Notice of Annual General Meeting · 2020. 2. 20. · For the financialyear under review, the Group...

Notice of Annual General Meeting 2

Statement Accompanying 3Notice of Annual General Meeting

Chairman’s Statement 5

Profile of Directors 7

Audit Committee Report 11

Corporate Governance Statement 15

Additional Compliance Information 20

Statement of Directors’ Responsibilities 22

Statement on Internal Control 23

Corporate Information 25

Corporate Structure 26

Financial Statements 28

List of Properties 88

Analysis of Shareholdings 89

Proxy Form

Contents

2 WIDETECH (MALAYSIA) BERHAD (113939-U)

Notice of Annual General Meeting

Please refer to Note A

Ordinary Resolution 1





1. TolaytheAuditedFinancialStatementsforthefinancialyearended31March2010togetherwiththeReportsoftheDirectorsandAuditorsthereon.

2. Tore-electthefollowingDirectorswhoareretiringunderArticle124oftheArticlesof

AssociationoftheCompany:

(i) KongSinSeng

(ii) Dato’ChengJooTeik

(iii) Dato’TanTingWong3. ToappointMessrsSJGrantThorntonasAuditorsoftheCompanyandtoauthorisethe

Directorstofixtheirremuneration.

NoticeofNominationpursuanttoSection172(11)oftheCompaniesAct,1965,acopyofwhich isannexedheretoas“Annexure”,hasbeen receivedby theCompany forthenominationofMessrsSJGrantThornton,whohavegiventheirconsent toact,forappointmentasAuditorsandoftheintentiontoproposethefollowingordinaryresolution:

“THATMessrs SJ Grant Thornton be and are hereby appointed as Auditors of theCompanyinplaceoftheretiringAuditors,MessrsKPMGandtoholdofficeuntiltheconclusionofthenextAnnualGeneralMeetingandthattheDirectorsbeauthorisedtofixtheirremuneration.”

SPECIAL BUSINESSToconsiderandifthoughtfit,passthefollowingOrdinaryResolution:4. AUTHORITY TO ISSUE SHARES PURSUANT TO SECTION 132D OF THE COMPANIES

ACT, 1965 “THATpursuanttoSection132DoftheCompaniesAct,1965,theDirectorsbeand

areherebyempoweredto issueshares intheCompany,atanytime,atsuchprice,uponsuch termsandconditions, for suchpurposesand tosuchpersonorpersonswhomsoeverastheDirectorsmayintheirabsolutediscretiondeemfitprovidedthattheaggregatenumberofsharestobeissueddoesnotexceedtenpercentum(10%)oftheissuedsharecapitaloftheCompanyatthetimeofissueandTHATtheDirectorsbeandareherebyalsoempoweredtoobtaintheapprovalforthelistingofandquotationfortheadditionalsharessoissuedontheBursaMalaysiaSecuritiesBerhadandTHATsuchauthorityshallcontinuetobe inforceuntiltheconclusionofthenextAnnualGeneralMeetingoftheCompany.”

NOTICE IS HEREBY GIVEN that the Twenty-Sixth Annual General Meeting of the Company will be held at SunriseAuditorium1,Mont’KiaraBusinessCentre,SuiteD-03-01,Level3,BlockD,PlazaMont’Kiara,No.2,JalanKiara,50480KualaLumpuronTuesday,28September2010at10.30a.m.forthefollowingpurposes:

A G E N D A

3Annual Report 2010

Notice of Annual General Meeting (cont’d)

BYORDEROFTHEBOARD

LIM MING TOONG (MAICSA 7000281)LAI CHEE WAH (MAICSA 7031124)COMPANY SECRETARIES

6September2010KualaLumpur

NOTES:

A. ThisAgendaitemismeantfordiscussiononlyastheprovisionofSection169(1)oftheCompaniesAct,1965doesnotrequireaformalapprovaloftheshareholdersandhence,isnotputforwardforvoting.

1. Amemberentitledtoattendandvoteatthemeetingmayappointanotherpersonashisproxytoattendandvoteinhisstead.AproxymaybutneednotbeamemberoftheCompany.Iftheproxyisnotamember,heneednotbeanadvocate,anapprovedcompanyauditororapersonapprovedbytheRegistrarofCompanies.However,hisattendanceatthegeneralmeetingshallautomaticallyrevoketheproxy’sauthority.

2. Amembershallbeentitledtoappointmorethanoneproxy(subjectalwaystoamaximumoftwo(2)proxiesateachmeeting)toattendandvoteatthesamemeeting.Whereamemberappointstwo(2)proxies,theappointmentshallbeinvalidunlessthememberspecifiestheproportionsofhisholdingstoberepresentedbyeachproxy.

3. WhereamemberisanauthorisednomineeasdefinedundertheSecuritiesIndustry(CentralDepositories)Act,1991,itmayappointatleastone(1)proxyinrespectofeachsecuritiesaccountitholdswithordinarysharesoftheCompanystandingtothecreditofthesaidsecuritiesaccount.

4. Ifnonameisinsertedinthespaceprovidedforthenameofyourproxy,theChairmanofthemeetingwillactasyourproxy.

5. TheinstrumentappointingaproxymustbedepositedattheRegisteredOfficeoftheCompanyat10thFloor,MenaraHapSeng,No.1&3JalanP.Ramlee,50250KualaLumpurnotlessthanforty-eight(48)hoursbeforethetimeforholdingthemeetingoranyadjournmentthereof.

6. Iftheappointorisacorporation,theinstrumentappointingaproxymustbeexecutedunderitsCommonSealorunderthehandofitsattorney.

7. ExplanatoryNoteonSpecialBusiness

Ordinary Resolution 5 - Authority to Issue Shares pursuant to Section 132D of the Companies Act 1965

TheproposedOrdinaryResolution5, ifpassed,willgiveflexibility totheDirectorsof theCompanyto issuesharesuptoamaximumoftenpercentum(10%)oftheissuedsharecapitaloftheCompanyatthetimeofsuchissuanceofsharesandforsuchpurposesastheyconsiderwouldbeinthebest interestoftheCompanywithouthavingtoconveneseparategeneralmeetings.

Thisauthority,unlessrevokedorvariedatageneralmeeting,willexpireattheconclusionofthenextAnnualGeneralMeetingoftheCompany.

This is the renewal of the mandate obtained from the shareholders at the last Annual General Meeting (“the previousmandate”).Thepreviousmandatewasnotutilisedandnoproceedswereraised.ThepurposeofthisgeneralmandatesoughtwillprovideflexibilitytotheCompanyforanypossiblefundraisingactivitiesbutnotlimitedforfutherplacementofsharesforpurposeoffundingcurrentand/orfutureinvestmentprojects,workingcapital,repaymentofborrowingsand/oracquisitions.

Statement Accompanying Notice of Annual General Meeting

1. Furtherdetailsof theDirectorsstanding for re-electionor re-appointmentaresetout in theDirectors’Profileappearingonpages7to10oftheAnnualReport.


ANNEXURE

Dato’ChengJooTeik148JalanBukitPantai59100KualaLumpurWilayahPersekutuan

Date:24August2010

TheBoardofDirectorsWIDETECH(MALAYSIA)BERHAD10thFloor,MenaraHapSengNo.1&3,JalanP.Ramlee50250KualaLumpur

DearSirs,

NOTICE OF NOMINATION OF AUDITORS

Pursuant to Section172 (11)of theCompaniesAct, 1965, I, beinga shareholderofWidetech (Malaysia)Berhad (“the Company”), hereby give notice ofmy intention to nominateMessrs SJGrant Thornton fortheappointmentasAuditorsoftheCompanytoreplaceMessrsKPMGandtoproposethefollowingasanordinaryresolutiontobetabledattheforthcomingAnnualGeneralMeetingoftheCompany:

“THATMessrsSJGrantThorntonbeandareherebyappointedasAuditorsoftheCompanyinplaceoftheretiringAuditors,MessrsKPMGandtoholdofficeuntiltheconclusionofthenextAnnualGeneralMeetingandthattheDirectorsbeauthorisedtofixtheirremuneration.”

Yoursfaithfully,

Dato’ChengJooTeik

5Annual Report 2010

Chairman’s Statement

OnbehalfoftheBoardofDirectors,itismypleasuretopresenttheAnnualReportofWidetech(Malaysia)Berhadforthefinancialyearended31March2010.

Financial Performance

Forthefinancialyearunderreview,theGroupregisteredalowerrevenueofRM10.246millionwithapre-taxlossofRM1.147millionascomparedtoarevenueofRM15.081millionwithapre-taxlossofRM7.260millioninFY2009.

ThereducedlosseswasmainlyattributedtoanimprovedearningsfromourgamingoperationswhichachievedahigherrevenueofRM1.304millionwithapre-taxprofitofRM0.178millionagainstarevenueofRM0.496millionwithapre-taxlossofRM6.150millioninFY2009.ThelossinFY2009wasattributabletoprovisionsandone-offimpairmentchargesmadeinaccordancewiththeFinancialReportingStandards.

Despite an economically challenging year, our manufacturing division continued to perform satisfactorily with animprovedpre-taxprofitofRM0.396millionascomparedtoRM0.326millioninFY2009.

Our consumer goodsfinancingbusinesshowever showed lowerprofits amidst stiff competition in themarket. Thedivision recordeda revenueofRM3.790millionandapre-taxprofitofRM1.097million,adeclineof62%and31%over its FY2009’s revenueofRM9.861millionandapre-taxprofitofRM1.586million respectively.Weexpect thecontributionfromthisdivisiontobelowerinthecomingyearsasitisnolongeranattractivebusinessduetotheentrybyfinancialinstitutionsintothismarketwhichenjoylowerfundingcosts.

Ourhoteloperation inLaos remained lossmakingwithapre-tax lossofRM1.526millionascompared toRM1.607millioninFY2009.Asweareunabletoobtainagaminglicenseforthehotelwearelookingintoalternativestrategies,includingdisposalofthehotel.

Brief Description of the Industry Trend and Development

Thebusinessenvironmentforthecomingyearwillcontinuetobechallengingastherecoveryoftheglobaleconomycontinuetoremainfragileanduncertain.However,theBoardwillcontinueinitseffortstoidentifyandexplorepotentialbusinessopportunitiestofurtherenhancetheearningsoftheGroup.Withthecompany’spositivecashposition,wearelookingintonewventurestoimprovetheearningsofthecompany.

Prospects and Outlook

Movingforward,theconsumerproductsbusinessisoperatinginahighlycompetitiveenvironmentwithincreasinglystiffcompetitionfromthefinancialinstitutions.Itisexpectedtocontributepositivelytoitsearningsbutcontributiontosalesisexpectedtodecline.

Inthegamingsegment,weexpectahighercontributionforthecomingfinancialyear.Ona longtermscenario,theBoardisconfidentthatoure-gamingoperationsonarevenuesharingbasiswithtwocasinosinCambodiawilleventuallycontributepositivelytotheearningsoftheGroup.

Ourmanufacturing divisionwill strive for continuous improvement in production andoperational efficiencies,withplanstoincreaseitsmarketsharebyenlargingitscustomerbase.


Corporate Social Responsibility

TheGrouprecognisetheimportanceofitsCSRandarecommittedtocontinuousimprovementinitsCSRprogram.

Wecontinuetoplacetopprioritytoprovideasaferandhealthierenvironmentforouremployeesandcustomersinourbusinesspremises.

We will ensure that our manufacturing division continues to adopt andmaintain environmental best practices incompliancewithISO14001.

WecontinuetoremindandencourageouremployeestopracticerecyclingandenergyconservationexercisesintheGroup.

BoththeCompanyandstaffaffirmedtheircontinuoussupporttonon-profitorganizationsbywayofdonations.

Dividend

TheBoarddoesnotrecommendanydividendforthefinancialyearended31March2010.

Acknowledgements

Onbehalf of theBoard, Iwish to thankmy fellowboardmembers, theManagement and staff for their continueddedicationandcontributiontotheGroup.TheBoardandIwouldalsoliketoexpressourdeepestappreciationfortheinvaluablecontributionsbyMr.LeeKarFookwhoresignedfromtheBoardon3August2010.

Mysincereappreciationtoourvaluedcustomers, suppliers,businessassociates,bankersandmost importantlyouresteemedshareholdersfortheirrelentlesssupportandconfidencegiventotheGroup.

Dato’ Lim Kim HuatExecutiveChairman

KualaLumpur

Chairman’s Statement (cont’d)

7Annual Report 2010

Profile of Directors

Y BHG DATO’ LIM KIM HUATMalaysian,Aged50ExecutiveChairman

Dato’LimKimHuatwasappointedtotheBoardon26February2004asNon-IndependentNon-ExecutiveDirectorandsubsequently,assumedthepositionofanExecutiveChairmanon25July2006.HeisamemberoftheRemunerationCommittee.

Dato’LimisacertifiedpublicaccountantbyprofessionandisamemberofTheMalaysianInstituteofCertifiedPublicAccountants.HestartedhiscareerwithPricewaterhouseCoopers inKualaLumpur in1980beforemovingontothecommercial sector.Throughhis involvementas seniormanagementpersonnelwithvarious companies inMalaysia,Dato’ Lim has extensive exposures and experience in diverse industries such as manufacturing, trading, propertydevelopment,leisure&entertainmentandfoodservices.

HeiscurrentlytheExecutiveDeputyChairmanofSunriseBerhadandalsotheManagingDirectorofGefungHoldingsBerhad.

KONG SIN SENGMalaysian,Aged55ChiefExecutiveOfficer

KongSinSengwasappointedtotheBoardon27September2004.HeholdsaBachelorofAccounting(Hons)fromtheUniversityofKent,England.HeisamemberofInstituteofCharteredAccountantsinEngland&Wales.HeassumedthepositionofChiefExecutiveOfficeroftheCompanyon9February2007.

HestartedhiscareerasanarticledclerkwithReeves&Neylan,CharteredAccountantsintheUnitedKingdomfrom1978to1982andsubsequentlyjoinedPricewaterhouseCoopersin1983.HethenjoinedPrometBerhadasGroupFinancialExecutivein1983andUnitedDetergentIndustriesasFinancialControllerin1986.In1987,hewasattachedtoPrometPetroleumLtdinJakartaandsubsequentlywiththeDharmalaGroup,Indonesiain1989asGroupFinancialController.HesubsequentlybecametheManagingDirectorofHeavyEquipmentDivisionandtheDirectorofFinancialServicesDivision.HejoinedFACBBerhadastheChiefFinancialOfficerin1995andin1997wasthePAtotheChiefExecutiveOfficerofMBFCapitalBerhadandasSeniorVicePresidentinMBFFinanceBerhad.Since2000,hebecametheChiefExecutiveOfficerofGoldwealthCapitalSdnBhd.

HealsositsontheBoardofFittersDiversifiedBerhadsinceDecember2001.


Profile of Directors (cont’d)

Y BHG DATUK CHU SUI KIONGMalaysian,Aged51ExecutiveDirector

DatukChuSuiKiongwasappointedtotheBoardon31January2004asNon-IndependentNon-ExecutiveDirector.HesubsequentlyassumedthepositionofanExecutiveDirectoron25July2006.

DatukChu,abusinessentrepreneur, is involved inPropertyDevelopment.He iscurrently theOwnerandExecutiveChairmanofKudatGolf&MarinaResortHotel.

Y BHG DATO’ CHENG JOO TEIKMalaysian,Aged64ExecutiveDirector

Dato’ChengJooTeikwasappointedtotheBoardon6December2006.

HewasformerlywithMalaysianAirlineSystemBerhadandhavingaccumulatedextensiveexperienceinthecommercialand service industry,Dato’ Cheng then joined as theGroupExecutiveDirectorof a renownedgroupof companiesspecializinginmanaginghotels,restaurants,recreationalclubs,entertainmentandgamingactivitiesforbothitslocalandinternationaloperations.Hewasinstrumentalinimplementingvariousinternalcontrolsandriskcontrolledproceduresforthegroupofcompaniesinensuringmanagementandoperationalefficiency.

Dato’ Cheng also serves as a committee member in various philanthropic and charitable organizations and hascontributedextensivelytofundraisingandcharitableactivitiesfortheneedyandunderprivileged.

Y BHG DATO’ TAN TING WONGMalaysian,Aged54ExecutiveDirector

Dato’TanTingWongwasappointedtotheBoardon17January2008.

Dato’Tan,abusinessentrepreneur,accumulatedhismanagementskillsandbusinessacumeninowningandmanagingcompaniesinvolvedintheentertainment,recreationandserviceindustries.HeiscurrentlytheExecutiveChairmanofacompanydistributingmultimediaproductsandalsoholdsthepositionofExecutiveDirectorinvariousprivatelimitedcompaniesdealingincuisines,investments,propertymanagementandtransportation.

9Annual Report 2010


LEE YOKE SHUEMalaysian,Aged55Non-IndependentNon-ExecutiveDirector

LeeYokeShuewasappointedtotheBoardon14May2002asExecutiveDirectorandsubsequentlywasre-designatedtoNon-IndependentandNon-ExecutiveDirectoron1July2010.

HeholdsaBachelorofEconomics(Accounting)degreefromtheUniversityofLaTrobe,Australia.He isaCharteredAccountantandisalsoamemberoftheMalaysianInstituteofCertifiedPublicAccountants.

MrLeewaspreviouslyattachedtoPriceWaterhouse(nowknownasPricewaterhouseCoopers)forEighteen(18)years.Duringhistenure,hewasinvolvedinprovidingauditingandbusinessadvisoryservicestobothprivateandpublicsectors,investigations and litigation support to corporations facing disputes, corporate recovery and business turnaroundsduringeconomiccrisisandprivatisationandcorporatizationservicestothegovernment.

LOH SUAN PHANGMalaysian,Aged50ExecutiveDirector

MrLohSuanPhangwasappointedtotheBoardon17January2008.

MrLohholdsaBachelorofArts(Hons)fromUniversityofMalaya.

MrLohstartedhisinitialyearswithGentingBerhadandhasmorethan15yearsofexperienceintheseniormanagementoffoodandleisurecorporation.

Y BHG DATO’ ZAKARIA BIN MOHAMMEDMalaysian,Aged67IndependentNon-ExecutiveDirector

YBhgDato’ZakariaBinMohammedwasappointedtotheBoardon23May2008.HeisamemberoftheAuditCommitteeandtheChairmanoftheNominationCommitteeandRemunerationCommittee.

Dato’ZakariaisaPolisDiRajaMalaysiapensionerholdingtherankofSeniorAssistantCommissionerIbeforeheretiredin1998.Hehadheldseveralseniorposts including theOfficer-in-chargeofCriminal InvestigationandDeputyChiefPoliceOfficerKualaLumpur.HewasalsotheChiefPoliceOfficerofKelantan.

Dato’ZakariawaspreviouslywithTTResourcesBerhadandZaitunBerhad.Heisalsoadirectorofseveralprivatelimitedcompanies.



NG BEE KENMalaysian,Aged56IndependentNon-ExecutiveDirector

MrNgBeeKenwasappointedtotheBoardon22June2009.HeistheChairmanoftheAuditCommittee,amemberoftheNominationCommitteeandRemunerationCommittee.HeholdsaBachelorofLaw(Honours)fromUniversityofWales,Cardiff,WalesandaMasterofLawsfromKing’sCollege,UniversityofLondon.HeisalsoaBarrister-at-LawofLincoln’sInn,London,anAdvocate&SolicitoroftheHighCourtofMalayaandacertifiedmediator.Heispresentlythemanagingpartnerofalawfirm.

HealsoholdsaMasterofScience(CorporateCommunication)fromUniversitiPutraMalaysiaandisanAssociateoftheAssociationofCostsandExecutiveAccountants,England.

MrNgiscurrentlytheChairmanandanIndependentNon-ExecutiveDirectorofSinotopHoldingsBhd(formerlyknownasJohnMasterIndustriesBerhad)andhealsositsontheboardofTalamCorporationBerhadandOpensys(M)BerhadasanIndependentNon-ExecutiveDirector.

NotestotheDirectors’Profile:

1. NoneoftheDirectorsofWidetechhavefamilyrelationshipswithanyotherDirectorsand/ormajorshareholdersoftheCompany;

2. NoneoftheDirectorshaveanyconvictionsforoffences(otherthantrafficoffences)withinthepast10years.3. NoneoftheDirectorshaveconflictofinterestwiththeWidetechGroup.4. ThedetailsofDirectors’attendanceofBoardMeetingsduringthefinancialyearended31March2010aredisclosed

inpage16ofthisAnnualReport.

11Annual Report 2010

Audit Committee Report

TheBoardofDirectorsofWidetech(Malaysia)BerhadispleasedtopresenttheAuditCommitteeReportforthefinancialyearended31March2010.

COMPOSITION AND MEETINGS

AsatthedateofthisAnnualReport,theAuditCommitteecomprisestwo(2)Directorsasfollows:

ChairmanNgBeeKen - IndependentNon-ExecutiveDirector

MemberDato’ZakariaBinMohammed - IndependentNon-ExecutiveDirector

TheAuditCommitteeislookingforwardtofillinthevacancyinordertocomplywithParagraph15.09(1)oftheListingRequirementsofBursaMalaysiaSecuritiesBerhad.

Duringthefinancialyearended31March2010,theAuditCommitteemetfour(4)times.ThedetailsofattendanceoftheAuditCommitteeareasfollows:

Name of Director Attendance

LeeKarFook(Resignedon3August2010) 4/4

Dato’ZakariaBinMohammed 4/4

NgBeeKen(Appointedon22June2009) 3/3

DetailsofthemembersoftheAuditCommitteearecontainedintheDirectors’Profileassetoutonpages7to10ofthisAnnualReport.

