Financial Statement and Balance for 2018 & 2019 Worksheet

Question Description.

Need help in finding the value of the 20 types listed below for 2018 and 2019. Attached here the company’s annual report with financial statements which consist of income statements and balance sheets for 2018 and 2019.

1) Current Assets

2) Current Liabilities

3) Inventory

4) Cash

5) Net Working Capital

6) Total Assets

7) Average Daily Operating Cost

8) Total Equity

9) Total Debt

10) Long-term Debt

11) EBIT

12) Interest

13) COGS

14) Inventory Turnover

15) Sales

16) Account Receivable

17) Non-Current Assets/Fixed Assets

18) Net Income

19) Depreciation

20) Receivable Turnover

Table of CONTENTS 2 33 Notice of Annual General Meeting Directors’ Report 5 37 Statement Accompanying Notice of Annual General Meeting Statements of Financial Position 6 Corporate Information 7 Profile of the Board of Directors 10 Audit Committee Report 13 Overview Statement of Corporate Governance 19 Statement of Risk Management and Internal Controls 21 Directors’ Responsibility Statement and Other Information 39 Statements of Comprehensive Income 40 Statements of Changes in Equity 41 Statements of Cash Flows 44 Notes to the Financial Statements 113 Statement by Directors / Statutory Declaration 114 Independent Auditors’ Report 118 Analysis of Shareholdings 23 Sustainability Report 120 List of Group Properties 29 Statement of Management Discussion & Analysis Enclosed Form of Proxy 2 HWA TAI INDUSTRIES BERHAD • ANNUAL REPORT 2019 • NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Forty-Fifth Annual General Meeting of the Company will be held at * The Katerina Hotel, Sapphire Ballroom, Level 1, No. 8 Jalan Zabedah, 83000 Batu Pahat, Johor Darul Takzim, Malaysia on Wednesday, 19 August 2020 at 11.30 a.m.

Note: * As the COVID-19 outbreak is an ever evolving situation, the venue, date and mode of the Meeting may be changed according to the circumstances then and any such changes will be publicly announced through Bursa Malaysia Securities Berhad. AGENDA RESOLUTION NO. 1. To present the Audited Financial Statements for the financial year ended 31 December 2019 together with the Directors’ and Auditors’ Reports thereon. – 2. To approve payment of Directors’ fee of RM90,000.00 for the financial year ended 31 December 2019. Ordinary Resolution 1 3. To approve an amount of RM10,000.00 per month as allowance to the Non-Executive Chairman from the Forty-Fifth Annual General Meeting to the next Annual General Meeting of the Company. Ordinary Resolution 2 4. To re-elect the following Directors who retire in accordance with the Company’s Constitution:4.1 Mr. Soo Thien Ming @ Soo Thien See 4.2 Mr. Yee Fook Loong Ordinary Resolution 3 Ordinary Resolution 4 5. To appoint Messrs. Baker Tilly Monteiro Heng PLT as Auditors of the Company for the financial year ending 31 December 2020 and to authorise the Directors to fix their remuneration.

Ordinary Resolution 5 6. To transact any other business appropriate to an Annual General Meeting, for which due notice shall have been given in accordance with the Company’s Constitution and/or the Companies Act, 2016. – 7. As SPECIAL BUSINESS, to consider and, if thought fit, pass the following resolution:ORDINARY RESOLUTION – AUTHORITY TO ALLOT AND ISSUE SHARES IN GENERAL PURSUANT TO SECTIONS 75 AND 76 OF THE COMPANIES ACT, 2016 “That, subject to the Companies Act, 2016 and approvals from the relevant governmental or regulatory authorities, the Directors be and are hereby empowered pursuant to Sections 75 and 76 of the Companies Act, 2016 to allot and issue shares in the Company from time to time upon such terms and conditions and for such purposes as the Directors may in their discretion deem fit provided that the aggregate number of shares issued pursuant to this resolution does not exceed 20% of the issued shares (excluding treasury shares) of the Company for the time being and that such authority shall continue in force until the conclusion of the next Annual General Meeting of the Company.” Ordinary Resolution 6 HWA TAI INDUSTRIES BERHAD • ANNUAL REPORT 2019 • NOTICE OF ANNUAL GENERAL MEETING (Continued) By Order of the Board JESSICA CHIN TENG LI (MAICSA 7003181) (SSM PC No.: 202008002790) Company Secretary Johor Darul Takzim, Malaysia 26 June 2020 NOTES: Entitlement to Attend and Proxy A member entitled to attend and vote at the Meeting is entitled to appoint at least 1 proxy to attend and vote instead of him/her.

