ONE - Amanah Raya Berhad

Transcription

AC
CRE
D
U K A S
074
CERTIFIED TO ISO 9001 : 2008
CERT. NO. : AR 3687
CERT. NO. : AR 3687
DY
ITED CERTIFICATION BO
MS ISO/IEC GUIDE 62:1999
QS 02121999 CB 01
QUALITY
MANAGEMENT
SIRIM
CERT. NO. : AR 3687
Color number: #3A53A4 CMYK = C: 88% M:77% Y:0% K:0%
Color number: #BCBEC0 CMYK = C: 0% M : 0% Y:0% K:30%
CONTENTS
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
2
3-8
9 - 14 15 - 17
Board of Directors’ Profiles
18 - 25 AmanahRaya Group of Subsidiaries
26 - 27 COO/Head of Department
28
29 - 42 43 MS ISO 9001 : 2009 Certification
44 Vision, Mission and Corporate Philosophy
45
Corporate Information
46 - 49 50 Subsidiaries
51
Branches
54 - 55 Audit Committee Report
56 - 58 Statement of Corporate Governance
59 - 126
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
Notice of Annual General Meeting
Chairman’s Statement
Group Managing Director’s Statement
Regional Managers and Head of Branch
CSR AmanahRaya We Care
Corporate Structure
Statutory Financial Statements
ONE FAMILY, ONE PURPOSE
The ‘Amanah Raya Group Annual Report 2009’ cover design portrays a strong spirit
of togetherness which makes AmanahRaya a group driven by ‘One Family, One
Purpose’. Hence the bold colour ‘red’ dominating the top part of the design. This
colour also represents a resilient and radiant atmosphere in the Group despite the
waves of economic turbulence in 2009.
The wave lines signify the various activities associated with the Group as a corporate
entity as well as its corporate social responsibility (CSR) programmes. The long
interweave lines also communicate the concept of strong link in the AmanahRaya
family.
The bright ‘white’ hue in the middle means a promising future for AmanahRaya and
a multitude of possibilities to be explored with its current and potential businesses.
The typeface is (simple and neat) to complement the vibrancy of the wave lines and
the bright colours on the cover.
A N N U A L R E P O RT 2 0 0 9
A MA N A H R AYA B ERHAD
1
<< << << << << << << << << << << << << << <<
<< << << << << << << << << << << << << << <<
NOTICE OF THE 15th ANNUAL GENERAL MEETING
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
NOTICE IS HEREBY GIVEN that the 15th Annual General Meeting of AMANAH RAYA BERHAD will be held at
the Board Room, 15th Floor, Wisma AmanahRaya, No 2, Jalan Ampang, 50508 Kuala Lumpur on Friday, 25 June
2010 at 10.00 a.m. or any adjournment thereof to transact the following business:AGENDA
1. To receive and adopt the Statutory Financial Statements of the Company and the Group for the financial
year ended 31 December 2009 together with the Reports of the Directors and Auditors thereon.
(Resolution 1)
2. To approve the declaration of a final dividend of 10% for the financial year ended 31 December 2009.
(Resolution 2)
3. To approve the payment of Directors’ fees for the financial year ended 31 December 2009.
(Resolution 3)
4. To re-appoint Messrs. PricewaterhouseCoopers as Auditors of the Company until the conclusion of the
next Annual General Meeting and to authorise the Board of Directors to fix their remuneration.
(Resolution 4)
5. To transact any other ordinary business of which due notice shall have been given in accordance with the
Companies Act, 1965.
(Resolution 5)
BY ORDER OF THE BOARD
ZAINUL ABIDIN BIN HAJI AHMAD
LS8854
Company Secretary
3 June 2010
Note:
2
1. A member of the Company entitled to attend and vote at this Meeting is entitled to appoint a proxy to
attend and vote in his stead.
2. A proxy may but need not be a member of the Company, an advocate, an approved Company auditor or
a person approved by the Registrar of Company.
3. The instrument appointing a proxy shall be in writing under the hand of the appointer or his/her attorney
duly authorised in writing or, if the appointer is a corporation, either under its common seal or under the
hand of an officer or attorney duly authorised.
4. The instrument appointing a proxy must be deposited at the registered office of the Company not less
than 48 hours before the time appointed for holding the Meeting.
ANNUAL REPORT 20 0 9
AM AN AH RAYA B E RHAD
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
C H A I R M A N ’ S S TAT E M E N T
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
Amanah Raya Berhad, or AmanahRaya as we are known
now, is Malaysia’s premier trustee company. Since its
establishment as the Department of Public Trustee and
Official Administrator on 1 May 1921, AmanahRaya has
served the nation for 88 years and is the market leader
in providing estate administration, trusts, legacy manage
ment and will services.
3
<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
One family, One Purpose
Once again Amanah Raya Berhad (AmanahRaya) has successfully closed
another financial year as the trustee and custodian of assets on behalf of
wise Malaysians who trusted us to manage their valuable possessions.
AmanahRaya is proud to be instrumental for a family in need of proper
handling and varied professional services in inheritance management.
AmanahRaya would conscientiously help families manage their value
creation from hard work and diligence over many years.
The productive manner in which the assets are utilized
appoint an executor and beneficiaries before their demise.
would ensure a prosperous current generation and provide
This is to avoid possible legal battles and severed ties
well for future generations. The country too would benefit
among family members and loved ones.
tremendously from well-managed assets of its people.
To manage assets on behalf of our clients is a big
Milestones
obligation and we take that obligation as seriously as we
2009 was turbulent for the global economies as they
would like our own families.
sought to ride out the financial recession through internal
AmanahRaya Berhad, or AmanahRaya as we are known
now, is Malaysia’s premier trustee company. Since its es
resilience as well as helping hands from their respective
governments.
tablishment as the Department of Public Trustee and
AmanahRaya is in a dynamic, sophisticated market
Official Administrator on 1 May 1921, AmanahRaya has
place which was rigorously tested by the global economic
served the nation for 88 years and is the market leader in
recession.
providing estate administration, trusts, legacy management
and will services.
One of our subsidiaries, AmanahRaya Legacy Services
Sdn Bhd (ARLS) actively pursued our aim to encourage
I am pleased to say that it is indeed a virtuous circle,
more Malaysians, especially Muslims, to have wills.
as due to our clients’ belief in us, AmanahRaya has grown
ARLS continues to progress in its business development
even more, by leaps and bounds, since its corporatization
as a major provider of Comprehensive Will Services to
in 1995.
various organizations and community groups. During the
However, AmanahRaya, as Malaysia’s premier trustee,
year in review, ARLS has managed to make arrangement
also has a pressing duty to perform in the interest of all
with Tabung Haji Pilgrims which enabled 409 pilgrims to
Malaysians. Such as, we would strive to encourage more
register their Wills and to appoint AmanahRaya as their
Malaysians, especially Muslims, to write their wills and to
Executor and Trustee.
4
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
“
On the property front,
AmanahRaya Development (ARD)
continues to grow from strength
to strength since becoming a full-
”
fledged company.
In the coming years, ARLS plans to collaborate with more
organizations in providing the Comprehensive Will Services
and strengthen its relationships with its clients through
Personalization of Customer’s Wills and Estate Planning.
Another subsidiary, AmanahRaya Trustees Berhad’s (ART)
recorded a substantial development this year. ART has 78%
market share by Net Asset Value, of RM150 billion, with
total fund size of 299 billion units under management.
2009 was also a significant year for AmanahRaya Investment Management Sdn Bhd (ARIM). The company’s real
estate investment management activities were separated
from the fund management activities of ARIM into a new
entity – AmanahRaya REIT Management Sdn Bhd (ARREIT).
ARIM’s authorized and paid-up capital were also increased
to RM25 million from RM10 million respectively. The final
step would be a merger with ARUT in 2010.
This exciting development, besides enhancing synergies
and efficiencies, will strengthen ARIM’s position in the
investment management industry and allow it to offer a
diversified range of financial products for the wholesale
DATO’ HAJI DUSUKI AHMAD
Chairman
and retail markets.
5
<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<
“
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
To improve our delivery of services and to offer the best to our
clients, AmanahRaya signed an MOU with The International Centre for
Leadership in Finance (ICLIF) to strengthen the leadership of senior and
middle management.
”
On the property front, AmanahRaya Development
(ARD) continues to grow from strength to strength since
Will writers certified by the Institute of Professional Will
Writers, United Kingdom.
becoming a full-fledged company. ARD has actively
In the coming years, AmanahRaya will continue to
diversified its role in the property sector through alliances
invest in programmes and partnerships for the betterment
with other developers and land owners. ARD’s current
of its staff.
projects has a Gross Development Value (GDV) of RM6
Corporate Social Responsibility (CSR) is part of
AmanahRaya and we are firmly committed to give the best
billion to date.
To improve our delivery of services and to offer
to all stakeholders.
the best of our clients, AmanahRaya signed an MOU
AmanahRaya As One Family. With this saying in mind,
with The International Centre of Leadership in Finance
we would like to encourage unity among our staff to
(ICLIF) to strengthen the leadership of senior and middle
achieve their full potential and productivity with maximum
management.
support from the Group. In addition, they are provided
AmanahRaya has always given strong emphasis on
with a wholesome and conducive working environment as
improving skills and enhancing knowledge of its 721
well as open communication to enhance team-work and
employees. In the previous years, 2005 to 2009, the
the spirit of togetherness.
group spent more than RM10 million on human capital
We keep reminding ourselves to make good judgement
and to embrace good governance with high degree of
development.
In 2009, 48 employees underwent professional courses
commitment which is imperative in business dealings.
under AmanahRaya twinning programmes with local and
Therefore, we have our own Code of Business Ethic as a
overseas institutions. Of these, 13 staff chose Executive
guide to conduct business in the most ethical way and with
Master of Business Administration at UiTM and another 13
full of professionalism and integrity. This is to ensure we
staff pursued Bachelor of Management with the University
can continuously achieve our mission and vision as desired
of Ballarat. Meanwhile, 21 employees took the Executive
by our stake-holders.
Diploma at University Malaya and one opted for Diploma
As a government-owned company, we shall give the
in Enterprise Risk management, National University of
utmost effort to move forward in line with the government’s
Singapore.
aspirations in the in the trust and inheritance industry.
AmanahRaya is also proud to produce 38 professional
6
Our clients’ trust in us is vital and we will continue
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
“
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
This year we initiated a special program – Projek Gerak Bakti
AmanahRaya – where we sponsored and distributed 304,000 copies
of Berita Harian and New Straits Times (‘Newspaper in Education’) to
343 schools. The sponsorship benefitted 16,000 UPSR students in the
suburban and rural areas.
”
7
<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
“
I would like to record my gratitude to the AmanahRaya ‘Family’ of
”
trusted staff for their constant efforts to make us what we are today.
to serve them with high quality service and with utmost
As a trusted Malaysian company for close to 90 years,
AmanahRaya will continually endeavor to lend a helping
integrity.
We believes strongly in giving back to the community
hand to society as much as possible.
and we also believe that our contributions bring benefits to
Gratitude
those in need.
We have and we shall continue to support the com
Finally on behalf of AmanahRaya Berhad, I would like
munity not only in monetary but also through our expertise,
to express my gratitude to our loyal clients and partners
knowledge and experience
for their enduring trust in us. With your support, we have
We always emphasize the importance of respecting
the precious environment. Therefore we strive to avoid
achieved all that we’re capable of and with your continued
support, we will strive for and reach greater heights.
any activities which could bring adverse effects to the
As Chairman, I would like to record my gratitude to
environment. Together with our employees, we implement
the AmanahRaya ‘Family’ of trusted staff for their constant
recycling programmes and create awareness on ‘green’
efforts to make us what we are today.
I would also like to thank my fellow Board of Directors
products.
From time to time, AmanahRaya organizes and participates in nature conservation activities within the Group
for their invaluable advice and unwavering support through
good and bad times.
Lastly, I would like note that AmanahRaya has sailed
and with external parties.
This year we initiated a special program – Projek Gerak
Bakti AmanahRaya – where we sponsored and distributed
safely on some rough seas the last couple of years and we
are equipped to forge ahead for the better.
304,000 copies of Berita Harian and New Straits Times
(‘Newspaper in Education’) to 343 schools. The sponsorship
benefitted 16,000 UPSR students in the suburban and rural
areas.
Our contribution to flood victims in four states –
Kelantan, Terengganu, Perak and Kedah, is another
example that we care for our community and try our best
DATO’ HAJI DUSUKI AHMAD
to ease their burdens from the annual natural disaster
Chairman
during the monsoon season.
8
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
GROUP MANAGING DIRECTOR’s STATEMENT
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
While it is imperative for us to keep challenging ourselves
to venture out of our comfort zone and to move forward,
there is also the need for us to keep reminding ourselves
to keep our feet on the ground by always making sound
and prudent business decisions for the Group’s benefit in
the future as well as for all our stakeholders.
9
<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Dato’ Ahmad Rodzi Pawanteh
Group Managing Director
10
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
I would like to welcome our shareholders, business partners, customers,
friends and supporters to another significant year at Amanah Raya Berhad
(AmanahRaya).
As anticipated, 2009 proved to be another challenging financial year.
However, AmanahRaya managed to survive the stormy weather which had
threatened to engulf the world economies. Notwithstanding, the turbulent
economic climate in 2009 had spurred the Group’s resolution to maintain its
position as the market leader in trust and legacy management services.
We are pleased to highlight that the diversification strategy
in the first half of the year, with a GDP rate of -6.2% in the
undertaken has served AmanahRaya well especially during these
first quarter and -3.9% in the second quarter, the second
tough times. We were able to spread the risks by engaging
half performance saw a significant recovery due to the swift
in different markets and sectors of the economy. The group,
implementation of fiscal stimulus measures and the easing of
through its subsidiaries, has strengthened its presence in the
monetary policy by the government.
financial market and other business sectors via various ventures
As a result, the Malaysian economy regained its growth
and investments. The diversified businesses have allowed
momentum when it reported a GDP growth rate of 4.5% in the
AmanahRaya to engage in a variety of business activities whilst
last quarter of the year supported by strengthened domestic
enhancing the performance of our core business.
and external demand.
While it is imperative for us to keep challenging ourselves
Despite the global economic slowdown, which has position
to venture out of our comfort zone and to move forward, there
ed our subsidiaries in difficult circumstances, they have managed
is also the need for us to keep reminding ourselves to keep
to perform well.
our feet on the ground by always making sound and prudent
For the financial year ending December 31, 2009 Amanah-
business decisions for the Group’s benefit in the future as well
Raya Legacy Services (ARLS) registered 309,696 units of Wills
as for all our stakeholders.
compared to 162,502 wills registered in the previous year. ARLS’
For the financial year ended 31st December 2009, the group
total revenue was RM6,667,926 and the Company continued to
has achieved our best performance with net profits of RM
record a 5% improvement in Wills Income in 2009 as compared
22,277,904 on the back of total revenue of RM306,258,046.
to 2008. The increase was mainly attributed to aggressive
strategic alliances with Banks. ARLS reported a Profit After Tax
Performance of Subsidiaries
of RM1,480,394 in 2009.
2009 was a challenging year for the world’s economies and
AmanahRaya Trustees Berhad (ART) recorded a significant
Malaysia was not spared from the difficulties. Given that the
profit in 2009 with a profit before tax of RM14,340,000 as
country practices an open economy, the deterioration in external
compared to RM11,738,000 in 2008. ART is the preferred
demand has impacted negatively on the country’s earnings,
trustee to 134 unit trust funds and private debt securities.
employment and overall business and consumer sentiments.
Overall, ART has a portfolio of total funds under its trusteeship
However, although the economy has contracted severely
worth more than RM250 billion.
11
<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
“
Amidst the difficult operating environment, ARIB is pleased to note
that despite lower profit margin, the bank still managed to maintain its
”
capital ratio of above 11%.
On the local front, AmanahRaya Investment Management
Sdn Bhd (ARIM), formerly Amanah-JMF Asset Management Sdn
is pleased to note that despite lower profit margin, the bank
still managed to maintain its capital ratio of above 11%.
Bhd, the asset-management arm of the ARB group, experienced
Meanwhile the public-listed AmanahRaya Real Estate
a relatively stable and conducive business environment in 2009.
Investment Trust (ARREIT) recorded an increase of net income
As part of its initiatives, ARIM undertook an organizational
available for distribution of RM30,877,928 during the year
restructuring during the year. One objective of the exercise is
compared to RM30,254,308 in 2008. ARREIT collected a
to clearly segregate the real estate investment management
total rental income of RM46.52 million in 2009 which was an
activities from ARIM’s fund management operations whereby its
improvement to the RM45.56 million recorded last year.
Property and REIT Management department of the ARIM was
In 2009 ARREIT also went through a significant transition
separated into a new entity, Amanahraya REIT Management
with the appointment of AmanahRaya-REIT Managers Sdn
Sdn Bhd, in September 2009.
Bhd (ARRM) as the new manager. ARRM was form via the
Subsequently ARIM became a wholly owned subsidiary of
separation of the property and REIT management department
AmanahRaya after the latter bought over Sindora Bhd’s 20%
of ARIM also continues to be responsible and overseeing other
stake. Thus Amanah-JMF Asset Management Sdn Bhd then
property investment under AmanahRaya. Shareholders of
changed its name to AmanahRaya Investment Management
ARREIT therefore can be rest assured its investment strategies
Sdn Bhd. For the financial year ended 31 December 2009, ARIM
are prudently managed in order to achieve the best return on
recorded a turnover of RM8.16million.
investment.
The offshore financial arm of the AmanahRaya Group,
Since its formation in 2001, AmanahRaya Development
AmanahRaya Investment Bank Ltd (ARIB) took advantage of
Sdn Bhd (ARD) has been aggressively expanding its business
the global economic slowdown in the year 2009 to embark on
activities. It has grown from being the in-house maintenance
business development activities for its advisory services. ARIB
arm, mainly involved in renovation works and building
was the arranger in a funding exercise for the Selangor Syariah
maintenance for AmanahRaya, into a fully-fledge property-
Court project. AmanahRaya has also secured the arrangement
related company providing project management and property
to establish a property investment fund in a Gulf country
consultancy services.
whereby ARIB participated as the promoter of the fund.
In 2009, ARD further diversified its role in the property
Concurrently, ARIB undertook several cost-cutting measures
sector through strategic alliances with property developers
including reducing the size of its work-force. Continuous
and property owners to undertake project development and
measures were also undertaken via discussions with financial
property management services. To date the overall project
advisers to restructure its assets and liabilities portfolio and
gross development value (GDV) of its projects in hand was
to find the means to increase income and minimize financial
approximately RM6 billion. Two projects were completed
commitments. Amidst the difficult operating environment, ARIB
successfully in 2009, namely the TM Regional Tower in Malacca
and the Aeon Complex in Seberang Prai, Penang.
12
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
“
We shall remain focused on our core business activities in trustee
and legacy services but at the same time will continuously look for new
opportunities to enhance and improve our venture in the various sectors
”
of the economy.
Future Outlook
properties are spread out across various segments, ranging
Although the future will remain unpredictable, AmanahRaya
from hospitality, industrial, education to commercial assets.
Group will continue to be resilient and remain focused on its
All the assets are currently leased to single entities, with 11
intended strategies. For the year 2010, we anticipate there
properties (out of 13) enjoying 100% occupancy rates.
will be good organic growth within the group and will expect
AmanahRaya Development (ARD) will continue to complete
a steady income growth from both its core activities and its
all projects. Our alliance with strategic partners to develop
subsidiaries.
properties has proven to be effective as a means to mitigate
We shall remain focused on our core business activities in
risks and also to share the technical expertise and financial
trustee and legacy services but at the same time will continuously
resources. We are fully aware that the growth of the company
look for new opportunities to enhance and improve our venture
was attributed to the strength of our partners and the trust
in the various sectors of the economy.
bonded in the strategic alliances.
AmanahRaya Legacy Services (ARLS) will continue to
Moving forward, AmanahRaya Investment Bank Ltd (ARIB)
pursue its strategic plans, which include the strengthening
is confident that its performance in 2010 will improve as
of client relationship and the personalization of customer’s
ongoing initiatives in the advisory activities would begin to bear
Wills and Estate Planning. It will also enhance its research and
fruit and new participation in a number of investment funds
development activities to maintain its competitive advantage.
would generate dividends. Furthermore, continuous efforts to
Barring any unforeseen circumstances, the Company’s
enhance ARIB financial management, risk-management and
performance for the financial year 2010 is expected to remain
compliance functions should enhance its operating efficiency
positive.
and governance requirements.
AmanahRaya Trustees Berhad (ART) likewise will continue
to focus on achieving its target and maintaining market share.
AmanahRaya ‘We Care’
ART believes its objectives would be met by strengthening
Despite the financial and economic crisis, AmanahRaya did
client’s relationship through the implementation of excellence
not forget its responsibility to give back to community. This
customer delivery and professional approach account services.
is a commitment we willingly uphold since 1921 to all our
Looking ahead, AmanahRaya Investment Management
stakeholders; will continue to make contribution; Be the victims
(ARIM) is expected to improve its financial performance
of natural disasters or providing opportunities in education.
through the merger with ARUT (Amanah Raya Unit Trust Sdn
Under AmanahRaya Al-Azhar scholarship program, de
Bhd). This would strengthen ARIM’s footing in the investment
serving students were given the opportunity to further their
management industry.
studies at the prestigious and historic Al-Azhar University in
Meanwhile, AmanahRaya Real Estate Investment Trust
Egypt. We could not have been happier than to see the smiles
(ARREIT) anticipates steady income through its diversified
of the 2nd batch students and their families when they received
portfolio of assets in the Klang Valley, Kedah and Perlis. The
the full scholarship from AmanahRaya and partner Yayasan
13
<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
“
AmanahRaya is proud to be certified with the prestigious MS ISO
9001:2000 quality services certification since 2005. With this certification,
we are even more committed towards providing professional services to
”
all of our clients in accordance with the ISO standards. Taqwa. This is a legacy and trust that we would like to pass on
Sdn Bhd, received the 2009 Frost & Sullivan South East Asia
to the next generation and make significant contribution to the
Industrial Technologies Awards for Excellence in Community
nation. We are grateful to Federal Territory Islamic Religious
Improvement category. These two awards marked another
Affairs Council’s and Yayasan Taqwa for their support and
exceptional milestone in AmanahRaya history.
commitment in this program.
Looking back on 2009, the many challenges it brought
In the holy month of Ramadhan, AmanahRaya maintains
were a blessing in disguise as we rose above them and became
a close bond with the society especially to the less fortunate
stronger as One Family. 2009 also taught us many valuable
through its participation in iftar functions, the contribution of
lessons – to be resilient and to rise up to next challenges.
bubur lambuk and the distribution of zakat.
Looking ahead, the Group would strive to do better to achieve
These are just a few examples which illustrate our
commitment that ‘We Care’ to helping people and building
prosperity in the community.
greater heights and to fulfill our shareholders’ expectations.
