the Board and three (3) Independent persons.
The Chairman of the Council is Tan Sri Dato’ Seri Haji Harussani bin Haji Zakaria. Three (3) Meetings were held during the financial year ended 31 December 2009.
Executive committeeThe Executive Committee is set up to facilitate and coordinate activities between the AmanahRaya and its subsidiaries. The Committee comprises one (1) Executive Director of the Board and three (3) Members of the Management.
The Chairman of the Committee is Dato’ Ahmad Rodzi Pawanteh. The Committee did not meet during the financial year ended 31 December 2009.
Quotation committeeThe Quotation Committee’s term of references amongst others are responsible for procurement for works/service/supply costing between RM50,000/ to below RM200,000/ but amount below RM50,000/ has to follow the latest “Surat Pekeliling Perbendaharaan”. Sale by tender of assets under administration of AmanahRaya pursuant to order of court/land office notwithstanding the amount of sale is also under its jurisdiction.
The Committee comprises one (1) Executive Director of the Board and four (4) Members of the Management. The Chairman of the Committee is Dato’ Ahmad Rodzi Pawanteh. There was no Meeting was held dur ing the financial year ended 31 December 2009.
The Board has established Board Committees as well as various Management Committees to assist the Board in the discharge of its duties. Each committee operates under approved terms of reference as set out as follows:
ANNUAL REPORT 2009 AMANAH RAYA BERHAD58
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suPPLY of iNfoRMATioN
Prior to each Board Meeting, all Directors receive an agenda and a full set of Board Papers for each agenda item to be discussed. These are issued well in advance to enable the Directors to obtain further explanations, where necessary, in order to be briefed properly before the Meeting. The Board is kept updated on the Company’s financial performance and activities.
All Directors have access to the advice and services of the Company Secretary who are responsible in advising the Board on the procedures for the Meeting and the implementation of governance procedures.
APPoiNTMENTs To THE BoARD
The Minister of Finance (Inc) nominated all appointments to the Board.
RE-ELEcTioN
No Directors are subject to retirement and reelection by rotation in the Annual General Meeting.
DiREcToRs’ REMuNERATioN
The details of the remuneration of Directors for the financial year ended 31 December 2009 are as follows:
Directors Total Group Income (2009) (RM)
Executive 1,017,159.94
NonExecutive 256,200.00
Total 1,273,359.94
fiNANciAL REPoRTiNg
The Directors ensured that the financial year end statement is prepared in accordance with the applicable approved standards as well as Companies Act 1965. The Directors also endeavor to ensure that the Audited Financial Statements present a fair assessment of the Company and its Group’s position and prospects.
iNTERNAL coNTRoL
The Directors acknowledge their responsibilities for the Company’s system of internal control and the need to review them regularly.
RELATioNsHiP wiTH THE AuDiToRs
The Directors has established formal and transparent relationship with its Auditors for maintaining an appropriate relationship with the Company’s Auditors. The Audit Committee meets with the external without the presence of management at least once a year to discuss the year end financial statements prior to the presentation to the Board of Directors for approval.
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 59
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+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
DIRECTORS’ REPORT
The Directors hereby submit their report together with the audited financial statements of the Group and of the Company for the financial year ended 31 December 2009.
PRINCIPAL ACTIVITIES
The principal activities of the Company consist of administering estates of deceased persons, acting as trustee for minors, public and unit trust schemes and the management of trust funds.
The principal activities of the subsidiaries and jointly controlled entities consist of nominees, agents or trustees, property management, project management, investment in properties and development projects, unit trust manager, investment banking, custodian and trust services and financing.
FINANCIAL RESULTS
Group Company
RM RM
Net profit for the financial year attributable to:– Equity holders of the Company 22,215,377 25,703,995– Minority interest 62,527 -
22,277,904 25,703,995
DIVIDENDS
The amount of dividends paid or declared by the Company since 1 January 2009 were as follows:
In respect of the financial year ended 31 December 2008
RM
Final dividend of RM0.40 per share less 25% taxation on 6,000,002 ordinary shares, paid on 31 December 2009 1,800,001
The Directors recommend a final dividend of 10 sen per share amounting to RM600,000 in respect of the financial year ended 31 December 2009, subject to the approval of members at the forthcoming Annual General Meeting of the Company.
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD60
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DIRECTORS’ REPORT (CONTINUED)
RESERVES AND PROVISIONS
There were no material transfers to or from reserves and provisions during the financial year other than those disclosed in the financial statements.
DIRECTORS
The Directors who have held office since the date of the last report are:
Dato’ Haji Dusuki bin AhmadDato’ Ahmad Rodzi bin PawantehDatuk Shamsuddin bin Haji TahirDatin Aminah binti Pit Abd RamanDatuk Mohd Hashim bin HassanDatuk Azailiza binti Mohd AhadDato’ Abdullah Sani bin Ab HamidDato’ Mohd Bakke bin SallehHaji Shafii bin HamatDato’ Puteh Rukiah binti Abd Majid
DIRECTORS’ BENEFITS
During and at the end of the financial year ended 31 December 2009, no arrangements subsisted to which the Company is a party, with the object or objects of enabling Directors of the Company to acquire benefits by means of acquisition of shares in, or debentures of the Company or any other body corporate.
Since the end of previous financial year, no Director has received or become entitled to receive a benefit (other than benefits disclosed as Directors’ emoluments in Note 7 to 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 he is a member, or with a company in which he has a substantial financial interest.
DIRECTORS’ INTERESTS IN SHARES
According to the register of Directors’ shareholdings, none of the Directors have direct or indirect interest in the Company and its related corporations at the end of the financial year.
SUBSEQUENT EVENTS
There were no material events subsequent to the balance sheet date that required disclosure or adjustment to the financial statements.
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 61
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+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
DIRECTORS’ REPORT (CONTINUED)
HOLDING CORPORATION
The Directors regard the Ministry of Finance (Incorporated) as the holding corporation.
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS
Before the income statements and balance sheets were made out, the Directors took reasonable steps:
(a) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance for doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate allowance had been made for doubtful debts; and
(b) to ensure that any current assets, other than debts, which were unlikely to realise in the ordinary course of business their values as shown in the accounting records of the Group and Company have been written down to an amount which they might be expected so to realise.
At the date of this report, the Directors are not aware of any circumstances:
(a) which would render the amounts written off for bad debts or the amount of the allowance for doubtful debts in the financial statements of the Group and Company inadequate to any substantial extent; or
(b) which would render the values attributed to current assets in the financial statements of the Group and Company misleading; or
(c) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and Company misleading or inappropriate.
No contingent or other liability 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 Company to meet its obligations when they fall due.
At the date of this report, there does not exist:
(a) any charge on the assets of the Group and Company which has arisen since the end of the financial year which secures the liability of any other person; or
(b) any contingent liability of the Group and Company which has arisen since the end of the financial year.
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD62
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DIRECTORS’ REPORT (CONTINUED)
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (CONTINUED)
At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or the financial statements which would render any amount stated in the financial statements misleading.
In the opinion of the Directors:
(a) the results of the operations of the Group and Company during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature; and
(b) there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely to affect substantially the results of the operations of the Group and Company for the financial year in which this report is made.
AUDITORS
The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office.
Signed on behalf of the Board of Directors in accordance with their resolution dated 9 June 2010.
DATO’ HAJI DUSUKI BIN AHMAD HAJI SHAFII BIN HAMATCHAIRMAN DIRECTOR
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 63
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+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
STATEMENT BY DIRECTORS PURSUANT TO SECTION 169(15) OF THE COMPANIES ACT, 1965
We, Dato’ Haji Dusuki bin Ahmad and Haji Shafii bin Hamat, two of the Directors of Amanah Raya Berhad, state that, in the opinion of the Directors, the financial statements set out on pages 8 to 71, are drawn up so as to give a true and fair view of the state of affairs of the Group and Company as at 31 December 2009 and of the results and cash flows of the Group and Company for the financial year ended on that date in accordance with MASB Approved Accounting Standards in Malaysia for Entities Other than Private Entities and provisions of the Companies Act, 1965.
Signed on behalf of the Board of Directors in accordance with their resolution dated 9 June 2010.
DATO’ HAJI DUSUKI BIN AHMAD HAJI SHAFII BIN HAMATCHAIRMAN DIRECTOR
Kuala Lumpur
STATEMENT DECLARATION PURSUANT TO SECTION 169(16) OF THE COMPANIES ACT, 1965
I, Dato’ Ahmad Rodzi bin Pawanteh, the Director primarily responsible for the financial management of Amanah Raya Berhad, do solemnly and sincerely declare that the financial statements set out on pages 8 to 71 are, in my opinion, 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.
DATO’ AHMAD RODZI BIN PAWANTEH
Subscribed and solemnly declared by the abovenamed Dato’ Ahmad Rodzi bin Pawanteh, at Kuala Lumpur in Malaysia on 9 June 2010, before me.
COMMISSIONER FOR OATHS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD64
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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF AMANAH RAYA BERHAD(Incorporated in Malaysia)(Company No. 344986 V)
REPORT ON THE FINANCIAL STATEMENTS
We have audited the financial statements of Amanah Raya Berhad, which comprise the balance sheets as at 31 December 2009 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 8 to 71.
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 MASB Approved Accounting Standards in Malaysia for Entities Other than Private Entities and the Companies Act, 1965. 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 entity’s 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 entity’s 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 MASB Approved Accounting Standards in Malaysia for Entities Other than Private Entities and the Companies Act, 1965 so as to give a true and fair view of the financial position of the Group and of the Company as of 31 December 2009 and of their financial performance and cash flows for the year then ended.
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 65
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+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF AMANAH RAYA BERHAD (CONTINUED)
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 financial statements and the auditors’ reports of all the subsidiaries of which we have not acted as auditors, which are indicated in note 14 to the financial statements.
(c) We are satisfied that the financial statements of the subsidiaries that have been consolidated with the Company’s 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 financial statements 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.
PRICEWATERHOUSECOOPERS MOHAMMAD FAIZ BIN MOHAMMAD AZMI(No. AF: 1146) (No. 2025/03/12 (J))Chartered Accountants Chartered AccountantKuala Lumpur9 June 2010
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD66
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The accompanying notes form an integral part of the financial statements.