TERMS OF REFERENCE

ThetermsofreferenceoftheAuditCommitteeareasfollows:

Composition

TheBoard shall elect a Committee from amongst themselves (pursuant to a resolution of the Board ofDirectors),comprisingat least three (3)Directorswhereall theCommitteemembersmustbeNon-ExecutiveDirectors,withamajorityofwhommustbeIndependentDirectorsandat leastone(1)membershallbeamemberoftheMalaysianInstituteofAccountantsorpossess suchotherqualificationsand/orexperienceasapprovedby theBursaMalaysiaSecuritiesBerhad(“BursaSecurities”).

ThemembersoftheCommitteeshallelectaChairmanfromamongstthemselveswhoisanIndependentDirectoroftheCompany.


Audit Committee Report (cont’d)

AllmembersoftheCommittee,includingtheChairman,willholdofficeonlyaslongastheyserveasDirectorsoftheCompany. Should anymember of the Committee ceases to be a Director of the Company, hismembership in theCommitteewouldceaseforthwith.

IfthemembersoftheCommitteeforanyreasonbereducedtobelowthree(3),theBoardofDirectorsshallwithinthree(3)monthsfromthatevent,appointsuchnumberofnewmembersasmayberequiredtomakeuptheminimumnumberofthree(3)members.

Functions

i) toreviewwiththeExternalAuditorsthescopeandnatureoftheirauditplan,theresultsoftheirevaluationofthesystemofinternalcontrol,theauditreportsonthefinancialstatementsandtheaccountingpolicieswithintheGroupandassistancegivenbytheemployeesoftheGrouptoExternalAuditors;

ii) to review thequarterly andannualfinancial statementswith theExternalAuditors andmanagementprior tosubmissiontotheBoardofDirectors,focusingparticularlyon:

a) changesinorimplementationofmajoraccountingpolicychanges;b) compliancewithaccountingstandardsandotherlegalrequirements;c) thegoingconcernassumption;d) significantandunusualevents;ande) majorjudgementalareas.

iii) toreviewwithmanagement:

a) audit reports andmanagement letter issued by the External Auditors and the Implementation of auditrecommendations;

b) quarterlyfinancialinformation;andc) theassistancegivenbytheofficersoftheCompanytoExternalAuditors.

iv) toreviewtheeffectivenessandadequacyofthescope,competency,natureandresourcesoftheinternalauditfunctionsandthesystemofinternalcontrolwithintheGroup;

v) to reviewthe internalauditprogramme,processes, the resultsof the internalauditprogramme,processesorinvestigationundertakenandwhetherornotappropriateactionistakenontherecommendationsoftheinternalauditfunction;

vi) toreviewanyrelatedpartytransactionandconflictofinterestthatmayarisewithintheCompanyortheGroupincludinganytransaction,procedureorcourseofconductthatraisesquestionsofmanagementintegrity;

vii) toconsidertheappointmentofinternalandexternalauditors,theauditfeeandanyquestionsofresignationordismissalincludingrecommendingthenominationofpersonorpersonsasauditors;and

viii) tocarryoutotherfunctionsasmaybeagreedbytheCommitteeandBoardofDirectorsfromtimetotime.



Meetings and Activities

TheCommittee shallmeetat least four (4)times ineachfinancial year. Thequorumof ameeting shall be two (2)members,providedthatthemajorityofmemberspresentatthemeetingshallbeindependent.

TheCompanySecretaryshallbetheSecretaryoftheCommittee.

TheInternalAuditorsandExternalAuditorsmayappearatanymeetingattheinvitationoftheCommitteeandshallappearbeforetheCommitteewhenrequiredtodosobytheCommittee.TheInternalAuditorsandExternalAuditorsmayalsorequestameetingiftheyconsideritnecessary.

OtherDirectorswhoarenotmembersoftheCommitteeandemployeesmayattendanyparticularCommitteeMeetingupontheCommittee’sinvitation.

TheCommitteemaycallforameetingasandwhenrequiredwithreasonablenoticeastheCommitteeMembersdeemfit.TheCommitteeMembersmayparticipateinameetingbymeansofconferencetelephone,conferencevideophoneoranysimilarorothercommunicationsequipmentbymeansofwhichallpersonsparticipatinginthemeetingcanheareachother.Suchparticipationinameetingshallconstitutepresenceinpersonatsuchmeeting.

Rights

The Committee is authorized by the Board to investigate any activitywithin its terms of reference and shall haveunrestrictedaccesstoboththeInternalandExternalAuditorsandtoallemployeesoftheGroup.TheCommitteealsoauthorizedbytheBoardtoobtainexternallegalorotherindependentprofessionaladviseasnecessary.

TheCommitteeisalsoauthorisedtoconvenemeetingswiththeInternalAuditorsandExternalAuditors,excludingtheattendanceofotherdirectorsandemployeesoftheGroup,wheneverdeemednecessary.

Access to records

Incarryingouttheirdutiesandresponsibilities,theCommitteewillinprinciplehavefullandunrestrictedaccesstoallCompanyrecords,propertyandpersonnel.

SUMMARY OF ACTIVITIES

InaccordancewiththetermsandreferenceoftheAuditCommittee,thefollowingactivitieswereundertakenbytheAuditCommitteeduringthefinancialyearended31March2010,includingthedeliberationonandreviewof:

(a) the unaudited quarterly financial statements of the Group to ensure that they are in compliance with therequirementsofrelevantauthorities,priortothesubmissiontotheBoardfortheirapprovalandreleaseoftheGroup’sresultstoBursaSecurities.

(b) theannualauditedfinancialstatementsoftheGroupandoftheCompanypriortosubmissiontotheBoardofDirectorsforconsiderationandapproval.

(c) theexternal auditors’ report in relation toaudit andaccounting issuesarising from theaudit;mattersarisingfromtheauditoftheGroupinmeetingswiththeexternalauditorswithoutthepresenceoftheexecutiveBoardmembersandmanagement.


(d) the internal audit report and the results and recommendations arising from the reviews conducted by theoutsourcedinternalauditfunction;

(e) therelatedpartytransactionsandpotentialconflictofinterestsituationthatmayhavearisenwithintheCompanyorGroup.

(f) there-appointmentofexternalauditorsandtheirauditfees,beforetherecommendationtotheBoardofDirectorsforapproval.

INTERNAL AUDIT FUNCTION

TheGroup’sinternalauditfunctionisoutsourcedtoanindependentprofessionalfirmtoreviewandimproveitsexistingprocessesforidentifyingandmanagingtheGroup’srisksandthecontrolprocedurestomanagethoserisks.

FurtherdetailspertainingtotheinternalauditfunctionaresetoutintheStatementonInternalControlsonpages23to24ofthisAnnualReport.

STATEMENT ON EMPLOYEES’ SHARE OPTION SCHEME

TheAuditCommitteeherebyconfirmsthatduringthefinancialyearunderreview,therewerenooptionsgrantedtotheeligibleemployeesoftheGrouppursuanttotheemployees’shareoptionscheme.



Corporate Governance Statement

TheBoardofDirectorsofWidetech (Malaysia)Berhad (“theBoard”) recognises that its primary responsibility is tosafeguardandpromotethe interestsof theshareholdersandtoenhancethe long-termvalueoftheCompany.TheBoardcontinuouslystrivesandisfullycommittedtomaintaininghighstandardsofcorporategovernancethroughouttheorganisationandtosafeguardtheinterestsoftheshareholders.

TheGroupwillcontinuetoendeavourtocomplywithallthekeyPrinciplesandBestPracticesoftheMalaysianCodeonCorporateGovernance(Revised2007)(“theCode”)initsefforttoobservehighstandardsoftransparency,accountabilityandintegrity.

This statementsetsout themanner inwhich theGroupcomplieswithparagraph15.25of theMainMarketListingRequirements(“MMLR”)ofBursaMalaysiaSecuritiesBerhadandhasappliedthePrinciplesandtheextentofcompliancewiththeBestPracticesinCorporateGovernanceassetoutintheCode.Thebestpracticesthatwerenotadoptedduringthefinancialyearareexplainedintherelevantparagraphs.

A. BOARD OF DIRECTORS

(i) BoardBalanceandComposition

TheBoardcurrentlycomprisesnine(9)members,ofwhom,6areExecutiveDirectors(includingtheExecutiveChairman)and2areIndependentNon-ExecutiveDirectorsand1(one)isNon-IndependentNon-ExecutiveDirector.AsatthedateofthisAnnualReport,theCompanydidnotcomplywithParagraph15.02oftheMainMarketListingRequirementswhichrequiresthatatleast2Directorsor1/3oftheBoardofDirectors,whicheveristhehigher,tobeindependent.TheBoardislookingforwardtoseekthesuitablecandidatetofillthevacancywithintheprescribedperiodinordertocomplythereof.

TheBoardcompriseshighlyrespectableandprofessionalpersonsandrepresentsadiversebackgroundofknowledge,expertiseandexperience.WiththeircombinedexperienceandknowledgetheyprovidesoundadviceandjudgementforthebenefitoftheCompanyanditsshareholders.ThemixedskillsandexperiencearevitalforthesuccessfulperformanceoftheCompany.AbriefprofileofeachDirectorispresentedinthesectionofDirectors’ProfileofthisAnnualReport.

The Executive Directors are responsible for implementing the policies and decisions of the Board andoverseeingtheoperationsof theGroup.TheNon-ExecutiveDirectorsplayapivotal role inensuringthatthe strategies proposed by the executivemanagement are for the full benefits of the stakeholders andbringforthabalanced,unbiasedandindependentjudgementonallaspectsoftheGroup’sstrategiesandperformance.

Inaddition,duetotheactiveparticipationofalltheDirectorsincludingthe2IndependentNon-ExecutiveDirectors,noindividualorsmallgroupofindividualsdominatetheBoard’sdecisionmakingprocesses.

The roles of the Chairman and Chief ExecutiveOfficer are distinct and separatewith a clear division ofresponsibilitiestoensurethebalanceofpowerandauthoritysothatnosingleindividualhasabsolutepowerwithin theGroup.TheChairman leads theBoardtoensure itseffectivenesswhereas theChiefExecutiveOfficer is responsible for the efficient and effectivemanagement of the business and operations of theCompany.

Dato’ZakariaBinMohammedistheSeniorIndependentNon-ExecutiveDirectortowhomconcernsmaybeconveyed.


Corporate Governance Statement (cont’d)

(ii) Board Meetings

TheBoardmeetsonregularlybasis,atleastfour(4)timesayeardeliberateandconsidermattersrelatingto the Group’s financial performance, significant investments, corporate development, strategic issuesandbusinessplan.AdditionalBoardmeetingsareheldasandwhenurgent issueswarrantmatterstobedeliberated.

Duringthefinancialyearended31March2010,theBoardmetfour(4)timesandthedetailsoftheattendanceoftheBoardmembersduringtheirrespectivetenurearesetoutasfollows:

No. of Meetings Name of Director Designation Attended

Dato’LimKimHuat ExecutiveChairman 4/4 KongSinSeng ChiefExecutiveOfficer 4/4 DatukChuSuiKiong ExecutiveDirector 3/4 Dato’ChengJooTeik ExecutiveDirector 3/4 Dato’TanTingWong ExecutiveDirector 4/4 LohSuanPhang ExecutiveDirector 3/4 LeeYokeShue NonIndependentNon-ExecutiveDirector 4/4 Dato’ZakariaBinMohammed IndependentNon-ExecutiveDirector 4/4 LeeKarFook(resigned on 3 August 2010) IndependentNon-ExecutiveDirector 4/4 NgBeeKen(Appointed on 22 June 2009) IndependentNon-ExecutiveDirector 3/3

(iii) Supply of Information

All Directors are provided with themeeting agenda and relevant information and reports on financial,operational, corporate, regulatory and business development by way of Board papers or upon specificrequesttofacilitateinformeddecisionmakingandeffectivedischargeoftheirduties.ThesedocumentsarecomprehensiveandincludequalitativeandquantitativeinformationtoenabletheBoardmemberstomakesounddecisionsattheBoardmeetings.Seniormanagementstaffareinvitedtoattendthesemeetingstoexplainandclarifythemattersbeingtabledwhereconsiderednecessary.

In addition, there is a schedule ofmatters reserved specifically for the Board’s decisions, including theapproval ofmajor acquisitions or disposal of business or assets, significant investments and changes tomanagementandcontrolstructureoftheGroup,namely,keypoliciesandprocedures.

NoticeofBoardmeetingsandBoardpapersareprovidedtotheDirectors inadvancesothatmeaningfuldeliberationandsounddecisionscanbemadeatBoardmeetings.AllproceedingsoftheBoardmeetingsareminutedbytheCompanySecretary.

TheBoardhasunrestricted access to all informationwithin theCompany,whether as a full Boardor intheirindividualcapacity,whichisnecessaryfordischargeofitsresponsibilitiesandmayobtainindependentprofessionaladviceattheCompany’sexpenseinfurtheranceofitsduties.Wherevernecessary,consultantsandexpertswereinvitedtobrieftheBoardontheirareasofexpertiseortheirreports.

TheBoardhasaccess to theadviceandservicesof theCompanySecretarywho is responsible toensurethatBoardMeetingproceduresarefollowed,andtheapplicablestatutoryandregulatoryrequirementsarecompliedwith.TheCompanySecretaryalsoservesnoticetoDirectorsontheclosedperiodfortradingintheCompany’ssecuritiesinaccordancewithChapter14onDealingsinListedSecuritiesofBursaSecuritiesMainmarketListingRequirements.

TheproceedingsandresolutionsreachedateachBoardmeetingarerecordedintheMinutesBookkeptattheregisteredoffice.BesidesBoardmeetings,theBoardalsoexercisescontrolonmattersthatrequiresitsapprovalthroughthecirculationofDirectors’resolutions.



(iv) Re-election and Re-appointment of Directors

TheappointmentofDirectorsisundertakenbytheBoardasawholeguidedbyformalrecommendationsbytheNominationCommittee.

InaccordancewiththeCompany’sArticlesofAssociation,allBoardmemberswhoareappointedbytheBoardshallbesubjecttoelectionbyshareholdersatthefirstopportunityoftheirappointment.TheCompany’sArticlesofAssociationalsoprovidethatatleastone-third(1/3)oftheDirectorsshallretirebyrotationateachAnnualGeneralMeetingandthatallDirectorsshallretirefromofficeatleastonceeverythree(3)years.AretiringDirectorshallbeeligibleforre-election.

TheDirectorstoretirefromofficeattheforthcomingAnnualGeneralMeetingareMrKongSingSeng,Dato’ChengJooTeikandDato’TanTingWong.

Directorsoverseventy(70)yearsofagearerequiredtosubmitthemselvesforre-appointmentannuallyinaccordancewithSection129(6)oftheCompaniesAct,1965.Presently,thereisnoDirectoroftheCompanywhoissubjecttosuchre-appointment.

(v) Director’s Training

AllDirectorshaveattendedandsuccessfullycompletedtheMandatoryAccreditationProgramasprescribedbyBursaSecurities.

The Board of Directors are encouraged to evaluate their own training needs on a regular basis and todetermine the relevant programmes, seminars or dialogues available that would best enable them toenhancetheirskillandknowledgesoastoeffectivelydischargetheirduties.

Atthesametime,theBoardofDirectorswasbriefedatquarterlyBoardmeetingsonanysignificantchangesin laws and regulations that were relevant by the Company Secretaries with the intention to keep theDirectorsabreastwiththeregulatoryandlegalrelateddevelopments.

TheDirectorsconcernedhaveundertakenthattheywillattendrelevantseminarsortrainingprogrammesinthenextfinancialyeartocontinuetoenhancetheirskillsandknowledgeforthepurposeofdisposingtheirdutiesandresponsibilities.

(vi) Board Committees

TheBoardofDirectorsdelegatesspecificresponsibilitiestotherespectiveCommitteesoftheBoardnamely,AuditCommittee,NominationCommitteeandRemunerationCommitteeinordertoenhancebusinessandcorporateefficiencyandeffectiveness.TheseCommitteeshavetheauthoritytoexamineparticularissuesandwillreporttotheBoardwiththeirrecommendationsandminutesofthesemeetingsarecirculatedtotheBoard.TheBoard,however,makesthefinaldecisiononallmattersinthebestinterestoftheCompany.

1. Audit Committee

TheBoardhasestablishedtheAuditCommitteetoassisttheBoardindischargingitsduties.TheAuditCommitteeworkscloselywiththeexternalandinternalauditorsandmaintainsatransparentprofessionalrelationshipwiththem.

ThereportoftheAuditCommitteeissetoutonpages11to14ofthisAnnualReport.



2. Nomination Committee

ThemembersoftheNominationCommitteeare: - Dato’ZakariaBinMohammed(IndependentNon-ExecutiveChairman) - NgBeeKen(IndependentNon-ExecutiveMember)

The primary objective of the Nomination Committee is to evaluate suitability of candidates and makerecommendationstotheBoardfornewappointments.TheNominationCommitteeisalsoempoweredtoassesstheeffectivenessoftheBoardasawhole.

MembersoftheNominationCommitteemetonceduringtheyearwiththefullattendanceofitsmembers.ThepurposeofthemeetingwastoassesstheeffectivenessoftheBoardasawhole.

3. Remuneration Committee

ThemembersoftheRemunerationCommitteeare:

- Dato’ZakariaBinMohammed(IndependentNon-ExecutiveChairman) - Dato’LimKimHuat(IndependentNon-ExecutiveMember)

The Remuneration Committee is responsible to recommend to the Board the remuneration framework forDirectorsnecessarytoattract,retainandmotivatetheDirectorswhicharereflectiveoftheDirectors’experienceandlevelofresponsibilities.

ItistheultimateresponsibilityoftheentireBoardtoapprovetheremunerationoftheExecutiveDirectorsandnoneoftheExecutiveDirectorsparticipateinanywayindeterminingtheirindividualremuneration.TheremunerationandentitlementsoftheNon-ExecutiveDirectorsisamatteroftheBoardofDirectorsasawhole,withindividualDirectorsabstainingformdecisionsinrespectoftheirremuneration.

TheRemunerationCommitteeheldone(1)meetingduringtheyear,whichwasattendedbyallthemembers.

B. DIRECTORS’ REMUNERATION

DetailsofDirectors’remunerationforthefinancialyearended31March2010areasfollows:

(a) Total Remuneration

Categories of Remuneration (RM)

Basic Salary Bonus Fees Allowance Total

Executive 466,673 35,228 - 571,974 1,073,875

Non-Executive - - - 33,000 33,000

Total 466,673 35,228 - 604,974 1,106,875



(b) Directors’ remuneration by bands

Executive Non-Executive Total

UptoRM50,000 1 3 4

RM50,001toRM100,000 - - -

RM100,001toRM150,000 4 - 4

RM150,001toRM200,000 - - -

RM200,001toRM250,000 1 - 1

RM250,001toRM300,000 1 - 1

Forsecurityandconfidentialreasons,thedetailsofindividualDirectors’remunerationarenotshown.ThedetailsofremunerationofeachDirectorarenotdisclosedinthisAnnualReport.TheBoardconsidersthattheDirectors’remunerationdisclosuresbybandandanalysisbetweenExecutiveandNon-ExecutiveDirectorsaresufficienttocatertothetransparencyandaccountabilityaspectsoftheCode.

C. RELATIONSHIP WITH SHAREHOLDERS AND INVESTORS

The Board recognises the importance of effective communication with shareholders and the investmentcommunity, and adheres strictly to the disclosure requirements of BursaMalaysia Securities Berhad (“BursaSecurities”).Effectiveandtransparentcommunicationenablestheshareholders,investorsandthemarketatlargetomakeinformedevaluationoftheCompany.

Information is released on a timely basis to shareholders and investors through various disclosures andannouncementstotheBursaMalaysiaSecuritiesBerhadwhichincludequarterlyresults,annualreportsandanyotherannouncementsviacircularsandpressreleases.AllqueriesfromshareholdersandmembersofthepubliccanbeaddressedtotheCompany’semail,[email protected],theCompanyhadalso announcedmajor corporate developmentwithin theGroup through announcement via Bursa Securities’ListingInformationNetworktoensurethoroughdisseminationofimportantvaluableinformationthroughoutthewholemarket.

At theAnnualGeneralMeeting,questionsarewelcomefromshareholderspertainingtotheperformanceandbusinessactivitiesoftheGroupwhereactivetwo-waycommunicationbetweentheshareholdersandtheCompanyisobserved.Theexternalauditorsarealsoavailabletoprovideprofessionalandindependentperspectivesandclarification.Theshareregistrarisalsopresenttorespondtomattersrelatingtoshareholdersinterests.

D. ACCOUNTABILITY AND AUDIT

Financial Reporting

TheBoardisresponsibleforensuringthatthequarterlyandannualauditedfinancialstatementsoftheCompanypresentafairandbalanceviewandassessmentoftheCompany’sfinancialposition,performanceandprospects.TheAuditCommitteeassiststheBoardinreviewingandscrutinizingtheinformationintermsofaccuracy,adequacyandcompletenessfordisclosure.