Once again AmanahRaya would like to express our gratitude
to all our stakeholders, Board of Directors, business partners,
People are AmanahRaya valuable asset also ensures
the management and all of the staff. As a government-owned
their staffs are well taken care of and provided with constant
company, it is an honour for us to be a part of the 1Malaysia
opportunity to improve their skills, performance and career
family as envisioned by the Honourable Prime Minister, Dato’
advancement. AmanahRaya spent RM3.2 million in human
Seri Najib Tun Razak.
capital development and ventures in activities.
AmanahRaya is proud to be certified with the prestigious
MS ISO 9001 : 2000 quality services certification since 2005.
We would like to express our highest appreciation and
gratefulness for the motivation and co-operation extended by
all the relevant ministries and government agencies.
With this certification, we are even more committed towards
At AmanahRaya, we shall continue to remind ourselves to
providing professional services to all of our clients in accordance
strive for excellence and to work as one united family for One
with the ISO standards. purpose. And in AmanahRaya ‘We Care’.
Another huge achievement for AmanahRaya was that the
company being awarded the Brand Laureate 2008-2009 for
Best Brands in Financial Services for the Trusts Management
Services category. The recognition affirmed our role as the
leading trust management company in Malaysia. We are equally
proud when one of our subsidiaries, AmanahRaya Hartanah
14
DATO' RODZI PAWANTEH
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
BOARD OF DIREC TORS
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
Graduating in 1966 with a Master in Art in Syariah from the Al-Azhar University,
Cairo, Dato’ Haji Dusuki Ahmad was appointed Chairman of Amanah Raya Berhad
in December 2003. He has been a Member of the Syariah Advisory Council at
Amanah Raya Berhad and the Syariah Advisory Council at AmanahRaya Unit Trust
Management Sdn Bhd, the latter an appointment by the Securities Commission.
In his illustrious career, he was, among others a Member of Parliament,
Parliamentary Secretary of the Ministry of Regional & Land Development,
Parliamentary Secretary of the Ministry of Information, Political Secretary to the
Prime Minister as well as Chairman and Director of Yayasan Dakwah Islamiah
Dato’ Haji Dusuki Ahmad
Chairman
Malaysia. Formerly he was also the Director of Kuala Lumpur office of the Muslim
World League and a member on Board of Directors for the NSTP Group as well as
Advisor to Berita Publishing Sdn Bhd.
Dato’ Ahmad Rodzi Pawanteh graduated from Universiti Malaya with a Bachelor
of Economics-Accounting (Hons) and from the University of Wolverhampton,
United Kingdom, with a Bachelor of Laws (Hons). He holds a Master in Business
Administration (General Management) from the Southern Cross University,
Australia and Master in Business Administration (Banking & Finance) from the
University of Hull, United Kingdom. He is a member of the Chartered Institute of
Marketing, United Kingdom, and is a Registered Financial Planner. Dato’ Ahmad
Rodzi Pawanteh was appointed Group Managing Director on 1 July 2004.
His portfolio includes his positioning as Chairman of the Quotation Committee,
Chairman of the Executive Committee, Member of the Investment Committee,
Member of the Tender Committee, Member of the Law Review Committee and
Dato’ Ahmad Rodzi Pawanteh
Member of the Boards of all subsidiaries of Amanah Raya Berhad
Dato’ Puteh Rukiah Abd Majid holds a Bachelor of Economics (Hons) degree from
University Malaya and an MA in Economics from Western Michigan University, USA.
She was appointed to the Board as a Non-Independent Non-Executive Director on
27 November 2008. She is also a Member of the Investment Committee and the
Audit Committee within the Group.
She began her career in 1976 as Assistant Director, Economic Planning Unit of
the Prime Minister’s Department before serving as Chief Assistant Director. She was
later appointed as Chief Assistant Director of the Implementation Coordination
Unit, Prime Minister’s Department from 1987 to 1990. In 1992 she was appointed
as Budget Senior Assistant Director of the Ministry of Finance, and Secretary of
Dato’ Puteh Rukiah Abd Majid
Non-Independent Non-Executive Director
Minister of Finance Incorporated Companies, Privatisation and Public Enterprise
Division, Ministry of Finance.
At present, she is a Deputy Secretary General (System and Control), Ministry
of Finance.
15
<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
BOARD OF DIREC TORS
Dato’ Abdullah Sani Ab Hamid holds
a Masters in Public Administration
from the America University, United
States, as well as a Bachelor of Science
Dato’ Abdullah Sani Ab Hamid
in Political Science from Universiti
Sains Malaysia. He was appointed as
Datuk Shamsuddin Haji Tahir
Independent Non-Executive Director
a Non-Independent Non-Executive Director on 8 February 2007. He is a member of
Datuk Shamsuddin Haji Tahir was appointed as an
the Audit Committee for the Company.
Independent Non-Executive Director on 13 July 2004.
He has accumulated invaluable experience in his years in the public sector, and his
He serves as a Member of Investment Committee and
experience includes serving as Assistant District Officer in Port Dickson, Assistant
Personnel & Integrity Committee. He is also a Board
Secretary, Negeri Sembilan State Government, Senior Assistant Director, Office
Member of few subsidiaries and Chairman of AmanahRaya
of Director-General Federal Land and Minerals Department, Principal Assistant
Legacy Services Sdn Bhd. He is also a Chairman of various
Secretary, Negeri Sembilan (Protocol) and Deputy President, Seremban Municipal
organisations including the Pendang Youth District
Council. He also served as Director of the Negeri Sembilan Foundation, State
Council.
Financial Officer, Negeri Sembilan and State Secretary of Negeri Sembilan.
Presently, he is a Director-General of the Legal Affairs Division in the Prime
He is a steadfast politician and has held various positions
in UMNO and at present is the Deputy Chief, Pendang
UMNO.
Minister’s Department.
Datin Aminah Pit Abd Raman graduated with Bachelor of Economics (Hons) from
Monash University, Melbourne, Australia in 1971. She earned her Post-Graduate
Diploma in Business Studies in London School of Economics, United Kingdom in
1985. She was appointed to the Board as an Independent Non-Executive Director
on 1 August 2002.
Her portfolio includes Chairperson of the Personnel & Integrity Committee,
Member of the Syariah Advisory Council, Chairperson for Amanah Raya (Labuan)
Limited and Director of few subsidiaries. Her experience in banking and in corporate
and government sectors makes her a valuable resource to Amanah Raya Berhad.
Datin Aminah Pit Abd Raman
Her previous experience encompassed 6 years in the private sector as General
Manager, Economic and Islamic Banking Division in Hong Leong Bank Berhad. She
served the Government of Malaysia for 23 years in various positions in various ministries including Economic Planning Unit,
Prime Minister’s Department, MITI, Ministry of Finance and the Ministry of Domestic Trade & Consumer Affairs. She was also
seconded to serve as the Deputy Director of Administration of University Hospital, Kuala Lumpur (UMMC).
16
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
BOARD OF DIREC TORS
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
Datuk Mohd Hashim Hassan obtained his
Bachelors Degree in Agricultural Science
from Universiti Malaya. He holds a Master
in Business Administration from Ohio
University as well as a Master in Food
Science from Michigan State University.
He was appointed to the Board as an
Independent Non-Executive Director on
Datuk Mohd Hashim Hassan
28 April 2005. He is also a Chairman of
Tender Committee for the Company.
Haji Shafii Hamat
He has held various key positions over the 40 years spent in the Government, semi-Government
as well as private sectors. At present, he is Chairman of AmanahRaya Development Sdn Bhd
and a Board Member of AmanahRaya Hartanah Sdn Bhd.
He brings to the Group invaluable experience from his previous portfolios amongst which
positioned him as Chief Executive Officer, Kedah State Development Corporation, Managing
Director, Kulim Technology Park Corporation, Executive Chairman, Bina Darulaman Berhad,
Director / Chief Executive Officer, Putrajaya Holdings Sdn Bhd, Chairman, Putrajaya Holdings
Sdn Bhd, Chairman, Padiberas Nasional Bhd, Deputy Chairman, KUB Malaysia Berhad and
Director of Bank Kerjasama Rakyat (M) Berhad.
He is currently a Chairman of Export-Import Bank of Malaysia Berhad (EXIM Bank) and
Director of Lebar Daun Berhad.
Haji Shafii Hamat graduated from Universiti
Malaya with a Degree in Accounting (Hons)
and completed his Masters in Business
Administration from Universiti Kebangsaan
Malaysia. He is qualified Accountant and
a member of the Malaysian Institute of
Account ants. He currently serves as a
Director of Accounting Development
and Management Division of Accountant
General’s Department of Malaysia.
He was appointed to the Board as a
Datuk Azailiza Mohd Ahad amassed 25
on 18 December 2007 and as a Chairman
years of legal experience in the Govern-
of Audit Committee for the Company.
ment sector and began her career as a
Prior to this, he served as Executive Of
Magistrate and Senior Assistant Regis-
ficer (Accounting), Inland Revenue Board
trar of the High Court in Kuala Lumpur
where he was directly responsible for the
before she moved to the Economic
financial operations of the Board. He was
Planning Unit, Prime Minister’s Depart-
formerly the State Treasurer, in the Treasury
ment. She was subsequently posted to
of Penang, Selangor and Terengganu.
He was also directly involved in the
the International Affairs Division, Attorney-General’s Chambers since 2003 and
is currently serving as the Head of Inter-
Datuk Azailiza Mohd Ahad
Non-Independent Non-Executive
national Affairs Division, Attorney Genaral’s Chambers Malaysia.
Graduating from University Malaya, she was appointed to the Board as a
Privatization and Companies Corporate
Affairs under the Ministry of Finance. He
was also appointed as Board of Director for
Penang Port Sdn Bhd from 1996 to 1998.
Non-Independent Non-Executive Director since 30 June 2006.
17
<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<
AMANAHR AYA GR OUP - SUBSIDIARIES
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
AmanahRaya Trustees Berhad (766894-T)
2nd Floor, Wisma TAS, 21 Jalan Melaka, 50100 Kuala Lumpur
Tel: 603-2036 5129 Fax: 603-2072 0320
(766894 - T)
Company Profile
AmanahRaya Trustees Berhad (ART) was incorporated
on 23 March 2007, and registered as a trust company
on 7 August the same year. It has been registered as
an eligible trust corporation to act as trustee to unit
trust funds and private debt securities by the Securities
Commission on 6 and 29 November 2007, respectively.
ART’s clients include prominent management
companies such as Amanah Saham Nasional Berhad
and Public Mutual Berhad. ART is also the trustee to Al’Aqar KPJ REIT, the first Islamic REIT in the world and
Amanah Harta Tanah PNB, the real estate investment
trust managed by Pelaburan Hartanah Nasional Berhad.
On private debt securities, ART has secured trusteeship
for both Islamic and conventional issuances covering
sectors from infrastructures, oil and gas, power plants
and financial institutions, amongst others.
Hjh Habsah Bakar
Chief Executive Officer
AmanahRaya Trustees
Berhad
Unit Trust Funds
134
124
Net Asset Value
150
18
Financial Highlights
RM’000
Revenue
Operating Expenses
Profit Before Tax
Profit After Tax FY 2009
20,024
5,684
14,340
10,625
FY 2008
17,281
5,498
11,783
8,597
2008 2009 Growth based on No. of unit trust funds
124 134 8 % increase from previous year
108
2009
Performance Report 2009
ART’s principal activity is to act as trustee for unit trust
schemes and private debt securities. The company
recorded significant profit in 2009 by posting a Net
Profit After Tax of RM10,624,768 an increase of 24%
from 2008. This was mainly the result of continuous
support and dedication from the management and
staff. It also demonstrated ART’s ability to compete in
the challenging economic environment and increasing
competitive capital market. ART has 78% of the market
share by Net Asset Value at RM150 billion with total
fund size of 299 billion units under management. The
company had made dividend payment amounting to
RM13 million to the holding company during the year.
2008
ANNUAL REPORT 2009
2008 2009 Growth based on NAV
108 150 39 % increase from previous year
AMANAH RAYA BERHAD
The Company will continue to minimize its costs and
improve efficiency, thus improve its performance in the
following year.
As at 31 December 2009, ART acting as trustee to
134 unit trust funds and private debt securities worth
more than RM250 billion.
Realizing the importance of global expansion, ART
formed its strategic partnership with parties in Singapore and Hong Kong with a vision to support global
custodian business in various foreign markets across the
continents including America, Asian, Australia and the
Middle-East.
For the year 2009, ART aimed to be an ISO-certified
company by ensuring compliance with established
monitoring and control mechanism to offer service as
surance to customers.
Recognizing the importance of strengthening the
relationship between ART and its clients, ART have organized and initiated several friendly sports tournament,
client luncheons and visits to client’s office. These initiatives had enabled us to synergize and complement with
our partners i.e. the management companies and issuers
in providing holistic services with trust and confidence.
Beside ART’s core activities, the Company also has
managed to initiate discussions with potential prospects
to widen the scope of corporate trusteeship.
Prospects for 2010
ART will continue to focus on achieving target and
maintaining market share by strengthening clients’
relationships through implementing quality customer
service. It will also strive to improve efficiency and effec
tiveness by ensuring compliance to standard monitoring
and control mechanism.
As Malaysia is an important hub for syariah compliant
debt securities products or Sukuk, we are prepared to
tap the opportunity, play our roles and provide the
best possible services to the financial industry and
businesses.
To be able to effective in offering trusteeship to
this segment, we need to have the necessary skills and
knowledge to differentiate us from the competition.
Therefore we plan to develop internal body of knowledge
on Syariah compliant trust and financial instruments as
well as increase training on developing the appropriate
body of knowledge.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
AmanahRaya Investment Management Sdn Bhd (309646-H)
Level 7, Wisma AmanahRaya, No 2 Jalan Ampang, 50508 Kuala Lumpur
Tel: 603-2687 5200 Fax: 603-2687 5300
Website: www.arim.com.my
Company Profile
AmanahRaya Investment Management Sdn Bhd (ARIM)
formerly known as AmanahRaya-JMF Asset Management Sdn Bhd, was licensed as an Asset Management
Company by the Securities Commission in 1995.
ARIM’s asset management services include invest
ments in both domestic and foreign markets, tailoring to
individual and institutional mandates. As at December
2009, ARIM’s total asset under management stands at
RM4.2 billion, spread within a portfolio mix of equities,
fixed income, cash and money market placements, REITs
and alternative investment products.
Contrary to the year before, 2009 saw recovery in both
the economy and capital market and ARIM experienced
relatively more stable and conducive business environment. In line with its aspiration to become a dominant
player in the fund management industry, ARIM has undertaken a few organizational restructurings during the
year.
In September 2009, the Property and REIT
Management Department of the company was separated
into a new entity, AmanahRaya REIT Managers Sdn Bhd.
The objective of this restructuring is to clearly segregate
real estate investment management activities from
ARIM’s asset management operations in order to provide
a greater and clearer business focus on all subsidiaries
under Amanah Raya Berhad’s (AmanahRaya) stable.
2009 also saw a change in ARIM’s shareholding
structure. AmanahRaya had bought over the remaining
20% stake held by Sindora Berhad, turning ARIM into
a wholly-owned subsidiary of AmanahRaya. To reflect
the new shareholding structure, the company’s name
was also changed from Amanahraya – JMF Asset
Management Sdn Bhd to AmanahRaya Investment
Management Sdn Bhd.
During the fiscal year under review, ARIM’s au
thorized and paid-up capital were increased from RM5
million to RM25 million and from RM2 million to RM10
million respectively. The expansion in capital base is to
gear up the company for a merger with a sister company,
AmanahRaya Unit Trust Sdn Bhd (ARUT), which would
take place in early 2010. The merger is in line with
the industry’s trend and would enhance synergy and
efficiency.
For the financial year ended 31 December 2009,
ARIM recorded a turnover of RM8.16 million, 41.5%
lower than previous year’s of RM13.96 million. The
decline in revenue was attributed to lower management
fee contributed from AmanahRaya and the above
mentioned separation of the company’s real estate
investment management activities. Subsequent
to the shrinking top line, ARIM raked in a net
profit of RM1.22 million in 2009 or 58% below
2008’s of RM2.92 million.
Prospects for 2010
Looking ahead, ARIM is expected to improve its
financial performance in 2010. The merger with
ARUT would strengthen ARIM’s footing in the
investment management industry and this would
allow the offering of greater diversity of financial
products both for wholesale and retail markets
ranging from institutional fund management
services all the way to unit trust and cash
management products.
Additionally, plans and initiatives have
been undertaken to expand its core business,
which is asset management services. After a
slew of restructuring exercises undertaken by
Sharizad Juma’at
the company over the last 18 months, ARIM
Managing Director/Chief
has now become a leaner and more dynamic
Executive Officer
organizations, which would augur well to improve
the efficiency and effectiveness of the company’s
business and operations. ARIM would continue to
leverage its good relationships with many other GLCs
to expand its existing business as well as to explore
new business opportunities. At the same time, ARIM,
being a licensed asset management company, would
continue to be an integral strategic business unit of the
AmanahRaya Group as its asset management activities
that complement both trust and estate management
services.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
19
<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
AmanahRaya-REIT Managers Sdn Bhd (856167-A)
Level 2, Wisma AmanahRaya, No. 2, Jalan Ampang, 50508 Kuala Lumpur
Tel: 603-2078 0898/5808 Fax: 603-2026 6322
Company Profile
ARRM continues to maintain the average occupancy
AmanahRaya-REIT Managers Sdn Bhd (ARRM) was
rate of 100% for ARREIT’s properties during 2009, despite
established in May 2009 and commenced operations
the challenging economic environment. This ensures its
on 1 June 2009 managing Kumpulan Wang Bersama’s
continuous rental income which in turn translated into
property portfolio mandate. Following the registration
good income distribution rate to its unitholders.
of the Second Supplemental Deed of AmanahRaya Real
Estate Investment Trust (ARREIT) in September 2009,
Prospects for 2010
ARRM took over the management of ARREIT, a real
The management of ARRM is committed to drive the
estate investment trust fund listed on the
company further taking it to a higher level and by being
Main Market of the Bursa Malaysia from
a premier and reputable real estate investment trust
AmanahRaya-JMF Asset Management Sdn
manager in the region. The management is focused in
Bhd (ARJMF). ARRM was previously the
delivering sustainable returns to ARREIT’s unitholders.
Property Investment & REIT Department
The company’s mission is to continuously improve the
of ARJMF. ARRM is 100% owned by
quality of its property portfolios by enhancing its image,
Amanah Raya Berhad (ARB) with paid up
ensuring its cleanliness, maintaining it through best
capital of RM1.5 million.
property management practices and employing the best
people.
Abas Abd Jalil
Chief Operating Officer/
Principal Officer
another two properties into ARREIT, ARRM is expected
ARREIT from ARJMF, the Management of
to generate more income from its management fee.
ARRM started the initiative to participate
The management of ARRM will continue its effort
in road shows promoting ARREIT to retail
to acquire more quality buildings, enhancing of the
investors. ARRM participated in three
existing buildings and participating in more roadshows
road shows in Penang, Petaling Jaya and
in reaching out to its current and potential unitholders.
Ipoh, which resulted an increase in the
Through these efforts, it will add value to ARREIT, hence
number of unit holders by 23% within a
realising its goal of becoming one the premier REIT
six-month period.
managers in the region.
ARRM has also proposed the acquisitions of two
properties i.e. Selayang Mall and Dana 13 with a total
value of RM227,000,000.00 to be injected into ARREIT.
These acquisitions will increase ARREIT’s current total
units in circulation from 431,553,191 to 573,219,858.
20
ANNUAL REPORT 2009
In 2010, with the completion of the injection of
Upon taking over the management of
AMANAH RAYA BERHAD
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
(766894 - T)
AmanahRaya Legacy Services Sdn Bhd (760371-W)
10th Floor, Wisma AmanahRaya, 2 Jalan Ampang, 50508 Kuala Lumpur
Tel: 603-2055 7595 Fax: 603-2055 7594
Website: www.amanahraya.com.my
Company Profile
AmanahRaya Legacy Services Sdn Bhd (ARLS) was setup on 24 January 2007 and was officially operational
on 15th February 2007 as a wholly-owned subsdiary of
Amanah Raya Berhad. The Company’s objective was to
cater for the increasing public demand for Will services
which include will preparation, registration, custodian,
and execution of testate estate administration. With an
initial staff of 31 in 2007, the Company has since grown
and strengthened its backroom operations with the
strength of 49 staff.
For year 2009, the Company managed to register
147,194 units of Wills indicating a 10% increase from
previous year. Total number of the registered Wills up
to 31 December 2009 was 309,696 units.
In 2009, the Company offered its Will Services to
pilgrims who performed their Hajj for the 2009 season. It
was deemed to be one of the ways for the Company to
develop itself in providing more professional services to
ARLS - Wills Performance
Year
2008
No of Wills Registered
162,502 Growth
133,403 No of Wills Registered
2009
309,696
147,194
Growth
162,502
133,403
147,194
309,696
2008
2009
the general public. The Company managed to register
409 Wills from the Pilgrims who appointed AmanahRaya
as their Executor and Trustee.
The revenue for Year 2009 were RM6,667,926 as
compared with RM6,712,817 in Year 2008, representing
a decrease of 1%. The decline for the financial year was
mainly due to a lower turnover in Testate Administration
Income.
Notwithstanding the decreased in the Testate Ad
ministration Income, the Company con
tinued to record significant improvement
for Wills Income by 5% as compared to
Year 2008. The increased was mainly
contributed by the Wills Income derived
from the strategic alliances with Banks.
ARLS reported a Net Profit After Tax
(Audited) of RM1,480,394 as compared
with RM2,117,610 in Year 2008. The
decreased was due to higher operating
expenses for Wills incurred for the
financial year.
Prospects for 2010
For Year 2010 onwards, ARLS plans to
gradually pursue its own strategic plans
and strengthening the relationship with
its clients. We expect that customers’
loyalty will be generated and cultivated
through personal relationship. Personalization of customer’s Wills and Estate
Planning is what ARLS aspires to im-
Rafie Bin Omar
AmanahRaya Legacy Services
Sdn Bhd
prove. Research and Development will be enhanced in
order to maintain the competitiveness of our products
and services in the current market.
In 2010, ARLS will begin to collaborate with a few
organizations in providing the Comprehensive Will
Services. Barring any unforeseen circumstances, the
Company’s performance for the financial year 2010 is
expected to be positive.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
21
<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
AmanahRaya Development Sdn Bhd (546094-U)
1st & 2nd Floor, Wisma Prowara, 19 Jalan Melaka, 50100 Kuala Lumpur
Tel: 603-2070 3533 / 03-2072 4054 Fax: 603-2070 4053
Company Profile
AmanahRaya Development Sdn Bhd (ARD) was
established on 26 April 2001, and was formerly known
as ARB Hartanah Sdn Bhd. The name was changed on
19 January 2007, as part of the plan to further enhance
its business and seek further opportunities in property
management, consultation and development. ARD is
wholly owned by Amanah Raya Berhad.
was approximately RM6 billions, whereby ARD had
committed about RM1 billion in financing the projects
involved. There were no new projects initiated by the
company in 2009 since ARD is seriously concentrating in
completing the existing projects in its portfolio. Two of
the projects that had been successfully completed were
the TM Regional Malacca Tower and Aeon Seberang
Prai City.
