I-Berhad (7029-H) - Bursa Malaysia

I-Berhad (7029-H) 

innovative 

intelligent interactive 

(formerly known as Neico Industries (M) Berhad) 

Incorporated in Malaysia 

international 

annual report 

99

Logo Rationale 

Contents 

01 

02 

04 

05 

06 

07 

08 

10 

11 

12 

16 

20 

Introduction 

Corporate Profile 

Corporate Information 

Audit Committee 

Notice of 

Annual General Meeting 

Board of Directors 

Profile of Directors 

Senior Management Team 

Young Executive Team 

Chairman’s Statement 

CEO’s Review 

Calendar of Events 

24 

28 

28 

29 

30 

31 

32 

35 

36 

37 

58 

60 

Financial Statements 

Directors’ Report 

Statement by Directors 

Statutory Declaration 

Auditors’ Report 

Consolidated Balance Sheet 

Consolidated Profit and Loss Account 

Consolidated Cash Flow Statement 

Balance Sheet 

Profit And Loss Account 

Notes To The Accounts 

Analysis of Shareholdings 

List of Properties 

Proxy Form 

i has been adopted as both the corporate logo for I-Berhad and also as the 

brand name for its products. It was conceptualised to stand for intelligent, 

innovative, interactive and international. 

The logo resembles an i with the italicised ring representing the dot and 

it depicts I-Berh a d ’s futuristic outlook, one not bound by paradigm. 

It s y m b o l i s e s I-Berhad’s v i s i o n a ry attributes and re a d i n e s s to adopt and 

improve upon technology. 

Meanwhile, the vertical rectangle surpporting it depicts the power and 

s t rength that was built on a solid foundation, that of the Sumurwang Gro u p . 

The colour orange reflects its distinctiveness, freshness and vibrancy. 

Combined, it encapsulates the Company’s innovativeness, strength and the 

distinctive drive to be different. 

Innovation through technology in the new millennium. A commitment made 

by I-Berhad towards realising a vision of the intelligent home of tomorro w. . . 

a vision that begins with the on-going development of ‘thinking’ pro d u c t s 

for the home of today. 

Cover Rationale

02 I-Berhad was established on 2 February, 1967 under the name of Sanyo Industries (Malaysia) 

S d n B h d . It was l i s t e d on the Main Board of the Kuala Lumpur Stock Exchange on 

29 September 1969. And it assumed its current name on 12 August, 1999. 

The company commenced operations with the production of black and white television sets 

and refrigerators, and expanded its production to include electric fans and air conditioners. 

Over the next 15 years, it further expanded its product range with the introduction of rice 

cookers, colour television sets, microwave ovens, blenders and ceiling fans. 

The company was awarded the Prime Minister’s Quality Aw a rd in 1991 and obtained 

ISO 9002 status in July 1994. The products carries with it the mark of international standards 

such as from SIRIM in Malaysia, SISIR in Singapore and VDE in Germany. 

The company currently manufactures household electrical appliance, and has four product 

lines namely, air conditioners, rice cookers, fans, and refrigerators under its own ‘i’ brand 

name. It is also an Original Equipment Manufacturer (OEM) and supports a number of 

renowned brand names, locally and internationally. 

The factory has an integrated manufacturing facility with a plastic injection moulding plant, 

metal stamping plant and painting plant supplying parts to its assembly lines. Some 400 staff 

are employed at its 24-acre factory in Taiping, Perak. 

The i range of home appliances were launched in August 1999. Developed based on the 

i concept, each of the product comes with intelligent features, that ensures the safety of 

the consumers. 

Corporate Profile 

The Company plans to venture into the manufacture of computers and peripherals, a step 

towards its objective to eventually make products for the Home of the Future.

Aerial view of the manufacturing plant in Kamunting, Taiping

04 

Directors 

Mr Lim Kim Hong – Chairman 

Tuan Haji Mat Hassan bin Esa 

Y.Bhg. Datuk Haji Mohamed Al Amin 

bin Haji Abdul Majid 

Mr Eu Hong Chew 

Madam Tey Siew Thuan 

Madam Ong Poh Ling 


Tuan Haji Mat Hassan bin Esa – Chairman 

Independent Non-Executive Director 

Y.Bhg. Datuk Haji Mohamed Al Amin 

bin Haji Abdul Majid 

– Independent Non-Executive Director 

Madam Tey Siew Thuan – Executive Director 

Secretary 

Madam Too Yet Lan 

Registered Office 

No. 3, Jalan Astaka U8/84 

Section U8, Bukit Jelutong 

40150 Shah Alam 

Selangor Darul Ehsan 

Tel : 03-745 4511 

Fax: 03-745 4514 

Corporate Information 

Registrars 

M & C Services Sdn Bhd 

11th Floor, Wisma Damansara 

Jalan Semantan, Damansara Heights 

50490 Kuala Lumpur 

Tel : 03-255 7188 

Fax: 03-255 0988 

Auditors 

Arthur Andersen & Co. 

Penthouse, 11th Floor, Kompleks Mutiara 

Jalan Anson, 10400 Penang 

Principal Bankers 

HSBC Bank Malaysia Berhad 

Malayan Banking Berhad 

Stock Exchange Listing 

Kuala Lumpur Stock Exchange

Constitution 

Pursuant to the Board Meeting held on 9 July 1994, it was resolved that the Audit Committee be established 

to be in compliance with Section 15A of the Kuala Lumpur Stock Exchange Listing Requirements. 

Composition Of Members 

Chairman: Tuan Haji Mat Hassan bin Esa – Independent Non-Executive Director 

M e m b e rs: Y.Bhg. Datuk Haji Mohamed Al Amin bin Haji Abdul Majid – Independent Non-Executive Director 

Terms Of Reference 

a. to review: 

Madam Tey Siew Thuan – Executive Director 

i. with the external auditor, the audit plan; 

ii. with the external auditor, his evaluation of the system of internal accounting controls; 

iii. with the external auditor, his audit report; 

iv. the assistance given by the Company’s officers to the auditor; 

v. the scope and results of the internal audit procedures; and 

vi. the half-year and annual financial statements before submission to the Board, focusing 

particularly on 

– any changes in accounting policies and practices 

– major judgemental areas 

– significant adjustments resulting from the audit 

– the going concern assumption 


– compliance with accounting standards 

– compliance with stock exchange and legal requirements 

vii. any related party transactions that may arise within the company; and 

b. to consider the nomination of a person or persons as auditors together with other functions as may be 

agreed to by the Audit Committee and the Board of Directors. 

05

06 



Incorporated in Malaysia 

NOTICE IS HEREBY GIVEN that the Thirty-Third Annual General Meeting of I-Berhad will be held at 

No. 3, Jalan Astaka U8/84, Section U8, Bukit Jelutong, 40150 Shah Alam, Selangor Darul Ehsan on Thursday, 

27 April 2000 at 10.00 a.m. for the following purposes: 

A g e n d a 

1 . To receive and adopt the Audited Accounts of the Company for the year ended 

31 December 1999, together with the Directors’ and Auditors’ Reports thereon. 

2. To approve a first and final tax exempt dividend of 1% for the year ended 31 December 1999. 

3. To re-elect the following directors who retire by rotation pursuant to Article 96 of 

the Company’s Articles of Association: 

i. Mr Lim Kim Hong 

ii. Mr Eu Hong Chew 

iii. Madam Tey Siew Thuan 

iv. Madam Ong Poh Ling 

4. To re-appoint Messrs Arthur Andersen & Co. as Auditors of the Company and to authorise 

the Directors to fix their remuneration. 

5. To transact any other business of which due notice shall have been received. 

By Order of the Board 

Too Yet Lan 

Company Secretary 

Shah Alam 

Selangor Darul Ehsan 

Dated: 10 April 2000 

Notes: 

Resolution 1 

Resolution 2 

Resolution 3 

Resolution 4 

Resolution 5 

Resolution 6 

Resolution 7 

1 . A member entitled to attend and vote at the general meeting is entitled to appoint a proxy to attend and vote 

in his stead. 

Notice Of Annual General Meeting 

2 . A proxy need not be a member of the Company, but such appointment must comply with Section 149(1) (b) of 

the Companies Act, 1965 which states that a member shall not be entitled to appoint a person who is not a 

member of the Company as his proxy unless that person is an advocate, an approved company auditor or a 

person approved by the Registrar of Companies in a particular case. 

3 . All proxy forms duly executed should be deposited at the Registered Office of the Company at No. 3, Jalan Astaka 

U8/84, Section U8, Bukit Jelutong, 40150 Shah Alam, Selangor Darul Ehsan not less than 48 hours before 

the time for holding the meeting or any adjournment there o f .

Board of Directors 

“The proven track re c o rd of the directors is more than an added advantage. Their active involvement 

at the operating level gives them a golden opportunity to share their vast experiences. And their p re s e n c e 

enables the Company to forge together a strong team of professionals to turn the Company into a 

market leader. ” 

From left to right 

Too Yet Lan, Company Secretary 

Ong Poh Ling, Executive Director 

Tuan Haji Mat Hassan bin Esa, Director 

Lim Kim Hong, Chairman 

Y.Bhg. Datuk Haji Mohamed Al Amin bin Haji Abdul Majid, Director 

Eu Hong Chew, Chief Executive Officer 

Tey Siew Thuan, Executive Director 

07

08 Lim Kim Hong, 49, appointed Chairman on 15 July 1999. He has vast experience in many industries. He 

founded Sumurwang Sdn Bhd (Sumurwang) in 1980 to venture into the manufacture of spring mattresses in 

Malaysia under the “Dreamland” brand name. 