Where a member is an authorised nominee as defined under the Securities Industry (Central Depositories) Act 1991, it may appoint at least 1 proxy in respect of each securities account it holds with ordinary shares of the Company standing to the credit of the said securities account. A proxy need not be a member of the Company.

The instrument appointing a proxy must be deposited at the Registered Office of the Company at No. 12, Jalan Jorak, Kawasan Perindustrian Tongkang Pecah, 83010 Batu Pahat, Johor Darul Takzim, Malaysia, not less than 48 hours before the time appointed for holding the Meeting. For the purpose of determining a member who shall be entitled to attend the Meeting, the Company shall be requesting Bursa Malaysia Depository Sdn. Bhd. in accordance with Clause 57(B) of the Company’s Constitution and Section 34(1) of the Securities Industry (Central Depositories) Act 1991, to issue a Record of Depositors as at 12 August 2020. Only a depositor whose name appears on the Record of Depositors as at 12 August 2020 shall be entitled to attend the Meeting or appoint proxies to attend and vote on his/her behalf. Pre-Registration to Attend 1. Members are required to register ahead of the Meeting to allow the Company to make the necessary arrangements in relation to the Meeting i.e. infrastructure, logistics and meeting venue(s) to accommodate the Meeting participants. 2.

Please do read and follow the following procedures to pre-register your physical attendance at the Meeting via the TIIH Online website at https://tiih.online : • Login in to TIIH Online website with your user name (i.e. e-mail address) and password under the “e-Services”. If you have not registered as a user of TIIH Online, please refer to the tutorial guide posted on the homepage for assistance to sign up. • Select the corporate event: “(REGISTRATION) HWATAI 45th AGM”. • Read and agree to the Terms & Conditions and confirm the Declaration. • Select “Register for Physical Attendance at Meeting Venue”. • Review your registration and proceed to register. • System will send an e-mail to notify that your registration for Physical Attendance at Meeting Venue is received and will be verified.

After verification of your registration against the General Meeting Record of Depositors, the system will send you an e-mail after 17 August 2020 to approve or reject your registration to attend physically at the Meeting Venue. 3 4 HWA TAI INDUSTRIES BERHAD • ANNUAL REPORT 2019 • NOTICE OF ANNUAL GENERAL MEETING (Continued) NOTES: (CONTINUED) Pre-Registration to Attend (Continued) 3. If you have any enquiry prior to the Meeting, you may contact the Share Registrar at: Tricor Investor & Issuing House Services Sdn Bhd Registration No. 197101000970 (11324-H) Unit 32-01, Level 32, Tower A Vertical Business Suite, Avenue 3, Bangsar South No. 8, Jalan Kerinchi 59200 Kuala Lumpur, Malaysia Telephone Number General Line 603-2783 9299 En Zulhafri Bin Abdul Rahman 603-2783 9289 En Ahmad Syafiq 603-2783 9248 Fax Number 603-2783 9222 Email Is.enquiry@my.tricorglobal.com Audited Financial Statements (Agenda No. 1) Item 1 of the Agenda is meant for discussion only, as the provision of Section 340(1)(a) of the Companies Act, 2016 requires the Directors to only lay before the Company at its annual general meeting its annual financial statements and thus, does not require a formal approval of the Shareholders for the audited financial statements.