Since its formation AmanahRaya Development has been
aggressively expanding its business activities, from being
an in-house contractor mainly used for renovation works
and building maintenance for Amanah Raya Berhad, into
a project management consultancy, property developer
and contractor.
For 2009 ARD actively further diversified its role
in the property sector through
alliances with other developers
and land owners, either individuals,
the corporate and government
sectors. The overall project gross
development value (GDV) to-date
Prospects for 2010
ARD will continue to complete all projects in hand
according to schedule and will continue to develop
properties with strategic partners. We are fully aware
that the growth of the company has been mainly due to
having a strong client base that was satisfied and later
developed into repeat clients.
As part of its plans going forward, the company aims
to be ISO 9001:2008 certified to ensure
compliance to standard monitoring and
control mechanisms. It will continue to
improve efficiency through the use of
technological advances and research
and development to meet the needs of
clients.
Two of the projects that had been
successfully completed were the
TM Regional Malacca Tower and
Aeon Seberang Prai City.
Ir Ahmad Fohad Hussein
Chief Operating Officer
AmanahRaya Development
Sdn Bhd
AC
CRE
D
U K A S
074
22
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
CERT. NO. : AR 3687
DY
QS 02121999 CB 01
QUALITY
MANAGEMENT
CERT. NO. : AR 3687
SIRIM
CERT. NO. : AR 3687
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
AmanahRaya Hartanah Sdn Bhd (760290-W)
Level 6, Wisma Prowara, 19 Jalan Melaka, 50100 Kuala Lumpur
Tel: 603-2036 5151 Fax: 603-2070 5241
(766894 - T)
Company Profile
AmanahRaya Hartanah Sdn Bhd (ARH) was incorporated
on the 18th January 2007 to spearhead the property
development arm of AmanahRaya and to further contribute
to the bottom line of the group.
ARH’s major role is to manage projects by AmanahRaya
Development Sdn Bhd (ARD) as project managers.
The property division is a fairly new established
integrated property player, presently focused on property
development. ARH focus is on developing residential and
commercial properties. In addition, the property group has
other complementary operations such as property investment
and property management.
As at 30th December 2009, the property development
projects in Malaysia managed by ARH has a total Gross
Development Value (GDV) in excess of RM9.6 billion. The
land bank available for immediate development over the next
5 years is approximately 700 acres of undeveloped property
land bank is strategically located within Klang Valley, Penang,
Perak and Johor.
Azuan Arif Ariffin Chief Operating Officer
AmanahRaya Hartanah
Sdn Bhd
List of Projects
As at 31 Dec 2009, ARH have managed eleven (11) projects
on behalf of ARD’s as below:
Project Name
Gross Development
Value (RM)
1) ASEANIA Megamall (Penang)
450,000,000 2) TM Regional Office (Melaka)
107,100,000 3) Olives (formerly known as Jana Towers, Subang Jaya)
494,821,375 4) D’Tiara AmanahRaya (Jalan Tun Sambathan)
435,190,650 5) The Haven - Lakeside Residences (Tambun, Perak)
64,370,000 6) Fortune City (Formerly Oriental Gardens, Cheras)
699,921,300 7) Pine Sanctuary (Paya Terubong, Penang)
490,566,800 8) The LakeHill Resort City (Johor Bahru)
6,437,446,000 9) Kampung Baru (Kuala Lumpur)
52,803,600 10) Syariah Court (Selangor)
353,298,000 11) LHDN Building (Kuantan, Pahang)
86,140,000 TOTAL
9,671,657,725
Our property development
experiences began with forming
joint ventures and smart part
nership with reputable developers
and landowners since our in
ception. Through our sister money
lending arm, Amanah Raya Capital
Sdn. Bhd. (ARC), we are able to
provide bridging financing for our
project developments and thus
keeping income within the group.
Furthermore, with Amanah
Raya having its own real estate
investment trust, common fund
which has mandate for property
investments and our facility
management arm, AmanahRaya
Properties, we are able to perform
a comprehensive multi-tasking
and complementing activity from
a property developer to a property
manager.
Prospects for 2010
ARH aims to become the “Developer for the People” as
we become the market pioneer in bringing value-added
social and economic development to Malaysians. The
tagline reinforces our core objects in upholding the welfare
and satisfaction of its customers and potential customers
before the project’s capability. Our capabilities have not
only been benefiting the community but also changing the
building construction landscape, particularly the residential
property sector. The company stands out in securing
project financing, holding power, smart partnerships and
purchasing power in our service and product deliveries to
the communities.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
23
<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
AmanahRaya Investment Bank Ltd (LL05633)
Head Office
Level 6(G2), Main Office Tower, Financial Park Labuan, Jalan Merdeka, 87000 Labuan F.T. Malaysia
Tel: +6087 528 011, +6087 582 012 Fax: +6087 582 013
Kuala Lumpur Marketing Office
Level 8, Wisma AmanahRaya, No. 2, Jalan Ampang, 50508 Kuala Lumpur
Tel: +603 2054 7251, +603 2054 7252 Fax: +603 2072 2120
Company Profile
AmanahRaya Investment Bank Ltd (ARIB) was granted
an offshore banking license by Labuan Financial Services
Authority (Labuan FSA) formerly known as LOFSA in
December 2006. The establishment of ARIB is to enhance
as well as to create financial values in originating foreign
denominated financial instruments in the
international marketplace. Our services
provide clients with the flexibility of using
internationally denominated financial
instruments for growth in foreign markets.
With proven experience and capabilities
in offshore investments, ARIB offers both
conventional and Islamic products, to finely
tuned risk management strategies for
diverse industries.
Our vision is to be a global investment
bank that practices world class standards
of investment banking management.
The year 2009 remained very challenging
for the global financial industry as capital
Zanariah Jaafar
market and investment banking activities
General Manager/
remained scarce. Amidst low LIBOR rates
Principal Officer
and persistently high cost of financing,
AmanahRaya Investment
most financial institutions struggled to
Bank Ltd
maintain a positive balance of profitability
and financial costs.
During the year, ARIB took the opportunity of a
stagnating financial market to embark on business
development activities for its advisory services. ARIB
participated in several discussions and negotiations
with potential strategic partners to jointly put efforts
in search for new financial mandates and initiatives. In
collaboration with its holding company, Amanah Raya
Bhd, ARIB played the role of arranger for a funding
exercise for the Selangor Syariah Court project. Towards
24
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
the end of the year, Amanah Raya Berhad had secured
the arrangement to establish a property investment
fund in a Gulf country whereby ARIB participated as the
promoter of the fund.
During the year, ARIB concentrated on the strengthening of its internal risk-management and compliance
measures in tandem with the financial market calls for
more orderly banking activities. A comprehensive service level agreement was signed between the holding
company and ARIB to spell out the shared services and
support by the holding company to enhance the operation of ARIB. One of the initial initiatives was the drafting of ARIB’s Risk Management Framework which was
presented to both the Board of Directors and Labuan
Financial Services Authority.
Continuous measures were also undertaken via dis
cussions with financial advisers to restructure its assets
and liabilities portfolio and to find the means to increase
income and minimize financial commitments. Amidst the
difficult operating environment, ARIB is pleased to note
that despite lower profit margin, the bank still managed
to maintain capital ratio of above 11%.
Prospects for 2010
Looking forward, ARIB is confident that its performance
in the year 2010 will improve as ongoing initiatives in
advisory works would begin to bear some fruits and
new participation in a number of investment funds
would commence generating dividends. Furthermore,
continuous effort to enhance its financial management,
risk-management and compliance functions should
improve its operating efficiency and governance
requirements. ARIB would like to take the opportunity
to thank its Board of Directors, the regulator, Labuan
Financial Services Authority, and the AmanahRaya group
of companies, who have been pivotal in the progression
of AmanahRaya Investment Bank Ltd.
(766894 - T)
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
AmanahRaya Properties Sdn Bhd (760310-K)
Level 7, Wisma Prowara, 19 Jalan Melaka, 50100 Kuala Lumpur
Tel: 603-2036 5050 Fax: 603-2031 6363
Company Profile
AmanahRaya Properties Sdn Bhd (ARP) was established
on 23 January 2007. Its core business is in Property
maintenance and management mainly for the property
or building owned by the Amanah Raya Berhad Group.
ARP is wholly owned by Amanah Raya Berhad.
The operation of ARP are focused to the property
management and maintenance activities. The activities
planned are as follows:
l Providing property management and maintenance
services;
l To handle tenancy agreement, including rental
collection and lease renewal;
l Providing services that will cover all aspects of
building maintenance management such as service
contracts, cleaning services, security arrangement
and the setting up and operation of property main
tenance team;
l Daily maintenance services including minor M&E
repair works and replacement of fittings;
l Providing interim maintenance of property before
handing over to clients.
During its establishment in January 2007,
AmanahRaya Properties Sdn Bhd had been entrusted
by Amanah Raya Berhad in building management of
Wisma AmanahRaya and Wisma AmanahRaya-Annex,
and as Project Management Consultancy (PMC) for inhouse renovation works such as renovation for ARB Ipoh
Branch.
For the year 2008, ARP added two more buildings
into its portfolio that are Wisma TAS and Wisma
Prowara with a gross lettable area of 65,825.00 square
feet. ARP has ventured into the property management
service of deceased estates to compliment the role
of Amanah Raya Berhad in the business of deceased
estate administration. This is a back to back service
to AmanahRaya in ensuring the deceased estate is
managed properly until its disbursement. We also have
been appointed as Project Management Consultant for
the renovation of AmanahRaya Trustees Berhad’s office
at Wisma TAS and AmanahRaya Property Group Office
at Wisma Prowara.
For the year 2009, ARP had added one
more building into its portfolio that is
Bangunan Puncak Dana or known as
DANA 13 for the total number of five
buildings under its management. ARP
also had been appointed as Project
Management Consultant for the re
novat ion of AmanahRaya Seremban,
AmanahRaya Johor Bharu, AmanahRaya
Pulau Pinang and AmanahRaya Sabah.
Prospects for 2010
ARP will continue to upgrade its services
in building management and Project
Management Consultant for in-house
Hamidi Bin Jamari
renovation project in line with Amanah
Raya Berhad expansion plan. In order to
AmanahRaya Properties
sustain the growth of the company, ARP
Sdn Bhd
will venture into dealership with strategic
partner.
ARP is also in the process of modernizing its building
management approach by implementing an automation
building management system which in return will
increase the productivity of its manpower with a
minimum implication in the cost it charges its client.
U K A S
074
CERT. NO. : AR 3687
CERT. NO. : AR 3687
SIRIM
CERT. NO. : AR 3687
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
25
<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<
GCOO/HEAD OF DEPARTMENT
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Zainul Abidin bin Haji Ahmad
Head of Company Secretarial
Department
Alina Hashim
Group Chief Operating Officer
Nik Mariam Salina binti Nik Idris Kanakaraja A/L Muthusamy
Head of Risk Management
Head of Care Management
Department
Department
26
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
Ahmad Saruji bin Abdul Aziz
Chief Marketing Officer Marketing Management
Department
Mohamad Sabri bin Jahya Manager,
Amanah Raya Capital Sdn Bhd
Azwin binti Noh
Head of Internal Audit
Department
Asnah binti Sarwadi
Head of Group Administration
Department
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Adam bin Mohamed
Assistant General Manager Operations
Aini Fariza binti Haji Mohd Yussoff Wan Numzila binti Wan Junuh
Head of Trust Department
Chief Financial Officer
Group Finance & Accounts
Department
Hanifah Haji Kardiman
Head of Group Human
Resources Department
Md Shuzaimi bin Mohamad
Acting Head of Group
Information Technology
Department
Nur Sakinah Haji Abd Samad
Head of Customer Relationship
Management Department
HEAD OF DEPARTMENT
Zaidi bin Shahrim
Head of Product Development
Department
Julia binti Mustaffa
Head of Private Wealth
Management Department
ANNUAL REPORT 2009
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
Azliah Suhod
Head of Group Corporate
Communications Department
Julinah Amit
Head of Quality Assurance
Department
AMANAH RAYA BERHAD
27
<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<
REGIONAL MANAGER & HEAD OF BRANCH
Abqary Abdul Aziz
Regional Manager,
Eastern Region
Haji Mohd Ridzuan Taib
Regional Manager,
Southern Region
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Mohamad Salleh
Samsudin
Kangar Branch
Raja Noraini Raja Salleh Sukriah Ismail
Alor Star Branch
Sungai Petani Branch
Nor Shafinaz J
Nulawadin
Penang Branch
Hajjah Zurina Mohd
Zahari
Ipoh Branch
Maimun Daud
Kota Bharu &
Kuala Krai Branch
Usman Haji Hamid
Kuantan Branch
Norlela Haji Atan
AmanahRaya Service
Center
Rokiah Osman
Bangi Branch
YM Tengku Zubaidah
Tengku Yahya Petra
Temerloh Branch
With apologies:
Suhaimi Samsudin
Shah Alam Branch
Oh Kwong Foi
Sarawak Branch
Saftuyah Adenan
Sabah Branch
Zamzam Embong
Kuala Terengganu Branch
Amran Ahmad
Regional Manager,
Northern Region
28
ANNUAL REPORT 2009
Hamidon Amen
Melaka Branch
AMANAH RAYA BERHAD
Zianah Md Esa
Muar Branch
Hamka Mahat
Johor Bahru Branch
ONE FAMILY ONE PURPOSE
“The objectives of the Corporation are as follows:
a. to be an organization that exhibits a sense of social responsibility
by having regard to the interests of the Malaysian community
and by endeavouring to accommodate or encourage these
when able to do so; and
b. to be as efficient and profitable as private trust companies.”
CORE VALUES
PRIDE
Proud to be
associated with
AmanahRaya and
its products and
services.
KNOWLEDGE
Understand and be knowledgeable
on AmanahRaya’s products and
services, and other related fields
in order to achieve good results
effectively and efficiently.
CUSTOMER
Service Excellence
Continuously delivering
excellent customer
service.
TEAMWORK
Collective effort to
achieve AmanahRaya’s
goals.
ANNUAL REPORT 2009
INTEGRITY
Uphold customer’s
trust by discharging
our duties fairly,
honestly and sincerely.
AMANAH RAYA BERHAD
29
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
The BrandLaureate Awards, Best Brands Category, Financial Services Trusts Management Services 2008-2009
Frost & Sullivan 2009 South East Asia Industrial Technologies Awards, Company of The Year, Excellence in community improvement,
Malaysia construction industry.
30
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
Opening ceremony for Minggu Saham Amanah Malaysia by Malaysia Prime Minister Dato’ Sri Najib Tun Abdul Razak,
20 April 2009
Closing ceremony for Minggu Saham Amanah Malaysia by Deputy Prime
Minister Tan Sri Muhyiddin Yassin, 27 April 2009
Exhibition booth, Amanah Raya Berhad
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
31
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Launching ceremony of AmanahRaya - Yayasan Taqwa (MAIWP)
scholarship, Al-Azhar University, Cairo, 4 June 2009
LeTour De Langkawi 2009
32
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Hari Bersama Pelanggan, Jabatan Perdana Menteri di Kuantan, 13 June 2009
MOU Signing Ceremony
between ICLIF and
AmanahRaya
Hari Bersama Pelanggan, Jabatan Perdana
Menteri di Pulau Pinang, 23 May 2009
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
33
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
MOU signing ceremony with Rahsia Estate
Sdn Bhd
Handing over ceremony for Masjid Tampin, Negeri Sembilan
Collaboration Agreements between
Universiti Tun Abdul Razak and AmanahRaya
34
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
Briefing session with the government ex-minister servant
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Launching ceremony of the ‘Gerak Bakti UPSR AmanahRaya’ project, Pagoh, 7 July 2009
Gerak Bakti UPSR AmanahRaya Program,
Tanjung Dawai, Kedah, 27 July 2009
Gerak Bakti UPSR AmanahRaya Program,
Manjoi, Perak, 11 July 2009
Gerak Bakti UPSR AmanahRaya Program, Pendang, Kedah, 10 August 2009
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
35
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Zakat and Bubur Lambuk AmanahRaya distribution, Pagoh
Zakat distribution, Darul Hanan, Tumpat
Zakat distribution and handing-over of the Van Jenazah, Padang Rengas
Zakat distribution, Kuala Terengganu
36
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
Bubur Lambuk AmanahRaya
distribution, Temerloh
Zakat and Bubur Lambuk distribution, Bagan Datoh
distribution, Kuala Terengganu
Bubur Lambuk AmanahRaya distribution, Muar
distribution, Kuala Krai
Distribution of Bubur Lambuk AmanahRaya,
Bangi branch
Distribution of Bubur Lambuk
AmanahRaya, Ipoh branch
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
37
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Donation of school bags and uniforms, Bagan Datoh
‘Gotong-Royong’ Activity, Changkat
Jering
38
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
Charity drive, Kuala Krai
National Welfare Foundation Treasure Hunt
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
39
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Fraud management training
Launching ceremony of the AmanahRaya “Big Cleaning Day” AmanahRaya towards 5S
certification.
Business Leadership training
5S training
CIDB training
AmanahRaya 5S Pra-Audit
Stress management training
40
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
Excellent clerk training
Syariah Financial Program
AmanahRaya CPR program
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
41
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
‘Semarak 1Malaysia’ program, Ipoh
Majlis Penyampaian Bantuan Hari Raya dan Majlis Tadarus serta Berbuka Puasa,
Pagoh
Briefing session with TNB staff, Ipoh
Open Day, Muar Branch
1Rakyat 1JPJ exhibition, Ipoh
Hari Raya program, Muar
42
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
ISO
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
CERTIFIED
MS ISO 9001 : 2008
Quality Policy
We are committed to be an institution that practises quality service
and continually strives for excellence in the interest of the institution’s
future. We will achieve our goals by offering and providing services in
trust administration and legacy management that meet and fulfil the
expectations of our customers and our social obligations.
Excellence in service will also be achieved by enhancing a working
environment that nurtures trained, competent, motivated, efficient and
professional employees.
DATO’ AHMAD RODZI BIN PAWANTEH
13 Mei 2010
U K A S
074
CERT. NO. : AR 3687
CERT. NO. : AR 3687
SIRIM
CERT. NO. : AR 3687
43
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
VISION & MISSION
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Vision
To be an institution of excellence in providing professional
services in trust administration and legacy management
while meeting customers’ satisfaction with a sense of
social responsibility
Mission
To ensure efficiency in providing trustee and legacy
services.
To ensure the highest quality of services to our customers.
To provide a cordial working environment for efficient,
knowledgeable, motivated and competent employees to
discharge their responsibilities professionally.
To develop new products and services to cater to the
needs of our customers.
To strive towards strengthening AmanahRaya’s capabilities
and enhancing its image so as to maintain its position as
the market leader in the trust administration and legacy
management services.