Lim was responsible for the successful listing of Sumurwang’s manufacturing arm, Dreamland Holdings Bhd, 

on the Main Board of the KLSE in 1987. In 1991, he diversified Dreamland Holdings into the steel industry and 

subsequently changed its name to Kanzen Berhad (Kanzen). In late 1993, he divested Sumurwang’s 

c o n t rolling interest in Kanzen in order to re o rganise Sumurw a n g ’s corporate stru c t u re to focus on three business 

a reas – manufacturing, pro p e rty development and financial services. In 1999, Lim through Sumurwang a c q u i re d 

the now I-Berhad to venture into the manufacturing of household electrical appliances. 

Tuan Haji Mat Hassan bin Esa, 47, appointed to the Board on 6 October 1990. A graduate of University 

Malaya with a Bachelor in Statistics and also holds a Masters in Business Administration majoring in 

Accounting and Investment from the New Hampshire College, United States of America. 

He commenced his career with Permodalan Nasional Berhad (PNB) and after 13 years with PNB, he then joined 

Permodalan Usahawan Nasional Berhad (PUNB) for the next six years and left as its Chief Executive Officer. He 

has 19 years of experience in marketing, corporate services, corporate planning, investment development, 

information technology and entrepreneur development. Currently holding the position of Chief E x e c u t i v e 

O fficer/Executive Director of Perbadanan Nasional Berhad (PNS), he also holds directorships in several other 

private companies. 

Y.Bhg. Datuk Haji Mohamed Al Amin bin Haji Abdul Majid, 45, appointed to the Board as Director 

on 15 May 1993. A graduate of University of Aston, United Kingdom, with a Bachelor of Science in 

Civil Engineering. 

He commenced his career with Perak State Development Corporation as the Project Engineer and subsequently 

left the public service to set up his own business, namely Panzana Enterprise Sdn Bhd to undertake constru c t i o n 

activities. Currently the Executive Chairman of the Company, he also sits on the Board of KUB Malaysia Berh a d , 

Gabungan Pemborong Bumiputra Perak Berhad, Ancom Berhad, Zurich Insurance (M) Berhad and several other 

private companies. 

Profile Of Directors

Eu Hong Chew, 47, appointed Chief Executive Officer on 15 July 1999. Educated at the Royal Military 

College and possess a first class honours degree in Process and Mechanical Engineering from the University 

of Glasgow, United Kingdom. He also holds a Masters in Business Administration from the University of 

Bradford, United Kingdom. 

He has been associated with the Sumurwang Group for the past 17 years with many years of experience 

including charting the path for Sumurwang’s venture into Dreamland Holdings Berhad, its venture into 

the steel business and the acquisition of this Company. 

Prior to joining the Sumurwang Group, he was with PA Management Consulting Services as a consultant 

for 10 years, where he was also appointed Director of Studies for the Cranfield PA MBA Programme 

in Malaysia. 

Tey Siew Thuan, 46, appointed Executive Director on 15 July 1999. She has been with Kanzen Berhad 

and the Sumurwang Group for the past 20 years. 

While with K a n z e n as its Executive Dire c t o r, she was responsible for the Company’s opening of 

six manufacturing plants in different parts of China as well as diversifying Kanzen’s businesses in China. She 

was also responsible for the penetration of Kanzen’s steel exports to the United States. 

Ong Poh Ling, 36, appointed Executive Director on 15 July 1999. A graduate of University of Wolverhampton, 

United Kingdom with an honours in law. 

She joined Dreamland Holdings Berhad in 1987 and later moved to Sumurwang Group in 1994 and was 

responsible for setting up and heading their respective corporate communications department. She was 

responsible for staging the RM10 million Sumurcity Aerospace Adventure which is the world’s largest 

aerospace exhibition underwritten by the Sumurwang Group in 1995. 

Too Yet Lan, 38, appointed Company Secre t a ry on 3 May 1999. She is an Associate Member of the 

Institute of Chart e red Secretaries and Administrators, United Kingdom and holds a Diploma in Commerc e 

(Business Management). 

She has extensive experience in corporate secretarial practice and has been actively involved in all the 

Sumurwang Group’s restructuring exercises, particularly its investments in public listed companies and was 

instrumental in the Group’s divestment of its controlling stake in Kanzen Berhad in 1994. 

09

10 

From left to right 

1. Chan Yit Hwa, B.Acctg (Hons), RA 

Financial Controller 

2 Tey Siew Thuan 

Executive Director 

3. Ong Poh Ling, LL.B (Hons) 

Executive Director 

4. Tuan Haji Mat Hassan bin Esa 

MBA, B.Statistics 

PNB Nominee Director/Chairman, I-Marcom 

5. Eu Hong Chew, MBA, B.Sc (Hons) Eng 

Chief Executive Officer 

Senior Management Team 

“Wisdom and experience are the two main forces that enable the I-Berhad senior management 

team to meet challenges far beyond the ord i n a ry and achieve greater heights of success. The senior 

management team combines wisdom in business decision making and years of experience to compete 

in a market that could be treacherous for any newcomer.” 

6. Lee Ming Suan 

General Manager, I-Industries 

7. Abdul Manan bin Ibrahim 

Deputy General Manager 

8. Lai Yuen Seong, B.Sc (Eng) 

General Manager, Manufacturing 

9. Wu Kin Yeap, B.Sc (Hons) Physics 

Senior General Manager, I-R&D

Young Executive Team 

“In a highly competitive world, a young executive team with ingenuity, creativity and dedication 

will be able to stay ahead of the competitors. This young energetic and vibrant team with its IT 

knowledge and capabilities will enable the Company to make the quantum leap and cut short the 

lengthy learning curve.” 

The young executive team is headed by Ricky Lim, 23, who is a graduate in Accounting from University 

of Melbourne, Australia and assisted by Charles Tan, 29, who holds a Bachelor of Science in Business 

Administration (Finance) from University of Kansas, USA, and also a Masters in Business Administration 

(Finance and Investment) from Washburn University, USA. 

The members of the team are: (front, from left) Jessica Lee, 25, a graduate in Social Science fro m 

University Science Malaysia; Tam Wai Yee, 24, a Business Administration graduate from University Malaya; 

Jane Ng, 24, a Science graduate from University Putra Malaysia: (back, from left) Charles Tan, Ricky Lim, 

Ian Looi, 27, an Arts graduate from California State University of Sacramento, USA; and Kim Ling Yew, 24, 

a graduate in Management Studies from University of Waikato, New Zealand. 

11

12 

Dear Shareholders, 

On behalf of the Board of Directors, I am pleased 

to present the Annual Report and Accounts of 

I-Berhad for the year ended 31 December 1999. 

When the new management took over I-Berhad on 4 August 1999, we charted a new business direction for 

the Company. In the past, the Company was mainly an Original Equipment Manufacturer (OEM). Although 

the products manufactured by the Company met the stringent quality standards set by the Japanese OEM 

buyers, there was hardly any sales under the Company’s own brand. 

We thus took the decision to introduce our own ‘i’ brand of products into the market. But more importantly, 

we positioned the ‘i’ brand as intelligent, innovative, interactive and international and competed with the 

leading brands in the country. We felt that this positioning is justified given the Company’s manufacturing 

track record as well as the current product technology. 

The Board recognises that the Company is operating in a highly competitive industry. The home appliances 

industry has a number of established players in the local market. However, the Company has been able to 

establish a “beachhead” in this industry because of our innovative and imaginative approach to create new 

demand for our products. Our performance in the past six months has shown that the domestic demand is 

still growing and that the momentum of growth will be sustained as the country’s economy is gaining strength. 

More importantly, the new management has managed to arrest the declining sales trend. The Company’s 

turnover peaked at RM139.6 million in the early 90s and since then, the turnover had been decreasing year 

by year. For the financial year ended 31 December 1999, the Company’s sales increased when compared 

to the previous year. This sales turnaround is even more impressive when the economic climate is taken 

into consideration. 

Over the past six months, we have transformed the Company from a purely domestic manufacturing concern 

into an aggressive marketing cum manufacturing concern. The transformation has yet to be completed. When 

completed in two to three years’ time, the Company will have home-grown technology, an internationally 

recognised brand and be a market leader. 

To support the expansion programme, the Company had on 20 January 2000 announced the following: 

1. Proposed bonus issue of 20,196,000 new ordinary shares of RM1.00 each; 

2. Proposed rights issue of: 

Chairman’s Statement 

a. 40,392,000 new ordinary shares of RM1.00 each and 

b. RM40,392,000 nominal value of 5-year 5% Irredeemable Convertible Unsecured Loan Stock (“ICULS”) 

with 40,392,000 free detachable warrants.

intelligent

14 

Chairman’s Statement ... cont’d 

The above proposals will increase the share capital base of the Company to a level which will better reflect 

the Company’s current scale of operations and at the same time will reward our shareholders for their 

continuous support to the Group. 

The Company has also proposed an Executive Share Option Scheme of up to ten percent (10%) of the issued 

and paid-up share capital of the Company. The proposed scheme is intended to recognise and reward the 

contribution of eligible executives whose services are valued and considered vital to the operations and 

continued growth of the Company. 

Our medium to long term vision is to turn I-Berhad into a high tech company producing high tech products 

remains intact. Opportunities are now presenting themselves to enable the Company to move into the 

IT sector. 

Plans are afoot for the Company to venture into the manufacture of computers and peripherals as the 

first step towards achieving the Company’s objective to eventually make products for the Home of 

the Future. 

I am very grateful that all shareholders have stayed with the Company and given your continued support 

during the difficult times the Company went through. Today, the Management has given the Company a new 

lease of life that will eventually add value to your investment. 

