JMR AnnualReport2014

JMR Congl omerat i on Bhd.
592280-W
ANNUAL REPORT I 2014

Contents
Financial Statements
Corporate Information
Group Corporate Structure
Directors Profle
Chairmans Statement
Statement on Corporate Governance
Audit Committee Report
Statement on Risk Management and Internal Control
Other Information
Directors Report
Statement by Directors
Declaration by the Director
Independent Auditors Report to the Members
Statements of Comprehensive Income
Statements of Financial Position
Statements of Changes in Equity
Statements of Cash Flows
Notes to the Financial Statements
Supplementary information - disclosure on realised and
unrealised profts/losses
Group Properties
Analysis of Shareholdings
Notice of Annual General Meeting
Statement Accompanying Notice of Annual General Meeting
Form of Proxy
02
03
04
07
11
16
19
21
22
26
26
27
29
30
32
34
37
82
83
85
87
90
Board of Directors
Dato Ir. Goh Nai Kooi @ Gah Mai Kwai Group Executive Chairman
Dato Ir. Dr. Goh Yong Chee Group Managing Director
Tham Yen Thim Non-Independent and Non-Executive Director
Dato Ir. Lai Pin Yong Non-Independent and Non-Executive Director
Ir. Boey Cheng Hai Independent and Non-Executive Director
Goh Yong Lin Non-Independent and Non-Executive Director
Abdul Rahman Bin Ahmad Senior Independent and Non-Executive Director
Tan Yen Yeow Independent and Non-Executive Director
Lim Tze Ming Alternate Director to Goh Yong Lin
Audit Committee
Tan Yen Yeow Chairman
Abdul Rahman Bin Ahmad Member
Ir. Boey Cheng Hai Member
Registered Offce
52-C, Rangoon Road
10400 Penang
Malaysia
Tel : 604-228 6266
Fax : 604-228 9266
Auditors
PKF
Chartered Accountants
Level 33, Menara 1MK
Kompleks 1 Mont Kiara
No. 1, Jalan Kiara
Mont Kiara
50480 Kuala Lumpur
Tel : 603-6203 1888
Fax : 603-6201 8880
Stock Exchange Listing
Main Market of Bursa Malaysia
Securities Berhad
Stock Name : JMR
Stock Code : 7043
Domicile
Malaysia
Share Registrar
Insurban Corporate Services Sdn Bhd
149, Jalan Aminuddin Baki
Taman Tun Dr. Ismail
60000 Kuala Lumpur
Malaysia
Tel : 603-7729 5529
Fax : 603-7728 5948
Principal Bankers
Hong Leong Bank Berhad
HSBC Bank Malaysia Berhad
Malayan Banking Berhad
Public Bank Berhad
RHB Bank Berhad
United Overseas Bank (Malaysia) Berhad
Corporate Offce
65, Sri Bahari Road
10050 Penang
Malaysia
Tel : 604-264 4992
Fax : 604-264 5122
Company Secretary
Ong Teik Hoe (MACS 00085)
Nomination Committee
Abdul Rahman Bin Ahmad Member
Tham Yen Thim Member
Remuneration Committee
Dato Ir. Lai Pin Yong Member
Ir. Boey Cheng Hai Member
Corporate Information
JMR Conglomeration Bhd. 592280-W | Annual Report 2014
2
JMR Conglomeration Bhd.
(592280-W)
JMR Manufacturing Sdn. Bhd.
(194470-X)
Lean Seng Chan (Quarry) Sdn. Bhd.
(95565-T)
Great Marvel Sdn. Bhd.
(862733-M)
Link Lex (M) Sdn. Bhd.
(39783-P)
Rantronics Sdn. Bhd.
(170882-W)
JMR Resources Management Sdn. Bhd.
(874916-H)
Multilight Sdn. Bhd.
(73511-V)
JMR Quarry (Kedah) Sdn. Bhd.
(666889-T)
Sunnyside Landscape Sdn. Bhd.
(862735-T)
100%
100%
100%
100%
100%
100%
100%
100%
100%
50%
50%
98.50%
50%
Fook Lye Enterprises (M) Sdn. Bhd.
(38250-H)
Nanometric Electronics Sdn. Bhd.
(184325-H)
Group Corporate Structure
JMR-Hosna Bina Sdn. Bhd.
(152844-P)
Diligent Success Sdn. Bhd.
(538999-A)
3
Directors Profile
Dato' Ir. Goh Nai Kooi @ Gah Mai Kwai, DSPN
78 years of age, Malaysian
Group Executive Chairman
Dato' Ir. Goh Nai Kooi @ Gah Mai Kwai, DSPN, was appointed Group Executive Chairman of the Board of JMR Conglomeration Bhd.
in 2004. He graduated with a Bachelor of Science (Engineering). He has had more than 40 years of experience in the area of civil and
structural engineering. He is a member of the Institute of Engineers Malaysia (IEM), the Institute of Engineers Singapore (IES) and registered
as a Professional Engineer with the Board of Engineers Malaysia (BEM). Dato Ir. Goh also participates actively in social associations and
professional institutions.
By any standards, Dato Ir. Goh is a successful businessman who has combined his training as an engineer with an inborn keen business
sense in the construction and development industry. These attributes have chiefy guided Dato Ir. Goh through several economic downturns.
He is always among the pioneering few to tap new avenues of opportunities.
Dato Ir. Goh is responsible in guiding and overseeing the operation, business activities and performance of the entire Group including
heading the Groups business expansion and marketing programs.
Dato Ir. Goh also sits on the board of several private companies. Dato Ir. Goh is the father of Dato Ir. Dr. Goh Yong Chee and Ms. Goh Yong
Lin. He has no confict of interest with the Company and he is free from any offence in the past ten (10) years other than traffc offences.
Dato Ir. Dr. Goh Yong Chee, DSPN
Group Managing Director
Dato Ir. Dr. Goh Yong Chee, DSPN, was appointed Group Managing Director of the Board of JMR Conglomeration Bhd. in 2004. He
completed his undergraduate and postgraduate studies in the United States of America. He has had more than 20 years of experience in
the area of civil and structural engineering. He is a corporate member of the Institute of Engineers Malaysia (IEM), the Asean Federation
of Engineering Organizations (AFEO) and registered as a Professional Engineer with the Board of Engineers Malaysia (BEM) and AFEO.
Dato Ir. Dr. Goh is also actively participating in social associations and professional institutions. He is representing the Company to sit on
the committee boards of Penang Chinese Chamber of Commerce and Penang Master Builders & Building Materials Dealers Association.
Dato Ir. Dr. Goh is responsible in managing and administrating the operations and business activities of the entire Group.
Dato Ir. Dr. Goh also sits on the board of several private companies. Dato Ir. Dr. Goh is the son of Dato Ir. Goh Nai Kooi and brother to
Ms. Goh Yong Lin. He has no confict of interest with the Company and he is free from any offence in the past ten (10) years other than
traffc offences.
Tham Yen Thim, DJN, PJK
Non-Independent and Non-Executive Director
Member of Nomination Committee
Tham Yen Thim, DJN, PJK, was appointed Non-Executive Director of the Board of JMR Conglomeration Bhd. in 2004. He completed his
education in Malaysia. Presently, Mr. Tham has been actively involved in jewellery business owned by his family for more than 50 years. He
is also a member of the steering committee of the association of jewellery in Malaysia.
Mr. Tham plays an active role in overseeing and advising the Group on its performance and business activities including its business
expansion programs.
Mr. Tham also sits on the board of several private companies. None of his family members has direct or indirect relationship with any
director and/or major shareholder of the Company. He has no confict of interest with the Company and he is free from any offence in the
past ten (10) years other than traffc offences.
4
Directors Profile (contd)
Abdul Rahman Bin Ahmad, DJN, PKT, PJK
Senior Independent and Non-Executive Director
Member of Audit and Nomination Committees
Abdul Rahman Bin Ahmad, DJN, PKT, PJK, was appointed Non-Executive Director of the Board of JMR Conglomeration Bhd. in 2004.
On 28 March 2008, he was redesignated as Senior Independent and Non-Executive Director. He obtained his education in Malaysia. Encik
Rahman worked in the Land Department in the Penang State Government as Deputy Director, after serving for 4 years he was transferred to
the Ministry of Education for 2 years and then to Ministry of Lands & Mines as Director of Federal Land before his retirement in October 1984.
Encik Rahman acts as a business advisor to the Group and at the same time taking the lead in handling all matters in connection with the
local authorities.
Encik Rahman also sits on the board of several private companies. None of his family members has direct or indirect relationship with any
Dato' Ir. Lai Pin Yong, DMPN, DJN
Member of Remuneration Committee
Dato' Ir. Lai Pin Yong, DMPN, DJN, was appointed Non-Executive Director of the Board of JMR Conglomeration Bhd. In 2004. He is
a fellow of the Malaysian Academy of Sciences. He is a Professional Engineer and admitted as a Chartered Engineer by the Institute of
Electrical Engineer, London. He also plays a very active role in Malaysia and China as he sits on boards of several business associations
and educational institutions.
He has more than 30 years of experience in the ICT industry. He served as the Managing Director, the Vice-President and General Manager
of Asia Pacifc for Intel Corporation from 1982 to 1994. In the late 1994, Dato' Ir. Lai joined Motorola and served as the Senior Corporate
Vice President of Motorola Inc., President and Chairman of Motorola (China) Electronics Ltd. and Executive Director of Greater China. Upon
his retirement, he founded GEM Group, an education management and software company. For his contributions to China, he received the
People's Friendship Award from the Chinese government.
Dato' Ir. Lai advises the Group on its performance and the Group's expansion programs.
Dato' Ir. Lai also sits on the board of a number of publicly listed and private companies in Malaysia and Singapore. None of his family
members has direct or indirect relationship with any director and/or major shareholder of the Company. He has no confict of interest with the
Company and he is free from any offence in the past ten (10) years.
Ir. Boey Cheng Hai, PJK
Independent and Non-Executive Director
Member of Audit and Remuneration Committees
Ir. Boey Cheng Hai, PJK, was appointed Independent Non-Executive Director of the Board of JMR Conglomeration Bhd. in 2004. He
graduated with a Bachelor of Science degree in Mechanical Engineering. He is a Corporate Member of the Institute of Engineers Malaysia
(IEM) and the Asean Federation of Engineering Organizations (AFEO). He is a Professional Engineer registered with the Board of Engineers
Malaysia (BEM) and also a Registered Visiting Engineer (Steam 1) with the Machinery Department of Malaysia.
His career took off as an engineer in the sugar cane and oil palm industries in Malaysia. Later, he was promoted to management position. He
was the Chief Engineer for PPB Oil Palms Berhad before his retirement.
Ir. Boey advises the Group on matters pertaining to investing activities involving heavy machinery and equipment including the related expansion
programs.
Ir. Boey also sits on the board for several private companies. None of his family members has direct or indirect relationship with any director
and/or major shareholder of the Company. He has no confict of interest with the Company and he is free from any offence in the past ten
(10) years other than traffc offences.
5
Directors Profile (contd)
Tan Yen Yeow
Tan Yen Yeow was appointed Independent Non-Executive Director of the Board of JMR Conglomeration Bhd. in 2013. He is a member of the
Malaysian Institute of Accountants, The Institute of Internal Auditors Malaysia and the Chartered Tax Institute of Malaysia.
Mr. Tan began his professional career with KPMG in 1990 as an articled student under the MICPA programme. After serving for 9 years at
KPMG, he left and set up his audit frm, Tan Yen Yeow & Company in 2001. He has been involved in providing professional services which
include auditing, internal auditing and risk management.
Mr. Tan chairs the Audit, Remuneration and Nomination Committees of the Group. He is actively overseeing the Group's corporate governance
matters, accounting and management functions.
Mr. Tan sits on the board of two private company. None of his family members has direct or indirect relationship with any director and/or major
shareholder of the Company. He has no confict of interest with the Company and he is free from any offence in the past ten (10) years other
than traffc offences.
Goh Yong Lin
Goh Yong Lin was appointed Non-Independent and Non-Executive Director of the Board of JMR Conglomeration Bhd. in 2011.
Ms. Goh graduated from Boston University, USA, with Bachelor of Science in Business Administration, majoring in Marketing and Accounting.
She has worked in one of Malaysian major banks as well as one of Fortune 500 multinational corporation.
Ms. Goh has lived in multiple countries, involved in various non proft organizational activities, passionate in leadership training. Her personal
objective is to pursue and promote purpose driven life. Striving for continual improvement via attending effective training, frequent interaction
with crossed cultured, multi ethnic groups as well as ongoing involvement in volunteering in various non proft events and outreach activities.

