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1. Corporate Information 01
2. Corporate Structure 02
3. Activities 03
4. Directors’ Profiles 04
5. Chairman‘s Statement 07
6. Corporate Governance Statement 09
7. Additional Compliance Information 15
8. Audit Committe Report 18
9. Statement on Internal Report 22
10. Director’s Report 24
11. Independent Auditors Report 29
CONTENTS
12. Financial Statement 31
13. Notes to the Financial Statements 36
14. Information on Properties 63
15. Analysis Analysis of Shareholdings 64
16. Analysis of Warrant Holdings 66
17. Notice of Annual General Meeting 70
18. Statement Accompanying 72
19. Proxy Form 73
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ANNUAL REPORT 2010

CORPORATE INFORMATION
Board of Directors
Low Bok Tek
Chairman, Non Independent & Non Executive Director
Dato’ Syed Abu Hussin bin Hafiz Syed Abdul Fasal
Chief Executive Officer & Executive Director
Tang Yuet Mun, PPT
Executive Director
Peter Wong Hoy Kim
Senior Independent & Non Executive Director
Datuk Ahmad Shalimin bin Ahmad Shaffie, JP, DMSM
Independent & Non Executive Director
Malik Parvez Ahmad bin Nazir Ahmad
Independent & Non Executive Director
Audit Committee
Datuk Ahmad Shalimin bin Ahmad Shaffie, JP, DMSM
(Chairman)
Peter Wong Hoy Kim
Malik Parvez Ahmad bin Nazir Ahmad
Nomination Committee
Datuk Ahmad Shalimin bin Ahmad Shaffie, JP, DMSM
(Chairman)
Peter Wong Hoy Kim
Remuneration Committee
Datuk Ahmad Shalimin bin Ahmad Shaffie, JP, DMSM
(Chairman)
Peter Wong Hoy Kim
Tang Yuet Mun, PPT
Company Secretaries
Eric Toh Chee Seong (LS 0005656)
Jesslyn Ong Bee Fang (MAICSA 7020672)
Share Registrar
Insurban Corporate Services Sdn Bhd
149, Jalan Aminuddin Baki
Taman Tun Dr. Ismail
60000 Kuala Lumpur, Malaysia
Tel: (603) 7729 5529
Fax: (603) 7728 5948
Principal Bankers
Malayan Banking Berhad
SME Bank
OCBC Al-Amin Bank Berhad
Registered Office
Lot 5911, Jalan Perusahaan Satu
Kamunting Industrial Estate
34600 Kamunting, Taiping
Perak Darul Ridzuan, Malaysia
Tel: (605) 891 1188
Fax: (605) 891 4488
Website: www.gunung.com.my
Auditors
STYL Associates (AF 001929)
Chartered Accountants
107B, Jalan Aminuddin Baki
Taman Tun Dr. Ismail
60000 Kuala Lumpur, Malaysia
Stock Exchange Listing
Bursa Malaysia Securities Berhad
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ANNUAL REPORT 2010

CORPORATE STRUCTURE AS AT 4 MAY 2011
(330171-P)
IMPRESIF JITU
SDN BHD
(657736-M)
100%
PROMINENT
CONSOLE
SDN BHD
(513154-T)
100%
GPB
CORPORATION
SDN BHD
(259683-P)
(
51%
GUNUNG
BIOFUEL
SDN BHD
(316266-D)
100%
GUNUNG LAND
SDN BHD
(331540-W)
100%
GUNUNG
RESOURCES
SDN BHD
(71881-T)
100%
BAS RAKYAT
SDN BHD
(911418-W)
75%
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ANNUAL REPORT 2010
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ACTIVITIES
Coaches ready for ffor service se service
2010 Launching of PLKN coaches by YB Dato’ Dato’Seri Seri Ahmad Zahid
Hamidi, Minister of Defence Defen fen f ce 2010
1MDB Mobile Clinic 2011 1MDB 1MDB Mobile Clinic 2011
Internal vein vein of PLKN Coach Coaches standy for ffor
launching 2010
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ANNUAL REPORT 2010
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BOARD OF DIRECTORS
LOW BOK TEK
(Aged 53, Malaysian)
Chairman, Non-Independent Non-Executive Director
Mr Low Bok Tek has been the Chairman of the Company since 13 September 1996. He has assumed the position
of Chief Executive Officer of the Company from 20 July 2001 to 28 June 2007. He has more than 20 years of
entrepreneurial experience in the motor vehicles industry, public transport industry and rubber latex gloves industry.
He is also presently the Executive Chairman and Chief Executive Officer of Latexx Partners Berhad. He is a Director
of several subsidiaries of Gunung Capital Group and sits on the Boards of several private limited companies. He is
deemed interested in related party transactions as disclosed in note 31 of the Financial Statements. He does not
have any family relationship with any director and/or substantial shareholder of the Company.
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DIRECTOR’S PROFILE
DATO’ SYED ABU HUSSIN BIN HAFIZ SYED ABDUL FASAL
(Aged 51, Malaysian)
Chief Executive Officer & Executive Director
Dato’ Syed Abu Hussin bin Hafiz Syed Abdul Fasal was appointed as Chief Executive Officer and Executive Director
on 8 December 2010. He started his career in Government Service in 1987, and by 1993 he reached the position of
Director of the National Civic Bureau (Perak), Prime Minister’s Department. After 1993, Dato’ Syed changed his
career path to politics and serving the community, and between 2001-2005 he was elected the deputy head of the
Bukit Gantang UMNO division. After retiring from politics in 2005, Dato’ Syed concentrated on expanding his
businesses principally involved in the manufacture and supply of halal food products, and transportation services
(involving taxis, express coaches, and chartering of land-based transportation assets), and medical supplies, via
various private limited companies. He is a Director of several subsidiaries of Gunung Capital Group and sits on the
Boards of several private limited companies. He is interested in the Conditional Sale & Purchase Agreement dated
20 April 2011 in relation to the proposed acquisition of 1,960,000 ordinary shares of RM1.00 each in GPB Corporation
Sdn Bhd, representing 39.2% equity interest in GPB Corporation Sdn Bhd for a cash consideration of
RM12,740,000. He does not have any family relationship with any director and/or substantial shareholder of the
Company.
TANG YUET MUN, PPT
(Aged 55, Malaysian)
Executive Director
Mr Tang Yuet Mun was appointed to the Board on 16 November 2007 as an Independent Non-Executive Director
and was a member of the Audit Committee of the Company. He was then re-designated as an Executive Director
of the Company on 24 June 2008 and became a member of the Remuneration Committee. He is a member of the
Malaysian Institute of Accountants and an accredited Certified Financial Planner by the Financial Planning
Association of Malaysia. He is also a member of the Institute of Chartered Accountants, New Zealand. He qualified
as a Chartered Accountant in New Zealand in 1984. He has worked in chartered accountancy, industrial manufacturing,
commercial sector and retail industries both in New Zealand and Malaysia and currently he is a Chartered
Accountant in public practice. He does not hold any shares in the Company or in any of its subsidiaries. He does
not have any family relationship with any director and/or substantial shareholder of the Company.
DATUK AHMAD SHALIMIN BIN AHMAD SHAFFIE, DMSM, JP
(Aged 42, Malaysian)
Independent Non-Executive Director
Y.Bhg Datuk Ahmad Shalimin Bin Ahmad Shaffie, DMSM, JP was appointed to the Board on 7 November 2003. He
is the Chairman of the Audit Committee, Nomination Committee and Remuneration Committee of the Company. He
graduated from the School of Public Administration & Law, University Teknologi Mara in 1990. His experience
ranges from securities dealings, services, retailing to logistics. He is the President of Association of Malaysian
Haulers, a member of the Malaysia Indonesia Business Council and Malaysia Entrepreneurs Council. He is also the
Chairman of Mexter Technology Berhad, a public company listed on the Ace Market of Bursa Malaysia Securities
Berhad. He was conferred with the DMSM award which carries the title of “Datuk” by the Yang Di-Pertua Negeri
Melaka on 6 November 2006. He was then made a Justice of Peace (JP) on 19 April 2010 by DYMM Sultan of Perak
Darul Ridzuan. He does not hold any shares in the Company or in any of its subsidiaries. He does not have any
family relationship with any director and/or substantial shareholder of the Company.
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DIRECTOR’S PROFILE
PETER WONG HOY KIM
(Aged 69, Malaysian)
Senior Independent Non-Executive Director
Mr Peter Wong Hoy Kim was appointed to the Board on 7 November 2003. He is a member of the Audit Committee,
Nomination Committee and Remuneration Committee of the Company. He is an ex-Banker who was previously
with HSBC Bank Malaysia Berhad for 33 years until his retirement in 1996 from the Bank’s Ipoh Branch where he
was the Manager. He underwent numerous training overseas in Hong Kong, U.S.A. and United Kingdom and has
served in various other capacities in the Bank including, amongst others, Deputy Manager Credit Control and
Manager Regional Credit, Peninsula North. His directorship in other public companies is in Latexx Partners Berhad
and he sits on the board of several private limited companies. He does not hold any shares in the Company or in
any of its subsidiaries. He does not have any family relationship with any director and/or substantial shareholder of
the Company.
MALIK PARVEZ AHMAD BIN NAZIR AHMAD
(Aged 42, Malaysian)
Independent Non-Executive Director
En Malik Parvez Ahmad bin Nazir Ahmad was appointed as an Independent Non-Executive Director of the
Company on 24 June 2008 and is a member of the Audit Committee. He is an accountant by profession and has
over 10 years experience in the profession. He graduated from the International Islamic University in 1992 with a
Bachelor of Accounting Degree. He is also a Chartered Accountant with the Malaysian Institute of Accountants. He
worked in KPMG Peat Marwick from 1993 to 1997 and held the position of Senior Auditor when he left and joined
Medtexx Partners Incorporated in the United States of America as an Accountant in 1998. From 2002 to 2004, he
was the Financial Controller of D.B.E. Gurney Resources Berhad, a public listed company. He then became the
Financial Controller of Latexx Partners Berhad, another public listed company until 2008. Currently, he is an
Independent Non-Executive Director of Latexx Partners Berhad. He does not hold any shares in the Company or
in any of its subsidiaries. He does not have any family relationship with any director and/or substantial shareholder
of the Company.
ANNUAL REPORT 2010

CHAIRMAN’S STATEMENT
The year 2010 has proved to be a significant year for
the Gunung Group of Companies, with a successful
corporate restructuring and capital raising exercise
completed in October 2010, a timely change in
business direction, and the completion of an
acquisition of a 51% equity stake in a strong cash-flow
producing company, namely GPB Corporation Sdn
Bhd. This is a testament of the Group’s ability to
execute forward thinking strategies in order to swiftly
capitalize on opportunities in the marketplace.
FINANCIAL PERFORMANCE
In financial year ending 31 December 2010 (FY2010),
the Board of Directors decided to discontinue the
trading of latex concentrate due to the persistent high
cost of latex concentrate. The discontinued operations
recorded a higher net profit in FY2010 to RM1.24mil
from RM0.54mil in FY2009. From continuing
operations, the net profit which was derived
predominately from chartering land-based transportation
assets, increased to RM3.04 million from a loss of
approximately RM0.60 million posted in 2009. When
analyzing the total comprehensive income of both the
continued and discontinued operations, the Gunung
Group registered a net profit of RM4.27mil in FY2010
compared with a net loss of RM68,063 in FY2009.
Of this total comprehensive income in FY2010, a total
of RM2.0mil is attributable to shareholders, with the
balance attributable to minority interests, namely the
minority shareholders of our 51%-owned subsidiary,
GPB Corporation Sdn Bhd.
INNOVATIVE CHARTER MECHANISM FOR LAND-
BASED TRANSPORATION ASSETS
Chartering out land-based transportation assets,
together with drivers, fuel, maintenance & repair costs,
insurance costs and other operational costs, at a fixed
monthly cost allows our customers to better manage
their fixed budgets. Our 51%-owned subsidiary, GPB
Dear Valued Shareholders,
On behalf of the Board of Directors, it is my privilege
and honour to present Gunung Capital Berhad’s Annual
Report and Financial Statements for the year ended 31
December 2010.
Corporation Sdn Bhd (GPB) is now exploring the
opportunities in expanding this type of service to other
Government agencies with large vehicle fleets,
requirement for specialty vehicles (such as
ambulances, and mobile clinics), and well as private
colleges, universities and international schools.
In fact, on 27 April 2011, GPB announced that it had
entered into an agreement with 1 Malaysia
Development Bhd for GPB to supply and operate a
mobile clinic service in the district of Segamat, state of
Johor, with 1 unit of new, fully outfitted with medical
equipment, mobile clinic bus covering numerous
routes identified by the Ministry of Health for a period
of two (2) years. The 1MDB mobile clinic has been
designed and built by GPB, and is currently in
operation. The Ministry of Health provides doctors,
nurses, medical assistants, and consumable medical
equipment for the operation of the mobile clinic.
PROSPECTS
The driver of earnings over financial years 2011 to
2014 will be GPB’s ongoing contract to supply coach
services to the National Service (NS) Program for a
period of 5 years which commenced on 26 December
2009 and will end on 25 December 2014. The scope of
coach services involves allocating 5 dedicated
44-seater coaches to each NS Program centre (and for
2 centres in Sabah providing 8 units of 25-seater buses
for each centre). By June 2011, the number of NS
Program centres in operation will have increased to 82
from 79 in 2010, which will improve our annual
consolidated revenue by approximately 5%. In
addition, as announced by the Company on 1
November 2010, wholly-owned subsidiary Gunung
Resources Sdn Bhd has commenced the lease of a
fleet of vehicles to Korakan Corporation Sdn Bhd on
1 January 2011, for a period of three (3) years. We are
expecting an annual increment of approximately
RM5.0mil in consolidated revenue for next three
financial years from this service. Other contributors to
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ANNUAL REPORT 2010

CHAIRMAN’S STATEMENT
the prospective earnings of the Group will be derived
from the operations of a public bus service in the
District of Manjung, announced by the Company on 3
November 2010, via our indirect subsidiary Bas Rakyat
Sdn Bhd, and the mobile clinic service in the district of
Segamat, state of Johor (as mentioned above).
CORPORATE SOCIAL RESPONSIBILITY
We believe in integrating Corporate Social Responsibility
(CSR) into our business operations, and we
believe that CSR begins in-house. With a jump in total
employees from 8 in FY2009 to 456 in FY2010, the
Group has embarked on a program to enhance the
skills and knowledge of its employees by continuing to
send them to training programs which promotes
awareness and adherence to national policies on
safety and safeguarding the environment.
ACKNOWLDGEMENT
On behalf of the Board, we wish to thank our valued
customers, suppliers, business associates, bankers,
regulatory authorities, and other stakeholders for their
continued support and trust. We would also like to
express our gratitude to all our employees for their
continued dedication which has enabled the Gunung
Group to achieve commendable results in FY2010.
My appreciation also goes to my fellow colleagues on
the Board for their counsel and support throughout the
year. I would also like to extend a warm welcome to
Dato’ Syed Abu Hussin bin Hafiz Syed Abdul Fasal
who was appointed to the Board of Directors as a
Non-Independent Executive Director/CEO on 8
December 2010. We look forward to his contribution
in strengthening Gunung’s leadership team and
infusion of new & innovative business approaches.
Finally, to our shareholders, our special thanks to all for
the continued support and confidence in the Gunung
Group. In FY2010, this continued support enabled the
Gunung Group to raise RM21.2mil in new capital via a
rights issue, and resulted in an oversubscription by
63.7%. We will continue to work to uphold your trust in
us.
LOW BOK TEK
Chairman
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ANNUAL REPORT 2010

STATEMENT OF CORPORATE GOVERNANCE
The Board of Directors (“the Board”) of Gunung Capital Berhad is of the view that good corporate governance is
fundamental for the protection and enhancement of shareholders’ value. It has therefore, taken steps to ensure that
the highest standards of corporate governance are practiced throughout the Group. Save and except where stated
otherwise, the Company has complied throughout the financial year with all the best practices of corporate governance.
The Board wishes to report that in compliance with the Malaysian Code of Corporate Governance (“the Code”) and
the Best Practices set out in the Code, the followings have been implemented and put in practice for the financial
year ended 31 December 2010.
BOARD OF DIRECTORS
The Board
The Board is responsible and committed to adopting good corporate governance practices as part of their continuing
obligations. It guides and monitors the affairs of the Group on behalf of the shareholders and retains full and
effective control over the Group. The principal esponsibilities include the primary responsibilities prescribed under
the Code. These cover a review of the strategic direction for the Group, overseeing the business operations of the
Group, and evaluating whether these are being properly and effectively managed. Generally, the Board must ensure
that the Company is being managed and its business conducted in accordance with high standards of accountability
and transparency.
Board Composition and Balance
The composition of the Company’s current Board of Directors is well balanced, with an effective mix of executive
directors and independent non-executive directors. There are two (2) Executive Directors, one (1) Non-Independent
Non-Executive Director and three (3) Independent Non-Executive Directors. The Board is satisfied that the current
Board composition fairly reflects the investment of minority shareholders in the Company. A brief description on the
background of each Director is set out under the Directors’ Profile section of this annual report.
The Directors with diverse background provides an effective Board with a mix of industry-specific knowledge and
broad business and commercial experience. The Board in respect of the ratio of independent directors complies
with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad that one third of its Board consists
of independent directors. The composition ensures that Independent Non-Executive Directors provide an element
of objectivity, independent judgments and check and balance to the decision making process of the Board. The
Independent Non-Executive Directors also ensure that the Group’s development plans and business strategies are
fully deliberated upon and all decisions taken are in the best interest of the shareholders, employees, customers and
other stakeholders of the Group. In addition, the Board has identified a senior Independent Non-Executive Director
to whom concerns or issues affecting the Group may be conveyed.
In line with the requirements of the Code, the Chairman and Executive Directors of the Company are different
persons with distinct and separately defined responsibilities. The Chairman is responsible for the orderly conduct of
the Board and the Group’s strategic business direction, whereas the Chief Executive Officer / Executive Directors
have the overall responsibilities of planning and implementation of the strategies, running of the Group’s day-to-day
business, making operational decisions as well as monitoring performance.
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ANNUAL REPORT 2010
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STATEMENT OF CORPORATE GOVERNANCE
Board Meetings
The Board meets on a scheduled basis once every quarter with additional meetings held as and when urgent issues
and important decisions need to be taken between the scheduled meetings. During the financial year ended 31
December 2010, the Board met in six (6) occasions, where it deliberated upon a variety of issues including the
Group’s financial results, corporate development, strategic decisions, business plan and directions of the Group,
operational issues and compliance matters.
The summary of attendance of each director at the Board meetings held during the financial year is as follows:-
Directors No. of Meetings Attended
Low Bok Tek 6/6
Datuk Ahmad Shalimin bin Ahmad Shaffie 4/6
Peter Wong Hoy Kim 6/6
Tang Yuet Mun 6/6
Malik Parvez Ahmad bin Nazir Ahmad 4/6
Dato ’ Syed Abu Hussin Bin Hafiz Syed Abdul Fasal
(appointed w.e.f 8/12/2010)
-
Supply of Information
All scheduled meetings held during the year were preceded by a formal notice issued by the Company Secretary in
consultation with the Chairman. The Chairman ensures that all Directors have full and timely access to information,
with Board Papers distributed in advance of meetings. The notice for each of the meetings is accompanied by the
minutes of preceding Board meetings, together with relevant information and documents for matters on the agenda
to enable them to consider and deliberate knowledgeably on issues and facilitate informed decision making.
The Directors meet, review and approve all corporate announcements, including announcement of the quarterly
financial reports and annual audited accounts, prior to releasing them to the Bursa Malaysia Securities Berhad. The
Board is also notified of the impending restriction in dealing with the securities of the Company at least one month
prior to release of the quarterly financial results announcement.
The Company Secretary ensures that all Board meetings are properly convened, and that accurate and proper
records of the proceedings and resolutions passed are recorded and maintained in the statutory register of the
Company.
The Directors have full and unrestricted access to the advice and services of the Company Secretary and the external
auditors at all times in the discharge of their duties and responsibilities. Where necessary, the Directors, whether
collectively as a Board or in their individual capacity are empowered to seek independent professional advice and
services in furtherance of their duties.
Board Committees
The Board has established several committees, namely Audit Committee, Nomination Committee and Remuneration
Committee, with specific terms of references to support and assist the Board in discharging its fiduciary duties
and responsibilities. These committees have the authority to analyze on relevant issues and report to the Board with
their proceedings and deliberations.
ANNUAL REPORT 2010

