Laporan Tahunan 2004 / 2005 Annual Report ... - I3investor

Laporan Tahunan 2004 / 2005 Annual Report

Laporan Tahunan 2004 / 2005 Annual Report

INGRESS CORPORATION BERHAD (490799-K)

2 Annual Report 2004 / 2005

The Growth and Expansion ofIngress Corporation Berhad

The mighty tree is borne from asingle humble seed. From itsmodest beginnings, growthand expansion dominate,transforming a tiny seed to asturdy tree - towering over thevast and limitless horizon.

With positive expansion andcontinued growth, Ingress

Corporation Berhad has taken a step forwardwith a new image. The refreshed anduniformed corporate identity that Ingress hasembraced, reflects its role in the ever-expanding technological landscape. From ahumble organisation within the automotivecomponent industry, Ingress has grown tobe one of the leading corporations in theautomotive component manufacturer marketin the ASEAN region.

C O V E R R A T I O N A L E


3Annual Report 2004 / 2005

CONTENTSNotice of Annual General Meeting 4 - 5

Statement Accompanying Notice ofAnnual General Meeting 6

Corporate Information 7

Financial Highlights 8 - 9

Group Structure 10

Board of Directors • Lembaga Pengarah 11

Profile of Directors • Profil Pengarah-Pengarah 12 - 18

Statement of Corporate Governance 19 - 23

Statement of Directors’ Responsibility forPreparing the Financial Statements 24

Audit Committee 25

Audit Committee Report 26 - 27

Statement on Internal Control 28

CORPORATE VISION To create a business organisation that combines a high-trust culture

which enables INGRESS to develop meaningful partnerships, both inside and outside the organisation withentrepreneurial and professional attributes.

Creating meaning in life and bringing harmony to its surrounding is the embodiment of the INGRESS vision.

QUALITY POLICY STATEMENT To achieve total customer satisfaction, we shall

strive for competitiveness, continuous improvement and excellence through human resource development.

Chairman’s Statement • Perutusan Pengerusi 29 - 37

Additional Compliance Information 38 - 39

Corporate Office and Subsidiaries 40

Products and Services 41 - 43

Newspaper Clippings 44 - 45

Calendar of Significant Events 2004 / 2005• Kalendar Peristiwa Penting 2004 / 2005 46 -47

List of Properties 48

Audited Financial Statements 49 - 98

Analysis of Equity Structure 99

Directors’ Interest in Shares 99

Name of Top 30 Shareholders 99 - 100

Substantial Shareholders 100

Proxy Form



NOTICE OF ANNUAL GENERAL MEETING

Notice of Annual General Meeting

NOTICE IS HEREBY GIVEN that the SIXTH ANNUAL GENERAL MEETING of INGRESS CORPORATIONBERHAD (“the Company”) will be held on Monday, 11 July 2005 at the Grand Ballroom, Equatorial Hotel, OffPersiaran Bandar, 43650 Bandar Baru Bangi, Selangor Darul Ehsan at 10.00 a.m. for the following businesses:-

AGENDA

1. To receive, consider and adopt the Audited Financial Statements for the financial year ended 31 January 2005together with the Report of the Directors and Auditors thereon; RESOLUTION 1

2. To approve the declaration of a first and final ordinary tax exempt dividend of 5 sen per share in respect of thefinancial year ended 31 January 2005 as recommended by the Directors; RESOLUTION 2

3. To approve the Directors’ fees for the financial year ended 31 January 2005; RESOLUTION 3

4. To re-elect the following Directors retiring pursuant to Article 103 of the Company’s Articles of Association:-i. Ab Rahim bin Husain RESOLUTION 4ii. Ramli bin Napiah RESOLUTION 5

5. To consider and, if thought fit, to pass the following resolution pursuant to Section 129(6) of the CompaniesAct, 1965:

“THAT Dato’ Nasir bin Yusoff, who is over the age of seventy (70) years, be hereby re-appointed as Director ofthe Company and to hold office until the next Annual General Meeting of the Company”; RESOLUTION 6

6. To re-appoint Messrs Ernst & Young as Auditors of the Company for the ensuing year and to authorise theDirectors to fix their remuneration; RESOLUTION 7

7. AS SPECIAL BUSINESS

To consider and, if thought fit, to pass the following Ordinary Resolutions:-

PROPOSED AUTHORITY TO ALLOT SHARES PURSUANT TO SECTION 132D OF THE COMPANIESACT, 1965

“THAT pursuant to Section 132D of the Companies Act, 1965, the Directors be and hereby authorised to allotand issue shares in the Company at any time and upon such terms and conditions and for such purposes asthe Directors may, in their absolute discretion, deem fit provided that the aggregate number of shares issuedpursuant to this resolution does not exceed 10% of the issued share capital of the Company as at the date ofthis Annual General Meeting and that the Directors be and are also empowered to obtain the approval for thelisting of quotation for the additional shares so issued on the Bursa Malaysia Securities Berhad (“Bursa Malaysia”)and that such authority shall continue to be in force until the conclusion of the next Annual General Meeting ofthe Company”; and RESOLUTION 8

PROPOSED RENEWAL OF EXISTING SHAREHOLDERS’ MANDATE AND PROPOSED NEWSHAREHOLDERS’ MANDATE IN RESPECT OF RECURRENT RELATED PARTY TRANSACTIONS OF AREVENUE OR TRADING NATURE

“THAT the general mandate granted by the shareholders of the Company on 27 July 2004 pursuant to paragraph10.09 of the Bursa Malaysia Listing Requirements, authorising the Company and the Group to enter intorecurrent related party transactions of a revenue or trading nature which are necessary for the Company andthe Group’s day to day operations, particulars of which are detailed in Section 2.3.1 of the Circular to Shareholdersdated 17 June 2005 (“the Circular”) with the related parties mentioned therein, be and is hereby renewed ANDTHAT general mandate be and is hereby granted by the shareholders of the Company to apply to the newrecurrent transactions of a revenue or trading nature as set out in Section 2.3.2 of the Circular with the relatedparties mentioned therein subject to the following:-

a) the transactions are in the ordinary course of business and are on terms not more favourable to the relatedparties than those generally available to the public;



b) that the general shareholders’ mandate is subject to annual review and disclosure is made in the annualreport of the aggregate value of such transactions conducted pursuant to the shareholders’ general mandateduring the financial year;

c) in a meeting to obtain shareholders’ mandate, the interested director, interested major shareholders orinterested person connected with a director or major shareholder; and where it involves the interest of aninterested person connected with a director or major shareholder, such director or major shareholder, mustnot vote on the resolution approving the transactions. An interested director or interested major shareholdermust ensure that persons connected with him abstain from voting on the resolution approving thetransactions.

AND THAT such approval shall continue to be in force until:-

i) the conclusion of the next Annual General Meeting of the Company following the forthcoming AnnualGeneral Meeting at which such mandate was passed, at which time it will lapse, unless by a resolutionpassed at such Annual General Meeting, the authority is renewed;

ii) the expiration of the period within which the next Annual General Meeting after that date is required to beheld pursuant to Section 143(1) of the Act (but shall not extend to such extension as may be allowedpursuant to Section 143(2) of the Act); or

iii) revoked or varied by resolution passed by the shareholders in general meeting;

whichever is the earlier”.

AND THAT the Directors and/or any of them be and hereby authorised to complete and do all such acts andthings (including executing such documents as may be required) to give effect to the transactions contemplatedand/or authorised by this ordinary resolution. RESOLUTION 9

8. To transact any other business of the Company of which due notice has been received.

NOTICE OF BOOK CLOSURE

NOTICE IS ALSO HEREBY GIVEN that the dividend, if approved, will be paid on 10 August 2005. TheRegister of Members will be closed on 28 July and 29 July 2005 (both dates inclusive) to determine shareholders’entitlement to the said dividend.

A Depositor shall qualify for entitlement only in respect of:-

(a) Shares transferred into the Depositors’ Securities Account before 4.00 p.m. on 28 July 2005 in respect ofordinary transfer; and

(b) Shares bought on Bursa Malaysia on a cum entitlement basis according to the Rules of Bursa Malaysia.

By Order of the BoardINGRESS CORPORATION BERHAD

Nolida binti Md Hashim (LS 007254)Company Secretary

Selangor Darul Ehsan17 June 2005

Note:1. A member entitled to attend and vote at the Meeting is entitled to appoint a proxy or proxies to attend and vote in his or her stead. A proxy may, but

need not be, a member of the Company.2. The instrument appointing a proxy shall be in writing under the hand of appointer or his or her attorney duly appointed under a power of attorney or

if such appointer is a corporation either under its common seal or under the hand of an officer or attorney duly appointed under a power of attorney.3. Where a member appoints more than one proxy, the appointment is invalid unless the proportions of holdings represented to each proxy is specified.4. The instrument appointing a proxy must be deposited at the registered office of the Company, Lot 1M, 1st Floor, No.2, Tasik Ampang, Jalan Hulu

Kelang, 68000 Ampang, Selangor, at least forty eight (48) hours before the time appointed for holding the Meeting or any adjournment thereof.5. Registration of Members/Proxies attending the Meeting will be from 9.00 a.m. on the day of the Meeting. Members/Proxies are required to produce

their identification documents for registration.6. Explanatory Notes for Resolution No. 8

The proposed Resolution 8, if passed, will give the Directors of the Company, from the date of the above Annual General Meeting, authority to issueand allot ordinary shares from the unissued capital of the Company being for such purposes as the Directors consider would be in the interest of theCompany. This authority will unless revoked or varied by the Company in a general meeting, expire at the next Annual General Meeting.

7. Explanatory Notes for Resolution No. 9The proposed Resolution 9, if passed, will empower the Company and its subsidiaries to conduct transactions of a revenue or trading nature with therelated parties. Please refer to the Circular to Shareholders dated 17 June 2005 for more information.



STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING

Pursuant to Paragraph 8.28 (2) of the Listing Requirements of the Bursa Malaysia Securities Berhad.

1. The names of individuals who are standing for re-election are as follows:-

No. Name Appointed on

1. Ab Rahim bin Husain 23 October 2000

2. Ramli bin Napiah 4 October 2001

Further details of Directors who stand for re-election at the sixth Annual General Meeting are set out on pages16 to 18.

2. The name of individual who is seeking for re-appointment pursuant to Section 129(6) of the Companies Act,1965:-

No. Name Appointed on

1. Dato’ Nasir bin Yusoff 23 October 2000

Further details of Dato’ Nasir bin Yusoff are set out on pages 12 and 13.

3. Details of attendance of Directors at Board of Directors’ Meetings during the financial year ended 31 January2005 are as follows:-

No. Directors No. of Meetings Attended

1. Dato’ Nasir bin Yusoff 8/8

2. Rameli bin Musa 8/8

3. Vaseehar Hassan bin Abdul Razak 7/8

4. Ungku Farid bin Ungku Abd Rahman 8/8

5. Ab. Rahim bin Husain 8/8

6. Ramli bin Napiah 6/8

7. Shamsudin @ Samad bin Kassim 7/8

4. Place, date and time of Board Meetings held.

All Board Meetings were held at the registered office of the Company situated at Lot 1M, 1st Floor, No. 2 TasikAmpang, Jalan Hulu Kelang, 68000 Ampang, Selangor Darul Ehsan. The date and time of the Board Meetingsare as follows:-

Date Time

25 March 2004 3.00 p.m.

14 April 2004 10.00 a.m.

27 May 2004 2.30 p.m.

21 June 2004 2.30 p.m.

26 July 2004 10.00 a.m.

27 September 2004 2.30 p.m.

23 December 2004 10.00 a.m.

18 January 2005 10.00 a.m.

5. The sixth Annual General Meeting of the Company will be held as follows:-

Date Time according to the Notice Venueof Meeting

11 July 2005 10.00 a.m. Grand Ballroom,Equatorial Hotel,Off Persiaran Bandar,43650 Bandar Baru Bangi,Selangor Darul Ehsan.



CORPORATE INFORMATION

BOARD OF DIRECTORS

Dato’ Nasir bin YusoffChairman / Independent Non-Executive Director

Rameli bin MusaExecutive Vice-Chairman /Non-Independent Executive Director

Vaseehar Hassan bin Abdul RazackIndependent Non-Executive Director

Shamsudin @ Samad bin KassimIndependent Non-Executive Director

Ungku Farid bin Ungku Abd RahmanNon-Independent Executive Director

Ab Rahim bin HusainNon-Independent Executive Director

Ramli bin NapiahNon-Independent Executive Director

BOARD COMMITTEES

• Audit CommitteeChairman

Dato’ Nasir bin YusoffIndependent Non-Executive Director

MembersVaseehar Hassan bin Abdul RazackIndependent Non-Executive Director


Ungku Farid bin Ungku Abd RahmanNon-Independent Executive Director

• Nomination CommitteeChairman

Dato’ Nasir bin YusoffIndependent Non-Executive Director

MembersShamsudin @ Samad bin KassimIndependent Non-Executive Director

Ab Rahim bin HusainNon-Independent Executive Director

• Remuneration CommitteeChairman

Vaseehar Hassan bin Abdul RazackIndependent Non-Executive Director

MembersRameli bin MusaExecutive Vice-Chairman /Non-Independent Executive Director


OTHER INFORMATION

• Registered OfficeLot 1M, 1st Floor,No.2 Tasik Ampang,Jalan Hulu Kelang,68000 Ampang,Selangor Darul Ehsan.Tel: 603-4252 9696Fax: 603-4252 9393

• Company SecretaryNolida binti Md Hashim(LS 007254)

• Principal BankersBank Pembangunan & Infrastruktur Malaysia BerhadBank Muamalat Malaysia BerhadBumiputra-Commerce Bank BerhadMalayan Banking BerhadBank Islam Malaysia BerhadCitibank BerhadHSBC Bank Malaysia BerhadEON Bank BerhadBangkok Bank BerhadBank of Asia Public Company Limited, ThailandPT Bank Maybank Indocorp (BMI), IndonesiaKasikornbank Public Company Limited, Thailand

• Stock Exchange ListingMain Board of Bursa Malaysia since 30 January 2004Second Board of Bursa Malaysia from 9 March 2001

• AuditorsErnst & Young (AF 0039)(Chartered Accountants)Level 23A, Menara Milenium,Jalan Damanlela,Pusat Bandar Damansara,50490, Kuala Lumpur.