Ms. Goh also sits on the board of several private companies. Ms. Goh is the daughter of Dato' Ir. Goh Nai Kooi and sister to
Dato' Ir. Dr. Goh Yong Chee. She has no confict of interest with the Company and she is free from any offence in the past ten (10) years
other than traffc offences.
Lim Tze Ming
Alternate Director to Ms. Goh Yong Lin
Lim Tze Ming was appointed Alternate Director to Ms. Goh Yong Lin of the Board of JMR Conglomeration Bhd. in 2014. He is a member of
the Malaysian Institute of Accountants.
Mr. Lim was attached to public accounting frms prior to joining the Group in 2010. He has vast experience in accounting, tax, audit, fnance
and budgetary control. He joined the Group as Accountant and subsequently he was promoted to the position of Senior Accountant in 2012.
He is responsible for the Groups corporate and fnance functions.
Mr. Lim does not have any other directorships of public companies. None of his family members has direct or indirect relationship with any
6
Chairmans Statement
The primary business of JMR Conglomeration Bhd. (JMR) includes the manufacturing of asphaltic concrete, quarrying and property
development. Basing on the current business activities and its capabilities, JMR is confdent to not only maintain its current performance
but to further its growth progress by staying true to our Core Values in operating our business.
On behalf of the Board of Directors, I am pleased to present our inaugural Annual Report of JMR Conglomeration Bhd. and its subsidiaries
for the fnancial year ended 31 March 2014.
Our Belief - Your Trust, Our People and the Success
LSC Quarry Site
JMRM Premix Plant - Juru
LSC Quarry
7
Chairmans Statement (contd)
Core Values
VALUE
This is our guiding principle which defnes
our contribution to the company. We realize
the value of building a legacy within the
organization that would endure the ebb and
fow of the business cycle. Therefore, the
management and staff alike are empowered
to chart their progress and growth in the
company. At every level, innovation and
resourcefulness is encouraged and nurtured
in order to make incremental improvements
in our operations, service and products.
DIGNITY, INTEGRITY AND FULFILMENT
We tap the potential of our staff and entrust
them with responsibilities whilst supporting
and commending their efforts in order to
attract and retain an agile and talented
workforce that is able to respond to the
needs of the company and its customers.
TRUST
By giving full disclosure of our company, we
intend to earn the trust and confdence of our
shareholders and investors alike.
DISCIPLINE
Acknowledging our responsibilities to our
shareholders, the company will continue to
practice business and fnancial prudence
by approaching all projects by weighing all
avenues exhaustively, tapping into a balance
of tried and true strategies and amalgamating
these with new practices that would enhance
our rate of success and minimize the impact
of external factors.
Operations Overview
In the past years, JMR has not only strengthened its manufacturing division but has
also successfully entered into the property development business. During the period,
the Group has also explored few potential investments. Below is the chart showing the
progress of JMR from its initial day.
1980
to 1990
1991
to 2000
2001
to 2010
2011
to Future
Asphaltic Concrete
Infra Works
Quarry Business - -
Property Development - -
Investment - -
Others - - -
The manufacturing sector contributed about 70% of the revenue in the past fnancial
year; the anticipated current fnancial year contribution is about 45% as projected.
On quarrying, the performance is fne and is in according to the forecasted fgures.
About the asphaltic concrete business, JMR has commenced the operation of a new re-
furbished batch mix asphaltic concrete plant at a borrowed quarry site to prepare itself to
handle larger order intake; at the same time, JMR has started the preparation of setting
up an additional plant in Langkawi to ascertain the stability of its business operation.
JMR launched its 65 acres land development at Tambun in March 2012. The total
anticipated GDV for this development is about RM 400 millions - Phase 1 has been
completed and Phase 2 has been launched in according to the 4-phase implementation
plan. In the past fnancial year, the property development sector contributes about 29%
of the Groups revenue - increased from approximately10% as reported in fnancial year
2012. And, the Property Development Division contributed about 44% of the Groups
revenue in this fnancial year 2014.
JMRM Roadwork in progress
8
Financial Overview
JMR and its subsidiaries (the Group) recorded a revenue of RM71.62 millions for the fnancial year ended 2014, representing an increase
of 61% as compared to RM44.28 millions in year 2013.
Therefore, the proft before exceptional items and tax of RM11.21 millions was recorded for the current year as compared to RM7.09
millions in the past fnancial year, i.e. an increase of 58%.
GMSB SA65
GMSB SA65
9
Prospects
After setting up the new plants in the states of
Penang and Kedah, the manufacturing division
is planning to put up an additional plant in a state
in the northern region of West Malaysia to expand
its business activities; and, the completion of the
necessary planning and the commencement of the
new quarry site at Bukit Perak are in sight in the
coming fnancial year.
Subsequent to the success of Phase 1 and 2 of
its 65 acres land development at Tambun in past
fnancial years, the development division will
continue to launch its Phase 3 and 4 in 2015 and
2016 respectively. And, JMR will launch its the
commercial development at the site next to the
Butterworth Ferry Terminal in the upcoming fnancial
year too as reported previously. Atop the above-
mentioned development projects, necessary actions
have been/will be taken for other parcels of land in
the Groups land bank to ascertain smooth venture
into the property development market in the northern
region of West Malaysia.
JMR will aggressively continue to explore potential
investment in relevant business locally and overseas.
Dividend
An interim dividend of 4 sen per ordinary share of
RM1.00 each less Malaysian income tax of 25% for
the fnancial year ended 31 March 2014 was paid on
20 December 2013.
Acknowledgement
On behalf of the Board, I would like to thank the
Directors, management and all the staff of the Group
for their dedication, commitment and contribution
to the Group in the past year. I would like to also
express my sincere thanks to the shareholders,
bankers, clients and associates for their support. I am
much confdent with our strong corporate culture and
assets, our Group is certain to manoeuvre through
the hard economical weather and gear ourselves for
the next level of achievements in the coming years.
Dato Ir. Goh Nai Kooi @ Gah Mai Kwai, DSPN
Group Executive Chairman
GMSB SA65 Terrace T1
GMSB SA65 Bungalow B3
GMSB SA65 SemiD S2
10
Statement On Corporate Governance
The Board of Directors of the Company recognises and subscribes to the importance of the principles and best practices set out in the
Malaysian Code on Corporate Governance 2012 (the Code) as a key factor towards achieving an optimal governance framework and
maximising the shareholder value of the Company.
The following report details the manner in which the Group has applied the principles and recommendations of good corporate governance
set out in the Code and except as stated otherwise, its compliance with the same as well as the relevant provisions in the Main Market
Listing Requirements of Bursa Malaysia Securities Berhad (Listing Requirements).
ROLES AND RESPONSIBLILITY OF THE BOARD
The Board has the overall stewardship responsibilities of providing strategic leadership, overseeing the business conduct, identifcation
and management of principal risks, ensuring the adequacy and integrity of internal control systems, establishing a succession plan and
developing and implementing and investor relations program.
The Board has delegated specifc responsibilities to three (3) committees, namely, the Audit Committee, Remuneration Committee and the
Nomination Committee, of which discharge the duties and responsibilities within their respective Terms of Reference. The actual decision
is the responsibility of the Board after considering the recommendations of the respective committee.
The Companys Code of Ethics and Code of Conduct are set out in Companys Employment Handbook, which covers matters in relation to
confict of interest, entertainment and gifts, misuse of position and insider trading. The directors and employees of the Group are expected
to adhere to the standard of ethics and conducts set out therein.
The Board is in the process to establish clear functions reserved for the Board and those delegated to Management in the Board Charter
(the Charter) which serves as a reference point for Boards activities. The Charter shall provide guidance for Directors and Management
on the responsibilities of the Board, its Committees and requirements of Directors.
Access to Information and Advice
The Board of Directors has full and unrestricted access to all information pertaining to the Group. All Directors will receive an agenda
and a full set of Board papers in a timely manner prior to the Board meeting to enable the Directors to obtain further explanations, where
necessary, in order to be properly briefed before the meeting. Minutes of the Board Committees are also tabled at the Board meetings
for the Boards information and deliberation before it was signed by the Chairman of the meeting. During Board meetings, the senior
management staff are invited to provide the necessary details on matters discussed, when necessary.
All the Directors have full access to the advice and services of the Company Secretary who is responsible for ensuring that Board meeting
procedures are followed and that applicable rules and regulations are complied well. The Board of Directors, whether as a full board or
in their individual capacity may seek independent professional advice, where necessary and under appropriate circumstances at the
Companys expense in furtherance of their duties.
STRENGTHEN COMPOSITION
The Board of Directors and Board Balance
The current Board consists of eight (8) members, comprising two (2) Executive Directors, three (3) Non-Executive Directors and three
(3) Independent Non-Executive Directors, which is in compliance with paragraph 15.02 of Listing Requirements in respect of the board
composition.
The Board members have a diverse wealth of experience as well as skills and knowledge, which are relevant to the Group. A brief profle
of each Director is presented on pages 4 to 6 of this Annual Report. The presence of the Independent Non-Executive Directors are
particularly important to provide independent advice and judgment to ensure a balanced and unbiased decisions making process and
takes into account of the long term interests of the Group as well as to safeguard the interest of its shareholders.
The role of the Chairman and the Group Managing Director are distinct and separated. Each has a clearly accepted division of
responsibilities and there is a balance of power and authority and that no individual has unfettered powers of decision. The Chairman is
primarily responsible for ensuring the Board effectiveness and conduct whist the Group Managing Director has the responsibility over the
operational and business units, organizational effectiveness and implementation of the Board policies, directives and strategies.
The Board has appointed Abdul Rahman Bin Ahmad to act as the Senior Independent and Non-Executive Director and any concerns of
the minority shareholders of the Company in relation to the Group can be conveyed to him.
11
Statement On Corporate Governance (contd)
STRENGTHEN COMPOSITION (contd)
Nomination Committee
The Nomination Committee comprises of the following directors:-
Chairman
Tan Yen Yeow
Members
Abdul Rahman Bin Ahmad
Tham Yen Thim
The Committee exclusively comprised of Non-Executive Director with a majority of whom are Independent Directors.
The Nomination Committee is empowered by the Board and its terms of reference to propose new nominees for the Boards approval. The
Committee also assesses the effectiveness and performance of the Board as a whole, the Committees of the Board and the individual
assessment of Board Members. The Nomination Committee had met one (1) time and attended by all the members for the fnancial year
under review.
Appointment of Directors
The Company has in place a formal procedure for the appointment of new Directors. All new nominees to the Board, will frst be reviewed
and considered by the Nomination Committee before the proposed appointment is recommended to the Board of Directors for approval.
Re-election of Directors
Pursuant to Section 129 (6) of the Malaysian Companies Act, 1965, Directors who are over the age of seventy (70) years shall retire at
every Annual General Meeting and may offer themselves for re-appointment to hold offce until the next Annual General Meeting.
In accordance with Article 109 of the Articles of Association of the Company, one-third of the Directors, or, if their number is not a multiple
of three, the number nearest to one third with minimum of one, shall retire from offce and an election of Directors shall take place, provided
always that each Director shall retire at least once in every three (3) years but shall be eligible for re-election.
Remuneration Committee
The Remuneration Committee comprises of the following directors:-
Chairman
Tan Yen Yeow
Members
Dato Ir. Lai Pin Yong
Ir. Boey Cheng Hai
The Committee consists entirely of Non-Executive Director. The Committee is responsible for recommending the remuneration framework
for Directors as well as the remuneration packages of Executive Directors to the Board. The determination of remuneration packages of
Directors is a matter for the Board as a whole. Individuals concerned are required to abstain from deliberations of their own remuneration.
Directors fees are approved at the Annual General Meeting, by the shareholders. The Remuneration Committee had met one (1) time for
the fnancial year under review.
12
STRENGTHEN COMPOSITION (contd)
Aggregate remuneration of Directors categorised into appropriate components for the fnancial year ended 31 March 2014:-
Items Executive Directors
RM000
Non-Executive Directors
RM000
Fees 18 65
Salaries and Other Emoluments 569 9.5
Bonus 43 -
Number of Directors whose remuneration falls under each range:-
Number of Directors
Range of Remuneration
RM
Executive Directors Non-Executive Directors
50,000 and below - 5
300,001 to 350,000 2 -
The Remuneration Committee had met once and attended by all members for the fnancial year under review.
Audit Committee
The details on the composition, term of reference and summary of activities of the Audit Committee are set out on pages 16 to 18 of this
Annual Report.
REINFORE INDEPENDENCE OF THE BOARD
The tenure of an Independent Director should not exceed a cumulative term of nine (9) years. However, an Independent Director may
continue to serve the Board subject to his re-designation as an Independent Director. The Board must justify and seek shareholders
approval in the event that it retains a Director as an Independent Director, a person who has served in that capacity for more than 9 years.
As at to-date, the Board has carried out a assessment of the Independent Directors and determined that Encik Abdul Rahman Bin Ahmad
satisfed the criteria of independence recognized by the Board. The Board had thus determined that Encik Rahman should continue to
serve as independent Director.
Accordingly, the Board recommends that Encik Rahman seek shareholders approval to continue to be designated as Independent Director
at the forthcoming Annual General Meeting of the Company in accordance with the recommendation of the Code.
The position of Chairman and Group Managing Director are held by different individuals. The Chairman, Dato Ir. Goh Nai Kooi @ Gah
Mai Kwai is an executive member of the Board and is not an independent director by virtue of his substantial interest in the Company.
However, the Board believes that he is well placed to act on behalf of the shareholders in their best interest and it is not necessary to
nominate an independent non-executive director as Chairman at this juncture. However, the Board will continuously review and evaluate
the recommendation of the Code.
FOSTER COMMITMENT OF THE DIRECTORS
The Board meets at least four (4) times a year, scheduled well in advance before the end of the preceding fnancial year to facilitate the
Directors in planning their meeting schedule for the year. Additional meetings are convened when urgent and important decisions need
to be made between scheduled meetings. Board and Board Committees papers are prepared by Management to provide relevant facts
and analysis for the convenience of Directors. The agenda, relevant reports and Board papers are furnished to the Directors and Board
Committee members in advance to allow for suffcient time for Directors to promote effective discussions and decision-making during
meetings. At the quarterly Board meetings, the Board reviews the business performance of the Group and discusses major operational
and fnancial issues. The Chairman of the Audit Committee informs the Directors at each Board meeting of any salient matters noted which
require the Boards notice or direction. All pertinent issues discussed at Board meetings in arriving at the decisions and conclusions are
properly recorded by the Company Secretary by way of minutes of meetings.
13
FOSTER COMMITMENT OF THE DIRECTORS (contd)
Board Meetings
The Board met four (4) times during the fnancial year ended 31 March 2014. The attendance record of the Directors are disclosed as
follows:-
Directors Attendance
Dato Ir. Goh Nai Kooi @ Gah Mai Kwai 4/4
Dato Ir. Dr. Goh Yong Chee 3/4
Tham Yen Thim 4/4
Dato Ir. Lai Pin Yong 3/4
Ir. Boey Cheng Hai 4/4
Abdul Rahman Bin Ahmad 4/4
Tan Yen Yeow 4/4
Goh Yong Lin 3/4
Directors Training
All the Directors have successfully completed the Mandatory Accreditation Programme as prescribed by Listing Requirements. The
Directors will continue to undergo other relevant training programmes to further enhance their skills and knowledge to effectively discharge
their duties as Directors. The Board of Directors also received updates and briefngs, particularly on regulatory, changes in regulatory
framework, industry technology, including information on signifcant changes in business risks and procedures, accounting, construction
and property development activities.
Throughout the fnancial year under review, the Directors attended various training programmes covering areas that included relevant
industry updates, new developments in business environment and fnancial updates which they have, collectively or individually, considered
as useful in discharging their stewardship responsibilities. For the year under review, the Directors attended the following conference
seminars and training programme:-
Course Title Organiser Date
The Statement on Risk Management & Internal Control :
Guidelines for Directors of Listed Issuers
The Institute of Internal Auditors Malaysia 4 April 2013
2013 National Conference On Internal Auditing The Institute of Internal Auditors Malaysia 23-24 September 2013
Seminar Percukaian Kebangsaan 2013 Lembaga Hasil Dalam Negeri Malaysia 12 November 2013
UPHOLD INTEGRITY IN FINANCIAL REPORTING
Financial Reporting
The Board is responsible for ensuring that the fnancial statements give a true and fair view of the state of affairs of the Group and of the
Company as at the end of the fnancial year. This shall include their operation results and cash fows for the year then ended as well. In
preparing the fnancial statements, the Directors have ensured that applicable approved Financial Reporting Standards for entities other
than private entities issued by the Malaysian Accounting Standards Board and the provisions of the Companies Act, 1965 have been
applied.
The Board is assisted by the Audit Committee to oversee the Groups fnancial reporting process and the quality of its fnancial reporting.
The Audit Committee, comprising wholly Independent and Non-Executive Directors, with the Senior Independent Director as the Committee
Chairman, ensures that the fnancial statements of the Group and Company comply with applicable fnancial reporting standards in
Malaysia.
Relationship with External Auditors
The Board and the Audit Committee have always maintained a professional and transparent relationship with the External Auditors in
seeking professional advice and ensuring compliance with appropriate accounting standards. The External Auditor is expected to report
their fndings to the Audit Committee and to discuss with the Board of Directors on matters that necessitate the Boards attention.
14
RECOGNISE AND MANAGE RISKS
Risk Management and Internal Audit function
Recognising the importance of risk management, the Board continuously reviews the Groups risk management and internal control
procedures to identify and assess key risks and controls and managements plans to mitigate or eliminate the signifcant risks identifed.
The Board engaged an independent professional accounting and consulting frm to carry out the independent internal audit functions
which are reports directly to the Audit Committee. Through the Audit Committee, the Board has established transparent relationship with
the internal auditors. Details of the Companys internal control system and its framework including the scope of work during the fnancial
year under review is provided in the Statement on Risk Management and Internal Control of the Group set out on pages 19 to 20 of this
Annual Report.
ENSURE TIMELY AND HIGH QUALITY DISCLOSURE
The Board recognises the need for comprehensive, timely and accurate disclosures of all material Company information to the public so
as to ensure a credible and responsible market in which participants conduct themselves with the highest standards of due diligence and
investors have access to timely and accurate information to facilitate the evaluation of securities.
During the fnancial year under review, the Board has undertaken means of formalising its existing internal corporate disclosure policies
and procedures not only to comply with the disclosure requirements as stipulated in the Listing Requirements, but also in setting out the
protocols for disclosing material information to shareholders and stakeholders.
STRENGTHEN RELATIONSHIP BETWEEN COMPANY AND SHAREHOLDERS
Relationship with Shareholders
The Board recognises the need for transparency and accountability to the Companys shareholders as well as regular communication with
its shareholders, stakeholders and investors on the performance and major developments in the Company. Notice of the Annual General
Meeting and Annual Report are sent out with suffcient notice before the date of the meeting. The Explanatory Notes on the proposed
resolution under Special Business are provided to help the shareholders to decide on their vote on the resolution. Where Extraordinary
General Meetings are held to obtain shareholders approval on certain business or corporate proposals, comprehensive circulars to
shareholders would be sent within prescribed deadlines in accordance with regulatory and statutory provisions.
All shareholders, including private investors, have an opportunity to participate in discussion with the Board on matters relating to the
Companys operation and performance at the Companys Annual General Meeting. Alternatively, they may obtain the Companys latest
announcement such as quarterly fnancial results, corporate announcements via the Bursa Malaysia Securities Berhads website at www.
bursamalaysia.com. In addition, the Company maintains a website at www.jmr.com.my which is updated regularly for shareholders and
the public to access information about the Group.
Annual General Meeting ( AGM )
The AGM is the principal forum for dialogue and interaction with its shareholders. Shareholders are encouraged to participate in discussion
pertaining to the operations and fnancial aspects of the Group. The Board members are available to respond to all queries and under
take to provide clarifcation on issue raised by shareholders. The External Auditors are also present to provide their professional and
independent clarifcation on queries raised by shareholders.
Shareholders are invited to ask questions regarding the resolutions being proposed before putting a resolution to vote as well as matters
relating to the Groups operations in general. All the resolutions set out in the Notice of the AGM were put to vote by show of hands and
were duly passed. The outcome of the AGM was announced to Bursa on the same day.
COMPLIANCE WITH THE PRINCIPLES AND RECOMMENDATIONS OF THE CODE
For the year ended 31 March 2014, the Group has compiled substantially with the Principles and Recommendations of the Code insofar
as applicable and described herein.
This statement is issued in accordance with a resolution of the Directors dated 3 July 2014.
15
Audit Committee Report
Members of the Audit Committee
The Audit Committee comprises the following directors:-
Chairman
Tan Yen Yeow
Members
Ir. Boey Cheng Hai
Terms of Reference
Membership

The Audit Committee shall comprise at least three (3) Non-Executive Directors appointed by the Board of Directors. All the members of
the Audit Committee must be Non-Executive Directors, with a majority of them being Independent Directors. All members of the Audit
Committee shall be fnancially literate and at least one (1) member:-
i. must be a member of the Malaysian Institute of Accountants; or
ii. if he is not a member of the Malaysian Institute of Accountants, he must have at least three (3) years working experience and;
he must have passed the examinations specifed in Part 1 of the 1st Schedule of the Accountants Act 1967; or
he must be a member of one of the associations of accountants specifed in Part II of the 1st Schedule of the Accountants Act
1967; or
iii. fulflls such other requirements as prescribed by Bursa Malaysia Securities Berhad.
The members of the Audit Committee shall elect a Chairman from amongst their members who must be an Independent, Non-Executive
Director. No Alternate Director can be appointed as a member of the Audit Committee.
In the event of any vacancy in the Committee, the Board must fll the vacancy within three (3) months, appoint such number of new
members as may be required to make up the minimum of three (3) members.
Meeting and Minutes
The Audit Committee shall meet at least four (4) times a year. In order to form a quorum in respect of a meeting of an Audit Committee,
the majority of members present must be Independent Directors.
The Committee may invite the External and Internal Auditors, any other Directors or senior management staffs of the Company to be in
attendance during the meetings to assist in its deliberations.
Upon request by the External Auditors, the Chairman shall convene a meeting of the Committee to consider any matters the External
Auditors believe should be brought to the attention of the Directors or the shareholders of the Company. The Audit Committee shall meet
the External Auditors without the presence of any Executive Directors or Senior Management, at least twice a year.
The Company Secretary shall be the Secretary of the Audit Committee. Minutes of each meeting shall be distributed to each member of
the Audit Committee and all members of the Board. The Audit Committee Chairman shall report each meeting to the Board.
16
Audit Committee Report (contd)
Authority of Audit Committee
The Committee is empowered by the Board to investigate any activity within its term of reference. It shall:-
Have authority to investigate any matter within its terms of reference.
Have full and unrestricted access to any information pertaining to the Group, and all employees are directed to co-operate with any
request made by the Committee.
Have direct communication channels with both the External and Internal Auditors or any person(s) carrying out the internal audit
functions or activities.
Seek independent professional advice, whenever required.
Have the resources which are required to perform its duties.
Duties of Audit Committee
The duties of the Audit Committee are as follows:-
To monitor any potential confict of interest situation that may arise within the Group, including any transaction, procedure or course
of conduct that raises the questions of management integrity.
To review announcements, quarterly reports and the annual fnancial statements before submission to the Board for approval.
To determine with Internal Auditors, the function and scope of internal audit and to review reports and fndings by Internal Auditors,
in the absence of management staff if deemed necessary.
To review the assistance given by the Companys employees to the External Auditors.
To review with External Auditors, the annual audit plan which states the scope and nature of their audit, their audit fndings and audit
report.
To review with the Internal and External Auditors, their evaluation of internal control systems, their management letters and
managements response, in the absence of management staff if deemed necessary.
To report promptly to the Bursa Malaysia Securities Berhad on any matter reported by it to the Board of Directors which has not been
satisfactorily resolved and resulting in a breach of the relevant rules and regulations.
To recommend and review the appointment and resignation of the Internal and External Auditors and their fees.
Other functions as may be agreed by the Audit Committee and the Board of Directors hereafter.
Summary of Activities
There were four (4) Audit Committee meetings held during the fnancial year. The following details the attendance record of the Audit
Committee members:-
Members Attendance
Tan Yen Yeow 4/4
Abdul Rahman Bin Ahmad 4/4
Ir. Boey Cheng Hai 4/4
The activities of the Audit Committee during the fnancial year under review are as follows:-
Reviewed the audit plan, the nature and scope of the audit with the Internal and External Auditors and their related fees.
The Committee meets with the External Auditors without Executive Board Members present twice during the fnancial year under
review.
Discussed the audit fndings and recommendations made by the Internal and External Auditors on systems of internal control,
reviewed Management Letter, and follow up with corrective action taken by the Management.
Reviewed the unaudited quarterly report of the Group and annual fnancial statements before recommendation to the Board for
consideration and approval.
Reviewed the Group compliance with the Bursa Malaysia Securities Berhad Main Market Listing Requirements, Financial Reporting
Standards issued by the Malaysian Accounting Standards Board and other relevant legal and regulatory requirements.
Reviewed the Audit Committees Report and Statement on Risk Management and Internal Control for inclusion in the Annual
Report.
17
Audit Committee Report (contd)
Internal Audit Function
The Companys internal audit function is carried out by BDO Governance Advisory Sdn. Bhd., an independent professional accounting and
consulting frm. It reports directly and provides the Committee with independent and objective assurance on the adequacy and integrity
of its system of internal controls and the extent of compliance towards the Groups existing policies and procedures, applicable laws and
regulations.
The total cost incurred in relation to the conduct of the internal audit functions of the Group during the fnancial year ended 31 March 2014
amounted to RM19,610.
18
Statement On Risk Management And Internal Control
INTRODUCTION
The Malaysian Code on Corporate Governance 2012 requires listed companies to maintain a sound system of internal controls to
safeguard shareholders investment and the Groups assets.
Guided by the Statement on Risk Management and Internal Control: Guidance for Directors of Public Listed Companies, the Board of
Director of JMR Conglomeration Bhd. is pleased to present the Statement on Risk Management and Internal Control which is prepared in
accordance with Paragraph 15.26(b) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.
RESPONSIBILITY FOR RISK AND INTERNAL CONTROL
The Board recognises its overall responsibility for the Groups systems of internal control and for reviewing the adequacy and integrity of
those systems. In view of the limitations that are inherent in any systems of internal control, the systems of internal control are designed
to manage risk within tolerable levels rather than eliminate the risk of failure to achieve business objectives. Hence, such system by its
nature can only provide reasonable and not absolute assurance against material misstatement, error or losses.
The Board has established an ongoing process for identifying, evaluating and managing the signifcant risks faced, or potentially exposed
to, by the Group in pursuing its business objectives. This process has been in place throughout the fnancial year and up to the date of
approval of the annual report. The adequacy and effectiveness of this process have been continually reviewed by the Board and are in
accordance with the Internal Control Guidance.
RISK MANAGEMENT
The Board and the management practice proactive signifcant risks identifcation in the processes and activities of the Group, particularly
in major proposed transactions, changes in nature of activities and/or operating environment, or venturing into new operating environment
which may entail different risks, and put in place the appropriate risk response strategies and controls until those risks are managed to,
and maintained at, a tolerance level acceptable by the Board.
INTERNAL AUDIT
The Board acknowledges the importance of internal audit function and has outsourced its internal audit function to an independent
professional accounting and consulting frm, BDO Governance Advisory Sdn Bhd as part of its efforts to provide adequate and effective
internal control systems. The performance of internal audit function is carried out as per the annual audit plan approved by the Audit
Committee.
The internal audit adopts a risk-based approach in developing its audit plan which addresses all the core auditable areas of the Group
based on their risk profle. The audit focuses on high risk area to ensure that an adequate action plan has in place to improve the controls
in place. The audit ascertains that the risks are effectively mitigated by the controls. On a quarterly basis or earlier as appropriate, the
internal auditors report to the Audit Committee on areas for improvement. The highlighted areas will be followed up closely to determine
the extent of their recommendations that have been implemented by the management.
INTERNAL CONTROL
Apart from risk management and internal audit, the Group has put in place the following key elements of internal control:
An organization structure with well-defned scopes of responsibility, clear lines of accountability, and appropriate levels of delegated
authority;
A process of hierarchical reporting which provides a documented and auditable trail of accountability;
A set of documented internal policies and procedures which is subject to regular review and improvement;
Regular and comprehensive information provided to management, covering fnancial and operational performance and key business
indicators, for effective monitoring and decision making;
Monthly monitoring of results against budget, with major variances being followed up and management action taken, where
necessary; and
Regular visits to operating units by members of the Board and senior management.
19
Statement On Risk Management And Internal Control (contd)
REVIEW OF THIS STATEMENT BY EXTERNAL AUDITORS
As required by Paragraph 15.23 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the external auditors
have reviewed this Statement on Risk Management and Internal Control. Their review was performed in accordance with Recommended
Practice Guide (RPG) 5 issued by the Malaysian Institute of Accountants. RPG 5 does not require the external auditors to form an opinion
on the adequacy and effectiveness of the risk management and internal control systems of the Group.
CONCLUSION
The Board has received assurance from the top management and Group Managing Director that the Groups risk management and
internal control systems have been operating adequately and effectively, in all material aspects, during the fnancial year under review and
up to date of this statement. Taking this assurance into consideration, the Board is of the view that there were no signifcant weaknesses
in the current system of internal control of the Group that may have material impact on the operations of the Group for the fnancial year
ended 31 March 2014. The Board and the management will continue to take necessary measures and ongoing commitment to strengthen
and improve its internal control environment and risk management.