INCOME STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009
Group Company
Note 2009 2008 2009 2008
RM RM RM RM
Revenue 4 306,258,046 224,927,122 92,247,241 117,808,731
Other operating income 18,574,909 42,670,762 39,157,003 39,651,845
Operating expenses (176,854,222) (96,721,234) (54,623,171) (51,560,268)
Personnel costs 5 (43,973,163) (41,138,829) (27,714,518) (23,318,345)
Administrative expenses (3,815,644) (3,641,993) (3,355,674) (3,064,580)
Share of loss in joint ventures 14 (116,305) (718,654) - -
Other operating expenses (11,461,324) (10,421,673) (14,396,573) (7,058,334)
Financial expenses (63,535,658) (41,260,567) (8,708,070) (8,531,531)
Profit from ordinary activities
before zakat and tax 6 25,076,639 73,694,934 22,606,238 63,927,518
Zakat (1,053,097) (1,361,410) (943,212) (1,213,187)
Profit from ordinary activities
before tax 24,023,542 72,333,524 21,663,026 62,714,331
Taxation 8 (1,745,638) (16,297,293) 4,040,969 (7,567,016)
Net profit for the financial year 22,277,904 56,036,231 25,703,995 55,147,315
Share of results attributable to:
Equity holders of the Company 22,215,377 55,214,578 25,703,995 55,147,315
Minority interest 62,527 821,653 - -
22,277,904 56,036,231 25,703,995 55,147,315
Earnings per share attributable
to equity holders of
the Company (RM) 9 3.70 9.20
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 67
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+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
BALANCE SHEETS AS AT 31 DECEMBER 2009
Group Company
Note 2009 2008 2009 2008
RM RM RM RM
NON CURRENT ASSETS
Property and equipment 10 16,169,842 17,472,207 12,279,224 13,455,721
Prepaid lease payment 11 649,839 659,836 - -
Intangible assets 12 47,729 344,122 - -
Investment in subsidiaries 13 - - 47,837,589 47,518,216
Investment in joint venture 14 21,342,939 4,516,535 - -
Long-term investments 15 3,546,500 3,546,500 126,000 126,000
Financing receivables 17 174,621,943 69,763,305 - -
Goodwill on consolidation 12 32,200,586 2,713,537 - -
Deferred tax assets 18 1,492,589 1,564,467 - -
Receivables 19 253,420 334,474 - -
Land held for property development 16 55,032,576 43,300,000 - -
305,357,963 144,214,983 60,242,813 61,099,937
CURRENT ASSETS
Investments 20 247,455,351 346,886,438 2,369,958 419,694
Receivables 19 961,067,579 1,020,250,821 355,278,071 321,138,048
Property development costs 22 57,363,746 - - -
Tax recoverable 27,294,338 14,606,615 13,889,812 7,679,091
Deposits, cash and bank balances 21 193,238,113 75,361,900 8,889,261 8,568,816
1,486,419,127 1,457,105,774 380,427,102 337,805,649
LESS: CURRENT LIABILITIES
Other payables and accruals 23 58,678,854 31,300,200 26,565,972 17,612,309
Post-employment benefit obligations 24 32,140 32,140 32,140 32,140
Provision for tax 733,266 1,680,634 - -
Borrowings 25 1,125,733,149 1,051,272,177 9,000,000 -
1,185,177,409 1,084,285,151 35,598,112 17,644,449
NET CURRENT ASSETS 301,241,718 372,820,623 344,828,990 320,161,200
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD68
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The accompanying notes form an integral part of the financial statements.
BALANCE SHEETS AS AT 31 DECEMBER 2009 (CONTINUED)
Group Company
Note 2009 2008 2009 2008
RM RM RM RM
LESS: NON CURRENT LIABILITIES
Borrowings 25 320,000,000 250,000,000 150,000,000 150,000,000
Deferred tax liabilities 18 466,905 560,234 381,698 475,026
320,466,905 250,560,234 150,381,698 150,475,026
286,132,776 266,475,372 254,690,105 230,786,111
CAPITAL AND RESERVE
Share capital 26 6,000,002 6,000,002 6,000,002 6,000,002
Reserves 27 280,132,774 259,541,341 248,690,103 224,786,109
286,132,776 265,541,343 254,690,105 230,786,111
Minority interest - 934,029 - -
Total shareholders’ fund 286,132,776 266,475,372 254,690,105 230,786,111
NET TANGIBLE ASSETS
PER SHARE (RM) 42.31 43.90
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 69
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009
Attributable to equity holders of the company
Exchange Share fluctuation Retained Minority capital reserve earnings Total interest Total RM RM RM RM RM
At 1 January 2009 6,000,002 2,527,613 257,013,728 265,541,343 934,029 266,475,372
Net profit for the year - - 22,215,377 22,215,377 62,527 22,277,904
Transactions with minority interest - - - - (996,556) (996,556)
Dividends - - (1,800,001) (1,800,001) - (1,800,001)
Currency translation reserve - 176,057 - 176,057 - 176,057
At 31 December 2009 6,000,002 2,703,670 277,429,104 286,132,776 - 286,132,776
At 1 January 2008 6,000,002 113,668 206,239,152 212,352,822 1,430,875 213,783,697
Net profit for the year - - 55,214,578 55,214,578 821,653 56,036,231
Transactions with minority interest - - - - (1,318,499) (1,318,499)
Dividends - - (4,440,002) (4,440,002) - (4,440,002)
Currency translation reserve - 2,413,945 - 2,413,945 - 2,413,945
At 31 December 2008 6,000,002 2,527,613 257,013,728 265,541,343 934,029 266,475,372
The accompanying notes form an integral part of the financial statements.
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD70
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The accompanying notes form an integral part of the financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITYFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009
Issued and fully paid ordinary shares of RM1 each
Share Retained capital earnings Total RM RM RM
At 1 January 2009 6,000,002 224,786,109 230,786,111
Net profit for the financial year - 25,703,995 25,703,995
Dividends paid during the financial year - (1,800,001) (1,800,001)
At 31 December 2009 6,000,002 248,690,103 254,690,105
At 1 January 2008 6,000,002 174,078,796 180,078,798
Net profit for the financial year - 55,147,315 55,147,315
Dividends paid during the financial year - (4,440,002) (4,440,002)
At 31 December 2008 6,000,002 224,786,109 230,786,111
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 71
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
CASH FLOW STATEMENTSFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009
Group Company
Note 2009 2008 2009 2008
RM RM RM RM
CASH FLOWS FROM OPERATING ACTIVITIES
Profit from ordinary activities
before zakat and tax 25,076,639 73,694,934 22,606,238 63,927,518
Adjustments for:
Depreciation on property, plant and
equipment 4,692,944 3,783,015 4,023,696 3,191,740
Property and equipment written off 75,039 93,063 17,530 88,676
Gain on disposal of property and equipment - (241,541) - -
Amortisation of intangible assets 296,393 344,218 - -
Amortisation of prepaid lease payment 9,997 9,997 - -
Net accretion of discount - (113,021) - (113,021)
Interest income (55,451,465) (46,208,469) (16,207,380) (15,521,585)
Allowance of impairment loss on
subsidiaries - - 10,980,629 2,659,961
Dividend income (223,997) (985,662) (14,593,889) (9,972,608)
Allowance for diminution in
value of investments 3,838,597 108,004 (1,947,432) 108,002
Allowance for doubtful debts 6,807,907 12,026,502 - -
Gain from disposal of investments 4,646,108 (581,597) (289) (35,159)
Interest expense on long term borrowings 54,827,587 41,090,004 8,704,422 8,537,804
Hire purchase interest expense - 3,904 - -
Operating profit before working capital
changes 44,595,749 83,030,365 13,583,525 52,871,328
Decrease/(increase) in receivables 60,247,338 (210,162,434) (24,468,736) (10,739,637)
Increase/(decrease) in payables 28,958,900 68,316,180 17,953,663 (41,632,227)
Increase in borrowings (current) 144,460,972 252,295,441 - -
Increase in financing receivables (111,666,545) (413,388,601) - -
Increase in property development cost (57,363,746) - - -
Cash generated from/(used in) operations 109,232,668 (219,909,049) 7,068,452 499,464
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD72
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
CASH FLOW STATEMENTFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009 (CONTINUED)
Group Company
Note 2009 2008 2009 2008
RM RM RM RM
Hire purchase interest paid - (3,903) - -
Zakat paid (1,166,766) (1,361,409) (943,212) (1,213,187)
Tax paid (15,437,854) (15,752,632) (1,517,229) 32,739
Net cash generated from/(used in)
operating activities 92,628,048 (237,026,993) 4,608,011 (680,984)
CASH FLOWS FROM
INVESTING ACTIVITIES
Additional investment in subsidiary - - (11,300,002) (19,372,006)
Net purchases of investments 62,387,401 2,696,300 - -
Purchase of land held for property
development - (5,800,000) - -
Purchase of property, plant and
equipment (5,467,411) (8,998,911) (4,779,617) (7,884,956)
Purchase of intangible assets (29,487,049) (14,749) - -
Proceeds from disposal of
property and equipment 84,805 518,737 - -
Reclasification of property, plant and
equipment 1,916,988 713,723 1,914,888 713,723
Interest received 55,451,465 46,208,468 20,381,588 19,695,793
Dividends received 223,997 985,662 - -
Net cash generated from/(used in)
investing activities 85,110,196 36,309,230 6,216,857 (6,847,446)
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 73
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
CASH FLOW STATEMENTFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009 (CONTINUED)
Group Company
Note 2009 2008 2009 2008
RM RM RM RM
CASH FLOWS FROM
FINANCING ACTIVITIES
Repayment of hire purchase creditors - (125,878) - -
Interest paid (54,827,587) (41,090,004) (8,704,422) 8,537,804
Dividends paid (2,796,557) (6,208,800) (1,800,001) (4,440,002)
Net cash (used in)/generated from
financing activities (57,624,144) (47,424,682) (10,504,423) 4,097,802
NET INCREASE/(DECREASE)
IN CASH AND CASH EQUIVALENTS 120,114,100 (248,142,445) 320,445 (3,430,628)
CASH AND CASH EQUIVALENTS
AT BEGINNING OF THE
FINANCIAL YEAR 75,361,900 321,204,072 8,568,816 11,999,444
CURRENCY TRANSLATION
DIFFERENCES (2,237,887) 2,300,273 - -
CASH AND CASH EQUIVALENTS
AT END OF THE FINANCIAL
YEAR 21 193,238,113 75,361,900 8,889,261 8,568,816
The accompanying notes form an integral part of the financial statements.
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD74
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009
1 GENERAL INFORMATION The principal activities of the Company consist of administering estates of deceased persons, acting as trustee for
minors, public and unit trust schemes, and the management of trust funds.
The principal activities of the subsidiaries and jointly controlled entities consist of nominees, agents or trustees, property management, project management, investment in properties and development projects, unit trust manager, investment banking, custodian and trust services and financing.
The Company is a public company limited by shares, incorporated and domiciled in Malaysia, and not listed on Bursa Malaysia Berhad.
The address of the registered office of the Company is Tingkat 11, Wisma AmanahRaya, No. 2, Jalan Ampang, 50508 Kuala Lumpur.
2 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s activities expose it to a variety of financial risks, including interest rate risk, market risk, liquidity and cash flow risk. The Group’s overall financial risk management objective is to ensure that the Group creates value for its shareholders. Financial risk management is carried out through risk reviews, internal control systems and adherence to Group’s financial risk management policies. The Board regularly reviews these risks and approves the treasury policies, which covers the management of these risks.
Interest rate risk Interest rate risk refers to risk that the value of a financial instrument will fluctuate due to changes in market interest
rates. The Group is exposed to a substantial amount of interest rate risk, the financial assets and liabilities of the Group are interest sensitive, except for the fixed income investments and deposits which are placed with licensed banks at market interest rates and the investments which rates have been pre-determined.
Market risk Market risk is defined as risk that the value of a financial instrument will fluctuate as a result of changes in market
prices, whether those changes are caused by factors specific to the individual security of its issuer or factors affecting all securities traded in the market. Market risk exposure arises from investments in quoted shares as the value of the investments will fluctuate as a result of changes in equity market prices.
Liquidity and cash flow risk Liquidity and cash flow risk relates to risk that an enterprise will encounter difficulty in raising funds to meet commitments
associated with financial instruments. Prudent liquidity risk management implies maintaining marketable securities and sufficient cash for operation and ability to close our market positions. The Group aims at mitigating liquidity risk by adopting a prudent policy in accepting funds and maintaining flexibility in funding by keeping the cash in the short term money market and marketable securities.