I am confident that the Company, will achieve greater heights in profitability, and is poised to grow even 

stronger in the years ahead. 

The Board is pleased to recommend a final tax exempt dividend of 1%, subject to the approval of the 

Ministry of Finance. 

I would like to thank the Management and staff for their dedication, support and hard work; and also wish 

to express my appreciation to the shareholders, customers, business associates and bankers for their 

continued support. 

Lim Kim Hong 

Chairman 

Dated: 20 March, 2000

innovative

16 

CEO’s Review 

I am pleased to inform that since taking over 

the management of I-Berhad in August 1999, 

we have undertaken a two-pronged strategy of 

cost control and sales growth to turn the business around. 

When the new Management took over, the Company was mainly an Original Equipment Manufacturer (OEM) 

and its sales depended on the marketing strategy of its OEM customers. The Company’s ability to influence 

the demand for its products was limited. We thus embarked on a programme to market the product under 

our own brand name. 

The ‘i’ brand name was developed after a great deal of research. At the same time, the Company also 

identified and developed product features that would be incorporated into its products. Thus when we 

launched the products, we could offer something innovative, interesting and intelligent to the consumers. 

The result is that today, our products are well received by the market. In the short to mid-term, the Company 

will continue to focus on the existing four products – air conditioners, rice cookers, fans and refrigerators. We 

will continue to introduce new models for each of these product categories before extending the product 

range to other categories of home appliances. 

The growth in sales is also partly from the results of establishing our own sales distribution network 

nationwide. In this context, today we have over 500 dealers throughout the country and they are serviced by 

our national sales force. At the same time, we have also established a service network to provide after sales 

service to our customers. 

On the cost side, the Group has managed to reduce the manufacturing cost significantly. A value engineering 

programme enabled the Company to reduce the raw material costs. At the same time, productivity at the plant 

level has been increased by over 30%. A large and more consistent production volume has also enabled the 

Company to benefit from economies of scale.

interactive

18 The new Management has also undertaken a programme to upgrade the existing plant and machinery. A new 

fin press has been added to the air-conditioning plant and several sectors of the plant were relocated and 

re-laid out. The result of all these activities is that efficiency and productivity have improved and is expected to 

improve further in the coming year. 

The new Management team also recognised that while the existing product and process technology are of 

international standing, the Company’s position would be eroded over time if we do not continue to enhance 

our technology. In view of this, the Company has set up an Incubator to co-ordinate the research and 

development work. The Company plans to grow the Incubator into a full fledged R&D facility over the 

coming years. 

The turnaround of the business could not have been achieved without the support of the staff. In this context, 

the Company has been able to establish a good working relationship with the Union both at the national as 

well as at the plant level. A new Collective Agreement has been entered into and all long outstanding 

industrial relations issues have been amicably resolved. 

Outlook for 2000 

I am pleased to inform that the Company started the millennium auspiciously without any problem from the 

Millennium Bug. 

In the coming year, the Company is well placed to benefit from the turnaround of the Malaysian economy. 

The benefits of the cost reduction and productivity improvement programme are expected to contribute to the 

bottom line. At the same time, the Company will continue to invest in advertising and promotions to promote 

the ‘i’ brand name. 

Product wise, the Company will introduce the ceiling and cassette type of air-conditioners as well as extend 

the existing cooling capacity up to 6HP. 

Sales for the Group is expected to grow significantly and the Company is expected to be profitable in the 

coming years. 

Eu Hong Chew 

Chief Executive Officer 

Dated: 20 March, 2000 

CEO’s Review ... cont’d

international

20 

April 1999 

Sumurwang Group was offered to takeover 

the Company. 

May 1999 

Sumurwang acquired 44.46% stake in the 

Company. 

13 July 1999 

Sumurwang made a conditional Mandatory 

Calendar of Events 

Takeover Offer for the remaining 55.54% of the 

issued and paid-up share capital of the Company. 

15 July 1999 

Appointment of four additional board members 

representing Sumurwang Group; Lim Kim Hong, 

Eu Hong Chew, Tey Siew Thuan and Ong Poh Ling. 

3 August 1999 

Closing of Sumurwang’s conditional Mandatory 

Takeover Offer. 

12 August 1999 

The Company changed its name to I-Berhad. 


The ‘i’ logo was officially launched by 

the (then) Second Finance Minister and 

Entrepreneur Development Minister, 

YB Dato’ Mustapa Mohamed. 


The (then) Minister of Housing and Local 

Government, YB Dato’ Dr Ting Chew Peh 

launched the ‘i’ range of electrical 

household appliances. 


A stream of VIPs to show support for 

this Made-In-Malaysia product. 

a. The (then) Minister of Domestic Trade & 

Consumer Affairs, YB Datuk Megat Junid 

bin Megat Ayob. 

b. The Minister of Information, YB Tan Sri 

Khalil Yaacob. 

c. The Deputy Minister of Domestic Trade 

& Consumer Affairs, YB Datuk 

S Subramaniam.


The Company traded under the new stock 

name “IBHD”. 

Deputy Prime Minister, YAB Datuk Seri 

Abdullah Ahmad Badawi wishing the 

‘i’ name international success. 


a. Signing of Dealership Agreement with Senheng 

Electric Sdn Bhd and Carrefour Malaysia. 

b . O fficial launch of i-air conditioner’s inbuilt 

s u rge protector by the Minister of Science, 

Technology and the Enviro n m e n t , 

YB Datuk Law Hieng Ding. 

2 September 1999 

a. Signing of Dealership Agreement with Makro 

Cash & Carry Distribution (M) Sdn Bhd and 

Hock Sin Leong Group Sdn Bhd. 

b. Official opening of the first i-Seminar 

by the (then) Minister of Housing & Local 

Government, YB Dato’ Dr Ting Chew Peh. 

Sept 1999 

Achieved a network of 300 outlets nationwide 

including Sabah & Sarawak. 

12 October 1999 

Official launch of i-home appliances 

website (www.iwantmyi.com) by 

the Minister of Science, Te c h n o l o g y 

& the Enviro n m e n t ,YB Datuk 

Law Hieng Ding. 

25 October 1999 

Official launch of i-incubator at the 

manufacturing plant in Taiping, 

Perak by the Minister of 

International Trade & Industry, YB 

Dato’ Seri Rafidah Aziz, and followed by a media 

tour of the plant. 

2 November 1999 

Signing of the S & P Agreement with Guthrie 

Property Development Holdings Sdn Bhd for the 

purchase of a three-storey industrial lot at Bukit 

Jelutong, Shah Alam to be used as i-Sales & 

Service Centre. 

21

22 

5 November 1999 

Tied-up with Guthrie Property Development 

Holdings Sdn Bhd for the supply of i-air conditioners 

to Guthrie’s property projects. 

25 December 1999 

a. Launch of i-range of rice cookers 

by the Minister of Domestic Trade & 

Consumer Affairs, YB Tan Sri Dato’ 

Haji Muhyiddin bin Haji Mohd Yasin. 

b . Menteri Besar of S e l a n g o r, YAB Dato’ Seri 

Haji Abu Hassan bin Haji Omar 

endorsing another Made-In-Malaysia 

quality product. 

Calendar of Events ... cont’d 

14 January 2000 

Announcement of 1999 fourth quarter 

unaudited results. 

20 January 2000 

P roposed a capital raising exercise to enlarge 

the Company’s paid-up capital. 

15 February 2000 

Official opening of i-Sales & Service Centre 

in Bukit Jelutong, Shah Alam by the Minister 

of Entre p reneur Development, YB Datuk Nazri 

Abdul Aziz.

Financial Statements 

24 

28 

28 

29 

30 

31 

32 

35 

36 

37 

58 

60 


Statement By Directors 




Consolidated Profit And Loss Account 


Balance Sheet 



Analysis Of Shareholdings 

List Of Properties 

Proxy Form

24 The directors hereby submit their report together with the audited accounts of the Company and of the Group 

for the financial year ended 31 December, 1999. 

Principal Activities 

The principal activities of the Company are the manufacture of household electrical appliances and 

investment holding. 

The principal activities of the subsidiaries are described in Note 10 to the accounts. 

There have been no significant changes in these principal activities during the financial year. 

Change of Name 

The Company changed its name from Neico Industries (M) Berhad to I-Berhad on 12 August, 1999. 

Results 

Group Company 

RM RM 

Loss after taxation (5,491,616) (6,628,760) 

Retained profits brought forward and available for appropriation 3,496,872 3,825,365 

Less: Proposed first and final tax exempt dividend of 1% (201,960) (201,960) 

3,294,912 3,623,405 

Accumulated loss carried forward (2,196,704) (3,005,355) 

Dividends 

Since the end of the previous financial year, the Company paid a first and final tax exempt dividend of 6% 

amounting to RM1,211,760 on 27 September, 1999 in respect of the previous financial year. 

The directors now recommend a first and final tax exempt dividend of 1% amounting to RM201,960 in respect 

of the current financial year, subject to the approval from the Ministry of Finance. 

Reserves and Provisions 

There were no material transfers to or from reserves or provisions during the financial year, other than those 

disclosed in the accounts. 

Bad and Doubtful Debts 


...for the year ended 31 Jan 1999 

Before the profit and loss accounts and balance sheets were made out, the directors took reasonable steps to 

ascertain that action had been taken in relation to the writing off of bad debts and the making of provision 

for doubtful debts and satisfied themselves that there were no known bad debts that need to be written off 

and that adequate provision had been made for doubtful debts.

At the date of this report, the directors are not aware of any circumstances which would require any amount 

to be written off as bad debts or render the amount of provision for doubtful debts in the accounts of the 

Company and of the Group inadequate to any substantial extent. 