STATEMENT OF CORPORATE GOVERNANCE
Audit Committee
The Audit Committee is primarily responsible for matters relating to financial accounting and controls to ensure that
good practices are adopted in the review and disclosure in the financial affairs of the Group. The Audit Committee
also provides an independent and neutral avenue for reporting and feedback both between the internal and external
auditors; and the Directors and management representatives of the Group.
The composition and terms of reference of the Audit Committee together with its report are presented in the Audit
Committee section in this Annual Report.
Nomination Committee
The Nomination Committee, which consists wholly of Non-Executive Directors, and its primary function, is to
propose new nominees for the Board and assess directors on an on-going basis. The final decision as to who shall
be nominated should be the responsibility of the full Board after considering the recommendations of the Nomination
Committee.
The Nomination Committee comprises the following members:
Datuk Ahmad Shalimin bin Ahmad Shaffie (Chairman / Independent & Non-Executive Director)
Peter Wong Hoy Kim (Member / Senior Independent & Non-Executive Director)
The nomination of Directors for purpose of re-election shall also be determined and thereafter recommended by the
Nomination Committee for approval by the Board. In nominating Directors for re-election, the Nomination Committee
is guided by the provisions of the Articles of Association of the Company.
Remuneration Committee
The Remuneration Committee, which consists mainly of Non-Executive Directors, is responsible for the implementation
of remuneration policy and to make recommendation to the Board on the remuneration packages of the
Executive Directors. The Executive Directors do not participate in discussion and decision of their own remuneration.
The Non-Executive Directors are abstained from deliberations and voting on decision in respect of his individual
remuneration package. The determination of the remuneration package for Non-Executive Directors is a matter for
the Board as a whole and subject to the approval of shareholders at the Annual General Meeting.
The Remuneration Committee comprises the following members:
Datuk Ahmad Shalimin bin Ahmad Shaffie (Chairman / Independent & Non-Executive Director)
Peter Wong Hoy Kim (Member / Senior Independent & Non-Executive Director)
Tang Yuet Mun (Member / Executive Director)
Directors’ Remuneration
The details of the remuneration of the Directors of the Company for services rendered to the Group for the financial
year ended 31 December 2010 are as follows:-
Other Emoluments (RM) Fees
Total
(RM)
(RM)
Executive Director 6,000 50,000 56,000
Non Executive Directors 18,750 66,000 84,750
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ANNUAL REPORT 2010
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STATEMENT OF CORPORATE GOVERNANCE
The number of Directors whose remuneration falls into the following bands is as follows:-
Number of Directors
Range of Remuneration Executive Non -Executive
Below RM50,000 2 4
Appointment and Re-election of Directors
In accordance with the Company’s Articles of Association, all Directors who are appointed by the Board during the
year are subject to re-election by shareholders at the following Annual General Meeting.
The Company's Articles of Association also provide that at least one-third of the remaining Directors shall retire from
office at the Annual General Meeting. All Directors shall retire from office at least once in every three (3) years but
shall be eligible for re-election.
Directors’ Training
The Board acknowledges the importance of continuous education to keep abreast with the relevant changes in
laws, regulations and development in the business environment in order to discharge their duties more effectively.
The Board has taken on the responsibility in evaluating and determining the specific and continuous training needs
of the Directors on an annual basis. Dato’ Syed Abu Hussin Bin Hafiz Syed Abdul Fasal who was appointed on 8
December 2010 had attended and successfully completed the Mandatory Accreditation Programme (“MAP”) as
prescribed by the Bursa Malaysia Securities Berhad.
During the financial year ended 31 December 2010, the Directors of the Company attended professional development
courses and seminars as follows:-
Low Bok Tek Corporate Governance For Company Directors
Tang Yuet Mun National Tax Conference 2010
National Seminar on Taxation 2010
Corporate Governance For Company Directors
Peter Wong Hoy Kim Corporate Governance For Company Directors
Malik Parvez Ahmad
bin Nazir Ahmad
Strategic Islamic Finance
Global Investment Performance Standard
IFN 2010 Issuers & Investor Asia Forum
10 Nov 2010
6 & 7 July 2010
21 Oct 2010
10 Nov 2010
10 Nov 2010
16 June 2010
8 July 2010
26 & 27 Oct 2010
However, Datuk Ahmad Shalimin bin Ahmad Shaffie did not attend any training for the financial year ended 31
December 2010 due to his hectic schedule.
Given the fact that Directors roles are increasingly demanding in an organisation, the Board will ensure that all its
members continue to keep abreast with the relevant developments in industry changes, laws, regulations and business
management. The Directors are committed to the continuous education programme and will endeavor to
fulfill their training requirement for the financial year ending 31 December 2011.
ANNUAL REPORT 2010

STATEMENT OF CORPORATE GOVERNANCE
SHAREHOLDERS AND INVESTOR RELATIONS
The Board maintained an effective communication policy that enables both the Board and the management to communicate
effectively with its shareholders, stakeholders and the public. The policy effectively interprets the operations
of the Group to the shareholders and accommodates feedback from shareholders, which are factored into the
Group’s business decision.
The Board acknowledges the importance of maintaining transparency and accountability to the shareholders and
investors and to timely disseminate the Group’s performance and any significant developments affecting the Group.
The public announcement via Bursa Malaysia Securities Berhad, namely the quarterly and final financial results
provides an overview of the Group’s financial performance and operations to its shareholders, institutional shareholders
and investors.
The Board also communicates information on the operations, activities and performance of the Group to the shareholders,
stakeholders and the public through the Annual Report, circulars to shareholders, various announcements
made to Bursa Securities Malaysia Berhad and the Company website at http://www.gunung.com.my.
The Annual General Meeting serves as an important mean for shareholders’ communication. Notice of the Annual
General Meeting and Annual Reports are sent to shareholders prior to the meeting. At each Annual General Meeting,
the Board presents the performance and progress of the Group and provides shareholders with the opportunity
to raise questions pertaining to the Group. The Chairman and the Board will respond to the questions raised by the
shareholders during the Annual General Meeting.
The Board has ensured each item of special business included in the notice of meeting will be accompanied by an
explanatory statement on the effects of the proposed resolution.
ACCOUNTABILITY AND AUDIT
Financial Reporting
The Board aims to present a balanced and understandable assessment of the Group’s position and prospect
through the annual financial statements and quarterly announcements of results to Bursa Securities Malaysia
Berhad. The Directors are responsible to ensure the annual financial statements are prepared in accordance with
the provisions of the Companies Act, 1965 and applicable approved accounting standards in Malaysia. The Directors
also have the responsibilities for taking steps as are reasonably available to them to safeguard the assets of the
Group and prevent any fraud or irregularities.
Relationship with Auditors
The Audit Committee supports the Board in its responsibility to oversee the financial reporting and the effectiveness
of the internal control of the Group. The Group has always maintained a formal and transparent relationship with its
external and internal auditors through the Audit Committee. The Audit Committee acts as an independent channel
of communication for the auditors to convey its objective views and professional advice on the Group’s financial and
operational activities.
Key features for the relationship of the Audit Committee with both the internal and external auditors are more
particularly described in the Audit Committee Report of this Annual Report.
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ANNUAL REPORT 2010
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STATEMENT OF CORPORATE GOVERNANCE
Internal Control
The Board acknowledges its responsibility for establishing a sound system of internal control for the Group to
achieve its objectives within the acceptable risk profile as well as safeguarding shareholders’ interest and the
Group’s assets.
A review of the state of internal controls within the Group is set out under the Statement on Internal Control of this
Annual Report.
This Statement was made in accordance with a resolution of the Board of Directors dated 14 May 2011
ANNUAL REPORT 2010

ADDITIONAL COMPLIANCE INFORMATION
The information set out below is disclosed in compliance with the main market Listing Requirements of Bursa
Malaysia Securities Berhad.
1. Utilisation of Proceeds
The utilisation of proceeds from the Rights Issue of 50,354,000 new ordinary shares of RM0.40 each at an
issue price of RM0.42 per share is as follows :-
Proposed
utilisation
Amount
utilised up to
April 30, 2011
2. Options, Warrants and Convertible Securities
No warrants in the Company were exercised during the financial year ended 31 December 2010.
During the financial year ended 31 December 2010, the Company issued:i)
25,177,000 Warrants 2010/2020 arising from the Rights Issue; and
ii) Additional 6,414,377 Warrants 2003/2013 arising from the adjustment pursuant to the Rights Issue
3. Non-Audit Fees
There was no non-audit fees paid to the external auditors for the financial year ended 31 December
2010.
4. Material Contracts Involving Directors and Major Shareholders
Balance to
be utilised
1. Refinance bank borrowing
taken up by the Company to
finance the acquisition of
51% equity interest in GPB
Corporation Sdn Bhd
17,000,000 17,000,000 -
2. Working capital 3,149,000 3,652,562 (503,562)
3. Expenses relating to the
Rights Issue, Capital
Reduction and Acquisition of
1,000,000 496,438 503,562
GPB Corporation Sdn Bhd. ^
21,149,000 21,149,000 -
^ un-utilised portion transferred to working capital.
There were no material contracts subsisting as at 31 December 2010 or entered into since the end of the
previous financial year, by the Company and its subsidiaries involving Directors' and major shareholders'
interest other than those disclosed under notes to the account on Related Party Transactions of revenue in
nature.
15
ANNUAL REPORT 2010
|

| 16
ADDITIONAL COMPLIANCE INFORMATION
5. Contract Relating to Loans
During the financial year, there were no contracts relating to loans entered into by the Company involving
the interests of directors and/or major shareholders.
6. Shares Buy-Back
The Company did not carry out any shares buy-back exercise during the financial year ended 31 December
2010.
7. Depository Receipt ("DR") Programme
The Company did not sponsor any DR programme during the financial year ended 31 December 2010.
8. Sanctions and/or Penalties
There were no sanctions and/or penalties imposed on the Company and its subsidiaries, Directors or
management by the regulatory bodies.
9. Profit Estimate, Forecast or Projection
The Company and its subsidiaries did not release any profit estimate, forecast or projection and there was
no variation in results by 10% or more between the audited and the unaudited results announced during the
financial year ended 31 December 2010.
10. Profit Guarantees
During the financial year, there were no profit guarantees given by the Company.
11. Revaluation Policy on Landed Properties
The revaluation policy on landed properties is as set out in the Financial Statements.
12. Recurrent Related Party Transactions ("RRPT") of a Revenue or Trading Nature
The Company had at the 15th Annual General Meeting held on 18 June 2010 obtained shareholders’
mandate for the Company and/or its subsidiary companies to enter into recurrent transactions of a revenue
or trading nature, which are necessary for its day to day operations and are in the ordinary course of business,
with related parties. The said general mandate took effect from 18 June 2010 until the conclusion of
the forthcoming Annual General Meeting of the Company. The Company does not intend to seek a renewal
of the said general mandate for recurrent related party transactions at the forthcoming Annual General
Meeting of the Company as all RRPT on latex trading between Gunung Resources Sdn Bhd and Latexx
Manufacturing Sdn Bhd had ceased effective from January 2011.
ANNUAL REPORT 2010

ADDITIONAL COMPLIANCE INFORMATION
The aggregate value of the recurrent transactions of a revenue or trading nature conducted during the financial year
under review between the Company and/or its subsidiary company with related party are set out below:-
Nature of
transactions
Sales of latex
concentrate by a
subsidiary of Gunung
Capital Berhad
(“GCB”) to a
subsidiary of Latexx
Partners Berhad
(“LPB”)
Related Party
Subsidiary of
LPB
Latexx
Manufacturing
Sdn Bhd
Interested Party
ÿ Low Bok Tek (“LBT”), a
Director and a Major
shareholder of GCB and
GRSB. He has a deemed
interes t of 16.58% in GCB
held through Erayear Equity
Sdn Bhd (“Erayear”)
ÿ Erayear, a party connected
to LBT which is also a Major
Shareholder of GCB
ÿ LBT, a Director and a Major
Shareholder of LPB and
LMSB. He has a direct
interest of 7.08% in LPB and
a deemed in terest of 2 2.69%
in LPB held through BT
Capital Sdn Bhd (“BTC”)
ÿ BTC, a party connected to
LBT which is also a Major
Shareholder of LPB
17
ANNUAL REPORT 2010
|
Aggregate
value
(RM)
RM32,651,419

| 18
REPORT OF THE AUDIT COMMITTEE
COMPOSITION OF THE AUDIT COMMITTEE
The Audit Committee of the Company comprises the following members:
Independent Non-Executive Director
Senior Independent Non-Executive Director
Independent Non-Executive Director
ATTENDANCE OF AUDIT COMMITTEE MEETINGS
The details of attendance of each Audit Committee member in the Audit Committee meetings held during the
Name Attendance
TERMS OF REFERENCE OF AUDIT COMMITTEE
Terms of Membership
The members of Audit Committee shall elect a chairman from among their number who shall be an indepen
ANNUAL REPORT 2010

The Board of Directors shall review the term of office and the performance of the Audit Committee and each
of its members at least once in every three (3) years. No alternate Director shall be appointed as a member
of the Audit Committee.
Meetings and Quorum of the Audit Committee
The Committee shall meet at least five (5) times a year and the quorum shall be at least two (2) members,
majority of whom must be Independent Directors.
The Chairman of the Audit Committee shall be the chairman of the meeting. If at any meeting the chairman
is not present, the members present shall elect a chairman from among their number who shall be an independent
director. The Chairman shall call a meeting of the Audit Committee if a request is made by any committee
member or the external auditors.
Notice of a meeting of the Audit Committee shall be given to all members in writing via facsimile, e-mail, by
hand delivery or by courier.
The decision of the Audit Committee shall be decided by a majority of votes, the Chairman of the meeting
shall have a casting vote.
The Company Secretary shall act as secretary of the Audit Committee and also be responsible for keeping
the minutes of meeting of the Audit Committee and circulating to each member of the committee and to the
other member of the board. All minutes of meetings shall be open to inspection by the Audit Committee and
the Board of Directors. Circular Resolutions signed by all the members shall be valid and effective as if it had
been passed at a meeting of the Audit Committee.
The Audit Committee may require the attendance of any management staff from the Finance/Accounts
Department or other departments deemed necessary together with a representative or representatives from
the external auditors.
Functions of the Audit Committee
The duties and responsibilities of the Audit Committee shall include the following:-
(i) To review and discuss with the external auditor, the audit plan and the scope of the audit;
(ii) To review and discuss with the external auditor, their evolution of the system of internal controls and their
audit report;
(iii) To review the assistance given by the employees of the Company to the external auditors;
(iv) To review the external auditor’s management letter and the management’s response.
(v) To report to the Board if there is reason (supported by grounds) to believe that the external auditor is not
suitable for reappointment;
(vi) To review the quarterly and year-end financial statements, prior to the approval by the Board of Directors,
focusing particularly on:
(vii)
To review the adequacy of the scope, functions, competency and resources of the internal audit function,
and that it has the necessary authority to carry out its work;
19
ANNUAL REPORT 2010
|

(viii)
(ix)
(x)
(xi)
To review the internal audit programme and the results of the internal audit programme, processes investigation
undertaken and whether or not that appropriate action is taken on the recommendations of the internal
audit function;
To review any related party transactions and conflict of interest situation that may arise within the Company
or the Group including any transaction, procedure or course of conduct that raises questions of management
integrity;
To consider the appointment, the audit fee and resignation or dismissal of the external auditors; and
To recommend the nomination of a person as external auditors.
Rights of the Audit Committee
The Audit Committee has ensured that, wherever necessary and reasonable for the performance of its duties, in
accordance with a procedure determined by the Board:-
(i)
(ii)
(iii)
(iv)
(v)
(vi)
| 20
REPORT OF THE AUDIT COMMITTEE
have authority to investigate any matter within its terms of reference;
have the resources which are required to perform its duties;
have full and unrestricted access to any information pertaining to the Company;
have direct communication channels with the external auditors and person(s) carrying out the internal audit
function or activity;
be able to obtain independent professional or other advice; and
be able to convene meetings with the external auditors, the internal auditors or both, excluding the attendance
of other directors and employees of the Company, whenever deemed necessary.
SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE
The activities of the Audit Committee during the financial year ended 31 December 2010 include the followings:-
Reviewed and recommended for Board’s approval on the unaudited quarterly financial results and audited
financial statements;
Assessed the Group’s financial performance;
Reviewed and discussed with the External Auditors, the results of the audit process, issues arising from the
audits and updates on new developments pertaining to accounting standards issued by the Malaysian
Accounting Standards Board;
Recommended the nomination of External Auditors for Board’s approval;
Reviewed the procedures monitoring recurrent related party transactions within the Group and the renewal
of shareholders’ mandate;
Reviewed the status of the internal control system of the Group;
ANNUAL REPORT 2010

