Annual Report 2007 Luster Group

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LUSTER INDUSTRIES BHD
(156148-P)

CONTENTS

02 Corporate Information 03 Group Structure 04 Statement From Managing Director 06 Directors’ Profile 08 Financial Highlights 09 Statement On Corporate Governance 14 Statement On Internal Control 16 Audit Committee Report 20 Other Information 21 Directors’ Report 26 Statement By Directors 27 Statutory Declaration 28 Report Of The Auditors To The Members 29 Consolidated Balance Sheet 30 Consolidated Income Statement 31 Consolidated Statement Of Changes In Equity 32 Consolidated Cash Flow Statement 34 Balance Sheet 35 Income Statement 36 Statement Of Changes In Equity 37 Cash Flow Statement 39 Notes To The Financial Statements 71 List Of Properties 73 Analysis Of Shareholdings 75 Notice Of Annual General Meeting 77 Statement Accompanying Notice Of Annual General Meeting 79 Proxy Form LUSTER INDUSTRIES BERHAD (156148-P)

01
ANNUAL REPORT 2007

CORPORATE INFORMATION

BOARD OF DIRECTORS
Independent Non-Executive Chairman

REGISTERED OFFICE Suite 2-01, 2nd Floor Menara Penang Garden 42A, Jalan Sultan Ahmad Shah 10050 PENANG Tel : 04-229 4390 Fax : 04-226 5860 SHARE REGISTRAR AGRITEUM Share Registration Services Sdn Bhd (578473-T) 2nd Floor, Wisma Penang Garden 42, Jalan Sultan Ahmad Shah 10050 PENANG Tel : 04-228 2321 Fax : 04-227 2391 AUDITORS KPMG (Firm No. AF 0758) Chartered Accountants 1st Floor, Wisma Penang Garden 42, Jalan Sultan Ahmad Shah 10050 PENANG PRINCIPAL BANKERS Public Bank Berhad (6463-H) CIMB Bank Bhd (134941-P) United Overseas Bank (Malaysia) Bhd (271809-K) RHB Bank Berhad (6171-M) Malayan Banking Berhad (3813-K) STOCK EXCHANGE Bursa Malaysia Securities Berhad (30632-P) Main Board

Tan Sri Dato’ Sri Izzuddin Bin Dali

Encik Abdul Gafoor @ Abdul Gafoor Khan
Executive Director

Mr. Lim See Chea
Managing Director

Mr. Lim See Hua

Deputy Managing Director

LUSTER INDUSTRIES BERHAD (156148-P)

Dato’ Gazali Bin Saiboo
Executive Director

Dato’ Abdul Rahim Bin Mokti Mr. Lau Theng Chim

Independent Non-Executive Director

Independent Non-Executive Director

Mr. Chatar Singh A/L Santa Singh
Independent Non-Executive Director

AUDIT COMMITTEE Tan Sri Dato’ Sri Izzuddin Bin Dali
Chairman

02
ANNUAL REPORT 2007

Mr. Chatar Singh A/L Santa Singh
Member

Mr. Lau Theng Chim
Member

COMPANY SECRETARY Lam Voon Kean (MIA 4793) BUSINESS OFFICE Lot 58 & 59, Bakar Arang Industrial Estate 08000 Sungai Petani, KEDAH

GROUP STRUCTURE

LUSTER INDUSTRIES BERHAD
(156148-P) LUSTER INDUSTRIES BERHAD (156148-P)

100%

LUSTER INTERNATIONAL PTE LTD
(610400)

100%

LUSTER (HK) LTD
(968691)

100%

DEMAND PORTFOLIO SDN BHD
(446311-P)

100%

(245695-U)

100%
LUSTER ELECTRONICS (M) SDN BHD
(520661-U)

YTS INDUSTRIES (M) SDN BHD
(652185-W)

100%

49% 51%

PT LUSTER INDONESIA

100%

LUSTER MANUFACTURING 100% SDN BHD
(185405-D)

MILLENNIUM ENVIRONMENT 100% (ASIA PACIFIC) PTE LTD
(200501655W)

MEA ENVIRONMENT 100% (ASIA PACIFIC) PTE LTD
(200502269M)

OSSIE PLASTICS ENVIRONMENT PTY LTD
(125008979)

100%

LUSTER PRECISION 60% ENGINEERING SDN BHD
(243754-V)

MY FLEXITANK INDUSTRIES SDN BHD
(722839-A)

51%

LUSTER CHI WO SDN BHD
(401840-P)

70%

LUSTER SEWEON SDN BHD
(628869-X)

80%

MCTRONIC INDUSTRIES SDN BHD
(510557-M)

100%

MCTRONIC PLASTIC SDN BHD
(678388-P)

ANNUAL REPORT 2007

LUSTER PLASTIC INDUSTRIES SDN BHD

100%

LINPOWER RESOURCES SDN BHD
(273055-K)

03

STATEMENT FROM MANAGING DIRECTOR

Dear Shareholders, On behalf of the Board of Directors of Luster Industries Bhd (“LIB”), I have the pleasure in presenting to you the Annual Report and the Audited Financial Statements of the Company and of its group of companies for the year ended 31 December 2007. Financial Review For the financial year 2007, the Group recorded net revenue of RM177.5 million and loss after taxation of RM43.0 million. The loss was mainly due to increasing overhead costs,...
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