YNH Property AR 2020 Cover FA.Ai
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Annual Report2020 YNH PROPERTY BHD Registration No.: 200101026228 (561986-V) YNH PROPERTY BHD Registration No: 200101026228 (561986-V) Annual Report 2020 CONTENTS Corporate Information 2 Corporate Structure 4 Profile of the Board of Directors 5 Key Senior Management Profile 7 Financial Highlights 8 Chairman’s Statement 9 Management Discussion & Analysis 11 Corporate Governance Overview Statement 12 Sustainability Statement 19 Additional Compliance Information 25 Statement on Risk Management and Internal Control 26 Audit Committee Report 28 Directors’ Report 30 Statements of Financial Position 36 Statement of Comprehensive Income 39 Statements of Changes in Equity 40 Statements of Cash Flows 43 Notes to the Financial Statements 47 Statement By Directors 130 Statutory Declaration 131 Independent Auditors’ Report 132 List of Properties 138 Statement of Shareholdings 150 1 YNH PROPERTY BHD Registration No: 200101026228 (561986-V) Annual Report 2020 CORPORATE INFORMATION Directors Registrars Dato’ Dr. Yu Kuan Chon, DIMP, PPT, MBBS Boardroom Share Registrars Sdn. Bhd. (Chairman, Executive Director) 11th Floor, Menara Symphony Dato’ Yu Kuan Huat, DPMP, PMP, AMP, PPT No. 5, Jalan Professor Khoo Kay Kim (Managing Director) Seksyen 13, 46200 Petaling Jaya Dato’ Robert Lim @ Lim Git Hooi, DPMP, JP Selangor Darul Ehsan, Malaysia (Senior Independent Non-Executive Director) Telephone No.: 03-78418000 Ching Nye Mi @ Chieng Ngie Chay Fax No.: 03-78418151/8152 (Independent Non-Executive Director) Ding Ming Hea Registered Office (Independent Non-Executive Director) 55A, Medan Ipoh 1A Medan Ipoh Bistari Audit Committee 31400 Ipoh Dato’ Robert Lim @ Lim Git Hooi, DPMP, JP Perak Darul Ridzuan, Malaysia (Senior Independent Non-Executive Director) - Chairman Telephone No.: 05-5474833 Ching Nye Mi @ Chieng Ngie Chay (Independent Non-Executive Director) - Member Fax No.: 05-5474363 Ding Ming Hea (Independent Non-Executive Director) - Member Principal Place Of Business and Head Office 188, Jalan PPMP 3/3 Remuneration Committee Pusat Perniagaan Manjung Point 3 Dato’ Robert Lim @ Lim Git Hooi, DPMP, JP 32040 Seri Manjung (Senior Independent Non-Executive Director) - Chairman Perak Darul Ridzuan, Malaysia Dato’ Yu Kuan Huat, DPMP, PMP, AMP, PPT Telephone No.: 05-6881128 (Managing Director) - Member Fax No.: 05-6881388 Ching Nye Mi @ Chieng Ngie Chay Email: [email protected] (Independent Non-Executive Director) - Member Website: www.ynhb.com.my Ding Ming Hea (Independent Non-Executive Director) - Member Sales Office – Kuala Lumpur Sales Gallery Nominating Committee Unit 03-01D, Level 3 Dato’ Robert Lim @ Lim Git Hooi, DPMP, JP Lot 163, 10, Jalan Perak (Senior Independent Non-Executive Director) - Chairman 50450 Kuala Lumpur Ching Nye Mi @ Chieng Ngie Chay Telephone No.: 03-21637700 (Independent Non-Executive Director) - Member Fax No.: 03-21627770 Ding Ming Hea (Independent Non-Executive Director) - Member Sales Office – Seri Kembangan Sfera Residency Sales Gallery ESOS Committee 40-G & 41-G, Block D Dato’ Yu Kuan Huat, DPMP, PMP, AMP, PPT Pusat Perniagaan The Atmosphere (Managing Director) - Member Jalan Atmosphere 7 Dato’ Dr. Yu Kuan Chon, DIMP, PPT, MBBS Bandar Putra Permai (Executive Director) - Member 43300 Seri Kembangan Dato’ Robert Lim @ Lim