REPORT OF THE AUDIT COMMITTEE
Reviewed the internal audit reports on findings and recommendations and ensuring that material findings
are adequately addressed by the Management;
Assessed the adequacy of competency of the internal auditing function;
Reviewed the Audit Committee Report and Statement on Internal Control to be published in the Annual
Report.
INTERNAL AUDIT FUNCTION
The Audit Committee, in particular, is assisted by the in-house Internal Audit Department who undertake the audit
and compliance functions of the Group. Internal audit focuses on determining whether the controls provide reasonable
assurance of effective and efficient operations, as to reliability and integrity of financial data and reports, and
compliance with laws, regulations and contracts.
The internal auditor has progressively conducted independent and regular reviews to assess the adequacy and
effectiveness of the Group’s internal control systems and ensure that the Group’s policies and operating procedures
are complied with. Audits were carried out on key processes or strategic business units of the Group. The internal
auditor also monitored the effectiveness of administration and financial controls applied and the reliability and integrity
of data that was produced within the Group. Audit findings were presented to the Audit Committee and
recommendations were highlighted for improvements on a quarterly basis.
The cost incurred in maintaining the Internal Audit Function for the financial year ended 31 December 2010 was
RM24,000.
21
ANNUAL REPORT 2010
|

| 22
STATEMENT ON INTERNAL CONTROL
INTRODUCTION
Pursuant to Paragraph 15.26(b) of the main market Listing Requirements of Bursa Malaysia Securities Berhad, the
Board is pleased to provide the following statement on the internal control which outlines the nature and scope of
internal controls of the Group during the financial year ended 31 December 2010.
DIRECTORS’ RESPONSIBILITIES
The Board affirms overall responsibility for the Group’s system of internal control. This includes reviewing the
adequacy and integrity of financial, operational and compliance controls so as to safeguard shareholders’ investment
and the Group’s assets. The system of internal control is meant to effectively manage business risks towards
the achievement of objectives so as to enhance the value of shareholders’ investments and to safeguard the
Group’s assets.
However, as in any system of internal control, it is designed to manage rather than eliminate the risk of failure to
achieve business objectives and therefore, it can only provide reasonable and not absolute assurance against
material misstatement or loss.
KEY PROCESSES
Internal Control Environment
Within the Group, there are organisational structures in place for each operating unit with clearly defined levels of
authority. Management of each operating unit has clear responsibility for identifying risk affecting their unit and the
overall Group’s business as a whole. They are also charged with instituting adequate procedures and internal
controls to mitigate and monitor such risks on an ongoing basis. Internal policies and procedures are documented
to formalise the operations of the Group.
Audit Committee
The Board has empowered the Audit Committee with the duty of reviewing and monitoring the effectiveness of the
Group’s system of internal control. The Audit Committee reviews the Group’s financial reports, internal and external
audit reports and the internal control system. The Audit Committee comprises independent non-executive
members of the Board and provides direction and oversight over the internal audit function to enhance its
independence from management. The Audit Committee meets quarterly to review internal audit findings, discusses
risk management issues and ensures that weaknesses in controls highlighted are appropriately addressed by the
management.
The periodic monitoring and reviews in place give reasonable assurance that the structure of controls and operation
is appropriate to the Group and that the Group is operating within acceptable level of risks.
Internal Audit Function
During the financial year, the Group has an Internal Audit Department to assist the Audit Committee with the
examination and evaluation of the adequacy and effectiveness of the internal control system, including control
environment, risk assessment process and operational control activities.
This statement is made in accordance with a resolution of the Board of Directors dated 14 May 2011.
The Internal Auditor had reviewed the Group’s system of internal controls and had reported the internal audit activities
carried out during the year, the significant risks and findings and necessary recommendations to the Audit Committee
on a quarterly basis. The internal audit focuses on determining whether the controls provide reasonable
assurance of effective and efficient operations, as to reliability and integrity of financial data and reports, and compliance
with established policies and procedures.
ANNUAL REPORT 2010

STATEMENT ON INTERNAL CONTROL
CONCLUSION
For the financial year under review, the Board is of the view that the system of the internal control is in place and
there is no material loss that requires disclosure in the Group’s Annual Report. Nevertheless, the Board will, when
necessary, put in place appropriate action plans to further enhance the Group’s system of internal controls.
The external auditors have reviewed the Statement of Internal Control pursuant to Paragraph 15.23 of the Main
Market Listing Requirements of Bursa Malaysia Securities Berhad and have reported to the Board that it appropriately
reflects the processes that the Board has adopted in reviewing the adequacy and integrity of the system of
internal controls.
23
ANNUAL REPORT 2010
|

DIRECTOR’S REPORT
DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2010
The directors hereby submit their report and the audited financial statements of the Group and of the
Company for the financial year ended 31 December 2010.
PRINCIPAL ACTIVITIES
The Company is an investment holding company and the principal activities of its subsidiary
companies are listed in Note 7 to the financial statements. There have been no significant changes in
the nature of these activities during the financial year.
FINANCIAL RESULTS
Group Company
RM RM
Net profit / (loss) for the year 4,274,767 (1,210,327)
In the opinion of the directors, the results of operations of the Group and of the Company during the
financial year have not been substantially affected by any item, transaction or event of a material and
unusual nature.
DIVIDENDS
| 24
Since the end of the last financial year, there is no dividend proposed, declared or paid by the
Company.
RESERVES AND PROVISIONS
There were no material transfers to or from reserves or provisions during the financial year other than
those disclosed in the financial statements.
ISSUE OF SHARES AND DEBENTURES
During the financial year, the Company issued 50,354,000 ordinary shares of RM0.40 each at an issue
price of RM0.42 per share pursuant to its rights issue of up to 66,353,200 rights share on a
renounceable basis of 1 rights share for every 1 existing ordinary share of RM0.40 each held together
with up to 33,176,600 new warrants on the basis on 1 new warrant for every 2 rights shares
subscribed by the entitled shareholders.
The Company has not issued any new debenture during the financial year.
SHARE OPTIONS
WARRANTS 2003/2013
Pursuant to a deed poll dated 20 August 2003, the Company issued 15,999,200 detachable warrants
on 13 October 2003 in conjunction with a rights issue of 15,999,200 new ordinary shares of RM1.00
each in the Company. Each warrant entitles the registered holder at any time during the exercise
period from 13 October 2003 to 13 October 2013 to subscribe for 1 new ordinary share of RM1.00
each in the Company at an exercise price of RM1.00 per share. With effect from 10 September 2010,
the 15,999,200 unexercised warrants were adjusted to an exercise price of RM0.40 per share
consequential to the Company’s capital reduction exercise
On 11 October 2010, an additional 6,414,377 warrants were issued at an exercise price of RM0.40
per share in conjunction with a rights issue of 50,354,000 new ordinary shares of RM0.40 each in the
Company. As at 31 December 2010, none of the aforesaid warrants has been exercised and there
were 22,413,577 unexercised warrants at an exercise price of RM0.40 per share.
ANNUAL REPORT 2010

DIRECTOR’S REPORT
WARRANTS 2010/2020
Pursuant to a deed poll dated 3 September 2010, the Company issued 25,177,000 detachable
warrants on 11 October 2010 in conjunction with a rights issue of 50,354,000 new ordinary shares of
RM0.40 each in the Company. Each warrant entitles the registered holder at any time during the
exercise period from 11 October 2010 to 11 October 2020 to subscribe for 1 new ordinary share of
RM0.40 each in the Company at an exercise price of RM0.50 per share. As at 31 December 2010,
none of the aforesaid warrants has been exercised and there were 25,177,000 unexercised warrants
at an exercise price of RM0.50 per share.
DIRECTORS
The directors who served since the date of the last report are:-
Low Bok Tek
Dato’ Syed Abu Hussin bin Hafiz Syed Abdul Fasal (Appointed on 08.12.2010)
Datuk Ahmad Shalimin Bin Ahmad Shaffie
Peter Wong Hoy Kim
Tang Yuet Mun
Malik Parvez Ahmad bin Nazir Ahmad
In accordance with Article 101 of the Company's Articles of Association, Datuk Ahmad Shalimin Bin
Ahmad Shaffie and Tang Yuet Mun retire at the forthcoming annual general meeting and being
eligible, offer themselves for re-election.
In accordance with Article 108 of the Company's Articles of Association, Dato’ Syed Abu Hussin bin
Hafiz Syed Abdul Fasal retires at the forthcoming annual general meeting and being eligible, offers
himself for re-election.
DIRECTORS' BENEFITS
Since the end of the last financial year, no director of the Company has received or entitled to receive
any benefit (other than the directors' remuneration as disclosed in the financial statements) by reason
of a contract made by the Company or a related corporation with the director or with a firm of which
the director is a member, or with a company in which the director has a substantial financial interest
except for the related party transactions as disclosed in Note 31 to the financial statements.
Neither during nor at the end of the financial year, was the Company a party to any arrangements
whose object is to enable the directors to acquire benefits by means of the acquisition of shares in, or
debentures of, the Company or any other body corporate.
DIRECTORS' INTEREST
The shareholdings in the Company and its related corporations of those who were directors at the end
of the financial year, as recorded in the Register of Directors' Shareholdings kept by the Company
under Section 134 of the Companies Act, 1965 were as follows:-
Shares in the Company
Gunung Capital Berhad
Direct Interest
Dato’ Syed Abu Hussin bin Hafiz Syed
Abdul Fasal
Number of ordinary shares of RM0.40 * each
Balance at
01.01.2010
Bought
Sold
25
ANNUAL REPORT 2010
|
Balance at
31.12.2010
- 21,191,870 - 21,191,870
Indirect Interest
Low Bok Tek ** 13,599,129 13,599,129 10,502,000 16,696,258

| 26
DIRECTOR’S REPORT
Direct Interest
Dato’ Syed Abu Hussin bin Hafiz Syed
Abdul Fasal
Number of options for ordinary shares of RM0.40 *
each (Warrant 2003/2013)
Balance at
Balance at
01.01.2010 Granted Lapsed 31.12.2010
- 269,100 - 269,100
Indirect Interest
Low Bok Tek ** 124,201 49,794 - 173,995
Direct Interest
Dato’ Syed Abu Hussin bin Hafiz Syed
Abdul Fasal
Number of options for ordinary shares of RM0.40
each (Warrant 2010/2020)
Balance at
Balance at
01.01.2010 Granted Lapsed 31.12.2010
- 1,944,235 - 1,944,235
Indirect Interest
Low Bok Tek ** - 6,799,565 - 6,799,565
Shares in Subsidiary Company
- GPB Corporation Sdn. Bhd.
Direct Interest
Dato’ Syed Abu Hussin bin Hafiz Syed
Abdul Fasal
Number of ordinary shares of RM1.00 each
Balance at
01.01.2010
Bought
Sold
Balance at
31.12.2010
4,510,000 - 2,550,000 1,960,000
* On 9 September 2010, the par value of each of the Company’s ordinary share was reduced from
RM1.00 to RM0.40 each.
** By virtue of Section 6A(4)(c) of the Companies Act, 1965.
By virtue of their interests in the shares of the Company, Dato’ Syed Abu Hussin bin Hafiz Syed Abdul
Fasal and Low Bok Tek are deemed interested in the shares of all the subsidiary companies of the
Company to the extent that the Company has an interest.
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS
a) Before the financial statements of the Group and of the Company were made out, the directors
took reasonable steps:
(i) 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 have satisfied themselves that all known bad
debts have been written off and that adequate allowance had been made for doubtful debts;
and
(ii) 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 of the Company have been written down to an amount which they might be expected to
realise.
ANNUAL REPORT 2010

DIRECTOR’S REPORT
a) At the date of this report, the directors are not aware of any circumstances:
(i) which would render the amount written off for bad debts or the amount of allowance for
doubtful debts in the financial statements of the Group and of the Company inadequate to
any substantial extent; or
(ii) which would render the values attributed to current assets in the financial statements of the
Group and of the Company misleading; or
(iii) which have arisen which render adherence to the existing method of valuation of assets or
liabilities of the Group and of the Company misleading or inappropriate.
b) At the date of this report, there does not exist:
(i) any charge on the assets of the Group and of the Company which has arisen since the end
of the financial year which secures the liability of any other person; or
(ii) any contingent liability of the Group and of the Company which has arisen since the end of
the financial year.
c) 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 of the Company to meet
their obligations as and when they fall due.
OTHER STATUTORY INFORMATION
a) 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 of the Group and of the Company which would
render any amount stated in the financial statements misleading.
b) In the opinion of the directors,
(i) the results of the operations of the Group and of the Company during year the financial were
not substantially affected by any item, transaction or event of a material and unusual nature;
and
(ii) 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 of the Company for the financial
year in which this report is made.
AUDITORS
The auditors, Messrs STYL Associates, have indicated their willingness to continue in office.
Signed on behalf of the Board in accordance with a resolution of the directors,
DATO' SYED ABU HUSSIN BIN HAFIZ SYED ABDUL FASAL
Director
Taiping, Perak Darul Ridzuan
Date : 29 April 2011
27
LOW BOK TEK
Director
ANNUAL REPORT 2010
|

| 28
DIRECTOR’S REPORT
STATEMENT BY DIRECTORS
We, Dato' Syed Abu Hussin Bin Hafiz Syed Abdul Fasal and Low Bok Tek, being directors of Gunung
Capital Berhad, do hereby state on behalf of the directors that in our opinion, the accompanying
financial statements of the Group and of the Company as set out on pages 31 to 62 are properly
drawn up in accordance with the provisions of the Companies Act, 1965 and applicable Financial
Reporting Standards in Malaysia so as to give a true and fair view of the financial position of the
Group and of the Company as at 31 December 2010 and of the results and cash flows of the Group
and of the Company for the financial year ended on that date.
The supplementary information as set out in Note 36 is prepared in accordance with Guidance on
Special Matter No. 1, Determination of Realised and Unrealised Profits or Losses in the Context of
Disclosure pursuant to Bursa Malaysia Securities Berhad Listing Requirements, as issued by the
Malaysian Institute of Accountants and the directive of Bursa Malaysia Securities Berhad.
Signed on behalf of the Board in accordance with a resolution of the directors,
DATO' SYED ABU HUSSIN BIN HAFIZ SYED ABDUL FASAL
Director
Taiping, Perak Darul Ridzuan
Date : 29 April 2011
STATUTORY DECLARATION
LOW BOK TEK
Director
I, Tang Yuet Mun, I/C No. 560222-08-6133, being the director primarily responsible for the accounting
records and financial management of Gunung Capital Berhad, do solemnly and sincerely declare that
the accompanying financial statements of the Group and of the Company as set out on pages 31 of 62,
are to the best of my knowledge and belief, correct and I make this solemn declaration
conscientiously believing the same to be true, and by virtue of the provisions of the Statutory
Declarations Act, 1960.
Subscribed and solemnly declared by
Tang Yuet Mun, I/C No. 560222-08-6133
at Taiping, Perak Darul Ridzuan on 29 April 2011
Before me:
MUSA AHMAD
COMMISSIONER FOR OATHS
ANNUAL REPORT 2010
TANG YUET MUN

INDEPENDENT AUDITORS’ REPORT
STYL ASSOCIATES 107-B, Jalan Aminuddin Baki,
Taman Tun Dr Ismail, 60000 Kuala Lumpur
(AF 001929)
Tel: 603-77275573 Fax: 603-77270771
Chartered Accountants
email: stylaudit@gmail.com
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF
GUNUNG CAPITAL BERHAD
(Incorporated in Malaysia)
Report on the Financial Statements
We have audited the financial statements of Gunung Capital Berhad, which comprise the statements
of financial position as at 31 December 2010 of the Group and of the Company, and the statements of
comprehensive income, statements of changes in equity and statements of cash flows of the Group
and of the Company for the year then ended, and a summary of significant accounting policies and
other explanatory information, as set out on pages 32 to 38. .
Directors’ Responsibility for the Financial Statements
The directors of the Company are responsible for the preparation of financial statements that give a
true and fair view in accordance with Financial Reporting Standards and the Companies Act, 1965 in
Malaysia, and for such internal control as the directors determine are necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
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 judgement, including the
assessment of the 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 Company'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 Company'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 Financial
Reporting Standards and the Companies Act, 1965 in Malaysia so as to give a true and fair view of
the financial position of the Group and of the Company as of 31 December 2010 and of their financial
performance and cash flows for the year then ended.
29
ANNUAL REPORT 2010
|

INDEPENDENT AUDITORS’ REPORT
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 subsidiary companies have been properly kept in accordance with the
provisions of the Act.
b) we are satisfied that the financial statements of the subsidiary companies 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.
c) the audit reports on the financial statements of the subsidiary companies did not contain any
qualification or any adverse comment made under Section 174(3) of the Act.
Other Reporting Responsibilities
Our audit was made for the purpose of forming an opinion on the financial statements taken as a
whole. The information set out in Note 36 to the financial statements has been compiled by the
Company as required by the Bursa Malaysia Securities Berhad Listing Requirements. We have
extended our audit procedures to report on the process of compilation of such information. In our
opinion, the information has been properly compiled, in all material respects, in accordance with the
Guidance of Special Matter No.1, Determination of Realised and Unrealised Profits or Losses in the
Context of Disclosures Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, issued
by the Malaysian Institute of Accountants and presented based on the format prescribed by Bursa
Malaysia Securities Berhad.
Other Matters
| 30
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.
STYL ASSOCIATES
[AF 001929]
Chartered Accountants
Kuala Lumpur
Date : 29 April 2011
ANNUAL REPORT 2010
YEO ENG HUI
1723/09/12/(J)
Partner