TheStatementofDirectors’ResponsibilityinrespectoftheAuditedFinancialStatementspursuanttoparagraph15.26(a)ofMMLRandpursuanttotheStatementofDirectors’responsibilityoftheCompaniesAct,1965issetoutinthesectionofStatementofDirectors’ResponsibilityinrelationtotheFinancialStatementsofthisAnnualReport.


Internal Controls

TheBoardacknowledgesitsresponsibilitiesfortheGroup’ssystemofinternalcontrolscoveringnotonlyfinancialcontrolsbutalsooperational,compliancecontrolsandriskmanagement.

TheinternalauditfunctionoftheGroupisoutsourcedtoanindependentprofessionalfirm,whichreportsdirectlytotheAuditCommitteeandassiststheBoardinmonitoringandmanagingrisksandinternalcontrols.

TheStatementonInternalControlsetoutonpages23to24ofthisAnnualReportprovidesanoverviewofthestateofinternalcontrolswithintheGroup.

Relationship with Auditors

Through the Audit Committee, the Board maintains a formal and transparent relationship with the externalauditorsinseekingprofessionaladviceandensuringcompliancewiththeappropriateaccountingstandards.Fromtimetotime,theexternalauditorshighlighttotheAuditCommitteeandtheBoardonmattersthatrequiretheirattention.

InformationontheroleofAuditCommitteeinrelationtotheexternalauditorsissetoutintheAuditCommitteeReportonpages11to14ofthisAnnualReport.

ADDITIONAL COMPLIANCE INFORMATION

1. Shares Buy-Backs

Duringthefinancialyearended31March2010,theCompanydidnothaveaschemetobuybackitsownshares.

2. Options, Warrants or Convertible Securities

TherewerenooptionsgrantedtotheeligibleemployeesoftheGrouppursuanttotheemployees’shareoptionschemeduringthefinancialyearended31March2010.

TheCompanydidnotissueanywarrantsorconvertiblesecuritiesduringthefinancialperiodunderreview.

3. American Depository Receipts (“ADR”) or Global Depository Receipt (“GBR”)

TheCompanydidnotparticipateinanyADRorGDRProgrammeduringthefinancialyear.

4. Imposition of Sanction / Penalties

There were no public sanctions and/or penalties imposed on the Company and its subsidiaries, Directors ormanagementbyanyregulatorybodiesduringthefinancialyear.

5. Non-Audit Fees

Theamountofnon-auditfeesincurredforservicesrenderedbytheexternalauditorstotheGroupforthefinancialyearended31March2010amountedtoRM12,150.




6. Variation in Results for the Financial Year

Therewasnodeviationof10%ormorebetweentheresultsofthefinancialyearended31March2010aspertheauditedfinancialstatementsandtheunauditedresultspreviouslyannounced.

7. Profit Guarantee

TherewerenoprofitguaranteesgivenbytheCompanyduringthefinancialyear.

8. Material Contracts involving Directors’ and Major Shareholders’ Interests

TherewerenomaterialcontractsenteredintobytheCompanyanditssubsidiariesinvolvingDirectors’andmajorshareholders’interests,whichweresubsistingattheendofthefinancialyearended31March2010.

9. Utilisation of Proceeds

TheCompanydidnotimplementanyfundraisingexerciseduringthefinancialyearended31March2010.

10. Revaluation Policy on Landed Properties

TheGroupdoestnotadoptarevaluationpolicyonlandedproperties.


Statement of Directors’ Responsibilities In Relation to the Audited Financial Statements

TheDirectorsarerequiredtopreparethefinancialstatementsthatgiveatrueandfairviewofthestateofaffairsoftheCompanyandof theGroupat theendofeachfinancialyearandof theresultsandcashflowforthatyear.ThefinancialstatementsarepreparedincompliancewiththeCompaniesAct,1965andwithapplicableapprovedaccountingstandards.

InpreparingthefinancialstatementsoftheCompanyandoftheGroupforthefinancialyearended31March2010,theDirectorshave:

• selectedsuitableaccountingpoliciesandappliedthemconsistently;• madejudgmentsandestimatesthatarereasonableandprudent;• ensuredthatallapplicableaccountingstandardshavebeenfollowed;and• preparefinancialstatementsonthegoingconcernbasisunlessitisinappropriatetopresumethattheGroupand

theCompanywillcontinueinbusiness.

TheDirectorsareresponsibleforensuringthattheCompanyandGroupmaintainedaccountingrecordswhichdisclosewithreasonableaccuracythefinancialpositionoftheCompanyandoftheGroupandthatthefinancialstatementscomplywith therequirementsof theCompaniesAct,1965.TheDirectorshave thegeneral responsibility for takingreasonablemeasures to prevent and detect fraud and other irregularities in order to safeguard the assets of theCompanyandoftheGroup.


Statement on Internal Control

INTRODUCTION

Pursuant to paragraph 15.26 (b) of Bursa Malaysia Securities Berhad (“Bursa Securities”) Main Market ListingRequirementsandasguidedbyStatementonInternalControl:GuidanceforDirectorsofPublicListedCompanies(‘theGuidance”),theBoardofDirectors(“theBoard”)ofWidetech(Malaysia)BerhadispleasedtoincludeastatementonthestateoftheGroup’sinternalcontrolinthisannualreportforthefinancialyearended31March2010.

BOARD’S RESPONSIBILITY

TheBoardacknowledges its responsibilityandre-affirms itscommitment inmaintainingasoundsystemof internalcontrol to safeguard shareholders’ investments and the Group’s assets as well as reviewing the adequacy andeffectivenessofthesystemofinternalcontrol.

Asthereareinherentlimitationsinanysystemofinternalcontrols,suchsystemputinplacebyManagementcanonlymitigateriskswithintolerablelevelsratherthaneliminateallrisksoffailuretoachievetheGroup’scorporateobjectives.Hence,thesystemcanonlyprovideareasonableratherthanabsoluteassuranceagainstmaterialmisstatementorloss.

RISK MANAGEMENT FRAMEWORK

KeymanagementstaffandHeadsofDepartmentsaredelegatedwiththeresponsibilitytomanageidentifiedriskswithindefinedparametersandstandards.Periodicmanagementmeetings,attendedbytheHeadsofDepartmentsandkeymanagementstaffsareheld inwhichkeyrisksand theappropriatemitigatingcontrolsarealsodiscussed.KeyrisksrelatingtotheGroup’sstrategicandbusinessplansarepresentedanddiscussedatBoardmeetings.

TheabovementionedriskmanagementpracticesoftheGroupservesastheon-goingprocessusedtoidentify,evaluateandmanagesignificantrisks.

INTERNAL AUDIT FUNCTION

TheGroup’sinternalauditfunctionisoutsourcedtoexternalauditprofessionalstoassisttheBoardandAuditCommitteeinprovidinganindependentassessmentontheadequacy,efficiencyandeffectivenessoftheGroup’sinternalcontrolsystemandprocedures. The scopeof reviewof the outsourced internal audit function is determinedby theAuditCommitteewithfeedbackfromtheExecutiveManagement.

During thefinancial year ended31March2010, the internal audit function carriedout an internal audit visit on 2subsidiariesfocusingoncertainkeybusinessprocesses.TheresultsoftheauditswerepresentedtotheAuditCommitteeatoneof its scheduledmeetings.Thecosts incurred inmaintaining theoutsourced internalaudit functions for thefinancialyearended31March2010amountedRM24,692.

OTHER KEY ELEMENTS OF INTERNAL CONTROL

TheotherkeyelementsoftheGroup’sinternalcontrolsystemsare:-

1. AwelldefinedorganisationalstructurewithclearlinesofaccountabilityandwhichhasadocumenteddelegationofauthoritythatsetsoutthedecisionsthatneedtobetakenandtheappropriateauthoritylevelsofmanagementincludingmattersthatrequireBoardapproval.


Statement on Internal Control (cont’d)

2. TheAuditCommitteereviewsthequarterlyfinancialreports,annualfinancialstatementsandtheinternalauditreportonaperiodicbasis.DiscussionswithManagementwereheldtodeliberateontheactionsthatarerequiredtobetakentoaddressinternalcontrolmattersidentifiedbytheoutsourcedinternalauditfunction.

3. TheExecutiveDirectorsareclosely involved in the runningofbusinessandoperationsof theGroupand theyreporttotheBoardonsignificantchangesinthebusinessandexternalenvironment,whichaffecttheoperationsoftheGroupatlarge.

4. Experiencedanddedicatedteamofpersonnelacrosskeyfunctionalunits.

5. RegularmanagementmeetingsareheldtodiscusstheGroup’sperformance,businessoperationsandmanagementissuesaswellasformulateappropriatemeasurestoaddressthem.

6. EstablishedinternalpoliciesandproceduresforkeybusinessunitswithintheGroup.

7. OneoftheGroup’soperationsisISO9001:2000andISO14001:2004certified.Withsuchacertification,auditsareconductedbyexternalpartiesperiodicallytoensurecompliancewiththetermsandconditionsofthecertification.

CONCLUSION

TheBoardisoftheviewthattheGroup’ssystemofinternalcontrolsisadequatetosafeguardshareholders’investmentsandtheGroup’sassets.However,theBoardisalsocognizantofthefactthattheGroup’ssystemofinternalcontrolandriskmanagementpracticesmustcontinuouslyevolvetomeetthechangingandchallengingbusinessenvironment.Therefore, theBoardwill,whennecessary,put inplaceappropriate actionplans to furtherenhance the systemofinternalcontrols.

ThisstatementwasapprovedbytheBoardofDirectorson27July2010.


Corporate Information

BOARD OF DIRECTORS

Dato’ Lim Kim HuatExecutive Chairman

Kong Sin SengChief Executive Officer

Datuk Chu Sui KiongExecutive Director

Dato’ Cheng Joo TeikExecutive Director

Dato’ Tan Ting WongExecutive Director

Loh Suan PhangExecutive Director

Lee Yoke ShueNon-Independent Non-Executive Director

Dato’ Zakaria Bin Mohammed Independent Non-Executive Director

Ng Bee KenIndependent Non-Executive Director

AUDIT COMMITTEE Dato’ZakariaBinMohammedNgBeeKen

SECRETARIES

LimMingToong(MAICSA7000281)LaiCheeWah(MAICSA7031124)

REGISTERED OFFICE

10thFloorMenaraHapSengNo.1&3JalanP.Ramlee50250KualaLumpurTelNo :603.2382.4288FaxNo :603.2382.4170/4171/4172

SHARE REGISTRAR

MegaCorporateServicesSdnBhdLevel15-2FaberImperialCourtJalanSultanIsmail50250KualaLumpurTelNo :603.2692.4271FaxNo :603.2732.5388/5399

AUDITORS

KPMG,Penang1stFloor,WismaPenangGarden42JalanSultanAhmadShah10050Penang

PRINCIPAL BANKERS

CIMBBankBerhadMaybankBerhadPublicBankBerhadUnitedOverseasBank(Malaysia)Berhad

STOCK EXCHANGE LISTING

MainMarketBursaMalaysiaSecuritiesBerhadStockCode:7692


Corporate Structure

WIDETECH(MALAYSIA) BERHAD

GW CAPITAL SDN BHD

Dormant

100%

ASIA PACIFICWINNING LIMITED

Investment holding

100%

GOLDWEALTH CAPITAL

SDN BHD

Trading in consumer products

100%

GW PREMIUM CAPITAL

SDN BHD

Trading in consumer products and provide

financing services

100%

Ceased opera�on

EPA AUTOMATIONSDN BHD

100%

Manufacturing ofprecision springs

WIRE MASTERSPRING

SDN BHD

96%

Ceased opera�on

EPA AUTOMATIONPTE LTD

100%

REMARKABLE GROUP LIMITED

Provision of equipment andmanagement

service forgaming

opera�ons

50%

RICH LEE HOLDINGS SDN BHD

Dormant

100%

LAO-MALAYSIA INVESTMENTS

GROUP

Hotel and gaming opera�ons

75%

ACE UNICORN LIMITED

Provision of equipment andmanagement

service forgaming

opera�ons

60%

ENSELINIINTERNATIONAL

LIMITED

Gaming opera�ons

65%

PROBUSINESS INVESTMENTS

LIMITED

Investment holdingand gaming opera�ons

100%

WIDETECH(MALAYSIA) BERHAD

GOLDWEALTH CAPITALSDN BHD

GW PREMIUM CAPITALSDN BHD

WIRE MASTERSPRING SDN BHD

EPA AUTOMATIONSDN BHD

EPA AUTOMATIONPTE LTD

PROBUSINESS INVESTMENTS LIMITED

Trading inconsumer products

Trading in consumer productsand provide financing services

Manufacturing ofprecision springs

Trading in industrial and high-tech products

Trading in industrial and high-tech products

Investment holding

RICH LEE HOLDINGS SDN BHD

Dormant

100%

100%

100%

96%

100%

100%

100%

GW CAPITAL SDN BHD

REMARKABLE GROUP LIMITED

ENSELINI INTERNATIONAL LIMITED

ASIA PACIFIC WINNING LIMITED

ACE UNICORN LIMITED

Acquiring trade receivables from holding company and issuing private debt securities to fund the purchase

Provision of equipment and management service for gaming operations

Gaming operations

Investment holding

Provision of equipment and management service for gaming operations

100%

50%

65%

100%

60%

LAO-MALAYSIA INVESTMENTS GROUP

Hotel and gaming operations

75%

Directors’ Report 28

Statement by Directors 33

Statutory Declaration 34

Independent Auditors’ Report to the Members 35

Consolidated Balance Sheet 37

Consolidated Income Statement 38

Consolidated Statement of Changes in Equity 39

Consolidated Cash Flow Statement 40

Balance Sheet 42

Income Statement 43

Statement of Changes in Equity 44

Cash Flow Statement 45

Notes to the Financial Statements 47

Financial Statement



Directors’ Report for the year ended 31 March 2010

TheDirectorshavepleasureinsubmittingtheirreportandtheauditedfinancialstatementsoftheGroupandoftheCompanyfortheyearended31March2010.

Principal activities

TheprincipalactivitiesoftheGroupareasfollows:

Company - Investmentholding - Provisionofmanagementservices - Rentalofproperties

Subsidiaries - TheprincipalactivitiesofthesubsidiariesaresetoutinNote5tothefinancialstatements.

Therehavebeennosignificantchangesinthenatureoftheseactivitiesduringthefinancialyear.

Results Group Company RM RMLossattributableto:ShareholdersoftheCompany (1,526,141) (301,380)Minorityinterest 120,901 - (1,405,240) (301,380)

Reserves and provisions

Therewerenomaterialtransferstoorfromreservesandprovisionsduringtheyearunderreviewexceptasdisclosedinthefinancialstatements.

Dividend

NodividendwaspaidduringtheyearandtheDirectorsdonotrecommendanydividendtobepaidfortheyearunderreview.

Directors of the Company

Directorswhoservedsincethedateofthelastreportare:

Dato’LimKimHuat DatukChuSuiKiong Dato’ChengJooTeik Dato’TanTingWong LohSuanPhang KongSinSeng LeeYokeShue LeeKarFook Dato’ZakariabinMohammed NgBeeKen


Directors’ Report for the year ended 31 March 2010 (cont’d)

Directors’ interest in shares

TheinterestsanddeemedinterestsinthesharesoftheCompanyandofitsrelatedcorporations(otherthanwholly-ownedsubsidiaries)ofthosewhowereDirectorsatyearend(includingtheinterestsofthespousesorchildrenoftheDirectorswhothemselvesarenotDirectorsoftheCompany)asrecordedintheRegisterofDirectors’Shareholdingsareasfollows:

Balance at Balance at 1.4.2009 Bought (Sold) 31.3.2010 Ordinary shares of RM1 eachThe CompanyDirect interestDato’ChengJooTeik- own 200,000 - - 200,000- others@ 1,404,000 74,200 - 1,478,200DatukChuSuiKiong 220,500 - - 220,500LohSuanPhang 2,011,300 - - 2,011,300Indirect interest Dato’ChengJooTeik 4,198,952 - - 4,198,952DatukChuSuiKiong 8,030,652 - - 8,030,652Dato’TanTingWong 8,030,652 - - 8,030,652SubsidiariesDirect interestDato’ChengJooTeik- WireMasterSpringSdn.Bhd. - own 1 - - 1Indirect interestDatukChuSuiKiong- WireMasterSpringSdn.Bhd. 1,439,998 - - 1,439,998Dato’TanTingWong- WireMasterSpringSdn.Bhd. 1,439,998 - - 1,439,998



Directors’ interest in shares (cont’d)

Balance at Balance at 1.4.2009 Bought (Sold) 31.3.2010 Ordinary shares of USD1 eachDatukChuSuiKiong-AceUnicornLimited 3 - - 3-RemarkableGroupLimited 1 - - 1-EnseliniInternationalLimited 65 - - 65-Lao-MalaysiaInvestmentsGroup 750,000 - - 750,000Dato’TanTingWong-AceUnicornLimited 3 - - 3-RemarkableGroupLimited 1 - - 1-EnseliniInternationalLimited 65 - - 65-Lao-MalaysiaInvestmentsGroup 750,000 - - 750,000

@ ThesearesharesheldinthenameofthesonandaretreatedasinterestoftheDirectorinaccordancewithSection134(12)(c)oftheCompaniesAct,1965.

ByvirtueoftheirinterestinthesharesoftheCompany,DatukChuSuiKiongandDato’TanTinWongarealsodeemedtobeinterestedinthesharesofthesubsidiariesduringthefinancialyeartotheextentthattheCompanyhasaninterest.

NoneoftheotherDirectorsholdingofficeat31March2010hadanyinterestintheordinarysharesoftheCompanyanditsrelatedcorporationsduringthefinancialyear.

Directors’ benefits

Sincetheendofthepreviousfinancialyear,noDirectoroftheCompanyhasreceivednorbecomeentitledtoreceiveanybenefit(otherthanthebenefitincludedintheaggregateamountofemolumentsreceivedordueandreceivablebyDirectorsasshowninthefinancialstatements)byreasonofacontractmadebytheCompanyorarelatedcompanywiththeDirectororwithafirmofwhichtheDirectorisamember,orwithacompanyinwhichtheDirectorhasasubstantialfinancialinterest,otherthancertainDirectorswhomaybedeemedtoderiveabenefitbyvirtueoftransactionsenteredintointheordinarycourseofbusinessandtheacquisitionofabuildingbetweentheCompanyandcompaniesinwhichtheDirectorshavesubstantialfinancialinterest,asdisclosedinNote22tothefinancialstatements.

TherewerenoarrangementsduringandattheendofthefinancialyearwhichhadtheobjectofenablingDirectorsoftheCompanytoacquirebenefitsbymeansoftheacquisitionofsharesinordebenturesoftheCompanyoranyotherbodycorporate.

Issue of shares and debentures

Therewerenochangesintheissuedandpaid-upcapitaloftheCompanyduringthefinancialyear.

Therewerenodebenturesissuedduringthefinancialyear.



Options granted over unissued shares

NooptionsweregrantedtoanypersontotakeupunissuedsharesoftheCompanyduringthefinancialyear.

Other statutory information

BeforethebalancesheetsandincomestatementsoftheGroupandoftheCompanyweremadeout,theDirectorstookreasonablestepstoascertainthat:

i) allknownbaddebtshavebeenwrittenoffandadequateprovisionmadefordoubtfuldebts,and

ii) allcurrentassetshavebeenstatedatthelowerofcostandnetrealisablevalue.Atthedateofthisreport,theDirectorsarenotawareofanycircumstances:

i) thatwouldrendertheamountwrittenoffforbaddebts,ortheamountoftheprovisionfordoubtfuldebts,intheGroupandintheCompanyinadequatetoanysubstantialextent,or

ii) thatwouldrenderthevalueattributedtothecurrentassetsinthefinancialstatementsoftheGroupandoftheCompanymisleading,or

iii) whichhavearisenwhichrenderadherencetotheexistingmethodofvaluationofassetsorliabilitiesoftheGroupandoftheCompanymisleadingorinappropriate,or

iv) nototherwisedealtwithinthisreportorthefinancialstatements,thatwouldrenderanyamountstatedinthefinancialstatementsoftheGroupandoftheCompanymisleading.

Atthedateofthisreport,theredoesnotexist:

i) anychargeontheassetsoftheGrouporoftheCompanythathasarisensincetheendofthefinancialyearandwhichsecurestheliabilitiesofanyotherperson,or

ii) anycontingentliabilityinrespectoftheGrouporoftheCompanythathasarisensincetheendofthefinancialyear.

NocontingentliabilityorotherliabilityofanycompanyintheGrouphasbecomeenforceable,orislikelytobecomeenforceablewithintheperiodoftwelvemonthsaftertheendofthefinancialyearwhich,intheopinionoftheDirectors,willormaysubstantiallyaffecttheabilityoftheGroupandoftheCompanytomeettheirobligationsasandwhentheyfalldue.

IntheopinionoftheDirectors,theresultsoftheoperationsoftheGroupandoftheCompanyforthefinancialyearended31March2010havenotbeensubstantiallyaffectedbyanyitem,transactionoreventofamaterialandunusualnaturenorhasanysuchitem,transactionoreventoccurredintheintervalbetweentheendofthatfinancialyearandthedateofthisreport.


Auditors

Theauditors,MessrsKPMG,haveindicatedtheirwillingnesstoacceptre-appointment.