This statement is issued in accordance with a resolution of the Directors dated 3 July 2014.
20
Other Information
Utilisation of Proceeds Raised from Corporate Proposal
During the fnancial year, there were no proceeds raised by the Group from any corporate proposals.
Share Buybacks
The Company did not enter into any share buybacks transactions during the fnancial year.
Options or Convertible Securities
No options or convertible securities were exercised during the fnancial year.
Depository Receipt Programme
The Company did not sponsor any depository receipt programme during the fnancial year.
Imposition of Sanctions and Penalties
There were no sanctions nor material penalties imposed on the Company and its subsidiaries, Directors or Management by the relevant
regulatory bodies during the fnancial year.
Non-Audit Fees
There were no non-audit fees paid to the External Auditors by the Group during the fnancial year.
Proft Guarantee
There were no proft guarantees given by the Company during the fnancial year.
Proft Estimates, Forecast or Projections
The Company did not issue any proft estimates, forecast or projections. There was no signifcant variance between the audited results for
the fnancial year and the unaudited results previously released by the Group.
Material Contracts Involving Directors and Major Shareholders
There were no material contracts (not being contracts entered into in the ordinary course of business) entered into by the Company and/
or its subsidiaries, involving Directors and major shareholders interests during the fnancial year.
Revaluation Policy on Landed Properties
The Company and the Group does not adopt a policy on regular revaluation of its landed properties.
21
Directors' Report
The Directors have pleasure in submitting their report and the audited fnancial statements of the Group and of the Company for the
fnancial year ended 31 March 2014.
Principal activities

The Company is principally involved in investment holding and providing management services. The principal activities of its subsidiaries
are as disclosed in Note 15 to the fnancial statements.
There have been no signifcant changes in the nature of the activities of the Group and of the Company during the fnancial year.
Results
Group Company
RM RM
Proft for the fnancial year attributable to:
Owners of the Company 8,131,018 4,555,599
Non-controlling interest (102) -
8,130,916 4,555,599
Reserves and provisions
There were no material transfers to or from reserves or provisions during the fnancial year other than those disclosed in the fnancial
statements.
Dividends
On 11 December 2013, the Directors declared interim dividend of RM0.04 each less tax of 25% amounting to RM3,803,532 in respect of
the fnancial year ended 31 March 2014, which was paid on 20 December 2013.
The Directors do not recommend any fnal dividend to be paid in respect of the current fnancial year.
Directors

The Directors who have held offce since the date of the last report are:

Dato Ir. Goh Nai Kooi @ Gah Mai Kwai
Dato Ir. Dr. Goh Yong Chee
Tham Yen Thim
Dato Ir. Lai Pin Yong
Ir. Boey Cheng Hai
Goh Yong Lin
Tan Yen Yeow
Lim Tze Ming
22
Directors' Report (contd)
Directors interest in shares
The interest of the directors who held offce at the end of the fnancial year in shares in the Company and its related companies are as
follows:
Number of ordinary shares of RM1 each
Balance at Balance at
The Company 01.04.2013 Bought Sold 31.03.2014
Direct interest:
Dato Ir. Dr. Goh Yong Chee 2,500,000 - - 2,500,000
Dato Ir. Goh Nai Kooi @ Gah Mai Kwai 4,032,350 1,164,500 - 5,196,850
Ir. Boey Cheng Hai 491,846 - - 491,846
Indirect interest:
*=Dato Ir. Dr. Goh Yong Chee 70,137,627 1,439,400 - 71,577,027
*+ Dato Ir. Goh Nai Kooi @ Gah Mai Kwai 68,605,277 274,900 - 68,880,177
*=Goh Yong Lin 72,637,627 1,439,400 - 74,077,027
Number of ordinary shares of RM1 each
JMR Consolidated Holdings Sdn. Bhd. Balance at Balance at
(Holding Company) 01.04.2013 Bought Sold 31.03.2014
Direct interest:
Dato Ir. Goh Nai Kooi @ Gah Mai Kwai 7,203,043 479,428 - 7,682,471
Dato Ir. Dr. Goh Yong Chee 1,575,783 - - 1,575,783
Abdul Rahman Bin Ahmad 629,009 - - 629,009
Indirect interest:
+ Dato Ir. Goh Nai Kooi @ Gah Mai Kwai 65,106,298 - - 65,106,298
= Dato Ir. Dr. Goh Yong Chee 70,733,558 - - 70,733,558
# Tham Yen Thim 5,736,477 - - 5,736,477
# Dato Ir. Lai Pin Yong 10,945,821 - - 10,945,821
* Deemed interest through the holding company, JMR Consolidated Holdings Sdn. Bhd..
+ Deemed interest through corporate shareholders and his spouse and sons.
= Deemed interest through his/her parents.
# Deemed interest through corporate shareholders.
By virtue of their interests in the shares of the holding company, Dato Ir. Goh Nai Kooi @ Gah Mai Kwai, Dato Ir. Dr. Goh Yong Chee and
Goh Yong Lin are also deemed to be interested in the shares of all the subsidiaries of JMR Consolidated Holdings Sdn. Bhd. to the extent
that JMR Consolidated Holdings Sdn. Bhd. has an interest.
None of the other Directors in offce at the end of the fnancial year had any interest in shares of the Company and its related companies
during the fnancial year.
Directors benefts
Since the end of the previous fnancial year, no Directors of the Company has received or become entitled to receive any beneft (other
than a beneft included in the aggregate amount of emoluments received or due and receivable by Directors as shown in the fnancial
statements) by reason of a contract made by the Company or a related corporation with the Directors or with a frm of which the Director
is a member, or with a company in which the Director has a substantial fnancial interest other than as disclosed in Note 28 to the fnancial
statements.
23
Directors benefts (continued)
There were no arrangements during or at the end of the fnancial year, which had the object of enabling Directors of the Company to
acquire benefts by means of the acquisition of shares in, or debentures of the Company or any other body corporate.
Issue of shares and debentures
There were no changes in the authorised, issued and paid-up capital of the Company during the fnancial year.
There were no debentures issued during the fnancial year.
Options granted over unissued shares
No options were granted to any person to take up unissued shares of the Company during the fnancial year.
Other statutory information

Before the fnancial statements of the Group and of the Company were made out, the Directors took reasonable steps to ascertain that:
(i) proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and have
satisfed themselves that there are no known bad debts and that adequate provision had been made for doubtful debts; and
(ii) all current assets have been stated at the lower of cost and net realisable value.
At the date of this report, the Directors are not aware of any circumstances:
(i) which would necessitate the writing off of bad debts or render the amount of the provision for doubtful debts inadequate to any
material extent; or
(ii) which would render the value attributed to current assets in the fnancial statements of the Group and of the Company misleading;
or
(iii) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the
Company misleading or inappropriate; or
(iv) not otherwise dealt with in this report or the fnancial statements, which would render any amount stated in the fnancial statements
of the Group and of the Company misleading.
At the date of this report, there does not exist:
(i) any charge on the assets of the Group and of the Company that has arisen since the end of the fnancial year and which secures
the liabilities of any other person; or

(ii) any contingent liability in respect of the Group and of the Company that has arisen since the end of the fnancial year.
No contingent liability or other liability of the Group and of the Company has become enforceable, or is likely to become enforceable within
the period of twelve months after the end of the fnancial year which, in the opinion of the Directors, will or may substantially affect the
ability of the Group and of the Company to meet their obligations as and when they fall due except as disclosed in Note 30 to the fnancial
statements.

In the opinion of the Directors, the fnancial performance of the Group and of the Company for the fnancial year ended 31 March 2014
have not been substantially affected by any item, transaction or event of a material and unusual nature nor has any such item, transaction
or event occurred in the interval between the end of the fnancial year and the date of this report.
24
Holding Company
The Directors regard JMR Consolidated Holdings Sdn. Bhd., a company incorporated in Malaysia, as the holding company.
Subsequent event
Details of subsequent event is disclosed in Note 37 to the fnancial statements.
Auditors

The auditors, Messrs PKF, have indicated their willingness to continue in offce.
Signed on behalf of the Board
in accordance with a resolution of the Directors,
DATO IR. GOH NAI KOOI @ GAH MAI KWAI THAM YEN THIM
Penang
3 July 2014
25
Statement By Directors
Pursuant To Section 169 (15) Of The Companies Act, 1965 in Malaysia
In the opinion of the Directors, the accompanying fnancial statements as set out on pages 29 to 82 are drawn up in accordance with
the provisions of the Companies Act, 1965 in Malaysia, Financial Reporting Standards so as to give a true and fair view of the fnancial
position of the Group and of the Company as at 31 March 2014 and of their fnancial performance and their cash fows for the fnancial
year ended on that date.
The supplementary information as set out in Note 36 to the fnancial statements is disclosed to meet the requirement of Bursa Malaysia
Securities Berhad. The Directors are responsible for the preparation of the supplementary information in accordance with Guidance on
Special Matter No. 1, Determination of Realised and Unrealised Profts or Losses in the Context of Disclosure Pursuant to Bursa Malaysia
Securities Berhad Listing Requirements, as issued by the Malaysian Institute of Accountants (MIA Guidance) and the directive of Bursa
Malaysia Securities Berhad. In our opinion, the supplementary information is prepared, in all material respects, in accordance with the MIA
Guidance and the directive of Bursa Malaysia Securities Berhad.
Signed on behalf of the Board
in accordance with a resolution of the Directors,
DATO IR. GOH NAI KOOI @ GAH MAI KWAI THAM YEN THIM
Penang
3 July 2014
Statutory Declaration
Pursuant To Section 169 (16) Of The Companies Act, 1965 in Malaysia
I, DATO IR. DR. GOH YONG CHEE being the Director primarily responsible for the fnancial management of JMR CONGLOMERATION
BHD., do solemnly and sincerely declare that to the best of my knowledge and belief, the fnancial statements as set out on pages 29 to 82
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.
Subscribed and solemnly declared by the above
named at GEORGETOWN in the State of PENANG
on 3 July 2014
)
)
)
DATO IR. DR. GOH YONG CHEE
Before me,
COMMISSIONER FOR OATHS

26
Independent Auditors Report
To the members of JMR Conglomeration Bhd. and its Subsidiaries
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying fnancial statements of JMR CONGLOMERATION BHD., which comprise the Statements of Financial
Position as at 31 March 2014 of the Group and of the Company, and the Statements of Comprehensive Income, Statements of Changes
in Equity and Statements of Cash Flows of the Group and of the Company for the fnancial year then ended, and a summary of signifcant
accounting policies and other explanatory notes, as set out on pages 29 to 82.
Directors Responsibility for the Financial Statements
The Directors of the Company are responsible for the preparation of fnancial statements that give a true and fair view in accordance with
Financial Reporting Standards and the Companies Act, 1965 in Malaysia, and for such internal control as the Directors determine are
necessary to enable the preparation of the fnancial statements that are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these fnancial 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 fnancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fnancial statements. The
procedures selected depend on our judgement, including the assessment of risks of material misstatement of the fnancial statements,
whether due to fraud or error. In making those risk assessments, we consider internal controls relevant to the entitys preparation of
fnancial statements that give a true and fair view 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 entitys internal controls. 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 fnancial statements.
We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the fnancial statements give a true and fair view of the fnancial position of the Group and of the Company as at 31 March
2014 and of their fnancial performance and their cash fows for the fnancial year then ended in accordance with Financial Reporting
Standards and the requirements of the Companies Act, 1965 in Malaysia.
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 Companies Act, 1965 in Malaysia 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 fnancial statements and the auditors reports of all the subsidiaries for which we have not acted as auditors
in Note 15 to the fnancial statements.
c) We are satisfed that the fnancial statements of the subsidiaries that have been consolidated with the Companys fnancial
statements are in form and content appropriate and proper for the purposes of the preparation of the fnancial statements of the
Group and we have received satisfactory information and explanations required by us for those purposes.
d) The auditor reports on the fnancial statements of the subsidiaries did not contain any qualifcation or any adverse comment made
under Section 174(3) of the Act.
27
Independent Auditors Report (contd)
To the members of JMR Conglomeration Bhd. and its Subsidiaries
OTHER REPORTING RESPONSIBILITIES
The supplementary information set out in Note 36 to the fnancial statements is disclosed to meet the requirement of Bursa Malaysia
Securities Berhad. The Directors are responsible for the preparation of the supplementary information in accordance with Guidance on
Special Matter No. 1, Determination of Realised and Unrealised Profts or Losses in the Context of Disclosure Pursuant to Bursa Malaysia
Securities Berhad Listing Requirements, as issued by the Malaysian Institute of Accountants (MIA Guidance) and the directive of Bursa
Malaysia Securities Berhad. In our opinion, the supplementary information is prepared, in all material respects, in accordance with the MIA
Guidance and the directive of Bursa Malaysia Securities Berhad.
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.
PKF CHUAH SOO HUAT
AF 0911 3002/07/14 (J)
CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANT
Kuala Lumpur
3 July 2014
28
Statements Of Comprehensive Income
For The Financial Year Ended 31 March 2014
Group Company
2014 2013 2014 2013
Note RM RM RM RM
Revenue 3 71,620,072 44,276,279 6,374,080 400,000
Cost of sales 4 (55,315,406) (34,133,498) - -
Gross proft 16,304,666 10,142,781 6,374,080 400,000
Other income 1,211,087 4,196,116 - 725
Distribution costs (234,371) (175,487) - -
Administrative expenses (5,483,845) (6,628,737) (293,317) (366,308)
Share of loss of associates (321,920) (344,227) - -
Proft from operations 6 11,475,617 7,190,446 6,080,763 34,417
Finance costs 7 (268,250) (97,095) - -
Proft before tax 11,207,367 7,093,351 6,080,763 34,417
Tax expense 8 (3,076,451) (1,678,425) (1,525,164) (61,026)
Proft/(Loss) for the fnancial year 8,130,916 5,414,926 4,555,599 (26,609)
Other comprehensive income for the
fnancial year
Net fair value income on available-for-sale of
other fnancial assets - 215 - -
Total comprehensive income/(loss) for the
fnancial year 8,130,916 5,415,141 4,555,599 (26,609)
Proft/(Loss) for the year attributable to:
Equity holders of the Company 8,131,018 5,415,012 4,555,599 (26,609)
Non-controlling interests (102) (86) - -
8,130,916 5,414,926 4,555,599 (26,609)
Total comprehensive income/
(loss) attributable to:
Equity holders of the Company 8,131,018 5,415,227 4,555,599 (26,609)
Non-controlling interests (102) (86) - -
8,130,916 5,415,141 4,555,599 (26,609)
Earnings per share:
Basic (sen per share) 9 6.41 4.27
The accompanying notes form an integral part of the fnancial statements.
29
Statements Of Financial Position
As At 31 March 2014
Group Company
2014 2013 2014 2013
Note RM RM RM RM
ASSETS
Non-current assets
Property, plant and equipment 10 15,555,365 15,958,235 - -
Investment properties 11 13,755,198 16,319,028 3,676,000 3,676,000
Prepaid lease payments on leasehold land 12 1,832,228 1,754,720 - -
Land held for property development 13 32,097,968 26,015,125 - -
Goodwill 14 592,354 592,354 - -
Investments in subsidiaries 15 - - 91,439,820 90,183,430
Investments in associates 16 850,830 1,172,750 559,769 559,769
64,683,943 61,812,212 95,675,589 94,419,199
Current assets
Inventories 17 1,340,349 1,879,722 - -
Property development costs 18 31,062,447 20,792,050 - -
Trade and non-trade receivables 19 22,404,958 12,021,370 854,500 4,500
Tax recoverable 1,956,499 1,226,447 - 80,974
Short term deposits with licensed banks 20 909,708 1,854,682 - -
Cash and bank balances 21 5,157,331 6,352,815 151,265 155,046
62,831,292 44,127,086 1,005,765 240,520
TOTAL ASSETS 127,515,235 105,939,298 96,681,354 94,659,719
30
Statements Of Financial Position (contd)
As At 31 March 2014
Group Company
2014 2013 2014 2013
Note RM RM RM RM
EQUITY AND LIABILITIES
Equity attributable to owners
Share capital 22 126,784,397 126,784,397 126,784,397 126,784,397
Reserve 23 - - - -
Accumulated losses (27,739,612) (32,067,098) (32,479,900) (33,231,967)
Total equity attributable to equity holders
of the Company 99,044,785 94,717,299 94,304,497 93,552,430
Non-controlling interests 135,578 135,680 - -
TOTAL EQUITY 99,180,363 94,852,979 94,304,497 93,552,430
Non-current liabilities
Borrowings 24 588,102 101,141 - -
Deferred tax liabilities 25 904,673 972,015 - -
1,492,775 1,073,156 - -
Current liabilities
Trade and non-trade payables 26 12,463,581 9,537,530 2,168,252 1,107,289
Borrowings 24 13,037,958 96,677 - -
Tax payable 1,340,558 378,956 208,605 -
26,842,097 10,013,163 2,376,857 1,107,289
TOTAL LIABILITIES 28,334,872 11,086,319 2,376,857 1,107,289
TOTAL EQUITY AND LIABILITIES 127,515,235 105,939,298 96,681,354 94,659,719
31
Statements Of Changes In Equity
Attributable to equity holders of the Company
Non-distributable Distributable
Note
Share
capital
Investment
revaluation
reserve
Accumulated
losses Total
Non-
controlling
interest Total
Group RM RM RM RM RM RM
At 1 April 2012 126,784,397 1,800 (37,484,125) 89,302,072 135,766 89,437,838
Proft for the year - - 5,415,012 5,415,012 (86) 5,414,926
Other comprehensive
income for the fnancial
year - 215 - 215 - 215
Reversal of investment
revaluation reserve 23 - (2,015) 2,015 - - -
Total comprehensive
income for the fnancial
year - (1,800) 5,417,027 5,415,227 (86) 5,415,141
At 31 March 2013 126,784,397 - (32,067,098) 94,717,299 135,680 94,852,979
Attributable to equity holders of the Company
Distributable
Note
Share
capital
Accumulated
losses Total
Non-
controlling
interest Total
Group RM RM RM RM RM
At 1 April 2013 126,784,397 (32,067,098) 94,717,299 135,680 94,852,979
Proft for the year - 8,131,018 8,131,018 (102) 8,130,916
Other comprehensive loss for the
fnancial year - - - - -
Total comprehensive income for the
fnancial year - 8,131,018 8,131,018 (102) 8,130,916
Dividends 27 - (3,803,532) (3,803,532) - (3,803,532)
At 31 March 2014 126,784,397 (27,739,612) 99,044,785 135,578 99,180,363

32
Statements Of Changes In Equity (contd)
Share Accumulated
capital losses Total
Note RM RM RM
Company
At 1 April 2012 126,784,397 (33,205,358) 93,579,039
Total comprehensive loss for the fnancial year - (26,609) (26,609)
At 31 March 2013 126,784,397 (33,231,967) 93,552,430
Total comprehensive income for the fnancial year - 4,555,599 4,555,599
Dividends
28
- (3,803,532) (3,803,532)
At 31 March 2014 126,784,397 (32,479,900) 94,304,497
33
Statements Of Cash Flows
Group Company
2014 2013 2014 2013
Note RM RM RM RM
Cash fows from operating activities
Proft before tax 11,207,367 7,093,351 6,080,763 34,417
Adjustments for:
Impairment loss on trade receivables 99,120 - - -
Depreciation of property, plant and equipment 435,229 469,135 - -
Depreciation of investment properties 127,505 134,623 - -
Share of loss of associates 321,920 344,227 - -
Interest expense 268,250 97,095 - -
Amortisation of prepaid lease payments on
leasehold land 45,492 43,270 - -
Property, plant and equipment written off - 123,021 - -
Interest income (87,001) (135,744) - (725)
Gain on disposal of property, plant and equipment (50,300) (31,500) - -
Gain on disposal of investment in subsidiaries - (2,037,665) - (100,000)
Gain on disposal of investment properties (468,773) (1,082,115) - -
Bad debts recovered - (4,266) - -
Gain on disposal of quoted investment - (1,500) - -
Reversal of impairment loss on trade and non-
trade receivables - (670,000) - -
Gross dividend income - (525) (6,374,080) (300,000)
Operating proft/(loss) before working capital
changes 11,898,809 4,341,407 (293,317) (366,308)
34
Statements Of Cash Flows (contd)
Group Company
2014 2013 2014 2013
Note RM RM RM RM
Operating proft/(loss) before working capital
changes 11,898,809 4,341,407 (293,317) (366,308)
Decrease/(Increase) in inventories 539,373 (153,215) - -
Increase in property development costs (10,270,397) (6,043,907) - -
Increase in receivables (10,605,708) (4,766,594) - -
Decrease in payables 2,926,051 7,280,820 1,060,963 4,396
Cash (used in)/from operations (5,511,872) 658,511 767,646 (361,912)
Tax refunded - 70,690 107,935 50,733
Tax paid (2,912,243) (2,795,540) (1,343,520) -
Net cash used in operating activities (8,424,115) (2,066,339) (467,939) (311,179)
Cash fows from investing activities
Dividends received - 525 6,374,080 225,000
Proceeds from disposal of investment properties 878,098 1,950,000 - -
Interest received 87,001 115,073 - 725
Proceeds from disposal of quoted investment - 74,615 - -
Proceeds from disposal of investment in
subsidiaries - - - 100,000
Proceeds from disposal of property, plant and
equipment 51,480 31,500 - -
Sale of subsidiary, net of cash disposed - (3,116,709) - -
Payments for land held for property development (4,055,843) (262,721) - -
Acquisition of property, plant and equipment (33,539) (86,404) - -
Net advances (to)/from subsidiaries - - (2,106,390) 11,647
Net cash (used in)/from investing activities (3,072,803) (1,294,121) 4,267,690 337,372
35
Statements Of Cash Flows (contd)
Group Company
2014 2013 2014 2013
Note RM RM RM RM
Cash fows from fnancing activities
Dividend paid (3,803,532) - (3,803,532) -
Short term deposits held as security - (81,796) - -
Increase/(Decrease) in borrowings 13,419,036 (565,182) - -
Interest paid (268,250) (97,095) - -
Net cash from/(used in) fnancing activities 9,347,254 (744,073) (3,803,532) -
Net (decrease)/increase in cash and cash
equivalents (2,149,664) (4,104,533) (3,781) 26,193
Cash and cash equivalents at 1 April 7,306,995 11,411,528 155,046 128,853
Cash and cash equivalents at 31 March (i) 5,157,331 7,306,995 151,265 155,046
Notes:

(i) Cash and cash equivalents
Cash and cash equivalents comprise the following:
Group Company
2014 2013 2014 2013
RM RM RM RM
Cash and bank balances 5,157,331 6,352,815 151,265 155,046
Short term deposits with licensed banks 909,708 1,854,682 - -
6,067,039 8,207,497 151,265 155,046
Less: Short term deposits held as security (909,708) (900,502) - -
5,157,331 7,306,995 151,265 155,046
36
Notes To The Financial Statements
At 31 March 2014
1. Basis of preparation
The fnancial statements of the Group and of the Company have been prepared in accordance with Financial Reporting Standards
(FRSs) and the Companies Act, 1965, in Malaysia.
The accompanying fnancial statements have been prepared assuming that the group and the Company will continue as going
concern which contemplates the realisation of assets and settlement of liabilities in the normal course of business.
The accounting policies adopted are consistent with those of the previous fnancial year except as follows.
(a) Standards issued and effective
On 1 April 2013, the following new and amended FRSs and IC Interpretations are mandatory for annual fnancial periods
beginning on or after 1 January 2013.
Description
Effective for
annual periods
beginning on or
after
FRS 10, Consolidated Financial Statements 1 January 2013
FRS 11, Joint Arrangements 1 January 2013
FRS 12, Disclosure of Interests in Other Entities 1 January 2013
FRS 13, Fair Value Measurement 1 January 2013
FRS 119, Employee Benefts 1 January 2013
FRS 127, Separate Financial Statements 1 January 2013
FRS 128, Investment in Associated and Joint Ventures 1 January 2013
Amendment to FRSs:
- FRS 1, First-time Adoption of Financial Reporting Standards Government Loans 1 January 2013
- FRS 1, First-time Adoption of Financial Reporting Standards Borrowing Costs 1 January 2013
- FRS 7, Financial Instruments: Disclosures Offsetting Financial Assets and Financial
Liabilities
1 January 2013
- FRS 10, Consolidated Financial Statements: Transition Guidance 1 January 2013
- FRS 11, Joint Arrangements: Transition Guidance 1 January 2013
- FRS 12, Disclosure of Interest in Other Entities: Transition Guidance 1 January 2013
- FRS 101, Presentation of Financial Statements Presentation of Items of Other
Comprehensive Income
1 July 2013
- FRS 116, Property, Plant and Equipment 1 January 2013
- FRS 132, Financial Instruments: Presentation 1 January 2013
- FRS 134, Interim Financial Reporting 1 January 2013
IC Interpretation 20 Stripping Cost in the Production Phase of a Surface Mine 1 January 2013
Amendments to IC Interpretation 2 Members Shares in Co-operative Entities and Similar
Instruments
1 January 2013
Annual improvements to FRSs 2012, amendments to
- FRS 101, Presentation of Financial Statements 1 January 2013
The Directors expect that the adoption of the standards and amendments above will have no material impact on the fnancial
statements in the period of initial application.
FRS 13, Fair value measurement
FRS 13 establishes a single source of guidance under FRS for all fair value measurements. FRS 13 does not change when
an entity is required to use fair value, but rather provides guidance on how to measure fair value under FRS. FRS 13 defnes
fair value as an exit price. As a result of the guidance in FRS 13, the Company re-assessed its policies for measuring fair
values, in particular, its valuation inputs such as non-performance risk for fair value measurement of liabilities. FRS 13 also
requires additional disclosures.
37
Notes To The Financial Statements (contd)
At 31 March 2014
1. Basis of preparation (continued)
(b) Standards issued but not yet effective
The Group and the Company have not adopted the following standards and interpretations that have been issued but not yet
effective:
Description
Effective for
annual periods
beginning on or
after
FRS 9, Financial Instruments (IFRS 9 issued by IASB in November 2009) 1 January 2015
FRS 9, Financial Instruments (IFRS 9 issued by IASB in October 2010) To be announced
IC Interpretation 21: Levies 1 January 2014
Amendment to FRSs (continued):
- FRS 10, Consolidated Financial Statements Investment Entities 1 January 2014
- FRS 12, Disclosure of Interest in Other Entities Investment Entities 1 January 2014
- FRS 127, Separate Financial Statements Investment Entities 1 January 2014
- FRS 132, Offsetting Financial Assets and Financial Liabilities 1 January 2014
- FRS 136, Recoverable Amount Disclosure for Non-Financial Assets 1 January 2014
- FRS 139, Novation of Derivatives and Continuation of Hedge Accounting 1 January 2014
Annual improvements to FRSs 2010 2012 cycle 1 July 2014
Annual improvements to FRSs 2011 2013 cycle 1 July 2014
The Directors expect that the adoption of the standards and amendments above will have no material impact on the fnancial
statements in the period of initial application.
FRS 9, Financial Instruments
FRS 9 refects the frst phase of the work on replacement of FRS 139 Financial Instruments: Recognition and Measurement.
FRS 9 replaces the multiple classifcation and measurement of fnancial assets and fnancial liabilities in FRS 139, with a
single model that has only two classifcation categories: amortised cost and fair value.
The standard was initially effective for annual periods beginning on or after 1 January 2013, but Amendments to FRS 9:
Mandatory Effective Date of FRS 9 and Transition Disclosures, issued in March 2012, moved the mandatory effective date
to 1 January 2015. Subsequently, on 14 February 2014, it was announced that the new effective date will be decided
when the project is closer to completion. The adoption of the frst phase of FRS 9 will have an effect on the classifcation
and measurement of the Groups and the Companys fnancial assets, but will not have an impact on classifcation and
measurement of the Groups and the Companys fnancial liabilities.
The Group and the Company will quantify the effect in conjunction with the other phases, when the fnal standard including
all phases is issued.
Malaysian Financial Reporting Standards (MFRS Framework)
On 19 November 2011, the Malaysian Accounting Standards Board (MASB) issued a new MASB approved accounting
framework, the Malaysian Financial Reporting Standards (MFRS Framework) that is applicable to entities other than private
entities. However, based on the MASB announcement on 30 June 2012 that differ the effective date of MFRS Framework for
transitioning entities (i.e. entities affected by MFRS 141 Agriculture and/or IC Interpretation 15 Agreements for Construction
of Real Estate) from 1 January 2013 to 1 January 2014.
However, on 7 August 2013, MASB extended the transitional period for another year, such as the adoption of the MFRS
Framework by transitioning entities will be mandatory for annual period beginning on or after 1 January 2015.
The Group falls within the scope defnition of Transitioning Entities and has opted to defer adoption of the new MFRS
Framework. Accordingly, the Group will be required to prepare fnancial statements using the MFRS Framework in its fnancial
statements for the fnancial year ended 31 March 2016.
The subsequent adoption of the MFRS Framework would result in the Group preparing an opening MFRS statement of
fnancial position as at 1 April 2014, which adjusts for differences between the classifcation and measurement bases in the
existing FRS Framework versus that in the new MFRS Framework. This would also result in a restatement of the annual
and quarterly fnancial performance for the fnancial year ending 31 March 2015 in accordance with MFRS, which would
form the MFRS comparatives for the annual and quarterly fnancial performance for the fnancial year ending 31 March 2016
respectively.
38
At 31 March 2014
(c) Basis of measurement
The fnancial statements have been prepared on the historical cost basis other than as disclosed in Note 2 to the fnancial
statements.
(d) Critical accounting estimates and judgements
Estimates and judgements are continually evaluated by the Directors and management and are based on historical experience
and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The estimates and judgements that affect the application of the Groups accounting policies and disclosures, and have
a signifcant risk of causing a material adjustment to the carrying amounts of assets, liabilities, income and expenses are
discussed below:
(i) Income Taxes
There are certain transactions and computations for which the ultimate tax determination may be different from the
initial estimate. The Group and the Company recognise tax liabilities based on its understanding of the prevailing tax
laws and estimates of whether such taxes will be due in the ordinary course of business. Where the fnal outcome of
these matters is different from the amounts that were initially recognised, such difference will impact the income tax
and deferred tax provisions in the year in which such determination is made.
(ii) Depreciation of Property, Plant and Equipment
The estimates for the residual values, useful lives and related depreciation charges for the property, plant and
equipment are based on commercial and production factors which could change signifcantly as a result of technical
innovations and competitors actions in response to the market conditions.
The Group and the Company anticipate that the residual values of its property, plant and equipment will be insignifcant.
As a result, residual values are not being taken into consideration for the computation of the depreciable amount.
Changes in the expected level of usage and technological development could impact the economic useful lives and the
residual values of these assets, therefore future depreciation charges could be revised.
(iii) Impairment of Non-fnancial Assets
When the recoverable amount of an asset is determined based on the estimated value in use of the cash-generating
unit to which the asset is allocated, the management is required to make an estimate of the expected future cash fows
from the cash-generating unit and also to apply a suitable discount rate in order to determine the present value of those
cash fows.
(iv) Allowance for Inventories
Reviews are made periodically by management on damaged, obsolete and slow moving inventories. These reviews
require judgement and estimates. Possible changes in these estimates could result in revisions to the valuation of
inventories.
(v) Fair Value Estimates for Certain Financial Assets and Liabilities
The Group and the Company carry certain fnancial assets and liabilities at fair value, which requires use of accounting
estimates and judgement. While signifcant components of fair value measurement were determined using verifable
objective evidence, the amount of changes in fair value would differ if the Group and the Company use different
valuation methodologies. Any changes in fair value of these assets and liabilities would affect proft and/or equity.
39
(d) Critical accounting estimates and judgements (continued)
(vi) Impairment of Trade and Non-trade Receivables
An impairment loss is recognised when there is an objective evidence that a fnancial asset is impaired. Management
specifcally reviews its trade and non-trade receivables and analyses its historical bad debts, customer concentrations,
customer creditworthiness, current economic trends and changes in the customer payment terms when making a
judgment to evaluate the adequacy of the impairment losses. Where there is objective evidence of impairment, the
amount and timing of future cash fows are estimated based on historical loss experience for assets with similar credit
risk characteristics. If the expectation is different from the estimation, such difference will impact the carrying value of
receivables.
(vii) Deferred Tax Assets and Liabilities
Deferred tax implications arising from the changes in corporate income tax rates are measured with reference to the
estimated realisation and settlement of temporary differences in the future periods in which the tax rates are expected
to apply, based on the tax rates enacted or substantively enacted at the reporting date. While managements estimates
on the realisation and settlement of temporary differences are based on the available information at the reporting date,
changes in business strategy, future operating performance and other factors could potentially impact on the actual
timing and amount of temporary differences realised and settled. Any difference between the actual amount and the
estimated amount would be recognised in the proft or loss in the period in which actual realisation and settlement
occurs.
(viii) Construction Contracts
The Group recognises contract revenue and contract costs as revenue and expenses respectively in the statement of
comprehensive income by using the stage of completion method. The stage of completion is determined by reference
to the proportion of contract cost incurred for work performed to date to the estimated total contract costs.
Signifcant judgement is required in determining the stage of completion, the extent of the contract cost incurred, the
estimated total contract revenue and costs, as well as the recoverability of the construction contracts. In making the
judgement, the Group evaluates based on past experience and by relying on the work of specialists.
(ix) Impairment of Available-for-sale Financial Assets
The Group reviews its available-for-sale fnancial assets at the end of each reporting period to assess whether there
is an indication that an asset may be impaired. The Group also records impairment loss on available-for-sale equity
investments when there has been a signifcant or prolonged decline in the fair value below their cost. The determination
of what is signifcant or prolonged requires judgement. In making this judgement, the Group evaluates, among other
factors, historical share price movements and the duration and extent to which the fair value of an investment is less
than its cost.
(x) Classifcation between Investment Properties and Owner Occupied Properties
The Group determines whether a property qualifes as an investment property, and has developed criteria in making
that judgement. Investment property is a property held to earn rentals or for capital appreciation or both. Therefore, the
Group considers whether a property generates cash fows largely independent of the other assets held by the Group.
Some properties comprise a portion that is held to earn rentals or for capital appreciation and another portion that is
held for use in the production or supply of goods or services or for administrative purposes. If these portions could be
sold separately (or leased out separately under a fnance lease), the Group accounts for the portions separately. If the
portions could not be sold separately, the property is an investment property only if an insignifcant portion is held for
use in the production or supply of goods or services or for administrative purposes.
Judgement is made on an individual property basis to determine whether ancillary services are so signifcant that a
property does not qualify as investment property.
At 31 March 2014
40
(d) Critical accounting estimates and judgements (continued)
(xi) Revaluation of Properties
Certain properties of the Group are reported at valuation which is based on valuations performed by independent
professional valuers.
The independent professional valuers have exercised judgement in determining discount rates, estimates of future
cash fows, capitalisation rate, terminal year value, market freehold rental and other factors used in the valuation
process. Also, judgement has been applied in estimating prices for less readily observable external parameters. Other
factors such as model assumptions, market dislocations and unexpected correlations can also materially affect these
estimates and the resulting valuation estimates.
(xii) Impairment of Goodwill
Goodwill is tested for impairment annually and at other times when such indicators exist. Goodwill acquired in a
business combination is allocated to cash-generating units, or groups of cash-generating units, that is expected to
beneft from the synergies of the combination.
(xiii) Carrying Value of Investment in Subsidiaries
Investments in subsidiaries are reviewed for impairment annually in accordance with its accounting policy as disclosed
in Note 2(g)(ii) to the fnancial statements, or whenever events or changes in circumstances indicate that the carrying
values may not be recoverable.

Signifcant judgement is required in the estimation of the present value of future cash fows generated by the
subsidiaries, which involves uncertainties and are signifcantly affected by assumptions and judgements made
regarding estimates of future cash fows and discount rates. Changes in assumptions could signifcantly affect the
carrying value of investments in subsidiaries.
(xiv) Property Development
The Group recognises property development revenue and costs in the statements of comprehensive income by using
the stage of completion method. The stage of completion is determined by reference to the proportion of contract cost
incurred for work performed to date to the estimated total property development costs.
Signifcant judgement is required in determining the stage of completion, the extent of the property development cost
incurred, the estimated total property development revenue and costs, as well as the recoverability of the development
projects. In making the judgement, the Group evaluates based on past experience and by relying on the work of
specialists. Detailed property development costs are disclosed in Note 18 to the fnancial statements.
2. Summary of signifcant accounting policies
(a) Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities, including structured entities, controlled by the Company. The fnancial statements of
subsidiaries are included in the consolidated fnancial statements from the date that control commences until the date
that control ceases.
The Group adopted FRS 10, Consolidated Financial Statements in the current fnancial year. This resulted in changes
to the following policies:
(i) Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the entity
and has ability to affect those returns through its power over the entity. In the previous fnancial years, control
exists when the Group has the ability to exercise its power to govern the fnancial and operating policies of an
entity so as to obtain benefts from its activities.
At 31 March 2014
41
2. Summary of signifcant accounting policies (continued)
(a) Basis of consolidation (continued)
(i) Subsidiaries (continued)
(ii) Potential voting rights are considered when assessing control only when such rights are substantive. In the
previous fnancial years, potential voting rights are considered when assessing control when such rights are
presently exercisable.
(iii) The Group considers it has de facto power over an investee when, despite not having the majority voting rights,
it has the current ability to direct the activities of the investee that signifcantly affect the investees return. In the
previous fnancial years, the Group did not consider de facto power in its assessment of control.
The adoption of FRS 10 has no signifcant impact to the fnancial statements of the Group.
Business combinations are accounted for using the acquisition method on the acquisition date. The consideration
transferred includes the fair value of assets transferred, equity interest issued by the Group and liabilities assumed.
Identifable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured
initially at their fair values at the acquisition date.
The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair
value or at the non-controlling interests proportionate share of the recognised amounts of the acquirees identifable
net assets.
Acquisition-related costs are recognised in the proft or loss as incurred.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the
acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifable net
assets acquired is recognised as goodwill. If the total of consideration transferred, non-controlling interest recognised
and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case
of a bargain purchase, the difference is recognised directly in proft or loss.
(ii) Accounting for business combinations
The consolidated fnancial statements comprise the fnancial statements of the Company and its subsidiaries as at the
reporting date. A subsidiary is consolidated from the date of acquisition, being the date on which the Group obtains
control, and continues to be consolidated until the date that such control ceases.
The fnancial statements of the subsidiaries used in the preparation of the consolidated fnancial statements are
prepared for the same reporting date as the Company. Consistent accounting policies are applied to like transactions
and events in similar circumstances.
Acquisitions of subsidiaries are accounted for by applying the acquisition method.
Acquisitions on or after 1 January 2011
For acquisitions on or after 1 January 2011, the Group measures goodwill at the acquisition date as:
The fair value of the consideration transferred; plus
The recognised amount of any non-controlling interests in the acquiree; plus
If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree;
less
The net recognised amount (generally fair value) of the identifable assets acquired and liabilities assumed.
When excess is negative, a bargain purchase gain is recognised immediately in proft or loss.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such
amounts are generally recognised in proft or loss.
Cost related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group
incurs in connection with a business combination are expensed as incurred.
At 31 March 2014
42
(ii) Accounting for business combinations (continued)
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration
is classifed as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent
changes to the fair value of the contingent consideration are recognised in proft or loss.
When share-based payment awards (replacement awards) are required to be exchanged for awards held by the
acquirees employees (acquirees awards) and relate to past services, then all or a portion of the amount of the
acquirers replacement awards is included in measuring the consideration transferred in the business combination.
This determination is based on the market-based value of the replacement awards compared with the market-based
value of the acquirees awards and the extent to which the replacement awards relate to past and / or future service.
Any excess of the cost of business combination over the Groups share in the net fair value of the acquired subsidiarys
identifable assets, liabilities and contingent liabilities is recorded as goodwill on the statement of fnancial position.
Any excess of the Groups share in the net fair value of the acquired subsidiarys identifable assets, liabilities and
contingent liabilities over the cost of business combination is recognised as income in proft or loss on the date of
acquisition.
Acquisitions between 1 January 2006 to 1 January 2011
When the Group acquires a business, embedded derivatives separated from the host contract by the acquiree
are reassessed on acquisition unless the business combination results in a change in the terms of the contract
that signifcantly modifes the cash fows that would otherwise be required under the contract.
(iii) Non-controlling interests
Non-controlling interests at the end of the reporting period, being the equity in a subsidiary not attributable directly
or indirectly to the equity holders of the Company, are presented in the consolidated statement of fnancial position
and statement of changes in equity within equity, separately from equity attributable to the owners of the Company.
Non-controlling interests in the results of the Group is presented in the consolidated statement of proft or loss and
other comprehensive income as an allocation of the proft and loss and the other comprehensive income for the year
between non-controlling interests and the owners of the Company.
Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if
doing so caused the non-controlling interests to have a defcit balance.
(iv) Transactions with Non-controlling interests
Transactions with Non-controlling interests are accounted for using the entity concept method, whereby, transactions
with non-controlling interests are accounted for as transactions with owners.
On acquisition of non-controlling interest, the difference between the consideration and the Groups share of the net
assets acquired is recognised directly in equity. Gain or loss on disposal to non-controlling interests is recognised
directly in equity.
(v) Loss of control
Upon the loss of control of a subsidiary, the Group derecognises the assets and liabilities of the subsidiary, any non-
controlling interests and the other components of equity related to the subsidiary. Any surplus or defcit arising on the
loss of control is recognised in the proft or loss. If the Group retains any interest in the previous subsidiary, then such
interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as equity accounted
investee or as an available-for-sale fnancial asset depending on the level of infuence retained.
At 31 March 2014
43
(vi) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions,
are eliminated in preparing the consolidated fnancial statements.
Unrealised gains arising from transactions with equity accounted associates are eliminated against the investment to
the extent of the Groups interest in the associates and jointly controlled entities. Unrealised losses are eliminated in
the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
(vii) Associate
An associate is an entity, not being a subsidiary or a joint venture, in which the Group has signifcant infuence. An
associate is equity accounted for from the date the Group obtains signifcant infuence until the date the group ceases
to have signifcant infuence over the associate.
The groups investments in associates are accounted for using the equity method. Under the equity method, the
investment in associates are measured in the statement of fnancial position at cost plus post acquisition changes in
the Groups share of net assets of the associates. Goodwill relating to associates is included in the carrying amount
of the investments. Any excess of the groups share of the net fair value of the associates identifable assets, liabilities
and contingent liabilities over the cost of the investments is excluded from the carrying amount of the investments and
is instead included as income in the determination of the Groups share of the associates proft or loss for the period in
which the investment is acquired.
When the Groups share of losses in an associate equals or exceeds its interest in the associate, the Group does not
recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.
After application of the equity method, the group determines whether it is necessary to recognise an additional
impairment loss on the Group investment in its associates. The Group determines at each reporting date whether there
is any objective evidence that the investment in the associates is impaired. If this is the case, the group calculates the
amount of impairment as the difference between the recoverable amount of the associate and its carrying value and
recognises the amount in proft or loss.
The fnancial statements of the associates are prepared as of the same reporting date as the company. Where
necessary, adjustments are made to bring the accounting policies in line with those of the group.
In the Companys separate fnancial statements, investment in associates are stated at cost less impairment losses.
On disposal of such investments, the difference between net disposal proceeds and their carrying amounts is included
in proft or loss.
(b) Revenue
Revenue represents the proportion of the total contract value attributable to the percentage of contract work performed and
gross invoiced values of sale of goods and services rendered, less discounts.
Revenue is measured at the fair value of the consideration received or receivables. Revenue is reduced for estimated
customer returns, rebates and other similar allowances.
(i) Sales of goods
Revenue from the sale of goods is recognised when all the following conditions have been satisfed:
the Group has transferred to the buyer the signifcant risks and rewards of ownership of the goods;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership
nor effective control over the goods sold;
At 31 March 2014
44
(b) Revenue (continued)

(i) Sales of goods (continued)
the amount of revenue can be measured reliably;
it is probable that the economic benefts associated with the transaction will fow to the Group; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
(ii) Income from property development projects and construction contracts
Income relating to property development projects is accounted for based on the percentage of completion method on
development units that have been sold. The percentage of completion is determined based on cost incurred for work
performed to date over the total estimated cost of the property development project. Sale of developed properties is
recognised upon signing of the individual sale and purchase agreements. Income relating to construction contracts
is recognised when the outcome of a construction contract can be estimated reliably, by reference to the stage of
completion of the contract activity.
(iii) Rental income
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial
direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased
asset and recognised on a straight-line basis over the lease term.
(iv) Dividend and interest income
Dividend income is recognised when the shareholders right to receive payment is established.
Interest income is recognised on a time proportion basis that takes into account the principal outstanding and the
effective rate over the period to maturity, when it is determined that such income will accrue to the Group.
(v) Other income
Other income is recognised on an accrual basis.
(c) Employee benefts expenses
(i) Short-term employee benefts
Wages, salaries, paid annual leave, bonuses and social security contributions are recognised as expenses in the
fnancial year in which the associated services are rendered by employees of the Group and the Company. Short-
term accumulating compensated absences such as paid annual leave are recognised when services are rendered
by the employees that increase their entitlement to future compensated absences, and short-term non-accumulating
compensated absences such as sick leave are recognised when the absences occur.
(ii) Defned contribution plans
The Group and the Companys contribution to defned contribution plans are charged to the proft or loss in the period
to which they relate. Once the contribution have been paid, the Group and the Company have no further liability in
respect of the defned contribution plans.
(d) Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets,
until such time as the assets are substantially ready for their intended use or sales.
All other borrowing costs are recognised in proft or loss in the period in which they are incurred.
At 31 March 2014
45
(e) Tax expense
(i) Current tax
Current tax is the amount of income taxes payable or recoverable in respect of the taxable proft or tax loss for a period.
Current tax liability or assets for the current and prior periods shall be measured at the amount expected to be paid
to, or recovered from, the tax authorities, using the tax rates (and tax laws) that have been enacted or substantially
enacted at the end of the reporting period.
Current taxes are recognised in proft or loss except to the extent that the tax relates to items recognised outside proft
or loss, either in other comprehensive income or directly in equity.
(ii) Deferred tax
Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the fnancial statements.
Deferred tax liabilities are recognised for all taxable temporary differences other than those that arise from goodwill
or excess of the acquirers interest in the net fair value of the acquirees identifable assets, liabilities and contingent
liabilities over the business combination costs or from the initial recognition of an asset or liability in a transaction which
is not a business combination and at the time of the transaction, affects neither accounting proft nor taxable proft.
Deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits
to the extent that it is probable that future taxable profts will be available against which the deductible temporary
differences, unused tax losses and unused tax credits can be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset
is realised or the liability is settled, based on the tax rates that have been enacted or substantively enacted at the end
of the reporting period.
Deferred tax shall be recognised outside proft or loss if the tax relates to items that are recognised, in the same or
different period, outside proft or loss. Deferred tax items are recognised in correlation to the underlying transactions
either in other comprehensive income or directly in equity and deferred tax arising from a business combination is
included in the resulting goodwill or excess of the acquirers interest in the net fair value of the acquirees identifable
assets, liabilities and contingent liabilities over the business combination cost.
(f) Construction contracts
Where the outcome of a construction contract can be reliably estimated, contract revenue and contract costs are recognised
as revenue and expenses respectively by using the stage of completion method. The stage of completion is measured by
reference to the proportion of contract costs incurred for work performed to date to the estimated total contract costs.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of
contract costs incurred that are likely to be recoverable. Contract costs are recognised as expense in the period in which they
are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense
immediately.
Contract revenue comprises the initial amount of revenue agreed in the contract and variations in contract works to the extent
that it is probable that they will result in revenue and they are capable of being reliably measured.
When the total of costs incurred on construction contracts plus recognised profts (less recognised losses) exceeds progress
billings, the balance is classifed as amount due from customers on contracts. When progress billings exceed costs incurred
plus, recognised profts (less recognised losses), the balance is classifed as amount due to customers on contracts.
At 31 March 2014
46
(g) Impairment
(i) Impairment of fnancial assets
The Group and the Company assess at the end of each reporting period whether there is any objective evidence that
a fnancial asset or group of fnancial assets measured at amortised cost is impaired. If any such evidence exists, the
Group and the Company measure its impairment loss as the difference between the assets carrying amount and the
present value of estimated future cash fows discounted at the fnancial assets original effective interest rate.
Objective evidence of impairment for a portfolio of receivables could include the Groups and the Companys past
experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average
credit period and observable changes in national or local economic conditions that correlate with default on receivables.
The carrying amount of the fnancial asset is reduced by the impairment loss directly for all fnancial assets with the
exception of trade receivables, where the carrying amount is reduced through the use of an impairment account. When
a trade receivable becomes uncollectible, it is written off against the impairment account.
If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively
to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to
the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount
of such reversal is recognised in proft or loss.
(ii) Impairment of non-fnancial assets
The Group and the Company assess at the end of each reporting period whether there is an indication that an asset
may be impaired. If any such indication exists, the Group and the Company shall estimate the recoverable amount of
the asset.
An assets recoverable amount is the higher of an assets fair value less costs to sell and its value in use. For the
purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifable
cash fows (cash-generating units (CGU)).
In assessing value in use, the estimated future cash fows expected to be generated by the asset are discounted to
their present value using a pre-tax discount rate that refects current market assessments of the time value of money
and the risks specifc to the asset. Where the carrying amount of an asset exceeds its recoverable amount, the asset
is written down to its recoverable amount. Impairment losses recognised in respect of a CGU or groups of CGUs are
allocated frst to reduce the carrying amount of any goodwill allocated to those units or groups of units and then, to
reduce the carrying amount of the other assets in the unit or groups of units on a pro-rata basis.