Current Assets 

Before the profit and loss accounts and balance sheets were made out, the directors took reasonable steps to 

ensure that any current assets which were unlikely to be realised in the ordinary course of business including 

their values as shown in the accounting records of the Company and the Group have been written down to 

an amount which they might be expected so to realise. 

At the date of this report, the directors are not aware of any circumstances which would render the values 

attributed to the current assets in the accounts of the Company and the Group misleading. 

Valuation Methods 

At the date of this report, the directors are not aware of any circumstances which have arisen which render 

adherence to the existing methods of valuation of assets or liabilities of the Company and the Group 

misleading or inappropriate. 

Contingent and Other Liabilities 

At the date of this report, there does not exist: 

i. any charge on the assets of the Company or of the Group which has arisen since the end of the financial 

year which secures the liabilities of any other person; or 

ii. any contingent liability of the Company or of the Group which has arisen since the end of the financial year. 

No contingent or other liability has become enforceable or is likely to become enforceable within the period of 

twelve months after the end of the financial year which, in the opinion of the directors, will or may substantially 

a ffect the ability of the Company or of the Group to meet their obligations when they fall due. 

Change of Circumstances 

At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this 

report or the accounts of the Company or of the Group which would render any amount stated in the 

accounts misleading. 

Items of an Unusual Nature 

The results of the operations of the Company and of the Group during the financial year were not, in the opinion 

of the directors, substantially affected by any item, transaction or event of a material and unusual nature. 

There has not arisen in the interval between the end of the financial year and the date of this report any item, 

transaction or event of a material and unusual nature likely, in the opinion of the directors, to affect 

substantially the results of the operations of the Company or of the Group for the financial year in which this 

report is made. 

25

26 Significant Event 

The significant event is as disclosed in Note 22 to the accounts. 

Subsequent Events 

The subsequent events are as disclosed in Note 23 to the accounts. 

Directors 

The directors who served since the date of the last report are: 

Lim Kim Hong – appointed on 15 July, 1999 

Eu Hong Chew – appointed on 15 July, 1999 

Tey Siew Thuan – appointed on 15 July, 1999 

Ong Poh Ling – appointed on 15 July, 1999 

Y.Bhg. Datuk Haji Mohamed Al Amin bin Haji Abdul Majid, DMSM, BCM, AMP, JP 

Tuan Haji Mat Hassan bin Esa 

Y.A.M. Raja Dato’ Seri Ashman Shah Ibni Sultan Azlan Shah, SPCM 

– resigned on 17 May, 1999 

Low Bok Tek – resigned on 4 August, 1999 

Loh Hong Leong – resigned on 4 August, 1999 

Lum Weng Loy – resigned on 4 August, 1999 

Law Cheing Kiat @ Low Cheng Kiat – resigned on 4 August, 1999 

Tee Kok Seng – resigned on 4 August, 1999 

Law Hock Hing @ Low Chan Huat – resigned on 4 August, 1999 

Lau Chan Seng – resigned on 4 August, 1999 

In accordance with Article 96 of the Company’s Articles of Association, Lim Kim Hong, Eu Hong Chew, 

Tey Siew Thuan and Ong Poh Ling retire at the forthcoming Annual General Meeting and, being eligible, offer 

themselves for re-election. 

Directors’ Benefits 

During and at the end of the financial year, no arrangements subsisted to which the Company or its 

subsidiaries is a party with the object of enabling directors of the Company to acquire benefits by means of 

the acquisition of shares in or debentures of the Company or any other body corporate. 

Since the end of the previous financial year, no director has received or become entitled to receive a benefit 

(other than as shown in the accounts) by reason of a contract made by the Company or a related corporation 

with the director or with a firm of which he is a member, or with a company in which he has a substantial 

financial interest. 

Directors’ Report cont’d 

...for the year ended 31 Jan 1999

Directors’ Interests 

According to the register of directors’ shareholdings, the interests of directors in office at the end of the 

financial year in shares in the Company and its related corporations during the financial year were as follows: 

Number of ordinary shares of RM1 each 

1 January, 31 December, 

1999 Bought Sold 1 9 9 9 

Lim Kim Hong – indirect * – 8,980,832 – 8 , 9 8 0 , 8 3 2 

* By virtue of his interest in Sumur Ventures Sdn Bhd, a company incorporated in Malaysia, Lim Kim Hong 

is deemed interested in shares in the Company and all its subsidiaries to the extent Sumur Ventures 

Sdn Bhd has an interest. 

None of the other directors in office at the end of the financial year had any interest in shares in the Company 

or its related corporations during the financial year. 

Auditors 

Arthur Andersen & Co. retire and have indicated their willingness to accept re-appointment. 

Signed on behalf of the Board in accordance with a resolution of the directors 

EU HONG CHEW TEY SIEW THUAN 

Kuala Lumpur 


27

28 We, EU HONG CHEW and TEY SIEW THUAN, being two of the directors of I-BERHAD (formerly known as 

Neico Industries (M) Berhad), do hereby state that, in the opinion of the directors, the accompanying balance 

sheets of the Company and the Group as at 31 December, 1999 and the related profit and loss accounts of 

the Company and of the Group and cash flow statement of the Group for the year then ended, together with 

the notes thereto, give a true and fair view of the state of affairs of the Company and of the Group as at 

31 December, 1999 and of the results of the Company and of the Group and cash flows of the Group for the 

year then ended, and have been properly drawn up in accordance with applicable approved accounting 

standards in Malaysia. 

Signed on behalf of the Board in accordance with a resolution of the directors 

EU HONG CHEW TEY SIEW THUAN 

Kuala Lumpur 



I, EU HONG CHEW, the director primarily responsible for the financial management of I - B E R H A D( f o rmerly known 

as Neico Industries (M) Berh a d ), do solemnly and sincerely declare that the accompanying balance sheets of the 

Company and the Group as at 31 December, 1999 and the related profit and loss accounts of the Company and of 

the Group and cash flow statement of the Group for the year then ended, together with the notes thereto are, to 

the best of my knowledge and belief correct, and I make this solemn declaration conscientiously believing the same 

to be true and by virtue of the provisions of the Statutory Declarations Act, 1960. 

Subscribed and solemnly declared by ) 

the abovenamed EU HONG CHEW ) 

at Kuala Lumpur in Wilayah Persekutuan ) 

on 20 March 2000. ) EU HONG CHEW 

Before me, 

MAISHARAH BINTI ABU HASAN (No. W181) 

Commissioner for Oaths 

Kuala Lumpur 

Statement By Directors

To the Shareholders of I-BERHAD (formerly known as Neico Industries (M) Berhad), 

We have audited the accounts of I-BERHAD (formerly known as Neico Industries (M) Berhad) (the Company) 

and the consolidated accounts of I-BERHAD (formerly known as Neico Industries (M) Berhad) AND ITS 

SUBSIDIARIES (the Group) as at 31 December, 1999. These accounts are the responsibility of the Company’s 

directors. Our responsibility is to express an opinion on these accounts based on our audit. 

We conducted our audit in accordance with approved Standards on Auditing in Malaysia. Those standards 

require that we plan and perform the audit to obtain reasonable assurance about whether the accounts are 

free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts 

and disclosures in the accounts. An audit also includes assessing the accounting principles used and significant 

estimates made by the directors, as well as evaluating the overall accounts presentation. We believe that our 

audit provides a reasonable basis for our opinion. 

In our opinion, 

a. the accounts give a true and fair view of the state of affairs of the Company and of the Group as at 

31 December, 1999 and of the results of the Company and of the Group and cash flows of the Group 

for the year then ended, and have been properly drawn up in accordance with the provisions of the 

Companies Act, 1965 and applicable approved accounting standards in Malaysia; and 

b. the accounting and other records and the registers required by the Act to be kept by the Company and 

its subsidiaries have been properly kept in accordance with the provisions of the Act. 

We are satisfied that the accounts of the subsidiaries that have been consolidated with the Company’s 

accounts are in form and content appropriate and proper for the purposes of the preparation of the 

consolidated accounts and we have received satisfactory information and explanations required by us 

for these purposes. 

The audit reports on the accounts of the subsidiaries were not subject to any qualification or any adverse 

comment made under subsection (3) of Section 174 of the Act. 

Arthur Andersen & Co. Lim Foo Chew 

No. AF 0103 No. 1748/01/02(J) 

Public Accountants Partner of the Firm 



29

30 1999 1998 


Note RM RM 

Cash and bank balances 2,202,413 1,462,132 

Fixed deposits with licensed banks 283,254 6,000,000 

Trade debtors 4 14,573,748 10,841,028 

Other debtors 5 713,936 1,286,823 

Stocks 6 19,329,721 13,626,732 

Current Liabilities 

37,103,072 33,216,715 

Bank borrowings (secured) 8 297,414 804,432 

Trade creditors 9 9,449,903 4,178,978 

Other creditors 10,411,731 4,235,372 

Taxation 288,010 441,817 

Proposed dividend 201,960 1,211,760 

20,649,018 10,872,359 

Net Current Assets 16,454,054 22,344,356 

Quoted Investment, at Cost 11 7,769,354 9,065,757 

Fixed Assets 12 22,159,791 20,697,490 

Goodwill Arising on Consolidation 13 511,277 575,187 

Intangible Assets 14 62,594 62,594 

Hire-Purchase Creditor 15 – (1,938) 

Deferred Taxation – (92,800) 

Shareholders’ Funds 


... as at 31 December, 1999 

46,957,070 52,650,646 

Share capital 16 20,196,000 2 0 , 1 9 6 , 0 0 0 

Reserves 17 28,957,774 2 8 , 9 5 7 , 7 7 4 

(Accumulated loss)/Retained profits (2,196,704) 3,496,872 

The accompanying notes are an integral part of this balance sheet. 