• Principal SolicitorsMessrs Azmi & AssociatesMessrs Ainul Azam & Co

• Share RegistrarAAJ Registration Services Sdn. Bhd. (409111-V)Suite 11.3A,11th Floor,Menara Haw Par,Jalan Sultan Ismail,50250 Kuala Lumpur.Tel: 603-2072 8007Fax: 603-2072 8006

• Websitehttp://www.ingresscorp.com.my

• E-Mail [email protected]



FINANCIAL HIGHLIGHTS

GROUP2005 2004 2003 2002 2001Financial Year Ended 31 January

Revenue RM’000 213,160 155,459 171,651 174,575 178,027Pre-tax profit RM’000 14,440 18,443 33,618 37,222 27,528Profit after tax and minority interest RM’000 15,033 11,681 18,435 26,169 18,138Total assets RM’000 538,262 337,383 324,480 285,698 278,390Shareholders’ equity RM’000 172,970 163,261 150,880 132,434 91,540Pre-tax profit on total assets % 2.7 5.5 10.4 13.0 9.9Pre-tax profit on shareholders’ equity % 8.4 11.3 22.3 28.1 30.1Profit after tax and minority % 8.7 7.2 12.2 19.8 19.8 interests on shareholders’ equityBasic earnings per share sen 20.26 18.25 28.80 41.50 33.43Dividend per share - gross sen 5.00 5.00 5.00 4.32 4.32Dividend cover times 4.1 3.7 5.8 9.5 7.7Net tangible assets per share RM 2.25 2.55 2.35 2.06 1.42

RM Million

05’ • 213,16004’ • 155,45903’ • 171,65102’ • 174,57501’ • 178,027

REVENUE

05’ • 173,36704’ • 139,77503’ • 137,68702’ • 132,03001’ • 118,947

05’ • 35,37604’ • 15,68403’ • 33,96402’ • 42,54501’ • 59,080

05’ • 14,44004’ • 18,44303’ • 33,61802’ • 37,22201’ • 27,528

05’ • 20,27004’ • 22,85403’ • 30,37102’ • 32,98901’ • 18,263

05’ • (5,917)04’ • (4,411 )03’ • 3,24702’ • 4,23301’ • 9,265

RM Million RM Million

PRE-TAX PROFIT

RM Million RM Million RM Million

PERGroup ACM

PERGroup ACM

SHARE PRICE / FINANCIAL CALENDAR

Financial Year Ended31 January 2002 31 January 2003 31 January 2004 31 January 2005

Highest Highest Highest Highest

RM 2.47 RM 3.22 RM 2.90 RM 2.48

Lowest Lowest Lowest Lowest

RM1.41 RM2.06 RM 2.34 RM 1.09

Announcementof Results:-

First Quarter : 21 June 2004

Second Quarter : 27 September 2004

Third Quarter : 23 December 2004

Fourth Quarter : 23 March 2005



AUTOMOTIVE COMPONENT MANUFACTURING (ACM)

2005 2004 2003 2002 2001

173,367 139,775 137,687 132,030 118,94720,270 22,854 30,371 32,989 18,26320,486 14,718 16,598 23,253 11,695

451,014 260,735 240,027 208,878 200,653146,013 132,180 116,765 100,156 62,178

4.5 8.8 12.7 15.8 9.113.9 17.3 26.0 32.9 29.414.0 11.1 14.2 23.2 18.8

POWER ENGINEERING & RAIL ELECTRIFICATION (PER)

2005 2004 2003 2002 2001

35,376 15,684 33,964 42,545 59,080(5,917) (4,411) 3,247 4,233 9,265(5,497) (3,037) 1,837 2,916 6,44368,680 76,648 84,453 76,820 77,73725,585 31,081 34,115 32,278 29,362

(8.6) (5.8) 3.8 5.5 11.9(23.1) (14.2) 9.5 13.1 31.6(21.5) (9.8) 5.4 9.0 21.9

RM Million

05’ • 172,97004’ • 163,26103’ • 150,88002’ • 132,43401’ • 91,540

SHAREHOLDERS’ EQUITY

05’ • 146,01304’ • 132,18003’ • 116,76502’ • 100,15601’ • 62,178

05’ • 25,58504’ • 31,08103’ • 34,11502’ • 32,27801’ • 29,362


PERGroup ACM

RM Million

05’ • 538,26204’ • 337,38303’ • 324,48002’ • 285,69801’ • 278,390

TOTAL ASSETS

05’ • 451,01404’ • 260,73503’ • 240,02702’ • 208,87801’ • 200,653

05’ • 68,68004’ • 76,64803’ • 84,45302’ • 76,82001’ • 77,737


PERGroup ACM

Date Time Venue

11 July 2005 10.00 a.m. Grand Ballroom,Equatorial Hotel, Off Persiaran Bandar,

43650 Bandar Baru Bangi,Selangor Darul Ehsan

Annual ReportDespatch Date:-

17 June 2005

The Sixth Annual General Meetingof the Company will be held as follows:-

OTHERS

2005

4,4178744

18,5681,372

0.56.33.2



GROUP STRUCTURE

AUTOMOTIVECOMPONENTS

MANUFACTURING

INTERNATIONALOPERATION

INDONESIAOPERATION

THAILANDOPERATION

ROLLFORMINGSTAMPING

DOORASSEMBLY

MOULDING &ENGINEERING

SERVICES

DOORSASH

MALAYSIANOPERATION

OIL AND GAS

POWERENGINEERING

AND RAILELECTRIFICATION

MAGMAPEAK SDN BHD

SAPURA INGRESS VENTURESSDN BHD

SAPURA POWER SERVICESSDN BHD

70%

80%

6.1%

62.5%

11.2%

20.2% 10%

100%

80%

51%

70%

49%

10%

50%

100%

100%

100%

100% 90%

30%

70%

70%

(423813-X)



BOARD OF DIRECTORS • LEMBAGA PENGARAH

1. Rameli bin Musa

2. Ramli bin Napiah

3. Ungku Farid bin Ungku Abd Rahman

4. Dato’ Nasir bin Yusoff

5. Ab Rahim bin Husain

6. Vaseehar Hassan bin Abdul Razack

7 Shamsudin @ Samad bin Kassim

1

2 3

4

5

6

7



PROFILE OF DIRECTORS • PROFIL PENGARAH-PENGARAH

Aged 71, a Malaysian appointed as the Chairman and Independent Non-ExecutiveDirector since 23 October 2000. He holds a Bachelor of Arts in Economics withHonours from University of Malaya (now National University of Singapore) andDiploma in Economics and Social Administration from London School of Economicsand Political Science, University of London. He attended a Senior ManagementProgramme conducted by Harvard University. He started as a civil servant in theKelantan State Government in 1958 and his last position in that service was theAssistant State Secretary before joining Majlis Amanah Rakyat (MARA) in 1967as Head of Planning and Evaluation Unit. From 1969 until his retirement in 1997,he worked in the Federal Land Development Authority (FELDA) serving in variousposts including Finance Director, Group Managing Director and Business Advisor.

His directorships in other public companies are Royal and Sun Alliance (M) Berhadand BKF Berhad. He also sits on the Board of several other private limitedcompanies.

Dato’ Nasir serves as the Chairman of the Audit and Nomination Committees ofthe Company.

Save as disclosed on page 99, Dato’ Nasir does not hold any securities in thesubsidiaries and none of his family members have direct or indirect relationshipwith any director and/or major shareholder of the Company. He has not enteredinto any transaction, whether directly or indirectly, which has a conflict of interestwith the Company and has not been convicted of any crimimal offences within thepast 10 years. He attended all of the eight Board Meetings held during the year.

Aged 58, a Malaysian appointed as the Executive Vice-Chairman and Non-Independent Executive Director since 23 October 2000. He holds a Bachelor ofTelecommunications Engineering and a Master in Microwave Communicationsboth from the University of Sheffield, United Kingdom. He started as a lecturer inelectronics and microwave telecommunications at Universiti Teknologi Malaysiain 1972. He left Universiti Teknologi Malaysia in 1975 to work with Pernas NECTelecommunications Sdn Bhd, where he worked from 1976 to 1980 before joiningSapura Holdings Sdn Bhd rising to the post of Executive Vice-Chairman. In 1997,he joined Tap Resources Berhad as its Executive Chairman before his resignationin 1998. He currently sits on the Board of several other private limited companies.

He is a member of the Remuneration Committee of the Company.

Save as disclosed on page 99, Rameli does not hold any securities in thesubsidiaries. None of his family members have direct or indirect relationship withany director and/or major shareholder of the Company save and except by virtueof his substantial shareholdings and directorship in Ramdawi Sdn Bhd. He hasnot entered into any transaction, whether directly or indirectly, which has a conflictof interest with the Company and has not been convicted of any crimimal offenceswithin the past 10 years. He attended all of the eight Board Meetings held duringthe year.

Dato’ Nasir bin Yusoff

Rameli bin Musa



Berusia 71 tahun, warganegara Malaysia, dilantik sebagai Pengerusi dan Pengarah Bebas Bukan Eksekutif sejak 23

Oktober 2000. Beliau memegang Ijazah Sarjana Muda Sastera dalam bidang Ekonomi dengan kepujian dari University of

Malaya (kini National University of Singapore) dan Diploma Ekonomi dan Pentadbiran Sosial dari London School of

Economics and Political Science, University of London. Beliau mengikuti Program Pengurusan Kanan yang dikendalikan

oleh Harvard University. Beliau memulakan kerjayanya di dalam perkhidmatan awam dengan Kerajaan Negeri Kelantan

pada tahun 1958 dan jawatan terakhir beliau di dalam perkhidmatan itu adalah sebagai Penolong Setiausaha Kerajaan

Negeri sebelum menyertai Majlis Amanah Rakyat (MARA) pada tahun 1967 sebagai Ketua Unit Perancangan dan Penilaian.

Dari tahun 1969 sehingga bersara pada 1997, beliau berkhidmat di Lembaga Kemajuan Tanah Persekutuan (FELDA),

memegang pelbagai jawatan termasuk Pengarah Kewangan, Pengarah Urusan Kumpulan dan Penasihat Perniagaan.

Beliau menjadi Pengarah di dalam syarikat-syarikat awam lain seperti Royal and Sun Alliance (M) Berhad dan BKF Berhad.

Beliau juga adalah ahli Lembaga beberapa syarikat sendirian berhad.

Dato’ Nasir berkhidmat sebagai Pengerusi Jawatankuasa Audit dan Perlantikan Syarikat.

Selain daripada yang telah dinyatakan pada mukasurat 99, Dato’ Nasir tidak memegang sebarang saham dalam anak

syarikat dan tiada di kalangan ahli keluarga beliau yang mempunyai kaitan secara langsung atau tidak langsung dengan

mana-mana Pengarah dan/atau pemegang saham utama Syarikat. Beliau tidak pernah terlibat dengan apa-apa urusniaga,

sama ada secara langsung atau tidak langsung, yang mempunyai percanggahan kepentingan dengan Syarikat dan tidak

pernah disabitkan apa-apa kesalahan jenayah sepanjang 10 tahun yang lalu. Beliau telah menghadiri kesemua lapan

Mesyuarat Lembaga Pengarah untuk tahun tersebut.

Berusia 58 tahun, warganegara Malaysia, dilantik sebagai Naib Pengerusi Eksekutif dan Pengarah Eksekutif Bukan Bebas

sejak 23 Oktober 2000. Beliau memegang Ijazah Sarjana Muda Kejuruteraan Telekomunikasi dan Sarjana Komunikasi

Gelombang Mikro dari University of Sheffield, United Kingdom. Beliau memulakan kerjayanya sebagai pensyarah dalam

bidang elektronik dan telekomunikasi gelombang mikro di Universiti Teknologi Malaysia pada tahun 1972. Beliau meletak

jawatan sebagai pensyarah di Universiti Teknologi Malaysia pada 1975 bagi menyertai Pernas NEC Telecommunications

Sdn Bhd, di mana beliau berkhidmat dari tahun 1976 hingga 1980 sebelum meneruskan kerjaya beliau bersama Sapura

Holdings Sdn Bhd sehingga dilantik menjadi Naib Pengerusi Eksekutif. Dalam tahun 1997, beliau menyertai Tap Resources

Berhad sebagai Pengerusi Eksekutif sebelum meletak jawatan pada tahun 1998. Beliau juga adalah ahli Lembaga beberapa

syarikat sendirian berhad.