44
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
CORPORATE INFORMATION
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
A MA N AH R AYA B E R H AD
(344986-V)
CAPITAL MARKETS
TRUST MANAGEMENT
LEGACY SERVICES
PROPERTY MANAGEMENT
• AmanahRaya Capital Group
Sdn Bhd
• Amanah Raya Nominees
(Tempatan) Sdn Bhd
• AmanahRaya Legacy Services Sdn Bhd
• AmanahRaya Hartanah
Sdn Bhd
• AmanahRaya Investment
Management Sdn Bhd
(Formerly known as
AmanahRaya-JMF Asset
Management Sdn Bhd)
> AmanahRaya-JMF Capital
Sdn Bhd
> AmanahRaya-JMF Margin
Sdn Bhd
> AmanahRaya-JMF Nominees (Tempatan)
Sdn Bhd
• Amanah Raya Nominees (Asing) Sdn Bhd
• AmanahRaya Properties
Sdn Bhd
• Amanah Raya (Labuan) Limited
• AmanahRaya Project Management Sdn Bhd
• AmanahRaya Trustees
Berhad
• AmanahRaya Development
Sdn Bhd
> Klang Valley Recreation Berhad
•AmanahRaya Unit Trust
Management Sdn Bhd
• Amanah Raya Capital
Sdn Bhd
• AmanahRaya Modal
Sdn Bhd
• AmanahRaya Private Equities
Sdn Bhd
• AmanahRaya Investment
Bank Ltd
• AmanahRaya Asset
Management (Labuan) Ltd
• AmanahRaya Corporate
Advisory Sdn Bhd
• AmanahRaya Holdings Berhad
• Prelude Synergy Sdn Bhd
• Tapak Metro Sdn Bhd
• AmanahRaya-REIT Managers
Sdn Bhd
45
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
CORPORATE structure
BOARD OF DIRECTORS
GROUP MANAGING DIRECTOR
RISK
MANAGEMENT
INTERNAL
AUDIT
COMPANY
SECRETARY
GROUP CHIEF
OPERATING OFFICER
ASST. GENERAL MANAGER
(OPERATIONS)
CHIEF INTEGRITY
OFFICER
GROUP
HUMAN
RESOURCES
GROUP
CORPORATE
COMMUNICATIONS
GROUP
ADMINISTRATION
MARKETING
MANAGEMENT
CUSTOMER
RELATIONSHIP
MANAGEMENT
LEGAL
CIO
OFFICE
PRIVATE
WEALTH
MANAGEMENT
46
GROUP
FINANCE &
ACCOUNTS
GROUP
INFORMATION
TECHNOLOGY
ESTATES
QUALITY
ASSURANCE
CARE
MANAGEMENT
PRODUCT
DEVELOPMENT
TRUST
SUBSIDIARIES
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
AMANAH RAYA BERHAD (344986-V)
Nature of Business:
Administration of Deceased Estates
Administration of Trust Property
Trustee for Unit Trust Fund
DIRECTORS
•
•
•
•
•
•
•
•
•
Dato’ Haji Dusuki bin Ahmad (Chairman)
Dato’ Ahmad Rodzi bin Pawanteh
(Group Managing Director)
Datin Aminah binti Pit Abd Raman
Datuk Mohd Hashim bin Hassan
Dato’ Abdullah Sani bin Ab Hamid
Datuk Azailiza binti Mohd Ahad
Datuk Shamsuddin bin Haji Tahir
Tuan Haji Shafii bin Hamat
Dato’ Puteh Rukiah binti Abd Majid
AMANAHRAYA CAPITAL GROUP SDN BHD (760289-U)
Nature of Business:
Dormant
DIRECTORS
Alina binti Hashim
CORPORATE structure
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
AMANAHRAYA CAPITAL SDN BHD (549057-K)
Nature of Business:
Corporate advisory / Financing services
DIRECTORS
Haji Ab Gani bin Haron (Chairman)
Dato’ Mahadi bin Haji Mohd Ibrahim
Dato‘ Haji Ahmad Kamal bin Abdullah Al-Yafii
Alina binti Hashim
AMANAHRAYA PRIVATE EQUITIES SDN BHD (760296-P)
Nature of Business:
Vendors and purchasers of and dealers in portfolios units
DIRECTORS
Sharizad binti Juma‘at
AMANAHRAYA CORPORATE ADVISORY SDN BHD (760300-A)
Nature of Business:
To act as corporate advisers and consultants, general advisers and to
provide consultancy services
DIRECTORS
AMANAHRAYA-INVESTMENT MANAGEMENT SDN BHD
(FORMERLY KNOWN AS AMANAHRAYA-JMF ASSET
MANAGEMENT SDN BHD) (309646-H)
Nature of Business:
Managers of Portfolio Investment & Dealers in Shares, Stock,
Debentures
Alina binti Hashim
AMANAHRAYA MODAL SDN BHD (760322-X)
Nature of Business:
Act as corporate advisers and consultants and to assist management
to advance the business and increasing profitablity
DIRECTORS
Tan Sri Datuk Arshad bin Ayub (Chairman)
Sharizad binti Juma’at (Managing Director)
Dato‘ Haji Ahmad Kamal bin Abdullah Al-Yafii (Vice Chairman)
Datuk Mohamed Adnan bin Ali
Dato’ Sulaiman bin Iberahim
Azhar bin Harun
Md Saad bin Hashim
Alina binti Hashim (Alternate Director to Dato’ Ahmad Rodzi
bin Pawanteh)
AMANAHRAYA UNIT TRUST MANAGEMENT SDN BHD
(532354-W)
Nature of Business:
Unit Trust Management Services
DIRECTORS
Alina binti Hashim
DIRECTORS
AMANAHRAYA TRUSTEES BERHAD (766894-T)
Nature of Business:
Trust company
DIRECTORS
Dato’ Idrus bin Harun (Chairman)
Hjh Habsah binti Bakar (Chief Executive Officer)
Dato’ Haji Ahmad Kamal bin Abdullah Al-Yafii
Alina binti Hashim
Haji Ab Gani bin Haron
Zainudin bin Suhaimi (Alternate Director to Hjh Habsah binti
Bakar)
47
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
CORPORATE structure
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
AMANAH RAYA NOMINEES (TEMPATAN) SDN BHD (434217-U)
Nature of Business:
To act as nominee, agent or trustee for Malaysian beneficial owners
of stocks, shares, bank debentures, loan stocks and other securities
AMANAHRAYA LEGACY SERVICES SDN BHD (760371-W)
Nature of Business:
Legacy management services
DIRECTORS
DIRECTORS
Dato’ Mahadi bin Haji Mohd Ibrahim (Chairman)
AMANAH RAYA NOMINEES (ASING) SDN BHD (684546-P)
Nature of Business:
To act as nominee, agent or trustee for foreign beneficial owners of
stocks, shares, bonds, bank debentures, loan stocks, obligations and
other securities
Datuk Shamsuddin bin Haji Tahir (Chairman)
Rafie bin Omar (Chief Executive Officer)
Dato’ Haji Za’ba bin Haji Che Rus
Alina binti Hashim
AMANAHRAYA HARTANAH SDN BHD (760290-W)
Nature of Business:
Consultants of property and to purchase and develop the property
DIRECTORS
DIRECTORS
Dato’ Mahadi bin Haji Mohd Ibrahim
Abas bin Abd Jalil
AMANAH RAYA (LABUAN) LIMITED (LL03749)
Nature of Business:
Custodian and Trust Services (Offshore Company)
AMANAHRAYA PROPERTIES SDN BHD (760310-K)
Nature of Business:
Property investment, developers and building contractors
DIRECTORS
DIRECTORS
Datin Aminah binti Pit Abd Raman (Chairperson)
Dato’ Ahmad Rodzi Bin Pawanteh
Dato‘ Mahadi bin Haji Mohd Ibrahim
Alina binti Hashim
AMANAHRAYA INVESTMENT BANK LTD (LL05633)
Nature of Business:
Offshore bank
DIRECTORS
Tan Sri Datuk Arshad bin Ayub (Chairman)
Dato’ Ahmad Rodzi Bin Pawanteh
Alina binti Hashim
AMANAHRAYA PROJECT MANAGEMENT SDN BHD (760306-W)
Nature of Business:
Builders, contractors and project management
To act as General contractors for all respective branches of the company
DIRECTORS
AMANAHRAYA DEVELOPMENT SDN BHD (546094-U)
Nature of Business:
Property Management
DIRECTORS
AMANAHRAYA ASSET MANAGEMENT (LABUAN) LTD (LL05668)
Nature of Business:
Fund management
DIRECTORS
48
Tan Sri Datuk Arshad bin Ayub
Sharizad binti Juma’at
Alina binti Hashim
Datuk Mohd Hashim bin Hassan (Chairman)
Dato‘ Haji Ahmad Kamal bin Abdullah Al-Yafii
Rafie bin Omar
Alina binti Hashim
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
AMANAHRAYA HOLDINGS BERHAD (760311-U)
Nature of Business:
Dormant
CORPORATE structure
DIRECTORS
Subsidiary of AmanahRaya Investment Management Sdn Bhd
(F.K.A. ARJMF):
AMANAHRAYA-JMF CAPITAL SDN BHD (338862-K)
Nature of Business:
Dormant
DIRECTORS
AMANAHRAYA-REIT MANAGERS SDN BHD (856167-A)
Nature of Business:
Management company of a unit trust scheme which is a property
trust or real estate investment trust
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
Tan Sri Datuk Arshad bin Ayub
AMANAHRAYA-JMF NOMINEES (TEMPATAN) SDN BHD (331584-X)
Nature of Business:
Dormant
DIRECTORS
Tan Sri Ahmad Fuzi bin Abdul Razak (Chairman)
Datuk Syed Hussian bin Syed Junid
Dato‘ Abdul Mutalib bin Mohamed Razak
Alina binti Hashim
Shahrol Anuwar bin Sarman
Abas bin Abd Jalil
PRELUDE SYNERGY SDN BHD (801954-W)
Nature of Business:
Dormant
DIRECTORS
AMANAHRAYA-JMF MARGIN SDN BHD (355295-P)
Nature of Business:
Dormant
DIRECTORS
DIRECTORS
Abas bin Abd Jalil
TAPAK METRO SDN BHD (801955-K)
Nature of Business:
Dormant
DIRECTORS
Abas bin Abd Jalil
Subsidiary of AmanahRaya Development Sdn Bhd:KLANG VALLEY RECREATION BERHAD (86118-M)
100% Owned by AmanahRaya Development Sdn Bhd
Nature of Business:
Investment in properties and development of projects
DIRECTORS
49
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
SUBSIDIARIES
PROPERTY MANAGEMENT
CAPITAL MARKETS
l
l
l
l
AmanahRaya Capital Group Sdn Bhd
9th Floor, Wisma AmanahRaya
2 Jalan Ampang, 50508 Kuala Lumpur
Tel: 603-2687 5200
Fax: 603-2687 5300
AmanahRaya Investment Management Sdn Bhd
(Formerly known as AmanahRaya-JMF
Asset Management Sdn Bhd)
7th & 8th Floor, Wisma AmanahRaya
Tel: 603-2687 5200
Fax: 603-2687 5300
Tel: 603-2055 7388
Fax: 603-2055 7556
AmanahRaya Investment Bank Ltd
Head Office, Level 6(G2),
Main Office Tower Financial Park Labuan
Jalan Merdeka, 87000 Labuan F.T.
Tel: 6087-582 011/012 Fax: 6087-582 013
Kuala Lumpur Marketing Office
Level 8, Wisma AmanahRaya
Tel: 603-2054 7251
Fax: 603-2072 2120
l
AmanahRaya-REIT Managers Sdn Bhd
Level 2, Wisma AmanahRaya
No. 2, Jalan Ampang
50508 Kuala Lumpur
Tel: 603-2078 0898/5808
Fax: 603-2026 6322
50
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
l
l
l
TRUST MANAGEMENT
AmanahRaya Hartanah Sdn Bhd
Level 6, Wisma Prowara
19 Jalan Melaka, 50100 Kuala Lumpur
Tel: 603-2036 5151
Fax: 603-2070 5241
AmanahRaya Properties Sdn Bhd
Level 7, Wisma Prowara
Tel: 603-2036 5050
Fax: 603-2031 6363
AmanahRaya Development Sdn Bhd
1st & 2nd Floor, Wisma Prowara
Tel: 603-2036 5088
Fax: 603-2070 4053
l
l
AmanahRaya (Labuan) Limited
Tel: 603-2055 7388
Fax: 603-2031 4545
AmanahRaya Trustees Berhad
2nd Floor, Wisma TAS
Tel: 603-2036 5000
Fax: 603-2072 0320
LEGACY SERVICES
l
AmanahRaya Legacy Services Sdn Bhd
Tel: 603-2055 7595
Fax: 603-2055 7594
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Head Office
11th Floor,
Wisma AmanahRaya,
No. 2, Jalan Ampang
50508 Kuala Lumpur
Website:
www.amanahraya.com.my
Tel: 603-2055 7388
Fax: 603-2031 4545
AmanahRaya Service Centre
Ground & 2nd Floor
Wisma AmanahRaya–Annex
No. 4, Jalan Ampang
50508 Kuala Lumpur
Tel: 603-2055 7388
Fax: 603-2078 3421
Shah Alam
Lot 1, 1st, 2nd & 3rd Floor
Pusat Dagangan UMNO
Shah Alam, Persiaran Damai
Section 11, 40100 Shah Alam
Selangor.
Tel: 603-5511 5733
Fax: 603-5511 5732
Bangi
Lot 802G, Ground Floor
Bangi Business Park
Jalan Medan Bangi
Off Persiaran Bangi
Bandar Baru Bangi
43650 Bangi, Selangor.
Tel: 603-8210 1346/1347
Fax: 603-8210 1345
Seremban
No. 1, Jalan S2 D38
Magistrate Square
Seremban 2
70300 Seremban, Negeri
Sembilan
Tel: 606-6015821/824
Fax: 606-6015825
Melaka
No. 42A, Jalan PMS 3
Plaza Melaka Sentral
75300 Peringgit, Melaka.
Tel: 606-282 2848
Fax: 606-282 1443
Muar
No. 208, Jalan Meriam
84000 Muar, Johor.
Tel: 606-952 3218
Fax: 606-951 4597
Johor Bahru
Block 5-4
Danga Walk Commercial
Centre, Jalan Skudai Batu 4½
81200 Johor Bahru
Tel: 607-2385918/2362668/
2327526
Fax: 607-2368428
Kangar
No. 56, Lot 434,
Ground Floor
Bangunan Bernama
Medan Raja Syed Alwi
01000 Kangar, Perlis.
Tel: 604-976 1485
Fax: 604-976 8520
Sungai Petani
No, 74, Jalan Lagenda
Height 1, Lagenda Height
08000 Sungai Petani, Kedah.
Tel: 604-422 9902/422 9910/
422 9905
Fax: 604-422 9904
Alor Setar
No. 237, Jalan Shahab 2
Shahab Perdana
05350 Alor Setar, Kedah.
Tel : 604-732 2080
Fax: 604-730 4406
Penang
1st & 2nd Floor
Bangunan Persatuan Melayu
Pulau Pinang (PEMENANG)
No. 117, Jalan Macalister
10400 Pulau Pinang
Tel: 604-2104822/2140821/
2104823
Fax: 604-2104820
Ipoh
Ground & 1st Floor
A-G-3 & A-1-3,
Pusat Perniagaan Greentown,
Jln Dato’ Seri Ahmad Said
30450 Ipoh, Perak
Tel: 605-254 8714/
605-241 7311
Fax: 605-254 9454
BRAN CHES
Kuching
No. 31, Ground & 1st Floor
Kueh Hock Kui Commercial
Centre, Jalan Tun Ahmad
Zaidie Adruce
P.O.Box 1364
93150 Kuching, Sarawak.
Tel: 6082-254 170
Fax: 6082-422 928
Kota Bharu
Lot 303, Ground & 1st Floor
Wisma JAZA
Batu 2, Jalan Kuala Krai
15050 Kota Bharu, Kelantan.
Tel : 609-748 2112
Fax: 609-747 8353
Kuala Krai
No. PT 4025
Jalan Panggung
Bandar Kuala Krai
18000 Kuala Krai
Kelantan.
Tel: 609-960 5787
Fax: 609-960 7955
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
Kuantan
No 14 & 16, Ground Floor
Bangunan Majlis Ugama Islam
Jalan Bukit Ubi
25200 Kuantan, Pahang.
Tel: 609-513 5318
Fax: 609-514 6785
Temerloh
No. 23,
Jalan Dato’ Bahaman 3
Temerloh Commercial Centre
28000 Temerloh, Pahang.
Tel: 609-296 1296/4562/4381
Fax: 609-296 4734
Kota Kinabalu
Ground & 1st Floor
Lot 31, Block F
Alamesra Plaza Utama
Sulaman Costal Highway
88400 Kota Kinabalu
Sabah
Tel: 6088-488 473/474
Fax: 6088-248 8475
Kuala Terengganu
No 4, Ground & 1st Floor
Jalan Air Jernih
20300 Kuala Terengganu
Terengganu.
Tel: 609-622 1201
Fax: 609-622 8449
51
<<<<<<<<<<<<<<
<<<<<<<<<<<<<<
CORPORATE PHILOSOPHY
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
CORPORATE PHILOSOPHY
To emphasise good corporate governance, accountability
and transparency of public service enterprises by balancing
social responsibility with our on-going commercial and
statutory functions
52
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
AUDIT COMMITTEE REPORT
54 - 55
STATEMENT OF CORPORATE GOVERNANCE
56 - 58
59 - 126
STATUTORY FINANCIAL STATEMENTS
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
53
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
MEMBERS
Tuan Hj Shafii Hamat (Chairman)
Dato’ Abdullah Sani Ab Hamid
Datuk Azailiza Mohd Ahad
TERMS OF REFERENCE OF AUDIT AND REVIEW COMMITTEE
Composition
The Audit and Review Committee comprises Four (4) members from Non-independent Non-Executive Directors of the
Board.
Objectives
The Audit and Review Committee is established in accordance with the Treasury Circular Letter No. 9 Year 1993 - Guidelines
on the Setting up of Audit and Review Committees for Government Companies for the purpose of:
1. Maintaining the interest of the Government as the shareholder through control and monitoring of the Management of
the Company.
2. To assist the Board of Directors to monitor the principles and accounting systems, internal controls, financial reporting
and business ethics.
3. To determine the financial sources of the Company are administered and managed efficiently and effectively in
accordance with corporate and social objectives.
4. To undertake the role as the review and balance mechanism (checks and balances) of the management of the
Company.
5. To ensure compliance with the statutory requirements as required under the Companies Act 1965.
6. To oversee all functions of the Internal Audit Department.
Meeting
1. The quorum for the Committee shall comprise two (2) members.
2. The Committee shall meet at least once within a period of three (3) months or a period determined by the Committee
Chairman.
54
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
AUDIT COMMITTEE REPORT
++++++++++++++
++++++++++++++
Functions
The Audit and Review Committee is primarily responsible to the Board of Directors.
Their terms of reference are as follow:
1. To endorse the appointment and promotion of the Audit Manager and Internal Auditors for the approval of the Board
of Directors.
2. To provide support in ensuring the independence of internal audit activities so that they run smoothly.
3. To carry out audit inspections or special reviews as achievements when needed.
4. To review the previous year’s activities and achievement of the internal audit and to formulate plans for next year.
5. To study and monitor corporate planning for review and internal control especially in the area of management.
6. To review and supervise an effective accounting system by exercising control’s in related areas so that early warning
systems about the Company’s weakness can be put in place.
7. To identify flaws in the management system which require improvement.
8. To ensure that breach of policies and system management procedures are identified quickly and dealt with
immediately.
9. To review direct expenditures such as annual operation expenditures as well as direct expenses in order to ascertain
that those costs are justifiable and related to the functions of the organisations.
10. To determine the proper measures for identifying and protecting assets.
11. To study and discuss the plan for the annual external audit before it is carried out each year.
12. To observe the opinion of external auditors and ensure that matters arising are given due attention and that proper
action is taken by the management of the Company.
13. To review the performance of the external auditor and to propose to the Board of Directors on the re-appointment
and annual fee of the firm.
14. To review and examine the Parent Company’s audited as well as unaudited annual financial statements, including that
of the Subsidiaries and Associate Companies, before their submission to the Board of Directors for approval.
MEETINGS
The Audit Committee had a total of three (3) Meetings during the financial year ended 31 December 2009 and the attendance
of the Committee Members were as follows:
Members
Attendance
3/3
2/3
1/3
Dato’ Puteh Rukiah binti Abd Majid 3/3
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
55
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
The Board of Directors is committed ensuring that the
highest standards of corporate governance are continuously
practiced throughout the Group as a fundamental part of
discharging its responsibilities to protect and enhance share
holders’ value and the financial performance of the Group
and the Company.
Based on the Principles of the Malaysian Code on Corporate
Governance (“the Code”) and with the practice of openness
and corporate accountability, the Board is pleased to pre
sent its report on the extent of compliance with the Best
Practices as recommended under Part 2 of the Code in this
statement.
The Board of Directors
The Board currently consists of nine (9) members, comprising
eight (8) Non-Executive Directors (including the Chairman)
and one (1) Executive Director. The Directors bring a wide
range of legal, business and financial experience relevant to
the direction of an expanding trust company. Biographical
for each of Directors are set out on pages 15 to 17 of this
Report.
The Board meets at least once every quarter with the
additional Meetings convened as and when necessary. All
Board members have access to comprehensive information
on the Company’s operations, marketing strategies, per
formance and financial status at the Board Meetings and on
a regular or ad-hoc basis.
During the financial year ended 31 December 2009, four (4)
Board Meetings were held and the attendance of the Board
Members were as shown in the table below.
The Chairman holds a Non-Executive position and is primarily
responsible for the orderly conduct and working of the
Board while the Group Managing Director is responsible for
the day-to-day running of the business and implementation
of Board policies and decisions with the support of the
management team.
The presence of Independent Non-Executive Directors
provides an effective Board with a mix of industry specific
knowledge and broad business and commercial experience.
Directors are equally accountable and responsible and
the role of these Independent Non-Executive Directors
is particularly important in ensuring that the strategies
proposed by the management are fully discussed and
examined, complied with the Companies Act 1965 and Public
Trust Corporation Act 1995 and/or any other regulations
and also to take account of the long term interests, not only
of the shareholders, but also of employees, customers, and
public at large in which the Company conducts business. The
Board may seek advice from independent experts whenever
necessary.
Pursuant to the Company’s Article of Association, unless
otherwise agreed by the general meeting, the number of
Directors of the Company shall be not less than two (2) or
more than eleven (11).
Directors
Appointed
Dato’ Haji Dusuki bin Ahmad 29/12/2003-
Dato’ Ahmad Rodzi bin Pawanteh 56
There is a clear division of responsibilities and powers
between the Chairman and the Group Managing Director to
ensure that the necessary checks and balances are in place
as well as to provide a degree of certainty in the exercise of
their respective authorities.
1/7/2004
Non Independent
Independent
Attendance
Yes
4/4
Yes-
4/4
1/8/2002-
Yes
4/4
Datuk Shamsuddin bin Haji Tahir 13/7/2004-
Yes
4/4
28/4/2005-
Yes
2/4
30/6/2006
Yes-
4/4
8/2/2007
Yes-
2/4
Dato’ Mohd Bakke Salleh
(resigned w.e.f. 1 June 2010)
6/9/2007-
Yes
3/4
18/12/2007
Yes-
4/4
27/11/2008
Yes-
4/4
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
STATEMENT OF CORPORATE GOVERNANCE
++++++++++++++
++++++++++++++
The Board has established Board Committees as well as various Management Committees to assist the Board in the discharge
of its duties. Each committee operates under approved terms of reference as set out as follows:
Audit and Review Committee
The Audit and Review Committee reviews the effective
ness of the internal control system of the Company as well
as monitors the principles and accounting systems, financial
reporting and business ethics.
They also determine the financial sources of the Company
are administered and managed efficiently and undertake
the role as the review and balance mechanism in order to
ensure the compliance with the statutory requirements under
the Companies Act 1965 has been taken. The Committee
comprises of four (4) Non-Independent Non-executive
Directors. The Chairman of the Committee is Tuan Haji Shafii
bin Hamat. The Composition and Terms and Reference are
stated on pages 54 to 55.
Three (3) meetings were held during the financial year ended
31 December 2009.
Personnel & Integrity Committee
The Committee reviews and establish a formal and trans
parent procedure for the framework or board policy for the
remuneration and benefit structures including the scope and
service agreements, termination, payments and compensation
commitments for the entire staff of the Company.
They also recommend for approval to the Board of Directors
of the policies relating to any performance related pay
schemes for the Company and also to be the appellate body
for the Domestic Inquiries within the Company.
The Personnel & Integrity Committee comprises of two (2)
Independent Non-Executive Directors and one (1) NonIndependent Non-Executive Directors of the Board.
Datin Aminah binti Pit Abd Raman is the Chairperson of the
Committee. Three (3) meetings were held during the financial
year ended 31 December 2009.
Investment Committee
The Investment Committee is responsible for reviewing and
monitoring the progress report for Corporate and Kumpulan
Wang Bersama investments and also new investment
proposals. The Committee comprises two (2) Independent
Non-Executive Directors, one (1) Non-Independent
Director, one (1) Executive Director of the Board and two (2)
Independent persons.
Six (6) meetings were held during the financial year
ended 31 December 2009.
Tender Committee
The Tender Committee is responsible for the procurement
for works/service/supply amounting to RM200,000/- and
above. The Committee comprises two (2) Independent Non-
Executive Directors and one (1) Executive Director of the
Board and two (2) Members of the Management.
The Chairman of the Committee is Datuk Mohd Hashim bin
Hassan. The Committee did not meet during the financial
year ended 31 December 2009.
Law Review Committee
The Law Review Committee is set up to study the existing
law that relates to the Company, which the Management may
find if necessary to amend for the benefits of Company. The
Committee comprises one (1) Executive Director of the Board
and four (4) Members of the Management.
The Committee did not meet during the financial year
Syariah Advisory Council
The Committee main responsibilities are providing profes
sional services and guidelines for the Company in all Syariah
related matters including investment management, Syariah
products and administration as well as operations of the
Company. The Syariah Advisory Council comprises two (2)
Independent Non-Executive Directors of the Board and three
(3) Independent persons.
The Chairman of the Council is Tan Sri Dato’ Seri Haji
Harussani bin Haji Zakaria. Three (3) Meetings were held
during the financial year ended 31 December 2009.
Executive Committee
The Executive Committee is set up to facilitate and coordinate activities between the AmanahRaya and its sub
sidiaries. The Committee comprises one (1) Executive Director
of the Board and three (3) Members of the Management.
The Chairman of the Committee is Dato’ Ahmad Rodzi
Pawanteh. The Committee did not meet during the
financial year ended 31 December 2009.