46,957,070 52,650,646

1999 1998 

Note RM RM 

Turnover 18 62,324,514 59,474,084 

Loss before taxation 19 (5,560,526) (4,684,506) 

Taxation 20 68,910 (268,211) 


Retained profits brought forward and available 

for appropriation 3,496,872 9,661,349 

Less: Proposed first and final tax exempt dividend 

Consolidated Profit And Loss Account 

... for the year ended 31 December, 1999 

of 1% (1998: 6%) (201,960) (1,211,760) 

3,294,912 8,449,589 

(Accumulated loss)/Retained profits carried forward (2,196,704) 3,496,872 

Loss per share 21 (27.19 sen) (24.52 sen) 

The accompanying notes are an integral part of this account. 

31

32 1999 1998 

Cash Flows from Operating Activities 

Note RM RM 

Loss before taxation (5,560,526) (4,684,506) 

Adjustments for: 

Amortisation of goodwill on consolidation 63,910 63,910 

Interest expense 20,289 37,045 

Interest income (249,138) (764,965) 

Gross dividends received from investment 

quoted in Malaysia (200,000) – 

Depreciation 2,841,772 3,587,234 

Loss/(Gain) on disposal of fixed assets 4,906 (218) 

Unrealised loss/(Gain) on foreign exchange 9,851 (12,688) 

Provision for doubtful debts 1,117,512 115,138 

Stocks written off 171,753 – 

Fixed assets written off 226,366 – 

Loss on disposal of quoted shares in Malaysia 77,715 – 

Provision for stock obsolescence – 65,742 

Stock obsolescence written back (27,536) – 

Operating loss before working capital changes (1,503,126) (1,593,308) 

(Increase)/Decrease in debtors (4,187,820) 4,378,845 

(Increase)/Decrease in stocks (5,847,206) 854,579 

Increase/(Decrease) in creditors 11,459,893 (8,653,621) 

Cash used in operations (78,259) (5,013,505) 

Tax paid (238,251) (853,685) 

Net cash used in operating activities (316,510) (5,867,190) 

Cash Flows from Investing Activities 

Cash outflow from acquisition of subsidiary – (2,207,752) 

Purchase of fixed assets (4,564,599) (2,019,874) 

Proceeds from disposal of fixed assets 27,001 3,700 

Purchase of quoted shares in Malaysia – (9,065,757) 

Proceeds from disposals of quoted shares in Malaysia 1,218,688 – 

Net dividends received from investment 



quoted in Malaysia 172,000 – 

Net cash used in investing activities (3,146,910) (13,289,683)

Cash Flows from Financing Activities 

1999 1998 

Note RM RM 

Dividend paid (1,211,760) (1,211,760) 

Interest paid (21,260) (37,045) 

Interest received 249,138 764,965 

Drawdown of bankers acceptance – 95,000 

Repayment of hire-purchase creditor (22,145) (19,809) 

Repayment of bankers acceptance (225,000) – 

Net cash used in financing activities (1,231,027) (408,649) 

Net decrease in cash and cash equivalents (4,694,447) (19,565,522) 

Cash and cash equivalents at beginning of the year 7,082,700 26,648,222 

Cash and cash equivalents at end of the year A 2,388,253 7,082,700 

A. Cash and Cash Equivalents 

Cash and cash equivalents included in the consolidated cash flow statement comprise the following balance 

sheet amounts: 

1999 1998 

RM RM 


Bank overdraft (97,414) (379,432) 


2,388,253 7,082,700 

33

34 B. Segment Information 

Cash flows from 

Operating Investing Financing 

activities activities activities Total 

1999 RM RM RM RM 

Manufacturing (4,850,865) (804,135) (1,261,053) (6,916,053) 

Trading 4,534,355 (3,561,463) 30,026 1,002,918 

Investment – 1,218,688 – 1,218,688 

Total (316,510) (3,146,910) (1,231,027) (4,694,447) 

1998 

Consolidated Cash Flow Statement cont’d 


Manufacturing (6,032,168) (4,223,926) (408,649) (10,664,743) 

Trading 164,978 – – 164,978 

Investment – (9,065,757) – (9,065,757) 

Total (5,867,190) (13,289,683) (408,649) (19,565,522) 

The accompanying notes are an integral part of this statement.


1999 1998 

Note RM RM 



Trade debtors 4 996,465 7,484,225 

Other debtors 5 618,307 532,328 

Stocks 6 18,314,720 13,307,500 

Due from subsidiaries 7 12,749,296 2,536,802 

Current Liabilities 

33,956,651 31,125,443 

Trade creditors 9 9,118,939 4,016,930 

Other creditors 5,989,625 3,642,534 

Due to a subsidiary 7 303,479 199,467 

Taxation 288,010 284,062 

Proposed dividend 201,960 1,211,760 

15,902,013 9,354,753 

Net Current Assets 18,054,638 21,770,690 

Due from a Subsidiary 7 4,198,727 4,207,085 

Investment in Subsidiaries 10 3,350,660 3,300,660 

Quoted Investment, at Cost 11 7,769,354 9,065,757 

Fixed Assets 12 12,775,040 14,634,947 

Shareholders’ Funds 

Balance Sheet 


46,148,419 52,979,139 

Share capital 16 20,196,000 20,196,000 

Reserves 17 28,957,774 28,957,774 

(Accumulated loss)/Retained profits (3,005,355) 3,825,365 

The accompanying notes are an integral part of this balance sheet. 

46,148,419 52,979,139 

35

36 1999 1998 

Note RM RM 

Turnover 18 58,259,763 57,555,457 

Loss before taxation 19 (6,628,760) (4,660,519) 

Taxation 20 – – 


Retained profits brought forward and available 



for appropriation 3,825,365 9,697,644 

Less: Proposed first and final tax exempt dividend 

of 1% (1998: 6%) (201,960) (1,211,760) 

3,623,405 8,485,884 

(Accumulated loss)/Retained profits carried forward (3,005,355) 3,825,365 

The accompanying notes are an integral part of this account.

1. Principal Activities 

The principal activities of the Company are the manufacture of household electrical appliances and 

investment holding. 

The principal activities of the subsidiaries are described in Note 10. 

There have been no significant changes in these principal activities during the financial year. 

2. Change of Name 

The Company changed its name from Neico Industries (M) Berhad to I-Berhad on 12 August, 1999. 

3. Significant Accounting Policies 

a. Basis of Accounting 

The accounts have been prepared under the historical cost convention modified by the revaluation of 

certain land and buildings and comply with applicable approved accounting standards in Malaysia. 

b. Basis of Consolidation 

The consolidated accounts include the accounts of the Company and all its subsidiaries made up to 

the end of the financial year. The results of subsidiaries acquired during the year are included in the 

consolidated profit and loss account from the date of their acquisition. Inter-company transactions are 

eliminated on consolidation and the consolidated accounts reflect external transactions only. 

The excess of the purchase price over the fair value of the net assets of subsidiaries at the date of 

acquisition is included in the consolidated balance sheet as goodwill arising on consolidation. 

Goodwill arising on consolidation is amortised over 10 years. 

c. Investments 

Investments in subsidiaries and other investments are stated at cost less provision for any permanent 

diminution in value. 

d. Currency Conversion and Translation 

Transactions in foreign currencies during the year are converted into Ringgit Malaysia at rates of 

exchange approximating those ruling at the transaction dates. Foreign currency monetary assets 

and liabilities at the balance sheet date are translated into Ringgit Malaysia at rates of exchange 

approximating those ruling at that date. All exchange gains or losses are dealt with in the profit 

and loss accounts. 



37

38 3. Significant Accounting Policies (cont’d) 

e. Fixed Assets and Depreciation 

Fixed assets are stated at cost or valuation less accumulated depreciation. 

Depreciation is not provided on factory equipment in progress and renovation in progress. Long 

leasehold land is depreciated over the period of the leases which will expire between the years 2068 

and 2080. Depreciation of other fixed assets is provided on a straight line basis calculated to write off 

the cost or valuation of each asset over its estimated useful life. 

The principal annual rates of depreciation are: 

Buildings Over 45 – 50 years 

Plant and machinery and factory equipment 6% to 18% 

Office equipment, furniture, fittings and fixtures and renovation 10% to 18% 

Motor vehicles 18% to 20% 

The long leasehold land and buildings of the Company were revalued in 1982 whereas the long 

leasehold land and buildings of the subsidiary were revalued in 1997. No revaluation has been done 

since the aforesaid revaluation dates. The directors have not adopted a policy of regular revaluation 

of such assets. As permitted under the transitional provisions of International Accounting Standard 

No. 16 (Revised) adopted by the Malaysian Accounting Standards Board, those assets are stated at 

their values at the revaluation dates less accumulated depreciation. 

f. Stocks 

Stocks are stated at the lower of cost and net realisable value. Cost includes, where appropriate, 

direct materials, direct labour, direct charges and production overheads determined on a first-in, 

first-out basis. 

g. Retirement Benefits 

R e t i rement benefits for unionised members are determined by an independent actuarial valuation, 

which is based on the schedule of benefits stipulated in the re t i rement benefit plan. Such benefits 

a re funded and contributions to The Retirement Benefits Trust Fund are charged to the profit and loss account. 

Actuarial assessments are made periodically. 

h. Deferred Taxation 

Deferred taxation is provided under the liability method for all material timing differences except 

w h e re there is reasonable evidence that these timing diff e rences will not reverse in the foreseeable future . 

i. Intangible Assets 

Intangible assets comprise pre l i m i n a ry and pre-operating expenses and will be written off upon 

commencement of operations. 