Beliau merupakan ahli Jawatankuasa Imbuhan Syarikat.

Selain daripada yang telah dinyatakan pada mukasurat 99, Rameli tidak memegang sebarang saham dalam anak syarikat.

Tiada di kalangan ahli keluarga beliau yang mempunyai kaitan secara langsung atau tidak langsung dengan mana-mana

Pengarah dan/atau pemegang saham utama Syarikat kecuali dan hanya dengan menjadi pemegang saham utama dan

jawatan pengarah yang dipegang di Ramdawi Sdn Bhd. Beliau tidak pernah terlibat dengan apa-apa urusniaga sama ada

secara langsung atau tidak langsung yang mempunyai percanggahan kepentingan dengan Syarikat dan tidak pernah

disabitkan apa-apa kesalahan jenayah sepanjang 10 tahun yang lalu. Beliau telah menghadiri kesemua lapan Mesyuarat

Lembaga Pengarah untuk tahun tersebut.




Aged 54, a Malaysian appointed as an Independent Non-Executive Director since23 October 2000. He has 25 years of experience in the financial sector. He has aBachelor’s Degree in Accounting, Master in Business Administration as well asSpecialised Masters in Consulting and Coaching and is currently pursuing aDoctoral Research at the Vrije Universiteit, Amsterdam.

He is currently the Chief Executive and Director of the Malaysian subsidiary ofDallah AlBaraka Group of Saudi Arabia. His directorships in other public companiesand financial institutions are RHB Capital Berhad, RHB Bank Berhad, RHB IslamicBank Berhad (Chairman), RHB Sakura Merchant Bankers Berhad, RHB InsuranceBerhad, Utama Banking Group Berhad and CMS Trust Management Berhad. Healso sits on the Board of several other private limited companies.

He is the Chairman of the Remuneration Committee and a member of the AuditCommittee of the Company.

Save as disclosed on page 99, Vaseehar does not hold any securities in thesubsidiaries and none of his family members have direct or indirect relationshipwith any director and/or major shareholder of the Company. He has not enteredinto any transaction, whether directly or indirectly, which has a conflict of interestwith the Company and has not been convicted of any crimimal offences within thepast 10 years. He attended seven out of the eight Board Meetings held during theyear.

Vaseehar Hassan bin Abdul Razack

Shamsudin @ Samad bin Kassim

Aged 58, a Malaysian appointed as an Independent and Non-Executive Directorsince 2 November 2001. He holds a Bachelor of Economics from University ofMalaya and a Master in Public and International Affairs (MPIA) from University ofPittsburgh. He started his career as Assistant Secretary in the Ministry of Works in1970 and later as an Economist in the Highway Planning Unit in 1973. In 1974, hewas appointed as Assistant Director of Services Division in Public ServicesDepartment until 1979. He was a former Program Coordinator in Institut PentadbiranAwam Negara (lNTAN) from 1981 until his secondment to Malaysian IndustrialDevelopment Finance Berhad (MIDF) in 1984. In 1985, he was appointed as SeniorAssistant Secretary of Industries Division in Ministry of International Trade andIndustry (MITI). He was Malaysia’s Trade Commissioner to Vienna, Austria from1989 to 1996. From 1996 to 1999, he was the Director of Industries Division inMITI. In early 2000, he was appointed as the Chief Executive Officer of Small andMedium Industries Development Corporation (SMIDEC), and served until hisretirement from the public service.

His directorships in other public companies are Century Logistics Holdings Berhad,Supermax Corporation Berhad, Kinsteel Berhad, Infortech Alliance Berhad, BoonKoon Group Berhad (Chairman), Impressive Edge Group Berhad and MaxbizCorporation Berhad. He also sits on the Board of several other private limitedcompanies.

He is a member of the Audit, Remuneration and Nomination Committees of theCompany.

Samad does not hold any securities in the Company and its subsidiaries andnone of his family members have direct or indirect relationship with any directorand/or major shareholder of the Company. He has not entered into any transaction,whether directly or indirectly, which has a conflict of interest with the Companyand has not been convicted of any crimimal offences within the past 10 years. Heattended seven out of eight Board Meetings held during the year.



Berusia 54 tahun, warganegara Malaysia, dilantik sebagai Pengarah Bebas Bukan Eksekutif sejak 23 Oktober 2000.

Beliau mempunyai 25 tahun pengalaman di bidang kewangan. Beliau yang memegang Ijazah Sarjana Muda dalam

Perakaunan, Ijazah Sarjana dalam Pengurusan Perniagaan serta “Specialised Masters in Consulting, and Coaching”

pada masa ini sedang mengikuti kursus penyelidikan kedoktoran di Vrije Universiteit, Amsterdam.

Di samping tanggungjawabnya sebagai Ketua Eksekutif dan Pengarah kepada anak syarikat di Malaysia bagi Kumpulan

Dallah AlBaraka, Saudi Arabia, beliau juga adalah Pengarah di dalam syarikat-syarikat awam lain seperti RHB Capital

Berhad, RHB Bank Berhad , RHB Islamic Bank Berhad (Pengerusi), RHB Sakura Merchant Bankers Berhad, RHB Insurance

Berhad, Utama Banking Group Berhad dan CMS Trust Management Berhad. Beliau juga adalah ahli Lembaga beberapa

syarikat sendirian berhad.

Beliau adalah Pengerusi Jawatankuasa Imbuhan dan ahli Jawatankuasa Audit Syarikat.

Selain daripada yang telah dinyatakan pada mukasurat 99, Vaseehar tidak memegang sebarang saham di dalam anak

syarikat dan tiada di kalangan ahli keluarga beliau yang mempunyai kaitan, secara langsung atau tidak langsung, dengan

mana-mana Pengarah dan/atau pemegang saham utama Syarikat. Beliau tidak pernah terlibat dengan apa-apa urusniaga,

secara langsung atau tidak langsung yang mempunyai percanggahan kepentingan dengan Syarikat dan tidak pernah

disabitkan apa-apa kesalahan jenayah dalam tempoh 10 tahun yang lepas. Beliau telah menghadiri sebanyak tujuh daripada

lapan Mesyuarat Lembaga Pengarah untuk tahun tersebut.

Berusia 58 tahun, warganegara Malaysia, dilantik sebagai Pengarah Bebas Bukan Eksekutif sejak 2 November 2001.

Beliau memegang ljazah Sarjana Muda Ekonomi dari Universiti Malaya dan Sarjana Hal-Ehwal Awam dan Antarabangsa

(MPIA) dari University of Pittsburgh. Beliau memulakan kerjayanya sebagai Timbalan Setiausaha Kementerian Kerja Raya

pada tahun 1970 dan kemudian sebagai ahli ekonomi di Unit Perancangan Lebuhraya pada tahun 1973. Mulai 1974,

beliau telah dilantik sebagai Timbalan Pengarah Bahagian Perkhidmatan di Jabatan Perkhidmatan Awam sehingga tahun

1979. Beliau merupakan bekas Penyelaras Program di Institut Pentadbiran Awam Negara (INTAN) pada tahun 1981

sehingga beliau ditukarkan ke Industri Pembangunan Kewangan Berhad, Malaysia (MIDF) pada tahun 1984. Dalam tahun

1985 pula, beliau dilantik sebagai Timbalan Setiusaha Kanan Bahagian Industri Kementerian Perdagangan Antarabangsa

dan Industri (MITI). Beliau merupakan Komisioner Perdagangan ke Vienna, Austria dari tahun 1989 sehingga 1996. Dari

tahun 1996 sehingga 1999, beliau menjadi Pengarah Bahagian Industri MITI. Pada awal tahun 2000, beliau telah dilantik

sebagai Ketua Pegawai Eksekutif Perbadanan Pembangunan Industri Kecil dan Sederhana (SMIDEC) sehinggalah

persaraan beliau dari sektor perkhidmatan awam.

Beliau menjadi Pengarah di dalam syarikat-syarikat awam seperti Century Logistics Holdings Berhad, Supermax Corporation

Berhad, Kinsteel Berhad dan Infortech Alliance Berhad, Boon Koon Group Berhad (Pengerusi), Impressive Edge Group

Berhad dan Maxbiz Corporation Berhad. Beliau juga adalah ahli Lembaga beberapa syarikat sendirian berhad.

Beliau adalah ahli Jawatankuasa Audit, Imbuhan dan Perlantikan Syarikat.

Samad tidak mempunyai sebarang pegangan saham di dalam Syarikat atau anak syarikat dan tiada di kalangan ahli

keluarga beliau yang mempunyai kaitan secara langsung atau tidak langsung dengan mana-mana Pengarah dan/atau

pemegang saham utama Syarikat. Beliau tidak pernah terlibat dengan apa-apa urusniaga sama ada secara langsung atau

tidak langsung, yang mempunyai percanggahan kepentingan dengan Syarikat dan tidak pernah disabitkan apa-apa

kesalahan jenayah dalam tempoh 10 tahun yang lalu. Beliau telah menghadiri sebanyak tujuh daripada lapan Mesyuarat

Lembaga Pengarah untuk tahun tersebut.




Aged 51, a Malaysian appointed as a Non-Independent Executive Director since23 October 2000. He is a member of the Malaysian Institute of Accountants and aFellow of the Chartered Institute of Management Accountants (UK). He holds aMaster in Business Administration from Ohio University (USA), in collaborationwith Universiti Teknologi MARA (UiTM). His previous work experience was withPernas NEC Telecommunications Sdn Bhd in 1980. In 1981, he joined SapuraHoldings Sdn Bhd and held several positions before being promoted to GroupGeneral Manager, Finance & Accounting in 1989. In 1995 he joined TimeTelecommunications Sdn Bhd and in 1997, he joined Tap Resources Berhad asExecutive Director Finance before resigning in 1998. He joined Ingress EngineeringSdn Bhd as a Director in 1998. He currently sits on the Board of several otherprivate limited companies.

He is a member of the Audit Committee of the Company.

Save as disclosed on page 99, Ungku Farid does not hold any securities in thesubsidiaries. None of his family members have direct or indirect relationship withany director and/or major shareholder of the Company save and except by virtueof his directorship in Ramdawi Sdn Bhd. He has not entered into any transaction,whether directly or indirectly, which has a conflict of interest with the Companyand has not been convicted of any crimimal offences within the past 10 years. Heattended all of the eight Board Meetings held during the year.

Aged 48, a Malaysian appointed as a Non-Independent Executive Director since23 October 2000. He holds a Bachelor in Business Administration in 1980 fromOhio University (USA), in collaboration with Universiti Teknologi MARA (UiTM).He worked in Petroliam Nasional Berhad from 1980 to 1984 before joining Protonand held various positions with his last being the Deputy General Manager ofProcurement and Vendor Development. He joined Ingress Engineering Sdn Bhdas a Director in 1996. He currently sits on the Board of several other private limitedcompanies.

He is a member of the Nomination Committee of the Company.

Save as disclosed on page 99, Ab Rahim does not hold any securities in thesubsidiaries and none of his family members have direct or indirect relationshipwith any director and/or major shareholder of the Company. He has not enteredinto any transaction, whether directly or indirectly, which has a conflict of interestwith the Company and has not been convicted of any crimimal offences within thepast 10 years. He attended all of the eight Board Meetings held during the year.

Ungku Farid bin Ungku Abd Rahman

Ab Rahim bin Husain



Berusia 51 tahun, warganegara Malaysia, dilantik sebagai Pengarah Eksekutif Bukan Bebas sejak 23 Oktober 2000.

Beliau adalah ahli Institut Akauntan Malaysia dan Fellow Chartered Institute of Management Accountants (UK). Beliau

mempunyai Sarjana Pentadbiran Perniagaan dari Ohio University (Amerika Syarikat) secara usaha sama dengan Universiti

Teknologi MARA (UiTM). Pengalaman kerjaya beliau termasuk berkhidmat di Pernas NEC Telecommunications Sdn Bhd

dalam tahun 1980. Pada tahun 1981, beliau telah menyertai Sapura Holdings Sdn Bhd dan menjawat beberapa jawatan

sebelum dinaikkan pangkat sebagai Pengurus Besar Kumpulan, Perakaunan dan Kewangan pada tahun 1989. Dalam

tahun 1995, beliau menyertai Time Telecommunications Sdn Bhd dan pada tahun 1997, beliau kemudiannya berkhidmat

di Tap Resources Berhad sebagai Pengarah Eksekutif Kewangan sehingga beliau meletakkan jawatan pada tahun 1998.

Beliau menyertai Ingress Engineering Sdn Bhd sebagai Pengarah pada tahun 1998. Beliau juga adalah ahli Lembaga

beberapa syarikat sendirian berhad.

Beliau merupakan ahli Jawatankuasa Audit Syarikat.