Quotation Committee
The Quotation Committee’s term of references amongst
others are responsible for procurement for works/service/
supply costing between RM50,000/- to below RM200,000/but amount below RM50,000/- has to follow the latest “Surat
Pekeliling Perbendaharaan”. Sale by tender of assets under
administration of AmanahRaya pursuant to order of court/
land office notwithstanding the amount of sale is also under
its jurisdiction.
The Committee comprises one (1) Executive Director of
the Board and four (4) Members of the Management. The
Chairman of the Committee is Dato’ Ahmad Rodzi Pawanteh.
There was no Meeting was held during the financial year
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
57
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Supply of Information
Financial Reporting
Prior to each Board Meeting, all Directors receive an agenda
and a full set of Board Papers for each agenda item to be
discussed. These are issued well in advance to enable the
Directors to obtain further explanations, where necessary, in
order to be briefed properly before the Meeting. The Board
is kept updated on the Company’s financial performance and
activities.
The Directors ensured that the financial year end statement
is prepared in accordance with the applicable approved
standards as well as Companies Act 1965. The Directors also
endeavor to ensure that the Audited Financial Statements
present a fair assessment of the Company and its Group’s
position and prospects.
All Directors have access to the advice and services of the
Company Secretary who are responsible in advising the Board
on the procedures for the Meeting and the implementation
of governance procedures.
Internal Control
Appointments to the Board
Relationship with the Auditors
The Minister of Finance (Inc) nominated all appointments to
the Board.
Re-election
No Directors are subject to retirement and re-election by
rotation in the Annual General Meeting.
Directors’ Remuneration
The details of the remuneration of Directors for the financial
year ended 31 December 2009 are as follows:
Directors
58
Total Group Income (2009) (RM)
Executive
Non-Executive
1,017,159.94
256,200.00
Total
1,273,359.94
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
The Directors acknowledge their responsibilities for the
Company’s system of internal control and the need to review
them regularly.
The Directors has established formal and transparent
relationship with its Auditors for maintaining an appropriate
relationship with the Company’s Auditors. The Audit
Committee meets with the external without the presence of
management at least once a year to discuss the year end
financial statements prior to the presentation to the Board of
Directors for approval.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
(Incorporated in Malaysia)
DIRECTORS’ REPORT
The Directors hereby submit their report together with the audited financial statements of the Group and of the
Company for the financial year ended 31 December 2009.
PRINCIPAL ACTIVITIES
The principal activities of the Company consist of administering estates of deceased persons, acting as trustee for
minors, public and unit trust schemes and the management of trust funds.
The principal activities of the subsidiaries and jointly controlled entities consist of nominees, agents or trustees,
property management, project management, investment in properties and development projects, unit trust manager,
investment banking, custodian and trust services and financing.
FINANCIAL RESULTS
Group
Company
RM
RM
Net profit for the financial year attributable to:
– Equity holders of the Company
– Minority interest
22,215,377
62,527
25,703,995
-
22,277,904
25,703,995
DIVIDENDS
The amount of dividends paid or declared by the Company since 1 January 2009 were as follows:
In respect of the financial year ended 31 December 2008
RM
Final dividend of RM0.40 per share less 25% taxation on 6,000,002 ordinary
shares, paid on 31 December 2009
1,800,001
The Directors recommend a final dividend of 10 sen per share amounting to RM600,000 in respect of the financial
year ended 31 December 2009, subject to the approval of members at the forthcoming Annual General Meeting of
the Company.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
59
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
DIRECTORS’ REPORT (continued)
RESERVES AND PROVISIONS
There were no material transfers to or from reserves and provisions during the financial year other than those disclosed
in the financial statements.
DIRECTORS
The Directors who have held office since the date of the last report are:
Dato’ Haji Dusuki bin Ahmad
Dato’ Mohd Bakke bin Salleh
Haji Shafii bin Hamat
DIRECTORS’ BENEFITS
During and at the end of the financial year ended 31 December 2009, no arrangements subsisted to which the
Company is a party, with the object or objects of enabling Directors of the Company to acquire benefits by means of
acquisition of shares in, or debentures of the Company or any other body corporate.
Since the end of previous financial year, no Director has received or become entitled to receive a benefit (other than
benefits disclosed as Directors’ emoluments in Note 7 to the financial statements) by reason of a contract made by the
Company or a related corporation with the Director or with a firm of which he is a member, or with a company in which
he has a substantial financial interest.
DIRECTORS’ INTERESTS IN SHARES
According to the register of Directors’ shareholdings, none of the Directors have direct or indirect interest in the
Company and its related corporations at the end of the financial year.
SUBSEQUENT EVENTS
There were no material events subsequent to the balance sheet date that required disclosure or adjustment to the
financial statements.
60
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
HOLDING CORPORATION
The Directors regard the Ministry of Finance (Incorporated) as the holding corporation.
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS
Before the income statements and balance sheets were made out, the Directors took reasonable steps:
(a)
to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of
allowance for doubtful debts and satisfied themselves that all known bad debts had been written off and that
adequate allowance had been made for doubtful debts; and
(b)
to ensure that any current assets, other than debts, which were unlikely to realise in the ordinary course of
business their values as shown in the accounting records of the Group and Company have been written down to
an amount which they might be expected so to realise.
At the date of this report, the Directors are not aware of any circumstances:
(a)
which would render the amounts written off for bad debts or the amount of the allowance for doubtful debts in
the financial statements of the Group and Company inadequate to any substantial extent; or
(b)
which would render the values attributed to current assets in the financial statements of the Group and Company
misleading; or
(c)
which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group
and Company misleading or inappropriate.
No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve
months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect the
ability of the Group and Company to meet its obligations when they fall due.
At the date of this report, there does not exist:
(a)
any charge on the assets of the Group and Company which has arisen since the end of the financial year which
secures the liability of any other person; or
(b)
any contingent liability of the Group and Company which has arisen since the end of the financial year.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
61
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (continued)
At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or
the financial statements which would render any amount stated in the financial statements misleading.
In the opinion of the Directors:
(a)
the results of the operations of the Group and Company during the financial year were not substantially affected
by any item, transaction or event of a material and unusual nature; and
(b)
there has not arisen in the interval between the end of the financial year and the date of this report any item,
transaction or event of a material and unusual nature likely to affect substantially the results of the operations of
the Group and Company for the financial year in which this report is made.
AUDITORS
The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office.
Signed on behalf of the Board of Directors in accordance with their resolution dated 9 June 2010.
DATO’ HAJI DUSUKI BIN AHMAD
CHAIRMAN
62
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
HAJI SHAFII BIN HAMAT
DIRECTOR
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
STATEMENT BY DIRECTORS PURSUANT TO SECTION 169(15) OF THE COMPANIES ACT, 1965
We, Dato’ Haji Dusuki bin Ahmad and Haji Shafii bin Hamat, two of the Directors of Amanah Raya Berhad, state that,
in the opinion of the Directors, the financial statements set out on pages 8 to 71, are drawn up so as to give a true and
fair view of the state of affairs of the Group and Company as at 31 December 2009 and of the results and cash flows
of the Group and Company for the financial year ended on that date in accordance with MASB Approved Accounting
Standards in Malaysia for Entities Other than Private Entities and provisions of the Companies Act, 1965.
Signed on behalf of the Board of Directors in accordance with their resolution dated 9 June 2010.
DATO’ HAJI DUSUKI BIN AHMAD
CHAIRMAN
HAJI SHAFII BIN HAMAT
DIRECTOR
Kuala Lumpur
STATEMENT DECLARATION PURSUANT TO SECTION 169(16) OF THE COMPANIES ACT, 1965
I, Dato’ Ahmad Rodzi bin Pawanteh, the Director primarily responsible for the financial management of Amanah
Raya Berhad, do solemnly and sincerely declare that the financial statements set out on pages 8 to 71 are, in my
opinion, correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the
provisions of the Statutory Declarations Act, 1960.
DATO’ AHMAD RODZI BIN PAWANTEH
Subscribed and solemnly declared by the abovenamed Dato’ Ahmad Rodzi bin Pawanteh, at Kuala Lumpur in Malaysia
on 9 June 2010, before me.
COMMISSIONER FOR OATHS
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
63
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF AMANAH RAYA BERHAD
(Company No. 344986 V)
REPORT ON THE FINANCIAL STATEMENTS
We have audited the financial statements of Amanah Raya Berhad, which comprise the balance sheets as at 31
December 2009 of the Group and of the Company, and the income statements, statements of changes in equity
and cash flow statements of the Group and of the Company for the year then ended, and a summary of significant
accounting policies and other explanatory notes, as set out on pages 8 to 71.
Directors’ Responsibility for the Financial Statements
The Directors of the Company are responsible for the preparation and fair presentation of these financial statements
in accordance with MASB Approved Accounting Standards in Malaysia for Entities Other than Private Entities and the
Companies Act, 1965. This responsibility includes: designing, implementing and maintaining internal control relevant
to the preparation and fair presentation of financial statements that are free from material misstatement, whether due
to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are
reasonable in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit
in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on our judgment, including the assessment of risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider
internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements have been properly drawn up in accordance with MASB Approved Accounting
Standards in Malaysia for Entities Other than Private Entities and the Companies Act, 1965 so as to give a true and
fair view of the financial position of the Group and of the Company as of 31 December 2009 and of their financial
performance and cash flows for the year then ended.
64
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF AMANAH RAYA BERHAD
(CONTINUED)
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In accordance with the requirements of the Companies Act, 1965 in Malaysia, we also report the following:
(a)
In our opinion, the accounting and other records and the registers required by the Act to be kept by the
Company and its subsidiaries of which we have acted as auditors have been properly kept in accordance with
the provisions of the Act.
(b)
We have considered the financial statements and the auditors’ reports of all the subsidiaries of which we have
not acted as auditors, which are indicated in note 14 to the financial statements.
(c)
We are satisfied that the financial statements of the subsidiaries that have been consolidated with the Company’s
financial statements are in form and content appropriate and proper for the purposes of the preparation of the
financial statements of the Group and we have received satisfactory information and explanations required by us
for those purposes.
(d)
The audit reports on the financial statements of the subsidiaries did not contain any qualification or any adverse
comment made under Section 174(3) of the Act.
OTHER MATTERS
This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies
Act, 1965 in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content
of this report.
PRICEWATERHOUSECOOPERS
(No. AF: 1146)
Chartered Accountants
Kuala Lumpur
9 June 2010
MOHAMMAD FAIZ BIN MOHAMMAD AZMI
(No. 2025/03/12 (J))
Chartered Accountant
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
65
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
INCOME STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009
Group
Company
Note
2009
2008
2009
2008
RM
RM
RM
RM
306,258,046
224,927,122
92,247,241
117,808,731
Revenue
4
Other operating income
18,574,909
42,670,762
39,157,003
39,651,845
Operating expenses
(176,854,222)
(96,721,234)
(54,623,171)
(51,560,268)
5
(43,973,163)
(41,138,829)
(27,714,518)
(23,318,345)
Administrative expenses
(3,815,644)
(3,641,993)
(3,355,674)
(3,064,580)
Personnel costs
Share of loss in joint ventures
14
(116,305)
(718,654)
-
-
Other operating expenses
(11,461,324)
(10,421,673)
(14,396,573)
(7,058,334)
Financial expenses
(63,535,658)
(41,260,567)
(8,708,070)
(8,531,531)
25,076,639
73,694,934
22,606,238
(1,361,410)
(943,212)
Profit from ordinary activities
before zakat and tax
6
Zakat
(1,053,097)
63,927,518
(1,213,187)
before tax
72,333,524
21,663,026
(16,297,293)
4,040,969 22,277,904
56,036,231
25,703,995
55,147,315
Equity holders of the Company
22,215,377
55,214,578
25,703,995
55,147,315
Minority interest
62,527
821,653
-
-
22,277,904
56,036,231
25,703,995
55,147,315
3.70
9.20
Taxation
8
Net profit for the financial year
24,023,542
(1,745,638)
62,714,331
(7,567,016)
Share of results attributable to:
Earnings per share attributable
to equity holders of
the Company (RM)
9
The accompanying notes form an integral part of the financial statements.
66
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
BALANCE SHEETS AS AT 31 DECEMBER 2009
Group
Company
Note
2009
2008
2009
2008
RM
RM
RM
RM
NON CURRENT ASSETS
Property and equipment
10
16,169,842
17,472,207
12,279,224
13,455,721
Prepaid lease payment
11
649,839
659,836
-
-
Intangible assets
12
47,729
344,122
-
-
Investment in subsidiaries
13
-
-
47,837,589
47,518,216
Investment in joint venture
14
21,342,939
4,516,535
-
-
Long-term investments
15
3,546,500
3,546,500
126,000
126,000
Financing receivables
17
174,621,943
69,763,305
-
-
Goodwill on consolidation
12
32,200,586
2,713,537
-
-
Deferred tax assets
18
1,492,589
1,564,467
-
-
Receivables
19
253,420
334,474
-
-
Land held for property development
16
55,032,576
43,300,000
-
-
305,357,963
144,214,983
60,242,813
61,099,937
20
247,455,351
346,886,438
2,369,958
419,694
Receivables
19
961,067,579 1,020,250,821
355,278,071
321,138,048
Property development costs
22
57,363,746
-
-
-
Tax recoverable
27,294,338
14,606,615
13,889,812
7,679,091
193,238,113
75,361,900
8,889,261
8,568,816
1,486,419,127 1,457,105,774
380,427,102
337,805,649
CURRENT ASSETS
Investments
Deposits, cash and bank balances
21
LESS: CURRENT LIABILITIES
Other payables and accruals
23
58,678,854
31,300,200
26,565,972
17,612,309
Post-employment benefit obligations
24
32,140
32,140
32,140
32,140
Provision for tax
733,266 1,680,634
-
-
25
1,125,733,149 1,051,272,177
9,000,000
-
1,185,177,409 1,084,285,151
35,598,112
17,644,449
344,828,990
320,161,200
Borrowings
NET CURRENT ASSETS
301,241,718
372,820,623
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
67
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
BALANCE SHEETS AS AT 31 DECEMBER 2009 (CONTINUED)
Group
Company
Note
2009
2008
2009
2008
RM
RM
RM
RM
LESS: NON CURRENT LIABILITIES
Borrowings
25
320,000,000
250,000,000
150,000,000
150,000,000
Deferred tax liabilities
18
466,905
560,234
381,698
475,026
320,466,905
250,560,234
150,381,698
150,475,026
286,132,776
266,475,372
254,690,105
230,786,111
CAPITAL AND RESERVE
Share capital
26
6,000,002
6,000,002
6,000,002
6,000,002
Reserves
27
280,132,774
259,541,341
248,690,103
224,786,109
286,132,776
265,541,343
254,690,105
230,786,111
Minority interest
-
934,029
-
-
Total shareholders’ fund
286,132,776
266,475,372
254,690,105
230,786,111
42.31
43.90
NET TANGIBLE ASSETS
PER SHARE (RM)
68
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009
Attributable to equity holders of the company
Exchange
Share fluctuation
capital
reserve
RM
RM
At 1 January 2009
6,000,002
Retained
earnings
Total
RM
RM
2,527,613 257,013,728 265,541,343
Net profit for the year
-
-
22,215,377
Transactions with minority interest
-
-
-
Dividends
-
-
(1,800,001)
Currency translation reserve
-
176,057
-
22,215,377
-
Minority
interest
RM
Total
934,029 266,475,372
62,527
(996,556)
(1,800,001)
-
176,057
-
22,277,904
(996,556)
(1,800,001)
176,057
At 31 December 2009
6,000,002
2,703,670 277,429,104 286,132,776
- 286,132,776
At 1 January 2008
6,000,002
113,668 206,239,152 212,352,822
1,430,875 213,783,697
Net profit for the year
-
-
55,214,578
Transactions with minority interest
-
-
-
Dividends
-
-
(4,440,002)
(4,440,002)
-
(4,440,002)
Currency translation reserve
-
2,413,945
-
2,413,945
-
2,413,945
6,000,002
2,527,613
At 31 December 2008
55,214,578
821,653
- (1,318,499)
257,013,728 265,541,343
56,036,231
(1,318,499)
934,029 266,475,372
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
69
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
COMPANY STATEMENT OF CHANGES IN EQUITY
Issued and fully paid
ordinary shares of RM1 each
Share
capital
RM
Retained
earnings
RM
Total
RM
At 1 January 2009
6,000,002
224,786,109
230,786,111
-
25,703,995
25,703,995
Dividends paid during the financial year
-
(1,800,001)
At 31 December 2009
6,000,002
248,690,103
254,690,105
At 1 January 2008
6,000,002
174,078,796
180,078,798
-
55,147,315
55,147,315
Dividends paid during the financial year
-
(4,440,002)
6,000,002
224,786,109
At 31 December 2008
70
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
(1,800,001)
(4,440,002)
230,786,111
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
CASH FLOW STATEMENTS
Group
Company
Note
2009
2008
2009
2008
RM
RM
RM
RM
25,076,639
73,694,934
22,606,238
63,927,518
equipment
4,692,944
3,783,015
4,023,696
3,191,740
Property and equipment written off
75,039
93,063
17,530
88,676
CASH FLOWS FROM
OPERATING ACTIVITIES
before zakat and tax
Adjustments for:
Depreciation on property, plant and
Gain on disposal of property and equipment
-
(241,541)
-
-
Amortisation of intangible assets
296,393
344,218
-
-
Amortisation of prepaid lease payment
9,997
9,997
-
Net accretion of discount
-
(113,021)
-
(113,021)
-
Interest income
(55,451,465)
(46,208,469)
(16,207,380)
(15,521,585)
Allowance of impairment loss on
subsidiaries
Dividend income
-
(223,997)
-
10,980,629
2,659,961
(985,662)
(14,593,889)
(9,972,608)
(1,947,432)
Allowance for diminution in
value of investments
3,838,597
108,004
108,002
Allowance for doubtful debts
6,807,907
12,026,502
-
Gain from disposal of investments
4,646,108
(581,597)
(289)
-
Interest expense on long term borrowings
54,827,587
41,090,004
8,704,422
8,537,804
Hire purchase interest expense
-
3,904
-
-
44,595,749
83,030,365
13,583,525
52,871,328
60,247,338 (210,162,434)
(24,468,736)
(10,739,637)
(41,632,227)
(35,159)
Operating profit before working capital
changes
Decrease/(increase) in receivables
Increase/(decrease) in payables
28,958,900
68,316,180
17,953,663
Increase in borrowings (current)
144,460,972
252,295,441
-
Increase in financing receivables
(111,666,545) (413,388,601)
Increase in property development cost
(57,363,746)
Cash generated from/(used in) operations
109,232,668
-
-
-
-
7,068,452
499,464
-
(219,909,049)
-
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
71
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
CASH FLOW STATEMENT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009 (CONTINUED)
Group
Company
Note
2009
2008
2009
2008
RM
RM
RM
RM
Hire purchase interest paid
-
(3,903)
-
-
Zakat paid
(1,166,766)
(1,361,409)
(943,212)
Tax paid
(15,437,854)
(15,752,632)
(1,517,229)
(1,213,187)
32,739
92,628,048 (237,026,993)
4,608,011
(680,984)
(19,372,006)
Net cash generated from/(used in)
operating activities
CASH FLOWS FROM
INVESTING ACTIVITIES
Additional investment in subsidiary
-
-
(11,300,002)
Net purchases of investments
62,387,401
2,696,300
-
-
-
(5,800,000)
-
-
Purchase of land held for property
development
Purchase of property, plant and
equipment
(5,467,411)
(8,998,911)
(4,779,617)
(7,884,956)
Purchase of intangible assets
(29,487,049)
(14,749)
-
-
84,805
518,737
-
-
equipment
1,916,988
713,723
1,914,888
713,723
Interest received
55,451,465
46,208,468
20,381,588
19,695,793
Dividends received
223,997
985,662
-
-
85,110,196
36,309,230
6,216,857
(6,847,446)
Proceeds from disposal of
property and equipment
Reclasification of property, plant and
Net cash generated from/(used in)
72
investing activities
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
CASH FLOW STATEMENT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009 (CONTINUED)
Group
Company
Note
2009
2008
2009
2008
RM
RM
RM
RM
-
(125,878)
-
-
CASH FLOWS FROM
FINANCING ACTIVITIES
Repayment of hire purchase creditors
Interest paid
(54,827,587)
(41,090,004)
(8,704,422)
8,537,804
Dividends paid
(2,796,557)
(6,208,800)
(1,800,001)
(4,440,002)
(57,624,144)
(47,424,682)
(10,504,423)
120,114,100 (248,142,445)
320,445
Net cash (used in)/generated from
financing activities
4,097,802
NET INCREASE/(DECREASE)
IN CASH AND CASH EQUIVALENTS
(3,430,628)
CASH AND CASH EQUIVALENTS
AT BEGINNING OF THE
FINANCIAL YEAR
75,361,900
321,204,072
8,568,816
11,999,444
(2,237,887)
2,300,273
-
-
193,238,113
75,361,900
8,889,261
8,568,816
CURRENCY TRANSLATION
DIFFERENCES
CASH AND CASH EQUIVALENTS
AT END OF THE FINANCIAL
YEAR
21
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
73
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009
1
GENERAL INFORMATION
The principal activities of the subsidiaries and jointly controlled entities consist of nominees, agents or trustees,
property management, project management, investment in properties and development projects, unit trust manager,
investment banking, custodian and trust services and financing.
The Company is a public company limited by shares, incorporated and domiciled in Malaysia, and not listed on Bursa
Malaysia Berhad.
The address of the registered office of the Company is Tingkat 11, Wisma AmanahRaya, No. 2, Jalan Ampang, 50508
Kuala Lumpur.
2
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s activities expose it to a variety of financial risks, including interest rate risk, market risk, liquidity and cash
flow risk. The Group’s overall financial risk management objective is to ensure that the Group creates value for its
shareholders. Financial risk management is carried out through risk reviews, internal control systems and adherence to
Group’s financial risk management policies. The Board regularly reviews these risks and approves the treasury policies,
which covers the management of these risks.
Interest rate risk
74
The principal activities of the Company consist of administering estates of deceased persons, acting as trustee for
minors, public and unit trust schemes, and the management of trust funds.
Interest rate risk refers to risk that the value of a financial instrument will fluctuate due to changes in market interest
rates. The Group is exposed to a substantial amount of interest rate risk, the financial assets and liabilities of the Group
are interest sensitive, except for the fixed income investments and deposits which are placed with licensed banks at
market interest rates and the investments which rates have been pre-determined.
Market risk
Market risk is defined as risk that the value of a financial instrument will fluctuate as a result of changes in market
prices, whether those changes are caused by factors specific to the individual security of its issuer or factors affecting
all securities traded in the market. Market risk exposure arises from investments in quoted shares as the value of the
investments will fluctuate as a result of changes in equity market prices.