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 75
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
2 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
Credit risk Credit and counterparty risk is defined as the possibility of losses due to an unexpected default or due to a deteriora-
tion of the counterparty’s credit-worthiness. The Group manages its credit risks by:
– placing its deposits with major financial institutions in Malaysia with good financial standing – requiring guarantors for staff loans – assessing each application including ensuring that loans issued are adequately secured and adhering to the
lending guidelines – receivables are monitored on an on-going basis via management reporting procedures – ensuring each development project is contracted for an imputing controlling features such as security on landed
properties, obtaining guarantee from counterparties, and having board representatives.
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies have been used consistently in dealing with items that are considered material in
relation to the financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated.
(a) Basis of preparation The financial statements of the Group and the Company have been prepared in accordance with the MASB
Approved Accounting Standards in Malaysia for Entities Other than Private Entities and the provisions of the Companies Act, 1965.
The financial statements have been prepared under the historical cost convention.
The preparation of financial statements in conformity with MASB Approved Accounting Standards in Malaysia for Entities Other than Private Entities requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. It also requires Directors to exercise their judgment in the process of applying the Company’s accounting policies. Although these estimates and judgment are based on the Directors’ best knowledge of current events and actions, actual results may differ.
Trust assets held in the name of the Company and its predecessor organisation are not included in these financial statements. The activities and assets of the various unit trusts and other funds for which the Company acts as trustee are not included in these financial statements as they are separate entities.
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD76
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3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(a) Basis of preparation (continued)
(i) Standards, amendments to published standards and interpretations to existing standards that are applicable to the Group and are effective
There are no new accounting standards, amendments to published standards and interpretations to existing standards effective for the Group’s and the Company’s financial period ended 31 December 2009 and applicable to the Group.
(ii) Standards, amendments to published standards and interpretations that are applicable to the Group but not yet effective
• TherevisedFRS101“Presentationoffinancialstatements”(effectivefrom1January2010)prohibitsthe presentation of items of income and expenses (that is, ‘non-owner changes in equity’) in the statement of changes in equity. ‘Non-owner changes in equity’ are to be presented separately from owner changes in equity. All non-owner changes in equity will be required to be shown in a performance statement, but entities can choose whether to present one performance statement (the statement of comprehensive income) or two statements (the income statement and statement of comprehensive income). Where entities restate or reclassify comparative information, they will be required to present a restated balance sheet as at the beginning comparative period in addition to the current requirement to present balance sheets at the end of the current period and comparative period.
• TherevisedFRS127“Consolidatedandseparatefinancialstatements”(effectiveprospectivelyfrom1 July 2010) requires the effects of all transactions with non-controlling interests to be recorded in equity if there is no change in control and these transactions will no longer result in goodwill or gains and losses. The standard also specifies the accounting when control is lost. Any remaining interest in the entity is re-measured to fair value, and a gain or loss is recognised in profit or loss.
• FRS 139 “Financial Instruments: Recognition andMeasurement” (effective from 1 January 2010)establishes principles for recognising and measuring financial assets, financial liabilities and some contracts to buy and sell non-financial items. Hedge accounting is permitted under strict circumstances. The amendments to FRS 139 provide further guidance on eligible hedged items. The amendment provides guidance for two situations. On the designation of a one-sided risk in a hedged item, the amendment concludes that a purchased option designated in its entirety as the hedging instrument of a one-sided risk will not be perfectly effective. The designation of inflation as a hedged risk or portion is not permitted unless in particular situations. The improvement to FRS 139 clarifies that the scope exemption in FRS 139 only applies to forward contracts but not options for business combinations that are firmly committed to being completed within a reasonable timeframe.
• IC Interpretation 9 “Reassessment of Embedded Derivatives” (effective from 1 January 2010)requires an entity to assess whether an embedded derivative is required to be separated from the host contract and accounted for as a derivative when the entity first becomes a party to the contract. Subsequent reassessment is prohibited unless there is a change in the terms of the contract that significantly modifies the cash flows that otherwise would be required under the contract, in which case reassessment is required.
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 77
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+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(a) Basis of preparation (continued)
(ii) Standards, amendments to published standards and interpretations that are applicable to the Group but not yet effective (continued)
• FRS 7 “Financial instruments: Disclosures” (effective from 1 January 2010) provides informationto users of financial statements about an entity’s exposure to risks and how the entity manages those risks. The improvement FRS 7 clarifies that entities must not present total interest income and expense as a net amount within finance costs on the face of the income statement.
• TheGrouphasappliedthetransitionalprovisionintherespectivestandardswhichexemptsentitiesfrom disclosing the possible impact arising from the initial application of the following standards and interpretations on the financial statements of the Group and Company.
– FRS 139, Amendments to FRS 139 on eligible hedged items, Improvement to FRS 139 and IC Interpretation 9
– FRS 7 and Improvement to FRS 7
• The amendment to FRS 1 “First-time adoption of financial reporting standards” and FRS 127“Consolidated and separate financial statements: Cost of an investment in a subsidiary, jointlycontrolled entity or associate” (effective from 1 January 2010) allows first-time adopters to usea deemed cost of either fair value or the carrying amount under previous accounting practice to measure the initial cost of investments in subsidiaries, jointly controlled entities and associates in the separate financial statements. The amendment also removes the definition of the cost method from FRS 127 and requires investors to present dividends as income in the separate financial statements.
• TheamendmentstoFRS132“Financialinstruments:Presentation”andFRS101(revised)“Presenta-tionoffinancialstatements”-“Puttablefinancialinstrumentsandobligationsarisingonliquidation”(effective from 1 January 2010) require entities to classify puttable financial instruments and instruments that impose on the entity an obligation to deliver to another party a prorata share of the net assets of the entity only on liquidation as equity, if they have particular features and meet specific conditions.
ThefollowingamendmentsarepartoftheMalaysianAccountingStandardsBoard’s(“MASB”)improvementsproject:
• FRS5“Non-currentassetsheldforsaleanddiscontinuedoperations”clarifiesthatFRS5disclosuresapply to non-current assets or disposal groups that are classified as held for sale and discontinued operations.
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD78
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NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(a) Basis of preparation (continued)
(ii) Standards, amendments to published standards and interpretations that are applicable to the Group but not yet effective (continued)
• FRS107“Statementofcashflows”clarifiesthatonlyexpenditureresultinginarecognisedassetcanbe categorised as a cash flow from investing activities.
• FRS110“Eventsafterthebalancesheetdate”reinforcesexistingguidancethatadividenddeclaredafter the reporting date is not a liability of an entity at that date given that there is no obligation at that time.
• FRS116“Property,plantandequipments”(consequentialamendmenttoFRS107“Statementofcashflows”)requiresentitieswhoseordinaryactivitiescompriseofrentingandsubsequentlysellingassetsto present proceeds from the sale of those assets as revenue and should transfer the carrying amount of the asset to inventories when the asset becomes held for sale. A consequential amendment to FRS 107 states that cash flows arising from purchase, rental and sale of those assets are classified as cash flows from operating activities.
• FRS117“Leases”clarifiesthatthedefaultclassificationofthelandelementinalandandbuildinglease is no longer an operating lease. As a result, leases of land should be classified as either finance or operating, using the general principles of FRS 117.
• FRS 118 “Revenue” providesmore guidancewhen determiningwhether an entity is acting as a‘principal’ or as an ‘agent’.
• FRS 127 “Consolidated & separate financial statements” clarifies that where an investment in asubsidiary that is accounted for under FRS 139 is classified as held for sale under FRS 5, FRS 139 would continue to be applied.
• FRS136“Impairmentofassets”clarifiesthatthelargestcash-generatingunit(orgroupofunits)towhich goodwill should be allocated for the purposes of impairment testing is an operating segment before the aggregation of segments with similar economic characteristics. The improvement also clarifies that where fair value less costs to sell is calculated on the basis of discounted cash flows, disclosures equivalent to those for value in use should be made.
The Group will apply these standards from financial periods beginning when effective. The adoption of these standards and amendments will not have significant impact on the results of the Group and the Company except for FRS 139.
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 79
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(b) Subsidiaries
Subsidiaries are those corporations, partnerships or other entities (including special purpose entities) in which the Group has the power to exercise control over the financial and operating policies so as to obtain benefits from their activities, generally accompanying a shareholding of more than half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity.
Investments in subsidiaries are stated at cost less accumulated impairment losses. Where there is an indication of impairment, the carrying amount of the investment is assessed. A write down is made if the carrying amount exceeds its recoverable amount.
The consolidated financial statements include the financial statements of the Company and all its subsidiaries made up to the end of the financial year.
Subsidiaries are consolidated using the purchase method of accounting.
Under the purchase method of accounting, the results of subsidiaries acquired or disposed of during the year are included from the date of acquisition up to the date of disposal. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net assets acquired at the date of acquisition is reflected as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement.
Minority interest represents that portion of the profit or loss and net assets of a subsidiary attributable to equity interests that are not owned, directly or indirectly through subsidiaries, by the parent. It is measured at the minorities’ share of the fair value of the subsidiaries’ identifiable assets and liabilities at the acquisition date and the minorities’ share of changes in the subsidiaries’ equity since that date.
All material transactions, balances and unrealised gains between group companies are eliminated and the consolidated financial statements reflect external transactions only. Where necessary, accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the Group.
The gain or loss on disposal of a subsidiary is the difference between net disposal proceeds and the Group’s share of its net assets as of the date of disposal including the cumulative amount of any exchange differences that relate to the subsidiary is recognised in the consolidated income statement.
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD80
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NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(c) Joint venture
(i) Jointly controlled entities
Jointly controlled entities are corporations, partnerships or other entities over which there is contractually agreed sharing of control by the Group with one or more parties where the strategic financial and operating decisions relating to the entities require unanimous consent of the parties sharing control. Investments in jointly controlled entities are accounted for in the consolidated financial statements using the equity method of accounting and stated at cost less accumulated impairment losses. Where there is an indication of impairment, the carrying amount of the investment is assessed. A write down is made if the carrying amount exceeds its recoverable amount.
Equity accounting involves recognising the Group’s share of the post acquisition results of jointly controlled entities in the income statement and its share of post acquisition movements within reserves. The cumulative post acquisition movements are adjusted against the cost of the investment and includes goodwill on acquisition, net of any accumulated amortisation.
The Group recognises the portion of gains or losses on the sale of assets by the Group to the joint venture that is attributable to the other venturers. The Group does not recognise its share of profits or losses from the joint venture that result from the purchase of assets by the Group from the joint venture until it resells the assets to an independent party. However, if a loss on the transaction provides evidence of a reduction in the net realisable value of current assets or an impairment loss, the loss is recognised immediately.
Where necessary, in applying the equity method, adjustments have been made to the financial state ments of jointly controlled entities to ensure consistency of accounting policies with those of the Group.
(ii) Jointly controlled operations
Investment in a jointly controlled operation involves contractual agreement with one or more parties to use the assets and other resources of the venturers rather than the establishment of an entity that are jointly controlled by the venturers.
The Company’s assets, liabilities, income and expenses in relation to its interests in the jointly controlled operations are recognised in its own financial statements.