Selain daripada seperti yang telah dinyatakan pada muka surat 99, Ungku Farid tidak memegang sebarang saham dalam

anak syarikat. Tiada di kalangan ahli keluarga beliau yang mempunyai kaitan secara langsung atau tidak langsung dengan

mana-mana Pengarah dan/atau pemegang saham utama Syarikat kecuali dan hanya dengan jawatan pengarah yang

dipegang di Ramdawi Sdn Bhd. Beliau tidak pernah terlibat dengan apa-apa urusniaga sama ada secara langsung atau

tidak langsung, yang mempunyai percanggahan kepentingan dengan Syarikat dan tidak pernah disabitkan apa-apa

kesalahan jenayah sepanjang 10 tahun yang lalu. Beliau telah menghadiri kesemua lapan Mesyuarat Lembaga Pengarah

untuk tahun tersebut.

Berusia 48 tahun, warganegara Malaysia, dilantik sebagai Pengarah Eksekutif Bukan Bebas sejak 23 Oktober 2000.

Beliau memegang Ijazah Sarjana Muda Pentadbiran Perniagaan dari Ohio University (Amerika Syarikat) pada tahun 1980

secara usaha sama dengan Universiti Teknologi MARA (UiTM). Beliau telah berkhidmat di Petroliam Nasional Berhad dari

tahun 1980 sehingga 1984 sebelum menyertai Proton memegang pelbagai jawatan, yang terakhir sebagai Timbalan

Pengurus Besar Jabatan Perolehan dan Pembangunan Vendor. Beliau telah menyertai Ingress Engineering Sdn Bhd

sebagai Pengarah dalam tahun 1996. Beliau juga adalah ahli Lembaga beberapa syarikat sendirian berhad.

Beliau adalah ahli Jawatankuasa Perlantikan Syarikat.

Selain daripada yang telah dinyatakan pada mukasurat 99, Ab Rahim tidak memegang sebarang saham dalam anak

syarikat dan tiada di kalangan ahli keluarga beliau yang mempunyai kaitan secara langsung atau tidak langsung dengan

mana-mana Pengarah dan/atau pemegang saham utama Syarikat. Beliau tidak pernah terlibat dengan apa-apa urusniaga

sama ada secara langsung atau tidak langsung yang mempunyai percanggahan kepentingan dengan Syarikat dan tidak

pernah disabitkan apa-apa kesalahan jenayah sepanjang 10 tahun yang lepas. Beliau telah menghadiri kesemua lapan

Mesyuarat Lembaga Pengarah untuk tahun tersebut.




Aged 52, a Malaysian appointed as a Non-Independent Executive Director since4 October 2001. He holds a Bachelor of Engineering with Honours in Mechanical& Management Sciences from University of Sheffield. He started as a TechnicalAssistant in 1973 in Jabatan Kerja Raya, Melaka. In 1979, he was a TraineeManager in Heightsway Limited, United Kingdom. He left Heightsway Limited in1981 to work in KARA Establishment, Saudi Arabia as an Assistant OperationsManager until 1982. From 1982, he worked for several years in Pernas NEC KedahSdn Bhd, serving in various managerial positions prior to joining Ingress EngineeringSdn Bhd in 1991 as a Director. He currently sits on the Board of several otherprivate limited companies.

Save as disclosed on page 99, Ramli does not hold any securities in thesubsidiaries. None of his family members have direct or indirect relationship withany director and/or major shareholder of the Company save and except for theindirect holdings through his spouse. He has not entered into any transaction,whether directly or indirectly, which has a conflict of interest with the Companyand has not been convicted of any crimimal offences within the past 10 years. Heattended six out of the eight Board Meetings held during the year.

Berusia 52 tahun, warganegara Malaysia, dilantik sebagai Pengarah Eksekutif

Bukan Bebas sejak 4 Oktober 2001. Beliau berkelulusan Ijazah Sarjana Muda

Kejuruteraan Mekanikal dan Sains Pengurusan dengan kepujian dari University

of Sheffield. Beliau memulakan kerjayanya sebagai Pembantu Teknik Jabatan

Kerja Raya, Melaka dalam tahun 1973. Pada tahun 1979, beliau merupakan

Pengurus Pelatih di Heightsway Limited, United Kingdom. Beliau menamatkan

perkhidmatan dengan Heightsway Limited pada tahun 1981 bagi meneruskan

kerjayanya di KARA Establishment, Arab Saudi sebagai Pembantu Pengurus

Operasi sehingga tahun 1982. Mulai tahun 1982, beliau telah bertugas di Pernas

NEC Kedah Sdn Bhd, dengan memegang pelbagai jawatan pengurusan sebelum

menyertai Ingress Engineering Sdn Bhd dalam tahun 1991 sebagai Pengarah.

Beliau juga adalah ahli Lembaga beberapa syarikat sendirian berhad.

Selain daripada yang telah dinyatakan pada mukasurat 99, beliau tidak memegang

sebarang saham dalam anak syarikat. Tiada di kalangan ahli keluarga beliau yang

mempunyai kaitan secara langsung atau tidak langsung dengan mana-mana

Pengarah dan/atau pemegang saham utama Syarikat kecuali dan hanya pemegang

saham Syarikat tidak langsung melalui isteri beliau. Beliau tidak pernah terlibat

dengan apa-apa urusniaga, sama ada secara langsung atau tidak langsung yang

mempunyai percanggahan kepentingan dengan Syarikat dan tidak pernah

disabitkan apa-apa kesalahan jenayah sepanjang 10 tahun yang lalu. Beliau telah

menghadiri sebanyak enam daripada lapan Mesyuarat Lembaga Pengarah untuk

tahun tersebut.

Ramli bin Napiah



STATEMENT OF CORPORATE GOVERNANCE




The Board of Directors (“The Board”) of Ingress Corporation Berhad recognises the importance of good corporategovernance and is committed to ensure that the Group’s business and operational activities are in line with theprinciples and best practices as set out in the Malaysian Code of Corporate Governance (“the Code”) issued by theFinance Committee. The Board is aware that the responsibilities of observing good corporate governance rest onthe Directors. The need for good corporate governance, through greater accountability and transparency of theGroup, are continuously addressed by the Board to protect and enhance shareholders’ value.

The following statement outlines the key principles of corporate governance and best practices as set out in theCode which the Group has applied throughout the financial year ended 31 January 2005.

BOARD OF DIRECTORS

CompositionThe Board consists of seven (7) members, comprising four (4) Executive Directors and three (3) IndependentNon-Executive Directors including the Chairman. It is responsible for the strategic direction and control ofthe Group.

The composition of Independent Non-Executive Directors is more than one third of the Board. This mixensures that no single person or a group of individuals can dominate the decision making process ofthe Board.

There is clear segregation of responsibilities between the Chairman, the Executive Vice Chairman (“EVC”),the Executive Directors and the Independent Non-Executive Directors. The Chairman oversees the orderlyconduct of the Board. The EVC oversees the corporate governance, strategic direction, formulation ofpolicies and monitoring of investments and business decisions in the Group. The Executive Directors areresponsible for making decisions in their assigned business portfolios. The Independent Directors contributetheir objective observations, ideas and reservations to the Board before any material decisions are made.The details of the Board members are presented on pages 11 to 18 of the Annual Report.

MeetingsThe Board has scheduled to meet at least four (4) times a year at quarterly intervals with additional meetingsto be held as and when necessary. At each regularly scheduled meeting, full financial business reviewincluding business performance is carried out. Besides Board meetings, the Board also exercises controlon matters that require Board’s approval through Directors’ Circular Resolutions. Amongst others, keymatters such as approval of annual budget, annual and quarterly results, financial statements, majoracquisitions and disposals are discussed and decided by the Board.

During the financial year ended 31 January 2005, eight (8) Board meetings were held. The details ofattendances are contained in page 6 of the Annual Report.

Supply of InformationThe Board receives relevant and timely financial, operational and corporate information before any boardmeetings. Due notices and board papers are given for all board meetings with matters to be discussedlisted on the agenda. This is issued in sufficient time to enable the Directors to obtain further explanations,where necessary, in order to be properly briefed before the meeting.

The Board papers provide amongst others periodical financial and corporate information, significantoperational, financial and corporate issues, performance of various business units and managementproposals that require Board’s approval.

The Board members have direct access to the advices and services of the Company Secretary, SeniorManagers and other professionals engaged by the Board. They may take independent advice wheneverdeemed appropriate at the Company’s expense.

Appointment to the BoardThe Nomination Committee is entrusted with the task of proposing new nominees for the Board and membersof Board Committees and assessing the existing directors’ performances on an ongoing basis. TheCommittee is required to review the mix of skills, experiences and core competencies of the members of



the Board including structure, size and composition of the Board as a whole and recommend any changeswhen necessary to best serve the business and operations of the Group.

The members of the Nomination Committee are as follows:

1. Dato’ Nasir bin Yusoff - Chairman2. Shamsudin @ Samad bin Kassim3. Ab Rahim bin Husain

During the financial year ended 31 January 2005, no Nomination Committee meeting was held. TheNomination Committee is of the opinion that the present composition of the Board contains the requiredmix of skills and experiences.

Directors’ TrainingAll the Directors of the Company have attended the Mandatory Accreditation Program (MAP) prescribedby Bursa Malaysia Securities Berhad (“Bursa Malaysia”). The Directors will continue to undergo otherrelevant training programs to further enhance their knowledge in the latest statutory and/or regulatoryrequirements on a continuous basis in compliance to the Bursa Malaysia Listing Requirements on theContinuing Education Program to further enhance their professionalism and knowledge to effectivelydischarge their duties and obligations.

Re-electionIn accordance with the Company’s Articles of Association, all newly appointed Directors are subjected toretirement and are entitled for re-election at the annual general meeting. All Directors retire on a rotationalbasis once every three years and are entitled to offer themselves for re-election at the Company’s annualgeneral meeting.

For Directors who have attained the age of 70, they will retire at every annual general meeting and subjectto Section 129 (6) of the Companies Act, 1965, are entitled to offer themselves for re-election.

The motions to re-elect Directors are voted on a Director to Director basis at the annual general meeting.

Risk Management Executive Committee (RMEC)RMEC comprises four (4) members that functionally identifying key risks affecting the Group and establishesprocess to mitigate and manage those risks. For the reporting year RMEC met four (4) times excludingthose meetings held on ad hoc basis to evaluate risks for new investment. RMEC endorsement is requiredprior to tabling the new investment proposal to the Board for approval.

DIRECTORS’ REMUNERATION

Remuneration CommitteeThe objective of the Remuneration Committee is to review and recommend fair and competitive remunerationpackages within the industrial standard to the Executive Directors based on their contributions to theGroup’s overall performances and success. The remunerations for Independent Non-Executive Directorsare decided by the Board as a whole, during which the interested Directors will abstain from deliberatingtheir own fees. During the financial year ended 31 January 2005, one (1) meeting was held on 27 August2004.



Remuneration Package

The details of directors’ remuneration for the financial year are as follows:-

Executive Non-ExecutiveDirectors Directors

RM RM

Salaries and other emoluments 1,841,016 -

Fees / Allowances 20,000 92,400

Bonus 201,000 -

Benefits-in-kind 112,450 9,400

Total 2,174,466 101,800

RANGE OF REMUNERATION

The remuneration paid to directors falling in the respective bands are as follows:-

DirectorsDato’ Nasir bin YusoffVaseehar Hassan bin Abdul Razack Below RM50,000Shamsudin @ Samad bin Kassim

Ab Rahim bin HusainRamli bin Napiah RM450,001 - RM500,000Ungku Farid bin Ungku Abd Rahman

Rameli bin Musa RM600,001 - RM650,000

Shareholders’ CommunicationThe Board acknowledges the importance of transparency and accountability to its shareholders throughproper, adequate and timely dissemination of information on the Group’s performances and major corporatedevelopments through appropriate channels of communications.

The Group also makes timely announcements via the BURSA LINK on any material information, corporateproposals, financial results and other announcements that are required to be made pursuant to the ListingRequirements of Bursa Malaysia.

The Group maintains a website at www.ingresscorp.com.my which shareholders as well as members ofthe public are invited to access the latest information of the Group and to contact the Group directly.

General MeetingsThe Annual General Meeting (AGM) is a platform for the Board and the shareholders to communicate onthe Group’s performance and any matters that may be of concern or interest to the shareholders. Whenrequired, Extraordinary General Meeting (EGM) will be held to consider special business of the Company.Shareholders are given opportunities to ask questions at the meeting.

ACCOUNTABILITY AND AUDIT

Financial ReportingThe Board aims to present a balance, true, comprehensive and understandable assessment of the Group’sposition and prospects when presenting the quarterly and annual financial statements to shareholders.The Audit Committee assists the Board in reviewing the information disclosed to ensure accuracy, adequacyand integrity of all annual and quarterly reports, audited or unaudited, and approved by the Board beforereleasing to the Bursa Malaysia. Directors’ responsibility statement is set out in the following section.




Internal ControlThe Board acknowledges its responsibilities to maintain a sound and effective system of internal control tosafeguard shareholders’ investments and the Group’s assets. A statement of Internal Control of the Groupis set out on page 28 of the Annual Report.

Relationship with AuditorsThe Board has good, formal and transparent relationships with the external auditors. From time to time,the external auditors shall inform and update the Board and Audit Committee on matters that require theirattention.