SignedonbehalfoftheBoardofDirectorsinaccordancewitharesolutionoftheDirectors:

Dato’ Cheng Joo Teik

Kong Sin Seng

KualaLumpur,

Date:27July2010



Statement by Directors pursuant to Section 169(15) of the Companies Act, 1965

IntheopinionoftheDirectors,thefinancialstatementssetoutonpages37to87aredrawnupinaccordancewithFinancialReportingStandardsandtheCompaniesAct,1965inMalaysiasoastogiveatrueandfairviewofthefinancialpositionoftheGroupandoftheCompanyat31March2010andoftheirfinancialperformanceandcashflowsfortheyearthenended.

SignedonbehalfoftheBoardofDirectorsinaccordancewitharesolutionoftheDirectors:

Dato’ Cheng Joo Teik

Kong Sin Seng

KualaLumpur,

Date:27July2010


Statutory Declaration pursuant to Section 169(16) of the Companies Act, 1965

I,KongSinSeng,theDirectorprimarilyresponsibleforthefinancialmanagementofWidetech(Malaysia)Berhad,dosolemnlyandsincerelydeclarethatthefinancialstatementssetoutonpages37to87are,tothebestofmyknowledgeandbelief,correctandImakethissolemndeclarationconscientiouslybelievingthesametobetrue,andbyvirtueoftheprovisionsoftheStatutoryDeclarationsAct,1960.

SubscribedandsolemnlydeclaredbytheabovenamedatGeorgetownintheStateofPenangon27July2010

Kong Sin Seng

Beforeme:

CHEAHBENGSUNDJN,AMN,PKT,PJK,PJM,PKNo:P.103

CommissionerforOaths

Penang


Independent Auditors’ Report to the Members of Widetech (Malaysia) Berhad

Report on the Financial Statements

WehaveauditedthefinancialstatementsofWidetech(Malaysia)Berhad,whichcomprisethebalancesheetsasat31March2010oftheGroupandoftheCompany,andtheincomestatements,statementsofchangesinequityandcashflowstatementsoftheGroupandoftheCompanyfortheyearthenended,andasummaryofsignificantaccountingpoliciesandotherexplanatorynotes,assetoutonpages37to87.

Directors’ Responsibility for the Financial Statements

TheDirectorsoftheCompanyareresponsibleforthepreparationandfairpresentationofthesefinancialstatementsinaccordancewithFinancialReportingStandardsandtheCompaniesAct,1965inMalaysia.Thisresponsibilityincludes:designing,implementingandmaintaininginternalcontrolrelevanttothepreparationandfairpresentationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror;selectingandapplyingappropriateaccountingpolicies;andmakingaccountingestimatesthatarereasonableinthecircumstances.

Auditors’ Responsibility

Ourresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudit.WeconductedourauditinaccordancewithapprovedstandardsonauditinginMalaysia.Thosestandardsrequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassurancewhetherthefinancialstatementsarefreefrommaterialmisstatement.

Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthefinancialstatements. The procedures selected depend on our judgement, including the assessment of risks of materialmisstatementofthefinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,weconsiderinternalcontrolrelevanttotheCompany’spreparationandfairpresentationofthefinancialstatements inordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheCompany’sinternalcontrol.AnauditalsoincludesevaluatingtheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesmadebytheDirectors,aswellasevaluatingtheoverallpresentationofthefinancialstatements.

Webelieve that theauditevidencewehaveobtained is sufficientandappropriate toprovideabasis forourauditopinion.

Opinion

Inouropinion,thefinancialstatementshavebeenproperlydrawnupinaccordancewithFinancialReportingStandardsandtheCompaniesAct,1965inMalaysiasoastogiveatrueandfairviewofthefinancialpositionoftheGroupandoftheCompanyasof31March2010andoftheirfinancialperformanceandcashflowsfortheyearthenended.

Report on Other Legal and Regulatory Requirements

InaccordancewiththerequirementsoftheCompaniesAct,1965inMalaysia,wealsoreportthefollowing:

a) Inouropinion,theaccountingandotherrecordsandtheregistersrequiredbytheActtobekeptbytheCompanyanditssubsidiariesofwhichwehaveactedasauditorshavebeenproperlykeptinaccordancewiththeprovisionsoftheAct.

b) Wehaveconsideredtheaccountsandtheauditors’reportofsubsidiariesofwhichwehavenotactedasauditors,whichareindicatedinNote5tothefinancialstatements.


Independent Auditors’ Reportto the Members of Widetech (Malaysia) Berhad (cont’d)

c) WearesatisfiedthattheaccountsofthesubsidiariesthathavebeenconsolidatedwiththeCompany’sfinancialstatementsareinformandcontentappropriateandproperforthepurposesofthepreparationofthefinancialstatementsoftheGroupandwehavereceivedsatisfactoryinformationandexplanationsrequiredbyusforthosepurposes.

d) TheauditreportsontheaccountsofthesubsidiariesdidnotcontainanyqualificationoranyadversecommentmadeunderSection174(3)oftheAct,otherthanasdisclosedinNote5tothefinancialstatements.

Other Matters

ThisreportismadesolelytothemembersoftheCompany,asabody,inaccordancewithSection174oftheCompaniesAct,1965inMalaysiaandfornootherpurpose.Wedonotassumeresponsibilitytoanyotherpersonforthecontentofthisreport.

KPMG Ooi Kok SengAF0758 2432/05/11(J)CharteredAccountants CharteredAccountant

Date:27July2010Penang


Consolidated Balance Sheet at 31 March 2010

Note 2010 2009 RM RM

Assets Property,plantandequipment 3 17,800,561 19,897,717 Prepaidleasepayments 4 1,518,247 1,643,466 Receivables,depositsandprepayments 7 7,892,531 10,273,140Total non-current assets 27,211,339 31,814,323 Receivables,depositsandprepayments 7 6,578,485 9,011,002 Inventories 8 682,409 917,190 Currenttaxassets 114,748 136,906 Cashandcashequivalents 9 5,300,324 2,401,771Total current assets 12,675,966 12,466,869Total assets 39,887,305 44,281,192

EquitySharecapital 10 44,753,400 44,753,400Reserves 11 (13,893,034) (11,613,947)Total equity attributable to equity shareholders of the Company 30,860,366 33,139,453Minority interests 12 253,452 622,301Total equity 31,113,818 33,761,754Liabilities Borrowings 13 4,741,383 4,886,633Deferredtaxliabilities 14 95,000 93,000Totalnon-currentliabilities 4,836,383 4,979,633Payablesandaccruals 15 3,580,582 4,332,634Borrowings 13 332,522 1,202,746Currenttaxliabilities 24,000 4,425Totalcurrentliabilities 3,937,104 5,539,805Totalliabilities 8,773,487 10,519,438Totalequityandliabilities 39,887,305 44,281,192

Thenotesonpages47to87areanintegralpartofthesefinancialstatements.


Consolidated Income Statement for the year ended 31 March 2010



Continuing operationsRevenue 16 10,246,389 15,081,430Changesinmanufacturedinventories (42,436) (85,001)Rawmaterialsandconsumablesused (1,509,829) (1,324,151)Staffcosts 18 (3,497,919) (3,438,053)Depreciation 3 (2,701,915) (2,741,131)Amortisation 4 (32,662) (32,491)Operatingexpenses (3,539,350) (5,379,334)Otheroperatingexpenses - (9,382,157)Otheroperatingincome 159,032 662,674Operating loss (918,690) (6,638,214)Financecosts (228,058) (621,584)Loss before tax 17 (1,146,748) (7,259,798)Taxexpense 20 (258,492) (445,803)Lossfortheyear (1,405,240) (7,705,601)Attributable to : ShareholdersoftheCompany (1,526,141) (7,362,076)Minorityinterest 120,901 (343,525)Loss for the year (1,405,240) (7,705,601)Basic loss per ordinary share (sen) 21 (3.41) (16.45)


Consolidated Statement of Changes in Equity for the year ended 31 March 2010

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Consolidated Cash Flow Statement for the year ended 31 March 2010

Note 2010 2009 RM RMCash flows from operating activitiesLossbeforetaxfromcontinuingoperations (1,146,748) (7,259,798)Adjustmentsfor: Depreciationofproperty,plantandequipment 3 2,701,915 2,741,131 Impairmentlossonplantandequipment 3 - 5,700,918 Amortisationofprepaidleasepayments 4 32,662 32,491 (Gain)/lossondisposalofplantandequipment 17 (598) 156,219 Gainondisposalofassetclassifiedasheldforsale 17 - (327,719) Plantandequipmentwrittenoff 17 586 386,300 Interestincome 17 (52,347) (146,758) Interestexpense 17 228,058 621,584 Impairmentlossongoodwill 6 28,220 393,054Operating profit before changes in working capital 1,791,748 2,297,422Changesinworkingcapital:Inventories 230,210 196,311Receivables,depositsandprepayments 4,451,220 5,867,591Payablesandaccruals (702,720) (4,441,953)Cash generated from operations 5,770,458 3,919,371

Taxpaid (207,783) (259,698)Net cash from operating activities 5,562,675 3,659,673Cash flows from investing activities Interestreceived 52,347 146,758 Purchaseofplantandequipment (982,491) (7,612,345) Proceedsfromdisposalofplantandequipment 2,560 66,395 Proceedsfromdisposalofassetclassifiedasheldforsale - 2,909,719 Acquisitionofasubsidiary B (4) -Net cash used in investing activities (927,588) (4,489,473)

Cash flows from financing activities Dividendpaidtominorityinterest (489,750) - Drawdownoftermloan 258,000 5,077,000 Repaymentoffinanceleaseliabilities (70,077) (67,818) Repaymentofcommercialpapers - (10,695,164) Repaymentoftermloan (241,972) (140,252) Proceedsfromissuanceofshares - 400 Fixeddepositspledged - 3,633,486 Interestpaid (228,058) (621,584)Net cash used in financing activities (771,857) (2,813,932)


Consolidated Cash Flow Statement for the year ended 31 March 2010 (cont’d)



Netincrease/(decrease)incashandcashequivalents 3,863,230 (3,643,732)Cashandcashequivalentsat1April 1,440,346 5,045,071Effectsofexchangedifferencesoncashandcashequivalents (3,252) 39,007Cash and cash equivalents at 31 March A 5,300,324 1,440,346

NOTESA) Cash and cash equivalents Cashandcashequivalentsincludedinthecashflowstatementcomprisethefollowingbalancesheetamounts: Note 2010 2009 RM RM Depositswithlicensedbanksandfinancialinstitutions 9 4,255,616 1,755,184 Cashandbankbalances 9 1,044,708 646,587 5,300,324 2,401,771 Less:Bankoverdraft 13 - (961,425) 5,300,324 1,440,346

B) Acquisition of a subsidiary On10June2009,theCompany’ssubsidiary,RemarkableGroupLimitedcompletedtheexerciseofthecalloption

grantedbythevendorsofthe10,000ordinarysharesofRM1.00eachinthecapitalofRichLeeHoldingsSdnBhd(“RLHSB”),representingtheentireissuedandpaidupsharecapitalofRLHSBforatotalcashconsiderationofUSD1.00(RM3.64).Subsequenttotheacquisition,RLHSBbecameasubsidiaryoftheCompany.

ThefairvaluesofassetsacquiredandliabilitiesassumedintheacquisitionofRLHSBanditscashfloweffectsare

asfollows:- RM Freeholdland 500,000 Taxrecoverable 6,976 Otherpayablesandaccruals (35,192) Amountpayabletodirectors (500,000) Fairvalueofnetliabilities (28,216) Goodwillonacquisition 28,220 Totalconsideration,satisfiedincash 4


Balance Sheet at 31 March 2010



Assets Property,plantandequipment 3 7,106,423 7,118,213 Investmentsinsubsidiaries 5 3,975,004 3,975,004Total non-current assets 11,081,427 11,093,217 Receivables,depositsandprepayments 7 20,985,798 20,874,255 Cashandcashequivalents 9 857 3,720Total current assets 20,986,655 20,877,975Total assets 32,068,082 31,971,192Equity Sharecapital 10 44,753,400 44,753,400 Reserves 11 (23,183,842) (22,882,462)Total equity 21,569,558 21,870,938Liabilities Borrowings 13 4,692,590 4,765,504Total non-current liability 4,692,590 4,765,504Payablesandaccruals 15 5,545,748 4,202,081Borrowings 13 260,186 1,132,669Total current liabilities 5,805,934 5,334,750Total liabilities 10,498,524 10,100,254Total equity and liabilities 32,068,082 31,971,192


Income Statement for the year ended 31 March 2010



Continuing operationsRevenue 16 3,650,172 694,267Staffcosts 18 (363,534) (567,804)Depreciation 3 (407,941) (306,637)Operatingexpenses (239,483) (182,001)Otheroperatingexpenses (2,723,143) (9,929,049)Otheroperatingincome - 2,794,402Operating loss (83,929) (7,496,822)Financecosts (216,641) (284,436)Loss before tax 17 (300,570) (7,781,258)Taxexpense 20 (810) (1,955) Loss for the year (301,380) (7,783,213)


Statement of Changes in Equity for the year ended 31 March 2010


Non-distributable Share Share Share premium option Accumulated Note capital reserve reserve losses Total RM RM RM RM RM

At 1 April 2008 44,753,000 132,167 12,570 (15,243,986) 29,653,751Issuanceofsharespursuant towarrantconversion 10 400 - - - 400Transfertoaccumulated lossesforshareoptionslapsed - - (12,570) 12,570 -Lossfortheyear - - - (7,783,213) (7,783,213)At 31 March 2009 44,753,400 132,167 - (23,014,629) 21,870,938Lossfortheyear - - - (301,380) (301,380)At 31 March 2010 44,753,400 132,167 - (23,316,009) 21,569,558


Cash Flow Statement for the year ended 31 March 2010


Cash flows from operating activitiesLossbeforetaxfromcontinuingoperations (300,570) (7,781,258)Adjustmentsfor: Depreciationofproperty,plantandequipment 3 407,941 306,637 Plantandequipmentwrittenoff 17 - 35,036 Lossondisposalofplantandequipment 17 - 136,563 Gainondisposalofassetclassifiedasheldforsale 17 - (327,719) Interestincome 17 - (17,918) Interestexpense 17 216,641 284,436 Dividendincome (3,000,000) -Operating loss before changes in working capital (2,675,988) (7,364,223)Changesinworkingcapital: Receivables,depositsandprepayments 2,888,457 2,517,640 Payablesandaccruals 1,343,667 3,577,859Cash from/(used in) operations 1,556,136 (1,268,724)Interestpaid (216,641) (284,436)Taxpaid (810) (1,955)Net cash from/(used in) operating activities 1,338,685 (1,555,115)Cash flows from investing activities Interestreceived - 17,918 Purchaseofproperty,plantandequipment (396,151) (7,325,029) Proceedsfromdisposalofplantandequipment - 49,826 Proceedsfromdisposalofassetclassifiedasheldforsale - 2,909,719Net cash used in investing activities (396,151) (4,347,566)


Cash Flow Statement for the year ended 31 March 2010 (cont’d)



Cash flows from financing activities Proceedsfromissuanceofshares - 400 Drawdownoftermloan 258,000 5,077,000 Repaymentoftermloan (241,972) (140,252)Net cash from financing activities 16,028 4,937,148Netincrease/(decrease)incashandcashequivalents 958,562 (965,533)Cashandcashequivalentsat1April (957,705) 7,828Cash and cash equivalents at 31 March 857 (957,705)

NOTE

Cashandcashequivalentsincludedinthecashflowstatementcomprisethefollowingbalancesheetamounts:

Note 2010 2009 RM RMCashandbankbalance 9 857 3,720Bankoverdraft 13 - (961,425) 857 (957,705)


Notes to the Financial Statements

Widetech(Malaysia)Berhadisapubliclimitedliabilitycompany,incorporatedanddomiciledinMalaysiaandislistedontheMainMarketofBursaMalaysiaSecuritiesBerhad.Theaddressesofitsregisteredofficeandprincipalplaceofbusinessareasfollows:

Registered office

10thFloorMenaraHapSengNo.1&3JalanP.Ramlee50250KualaLumpur

Principal place of business

K-09-01,No.2,JalanSolarisSolarisMont’Kiara50480KualaLumpur

The consolidated financial statements of the Company as at and for the year ended 31March 2010 comprise theCompanyanditssubsidiaries.

TheCompanyisprincipallyengagedasaninvestmentholdingcompany,provisionofmanagementservicesandrentalofproperties.TheprincipalactivitiesofitssubsidiariesaredisclosedinNote5tothefinancialstatements.

ThefinancialstatementswereapprovedbytheBoardofDirectorson27July2010.

1. Basis of preparation

(a) Statement of compliance

These financial statements have been prepared in accordancewith Financial Reporting Standards (FRS),accountingprinciplesgenerallyacceptedandtheCompaniesAct,1965inMalaysia.

The Group and the Company have not applied the following accounting standards, amendments andinterpretationsthathavebeenissuedbytheMalaysianAccountingStandardsBoard(“MASB”)butarenotyeteffectivefortheGroup:

FRSs effective for annual periods beginning on or after 1 July 2009• FRS8,Operating Segments

FRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2010• FRS4, Insurance Contracts • FRS7,Financial Instruments: Disclosures• FRS101,Presentation of Financial Statements (revised)• FRS123,Borrowing Costs (revised)• FRS139,Financial Instruments: Recognition and Measurement• AmendmentstoFRS1,First-time Adoption of Financial Reporting Standards • AmendmentstoFRS2,Share-based Payment: Vesting Conditions and Cancellations• AmendmentstoFRS7,Financial Instruments: Disclosures• AmendmentstoFRS101,Presentation of financial Statements – Puttable Financial Instruments and

Obligations Arising on Liquidation• AmendmentstoFRS127,Consolidated and Separate Financial Statements: Cost of an Investment in a

Subsidiary, Jointly Controlled Entity or Associate


Notes to the Financial Statements (cont’d)

1. Basis of preparation (Cont’d)

(a) Statement of compliance (Cont’d)

FRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2010 (Cont’d)• AmendmentstoFRS132,Financial Instruments: Presentation – Puttable Financial Instruments and Obligations Arising on Liquidation – Separation of Compound Instruments• AmendmentstoFRS139,Financial Instruments: Recognition and Measurement – Reclassification of Financial Assets – Collective Assessment of Impairment for Banking Institutions• ImprovementstoFRSs(2009)• ICInterpretation9,Reassessment of Embedded Derivatives• ICInterpretation10,Interim Financial Reporting and Impairment• ICInterpretation11,FRS2–Company and Treasury Share Transactions• ICInterpretation13,Customer Loyalty Programmes• ICInterpretation14,FRS119–The Limit on a Defined Benefit Asset, Minimum Funding Requirements

and Their Interaction

Amendments effective for annual periods beginning on or after 1 March 2010• AmendmentstoFRS132,Financial Instruments: Presentation – Classification of Rights Issues

FRSs, Interpretations and amendments effective for annual periods beginning on or after 1 July 2010• FRS1,First-time Adoption of Financial Reporting Standards (revised)• FRS3,Business Combinations (revised)• FRS127,Consolidated and Separate Financial Statements (revised)• AmendmentstoFRS2,Share-based Payment• AmendmentstoFRS5,Non-current Assets Held for Sale and Discontinued Operations• AmendmentstoFRS138,Intangible Assets• ICInterpretation12, Service Concession Agreements• ICInterpretation15,Agreements for the Construction of Real Estate• ICInterpretation16,Hedges of a Net Investment in a Foreign Operation• ICInterpretation17,Distribution of Non-cash Assets to Owners• AmendmentstoICInterpretation9,Reassessment of Embedded Derivatives

Amendments effective for annual periods beginning on or after 1 January 2011• AmendmentstoFRS1,First-timeAdoptionofFinancialReportingStandards – Limited Exemption from comparative FRS 7 Disclosures for First-time Adopters – Additional Exemptions for First-time Adopters• Amendments to FRS 7, Financial Instruments: Disclosures – Improving Disclosures about Financial

Instruments• AmendmentstoFRS2,Group Cash-settled Share Based Payment• ICInterpretation4,Determining whether an Arrangement contains a Lease• ICInterpretation18,Transfers of Assets from Customers





TheGroupandtheCompanyplantoapplytheabovementionedstandards,amendmentsandinterpretations:

• fromtheannualperiodbeginning1April2010forthosestandards,amendmentsorinterpretationsthatwillbeeffectiveforannualperiodsbeginningonorafter1July2009,1January2010and1March2010,exceptforFRS4,AmendmentstoFRS2,ICInterpretation11,ICInterpretation13andICInterpretation14whicharenotapplicabletotheGroupandtheCompany;and

• fromtheannualperiodbeginning1April2011forthosestandards,amendmentsor interpretationsthatwillbeeffectiveforannualperiodsbeginningonorafter1July2010and1January2011,exceptfor Amendments to FRS 2, IC Interpretation 12, IC Interpretation 15, IC Interpretation 17 and ICInterpretation18whicharenotapplicabletotheGroupandtheCompany.

Theinitialapplicationofastandard,anamendmentoraninterpretation,whichwillbeappliedprospectively,isnotexpectedtohaveanyfinancialimpactstothecurrentandpriorperiodsfinancialstatementsupontheirfirstadoption.

The impacts and disclosures as required by FRS 108.30(b), Accounting Policies, Changes in Accounting Estimates and Errors,inrespectofapplyingFRS7andFRS139arenotdisclosedbyvirtueoftheexemptionsgivenintheserespectiveFRSs.