Hence, this item of the Agenda is not put forward for voting. Auditors (Agenda No. 5) The Auditors, Messrs. Baker Tilly Monteiro Heng PLT, have expressed their willingness to continue in office. Ordinary Resolution – Authority to the Directors to issue and allot shares pursuant to Sections 75 and 76 of the Companies Act, 2016 (Agenda No. 7) The proposed Ordinary Resolution on Authority to the Directors to issue and allot shares, if passed, will give full power to the Directors of the Company to issue shares in the Company up to an amount not exceeding in total 20% of the issued shares of the Company for such purposes as the Directors consider would be in the interest of the Company. The Company had at the last Annual General Meeting held on 29 June 2019 obtained the mandate from shareholders to allot up to a maximum of 10% of the total issued shares of the Company. Amid the unprecedented uncertainty surrounding the recovery of the coronavirus Covid-19 outbreak, Bursa Malaysia Securities Berhad had, as an interim measure, allow listed issuers to seek a higher general mandate of not more than 20% of the total issued shares (excluding treasury shares) for issue of new securities, and the Directors is desirous to seek shareholders’ approval for this higher general mandate in order to raise funds expeditiously and efficiently during this challenging time.

This would enable the Directors to take swift action in case of a need to meet funding requirements including but not limited to working capital, operational expenditure or in the event of business opportunities arise which involve the issuance of new shares, thus avoiding any delay and cost involved in convening a general meeting to specifically approve such an issue of shares. This renewed mandate, unless revoked or varied at a general meeting, will expire at the next Annual General Meeting of the Company. As at the date of this Notice, no new shares of the Company were issued pursuant to the mandate granted to the Directors at the last Annual General Meeting held on 29 June 2019, which mandate will lapse at the conclusion of the forthcoming Annual General Meeting. HWA TAI INDUSTRIES BERHAD • ANNUAL REPORT 2019 • STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING (Pursuant to Paragraph 8.27(2) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad) No individual other than the retiring Directors is seeking election as a Director at the forthcoming Forty-Fifth Annual General Meeting of the Company. The details of the retiring Directors standing for re-election are set out in the Directors’ Profile appearing on pages 7 to 9 of this Annual Report. An assessment on all the retiring Directors had been conducted by the Nomination Committee.

ADMINISTRATIVE NOTES – COVID-19 OUTBREAK SAFETY MEASURES Health Check and Declaration In view of the Covid-19 outbreak, your safety is our priority. As a precautionary measure, you are strongly advised not to attend the Meeting and to appoint proxy(ies) to attend in your stead, if:i. ii. iii. you are unwell with sore throat, flu, cough, fever, diarrhea and/or shortness of breath; or you have travel history to high risk countries affected by Covid-19 in the past 14 days; or you have contact with a person who is confirmed with Covid-19 infection in the past 14 days. Upon your arrival at the Meeting venue, you may be required to undergo to a temperature screening and to complete a self-declaration form. Face masks will be provided to those who come without masks.

Based on prevailing safety and health guidelines, you may not be allowed into the Meeting, if:a. b. your temperature reading is above 37.5oC or you show symptoms of respiratory illness such as sore throat, flu, cough, and/or shortness of breath; or based on your self-declaration, you are advised to self-isolate. No Refreshment and No Door Gifts/Goody-bags To ensure physical distancing and to reduce the number of crowd at the Meeting, there will be no refreshment served nor distribution of door gifts/goody-bags to all attendees of the Meeting. 5 6 HWA TAI INDUSTRIES BERHAD • ANNUAL REPORT 2019 • CORPORATE INFORMATION BOARD OF DIRECTORS Soo Thien Ming @ Soo Thien See Datuk Soo Chung Yee (Chairman) (Group Chief Executive Director) Yee Fook Loong Kamal Bin Abd Karim Aisyah Kamaliah Binti Abu Bakar Fong May Khuan COMPANY SECRETARY SHARE REGISTRAR PRINCIPAL BANKERS Jessica Chin Teng Li (MAICSA 7003181) (SSM PC NO.: 202008002790) Tricor Investor & Issuing House Services Sdn Bhd Unit 32-01, Level 32, Tower A Vertical Business Suite, Avenue 3 Bangsar South No.8 Jalan Kerinchi 59200 Kuala Lumpur Malaysia RHB Bank Berhad Bank Muamalat Malaysia Berhad AmBank (M) Berhad Bangkok Bank Berhad Bank of China (Malaysia) Berhad REGISTERED OFFICE & PRINCIPAL BUSINESS ADDRESS No. 12, Jalan Jorak Kawasan Perindustrian Tongkang Pecah 83010 Batu Pahat Johor Darul Takzim Malaysia Tel. No.: 607-4151 688 Fax No.: 607-4151 135 CORPORATE OFFICE No.