BEST PRACTICES OF CORPORATE GOVERNANCE

The Board of Directors wishes to confirm, that to its best of knowledge and ability, the Company has compliedsubstantially with the Best Practices on Corporate Governance as set out in Part 2 of the Code.

This statement is made in accordance with a resolution of the Board of Directors dated 9 May 2005.



The Directors are required to ensure that the financial statements of the Company and the Group for each financialyear are prepared in accordance with the requirements of the applicable approved accounting standards in Malaysia,the provisions of the Companies Act, 1965 and the Listing Requirements of Bursa Malaysia.

The Directors are also responsible in ensuring that the annual financial statements of the Company and the Groupreflect a true and fair view of the state of affairs of the Company and the Group at the end of the financial year andthe results and cash flows for the year then ended.

In preparing the financial statements, the Directors consider that:-

• the Company and the Group have used appropriate accountingpolicies and the same are consistently applied;

• reasonable and prudent judgements and estimates were made;

• all applicable approved accounting standards in Malaysia havebeen observed; and,

• proper accounting records are kept so that the financialstatements are prepared with reasonable accuracy.

The Directors have general responsibilities for taking such steps that are reasonably available to them to safeguardthe assets of the Company and the Group in order to prevent and detect fraud and other irregularities.

STATEMENT OF DIRECTORS’ RESPONSIBILITYFOR PREPARING THE FINANCIAL STATEMENTS



AUDIT COMMITTEE

CHAIRMAN

1. Dato’ Nasir bin YusoffIndependent and Non-Executive Director

MEMBERS

2. Shamsudin @ Samad bin KassimIndependent and Non-Executive Director

3. Vaseehar Hassan bin Abdul RazackIndependent and Non-Executive Director

4. Ungku Farid bin Ungku Abd RahmanNon-Independent and Executive Director

12

34



FORMATION OF THE AUDIT COMMITTEE

The Audit Committee was formed on 24 October 2000.

TERMS OF REFERENCE

Duties, Responsibilities and Authority

To review and report the following to the Board of Directors of Ingress Corporation Berhad:-

1. With regards to the external auditor, their audit plan, their evaluation of the system ofinternal controls, their audit report including reports and management letters thereonand the extent of assistance rendered by the Company officials to them.

2. With regards to the internal audit function, the adequacy of its scope, functions,resources, the necessary authority to carry out its work, the internal audit programme,processes or investigation undertaken and whether or not appropriate action is takenon the recommendation of the internal audit function.

3. The review, appraisal or assessment of the performance of the internal audit functionstaff, approval for any appointment or termination of senior staff member of the internalaudit function and keeping abreast of resignations of internal audit members.

4. The quarterly and year end financial statements with emphasis on changes in orimplementation of major accounting policy changes, significant and unusual eventsand adherence to accounting standards and other legal requirements.

5. Any related party transaction and conflict of interest situation that may arise withinthe company or group including any transaction, procedure or course of conductthat raises question of management integrity.

6. The performance of the external auditors and if in their opinion (supported by grounds)the external auditor is not suitable for reappointment; their recommendation tonominate a person or persons as external auditors and any letters of resignationfrom the external auditors.

7. Any vacancy in the Audit Committee so that the vacancy be filled within 3 months.

In performing its functions and duties, the Committee shall :-

1. Have the authority to investigate any matters within its terms of reference andhave the resources which it needs to do so without any restriction on access toany information pertaining to the Company.

2. Have direct communication channels with the external auditors and obtainindependent professional or other advice and have meeting with the externalauditors without the present of any executive directors at least once a year.

3. Report to Bursa Malaysia Securities Berhad with regard to breaches of listingrequirements should the Committee consider that a matter reported to the Boardof Directors has not been satisfactorily resolved.

4. Be reviewed by the Board of Directors in term of office and performance of theCommittee and each of its members at least once every 3 years to determinewhether the duties are carried out in accordance with the terms of reference.

AUDIT COMMITTEE REPORT



MEETINGS

During the year, the Committee meets four times annually, or more whenever necessary. Meetings will normally beattended by the Group Financial Controller, the Head of the Internal Audit Department and a representative of theexternal auditor (if required). Heads of operation units or other Board members may also be called upon to attendmeetings. Meeting with the external auditors which is not attended by any Executive Directors is held once a year.

During the year, the Committee met for five times for the following purposes:-

a. To review the draft quarterly financial statements and recommending the same to be considered and approvedby the Board of Directors for the purpose of making announcements to Bursa Malaysia Securities Berhad.

b. To review the year end audited financial statements and the external auditors’ management letter andmanagement response thereon.

c. To discuss with external auditors the audit plan and scope for the year as well as the audit procedures to beutilised.

d. To review the internal audit department’s scope of work, adequacy of resources and coordination with theexternal auditors.

e. To review the reports from the internal audit department and following up on corrective actions taken onissues raised.

DETAILS OF ATTENDANCE

Member Attendance

Dato’ Nasir bin Yusoff 5/5

Vaseehar Hassan bin Abdul Razack 3/5

Shamsudin @ Samad bin Kassim 5/5

Ungku Farid bin Ungku Abd Rahman 5/5

INTERNAL AUDIT FUNCTIONS

The internal audit functions of the Company and the Group are undertaken by its Internal Audit Department, whichreports directly to the Audit Committee.

The main role of the internal audit department is to review and assess the effectiveness of the internal controlsystems and assisting the Company in its risk management.

During the year, the Audit Committee had received eleven reports on the assessment of the Group’s internalcontrol from the internal audit department.



STATEMENT ON INTERNAL CONTROL

RESPONSIBILITY

The Board acknowledges that it is responsible for theGroup’s system of internal controls and for reviewing theadequacy and integrity of the said system. However, sucha system is designed to manage rather then eliminatethe risk of failure to achieve business objectives.Therefore, such a system can only provide reasonableassurance against material misstatements or losses.

Key elements of the Group’s system of internal controlsinclude the following:-

• An ongoing process for identifying, evaluating andmanaging significant risks faced by the Group, whichhas been in place for the year under review andreviewed by the Board.

• A clear documentation of the risk managementprinciples and procedures which have beendisseminated to all key employees. This document,inter alia, describes the Board’s position towards risksand processes in the attainment of the Group’sbusiness objectives. A risk management process isin place to ensure that all key risks within the Groupare being clearly identified within the framework of itsline of business and key functional activities. TheGroup has in place, a Risk Management ExecutiveCommittee which oversees the risk managementprocess.

• The Board regularly reviews the performance of theGroup in its meetings and approves any changes inpolicies that may affect the Group. Adequate andtimely information, covering financial performance andkey business indicators, are being provided by themanagement to the Board.

• A comprehensive annual budget which includesbusiness plans are prepared by all business units andapproved by the Board. Operating results are beingclosely monitored by management against budget andkey performance indicators. All major variances andcritical operational issues are being followed up withactions taken thereon. Forecasts are being revisedon a quarterly basis after taking into account significantbusiness factors.

• A framework for the Group has been established tohandle matters relating to investments, acquisition ordisposal of business.

• The Group’s internal audit department which reportsdirectly to the Audit Committee carries out regularreviews of business processes to assess theeffectiveness of internal controls and highlightingsignificant risks impacting the Group.

• The Audit Committee regularly reviews and discusseswith key management on the action taken on issuesbrought up by the internal audit department and theexternal auditors. During the year, eleven of suchreports were received and reviewed by the Committee.

The Board does not review the internal control system ofits associated company, as the Board does not have anydirect control over the operations. This notwithstanding,the Group’s interests are served through representationon the Board of the associated company and receipt andreview of periodic management financial statements andenquiries thereon. These representations also provide theBoard with information for timely decision making on thecontinuity of the Group’s investments based on theperformance of the associated company.

Internal control weaknesses identified during the periodhad been addressed and none of these weaknesses haveresulted in any material losses, contingencies that wouldrequire disclosure in the Group Annual Report.

This statement is made in accordance with the resolutionof the Board dated 9 May 2005



This year, the Group recorded its highestrevenue so far with RM213.2 million, anincrease of 37% from the previous year.

Pada tahun ini, Kumpulan mencatatkanhasil tertinggi pernah dicatatkan sehinggakini yang berjumlah RM213.2 juta, iaitukenaikan 37% berbanding tahunsebelumnya.

CHAIRMAN’S STATEMENT • PERUTUSAN PENGERUSI




Dear Valued Shareholders, on behalf of the Board of Directors, I am pleased to present the Annual Report andAudited Financial Statements for Ingress Corporation Berhad and its group of companies (“the Group”).

The financial year saw Ingress’ entry into the capital market with the successful issuance of our RM160 millionSukuk Al-Ijarah in July 2004. We are proud to say that the Sukuk was very warmly received by the investingcommunities, whose demand exceeded the amount issued. The proceeds are being utilised for expansions in theautomotive components manufacturing (ACM) divisions.

In addition, during the financial year under review, Ingress completedtwo corporate exercises to reward its shareholders and employees,namely a one-for-five bonus issue and the issuance of share options(ESOS) to the employees of the Ingress Group. The ESOS waslaunched on 9 April 2004, whilst the 12,800,000 new Bonus Shareswere successfully listed and traded on Bursa Malaysia on 15 April2004.

This year, the Group recorded its highest revenue so far with RM213.2million, an increase of 37% from the previous year. The improvementswere broad based and across all operational divisions, led by ourThailand operations through a significant 46% increase in revenue.In addition, ACM Malaysia as well as our power engineering and railelectrification (PER) divisions recorded increase in revenues.

In an effort to broaden its revenue stream, the year also saw Ingress’initial foray into the oil and gas services sector through our subsidiariesIngress Environmental Sdn Bhd and Ingress Fabricators Sdn Bhd. InThailand, Ingress commissioned the construction of its third factoryin Ayutthaya, which should be operational by the time this Report ispublished.

Para pemegang saham yang dihargai sekalian, bagi pihak LembagaPengarah, saya dengan sukacitanya membentangkan LaporanTahunan dan Penyata Kewangan Teraudit bagi Ingress CorporationBerhad dan syarikat-syarikat dalam kumpulannya (“Kumpulan”).

Pada tahun kewangan dalam tinjauan, Ingress menceburi pasaranmodal dengan jayanya menerbitkan Sukuk Al-Ijarah berjumlah RM160juta pada Julai 2004. Kami amat berbangga menyatakan bahwa Sukuk tersebut mendapat sambutan baik daripadamasyarakat pelaburan, dan permintaan baginya mengatasi jumlah yang diterbitkan. Hasil kutipan digunakan untukmemperkembangkan bahagian pengilangan komponen automotif (ACM).

Pada tahun kewangan yang dilaporkan, Ingress menyempurnakan dua tugasan korporat untuk memberi ganjarankepada pemegang saham dan kakitangannya, menerusi terbitan bonus satu untuk lima dan terbitan opsyen saham(ESOS) kepada kakitangan Kumpulan Ingress. ESOS tersebut dilancarkan pada 9 April 2004, manakala 12,800,000Saham Bonus baru telah berjaya disenaraikan dan diperdagangkan di Bursa Malaysia pada 15 April 2004.

Pada tahun ini, Kumpulan mencatatkan hasil tertinggi pernah dicatatkan sehingga kini yang berjumlah RM213.2juta, iaitu kenaikan 37% berbanding tahun sebelumnya. Peningkatan yang dicapai pada asasnya menyeluruh danmerangkumi semua bahagian operasi, diterajui oleh operasi Thailand yang mencatatkan peningkatan hasil luarbiasa sebanyak 46%. Di samping itu, ACM Malaysia dan juga bahagian kejuruteraan kuasa dan elektrifikasi landasan(PER) juga mencatatkan peningkatan hasil.

Dalam usaha mempelbagaikan aliran hasil, Ingress buat pertama kali meneroka sektor perkhidmatan minyak dangas pada tahun dalam tinjauan menerusi anak-anak syarikat kami, Ingress Environmental Sdn Bhd dan IngressFabricators Sdn Bhd. Di Thailand, Ingress telah membina kilang ketiganya di Ayutthaya, yang seharusnya sudahmula beroperasi pada tarikh Laporan ini diedarkan.

Dato’ Nasir bin YusoffChairman / Pengerusi



OPERATION REVIEW

Automotive Components Manufacturing

Overall, there were improvements across all of our ACMdivisions with another outstanding results recorded byACM Thailand. For ACM Malaysia, the year witnessedthe commencement of supply of Kelisa door to Peroduaand for ACM Indonesia, this was its first full year ofproduction.

ACM Malaysia

Domestically, the automotive market had seen majorimprovement with the total industry volume (TIV) recordingan increase of 20% to 488,000 units sold in the calendaryear 2004 against those of 405,010 units in 2003. Thiswas a major improvement for the local domesticautomotive market which suffered a decline in the previouscalendar year. This trend is encouraging given the factthat the industry is in transitionary phase before the fullimplementation of ASEAN Free Trade Area (“AFTA”) andwith the industry players familiarising themselves with thenew tax structure introduced by the Government. Even

though there were overall improvements, most of theimprovements could be attributed to inroads made by themore competitively priced foreign cars at the expense ofboth Proton and Perodua.

