NAIM INDAH CORPORATION BERHAD (Company No. 19727-P) ANNUAL REPORT 2011 1 NAIM INDAH CORPORATION BERHAD ANNUAL REPORT 2011 CONTENTS CORPORATE PROFILE 3 LIST OF PROPERTIES 40 CHAIRMAN’S STATEMENT 4 DIRECTORS’ REPORT 41 CHIEF EXECUTIVE OFFICER’S STATEMENT 6 STATEMENT BY DIRECTORS 46 SHARE PERFORMANCE 7 STATUTORY DECLARATION 46 CORPORATE STRUCTURE 8 INDEPENDENT AUDITORS’ REPORT 47 BOARD OF DIRECTORS 10 STATEMENTS OF FINANCIAL POSITION 49 AUDIT COMMITTEE 19 STATEMENTS OF COMPREHENSIVE INCOME 50 NOMINATION AND REMUNERATION 20 STATEMENTS OF CHANGES IN EQUITY 53 COMMITTEE STATEMENTS OF CASHFLOW 54 CORPORATE EVENTS 21 NOTES TO THE FINANCIAL STATEMENTS 56 CORPORATE GOVERNANCE STATEMENT 23 NOTICE OF ANNUAL GENERAL MEETING 127 STATEMENT OF INTERNAL CONTROL 28 PROXY FORM ENCLOSED AUDIT COMMITTEE REPORT 31 ANALYSIS OF SHAREHOLDINGS 37 Property Development Property Management 2 CORPORATE PROFILE NAIM INDAH CORPORATION BERHAD (NICORP) is predominantly engaged in the business of investment holding, theprovision of management and administrative services to its subsidiaries. It is listed on the Main Market of Bursa Malaysia Securities Berhad. Round Log Timber Extraction
[email protected] 3 NAIM INDAH CORPORATION BERHAD ANNUAL REPORT 2011 CHAIRMAN’S STATEMENT Dear Shareholders, On behalf of the Board of Directors, I am pleased to present to you the 2011 Annual Report together with the Audited Financial Statements for the financial year ended 31 December 2011. Financial Review For the financial year ended 31 December 2011, we have achieved a turnover of RM14.88 million as compared to RM12.52 million in year 2010. This increment of turnover was mainly contributed by our focused efforts in the timber production segment, as well as, a marginal increment from our property investment segment.