Material impacts of initial application of a standard, an amendment or an interpretation,whichwill be

appliedretrospectively,aredisclosedbelow:

(i) FRS 8, Operating Segments

FRS8replacesFRS1142004,SegmentReportingandrequirestheidentificationandreportingofoperatingsegmentsbasedoninternalreportsthatareregularlyreviewedbythechiefoperatingdecisionmakeroftheGroupinordertoallocateresourcestothesegmentandtoassessitsperformance.Currently,theGrouppresentssegmentinformationinrespectofitsbusinessandgeographicalsegment(seenote24).TheadoptionofFRS8willnothaveanysignificantimpactonthefinancialstatementsoftheGroupotherthanchangesindisclosure.

(ii) IC Interpretation 10, Interim Financial Reporting and Impairment

ICInterpretation10prohibitsthereversalofanimpairmentlossthathasbeenrecognisedinaninterimperiodduringafinancialyearinrespectofthefollowing:

(a) goodwill (b) aninvestmentinanequityinstrument;or (c) afinancialassetcarriedatcost.

Inaccordancewiththetransitionalprovisions,theGroupwillapplyICInterpretation10togoodwill,investmentinequityinstruments,andfinancialassetscarriedatcostprospectivelyfromthedatetheGroupfirstappliedthemeasurementcriteriaofFRS136,Impairment of AssetsandFRS139,Financial Instruments: Recognition and Measurementrespectively.





(iii) Improvements to FRSs (2009)

Improvements to FRSs (2009) contain various amendments that result in accounting changes forpresentation,recognitionormeasurementanddisclosurepurposes.Amendmentsthathavematerialimpactare:

FRS 117, Leases

• The amendments clarify the classification of lease of land and require entities with existingleasesoflandtoreassesstheclassificationoflandasfinanceoroperatinglease.Leaseholdlandwhichinsubstanceisafinanceleasewillbereclassifiedtoproperty,plantandequipment.Theadoptionoftheseamendmentswillresultinachangeinaccountingpolicywhichwillbeappliedretrospectivelyinaccordancewiththetransitionalprovisions.

TheadoptionoftheaboveamendmentstoimprovementstoFRS(2009)doesnothaveanysignificantimpacttotheGroup’sfinancialpositionorresults.

(b) Basis of measurement

Thefinancialstatementshavebeenpreparedonthehistoricalcostbasis.

(c) Functional and presentation currency

These financial statements are presented in Ringgit Malaysia (RM), which is the Company’s functionalcurrency.

(d) Use of estimates and judgements

The preparation of financial statements requires management to make judgements, estimates andassumptionsthataffecttheapplicationofaccountingpoliciesandthereportedamountsofassets,liabilities,incomeandexpenses.Actualresultsmaydifferfromtheseestimates.

Estimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionstoaccountingestimatesarerecognisedintheperiodinwhichtheestimateisrevisedandinanyfutureperiodsaffected.

There are no significant areas of estimation uncertainty and critical judgements in applying accountingpoliciesthathavesignificanteffectontheamountsrecognisedinthefinancialstatementsotherthanthosedisclosedinthefollowingnotes:

• Note3-Impairmentofclubequipment• Note6-Impairmentofgoodwillonconsolidation• Note7-Allowancefordoubtfuldebts



2. Significant accounting policies

Theaccountingpoliciessetoutbelowhavebeenappliedconsistentlytoallperiodspresentedinthesefinancialstatements,andhavebeenappliedconsistentlybyGroupentities,unlessotherwisestated.

(a) Basis of consolidation

(i) Subsidiaries

Subsidiaries are entities, including unincorporated entities, controlled by theGroup. Control existswhentheGrouphas theability toexercise itspower togovernthefinancialandoperatingpoliciesof anentity so as toobtainbenefits from its activities. In assessing control, potential voting rightsthatpresentlyareexercisablearetakenintoaccount.Subsidiariesareconsolidatedusingthepurchasemethodofaccounting.

Under thepurchasemethodof accounting, thefinancial statementsof subsidiaries are included inconsolidatedfinancialstatementsfromthedatethatcontrolcommencesuntilthedatethatcontrolceases.

InvestmentsinsubsidiariesarestatedintheCompany’sbalancesheetatcostlessimpairmentlosses.

(ii) Changes in Group composition

Whereasubsidiaryissuesnewequitysharestominorityinterestsforcashconsiderationandtheissueprice has been established at fair value, the reduction in theGroup’s interests in the subsidiary isaccountedforasadisposalofequity interestwiththecorrespondinggainor lossrecognised intheincomestatement.

Whenagrouppurchasesasubsidiary’sequitysharesfromminority interestsforcashconsiderationandthepurchasepricehasbeenestablishedatfairvalue,theaccretionoftheGroup’sinterestsinthesubsidiaryisaccountedforasapurchaseofequityinterestforwhichthepurchaseaccountingmethodofaccountingisapplied.

TheGrouptreatsallotherchangesingroupcompositionasequitytransactionsbetweentheGroupanditsminorityshareholders.AnydifferencebetweentheGroup’sshareofnetassetsbeforeandafterthechange,andanyconsiderationreceivedorpaid,isadjustedtooragainstGroupreserves.

(iii) Minority interest

Minority interest at the balance sheet date, being the portion of the net identifiable assets ofsubsidiaries attributable to equity interests that are not owned by the Company,whether directlyorindirectlythroughsubsidiaries,arepresentedintheconsolidatedbalancesheetandstatementofchangesinequitywithinequity,separatelyfromequityattributabletotheequityshareholdersoftheCompany.MinorityinterestintheresultsoftheGrouparepresentedonthefaceoftheconsolidatedincomestatementasanallocationofthetotalprofitorlossfortheyearbetweenminorityinterestandtheequityshareholdersoftheCompany.

Wherelossesapplicabletotheminorityexceedtheminority’s interestintheequityofasubsidiary,theexcess,andanyfurtherlossesapplicabletotheminority,arechargedagainsttheGroup’sinterestexcept to theextent that theminorityhas abindingobligation to, and is able to,makeadditionalinvestmenttocoverthelosses.Ifthesubsidiarysubsequentlyreportsprofits,theGroup’sinterestisallocatedwithallsuchprofitsuntiltheminority’sshareoflossespreviouslyabsorbedbytheGrouphasbeenrecovered.



2. Significant accounting policies (Cont’d)

(a) Basis of consolidation (Cont’d)

(iv) Transactions eliminated on consolidation

Intra-groupbalances,andanyunrealisedincomeandexpensesarisingfromintra-grouptransactions,areeliminatedinpreparingtheconsolidatedfinancialstatements.

(b) Foreign currency

(i) Foreign currency transactions

Transactions in foreign currencies are translated to the respective functional currencies of Groupentitiesatexchangeratesatthedatesofthetransaction.Monetaryassetsandliabilitiesdenominatedin foreign currencies at the balance sheet date are retranslated to the functional currency at theexchangerateatthatdate.Non-monetaryassetsandliabilitiesdenominatedinforeigncurrenciesaretranslatedatexchangeratesatthedatesofthetransactionsexceptforthosethataremeasuredatfairvalue,whichareretranslatedtothefunctionalcurrencyattheexchangerateatthedatethatthefairvaluewasdetermined.Foreigncurrencydifferencesarisingonretranslationarerecognisedintheincomestatements.

(ii) Operations denominated in functional currencies other than Ringgit Malaysia

TheassetsandliabilitiesofoperationsinfunctionalcurrenciesotherthanRM,includinggoodwillandfairvalueadjustmentsarisingonacquisition,aretranslatedtoRMatexchangeratesatthebalancesheetdate,exceptforgoodwillandfairvalueadjustmentsarisingfrombusinesscombinationsbefore1April2006whicharereportedusingtheexchangeratesatthedatesoftheacquisitions.TheincomeandexpensesofforeignoperationsaretranslatedtoRMatexchangeratesatthedatesofthetransactions.Theexchangedifferencesaredealtwithasamovementinreserves.

Foreigncurrencydifferencesarerecognisedintranslationreserve.Ondisposal,accumulatedtranslationdifferencesarerecognisedintheconsolidatedincomestatementaspartofthegainorlossonsale.

(iii) Net investment in foreign operations

ExchangedifferencesarisingfrommonetaryitemsthatinsubstanceformpartoftheCompany’snetinvestmentinforeignoperations,arerecognisedintheCompany’sincomestatement.Suchexchangedifferences are reclassified to equity in the consolidated financial statements. Deferred exchangedifferencesarerecognisedintheconsolidatedincomestatementupondisposaloftheinvestment.

(c) Property, plant and equipment

(i) Recognition and measurement

Items of property, plant and equipment are stated at cost less accumulated depreciation andimpairmentlosses.

Costincludesexpendituresthataredirectlyattributabletotheacquisitionoftheassetandanyothercostsdirectlyattributabletobringingtheassettoworkingconditionforitsintendeduse,andthecostsofdismantlingandremovingtheitemsandrestoringthesiteonwhichtheyarelocated.Thecostofself-constructedassets includes thecostofmaterialsanddirect labour.Purchased software that isintegraltothefunctionalityoftherelatedequipmentiscapitalisedaspartofthatequipment.




(c) Property, plant and equipment (Cont’d)

(i) Recognition and measurement (Cont’d)

Thecostofproperty,plantandequipmentrecognisedasaresultofabusinesscombinationisbasedon fair value at acquisition date. The fair value of property is the estimated amount for which apropertycouldbeexchangedonthedateofvaluationbetweenawillingbuyerandawillingsellerinanarm’slengthtransactionafterpropermarketingwhereinthepartieshadeachactedknowledgeably,prudentlyandwithoutcompulsion.Thefairvalueofotheritemsofplantandequipmentisbasedonthequotedmarketpricesforsimilaritems.

Whensignificantpartsofanitemofproperty,plantandequipmenthavedifferentusefullives,theyareaccountedforasseparateitems(majorcomponents)ofproperty,plantandequipment.

Gainsandlossesondisposalofanitemofproperty,plantandequipmentaredeterminedbycomparingthe proceeds from disposal with the carrying amount of property, plant and equipment and arerecognised netwithin “other operating income” or “other operating expenses” respectively in theincomestatements.

(ii) Subsequent costs

Thecostofreplacingpartofanitemofproperty,plantandequipmentisrecognisedinthecarryingamountoftheitemifitisprobablethatthefutureeconomicbenefitsembodiedwithinthepartwillflowtotheGroupanditscostcanbemeasuredreliably.Thecostsoftheday-to-dayservicingofproperty,plantandequipmentarerecognisedintheincomestatementsasincurred.

(iii) Depreciation

Depreciationisrecognisedintheincomestatementsonastraight-linebasisovertheestimatedusefullivesofeachpartofanitemofproperty,plantandequipment.Freeholdlandisnotdepreciated.

Thedepreciationratesforthecurrentandcomparativeperiodsareasfollows:

% Buildings 2 Buildingimprovement 10 Electricalinstallation 10 Plant,machinery,factoryequipmentandtools 20 Hotelequipment,furniture,fittings,clubandofficeequipment 12.5-33.3 Motorvehicles 20

Depreciationmethods,usefullivesandresidualvaluesarereassessedatthebalancesheetdate.




(d) Leased assets

(i) Finance lease

LeasesintermsofwhichtheGrouportheCompanyassumesubstantiallyalltherisksandrewardsofownershipareclassifiedasfinanceleases.Uponinitialrecognitiontheleasedassetismeasuredatanamountequaltothe lowerof its fairvalueandthepresentvalueoftheminimumleasepayments.Subsequenttoinitialrecognition,theassetisaccountedforinaccordancewiththeaccountingpolicyapplicabletothatasset.

Minimumleasepaymentsmadeunderfinanceleasesareapportionedbetweenthefinanceexpenseandthereductionoftheoutstandingliability.Thefinanceexpenseisallocatedtoeachperiodduringtheleasetermsoastoproduceaconstantperiodicrateofinterestontheremainingbalanceoftheliability.Contingentleasepaymentsareaccountedforbyrevisingtheminimumleasepaymentsovertheremainingtermoftheleasewhentheleaseadjustmentisconfirmed.

(ii) Operating lease

Lease,wheretheGroupdoesnotassumesubstantiallyalltherisksandrewardsoftheownershipareclassifiedasoperatingleasesand,exceptforpropertyinterestheldunderoperatinglease,theleasedassetsarenot recognisedon theGroup’sbalancesheet.Property interestheldunderanoperatinglease,whichisheldtoearnrentalincomeorforcapitalappreciationorboth,isclassifiedasinvestmentproperty.

Leaseholdlandthatnormallyhasanindefiniteeconomiclifeandtitleisnotexpectedtopasstothelesseebytheendoftheleasetermistreatedasanoperatinglease.Thepaymentmadeonenteringintooracquiringaleaseholdlandisaccountedforasprepaidleasepayments.

Paymentsmadeunderoperating leasesare recognised in the incomestatementsona straight-linebasisoverthetermofthelease.Leaseincentivesreceivedarerecognisedasanintegralpartofthetotalleaseexpense,overthetermofthelease.

Leaseholdlandisamortisedovertherespectiveleaseperiodof30to50years.

(e) Goodwill

Goodwillarisesonbusinesscombinationsandismeasuredatcostlessanyaccumulatedimpairmentlosses.

Foracquisitionspriorto1April2006,goodwillrepresentstheexcessofthecostoftheacquisitionovertheGroup’sinterestinthefairvalueofthenetidentifiableassetsandliabilities.

WiththeadoptionofFRS3beginning1April2006,goodwillrepresentstheexcessofthecostoftheacquisitionovertheGroup’sinterestinthenetfairvalueoftheidentifiableassets,liabilitiesandcontingentliabilitiesoftheacquiree.

Any excess of the Group’s interest in the net fair value of acquiree’s identifiable assets, liabilities andcontingentliabilitiesoverthecostofacquisitionisrecognisedimmediatelyinincomestatements.




(f) Investments in equity securities

Investmentsinequitysecuritiesarerecognisedinitiallyatfairvalueplusattributabletransactioncosts.

On disposal of an investment, the difference between net disposal proceeds and its carrying amount isrecognisedintheincomestatements.

All investments inequitysecuritiesareaccounted forusingsettlementdateaccounting.Settlementdate

accountingrefersto:

a) therecognitionofanassetonthedayitisreceivedbytheentity,and

b) thederecognitiononanassetandrecognitionofanygainorlossondisposalonthedateitisdelivered.

(g) Receivables

Receivables are initially recognised at their cost when the contractual right to receive cash or anotherfinancialassetfromanotherentityisestablished.

Subsequenttoinitialrecognition,receivablesarestatedatcostlessallowancefordoubtfuldebts.

Receivablesarenotheldforthepurposeoftrading.

(h) Inventories

Inventoriesaremeasuredatthelowerofcostandnetrealisablevalue.Thecostofinventoriesisbasedonthefirst-in,first-outprincipleandincludesexpenditureincurredinacquiringtheinventoriesandbringingthem to their existing location and condition. In the caseofmanufactured inventories, cost includes anappropriateshareofproductionoverheadsbasedonnormaloperatingcapacity.Netrealisablevalueistheestimatedsellingpriceintheordinarycourseofbusiness,lesstheestimatedcostsofcompletionandtheestimatedcostsnecessarytomakethesale.

(i) Non-current assets held for sale

Non-currentassets(ordisposalgroupscomprisingassetsandliabilities)thatareexpectedtoberecoveredprimarilythroughsaleratherthanthroughcontinuinguseareclassifiedasheldforsale.Immediatelybeforeclassificationasheldforsale,theassets(orcomponentsofadisposalgroup)areremeasuredinaccordancewiththeGroup’saccountingpolicies.Thereaftergenerallytheassets(ordisposalgroup)aremeasuredattheloweroftheircarryingamountandfairvaluelesscosttosell.Anyimpairmentlossonadisposalgroupfirstisallocatedtogoodwill,andthentoremainingassetsandliabilitiesonproratabasis,exceptthatnolossisallocatedtoinventoriesandfinancialassets,whichcontinuetobemeasuredinaccordancewiththeGroup’saccountingpolicies.Impairmentlossesoninitialclassificationasheldforsaleandsubsequentgainsorlossesonremeasurementarerecognisedintheincomestatements.Gainsarenotrecognisedinexcessofanycumulativeimpairmentloss.

(j) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, balances and depositswith banks and highly liquidinvestmentswhichhaveaninsignificantriskofchangesinvalue.Forthepurposeofthecashflowstatements,cashandcashequivalentsarepresentednetofbankoverdraftsandpledgeddeposits,ifany.




(k) Equity instruments

Allequityinstrumentsarestatedatcostoninitialrecognitionandarenotre-measuredsubsequently.

Share issue expenses

Incrementalcostsdirectlyattributabletoissueofsharesandshareoptionclassifiedasequityarerecognisedasadeductionfromequity.

(l) Payables

Payablesaremeasuredinitiallyandsubsequentlyatcost.Payablesarerecognisedwhenthereisacontractualobligationtodelivercashoranotherfinancialassettoanotherentity.

(m) Provisions

Aprovisionisrecognisedif,asaresultofapastevent,theGrouphasapresentlegalorconstructiveobligationthatcanbeestimatedreliably,anditisprobablethatanoutflowofeconomicbenefitswillberequiredtosettletheobligation.Provisionsaredeterminedbydiscountingtheexpectedfuturecashflowsatapre-taxratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheliability.

Onerous contracts

AprovisionforonerouscontractsisrecognisedwhentheexpectedbenefitstobederivedbytheGroupfromacontractarelowerthantheunavoidablecostofmeetingitsobligationsunderthecontract.Theprovisionismeasuredat thepresentvalueof the lowerof theexpectedcostof terminating thecontractand theexpectednetcostofcontinuingwiththecontract.Beforeaprovisionisestablished,theGrouprecognisesanyimpairmentlossontheassetsassociatedwiththatcontract.

(n) Contingent liabilities

Whereitisnotprobablethatanoutflowofeconomicbenefitswillberequired,ortheamountcannotbeestimatedreliably,theobligationisdisclosedasacontingentliability,unlesstheprobabilityofoutflowofeconomicbenefitsisremote.Possibleobligations,whoseexistencewillonlybeconfirmedbytheoccurrenceor non-occurrence of one or more future events are also disclosed as contingent liabilities unless theprobabilityofoutflowofeconomicbenefitsisremote.

Where the Company enters into financial guarantee contracts to guarantee the indebtedness of othercompanieswithinitsgroup,theCompanyconsidersthesetobeinsurancearrangements,andaccountsforthemassuch.Inthisrespect,theCompanytreatstheguaranteecontractasacontingentliabilityuntilsuchtimeasitbecomesprobablethattheCompanywillberequiredtomakeapaymentundertheguarantee.

(o) Impairment of assets

Thecarryingamountsofassetsexceptforfinancialassetsandinventoriesarereviewedateachreportingdate to determinewhether there is any indicationof impairment. If any such indication exists then theasset’srecoverableamountisestimated.Forgoodwillthathasindefiniteusefullives,recoverableamountisestimatedusuallyateachreportingdate.




(o) Impairment of assets (Cont’d)

Therecoverableamountofanassetorcash-generatingunitisthegreaterofitsvalueinuseanditsfairvaluelesscoststosell.Inassessingvalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapre-taxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheasset.Forthepurposeofimpairmenttesting,assetsaregroupedtogetherintothesmallestgroupofassetsthatgeneratescash inflowsfromcontinuingusethatare largely independentofthecashinflowsofotherassetsorgroupsofassets(the“cash-generatingunit”).Thegoodwillacquiredinabusinesscombination,forthepurposeofimpairmenttesting,isallocatedtocash-generatingunitsthatareexpectedtobenefitfromthesynergiesofthecombination.

An impairment loss is recognised if the carrying amount of an asset or its cash-generatingunit exceedsits recoverable amount. Impairment losses are recognised in the income statements. Impairment lossesrecognised in respect of cash-generating units are allocated first to reduce the carrying amount of anygoodwillallocatedtotheunitsandthentoreducethecarryingamountoftheotherassetsintheunit(groupsofunits)onaproratabasis.

An impairment loss in respectof goodwill is not reversed. In respectofother assets, impairment lossesrecognised in prior periods are assessed at each reporting date for any indications that the loss hasdecreasedornolongerexists.Animpairmentlossisreversediftherehasbeenachangeintheestimatesused to determine the recoverable amount. An impairment loss is reversed only to the extent that theasset’scarryingamountdoesnotexceed thecarryingamount thatwouldhavebeendetermined,netofdepreciationoramortisation,ifnoimpairmentlosshadbeenrecognised.Reversalsofimpairmentlossesarecreditedtotheincomestatementsintheyearinwhichthereversalsarerecognised.

(p) Loans and borrowings

Loansandborrowingsarestatedatamortisedcostwithanydifferencebetweencostandredemptionvaluebeingrecognisedintheincomestatementsovertheperiodoftheborrowingsusingtheeffectiveinterestmethod.

(q) Employee benefits

Short term employee benefits

Short-termemployeebenefitobligationsinrespectofsalaries,annualbonuses,paidannualleaveandsickleavearemeasuredonanundiscountedbasisandareexpensedastherelatedserviceisprovided.

Aprovisionisrecognisedfortheamountexpectedtobepaidundershort-termcashbonusorprofit-sharingplansiftheGrouphasapresentlegalorconstructiveobligationtopaythisamountasaresultofpastserviceprovidedbytheemployeeandtheobligationcanbeestimatedreliably.

TheGroup’scontributionstostatutorypensionfundsarechargedtotheincomestatementsintheyeartowhichtheyrelate.Oncethecontributionshavebeenpaid,theGrouphasnofurtherpaymentobligations.