Notes To The Accounts (cont’d) 

...31 December, 1999

4. Trade Debtors 

Group Company 

1999 1998 1999 1998 

RM RM RM RM 

Trade debtors 15,465,662 10,956,166 1,047,326 7,521,252 

Less: Provision for doubtful debts (891,914) (115,138) (50,861) (37,027) 

5. Other Debtors 

14,573,748 10,841,028 996,465 7,484,225 

Group Company 

1999 1998 1999 1998 

RM RM RM RM 

Other debtors 1,054,672 1,286,823 677,654 532,328 

Less: Provision for doubtful debts (340,736) – (59,347) – 

6. Stocks 

713,936 1,286,823 618,307 532,328 

Group Company 

1999 1998 1999 1998 

RM RM RM RM 

Finished goods 9,038,354 5,686,415 8,150,450 5,550,156 

Work in progress 2,880,619 2,688,693 2,838,633 2,629,140 

Raw materials and consumable stocks 7,448,954 5,317,366 7,363,843 5,193,946 

19,367,927 13,692,474 18,352,926 13,373,242 

Less: Provision for stock obsolescence (38,206) (65,742) (38,206) (65,742) 

7. Due from Subsidiaries/Due to a Subsidiary 

19,329,721 13,626,732 18,314,720 13,307,500 

The amount due (current portion) is unsecured, interest free and has no fixed term of repayment. 

The amount due (long term portion) represents long term advance to a subsidiary. It is unsecured, interest 

free and not repayable within the next 12 months. 

39

40 8. Bank Borrowings (Secured) 

Group 

1999 1998 

RM RM 

Bank overdraft 97,414 379,432 

Bankers acceptance 200,000 425,000 

297,414 804,432 

The bank overdraft and bankers acceptance carry interest ranging from 8.80% to 10.05% and 3.00% to 

6.25% per annum re s p e c t i v e l y. 

The bank facilities are secured by a debenture for RM1 million over all fixed and floating assets of a subsidiary. 

9. Trade Creditors 

Group Company 

1999 1998 1999 1998 

RM RM RM RM 

Trade creditors 7,036,626 3,695,122 6,705,662 3,533,074 

Bills payable 2,413,277 483,856 2,413,277 483,856 

10.Investment in Subsidiaries 

9,449,903 4,178,978 9,118,939 4,016,930 

Company 

1999 1998 

RM RM 

Unquoted shares, at cost 3,350,660 3,300,660

The following are the subsidiary companies, all of which are incorporated in Malaysia: 

Paid-up Effective interest Principal 

Name of Company capital 1999 1998 activities 

RM % % 

I-Services Sdn Bhd 2 100 100 Trading of household 

(formerly known as electrical appliances. 

Neico Sales & Services Sdn Bhd) 

I-R&D Sdn Bhd 10,000 100 100 Currently dormant 

(formerly known as other than letting out 

I-Supplies Sdn Bhd and its premises during 

Neico Electrical Products Sdn Bhd) the year. Intended to 

handle all research and 

development activities 

including construction 

of a research and 

development centre 

for the Group. 

I-Industries Sdn Bhd 250,000 100 100 Fabricating of steel 

(formerly known as wire products and 

Neico Technology Sdn Bhd) metal stamping parts 

for electrical appliances. 

I-Marcom Sdn Bhd 50,000 100 – Marketing communications, 

promotions and provisions 

of after sales service for 

household electrical 

appliances. 

41

42 11.Quoted Investment, at Cost 

Group and Company 

1999 1998 

RM RM 

Quoted shares in Malaysia, at cost 7,769,354 9,065,757 

Market value 7,198,800 7,800,000 

12.Fixed Assets 

Group Beginning Transfer End of 

1999 of year Additions Disposals in/(out) year 

Valuation/Cost 

At valuation: 

RM RM RM RM RM 

Long leasehold land 3,660,985 – – – 3,660,985 

Buildings 10,480,015 – – – 10,480,015 

At cost: 

Long leasehold land 224,873 – (2,253) – 222,620 

Freehold land – 715,140 – – 715,140 

Buildings 1,614,716 2,184,860 – – 3,799,576 

Plant and machinery and 

factory equipment 50,156,693 930,991 (3,436,923) 532,564 48,183,325 

Factory equipment 

in progress 585,577 – – (532,564) 53,013 

Office equipment, furniture, 

fittings and fixtures 

and renovation 5,161,922 733,608 (543,586) – 5,351,944 

Motor vehicles 1,325,283 – (83,825) – 1,241,458 

Renovation in progress 33,200 – (33,200) – – 

Total 73,243,264 4,564,599 (4,099,787) – 73,708,076

12.Fixed Assets (cont’d) 

Accumulated Depreciation 

At valuation: 

Beginning Transfer End of 

of year Additions Disposals in/(out) year 


Long leasehold land 239,473 46,020 – – 285,493 

Buildings 2,819,104 225,245 – – 3,044,349 

At cost: 


Freehold land – – – – – 

Buildings 94,531 39,400 – – 133,931 


factory equipment 44,290,581 2,187,336 (3,322,460) – 43,155,457 


in progress – – – – – 


fittings and fixtures 

and renovation 4,298,455 210,692 (487,881) – 4,021,266 

Motor vehicles 800,671 130,150 (28,920) – 901,901 

Renovation in progress – – – – – 

Total 52,545,774 2,841,772 (3,839,261) – 51,548,285 

43

44 12.Fixed Assets (cont’d) 

Net Book Value 

At valuation: 

Beginning End of 

of year year 

RM RM 

Long leasehold land 3,421,512 3,375,492 

Buildings 7,660,911 7,435,666 

At cost: 

Long leasehold land 221,914 216,732 

Freehold land – 715,140 

Buildings 1,520,185 3,665,645 


factory equipment 5,866,112 5,027,868 


in progress 585,577 53,013 


fittings and fixtures 863,467 1,330,678 

and renovation 

Motor vehicles 524,612 339,557 

Renovation in progress 33,200 – 

Total 20,697,490 22,159,791


Arising from 

Group Beginning acquisition Transfer End of 

1998 of year Additions of subsidiary Disposals in/(out) year 


At valuation: 

RM RM RM RM RM RM 

Long leasehold land 3,660,985 – – – – 3,660,985 

Buildings 10,480,015 – – – – 10,480,015 

At cost: 

Long leasehold land – 224,873 – – – 224,873 

Buildings 1,614,716 – – – – 1,614,716 

Plant and machinery 

and factory 

equipment 47,685,692 312,519 1,042,849 – 1,115,633 50,156,693 


in progress 937,535 763,675 – – (1,115,633) 585,577 

Office equipment, 

furniture, fittings 

and fixtures 

and renovation 4,290,225 620,607 261,992 (10,902) – 5,161,922 

Motor vehicles 1,144,594 65,000 115,689 – – 1,325,283 

Renovation in 

progress – 33,200 – – – 33,200 

Total 69,813,762 2,019,874 1,420,530 (10,902) – 73,243,264 

45



At valuation: 

Arising from 

Beginning acquisition Transfer End of 

of year Additions of subsidiary Disposals in/(out) year 

RM RM RM RM RM RM 

Long leasehold land 190,532 48,941 – – – 239,473 

Buildings 2,597,341 221,763 – – – 2,819,104 

At cost: 

Long leasehold land – 2,959 – – – 2,959 

Buildings 60,592 33,939 – – – 94,531 


and factory 

equipment 40,627,308 2,974,689 688,584 – – 44,290,581 


in progress – – – – – – 



and fixtures 

and renovation 4,003,278 163,915 138,682 (7,420) – 4,298,455 

Motor vehicles 633,563 141,028 26,080 – – 800,671 

Renovation in 

progress – – – – – – 

Total 48,112,614 3,587,234 853,346 (7,420) – 52,545,774



At valuation: 

Beginning End of 

of year year 

RM RM 

Long leasehold land 3,470,453 3,421,512 

Buildings 7,882,674 7,660,911 

At cost: 

Long leasehold land – 221,914 

Buildings 1,554,124 1,520,185 


and factory 

equipment 7,058,384 5,866,112 


in progress 937,535 585,577 



and fixtures 

and renovation 286,947 863,467 


Renovation in 

progress – 33,200 

Total 21,701,148 20,697,490 

47


Company Beginning Transfer End of 

1999 of year Additions Disposals in/(out) year 


At valuation: 



Buildings 7,822,000 – – – 7,822,000 

At cost: 

Buildings 1,614,716 – – – 1,614,716 


and factory 

equipment 48,956,960 930,716 (3,436,923) 532,564 46,983,317 


in progress 585,577 – – (532,564) 53,013 


fittings and fixtures 4,815,102 19,755 (512,437) – 4,322,420 

Motor vehicles 1,194,594 – (83,825) – 1,110,769 

Renovation in progress 33,200 – (33,200) – – 

Total 66,036,149 950,471 (4,066,385) – 62,920,235 


At valuation: 


Buildings 2,738,996 172,085 – – 2,911,081 

At cost: 

Buildings 94,531 35,523 – – 130,054 


and factory equipment 43,515,263 2,084,750 (3,322,460) – 42,277,553 





Motor vehicles 751,783 106,112 (28,920) – 828,975 


Total 51,401,202 2,573,920 (3,829,927) – 50,145,195



At valuation: 





Buildings 5,083,004 4,910,919 

At cost: 

Buildings 1,520,185 1,484,662 




in progress 585,577 53,013 


fittings and fixtures 698,944 520,495 


Renovation in progress 33,200 – 

Total 14,634,947 12,775,040 

Company 

1998 


At valuation: 


Buildings 7,822,000 – – – 7,822,000 

At cost: 

Buildings 1,614,716 – – – 1,614,716 


factory equipment 47,685,692 155,635 – 1,115,633 48,956,960 


in progress 937,535 763,675 – (1,115,633) 585,577 



Motor vehicles 1,144,594 50,000 – – 1,194,594 

Renovation in progress – 33,200 – – 33,200 

Total 64,431,424 1,615,627 (10,902) – 66,036,149 

49



At valuation: 





Buildings 2,570,393 168,603 – – 2,738,996 

At cost: 

Buildings 60,592 33,939 – – 94,531 


factory equipment 40,627,308 2,887,955 – – 43,515,263 





Motor vehicles 633,563 118,220 – – 751,783 


Total 48,066,176 3,342,446 (7,420) – 51,401,202 


At valuation: 


Buildings 5,251,607 5,083,004 

At cost: 

Buildings 1,554,124 1,520,185 




in progress 937,535 585,577 


fittings and fixtures 211,902 698,944 


Renovation in progress – 33,200 

Total 16,365,248 14,634,947


The long leasehold land and buildings of the Company were revalued in 1982 on the basis of existing use 

by an independent professional valuer. 