L9, Jalan ML 16 ML-16 Industrial Park 43300 Seri Kembangan Selangor Darul Eshan Malaysia Tel. No.: 603-8964 5600 Fax No.: 603-8964 5400 Tel. No.: 603-2783 9299 Fax No.: 603-2783 9222 LISTING Bursa Malaysia Securities Berhad, Main Market – Listed since 1992 AUDITORS Baker Tilly Monteiro Heng PLT Chartered Accountants Baker Tilly Tower Level 10, Tower 1, Avenue 5 Bangsar South City 59200 Kuala Lumpur Malaysia Tel. No.: 603-2297 1000 Fax No.: 603-2282 9980 WEBSITE www.hwatai.com • ANNUAL REPORT 2019 • HWA TAI INDUSTRIES BERHAD PROFILE OF THE BOARD OF DIRECTORS Mr. Soo Thien Ming, Malaysian, male, aged 72, is the Chairman on the Board of the Company.

He was appointed to the Board on 26 April 1996. Mr. Soo is a Barrister-At-Law of Lincoln’s Inn, London. He is an advocate and solicitor by profession and has been in practice for 45 years. He is also a Notary Public. He holds several directorships in private companies in Malaysia and abroad. MR. SOO THIEN MING @ SOO THIEN SEE Non-Independent Non-Executive Director He is the Chairman of the Nomination Committee and Remuneration Committee. Mr. Soo has a direct shareholding of 30,949,567 ordinary shares in the Company as at 31 May 2020 representing 41.36% of the Company’s total issued shares. He is deemed to have an interest in the equity holdings held by the Company in its subsidiaries by virtue of his interest in the Company. He is the father of YBhg. Datuk Soo Chung Yee, the Group Chief Executive Director of the Company. Mr. Soo does not have any conflict of interest with the Company nor any conviction for any offence, public sanction or penalty imposed by any relevant regulatory bodies. YBHG. DATUK SOO CHUNG YEE Non-Independent Executive Director YBhg. Datuk Soo Chung Yee, Malaysian, male, aged 41, is the Group Chief Executive Director.

He was appointed to the Board on 16 August 2004. YBhg. Datuk Soo holds a Bachelor of Arts from the University of Derby, United Kingdom. He was awarded the Asia Pacific Entrepreneurship Award (Emerging Entrepreneur – Malaysia) in 2007 and the JCI Creative Young Entrepreneur Award (Junior Chamber International – Malaysia) in 2008. He also holds several directorships in private companies in Malaysia and abroad. He is a member of the Risk Management Committee. He is the son of Mr. Soo Thien Ming, the Chairman of the Company. YBhg. Datuk Soo has a direct shareholding of 649,200 ordinary shares in the Company as at 31 May 2020 representing 0.87% of the Company’s total issued shares. YBhg. Datuk Soo does not have any interest in the securities of the Company’s subsidiaries. He also does not have any conflict of interest with the Company nor any conviction for any offence, public sanction or penalty imposed by any relevant regulatory bodies. 7 8 HWA TAI INDUSTRIES BERHAD • ANNUAL REPORT 2019 • PROFILE OF THE BOARD OF DIRECTORS (Continued) MR. YEE FOOK LOONG Independent Non-Executive Director Mr. Yee Fook Loong, Malaysian, male, aged 64, was appointed to the Board on 1 November 2017. He is an associate member of the Institute of Chartered Accountants in England & Wales and a member of the Malaysian Institute of Accountants. He was with the Park May Group for more than 10 years until 1995; with his last position as an executive director of Park May Berhad (now known as Konsortium Transnasional Berhad), a public listed company.