Impairment losses are recognised in proft or loss except for assets that are previously revalued where the revaluation
was taken to other comprehensive income. In this case the impairment is also recognised in other comprehensive
income up to the amount of any previous revaluation.
An assessment is made at the end of each reporting period as to whether there is any indication that previously
recognised impairment losses may no longer exist or may have decreased.
A previously recognised impairment loss for an asset other than goodwill is reversed only if there has been a change in
the estimates used to determine the assets recoverable amount since the last impairment loss was recognised. If that
is the case, the carrying amount of the asset shall be increased to its recoverable amount. The increase cannot exceed
the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised
previously.
A reversal of an impairment loss for an asset other than goodwill shall be recognised immediately in proft or loss,
unless the asset is carried at revalued amount.
At 31 March 2014
47
(h) Property, plant and equipment
All items of property, plant and equipment are initially recorded at cost. The cost of an item of property, plant and equipment
is recognised as an asset if, and only if, it is probable that future economic benefts associated with the item will fow to the
Group and the Company and the cost of the item can be measured reliably.
Subsequent to the initial recognition, property, plant and equipment are measured at cost less accumulated depreciation
and accumulated impairment losses. When signifcant parts of property, plant and equipment are required to be replaced in
intervals, the Group and the Company recognises such parts as individual assets with specifc useful lives and depreciation,
respectively. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the property,
plant and equipment as a replacement if the recognition criteria are satisfed. All other repair and maintenance costs are
recognised in proft or loss as incurred.
Freehold land has an undetermined useful life and therefore not depreciated.
Depreciation of the property, plant and equipment is provided for on a straight-line basis over the estimated useful lives of the
assets, at the following annual rates:
Buildings 2%
Leasehold improvement 33.33%
Plant, machinery and equipment 10% - 20%
Offce equipment, furniture and fttings 10%
Motor vehicles, tractors, road rollers and pavers 10% - 20%
Electrical installation 10%
Roadmarking equipment 10%
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances
indicate that the carrying values may not be recoverable.
The residual value, useful life and depreciation method are reviewed at each fnancial year end, and adjusted prospectively,
if appropriate.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefts are expected
from its use or disposal.
Any gain or loss on derecognition of the asset is included in the proft or loss in the year the asset is derecognised.
(i) Investment properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation (including property under
construction for such purposes), are measured initially at its cost, including transaction costs. Subsequent to initial
recognition, investment properties are measured at cost less accumulated depreciation and any accumulated impairment
losses. Freehold land is not depreciated and buildings are depreciated on a straight-line basis to write down the cost of each
building to their residual values over their estimated useful lives. The principal annual depreciation rates range from 1% to
2.2%.
Investment properties are derecognised when either they have been disposed of or when the investment property is
permanently withdrawn from use and no future economic beneft is expected from its disposal. Any gain or loss on the
retirement or disposal of an investment property is recognised in proft or loss in the year of retirement or disposal.
The estimated useful lives, residual values and depreciation method of investment properties are reviewed at each year end,
with the effect of any changes in estimates accounted for prospectively.
At 31 March 2014
48
(j) Land held for property development
Land held for future property development consists of land where no development activities have been carried out or where
development activities are not expected to be completed within the normal operating cycle. Such land is classifed within non-
current assets and is stated at cost less impairment losses, if any.
Land held for future property development will be reclassifed to property development project when signifcant development
work has been undertaken and is expected to be completed within the normal operating cycle of two to three years.
(k) Goodwill on consolidation
Goodwill is initially measured at cost. Following initial recognition, goodwill is measured at cost less accumulated impairment
losses.
For the purpose of impairment testing, goodwill acquired is allocated, from the acquisition date, to each of the Groups cash-
generating units or groups of cash-generating units that are expected to beneft from the synergies of the combination.
The cash-generating unit to which goodwill has been allocated is tested for impairment annually and whenever there is an
indication that the cash-generating unit may be impaired, by comparing the carrying amount of the cash-generating unit,
including the allocated goodwill, with the recoverable amount of the cash-generating unit. Where the recoverable amount of
the cash-generating unit is less than the carrying amount, an impairment loss is recognised in the proft or loss. Impairment
losses recognised for goodwill are not reversed in subsequent periods.
Where goodwill forms part of a cash-generating unit and part of the operation within that cash-generating unit is disposed of,
the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining
the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative fair
values of the operations disposed of and the portion of the cash-generating unit retained.
Goodwill and fair value adjustments arising on the acquisition of foreign operation on or after 1 January 2006 are treated
as assets and liabilities of the foreign operations and are recorded in the functional currency of the foreign operations and
translated in accordance with the accounting policy set out in Note 2(a) to the fnancial statements.
Goodwill and fair value adjustments which arose on acquisitions of foreign operation before 1 January 2006 are deemed
to be assets and liabilities of the Group and of the Company and are recorded in RM at the rates prevailing at the date of
acquisition.
(l) Financial assets
Financial assets are recognised in the statements of fnancial position when, and only when, the Group and the Company
become a party to the contractual provisions of the fnancial instrument.
When fnancial assets are recognised initially, they are measured at fair value, plus, in the case of fnancial assets not at fair
value through proft or loss, directly attributable transaction costs.
The Group and the Company determine the classifcation of their fnancial assets at initial recognition, and the categories
include fnancial assets at fair value through proft or loss, loans and receivables, held-to-maturity investments and available-
for-sale fnancial assets.
(i) Financial assets at fair value through proft or loss
Financial assets are classifed as fnancial assets at fair value through proft or loss if they are held for trading or are
designated as such upon initial recognition.
Subsequent to initial recognition, fnancial assets at fair value through proft or loss are measured at fair value, without
any deduction for transaction costs it may incur on sale or other disposal. Changes in fair value are recognised in proft
or loss.
Financial assets at fair value through proft or loss could be presented as current or non-current. Financial assets that
are held primarily for trading purposes are presented as current whereas fnancial assets that are not held primarily for
trading purposes are presented as current or non-current based on the settlement date.
At 31 March 2014
49
(l) Financial assets (continued)
(ii) Loans and receivables
Financial assets that are non-derivative with fxed or determinable payments that are not quoted in an active market
are classifed as loans and receivables.
Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest
method. Gains and losses are recognised in proft or loss when the loans and receivables are derecognised or
impaired, and through the amortisation process.
Loans and receivables are classifed as current assets, except for those having maturity dates later than 12 months
after the reporting date which are classifed as non-current.
(iii) Held-to-maturity investments
Financial assets with fxed or determinable payments and fxed maturity are classifed as held-to-maturity when the
Group and the Company have the positive intention and ability to hold the investment to maturity.
Subsequent to initial recognition, held-to-maturity investments are measured at amortised cost using the effective
interest method.
Gains and losses are recognised in proft or loss when the held-to-maturity investments are derecognised or impaired,
and through the amortisation process.
Held-to-maturity investments are classifed as non-current assets, except for those having maturity within 12 months
after the reporting date which are classifed as current.
(iv) Available-for-sale fnancial assets
Available-for-sale fnancial assets are fnancial assets that are designated as available for sale or are not classifed in
any of the three preceding categories.
After initial recognition, available-for-sale fnancial assets are measured at fair value. Any gains or losses from changes
in fair value of the fnancial assets are recognised in other comprehensive income, except that impairment losses,
foreign exchange gains and losses on monetary instruments and interest calculated using the effective interest method
are recognised in proft or loss. The cumulative gain or loss previously recognised in other comprehensive income
is reclassifed from equity to proft or loss as a reclassifcation adjustment when the fnancial asset is derecognised.
Interest income calculated using the effective interest method is recognised in proft or loss. Dividends on an available-
for-sale equity instrument are recognised in proft or loss when the Group and the Companys right to receive payment
is established.
Investments in equity instruments whose fair value cannot be reliably measured are measured at cost less impairment
loss.
Available-for-sale fnancial assets are classifed as non-current assets unless they are expected to be realised within
12 months after the reporting date.

A fnancial asset is derecognised when the contractual right to receive cash fows from the asset has expired. On
derecognition of a fnancial asset in its entirety, the difference between the carrying amount and the sum of the
consideration received and any cumulative gain or loss that had been recognised in other comprehensive income is
recognised in proft or loss.
Regular way purchases or sales are purchases or sales of fnancial assets that require delivery of assets within the
period generally established by regulation or convention in the marketplace concerned. All regular way purchases
and sales of fnancial assets are recognised or derecognised on the trade date i.e., the date that the Group and the
Company commit to purchase or sell the asset.
At 31 March 2014
50
(m) Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined on the frst-in, frst-out and weighted
average methods.
Cost of developed properties comprises costs of land, related development and construction expenditure. Cost of raw
materials, spare parts and roadmarking supplies consists of the original purchase price plus incidental cost of bringing the
inventories to their present location and condition. Cost of fnished goods consists of cost of raw materials, direct labour and
an appropriate proportion of factory overheads.
Net realisable value represents the estimated selling price in the ordinary course of business less selling and distribution
costs and all other estimated costs to completion.
(n) Property development activities
Property development revenue and property development costs are recognised for all units sold using the percentage of
completion method, by reference to the stage of completion of the property development projects at the end of the reporting
period as measured by the proportion that development costs incurred for work performed to-date bear to the estimated total
property development costs on completion.
When the outcome of a property development activity cannot be estimated reliably, property development revenue is
recognised to the extent of property development costs incurred that is probable of recovery.
Any anticipated loss on a property development project (including costs to be incurred over the defects liability period), is
recognised as an expense immediately.
Property development costs are classifed as non-current asset where no development activities have been carried out or
where development activities are not expected to be completed within the normal operating cycle.
Accrued billings represent the excess of property development revenue recognised in the proft or loss over the billings
to purchasers while, progress billings represent the excess of billings to purchasers over property development revenue
recognised in the proft or loss.
(o) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, bank overdraft, demand deposits, deposits pledged and
short term, highly liquid investments that are readily convertible to known amount of cash and which are subject to an
insignifcant risk of changes in value.
(p) Assets and liabilities held for sale
Assets and liabilities are classifed as held for sale if it is highly probably that they will be recovered primarily through sale or
distribution rather than through continuing use.
Immediately before classifcation as held for sale, the assets are measured at the lower of their carrying amount and fair value
less costs to sell. Any impairment loss on a disposal group is frst allocated to goodwill, and then to remaining assets and
liabilities on a pro rata basis, except that no loss is allocated to inventories, fnancial assets, deferred tax assets, employee
beneft assets, investment property and biological assets, which continue to be measured in accordance with the Groups
other accounting policies. Impairment losses on initial classifcation as held for sale and subsequent gains or losses on re-
measurement are recognised in proft or loss. Gains are not recognised in excess of any cumulative impairment loss.
Once classifed as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated,
and any equity accounted investee is no longer equity accounted.
At 31 March 2014
51
(q) Financial liabilities
Financial liabilities are classifed according to the substance of the contractual arrangements entered into and the defnitions
of a fnancial liability.
Financial liabilities are recognised in the statements of fnancial position when, and only when, the Group and the Company
become a party to the contractual provisions of the fnancial instrument. Financial liabilities are classifed as either fnancial
liabilities at fair value through proft or loss or other fnancial liabilities measured at amortised cost.
(i) Financial liabilities at fair value through proft or loss
Financial liabilities at fair value through proft or loss include fnancial liabilities held for trading and fnancial liabilities
designated upon initial recognition as at fair value through proft or loss.
Financial liabilities held for trading include derivatives entered into by the Group and the Company that do not meet the
hedge accounting criteria. Derivative liabilities are initially measured at fair value and subsequently stated at fair value,
with any resultant gains or losses recognised in proft or loss. Net gains or losses on derivatives include exchange
differences.
The Group and the Company have not designated any fnancial liabilities as at fair value through proft or loss.
(ii) Other fnancial liabilities measured at amortised cost
The Groups and the Companys other fnancial liabilities include trade and non-trade payables.
Trade and non-trade payables are recognised initially at fair value plus directly attributable transaction costs and are
subsequently measured at amortised cost using the effective interest method.
A fnancial liability is derecognised when the obligation under the liability is extinguished. When an existing fnancial liability is
replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modifed, such an exchange or modifcation is treated as a derecognition of the original liability and the recognition of a new
liability, and the difference in the respective carrying amounts is recognised in proft or loss.
(r) Hire purchase arrangements
Property, plant and equipment acquired under hire purchase arrangements are capitalised in the fnancial statements and the
corresponding obligations are taken up as hire purchase payables.
The interest element is charged to the proft or loss over the year of respective hire purchase arrangements.
(s) Leases
(i) Classifcation
A lease is recognised as a fnance lease if it transfers substantially to the Group all the risks and rewards incidental
to ownership. Leases of land and buildings are classifed as operating or fnance leases in the same way as leases of
other assets and the land and buildings elements of a lease of land and buildings are considered separately for the
purpose of lease classifcation. All leases that do not transfer substantially all the risks and rewards are classifed as
operating leases, with the following exceptions:
- Property held under operating leases that would otherwise meet the defnition of an investment property is
classifed as an investment property, is accounted for as if held under a fnance lease Note 2(i) to the fnancial
statements; and
- Land held for own use under an operating lease, the fair value of which cannot be measured separately from
the fair value of a building situated thereon at the inception of the lease, is accounted for as being held under a
fnance lease, unless the building is also clearly held under an operating lease.
At 31 March 2014
52
(s) Leases (continued)
(ii) Finance Leases - the Group as Lessee
Assets acquired by way of hire purchase or fnance leases are stated at an amount equal to the lower of their fair
values and the present value of the minimum lease payments at the inception of the leases, less accumulated
depreciation and impairment losses. The corresponding liability is in the statements of fnancial position as borrowings.
In calculating the present value of the minimum lease payments, the discount factor used is the interest rate implicit
in the lease, when it is practicable to determine; otherwise, the Groups incremental borrowing rate is used. Any initial
direct costs are also added to the carrying amounts of such assets.
Lease payments are apportioned between the fnance costs and the reduction of the outstanding liability. Finance
costs, which represent the difference between the total leasing commitments and the fair value of the assets acquired,
are recognised as an expense in the proft or loss over the term of the relevant lease so as to produce a constant
periodic rate of charge on the remaining balance of the obligations for each accounting period.
The depreciation policy for leased assets is in accordance with that for the depreciable property, plant and equipment
as described in Note 2(h) to the fnancial statements.
(iii) Operating Leases - the Group as Lessee
Operating lease payments are recognised as an expense on a straight-line basis over the term of the relevant lease.
The aggregate beneft of incentives provided by the lessor is recognised as a reduction of rental expense over the
lease term on a straight-line basis.
In the case of a lease of land and buildings, the minimum lease payments or the up-front payments made are allocated,
whenever necessary, between the land and the buildings element in proportion to the relative fair values for leasehold
interests in the land element and buildings element of the lease at the inception of the lease. The up-front payment
represents prepaid lease payments and are amortised on a straight-line basis over the lease term.
(iv) Operating Leases - the Group as Lessor
Assets leased out under operating leases are presented in the statements of fnancial position according to the nature
of the assets. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant
lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of
the leased asset and recognised on a straight-line basis over the lease term.
(t) Provisions
Provisions are recognised when the Group and the Company have a present obligation (legal or constructive) as a result of a
past event, it is probable that an outfow of economic resources will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation.
Provisions are reviewed at the end of each reporting period and adjusted to refect the current best estimate. If it is no longer
probable that an outfow of resources embodying economic benefts will be required to settle the obligation, the provision
shall be reversed. Where the effect of the time value of money is material, provisions are discounted using a current pre-tax
rate that refects, where appropriate, the risk specifc to the liability and the present value of the expenditure expected to be
required to settle the obligation.
(u) Contingencies
A contingent liability or asset is a possible obligation or asset that arises from past events and whose existence will be
confrmed only by the occurrence or non-occurrence of uncertain future event(s) not wholly within the control of the Group
and of the Company.
Contingent liabilities and assets are not recognised in the statements of fnancial position of the Group and of the Company.