(d Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 81
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(d) Property and equipment (continued)
The property and equipment are depreciated on a straight line basis to write down the cost of the assets to their residual values over their estimated useful lives, summarised as follows:
Building 50 years Computer equipment 3 years Motor vehicles 5 years Office equipment, furniture and fittings 5 to 10 years Renovations 3 years or over the lease period whichever is shorter
Residual values and useful lives of assets are reviewed, and adjusted if appropriate, at each balance date.
Depreciation on assets under construction commences when the assets are ready for their intended use.
The carrying amounts of property and equipment are reviewed at each balance sheet date to determine whether there is any indication of impairment. An impairment loss is recognised in the income statements whenever the carrying amount of an item of property and equipment exceeds its recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in profit/(loss) from operations.
Repairs and maintenance are charged to the income statement during the period in which they are incurred. The cost of major renovations is included in the carrying amount of the asset when it is probable that future economic benefits in excess of the originally assessed standard of performance of the existing asset will flow to the Group.
(e) Other investments Investment in golf club membership is shown at cost and an allowance for diminution in value is made where,
in the opinion of the Directors, there is a decline other than temporary in the value of such investment. Where there has been a decline other than temporary in the value of an investment, such a decline is recognised as an expense in the financial period in which the decline is identified.
(f) Investments
The investments are carried at lower of cost less any permanent diminution in value.
The carrying value of fixed income securities are valued at cost adjusted for amortisation of premium or accretion of discount over their par values at the time of acquisition on an effective yield method. The premium or discount is amortised or accreted over the remaining term of the securities from the date of acquisition.
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD82
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NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(g) Construction contracts
A construction contract is a contract specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and functions or their ultimate purpose or use.
When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are recognised by using the stage of completion method. The stage of completion is measured by reference to the proportion that contract cost incurred for work performed to date bear to the estimated total costs for the contract.
When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised only to the extent of contract costs incurred that is probable will be recoverable; contract costs are recognised when incurred.
Irrespective whether the outcome of a construction contract can be estimated reliably, when it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
The aggregate of the costs incurred and the profit/loss recognised on each contract is compared against the progress billings up to the period end. Where cost incurred and recognised profits (less recognised losses) exceed progress billings, the balance is shown as amounts due from customers on construction contracts under receivables, deposits and prepayments (within current assets). Where progress billings exceed costs incurred plus recognised profits (less recognised losses), the balance is shown as amounts due to customers on construction contracts under payables (within current liabilities).
(h) Land held for property development
Land held for property development consist of land on which no significant development work has been undertaken or where development activities are not expected to be completed within the normal operating cycle. Such land is classified as non-current assets and is stated at cost less accumulated impairment losses.
Cost includes costs of land and other development costs and related overheads.
Land held for property development is transferred to property development costs (within current assets) when development work is to be undertaken and is expected to be completed within the normal operating cycle.
(i) Property development costs
Property development costs comprise costs associated with the acquisition of land and all costs that are directly attributable to development activities or that can be allocated on a reasonable basis to such activities.
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 83
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+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(i) Property development costs (continued)
When the financial outcome of a development activity can be estimated reliably, property development revenue and expenses are recognised in the income statement by reference to the stage of completion of development activity at the balance sheet date.
When the financial outcome of a development activity cannot be reliably estimated, the property development revenue shall be recognised only to the extent of property development costs incurred that is probable to be recoverable and property development costs on the development units sold are recognised as an expense in the period in which they are incurred.
Where it is probable that property development costs will exceed property development revenue, any expected loss is recognised as an expense immediately, including costs to be incurred over the defects liability period.
Property development costs that are not recognised as expenses are recognised as assets and carried at the lower of cost and net realisable value.
(j) Progress Billings/Accrued Billings
In respect of progress billings:
(i) where revenue recognised in the income statement exceeds the billings to purchasers, the balance is shown as accrued billings under current assets; and
(ii) where billings to purchasers exceed the revenue recognised to the income statement, the balance is shown as progress billings under current liabilities.
(k) Receivables
Receivables are carried at anticipated realisable values. Known bad debts are written off in the period in which they are identified and specific allowance is made for any considered to be doubtful of collection. An estimate is made for doubtful debts based on a review of all outstanding amounts at the financial year end.
(l) Income taxes
Current tax
Current tax expense is determined according to the tax laws of each jurisdiction in which the Group operates and includes all taxes based upon the taxable profits.
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD84
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NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(l) Income taxes (continued)
Deferred tax
Deferred tax is recognised in full, using the liability method, on temporary differences arising between the amounts attributed to assets and liabilities for tax purposes and their carrying amounts in the financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences or unused tax losses can be utilised.
Deferred income tax is recognised on temporary differences arising on investment in subsidiaries except where the timing of the reversal of the temporary difference can be controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred income tax is determined using tax rates (and tax laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
(m) Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise cash in hand and bank balances, demand deposits, bank overdraft and short term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
(n) Hire purchase payables
Assets purchased under hire purchase agreements are capitalised as property and equipment and depreciated in accordance with the policy set out in Note 3(d) above. The corresponding obligations due under the hire purchase agreements after deducting finance charges are included as hire purchase payables while finance charges are charged to the income statement on a straight line basis over the term of the respective hire purchase agreements.
(o) Impairment of assets
Property and equipment and other non-current assets (except for amounts due from subsidiaries, associates and deferred tax assets) are reviewed for impairment losses whenever events or changes in circumstances (for depreciable non-current assets) indicate that the carrying amount may not be recoverable. Impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount. The recoverable amount is the higher of an asset’s net selling price and value in use.
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 85
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+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(o) Impairment of assets (continued)
For the purposes of assessing impairment, the recoverable amount is determined on an identified asset basis or onthecashgeneratingunit(“CGU”)towhichtheassetbelongsto.Anasset’srecoverableamountisthehigherof an asset’s or CGU’s fair value less cost to sell or its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax weighted average cost of capital. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
The impairment loss is charged to the income statement unless it reverses a previous revaluation in which case it is charged to the revaluation surplus. Any subsequent increase in recoverable amount is recognised in the income statement unless it reverses an impairment loss on a revalued asset in which case it is taken to revaluation surplus.
Impairment loss on goodwill is not reversed in a subsequent period. An impairment loss for an asset other than goodwill is reversed if, and only if, there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. The carrying amount of an asset other than goodwill is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is recognised in profit or loss, unless the asset is carried at revalued amount, in which case, such reversal is treated as a revaluation increase.
(p) Intangible assets
(i) Goodwill
Goodwill arises on business combinations when the cost of acquisition exceeds the fair value of the Company’s share of the identifiable assets, liabilities and contingent liabilities acquired. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units (‘CGU’) for the purpose of impairment testing. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment testing is performed annually and it is done by comparing the present value of the CGU’s projected cash flows against the carrying amount of its net assets which include the allocated goodwill. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the synergies of the business combination in which the goodwill arose. The Group and the Company allocates goodwill to each business unit (Note 12).
(ii) Other intangible assets
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific software.
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD86
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NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(p) Intangible assets (continued)
(ii) Other intangible assetsl (continued)
Intangible assets that have an indefinite useful life, or are not yet ready for use, are tested for impairment annually. This impairment test may be performed at any time during the year, provided it is performed at the same time every year. An intangible asset recognised during the current period is tested before the end of the current year.
(q) Financial instruments
(i) Description
A financial instrument is any contract that gives rise to both a financial asset of one enterprise and a financial liability or equity instrument of another enterprise.
A financial asset is any asset that is cash, a contractual right to receive cash or another financial asset from another enterprise, a contractual right to exchange financial instruments with another enterprise under conditions that are potentially favourable, or an equity instrument of another enterprise.
A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to another enterprise, or the exchange of financial instruments with another enterprise under conditions that are potentially unfavourable.
(ii) Financial instruments recognised on the balance sheet
The particular recognition adopted for financial instruments recognised on the balance sheet is disclosed in the individual policy statements associated with each item.
(iii) Fair value estimation for disclosure purposes
The fair values, less any estimated credit adjustments for financial assets and liabilities with a maturity of more than one year are estimated using a variety of methods and assumptions that are based on market conditions existing at each balance sheet date. Other techniques, such as estimated discounted value of future cash flows, are used where possible, to determine the fair value for the remaining financial instruments. In particular, the fair value of financial liabilities is estimated by discounting the future cash flows at the current market interest rate available to the Group for similar financial instruments.
The face values of financial assets (less any estimated credit adjustments) and financial liabilities with a maturity period of less than one year are assumed to approximate their fair values.
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 87
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+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(r) Employee benefits
(i) Short term employee benefits
Wages, salaries, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the financial year in which the associated services are rendered by employees of the Group.
(ii) Defined contribution plans
The Group’s contributions to defined contribution plans are charged to the income statement in the period to which they relate. Once the contributions have been paid, the Group has no further payment obligations.
(iii) Defined benefit plans
The liability in respect of a defined benefit plan is the present value of the defined benefit obligation at the balance sheet date minus the fair value of plan assets, together with adjustments for actuarial gains/losses and past service cost. The Group determines the present value of the defined benefit obligation and the fair value of any plan assets with sufficient regularity such that the amounts recognised in the financial statements do not differ materially from the amounts that would be determined at the balance sheet date.
The defined benefit obligation, calculated using the projected unit credit method, is determined by independent actuaries, considering the estimated future cash outflows using market yields at balance sheet date of government securities which have currency and terms to maturity approximating the terms of the related liability.
(s) Foreign currency
(i) Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency oftheprimaryeconomicenvironmentinwhichtheentityoperates(the“functionalcurrency”).Thefinancialstatements are presented in Ringgit Malaysia, which is the Group’s functional and presentation currency.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD88
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(s) Foreign currency (continued)
(iii) Group companies
The results and financial position of all the group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
• assetsandliabilitiesforeachbalancesheetpresentedaretranslatedattheclosingrateatthedateofthat balance sheet;
• incomeandexpensesforeachincomestatementaretranslatedataverageexchangerates(unlessthis average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and
• allresultingexchangedifferencesarerecognisedasaseparatecomponentofequity.
(t) Leases
Leasehold land
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 as prepaid lease payments that are amortised over the lease term in accordance with the pattern of benefits provided.
The Group had previously classified a lease of land as finance lease and had recognised the amount of prepaid lease payments as leasehold land within its property and equipment. In accordance with the transition provisions of FRS 117 – ‘Leases’, the Group has now treated such a lease as an operating lease, with the unamortised carrying amount classified as prepaid lease payments and the effect of this change is applied retrospectively.
(u) Revenue recognition
Revenue is recognised upon performance of services and net of service taxes, and after eliminating sales within the Group.
Interest/ financing income
Interest income and financing income are recognised on an accrual basis using the effective interest rate. The effective interest rate is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial assets and liabilities.
Customers’ accounts are generally classified as non-performing where repayments are in arrears for six (6) months or more from the first day of default for loans and financing.
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 89
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2009 (CONTINUED)
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(u) Revenue recognition (continued)
Interest/ financing income (continued)
Interest accrued and recognised as income prior to the date the loans and financing are classified as non-performing shall be reversed out of income by debiting the interest income in the income statement and crediting the accrued interest receivable account in the balance sheet. Thereafter, interest earned on non-performing loans and financing shall be recognised as income on a cash basis.
Loan arrangement fees are recognised as income when all conditions precedent are fulfilled.