The long leasehold land and buildings of the subsidiary were revalued in 1997 on open market basis by an 

independent professional valuer and the revaluation surplus was capitalised by the directors of the subsidiary. 

Had the fixed assets been carried out at historical cost less depreciation, the net book value of each class 

of fixed assets that would have been included in the accounts as at the end of the financial year would 

be as follows: 

Group Company 

1999 1998 1999 1998 

RM RM RM RM 

Long leasehold land 2,064,641 2,092,768 114,814 116,367 

Buildings 3,537,145 3,656,812 1,553,161 1,631,060 

5,601,786 5,749,580 1,667,975 1,747,427 

Included in fixed assets of the Company are fully depreciated assets costing RM37,273,239 

(1998: RM35,379,331). 

D e f e rred taxation on the surplus arising from the revaluation of long leasehold land and buildings of the 

G roup and of the Company is not provided as it is not the intention of the directors to dispose these assets. 

Included in the above fixed assets of the Group is a motor vehicle held under hire-purchase with net book 

value of RM55,610 (1998: RM69,512). 

13. Goodwill Arising on Consolidation 

Group 

1999 1998 

As at 1 January 639,097 – 

Arising from the acquisition of I-Industries Sdn. Bhd. 

(formerly known as Neico Technology Sdn. Bhd.) – 639,097 

639,097 639,097 

Less: Accumulated amortisation (127,820) (63,910) 

As at 31 December 511,277 575,187 

51

52 14.Intangible Assets 

Group 

1999 1998 

Preliminary expenses 2,300 2,300 

Pre-operating expenses 60,294 60,294 

Included in pre-operating expenses for the year is: 

62,594 62,594 

Auditors’ remuneration – 1,500 

15.Hire-Purchase Creditor 

Group 

1999 1998 

Total payable 1,955 25,559 

Less: Interest-in-suspense (17) (1,476) 

1,938 24,083 

Less: Due within 12 months included in other creditors (1,938) (22,145) 

The future hire-purchase payments are analysed as follows: 

Year ending 31 December, 

– 1,938 

1999 – 23,604 

2000 1,955 1,955 

Total hire-purchase payments 1,955 25,559 

Less: Amount representing interest (17) (1,476) 

Principal of future hire-purchase payments 1,938 24,083 

16.Share Capital 

Ordinary shares of RM1 each: 

1999 1998 

RM RM 

Authorised 30,000,000 30,000,000 

Issued and fully paid 20,196,000 20,196,000

17.Reserves 

Non-distributable reserve: 

Group and Company 

1999 1998 

Share premium 21,176,295 21,176,295 

Revaluation reserve 5,161,479 5,161,479 

Distributable reserve: 

18. Turnover 

26,337,774 26,337,774 

General reserve 2,620,000 2,620,000 

28,957,774 28,957,774 

Turnover for the Group and the Company represents the invoiced value of sales less returns. 

The cost of sales incurred in relation to the Gro u p ’s turnover amounted to RM59,602,964 

(1998: RM61,109,139). 

The cost of sales incurred in relation to the Company’s turnover amounted to RM59,645,347 

(1998: RM60,332,329). 

53

54 19.Loss Before Taxation 

Loss before taxation is stated 

after charging: 

Group Company 

1999 1998 1999 1998 

RM RM RM RM 

Auditors’ remuneration 48,000 32,500 27,000 27,000 

Depreciation 2,841,772 3,587,234 2,573,920 3,342,446 

Directors’ emoluments 402,390 692,333 263,000 692,333 

Amortisation of goodwill on 

consolidation 63,910 63,910 – – 

Rental expenses 88,360 157,092 7,850 55,368 

Royalty 661,387 977,861 661,387 977,861 

Provision for retirement benefits 652,551 220,492 652,551 220,492 

Interest expense 20,289 37,045 – 2,322 

Loss on disposal of fixed assets 4,906 – 4,906 – 

Provision for doubtful debts 1,117,512 115,138 73,181 37,027 

Stocks written off 171,753 – 171,753 – 

Provision for disposal of 

manufacturing waste 974,740 – 974,740 – 

Loss on disposal of quoted 

shares in Malaysia 77,715 – 77,715 – 

Fixed assets written off 226,366 – 204,551 – 

Provision for stock obsolescence – 65,742 – 65,742 

and crediting: 

Gain on disposal of fixed assets – 218 – 218 

Gross dividends received 

from investment quoted 

in Malaysia 200,000 – 200,000 – 

Gain on foreign exchange 7,159 903,696 7,159 903,696 

Rental income 42,000 – 35,388 35,388 

Interest income 249,138 764,965 219,112 764,965 

Stock obsolescence written back 27,536 – 27,536 –

20. Taxation 

Group Company 

1999 1998 1999 1998 

RM RM RM RM 

Current year provision – (70,000) – – 

Taxation underprovided 

in respect of prior years (23,890) (105,411) – – 

Deferred taxation 92,800 (92,800) – – 

68,910 (268,211) – – 

T h e re is no tax charge for the year as the Company is in a tax loss position. 

As at 31 December, 1999, the Company has unabsorbed tax losses of approximately RM8,136,000 

(1998: RM5,047,000), unabsorbed capital allowances of approximately RM4,380,000 (1998: 

RM2,274,000) and unabsorbed reinvestment allowances of RM2,053,000 (1998: RM1,176,000), which 

can be used to offset against future taxable profits, subject to agreement with the Inland Revenue Board. 

As at 31 December, 1999, the Company has a potential deferred tax benefit of approximately 

RM3,788,000 (1998: RM1,818,000), arising principally from unabsorbed tax losses, unabsorbed capital 

allowances and unabsorbed reinvestment allowances carried forward, the effects of which are not 

included in the accounts as there is no assurance beyond any reasonable doubt that future taxable income 

will be sufficient to allow the benefit to be realised. 

As at 31 December, 1999, the Company has tax exempt balance available for distribution under the 

Promotion of Investment Act, 1986 and Income Tax Act, 1967 amounting to approximately RM881,000 

and RM5,009,000 (1998: RM881,000 and RM6,221,000) respectively, both of which are subject to 

agreement with the Inland Revenue Board. 

21.Loss Per Share 

The basic loss per share for 1999 is calculated by dividing the Group’s loss after taxation of RM5,491,616 

by the number of ordinary shares in issue of 20,196,000. 

The basic loss per share for 1998 is calculated by dividing the Group’s loss after taxation of RM4,952,717 

by the number of ordinary shares in issue of 20,196,000. 

55

56 22.Significant Event 

During the year, a wholly owned subsidiary, I-Marcom Sdn Bhd (IMSB) was incorporated with an initial 

paid up share capital of RM2. On 4 August, 1999, the paid up share capital was increased from RM2 to 

RM50,000 comprising 50,000 ordinary shares of RM1 each. The principal activity of IMSB is marketing 

communications, promotions and provisions of after sales service for household electrical appliances. 

IMSB commenced operation during the financial year. 

23.Subsequent Events 

Subsequent to the year end, 

a. the Company announced the following: 

i. Proposed bonus issue of 20,196,000 new ordinary shares of RM1.00 each on the basis of 

one (1) new ordinary share for every one (1) existing ordinary share held; 

ii. Proposed rights issue of: 

– 40,392,000 new ordinary shares of RM1.00 each; and 

– RM40,392,000 nominal value of 5-year 5% irredeemable convertible unsecured loan 

stock (“ICULS”) 

with 40,392,000 free detachable warrants on the basis of two (2) new ordinary shares and 

RM2.00 nominal amount of ICULS with two (2) free detachable warrants for every one (1) existing 

share held before the proposed bonus issue. 

The above exercise is subject to approval by the relevant authorities and the shareholders. 

b. the Company disposed of the balance of its investment in quoted shares of Pensonic Holding Berhad 

for approximately RM11,562,000 with a gain of approximately RM3,798,000.

24.Significant Related Party Transactions 

1999 1998 

Group RM RM 

Sales to companies with common directors – 419,115 

Company 

Purchases from a subsidiary 1,359,918 1,239,608 

Sales to subsidiaries 26,464,438 5,283,736 

Rental of machinery and equipment 

receivable from a subsidiary 35,388 35,388 

The directors are of the opinion that the above transactions have been entered into in the normal course 

of business and have been established under terms that are no less favourable than those arranged with 

third parties. 

