directors - The Lion Group

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ACTIVITIES DURING THE FINANCIAL YEAR During the financial year under review, six (6) Audit Committee Meetings were held for which full attendance were recorded for all the members of the Audit Committee. The Audit Committee carried out its duties in accordance with its Terms of Reference during the year. The main activities undertaken by the Audit Committee during the year were as follows: Financial Results (a) Reviewed the interim unaudited financial statements of the Group prior to recommending them for approval by the Board. (b) Reviewed the annual financial statements of the Group prior to submission to the Board for their consideration and approval focusing particularly on changes in accounting policies, significant and unusual events and compliance with applicable accounting standards approved by the Malaysian Accounting Standards Board (“MASB”) and other legal requirements. Internal Audit (a) Reviewed the annual audit plan to ensure adequate scope and coverage on the activities of the Group, taking into consideration the assessment of key risk areas. (b) Reviewed the audit programmes, resource requirements and skill levels of the internal auditors for the year and assessed the performance of the internal audit function. (c) Reviewed the internal audit reports, audit recommendations made and management response to these recommendations and actions taken to improve the system of internal control and procedures. (d) Monitored the implementation of the audit recommendations to ensure that all key risks and controls have been addressed. (e) Reviewed the Internal Control - Self-Assessment ratings submitted by the respective operations management. External Audit (a) Reviewed with external auditors the audit planning memorandum covering the audit objectives and approach, audit plan, key audit areas and relevant technical pronouncements and accounting standards issued by MASB. (b) Reviewed with external auditors the results of the audit and the audit report in particular, accounting issues and significant audit adjustments arising from the external audit. (c) Reviewed with external auditors the memorandum of comments and recommendations arising from their study and evaluation of the system of internal and accounting controls together with management’s response to the findings of the external auditors. (d) Evaluated the performance of the external auditors and made recommendations to the Board on their appointment and remuneration. (e) Convened a meeting with the external auditors without the non-independent directors being present to discuss issues arising from their review. 16
Risk Management Reviewed the Corporate Risk Scorecard of key operations and the mitigating controls to address identified risks. Related Party Transactions 1. Reviewed the related party transaction set out below: Third deferment of the redemption date of the preference shares in Likom Computer System Sdn Bhd held by the Company to 28 December 2005. 2. Reviewed recurrent related party transactions of a revenue or trading nature on a quarterly basis for compliance with the Shareholders’ Mandate. 17
Page 2 and 3: CONTENTS The inner pages are printe
Page 4 and 5: 7.2 Proposed Renewal of Shareholder
Page 6 and 7: STATEMENT ACCOMPANYING NOTICE OF AN
Page 8 and 9: DIRECTORS’ PROFILE Tan Sri Dato
Page 10 and 11: Cheng Yong Liang Non-Independent No
Page 12 and 13: Supply of Information The Board mem
Page 14 and 15: Financial Reporting The Board aims
Page 16 and 17: AUDIT COMMITTEE REPORT COMPOSITION
Page 20 and 21: NOMINATION COMMITTEE Chairman : Y.
Page 22 and 23: THE GROUP’S BUSINESSES Advanced s
Page 24: CHAIRMAN’S STATEMENT On behalf of
Page 27 and 28: Beverage 2005 2004 RM’ Million RM
Page 29 and 30: (c) On 23 November 2004, the Compan
Page 31 and 32: RESERVES AND PROVISIONS There were
Page 33 and 34: DIRECTORS’ INTERESTS The Director
Page 35 and 36: AUDITORS The auditors, Messrs Deloi
Page 37 and 38: INCOME STATEMENTS FOR THE YEAR ENDE
Page 39 and 40: The Group The Company 2005 2004 200
Page 41 and 42: CASH FLOW STATEMENTS FOR THE YEAR E
Page 43 and 44: (ii) ANALYSIS OF DISPOSAL AND LIQUI
Page 45 and 46: The Company 43 2005 2004 Note RM’
Page 47 and 48: NOTES TO THE FINANCIAL STATEMENTS 1
Page 49 and 50: (f) On 24 February 2005, the Compan
Page 51 and 52: (iv) Beverage Division Gross invoic
Page 53 and 54: Property, Plant and Equipment Prope
Page 55 and 56: Associated Companies An associated
Page 57 and 58: Receivables Trade and other receiva
Page 59 and 60: 7. DIRECTORS’ REMUNERATION Direct
Page 61 and 62: 11. INCOME TAX (EXPENSE)/CREDIT Inc
Page 63 and 64: The Group ACCUMULATED DEPRECIATION
Page 65 and 66: The depreciation charge is allocate
Page 67 and 68: 17. LAND HELD FOR PROPERTY DEVELOPM
Page 69 and 70:
18. INVESTMENT IN SUBSIDIARY COMPAN
Page 71 and 72:
The effects of the abovementioned d
Page 73 and 74:
20. LONG-TERM INVESTMENTS 71 The Gr
Page 75 and 76:
21. DEFERRED TAX ASSETS/LIABILITIES
Page 77 and 78:
24. INVENTORIES Inventories consist
Page 79 and 80:
27. TRADE RECEIVABLES 77 The Group
Page 81 and 82:
29. RELATED COMPANY TRANSACTIONS (a
Page 83 and 84:
30. DEPOSITS, CASH AND BANK BALANCE
Page 85 and 86:
33. LEASE AND HIRE-PURCHASE PAYABLE
Page 87 and 88:
85 The Group The Company 2005 2004
Page 89 and 90:
(iii) proceeds from the redemption
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37. DEFERRED LIABILITIES 89 The Gro
Page 93 and 94:
39. RESERVES 91 The Group The Compa
Page 95 and 96:
The Group The Company 2005 2004 200
Page 97 and 98:
The Group Timber 2005 Property extr
Page 99 and 100:
(b) Geographical Segments: The Grou
Page 101 and 102:
Financial Risk Management Objective
Page 103 and 104:
47. SUBSIDIARY COMPANIES The subsid
Page 105 and 106:
Effective Percentage Name of Compan
Page 107 and 108:
Effective Percentage Name of Compan
Page 109 and 110:
STATEMENT BY DIRECTORS The Director
Page 111 and 112:
INFORMATION ON LEVEL 1 SPONSORED AM
Page 113 and 114:
Tenure/ Net Date of Address Expiry
Page 115 and 116:
Tenure/ Net Date of Address Expiry
Page 117 and 118:
Registered Shareholders No. of Shar
Page 119 and 120:
OTHER INFORMATION (I) NON-AUDIT FEE
Page 121 and 122:
(IV) STATUS OF CONDITIONS IMPOSED B
Page 123 and 124:
(c) Issues Affecting the Joint-Vent
Page 125:
✄ FORM OF PROXY I/We ............
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