At 31 March 2014
53
(v) Operating segment
For management purposes, the Group and the Company are organised into operating segments based on types of services.
The management of the Group and of the Company regularly reviews the segment results in order to allocate resources to
the segments and to assess the segment performance. Additional disclosures on each of these segments are shown in Note
32 to the fnancial statements, including the factors used to identify the reportable segments and the measurement basis of
segment information.
(w) Equity instrument
An equity instrument is any contract that evidences a residual interest in the assets of the Group and of the Company after
deducting all of its liabilities. Ordinary shares are equity instruments.
Ordinary shares are recorded at the proceeds received, net of directly attributable incremental transaction costs. Dividends
on ordinary shares are recognised in equity in the period in which they are declared.
3. Revenue
Group Company
2014 2013 2014 2013
RM RM RM RM
Sale of bituminous premix and quarry stone 37,769,670 29,254,386 - -
Sale of developed properties 31,584,976 13,237,935 - -
Paving and roadmarking services 1,665,876 1,018,323 - -
Sale of tarmac and emulsion 210,930 380,075 - -
Rental income 388,620 385,560 - -
Gross dividend income from investments in subsidiaries - - 6,374,080 300,000
Gain on disposal of investment in subsidiaries - - - 100,000
71,620,072 44,276,279 6,374,080 400,000
4. Cost of sales
Group
2014 2013
RM RM
Cost of
- materials sold 28,506,237 21,522,940
- developed properties sold 25,702,029 11,319,814
- paving and roadmarking services rendered 1,087,894 781,744
Contract cost recognised 19,246 509,000
55,315,406 34,133,498
At 31 March 2014
54
5. Employee benefts expense
Group Company
2014 2013 2014 2013
RM RM RM RM
(i) Staff costs
- Salaries 1,970,049 2,001,430 - -
- Contribution to defned contribution plan 246,554 249,642 - -
- Social security contributions 22,715 23,110 - -
- Other employee beneft expenses 74,086 75,593 - -
2,313,404 2,349,775 - -
(ii) Directors remuneration
- Fees 73,000 73,000 73,000 73,000
- Salaries and other emoluments 572,000 613,000 13,000 11,000
- Social security contributions 443 443 - -
- Estimated cash value of benefts-in-kind
provided to a director - - 500 -
694,583 739,363 86,500 84,000
3,007,987 3,089,138 86,500 84,000
Executive directors:
- Fees 18,000 18,000 18,000 18,000
- Salaries and other emoluments 562,500 606,000 3,500 4,000
- Social security contributions 443 443 - -
- Estimated cash value of benefts-in-kind
provided to a director - - 500 -
630,083 677,363 22,000 22,000
Non-executive directors:
- Fees 55,000 55,000 55,000 55,000
- Other emoluments 9,500 7,000 9,500 7,000
64,500 62,000 64,500 62,000
694,583 739,363 86,500 84,000
At 31 March 2014
55
6. Proft from operations
Proft from operations is arrived at:
Group Company
2014 2013 2014 2013
RM RM RM RM
After charging:
Amortisation of prepaid lease payments on leasehold
land 45,492 43,270 - -
Auditors remuneration:
- current year 68,500 62,100 20,000 20,000
- under provision in prior years 1,500 - - -
Depreciation of property,plant and equipment 435,229 469,135 - -
Depreciation of investment properties 127,505 134,623 - -
Hire of machinery and motor vehicles 212,402 153,061 - -
Impairment loss on trade receivables 99,120 - - -
Property, plant and equipment written off 217 123,021 - -
Rental of access road 68,850 65,100 - -
Rental of offce and premises 173,200 136,600 - -
And crediting:
Gain on disposal of:
- investment in subsidiaries - 2,037,665 - 100,000
- investment properties 468,773 1,082,115 - -
- property, plant and equipment 50,300 31,500 - -
- quoted investments - 1,500 - -
Reversal of impairment loss on trade and non-trade
receivables - 670,000 - -
Rental income 836,913 546,402 - -
Interest income on:
- non-trade receivables carried at amortised cost - 20,671 - -
- late payment interests 41,354 - - -
- other 13 - - -
- short term deposits 45,634 115,073 - 725
Bad debts recovered - 4,266 - -
Gross dividend income from:
- quoted investments - 525 - -
- investments in subsidiaries - - 6,374,080 300,000
At 31 March 2014
56
7. Finance costs
Group
2014 2013
RM RM
Interest expense on:
- banker acceptances 21,713 -
- short term borrowings 59,610 85,080
- hire-purchase interest 6,931 11,427
- bank overdraft interest 179,996 588
268,250 97,095
8. Tax expense
Group Company
2014 2013 2014 2013
RM RM RM RM
Current tax expense
- current 3,160,665 2,163,400 1,552,125 61,000
- (over)/under provision in prior year (16,872) (483,096) (26,961) 26
3,143,793 1,680,304 1,525,164 61,026
Deferred tax (Note 25)
- current (89,239) (14,579) - -
- under provision in prior year 21,897 12,700 - -
(67,342) (1,879) - -
3,076,451 1,678,425 1,525,164 61,026
Reconciliation of effective tax expense:
Proft before tax 11,027,367 7,093,351 6,080,763 34,417
Tax effect of:
Effective tax rate of 25% 2,801,842 1,773,338 1,520,191 8,604
Non-deductible expenses 391,699 461,275 31,934 52,396
Non-taxable income (118,916) (38,427) - -
Net deferred tax assets not recognised - 80,429 - -
Relating to the origination and reversal of temporary
differences (3,199) - - -
Utilisation of unabsorbed tax
loss and capital allowances - (127,794) - -
3,071,426 2,148,821 1,552,125 61,000
(Over)/Under provision in prior years:
- current (16,872) (483,096) (26,961) 26
- deferred tax 21,897 12,700 - -
3,076,451 1,678,425 1,525,164 61,026
The Group has unutilised tax losses of approximately RM78,000 (2013: RM78,000) which are available for set off against future
taxable income.
At 31 March 2014
57
9. Earnings per share
Basic earnings per share is calculated by dividing proft for the year attributable to equity owners of the Company by the weighted
average number of ordinary shares in issue during the fnancial year.
Group
2014 2013
Proft for the fnancial year attributable to
equity holders of the Company (RM) 8,131,018 5,415,012
Weighted average number of ordinary shares
in issue (units) 126,784,397 126,784,397
Basic earnings per share (sen) 6.41 4.27
There are no diluted earnings per share disclosed as there were no dilutive potential ordinary shares.
At 31 March 2014
58
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59
11. Investment properties
Group Company
2014 2013 2014 2013
RM RM RM RM
At cost:
At 1 April 17,144,160 18,088,657 3,676,000 3,676,000
Disposal during the year (452,611) (944,497) - -
Transfer to land held for property development
(Note 13) (2,027,000) - - -
At 31 March 14,664,549 17,144,160 3,676,000 3,676,000
Accumulated depreciation:
At 1 April 825,132 772,121 - -
Charge for the year 127,505 134,623 - -
Disposals during the year (43,286) (81,612) - -
At 31 March 909,351 825,132 - -
Carrying amount 13,755,198 16,319,028 3,676,000 3,676,000
Fair value 18,749,000 25,314,000 3,700,000 3,700,000
The investment properties are as follows:
Group Company
2014 2013 2014 2013
RM RM RM RM
Freehold land 8,760,349 10,999,351 3,676,000 3,676,000
Freehold land and buildings 4,994,849 5,087,919 - -
Long leasehold buildings - 231,758 - -
13,755,198 16,319,028 3,676,000 3,676,000
The following are recognised in proft or loss in respect of investment properties:
Group Company
2014 2013 2014 2013
RM RM RM RM
Rental income 836,913 546,402 - -
Direct operating expenses: (202,441) (118,985) (16,810) (16,810)
As of 31 March 2014, certain investment properties of the Group and of the Company with total carrying values of RM8,760,349
(2013: RM3,676,000) and RM3,676,000 (2013: RM3,676,000) respectively are charged to local banks as security for banking
facilities granted to the Group as mentioned in Note 24 to the fnancial statements.
As of 31 March 2014, the title deeds of certain investment properties of the Group with a total carrying value of RM2,403,182 (2013:
RM2,403,182) are in the process of being transferred to the names of the subsidiaries.
At 31 March 2014
60
12. Prepaid lease payments on leasehold land
Group
2014 2013
RM RM
Cost
At 1 April 1,878,729 1,878,729
Reclassifcation from non-trade receivables (Note 19) 123,000 -
At 31 March 2,001,729 1,878,729
Accumulated amortisation
At 1 April 124,009 80,739
Amortisation during the year 45,492 43,270
At 31 March 169,501 124,009
Carrying Amount
At 31 March 1,832,228 1,754,720
As of 31 March 2014, the unexpired lease period of the short leasehold lands are 35, 42 and 77 years.
As of 31 March 2014, short leasehold land with a carrying value of RM535,852 (2013: RM551,020) is charged to a local bank as
security for banking facilities granted to a subsidiary as mentioned in Note 24 to the fnancial statements.
13. Land held for property development
Group
2014 2013
RM RM
At 1 April 26,015,125 28,068,404
Additions during the year 4,055,843 262,721
Transferred from investment properties (Note 11) 2,027,000 -
Transfer to property development costs - (2,316,000)
At 31 March 32,097,968 26,015,125
Represented by:
Freehold land 30,814,463 24,841,783
Development cost 1,283,505 1,173,342
32,097,968 26,015,125
The freehold land amounting to RM3,937,326 (2013: RM Nil) is pledged to a licensed bank for banking facility granted to the Group.
14. Goodwill
Group
2014 2013
RM RM
At 1 April 592,354 3,715,614
Disposal of subsidiary - (3,123,260)
At 31 March 592,354 592,354
Goodwill acquired in a business combination is allocated, at acquisition, to the cash-generating unit (CGU) that is expected to
beneft from that business combination. The carrying amount of goodwill had been allocated to the following business segments as
independent CGUs:
At 31 March 2014
61
14. Goodwill (continued)
Group
2014 2013
RM RM
Construction and manufacturing 147,540 147,540
Investment holding 415,164 415,164
Property development 29,650 29,650
592,354 592,354
Goodwill is assessed annually for impairment or more frequently if there are indications that goodwill might be impaired.
15. Investment in subsidiaries
Company
2014 2013
RM RM
Unquoted shares, at cost 29,994,422 29,444,422
Add: Amount owing by subsidiaries 61,445,398 60,739,008
91,439,820 90,183,430
The details of the subsidiaries, all of which are incorporated in Malaysia, are as follows:
Effective
Name of the Company equity interest Principal Activities
2014 2013
JMR Manufacturing Sdn. Bhd. 100% 100% Manufacturing of asphalt premix, roadmarking
contractor and related road paving works
JMR Quarry (Kedah) Sdn. Bhd. 100% 100% Dormant
Lean Seng Chan (Quarry) Sdn. Bhd.* 100% 100% Operation of quarry
Link Lex (M) Sdn. Bhd. 100% 100% Property development
Rantronics Sdn. Bhd. 100% 100% Letting of properties
Great Marvel Sdn. Bhd.* 100% 100% Property development
JMR Resources Management Sdn. Bhd. 100% 100% Letting of properties and provision of
management services
Multilight Sdn. Bhd. 100% 100% Investment holding, sales and services of goods
and construction works
Sunnyside Landscape Sdn. Bhd. 100% 100% Investment holding
Subsidiary of Link Lex (M) Sdn. Bhd. :
- Fook Lye Enterprises (M) Sdn. Bhd. 98.50% 98.50% Investment holding
* The fnancial statements of these subsidiaries were audited by auditors other than the auditors of the Company.
At 31 March 2014
62
15. Investment in subsidiaries (continued)
Upon adoption of FRS 139, amounts owing by subsidiaries which are equity instruments in substance were recognised in the
statement of fnancial position as equity investment. Consequently, all amounts owing by subsidiaries have been accounted for as
deemed capital contributions by debiting the amounts to the cost of investment in subsidiaries account on that date.
The details of amounts owing by subsidiaries which are in substance net investment in the subsidiaries are as follows:
Company
2014 2013
RM RM
Great Marvel Sdn. Bhd. 49,321,582 49,321,582
Sunnyside Landscape Sdn. Bhd. 4,060,000 4,060,000
JMR Resources Management Sdn. Bhd. 1,735,399 1,735,399
Link Lex (M) Sdn. Bhd. 3,848,000 3,699,000
JMR Manufacturing Sdn. Bhd. 1,580,000 1,923,027
Multilight Sdn. Bhd. 900,417 -
61,445,398 60,739,008
16. Investment in associates
Group Company
2014 2013 2014 2013
RM RM RM RM
Unquoted shares, at cost 1,448,818 1,448,818 648,918 648,918
Share of post-acquisition results and reserves (597,988) (276,068) - -
Less: Impairment loss - - (89,149) (89,149)
850,830 1,172,750 559,769 559,769
Group
2014 2013
RM RM
(i) Net carrying amount represented by:
Share of net assets 1,546,320 1,868,240
Goodwill on acquisition (695,490) (695,490)
850,830 1,172,750
At 31 March 2014
63
16. Investment in associates (continued)
The details of the associates, all of which are incorporated in Malaysia, are as follows:
Name of the Company Equity interest Principal Activities
2014 2013
Diligent Success Sdn. Bhd. 50% 50% Provision of marketing and consultancy services in
relation to construction, engineering and related
works
JMR-Hosna Bina Sdn. Bhd.
50% 50% Contracting and subcontracting for road and
engineering works
Associate of Rantronics Sdn. Bhd.:
Nanometric Electronics Sdn. Bhd. 50% 50% Manufacturing, assembling and installing of
electronics, computer components and other
related products
The following table summarised the information of the Groups associates, adjusted for any differences in accounting policies and
reconciles the information to the carrying amount of the Groups interest in the associate.
2014
Diligent
Success
Sdn. Bhd.
JMR-
Hosna Bina
Sdn. Bhd.
Nanometric
Electronics
Sdn. Bhd. Total
RM RM RM RM
Summarised fnancial information
As at 31 March
Current assets 1,875,792 250,272 702,380 2,828,444
Non-current assets - - 1,473,888 1,473,888
Current liabilities 1,127,289 1,000 81,405 1,209,694
Net assets 748,503 249,272 2,094,863 3,092,638
Year ended 31 March
Loss from continuing operations - - (622,799) (622,799)
Loss from discontinued operations (7,927) (13,113) - (21,040)
Total comprehensive loss (7,927) (13,113) (622,799) (643,839)
Included in the total comprehensive Income are:
Revenue - - 1,838,753 1,838,753
Reconciliation of net assets to carrying amount
As at 31 March
Groups share of net assets 374,253 124,637 1,047,430 1,546,320
Goodwill - - (695,490) (695,490)
Carrying amount 374,253 124,637 351,940 850,830
Groups share of results
At 31 March 2014
64
16. Investment in associates (continued)
2013
Diligent
Success
Sdn. Bhd.
JMR-
Hosna Bina
Sdn. Bhd.
Nanometric
Electronics
Sdn. Bhd. Total
RM RM RM RM
Summarised fnancial information
As at 31 March
Current assets 1,534,336 265,986 1,565,409 3,365,731
Non-current assets - - 1,597,944 1,597,944
Current liabilities 777,905 3,600 452,692 1,234,197
Net assets 756,431 262,386 2,710,661 3,729,478
Year ended 31 March
Included in the total comprehensive Income are:
Revenue - - 2,494,010 2,494,010
Reconciliation of net assets to carrying amount
As at 31 March
Groups share of net assets 378,216 131,193 1,358,831 1,868,240
Goodwill - - (695,490) (695,490)
Carrying amount 378,216 131,193 663,341 1,172,750
Groups share of results
The fnancial year of two associates, Diligent Success Sdn. Bhd. and JMR-Hosna Bina Sdn. Bhd. ends on 31 August and is not
coterminous with those of the Group. For the purpose of applying the equity method of accounting, the management accounts of
the associates for the period/year ended 31 March 2014 have been used.
17. Inventories
Group
2014 2013
RM RM
At cost:
Developed properties 249,535 990,529
Raw materials 950,710 729,855
Finished goods 61,849 90,086
Spare parts 78,255 69,252
1,340,349 1,879,722
At 31 March 2014
65
18. Property development costs
Group
2014 2013
RM RM
At 1 April 32,455,145 12,775,424
Additions during the year:
- Freehold land (transfer from land held for property development) - 2,316,000
- Development costs incurred 39,108,863 17,363,721
71,564,008 32,455,145
Cost recognised in proft and loss:
At 1 April (11,663,095) (343,281)
Recognised during the year (28,838,466) (11,319,814)
At 31 March (40,501,561) (11,663,095)
At 31 March 31,062,447 20,792,050
Property development costs incurred during the year include the following charges:
Group
2014 2013
RM RM
Employee benefts expense 144,746 122,025
19. Trade and non-trade receivables
Group Company
2014 2013 2014 2013
RM RM RM RM
Trade:
Trade receivables 21,380,476 7,690,492 - -
Less: Impairment (99,120) - - -
21,281,356 7,690,492 - -
Amount owing by contract customers - 1,382,382 - -
21,281,356 9,072,874 - -
Non-trade:
Non-trade receivables 1,665,048 1,423,703 - -
Less: Reclassifcation to prepaid lease payment on
leasehold land (Note 12) (123,000) - - -
Less: Impairment (668,478) (668,478) - -
873,570 755,225 - -
Amount owing by subsidiaries - - 850,000 -
Deposits and prepayment 250,032 2,193,271 4,500 4,500
1,123,602 2,948,496 854,500 4,500
22,404,958 12,021,370 854,500 4,500
At 31 March 2014
66
19. Trade and non-trade receivables (continued)
(a) Trade receivables
Trade receivables comprise amounts receivable for the sale of goods, progress billings receivable and rendering of services.
The credit period granted by the Group ranges from 14 days to 60 days (2013: 30 days to 90 days). No interest is charged
on trade receivables outstanding balances. Allowance for impairment is recognised against trade receivables over their
respective credit period based on estimated irrecoverable amounts determined by reference to past default experience of the
counterparty and an analysis of the counterpartys current fnancial position.
The credit period granted by the Group ranges from 14 days to 60 days (2013: 30 days to 90 days). No interest is charged
on trade receivables outstanding balances. Allowance for impairment is recognised against trade receivables over their
respective credit period based on estimated irrecoverable amounts determined by reference to past default experience of the
counterparty and an analysis of the counterpartys current fnancial position.
The movement in the allowance for impairment on trade receivables is as follows:
Group
2014 2013
RM RM
At 1 April - 11,634,071
Impairment loss during the year 99,120 -
Reversal of impairment loss - (670,000)
At 31 March 99,120 -
(b) Amount owing by contract customers
The amount owing by contract customers are as follows:
Group
2014 2013
RM RM
Contract costs incurred plus recognised proft - 19,616,066
Progress billings received and receivable - (18,233,684)
Amount owing by contract customers - 1,382,382
(c) Non-trade receivables
The movement in the allowance for impairment on non-trade receivables is as follows:
Group
2014 2013
RM RM
At 1 April 668,478 5,244,298
At 31 March 668,478 668,478
At 31 March 2014
67
19. Trade and non-trade receivables (continued)
(d) Amount owing by a subsidiary
The amount owing by a subsidiary, Leng Seng Chan (Quarry) Sdn. Bhd. arose mainly from unsecured advances which are
interest free and repayable on demand.
(e) Deposits and prepayments
Group Company
2014 2013 2014 2013
RM RM RM RM
Refundable deposits 181,591 2,136,109 4,500 4,500
Prepayments 68,441 57,162 - -
250,032 2,193,271 4,500 4,500
20. Short term deposits with licensed banks
As of 31 March 2014, the short term deposits with licensed banks of the Group carry interest at rates ranging from 2.75 % to 3.20%
(2013: 1.25% to 3.20%) per annum. The short term deposits are maturing on December 2014 (2013: December 2013).
As of 31 March 2014, the short term deposits with licensed banks of the Group of RM909,708 (2013: RM900,502) are charged as
security for banking facilities granted to the Group as mentioned in Note 24 to the fnancial statements.
21. Cash and bank balances
Included in cash and bank balances of the Group is an amount of RM1,143,350 (2013: RM858,513) representing bank balances
under Housing and Development Accounts opened and maintained by a subsidiary as required under the Housing Developers
(Housing Development Account) (Amendment) Regulation 2002.
22. Share capital
Group and Company
2014 2013
RM RM
Authorised:
200,000,000 ordinary shares of RM1 each 200,000,000 200,000,000
Issued and fully paid:
126,784,397 ordinary shares of RM1 each 126,784,397 126,784,397
At 31 March 2014
68
23. Reserve
Group
2014 2013
RM RM
Investment revaluation reserve (Non-distributable):
At 1 April - 1,800
Net fair value gain - 215
Reversal of investment revaluation reserve - (2,015)
At 31 March - -
The investment revaluation reserve represents accumulated gains and losses arising from the revaluation of available-for-sale
fnancial assets that have been recognised in other comprehensive income, net of amounts reclassifed to proft or loss when those
assets have been disposed of or are determined to be impaired.
24. Borrowings
Group
2014 2013
RM RM
Current
Bankers acceptance (secured)/invoice fnancing 2,971,579 -
Bank overdraft 9,827,659 -
Hire purchase payables 101,141 96,677
Term loans 137,579 -
13,037,958 96,677
Non-current
Hire purchase payables - 101,141
Term loans 588,102 -
588,102 101,141
(a) Bankers acceptance - secured
As of 31 March 2014, the bankers acceptance bore interest at a rate of 1.5% to 6.53% (2013: Nil) per annum above the
lending banks cost of funds and are secured by:
(i) legal charges over the land and buildings of the Group;
(ii) charges over short term deposits of the Group; and
(iii) corporate guarantees from the Company.
(b) Bank overdrafts secured
The bank overdrafts of the Group bear interest at a rate of BLR + 1.5% per annum (2013: nil). The bank facilities of the Group
are secured by way of a 3rd party sixth legal charge over 14 parcels of land known as Grant No. 43499, Grant Mukim No.
312, 313, 535, 536, Grant No. 43498, Grant Mukim No. 537, 538, 539, 540, 654, 544, 545 & 546, Lot No. 1019, 1283, 1333,
1334, 1337, 1338, 1339, 1340, 1341, 1348, 1349, 1350, 1351 respectively, Mukim 12, Province Wellesley Centre, Penang.
At 31 March 2014
69
24. Borrowings (continued)
(c) Hire purchase payables
Hire purchase liabilities are payable as follows:
Group
2014 2013
RM RM
Minimum hire purchase payments:
Repayable within one year 103,577 103,608
Repayable between one to two years - 103,576
103,577 207,184
Less: Future fnance charges (2,436) (9,366)
Present value of hire purchase liabilities 101,141 197,818
Present value of hire purchase liabilities:
Repayable within one year 101,141 96,677
Repayable between one to two years - 101,141
101,141 197,818
The hire purchase payables of the Group bear interest at a rate of 2.39% (2013: 2.39%) per annum.
(d) Term loans
The remaining maturities of the term loans as at 31 March are as follows:
Group
2014 2013
RM RM
Within one year 137,579 -
More than one year and less than fve years 148,407 -
Five years and more 439,695 -
725,681 -
The term loans are secured by the following:
(i) frst party legal charge over certain property of the Group;
(ii) frst party frst legal charge over the freehold land of the Company; and
(iii) corporate guarantee by the Company.
25. Deferred tax liabilities
Group
2014 2013
RM RM
At 1 April 972,015 973,894
Recognised in proft or loss (Note 8) (67,342) (1,879)
At 31 March 904,673 972,015
At 31 March 2014
70
25. Deferred tax liabilities (continued)
The components and movements of deferred tax assets and liability during the fnancial year are as follows:
Revaluation
reserve
Property,
plant and
equipment Total
RM RM RM
Deferred tax liabilities of the Group
At 1 April 2013 677,515 294,500 972,015
Recognised in proft or loss (9,579) (38,195) (47,774)
At 31 March 2014 667,936 256,305 924,241
At 1 April 2012 687,094 286,800 973,894
Recognised in proft or loss (9,579) 7,700 (1,879)
At 31 March 2013 677,515 294,500 972,015
Unutilised
tax losses
RM
Deferred tax assets of the Group
At 1 April 2013 -
Recognised in proft or loss (19,568)
At 31 March 2014 (19,568)
At 1 April 2012 -
Recognised in proft or loss -
At 31 March 2013 -
26. Trade and non-trade payables
Group Company
2014 2013 2014 2013
RM RM RM RM
Trade:
Trade payables 10,046,797 6,641,457 - -
Amount owing to contract customers 419,000 - - -
10,465,797 6,641,457 - -
Non-trade:
Amount owing to subsidiaries - - 2,065,251 1,000,000
Non-trade payables 1,787,243 2,391,246 9,901 14,289
Accrued expenses 210,541 504,827 93,000 93,000
12,463,581 9,537,530 2,168,252 1,107,289
At 31 March 2014
71
26. Trade and non-trade payables (continued)
(a) Trade payables
Trade payables of the Group comprise amounts outstanding for trade purchases. The credit periods granted to the Group
range from 14 days to 90 days (2013: 14 days to 90 days). No interest is charged on the trade payables outstanding
balances. The Group has fnancial risk management policies in place to ensure that all the payables are paid within the pre-
agreed credit terms.
(b) Amount owing to contract customers
The amount owing to contract customers are as follows:
Group
2014 2013
RM RM
Contract costs incurred plus recognised proft 49,328,154 -
Progress billings received and receivable (49,747,154) -
Amount owing to contract customers (419,000) -
(c) Amount owing to subsidiaries
The amount owing to subsidiaries are as follows:
Company
2014 2013
RM RM
Non-trade:
Great Marvel Sdn. Bhd. 2,053,532 -
JMR Resources Management Sdn. Bhd. 11,819 -
Rantronics Sdn. Bhd. - 1,000,000
2,065,351 1,000,000
The amount owing to subsidiaries arose mainly from unsecured advances which are interest free and repayable on demand.
Non-trade payables and accrued expenses comprise mainly amounts outstanding for ongoing costs.
27. Dividends

Gross dividend
per share
Gross dividend Amount of
dividend net of tax Date of payment
2014 RM RM RM
Interim dividend 0.04 5,071,376 3,803,532 20 December 2013
At 31 March 2014
72
28. Signifcant related party transactions
(a) The Company has related party transactions with the following companies:
2014 2013
With subsidiaries: RM RM
Great Marvel Sdn. Bhd.
- Loan to 1,750,000 -
JMR Resources Management Sdn. Bhd.
- Management fee 37,981 19,665
JMR Manufacturing Sdn. Bhd.
- Dividend received 638,213 -
Lean Seng Chan (Quarry) Sdn. Bhd.
- Dividend received 3,675,253 -
Link Lex (M) Sdn. Bhd.
- Dividend received 121,486 -
Rantronics Sdn. Bhd.
- Dividend received 1,939,128 -
The signifcant balances with related parties are disclosed in Notes 19 and 26 to the fnancial statements.
The Directors are of the opinion that the transactions above have been entered into in the normal course of business and
have been established on terms and conditions mutually agreed between the relevant parties.
(b) The remuneration of Directors during the fnancial year is disclosed in Note 5 to the fnancial statements.
29. Capital commitments
Capital expenditure as at the reporting date is as follows:
Group
2014 2013
RM RM
Contracted but not provided for:
- Land held for development - 1,900,000
30. Contingencies
Corporate guarantees to certain subsidiaries
Group
2014 2013
RM RM
Corporate guarantees given by the Company to local banks and third parties for
credit facilities granted to certain subsidiaries 14,851,949 655,000
At 31 March 2014
73
31. Operating lease arrangements
The Group has entered into operating lease agreements to lease out certain of its investment properties. The future minimum
lease payments receivable under operating leases contracted for as of the reporting date but not recognised as receivables, are as
follows:
Group
2014 2013
RM RM
Not later than one year 569,500 295,610
Later than one year and not later than fve years 800 45,060
570,300 340,670
The Group has entered into operating lease agreements for the use of land, premises and road access. The future aggregate
minimum lease payments under operating leases contracted for as of the reporting date but not recognised as liabilities are as
follows:
Group
2014 2013
RM RM
Not later than one year 272,100 173,450
Later than one year and not later than fve years 310,000 92,100
582,100 265,550
32. Operating segments
Products and services from which reportable segments derive their revenue
Information reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment
performance focuses on types of goods or services delivered or provided. The Groups reportable segments under FRS 8 Operating
Segments are therefore as follows:
(i) Investment holding (included letting of properties);
(ii) Manufacturing and trading of bituminous premix, tarmac, emulsion and operation of quarry;
(iii) Construction; and
(iv) Property development.

