Competitive Advantage for Fgvh
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Annual Report
INTEGRATED RUBBER CORPORATION BERHAD
2010
Integrated Rubber Corporation Berhad (852-D)
Contents
Chairman’s Statement Corporate Information Profile of Directors Statement on Corporate Governance Additional Compliance Statement Statement on Internal Control Audit Committee Report Shareholders’ Information List of Properties Held Financial Statements Notice of Annual General Meeting Statement Accompanying Notice of AGM Form of Proxy
2 3 4 7 13 15 17 21 24 25 81 85
1
Annual Report 2010
Integrated Rubber Corporation Berhad (852-D)
Chairman’s Statement
On behalf of the Board of Director, I present the Annual Report and Financial Statements of the Group and the Company for the financial year ended 31 January 2010. Financial Performance Over the financial year under review, the Group continued to face the challenges of the global economy recession and financial crisis. Nevertheless, outbreak of H1N1 disease has boosted up the demand of glove globally in the health care sector and the worldwide demand remained robust throughout the year. We continued to focus on staying competitive with product diversification, effective marketing strategy and cost cutting measures. I am pleased that as a result of the continuous effort and hard work the Group recorded a higher turnover of RM147.1 million compared to RM136.4 million in the previous financial year. The Group was also able to achieve a significant improvement in financial results by turning round a previous net loss of RM5.0 million to a net profit of RM5.2 million for the current financial year. Operation review 2009 has been a good year for our Company and glove industry as a whole. We saw the demand of gloves increased from 2nd quarter of the year and grow from strength to strength in every quarter. I am happy to share with you that we have successfully completed our machinery modifications to diversify our product mix. We are now able to produce online chlorination nitrile...
INTEGRATED RUBBER CORPORATION BERHAD
2010
Integrated Rubber Corporation Berhad (852-D)
Contents
Chairman’s Statement Corporate Information Profile of Directors Statement on Corporate Governance Additional Compliance Statement Statement on Internal Control Audit Committee Report Shareholders’ Information List of Properties Held Financial Statements Notice of Annual General Meeting Statement Accompanying Notice of AGM Form of Proxy
2 3 4 7 13 15 17 21 24 25 81 85
1
Annual Report 2010
Integrated Rubber Corporation Berhad (852-D)
Chairman’s Statement
On behalf of the Board of Director, I present the Annual Report and Financial Statements of the Group and the Company for the financial year ended 31 January 2010. Financial Performance Over the financial year under review, the Group continued to face the challenges of the global economy recession and financial crisis. Nevertheless, outbreak of H1N1 disease has boosted up the demand of glove globally in the health care sector and the worldwide demand remained robust throughout the year. We continued to focus on staying competitive with product diversification, effective marketing strategy and cost cutting measures. I am pleased that as a result of the continuous effort and hard work the Group recorded a higher turnover of RM147.1 million compared to RM136.4 million in the previous financial year. The Group was also able to achieve a significant improvement in financial results by turning round a previous net loss of RM5.0 million to a net profit of RM5.2 million for the current financial year. Operation review 2009 has been a good year for our Company and glove industry as a whole. We saw the demand of gloves increased from 2nd quarter of the year and grow from strength to strength in every quarter. I am happy to share with you that we have successfully completed our machinery modifications to diversify our product mix. We are now able to produce online chlorination nitrile...