Other income
Management fees are recognised based on a receivable basis.
Income from rental is recognised on an accrual basis.
Revenue relating to sale of completed properties held for resale is recognised net of discounts when transfer of risks and rewards have been completed.
Interest income from fixed income securities are recognised on an accrual basis.
Investment securities are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method. Gains or losses arising from the derecognition or impairment of the securities are recognised in the income statement.
Investment securities are derecognised when the rights to receive cash flows from the securities have expired or where the Group has transferred substantially all risks and rewards of ownership.
Dividends from quoted investments are recognised on the ex-dividend date.
Realised gain and loss on sale of quoted investments is arrived at after accounting for cost of investments, determined on the weighted average cost method.
Realised gain and loss on sale of fixed income securities is measured by the difference between the net disposal proceeds and the carrying amounts of the investments.
(v) Dividends
Dividends on ordinary shares are recognised as liabilities when proposed or declared before the balance sheet date. A dividend proposed or declared after the balance sheet date, but before the financial statements are authorised for issue, is not recognised as a liability at the balance sheet date.
(x) Zakat
This represents business zakat payable by the Group and Company to comply with the principles of Syariah. The Group and Company only pays zakat on its business and does not pay zakat on behalf of depositors or shareholders. Zakat provision is calculated based on 2.5% of the net assets method.
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD90
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2009 (CONTINUED)
4 REVENUE
Group Company
2009 2008 2009 2008
RM RM RM RM
Revenue from:
– trust operation 25,952,270 22,263,459 25,935,737 22,261,021
– unit trust operation 19,831,412 17,999,055 - -
– estate administration operation 13,246,588 13,100,179 12,857,284 12,351,035
– will and legal operation 15,810,377 15,308,965 16,144,954 15,308,965
Management fee 41,750,095 73,551,022 37,309,266 67,887,710
Financing income 65,862,558 56,601,031 - -
Custodian fee 3,018,416 3,037,518 - -
Building management fee 4,748,818 4,343,987 - -
Construction contract 113,190,787 14,587,616 - -
Fee income 2,846,725 4,134,290 - -
306,258,046 224,927,122 92,247,241 117,808,731
PERSONNEL COSTS
Group Company
2009 2008 2009 2008
RM RM RM RM
Salaries, wages and bonuses 35,116,310 32,863,818 21,978,393 18,593,124
Pension costs - defined contribution plan 4,529,444 4,363,700 2,821,890 2,427,747
Other staff related costs 4,327,409 3,911,311 2,914,235 2,297,474
43,973,163 41,138,829 27,714,518 23,318,345
5
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 91
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX
Profit from ordinary activities before tax is arrived at after charging/(crediting):
Group Company
2009 2008 2009 2008
RM RM RM RM
Directors’ remuneration (Note 7) 1,636,360 1,691,103 1,345,460 1,323,953
Auditors’ remuneration:
– statutory audit 308,400 275,420 85,000 85,000
Depreciation 4,692,944 3,783,015 4,023,696 3,191,739
Amortisation of intangible asset 296,393 344,218 - -
Property and equipment written off 75,039 93,063 17,530 88,676
Gain on disposal of property, plant
and equipment - (234,527) - -
(Gain)/loss on foreign exchange (94,848) 249,057 3,648 (6,274)
Loss/(gain) from sale of investments 4,646,108 (581,597) (289) (35,159)
Allowance for diminution in value
of investments 2,244,439 108,002 (64,531) 108,002
Allowance on doubtful debts 6,807,907 5,765,619 180,788 181,433
Dividend income
– subsidiaries - - (13,844,000) (9,911,940)
– investments (223,997) (985,662) (13,081) (60,667)
Rental on premises 9,335,990 9,021,994 9,653,898 9,012,243
Lease rental of equipments 640,080 479,762 333,612 260,639
Allowance/(reversal) of impairment
loss on subsidiaries 10,980,629 (575,426) 10,980,629 (575,426)
Interest income from deposits and bonds (113,486,810) (46,208,469) (158,375) (650,671)
Interest income on loan to subsidiaries - - (16,039,962) (14,870,914)
Unrealised (gain)/loss on investment 5,149,426 - (1,882,901) -
Accretion of discount net amortisation of
premium - (113,021) - (113,021)
6
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD92
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
DIRECTORS’ EMOLUMENTS
The aggregate amount of emoluments receivable by Directors of the Company during the year are as follows:
Group Company
2009 2008 2009 2008
RM RM RM RM
Directors emoluments:
– fees 492,000 579,750 222,000 223,500
– other emoluments 1,144,360 1,111,353 1,123,460 1,100,453
1,636,360 1,691,103 1,345,460 1,323,953
TAXATION
Malaysian income tax:
- current year 7,876,879 16,221,489 895,616 7,171,946
– (over)/under provision in prior years (6,110,790) 597,378 (4,843,257) (32,739)
1,766,089 16,818,867 (3,947,641) 7,139,207
Deferred tax (Note 18)
– current year (86,509) (596,154) (93,328) 427,809
– over recognition of deferred tax
assets in prior year 65,058 74,580 - -
(21,451) (521,574) (93,328) 427,809
1,744,638 16,297,293 (4,040,969) 7,567,016
7
8
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 93
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
TAXATION (CONTINUED)
The numeric reconciliation between tax expense and profit before taxation and zakat is as follows:
Group Company
2009 2008 2009 2008
RM RM RM RM
Profit before taxation and zakat 25,076,639 73,694,934 22,606,238 63,927,518
Tax calculated at the Malaysian
statutory tax rate of 25% (2008: 26%) 6,269,160 21,927,172 5,651,560 16,621,155
Tax effects of:
– effect on differences in tax rate 1,355,883 1,390,277 - -
– expenses not deductible for tax
purposes 8,494,661 11,479,769 8,444,607 7,961,240
– income not subject to tax (10,721,065) (18,978,118) (13,190,495) (16,984,456)
– deferred tax previously not recognised 2,447,789 (145,683) (103,384) -
– (over)/under provision in prior years (6,110,790) 597,378 (4,843,257) (32,739)
– deferred tax recognised at different tax rates 10,000 26,498 - 1,816
Tax expense 1,744,638 16,297,293 (4,040,969) 7,567,016
EARNINGS PER SHARE
The earnings per share for the Group has been calculated based on the net profit attributable to the equity holders of the Company of RM22,215,377 (2008: RM55,214,578) divided by the weighted average number of ordinary shares in issue during the financial year of 6,000,002 (2008: 6,000,002).
8
9
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD94
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
Office equipment, Assets
Land and Computer Motor furniture under
building equipment vehicles and fittings Renovations construction Total
RM RM RM RM RM RM RM
Group2009Cost
At 1 January 3,920,858 14,759,504 744,702 7,017,426 10,546,517 903,021 37,892,028
Additions - 1,059,741 132,891 1,208,965 2,993,394 72,420 5,467,411
Write-offs and disposals - (204,160) - (187,627) (282,935) - (674,722)
Reclassification - - - (2,098) (1,859,521) (55,369) (1,916,988)
At 31 December 3,920,858 15,615,085 877,593 8,036,666 11,397,455 920,072 40,767,729
Accumulated
depreciation
At 1 January 249,115 10,884,700 269,517 2,364,857 6,651,632 - 20,419,821
Write-offs and disposals - (179,939) - (102,215) (232,724) - (514,878)
Charge for the year 78,218 2,101,871 134,062 777,264 1,601,529 - 4,692,944
At 31 December 327,333 12,806,632 403,579 3,039,906 8,020,437 - 24,597,887
Net book value
At 31 December 2009 3,593,525 2,808,453 474,014 4,996,760 3,377,018 920,072 16,169,842
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
10 PROPERTY AND EQUIPMENT
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 95
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
Office equipment, Assets
Land and Computer Motor furniture under
building equipment vehicles and fittings Renovations construction Total
RM RM RM RM RM RM RM
Group2008Cost
At 1 January 3,920,858 11,373,304 1,511,778 5,353,382 7,522,118 1,408,383 31,089,823
Additions - 3,494,373 386,651 1,716,438 3,193,087 208,362 8,998,911
Write-offs and disposals - (108,173) (1,153,727) (52,394) (168,688) - (1,482,982)
Reclassification - - - - - (713,724) (713,724)
At 31 December 3,920,858 14,759,504 744,702 7,017,426 10,546,517 903,021 37,892,028
Accumulated
depreciation
At 1 January 170,898 9,443,058 972,052 1,787,644 5,368,865 - 17,742,517
Write-offs and disposals - (80,240) (871,245) (26,719) (127,507) - (1,105,711)
Charge for the year 78,217 1,521,882 168,710 603,932 1,410,274 - 3,783,015
At 31 December 249,115 10,884,700 269,517 2,364,857 6,651,632 - 20,419,821
Net book value
At 31 December 2008 3,671,743 3,874,804 475,185 4,652,569 3,894,885 903,021 17,472,207
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
10 PROPERTY AND EQUIPMENT (CONTINUED)
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD96
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
Office equipment, Assets
Land and Computer Motor furniture under
building equipment vehicles and fittings Renovations construction Total
RM RM RM RM RM RM RM
Company2009Cost
At 1 January 1,336,860 13,221,827 431,292 6,261,285 10,365,625 903,021 32,519,910
Additions - 698,197 62,272 1,095,106 2,851,622 72,420 4,779,617
Write-offs and disposals - (46,980) - (68,601) (209,700) - (325,281)
Reclassification - - - - (1,859,520) (55,369) (1,914,889)
At 31 December 1,336,860 13,873,044 493,564 7,287,790 11,148,027 920,072 35,059,357
Accumulated
depreciation
At 1 January 136,033 9,952,040 235,871 2,131,649 6,608,596 - 19,064,189
Write-offs and disposals - (46,967) - (55,756) (205,029) - (307,752)
Charge for the year 26,737 1,711,317 67,024 684,526 1,534,092 - 4,023,696
At 31 December 162,770 11,616,390 302,895 2,760,419 7,937,659 - 22,780,133
Net book value
At 31 December 1,174,090 2,256,654 190,669 4,527,371 3,210,368 920,072 12,279,224
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
10 PROPERTY AND EQUIPMENT (CONTINUED)
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 97
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
Office equipment, Assets
Land and Computer Motor furniture under
building equipment vehicles and fittings Renovations construction Total
RM RM RM RM RM RM RM
Company2008Cost
At 1 January 1,336,860 10,259,833 451,893 4,802,563 7,395,162 1,408,383 25,654,694
Additions - 3,003,721 81,688 1,497,608 3,094,013 208,362 7,885,392
Write-offs and disposals - (41,727) (102,289) (38,886) (123,550) - (306,452)
Reclassification - - - - - (713,724) (713,724)
At 31 December 1,336,860 13,221,827 431,292 6,261,285 10,365,625 903,021 32,519,910
Accumulated
depreciation
At 1 January 109,296 8,790,452 205,429 1,625,436 5,359,177 - 16,089,790
Write-offs and disposals - (38,537) (36,687) (21,564) (120,552) - (217,340)
Charge for the year 26,737 1,200,125 67,129 527,777 1,369,971 - 3,191,739
At 31 December 136,033 9,952,040 235,871 2,131,649 6,608,596 - 19,064,189
Net book value
At 31 December 1,200,827 3,269,787 195,421 4,129,636 3,757,029 903,021 13,455,721
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
10 PROPERTY AND EQUIPMENT (CONTINUED)
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD98
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
PREPAID LEASE PAYMENTS
Group
2009 2008
RM RM
Cost
As at 1 January/31 December 689,827 689,827
Accumulated Amortisation
As at 1 January 29,991 19,994
Charge for the year 9,997 9,997
As at 31 December 39,988 29,991
Net book value
As at 31 December 649,839 659,836
11
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 99
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
INTANGIBLE ASSETS (CONTINUED)
Computer
Goodwill Software Total
Group RM RM RM2009Cost
As at 1 January 2,713,537 1,120,551 3,834,088
Additions 29,487,049 - 29,487,049
As at 31 December 32,200,586 1,120,551 33,321,137
Accumulated amortisation and impairment losses
As at 1 January - 776,429 776,429
Charge for the financial year - 296,393 296,393
As at 31 December - 1,072,822 1,072,822
Net book value
As at 31 December 32,200,586 47,729 32,248,315
Computer Goodwill Software Total
Group RM RM RM2008 CostAs at 1 January 2,713,537 1,105,802 3,819,339
Additions - 14,749 14,749
As at 31 December 2,713,537 1,120,551 3,834,088
Accumulated amortisation and impairment losses
As at 1 January - 432,211 432,211
Charge for the financial year - 344,218 344,218
As at 31 December - 776,429 776,429
Net book value
As at 31 December 2,713,537 344,122 3,057,659
12
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD100
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NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
12 INTANGIBLE ASSETS (CONTINUED)
Goodwill
Goodwill was derived from the acquisition of Everest Point Sdn Bhd. and AmanahRaya Investment Management Sdn Bhd(“ARIM”)(formerlyknownasAmanahRaya-JMFAssetManagementSdnBhd).ThecarryingamountofgoodwillhasbeenallocatedtoARIM,whichrepresentsthecash-generatingunit(“CGU”)oftheGroup.