FINANCIAL STATEMENT
STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2010
Assets
Group Company
Note 2010 2009 2010 2009
RM RM RM RM
(Restated)
Non-current Assets
Property, plant and
equipment 5 96,813,534 9,737,513 5,035 8,956
Investment properties 6 4,169,931 4,175,491 - -
Subsidiary companies 7 - - 34,068,530 17,068,530
Other financial assets 8 277,678 277,678
Goodwill on consolidation 9 12,449,762 657,486 - -
113,710,905 14,848,168 34,073,565 17,077,486
Current Assets
Inventories 10 985,814 623,024 - -
Trade receivables 11 19,546,117 14,223,241 - -
Other receivables 12 6,790,931 60,402 16,210 16,210
Amount owing by subsidiary
companies 13 - - 1,430,864 1,860,317
Tax recoverable 639,908 638,358 2,950 2,950
Other financial assets 8 3,306,683 - - -
Fixed deposits with licensed
banks 14 6,310,212 200,000 3,402,000 -
Cash and bank balances 3,495,522 159,980 116,064 136,344
41,075,187 15,905,005 4,968,088 2,015,821
Total assets 154,786,092 30,753,173 39,041,653 19,093,307
Equity and Liabilities
Capital and reserves
Share capital 15 40,283,200 50,354,000 40,283,200 50,354,000
Reserves 16 2,622,504 (30,597,699) (1,358,154) (31,367,307)
Shareholders' equity 42,905,704 19,756,301 38,925,046 18,986,693
Minority interest 7,304,959 - - -
Total equity 50,210,663 19,756,301 38,925,046 18,986,693
Non-current liabilities
Finance lease payables 17 52,396,272 - - -
Shareholder’s advance 18 6,047,500 - - -
Deferred tax liabilities 19 2,126,413 131,930 - -
60,570,185 131,930 - -
Current Liabilities
Trade payables 20 4,766,081 3,671,632 - -
Other payables 21 15,993,441 999,877 26,675 15,000
Amount owing to subsidiary
companies 13 - - 89,932 91,614
Tax liabilities 578,382 -
Finance lease payables 17 15,528,768 -
Bank borrowings 22 7,138,572 6,193,433 - -
44,005,244 10,864,942 116,607 106,614
Total equity and liabilities 154,786,092 30,753,173 39,041,653 19,093,307
31
ANNUAL REPORT 2010
|

| 32
FINANCIAL STATEMENT
STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2010
Group Company
Note 2010 2009 2010 2009
RM RM RM RM
Continuing Operations
Revenue 23 25,045,555 - - -
Cost of sales (17,532,688) - - -
Gross Profit 7,512,867 - - -
Other income 1,584,988 153,225 129,924 119,999
Administrative and
general expenses (2,763,709) (756,052) (1,193,181) (395,329)
Finance costs 24 (2,302,210) - (147,070) -
Profit/(loss) before taxation 25 4,031,936 (602,827) (1,210,327) (275,330)
Tax expense 26 (994,622) (960) - -
Profit / (loss) from
continuing operations 3,037,314 (603,787) (1,210,327) (275,330)
Discontinued Operations 27
Profit from discontinued
operations 1,237,453 535,724 - -
Total comprehensive income 4,274,767 (68,063) (1,210,327) (275,330)
Attributable to:
Owners of the parent 2,000,723 (68,063)
Minority interest 2,274,044 -
4,274,767 (68,063)
Earnings / (loss) per ordinary 28
share (sen)
Basic earnings / (loss) per share
From continuing operations 1.24 (1.20)
From discontinued operations 2.00 1.06
3.24 (0.14)
Diluted earnings per share
From continuing operations 0.92 -
From discontinued operations 1.49 -
2,41 -
ANNUAL REPORT 2010

FINANCIAL STATEMENT
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2010
Group
Balance as at 1 January 2009
Total comprehensive income
Balance as at 31 December 2009
Reduction in share capital
Issue of shares during the year
Acquisition of subsidiary companies
Total comprehensive income
Balance as at 31 December 2010
--------------- Attributable to Equity Holders of the Company---------------
--------------- Non-Distributable ---------------
Share
Capital
RM
50,354,000
-
50,354,000
(30,212,400)
20,141,600
-
-
40,283,200
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2010
Company
Share
Premium
RM
100,411
-
100,411
-
-
-
-
100,411
Warrant
Reserve
RM
-
-
-
-
1,007.080
-
-
1,007.080
(Accumulated
Losses) /
Retained
Earnings
RM
(30,630,047)
(68,063)
(30,698,110)
30,212,400
-
-
2,000,723
1,515,013
Total
RM
19,824,364
(68,063)
19,756,301
-
21,148,680
-
2,000,723
42,905,704
33
ANNUAL REPORT 2010
|
Minority
Interest
RM
-
-
-
-
-
5,030,915
2,274,044
7,304,959
Share Share Warrarar nt Accumulated
Capital Premium Reserve Losses Total
RM RM RM RM RM
Total
RM
19,824,364
(68,063)
19,756,301
-
21,148,680
5,030,915
4,274,767
50,210,663
Balance as at 1 January 2009 50,354,000 100,411 - (31,192,388) 19,262,023
Total comprehensive income e - - - (275,330) (275,330)
Balance as at 31 December 2009 50,354,000 100,411 - (31,467,718) 18,986,693
Reduction in share capital (30,212,400) - - 30,212,400 -
Issue of shares during the year 20,141,600 - 1,007.080 - 21,148,680
Total comprehensive income e - - - (1,210,327) (1,210,327)
Balance as at 31 December 2010 40,283,200 100,411 1,007.080 (2,465,645) 38,925,046

| 34
FINANCIAL STATEMENT
STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2010
Group Company
2010 2009 2010 2009
RM RM RM RM
Cash Flows from Operating Activities
Profit/(loss) before taxation from:
- continuing operations 4,031,936 (602,827) (1,210,327) (275,330)
- discontinued operations 1,237,453 535,724 - -
Profit/(loss) before taxation 5,269,389 (67,103) (1,210,327) (275,330)
Adjustments for:
Amortisation of long leasehold land 47,646 47,427
Depreciation of investment
properties 5,560 5,560 - -
Depreciation of property, plant
and equipment 6,001,612 252,781 3,921 3,919
Gain on disposal of investment (1,367,209) - - -
Gain on disposal of property,
plant and equipment - (120,098) - (119,999)
Interests expense 2,642,495 221,529 147,070 -
Interests income (37,767) - - -
Net fair value gain on held for
trading financial assets (90,683) - - -
Operating profit/(loss) before working
capital changes 12,471,043 340,096 (1,059,336) (391,410)
Changes in inventories 43,566 (29,173) - -
Changes in trade receivables 8,175,704 (3,923,235) - -
Changes in other receivables (2,043,899) 1,252,852 - 1,064,742
Changes in trade payables (4,574,471) 3,305,050 - -
Changes in other payables 3,808,560 (217,864) 11,675 (36,566)
Cash generated from / (used in)
operations 17,883,503 727,726 (1,047,661) 673,332
Interest paid (2,642,495) (221,529) (147,070) -
Tax paid (661,541) (3,479) - (1,375)
Net cash generated from / (used in)
Operating Activities 14,576,467 502,718 (1,194,731) 673,332
Cash Flows from Investing Activities
Acquisition of subsidiary company (12,663,371) - (17,000,000) -
Interest received 37,767 - - -
Minority interest 25,000 - - -
Proceeds from disposal of
investment 1,467,209 - - -
Proceeds from disposal of
property, plant and equipment - 120,100 - 120,000
Purchase of property, plant and -
equipment (10,055,745) - - -
Net cash (used in) / generated from
Investing Activities (21,189,140) 120,100 (17,000,000) 120,000
ANNUAL REPORT 2010

FINANCIAL STATEMENT
STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2010
Group Company
2010 2009 2010 2009
RM RM RM RM
Cash Flows from Financing Activities
Issuance of shares
Net proceeds from / (repayment of)
21,148,680 21,148,680
banker‘s acceptance 598,001 (55,000) - -
Repayment of finance lease (6,035,392)
Advances to related companies
Net cash generated from / (used in)
- - 427,771 (813,513)
Financing Activities 15,711,289 (55,000) 21,576,451 (813,513)
Net Increase/(Decrease) in Cash and
Cash Equivalents
Cash and Cash Equivalents
9,098,616 567,818 3,381,720 (20,181)
brought forw rw r ard
Cash and Cash Equivalents
352,547 (215,271) 136,344 156,525
carried forw rw r ard 9,451,163 352,547 3,518,064 136,344
Cash and Cash Equivalents carried
forw rw r ard consists of:
Cash and bank balances 3,495,522 159,980 116,064 136,344
Fixed deposit with a licensed bank 6,310,212 200,000 3,402,000 -
Bank overdraft ft f (354,571) (7,433) - -
9,451,163 352,547 3,518,064 136,344
Significant Non-Cash Transaction
Significant non-cash transaction during the year consist of:
- acquisition of property, plant and
equipment under finance lease 29,125,700 - - -
35
ANNUAL REPORT 2010
|

NOTES TO THE FINANCIAL STATEMENTS
1 GENERAL
| 36
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2010
The Company is a public limited liability company, incorporated and domiciled in Malaysia and is
listed on the Main Market of Bursa Malaysia Securities Berhad. The registered office of the
Company is at Lot 5911, Jalan Perusahaan 1, Kamunting Industrial Estate, 34600 Kamunting,
Perak Darul Ridzuan.
The Company is an investment holding company and the principal activities of its subsidiary
companies are listed in Note 7 to the financial statements. There have been no significant
changes in the nature of these activities during the financial year.
The financial statements of the Company have been authorised by the Board of Directors for
issuance on 29 April 2011.
2 SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis Of Preparation
The financial statements of the Group and of the Company are prepared under the historical
cost convention unless otherwise indicated in the accounting policies below, and are in
accordance with the provision of the Companies Act, 1965 and applicable Financial
Reporting Standards in Malaysia.
The financial statements are presented in Ringgit Malaysia (RM).
2.2 Changes in Accounting Policies
The accounting policies adopted are consistent with those of the previous financial year
except as follows:
On 1 January 2010, the Group and the Company adopted the following new and amended
FRSs and IC Interpretations mandatory for annual financial periods beginning on or after 1
January 2010.
FRS 7 Financial Instruments: Disclosures
FRS 8 Operating Segments
FRS 101 Presentation of Financial Statements (Revised)
FRS 123 Borrowing Costs (Revised)
FRS 139 Financial Instruments: Recognition and Measurement
Amendments 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,
Jointly Controlled Entity
Amendments to FRS 2 Share-based Payment – Vesting Conditions and Cancellations
Amendments to FRS 132 Financial Instruments: Presentation
Amendments to FRS 139 Financial Instruments: Recognition and Measurement, FRS 7
Financial Instruments: Disclosures and IC Interpretation 9 Reassessment of Embedded
Derivatives
Improvements to FRSs issued in 2009
IC interpretation 9 Reassessment of Embedded Derivatives
IC Interpretation 10 Interim Financial Reporting and Impairment
IC Interpretation 11 FRS 2 – Group and Treasury Share Transactions
IC Interpretation 13 Customer Loyalty Programmes
IC Interpretation 14 FRS 119 – The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and Their Interaction
ANNUAL REPORT 2010

NOTES TO THE FINANCIAL STATEMENTS
FRS 4 Insurance Contracts and TR i-3 Presentation of Financial Statements of Islamic
Financial Institutions are also effective for annual periods beginning on or after 1 January
2010. These FRSs are, however, not applicable to the Group or the Company.
The adoption of the new and amended standards and interpretations does not have any
effect on the financial statements of the Company except for those discussed below:
(a) FRS 7 Financial Instruments: Disclosures
Prior to 1 January 2010, information about struments financial was indisclosed
in
accordance with the requirement of FRS 132 Financial Instruments: Disclosure and
Presentation. FRS 7 introduces new disclosures to improve the information about financial
instruments. It requires the disclosure d of quantitative qualitative an information about
exposure to risks arising from financial instruments, including specified minimum
disclosures about credit risk, liquidity risk and market risk and sensitivity analysis to market
risk.
(b) FRS 101 Presentation of Financial Statements (Revised)
The revised FRS 101 introduces changes in the presentation and disclosures of financial
statements. The revised standard separates -owner owner changes and nonin
equity. The
statement of changes in equity includes only details tions with of transac owners, with all
non-owner changes in equity presented as a single line item. The standard also introduces
the statement of comprehensive income, with all items of income and expense recognised
in profit or loss, together with all other items of recognised income and expense recognised
directly in equity, either in one single statement, or in two linked statements. The Company
have elected to present this statement as one single statement.
In addition, a statement of financial position is required at the beginning of the earliest
comparative period following a change in accounting policy, the correction of an error or the
classification of items in the financial statements.
The revised FRS 101 also requires the Company to make new nable disclosures users to e
of the financial statements to evaluate the Company’s objectives, policies and processes for
managing capital.
(c) FRS 139 Financial Instruments: Recognition and Measurement
FRS 139 establishes principles for recognising and measuring ets, financial ass
liabilities and some contracts to buy and sell non-financial item. The Group has adopted
FRS 139 prospectively on 1 January 2010 in accordance with the transitional provisions.
Following the adoption of FRS 139 during the financial Group reassessed year, the the
classification and measurement of financial assets and financial liabilities as at 1 January
2010. There is no material effect arising from the adoption of FRS 139 and hence no
opening statement of financial position as at 1 January 2010 was presented.
(d) Amendments to FRS 117 Leases
Prior to 1 January 2010, for all leases of land and buildings, if title is not expected to pass to
the lessee by the end of the lease term, the lessee normally does not receive substantially all
the risks and rewards incidental to ownership. Hence, all leasehold land held for own use was
normally classified by the company as operating lease and where necessary, the minimum
lease payments or the up-front payments made were allocated between the land and the
building elements in proportion to the relative fair values for leasehold interests in the land
element and building element of the lease at the inception of the lease. The up-front
payments represented prepaid lease payments and were amortised evenly on a straightline
basis over the lease term.
37
ANNUAL REPORT 2010
|

| 38
NOTES TO THE FINANCIAL STATEMENTS
The amendments to FRS 117 Leases clarify that leases of land and buildings are classified
as operating or finance leases in the same way as leases of other assets. They also clarify
that the present value of the residual value of the property in a lease with a term of several
decades would be negligible and accounting for the land element as a finance in such
circumstances would be consistent with the economic position of the lessee. Hence, the
adoption of the amendments to FRS 117 has resulted in certain unexpired land leases to be
reclassified as finance lease.
The Group has applied this change in accounting policy retrospectively and certain
comparative figures have been restated. The following are the effects to the statement of
financial position as at 31 December 2010 arising from the above change in accounting
policy.
Group
RM
Increase/(Decrease) in:
Property, plant and equipment 2,973,593
Prepaid lease payments (2,973,593)
The following comparatives have been restated:
As previously As
Stated Adjustments Restated
RM RM RM
Statement of financial position
Group
31 December 2009:
Property, plant and
equipment 6,716,274 3,021,239 9,737,513
Prepaid lease payments 3,021,239 (3,021,239) -
1 January 2009:
Property, plant and
equipment 6,969,056 3,068,666 10,037,722
Prepaid lease payments 3,068,666 (3,068,666) -
2.3 Standards Issued but not yet Effective
The Group and the Company have not adopted the following standards and interpretations
that have been issued but not yet effective:
FRS 1 First-time Adoption of Financial Reporting Standards
FRS 3 Business Combinations (Revised)
FRS 127 Consolidated and Separate Financial Statements (Revised)
Amendments to FRS 2 Share-based Payment
Amendments to FRS 5 Non-current Assets Held for Sale and Discontinued Operations
Amendments to FRS 138 Intangible Assets
Amendments to IC Interpretation 9 Reassessment of Embedded Derivatives
IC Interpretation 12 Service Concession Arrangements
IC Interpretation 15 Agreements for the Construction of Real Estate
IC Interpretation 16 Hedges of a Net Investment in a Foreign Operation
IC Interpretation 17 Distributions of Non-cash Assets to Owners
Amendments to FRS 132: Classification of Rights Issues
Amendments to FRS 1: Limited Exemption from Comparatives FRS 7 Disclosures for Firsttime
Adopters
Amendments to FRS 7: Improving Disclosures about Financial Instruments
ANNUAL REPORT 2010