At 31 March 2014
74
At 31 March 2014
32. Operating segments (continued)
Segment revenue and results
The following is an analysis of the Groups revenue and results by reportable segments:
Investment Property
holdings Manufacturing Construction development Elimination Consolidated
RM RM RM RM RM RM
2014:
Revenue
External revenue 368,720 37,178,968 2,487,407 31,584,977 - 71,620,072
Inter-segment revenue 7,883,798 1,558,469 - - (9,442,267) -
Total revenue 8,252,518 38,737,437 2,487,407 31,584,977 (9,442,267) 71,620,072
Results
Segment proft 6,213,859 8,275,029 1,323,551 616,304 (5,842,293) 10,586,450
Other income 1,211,087
Finance costs (268,250)
Share of loss of
associates (321,920)
Proft before tax 11,207,367
Tax expense (3,076,451)
Proft for the fnancial
year 8,130,916
2013:
Revenue
External revenue 457,060 27,279,687 3,301,597 13,237,935 - 44,276,279
Inter-segment revenue 1,073,085 33,463 14,267,134 - (15,373,682) -
Total revenue 1,530,145 27,313,150 17,568,731 13,237,935 (15,373,682) 44,276,279
Results
Segment proft 165,965 5,644,582 110,711 412,014 (2,994,715) 3,338,557
Other income 4,196,116
Finance costs (97,095)
Share of loss of
associates (344,227)
Proft before tax 7,093,351
Tax expense (1,678,425)
Proft for the fnancial
year 5,414,926
The accounting policies of the reportable segments are the same as the Groups accounting policies described in Note 2 to the
fnancial statements. Segment proft represents the proft earned/loss suffered by each segment without other income, fnance
costs, share of proft/(loss) of associates and tax expenses. This is the measure reported to the chief operating decision maker for
the purpose of resource allocation and assessment of segment performance.
75
Segment assets and liabilities
Investment Property
holdings Manufacturing Construction development Elimination Consolidated
RM RM RM RM RM RM
2014
Assets
Segment assets 15,896,233 25,722,855 2,548,213 79,630,897 - 123,798,198
Investments in associates 850,830
Unallocated corporate
assets 2,866,207
Consolidated total assets 127,515,235
Liabilities
Segment liabilities 298,789 4,280,533 7,393,078 491,181 - 12,463,581
liabilities 15,871,291
Consolidated total
2013
Assets
Segment assets 16,712,176 24,287,152 3,693,718 56,992,373 - 101,685,419
Investments in associates 1,172,750
assets 3,081,129
Consolidated total assets 105,939,298
Liabilities
Segment liabilities 299,540 2,100,510 5,398,471 1,739,009 - 9,537,530
Consolidated total
For the purposes of monitoring segment performance and allocating resources between segments:
(i) all assets are allocated to reportable segments other than investments in associates, short-term deposits, current and
deferred tax assets, and other fnancial assets. Goodwill is allocated to reportable segments.
(ii) all liabilities are allocated to reportable segments other than other borrowings and current and deferred tax liabilities.

Other segment information
Investment Property
holdings Manufacturing Construction development Consolidated
RM RM RM RM RM
2014
Other information
Additions to non-current assets 4,500 150,840 - 4,048,688 4,204,028
Depreciation and amortisation expense 162,014 410,903 - 35,309 608,226
Non-cash expenses other than
depreciation and amortisation - 217 - - 217
At 31 March 2014
76
Other segment information (continued)
Investment Property
holdings Manufacturing Construction development Consolidated
RM RM RM RM RM
2013
Other information
Additions to non-current assets 1,680 62,019 2,270 283,157 349,126
Depreciation and amortisation expense 159,429 419,345 33,589 34,665 647,028
Non-cash expenses other than
depreciation and amortisation - 1,130 121,891 - 123,021
Revenue from major products and services
Analysis of revenue from major products and services was not disclosed due to it is not practical to analyse these information
without incurring excessive costs.
Geographical information
Information on geographical segments is not presented as the Group operates predominantly in Malaysia.
33. Financial instruments
Categories of fnancial instrument
The table below provides an analysis of fnancial instruments categorised as follows:
(a) Loans and receivables
(b) Other fnancial liabilities measured at amortised cost
Carrying
amount
Loans
and receivables
Other fnancial
liabilities
measured at
amortised cost
RM RM RM
Group
2014
Financial assets
Trade non-trade receivables and deposits 22,404,958 22,404,958 -
Short terms deposits with licensed 909,708 909,708 -
Cash and cash equivalents 5,157,331 5,157,331 -
28,471,997 28,471,997 -
Financial liabilities
Non-trade payables and accruals 12,463,581 - 12,463,581
Borrowings 13,626,060 - 13,626,060
26,089,641 - 26,089,641
2013
Financial assets
Trade non-trade receivables and deposits 12,021,370 12,021,370 -
Short terms deposits with licensed 1,854,682 1,854,682 -
Cash and cash equivalents 6,352,815 6,352,815 -
20,228,867 20,228,867 -
Financial liabilities
Borrowings 197,818 - 197,818
9,735,348 - 9,735,348
At 31 March 2014
77
33. Financial Instruments (continued)
Categories of fnancial instruments (continued)
Carrying
amount
Loans
and receivables
Other fnancial
liabilities
measured at
amortised cost
RM RM RM
Company
2014
Financial assets
Trade non-trade receivables and deposits 854,500 854,500 -
Cash and cash balances 151,265 151,265 -
1,005,765 1,005,765 -
Financial liability
2013
Financial assets
Trade non-trade receivables and deposits 4,500 4,500 -
Cash and cash balances 155,046 155,046 -
159,546 159,546 -
Financial liability
Financial risk management objectives and policies

The Group is exposed to fnancial risks arising from their operations and the use of fnancial instruments. The key fnancial risks
include credit risk, interest rate risk, and liquidity risk.
The Groups fnancial risk management policy seeks to ensure that adequate fnancial resources are available for the development
of the Groups businesses whilst managing its credit risk, interest rate risk and liquidity risk.
The following sections provide details regarding the Groups exposure to the above mentioned fnancial risks and the objectives,
policies and processes for the management of these risks.
Credit risk