Liquidity and cash flow risk
Liquidity and cash flow risk relates to risk that an enterprise will encounter difficulty in raising funds to meet commitments
associated with financial instruments. Prudent liquidity risk management implies maintaining marketable securities
and sufficient cash for operation and ability to close our market positions. The Group aims at mitigating liquidity risk
by adopting a prudent policy in accepting funds and maintaining flexibility in funding by keeping the cash in the short
term money market and marketable securities.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2009 (CONTINUED)
2
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
Credit risk
–
–
–
–
–
3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit and counterparty risk is defined as the possibility of losses due to an unexpected default or due to a deterioration of the counterparty’s credit-worthiness. The Group manages its credit risks by:
placing its deposits with major financial institutions in Malaysia with good financial standing
requiring guarantors for staff loans
assessing each application including ensuring that loans issued are adequately secured and adhering to the
lending guidelines
receivables are monitored on an on-going basis via management reporting procedures
ensuring each development project is contracted for an imputing controlling features such as security on landed
properties, obtaining guarantee from counterparties, and having board representatives.
The following accounting policies have been used consistently in dealing with items that are considered material in
relation to the financial statements. These policies have been consistently applied to all the years presented, unless
otherwise stated.
(a) Basis of preparation
The financial statements of the Group and the Company have been prepared in accordance with the MASB
Approved Accounting Standards in Malaysia for Entities Other than Private Entities and the provisions of the
Companies Act, 1965.
The financial statements have been prepared under the historical cost convention.
The preparation of financial statements in conformity with MASB Approved Accounting Standards in Malaysia
for Entities Other than Private Entities requires the use of certain critical accounting estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements, and the reported amounts of revenues and expenses during the reported
period. It also requires Directors to exercise their judgment in the process of applying the Company’s accounting
policies. Although these estimates and judgment are based on the Directors’ best knowledge of current events
and actions, actual results may differ.
Trust assets held in the name of the Company and its predecessor organisation are not included in these financial
statements. The activities and assets of the various unit trusts and other funds for which the Company acts as
trustee are not included in these financial statements as they are separate entities.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
75
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(a) Basis of preparation (continued)
76
(i)
Standards, amendments to published standards and interpretations to existing standards that are applicable
to the Group and are effective
There are no new accounting standards, amendments to published standards and interpretations to
existing standards effective for the Group’s and the Company’s financial period ended 31 December 2009
and applicable to the Group.
(ii)
Standards, amendments to published standards and interpretations that are applicable to the Group but
not yet effective
•
The revised FRS 101 “Presentation of financial statements” (effective from 1 January 2010) prohibits
the presentation of items of income and expenses (that is, ‘non-owner changes in equity’) in the
statement of changes in equity. ‘Non-owner changes in equity’ are to be presented separately
from owner changes in equity. All non-owner changes in equity will be required to be shown in a
performance statement, but entities can choose whether to present one performance statement
(the statement of comprehensive income) or two statements (the income statement and statement
of comprehensive income). Where entities restate or reclassify comparative information, they will be
required to present a restated balance sheet as at the beginning comparative period in addition to
the current requirement to present balance sheets at the end of the current period and comparative
period.
•
The revised FRS 127 “Consolidated and separate financial statements” (effective prospectively from
1 July 2010) requires the effects of all transactions with non-controlling interests to be recorded in
equity if there is no change in control and these transactions will no longer result in goodwill or gains
and losses. The standard also specifies the accounting when control is lost. Any remaining interest in
the entity is re-measured to fair value, and a gain or loss is recognised in profit or loss.
•
FRS 139 “Financial Instruments: Recognition and Measurement” (effective from 1 January 2010)
establishes principles for recognising and measuring financial assets, financial liabilities and
some contracts to buy and sell non-financial items. Hedge accounting is permitted under strict
circumstances. The amendments to FRS 139 provide further guidance on eligible hedged items. The
amendment provides guidance for two situations. On the designation of a one-sided risk in a hedged
item, the amendment concludes that a purchased option designated in its entirety as the hedging
instrument of a one-sided risk will not be perfectly effective. The designation of inflation as a hedged
risk or portion is not permitted unless in particular situations. The improvement to FRS 139 clarifies
that the scope exemption in FRS 139 only applies to forward contracts but not options for business
combinations that are firmly committed to being completed within a reasonable timeframe.
•
IC Interpretation 9 “Reassessment of Embedded Derivatives” (effective from 1 January 2010)
requires an entity to assess whether an embedded derivative is required to be separated from the
host contract and accounted for as a derivative when the entity first becomes a party to the contract.
Subsequent reassessment is prohibited unless there is a change in the terms of the contract that
significantly modifies the cash flows that otherwise would be required under the contract, in which
case reassessment is required.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
3
(ii)
not yet effective (continued)
•
FRS 7 “Financial instruments: Disclosures” (effective from 1 January 2010) provides information
to users of financial statements about an entity’s exposure to risks and how the entity manages
those risks. The improvement FRS 7 clarifies that entities must not present total interest income and
expense as a net amount within finance costs on the face of the income statement.
•
The Group has applied the transitional provision in the respective standards which exempts entities
from disclosing the possible impact arising from the initial application of the following standards and
interpretations on the financial statements of the Group and Company.
–
FRS 139, Amendments to FRS 139 on eligible hedged items, Improvement to FRS 139 and IC
Interpretation 9
FRS 7 and Improvement to FRS 7
–
•
The amendment to FRS 1 “First-time adoption of financial reporting standards” and FRS 127
“Consolidated and separate financial statements: Cost of an investment in a subsidiary, jointly
controlled entity or associate” (effective from 1 January 2010) allows first-time adopters to use
a deemed cost of either fair value or the carrying amount under previous accounting practice to
measure the initial cost of investments in subsidiaries, jointly controlled entities and associates in the
separate financial statements. The amendment also removes the definition of the cost method from
FRS 127 and requires investors to present dividends as income in the separate financial statements.
•
The amendments to FRS 132 “Financial instruments: Presentation” and FRS 101(revised) “Presenta
tion of financial statements” - “Puttable financial instruments and obligations arising on liquidation”
(effective from 1 January 2010) require entities to classify puttable financial instruments and
instruments that impose on the entity an obligation to deliver to another party a prorata share of the
net assets of the entity only on liquidation as equity, if they have particular features and meet specific
conditions.
The following amendments are part of the Malaysian Accounting Standards Board’s (“MASB”) improvements
project:
•
FRS 5 “Non-current assets held for sale and discontinued operations” clarifies that FRS 5 disclosures
apply to non-current assets or disposal groups that are classified as held for sale and discontinued
operations.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
77
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
3
(ii)
not yet effective (continued)
•
FRS 107 “Statement of cash flows” clarifies that only expenditure resulting in a recognised asset can
be categorised as a cash flow from investing activities.
•
FRS 110 “Events after the balance sheet date” reinforces existing guidance that a dividend declared
after the reporting date is not a liability of an entity at that date given that there is no obligation at
that time.
•
FRS 116 “Property, plant and equipments” (consequential amendment to FRS 107 “Statement of cash
flows”) requires entities whose ordinary activities comprise of renting and subsequently selling assets
to present proceeds from the sale of those assets as revenue and should transfer the carrying amount
of the asset to inventories when the asset becomes held for sale. A consequential amendment to FRS
107 states that cash flows arising from purchase, rental and sale of those assets are classified as cash
flows from operating activities.
•
FRS 117 “Leases” clarifies that the default classification of the land element in a land and building
lease is no longer an operating lease. As a result, leases of land should be classified as either finance
or operating, using the general principles of FRS 117.
•
FRS 118 “Revenue” provides more guidance when determining whether an entity is acting as a
‘principal’ or as an ‘agent’.
•
FRS 127 “Consolidated & separate financial statements” clarifies that where an investment in a
subsidiary that is accounted for under FRS 139 is classified as held for sale under FRS 5, FRS 139
would continue to be applied.
•
FRS 136 “Impairment of assets” clarifies that the largest cash-generating unit (or group of units) to
which goodwill should be allocated for the purposes of impairment testing is an operating segment
before the aggregation of segments with similar economic characteristics. The improvement also
clarifies that where fair value less costs to sell is calculated on the basis of discounted cash flows,
disclosures equivalent to those for value in use should be made.
78
The Group will apply these standards from financial periods beginning when effective. The adoption of
these standards and amendments will not have significant impact on the results of the Group and the
Company except for FRS 139.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
3
(b) Subsidiaries
Subsidiaries are those corporations, partnerships or other entities (including special purpose entities) in which
the Group has the power to exercise control over the financial and operating policies so as to obtain benefits
from their activities, generally accompanying a shareholding of more than half of the voting rights. The existence
and effect of potential voting rights that are currently exercisable or convertible are considered when assessing
whether the Group controls another entity.
Investments in subsidiaries are stated at cost less accumulated impairment losses. Where there is an indication
of impairment, the carrying amount of the investment is assessed. A write down is made if the carrying amount
exceeds its recoverable amount.
The consolidated financial statements include the financial statements of the Company and all its subsidiaries
made up to the end of the financial year.
Subsidiaries are consolidated using the purchase method of accounting.
Under the purchase method of accounting, the results of subsidiaries acquired or disposed of during the year are
included from the date of acquisition up to the date of disposal. The cost of an acquisition is measured as the fair
value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange,
plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured initially at their fair values at the acquisition date,
irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the
Group’s share of the identifiable net assets acquired at the date of acquisition is reflected as goodwill. If the cost
of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised
directly in the income statement.
Minority interest represents that portion of the profit or loss and net assets of a subsidiary attributable to equity
interests that are not owned, directly or indirectly through subsidiaries, by the parent. It is measured at the
minorities’ share of the fair value of the subsidiaries’ identifiable assets and liabilities at the acquisition date and
the minorities’ share of changes in the subsidiaries’ equity since that date.
All material transactions, balances and unrealised gains between group companies are eliminated and the
consolidated financial statements reflect external transactions only. Where necessary, accounting policies of
subsidiaries have been changed to ensure consistency with the policies adopted by the Group.
The gain or loss on disposal of a subsidiary is the difference between net disposal proceeds and the Group’s
share of its net assets as of the date of disposal including the cumulative amount of any exchange differences
that relate to the subsidiary is recognised in the consolidated income statement.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
79
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
3
(c) Joint venture
Jointly controlled entities are corporations, partnerships or other entities over which there is contractually
agreed sharing of control by the Group with one or more parties where the strategic financial and operating
decisions relating to the entities require unanimous consent of the parties sharing control. Investments
in jointly controlled entities are accounted for in the consolidated financial statements using the equity
method of accounting and stated at cost less accumulated impairment losses. Where there is an indication
of impairment, the carrying amount of the investment is assessed. A write down is made if the carrying
amount exceeds its recoverable amount.
Equity accounting involves recognising the Group’s share of the post acquisition results of jointly controlled
entities in the income statement and its share of post acquisition movements within reserves. The cumulative
post acquisition movements are adjusted against the cost of the investment and includes goodwill on
acquisition, net of any accumulated amortisation.
The Group recognises the portion of gains or losses on the sale of assets by the Group to the joint venture
that is attributable to the other venturers. The Group does not recognise its share of profits or losses from
the joint venture that result from the purchase of assets by the Group from the joint venture until it resells
the assets to an independent party. However, if a loss on the transaction provides evidence of a reduction
in the net realisable value of current assets or an impairment loss, the loss is recognised immediately.
Where necessary, in applying the equity method, adjustments have been made to the financial statements
of jointly controlled entities to ensure consistency of accounting policies with those of the Group.
(ii) Jointly controlled operations
Investment in a jointly controlled operation involves contractual agreement with one or more parties to use
the assets and other resources of the venturers rather than the establishment of an entity that are jointly
controlled by the venturers.
The Company’s assets, liabilities, income and expenses in relation to its interests in the jointly controlled
operations are recognised in its own financial statements.
(d
80
(i) Jointly controlled entities
Property and equipment
Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Group and
Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is
derecognised. All other repairs and maintenance are charged to the income statement during the financial
period in which they are incurred.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
3
(d) Property and equipment (continued)
The property and equipment are depreciated on a straight line basis to write down the cost of the assets to their
residual values over their estimated useful lives, summarised as follows:
Building
Computer equipment
Motor vehicles
Office equipment, furniture and fittings
Renovations
50 years
3 years
5 years
5 to 10 years
3 years or over the lease period whichever is shorter
Residual values and useful lives of assets are reviewed, and adjusted if appropriate, at each balance date.
Depreciation on assets under construction commences when the assets are ready for their intended use.
The carrying amounts of property and equipment are reviewed at each balance sheet date to determine whether
there is any indication of impairment. An impairment loss is recognised in the income statements whenever the
carrying amount of an item of property and equipment exceeds its recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in
profit/(loss) from operations.
Repairs and maintenance are charged to the income statement during the period in which they are incurred.
The cost of major renovations is included in the carrying amount of the asset when it is probable that future
economic benefits in excess of the originally assessed standard of performance of the existing asset will flow to
the Group.
(e) Other investments
(f)
Investment in golf club membership is shown at cost and an allowance for diminution in value is made where,
in the opinion of the Directors, there is a decline other than temporary in the value of such investment. Where
there has been a decline other than temporary in the value of an investment, such a decline is recognised as an
expense in the financial period in which the decline is identified.
Investments
The investments are carried at lower of cost less any permanent diminution in value.
The carrying value of fixed income securities are valued at cost adjusted for amortisation of premium or accretion
of discount over their par values at the time of acquisition on an effective yield method. The premium or discount
is amortised or accreted over the remaining term of the securities from the date of acquisition.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
81
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
3
(g) Construction contracts
A construction contract is a contract specifically negotiated for the construction of an asset or a combination of
assets that are closely interrelated or interdependent in terms of their design, technology and functions or their
ultimate purpose or use.
When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs
are recognised by using the stage of completion method. The stage of completion is measured by reference to
the proportion that contract cost incurred for work performed to date bear to the estimated total costs for the
contract.
When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised only
to the extent of contract costs incurred that is probable will be recoverable; contract costs are recognised when
incurred.
Irrespective whether the outcome of a construction contract can be estimated reliably, when it is probable
that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense
immediately.
The aggregate of the costs incurred and the profit/loss recognised on each contract is compared against the
progress billings up to the period end. Where cost incurred and recognised profits (less recognised losses)
exceed progress billings, the balance is shown as amounts due from customers on construction contracts under
receivables, deposits and prepayments (within current assets). Where progress billings exceed costs incurred plus
recognised profits (less recognised losses), the balance is shown as amounts due to customers on construction
contracts under payables (within current liabilities).
(h) Land held for property development
Land held for property development consist of land on which no significant development work has been
undertaken or where development activities are not expected to be completed within the normal operating
cycle. Such land is classified as non-current assets and is stated at cost less accumulated impairment losses.
Cost includes costs of land and other development costs and related overheads.
Land held for property development is transferred to property development costs (within current assets) when
development work is to be undertaken and is expected to be completed within the normal operating cycle.
(i)
82
Property development costs
Property development costs comprise costs associated with the acquisition of land and all costs that are directly
attributable to development activities or that can be allocated on a reasonable basis to such activities.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
3
(i)
Property development costs (continued)
When the financial outcome of a development activity can be estimated reliably, property development revenue
and expenses are recognised in the income statement by reference to the stage of completion of development
activity at the balance sheet date.
When the financial outcome of a development activity cannot be reliably estimated, the property development
revenue shall be recognised only to the extent of property development costs incurred that is probable to be
recoverable and property development costs on the development units sold are recognised as an expense in the
period in which they are incurred.
Where it is probable that property development costs will exceed property development revenue, any expected
loss is recognised as an expense immediately, including costs to be incurred over the defects liability period.
Property development costs that are not recognised as expenses are recognised as assets and carried at the
lower of cost and net realisable value.
Progress Billings/Accrued Billings
(j)
In respect of progress billings:
(i)
where revenue recognised in the income statement exceeds the billings to purchasers, the balance is
shown as accrued billings under current assets; and
(ii)
where billings to purchasers exceed the revenue recognised to the income statement, the balance is shown
as progress billings under current liabilities.
(k) Receivables
Receivables are carried at anticipated realisable values. Known bad debts are written off in the period in which
they are identified and specific allowance is made for any considered to be doubtful of collection. An estimate is
made for doubtful debts based on a review of all outstanding amounts at the financial year end.
Income taxes
(l)
Current tax
Current tax expense is determined according to the tax laws of each jurisdiction in which the Group operates
and includes all taxes based upon the taxable profits.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
83
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
3
(l)
Deferred tax
Deferred tax is recognised in full, using the liability method, on temporary differences arising between the
amounts attributed to assets and liabilities for tax purposes and their carrying amounts in the financial statements.
However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a
transaction other than a business combination that at the time of the transaction affects neither accounting nor
taxable profit or loss.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences or unused tax losses can be utilised.
Deferred income tax is recognised on temporary differences arising on investment in subsidiaries except where
the timing of the reversal of the temporary difference can be controlled by the Group and it is probable that the
temporary difference will not reverse in the foreseeable future.
Deferred income tax is determined using tax rates (and tax laws) that have been enacted or substantially enacted
by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the
deferred tax liability is settled.
(m) Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise cash in hand and bank balances,
demand deposits, bank overdraft and short term, highly liquid investments that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value.
(n) Hire purchase payables
Assets purchased under hire purchase agreements are capitalised as property and equipment and depreciated
in accordance with the policy set out in Note 3(d) above. The corresponding obligations due under the hire
purchase agreements after deducting finance charges are included as hire purchase payables while finance
charges are charged to the income statement on a straight line basis over the term of the respective hire purchase
agreements.
(o) Impairment of assets
84
Income taxes (continued)
Property and equipment and other non-current assets (except for amounts due from subsidiaries, associates
and deferred tax assets) are reviewed for impairment losses whenever events or changes in circumstances (for
depreciable non-current assets) indicate that the carrying amount may not be recoverable. Impairment loss
is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount. The
recoverable amount is the higher of an asset’s net selling price and value in use.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
3
(o) Impairment of assets (continued)
For the purposes of assessing impairment, the recoverable amount is determined on an identified asset basis or
on the cash generating unit (“CGU”) to which the asset belongs to. An asset’s recoverable amount is the higher
of an asset’s or CGU’s fair value less cost to sell or its value in use. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax weighted average cost of capital. Where the
carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written
down to its recoverable amount.
The impairment loss is charged to the income statement unless it reverses a previous revaluation in which case
it is charged to the revaluation surplus. Any subsequent increase in recoverable amount is recognised in the
income statement unless it reverses an impairment loss on a revalued asset in which case it is taken to revaluation
surplus.
Impairment loss on goodwill is not reversed in a subsequent period. An impairment loss for an asset other
than goodwill is reversed if, and only if, there has been a change in the estimates used to determine the asset’s
recoverable amount since the last impairment loss was recognised. The carrying amount of an asset other
than goodwill is increased to its revised recoverable amount, provided that this amount does not exceed the
carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss
been recognised for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is
recognised in profit or loss, unless the asset is carried at revalued amount, in which case, such reversal is treated
as a revaluation increase.
(p) Intangible assets
(i)
Goodwill
Goodwill arises on business combinations when the cost of acquisition exceeds the fair value of the
Company’s share of the identifiable assets, liabilities and contingent liabilities acquired. Impairment losses
on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of
goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units (‘CGU’) for the purpose of impairment testing. Goodwill is
tested annually for impairment and carried at cost less accumulated impairment losses. Impairment testing
is performed annually and it is done by comparing the present value of the CGU’s projected cash flows
against the carrying amount of its net assets which include the allocated goodwill. The allocation is made
to those cash-generating units or groups of cash-generating units that are expected to benefit from the
synergies of the business combination in which the goodwill arose. The Group and the Company allocates
goodwill to each business unit (Note 12).
Other intangible assets
(ii)
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring
to use the specific software.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
85
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
3
(p) Intangible assets (continued)
(ii)
Intangible assets that have an indefinite useful life, or are not yet ready for use, are tested for impairment
annually. This impairment test may be performed at any time during the year, provided it is performed at
the same time every year. An intangible asset recognised during the current period is tested before the
end of the current year.
(q) Financial instruments
(i)
Description
A financial instrument is any contract that gives rise to both a financial asset of one enterprise and a
financial liability or equity instrument of another enterprise.
A financial asset is any asset that is cash, a contractual right to receive cash or another financial asset from
another enterprise, a contractual right to exchange financial instruments with another enterprise under
conditions that are potentially favourable, or an equity instrument of another enterprise.
A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to
another enterprise, or the exchange of financial instruments with another enterprise under conditions that
are potentially unfavourable.
Financial instruments recognised on the balance sheet
(ii)
86
Other intangible assetsl (continued)
The particular recognition adopted for financial instruments recognised on the balance sheet is disclosed
in the individual policy statements associated with each item.
(iii) Fair value estimation for disclosure purposes
The fair values, less any estimated credit adjustments for financial assets and liabilities with a maturity of
more than one year are estimated using a variety of methods and assumptions that are based on market
conditions existing at each balance sheet date. Other techniques, such as estimated discounted value
of future cash flows, are used where possible, to determine the fair value for the remaining financial
instruments. In particular, the fair value of financial liabilities is estimated by discounting the future cash
flows at the current market interest rate available to the Group for similar financial instruments.
The face values of financial assets (less any estimated credit adjustments) and financial liabilities with a
maturity period of less than one year are assumed to approximate their fair values.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
3
(r)
Employee benefits
(i)
Short term employee benefits
Wages, salaries, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the
financial year in which the associated services are rendered by employees of the Group.
Defined contribution plans
(ii)
The Group’s contributions to defined contribution plans are charged to the income statement in the
period to which they relate. Once the contributions have been paid, the Group has no further payment
obligations.
(iii) Defined benefit plans
The liability in respect of a defined benefit plan is the present value of the defined benefit obligation at
the balance sheet date minus the fair value of plan assets, together with adjustments for actuarial gains/
losses and past service cost. The Group determines the present value of the defined benefit obligation and
the fair value of any plan assets with sufficient regularity such that the amounts recognised in the financial
statements do not differ materially from the amounts that would be determined at the balance sheet
date.
The defined benefit obligation, calculated using the projected unit credit method, is determined by
independent actuaries, considering the estimated future cash outflows using market yields at balance
sheet date of government securities which have currency and terms to maturity approximating the terms of
the related liability.
(s) Foreign currency
(i)
Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency
of the primary economic environment in which the entity operates (the “functional currency”). The financial
statements are presented in Ringgit Malaysia, which is the Group’s functional and presentation currency.
Transactions and balances
(ii)
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of
such transactions and from the translation at year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the income statement.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
87
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
3
(s) Foreign currency (continued)
The results and financial position of all the group entities (none of which has the currency of a hyperinflationary
economy) that have a functional currency different from the presentation currency are translated into the
presentation currency as follows:
•
•
•
(t)
Leases
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of
that balance sheet;
income and expenses for each income statement are translated at average exchange rates (unless
this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the
transaction dates, in which case income and expenses are translated at the rate on the dates of the
transactions); and
all resulting exchange differences are recognised as a separate component of equity.
