KOSMO-AnnuaReport2006 (1.9MB).pdf - Bursa Malaysia

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<strong>KOSMO</strong> TECHNOLOGY INDUSTRIAL BERHAD The movement of ICULS of the Company during the financial year are as follows:- At At 1.1.2006 Conversion 31.12.2006 First issued 8,396,618 (1,600,049) 6,796,569 INFORMATION ON THE FINANCIAL STATEMENTS Before the financial statements of the Group and of the Company were made out, the Directors took reasonable steps:- (a) to ascertain that action had been taken in relation to the writing off of bad debts and the making of allowance for doubtful debts and satisfied themselves that there were no bad debts to be written off and adequate allowance had been made for doubtful debts; and (b) to ensure that any current assets which were unlikely to be realised in the ordinary course of business including 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 so to realise. At the date of this report, the Directors are not aware of any circumstances:- (a) which would render it necessary to write off any bad debts or the amount of the allowance for doubtful debts in the financial statements of the Group and of the Company inadequate to any substantial extent; or (b) which would render the values attributed to current assets in the financial statements of the Group and of the Company misleading; or (c) 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. 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 affect the ability of the Group and of the Company to meet its obligations as and when they fall due. At the date of this report, there does not exist:- (a) 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 (b) any contingent liability of the Group and of the Company which has arisen since the end of the financial year. OTHER STATUTORY INFORMATION The Directors state that:- At the date of this report, they are not aware of any circumstances not otherwise dealt with in this report or the financial statements which would render any amount stated in the financial statements misleading. In the opinion of the Directors:- (a) the results of operations of the Group and of the Company during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature; and (b) there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely to affect substantially the results of operations of the Group and of the Company for the current financial year in which this report is made. EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”) The Employees’ Share Option Scheme was approved by the Securities Commission on 19 July 2006 and has a tenure of five (5) years from the date of the launch or implementation of the scheme which shall expire on 5 November 2011. The main features of the ESOS are as follows:- (a) the eligible persons are employees who have been confirmed as an employee of the Group and the employee must have served for a continuous period of at least one (1)year. (b) the total number of shares to be offered shall not exceed 15% of the issued and paid-up ordinary share capital of the Company at any point of time during the existence of the ESOS. (c) the ESOS shall be for a minimum of 100 ordinary shares and a maximum of 50% ordinary shares in multiples of 100 ordinary shares. (d) the ESOS shall be in force for a period of five (5) years and renewable for a further five years (subject to the approval of the Board). 43 DIRECTORS’ REPORT (CONT’D)
44 <strong>KOSMO</strong> TECHNOLOGY INDUSTRIAL BERHAD DIRECTORS’ REPORT (CONT’D) EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”) (cont’d) (e) the ESOS is personal to the grantee and is non-assignable. (f ) the option price shall be determined at a discount of not more than 50% from the weighted average market price of the Company’s ordinary shares of RM0.10 each for five (5) market days preceding the date of offer and shall in no event be less than the par value of the shares. The movement of options over unissued shares of the Company granted under the ESOS during the financial year are as follows:- Option Price At At RM 1.1.2006 Granted Exercised 31.12.2006 First Grant 1.00 - 2,383,000 - 2,383,000 SIGNIFICANT EVENTS The significant events during the financial year and subsequent to the balance sheet date are disclosed in Note 26 to the Financial Statements. DIRECTORS The Directors in office since the date of the last report are as follows:- Dato’ Dr. Nik Abd. Rashid @ Nik Idris bin Ismail (Independent Non-Executive Chairman) Norhamzah bin Nordin (Group Managing Director) Mohd Azham bin Mohd Noor (Group Executive Director) Dato’ Mukhriz Mahathir (Independent Non-Executive Director) Mohamad Nassir bin Mohd Kassim (Executive Director) Ravindran a/l Sivasubramaniam (Non-Executive Director) According to the Register of Directors’ shareholdings, the beneficial interests of those who were Directors at the end of the financial year in the shares of the Company are as follows:- Ordinary shares of RM1.00 each At At Company 1.1.2006 Bought Sold 31.12.2006 Direct interest Norhamzah bin Nordin 6,520,000 - - 6,520,000 Mohd Azham bin Mohd Noor 5,000,000 3,600,000 - 8,600,000 Ravindran a/l Sivasubramaniam 1 1,000,000 - 1,000,001 Mohamad Nassir bin Mohd Kassim 1 - - 1 Indirect interest Norhamzah bin Nordin 51,700,000 850,000 (9,748,000) 42,802,000 Ravindran a/l Sivasubramaniam - 5,000,000 - 5,000,000 No other Directors at the end of the financial year held any interest in the shares of the Company or its related corporations during the financial year. DIRECTORS’ BENEFITS During and at the end of the financial year, no arrangements subsisted to which the Company is a party, with the object or objects of enabling Directors of the Company to acquire benefits by means of the acquisition of shares in the Company or any other body corporate. Since the end of the previous financial year, no Director has received or become entitled to receive any benefit (other than those disclosed in Note 21 to the Financial Statements) by reason of a contract made by the Company or a related corporation with the Director or with a firm of which he is a member, or with a company in which he has a substantial financial interest.
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Page 7 and 8: 6 ANNUAL REPORT 2006 PROFILE OF DIR
Page 9 and 10: 8 ANNUAL REPORT 2006 CHAIRMAN’S S
Page 11 and 12: 10 ANNUAL REPORT 2006 CHAIRMAN’S
Page 13 and 14: 12 ANNUAL REPORT 2006 GROUP MANAGIN
Page 19 and 20: 18 ANNUAL REPORT 2006 STATEMENT ON
Page 25 and 26: 24 ANNUAL REPORT 2006 AUDIT COMMITT
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Page 33 and 34: 32 ANNUAL REPORT 2006 ADDITIONAL DI
Page 35 and 36: 34 ANNUAL REPORT 2006 IN THE NEWS
Page 37 and 38: 36 ANNUAL REPORT 2006 CALENDAR OF E
Page 39 and 40: 38 ANNUAL REPORT 2006 CALENDAR OF E
Page 41 and 42: 40 ANNUAL REPORT 2006
Page 43: 42 KOSMO TECHNOLOGY INDUSTRIAL BERH
Page 47 and 48: 46 KOSMO TECHNOLOGY INDUSTRIAL BERH
Page 93 and 94: 92 ANNUAL REPORT 2006 NOTICE OF THE
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94 ANNUAL REPORT 2006 STATEMENT ACC
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Company Secretary Kosmo Technology
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KOSMO-AnnuaReport2006 (1.9MB).pdf - Bursa Malaysia

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