The Groups exposure to credit risk, or the risk of counterparties defaulting, arises mainly from trade receivables. The Group
manages its exposure to credit risk by the application of credit approvals, credit limits and monitoring procedures on an ongoing
basis. For other fnancial assets (including quoted investments, cash and bank balances and derivatives), the Group minimises
credit risk by dealing exclusively with high credit rating counterparties.
The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of the trade
receivables as appropriate. The main components of this allowance are a specifc loss component that relates to individually
signifcant exposures, and a collective loss component established for groups of similar assets in respect of losses that might have
been incurred but not yet identifed. Impairment is estimated by management based on prior experience and the current economic
environment.
Credit risk concentration profle
The Group has no major concentration of credit risk and manages these risks by monitoring credit ratings and limiting the aggregate
fnancial exposure to any individual counterparty.
Exposure to credit risk
As the Group does not hold any collateral, the maximum exposure to credit risk is represented by the carrying amount of the
fnancial assets as at the end of the reporting period.
At 31 March 2014
78
At 31 March 2014
Credit risk (continued)
Ageing analysis
The ageing analysis of the Groups trade receivables as at reporting date are as follows:
Gross Carrying
Amount Impairment Value
RM RM RM
Group
2014
Not past due: 14,130,116 - 14,130,116
Past due:
- 1 to 30 days 2,565,487 - 2,565,487
- 31 to 60 days 1,924,189 - 1,924,189
- 61 to 90 days 530,370 - 530,370
- 91 to 120 days 1,789,173 - 1,789,173
- more than 120 days 441,141 (99,120) 342,021
21,380,476 (99,120) 21,281,356
2013
Not past due: 4,018,250 - 4,018,250
Past due:
- 1 to 30 days 1,239,834 - 1,239,834
- 31 to 60 days 986,888 - 986,888
- 61 to 90 days 303,271 - 303,271
- 91 to 120 days 1,056,959 - 1,056,959
- more than 120 days 85,290 - 85,290
7,690,492 - 7,690,492
The impairment is determined based on estimated irrecoverable amounts from the sale of goods, determined by reference to past
default experience.
Trade receivables that are neither past due nor impaired
A signifcant portion of trade receivables that are neither past due nor impaired are regular customers that have been transacting
with the Group. The Group uses ageing analysis to monitor the credit quality of the trade receivables. Any receivables having
signifcant balances past due, which are deemed to have higher credit risk, are monitored individually.
Trade receivables that are past due but not impaired
The Group believes that no impairment allowance is necessary in respect of these trade receivables. They are substantially
companies with good collection track record and no recent history of default.
Interest rate risk
The Group is exposed to interest rate risk through the impact of rate changes in foating rate borrowings. The interest rates of
borrowings are disclosed in Note 24 to the fnancial statements.
The Group borrows on foating rate basis. The Group does not generally hedge interest rate risks.
79
Interest rate risk (continued)
Interest rate risk sensitivity analysis
The following table details the sensitivity analysis to a reasonably possible change in the interest rates as at the end of the reporting
period, with all other variables held constant:
Group
2014 2013
Increase/
(Decrease)
Increase/
(Decrease)
RM RM
Effects on proft after taxation
Increase of 5 basis point (bp) (19,949) (99)
Decrease of 5 basis point (bp) 19,949 99
Effects on equity
Increase of 5 basis point (bp) (19,949) (99)
Decrease of 5 basis point (bp) 19,949 99
Cash fow risk
The Group reviews its cash fow position regularly to manage their exposure to fuctuations in future cash fows associated with their
monetary fnancial instruments.
Liquidity risk
Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity
risk management framework for the management of the Groups funding and liquidity management requirements. The Group
manages liquidity risk by maintaining adequate reserves and banking facilities, by continuously monitoring forecast and actual cash
fows, and by matching the maturity profles of fnancial assets and liabilities.
The Group and the Company monitors and maintains a level of cash and cash equivalents deemed adequate by management to
fnance the Groups and the Companys operations and to mitigate the effects of fuctuations in cash fows.
Maturity analysis
The table below summarises the maturity profle of the Groups and of the Companys fnancial liabilities as at 31 March based on
undiscounted contractual payments:
Carrying
amount
Contractual
interest
rate
Contractual
cash
fows
Within
1 year
After
1 year
RM RM RM RM
Group
2014
Trade and non-trade payables 12,463,581 - 12,463,581 12,463,581 -
Borrowings 13,626,060 1.5 to 8.11% 13,626,060 13,037,958 588,102
26,089,641 26,089,641 25,501,539 588,102
2013
Borrowings 197,818 2.39% 197,818 96,677 101,141
9,735,348 9,735,348 9,634,207 101,141
At 31 March 2014
80
At 31 March 2014
Liquidity risk (continued)
Carrying
amount
Contractual
interest
rate
Contractual
cash
fows
Within
1 year
After
1 year
RM RM RM RM
Company
2014
2013
34. Fair values of fnancial instruments
The following summarises the methods used to determine the fair values of the fnancial instruments:
(i) The fnancial assets and fnancial liabilities maturing within the next 12 months approximated their fair values due to the
relatively short term maturity of the fnancial instruments.
(ii) The fair value of quoted investments is estimated based on their quoted market prices as at the end of the reporting period.
(iii) The carrying amounts of the term loans approximated their fair values as these instruments bear interest at variable rates.
The aggregate fair values and the carrying amount of the fnancial assets and fnancial liabilities carried on the statement of fnancial
position as at 31 March are as below:
2014 2013
Carrying Fair Carrying Fair
amount value amount value
RM RM RM RM
Group
Financial liability:
Borrowings 13,626,060 13,626,060 197,818 197,818
35. Capital management
The primary objective of the Groups capital management is to ensure that it maintains a strong credit rating and healthy capital
ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or
adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new
shares. No changes were made in the objectives, policies or processes during the years ended 31 March 2014 and 31 March 2013.
There is no external capital requirement imposed on the Group and the Company.
The debt to equity ratio is calculated as net debt divided by total capital. Net debt is calculated based on trade payable and non-
trade payables less cash and cash equivalents. Total capital is calculated as equity plus net debt.
The debt to equity ratio of the Group as at the end of the reporting period was as follows:
Group
2014 2013
RM RM
Trade and non-trade payables 12,463,581 9,537,530
Borrowing 13,626,060 197,818
26,089,641 9,735,348
Less: Cash and cash equivalents (6,067,039) (8,207,497)
Net debt 20,022,602 1,527,851
Total equity 99,180,363 94,852,979
Total capital 119,202,965 96,380,830
Gearing ratio 0.17 0.02
81
At 31 March 2014
36. Supplementary information disclosure on realised and unrealised profts/losses
On 25 March 2010, Bursa Malaysia Securities Berhad issued a directive to all listed issuers pursuant to Paragraphs 2.06 and 2.23
of the Bursa Securities Main Market Listing Requirements. The directive requires all listed issuers to disclose the breakdown of the
unappropriated profts or accumulated losses as of the end of the reporting period into realised and unrealised profts or losses.
On 20 December 2010, Bursa Malaysia Securities Berhad further issued guidance on the disclosure and the prescribed format
required.
The breakdown of the accumulated losses of the Group and of the Company as of 31 March 2014 into realised and unrealised
amounts, pursuant to the directive, is as follows:
Group Company
2014 2013 2014 2013
RM RM RM RM
Total accumulated losses of the Company and its
subsidiaries:
Realised 7,519,143 2,218,537 (32,479,900) (33,231,967)
Unrealised (904,673) (972,015) - -
6,614,470 1,246,522 (32,479,900) (33,231,967)
Add: Consolidation adjustments (34,354,082) (33,313,620) - -
Total accumulated losses as per statements of
fnancial position (27,739,612) (32,067,098) (32,479,900) (33,231,967)
The determination of realised and unrealised profts or losses is based on Guidance of Special Matter No. 1 Determination of
Realised and Unrealised Profts or Losses in the Context of Disclosure Pursuant to Bursa Securities Listing Requirements as
issued by the Malaysian Institute of Accountants on 20 December 2010. A charge or a credit to the proft or loss of a legal entity is
deemed realised when it is resulted from the consumption of resource of all types and form, regardless of whether it is consumed
in the ordinary course of business or otherwise. A resource may be consumed through sale or use. Where a credit or a charge to
the proft or loss upon initial recognition or subsequent measurement of an asset or a liability is not attributed to consumption of
resource, such credit or charge should not be deemed as realised until the consumption of recourse could be demonstrated.
The supplementary information have been made solely for complying with the disclosure requirements stipulated in the directive of
Bursa Malaysia Securities Berhad and is not made for any other purposes.
37. Subsequent event
In May 2014, the subsidiary, Great Marvel Sdn. Bhd. had disposed a piece of land known as Lot No 606, Mukim 4, Daerah Barat
Daya, Negeri Pulau Pinang held under Geran Mukim No. 149 measuring approximately 4,669.2 square meters. The said disposal
was made in accordance to the Government Land Acquisition Act 1960, at a sales consideration of RM4,271,991.
38. General information
The Company is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa
Malaysia Securities Berhad.
The Company is principally involved in investment holding and providing management services. The principal activities of the
subsidiaries are as stated in Note 15 to the fnancial statements. There have been no signifcant changes in the nature of the
activities of the Group and of the Company during the fnancial year.
The registered offce of the Company is at 52-C, Rangoon Road, 10400 Penang, Malaysia. The principal place of business of the
Company is at No. 65, Sri Bahari Road, 10050 Penang, Malaysia.
The fnancial statements of the Group and of the Company were authorised for issue by the Board of Directors in accordance with
a resolution of the directors on 3 July 2014.
82
Group Properties
As At 31 March 2014
Location Description
of Property
Existing
Use
Area
(approximate)
Age of
Building
(approximate
years)
Tenure Date of
Acquisition
Carrying
Amount
as at
Mar 31, 2014
RM'000
Lot 3006, Mukim 6,
Daerah Seberang Perai Tengah,
Pulau Pinang.
3 Storey Shop -
Offce Building
Offce
Premises
4,020
square feet
20 Freehold 18/05/2004 352
Lot 1019,1283,1284,1333,1334,
1337 ~ 1341 & 1348 ~ 1351,
Mukim 12,
Pulau Pinang.
Quarry Land Quarrying
Activities
48
acres
- Freehold 18/05/2004 12,750
Lot 10140, Mukim 14,
Pulau Pinang.
Double Storey
Shop-
Offce Building
Rented
Out
111
square metres
15 Freehold 18/05/2004 157
Lot 10141, Mukim 14,
Pulau Pinang.
Double Storey
Shop-
Offce Building
Rented
Out
111
square metres
15 Freehold 18/05/2004 157
Plot 285,
Bayan Lepas Industrial Estate,
Phase III,
Pulau Pinang.
Industrial Land
and
Building
Rented
Out
23,329
square feet
20 Leasehold
(expiry:
2049)
18/05/2004 2,995
Lot 544, 590, 1307, 3429, 3430,
3435 & 3436, Mukim 3,
Daerah Seberang Perai Utara,
Pulau Pinang.
Agriculture
Land
Rented
Out
19
acres
- Freehold 18/05/2004 680
Lot 20039~20396 &
20399~20408,
Mukim 14,
Daerah Seberang Perai Selatan,
Pulau Pinang.
Property
Development-
in-progress
Property
Development
Project
66
acres
- Freehold 18/05/2004 29,164
Lot 2152~2202, 2204~2214 &
2216~2264,
Seksyen 42, Tebuan,
Bandar Kulim,
Kedah Darul Aman.
Vacant Land Vacant 15
acres
- Freehold 18/05/2004 3,676
Lot 2328, Mukim 6,
Daerah Seberang Perai Selatan,
Pulau Pinang.
Bungalow Lot Vacant 10,764
square feet
- Freehold 18/05/2004 131
Lot 24, Seksyen 18,
Daerah Timur Laut,
Bandar Georgetown,
Pulau Pinang.
Shop cum
Offce
Vacant 129
square metres
9 Freehold 31/03/2005 226
Plot 728, No.3058/95,
P.T. No.1523,
Mukim Padang Meha,
Daerah Kulim, Kedah.
Single Storey
Bungalow
Vacant 3,606
square feet
7 Freehold 18/12/2007 114
83
Group Properties (contd)
As At 31 March 2014
Location Description
of Property
Existing
Use
Area
(approximate)
Age of
Building
(approximate
years)
Tenure Date of
Acquisition
Carrying
Amount
as at
Mar 31, 2014
RM'000
Lot Nos. 785 & 786, Section 4,
Town of Georgetown,
ASWAN, Level 5,
Parcel No. 4A (single), Penang.
Condominium Rented
Out
2,129
square feet
17 Freehold 05/11/2009 909
Lot 297, Merbau Pulas,
Pekan Merbau Pulas,
Kulim, Kedah.
Vacant Land Vacant 473,454
square feet
- Freehold 30/12/2009 4,260
Lot 7703, Mk 14,
Pulau Pinang.
Industrial Land
and
Building
Workshop 93,571
square feet
17 Leasehold
(Expiry:
2056)
21/12/2009 1,595
Lot Nos. 194 and 195,
Mukim 5, Tempat Titi Serong,
Daerah Barat Daya,
Pulau Pinang.
Lot Nos. 381, 382, 383 and 384,
Mukim 5, Tempat Bukit Relau,
Daerah Barat Daya,
Pulau Pinang.
square feet
- Freehold 21/12/2009 4,142
Lot 1202, 1204, 1206 and 1064,
Seksyen 4, Town of Butterworth,
Seberang Perai Utara,
Pulau Pinang.
Development
Land
Rented
Out
31,179
square feet
- Freehold 21/12/2009 2,027
Lot 1205, Section 4,
Town of Butterworth,
Pulau Pinang.
Development
Land
Rented
Out
4,065
square feet
- Freehold 21/06/2010 306
Lot 518 & 519, Section 4,
Town of Butterworth,
Pulau Pinang.
Development
Land
Rented
Out
10,459
square feet
- Freehold 08/11/2010 794
Lot Nos. 785 & 786, Section 4,
Town of Georgetown,
ASWAN, Level 2,
Parcel No. 1A (single), Penang.
Condominium Vacant 2,129
square feet
17 Freehold 05/11/2009 1,049
Lot 904, Mukim Padang Peliang,
Daerah Pendang, Kedah.
square feet
- Leasehold
(Expiry:
2091)
01/04/2013 121
Lot 606, Mukim 4,
Daerah Barat Daya,
Negeri Pulau Pinang.
Development
Land
Vacant 4,669
square metres
- Freehold 04/09/2013 3,800
84
Analysis Of Shareholdings
As At 30 June 2014
Shareholdings Statistics
Authorised Share Capital : RM200,000,000
Issued and Paid Up Capital : RM126,784,397
Class of Share : Ordinary shares of RM1.00 each
Voting Right : One vote for each ordinary share
Distribution of Shareholdings
No. of Holders Holdings Total Holdings % of Issued Capital
29 Less than 100 1,220 0.00
1,303 100 to 1,000 289,874 0.23
162 1,001 to 10,000 690,278 0.55
68 10,001 to 100,000 2,108,274 1.66
39 100,001 and below 5% 44,517,988 35.11
3 5% and above 79,176,763 62.45
Total 1,604 126,784,397 100.00
List of the Thirty Largest Shareholders
No. Shareholders No. of Shares
% of
Issued Capital
1 JMR CONSOLIDATED HOLDINGS SDN BHD 63,404,877 50.01
2 MAYBANK NOMINEES (TEMPATAN) SDN BHD 8,453,100 6.67
BENEFICIARY : VANLITE ENTERPRISE (M) SDN BHD
3 PLB LAND SDN BHD 7,318,786 5.77
BENEFICIARY : YAP EAN SIN
5 LIM HONG SIANG @ LIM HONG SUN 5,900,000 4.65
6 TAG STEEL HOLDINGS SDN BHD 3,806,600 3.00
BENEFICIARY : SIEW SAU LAN
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR GOH NAI KOOI @ GAH MAI KWAI
9 DOESTRONIC SDN.BHD. 3,000,000 2.37
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR QUAH SAW GIM
11 GOH YONG CHEE 2,500,000 1.97
12 PENG WEN CHIH 1,557,934 1.23
13 DYNABRICKS SDN BHD 1,400,000 1.10
14 MAK LAI KUAN 1,112,000 0.88
15 LEADING BUILDERS SDN. BHD. 1,029,800 0.81
16 MAYBANK NOMINEES (TEMPATAN) SDN BHD 954,300 0.75
BENEFICIARY : GOH NAI KOOI @ GOH MAI KWAI
17 ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHD 898,850 0.71
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR GOH NAI KOOI @ GAH MAI KWAI
18 MALACCA EQUITY NOMINEES (TEMPATAN) SDN BHD 717,500 0.57
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR HO KOK KIANG
19 TAN HOON TEONG 550,000 0.43
20 TAN YEN KEAN 530,000 0.42
85
Analysis Of Shareholdings (contd)
As At 30 June 2014
List of the Thirty Largest Shareholders (contd)
No. Shareholders No. of Shares
% of
Issued Capital
21 BOEY CHENG HAI 491,846 0.39
22 PH'NG SEOK TIANG 476,357 0.38
23 CHAN GIK CHAU 361,060 0.28
24 LEE CHIN CHAI 331,060 0.26
25 HLIB NOMINEES (TEMPATAN) SDN BHD 274,900 0.22
BENEFICIARY : HONG LEONG BANK BHD FOR SENCO (M) SDN BHD
26 YAP BER CHIN 266,257 0.21
27 CHENG YONG LIANG 250,000 0.20
28 HENG MOOI HIANG 232,846 0.18
29 MAYBANK NOMINEES (ASING) SDN BHD 230,000 0.18
BENEFICIARY : LEE A-TSANG
30 RHB NOMINEES (TEMPATAN) SDN BHD 219,200 0.17
BENEFICIARY : PLEDGED SECURITIES ACCOUNT FOR TEOH HIN HENG
Substantial Shareholders
No. of Ordinary Shares
Shareholders
Direct
Interest
% of
Issued Capital
Deemed
Interest
% of
Issued Capital
JMR Consolidated Holdings Sdn Bhd 63,404,877 50.01 - -
Maybank Nominees (Tempatan) Sdn Bhd
Benefciary : Vanlite Enterprise (M) Sdn Bhd
8,453,100 6.67 - -
PLB Land Sdn Bhd 7,318,786 5.77 - -
Dato Ir. Goh Nai Kooi @ Gah Mai Kwai 5,196,850 4.10 68,890,177* 54.34
Datin Quah Saw Gim^ 2,710,400 2.14 71,386,627* 56.30
Dato Ir. Dr. Goh Yong Chee 2,500,000 1.97 71,587,027** 56.46
Goh Yong Keat - - 74,087,027*** 58.44
Goh Yong Lin - - 74,087,027*** 58.44
^ Registered under Maybank Nominees (Tempatan) Sdn Bhd.
* Deemed interest through holding company, JMR Consolidated Holdings Sdn Bhd and his/her spouse and son.
** Deemed interest through holding company, JMR Consolidated Holdings Sdn Bhd and his parents.
*** Deemed interest through holding company, JMR Consolidated Holdings Sdn Bhd and his/her parents and brother.
Directors' Shareholdings
No. of Ordinary Shares
Directors
Direct
Interest
Deemed
Interest Total
% of
Issued Capital
Dato Ir. Goh Nai Kooi @ Gah Mai Kwai 5,196,850 68,890,177* 74,087,027 58.44
Dato Ir. Dr. Goh Yong Chee 2,500,000 71,587,027** 74,087,027 58.44
Tham Yen Thim - - - -
Abdul Rahman Bin Ahmad - - - -
Dato Ir. Lai Pin Yong - - - -
Ir. Boey Cheng Hai 491,846 - 491,846 0.39
Tan Yen Yeow - - - -
Goh Yong Lin - 74,087,027*** 74,087,027 58.44
Lim Tze Ming (Alternate Director to Goh Yong Lin) - - - -
* Deemed interest through holding company, JMR Consolidated Holdings Sdn Bhd and his spouse and son.
** Deemed interest through holding company, JMR Consolidated Holdings Sdn Bhd and his parents.
*** Deemed interest through holding company, JMR Consolidated Holdings Sdn Bhd and her parents and brother.
86
Notice of the Twelfth Annual General Meeting
NOTICE IS HEREBY GIVEN that the Twelfth Annual General Meeting of JMR Conglomeration Bhd. (JMR or the Company) will be held
at Lawang Room, PARKROYAL Penang Resort, Batu Ferringhi Beach, 11100 Penang, Malaysia on Thursday, August 28, 2014 at 11.30
a.m. for the following purposes: -
AGENDA
1 To receive the Audited Financial Statements for the fnancial year ended March 31, 2014 together with the
reports of the Directors and Auditors thereon.
Please refer to
Explanatory Note 1
on Agenda 1
2 To approve the payment of Directors Fees of RM83,000.00 for the fnancial year ended March 31, 2014. Resolution 1
3 To re-elect, Mr. Tan Yen Yeow, a Director of the Company who retires in accordance with Article 109 of the
Companys Articles of Association.
Resolution 2
4 To consider and if thought ft, to pass the following resolution pursuant to Section 129 (6) of the Malaysian
Companies Act, 1965:-
That Encik Abdul Rahman Bin Ahmad, a Director who retires in compliance with Section 129 of the
Malaysian Companies Act, 1965 after having attained the age of seventy (70) years, be hereby re-appointed
as a Director of the Company to hold offce until the conclusion of the next Annual General Meeting.
Resolution 3
That Mr. Tham Yen Thim, a Director who retires in compliance with Section 129 of the Malaysian Companies
Act, 1965 after having attained the age of seventy (70) years, be hereby re-appointed as a Director of the
Company to hold offce until the conclusion of the next Annual General Meeting.
Resolution 4
That Ir. Boey Cheng Hai, a Director who retires in compliance with Section 129 of the Malaysian Companies
Act, 1965 after having attained the age of seventy (70) years, be hereby re-appointed as a Director of the
Company to hold offce until the conclusion of the next Annual General Meeting.
Resolution 5
That Dato Ir. Goh Nai Kooi @ Gah Mai Kwai, a Director who retires in compliance with Section 129 of the
Malaysian Companies Act, 1965 after having attained the age of seventy (70) years, be hereby re-appointed
as a Director of the Company to hold offce until the conclusion of the next Annual General Meeting.
Resolution 6
That Dato Ir. Lai Pin Yong, a Director who retires in compliance with Section 129 of the Malaysian
Companies Act, 1965 after having attained the age of seventy (70) years, be hereby re-appointed as a
Director of the Company to hold offce until the conclusion of the next Annual General Meeting.
Resolution 7
9 To re-appoint Messrs. PKF as Auditors of the Company and to authorise the Board of Directors to fx their
remuneration.
Resolution 8
87
Notice Of The Twelfth Annual General Meeting (contd)
10 As Special Business
Authority to Directors to issue ordinary shares pursuant to Section 132D of the Malaysian Companies Act,
1965.
To consider and, if thought ft, to pass the following resolution, with or without modifcations as Ordinary
Resolution:-
THAT subject always to the Companies Act 1965, the Articles of Association of the Company and the
approvals of the relevant governmental/regulatory authorities, the Directors of the Company be and are
hereby authorised pursuant to Section 132D of the Companies Act, 1965 to allot and issue shares in the
Company from time to time and upon such terms and conditions and for such purposes as the Directors may,
in their absolute discretion, deem ft, provided that the aggregate number of shares to be issued pursuant
to this resolution does not exceed 10% of the issued share capital of the Company for the time being AND
THAT such authority shall continue to be in force until the conclusion of the next Annual General Meeting of
the Company AND FURTHER THAT the Directors are also empowered to obtain the approval from Bursa
Malaysia Securities Berhad for the listing of and quotation for the additional shares to be issued.
Resolution 9
11 As Special Business
Continuing in offce as an Independent Non-Executive Director.
THAT subject to the passing of Resolution 4, authority be and is hereby given to retain Encik Abdul Rahman
Bin Ahmad who have been serving as an Independent Non-Executive Director of the Company for more
than a cumulative term of nine (9) years, to continue to act as an Independent Non-Executive Director of
the Company.
Resolution 10
By Order of the Board,
ONG TEIK HOE (MACS 00085)
Company Secretary
Penang
Dated : August 5, 2014
Notes: -
(i) Only depositors whose names appear in the Record of Depositors as at August 22, 2014 be regarded as members and entitled
to attend, speak and vote at the meeting.
(ii) Subject to the paragraph below, a member of the Company entitled to attend and vote at the above meeting may appoint not
more than 2 proxies of his/her own choice to attend and vote at the same meeting. A proxy may but need not be a member of the
Company and the provision of Section 149(1)(b) of the Companies Act 1965 shall not apply to the Company.
(iii) Where a member of the Company is an authorised nominee as defned under the Securities Industry (Central Depositories) Act,
1991which holds ordinary shares in the Company for multiple benefcial owners in one securities account (omnibus account),
there is no limit to the number of proxies which the authorised nominee may appoint in respect of each omnibus account it holds.
(iv) If a member appoints up to 2 proxies, the member must specify the proportions of his/her holding to be represented by each proxy,
otherwise the appointment will be invalid. Return of a duly completed Form of Proxy will not preclude a member from attending
and voting personally at the meeting.
(v) An 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 seal or under the hand of an offcer or attorney duly authorised in that behalf.
(vi) To be valid, the duly completed Form of Proxy must be deposited at the registered offce of the Company at 52-C Rangoon Road,
10400 Penang, not less than forty-eight (48) hours before the time set for the meeting or any adjournment thereof.
88
Notice Of The Twelfth Annual General Meeting (contd)
Explanatory Note on Agenda 1
This Agenda is meant for discussion only as the provision of Section 169(1) of the Companies Act, 1965 does not require a formal approval
of shareholders for the Audited Financial Statements and hence, is not put forward for voting.
Explanatory Note on Special Business, Resolution 9
Authority to Directors to issue ordinary shares pursuant to Section 132D of the Malaysian Companies Act, 1965.
The proposed Ordinary Resolution 9, if passed, will provide the Directors of the Company, from the date of the Twelfth Annual General
Meeting, the authority to allot and issue shares of up to 10% of the issued share capital of the Company at the time of the issue for such
purposes as they consider would be in the interest of the Company. This authority, unless revoked or varied at a general meeting, will
expire at the conclusion of the next Annual General Meeting of the Company.
The Company has not issued any new shares pursuant to Section 132D of the Companies Act, 1965 under the general authority which
was approved at the Eleventh Annual General Meeting held on August 29, 2013 and which will lapse at the conclusion of the Twelfth
Annual General Meeting to be held on August 28, 2014. A renewal of this authority is being sought at the Twelfth Annual General Meeting
under proposed Ordinary Resolution 9.
The above is sought in case of any strategic opportunities involving equity deals, which may require JMR to allot and issue new shares
speedily, JMR may capitalise on its advantageous position if the Directors consider it to be in the best interest of the Company. Any delay
arising from and cost involved in convening a general meeting to approve such issuance of shares should be eliminated.
Explanatory Notes on Special Business, Resolution 10
The Nomination Committee had assessed the independence of Encik Abdul Rahman Bin Ahmad who have been serving as
an Independent Non-Executive Director of the Company for more than a cumulative term of nine (9) years and the Board has
recommended that the approval of the shareholders be sought to retain Encik Abdul Rahman Bin Ahmad as an Independent Non-
Executive Director as he possess the following attributes necessary in discharging his roles and functions as an Independent
Non-Executive Director of the Company:-
i. Has vast experience in the various industries the Group is involved in and as such could provide the Board with wide experience,
expertise and independent judgement;
ii. Has good and thorough understanding of the main drivers of the business in a manner;
iii. Actively participate in Board deliberations and decision making in an objective manner; and
iv. Exercises due care in all undertakings of the Group and carry out their fduciary duties in the interest of the Company and minority
shareholders.
89
Statement Accompanying Notice Of Annual General Meeting
1. Directors who are standing for re-election/re-appointment at the Twelfth Annual General Meeting of the Company:-
Pursuant to Article 109 of the Companys Articles of Association:-
i. Mr. Tan Yen Yeow; Resolution 2
Pursuant to Section 129 (6) of the Malaysian Companies Act, 1965:-
ii. Encik Abdul Rahman Bin Ahmad; Resolution 3
iii. Mr. Tham Yen Thim; Resolution 4
iv. Ir. Boey Cheng Hai; Resolution 5
v. Dato Ir. Goh Nai Kooi @ Gah Mai Kwai; Resolution 6
vi. Dato Ir. Lai Pin Yong. Resolution 7
The particulars of the Directors have been disclosed in the Directors Profle as stated on Page 4 to Page 6 of this Annual Report.
2. Details of attendance of Directors at Board of Directors Meetings.
There were four (4) Board of Directors Meetings held during the fnancial year ended March 31, 2014. Details of attendance of the
directors at the meetings held during the period from April 1, 2013 to March 31, 2014 are set out on Page 14 of this Annual Report.

3. Place, date and time of the Twelfth Annual General Meeting.
The Twelfth Annual General Meeting of JMR will be held at Lawang Room, PARKROYAL Penang Resort, Batu Ferringhi Beach,
11100 Penang, Malaysia on Thursday, August 28, 2014 at 11.30 a.m.
4. Details of Directors standing for re-election.
The shareholdings of the Directors standing for re-election in the Company based on the Register of Directors Shareholdings as at
June 30, 2014 are as follows:-
Direct Indirect
No. of JMR Percentage No. of JMR Percentage
Shares held shareholdings Shares held shareholdings
Mr. Tan Yen Yeow - - - -
Encik Abdul Rahman Bin Ahmad - - - -
Mr. Tham Yen Thim - - - -
Ir. Boey Cheng Hai 491,846 0.39% - -
Dato' Ir. Goh Nai Kooi @ Gah Mai Kwai 5,196,850 4.10% 68,890,177 54.34%
Dato' Ir. Lai Pin Yong - - - -
90
I/We
(FULL NAME IN BLOCK LETTERS)
of
(FULL ADDRESS)
being a member of JMR CONGLOMERATION BHD., hereby appoint
(FULL NAME IN BLOCK LETTERS)
of
(FULL ADDRESS)
or failing him/her, the Chairman of the Meeting as my/our proxy(ies) to attend and vote for me/us on my/our behalf at the Twelfth Annual General Meeting of
the Company to be held at Lawang Room, PARKROYAL Penang Resort, Batu Ferringhi Beach, 11100 Penang, Malaysia on Thursday, August 28, 2014 at
11.30 a.m. and at any adjournment thereof for or against the resolution(s) to be proposed thereat.
I/We hereby direct my/our proxy(ies) to vote for or against the resolution(s) to be tabled at the Twelfth Annual General Meeting as indicated hereunder.
1 To receive the Audited Financial Statements for the fnancial year ended March 31, 2014 together with the reports
of the Directors and Auditors thereon.
Resolutions For Against
Ordinary Business
2 To approve the payment of Directors Fees of RM83,000.00 for the fnancial year ended March 31, 2014. 1
3 To re-elect Tan Yen Yeow, a Director who retires in accordance with Article 109 of the Company's Articles of
Association.
2
4 To consider and if thought ft, to pass the following resolution pursuant to Section 129 (6) of the Malaysian Companies
Act, 1965:-
That Encik Abdul Rahman Bin Ahmad, a Director who retires in compliance with Section 129 of the Malaysian
Companies Act, 1965 after having attained the age of seventy (70) years, be hereby re-appointed as a Director of
the Company to hold offce until the conclusion of the next Annual General Meeting.
3
Act, 1965:-
That Mr. Tham Yen Thim, a Director who retires in compliance with Section 129 of the Malaysian Companies Act,
1965 after having attained the age of seventy (70) years, be hereby re-appointed as a Director of the Company to
hold offce until the conclusion of the next Annual General Meeting.
4
Act, 1965:-
That Ir. Boey Cheng Hai, a Director who retires in compliance with Section 129 of the Malaysian Companies Act,
5
Act, 1965:-
That Dato Ir. Goh Nai Kooi @ Gah Mai Kwai, a Director who retires in compliance with Section 129 of the Malaysian
Companies Act, 1965 after having attained the age of seventy (70) years, be hereby re-appointed as a Director of
the Company to hold offce until the conclusion of the next Annual General Meeting.
6
Act, 1965:-
That Dato Ir. Lai Pin Yong, a Director who retires in compliance with Section 129 of the Malaysian Companies Act,
7
9 To re-appoint Messrs. PKF as Auditors of the Company and to authorise the Board of Directors to fx their
remuneration.
8
10 Special Business
Authority to Directors to issue ordinary shares pursuant to Section 132D of the Malaysian Companies Act, 1965.
9
11 Special Business
To retain Encik Abdul Rahman Bin Ahmad as Independent Non-Executive Director of the Company.
10
(Please indicate with an X in the spaces provided how you wish your votes to be cast on the resolutions specifed in the Notice of Twelfth Annual General
Meeting. If this Form of Proxy is returned without any indication as to how the proxy shall vote, the proxy will vote or abstain from voting at his/her discretion.)
Dated this day of 2014
Signature/Common Seal of Member
Notes:-
(i) Only depositors whose names appear in the Record of Depositors as at August 22, 2014 be regarded as members and entitled to attend, speak and vote at the meeting.
(ii) Subject to the paragraph below, a member of the Company entitled to attend and vote at the above meeting may appoint not more than 2 proxies of his/her own choice to attend
and vote at the same meeting. A proxy may but need not be a member of the Company and the provision of Section 149(1)(b) of the Companies Act 1965 shall not apply to the
Company.
(iii) Where a member of the Company is an authorised nominee as defned under the Securities Industry (Central Depositories) Act, 1991which holds ordinary shares in the Company
for multiple benefcial owners in one securities account (omnibus account), there is no limit to the number of proxies which the authorised nominee may appoint in respect of
each omnibus account it holds.
(iv) If a member appoints up to 2 proxies, the member must specify the proportions of his/her holding to be represented by each proxy, otherwise the appointment will be invalid.
Return of a duly completed Form of Proxy will not preclude a member from attending and voting personally at the meeting.
(v) An 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 seal or under the hand of an offcer or attorney duly authorised in that behalf.
(vi) To be valid, the duly completed Form of Proxy must be deposited at the registered offce of the Company at 52-C Rangoon Road, 10400 Penang, not less than forty-eight (48)
hours before the time set for the meeting or any adjournment thereof.
JMR Conglomeration Bhd.
592280-W
(Incorporated in Malaysia)
FORM of PROXY
Number of Ordinary Shares held
The Company Secretary
JMR Conglomeration Bhd. 592280-W
(Incorporated in Malaysia)
52-C, Rangoon Road
10400 Penang
Malaysia
Affx
Stamp
Please fold across the lines and close
Please fold across the lines and close
Over Three Decades in Road Paving, Infrastructure and Property Development
JMR Congl omerat i on Bhd.
592280-W
A Public Listed Company on Bursa Malaysia Securities Berhad since 2004

65, Sri Bahari Road
10050 Penang, Malaysia
Tel : (604) 264 4992 / 4993
Fax : (604) 264 5122
Email : hq3@jmr.com.my
www.jmr.com.my

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JMR Congl omerat i on Bhd.

ANNUAL REPORT I 2014

A Public Listed Company on Bursa Malaysia Securities Berhad since 2004

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