Mr. Yee now holds directorships in several private companies in Malaysia. Mr. Yee is the Chairman of the Audit Committee. He does not have any family relationship with any directors and/or major shareholders of the Company. He does not have any interest in the securities of the Company or its subsidiaries. He does not have any conflict of interest with the Company nor any conviction for any offence, public sanction or penalty imposed by any relevant regulatory bodies. ENCIK KAMAL BIN ABD KARIM Independent Non-Executive Director Encik Kamal Bin Abd Karim, Malaysian, male, aged 41, was appointed to the Board on 27 June 2016. He holds a Bachelor of Laws LLB (Hons) from International Islamic University Malaysia. Encik Kamal, an advocate & solicitor, was admitted to the Malaysian Bar in year 2003 and has been practicing at Messrs. Soo Thien Ming & Nashrah ever since. He is also a partner of the said firm. Encik Kamal sits in the Audit Committee, Nomination Committee, Remuneration Committee and Risk Management Committee. He does not have any family relationship with any directors and/or major shareholders of the Company. He does not have any interest in the securities of the Company or its subsidiaries. He does not have any conflict of interest with the Company nor any conviction for any offence, public sanction or penalty imposed by any relevant regulatory bodies.

Puan Aisyah Kamaliah Binti Abu Bakar, female, aged 31, was appointed to the Board on 27 June 2016. She holds a Bachelor of Laws LLB (Hons) from International Islamic University Malaysia. Puan Aisyah Kamaliah is an advocate & solicitor practicing at Messrs. Ang & Koh. PUAN AISYAH KAMALIAH BINTI ABU BAKAR Independent Non-Executive Director Puan Aisyah Kamaliah sits in the Audit Committee, Nomination Committee, Remuneration Committee and Risk Management Committee. She does not have any family relationship with any directors and/or major shareholders of the Company. She does not have any interest in the securities of the Company or its subsidiaries. She does not have any conflict of interest with the Company nor any conviction for any offence, public sanction or penalty imposed by any relevant regulatory bodies. • ANNUAL REPORT 2019 • HWA TAI INDUSTRIES BERHAD PROFILE OF THE BOARD OF DIRECTORS (Continued) MISS FONG MAY KHUAN Independent Non-Executive Director Miss Fong May Khuan, female, aged 37, was appointed to the Board on 1 August 2018. She is a member of CPA Australia and the Malaysian Institute of Accountants. Miss Fong worked with TAMS Management Services Sdn. Bhd. as an accounts manager. She was also involved in organising annual seminars for analysing the Malaysian National Budget. Miss Fong May Khuan is a member of the Audit Committee.

She does not have any family relationship with any directors and/or major shareholders of the Company. She does not have any interest in the securities of the Company or its subsidiaries. She does not have any conflict of interest with the Company nor any conviction for any offence, public sanction or penalty imposed by any relevant regulatory bodies. 9 10 HWA TAI INDUSTRIES BERHAD • ANNUAL REPORT 2019 • AUDIT COMMITTEE REPORT 1. COMPOSITION OF AUDIT COMMITTEE Yee Fook Loong * (Chairman) Kamal Bin Abd Karim Aisyah Kamaliah Binti Abu Bakar Fong May Khuan * * A member of the Malaysian Institute of Accountants 2. Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director TERMS OF REFERENCE OF AUDIT COMMITTEE The Terms of Reference of the Audit Committee is available in the Company’s website www.hwatai.com. 3. AUDIT COMMITTEE MEETING During the financial year ended 31 December 2019, a total of five (5) Audit Committee Meetings were held. Details of the attendance of each Committee Member are as follows:Name of Audit Committee Member Yee Fook Loong (Chairman) Kamal Bin Abd Karim Aisyah Kamaliah Binti Abu Bakar Fong May Khuan 4. Attendance 4 of 5 5 of 5 5 of 5 5 of 5 ACTIVITIES OF THE AUDIT COMMITTEE During the financial year ended 31 December 2019, the activities of the Audit Committe…

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