As expected, for the financial year 2005 (FY2005), ourcomponents supplied to Wira and Waja dropped by 8%and 11% respectively, whilst those for Kancil experienceda smaller decline of 5%. Nevertheless, these wereoffsetted by the commencement of supply of one of ourkey products, the Kelisa Door to Perodua as well as thefull year supply of Kelisa and Kenari aprons.

To cater for these new products as well as the supply toPerodua Myvi, Ingress has expanded its manufacturingfacility in Bukit Beruntung, doubling its built-up area and

TINJAUAN OPERASI

Pengilangan Komponen Automotif

Secara keseluruhannya, peningkatan dilihat di semuabahagian ACM. ACM Thailand mencatatkan satu lagipencapaian luar biasa. Pada tahun yang dilaporkan, ACMMalaysia mula membekalkan pintu Kelisa kepada Peroduamanakala bagi ACM Indonesia, ini merupakan tahunpengeluaran penuh pertamanya.

ACM Malaysia

Di dalam negara, pasaran automotif terus berkembangpesat dengan jumlah volum industri mencatatkanpeningkatan sebanyak 20% kepada 488,000 unit dijualpada tahun kalendar 2004 berbanding 405,010 unit pada2003. Ini merupakan peningkatan besar bagi pasaranautomotif tempatan yang mengalami kemerosotan padatahun kalendar sebelumnya. Trend ini amat menggalakkankerana industri ini sedang memasuki fasa perpindahansebelum pelaksanaan penuh Kawasan PerdaganganBebas ASEAN (“AFTA”). Di samping itu, peserta industrijuga perlu menyesuaikan diri dengan struktur cukai baru

yang dirangka oleh Kerajaan. Walaupun industri automotifsecara keseluruhan menampakkan kemajuan,sebahagian besar peningkatan dicapai oleh pengeluarkereta asing yang menawarkan harga lebih kompetitif,untuk merampas bahagian pasaran daripada Proton danPerodua.

Seperti yang dijangkakan, pada tahun kewangan 2005(TK2005), bekalan komponen kami untuk Wira dan Wajamasing-masing jatuh sebanyak 8% dan 11%, manakalaKancil mengalami kemerosotan kecil sebanyak 5%.Walau bagaimanapun,kejatuhan ini dapat dibendungdengan permulaan bekalan bagi salah satu daripadaproduk utama kami, iaitu pintu Kelisa kepada Perodua disamping bekalan setahun penuh untuk apron Kelisa danKenari.

The expanded manufacturingfacility in Bukit Beruntung.




The new Ayutthaya plant.

significantly increasing its manufacturing capacity. Withthis expansion, Ingress is poised to meet the demands ofits customers and at the same time improving itscompetitiveness.

ACM Thailand

Thailand automotive industry registered a total TIV of626,026 units for 2004 to register a growth of 17% againstthe previous year ’s TIV of 533,176. Based on totalproduction, which combines the TIV and export market,the growth recorded was 24% with a total of 928,000units in comparison to 750,512 units previously.

Virtually all of our product lines in Thailand recordedimprovements, averaging 40% increase in production.Amongst these, the supplies of sash for Ford/Mazdaincreased by 36% whilst the supply of mouldings andbellows for Isuzu recorded improvements of 47% and 36%,respectively. Except for Honda Accord, our supplies toHonda registered significant increases with the full yearimpact for the supply of sash for Honda Jazz with nearlyfive-fold increase in volume.

The year was a very challenging yet satisfying one forACM Thailand. Not only did we have to cope with stringentsupply deadlines from our customers, but it was also mademore difficult in light of the overall significant volumeincreases across all our product lines.

In view of the expected future increase in production aswell as to cater for the supply of new products, Ingresshas commissioned a third facility in Thailand which is inAyutthaya. The facility was already operational at the endof April 2005. It is planned that production for all currentand future Honda product lines will be shifted there. Thisis a strategic decision made to improve capacity andefficiency in our Rayong plant as well as to reduce costsin the long run, in view of the proximity of the newAyutthaya plant to Honda manufacturing facilities.

Bagi memenuhi keperluan produk-produk baru dan jugabekalan untuk kereta Perodua Myvi, Ingress telahmemperluaskan kemudahan pengilangannya di BukitBeruntung, dengan menggandakan kawasan binaan danmeningkatkan kapasiti pengeluarannya dengan ketara.Dengan peluasan ini, Ingress bersedia memenuhipermintaan pelanggan dan pada masa yang samameningkatkan daya saingannya.

ACM Thailand

Industri automotif Thailand mencatatkan TIV berjumlah626,026 unit pada 2004 untuk mencapai pertumbuhan17% berbanding TIV berjumlah 533,176 pada tahunsebelumnya. Dari segi jumlah pengeluaran, yangmenggabungkan TIV dan pasaran eksport, pertumbuhan24% dicatatkan menerusi pengeluaran 928,000 unitberbanding 750,512 unit pada tahun sebelumnya.

Hampir semua rangkaian produk kami di Thailandmencatatkan peningkatan dimana secara puratanya,pengeluaran bertambah sebanyak 40%. Antaranya,bekalan bingkai kepada Ford/Mazda meningkat 36%manakala bekalan acuan dan belos bagi Isuzu masing-masing meningkat 47% dan 36% kecuali untuk HondaAccord, bekalan kami kepada Honda terus meningkatsecara mendadak, dengan volum bekalan bingkai padaHonda Jazz meningkat lima kali ganda untuk tempohsetahun penuh.

Tahun yang dilaporkan begitu mencabar tetapimemuaskan bagi ACM Thailand. Syarikat tersebut bukansahaja perlu menangani masalah tempoh bekalan yangsuntuk daripada pelanggan, tetapi juga berhadapandengan keadaan yang semakin sukar akibat peningkatanvolum yang tinggi secara keseluruhan di semua rangkaianproduk kami.

Memandangkan pengeluaran dijangka meningkat padamasa hadapan dan juga bagi memenuhi keperluanbekalan produk baru, Ingress telah membina kemudahankilang ketiga Thailand di Ayutthaya. Kilang tersebut sudahmula beroperasi pada akhir April 2005. Menurutperancangan, pengeluaran semua rangkaian produkHonda yang sedia ada dan masa hadapan akandipindahkan ke sana. Ini merupakan keputusan strategikyang dibuat bagi meningkatkan kapasiti dan kecekapankilang kami di Rayong dan juga untuk mengurangkan kosdalam jangka masa panjang, kerana kilang baru diAyutthaya terletak berhampiran dengan kilangpengeluaran Honda.

ACM Indonesia

Tahun dalam tinjauan merupakan tahun pengeluaranpertama Ingress di Indonesia. Dalam tahun yangdilaporkan, ACM Indonesia memulakan bekalan acuandan bingkai masing-masing kepada Mitsubishi pada April2004 dan Suzuki pada Ogos 2004. Ini merupakan satupencapaian yang boleh dibanggakan bagi operasi kamidi Indonesia, dalam usahanya mempersiapkan operasiuntuk menghadapi cabaran pada masa depan.



ACM Indonesia

The year signified Ingress’ first year of production inIndonesia. During the year, ACM Indonesia commencedsupply of mouldings and sash for Mitusbishi in April 2004and Suzuki in August 2004, respectively. This is acommendable achievement for our Indonesian operationsas it gears itself for the future.

As part our continuous Group-wide strategy in capacitysharing, our production facility in Jababeka IndustrialEstate, Jakarta is still being currently supported by ACMMalaysia via the supply of semi-finished goods for finalassembly there. We expect this arrangement to continuein the near future until the volume is ramped-up to a leveleconomical for full production in Indonesia.

With the improvement in TIV for Indonesia by 36% incalendar year 2004 as well as intensifying our marketingefforts to secure additional contracts, Ingress remainsconfident of the potential in the Indonesian automotiveindustry and ACM Indonesia.

Power Engineering and Rail Electrification

The financial year under review was a very challengingyear for the PER division against the background ofintense competition.

During the year, the supply and installation of 132kV gasinsulated switchgear (GIS) together with ancillary civilworks for Huntsman Tioxide substation in Kemaman on ajoint venture basis with a local partner was successfullycompleted on schedule. In addition to that, significantprogress was made and significant amount of work wasdone to complete all substations work under our long termcontract after overcoming delays. These works areexpected to be completed in FY2006.

Despite the extension of time given by the Government,progress on the Rawang-Ipoh for the year under reviewwas still hampered by the slow progress on civil works.This resulted in delays in the delivery of sites whichconsists of tracks and stations. Nevertheless, we expectprogress in the current financial year, with some worksbeing awarded to one of our subsidiaries.

On the mini hydro projects awarded to the Group, Ingressis currently focusing on two of the projects located at twonearby rivers in Pahang. Most major approvals for thecommencement of the project have been secured.Negotiations with the view of finalising the Renewal EnergyPower Purchase Agreement is being carried out. Uponconclusion of the negotiation, construction of the minihydro is expected to commence in the second half ofFY2006.

Oil and Gas

In November 2004, Ingress announced that it would investin two oil and gas ventures. At this stage, Ingress’ focuswill be on the niche market within the services sector ofthe oil and gas industry. It is hoped that our initial entryinto the oil and gas sector, although not significant at the

Sebagai sebahagian daripada unjuran strategi di seluruhKumpulan untuk berkongsi kapasiti, kemudahanpengilangan kami di Kawasan Perindustrian Jababeka,Jakarta kini masih disokong oleh ACM Malaysia menerusibekalan barangan separa siap untuk pemasangan akhirdi sana. Kami menjangkakan bahawa sokonganpengilangan sedemikian diteruskan pada masa depansehingga volum meningkat ke tahap yang berdaya majuuntuk menjalankan pengeluaran penuh di Indonesia.

Memandangkan TIV untuk Indonesia meningkat 36%pada tahun kalendar 2004, dan juga peningkatan olehusaha pemasaran kami yang semakin giat untukmemperolehi kontrak tambahan, Ingress terus yakinterhadap potensi industri automotif Indonesia dan ACMIndonesia.

Kejuruteraan Kuasa dan Elektrifikasi Landasan

Bahagian PER menghadapi tahun kewangan yang amatmencabar oleh kerana persaingan sengit yangdihadapinya.

Pada tahun yang dilaporkan, kerja-kerja pembekalan danpemasangan gear suis penebatan gas (GSPG)132kVbersama kerja sivil sampingan bagi pencawang HuntsmanTioxide di Kemaman, yang dijalankan secara usaha samadengan rakan-rakan kongsi tempatan, telah berjayadisiapkan mengikut jadual. Di samping itu, kemajuan besartelah dicapai dan banyak kerja telah dilaksanakan untukmenyiapkan semua kerja pencawang di bawah kontrakjangka panjang kami selepas mengatasi segala masalahkelewatan. Kerja-kerja ini dijangka diselesaikan padaTK2006.

Walaupun lanjutan masa diberikan oleh Kerajaan,kemajuan kerja-kerja pembinaan landasan keretapiRawang-Ipoh pada tahun yang dilaporkan masihdibelenggu oleh kadar penyiapan kerja sivil yang lembab.Ini menyebabkan kelewatan dalam bekalan tapak yangterdiri daripada landasan dan stesen. Namun begitu, kamimengunjurkan perkembangan lanjut dibuat pada tahunkewangan semasa, di mana sebahagian projekditugaskan kepada salah satu anak syarikat kami.

Mengenai projek hidro mini yang diberikan kepadaKumpulan, Ingress kini memusatkan tenaga untukmenggerakkan dua projek yang terletak di dua sungaiberhampiran di Pahang. Sebahagian besar daripadakelulusan penting untuk memulakan projek telahdiperolehi. Rundingan sedang dijalankan untukmenyempurnakan Pembaharuan Perjanjian PembelianKuasa Tenaga. Apabila rundingan tersebut berjaya,pembinaan hidro mini dijangka bermula pada separuhkedua TK2006.

Minyak dan Gas

Pada November 2004, Ingress mengumumkan bahawasyarikat akan melabur dalam dua usaha sama minyakdan gas. Pada peringkat ini, tumpuan Ingress hanyakepada pasaran khusus dalam sektor perkhidmatanminyak dan gas. Diharapkan penerokaan pertama kamike dalam sektor minyak dan gas, walaupun tidak begitu




moment, will in the future be a source of long termearnings.

The division is already showing promise with revenuesrecorded after only a quarter in operations. One of oursubsidiaries, Ingress Environmental Sdn Bhd hassecured contracts worth about RM2.9 million fromPertamina of Indonesia for automated tank cleaning jobin Cilacap, Indonesia. In addition, another of oursubsidiaries, Ingress Fabricators Sdn Bhd, as part of aconsortium, was awarded a few contracts worth RM14.3million for fabrication and piping works at a major oil andgas hub in the Southern part of the Peninsular.

Financial Perfomance

The Group registered revenue of RM213.2 million andprofit after tax (PAT) of RM15.0 million, representing theincrease of 37% and 29%, respectively, as compared tothose of the previous year. In terms of revenue, this isthe first time revenue has exceeded the RM200 millionthreshold. This was on the back of improved contributionsfrom all operating divisions, especially from ACM Thailandwhich recorded an increase in revenue by 46%.