(r) Revenue recognition

(i) Goods sold

Revenuefromthesaleofgoodsismeasuredatfairvalueoftheconsiderationreceivedorreceivable,net of returns and allowances, trade discounts and volume rebates. Revenue is recognised whenthesignificant risksandrewardsofownershiphavebeentransferred to thebuyer, recoveryof theconsiderationisprobable,theassociatedcostsandpossiblereturnofgoodscanbeestimatedreliably,andthereisnocontinuingmanagementinvolvementwiththegoods.

(ii) Service charge

Servicechargeisrecognisedaswhenitaccruesovertheinstalmentperiodbasedonthesum-of-digitsmethod.UnearnedservicechargeasatbalancesheetdateisdeferredtofutureperiodsandisdeductedfromthetradereceivablesbalanceshownonthebalancesheetasdisclosedinNote7.

(iii) Service fee and facility fee

Service feeand facility feeare recognisedas andwhen the fees accrue,when the right to receivepaymentisestablished.

(iv) Insurance commission

Insurancecommissionisrecognisedasitaccrues,whentherighttoreceivepaymentisestablished.

(v) Management fee

Managementfeeisrecognisedasitaccrues,whentherighttoreceivepaymentisestablished.

(vi) Gaming income

Gaming income represents net house takings, is recognisedwhen the right to receive payment isestablished.

(vii) Hotel income

Revenuefromtheprovisionofrooms,foodsandbeverageandotherdepartmentsalesarerecognisedwhenservicesarerendered.

(viii) Rental income

Rentalincomeisrecognisedasitaccrues,whentherighttoreceivepaymentisestablished.

(s) Interest income and borrowing cost

Interestincomeisrecognisedasitaccrues,usingtheeffectiveinterestmethod.

All borrowing costs are recognised in the income statements using the effective interestmethod in theperiodinwhichtheyareincurredexcepttotheextentthattheyarecapitalisedasbeingdirectlyattributabletotheacquisition,constructionorproductionofanassetwhichnecessarilytakesasubstantialperiodoftimetobepreparedforitsintendeduse.




(t) Tax expense

Taxexpensecomprisescurrentanddeferredtax.Taxexpenseisrecognisedintheincomestatementsexcepttotheextentthatitrelatestoitemsrecogniseddirectlyinequity,inwhichcaseitisrecognisedinequity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted orsubstantivelyenactedatthebalancesheetdate,andanyadjustmenttotaxpayableinrespectofpreviousyears.

Deferredtaxisrecognisedusingthebalancesheetmethod,providingfortemporarydifferencesbetweenthecarryingamountsofassetsandliabilitiesforreportingpurposesandtheamountsusedfortaxationpurposes.Deferredtaxisnotrecognisedforthefollowingtemporarydifferences:theinitialrecognitionofgoodwill,theinitialrecognitionofassetsorliabilitiesinatransactionthatisnotabusinesscombinationandthataffectsneitheraccountingnortaxableprofit(taxloss).Deferredtaxismeasuredatthetaxratesthatareexpectedtobeappliedtothetemporarydifferenceswhentheyreverse,basedonthelawsthathavebeenenactedorsubstantivelyenactedbythebalancesheetdate.

Deferredtaxliabilityisrecognisedforalltaxabletemporarydifferences.

Adeferredtaxassetisrecognisedtotheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainstwhichtemporarydifferencecanbeutilised.Deferredtaxassetsarereviewedateachreportingdateandarereducedtotheextentthatitisnolongerprobablethattherelatedtaxbenefitwillberealised.

(u) Earnings per ordinary share

TheGrouppresentsbasicearningsperordinaryshare(EPS)dataforitsordinaryshares.BasicEPSiscalculatedbydividingtheprofitorlossattributabletoordinaryshareholdersoftheCompanybytheweightedaveragenumberofordinarysharesoutstandingduringtheperiod.

(v) Segment reporting

A segment is a distinguishable component of theGroup that is engagedeither in providingproducts orservices(businesssegment),orinprovidingproductsorserviceswithinaparticulareconomicenvironment(geographicalsegment),whichissubjecttorisksandrewardsthataredifferentfromthoseofothersegments.


Notes to the Financial Statements (cont’d)3.

Pr

oper

ty, p

lant

and

equ

ipm

ent

H

otel

Bu

ildin

gs,

eq

uipm

ent,

bu

ildin

g Pl

ant,

fu

rnit

ure,

impr

ovem

ent

mac

hine

ry,

fixtu

res,

an

d fa

ctor

y cl

ub a

nd

Fr

eeho

ld

elec

tric

al

equi

pmen

t offi

ce

Mot

or

G

roup

N

ote

land

in

stal

lati

on

and

tool

s eq

uipm

ent

vehi

cles

To

tal

RM

RM

RM

RM

RM

RM

Cost

1April20

08

-

8,49

2,94

03,09

0,30

515

,782

,276

69

2,13

528

,057

,656

Add

ition

s

-6,11

1,54

310

,285

1,49

0,51

7-

7,61

2,34

5

Dispo

sals

-

--

(357

,027

)-

(357

,027

)

Writeoff

-

(49,40

0)

(10,46

3)

(350

,904

)-

(410

,767

)

Eff

ectsofm

ovem

entinexchan

gerate

-

644,87

4-

2,03

6,11

011

,197

2,69

2,18

1

At3

1March200

9/1April20

09

-

15,199

,957

3,09

0,12

718

,600

,972

70

3,33

237

,594

,388

Acquisitio

nofasub

sidiary

50

0,00

0-

--

-50

0,00

0

Add

ition

s

-41

5,38

870

,140

49

6,96

3-

982,49

1

Dispo

sals

-

--

(23,74

1)

-(23,74

1)

Writeoff

-

-(8,296

)(836

)-

(9,132

)

Eff

ecto

fmov

emen

tinexchan

gerate

-

(548

,035

)-

(1,729

,021

)(9,498

)(2,286

,554

)

At3

1March201

0

500,00

015

,067

,310

3,15

1,97

117

,344

,337

69

3,83

436

,757

,452


Notes to the Financial Statements (cont’d)3.

Pro

pert

y, p

lant

and

equ

ipm

ent

(Con

t’d)

H

otel

Bu

ildin

gs,

eq

uipm

ent,

bu

ildin

g Pl

ant,

fu

rnit

ure,

impr

ovem

ent

mac

hine

ry,

fixtu

res,

an

d fa

ctor

y cl

ub a

nd

Fr

eeho

ld

elec

tric

al

equi

pmen

t offi

ce

Mot

or

G

roup

N

ote

land

in

stal

lati

on

and

tool

s eq

uipm

ent

vehi

cles

To

tal

RM

RM

RM

RM

RM

RM

D

epre

ciati

on a

nd im

pair

men

t los

s

1April20

08

-

854,33

83,04

6,50

54,14

8,08

835

5,89

78,40

4,82

8

Dep

reciati

onfo

rtheyear

17

-65

4,46

428

,008

1,92

8,46

213

0,19

72,74

1,13

1

Im

pairmen

tloss

17

--

-5,70

0,91

8-

5,70

0,91

8

Dispo

sals

-

--

(134

,413

)-

(134

,413

)

Writeoff

-

-(10,45

2)

(14,01

5)

-(24,46

7)

Eff

ectsofm

ovem

entinexchan

gerate

-

36,210

-

970,97

11,49

31,00

8,67

4

At3

1March200

9/1April20

09

Accum

ulated

dep

reciati

on

-

1,54

5,01

23,06

4,06

16,89

9,09

348

7,58

711

,995

,753

Accum

ulated

impa

irmen

tloss

-

--

5,70

0,91

8-

5,70

0,91

8

-

1,54

5,01

23,06

4,06

112

,600

,011

48

7,58

717

,696

,671

Dep

reciati

onfo

rtheyear

17

-70

8,61

520

,468

1,88

5,74

887

,084

2,70

1,91

5

Dispo

sals

-

--

(21,77

9)

-(21,77

9)

Writeoff

-

-(8,288

)(258

)-

(8,546

)

Eff

ectsofm

ovem

entinexchan

gerate

-

(84,42

1)

-(1,323

,783

)(3,166

)(1,411

,370

)

At3

1March201

0

Accum

ulated

dep

reciati

on

-

2,16

9,20

63,07

6,24

17,43

9,02

157

1,50

513

,255

,973

Accum

ulated

impa

irmen

tloss

-

--

5,70

0,91

8-

5,70

0,91

8

-

2,16

9,20

63,07

6,24

113

,139

,939

57

1,50

518

,956

,891

Carr

ying

am

ount

s

At1

April20

08

-

7,63

8,60

243

,800

11

,634

,188

33

6,23

819

,652

,828

At3

1March200

9/1April20

09

-

13,654

,945

26

,066

6,00

0,96

121

5,74

519

,897

,717

At3

1March201

0

500,00

012

,898

,104

75

,730

4,20

4,39

812

2,32

917

,800

,561



3. Property, plant and equipment (Cont’d)

Furniture, fixtures and office Company Note Buildings equipment Total RM RM RM Cost At1April2008 - 507,809 507,809 Additions 6,075,716 1,249,313 7,325,029 Disposals - (310,013) (310,013) Writeoff - (48,887) (48,887) At31March2009/1April2009 6,075,716 1,398,222 7,473,938 Additions 334,755 61,396 396,151 At31March2010 6,410,471 1,459,618 7,870,089 Accumulated depreciation At1April2008 - 186,563 186,563 Depreciationfortheyear 17 121,514 185,123 306,637 Disposals - (123,624) (123,624) Writeoff - (13,851) (13,851) At31March2009/1April2009 121,514 234,211 355,725 Depreciationfortheyear 17 125,978 281,963 407,941 At31March2010 247,492 516,174 763,666

Carrying amounts At1April2008 - 321,246 321,246

At31March2009/1April2009 5,954,202 1,164,011 7,118,213

At31March2010 6,162,979 943,444 7,106,423

i) Assets under finance lease

Includedunderproperty,plantandequipmentoftheGroupisacarryingamountofmotorvehiclesamountingtoRM76,444(2009:RM146,385)acquiredunderfinanceleaseinstalmentplans.

ii) Security

ThebuildingsoftheGroupandtheCompanywiththecarryingamountofRM9,061,113(2009:RM9,186,538)andRM6,162,979(2009:5,954,202)respectivelyarepledgedforbankingfacilities(seeNote13).

ThetitledocumentoftheGroup’sandtheCompany’sbuildinghasyettobeissuedbytherelevantauthorities.

Freeholdlandhasbeenpledgedforfacilitiesgrantedtoaformerdirectorofasubsidiary.



3. Property, plant and equipment (Cont’d)

iii) Impairment of assets

Duringthelastfinancialyear,clubequipmentwithacarryingamountofRM5,700,918wasfullyimpairedasfollows:

(a) Closure of club operation in Vietnam

An impairment charge of RM5,152,362 was made due to the unlawful interference of the club’s

businessbythehotelowner.ThehotelownerhasblockedandcontrolledtheclubsinceJuly2007andhasyettoreturnthephysicalpossessionoftheclubequipment.

(b) Closure of club operation in Cambodia

AnimpairmentchargeofRM548,556wasmadeduetotheeffectofCambodianGovernment’sorderto

closealle-gamingclubsinthecountry.Theimpairmentchargewasmadeonclubequipmentthatarenotinuse.

Inthecurrentfinancialyear,themanagementbelievesthattherecoverableamountsoftheassetsmaynot

besignificantlydifferentfromtheircarryingamount,thusnoimpairmentnorreversalsofimpairmentweremadeduringtheyear.

4. Prepaid lease payments Unexpired Unexpired period less period more than 50 than 50 Group Note years years Total RM RM RM Cost At1April2008 799,126 922,716 1,721,842 Effectofmovementinexchangerate 112,874 - 112,874 At31March2009/1April2009 912,000 922,716 1,834,716 Effectsofmovementinexchangerate (95,750) - (95,750) At31March2010 816,250 922,716 1,738,966 Accumulated amortisation At1April2008 2,663 154,591 157,254 Amortisationfortheyear 17 17,112 15,379 32,491 Effectsofmovementinexchangerate 1,505 - 1,505 At31March2009/1April2009 21,280 169,970 191,250 Amortisationfortheyear 17 17,283 15,379 32,662 Effectsofmovementinexchangerate (3,193) - (3,193) At31March2010 35,370 185,349 220,719



4. Prepaid lease payments (Cont’d) Unexpired Unexpired period less period more than 50 than 50 Group Note years years Total RM RM RM

Carrying amounts At1April2008 796,463 768,125 1,564,588 At31March2009/1April2009 890,720 752,746 1,643,466 At31March2010 780,880 737,367 1,518,247

Prepaid lease payments with a carrying amount of RM737,367 (2009 : RM752,746) are pledged for bankingfacilities(seeNote13).

5. Investments in subsidiaries Company 2010 2009 RM RM Unquotedshares,atcost 5,261,134 5,261,134 Less:Impairmentlosses (1,286,130) (1,286,130) 3,975,004 3,975,004

Detailsofthesubsidiariesareasfollows:

Equity Place of ownership Name of subsidiary incorporation interest Principal activities 2010 2009 WireMasterSpringSdn.Bhd. Malaysia 96% 96% Manufactureofprecisionsprings EPAAutomationSdn.Bhd. Malaysia 100% 100% Ceasedoperation EPAAutomationPteLtd*& Republicof 100% 100% Ceasedoperation Singapore GoldwealthCapitalSdn.Bhd. Malaysia 100% 100% Tradinginconsumerproducts GWPremiumCapitalSdn.Bhd. Malaysia 100% 100% Tradinginconsumerproducts andprovidefinancingservices ProbusinessInvestmentsLimited BritishVirgin 100% 100% Investmentholdingandgaming Islands operations



5. Investments in subsidiaries (Cont’d)

Equity Place of ownership Name of subsidiary incorporation interest Principal activities 2010 2009 Subsidiary of Goldwealth Capital Sdn. Bhd. -GWCapitalSdn.Bhd Malaysia 100% 100% Acquiringtradereceivablesfrom holdingcompanyandissuing privatedebtsecuritiestofund thepurchase Subsidiaries of Probusiness Investments Limited -AceUnicornLimited BritishVirgin 60% 60% Provisionofclubequipmentand Islands managementserviceforgaming operations -RemarkableGroupLimited BritishVirgin 50% 50% Provisionofclubequipmentand Islands managementserviceforgaming operations -EnseliniInternationalLimited BritishVirgin 65% 65% Gamingoperations Islands -AsiaPacificWinningLimited BritishVirgin 100% 100% Investmentholding Islands Subsidiary of Asia Pacific Winning Limited -Lao-MalaysiaInvestmentsGroup Republicof 75% 75% Hotelandgamingoperations Laos Subsidiary of Remarkable Group Limited -RichLeeHoldingsSdnBhd*# Malaysia 100% - Dormant

* SubsidiarynotauditedbyKPMG

& The auditors’ report of the financial statements of the subsidiary contains an emphasis of matter onuncertaintiesoveritsabilitytocontinueasagoingconcern.

# Theauditors’reportofthefinancialstatementsofthesubsidiarycontains:-

i) Adisclaimeropinionas

- the subsidiary has notmaintained its accounting records and related documents in a propermanner; and the financial statements consequently include significant amounts based onestimates. The auditors were unable to carry out appropriate audit procedures to obtainsufficientandappropriateauditevidenceovertheseestimates.Theauditorswerealsounabletodeterminetheeffectofadjustments,ifany,onthefinancialpositionofthesubsidiaryasat31March,2010,oritsfinancialperformanceandcashflowsforthefinancialyearthenended;and

- the subsidiary’s freehold land has been pledged to a bank for banking facilities granted to aformerdirector.Theauditorswereunabletoascertaintherepaymentstatusofthesaidloanandaccordingly,todeterminewhetheranyadjustmentswerenecessaryinrespectofthepropertyconcerned.

ii) Emphasisofmatteronuncertaintiesoverthesubsidiary’sabilitytocontinueasagoingconcern.



6. Goodwill on consolidation - Group

2010 2009 RM RM Carrying amount At1April - 393,054 Acquisitionofasubsidiary 28,220 - Impairmentlossfortheyear (28,220) (393,054) At31March - -

Impairment testing

Thegoodwillarisingfromtheacquisitionofthesubsidiarywasfullyimpairedduringtheyearasthesubsidiarywasinactiveatthedateofacquisition.

Inthepreviousfinancialyear,afullimpairmentwasmadeonthecarryingamountofthegoodwillinviewofthecompetitivebusinessoperatingconditionoftheGroup’ssupplyofconsumerproductsbusinesssegment.

7. Receivables, deposits and prepayments

Note Group Company 2010 2009 2010 2009 RM RM RM RM Non-current Trade Tradereceivables 11,842,840 15,679,210 - - Less:Unearnedservicecharges (3,950,309) (5,406,070) - - Totalnon-currentreceivables 7.1 7,892,531 10,273,140 - - Current Trade Tradereceivables 6,289,329 8,577,918 - - Less:Unearnedservicecharges (1,498,607) (2,118,475) - - 4,790,722 6,459,443 - - Less:Allowancefordoubtfuldebts (993,852) (1,047,423) - - 7.1 3,796,870 5,412,020 - -



7. Receivables, deposits and prepayments (Cont’d)

Note Group Company 2010 2009 2010 2009 RM RM RM RM Non-trade Amountduefromsubsidiaries - - 30,902,746 33,215,160 Less:Allowancefordoubtfuldebts - - (13,151,934) (12,637,965) 7.2 - - 17,750,812 20,577,195 Dividendreceivable - - 3,000,000 - Otherreceivables 7.3 9,670,559 10,685,600 5,022,112 5,177,479 Deposits 135,531 145,544 76,943 82,162 Prepayments 183,746 101,497 135,931 37,419 Less:Allowancefordoubtfuldebts (7,208,221) (7,333,659) (5,000,000) (5,000,000) 2,781,615 3,598,982 3,234,986 297,060 Totalcurrentreceivables 6,578,485 9,011,002 20,985,798 20,874,255

7.1 (i) The trade receivables are expected to be collected as follows :

2010 2009 RM RM Withinoneyear 3,796,870 5,412,020 Oneyeartofiveyears 4,323,541 6,139,503 Morethanfiveyears 3,568,990 4,133,637 11,689,401 15,685,160

(ii) Analysis of foreign currency exposure for significant receivables

SignificantreceivablesthatarenotdenominatedinthefunctionalcurrencyoftheGroupentitiesareasfollows:

Group Company Functional Foreign 2010 2009 2010 2009 currency currency RM RM RM RM RM USD 63,432 15,446 - -

7.2 Amounts due from subsidiaries

Thereceivablesduefromsubsidiariesareunsecured,interestfreeandrepayableondemand.



7. Receivables, deposits and prepayments (Cont’d)

7.3 Other receivables

i) IncludedinotherreceivablesoftheGroupisanamountofRM3,141,711(2009:RM3,130,181)beingadvancestocluboperatorsforthegamingoperations.AllowancefordoubtfuldebtsofRM2,208,221(2009:RM2,333,659)hasbeenmadeforasatbalancesheetdate.

ii) Included inother receivablesof theGroup is anamountofRM631,974 (2009 :RM1,500,252) thatrelatestopaymentsmadetocertainpartiesforthepurposeofapplicationofelectronicgaminglicensesforgamingbusinessintwospecifiedhotelslocatedinVietnam.

NoallowancefordoubtfuldebtshasbeenmadeinthefinancialstatementsinrespectoftheaboveamountastheDirectorsareoftheopinionthattheamountisrecoverableinfull.

iii) IncludedinotherreceivablesoftheGroupandoftheCompanyisanamountofRM5,000,000(2009:RM5,000,000)due froma thirdpartywhich isunsecured, interest-freeandhasnofixed termsofrepayment.Allowancefordoubtfuldebtshasbeenfullymadeforasatbalancesheetdate.

8. Inventories - Group

2010 2009 RM RM Atcost: Rawmaterials 480,807 673,152 Manufacturedinventories 201,602 244,038 682,409 917,190

9. Cash and cash equivalents

Group Company 2010 2009 2010 2009 RM RM RM RM Shorttermdepositswithlicensedbanksand financialinstitutions 2,140,493 1,755,184 - - Fixeddepositswithlicensedbanksand financialinstitutions 2,115,123 - - - 4,255,616 1,755,184 - - Cashandbankbalances 1,044,708 646,587 857 3,720 5,300,324 2,401,771 857 3,720



10. Share capital

2010 2009 Amount Number of Amount Number of RM shares RM shares OrdinarysharesofRM1each Authorised: 150,000,000 150,000,000 150,000,000 150,000,000 Issuedandfullypaid: Balanceat1April 44,753,400 44,753,400 44,753,000 44,753,000 Exerciseofwarrants RMNil(2009:RM1)perordinaryshare - - 400 400 31March 44,753,400 44,753,400 44,753,400 44,753,400

11. Reserves

Note Group Company 2010 2009 2010 2009 RM RM RM RM Non-distributable Sharepremium 11.1 132,167 132,167 132,167 132,167 Exchangefluctuationreserve 11.2 (1,227,780) (474,834) - - (1,095,613) (342,667) 132,167 132,167 Accumulatedlosses (12,797,421) (11,271,280) (23,316,009) (23,014,629) (13,893,034) (11,613,947) (23,183,842) (22,882,462)

11.1 Share premium

ThesharepremiumaccountarosefromtheprivateplacementnetofshareissueexpensesandESOSexercisedinprioryears.