Goodwill is allocated to the Group’s CGU which are expected to benefit from the synergy of the acquisition. For annual impairment testing purposes, the recoverable amount of investment in ARIM is determined based on the value-in-use calculations, using 3 years financial budgets of ARIM, which were approved by Directors.
The cash flow projections are derived based on a number of key factors including past performance and management’s expectations of the market developments. The discount rate of 8% is pre-tax and reflects specific risks relating to ARIM.
Management’s judgement is involved in estimating the future cash flows of new development and completed propertiesofasubsidiary.The“value inuse” is sensitive to,amongstothers, theprojectedcashflowsduring theexplicit projection period and the assumptions regarding the long term sustainable pattern of cash flows thereafter.
The circumstances where a reasonably possible change in the key assumptions will cause an additional impairment loss to be recognised include the following:
(i) Unsuccessful in securing a new development project in Phase 2 which is expected to commence in year 2011; or
(ii) Pre-tax discount rate is higher than 18%.
If the project as mentioned in (i) above does not materialise, the impairment charge would approximately be RM10.6 million.
Had the pre-tax discount rate been 1% higher from the breakeven point as mentioned in note (ii) above (discount rate of 19%), the impairment charge would be approximately RM0.62 million.
No impairment charge was required for goodwill arising from ARIM. The Directors are of the view that any reasonable possible changes to the assumptions applied are not likely to cause the recoverable amount of all the business segments to be lower than its carrying amount.
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 101
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
Group’s effective interest Principal activities
2009 2008
% %
Subsidiaries held directly by the Company
Amanah Raya Nominees (Tempatan) Sdn Bhd # 100 100 Dormant.
Amanah Raya Development Sdn. Bhd.* 100 100 Building contractor, property
investment company and trading
of investment properties.
Amanah Raya Unit Trust 100 100 Establishment and management of
Management Sdn Bhd # unit trust funds.
Amanah Raya Capital Sdn Bhd * 100 100 Syariah financing and institutional trust sales.
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
13 INVESTMENT IN SUBSIDIARIES
a) During the financial year, the Company subscribed for 200,000 ordinary shares of RM2.00 each, 400,000 ordinary shares of RM3.50 each and 8,000,000 ordinary shares of RM1.00 each in AmanahRaya Investment Management Sdn. Bhd. equivalent to RM9,800,000.
(b) During the financial year, the Company subscribed for 1,500,000 ordinary shares in AmanahRaya-REIT Managers Sdn. Bhd. of RM1.00 each.
(c) During the financial year, the Company subscribed for 2 ordinary shares in Abraj Sdn. Bhd. of RM1.00 each.
Details of the subsidiaries, all of which are incorporated in Malaysia, are as follows:
Group
2009 2008
RM RM
Unquoted shares, at cost 63,971,913 52,671,911
Accumulated impairment losses (16,134,324) (5,153,695)
47,837,589 47,518,216
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD102
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NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
13 INVESTMENT IN SUBSIDIARIES (CONTINUED)
Group’s effective interest Principal activities
2009 2008
% %
Subsidiaries held directly by the Company (continued)
Amanah Raya (Labuan) Ltd * 100 100 Custodian and trust services
(Offshore Company).
AmanahRaya-REIT Managers Sdn Bhd # 100 - Providing management and
administrative services to properties &realestateinvestmenttrust.
AmanahRaya Investment Management Sdn Bhd
(formerly known as AmanahRaya – JMF
Asset Management Sdn Bhd) # 100 70 Fund management and related
services.
AmanahRaya Investment Bank Limited * 100 100 Investment banking.
Amanah Raya Nominees (Asing) Sdn Bhd # 100 100 Dormant.
AmanahRaya Asset Management (Labuan) Ltd # 100 100 Dormant.
AmanahRaya – JMF Nominees 100 100 Provision of nominees services
Tempatan Sdn. Bhd. # to local custodian clients.
AmanahRaya - JMF Capital Sdn. Bhd. # 100 100 Provision of management
consultancy, advisory and
corporate financial services.
AmanahRaya - JMF Margin Sdn. Bhd. # 100 100 Dormant.
AmanahRaya Trustees Bhd. * 100 100 Trustee for unit trust schemes.
AmanahRaya Legacy Services Sdn. Bhd. # 100 100 Legacy management services.
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 103
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
13 INVESTMENT IN SUBSIDIARIES (CONTINUED)
Group’s effective interest Principal activities
2009 2008
% %
Subsidiaries held directly by the Company (continued)
AmanahRaya Properties Sdn. Bhd. # 100 100 Property management services.
AmanahRaya Hartanah Sdn. Bhd. # 100 100 Consultancy services and
development of properties.
AmanahRaya Project Management Sdn. Bhd. # 100 100 Dormant.
AmanahRaya Holdings Bhd. # 100 100 Dormant.
AmanahRaya Modal Sdn. Bhd. # 100 100 Dormant.
AmanahRaya Private Equities Sdn. Bhd. # 100 100 Dormant.
AmanahRaya Corporate Advisory Sdn. Bhd. # 100 100 Dormant.
AmanahRaya Capital Group Sdn. Bhd. # 100 100 Dormant.
Prelude Synergy Sdn. Bhd. # 100 100 Dormant.
Tapak Metro Sdn. Bhd. # 100 100 Dormant.
Abraj Sdn. Bhd. ^ 100 - Dormant.
Subsidiary held by AmanahRaya
Development Sdn. Bhd.
Klang Valley Recreation Bhd * 100 100 Dormant.
Everest Point Sdn. Bhd * 100 - Dormant.
* Audited by PricewaterhouseCoopers, Malaysia.# Audited by firms other than PricewaterhouseCoopers, Malaysia and its affiliates.^ Unaudited.
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD104
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
14
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
INVESTMENT IN JOINT VENTURE
(a) Investment in jointly controlled entity Group
2009 2008
RM RM
Unquoted share at cost 16,003,625 4
Group’s share of retained (losses)/profits (43,472) 71,707
Group’s share of net assets 15,960,153 71,711
The summarised financial information of the jointly controlled entity is as follows:
2009 2008
RM RM
Revenue 309,359 -
Expenses (270,128) (1,437,308)
Profit/(loss) after tax 37,080 (1,437,308)
Total assets 32,998,434 114,421
Total liabilities 2,572,368 1,551,722
Details of the jointly controlled entity are as follows:
Name of venture Description
Safeena Marine Fund Setting up of an Islamic Marine Fund via Safeena (L) Limited.
(b) Investment in jointly controlled operation Group
2009 2008
RM RM
Costs 5,382,786 4,444,824
The Company has a 50% participation in a Malaysian unincorporated joint venture with Leica Residence Sdn Bhd, which is a property development company, to acquire and develop several lands in Kuala Lumpur.