NOTES TO THE FINANCIAL STATEMENTS
The management does not anticipate the adoption of these standards and interpretations to
have any material impact on the financial statements in the period of initial application
except for the new disclosures requirements under the Amendments to FRS 7 as well as
changes arising from the adoption of FRS 3 (revised) and FRS 127 (revised) as discussed
below.
The revised FRS 3 introduces a number of changes in the accounting for business
combinations which will impact the amount of goodwill recognised, the reported results in
the period of acquisition and future reported results. The revised FRS 127 require the
change in the ownership interest of a subsidiary (without loss of control) to be accounted for
as an equity transaction. The revised standard also changes the accounting for losses
incurred by the subsidiary as well as the loss of control of a subsidiary. These changes from
revised FRS 3 and FRS 127 will affect future acquisitions or loss of control and transactions
with minority interests.
2.4 Summary of Significant Accounting Policies
(a) Basis of Consolidation
The consolidated financial statements incorporate the audited financial statements of the
Company and its subsidiaries made up to the same financial year. Subsidiaries are
companies 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 one half of the voting rights.
Subsidiaries are consolidated using the purchase method of accounting. Under the
purchase method, subsidiaries are fully consolidated from the date on which control is
transferred to the Group and are de-consolidated from the date control ceases. The
financial statements of subsidiaries are prepared for the same reporting date as the
Company, and uniform accounting policies are adopted in the financial statements for like
transactions and events in similar circumstances. All inter-company balances, transactions
and resulting unrealised profits or losses are eliminated on consolidation and the
consolidated financial statements reflect external transactions only.
The cost of acquisition is measured as the aggregate of their fair values, at the date of
exchange, of the assets given, liabilities incurred or assumed, and equity instruments
issued, plus any cost directly attributable to the acquisition. The excess of the acquisition
cost over the Group’s interest in the subsidiaries’ fair values is reflected as goodwill, which
is not amortised but reviewed for impairment loss, annually or more frequently if events of
changes in circumstances indicate that the carrying amount may be impaired. The excess
of the Group’s interest in the subsidiaries’ fair values over the acquisition cost represents
negative goodwill, which is recognised directly in the income statement.
Material intra-group transactions, balances and resulting unrealised gains are eliminated on
consolidation and the consolidated financial statements reflect external transactions only.
Unrealised losses are eliminated on consolidation unless cost cannot be recovered.
Minority interests represent the portion of profit or loss and net assets in subsidiaries that is
not held by the Group and is presented separately within equity in the consolidated balance
sheet. 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 then.
The gain or loss on disposal of a subsidiary is the difference between net disposal proceeds
and the Group’s share of its assets together with any unamortised balance of goodwill.
(b) Goodwill on Consolidation
Goodwill arising from the acquisition of subsidiaries represents the excess of cost of acquisition
over the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and
contingent liabilities. Goodwill is initially recognised as an asset at cost and subsequently measured
at cost less accumulated impairment losses.
39
ANNUAL REPORT 2010
|

| 40
NOTES TO THE FINANCIAL STATEMENTS
For the purpose of impairment testing, goodwill is allocated to each of the Group’s cashgenerating
units (“CGU”) expected to benefit form the synergies of the combination. CGU to
which goodwill has been allocated are test for impairment annually, or more frequently when
there is an indication that the unit may be impaired. If the recoverable amount of the CGU is
less than the carrying amount of the unit, the impairment loss is allocated first to reduce the
carrying amount of any goodwill allocated to the unit and then to the other assets of the unit
on a pro-rata basis of the carrying amount of each asset in the unit. An impairment loss
recognised for goodwill shall not be reversed in a subsequent period.
On disposal of a subsidiary company, the attributable amount of goodwill is included in the
determination of the gain or loss on disposal.
(c) Investments in Subsidiaries
In the Company’s separate financial statements, investments in subsidiaries are stated at
cost less impairment losses, if any. On disposal of such investments, the difference
between net disposal proceeds and their carrying amounts is taken up in the income
statement.
(d) Property, plant and Equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any
impairment losses. Cost includes expenditures that are directly attributable to the acquisition
of the asset.
Certain land and buildings of the Group are shown at 1996 valuation less subsequent
depreciation and impairment losses. The directors have not adopted a policy of regular
valuation, and have applied the transitional provisions of Financial Reporting Standard 116,
Property, Plant and Equipment which permits these assets to be stated at their prevailing
valuations less depreciation. The valuations were determined by independent professional
valuers on the open market basis, and no later valuations were recorded.
Surpluses arising from revaluation are dealt with in the property revaluation reserve. Any
deficit arising is offset against the revaluation reserve to the extent of a previous increase for
the same property. In all other cases, a decrease in carrying amount will be charged to the
income statement.
Depreciation is calculated to write off the cost of the property, plant and equipment to their
residual values on the straight line method over their expected useful lives. Freehold land is
not amortised. Long-leasehold land is amortised evenly over its applicable lease period.
The annual rates used for other assets are as follows:
Buildings
Plant and machinery
Motor vehicles
Furniture, fittings and equipment
%
2
10 - 20
10 - 20
10 - 20
The residual values, useful lives and depreciation method are reviewed at each financial
year end to ensure that the amount, method and period of depreciation are consistent with
previous estimates and the expected pattern of consumption of the future economic benefits
embodied in the items of the property, plant and equipment.
An item of property, plant and equipment is derecognised upon disposal or when no future
economic benefits are expected from its use or disposal. Any gain or loss arising from
de-recognition of the assets is included in the income statement in the year in which the
assets is derecognised.
ANNUAL REPORT 2010

NOTES TO THE FINANCIAL STATEMENTS
(e) Investment Properties
Investment properties consist of land and buildings held for capital appreciation or rental
purpose and not occupied or only an insignificant portion is occupied for use or in the
operations of the Group. Investment properties are treated as non-current investment and
are measured initially at cost, including transaction costs. The carrying amount included the
cost of replacing part of an existing investment property at the time that cost is incurred if
the recognition criteria are met and excluded the costs of day-to-day servicing of investment
properties. Fair value is arrived at by reference market evidence of transaction prices for
similar properties and is performed by independent professional valuers.
Gain or losses arising from changes in the fair values of investment properties are
recognised in the income statements in the year in which they arise.
Investment properties are derecognised when either they have been disposed or when the
investment property is permanently withdrawn from use and no future economic benefit is
expected from its disposal. Any gains or losses on the retirement or disposal of an
investment property are recognised in income statement in the year in which they arise.
(f) Financial Assets
Financial assets are recognised in the statement of financial position when, and only when,
the Group and the Company become a party to the contractual provisions of the financial
instrument. Financial assets are classified as either financial assets at fair value through
profit and loss, loans and receivables, held-to-maturity investments or available-for-sale
financial assets, as appropriate.
Financial assets are initially recognised at fair value, plus directly attributable
transaction cost except for financial assets at fair value through profit and loss, which
are recognised at fair value. The Group determines the classification of its financial
assets after initial recognition and where appropriate, re-evaluates this designation at each
financial year end.
i) Financial assets at fair value through profit and loss
Financial assets held for trading are included in the category “financial assets” at fair
value through profit and loss and are classified as current assets. Financial assets
are classified as held for trading if they are acquired for the purpose of selling in the
near term. Derivative financial instruments are also classified as held for trading
unless they are designated as effective hedging instruments. Gains or losses on
investments held for trading are recognised in profit or loss.
ii) Loans and receivables
Financial assets with fixed or determinable payments that are not quoted in an active
market are classified as loans and receivables. Subsequent to initial recognition,
loans and receivables are measured at amortised cost using the effective interest
method. Gains or losses are recognised in profit or loss when the loans and
receivables are derecognised or impaired, and through amortisation process.
A financial asset is derecognised when the contractual right to receive cash flow from the
asset has expired. On derecognition of a financial asset in its entirety, the difference between
the carrying amount and the sum of the consideration received and any cumulative gain
or loss that had been recognised in other comprehensive income is recognised in profit or
loss.
41
ANNUAL REPORT 2010
|

NOTES TO THE FINANCIAL STATEMENTS
(g) Financial Liabilities
Financial liabilities are recognised when, and only when, the Group and the
Company become a party to the contractual provisions of the financial instrument.
The Group’s and the Company’s financial liabilities included borrowings, trade and other
payables and advances. Trade and other payables are measured at cost which is the fair
value of the consideration to be paid in the future for goods and services received. Loans
and borrowings are recognised initially at fair value, net of transaction costs incurred and
subsequently measured at amortised cost using the effective interest method.
A financial liability is derecognised when, and only when, the obligation under the liability is
discharged or extinguished. On derecognition of a financial liability, the difference between
the carrying amount of the financial liability extinguished or transferred to another party and
the consideration paid, including any non-cash assets transferred or liabilities assumed, is
recognised in profit or loss.
(h) Provisions
Provisions for liabilities are recognised when the Group and the Company have a present
legal or constructive obligation as a result of past events, when it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation, and
when a reliable estimate of the amount can be made. Provisions are reviewed at each
balance sheet date and adjusted to reflect the current best estimate. Where the effect of the
time value of money is material, the amount of a provision is the present value of the
expenditure expected to be required to settle the obligation.
(i) Lease
| 42
Finance leases, which transfer to the Company substantially all the risks and rewards
incidental to ownership of the leased item, are capitalised at the inception of the lease at fair
value of the lease asset or, if lower, at the present value of the minimum lease payments.
Any initial direct costs are also added to the amount capitalised. Lease payments are
apportioned between the finance charges and reduction of the lease liability so as to
achieve a constant rate of interest on the remaining balance of the liability. Finance charges
are charged to the profit or loss.
Leased assets are depreciated over the estimated useful lives of the asset a concerned.
Operating lease payments are recognised as an expense in profit or loss on a straight-line
basis over the lease term.
(j) Impairment of Non-financial Assets
The carrying amounts of the Group’s assets are reviewed for impairment losses when there
is an indication that the assets might be impaired. Impairment is measured by comparing
the carrying amounts of the assets with their recoverable amounts. An impairment loss is
charged to the income statement immediately.
Reversal of impairment losses recognised in prior year is recorded where there is indication
that the impairment losses recognised for the assets no longer exist or have decreased.
The reversal is recognised to the extent of the asset's carrying amount that would have
been determined, net of depreciation and amortisation, had no impairment loss been
recognised. The reversal is recognised in the income statement immediately.
An impairment loss in respect of goodwill is not reversed unless the loss was caused by a
specific external event of an exceptional nature that is not expected to recur and
subsequent external events have occurred that reverse the effect of that event.
ANNUAL REPORT 2010

NOTES TO THE FINANCIAL STATEMENTS
(k) Inventories
Inventories of finished goods, work-in-progress and raw materials are stated at the lower of
cost, determined using the "weighted average" method and net realisable value. Cost of
finished goods and work-in-progress includes cost of raw materials, direct labour and an
appropriate allocation of manufacturing overheads. Cost of raw materials includes the
original purchase price plus cost of bringing these inventories to their present locations.
(l) Cash and Cash Equivalents
Cash and cash equivalents consist of cash and bank balances, bank overdrafts and
deposits with financial institutions. Cash equivalents are short-term, highly liquid
investments that are readily convertible to cash with insignificant risk of changes in value.
(m) Equity Instruments
Ordinary shares are classified as equity. Dividends on ordinary shares are recognised in
equity in the period that they are declared.
(n) Earning per Ordinary share
The Group presents basic and diluted earnings per ordinary share (EPS) data for its
ordinary shares. Basic EPS is calculated by dividing the profit of loss attributable to ordinary
shareholders of the Company by the weighted average number of ordinary shares
outstanding during the period, adjusted for own shares held.
(o) Income Tax
Tax on the profit or loss for the financial year comprises current and deferred tax. Income
tax is recognised in the income statement except to the extent that it relates to items
recognised directly in equity, in which case it is recognised in equity.
Current tax expense is the expected tax payable on the taxable income for the financial
year, using tax rates enacted or substantially enacted at the balance sheet date, and any
adjustment to tax payable in respect of previous financial years.
Deferred tax is provided, using the liability method, on all material temporary differences
arising between tax bases of assets and liabilities and their carrying amounts in the financial
statements. Temporary differences are not recognised for the initial recognition of assets or
liabilities that at the time of the transaction affects neither accounting nor taxable profit. The
amount of deferred tax provided is based on the expected manner of realisation or
settlement of the carrying amounts of assets and liabilities, using tax rates enacted or
substantially enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable
profits will be available against which the asset can be utilised.
(p) Employee Benefits
(i) Short term benefits
Wages, salaries, bonuses and social security contributions are recognised as an
expense in the year in which the associated services are rendered by employees of
the Group and of the Company. Short term accumulating compensated absences
such as paid annual leave are recognised when services are rendered by employees
that increase their entitlement to future compensated absences, and short term nonaccumulating
compensated absences such as sick leave are recognised when the
absences occur.
(ii) Defined contribution plans
As required by law, companies in Malaysia make contributions to the state pension scheme,
the Employees Provident Fund ("EPF"). Such contributions are recognised as expense in the
income statement in the year to which they relate.
43
ANNUAL REPORT 2010
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| 44
NOTES TO THE FINANCIAL STATEMENTS
(q) Revenue Recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to
the Company and the revenue can be reliably measured.
Revenue from the sale of goods and services is recognised upon delivery of goods sold and
completion of services rendered. Interest income is recognised when the right to receive
payment is established. Dividend income is recognised on receipt basis.
(r) Financial Instruments
Financial instruments are recognised in the balance sheet when the Group and the
Company have become a party to the contractual provisions of the instruments.
Financial instruments are classified as liabilities or equity in accordance with the substance
of the contractual agreement. Interests, dividends, gains and losses relating to the financial
instruments classified as liabilities, are reported as expense or income. Distributions to
holders of financial instruments classified as equity are charged directly to equity. Financial
instruments are offset when the Group and the Company have a legally enforceable right to
offset and intends to settle either on a net basis or to realise the assets and settle the
liability simultaneously.
The accounting policies for financial instruments recognised on the balance sheet are
disclosed in the individual policy statements associated with each item.
3 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
Estimates, assumptions concerning the future and judgements are made in the preparation of the
financial statements. They affect the application of the Group’s and the Company’s accounting
policies and reported amounts of assets, liabilities, income, expenses and disclosures made.
They are assessed on an on-going basis and are based on experience and relevant factors,
including expectations of future events that are believed to be reasonable under the
circumstances.
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at
the balance sheet date, that have significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the next financial year are discussed below:-
Depreciation of property, plant and equipment and investment properties
Property, plant and equipment and investment properties are depreciated on a straight-line basis
over their estimated useful lives. Management estimated the useful lives of these assets to be
within 5 to 99 years. Changes in the expected level of usage and technological developments
could impact the economic useful lives and the residual values of these assets, therefore future
depreciation charges could be revised.
Impairment of property, plant and equipment, intangible assets and investment properties
The Group carries out the impairment test based on a variety of estimation including the value-inuse
of the cash-generating unit (“CGU”) to which the property, plant and equipment, intangible
assets and investment properties are allocated. Estimating the value-in-use requires the Group
to make an estimate of the expected future cash flows from the CGU and also to choose a
suitable discount rate in order to calculate the present value of those cash flows.
Recoverability of receivables
The Group makes allowances for doubtful debts based on an assessment of the recoverability of
receivables. Allowances for doubtful debts are provided where event or changes in circumstances
indicate that the balances may not be collectible. The identification of doubtful debts requires
judgement and estimates. Where the estimation is different from the original estimate, such
difference will impact the carrying values of the receivables and doubtful debts expenses in the
period in which such estimate has been changed.
ANNUAL REPORT 2010

NOTES TO THE FINANCIAL STATEMENTS
Net realisable values of inventories
The management reviews for slow-moving and obsolete inventories. This review requires
judgement and estimates. Possible changes in these estimates could result in revision to the
valuation of inventories.
4 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s and the Company's financial risk management policy seeks to ensure that adequate
financial resources are available for the development of its businesses and has adopted risk
management policies that seek to mitigate these risks in a cost-effective manner.
a) Interest Rate Risk
The Group finances its operations through operating cash flows and borrowings which are
principally denominated in Ringgit Malaysia. The Group is exposed to interest rate risk
mainly form their loans and borrowings and fixed deposits with financial institutions.
There is no formal hedging policy in respect of interest rate exposure. The interest rate risk
is monitored on an ongoing basis and the Group endeavours to keep the exposure at an
acceptable level.
b) Credit Risk
Credit risk arises when sales are made on deferred credit terms. The Group’s credit risk is
concentrated on a single customer, Latexx Manufacturing Sdn. Bhd., with agreed credit
term. Any late or non-payment from the customer may have an adverse impact on the cash
flows and/or results of the Group.
c) Liquidity Risk and Cash Flow Risk
The Group and the Company practice prudent liquidity risk management to minimise the
mismatch of financial assets and liabilities and to maintain sufficient credit facilities for
contingent funding requirement of working capital.
The Group reviews its cash flow position regularly to manage its exposure to fluctuations in
future cash flows associated with its monetary financial instruments.
d) Fair Values
The fair values of the financial assets and financial liabilities reported in the balance sheets
as at 31 December 2010 approximate the carrying amounts of these assets and liabilities
because of the immediate or short term maturity of these financial instruments.
45
ANNUAL REPORT 2010
|

| 46
NOTES TO THE FINANCIAL STATEMENTS
5 PROPERTY PLANT AND EQUIPMENT
As at Acquisition As at
Group 01.01.2010 of Subsidiary Additions Disposals 31.12.2010
Cost/Valuation
At valuation:
RM RM RM RM RM
Buildings
Eff ff f ects of adopting
Amendments to FRS 117
3,156,105 - - - 3,156,105
Long leasehold land 2,085,395 - - - 2,085,395
At cost:
Long leasehold land
5,241,500 - - - 5,241,500
and buildings 4,186,063 - - - 4,186,063
Plant and machinery 225,000 1,264 3,469 - 229,733
Motor vehicles 207,125 57,944,592 39,119,648 - 97,271,365
Furniture, fittings and -
equipment 1,923,422 212,022 58,328 - 2,193,772
Eff ff f ects of adopting
Amendments to FRS 117
11,783,110 58,157,878 39,181,445 - 109,122,433
Long leasehold land 1,897,852 - - - 1,897,852
13,680,962 58,157,878 39,181,445 - 111,020,285
As at Acquisition Charge for As at
01.01.2010 of Subsidiary the year Disposals 31.12.2010
RM
Accumulated Depreciation
At valuation:
RM RM RM RM
Buildings
Eff ff f ects of adopting
Amendments to FRS 117
525,270 - 63,122 - 588,392
Long leasehold land 749,447 - 28,341 - 777,788
At cost:
1,274,717 - 91,463 - 1,366,180
Long leasehold land -
and buildings 929,839 - 68,279 - 998,118
Plant and machinery 44,291 28 13,222 - 57,541
Motor vehicles
Furniture, fittings and
207,122 4,187,707 5,734,810 - 10,129,639
equipment 1,274,919 26,309 122,179 - 1,423,407
Eff ff f ects of adopting
Amendments to FRS 117
3,730,888 4,214,044 6,029,953 - 13,974,885
Long leasehold land 212,561 - 19,305 - 231,866
3,943,449 4,214,044 6,049,258 - 14,206,751
ANNUAL REPORT 2010