In terms of PAT, both ACM Malaysia and Thailandregistered significant improvements, with ACM Thailandnearly doubled its earnings contributions from theprevious year. The extraordinary performance by ACMThailand was the direct result in the improved volumeenjoyed by the automotive sector in Thailand,domestically as well as export markets. This led to theeconomies of scale and the much better absorption ofoverhead costs. Nevertheless, the earnings for the Groupwere affected by the PER division which recorded a lossfor the year given the costs associated with delays.

Dividends

The Board of Directors is pleased to recommend a firstand final ordinary tax exempt dividend of 5 sen per sharein respect of the financial year ended 31 January 2005,subject to the approval of the shareholders at theforthcoming Annual General Meeting.

PROSPECTS AND OUTLOOK

ACM Malaysia

The domestic industry is gearing itself for the much-awaited Malaysian Automotive Policy. It is expected thepolicy will outline new duty structure and fiscal incentiveswhich will be formulated to ensure price stability andpromote investments for long term stability. Furthermore,the policies to be announced are expected to promotebalanced benefits for both the national and non-nationalcar makers. The policies are also expected to rewardinvestments in research and developments, staffdevelopment and other areas. In view of theseuncertainties, we are expecting only a moderateimprovement for the domestic industry. TIV is expectedto improve 2.5% to 500,000 in 2005.

Nevertheless, the coming financial year is expected to

ketara buat masa ini, akan menjadi punca pendapatanjangka panjang pada masa depan.

Bahagian ini telah menunjukkan tanda-tanda positifapabila mencatatkan hasil hanya selepas suku tahunberoperasi. Satu daripada anak syarikat kami, IngressEnvironmental Sdn Bhd telah memperolehi kontrakbernilai kira-kira RM2.9 juta daripada Pertamina Indonesiauntuk kerja-kerja membersihkan tangki berautomasi diCilacap, Indonesia. Di samping itu, satu lagi anak syarikatkami, Ingress Fabricators Sdn Bhd, merupakan ahlikonsortium yang telah diberikan beberapa kontrak bernilaiRM14.3 juta untuk kerja pasang siap dan perpaipan dihab minyak dan gas utama di bahagian SelatanSemenanjung.

Prestasi Kewangan

Kumpulan mencatatkan hasil berjumlah RM213.2 juta dankeuntungan selepas cukai (PAT) berjumlah RM15.0 juta,masing-masing menunjukkan peningkatan 37% dan 29%,berbanding tahun sebelumnya. Dari segi hasil, inimerupakan kali pertama hasil Kumpulan menjangkauiangka RM200 juta. Kejayaan ini dicapai keranasumbangan lebih baik daripada semua bahagian operasi,khususnya ACM Thailand, yang mencatatkan peningkatanhasil sebanyak 46%.

Dari segi PAT, kedua-dua ACM Malaysia dan Thailandmencatatkan peningkatan besar di mana ACM Thailandhampir menggandakan sumbangan pendapatanberbanding tahun sebelumnya. Prestasi luar biasa ACMThailand adalah kesan langsung daripada volum lebihtinggi yang dicatatkan oleh sektor automotif Thailand, dipasaran tempatan dan juga eksport. Ini telahmenghasilkan kesan ekonomi skala dan penyerapan kosoverhed yang lebih baik. Namun, pendapatan Kumpulanterjejas oleh bahagian PER, yang mencatatkan kerugianpada tahun kewangan dilaporkan kerana kos yangditanggung akibat kelewatan.

Dividen

Lembaga Pengarah dengan sukacitanya mencadangkandividen bebas cukai pertama dan terakhir sebanyak 5 sensesaham bagi tahun kewangan berakhir 31 Januari 2005,tertakluk kepada kelulusan pemegang saham diMesyuarat Agung Tahunan yang akan datang.

TINJAUAN DAN PROSPEK

ACM Malaysia

Industri tempatan sedang bersiap sedia untuk DasarAutomotif Malaysia yang memang dinanti-nantikan.Dasar ini dijangka memberi garis panduan tentang strukturduti dan insentif fiskal baru yang dirangka untuk menjaminkestabilan harga dan menggalakkan pelaburan demikestabilan jangka panjang industri. Tambahan lagi, dasar-dasar yang bakal diumumkan dijangka menggalakkanmanfaat seimbang bagi pengeluar kereta kebangsaan danbukan kebangsaan, di samping memberi ganjaran bagipelaburan dalam penyelidikan dan pembangunan,pembangunan kakitangan dan bidang-bidang lain.



be a very busy year for ACM Malaysia, especially in viewof the recently launched Perodua Myvi. In view of theexpected increase in production volume from these newmodels, a new plant, an extension to the previous facilityin Bukit Beruntung, was built and has been operationalsince early this financial year. Furthermore, someexcitement in domestic industry is also due to impendingintroduction of Tiara and Satria replacement models whichIngress has been actively involved.

In addition to that, ACM Malaysia will continue to supportour Indonesian operations in all aspects. As part ofcapacity sharing and rationalisation between all our Asean

Memandangkan ketidakpastian yang dihadapi, kamimeramalkan hanya peningkatan yang sederhana dalamindustri tempatan. TIV dijangka meningkat 2.5% kepada500,000 pada 2005.

Bagaimanapun, ACM Malaysia dijangka lebih rancak padatahun kewangan seterusnya. Model baru Perodua yangdinamakan Myvi, mungkin sudah dilancarkan pada tarikhlaporan ini diterbitkan. Memandangkan unjuran volumpengeluaran lebih tinggi daripada model-model baru ini,sebuah kilang baru sebagai kemudahan tambahankepada kilang lama di Bukti Beruntung, telah dibina.Kilang baru tersebut telah beroperasi pada awal tahunkewangan ini. Tambahan pula, industri tempatan jugadijangka semakin rancak dengan usaha memperkenalkanmodel gantian bagi Tiara dan Satria. Ingress terlibat secaraaktif dalam pengeluaran kedua-dua model baru tersebut.

Di samping itu, ACM Malaysia dijangka terus menyokongoperasi Indonesia, dari segenap aspek. Sebagaisebahagian daripada perkongsian kapasiti danrasionalisasi antara semua operasi kami di ASEAN, padamasa yang terdekat ini operasi kami di Nilai membekalkanbarangan separa siap kepada Indonesia untukpemasangan akhir di sana.

Thailand

Pada tahun yang seterusnya, kapasiti sedia ada diThailand dijangka mencecah 1.2 juta dari segi set kereta.Keseluruhan pengeluaran dijangka meningkat 18% lagikepada 1,100,000 unit pada 2005. Dari segi pertumbuhanTIV, peningkatan sebanyak 10%, iaitu kepada 690,000dijangka dicatatkan pada 2005. Sementara itu eksportdijangka bertambah 21% pada 2005 kepada 400,000 unit.Ini satu petanda baik bagi industri automotif Thailandkerana kedua-dua pasaran tempatan dan eksportmencatatkan peningkatan yang besar dan berkekalan.

Pada masa yang sama, kami juga menjangkakanpeningkatan dari segi volum pada tahun akan datang bagisemua model. Bagi persediaan ini dan peningkatanmenghadapi kapasiti serta kecekapan keseluruhannya,ACM Thailand akan beroperasi dari kilang tambahan diAyutthaya. Walaupun kilang ini pada awalnya bertujuanmengilang komponen yang dibekalkan kepada Honda,rancangan sedang dirangka untuk menggunakan kapasititambahan kilang untuk memenuhi permintaan daripadapelanggan di kawasan sekitar pada masa depan.

Pengeluaran bingkai yang dibekalkan kepada Honda yangdahulunya dibuat oleh kilang kami di Rayong telahdipindahkan ke kilang Ayutthaya. Di samping itu,pengeluaran bingkai bagi model Honda baru yangdijangka bermula pada suku keempat tahun kewangan2006, juga akan dibuat di kilang baru ini.

Selain model baru Honda, persiapan sedang dibuat untukmula membekalkan acuan dan bingkai kepada Mitsubishibagi P-Car barunya pada pertengahan tahun. Di sampingitu, kami sedang bekerjasama rapat dengan Ford danMazda untuk membekalkan bingkai bagi model masadepan yang bakal menggantikan trak pikap Ford/Mazda.Bekalan dijangka bermula pada awal tahun kewangan2007.

operations, in the short term our Nilai operations suppliedof semi-finished goods to Indonesia for the final assemblythere.

Thailand

This calendar year, Thailand’s installed capacity isexpected to reach 1.2 million car sets. Overall productionis targetted to increase by another 18% to 1,100,000 unitsin 2005 whilst TIV is anticipated to improve by 10% to690,000 units. Exports, meanwhile, is expected to registera growth of 21% in 2005 to 400,000 units. This augurswell for Thailand’s automotive industry as both thedomestic and export markets enjoying significant andsustained growth.

Accordingly, we are also expecting another improvementin our volumes for the coming year across all makes.Preparing for this and to improve our overall capacity andefficiency, ACM Thailand would be operating from anadditional plant in Ayutthaya. Although, the plant will initiallycater for the production of components to be supplied toHonda, it is planned that the additional capacity of the

Fabrication of E8DR - A Topside.




plant would be utilised for future customers around thearea.

The production of sash supplied to Honda previouslymanufactured in our Rayong plant was shifted to theAyutthaya plant. Furthermore, the production of sash fora new Honda model, scheduled to commence in the 4thquarter of the current financial year 2006, will also be donethere.

Besides Honda new model, preparations are being madefor the introduction of the supply of mouldings and sashto Mitsubishi for its new P-Car in the middle of the year. Inaddition to that, we are working closely together with Fordand Mazda in respect of the supply of sash for a futuremodel to replace the current Ford/Mazda pickup trucks.The supply is expected to commence early financial year2007.

Indonesia

For 2005, the TIV for Indonesia is expected to reach540,000 units, an increase of 12% from 483,000 in 2004.This is significant in that it will be the first time the TIV inIndonesia surpassing those of Malaysia.

Following up on the success of our first year in Indonesia,where we managed to win contracts to supply mouldingsto Mitsubishi and sash to Suzuki, Ingress Indonesia wasrecently awarded an additional contract by Suzuki for thesupply of weatherstrip mouldings for the Suzuki Futuraand Carry mini vans, the supply of whom is expectedtowards the end of FY2006.

Ingress is intensifying its marketing drive together withour Japanese partner to penetrate other car manufacturersin Indonesia as well as targeting future models from ourexisting clients. With our track record in Malaysia andThailand, Ingress is confident of further success.

PER

There were encouraging signs for improvement in theindustry, especially for the longer terms, as we expectdevelopment spending to increase due to the need forimprovement in the country’s electricity infrastructure. Thepromotion of renewable energy from mini hydro andbiomass by Government is expected to continue and iswell received by the industry.

Nevertheless, in the near future, we expect a few awardsdespite the competitive nature of the industry. To enhancerevenue, we will focus on our expertise on substationsupgrading and refurbishing. Going forward, we expect theelectrification for the railway double tracking to progressaccording to revised schedule.

Oil & Gas

The oil and gas industry is very dynamic and high growth.The rationale for our entry is to broaden our revenuestream and to tap into the industry potential. Our focuswill initially be in the niche products and hopefully in thefuture this will bring significant contribution to the Group.

Indonesia

Pada 2005, TIV bagi Indonesia dijangka mencecah540,000 unit, iaitu peningkatan 12% berbanding 483,000pada 2004. Perkembangan ini amat penting kerana iamerupakan kali pertama TIV Indonesia dijangka lebihtinggi daripada Malaysia.

Berikutan kejayaan dalam tahun pertama kami diIndonesia, apabila kami berjaya memperolehi kontrakuntuk membekalkan acuan kepada Mitsubishi dan bingkaikepada Suzuki, Ingress Indonesia baru-baru ini diberikankontrak tambahan oleh Suzuki untuk membekalkan acuanjaluran cuaca bagi van mini Suzuki Futura dan Carry, yangbekalannya dijangka dibuat menjelang hujung TK2006.

Untuk terus mengorak langkah ke hadapan, Ingress akanmemantapkan lagi pemasaran bersama rakan perniagaanJepun kami untuk membekalkan komponen kepadapengeluar kereta lain di Indonesia di sampingmenyasarkan model baru yang bakal dikeluarkan olehpelanggan yang sedia ada. Dengan rekod pencapaiankami di Malaysia dan Thailand, Ingress yakin dapatmencapai kejayaan lanjut.

PER

Terdapat tanda-tanda positif bahawa industri ini kian pesat,khususnya dalam jangka panjang, kerana kamimeramalkan perbelanjaan pembangunan negara akanmeningkat disebabkan oleh keperluan untuk memperbaikiinfrastruktur elektriknya. Usaha Kerajaan untukmenggalakkan tenaga boleh dibaharui, termasuk hidromini dan biojisim, dijangka terus mendapat sambutan baikdaripada industri.

Namun begitu, dalam tempoh terdekat kami menjangkaakan memperolehi beberapa kontrak walaupun industriini sangat kompetitif. Untuk meningkatkan hasil, kami akanmenumpukan kepakaran kami kepada kerja menaik tarafdan membaik pulih pencawang. Pada masa depan, kamijangkakan agar kerja-kerja elektrifikasi landasan keretapikembar akan dijalankan mengikut jadual baru.