11.2 Exchange fluctuation reserve

Exchangefluctuationreservecomprisesforeigncurrencydifferencesarisingfromthetranslationoffinancialstatementsofforeignoperations.

Themovementsofthereserveareshowninthestatementsofchangesinequity.

12. Minority interests

Thisconsistsofminorityshareholders’proportionofsharecapitalandreservesofsubsidiaries.



13. Borrowings

Note Group Company 2010 2009 2010 2009 RM RM RM RM Current Termloan-secured 13.3 260,186 171,244 260,186 171,244 Financeleaseliabilities 13.4 72,336 70,077 - - Bankoverdraft-secured - 961,425 - 961,425 332,522 1,202,746 260,186 1,132,669 Non-current Termloan-secured 13.3 4,692,590 4,765,504 4,692,590 4,765,504 Financeleaseliabilities 13.4 48,793 121,129 - - 4,741,383 4,886,633 4,692,590 4,765,504

13.1 Securities

Group/Company

ThetermloanissecuredbytheCompany’sbuilding.

Thebankoverdraftwassecuredbyasubsidiary’sbuildingandprepaidleasepayment.

13.2 Interest rate

Group/Company

Thetermloanissubjecttointerestrateat1.50%(2009:1.50%)abovebank’sprevailing3monthseffectivecostoffund.

Thebankoverdraftissubjecttointerestrateat1.25%(2009:1.25%)abovebaselendingrate.

Company

Financeleaseliabilitiesaresubjecttoafixedinterestratesrangingfrom2.40%to3.20%(2009:2.40%to3.20%)perannum.



13. Borrowings (Cont’d)

13.3 Terms and debt repayment schedule

Year of Carrying Under 2 - 5 Over maturity amount 1 year 1 - 2 years years 5 years RM RM RM RM RM Group

2010 Termloan-secured 2029 4,952,776 260,186 270,541 877,958 3,544,091 Financeleaseliabilities 2011-2013 121,129 72,336 41,231 7,562 - 5,073,905 332,522 311,772 885,520 3,544,091 2009 Termloan-secured 2029 4,936,748 171,244 180,508 602,255 3,982,741 Financeleaseliabilities 2011-2013 191,206 70,077 83,159 37,970 - Bankoverdraft-secured 961,425 961,425 - - - 6,089,379 1,202,746 263,667 640,225 3,982,741 Company 2010 Termloan-secured 2029 4,952,776 260,186 270,541 877,958 3,544,091 2009 Termloan-secured 2029 4,936,748 171,244 180,508 602,255 3,982,741 Bankoverdraft-secured 961,425 961,425 - - - 5,898,173 1,132,669 180,508 602,255 3,982,741

13.4 Finance lease liabilities Financeleaseliabilitiesarepayableasfollows:

2010 2009 Payments Interest Principal Payments Interest Principal RM RM RM RM RM RM Group

Lessthan1year 77,772 5,436 72,336 77,772 7,695 70,077 Between1and5years 53,447 4,654 48,793 131,219 10,090 121,129 131,219 10,090 121,129 208,991 17,785 191,206



14. Deferred tax liabilities

Therecogniseddeferredtaxliabilitiesareasfollows:

2010 2009 RM RM Property,plantandequipment -capitalallowances 142,000 132,000 Provision (47,000) (39,000) 95,000 93,000

Movement in temporary differences during the year

Recognised Recognised At in the At in the At 1 April income 31 March income 31 March 2008 statement 2009 statement 2010 RM RM RM RM RM Group Property,plantandequipment -capitalallowances 94,000 38,000 132,000 10,000 142,000 Provisions (30,000) (9,000) (39,000) (8,000) (47,000) 64,000 29,000 93,000 2,000 95,000

Note20 Note20

Nodeferredtaxhasbeenrecognisedforthefollowingitems:

Group Company 2010 2009 2010 2009 RM RM RM RM Taxabletemporarydifferences 21,000 122,000 21,000 122,000 Unabsorbedcapitalallowances (77,000) - (77,000) - Unutilisedtaxlosses (7,547,000) (7,533,000) (2,872,000) (2,808,000) (7,603,000) (7,411,000) (2,928,000) (2,686,000)

Thetaxabletemporarydifferences,unabsorbedcapitalallowancesandunutilisedtaxlossesdonotexpireundercurrenttaxlegislation.Deferredtaxassetshavenotbeenrecognisedinrespectoftheseitemsbecauseitisnotprobable that future taxableprofitwillbeavailableagainstwhich theGroupandtheCompanycanutilise thebenefits.

Thecomparativefigureshavebeen restated to reflect the revised taxable temporarydifferences,unabsorbedcapitalallowancesandunutilisedtaxlossesavailabletotheGroupandtheCompany.



15. Payables and accruals

Note Group Company 2010 2009 2010 2009 RM RM RM RM Trade

Tradepayables 1,149,113 1,154,624 - -

Non-trade

Amountsduetosubsidiaries 15.1 - - 5,378,010 4,009,767 Otherpayables 15.2 2,108,909 2,944,525 153,575 165,561 Accruedexpenses 322,560 233,485 14,163 26,753 2,431,469 3,178,010 5,545,748 4,202,081 15.3 3,580,582 4,332,634 5,545,748 4,202,081

15.1 Amounts due to subsidiaries

TheamountsduetosubsidiariesoftheCompanyareunsecured,interestfreeandrepayableondemand.

15.2 Other payables

IncludedinotherpayablesoftheGroupisanamountofRM19,083(2009:RM1,018,395)duetominorityshareholdersofcertainsubsidiaries.Theamountisunsecured,interest-freeandrepayableondemand.

15.3 Analysis of foreign currency exposure for significant payables

SignificantpayablesthatarenotinthefunctionalcurrenciesoftheGroupentitiesareasfollows:

Group Functional Foreign 2010 2009 currency currency RM RM RM USD 62,725 37,694 RM Euro 909,478 909,478 RM SGD 18,231 - SGD Euro 140,965 154,931

16. Revenue Group Company 2010 2009 2010 2009 RM RM RM RM Invoicedvalueofgoodssoldlessdiscounts andreturns 5,295,287 10,106,407 - - Servicecharges 2,429,080 3,407,874 - - Managementfees 1,092,368 496,931 180,000 420,000 Gamingincome 211,776 - - - Hotelincome 892,212 885,166 - - Rentalincome 325,666 185,052 470,172 274,267 Dividendincome - - 3,000,000 - 10,246,389 15,081,430 3,650,172 694,267



17. Loss before tax

Lossbeforetaxisarrivedat:

Note Group Company 2010 2009 2010 2009 RM RM RM RM Aftercharging: Auditors’remuneration AuditorsoftheCompany - currentyear - auditservices 92,990 100,000 20,000 20,000 - otherservices 12,150 11,750 3,500 - - prioryear - auditservices (775) 8,000 - - Otherauditors - currentyear - auditservices 5,111 3,891 - - Depreciationofproperty,plant andequipment 3 2,701,915 2,741,131 407,941 306,637 Amortisationofprepaidleasepayments 4 32,662 32,491 - - Baddebtswrittenoff - 62,285 - - DirectorsoftheCompany - Remuneration 1,106,875 1,152,290 129,000 321,000 OtherDirectors - Remuneration - 12,000 - - Rentalofpremises - 193,544 - 61,530 Allowancefordoubtfuldebts - thirdparties 126,584 2,681,663 - - - subsidiary - - 513,969 9,757,450 Impairmentlossonplantandequipment 3 - 5,700,918 - - Impairmentlossongoodwill 6 28,220 393,054 - - Allowanceforslowmovinginventories 29,935 - - - Operatingleaserentals 151,707 174,679 - - Lossonforeignexchange - realised - 9,013 - - - unrealised - 900 2,209,174 - Plantandequipmentwrittenoff 586 386,300 - 35,036 Lossondisposalofplantandequipment - 156,219 - 136,563 Interestpaidandpayables - financeleaseliabilities 7,695 9,954 - - - commercialpapers - 322,601 - - - termloan 195,163 264,027 195,163 264,027 - bankoverdraft 21,478 20,409 21,478 20,409 - others 3,722 4,593 - - andaftercrediting: Gainonforeignexchange - realised 1,092 19,898 - - - unrealised 58,612 12,498 - 2,413,439 Gainondisposalofassetclassifiedasheldforsale - 327,719 - 327,719 Interestincome 52,347 146,758 - 17,918 Gainondisposalofplantandequipment 598 - - - Baddebtsrecovered 1,268 5,015 - - Allowancefordoubtfuldebtswrittenback - 4,640 - - Rentalincomefrom: - thirdparties 325,666 185,052 325,666 185,052 - subsidiary - - 144,506 89,215



18. Employee information Group Company 2010 2009 2010 2009 RM RM RM RM Staffcosts(includingDirectors’remuneration) 3,497,919 3,438,053 363,534 567,804

StaffcostsincludecontributionstotheEmployees’ProvidentFundoftheGroupandoftheCompanyofRM203,461(2009:RM208,429)andRM22,561(2009:RM25,433)respectively.

Equity compensation benefits- Group

Share-based payments

On5September2003,theGroupestablishedashareoptionprogrammethatentitleskeymanagementpersonneland senior employees to purchase shares in the Group. In accordance with these programmes options areexercisableatthemarketpriceofthesharesatthedateofgrant.

TheGroupoffersvestedshareoptionsoverordinarysharestoDirectorsandothereligibleemployees.

Theexercisable conditionof the shareoption is that theeligiblepersons areentitled toexercise thenumberofoptionsgrantedequallyovertheremaininglifeofESOSfromthegrantingdateonconditionthattheeligiblepersonsarestillinemployment.Theoptionsgrantedhadexpiredon19November2008.

Thenumberandweightedaverageexercisepricesofshareoptionsareasfollows:

Weighted Weighted average Number average Number exercise of options exercise of options price ’000 price ’000 2010 2010 2009 2009 RM RM Outstandingat1April - - 1.19 2,946 Lapsedduringtheyear - - 1.19 (2,946) Outstandingat31March - - - - Exercisableat31March - - - -

19. Key management personnel compensation

Thekeymanagementpersonnelcompensationsareasfollows:

Group Company 2010 2009 2010 2009 RM RM RM RM DirectorsoftheCompany - Remuneration 1,106,875 1,152,290 129,000 321,000 Otherdirector - Remuneration - 12,000 - - 1,106,875 1,164,290 129,000 321,000



20. Tax expense

Recognised in the income statements

Group Company 2010 2009 2010 2009 RM RM RM RM Current tax expense -Currentyear 291,810 422,255 810 1,955 -Prioryears (35,318) (5,452) - - Totalcurrenttaxrecognisedinthe incomestatements 256,492 416,803 810 1,955 Deferred tax expense -Currentyear 2,000 14,000 - - -Prioryears - 15,000 - - Totaldeferredtaxrecognisedinthe incomestatements 2,000 29,000 - - Totaltaxexpense 258,492 445,803 810 1,955

Reconciliation of effective tax expense Lossfortheyear (1,405,240) (7,705,601) (301,380) (7,783,213) Totaltaxexpense 258,492 445,803 810 1,955 Lossbeforetax (1,146,748) (7,259,798) (300,570) (7,781,258) TaxcalculatedusingMalaysiantaxrateof25% (286,687) (1,814,950) (75,142) (1,945,315) Lossesofforeignsubsidiariesnot availableforset-off 481,836 2,056,119 - - Non-deductibleexpenses 42,734 102,301 764,581 2,495,389 Non-taxableincome - (1,566) (750,000) (603,360) Deferredtaxassetsnotrecognised 48,756 86,166 60,561 53,745 Otheritems 7,171 8,185 810 1,496 293,810 436,255 810 1,955 (Over)/underprovisioninprioryears (35,318) 9,548 - - Taxexpense 258,492 445,803 810 1,955

21. Basic loss per ordinary share - Group Basic loss per ordinary share ThecalculationofbasiclosspershareisbasedonnetlossattributabletoordinaryshareholdersofRM1,526,141

(2009 : RM7,362,076) and the weighted average number of ordinary shares outstanding during the year of44,753,400(2009:44,753,400).



22. Related parties - Group/Company Forthepurposesofthesefinancialstatements,partiesareconsideredtoberelatedtotheGrouportheCompany

if theGroupor theCompanyhas the ability, directly or indirectly, to control thepartyor exercise significantinfluenceovertheparty inmakingfinancialandoperatingdecisions,orviceversa,orwheretheGrouportheCompanyandthepartyaresubjecttocommoncontrolorcommonsignificantinfluence.Relatedpartiesmaybeindividualsorotherentities.

Keymanagementpersonnelaredefinedasthosepersonshavingauthorityandresponsibilityforplanning,directingandcontrollingtheactivitiesoftheGroupeitherdirectlyorindirectly.ThekeymanagementpersonnelincludealltheDirectorsoftheGroup,andcertainmembersofseniormanagementoftheGroup.

Relatedpartiesincludethefollowing:

i) SubsidiariesoftheCompany

ii) DirectorsandkeymanagementpersonneloftheCompany

iii) ProfitHavenSdn.Bhd. (“PHSB”), a company inwhichaDirector is deemed tohave substantialfinancialinterest

iv) MachinesSdn.Bhd.(“MSB”),acompanyinwhichaDirectorisdeemedtohavesubstantialfinancialinterest

v) KeyspanExpressSdn.Bhd.(“KESB”),acompanyinwhichaDirectorisdeemedtohavesubstantialfinancialinterest

vi) SunriseCentureSdn.Bhd.(“SCSB”),acompanyinwhichaDirectorisdeemedtohavesubstantialfinancialinterest

22.1 ThesignificantrelatedpartytransactionsoftheGroupandtheCompany,otherthanthosedisclosedinthefinancialstatementsareasfollows:

i) TransactionsbetweentheCompanyanditssubsidiaries:

Transactions amount for the year ended 31 March 2010 2009 RM RM Dividendincome 3,000,000 - Managementfeesreceivable 180,000 420,000 Rentalreceivable 144,506 89,215



22. Related parties - Group/Company (Cont’d)

ii) TransactionswithcompaniesinwhichaDirectorisdeemedtohavesubstantialfinancialinterest:

Group Company 2010 2009 2010 2009 RM RM RM RM Purchaseofbuilding 322,686 6,346,000 322,686 6,346,000 Rentalpayable - 89,600 - 61,530 Rentalreceivable 317,232 185,052 317,232 185,052 Saleofequipment 1,960 53,260 - 48,301

iii) TransactionswithDirectorsandkeymanagementpersonnel

TherewerenotransactionswiththeDirectorsandkeymanagementpersonnelotherthantheremunerationpackagepaidtotheminaccordancewiththetermsandconditionsoftheirappointment.

22.2 Significantnon-traderelatedcompanies’balances-Company

2010 2009 RM RM Amountsduefromsubsidiaries 30,902,746 33,215,160 Less:Allowancefordoubtfuldebts (13,151,934) (12,637,965) 17,750,812 20,577,195 Amountsduetosubsidiaries 5,378,010 4,009,767

Alltheamountsoutstandingareunsecured,interest-freeandrepayableondemand.

23. Contingent liabilities - Unsecured

Group

i) FreeholdlandpledgedtobankforcreditfacilitiesgrantedtoaformerdirectorofasubsidiaryamountedtoRM500,000(2009:Nil)

Company

i) TheCompanyhas issuedcorporateguarantees tofinancial institutionsamounting toRM116,526 (2009 :RM1.00million)forbankingfacilitiesgrantedtosubsidiariesofwhichRM116,526(2009:RM268,000)wasutilisedatbalancesheetdate.

ii) The Company has issued corporate guarantees to a subsidiary for hire purchase facility amounting toRM68,378(2009:RM99,000)asatbalancesheetdate.

iii) TheCompanyhasundertakentoprovidefinancialsupporttocertainsubsidiariestoenablethemtocontinueasagoingconcern.



24. Segmental information - Group

Segment information ispresented inrespectof theGroup’sbusinessandgeographicalsegments.Theprimaryformat,businesssegments,isbasedontheGroup’smanagementandinternalreportingstructure.

Segmentresults,assetsandliabilitiesincludeitemsdirectlyattributabletoasegmentaswellasthosethatcanbeallocatedonareasonablebasis.Unallocateditemsmainlycompriseinterest-earningassetsandrelatedrevenue,interest-bearingloans,borrowingsandrelatedexpenses,andcorporateassetsandexpenses.

Segmentcapitalexpenditureisthetotalcostincurredduringtheyeartoacquireproperty,plantandequipmentandintangibleassetsotherthangoodwill.

Business segments

TheGroupcomprisesthefollowingmainbusinesssegments:

Manufacturing Manufactureofprecisionsprings Supply Supplyofconsumerproducts Gaming Managementofgamingoperationandprovisionofgamingoperation Hotel Hoteloperation Others i) Investmentholding ii) Provisionofmanagementservices iii) Provisionoffinancingservices iv) Tradinginindustrialandhigh-techproducts v) Rentalofproperties

Geographical segments

TheGroup’sbusinessiscarriedoutincertaingeographicalareassuchasMalaysia,Cambodia,VietnamandLaos.

Inpresentinginformationonthebasisofgeographicalsegments,segmentrevenueisbasedonthegeographicallocationofcustomers.Segmentassetsarebasedonthegeographicallocationofassets.



24. Segmental information - Group (Cont’d) Business segments

Manufacturing Supply Gaming Hotel Others Eliminations Consolidated RM RM RM RM RM RM RM 2010

Revenuefrom external customers 3,934,427 3,789,940 1,304,144 892,212 325,666 - 10,246,389 Inter-segment revenue - - - - 324,506 (324,506) - Total revenue 3,934,427 3,789,940 1,304,144 892,212 650,172 (324,506) 10,246,389 Segment result 125,567 904,276 (412,454) (1,525,771) (2,544,387) 2,481,732 (971,037) Interestincome 52,347 Operatingloss (918,690) Financecosts (228,058) Loss before tax (1,146,748) Taxexpense (258,492) Lossfortheyear (1,405,240) Segment assets 2,132,504 11,954,953 3,693,769 6,651,815 11,083,900 35,516,941 Unallocatedassets 4,370,364 Total assets 39,887,305 Segmentliabilities 227,365 876,084 849,463 69,721 1,557,949 3,580,582 Unallocatedliabilities 5,192,905 Total liabilities 8,773,487 Capitalexpenditure 72,039 74,163 305,798 134,334 396,157 982,491 Depreciationand amortisation 83,850 52,640 943,576 1,155,789 498,722 2,734,577



24. Segmental information - Group (Cont’d) Business segments (Cont’d)

Manufacturing Supply Gaming Hotel Others Eliminations Consolidated RM RM RM RM RM RM RM 2009

Revenuefrom external customers 3,653,727 9,860,554 496,486 885,166 185,497 - 15,081,430 Inter-segment revenue - - - - 509,215 (509,215) - Total revenue 3,653,727 9,860,554 496,486 885,166 694,712 (509,215) 15,081,430 Segment result 56,600 1,456,982 (9,546,454) (1,606,693) (18,099,967) 20,954,560 (6,784,972) Interestincome 146,758 Operatingloss (6,638,214) Financecosts (621,584) Lossbeforetax (7,259,798) Taxexpense (445,803) Loss for the year (7,705,601) Segment assets 2,116,305 15,736,704 4,980,629 8,353,707 11,201,757 42,389,102 Unallocatedassets 1,892,090 Total assets 44,281,192 Segmentliabilities 181,229 1,119,340 1,501,408 213,478 1,317,179 4,332,634 Unallocatedliabilities 6,186,804 Total liabilities 10,519,438 Capitalexpenditure 15,279 57,901 145,920 68,216 7,325,029 7,612,345 Depreciationand amortisation 265,267 98,007 1,106,933 1,079,208 224,207 2,773,622 Impairmentlosson property,plant andequipment recogniseddirectly inincomestatements - - 5,700,918 - - 5,700,918



24. Segmental information - Group (Cont’d) Geographical segments

Malaysia Cambodia Vietnam Laos Others Consolidated RM RM RM RM RM RM 2010 Revenuefromexternal customersbylocation ofcustomers 8,050,033 211,776 1,092,368 892,212 - 10,246,389 Segmentassetsbylocation ofassets 25,671,354 1,635,391 1,558,381 6,651,815 - 35,516,941 Capitalexpenditureby locationofassets 542,356 305,801 - 134,334 - 982,491 2009 Revenuefromexternal customersbylocation ofcustomers 13,699,333 - 496,486 885,166 445 15,081,430 Segmentassetsbylocation ofassets 28,999,854 949,287 4,031,342 8,353,707 54,912 42,389,102 Capitalexpenditureby locationofassets 7,398,209 - 145,920 68,216 - 7,612,345

25. Commitments Group Company 2010 2009 2010 2009 RM RM RM RM Plantandequipment: Approvedbutnotcontractedfor - 328 - 328

26. Operating lease commitments - Group Thefutureminimumleasepaymentsundernon-cancellableoperatingleasesareasfollows: 2010 2009 RM RM Lessthan1year 89,921 151,707 Between1and5years 18,605 108,526 108,526 260,233

TheGroupleasesanumberofmachinesunderoperatingleases.Theleasestypicallyrunforaninitialperiodof3years,withanoptiontocontinueforanotheryear.Noneoftheleasesincludecontingentrentals.