Leasehold land
Leasehold land that normally has an indefinite economic life and title is not expected to pass to the lessee by
the end of the lease term is treated as an operating lease. The payment made on entering into or acquiring a
leasehold land is accounted as prepaid lease payments that are amortised over the lease term in accordance
with the pattern of benefits provided.
The Group had previously classified a lease of land as finance lease and had recognised the amount of prepaid
lease payments as leasehold land within its property and equipment. In accordance with the transition provisions
of FRS 117 – ‘Leases’, the Group has now treated such a lease as an operating lease, with the unamortised
carrying amount classified as prepaid lease payments and the effect of this change is applied retrospectively.
88
(iii) Group companies
(u) Revenue recognition
Revenue is recognised upon performance of services and net of service taxes, and after eliminating sales within
the Group.
Interest/ financing income
Interest income and financing income are recognised on an accrual basis using the effective interest rate. The
effective interest rate is the rate that exactly discounts the estimated future cash payments or receipts through
the expected life of the financial assets and liabilities.
Customers’ accounts are generally classified as non-performing where repayments are in arrears for six (6) months
or more from the first day of default for loans and financing.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2009 (CONTINUED)
3
(u) Revenue recognition (continued)
Interest/ financing income (continued)
Interest accrued and recognised as income prior to the date the loans and financing are classified as nonperforming shall be reversed out of income by debiting the interest income in the income statement and crediting
the accrued interest receivable account in the balance sheet. Thereafter, interest earned on non-performing
loans and financing shall be recognised as income on a cash basis.
Loan arrangement fees are recognised as income when all conditions precedent are fulfilled.
Other income
Management fees are recognised based on a receivable basis.
Income from rental is recognised on an accrual basis.
Revenue relating to sale of completed properties held for resale is recognised net of discounts when transfer of
risks and rewards have been completed.
Interest income from fixed income securities are recognised on an accrual basis.
Investment securities are initially recognised at fair value and subsequently measured at amortised cost using
the effective interest method. Gains or losses arising from the derecognition or impairment of the securities are
recognised in the income statement.
Investment securities are derecognised when the rights to receive cash flows from the securities have expired or
where the Group has transferred substantially all risks and rewards of ownership.
Dividends from quoted investments are recognised on the ex-dividend date.
Realised gain and loss on sale of quoted investments is arrived at after accounting for cost of investments,
determined on the weighted average cost method.
Realised gain and loss on sale of fixed income securities is measured by the difference between the net disposal
proceeds and the carrying amounts of the investments.
(v) Dividends
Dividends on ordinary shares are recognised as liabilities when proposed or declared before the balance sheet
date. A dividend proposed or declared after the balance sheet date, but before the financial statements are
authorised for issue, is not recognised as a liability at the balance sheet date.
(x) Zakat
This represents business zakat payable by the Group and Company to comply with the principles of Syariah.
The Group and Company only pays zakat on its business and does not pay zakat on behalf of depositors or
shareholders. Zakat provision is calculated based on 2.5% of the net assets method.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
89
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2009 (CONTINUED)
4
REVENUE
Group
Company
2009
2008
2009
2008
RM
RM
RM
RM
25,952,270
22,263,459
25,935,737
22,261,021
– unit trust operation
19,831,412
17,999,055
-
-
– estate administration operation
13,246,588
13,100,179
12,857,284
12,351,035
– will and legal operation
15,810,377
15,308,965
16,144,954
15,308,965
Management fee
41,750,095
73,551,022
37,309,266
67,887,710
Revenue from:
– trust operation
5
Financing income
65,862,558
56,601,031
-
-
Custodian fee
3,018,416
3,037,518
-
-
Building management fee
4,748,818
4,343,987
-
-
Construction contract
113,190,787
14,587,616
-
-
Fee income
2,846,725
4,134,290
-
-
306,258,046
224,927,122
92,247,241
117,808,731
PERSONNEL COSTS
Group
Company
2009
2008
2009
2008
RM
RM
RM
RM
Salaries, wages and bonuses
35,116,310
32,863,818
21,978,393
18,593,124
Pension costs - defined contribution plan
4,529,444
4,363,700
2,821,890
2,427,747
Other staff related costs
4,327,409
3,911,311
2,914,235
2,297,474
43,973,163
41,138,829
27,714,518
23,318,345
90
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
6
PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX
Profit from ordinary activities before tax is arrived at after charging/(crediting):
Group
Company
2009
2008
2009
2008
RM
RM
RM
RM
Directors’ remuneration (Note 7)
1,636,360
1,691,103
1,345,460
1,323,953
– statutory audit
308,400
275,420
85,000
85,000
Depreciation
4,692,944
3,783,015
4,023,696
3,191,739
Amortisation of intangible asset
296,393
344,218
-
-
Property and equipment written off
75,039
93,063
17,530
88,676
-
(234,527)
-
-
Auditors’ remuneration:
Gain on disposal of property, plant
and equipment
(Gain)/loss on foreign exchange
(94,848)
Loss/(gain) from sale of investments
4,646,108
of investments
Allowance on doubtful debts
249,057
3,648
(6,274)
(581,597)
(289)
(35,159)
2,244,439
108,002
(64,531)
108,002
6,807,907
5,765,619
180,788
181,433
-
-
(13,844,000)
(9,911,940)
(985,662)
(13,081)
(60,667)
Allowance for diminution in value
Dividend income
– subsidiaries
– investments
(223,997)
Rental on premises
9,335,990
9,021,994
9,653,898
9,012,243
Lease rental of equipments
640,080
479,762
333,612
260,639
loss on subsidiaries
10,980,629
(575,426)
10,980,629
(575,426)
Interest income from deposits and bonds
(113,486,810)
(46,208,469)
(158,375)
(650,671)
Interest income on loan to subsidiaries
-
-
(16,039,962)
(14,870,914)
Unrealised (gain)/loss on investment
5,149,426
-
(1,882,901)
-
(113,021)
-
Allowance/(reversal) of impairment
-
Accretion of discount net amortisation of
premium
ANNUAL REPORT 2009
(113,021)
AMANAH RAYA BERHAD
91
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
7
DIRECTORS’ EMOLUMENTS
The aggregate amount of emoluments receivable by Directors of the Company during the year are as follows:
Group
Company
2009
2008
2009
2008
RM
RM
RM
RM
Directors emoluments:
– fees
492,000
579,750
222,000
223,500
– other emoluments
1,144,360
1,111,353
1,123,460
1,100,453
1,636,360
1,691,103
1,345,460
1,323,953
- current year
7,876,879
16,221,489
895,616
7,171,946
– (over)/under provision in prior years
(6,110,790)
597,378
(4,843,257)
8
TAXATION
Malaysian income tax:
(32,739)
1,766,089
16,818,867
(3,947,641)
7,139,207
Deferred tax (Note 18)
– current year
(86,509)
(596,154)
(93,328)
427,809
74,580
-
-
(521,574)
(93,328)
427,809
16,297,293
(4,040,969)
7,567,016
– over recognition of deferred tax
assets in prior year
65,058
(21,451)
92
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
1,744,638
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
8
TAXATION (CONTINUED)
The numeric reconciliation between tax expense and profit before taxation and zakat is as follows:
Group
Company
2009
2008
2009
2008
RM
RM
RM
RM
Profit before taxation and zakat
25,076,639
73,694,934
22,606,238
63,927,518
(2008: 26%)
6,269,160
21,927,172
5,651,560
16,621,155
– effect on differences in tax rate
1,355,883
1,390,277
-
-
8,494,661
11,479,769
8,444,607
7,961,240
– income not subject to tax
(10,721,065)
(18,978,118) (13,190,495)
(16,984,456)
– deferred tax previously not recognised
2,447,789
(145,683)
(103,384)
– (over)/under provision in prior years
(6,110,790)
597,378
(4,843,257)
(32,739)
10,000
26,498
-
1,816
1,744,638
16,297,293
(4,040,969)
7,567,016
Tax calculated at the Malaysian
statutory tax rate of 25% Tax effects of:
– expenses not deductible for tax
purposes
– deferred tax recognised at different tax rates
Tax expense
9
-
EARNINGS PER SHARE
The earnings per share for the Group has been calculated based on the net profit attributable to the equity holders of
the Company of RM22,215,377 (2008: RM55,214,578) divided by the weighted average number of ordinary shares in
issue during the financial year of 6,000,002 (2008: 6,000,002).
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
93
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
10 PROPERTY AND EQUIPMENT
Office
equipment,
Assets
Land
and
Computer
Motor
furniture
under
building
equipment
vehicles
and
fittings
Renovations
construction
Total
RM
RM
RM
RM
RM
RM
RM
3,920,858
14,759,504
744,702
7,017,426
10,546,517
903,021
37,892,028
Additions
-
1,059,741
132,891
1,208,965
2,993,394
72,420
5,467,411
Write-offs and disposals
-
Reclassification
-
Group
2009
Cost
At 1 January
At 31 December
(204,160)
-
(187,627)
(282,935)
-
(674,722)
-
-
(2,098)
(1,859,521)
(55,369)
(1,916,988)
3,920,858
15,615,085
877,593
8,036,666
11,397,455
920,072
40,767,729
249,115
10,884,700
269,517
2,364,857
6,651,632
-
20,419,821
Accumulated
depreciation
At 1 January
Charge for the year
At 31 December
-
(179,939)
-
(232,724)
-
(514,878)
78,218
2,101,871
134,062
(102,215)
777,264
1,601,529
-
4,692,944
327,333
12,806,632
403,579
3,039,906
8,020,437
-
24,597,887
3,593,525
2,808,453
474,014
4,996,760
3,377,018
920,072
16,169,842
Net book value
At 31 December 2009
94
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
10 PROPERTY AND EQUIPMENT (CONTINUED)
Office
equipment,
Assets
Land
and
Computer
Motor
furniture
under
building
equipment
vehicles
and
fittings
Renovations
construction
RM
RM
Total
RM
RM
RM
RM
RM
11,373,304 1,511,778
5,353,382
7,522,118
1,408,383
31,089,823
1,716,438
3,193,087
208,362
8,998,911
-
(1,482,982)
Group
2008
Cost
At 1 January
3,920,858
Additions
-
-
Reclassification
-
-
-
-
-
(713,724)
(713,724)
3,920,858
14,759,504
744,702
7,017,426
10,546,517
903,021
37,892,028
170,898
9,443,058
972,052
1,787,644
5,368,865
-
17,742,517
At 31 December
3,494,373
386,651
(108,173) (1,153,727)
(52,394)
(168,688)
Accumulated
depreciation
At 1 January
Charge for the year
At 31 December
-
(80,240)
-
(1,105,711)
78,217
1,521,882
(871,245)
168,710
603,932
(26,719)
1,410,274
(127,507)
-
3,783,015
249,115
10,884,700
269,517
2,364,857
6,651,632
-
20,419,821
3,671,743
3,874,804
475,185
4,652,569
3,894,885
903,021
17,472,207
Net book value
At 31 December 2008
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
95
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
Office
equipment,
Assets
Land
and
Computer
Motor
furniture
under
building
equipment
vehicles
and
fittings
Renovations
construction
Total
RM
RM
RM
RM
RM
RM
RM
1,336,860
13,221,827
431,292
6,261,285
10,365,625
903,021
32,519,910
Additions
-
698,197
62,272
1,095,106
2,851,622
72,420
4,779,617
-
(46,980)
-
(68,601)
(209,700)
Reclassification
-
-
-
-
(1,859,520)
1,336,860
13,873,044
493,564
7,287,790
11,148,027
920,072
35,059,357
136,033
9,952,040
235,871
2,131,649
6,608,596
-
19,064,189
Company
2009
Cost
At 1 January
At 31 December
-
(55,369)
(325,281)
(1,914,889)
Accumulated
depreciation
At 1 January
Charge for the year
At 31 December
-
(46,967)
-
(55,756)
26,737
1,711,317
67,024
684,526
1,534,092
(205,029)
-
-
4,023,696
(307,752)
162,770
11,616,390
302,895
2,760,419
7,937,659
-
22,780,133
1,174,090
2,256,654
190,669
4,527,371
3,210,368
920,072
12,279,224
Net book value
At 31 December
96
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
Office
equipment,
Assets
Land
and
Computer
Motor
furniture
under
building
equipment
vehicles
and
fittings
Renovations
construction
RM
Total
RM
RM
RM
RM
RM
RM
1,336,860
10,259,833
451,893
4,802,563
7,395,162
1,408,383
25,654,694
Additions
-
3,003,721
81,688
1,497,608
3,094,013
208,362
7,885,392
-
(123,550)
-
(306,452)
Reclassification
-
-
-
-
-
(713,724)
(713,724)
1,336,860
13,221,827
431,292
6,261,285
10,365,625
903,021
32,519,910
109,296
8,790,452
205,429
1,625,436
5,359,177
-
16,089,790
(120,552)
-
(217,340)
Company
2008
Cost
At 1 January
At 31 December
(41,727) (102,289)
(38,886)
Accumulated
depreciation
At 1 January
Charge for the year
At 31 December
-
(38,537)
(36,687)
(21,564)
26,737
1,200,125
67,129
527,777
1,369,971
-
3,191,739
136,033
9,952,040
235,871
2,131,649
6,608,596
-
19,064,189
1,200,827
3,269,787
195,421
4,129,636
3,757,029
903,021
13,455,721
Net book value
At 31 December
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
97
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
11 PREPAID LEASE PAYMENTS
Group
2009
2008
RM
RM
689,827
689,827
Cost
As at 1 January/31 December
Accumulated Amortisation
As at 1 January
29,991
19,994
Charge for the year
9,997
9,997
As at 31 December
39,988
29,991
649,839
659,836
Net book value
As at 31 December
98
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
12 INTANGIBLE ASSETS (CONTINUED)
Computer
Goodwill
Software
Total
Group
2009
Cost
RM
RM
RM
As at 1 January
2,713,537
1,120,551
3,834,088
Additions 29,487,049
-
29,487,049
As at 31 December 32,200,586
1,120,551
33,321,137
Accumulated amortisation and impairment losses
As at 1 January
-
776,429
776,429
Charge for the financial year
-
296,393
296,393
As at 31 December
-
1,072,822
1,072,822
47,729
32,248,315
Goodwill
Computer
Software
Total
Net book value
Group
2008
Cost
As at 1 January
RM
RM
RM
2,713,537
1,105,802
3,819,339
Additions
-
14,749
14,749
1,120,551
3,834,088
As at 1 January -
432,211
432,211
Charge for the financial year
-
344,218
344,218
As at 31 December -
776,429
776,429
2,713,537
344,122
3,057,659
Accumulated amortisation and impairment losses
Net book value
As at 31 December ANNUAL REPORT 2009
AMANAH RAYA BERHAD
99
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
12 INTANGIBLE ASSETS (CONTINUED)
Goodwill
Goodwill was derived from the acquisition of Everest Point Sdn Bhd. and AmanahRaya Investment Management Sdn
Bhd (“ARIM”) (formerly known as AmanahRaya-JMF Asset Management Sdn Bhd). The carrying amount of goodwill
has been allocated to ARIM, which represents the cash-generating unit (“CGU”) of the Group.
Goodwill is allocated to the Group’s CGU which are expected to benefit from the synergy of the acquisition. For annual
impairment testing purposes, the recoverable amount of investment in ARIM is determined based on the value-in-use
calculations, using 3 years financial budgets of ARIM, which were approved by Directors.
The cash flow projections are derived based on a number of key factors including past performance and management’s
expectations of the market developments. The discount rate of 8% is pre-tax and reflects specific risks relating to
ARIM.
Management’s judgement is involved in estimating the future cash flows of new development and completed
properties of a subsidiary. The “value in use” is sensitive to, amongst others, the projected cash flows during the
explicit projection period and the assumptions regarding the long term sustainable pattern of cash flows thereafter.
The circumstances where a reasonably possible change in the key assumptions will cause an additional impairment
loss to be recognised include the following:
(i)
(ii)
Unsuccessful in securing a new development project in Phase 2 which is expected to commence in year 2011;
or
Pre-tax discount rate is higher than 18%.
If the project as mentioned in (i) above does not materialise, the impairment charge would approximately be RM10.6
million.
Had the pre-tax discount rate been 1% higher from the breakeven point as mentioned in note (ii) above (discount rate
of 19%), the impairment charge would be approximately RM0.62 million.
No impairment charge was required for goodwill arising from ARIM. The Directors are of the view that any reasonable
possible changes to the assumptions applied are not likely to cause the recoverable amount of all the business
segments to be lower than its carrying amount.
100
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
13 INVESTMENT IN SUBSIDIARIES
Group
2009
2008
RM
RM
Unquoted shares, at cost
63,971,913
52,671,911
Accumulated impairment losses
(16,134,324)
47,837,589
(5,153,695)
47,518,216
a)
During the financial year, the Company subscribed for 200,000 ordinary shares of RM2.00 each, 400,000 ordinary
shares of RM3.50 each and 8,000,000 ordinary shares of RM1.00 each in AmanahRaya Investment Management
Sdn. Bhd. equivalent to RM9,800,000.
(b)
During the financial year, the Company subscribed for 1,500,000 ordinary shares in AmanahRaya-REIT Managers
Sdn. Bhd. of RM1.00 each.
(c)
During the financial year, the Company subscribed for 2 ordinary shares in Abraj Sdn. Bhd. of RM1.00 each.
Details of the subsidiaries, all of which are incorporated in Malaysia, are as follows:
Group’s
effective interest
2009
2008
%
%
100
100
Principal activities
Subsidiaries held directly by the Company
Amanah Raya Nominees (Tempatan) Sdn Bhd #
Dormant.
Amanah Raya Development Sdn. Bhd.*
100
100
Building contractor, property
investment company and trading
of investment properties.
Amanah Raya Unit Trust
100
100
Management Sdn Bhd #
Amanah Raya Capital Sdn Bhd *
100
100
Establishment and management of
unit trust funds.
Syariah financing and institutional trust sales.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
101
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
13 INVESTMENT IN SUBSIDIARIES (CONTINUED)
Group’s
effective interest
2009
2008
%
%
100
100
(continued)
Amanah Raya (Labuan) Ltd *
100
-
AmanahRaya-REIT Managers Sdn Bhd #
Custodian and trust services
(Offshore Company).
Providing management and
administrative services to properties & real estate investment trust.
AmanahRaya Investment Management Sdn Bhd
(formerly known as AmanahRaya – JMF
Asset Management Sdn Bhd) #
100
70
Fund management and related
services.
AmanahRaya Investment Bank Limited *
100
100
Investment banking.
Amanah Raya Nominees (Asing) Sdn Bhd #
100
100
Dormant.
AmanahRaya Asset Management (Labuan) Ltd #
100
100
Dormant.
AmanahRaya – JMF Nominees
100
100
Provision of nominees services
102
Tempatan Sdn. Bhd. #
to local custodian clients.
AmanahRaya - JMF Capital Sdn. Bhd. #
Provision of management
100
100
consultancy, advisory and
corporate financial services.
AmanahRaya - JMF Margin Sdn. Bhd. #
100
100
Dormant.
AmanahRaya Trustees Bhd. *
100
100
Trustee for unit trust schemes.
AmanahRaya Legacy Services Sdn. Bhd. #
100
100
Legacy management services.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
13 INVESTMENT IN SUBSIDIARIES (CONTINUED)
Group’s
effective interest
2009
2008
%
%
AmanahRaya Properties Sdn. Bhd. # 100
100
AmanahRaya Hartanah Sdn. Bhd. # 100
100
(continued)
Property management services.
Consultancy services and
development of properties.
AmanahRaya Project Management Sdn. Bhd. # 100
100
Dormant.
AmanahRaya Holdings Bhd. #
100
100
Dormant.
AmanahRaya Modal Sdn. Bhd. #
100
100
Dormant.
AmanahRaya Private Equities Sdn. Bhd. # 100
100
Dormant.
AmanahRaya Corporate Advisory Sdn. Bhd. # 100
100
Dormant.
AmanahRaya Capital Group Sdn. Bhd. # 100
100
Dormant.
Prelude Synergy Sdn. Bhd. #
100
100
Dormant.
Tapak Metro Sdn. Bhd. # 100
100
Dormant.
Abraj Sdn. Bhd. ^ 100
-
Dormant.
Klang Valley Recreation Bhd *
100
100
Dormant.
Everest Point Sdn. Bhd *
100
-
Dormant.
Subsidiary held by AmanahRaya
Development Sdn. Bhd.
* Audited by PricewaterhouseCoopers, Malaysia.
# Audited by firms other than PricewaterhouseCoopers, Malaysia and its affiliates.
^ Unaudited.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
103
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
14 iNVESTMENT IN JOINT VENTURE
(a) Investment in jointly controlled entity
Group
2009
2008
RM
RM
Unquoted share at cost
16,003,625
4
Group’s share of retained (losses)/profits
(43,472)
71,707
15,960,153
71,711
2009
2008
RM
RM
Group’s share of net assets
The summarised financial information of the jointly controlled entity is as follows:
Revenue
309,359
Expenses
(270,128)
(1,437,308)
-
Profit/(loss) after tax
37,080
(1,437,308)
Total assets
32,998,434
114,421
Total liabilities
2,572,368
1,551,722
Details of the jointly controlled entity are as follows:
Name of venture
Description
Safeena Marine Fund
Setting up of an Islamic Marine Fund via Safeena (L) Limited.
(b) Investment in jointly controlled operation
Group
2009
2008
RM
RM
5,382,786
4,444,824
Costs
The Company has a 50% participation in a Malaysian unincorporated joint venture with Leica Residence Sdn
Bhd, which is a property development company, to acquire and develop several lands in Kuala Lumpur.