Minyak & Gas

Industri minyak dan gas adalah industri yang dinamikdengan kadar pertumbuhan yang tinggi. Rasionalpenglibatan kami adalah untuk mempelbagaikan aliranhasil dan memanfaatkan potensi industri. Tumpuan kamihanya pada produk-produk terkhusus dan diharapkanpada masa depan usaha ini akan memberikansumbangan yang besar kepada Kumpulan. Namun, untuktahun seterusnya, bahagian ini dijangka tidak memberisumbangan besar kepada pendapatan Kumpulan.

KESIMPULAN

Secara ringkasnya, ACM Thailand telah mencatatkanpencapaian yang mengagumkan, manakala ACMMalaysia dan PER terpaksa menghadapi pasaran yangsemakin lemah. Pada masa depan, kami meramalkanpeningkatan prestasi di pasaran tempatan, bagi kedua-dua ACM Malaysia dan bahagian PER, manakala ACM



Thailand dijangka terus mendapat manfaat daripadapertumbuhan kukuh industri automotif di sana.

PENGIKTIRAFAN

Bagi pihak Lembaga Pengarah, saya ingin merakamkansetinggi-tinggi penghargaan kepada para pemimpinindustri dan rakan-rakan perniagaan khususnya diMalaysia, Thailand, Indonesia dan Jepun keranakeyakinan dan kepercayaan mereka terhadap kami. Sayajuga ingin mengucapkan terima kasih kepada pengurusandan kakitangan kerana komitmen dan sumbanganberterusan mereka. Kepada para pemegang saham,penghargaan setulus ikhlas kami berikan keranakepercayaan anda terhadap kami dan kami akan terusmemandang tinggi terhadap anda.

Saya juga mengambil kesempatan ini untuk mengucapkanterima kasih kepada Lembaga Pengarah keranakesungguhan dan usaha gigih mereka untuk membinaIngress sehingga mencapai kejayaan yang dinikmatiknyapada hari ini.

Dato’ Nasir bin YusoffPengerusi

Nevertheless, for the coming year, the division is notexpected to significantly contribute to the earnings of theGroup.

CONCLUSION

In summary, it was a year of achievement for ACMThailand whilst ACM Malaysia and PER had to contendwith softening of the market. Moving forward, however,we expect an improvement in the domestic front, both inthe ACM Malaysia and PER divisions, whilst ACM Thailandshould continue to benefit from the robust growth of theautomotive industry there.

ACKNOWLEDGEMENT

On behalf of the Board of Directors, I would like to expressmy sincere appreciation and admiration to our industryleaders and business associates particularly in Malaysia,Thailand, Indonesia and Japan for their confidence andtrust in us. My special thanks to the staff and managementfor their tireless commitment and contribution. To ourshareholders, we wish to put on record our heartfeltappreciation for your faith in us and we will continue tohold you in high regards.

I also take this opportunity to thank the members of theBoard for their dedication and untiring effort to build Ingressto what it is today.

Dato’ Nasir bin YusoffChairman



ADDITIONAL COMPLIANCE INFORMATION

In conformance with the Bursa Malaysia Listing Requirements the following information is provided:-

1. Non-Audit Fees

The amount of non-audit fees paid and payable to the external auditors by the Company and its subsidiariesfor the financial year ended 31 January 2005 was RM7,025.

2. Material Contracts

Save as disclosed hereunder, there are no contracts which are or may be material (not being contracts enteredinto in the ordinary course of business) which have been entered into by the Company and its subsidiarycompanies within two (2) years preceding this Annual Report:-

(i) Joint Venture Agreement dated 26 May 2003 between the Company and H2E Engineering Sdn Bhd inrespect of joint expertise and resources in Matrix Hydro Generation Sdn Bhd.

(ii) Joint Venture Agreement dated 24 June 2003 between Ingress Precision Sdn Bhd and Herman ZainiLatif in respect of the incorporation of a joint venture company in Indonesia known as PT Ingress MalindoVentures.

(iii) Shareholders Agreement dated 5 November 2004 between Science-Tech Solutions Sdn Bhd and IngressEngineering Sdn Bhd in respect of the increase of issued and paid up capital of Ingress EnvironmentalSdn Bhd (formerly known as Techmalink Sdn Bhd) for the purpose of undertaking a joint venture in thebusiness of engineering services in automatic storage tank cleaning related to oil and gas industry.

(iv) Project Management Agreement dated 6 November 2004 between PT Science Tech Solution (Indonesia)and Ingress Environmental Sdn Bhd (IEnSB) in respect of appointment of IEnSB as the project managerfor the automatic storage tank cleaning related to oil and gas industry.

(v) Shareholders Agreement dated 8 November 2004 between Dyna Segmen Sdn Bhd and IngressEngineering Sdn Bhd in respect of incorporation of joint expertise and resources in Ingress FabricatorsSdn Bhd (formerly known as Ben Omar Sdn Bhd) related to oil and gas industry.

3. Recurrent Related Party Transactions (RRPT) Statement

The details of the RRPT entered into by the Company and/or its subsidiaries from 28 July 2004 to 31 January2005 were as follows:-

Company Related Party Nature of Amount incurred RelationshipRRPT from 28.07.04 toTransactions 31.01.05

RM’000

IAV KK Purchase of 722,607 KK holds 20.2%raw materials shareholding in IAV

IAV KK Payment of royalty 119,924 KK holds 20.2%shareholding in IAV

IAV MC Purchase of 3,026,360 MC holds 6.1%raw materials shareholding in IAV

IESB IAV Management fees 1,158,200 IESB holds 62.5%shareholding in IAV

ITSB PMSB Sales of material 31,551,037 Perodua holds 30%shareholding in ITSB.Perodua holds 49%equity in PMSB

MDSB BB Rail Provision of 1,180,176 MDSB holds 49%engineering services shareholding inby MDSB to BB Rail BB Rail

IPSB KK Purchase of raw 34,442 KK holds 10%materials shareholding in IPSB

Total 37,792,746



Note: BB Rail - Balfour Beatty Rail Sdn BhdIAV - Ingress Autoventures Co., Ltd.IESB - Ingress Engineering Sdn BhdIPSB - Ingress Precision Sdn BhdITSB - Ingress Technologies Sdn BhdKK - Katayama KogyoMC - Mitsubishi CorporationMDSB - Multi Discovery Sdn BhdPMSB - Perodua Manufacturing Sdn BhdPerodua - Perusahaan Otomobil Kedua Sdn Bhd

4. Revaluation Policy on Landed Properties

Revaluations are made at least once in every three years based on a valuation by an independent valuer on anopen market value basis. Any revaluation increase is credited to equity as a revaluation surplus, except to theextent that it reverses a revaluation decrease for the same asset previously recognised as an expense, inwhich case the increase is credited to the income statement to the extent of the decrease previously charged.A revaluation decrease is first offset against an increase on earlier valuation in respect of the same asset andis thereafter recognised as an expense. Upon the disposal of revalued assets, the attributable revaluationsurplus remaining in the revaluation reserve is transferred to retained profits.

5. Sanctions

During the financial year, there were no sanctions and/or no penalties imposed on the Company and theGroup, Directors or Management by the relevant regulatory bodies.

6. Utilisation of Proceeds Raised from the Company’s Corporate Proposal

The proceeds from the issuance of RM160 Million Islamic paper (Sukuk) based on Islamic principles of SukukAl-Ijarah through the Company’s newly acquired wholly-owned subsidiary, Ingress Sukuk Berhad were utilisedfor the following purposes:-

1) to purchase fixed assets;2) to repay bank borrowings;3) to construct new factory;4) to cover expenses;5) to finance working capital.

7. Options, Warrants or Convertible Securities

a) The Company established an Employee Share Option Scheme (ESOS) for eligible employees includingexecutive directors of the Company and its subsidiary companies whereby the establishment of the ESOSwas duly approved by the Shareholders of the Company at the Extraordinary General Meeting held on 11February 2004. Subject to the ESOS By-laws, the aggregate maximum number of new share offered toeligible employees is determined at the discretion of the ESOS Committee taking into consideration theposition, performance, seniority and length of service of the employee in the Group. There is no optionexercised by eligible employees so far.

b) The Company has not issued any warrants or convertible securities exercised for the financial year ended31 January 2005.



CORPORATE OFFICE AND SUBSIDIARIES

Lot 1M, 1st Floor, No. 2, Tasik AmpangJalan Hulu Kelang, 68000 Ampang, Selangor, MalaysiaTel: 03-4252 9696 Fax: 03-4252 9393 / 4260 2149E-mail: [email protected]

PT 2475-2476, Kawasan Perindustrian NilaiP.O. Box 45, 71807 Nilai, Negeri Sembilan, MalaysiaTel: 06-799 5599 Fax: 06-799 5597 / 8E-mail: [email protected]

PT 2475-2476, Kawasan Perindustrian NilaiP.O. Box 45, 71807 Nilai, Negeri Sembilan, MalaysiaTel: 06-799 5599 Fax: 06-799 5597 / 8E-mail: [email protected]

Lot. 11, Jalan Jasmine 4, Kawasan PerindustrianBukit Beruntung, TST 29, 48009 RawangSelangor, MalaysiaTel: 03-6028 3003 Fax: 03-6028 3001 / 4E-mail: [email protected]

Rayong PlantsEastern Seaboard Industrial Estate (Rayong)64/6 Moo 4, Pluakdaeng Rayong 21140, ThailandTel: (6638) 954942-5 Fax: (6638) 954946 / 656246E-mail: [email protected] / [email protected]

Ayutthaya PlantHi-Tech Industrial Estate (Ayutthaya) 64/6Moo 1, Banlane Bangpa-in Ayutthaya, 13160, ThailandTel: (6635) 314404-45 Fax: (6635) 314406E-mail: [email protected]

Jln. Industri Selatan 6A, Block GG-7A/BKawasan Industri Jababeka II, Cikarang Selatan17854 Bekasi, IndonesiaTel: (6221) 8983 4330/ 31 / 32 Fax: (6221) 8983 4329Email: [email protected]

Lot 9, Jalan P/7, Seksyen 13, Kawasan PerindustrianBangi, P.O. Box 9, 43657 Bandar Baru BangiSelangor, MalaysiaTel: 03-8926 4806 / 07 / 08 / 09 / 10 Fax: 03-8926 2152E-mail: [email protected]

Lot 9, Jalan P/7, Seksyen 13, Kawasan PerindustrianBangi, P.O. Box 9, 43657 Bandar Baru BangiSelangor, MalaysiaTel: 03-8926 4806 / 07 / 08 / 09 / 10 Fax: 03-8926 2152E-mail: [email protected]

(Formerly known as Techmalink Sdn Bhd)

Lot 1G, 1st Floor, No. 2, Tasik AmpangJalan Hulu Kelang, 68000 Ampang, Selangor, MalaysiaTel: 03-4260 2696 Fax: 03-4260 3696E-mail: [email protected]

(Formerly known as Ben Omar Sdn Bhd)

Lot 1D, 1st Floor, No. 2, Tasik AmpangJalan Hulu Kelang, 68000 Ampang, Selangor, MalaysiaTel: 03-4251 3101 Fax: 03-4252 3201E-mail: [email protected]

Lot 1M, 1st Floor, No. 2, Tasik AmpangJalan Hulu Kelang 68000 Ampang, Selangor, MalaysiaTel: 03-4252 9696 Fax: 03-4252 9393E-mail: [email protected]

No. 3, Jalan Alfa B U6/B, Pusat Perdagangan SubangPermai, 40150 Shah Alam, Selangor, MalaysiaTel: 03-7847 5767 Fax: 03-7847 4594 / 5161E-mail: [email protected]

No. 3, Jalan Alfa B U6/B, Pusat PerdaganganSubang Permai, 40150 Shah Alam, Selangor, MalaysiaTel: 03-7847 4524 Fax: 03-7847 4594 / 5161E-mail: [email protected]

Lot 9, Jalan P/7, Seksyen 13, Kawasan PerindustrianBangi, P.O. Box 9, 43657 Bandar Baru BangiSelangor, MalaysiaTel: 03-8926 4941 Fax: 03-8926 4939E-mail: [email protected]

Lot 9, Jalan P/7, Seksyen 13, Kawasan PerindustrianBangi, P.O. Box 9, 43657 Bandar Baru BangiSelangor, MalaysiaTel: 03-8926 4941 Fax: 03-8926 4939E-mail: [email protected]


INGRESS ENGINEERING SDN BHD (216594-T)

INGRESS PRECISION SDN BHD (285861-D)

INGRESS TECHNOLOGIES SDN BHD (235492-V)

INGRESS AUTOVENTURES CO., LTD

PT INGRESS MALINDOVENTURES

INGRESS RESEARCH SDN BHD (387451-V)

TALENT SYNERGYSDN BHD (350866-U)

INGRESS ENVIRONMENTAL SDN BHD (422897-M)

INGRESS SUKUK BERHAD (650733-V)

MULTI DISCOVERYSDN BHD (286861-K)

RAMUSA ENGINEERING SDN BHD (92530-V)

MATRIX POWER SERVICESSDN BHD (325864-T)

MATRIX HYRDO GENERATIONSDN BHD (603232-K)

Laporan Tahunan 2004 / 2005 Annual Report ... - I3investor

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Transcript of Laporan Tahunan 2004 / 2005 Annual Report ... - I3investor