Git Hooi, DPMP, JP (Senior Independent Non-Executive Director) - Member Selangor Darul Ehsan, Malaysia Ching Nye Mi @ Chieng Ngie Chay Telephone No: 03-89586858 (Independent Non-Executive Director) - Member Fax No: 03-89499858 Ding Ming Hea (Independent Non-Executive Director) - Member Chan Yan Meng (Financial Controller) - Member Secretaries Chan Eoi Leng (MAICSA 7030866) (SSM PC No. 202008003055) Cheng Ghee Cheng (LS 0004598) (SSM PC No. 202008002000) 2 YNH PROPERTY BHD Registration No: 200101026228 (561986-V) Annual Report 2020 CORPORATE INFORMATION (cont’d) Sales Office – Ipoh Principal Bankers 10, Jalan Medan Ipoh 3 Alliance Bank Malaysia Berhad Bandar Medan Ipoh Baru AmBank (M) Berhad 31400 Ipoh Bank Islam Malaysia Berhad Perak Darul Ridzuan, Malaysia CIMB Bank Berhad Telephone No.: 05-5451945 Hong Leong Bank Berhad Fax No.: 05-5451945 HSBC Bank Malaysia Berhad Malayan Banking Berhad Auditors OCBC Bank (Malaysia) Berhad Baker Tilly Monteiro Heng PLT Public Bank Berhad Baker Tilly Tower Public Investment Bank Berhad Level 10, Tower 1, Avenue 5 RHB Bank Berhad Bangsar South City United Overseas Bank (Malaysia) Bhd. 59200 Kuala Lumpur Al Rajhi Banking And Investment Corporation Malaysia. (Malaysia) Bhd. Affin Bank Berhad Stock Exchange Listing Bursa Malaysia Securities Berhad Main Market 3 YNH PROPERTY BHD Registration No: 200101026228 (561986-V) Annual Report 2020 CORPORATE STRUCTURE YNH PROPERTY BHD 100% 100% 100% 97% 100% YNH YNH D’KIARA YNH 3% PLACE KAR SIN CONSTRUCTION SERVICES LAND BERHAD SDN. BHD. SDN. BHD. SDN. BHD. SDN. BHD. 100% 100% 100% 100% YNH HARDWARE YNH COMMUNICATION YNH READY MIX KIARA SDN. BHD. ENGINEERING SDN. BHD. SDN. BHD. DESARU SDN. BHD. 100% 100% 100% GREEN SKY HIGH YNH ENGINEERING MIRAGE CORPORATION SDN. BHD. SDN. BHD. 100% YNH HOSPITALITY SDN. BHD. 100% 100% 100% BAY CLUBHOUSE HOTEL SFERA SDN. BHD. 100% YNH UTILITY SDN. BHD. SDN. BHD. YNH ELECTRICAL ENGINEERING SDN. BHD. 100% BENUA KUKUH DESARU ACE 100% SDN. BHD. 100% SERVICES SDN. BHD. YNH REALTY SDN. BHD. 100% MESRA UNGGUL SDN. BHD. 4 YNH PROPERTY BHD Registration No: 200101026228 (561986-V) Annual Report 2020 PROFILE OF THE BOARD OF DIRECTORS DATO’ DR. YU KUAN CHON, DIMP, PPT, MBBS 59 years of age Malaysian, Male Chairman, Executive Director Member, ESOS Committee He was appointed to the Board of the Company on 3 September 2003 and subsequently as Chairman of the Company on 20 February 2004. After graduating with a medical degree in 1988, he started work as a houseman in Klang and continued as a medical officer a year later. Subsequently, he has also served as a medical officer in Ipoh and Taiping hospitals, Perak. In 1995, he left the government service and started assisting the family business. He is also a Non-Executive and Non-Independent Director of Rapid Synergy Berhad, a public company listed on the Main Market of Bursa Malaysia Securities Berhad. He has attended all four (4) Board of Directors’ Meetings held during the financial year ended 31 December 2020. He is the brother of Dato’ Yu Kuan Huat, DPMP, PMP, AMP, PPT. He is also a substantial shareholder of the Company. He has not been convicted of any offences in the last five years. DATO’ YU KUAN HUAT, DPMP, PMP, AMP, PPT 63 years of age Malaysian, Male Managing Director Member, Remuneration Committee Member, ESOS Committee He was appointed to the Board of the