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 105
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
15
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
LONG TERM INVESTMENTS Group Company
2009 2008 2009 2008
RM RM RM RM
Investment in project development 3,420,500 3,420,500 - -
Golf club membership, at cost 126,000 126,000 126,000 126,000
3,546,500 3,546,500 126,000 126,000
LAND HELD FOR PROPERTY DEVELOPMENT Group
2009 2008
RM RM
Freehold land 55,032,576 43,300,000
FINANCING RECEIVABLES
The balances can be analysed as follows:
Gross amount receivables 1,057,072,416 954,667,700
Less: Unearned income (43,089,800) (15,275,433)
Less: Allowance for doubtful debts (8,021,810) (15,722,134)
1,005,960,806 923,670,133
Amount repayable within 12 months (Note 19) 831,338,863 853,906,829
Amount repayable after 12 months 174,621,943 69,763,305
1,005,960,806 923,670,134
Construction contracts: Group Company
2009 2008 2009 2008
RM RM RM RM
Aggregate costs incurred to date 92,794,384 37,638,942 - -
Amount due from customers on contracts 92,794,384 37,638,942 - -
17
16
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD106
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
18
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
DEFERRED TAX
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred taxes relate to the same tax authority. The following amounts, determined after appropriate offsetting, are shown in the balance sheet:
Group Company
2009 2008 2009 2008
RM RM RM RM
Deferred tax assets 1,492,589 1,564,467 - -
Deferred tax liabilities (466,905) (560,234) (381,698) (475,026)
1,025,684 1,004,233 (381,698) (475,026)
Movement in deferred tax:
As at 1 January 1,004,233 482,662 (475,026) (47,217)
Credited/(charged) to income statement:
– property and equipment (4,924) (711,801) 61,187 (472,333)
– post employment benefit - (321) - (321)
– net accretion of discounts - 107,726 - 107,726
– trade and other payables (13,055) (104,239) (13,056) (104,239)
– others 39,430 1,230,206 45,197 41,358
21,451 521,571 93,328 (427,809)
As at 31 December 1,025,684 1,004,233 (381,698) (475,026)
Subject to income tax:
Deferred tax assets (before offsetting):
– property and equipment 168,026 699,435 - -
– post employment benefits 8,035 8,035 8,035 8,035
– trade and other payables 1,279,915 1,292,971 356,007 369,063
– others 643,753 572,095 190,555 145,358
2,099,729 2,572,536 554,597 522,456
Offsetting (607,140) (1,008,069) (554,597) (522,456)
Deferred tax assets (after offsetting) 1,492,589 1,564,467 - -
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 107
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
18
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
DEFERRED TAX (CONTINUED)
Group Company
2009 2008 2009 2008
RM RM RM RM
Deferred tax liabilities (before offsetting)
– property and equipment (1,038,255) (1,109,110) (936,295) (997,482)
– net accretion of discounts - - - -
– others (16,000) 426,737 - -
(1,054,255) (682,373) (936,295) (997,482)
Offsetting 587,350 122,139 554,597 522,456
Deferred tax liabilities (after offsetting) (466,905) (560,234) (381,698) (475,026)
The amount of deductible temporary differences and unused tax losses (both of which have no expiry date) in respect of subsidiaries for which no deferred tax is recognised in the balance sheet are as follows:
Group
2009 2008
RM RM
Unabsorbed tax losses 2,145,204 2,189,938
Unutilised capital allowances 140,540 304,873
Deductible temporary differences - -
2,285,744 2,494,811
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD108
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
19
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
RECEIVABLES
Group Company
2009 2008 2009 2008
RM RM RM RM
Current
Trade receivables 48,224,211 123,714,835 22,473,637 18,239,660
Less: Allowance for trade receivables (762,221) (581,433) (762,221) (581,433)
47,461,990 123,133,402 21,711,416 17,658,227
Amounts receivable from subsidiaries - - 329,057,852 296,769,819
Financing receivables (Note 17) 831,338,863 853,906,829 - -
Deposits 32,347,405 33,138,700 1,014,349 920,465
Accrued billings 37,071,577 - - -
Staff loans and advances 681,132 706,122 604,628 680,968
Interest receivables 5,755,787 2,430,992 9,339 592
Other receivables 6,410,825 6,934,778 2,880,487 5,107,977
961,067,579 1,020,250,821 355,278,071 321,138,048
Non-current
Deposit with Securities Commission 253,420 334,474 - -
Staff loans and advances are analysed as follows:
At 1 January 720,836 495,762 680,968 439,324
Loans disbursed 2,064,976 2,159,050 1,985,957 2,140,213
Repayments (2,104,680) (1,948,691) (2,062,297) (1,898,569)
At 31 December 681,132 706,121 604,628 680,968
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 109
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
INVESTMENTS
Group Company
2009 2008 2009 2008
RM RM RM RM
Quoted shares 2,423,297 5,175,760 1,006,068 75,760
Structured investments and
fixed income securities 184,196,059 289,244,000 985,309 -
Property funds 25,520,230 25,671,011 - -
Institutional trust 20,973,643 14,145,329 - -
Unit trusts 14,342,122 12,650,338 378,581 343,934
247,455,351 346,886,438 2,369,958 419,694
DEPOSITS, CASH AND BANK BALANCES
Group Company
2009 2008 2009 2008
RM RM RM RM
Deposits with:
– Licensed banks 14,450,880 65,250,573 5,678,500 7,012,638
– Other financial institutions 167,755,700 2,326,187 - -
Cash and bank balances 11,031,533 7,785,140 3,210,761 1,556,178
Cash and cash equivalents 193,238,113 75,361,900 8,889,261 8,568,816
The currency exposure profile of cash and cash equivalents is as follows:
Group Company
2009 2008 2009 2008
RM RM RM RM
– RM 18,954,853 22,423,694 8,889,261 8,568,816
– USD 174,283,260 52,938,206 - -
193,238,113 75,361,900 8,889,261 8,568,816
20
21
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD110
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
PROPERTY DEVELOPMENT COSTS
Group
2009 2008
Balance at 1 January - -
Add:
– Land 6,949,026 -
– Development costs 129,399,708 -
136,348,734
Less:
– Cost recognised as expense in the income statement 78,984,988 -
Balance at 31 December 57,363,746 -
OTHER PAYABLES AND ACCRUALS
Group Company
2009 2008 2009 2008
RM RM RM RM
Amount due to subsidiaries - - 13,392,331 8,084,099
Service tax payables 59,847 105,188 59,847 105,188
Payroll liabilities 5,682,376 5,685,256 3,994,969 3,341,324
Accrued expenses 9,788,111 3,299,734 3,870,892 2,404,595
Other payables 43,148,520 22,210,022 5,247,933 3,677,103
58,678,854 31,300,200 26,565,972 17,612,309
Amounts due to subsidiaries are unsecured, interest free and have no fixed terms of repayment.
22
23
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 111
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
POST-EMPLOYMENT BENEFIT OBLIGATIONS
Group and Company
2009 2008
RM RM
Lump-sum retirement benefit plan
Current 32,140 32,140
(a) Defined contribution plan
Group companies incorporated in Malaysia contribute to the Employees Provident Fund, the national defined contribution plan. Once the contributions have been paid, the Group has no further payment obligations.
(b) Defined benefit plan
The Group operated an unapproved and unfunded final salary defined benefit plan for its employees. This plan was valued by an independent actuary every three years using the projected unit credit method. The last actuarial valuation was carried out as at 30 September 2004. An unrecognised transitional liability was identified in the 30 September 2002 actuarial valuation. This was being amortised over five years as allowed under FRS 119.
The movements during the period in which the amount recognised in the balance sheet in respect of the Group and the Company’s lump sum retirement benefit plan are as follows:
Group and Company
2009 2008
RM RM
At beginning/end of the financial year 32,140 32,140
During the financial year ended 31 December 2005, the Company had terminated the defined benefit retire-
ment plan. As at 31 December 2009, the retirement benefit accrued represents actual amount payable by the Company.
24
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD112
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
BORROWINGS
Group Company
2009 2008 2009 2008
RM RM RM RM
Current
Deposits from customers 357,164,633 397,673,046 - -
Securities sold under repurchase
agreements 44,518,500 45,032,000 - -
Term loans 724,050,016 608,567,131 9,000,000 -
1,125,733,149 1,051,272,177 9,000,000 -
Non-current
Term loans (unsecured) 320,000,000 250,000,000 150,000,000 150,000,000
The term loans of RM987,984,909 (2008: RM858,567,131) from Trustee to the Common Fund bears interest at 5.50% to 7.20% per annum on daily rest basis. The monthly interest is repayable throughout the tenure of the term loans of 1 year to 10 years while the principal is repayable at the end of the term loans tenure.
SHARE CAPITAL
Group and Company
2009 2008
Number Number of shares RM of shares RM
Authorised:
Ordinary shares of RM1 each:
At start and end of year 10,000,000 10,000,000 10,000,000 10,000,000
Issued and fully paid:
Ordinary shares of RM1 each
At start and end of year 6,000,002 6,000,002 6,000,002 6,000,002
25
26
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ANNUAL REPORT 2009 AMANAH RAYA BERHAD 113
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
RESERVES
(i) Retained earnings
The Company has sufficient tax credit under Section 108 of the Income Tax Act, 1967 and tax exempt income under Section 12 of the Income Tax (Amendment) Act 1999, to frank the payment of dividends out of all its retained earnings as at 31 December 2009.
(ii) Exchange fluctuation reserves
Exchange fluctuation reserves have arose from translation of the net assets of the Company’s Labuan subsidiaries.
SIGNIFICANT RELATED PARTY TRANSACTIONS
Related parties and relationship
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions.
The related parties and their relationship with the Company, are as follows:
Related party Relationship
Minister of Finance (Incorporated) Holding corporation
Subsidiaries as disclosed in Note 13 Subsidiaries of the Company
Key management personnel The key management personnel of the Company consists of the Group Managing Director and Group Chief Operating Officer
Related parties of key management (i) Close family members and dependents personnel of key management personnel
(ii) Entities that are controlled, jointly controlled or signi-ficantly influenced by, or for which significant voting power in such entity resides with, directly or indirectly by key management personnel or its close family members
27
28
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD114
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTINUED)
The related party transactions described below were carried out on terms and conditions obtainable in tran sactions with unrelated parties unless otherwise stated. Interest rates on fixed deposits were at normal commercial rates.
Company
2009 2008
RM RM
Significant related party transactions
Amanah Raya Unit Trust Management Sdn Bhd
– Rental received and receivable (157,448) (157,448)
– Administration fee received and receivable (44,381) (28,254)
Amanah Raya (Labuan) Ltd
– Interest received and receivable on loan disbursed - (265,808)
– Administration fee received and receivable (5,568) (13,155)
Amanah Raya Nominees (Tempatan) Sdn Bhd
– Nominee fees paid and payable - 480,000
– Custodian and back room fees paid and payable 59,399 2,116,255
– Rental received and receivable (47,234) (94,469)
– Administration fee received and receivable (24,670) (76,081)
AmanahRaya Investment Management Sdn Bhd (formerly known as
Amanah Raya-JMF Management Sdn Bhd)
– Management and arrangement fee paid and payable 4,442,147 8,338,079
– Commission paid and payable 1,241,695 1,645,678
– Rental received and receivable (892,204) (809,368)
– Administration fee received and receivable - (20,800)
Amanah Raya Capital Sdn Bhd
– Commission paid and payable 419,146 905,911
– Rental paid and payable - 49,318
– Interest received and receivable on loan disbursed (991,899) (265,808)
– Rental received and receivable (103,216) (94,469)
– Administration fee received and receivable (68,596) (54,173)
28
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 115
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTINUED)
Company
2009 2008
RM RM
Significant related party transactions (continued)
AmanahRaya Development Sdn Bhd
– Rental paid and payable 522,277 497,153
– Interest received and receivable on loan disbursed (15,048,063) (14,605,106)
– Rental received and receivable (140,882) (123,933)
– Administration fee received and receivable (14,064) (16,852)
AmanahRaya Properties Sdn Bhd
– Building management fee 2,568,066 2,895,480
– Renovation works carried out 103,840 548,452
– Rental received and receivable (32,574) (29,860)
– Administration fee received and receivable (32,291) (9,664)
AmanahRaya Trustees Sdn Bhd
– Rental received and receivable (409,534) (314,950)
– Administration fee received and receivable (177,548) (55,734)
AmanahRaya Legacy Services Sdn Bhd
– Wills management fee paid and payable 6,278,622 5,866,503
– Rental received and receivable (386,928) (280,822)
– Administration fee received and receivable (90,158) (34,736)
AmanahRaya Investment Bank Limited
– Management and arrangement fee paid and payable 2,007,375 1,246,475
– Administration fee received and receivable - (26,021)
AmanahRaya Hartanah Sdn Bhd
– Rental received and receivable (185,757) (167,844)
– Administration fee received and receivable (17,369) (6,391)
AmanahRaya-REIT Managers Sdn Bhd
– Management and arrangement fee paid and payable 453,178 -
– Rental received and receivable (46,445) -
Key management personnel 1,418,272 1,272,891
Related party balancesThe related party balances are included in Note 19 and Note 23 to the financial statements.
28
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD116
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
CAPITAL COMMITMENTS
Group Company
2009 2008 2009 2008
RM RM RM RM
Capital expenditure not provided in the financial statements are as follows:
Authorised by the Directors but
not contracted for 342,148,577 379,643,782 - -
Analysed as follows:
– property and equipment 342,148,577 379,643,782 - -
NON-CANCELLABLE OPERATING LEASE COMMITMENTS
Company
2009 2008
RM RM
Future minimum lease payment
Not later than 1 year 9,061,692 5,508,966
Later than 1 year and not later than 5 years 11,519,549 11,699,892
Later than 5 years - 8,400
20,581,241 17,217,258
29
30
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 117
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
INTEREST RATE RISK
The following tables provide information about financial assets and liabilities showing the weighted average effective interest rate and the earlier of the contractual repricing or maturity date for each class of interest-sensitive instrument in the balance sheet.