27. Financial instruments

Financial risk management objectives and policies

Exposuretocredit,interestrateandcurrencyriskarisesinthenormalcourseoftheGroup’sandtheCompany’sbusiness.TheGroup’sandtheCompany’sfinancialriskmanagementpolicyseekstoensurethatadequatefinancialresourcesareavailableforthedevelopmentoftheGroup’sandtheCompany’sbusinesses.

Credit risk

Thecreditriskisminimisedbytheapplicationofacceptablemethodsofcontrolcomprisingofcreditapprovals,limitsandclosemonitoringproceduresonanongoingbasis.

Atbalancesheetdate,therewerenosignificantconcentrationsofcreditriskotherthanthetradereceivablesfromamajorcustomeramountingtoRM10,585,685(2009:RM14,520,338).

Foreign currency risk

The Group incurs foreign currency risk on sales and purchases that are denominated in foreign currency. Inaddition, theGroup isexposed to foreigncurrencyfluctuationson its investments in foreign subsidiaries. TheGroupdoesnotuse anyhedgingmethods tominimise such risk. Exposure to foreign risk ismonitoredonanongoingbasisbytheGrouptoensurethenetexposureisonanacceptablelevel.

Interest rate risk

TheGroup’sandtheCompany’spolicyistoborrowprincipallyonafloatingratebasis.

TheGroupusesafixedratetodetermineservicechargesonitstradereceivablesfromfinancingservices.

TheGroup’sand theCompany’sexposure tomarket risk for changes in interest rates relatesprimarily to theGroup’sandtheCompany’sdebtobligationsandtheGroup’stradereceivablesfromfinancingservices.


Notes to the Financial Statements (cont’d)27

. Fi

nanc

ial i

nstr

umen

ts (C

ont’

d)

Eff

ecti

ve in

tere

st r

ates

and

rep

rici

ng a

naly

sis

Inrespe

ctofinterest-ea

rningfin

ancialassetsan

dinterest-bea

ring

fina

ncialliabiliti

es,the

follo

wingtableindicatestheireff

ectiv

einterestratesattheba

lanceshee

tda

teand

thepe

riod

sinwhichth

eyrep

riceormature,whicheverisearlier.

A

vera

ge

eff

ecti

ve

Not

e in

tere

st r

ate

Less

than

1

- 2

2 - 3

3

- 4

4 - 5

M

ore

than

pe

r an

num

To

tal

1 ye

ar

year

s ye

ars

year

s ye

ars

5 ye

ars

%

RM

RM

RM

RM

RM

RM

RM

G

roup

2010

Fina

ncia

l ass

ets

Fi

xed

rate

inst

rum

ents

Sh

orttermdep

ositswith

licen

sedba

nksan

d

fin

ancialin

stitutio

ns

91.98

2,14

0,49

32,14

0,49

3-

--

--

Fixedde

positswith

licen

sedba

nksan

d

fin

ancialin

stitutio

ns

92.17

2,11

5,12

32,11

5,12

3-

--

--

Trad

ereceivab

les

10

.61

10,604

,182

2,71

1,65

11,39

2,75

51,06

1,13

392

2,92

794

6,72

63,56

8,99

0

Fina

ncia

l lia

biliti

es

Fi

xed

rate

inst

rum

ents

Fina

nceleaseliabiliti

es

13

2.75

12

1,12

972

,336

41

,231

7,56

2-

--

Fl

oatin

g ra

te in

stru

men

t

Term

loan

13

3.91

4,95

2,77

64,95

2,77

6-

--

--


Notes to the Financial Statements (cont’d)27

. Fi

nanc

ial i

nstr

umen

ts (C

ont’

d)

Ave

rage

effec

tive

N

ote

inte

rest

rat

e

Le

ss th

an

1 - 2

2

- 3

3 - 4

4

- 5

Mor

e th

an

per

annu

m

Tota

l 1

year

ye

ars

year

s ye

ars

year

s 5

year

s

%

RM

RM

RM

RM

RM

RM

RM

Gro

up

20

09

Fi

nanc

ial a

sset

s

Fi

xed

rate

inst

rum

ents

Sh

orttermdep

osits

with

licensed

ban

ks

and

fina

ncialinstituti

ons

91.46

1,75

5,18

41,75

5,18

4-

--

--

Trad

ereceivab

les

10

.71

14,525

,914

4,25

2,77

42,41

9,19

51,69

9,89

61,12

2,45

689

7,95

64,13

3,63

7

Fi

nanc

ial l

iabi

lities

Fi

xed

rate

inst

rum

ents

Fina

nceleaseliabiliti

es

13

2.80

19

1,20

670

,077

83

,159

30

,408

7,56

2-

-

Fl

oatin

g ra

te in

stru

men

ts

Te

rmlo

an

13

5.28

4,93

6,74

84,93

6,74

8-

--

--

Ba

nkoverdraft

13

6.80

96

1,42

596

1,42

5-

--

--

Co

mpa

ny

20

10

Fi

nanc

ial l

iabi

lities

Fl

oatin

g ra

te in

stru

men

ts

Te

rmlo

an

13

3.91

4,95

2,77

64,95

2,77

6-

--

--

20

09

Fi

nanc

ial l

iabi

lities

Fl

oatin

g ra

te in

stru

men

ts

Te

rmlo

an

13

5.28

4,93

6,74

84,93

6,74

8-

--

--

Ba

nkoverdraft

13

6.80

96

1,42

596

1,42

5-

--

--



27. Financial instruments (Cont’d)

Fair values

Recognised financial instruments

Thecarryingamountsofcashandcashequivalents,receivables,payablesandborrowingsapproximatefairvaluesduetotherelativelyshorttermnatureofthesefinancialinstruments.

TheCompanyprovidesfinancialguaranteestobanksforcreditfacilitiesextendedtocertainsubsidiaries.Thefairvalueofsuchfinancialguaranteesisnotexpectedtobematerialastheprobabilityofthesubsidiariesdefaultingonthecreditlinesisremote.

InrespectoftradereceivableswiththerepaymentstructuredescribedinNote7,itisnotpracticabletoestimatethefairvalueofthefixedratetradereceivablesduetothelackofinformationondiscountrateandtheinabilitytoestimatethefairvaluewithoutincurringexcessivecosts.However,theDirectorsbelievethatthereisnosignificantdifferencebetweenthefairvalueandthebookvalueofthetradereceivables.

Therewerenounrecognisedfinancialinstrumentsatbalancesheetdate.

The fair values of other financial liability, togetherwith carrying amount shown in the balance sheets are asfollows:

2010 2009 Carrying Fair Carrying Fair Amount value Amount value RM RM RM RM Group Financeleaseliabilities 121,129 *121,129 191,206 *191,206

* Thefairvalueofthisfixedinterestfinancialinstrumentisdeterminedbydiscountingtherelevantcashflowsusingcurrent interest rates forsimilarfinancial instrumentsat thebalancesheetdate.Since thecurrentinterestratesdonotsignificantlydifferfromtheintrinsicrateofthisfinancialinstrument,thefairvalueofthisfinancialinstrumenttherefore,closelyapproximatesitscarryingvalueasatthebalancesheetdate.

28. Material litigations - Group

ThemateriallitigationsoftheGroupareasbelow:

i) On28May2003,theCompany’swholly-ownedsubsidiaries,EPAAutomationSdn.Bhd.andEPAAutomationPte.Ltd.(“EPA”),filedasuitagainstCamozzis.p.a,CamozziMalaysiaSdn.Bhd.andtwoformeremployeesof EPAMalaysia, (collectively known as the “Camozzi Defendants”) in relation to the alleged wrongfulterminationof the soleagencyanddistributorshipagreementbetweenEPAwithCamozzi s.p.a. and theallegedwrongful use of EPA’s confidential informationby theCamozziDefendants. EPAhas claimed fordamagesarisingthereofanddamagesresultingfromunlawfulinterferenceoftheirbusinessbytheCamozziDefendants. An injunction is in place prohibiting the Camozzi Defendants from utilising the confidentialinformation.TheCamozziDefendantshavefiledacounterclaimintheseproceedingsagainsttheCompanyandEPAforthevalueofgoodssoldtoEPAofEuro233,250.49togetherwith interestchargedat8%perannumandotherdamages.Giventhatthepurportednatureofterminationwaswrongful,andthattherewasawrongfuluseofEPA’s confidential informationandas therewasunlawful interferencewithEPA’sbusiness,theDirectorsareoftheviewthattherearereasonableprospectsofsuccessbyEPAinitsclaimagainsttheCamozziDefendants.Thetrialofthismatterhasbeenpostponednumeroustimesandthecourthasfixedthenewtrialdatefrom24November2010to30November2010.



28. Material litigations - Group (Cont’d)

ii) The Company’s subsidiary, RemarkableGroup Limited (“RGL”) has initiated a legal suit against Viet Star(formerly known as Amara Saigon Hotel Co. Ltd) (“the hotel owner”) requesting for compensation andfullfilmentofamanagementcontractenteredbythesubsidiaryandthehotelowner.ThehotelownerhasillegallyblockedandpreventedtheclubfromoperatingsinceJuly2007andhasyettoreturntheoperationand the assets, which they have seized to the subsidiary. The compensation claimed by the subsidiaryapproximate to RM12,757,335 (USD3,907,300) for the damage due to the loss of destruction of thesubsidiary’s assets andbusiness losses from the closureof the cluboperation. Thehotel ownerhasnotsubmittedanycounterclaiminthecourtagainstRGL.Thecourthasyettofixatrialdate.TheBoardisoftheopinionthatthereisreasonableprospectofsuccessbythesubsidiaryintheclaimagainstthehotelowner.

In addition, on 5th and 8th February 2010, Rich Lee Holdings Sdn Bhd (“RLHSB”) and RGL had filedseparatepetitionsagainstVietStarseekingdamagesapproximatetoRM43,695,495(USD13,383,000)andRM30,939,140(USD9,476,000)respectivelyfortheunlawfulclosureofRGL’sclub.

29. Acquisition of subsidiary - Group

On10June2009,theCompany’ssubsidiary,RGLcompletedtheexerciseofthecalloptiongrantedbythevendorsofthe10,000ordinarysharesofRM1.00eachinthecapitalofRLHSB,representingtheentireissuedandpaidupsharecapitalofRLHSBforatotalcashconsiderationfoUSD1.00(RM3.64).Subsequenttotheacquisition,RLHSBbecameasubsidiaryoftheCompany.

ThefairvalueofassetsacquiredandliabilitiesassumedintheacquisitionofRLHSBanditscashfloweffectsareas

follows:-

RM Freeholdland 500,000 Taxrecoverable 6,976 Otherpayablesandaccruals (35,192) Amountpayabletodirectors (500,000) Fairvalueofnetliabilities (28,216) Goodwillonacquisition 28,220 Totalconsideration,satisfiedincash 4

TheacquisitionhasnosignificanteffecttotheGroup’soperatingresultsandtotheGroup’snettangibleassets.


List of Properties

Net Book Description, Value Age of as at 31 Building & March Land Area / Year of 2010 Location Tenure Gross Floor Area Acquisition (RM’000) A. REGISTERED OWNER: WIDETECH (MALAYSIA) BERHAD K-09-01toK-09-02 Freehold K-09-01:963.2squaremetres OfficeUnits 6,163 BlockK,No.2JalanSolaris K-09-02:787.6squaremetres 3years SolarisMont’Kiara 2008/2009 KualaLumpur WilayahPersekutuan B. REGISTERED OWNER: WIRE MASTER SPRING SDN BHD Plot51(A)Phase1 Leasehold 2.00acres 2storeyfactory 4,313 BukitMinyak -60years 13years IndustrialPark,Mukim13 Expiring 2004 DistrictofProvince 2055 WellesleyCentral Penang


Analysis of Shareholdings as at 4 August 2010

AuthorisedShareCapital : RM150,000,000IssuedandPaid-upShareCapital : RM44,753,400ClassofShares : OrdinarySharesofRM1.00eachVotingRights : 1voteperordinaryshareholderonashowofhands 1voteperordinaryshareonapollNumberofShareholders : 990

DISTRIBUTION OF SHAREHOLDINGS

Size of shareholdings No. of Holders No. of Shares % Malaysian Foreign Malaysian Foreign Malaysian Foreign

Lessthan100Shares 35 0 1,662 0 @ 0.00100to1,000Shares 344 3 297,367 3,000 0.66 0.011,001to10,000Shares 456 4 1,742,615 30,500 3.89 0.0710,001to100,000Shares 96 12 2,633,050 431,600 5.88 0.96100,001to2,237,669Shares1 32 3 17,448,832 1,669,500 38.99 3.732,237,670andaboveofIssuedShares2 4 1 17,758,804 2,736,470 39.68 6.11

Total 967 23 39,882,330 4,871,070 89.12 10.88

Notes:1 Lessthan5%ofIssuedShares.2 5%andaboveofIssuedShares.@ Negligible.

SUBSTANTIAL SHAREHOLDERS

Direct Indirect Name No. of Shares % No. of Shares %1. DistinctRichSdnBhd 8,030,652 17.94 - -2. LimHianYuSdnBhd 5,529,200 12.35 - -3. GainMillenSdnBhd 4,198,952 9.38 - -4. Dato’TanTingWong - - 8,030,6521 17.945. DatukChuSuiKiong 220,500 0.49 8,030,6521 17.946. Dato’ChengJooTeik 200,000 0.45 4,198,9522 9.38

Notes:1 DeemedinterestthroughDistinctRichSdnBhd.2 DeemedinterestthroughGainMillenSdnBhd.


Analysis of Shareholdingsas at 4 August 2010 (cont’d)

DIRECTORS’ SHAREHOLDINGS

Direct IndirectName No. of Shares % No. of Shares %LohSuanPhang 2,011,300 4.49 - -Dato’ChengJooTeik 200,000 0.45 5,743,8522 12.83DatukChuSuiKiong 220,500 0.49 8,030,6521 17.94Dato’LimKimHuat - - - -KongSinSeng - - - -Dato’TanTingWong - - 8,030,6521 17.94LeeYokeShue - - - -Dato’ZakariaBinMohammed - - - -NgBeeKen - - - -

Notes:1 DeemedinterestthroughDistinctRichSdnBhd.2 DeemedinterestthroughGainMillenSdnBhdandthesharesheldinthenameofhisson,DouglasChengHengLee

inaccordancewithSection134(12)(c)oftheCompaniesAct,1965.

DIRECTORS’ SHAREHOLDINGS IN RELATED CORPORATIONS Direct IndirectName No. of Shares % No. of Shares % held in held in Related Related Corporation Corporation

Dato’ChengJooTeikWireMasterSpringSdnBhd 1 @ - -

DatukChuSuiKiong*WireMasterSpringSdnBhd# - - 1,439,998 96.00AceUnicornLimited^ - - 3 60.00RemarkableGroupLimited^ - - 1 50.00EnseliniInternationalLimited^ - - 65 65.00Lao-MalaysiaInvestmentsGroup^ - - 750,000 75.00

Dato’TanTingWong*WireMasterSpringSdnBhd# - - 1,439,998 96.00AceUnicornLimited^ - - 3 60.00RemarkableGroupLimited^ - - 1 50.00EnseliniInternationalLimited^ - - 65 65.00Lao-MalaysiaInvestmentsGroup^ - - 750,000 75.00

Notes:* DeemedinterestedbyvirtueofSection6AoftheCompaniesAct,1965totheextentWidetech(Malaysia)Berhad

hasinterests.# OrdinarySharesofRM1.00each.^ SharesofUSD1.00each.@ Negligible.


Analysis of Shareholdingsas at 4 August 2010 (cont’d)

LIST OF 30 LARGEST SHAREHOLDERS

Name No. of Shares %

1. LimHianYuSdnBhd 5,529,200 12.35

2. DistinctRichSdnBhd 5,019,768 11.22

3. GainMillenSdnBhd 4,198,952 9.38

4. DistinctRichSdnBhd 3,010,884 6.73

5. HSBCNominees(Asing)SdnBhd 2,736,470 6.11 ExemptANforCreditSuisse(SGBR-TST-Asing)

6. ActualAceSdnBhd 2,007,664 4.49

7. ChuaSengYong 1,838,900 4.11

8. HLGNominee(Tempatan)SdnBhd 1,592,300 3.56 PledgedSecuritiesAccountforLohSuanPhang(CCTS)

9. CimsecNominees(Asing)SdnBhd 1,282,800 2.87 SnowshillSecuritiesLimited

10. LimHeokChye 967,962 2.16

11. AliciaEFen 827,032 1.85

12. CimsecNominees(Tempatan)SdnBhd 741,300 1.66 CIMBBankforDouglasChengHengLee(MM1328)

13. HoKokMeng 738,909 1.65

14. ChinSeokYin 723,500 1.62

15. CimsecNominees(Tempatan)SdnBhd 710,000 1.59 OnYatSecurities(Malaysia)SdnBhd

16. A.A.AnthonyNominees(Tempatan)SdnBhd 659,700 1.47

17. LimSuhHua@LimYakHua 611,588 1.37

18. TanMengChuen 552,796 1.24

19. LingHeeLeong 517,236 1.16

20. KhooKimSeng 517,236 1.16

21. LohSuanPhang 419,000 0.94

22. TehTiewLeong 413,514 0.92

23. ChiewKokBoo 393,000 0.88

24. KennethTanKengHan 352,600 0.79

25. NgLaiChiek 320,800 0.72

26. AbulHasanBinMohamedRashid 315,000 0.70

27. HiewVunKee 309,796 0.69

28. YongKianKeong 271,749 0.61

29. CitigroupNominees(Asing)SdnBhd 267,100 0.60 UBSAGSingaporeforEmbassyGroupInc.

30. GohMoLooi 236,000 0.53

Total 38,082,756 85.13

This page is intentionally left blank

PROXY FORM

No Ordinary Resolutions For Against 1 Re-electionofKongSinSengasDirector. 2 Re-electionofDato’ChengJooTeikasDirector. 3 Re-electionofDato’TanTingWongasDirector. 4 AppointmentofMessrsSJGrantThorntonasAuditorsofthe CompanyandAuthoritytotheDirectorstofixtheirremuneration. 5 AuthoritytoissuesharespursuanttoSection132Dofthe CompaniesAct,1965.

NO. OF SHARES HELD

CDS ACCOUNT NO.WIDETECH (MALAYSIA) BERHAD (113939-U)

I/We(BLOCKLETTERS)

of

beingamember(s)ofWIDETECH (MALAYSIA) BERHAD(113939-U),herebyappoint*THECHAIRMANOFTHEMEETINGor

of

failinghim/her,

of

asmy/ourproxy,tovoteforme/usandonmy/ourbehalfattheTwenty-SixthAnnualGeneralMeetingoftheCompany,tobeheldatSunriseAuditorium1,Mont’KiaraBusinessCentre,SuiteD-03-01,Level3,BlockD,PlazaMont’Kiara,No.2,JalanKiara,50480KualaLumpuronTuesday,28September2010at10.30a.m.andatanyadjournmentthereof.* Ifyouwishtoappointotherperson(s)tobeyourproxy/proxies,kindlydeletethewords“TheChairmanofthe

Meetingorfailinghim”andinsertthename(s)oftheperson(s)desired.

Markeitherboxifyouwishtodirecttheproxyhowtovote.Ifnomarkismadetheproxymayvoteontheresolutionorabstainfromvotingastheproxythinksfit.Ifyouappointtwoproxiesandwishthemtovotedifferentlythisshouldbespecified.

My/ourproxy/proxiesis/aretovoteasindicatedbelow:

Datedthis dayof 2010

Signature/CommonSealofShareholder

NOTES:1. Amemberentitledtoattendandvoteat themeetingmayappointanotherpersonashis/herproxytoattendandvote in

his/herstead.AproxymaybutneednotbeamemberoftheCompany.Iftheproxyisnotamember,he/sheneednotbeanadvocate,anapprovedcompanyauditororapersonapprovedbytheRegistrarofCompanies.However,hisattendanceatthegeneralmeetingshallautomaticallyrevoketheproxy’sauthority.

2. Amembershallbeentitledtoappointmorethanoneproxy(subjectalwaystoamaximumoftwo(2)proxiesateachmeeting)toattendandvoteatthesamemeeting.Whereamemberappointstwo(2)proxies,theappointmentshallbeinvalidunlessthememberspecifiestheproportionsofhisholdingstoberepresentedbyeachproxy.

3. WhereamemberisanauthorisednomineeasdefinedundertheSecuritiesIndustry(CentralDepositories)Act,1991,itmayappointatleastone(1)proxyinrespectofeachsecuritiesaccountitholdswithordinarysharesoftheCompanystandingtothecreditofthesaidsecuritiesaccount.

4. Ifnonameisinsertedinthespaceprovidedforthenameofyourproxy,theChairmanofthemeetingwillactasyourproxy.5. TheinstrumentappointingaproxymustbedepositedattheRegisteredOfficeoftheCompanyat10thFloor,MenaraHapSeng,

1&3JalanP.Ramlee,50250KualaLumpurnotlessthanforty-eight(48)hoursbeforethetimeforholdingthemeetingoranyadjournmentthereof.

6. Iftheappointorisacorporation,theinstrumentappointingaproxymustbeexecutedunderitsCommonSealorunderthehandofitsattorney.

Affix Stamp Here

TheCompanySecretaries

WIDETECH (MALAYSIA) BERHAD (113939-U)10thFloorMenaraHapSengNo.1&3JalanP.Ramlee

50250KualaLumpur

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