NOTES TO THE FINANCIAL STATEMENTS
Carrying Amount
At valuation:
47
2010 2009
RM RM
Buildings
Eff ff f ects of adopting Amendments to FRS 117
2,567,713 2,630,835
Long leasehold land 1,307,607 1,335,948
At cost:
3,875,320 3,966,783
Long leasehold land and buildings 3,187,945 3,256,224
Plant and machinery 172,192 180,709
Motor vehicles 87,141,726 3
Furniture, fittings and equipment 770,365 648,503
Eff ff f ects of adopting Amendments to FRS 117
95,147,548 8,052,222
Long leasehold land 1,665,986 1,685,291
96,813,534 9,737,513
As at
As at
Company
01.01.2010 Additions Disposals 31.12.2010
Cost
RM RM RM RM
Furniture, fittings and equipment 26,129 - - 26,129
As at Charges for
As at
01.01.2010 the year Disposals 31.12.2010
RM RM RM RM
Accumulated Depreciation
Furniture, fittings and equipment 17,173 3,921 - 21,094
2010 2009
RM RM
Carrying Amount
Furniture, fittings and equipment 5,035 8,956
The revalued long leasehold land and buildings of the Group are stated at valuation based on
their existing use basis valued by independent professional valuers on fair market value basis.
Had the Group’s long leasehold land and buildings which are carried at valuation been stated at
cost, their carrying amounts as at the end of the financial year would have been RM3,177,626
(2009: RM3,254,689)
Certain long leasehold land and buildings of the Group are charged as securities fo f r the banking
facilities granted to a subsidiary company as disclosed in Note 22.
Included in property, plant and equipment are motor vehicles with carry ry r ing amount of
RM86,916,479 (2009: RM Nil) held under finance lease arrangements.
ANNUAL REPORT 2010
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| 48
NOTES TO THE FINANCIAL STATEMENTS
6 INVESTMENT PROPERTIES
As at As at
01.01.2010 Additions Disposals 31.12.2010
Cost/Valuation RM RM RM RM
At valuation:
Freehold land and building 350,000 - - 350,000
At cost:
Freehold land 3,903,332 - - 3,903,332
4,253,332 - - 4,253,332
Accumulated Depreciation
At valuation:
As at As at
01.01.2010 Additions Disposals 31.12.2010
RM RM RM RM
Freehold land and building 77,841 5,560 - 83,401
At cost:
Freehold land - - - -
77,841 5,560 - 83,401
2010 2009
Carrying Amounts RM RM
At valuation:
Freehold land and building 266,599 272,159
At cost:
Freehold land 3,903,332 3,903,332
4,169,931 4,175,491
The above revalued freehold land and building of the Group is stated at valuation based on its
existing use basis valued by independent professional valuers on a fair market value basis.
Had the Group’s freehold land and building which is carried at valuation been stated at cost, its
carrying amount as at end of the financial year would have been RM369,045 (2009:
RM375,445).
7 SUBSIDIARY COMPANIES
Company
2010 2009
RM RM
Unquoted shares, at cost 34,068,530 17,068,530
The details of the subsidiary companies, all of which are incorporated in Malaysia, are as
follows:-
Company’s Name
Country of
Incorporation Effective Interest Principal Activities
2010 2009
Held by the Company % %
Gunung Resources Trading of latex
Sdn. Bhd.
Gunung Land Sdn.
Malaysia 100 100 concentrate
Bhd.
Gunung Biofuel Sdn.
Malaysia 100 100 Property investment
Bhd.
Prominent Console
Malaysia 100 100 Property investment
Sdn. Bhd.
Impresif Jitu Sdn.
Malaysia 100 100 Dormant
Bhd.
GPB Corporation
Malaysia 100 100 Dormant
Sdn. Bhd. * Malaysia 51 - Transportation services
Held by GPB Corporation Sdn. Bhd.
Bas Rakyat Sdn. Bhd. * Malaysia 38 - Dormant
* Not audited by STYL Associates
ANNUAL REPORT 2010

NOTES TO THE FINANCIAL STATEMENTS
Acquisition of Subsidiary Companies
During the year, the Company acquired 51% equity interest in GPB Corporation Sdn. Bhd., a
company incorporated in Malaysia and principally engaged in transportation services, for a total
consideration of RM17,000,000.
GPB Corporation Sdn. Bhd., subsequent to being a subsidiary of the Company, acquired 75%
equity interest in Bas Rakyat Sdn. Bhd., which remained dormant at the end of the financial year,
for a total consideration of RM75,000.
The fair value of the identifiable assets and liabilities of GPB Corporation Sdn. Bhd. as at the
date of acquisition, and the goodwill arising there from, are as follows:
49
Carrying Fair
Amount Value
RM RM
Property, plant and equipment 53,943,834 53,943,834
Inventories 406,356 406,356
Trade and other receivables 18,289,114 18,289,114
Short term investments 3,316,000 3,316,000
Cash and bank balances 4,336,629 4,336,629
Trade and other payables (22,898,908) (22,898,908)
Finance lease payables (44,850,303) (44,850,303)
Tax liabilities (1,859,026) (1,859,026)
Deferred tax liabilities (467,542) (467,542)
Net identifiable assets 10,216,154 10,216,154
Less: Minority interests (5,005,915)
Group’s interest in fair value of net identifiable assets 5,210,239
Goodwill on acquisition 11,789,761
Purchase consideration 17,000,000
The effect of the acquisition in cash flows is as follows:
Purchase consideration satisfied by cash 17,000,000
Less: Cash and cash equivalents acquired (4,336,629)
Net cash outflow on acquisition 12,663,371
From the date of acquisition, GPB Corporation Sdn. Bhd has contributed RM25,045,555 and
RM4,659,714 to the Group’s revenue and profit for the financial year respectively.
If the acquisition had taken place at the beginning of the financial year, GPB Corporation Sdn.
Bhd. would have contributed RM66,792,223 and RM11,226,288 to the Group’s revenue and
profit for the financial year respectively.
ANNUAL REPORT 2010
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| 50
NOTES TO THE FINANCIAL STATEMENTS
8 OTHER FINANCIAL ASSETS
Non-current:
Available for sale financial assets
Group
2010 2009
Current: RM RM
Held for trading financial assets
Unit trust at fair value 3,306,683 -
Market value as at 31 December 3,310,872 -
Unit trust of RM3,216,000 is held under the name of a director of a subsidiary, GPB Corporation
Sdn. Bhd., and is pledged to a licensed bank for banking facilities granted to the said subsidiary.
9 GOODWILL ON CONSOLIDAT AT A ION
Group
2010 2009
RM RM
As at 1 January 657,486 657,486
Arising from acquisition of subsidiary companies 11,792,276 -
As at 31 December 12,449,762 657,486
10 INVENTORIES
Group
2010 2009
RM RM
At cost:
Spare parts for motor vehicles 361,955 -
Raw materials 582,637 581,802
Work-in-progress 41,222 41,222
985,814 623,024
11 TRADE RECEIVABLES Group
2010 2009
RM RM
Trade receivables 19,546,117 14,223,241
The currency profile of trade receivables is entirely in Ringgit Malaysia.
Group
2010 2009
RM RM
Unquoted shares, at cost 357,678 357,678
Less: Impairment losses (80,000) (80,000)
Net balance 277,678 277,678
The Group’s normal trade credit terms granted ranges from 45 to 90 days. Other credit terms
are assessed and approved on a case-by-case basis.
Included in trade receivables are debts due from a related party, Latexx Manufacturing Sdn.
Bhd., amounting to RM16,327,547 (2009: RM14,223,241).
Included in trade receivables of a subsidiary are debts arising from government agency customer.
ANNUAL REPORT 2010

NOTES TO THE FINANCIAL STATEMENTS
The ageing analysis of trade receivables of the Group are as follows
51
Group
2010 2009
RM RM
Neither past due nor impaired 11,085,540 7,305,018
Past due, not impaired
1 - 30 days past due 5,240,556 6,905,832
More than 31 days past due 3,220,021 12,391
8,460,577 6,918,223
19,546,117 14,223,241
Receivables that are neither past due nor impaired
Trade receivables that are neither past due nor impaired are creditworthy trade receivables
with good payment records with the Group.
None of the trade receivables of the Group that are neither past due nor impaired have been
renegotiated during the financial year.
Receivables that are past due but not impaired
The Group has trade receivables amounting to RM8,460,577 (2009: RM6,918,223) that are
past due at the end of the reporting period but not impaired. Trade receivables of the Group
that are past due but not impaired are generally unsecured in nature. The Group closely
monitors the financial standing of these counter parties on an ongoing basis to ensure that the
Group is exposed to minimal credit risk.
12 OTHER RECEIVABLES
Group Company
2010 2009 2010 2009
RM RM RM RM
Other receivables 4,056,853 4,650 150 150
Amount owing by a related
company 15,000 15,000 15,000 15,000
Deposits and prepayments 265,591 40,752 1,060 1,060
Prepayment of finance lease 2,453,487 - - -
6,790,931 60,402 16,210 16,210
The amounts owing by a related company, Latexx Manufacturing Sdn. Bhd., is unsecured,
interest-free and repayable on demand.
13 AMOUNTS OWING BY/(TO) SUBSIDIARY COMPANIES
The amounts owing by/ y/ y (to) subsidiary companies, which arose mainly out of unsecured
advances, are interest-free and repayable on demand.
14 FIXED DEPOSITS WITH A LICENSED BANKS
Group Company
2010 2009 2010 2009
RM RM RM RM
Fixed deposits 6,310,212 200,000 3,402,000 -
ANNUAL REPORT 2010
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NOTES TO THE FINANCIAL STATEMENTS
Included in the Group’s fixed deposits is an amount of RM2,908,212 (2009: RM nil) that has been
pledged to a local licensed bank as security deposits for bank guarantees issued by the banks to
third parties for one of the subsidiary company, GPB Corporation Sdn. Bhd.
The eff ff f ective interest rate of the Company’s fixed deposit is 2.82% per annum with average
maturity period of 1 month.
15 SHARE CAPITAL
2010 2009
No. of shares Value No. of shares Value
Group and Company Units RM Units RM
a) Authorised:
Ordinary shares of
RM0.40 / RM1.00 each 250,000,000 100,000,000 100,000,000 100,000,000
b) Issued and fully paid:
Ordinary shares of
RM0.40 / RM1.00 each
At 1 January
Capital reduction off ff ffs fset 50,354,000 50,354,000 50,354,000 50,354,000
against accumulated losses (30,212,400) -
Rights issue of shares 50,354,000 20,141,600 -
At 31 December 100,708,000 40,283,200 50,354,000 50,354,000
(a) On 9 September 2010, the Company amended its Memorandum and Articles of Association
to reduce the par value of its ordinary shares of RM1.00 to RM0.40 each to revise the
authorised share capital of the Company from RM100,000,000 comprising 100,000,000
ordinary shares of RM1.00 each to RM100,000,000 comprising 250,000,000 ordinary
shares of RM0.40 each.
(b) On 9 September 2010, the Company reduced its existing issued and paid up capital of
RM50,534,000 comprising of 50,534,000 ordinary shares of RM1.00 each to RM20,141,600
comprising of 50,534,000 ordinary shares of RM0.40 each, by way of cancellation of
RM0.60 in par value for every 1 existing ordinary share of RM1.00 held, pursuant to Section
64(1) of the Companies Act 1965. The consequential reduction in the par value is utilised to
reduce the Company’s accumulated losses.
(c) During the financial year, the Company issued 50,354,000 ordinary shares of RM0.40 each
at an issue price of RM0.42 per share consequential to its rights issue of up to 66,353,200
rights share on a renounceable basis of 1 rights share for every 1 existing ordinary share of
RM0.40 each held together with up to 33,176,600 new warrants on the basis on 1 new
warrant for every 2 rights shares subscribed by the entitled shareholders.
(d) Warrants 2003/2013
Pursuant to a deed poll dated 20 August 2003, the Company issued 15,999,200 detachable
warrants on 13 October 2003 in conjunction with a rights issue of 15,999,200 new ordinary
shares of RM1.00 each in the Company. Each warrant entitles the registered holder at any
time during the exercise period from 13 October 2003 to 13 October 2013 to subscribe for 1
new ordinary share of RM1.00 each in the Company at an exercise price of RM1.00 per
share. With eff ff f ect from 10 September 2010, the 15,999,200 unexercised warrants were
adjusted to an exercise price of RM0.40 per share consequential to the Company’s capital
reduction exercise. On 11 October 2010, an additional 6,414,377 warrants were issued at
an exercise price of RM0.40 per share in conjunction with a rights issue of 50,354,000 new
ordinary shares of RM0.40 each in the Company. As at 31 December 2010, none of the
aforesaid warrants has been exercised and there were 22,413,577 unexercised warrants at
an exercise price of RM0.40 per share.
ANNUAL REPORT 2010

NOTES TO THE FINANCIAL STATEMENTS
(a)
16 RESERVES
Warrants 2010/2020
Pursuant to a deed poll dated 3 September 2010, the Company issued 25,177,000
detachable warrants on 11 October 2010 in conjunction with a rights issue of 50,354,000
new ordinary shares of RM0.40 each in the Company. Each warrant entitles the registered
holder at any time during the exercise period from 11 October 2010 to 11 October 2020 to
subscribe for 1 new ordinary share of RM0.40 each in the Company at an exercise price of
RM0.50 per share. As at 31 December 2010, none of the aforesaid warrants has been
exercised and there were 25,177,000 unexercised warrants at an exercise price of RM0.50
per share.
Group Company
2010 2009 2010 2009
RM RM RM RM
Non-distributable
Share premium 100,411 100,411 100,411 100,411
Warrant reserve 1,007,080 - 1,007,080 -
1,107,491 100,411 1,107,491 100,411
Distributable
Retained profits /
(accumulated losses) 1,515,013 (30,698,110) (2,465,645) (31,467,718)
Total 2,622,504 (30,597,699) (1,358,154) (31,367,307)
17 FINANCE LEASE PAY AY A ABLES
Group
2010 2009
RM RM
Minimum lease payments
- Not later than 1 year 20,089,320 -
- Later than 1 year and not later than 5 years 59,291,450 -
79,380,770 -
Less: Future finance charges on finance lease payables (11,455,730) -
Present value of finance lease payables 67,925,040 -
Present value of finance lease payables is analysed as follow:-
- Not later than 1 year 15,528,768 -
- Later than 1 year and not later than 5 years 52,396,272 -
67,925,040 -
The finance leases facilities, which bear eff ff f ective interest rates ranging from 8.4% to 11.3% per
annum, are secured by the followings:-
(a) Joint and several guarantee by directors of the subsidiary company;
(b) Leasing facility agreements;
(c) Deed of assignment on the proj oj o ect account;
Unit trust held in the name a director of the subsidiary company.
53
ANNUAL REPORT 2010
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| 54
NOTES TO THE FINANCIAL STATEMENTS
18 SHAREHOLDER’S ADVANCE
Group
2010 2009
RM RM
As at 31 December 6,047,500 -
The shareholder advance of the subsidiary company, GPB Corporation Sdn. Bhd., has been
subordinated to OCBC Al-Amin facilities by OCBC Al-Amin Bank Berhad. The advance bears
annual interest on the balance of the outstanding as at December 28 th equivalent to the average
12 month fixed deposit rate at CIMB Bank Berhad to be calculated at the end of each financial
year.
19 DEFERRED TAX AX A LIABILITIES
Group
2010 2009
RM RM
As at 1 January 131,930 134,032
Acquisition of subsidiary company 467,542 -
Transferred to income statement 1,529,043 -
Crystallisation of deferred tax liabilities transferred to
income statement (2,102) (2,102)
As at 31 December 2,126,413 131,930
The components and movements of deferred tax liabilities of the Group are as follows:-.
Accelerated
Revaluation capital
surplus Allowance Total
RM RM RM
As at 1 January 2010 131,930 - 131,930
Acquisition of subsidiary company - 467,542 467,542
Transferred to income statement - 1,529,043 1,529,043
Crystallisation of deferred tax liabilities
transferred to income statement (2,102) - (2,102)
As at 31 December 2010 129,828 1,996,585 2,126,413
As at 1 January 2009 134,032 - 134,032
Crystallisation of deferred tax liabilities
transferred to income statement (2,102) - (2,102)
As at 31 December 2009 131,930 - 131,930
20 TRADE PAY AY A ABLES
The currency profile of trade payables is entirely in Ringgit Malaysia. The normal credit terms granted
to the Group is 30 days.
ANNUAL REPORT 2010

NOTES TO THE FINANCIAL STATEMENTS
21 OTHER PAY AY A ABLES
Group Company
2010 2009 2010 2009
RM RM RM RM
Other payables 642,568 20,132 1,675 -
Accruals
Contractor perf rf r ormance bond
723,143 41,301 25,000 15,000
received 4,720,000 - - -
Deposits received 939,644 938,444 - -
Amount owing to a director
Amount owing to a related
5,402,802 - - -
Company 3,565,284 - - -
Total 15,993,441 999,877 26,675 15,000
The deposits received are in respect of the litigation case as disclosed in Note 33.
The amount owing to a director of a subsidiary, GPB Corporation Sdn. Bhd., is unsecured,
interest-free and repayable on demand.
The amounts owing to a related company, Korakan Corporation Sdn. Bhd., is unsecured,
interest-free and repayable on demand.
22 BANK BORROWINGS
55
Group
2010 2009
RM RM
Bank overdraft ft f 354,571 7,433
Banker’s acceptance 6,784,001 6,186,000
Total 7,138,572 6,193,433
The above bank overdraft ft f and banker’s acceptance are short-term bank borrowings which bear
interest rates ranging from 3.70% to 4.63% (2009: 5.19 to 6.69%) per annum. The facilities are
secured by means of the following:
(i) legal charge over a subsidiary company’s long leasehold land and buildings; and
(ii) corporate guarantee of the Company.
23 REVENUE
Group
2010 2009
RM RM
Transportation services 20,161,945 -
Rental of buses 4,606,484 -
Trainee Allowance 141,405 -
Sales of spare parts and services 62,021 -
Other revenues 73,700 -
Total 25,045,555 -
ANNUAL REPORT 2010
|

| 56
NOTES TO THE FINANCIAL STATEMENTS
24 FINANCE COSTS
Group Company
2010 2009 2010 2009
RM RM RM RM
Interest on finance lease 2,007,640 - - -
Interest on bank loans 147,070 - 147,070 -
Interest on shareholder advance 147,500 - - -
Total 2,302,210 - 147,070 -
25 PROFIT / (LOSS) BEFORE TAX AX A ATION
Group Company
2010 2009 2010 2009
RM RM RM RM
This is stated aft ft f er charging/(crediting):-
Amortisation of long
leasehold land 47,646 47,427 - -
Audit fee - current year
- under provision in prior
68,800 32,900 25,000 15,000
year
Depreciation of investment
5,900 6,000 5,000 3,000
property
Depreciation of property, plant
5,560 5,560 - -
and equipment
Directors' remuneration
6,001,612 252,781 3,921 3,919
- fee 66,000 48,000 66,000 48,000
- others 24,750 25,500 24,750 25,500
Gain on disposal of investment
Gain on disposal of property,
(1,367,209) - - -
plant and equipment - (120,098) - (119,999)
Interest income
Net fair value gain on held for
(11,809) (207) (11,724) -
trading financial asset (90,683) - - -
Rental income (34,800) (30,600) - -
The details of the directors’ remuneration during the financial year are as follows:-
Group and Company
2010 2009
RM RM
Executive directors:
- fees - 6,000
- other emoluments 6,000 4,500
Non-executive directors:
6,000 10,500
- fees 66,000 42,000
- other emoluments 18,750 21,000
84,750 63,000
90,750 73,500
ANNUAL REPORT 2010