Company on 3 September 2003 and subsequently as Managing Director on 8 October 2003. Prior to his appointment to the Board of the Company, he was a Managing and Founder Director of Kar Sin Berhad, which is now a wholly-owned subsidiary of the Company. He has over 30 years of experience in property development, construction, money lending and aquaculture. He is an Alternate Director to Dato’ Dr. Yu Kuan Chon, DIMP, PPT, MBBS of Rapid Synergy Berhad, a public company listed on the Main Market of Bursa Malaysia Securities Berhad. He has attended all four (4) Board of Directors’ Meetings held during the financial year ended 31 December 2020. He does not hold any directorship in any other public listed company. He is also a substantial shareholder of the Company. He and Dato’ Dr. Yu Kuan Chon, DIMP, PPT, MBBS are brothers. He has not been convicted of any offences in the last five years. 5 YNH PROPERTY BHD Registration No: 200101026228 (561986-V) Annual Report 2020 PROFILE OF THE BOARD OF DIRECTORS (cont’d) DATO’ ROBERT LIM @ LIM GIT HOOI, DPMP, JP 82 years of age Malaysian, Male Senior Independent and Non-Executive Director Chairman, Audit Committee Chairman, Nominating Committee Chairman, Remuneration Committee Member, ESOS Committee He was appointed to the Board of the Company on 3 September 2003 and subsequently appointed as the Senior Independent and Non-Executive Director of the Company on 17 May 2004. He is a member of the Malaysian Institute of Certified Public Accountants and the Malaysian Institute of Accountants. Prior to his appointment to the Board of the Company, he was a partner in Ernst & Young. He was appointed as an Independent and Non-Executive Director of Rapid Synergy Berhad, a public company listed on the Main Market of Bursa Malaysia Securities Berhad on 10 September 2020. He has retired as an Independent and Non-Executive Director on the Board of Gopeng Berhad on 30 April 2021. He also holds directorships in several other private limited companies. He has attended all four (4) Board of Directors’ Meetings held during the financial year ended 31 December 2020. He does not have any family relationship with any other director and/or major shareholder of the Company and has no conflict of interest with the Company. He has not been convicted of any offences in the last five years. CHING NYE MI @ CHIENG NGIE CHAY 74 years of age Malaysian, Male Independent and Non-Executive Director Member, Audit Committee Member, Nominating Committee Member, Remuneration Committee Member, ESOS Committee He was appointed to the Board and Audit Committee of the Company on 3 September 2003. He has graduated with a Bachelor of Arts (Econs) from University Malaya in 1971. Prior to his appointment to the Board of the Company, he was a bank manager of Public Bank Berhad before his retirement in August 2002. He has over 31 years of professional experience in all aspects of the banking industry. He is also an Independent and Non-Executive Director of Rapid Synergy Berhad, a public company listed on the Main Market of Bursa Malaysia Securities Berhad. He has attended all four (4) Board of Directors’ Meetings held during the financial year ended 31 December 2020 . He does not have any family relationship with any other director and/or major shareholder of the Company and has no conflict of interest with the Company.