25.Segmental Analysis 

(Loss)/Profit Total 

before assets 

1999 Turnover taxation employed 

Manufacturing 60,670,169 (7,170,931) 61,366,753 

Trading 29,514,089 1,772,805 24,309,576 

Investment – – 7,769,354 

90,184,258 (5,398,126) 93,445,683 

Consolidation adjustments (27,859,744) (162,400) (25,839,595) 

1998 

62,324,514 (5,560,526) 67,606,088 

Manufacturing 60,272,141 (4,590,489) 61,416,354 

Trading 5,983,205 (11,844) 2,945,072 

Investment – – 9,065,757 

66,255,346 (4,602,333) 73,427,183 

Consolidation adjustments (6,781,262) (82,173) (9,809,440) 

59,474,084 (4,684,506) 63,617,743 

An analysis by geographical segments has not been presented as the Group’s activities are primarily 

in Malaysia. 

26.Currency 

All amounts are stated in Ringgit Malaysia (RM). 

57

58 Authorised Share Capital 

The authorised share capital of the Company is RM30,000,000 divided into 30,000,000 ordinary shares of 

RM1.00 each. 

Issued and Paid-up Share Capital 

The total issued and paid-up share capital of the Company is RM20,196,000 divided into 20,196,000 ordinary 

shares of RM1.00 each. 

Voting Rights 

Shareholders are entitled to one vote per ordinary share held. 

Analysis of Shareholdings 

Size of Shareholdings No. of % of No. of % of 

Shareholders Shareholders Shares held Shares held 

1 – 499 371 16.07 53,401 0.26 

500 – 5,000 1661 71.94 2,948,879 14.60 

5,001 – 10,000 159 6.89 1,201,214 5.95 

10,001 – 100,000 115 4.98 3,073,974 15.22 

100,001 – 1,000,000 1 0.04 170,000 0.84 

Above 1,000,000 2 0.08 12,748,532 63.13 

Total 2,309 100.00 20,196,000 100.00 

Substantial Shareholders as per Register of Substantial Shareholders 

Name of Shareholders No. of % of 

Shares held Issued Capital 

1. Sumurwang Sdn Bhd 8,980,832 44.47 

2. Amanah Raya Berhad 3,767,700 18.66 

Skim Amanah Saham Bumiputra 

Analysis Of Shareholdings 

... as at 3 March, 2000 

3. Sumur Ventures Sdn Bhd 8,980,832 * 44.47 

4. Lim Kim Hong 8,980,832 ** 44.47 

* Deemed interested by virtue of its interest in Sumurwang Sdn Bhd. 

* Deemed interested by virtue of his interest in Sumur Ventures Sdn Bhd.

Twenty Largest Shareholders as at 3 March, 2000 

Name of Shareholders No. of % of 

Shares held Issued Capital 

1. Sumurwang Sdn Bhd 8,980,832 44.47 

2. Amanah Raya Nominees (Tempatan) Sdn Bhd 3,767,700 18.66 

Skim Amanah Saham Bumiputera 

3. Bank Simpanan Nasional 170,000 0.84 

4. Botly Nominees (Tempatan) Sdn Bhd 100,000 0.49 

Pledged Securities Account for Wong Tak Ming 

5. Syarikat Nominee Bumiputra (Tempatan) Sdn Bhd 95,000 0.47 

Pledged Securities Account for AA Anthony & 

Co Sdn Bhd (2555PENG) 

6. Liang Kee Oil Palm Estate Sdn Bhd 90,000 0.44 

7. Lim Shiu Ho 82,000 0.41 

8. Siew Cheng Wan 80,000 0.40 

9. Citicorp Nominees (Tempatan) Sdn Bhd 79,000 0.39 

Pledged Securities Account for Foong Yoke Peng (471165) 

10. Hong Leong Finance Berhad 79,000 0.39 

Pledged Securities Account for Loye Tuan Bee 

11. Ng Leng Huat 74,000 0.37 

12. JB Securities Sdn Bhd IVT (C11) 63,000 0.31 

13. Lim Yew Ming 62,000 0.31 

14. Leong See Cheong 62,000 0.31 

15. Moo Sai Chin 59,000 0.29 

16. JF Apex Nominees (Tempatan) Sdn Bhd 58,000 0.29 

Pledged Securities Account for Goh Poh Kim 

17. Ke-Zan Nominees (Asing) Sdn Bhd 56,640 0.28 

Kim Eng Securities (Private) Limited for 

Tanglin Investments (Private) Limited 

18. Lee Thian Fook @ Lee Tian Fook 55,000 0.27 

19. Foong Hon Kheong 49,662 0.24 

20. Phileo Allied Nominees (Tempatan) Sdn Bhd 45,000 0.22 

Pledged Securities Account for Lee Hong Eng 

Total 14,107,834 69.85 

59

60 Location Description Tenure Size Approximate Net Book 

I-Berhad 

List Of Properties Held 

... as at 3 March, 2000 

Age of the Value as at 

Buildings 31 Dec 1999 

1. Lot 4799 Q.T. (R) L & M Office, Leasehold for a 4.08 Between 30 RM3,333,998.72 

2/69, Mukim of factory & term of 99 years acres to 31 years 

Asam Kumbang, warehouse expiring on 

Kamunting Industrial 11 July 2068 

Estate,Taiping, – Unexpired term 

Perak Darul Ridzuan is 69 years 

2. Lot 5813 Q.T. (R) L & M Factory & Leasehold for a 2.00 24 years RM1,792,098.13 

3/69, Mukim of warehouse term of 99 years acres 

Asam Kumbang, expiring on 

Kamunting Industrial 11 July 2068 

Estate, Taiping, – Unexpired term 


3. Lot 6675 H.S. (D) L & M Factory & Leasehold for a 2.76 Between 21 RM1,695,628.92 

2/77, Mukim of warehouse term of 99 years acres to 23 years 

Asam Kumbang, expiring on 

Kamunting Industrial 10 January 2076 



4. Lot 6676 H.S. (D) L & M Vacant Leasehold for a 6.27 N/A RM304,227.04 

195/75, Mukim of factory term of 99 years acres 

Asam Kumbang, land expiring on 

Kamunting Industrial 20 October 2074 



5. Lot 779 H.S. (D) L & M Vacant Leasehold for a 1.79 N/A RM88,020.84 

15/81, Mukim of factory term of 99 years acres 

Asam Kumbang, land expiring on 

Kamunting Industrial 23 February 2080 


Perak Darul Ridzuan is 81 years

Location Description Tenure Size Approximate Net Book 

I-Marcom Sdn Bhd 

Age of the Value as at 

Buildings 31 Dec 1999 

6. Lot No SDF 31 Showroom, Freehold 0.58 1 year RM2,896,124.00 

Part of Block Title Office & acres 

H.S. (D) 132118 warehouse 

No. P.T. 17304 

Mukim Damansara, 

Daerah Petaling, 

Negeri Selangor 

Darul Ehsan 

I-R&D Sdn Bhd 

7. Lot 5658, P.N. 119473 Office, Leasehold for a 3.98 26 years RM3,945,457.00* 

Mukim of factory & term of 99 years acres 

Asam Kumbang, warehouse expiring on 

Kamunting Industrial 29 January 2072 



8. Lot 6704, P.N. 104498 Warehouse Leasehold for a 3.75 N/A RM1,353,121.00* 

Mukim of & vacant term of 99 years acres 

Asam Kumbang, factory expiring on 

Kamunting Industrial land 4 S e p t e m b e r2 0 7 4 



* These properties were revalued on 5 June 1997 

61

I/We 

of 

Form of Proxy 

being a member/members of I-Berhad hereby appoint 

of 

or failing him 

of 



Incorporated In Malaysia 

as my/our proxy to vote for me/us on my/our behalf at the Thirty-Third Annual General Meeting of the Company to be held at 

No. 3, Jalan Astaka U8/84, Section U8, Bukit Jelutong, 40150 Shah Alam, Selangor Darul Ehsan on Thursday, 27 April 2000 

at 10.00 a.m. or at any adjournment thereof in the manner indicated below: 

No. Resolutions For Against 

1. Adoption of Audited Accounts for the year ended 

31 December 1999 and the Directors’ and Auditors’ Reports thereon 

2. Approval of tax exempt dividend of 1% 

3. Re-election of Mr Lim Kim Hong as Director 

4. Re-election of Mr Eu Hong Chew as Director 

5. Re-election of Madam Tey Siew Thuan as Director 

6. Re-election of Madam Ong Poh Ling as Director 

7. Re-appointment of Messrs Arthur Andersen & Co. as Auditors 

Please indicate with a cross (“X”) in the spaces provided how you wish your vote to be cast. In the absence of specific directions, 

your proxy may vote or abstain from voting at his discretion. 

Signed this day of 2000 

Signature(s)/Common Seal of the shareholder(s) 

Notes: 

1. A member entitled to attend and vote at the general meeting is entitled to appoint a proxy to attend and vote in his stead. 

2. A proxy need not be a member of the Company, but such appointment must comply with Section 149 (1) (b) of the Companies Act, 1965 

which states that a member shall not be entitled to appoint a person who is not a member of the Company as his proxy, unless that 

person is an advocate, an approved company auditor or a person approved by the Registrar of Companies in a particular case. 

3. All proxy forms duly executed should be deposited at the Company’s Registered Office at No. 3, Jalan Astaka U8/84, Section U8, 

Bukit Jelutong, 40150 Shah Alam, Selangor Darul Ehsan not less than 48 hours before the time for holding the meeting or any 

adjournment thereof. 

No. of shares held

I-Berhad 

No. 3, Jalan Astaka U8/84 

Section U8, Bukit Jelutong 

40150 Shah Alam, Selangor 

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Stamp 

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I-Berhad (7029-H) - Bursa Malaysia

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