NOTES TO THE FINANCIAL STATEMENTS
The number of directors of the Company whose total remuneration during the year falls within the
following bands is analysed below:
Group and Company
2010 2009
Executive directors:
Below RM50,000 2 1
Non-executive directors:
Below RM50,000 4 4
6 5
The estimated monetary value of benefit-in-kind receivable by the directors during the financial
year is Nil (2009: RM8,981).
26 TAX AX A EXPENSE
Group Company
2010 2009 2010 2009
RM RM RM RM
Current tax
- Provision for the year
- Under/ r/ r (over) provision in
(535,762) 3,372 - -
previous year 3,443 (310) - -
Deferred tax
- Relating to origination and
reversal of temporary
(532,319) 3,062 - -
diff ff f erences
- Crystallisation on revaluation
1,529,043 - - -
surplus (2,102) (2,102) - -
1,526,941 (2,102) - -
Tax expense for the year 994,622 960 - -
Reconciliation of income tax expense
Group Company
2010 2009 2010 2009
RM RM RM RM
Profit/(loss) before taxation from:
- continuing operations 4,031,936 (602,827) (1,210,327) (275,330)
- discontinued operations 1,237,453 535,724 - -
Profit/(loss) before taxation 5,269,389 (67,103) (1,210,327) (275,330)
Income tax at Malaysian tax
rate of 25% (2009: 25%) 1,317,347 (16,776) (302,582) (68,833)
Income not subj bj b ect to tax
Expenses not deductible for tax
(372,188) - - -
purposes 458,060 157,152 (302,582) 68,833
Eff ff f ect of change in tax rate
Deductible temporary
- (15,407) - -
diff ff f erences not recognised (409,938) (118,146) - -
Other items - (3,451) - -
Under/ r/ r (over) provision of
993,281 3,372 - -
current tax in previous year
Crystallisation of deferred
3,443 (310) - -
tax liabilities (2,102) (2,102) - -
Total tax expense 994,622 960 - -
57
ANNUAL REPORT 2010
|

| 58
NOTES TO THE FINANCIAL STATEMENTS
Deferred tax assets have not been recognised in respect of the following items:
Group Company
2010 2009 2010 2009
RM RM RM RM
Unutilised tax losses 13,547,016 14,882,019 594,557 581,093
Unabsorbed capital allowances 1,140,556 1,156,391 19,245 19,245
The unutilised tax losses and unabsorbed capital allowances, which do not expire under current
tax legislations, are available for off ff f set against the future taxable profits deriving from the same
source of the respective companies in the Group.
27 DISCONTINUED OPERAT AT A IONS
As at the end of the financial year, the Board of Directors has decided to discontinue with the
trading of latex concentrate, which is the main operations of one of the subsidiary companies,
Gunung Resources Sdn, Bhd., due to the high costs of latex concentrate with no prospect of
costs decrease. However, the Board has no intention to dispose the equity interest in Gunung
Resources Sdn. Bhd. and as such the subsidiary company is not treated as a disposal group.
The results of the discontinued operations are as follows:
Group
2010 2009
RM RM
Revenue 63,299,249 37,328,863
Costs of sales (61,455,482) (36,311,413)
Operating, administrative and selling expense (266,029) (170,197)
Finance costs (340,285) (221,529)
Profit before tax from discontinued operations 1,237,453 535,724
Tax expense - -
Profit from discontinued operations for the financial year 1,237,453 535,724
Net cash flows attributable to discontinued operations are as follows:
Group
2010 2009
RM RM
Operating activities (542,288) (82,465)
Investing activities - -
Financing activities 598,001 (55,000)
55,713 (137,465)
28 EARNINGS/(LOSS) PER ORDINARY SHARE
(a) Basic Earnings / (Loss) per Ordinary Share
The basic earnings/(loss) per ordinary share for the financial year has been calculated
based on the Group’s net profits attributable to shareholders of the Company divided by the
weighted average number of ordinary shares of the Company in issue during the financial
year.
ANNUAL REPORT 2010

NOTES TO THE FINANCIAL STATEMENTS
29
59

| 60
NOTES TO THE FINANCIAL STATEMENTS
30 EMPLOYEE INFORMAT AT A IONS
Group
2010 2009
RM RM
Staff ff f cost (RM) 6,439,518 106,941
Number of employees at the end of the financial year 456 8
31 RELAT AT A ED PARTY TRANSACTIONS
Significant related party transactions during the financial year are as follows:-
Group Company
2010 2009 2010 2009
RM RM RM RM
Professional fee paid to
a director
Sales of latex concentrate
to a related party, Latexx
72,500 60,000 72,500 60,000
Manufacturing Sdn. Bhd. 63,299,248 37,238,863 - -
The recurring related party transactions (“RRPT”) with Latexx Manufacturing Sdn. Bhd. (“LMSB”)
were in the ordinary course of business and on terms and conditions that the latex concentrate
sold to LMSB, a related party, is 3% higher in selling price compared to those obtainable in
transactions with unrelated parties. LMSB is granted a longer credit term of 60 to 90 days days.
32 OPERAT AT A ING SEGMENTS
Business Segments
For management purposes, the Group is organised according to the nature of its business
activities, and has 2 reportable operating segments as follows:
a) Transportation services
b) Investment holding and others
Measurement of Reportable Segments
Segmental information is prepared in conformity with the accounting policies adopted for
preparing and presenting the consolidated financial statements.
Transactions between reportable segments are measured on the basis that is similar to those
external customers.
Segment profit or loss is profit earned or loss incurred by each segment without allocation of
central administrative cost, non-operating investment revenue, finance costs, and income tax
expense.
All the Group’s assets are allocated to reportable segments other than assets used centrally for the
Group, current and deferred tax assets. Jointly incurred liabilities are allocated in proportion to the
segment assets.
ANNUAL REPORT 2010

NOTES TO THE FINANCIAL STATEMENTS
Investment
holding
Elimination
of inter-
Total –
Continuing
61
Trading
(Discontinued
operations) Total
Transport rt r ation
31 December 2010 serv rv r ices and others segment operations
Revenue RM RM RM RM RM RM
Group total 25,045,555 - - 25,045,555 63,299,249 88,344,804
Inter-segment - - - - - -
External 25,045,555 - - 25,045,555 63,299,249 88,344,804
Segmental Results
Segment profit or loss 7,818,941 (1,484,795) - 6,334,146 1,577,738 7,911,884
Finance costs (2,155,140) (147,070) - (2,302,210) (340,285) (2,642,495)
Income tax expense (986,017) (8,605) - (994,622) - (994,622)
4,677,784 (1,640,470) - 3,037,314 1,237,453 4,274,767
Other Information
Segment assets 107,243,507 31,251,317 (39,400) 138,455,424 16,330,668 154,786,092
Segment liabilities 92,342,639 1,137,422 (39,400) 93,440,661 11,134,768 104,575,429
Investment
holding
Elimination
of inter-
Total –
Continuing
Trading
(Discontinued
operations) Total
Transport rt r ation
31 December 2009 serv rv r ices and others segment operations
Revenue RM RM RM RM RM RM
Group total - - - - 37,238,863 37,238,863
Inter-segment - - - - - -
External - - - - 37,238,863 37,238,863
Segmental Results - -
Segment profit or loss - (602,827) - (602,827) 757,253 154,426
Finance costs - - - - (221,529) (221,529)
Income tax expense - (960) - (960) - (960)
- (603,787) - (603,787) 535,724 (68,063)
Other Information
Segment assets - 16,527,574 - 16,527,574 14,225,599 30,753,173
Segment liabilities - 1,131,810 - 1,131,810 9,865,065 10,996,875
33 MAT AT A ERIAL LITIGAT AT A ION
A subsidiary company, Gunung Resources Sdn. Bhd. (“GRSB”) was served with a Summons
and Statement of Claim on 19 September 2006 by Seal Polymer Industries Berhad (“SPI”) for
allegedly failing to refund a sum of deposits of RM928,000 paid by SPI to GRSB together with
interest pursuant to the Sales & Purchase Agreement dated 17 August 2004 for an intended
purchase of one of GRSB’s leasehold properties that has lapsed.
On 25 October 2007, the High Court in Taiping allowed SPI’s application for summary judgement
for the refund of 10% deposit paid by SPI to GRSB together with interest/damages/costs.
GRSB’s solicitors had filed an appeal to the Court of Appeal against the decision and application
for stay of execution of the summary judgement on grounds that there appears to have triable
issues.
The Court of Appeal has ordered that a sum of RM928,000 to be deposited into a joint account
with GRSB’s Solicitors until the outcome of the Appeal before the Court of Appeal. GRSB later
succeeded in setting aside the summary judgement granted by the Taiping High Court on 14
October 2007 and secured the release of the sum of RM928,000 in the Solicitors’ joint account to
be released to GRSB together with accumulated interest.
The case has been fixed for full hearing on 24 - 25 of February 2011 at the Taiping High Court.
On 28 April 2011, the Taiping High Court has dismissed SPI’s case with costs and GRSB’s
solicitors are in the midst of extracting the written judgement from the court.
ANNUAL REPORT 2010
|

| 62
NOTES TO THE FINANCIAL STATEMENTS
34 CAPITAL MANAGEMENT
The Group considers its capital to be comprised of its ordinary share capital, retained earnings
and distributable reserves.
The Group’s obj bj b ectives when managing its capital are to safeguard the Group’s ability to
continue as a going concern and to maintain an optimal capital structure so as to maximise
shareholders value. In order achieve this obj bj b ective, the Group seeks to balance risk and returns
at an acceptable level and also to maintain a suff ff f icient funding base to enable the Group to meet
its working capital and strategic needs. Where necessary, adjustments to the amount of
dividends paid to shareholders or the issuance of new shares may be considered.
There have been no significant changes to the Group’s capital management obj bj b ectives, policies
and processes in the year nor has there been any change in what the Group consider to be its
capital.
35 SIGNIFICANT EVENTS AFTER THE FINANCIAL YEAR
(a) Between 4 March 2011 to 23 March 2011, the Company increased its paid up share capital
from RM40,283,200 to RM40,331,960 by allotment of 121,900 new ordinary shares of
RM0.40 each at an issue price of RM0.40 per share arising from warrants exercised. The
shares were issued for cash consideration for the purpose of working capital.
(b) Between 8 April 2011 to 20 April 2011, the Company announced that it proposes to acquire
49% equity stake in GPB Corporation Sdn. Bhd. (“GPB”), representing 2,450,000 ordinary
shares of RM1.00 each in GPB for a total purchase consideration of RM14,690,000 to be
fully satisfied by cash. This will increase the Company’s equity holding in GPB to 100%.
36 SUPPLEMENTARY INFORMAT AT A ION ON THE BREAKDOWN OF REALISED AND
UNREALISED PROFITS OR LOSSES
The breakdown of the retained earnings/(accumulated losses) of the Group and of the Company
as at 31 December, 2010, into realised and unrealised profits/(losses) is presented in
accordance with the directive issued by the Bursa Malaysia Securities Berhad dated 25 March
2010 and prepared in accordance with Guidance on Special Matter No. 1, Determination of
Realised and Unrealised Profit and Losses in the Context of Disclosure Pursuant to Bursa
Malaysia Securities Berhad Listing Requirements, as issued by the Malaysian Institute of
Accountants, is as follows:
The The
Group Company
RM RM
Total retained profits/(accumulated losses):-
- realised 3,550,743 (2,465,645)
- unrealised
(in respect of deferred tax recognised in
the statement of comprehensive income/
fair value gain on financial assets)
(2,035,730) -
Total retained profits/(accumulated losses) 1,515,013 (2,465,645)
ANNUAL REPORT 2010

LIST OF PROPERTIES
Particulars of Group Properties as at 31/12/2010
Location
GUNUNG RESOURCES SDN BHD
Description/
Existing Use
Tenure
Land
Area
Approximate
Age of
Building
63
Net Book
Value as at
31/12/2010
ANNUAL REPORT 2010
|
Date of Last
Revaluation
Lot 5911 Factory cum 99 years 6.720 15 years 6,101,339 2004
Mukim of Asam Kumbang Office lease expiring acres
District of Larut and Matang 21 July 2069
Perak Darul Ridzuan
,
Lot 19789 Industrial 99 years 24,282 N/A 1,845,985 2004
Mukim of Asam Kumbang Land lease expiring m2
District of Larut and Matang 9 May 2095
Perak Darul Ridzuan
Lot PTB 2970 Shop House Freehold 1,604 21 years 266,600 1995
Town of Taiping sq ft
District of Larut and Matang
Perak Darul Ridzuan
GUNUNG LAND SDN BHD
Kamunting Industrial Estate
Perak Darul Ridzuan
(Lot no. is not available as title has
not been issued)
GUNUNG BIOFUEL SDN BHD
Industrial
Land
Title has not
been issued
140,394
sq ft
N/A 751,629 1995
Lot Nos. 1547, 1548, 1121, 1122, Agricultural Freehold 25.79 N/A 3,903,331 2003
1123, 1126 and 1127 Land acres
Mukim of Jebong
District of Larut and Matang
Perak Darul Ridzuan

| 64
ANALYSIS OF SHAREHOLDINGS
ANALYSIS OF SHAREHOLDINGS AS AT 4 MAY 2011
Authorised Share Capital : RM100,000,000 divided into 250,000,000 Ordinary
Shares of RM0.40 each
Issued and Paid-up Share Capital : RM40,341,960 divided into 100,854,900 Ordinary
Shares of RM0.40 each
Class of Securities : Ordinary Shares of RM0.40 each
Voting Rights : One vote for every Ordinary Share
No. of Shareholders : 3,021
DISTRIBUTION OF SHAREHOLDINGS
Size of
No. of
No. of
Shareholdings
Shareholders
%
Shares
%
Less than 100 326 10.79 10,577 0.01
100 to 1,000 706 23.37 664,659 0.66
1,001 to 10,000 1,428 47.27 6,781,801 6.72
10,001 to 100,000 467 15.46 15,509,395 15.38
100,001 to less than
5% of issued shares
91 3.01 39,063,140 38.73
5% and above of
issued shares
3 0.10 38,825,328 38.50
Total 3,021 100.00 100,854,900 100.00
LIST OF THIRTY LARGEST SHAREHOLDERS
Name of Shareholders No. of Shares %
1. SYED ABU HUSSIN BIN HAFIZ SYED ABDUL FASAL 16,746,570 16.60
2. ERAYEAR EQUITY SDN BHD 16,696,258 16.55
3. SJ SEC NOMINEES (TEMPATAN) SDN BHD
5,382,500 5.34
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR
SYED ABU HUSSIN BIN HAFIZ SYED ABDUL FASAL (SMT)
4. A.A. ANTHONY NOMINEES TEMPATAN) SDN BHD
4,375,400 4.34
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR
TEONG LIAN AIK
5. TAN CHAI CHEK 3,143,000 3.12
6. AASIA-EAST CAPITAL SDN BHD 2,371,700 2.35
7. ROHAYU BINTI YAACOB 2,022,100 2.00
8. LEDANG UNGGUL SDN BHD 2,004,500 1.99
9. SUHAIMI BIN ISMAIL 1,365,200 1.35
10. KENANGA NOMINEES (TEMPATAN)SDN BHD
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR TOO
BOON SIONG
940,000 0.93
11. ROSLAINI BINTI KADIR 900,000 0.89
12. SEW KEE LANG @ SEOW KHEE CHIN 877,200 0.87
13. SJ SEC NOMINEES (TEMPATAN)SDN BHD
850,900 0.84
14.
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR
KAMARUDDIN @ MAMAT BIN ENDUT (SMT)
LAM SANG 742,300 0.74
15. CIMSEC NOMINEES (TEMPATAN) SDN BHD
BENEFICIARY : CIMB BANK FOR BONG LEE MIN (MK0082)
586,100 0.58
16. NORSHAKIMA BINTI NANYAN 568,000 0.56
17. BEST TIME VENTURE SDN. BHD. 565,300 0.56
18. OOI GENE HOCK 562,000 0.56
19. SEW KEE LANG @ SEOW KHEE CHIN 500,000 0.50
20. TAN SIEW SIONG 480,000 0.48
21. ROHANA BINTI RAHMAT 462,000 0.46
22. HLB NOMINEES (TEMPATAN) SDN BHD
460,000 0.46
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR
MAH SIEW SEONG
ANNUAL REPORT 2010