104
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
15 LONG TERM INVESTMENTS
Group
Company
2009
2008
2009
2008
RM
RM
RM
RM
Investment in project development
3,420,500
3,420,500
-
-
Golf club membership, at cost
126,000
126,000
126,000
126,000
3,546,500
3,546,500
126,000
126,000
Group
16
LAND HELD FOR PROPERTY DEVELOPMENT
2009
2008
RM
RM
Freehold land
55,032,576
43,300,000
Gross amount receivables 1,057,072,416
954,667,700
17 FINANCING RECEIVABLES
The balances can be analysed as follows:
Less: Unearned income
(43,089,800)
(15,275,433)
Less: Allowance for doubtful debts
(8,021,810)
(15,722,134)
1,005,960,806
923,670,133
Amount repayable within 12 months (Note 19)
831,338,863
853,906,829
Amount repayable after 12 months
174,621,943
69,763,305
1,005,960,806
923,670,134
Construction contracts:
Group Company
2009
2008
2009
2008
RM
RM
RM
RM
Aggregate costs incurred to date
92,794,384
37,638,942
-
-
Amount due from customers on contracts
92,794,384
37,638,942
-
-
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
105
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
18 DEFERRED TAX
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities and when the deferred taxes relate to the same tax authority. The following amounts, determined
after appropriate offsetting, are shown in the balance sheet:
Group Company
2009
2008
2009
2008
RM
RM
RM
RM
Deferred tax assets
1,492,589
1,564,467
-
-
Deferred tax liabilities
(466,905)
(560,234)
(381,698)
(475,026)
1,025,684
1,004,233
(381,698)
(475,026)
1,004,233
482,662
(475,026)
(47,217)
(711,801)
61,187
(472,333)
Movement in deferred tax:
As at 1 January
Credited/(charged) to income statement:
– property and equipment
(4,924)
– post employment benefit
-
(321)
-
– net accretion of discounts
-
107,726
-
(321)
(104,239)
(13,056)
(104,239)
107,726
– trade and other payables
(13,055)
– others
39,430
1,230,206
45,197
41,358
21,451
521,571
93,328
(427,809)
As at 31 December
1,025,684
1,004,233
(381,698)
(475,026)
168,026
699,435
-
Subject to income tax:
Deferred tax assets (before offsetting):
– post employment benefits
8,035
8,035
8,035
8,035
– trade and other payables
1,279,915
1,292,971
356,007
369,063
– others
643,753
572,095
190,555
145,358
2,099,729
2,572,536
554,597
522,456
(1,008,069)
(554,597)
(522,456)
1,564,467
-
Offsetting
Deferred tax assets (after offsetting)
106
-
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
(607,140)
1,492,589
-
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
18 DEFERRED TAX (continued)
Group Company
2009
2008
2009
2008
RM
RM
RM
RM
(1,038,255)
(1,109,110)
(936,295)
-
-
-
Deferred tax liabilities (before offsetting)
– net accretion of discounts
-
– others
(16,000)
426,737
-
(1,054,255)
(997,482)
(682,373)
(936,295)
(997,482)
Offsetting
587,350
122,139
554,597
522,456
Deferred tax liabilities (after offsetting)
(466,905)
(560,234)
(381,698)
(475,026)
The amount of deductible temporary differences and unused tax losses (both of which have no expiry date) in respect
of subsidiaries for which no deferred tax is recognised in the balance sheet are as follows:
Group
2009
2008
RM
RM
Unabsorbed tax losses
2,145,204
2,189,938
Unutilised capital allowances
140,540
304,873
Deductible temporary differences
-
-
2,285,744
2,494,811
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
107
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
19 RECEIVABLES
Group Company
2009
2008
2009
2008
RM
RM
RM
RM
48,224,211
123,714,835
22,473,637
18,239,660
(581,433)
(762,221)
Current
Trade receivables
Less: Allowance for trade receivables
(762,221)
(581,433)
47,461,990
123,133,402
21,711,416
17,658,227
Amounts receivable from subsidiaries
-
-
329,057,852
296,769,819
Financing receivables (Note 17)
831,338,863
853,906,829
-
-
Deposits
32,347,405
33,138,700
1,014,349
920,465
Accrued billings
37,071,577
-
-
-
Staff loans and advances
681,132
706,122
604,628
680,968
Interest receivables
5,755,787
2,430,992
9,339
592
Other receivables
6,410,825
6,934,778
2,880,487
5,107,977
961,067,579 1,020,250,821
355,278,071
321,138,048
-
-
Non-current
Deposit with Securities Commission
253,420
334,474
Staff loans and advances are analysed as follows:
At 1 January
720,836
495,762
680,968
439,324
Loans disbursed
2,064,976
2,159,050
1,985,957
2,140,213
Repayments
(2,104,680)
(1,948,691)
(2,062,297)
(1,898,569)
706,121
604,628
At 31 December
108
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
681,132
680,968
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
20 INVESTMENTS
Group Company
2009
2008
2009
2008
RM
RM
RM
RM
Quoted shares
2,423,297
5,175,760
1,006,068
75,760
Structured investments and
fixed income securities
184,196,059
289,244,000
985,309
-
Property funds
25,520,230
25,671,011
-
-
Institutional trust
20,973,643
14,145,329
-
-
Unit trusts
14,342,122
12,650,338
378,581
343,934
247,455,351
346,886,438
2,369,958
419,694
Group Company
21 DEPOSITS, CASH AND BANK BALANCES
2009
2008
2009
2008
RM
RM
RM
RM
– Licensed banks
14,450,880
65,250,573
5,678,500
7,012,638
– Other financial institutions
167,755,700
2,326,187
-
-
Cash and bank balances
11,031,533
7,785,140
3,210,761
1,556,178
Cash and cash equivalents
193,238,113
75,361,900
8,889,261
8,568,816
Group Company
Deposits with:
The currency exposure profile of cash and cash equivalents is as follows:
2009
2008
2009
2008
RM
RM
RM
RM
– RM
18,954,853
22,423,694
8,889,261
8,568,816
– USD
174,283,260
52,938,206
-
-
193,238,113
75,361,900
8,889,261
8,568,816
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
109
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
22 PROPERTY DEVELOPMENT COSTS
Group
2009
2008
Balance at 1 January
-
-
– Land
6,949,026
-
– Development costs
129,399,708
-
Add:
136,348,734
Less:
– Cost recognised as expense in the income statement
78,984,988
-
Balance at 31 December
57,363,746
-
Group Company
23 OTHER PAYABLES AND ACCRUALS
2009
2008
2009
2008
RM
RM
RM
RM
Amount due to subsidiaries
-
-
13,392,331
8,084,099
Service tax payables
59,847
105,188
59,847
105,188
Payroll liabilities
5,682,376
5,685,256
3,994,969
3,341,324
Accrued expenses
9,788,111
3,299,734
3,870,892
2,404,595
Other payables
43,148,520
22,210,022
5,247,933
3,677,103
58,678,854
31,300,200
26,565,972
17,612,309
Amounts due to subsidiaries are unsecured, interest free and have no fixed terms of repayment.
110
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
24 POST-EMPLOYMENT BENEFIT OBLIGATIONS
Group and Company
2009
2008
RM
RM
32,140
32,140
Lump-sum retirement benefit plan
Current
(a) Defined contribution plan
Group companies incorporated in Malaysia contribute to the Employees Provident Fund, the national defined
contribution plan. Once the contributions have been paid, the Group has no further payment obligations.
(b) Defined benefit plan
The Group operated an unapproved and unfunded final salary defined benefit plan for its employees. This
plan was valued by an independent actuary every three years using the projected unit credit method. The last
actuarial valuation was carried out as at 30 September 2004. An unrecognised transitional liability was identified
in the 30 September 2002 actuarial valuation. This was being amortised over five years as allowed under FRS
119.
The movements during the period in which the amount recognised in the balance sheet in respect of the Group
and the Company’s lump sum retirement benefit plan are as follows:
Group and Company
2009
2008
RM
RM
32,140
32,140
At beginning/end of the financial year
During the financial year ended 31 December 2005, the Company had terminated the defined benefit retire
ment plan. As at 31 December 2009, the retirement benefit accrued represents actual amount payable by the
Company.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
111
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
25 BORROWINGS
Group Company
2009
2008
2009
2008
RM
RM
RM
RM
357,164,633
397,673,046
-
-
Current
Deposits from customers
Securities sold under repurchase
agreements
44,518,500
45,032,000
-
-
Term loans
724,050,016
608,567,131
9,000,000
-
1,125,733,149 1,051,272,177
9,000,000
-
150,000,000
150,000,000
Non-current
Term loans (unsecured)
320,000,000
250,000,000
The term loans of RM987,984,909 (2008: RM858,567,131) from Trustee to the Common Fund bears interest at 5.50%
to 7.20% per annum on daily rest basis. The monthly interest is repayable throughout the tenure of the term loans of
1 year to 10 years while the principal is repayable at the end of the term loans tenure.
26 SHARE CAPITAL
Group and Company
2009
Number
of shares
RM
2008
Number
of shares
RM
Authorised:
Ordinary shares of RM1 each:
At start and end of year
10,000,000
10,000,000
10,000,000
10,000,000
6,000,002
6,000,002
6,000,002
6,000,002
Issued and fully paid:
Ordinary shares of RM1 each
112
At start and end of year
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
27 RESERVES
(i)
Retained earnings
The Company has sufficient tax credit under Section 108 of the Income Tax Act, 1967 and tax exempt income
under Section 12 of the Income Tax (Amendment) Act 1999, to frank the payment of dividends out of all its
retained earnings as at 31 December 2009.
(ii) Exchange fluctuation reserves
Exchange fluctuation reserves have arose from translation of the net assets of the Company’s Labuan
subsidiaries.
28 SIGNIFICANT RELATED PARTY TRANSACTIONS
Related parties and relationship
Parties are considered to be related if one party has the ability to control the other party or exercise significant
influence over the other party in making financial or operational decisions.
The related parties and their relationship with the Company, are as follows:
Related party
Relationship
Minister of Finance (Incorporated)
Holding corporation
Subsidiaries as disclosed in Note 13
Subsidiaries of the Company
Key management personnel
The key management personnel of the Company consists of the
Group Managing Director and Group Chief Operating Officer
Related parties of key management
(i)
personnel
(ii)
Close family members and dependents
of key management personnel
Entities that are controlled, jointly controlled or signi
ficantly influenced by, or for which significant voting power
in such entity resides with, directly or indirectly by key
management personnel or its close family members
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
113
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
28 SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTINUED)
The related party transactions described below were carried out on terms and conditions obtainable in transactions
with unrelated parties unless otherwise stated. Interest rates on fixed deposits were at normal commercial rates.
Company
2009
2008
RM
RM
Significant related party transactions
Amanah Raya Unit Trust Management Sdn Bhd
– Rental received and receivable
(157,448)
(157,448)
– Administration fee received and receivable
(44,381)
(28,254)
– Interest received and receivable on loan disbursed
-
(265,808)
(5,568)
(13,155)
Amanah Raya (Labuan) Ltd
Amanah Raya Nominees (Tempatan) Sdn Bhd
– Nominee fees paid and payable
-
480,000
– Custodian and back room fees paid and payable
59,399
2,116,255
(47,234)
(94,469)
(24,670)
(76,081)
AmanahRaya Investment Management Sdn Bhd (formerly known as
Amanah Raya-JMF Management Sdn Bhd)
– Management and arrangement fee paid and payable
4,442,147
8,338,079
– Commission paid and payable
1,241,695
1,645,678
(892,204)
(809,368)
-
(20,800)
114
– Commission paid and payable
419,146
905,911
– Rental paid and payable
-
49,318
(991,899)
(265,808)
(103,216)
(94,469)
(68,596)
(54,173)
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
28
SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTINUED)
Company
2009
2008
RM
RM
Significant related party transactions (continued)
AmanahRaya Development Sdn Bhd
– Rental paid and payable
522,277
(15,048,063)
(14,605,106)
497,153
(140,882)
(123,933)
(14,064)
(16,852)
AmanahRaya Properties Sdn Bhd
– Building management fee
2,568,066
2,895,480
– Renovation works carried out
103,840
548,452
(32,574)
(29,860)
(32,291)
(9,664)
(409,534)
(314,950)
(177,548)
(55,734)
AmanahRaya Trustees Sdn Bhd
AmanahRaya Legacy Services Sdn Bhd
– Wills management fee paid and payable
6,278,622
(386,928)
5,866,503
(280,822)
(90,158)
(34,736)
AmanahRaya Investment Bank Limited
2,007,375
-
1,246,475
(26,021)
AmanahRaya Hartanah Sdn Bhd
(185,757)
(167,844)
(17,369)
(6,391)
AmanahRaya-REIT Managers Sdn Bhd
453,178
-
(46,445)
-
Key management personnel
1,418,272
1,272,891
Related party balances
The related party balances are included in Note 19 and Note 23 to the financial statements.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
115
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
29 CAPITAL COMMITMENTS
Group Company
2009
2008
2009
2008
RM
RM
RM
RM
342,148,577
379,643,782
-
-
342,148,577
379,643,782
-
-
Company
Capital expenditure not provided in the
financial statements are as follows:
Authorised by the Directors but
not contracted for
Analysed as follows:
30 NON-CANCELLABLE OPERATING LEASE COMMITMENTS
2009
2008
RM
RM
Future minimum lease payment
116
Not later than 1 year
9,061,692
5,508,966
Later than 1 year and not later than 5 years
11,519,549
11,699,892
Later than 5 years
-
8,400
20,581,241
17,217,258
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
31 INTEREST RATE RISK
The following tables provide information about financial assets and liabilities showing the weighted average effective
interest rate and the earlier of the contractual repricing or maturity date for each class of interest-sensitive instrument
in the balance sheet.
Group
2009
Less
than 1
1 - 5
Over 5
year
years
years
Noninterest
bearing
Total
RM
RM
RM
RM
RM
Financial assets:
Quoted shares
-
-
-
2,423,297
2,423,297
Fixed income securities
-
114,720,750
68,490,000
985,309
184,196,059
Property funds
Institutional trust
-
25,520,230
-
-
25,520,230
20,973,643
-
-
-
20,973,643
Unit trusts
-
-
-
14,342,122
14,342,122
Receivables
831,458,518
4,822,052
2,682
124,784,327
961,067,579
Deposits, cash and
182,206,580
-
-
11,031,533
193,238,113
-
167,009,801
7,612,142
-
174,621,943
cost
-
57,363,746
-
-
57,363,746
Other assets
-
-
-
158,030,358
158,030,358
1,034,638,741
369,436,579
76,104,824
bank balances
Property development
Total assets
311,596,946 1,791,777,090
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
117
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
31 INTEREST RATE RISK (CONTINUED)
Less
than 1
1 - 5
Over 5
year
years
years
Group
2009
Noninterest
bearing
Total
RM
RM
RM
RM
RM
-
-
-
58,678,854
58,678,854
Financial liabilities:
Other payables and
accruals
Borrowings
1,058,812,602
-
320,000,000
Other liabilities
-
-
-
1,058,812,602
-
320,000,000
-
-
-
1,058,812,602
-
320,000,000
Total liabilities
66,920,547 1,445,733,149
1,232,311
1,232,311
126,831,712 1,505,644,314
Shareholders’ funds
280,132,776
280,132,776
Total liabilities and
118
shareholders’ funds
406,964,488 1,785,777,090
(i)
Other assets include property and equipment, prepaid lease payment, intangible asset, investment in
joint venture, long-term investments, goodwill on consolidation, deferred tax assets, land held for property
development and tax recoverable.
(ii)
Other liabilities include deferred tax liabilities, provision for taxation and post-employment benefit obligations.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
Group
2008
Less
than 1
1 - 5
Over 5
year
years
years
Noninterest
bearing
Total
RM
RM
RM
RM
RM
Financial assets:
Quoted shares
-
-
-
5,175,760
5,175,760
Structured investments
-
69,280,000
219,964,000
-
289,244,000
Property funds
-
25,671,011
-
25,671,011
Institutional trust
Unit trusts
Receivables
Deposits, cash and
bank balances
Other assets
Total assets
14,145,329
-
-
-
14,145,329
-
-
-
12,650,338
12,650,338
940,644,364
9,514,380
42,268
70,049,809 1,020,250,821
67,576,760
-
-
7,785,140
75,361,900
-
64,862,262
-
4,901,043
69,763,305
-
-
-
89,058,294
89,058,294
1,022,366,453
169,327,653
220,006,268
189,620,384 1,601,320,758
Group
2008
Other payables and
accruals
-
-
-
Borrowings
598,138,448
429,538,092
250,000,000
Other liabilities
-
-
-
598,138,448
429,538,092
250,000,000
-
-
-
598,138,448
429,538,092
250,000,000
Total liabilities
(i)
(ii)
31,300,200
31,300,200
23,595,638 1,301,272,178
2,273,008
2,273,008
57,168,846 1,334,845,386
266,475,372
266,475,372
323,644,218 1,601,320,758
Other assets include property and equipment, prepaid lease payment, intangible asset, investment in
joint venture, long-term investments, goodwill on consolidation, deferred tax assets, land held for property
development and tax recoverable.
Other liabilities include deferred tax liabilities, provision for taxation and post-employment benefit obligations.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
119
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
Less
than 1
1 - 5
Over 5
year
years
years
Company
2009
Noninterest
bearing
Total
RM
RM
RM
RM
RM
Financial assets:
Quoted shares
-
-
-
1,006,068
1,006,068
-
-
-
985,309
985,309
Unit trusts
-
-
-
378,581
378,581
119,655
276,699
11,991,677
342,890,040
355,278,071
5,678,500
-
-
3,210,761
8,889,261
-
-
-
74,132,625
74,132,625
5,798,155
276,699
11,991,677
422,603,384
440,669,915
-
-
-
26,565,972
26,565,972
Borrowings
9,000,000
-
150,000,000
-
159,000,000
Other liabilities
-
-
-
413,838
413,838
9,000,000
-
150,000,000
26,978,810
185,979,810
-
-
-
254,690,105
254,690,105
9,000,000
-
150,000,000
281,669,915
440,669,915
Receivables
Deposits, cash and
bank balances
Other assets
Total assets
Company
2009
Other payables and
accruals
Total liabilities
(i)
(ii)
120
Other assets include property and equipment, investment in subsidiaries, long term investments and tax
recoverable.
Other liabilities consist of deferred taxation and post-employment benefit obligations.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
Company
2008
Less
than 1
1 - 5
Over 5
year
years
years
Noninterest
bearing
Total
RM
RM
RM
RM
RM
Financial assets:
Quoted shares
-
-
-
75,760
75,760
Unit trusts
-
-
-
343,934
343,934
Receivables
137,535
294,708
246,582,866
74,122,939
321,138,048
Deposits, cash and
7,012,638
-
-
1,556,178
8,568,816
-
-
-
68,779,028
68,779,028
7,150,173
294,708
246,582,866
144,877,839
398,905,586
accruals
-
-
-
17,612,309
17,612,309
-
-
150,000,000
-
150,000,000
Other liabilities
-
-
-
507,166
507,166
Total liabilities -
-
150,000,000
18,119,475
168,119,475
-
-
-
230,786,111
230,786,111
-
-
150,000,000
248,905,586
398,905,586
bank balances
Other assets
Total assets
Company
2008
Other payables and
Long term liabilities
(i)
(ii)
Other assets include property and equipment, investment in subsidiaries, long term investments and tax
recoverable.
Other liabilities consist of deferred tax liabilities and post-employment benefit obligations.
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
121
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
The effective interest rate of the Group and of the Company’s financial assets and financial liabilities as at the balance
sheet dates are as follows:
Group Company
2009
2008
2009
2008
%
%
%
%
6.6
7.7
-
-
Financial assets
3.5
1.7
-
-
Deposits with licensed banks
5.3
4.5
1.8
3.3
Amount due from subsidiaries
-
-
5.5
5.5
4.0
4.0
4.0
4.0
Deposit from customers
2.7
7.7
-
-
Borrowings – Current
7.2
7.2
-
-
Borrowings – Non Current
6.6
6.4
5.5
5.5
Hire purchase creditors
-
5.9
-
-
Financial liabilities
122
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
32 CREDIT RISK
The following tables set out the credit risk concentrations and counter parties of the Group and Company.
Finance and
business
services
Property,
infrastructure
and utilities
companies
Purchase of
transport
vehicles
Others
RM
RM
RM
RM
-
826,494,469
-
179,466,337
183,210,750
-
-
985,309
Institutional trust
-
-
-
20,973,643
Group
2009
Unit trust
-
-
-
14,342,122
Receivables
37,071,577
-
-
47,461,990
5,755,787
-
-
-
-
-
365,226
315,906
Other receivables
-
29,998,330
-
8,759,900
193,238,113
-
-
-
419,276,227
856,492,799
365,226
272,305,207
Structured investments Institutional trust
Unit trust
Receivables
Other receivables
-
289,244,000
-
-
-
2,430,992
-
-
75,361,901
748,255,977
-
-
-
-
-
-
22,998,330
-
-
-
-
-
-
-
441,544
-
-
175,414,157
14,145,329
12,650,338
123,133,402
264,577
17,075,148
-
367,036,893
771,254,307
441,544
342,682,951
Group
2008
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
123
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
32 CREDIT RISK (CONTINUED)
Finance and
business
services
Property,
infrastructure
and utilities
companies
Purchase of
transport
vehicles
Others
RM
RM
RM
RM
Unit trust
-
-
-
378,581
Trade receivables
-
-
-
21,711,416
Interest receivable
9,339
-
-
-
Company
2009
-
-
365,226
239,402
Other receivables
40,424,549
288,633,303
-
3,894,835
8,889,261
-
-
-
49,323,149
288,633,303
365,226
26,224,234
Unit trust
-
-
-
343,934
Trade receivables
-
-
-
17,658,227
Interest receivable
592
-
-
-
2008
124
-
-
441,543
239,425
Other receivables
24,890,570
271,879,248
-
6,028,442
8,568,816
-
-
-
33,459,978
271,879,248
441,543
24,270,028
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++
++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
33 FAIR VALUES
The carrying amounts of financial assets and liabilities of the Group and Company at the balance sheet date
approximated their fair values except as set out below:
2009
2008
Carrying
amount
Fair
value
Carrying
amount
Fair
value
RM
RM
RM
RM
1,005,960,806
915,185,508
923,670,134
857,783,465
Quoted shares
2,423,297
2,632,210
5,175,760
4,575,860
184,196,059
187,175,350
289,244,000
278,585,272
681,132
664,552
706,120
687,809
1,125,733,149 1,121,877,411
Group
Financial assets
Borrowings – Current
1,051,272,177
1,049,119,135
320,000,000
317,347,485
250,000,000
297,293,896
Quoted shares
1,006,068
1,012,210
75,760
75,860
604,628
588,038
680,968
662,657
150,000,000
188,607,826
150,000,000
178,376,338
Borrowings – Non current
Company
Financial assets
Borrowings – Non current
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
125
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Company No.
344986 V
AMANAH RAYA BERHAD
34 SIGNIFICANT EVENTS DURING THE YEAR
During the year, the management of unit trust funds under AmanahRaya Unit Trust Management Sdn Bhd was
transferred to ARJMF.
On 30 October 2009, ARJMF had become a wholly-owned subsidiary of the Company, following the acquisition
of Sindora Berhad’s 30% shareholdings of ARJMF. Subsequently, ARJMF had changed its name to AmanahRaya
Investment Management Sdn Bhd (“ARIM”) and the paid up capital of ARIM was increased to RM10 million to make it
eligible to act as a fund management company for unit trust funds.
35 APPROVAL OF FINANCIAL STATEMENTS
The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on
9 June 2010.
126
ANNUAL REPORT 2009
AMANAH RAYA BERHAD
AC
CRE
D
U K A S
074
CERT. NO. : AR 3687
CERT. NO. : AR 3687
DY
QS 02121999 CB 01
QUALITY
MANAGEMENT
SIRIM
CERT. NO. : AR 3687

ONE - Amanah Raya Berhad

Transcription

Similar documents

Zhulian-USM Joint Laboratory - School of Industrial Technology

Corporate Responsibility - National University of Singapore

State Water Supply Concession awarded to SAJ Holdings

Koperasi Kastam Diraja Malaysia Berhad (KOSKAM)

Natural Wellness Industries

ANNUAL REPORT

SHC Corporate Profile

Innovating New Directions - Konsultant Proses Sdn Bhd

annual report - Amanah Raya Berhad