Less Non- than 1 1 - 5 Over 5 interest year years years bearing Total
Group RM RM RM RM RM2009
Financial assets:
Quoted shares - - - 2,423,297 2,423,297
Fixed income securities - 114,720,750 68,490,000 985,309 184,196,059
Property funds - 25,520,230 - - 25,520,230
Institutional trust 20,973,643 - - - 20,973,643
Unit trusts - - - 14,342,122 14,342,122
Receivables 831,458,518 4,822,052 2,682 124,784,327 961,067,579
Deposits, cash and
bank balances 182,206,580 - - 11,031,533 193,238,113
Financing receivables - 167,009,801 7,612,142 - 174,621,943
Property development
cost - 57,363,746 - - 57,363,746
Other assets - - - 158,030,358 158,030,358
Total assets 1,034,638,741 369,436,579 76,104,824 311,596,946 1,791,777,090
31
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD118
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
INTEREST RATE RISK (CONTINUED)
Less Non- than 1 1 - 5 Over 5 interest year years years bearing Total
Group RM RM RM RM RM2009
Financial liabilities:
Other payables and
accruals - - - 58,678,854 58,678,854
Borrowings 1,058,812,602 - 320,000,000 66,920,547 1,445,733,149
Other liabilities - - - 1,232,311 1,232,311
Total liabilities 1,058,812,602 - 320,000,000 126,831,712 1,505,644,314
Shareholders’ funds - - - 280,132,776 280,132,776
Total liabilities and
shareholders’ funds 1,058,812,602 - 320,000,000 406,964,488 1,785,777,090
(i) Other assets include property and equipment, prepaid lease payment, intangible asset, investment in joint venture, long-term investments, goodwill on consolidation, deferred tax assets, land held for property development and tax recoverable.
(ii) Other liabilities include deferred tax liabilities, provision for taxation and post-employment benefit obligations.
31
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 119
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
INTEREST RATE RISK (CONTINUED)
Less Non- than 1 1 - 5 Over 5 interest year years years bearing Total
Group RM RM RM RM RM2008
Financial assets:
Quoted shares - - - 5,175,760 5,175,760
Structured investments - 69,280,000 219,964,000 - 289,244,000
Property funds - 25,671,011 - 25,671,011
Institutional trust 14,145,329 - - - 14,145,329
Unit trusts - - - 12,650,338 12,650,338
Receivables 940,644,364 9,514,380 42,268 70,049,809 1,020,250,821
Deposits, cash and
bank balances 67,576,760 - - 7,785,140 75,361,900
Financing receivables - 64,862,262 - 4,901,043 69,763,305
Other assets - - - 89,058,294 89,058,294
Total assets 1,022,366,453 169,327,653 220,006,268 189,620,384 1,601,320,758
Group 2008
Financial liabilities:
Other payables and
accruals - - - 31,300,200 31,300,200
Borrowings 598,138,448 429,538,092 250,000,000 23,595,638 1,301,272,178
Other liabilities - - - 2,273,008 2,273,008
Total liabilities 598,138,448 429,538,092 250,000,000 57,168,846 1,334,845,386
Shareholders’ funds - - - 266,475,372 266,475,372 Total liabilities and
shareholders’ funds 598,138,448 429,538,092 250,000,000 323,644,218 1,601,320,758
(i) Other assets include property and equipment, prepaid lease payment, intangible asset, investment in joint venture, long-term investments, goodwill on consolidation, deferred tax assets, land held for property development and tax recoverable.
(ii) Other liabilities include deferred tax liabilities, provision for taxation and post-employment benefit obligations.
31
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD120
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
INTEREST RATE RISK (CONTINUED)
Less Non- than 1 1 - 5 Over 5 interest year years years bearing Total
Company RM RM RM RM RM2009
Financial assets:
Quoted shares - - - 1,006,068 1,006,068
Fixed income securities - - - 985,309 985,309
Unit trusts - - - 378,581 378,581
Receivables 119,655 276,699 11,991,677 342,890,040 355,278,071
Deposits, cash and
bank balances 5,678,500 - - 3,210,761 8,889,261
Other assets - - - 74,132,625 74,132,625
Total assets 5,798,155 276,699 11,991,677 422,603,384 440,669,915
Company2009
Financial liabilities:
Other payables and
accruals - - - 26,565,972 26,565,972
Borrowings 9,000,000 - 150,000,000 - 159,000,000
Other liabilities - - - 413,838 413,838
Total liabilities 9,000,000 - 150,000,000 26,978,810 185,979,810
Shareholders’ funds - - - 254,690,105 254,690,105
Total liabilities and
shareholders’ funds 9,000,000 - 150,000,000 281,669,915 440,669,915
(i) Other assets include property and equipment, investment in subsidiaries, long term investments and tax recoverable.
(ii) Other liabilities consist of deferred taxation and post-employment benefit obligations.
31
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 121
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
INTEREST RATE RISK (CONTINUED)
Less Non- than 1 1 - 5 Over 5 interest year years years bearing Total
Company RM RM RM RM RM2008
Financial assets:
Quoted shares - - - 75,760 75,760
Unit trusts - - - 343,934 343,934
Receivables 137,535 294,708 246,582,866 74,122,939 321,138,048
Deposits, cash and
bank balances 7,012,638 - - 1,556,178 8,568,816
Other assets - - - 68,779,028 68,779,028
Total assets 7,150,173 294,708 246,582,866 144,877,839 398,905,586
Company2008
Financial liabilities:
Other payables and
accruals - - - 17,612,309 17,612,309
Long term liabilities - - 150,000,000 - 150,000,000
Other liabilities - - - 507,166 507,166
Total liabilities - - 150,000,000 18,119,475 168,119,475
Shareholders’ funds - - - 230,786,111 230,786,111
Total liabilities and
shareholders’ funds - - 150,000,000 248,905,586 398,905,586
(i) Other assets include property and equipment, investment in subsidiaries, long term investments and tax recoverable.
(ii) Other liabilities consist of deferred tax liabilities and post-employment benefit obligations.
31
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD122
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
31
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
INTEREST RATE RISK (CONTINUED)
The effective interest rate of the Group and of the Company’s financial assets and financial liabilities as at the balance sheet dates are as follows:
Group Company
2009 2008 2009 2008
% % % %
Financial assets
Financing receivables 6.6 7.7 - -
Fixed income securities 3.5 1.7 - -
Deposits with licensed banks 5.3 4.5 1.8 3.3
Amount due from subsidiaries - - 5.5 5.5
Staff loans and advances 4.0 4.0 4.0 4.0
Financial liabilities
Deposit from customers 2.7 7.7 - -
Borrowings – Current 7.2 7.2 - -
Borrowings – Non Current 6.6 6.4 5.5 5.5
Hire purchase creditors - 5.9 - -
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 123
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
CREDIT RISK
The following tables set out the credit risk concentrations and counter parties of the Group and Company.
Property, Finance and infrastructure Purchase of business and utilities transport services companies vehicles Others
RM RM RM RM
Group
2009
Financing receivables - 826,494,469 - 179,466,337
Structured investments 183,210,750 - - 985,309
Institutional trust - - - 20,973,643
Unit trust - - - 14,342,122
Receivables 37,071,577 - - 47,461,990
Interest receivables 5,755,787 - - -
Staff loans and advances - - 365,226 315,906
Other receivables - 29,998,330 - 8,759,900
Deposits, cash and bank balances 193,238,113 - - -
419,276,227 856,492,799 365,226 272,305,207
Group
2008
Financing receivables - 748,255,977 - 175,414,157Structured investments 289,244,000 - - -Institutional trust - - - 14,145,329Unit trust - - - 12,650,338Receivables - - - 123,133,402Interest receivables 2,430,992 - - -Staff loans and advances - - 441,544 264,577Other receivables - 22,998,330 - 17,075,148Deposits, cash and bank balances 75,361,901 - - -
367,036,893 771,254,307 441,544 342,682,951
32
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD124
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
32
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
CREDIT RISK (CONTINUED)
Property, Finance and infrastructure Purchase of business and utilities transport services companies vehicles Others
RM RM RM RM
Company
2009
Unit trust - - - 378,581
Trade receivables - - - 21,711,416
Interest receivable 9,339 - - -
Staff loans and advances - - 365,226 239,402
Other receivables 40,424,549 288,633,303 - 3,894,835
Deposits, cash and bank balances 8,889,261 - - -
49,323,149 288,633,303 365,226 26,224,234
2008
Unit trust - - - 343,934
Trade receivables - - - 17,658,227
Interest receivable 592 - - -
Staff loans and advances - - 441,543 239,425
Other receivables 24,890,570 271,879,248 - 6,028,442
Deposits, cash and bank balances 8,568,816 - - -
33,459,978 271,879,248 441,543 24,270,028
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
ANNUAL REPORT 2009 AMANAH RAYA BERHAD 125
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + +STATUTORY FINANCIAL STATEMENTS
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
33
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
FAIR VALUES
The carrying amounts of financial assets and liabilities of the Group and Company at the balance sheet date approximated their fair values except as set out below:
2009 2008
Carrying Fair Carrying Fair amount value amount value
RM RM RM RM
Group
Financial assets
Financing receivables 1,005,960,806 915,185,508 923,670,134 857,783,465
Quoted shares 2,423,297 2,632,210 5,175,760 4,575,860
Structured investments 184,196,059 187,175,350 289,244,000 278,585,272
Staff loans and advances 681,132 664,552 706,120 687,809
Financial liabilities
Borrowings – Current 1,125,733,149 1,121,877,411 1,051,272,177 1,049,119,135
Borrowings – Non current 320,000,000 317,347,485 250,000,000 297,293,896
Company
Financial assets
Quoted shares 1,006,068 1,012,210 75,760 75,860
Staff loans and advances 604,628 588,038 680,968 662,657
Financial liabilities
Borrowings – Non current 150,000,000 188,607,826 150,000,000 178,376,338
Company No.
344986 V AMANAH RAYA BERHAD (Incorporated in Malaysia)
ANNUAL REPORT 2009 AMANAH RAYA BERHAD126
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
SIGNIFICANT EVENTS DURING THE YEAR
During the year, the management of unit trust funds under AmanahRaya Unit Trust Management Sdn Bhd was transferred to ARJMF.
On 30 October 2009, ARJMF had become a wholly-owned subsidiary of the Company, following the acquisition of Sindora Berhad’s 30% shareholdings of ARJMF. Subsequently, ARJMF had changed its name to AmanahRaya InvestmentManagementSdnBhd(“ARIM”)andthepaidupcapitalofARIMwasincreasedtoRM10milliontomakeiteligible to act as a fund management company for unit trust funds.
APPROVAL OF FINANCIAL STATEMENTS
The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on 9 June 2010.
34
35
CERTIFIED TO ISO 9001 : 2008CERT. NO. : AR 3687
CERTIFIED TO ISO 9001 : 2008CERT. NO. : AR 3687
CERTIFIED TO ISO 9001 : 2008CERT. NO. : AR 3687
QUALITYMANAGEMENT
U K A S
074
MS ISO/IEC GUIDE 62:1999 QS 02121999 CB 01
ACCREDITED CERTIFICATION BODY
SIRIM
Color number: #3A
53A4 C
MYK =
C: 88%
M:77%
Y:0% K:0%
Color number: #BC
BEC0 C
MYK =
C: 0%
M : 0%
Y:0% K:30%