ANALYSIS OF SHAREHOLDINGS
23. ZURIFAH BINTI ZUHAIRON 443,800 0.44
24. TA T N OMINEES (TEMPAT AT ATA TAN) SDN BHD
BENEFICIARY RY R : PLEDGED SECURITIES ACCOUNT FOR HARBAJAN
KA K UR A/ A P SADHU SINGH
440,000 0.44
25. BEH CHONG THEOW 439,000 0.44
26. TEE KOK SENG 419,840 0.42
27. JOHAIRI BIN YA Y KOB 400,000 0.40
28. OOI PEY WONG 400,000 0.40
29. SUBRA RA R MANIAM A/ A L KA K RUPPIAH 400,00 0 0.40
30. OOI HOCK LA L I 350,000 0.35
SUBSTA TA T NTIAL SHAREHOLDERS AS AT A 4 MAY AY A 2011 (EXCLUDING BARE TRUSTEES)
Name of Shareholders Direct % Indirect %
No. of Shares
No. of Shares
Dato’ Syed Abu Hussin bin Hafiz Syed
Abdul Fasal
22,129,070 21.94
- -
Erayear Equity Sdn Bhd 16,696,258 16.55 - -
Low Bok Tek - - 16,696,258 * 16.55
* Deemed to have an interest in the shares by virtue of Section 6A of the Companies Act, 1965
DIRECTORS’ SHAREHOLDING AS AT A 4 MAY AY A 2011
Name Direct % Indirect %
No. of Shares
No. of Shares
Low Bok Tek - - 16,696,258 # 16.55
Dato’ Syed Abu Hussin bin Hafiz Syed
Abdul Fasal
22,129,070 21.94 - -
Malik Parvez Ahmad bin Nazir Ahmad - - - -
Peter Wong Hoy Kim - - - -
Tang Yuet Mun - - - -
Datuk Ahmad Shalimin bin Ahmad Shaff ff f ie - - - -
# Deemed to have an interest in the shares by virtue of Section 6A of the Companies Act, 1965
By virtue of his interest in the shares of the Company, Mr. Low Bok Tek is deemed interested in the
shares of all the subsidiaries of the Company to the extent that the Company has an interest.
65
ANNUAL REPORT 2010
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| 66
ANALYSIS OF WARRANTHOLDINGS
ANALYSIS OF WARRANTHOLDINGS 2003/2013
AS AT 4 MAY 2011
Class of Securities : Warrants 2003/2013
No. of Warrants Issued : 22,231,177
Exercise Price of Warrants : RM0.40
Exercise Period of Warrants : From 13 October 2003 to 13 October 2013
Expiry Date of Warrants : 13 October 2013
Voting Rights : One vote for every Warrant in respect of a meeting
of Warrantholders
No. of Warrantholders : 1,089
DISTRIBUTION OF WARRANTHOLDINGS 2003/2013
Size of Warrant
No. of
Warrant
No. of
Holdings
holders
%
Warrants
%
Less than 100 216 19.83 5,067 0.02
100 to 1,000 119 10.93 33,562 0.15
1,001 to 10,000 492 45.18 1,668,668 7.51
10,001 to 100,000 225 20.66 7,177,089 32.28
100,001 to less than
36 3.31 11,479,359 51.64
5% of issued warrants
5% and above of
issued warrants
1 0.09 1,867,432 8.40
Total 1,089 100.00 22,231,177 100.00
LIST OF THIRTY LARGEST REGISTERED WARRANTHOLDERS 2003/2013
Name of Warrant Holders No. of Warrants %
1. ZAINORAZUA BINTI ZAINUN 1,867,432 8.40
2. IBRAHIM BIN HAMZAH 1,107,000 4.98
3. AASIA-EAST CAPITAL SDN BHD 1,035,200 4.66
4. ROSLAINI BINTI KADIR 829,000 3.73
5. DB (MALAYSIA) NOMINEE (ASING)SDN BHD
BENEFICIARY : DEUTSCHE BANK AG LONDON FOR RAB-
NORTHWEST FUND LIMITED
755,516 3.40
6. ONG DEE JEAN 600,000 2.70
7. HLG NOMINEE (TEMPATAN) SDN BHD
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR
IBRAHIM BIN HAMZAH
596,500 2.68
8. JOHAIRI BIN YAKOB 491,000 2.21
9. ROHAYU BINTI YAACOB 447,313 2.01
10. HDM NOMINEES (TEMPATAN) SDN BHD
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR TAN
SIEW SIONG (M03)
434,100 1.95
11. ONG DEE ANN 400,000 1.80
12. DB (MALAYSIA) NOMINEE (ASING)SDN BHD
BENEFICIARY : DEUTSCHE BANK AG LONDON FOR RAB-
377,968 1.70
NORTHWEST CHINA OPPORTUNITIES FUND LIMITED
13. OOI HOCK LAI 315,000 1.42
14. PUBLIC NOMINEES (TEMPATAN) SDN BHD
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR OOI
HOCK LAI (E-SPG)
284,400 1.28
15. SUHAIMI BIN ISMAIL 280,184 1.26
16. SJ SEC NOMINEES (TEMPATAN) SDN BHD
269,100 1.21
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR
SYED ABU HUSSIN BIN HAFIZ SYED ABDUL FASAL (SMT)
ANNUAL REPORT 2010

ANALYSIS OF WARRANTHOLDINGS
17. HLG NOMINEE (TEMPATAN) SDN BHD
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR KOO
JON MEAN @ KOH JON MEAN
220,592 0.99
18. PHANG LI KOON 210,138 0.95
19. NG KOK POW 209,200 0.94
20. CHIN BOON MENG 208,200 0.94
21. TAN SIEW SIONG 206,000 0.93
22. TEE KOK SENG 199,625 0.90
23. SIM CHEW 195,000 0.88
24. LEONG YOOT NGOH 187,000 0.84
25. BT CAPITAL SDN BHD 173,995 0.78
26. SJ SEC NOMINEES (TEMPATAN)SDN BHD
150,900 0.68
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR
CHUA GEOK LEE (SMT)
27. KHOR KIN SEONG 140,092 0.63
28. TAY HENG PING 140,000 0.63
29. CIMSEC NOMINEES (TEMPATAN) SDN BHD
BENEFICIARY : CIMB BANK FOR TEH SWEE HENG
(MM1118)
126,000 0.57
30. CHIANG SWEE KHENG 123,280 0.55
DIRECTORS’ WARRANTHOLDING 2003/2013 AS AT 4 MAY 2011
Name Direct % Indirect %
No. of Warrant
No. of Warrant
Low Bok Tek - - 173,995 # 0.78
Dato’ Syed Abu Hussin bin Hafiz Syed
Abdul Fasal
269,100 1.21 - -
Malik Parvez Ahmad bin Nazir Ahmad - - - -
Peter Wong Hoy Kim - - - -
Tang Yuet Mun - - - -
Datuk Ahmad Shalimin bin Ahmad Shaffie - - - -
# Deemed to have an interest in the warrants by virtue of Section 6A of the Companies Act, 1965
67
ANNUAL REPORT 2010
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| 68
ANALYSIS OF WARRANTHOLDINGS
ANALYSIS OF WARRA RA R NTHOLDINGS 2010/2020
AS AT A 4 MAY AY A 2011
Class of Securities : Warrants 2010/2020
No. of Warrants Issued : 25,177,000
Exercise Price of Warrants : RM0.50
Exercise Period of Warrants : From 5 October 2010 to 4 October 2020
Expiry Date of Warrants : 4 October 2020
Voting Rights : One vote fo f r every Warrant in respect of a meeting
of Warrantholders
No. of Warrantholders : 607
DISTRIBUTION OF WARRA RA R NTHOLDINGS 2010/2020
Size of Warrant
No. of
Warrant
No. of
Holdings
holders %
Warrants %
Less than 100 21 3.46 843 0.00
100 to 1,000 107 17.63 81.923 0.33
1,001 to 10,000 280 46.13 1,282,898 5.10
10,001 to 100,000 167 27.51 6,422,226 25.51
100,001 to less than
5% of issued warrants
30 4.94 9,075,310 36.05
5% and above of
issued warrants
2 0.33 8,313,800 33.02
Total 607 100.00 25,177,000 100.00
LIST OF THIRT RT RTY TY LARGEST REGISTERED WARRA RA R NTHOLDERS 2010/2020
Name of Warrant Holders No. of Warrants %
1. ERA RA RAY AYEAR EQUITY TY T SDN. BHD. 6,799,565 27.01
2. SYED ABU HUSSIN BIN HAFIZ SYED ABDUL FASAL 1,514,235 6.01
3. ROHAY AY A U BINTI YA YAA AACOB 1,112,450 4.42
4. AA A SIA-EAST CAPITA TA T L SDN BHD 1,027,400 4.08
5. TA T N CHAI CHEK 965,650 3.84
6. WEE PEI SEE 700,000 2.78
7. SJ SEC NOMINEES (TEMPAT AT ATA TAN) SDN BHD
BENEFICIARY RY R : PLEDGED SECURITIES ACCOUNT FOR
SYED ABU HUSSIN BIN HAFIZ SYED ABDUL FASAL (SMT)
430,000 1.71
8. CHOO KIM LIN 402,600 1.60
9. SUHAIMI BIN ISMAIL 392,550 1.56
10. BEH CHONG THEOW 369,750 1.47
11. OOI WENG HOOI 365,800 1.45
12. NORSHAKIMA BINTI NANYAN 322,500 1.28
13. NG KOK POW 251,000 1.00
14. ONG SZE TA T NG 220,900 0.88
15. WONG HEN SANG 180,000 0.71
16. MAY AY A BAN SECURITIES NOMINEES TEMPATA TA T N) SDN BHD
BENEFICIARY RY R : PLEDGED SECURITIES ACCOUNT FOR LIM
SOO TIEN (R25-MARGIN)
170,000 0.68
17. PUBLIC NOMINEES (TEMPATA TA T N) SDN BHD
BENEFICIARY RY R : PLEDGED SECURITIES ACCOUNT FOR
YONG WAN KEONG (E-TCS)
160,000 0.64
18. TA T N BEE ONG @ TA T N BEE HOON 158,000 0.63
19. TA T NOMINEES (TEMPAT AT ATA TAN) SDN BHD
BENEFICIARY RY R : PLEDGED SECURITIES ACCOUNT FOR TEH
SEE YONG
150,000 0.60
20. TEH SEE YONG 150,000 0.60
ANNUAL REPORT 2010

ANALYSIS OF WARRANTHOLDINGS
21. TAN SOH HAR 146,400 0.58
22. NG HIAP LAI 145,000 0.58
23. OOI GENE HOCK 140,500 0.56
24. GEORGE LEE SANG KIAN 137,200 0.54
25. RIDZUAN HAZIMIN BIN RAMLI 135,000 0.54
26. BONG LEE MIN 130,000 0.52
27. CIMSEC NOMINEES (TEMPATAN) SDN BHD
BENEFICIARY : CIMB BANK FOR TEH SWEE HENG
(MM1118)
128,400 0.51
28. TA NOMINEES (TEMPATAN) SDN BHD
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR
HARBAJAN KAUR A/P SADHU SINGH
125,000 0.50
29. LAM SANG 121,250 0.48
30. ROHANA BINTI RAHMAT 115,500 0.46
DIRECTORS’ WARRANTHOLDING 2010/2020 AS AT 4 MAY 2011
Name Direct % Indirect %
No. of Warrant
No. of Warrant
Low Bok Tek - - 6,799,565 # 27.01
Dato’ Syed Abu Hussin bin Hafiz Syed
Abdul Fasal
1,944,235 7.72 - -
Malik Parvez Ahmad bin Nazir Ahmad - - - -
Peter Wong Hoy Kim - - - -
Tang Yuet Mun - - - -
Datuk Ahmad Shalimin bin Ahmad Shaffie - - - -
# Deemed to have an interest in the warrants by virtue of Section 6A of the Companies Act, 1965
69
ANNUAL REPORT 2010
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NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Sixteenth (16 th ) Annual General Meeting of the Company will
be held at Sapphire Room, SSL Traders Hotel, No. 43, Jalan Medan Perwira Satu, Medan Perwira,
34600 Kamunting, Perak Darul Ridzuan on Saturday, 18 June 2011 at 11.00 a.m. for the following
purposes:-
AGENDA
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As Ordinary Business
1. To receive the Audited Financial Statements for the financial year ended 31
December 2010 and the Reports of the Directors and Auditors thereon.
2. To approve the payment of Directors’ Fees for the financial year ended 31
December 2010.
3. To re-elect Datuk Ahmad Shalimin bin Ahmad Shaffie who retires by rotation
pursuant to Article 101 of the Company’s Articles of Association.
4. To re-elect Tang Yuet Mun who retires by rotation pursuant to Article 101 of
the Company’s Articles of Association.
5. To re-elect Dato’ Syed Abu Hussin bin Hafiz Syed Abdul Fasal who retires by
rotation pursuant to Article 108 of the Company’s Articles of Association.
6. To re-appoint Messrs STYL Associates as Auditors of the Company and to
authorise the Directors to fix their remuneration.
As Special Business
To consider and if thought fit, to pass the following resolution: -
Ordinary Resolution
6. Renewal of Authority to Issue Shares Pursuant to Section 132D of
the Companies Act, 1965
“That subject always to the Companies Act, 1965, Articles of Association of
the Company and the approvals of the relevant government and/or
regulatory authorities, the Directors be and are hereby empowered pursuant
to Section 132D of the Companies Act, 1965 to issue new shares in the
Company at any time, upon such terms and conditions and for such purposes
as the Directors may, in their absolute discretion deem fit, provided that the
aggregate number of new shares to be issued does not exceed 10% of the
total issued share capital of the Company for the time being, and such
authority shall continue to be in force until the conclusion of the next Annual
General Meeting of the Company.”
7. To transact any other business for which due notice has been given.
(Resolution 1)
(Resolution 2)
(Resolution 3)
(Resolution 4)
(Resolution 5)
(Resolution 6)
(Resolution 7)
By Order of the Board
Jesslyn Ong Bee Fang (MAICSA 7020672)
Perak Darul Ridzuan
Eric Toh Chee Seong (LS 0005656)
27 May 2011 Company Secretaries
Notes:
1. A member of the Company, eligible to attend and vote at the meeting, is entitled to appoint a proxy or proxies to vote in
his/her stead. A proxy may but need not be a member of the Company and the provision of Section 149(1)(b) of the
Companies Act 1965 shall not apply to the Company.
2. Where a member appoints two (2) or more proxies, the appointment shall be invalid unless he/she specifies the
proportion of his/her shareholdings to be represented by each proxy. Where a member of the Company is an authorised
nominee as defined under the Securities Industry (Central Depositories) Act 1991, it may appoint at least one proxy in
respect of each securities account it holds with ordinary shares of the Company standing to the credit of the said
securities account.
3. The Form of Proxy shall be in writing under the hand of the appointor or his/her attorney duly authorised in writing or, if
the appointor is a corporation, either under its common seal or under the hand of an officer or attorney duly authorised.
4. All Forms of Proxy must be deposited at the Company's Registered Office at Lot 5911, Jalan Perusahaan Satu, Kamunting
Industrial Estate, 34600 Kamunting, Taiping, Perak Darul Ridzuan not less than 48 hours before the time set for holding
the meeting or at any adjournment thereof.
ANNUAL REPORT 2010

NOTICE OF ANNUAL GENERAL MEETING
Explanatory Notes on Special Business:
Ordinary Resolution 7- Renewal of Authority to Issue Shares Pursuant To Section 132D of the Companies Act, 1965
The existing general mandate for the authority to issue shares pursuant to Section 132D of the Companies Act, 1965 was
approved by the shareholders of the Company at the 15th Annual General Meeting held on 18 June 2010. The Company did
not issue any new shares pursuant to this general mandate as at the date of this notice.
The proposed Ordinary Resolution 7 is a renewal to the general mandate for the authority to issue shares pursuant to Section
132D of the Companies Act, 1965. This resolution if passed, will give the Directors of the Company authority to issue shares
for such purposes as the Directors in their absolute discretion consider to be in the interest of the Company, without having
to convene a general meeting. This authority unless revoked or varied at a general meeting, will expire at the conclusion of
the next Annual General Meeting of the Company.
The authority will provide exibility to the Company for any possible fund raising activities, including but not limited to
further placing of shares, for purpose of funding future investment project(s), working capital and/or acquisition.
71
ANNUAL REPORT 2010
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| 72
STATEMENT ACCOMPANYING NOTICE OF
ANNUAL GENERAL MEETING
Directors who are standing for re-election at the Sixteenth (16th) Annual General Meeting of Gunung Capital Berhad
are as follows:
(i) Datuk Ahmad Shalimin bin Ahmad Shaffie (Article 101 of the Company’s Articles of Association)
(ii) Tang Yuet Mun (Article 101 of the Company’s Articles of Association)
(iii) Dato’ Syed Abu Hussin bin Hafiz Syed Abdul Fasal (Article 108 of the Company’s Articles of Association)
Pursuant to paragraph 8.27(2) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the
details of the above Directors who are seeking re-election are set out in their respective profiles which appear in the
Profile of Directors on pages 5 to 7 of this Annual Report.
The details of the Directors’ securities holdings in the Company are set out in the Analysis of Shareholdings and
Warrantholdings which appears on pages 66 to 71 of this Annual Report.
ANNUAL REPORT 2010

FORM OF PROXY
I/We, _________________________________________________________________________________________________
(Full Name In Block Letters)
of ___________________________________________________________________________________________________
(Address)
being a member/members of GUNUNG CAPITAL BERHAD hereby appoint _________________________________________
______________________________________________________________________________________________________
(Full Name In Block Letters)
of ___________________________________________________________________________________________________
(Address)
or failing him/her _______________________________________________________________________________________
(Full Name In Block Letters)
of ___________________________________________________________________________________________________
(Address)
or failing him/her, the Chairman of the meeting, as my/our proxy, to vote for me/us on my/our behalf at the 16th Annual
General Meeting of the Company to be held at Sapphire Room, SSL Traders Hotel, No. 43, Jalan Medan Perwira Satu, Medan
Perwira, 34600 Kamunting, Perak Darul Ridzuan on Saturday, 18 June 2011 at 11.00 a.m. and at any adjournment thereof in
the manner indicated below.
Resolution 1 To receive the Audited Financial Statement for the
financial year ended 31 December 2010 and the Report of
the Directors and Auditors thereon
Resolution 2 To approve the payment of Directors’ Fees
Resolution 3 To re-elect Datuk Ahmad Shalimin bin Ahmad Shaffie
Resolution 4 To re-elect Tang Yuet Mun
Resolution 5 To re-elect Dato’ Syed Abu Hussin bin Hafiz Syed Abdul
Fasal
Resolution 6 To re-appoint Messrs STYL Associates as Auditors of the
Company
Resolution 7 Renewal of Authority to issue shares pursuant to Section
132D of the Companies Act, 1965
73
For Against
(Please indicate with an ‘X’ in the spaces provided how you wish your vote to be cast. In the absence of specic directions,
your proxy may vote or abstain from voting at his/her discretion)
Signed this day of 2011
___________________________________
Signature of Shareholder
No. of Shares held
Notes:-
1. A member of the Company, eligible to attend and vote at the meeting, is entitled to appoint a proxy or proxies to vote
in his/her stead. A proxy may but need not be a member of the Company and the provision of Section 149(1)(b) of the
Companies Act 1965 shall not apply to the Company.
2. Where a member appoints two or more proxies, the appointment shall be invalid unless he/she species the proportion
of his/her shareholdings to be represented by each proxy. Where a member of the Company is an authorised nominee
as dened under the Securities Industry (Central Depositories) Act 1991, it may appoint at least one proxy in respect of
each securities account it holds with ordinary shares of the Company standing to the credit of the said securities
account.
3. The Form of Proxy shall be in writing under the hand of the appointor or his/her attorney duly authorised in writing or,
if the appointor is a corporation, either under its common seal or under the hand of an ocer or attorney duly authorised.
4. All Forms of Proxy must be deposited at the Company's Registered Oce at Lot 5911, Jalan Perusahaan Satu, Kamunting
Industrial Estate, 34600 Kamunting, Taiping, Perak Darul Ridzuan not less than 48 hours before the time set for
holding the meeting or at any adjournment thereof.
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ANNUAL REPORT 2010

FORM OF PROXY
Please fold here
Please fold here
The Company Secretary
GUNUNG CAPITAL BERHAD (330171-P)
Lot 5911, Jalan Perusahaan Satu
Kamunting Industrial Estate
34600 Kamunting, Taiping
Perak Darul Ridzuan
Malaysia
Affix
Stamp
Here