ULICORP-AnnualReport2009 (780KB)

United U-Ll Corporation Berhad
(510737-H)
(Incorporated in Malaysia under the Companies Act, 1965)
ANNUAL
REPORT
20
09
United U-Ll Corporation Berhad (510737-H)
(Incorporated in Malaysia under the Companies Act, 1965)
No. 33, Jalan Kartunis U1/47, Temasya Industrial Park, Seksyen U1, 50150 Shah Alam, Selangor Darul Ehsan, Malaysia
Tel: +(603) 5569 5999 (Hunting Line) Fax: +(603) 5569 1666
email: hq@uli.com.my website: www.uli.com.my
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CONTENT
2 CHAIRMANSSTATEMENT
4 DIRECTORATE&CORPORATEINFORMATION
5 PROFILEOFDIRECTORS
8 CORPORATEGOVERNANCESTATEMENTS
14 AUDITCOMMITTEEREPORT
18 STATEMENTONINTERNALCONTROL
19 FINANCIALSTATEMENTS
62 ADDITIONALCOMPLIANCEINFORMATION
63 PROPERTIESOFTHEGROUP
65 SHAREHOLDERSINFORMATION
67 NOTICEOFTENTHANNUALGENERALMEETING
69 STATEMENTACCOMPANYING
NOTICEOFTENTHANNUALGENERALMEETING
ENCLOSED PROXYFORM
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Chairmans Statement
DearValuedShareholders,
Onbehalfofthe
BoardofDirectors,
Iampleasedto
presenttheAnnual
ReportofUnited
U-LiCorporation
Berhad(Companyor
Group)forthe
fnancial year ended
31December2009
(FY2009).
Financial Performance Review
Following the escalation of the global fnancial crisis and sharp plunge of
crudesteelpricesworldwidesincemid2008,thesteelindustry,including
downstream steel fnished goods manufacturer such as United U-Li
CorporationBerhad,facedtremendouschallenges.In2009,Malaysias
own fnancial performance deteriorated, when our GDP contracted by -
1.7%y-o-yin2009againsta2008GDPgrowthof+4.6%y-o-y.However,
theGroupwasabletoweatherbothglobalandlocalmarketchallenges
and managed to register a favourable fnancial performance in FY2009.
For FY2009, the Group registered slightly lower revenue, a decrease
by 11.7% from RM157.8 million to RM139.3 million, compared to the
fnancial year ended 31 Dec 2008 (FY2008). Overall, the Groups
revenueregistereda5-yearcompoundedannualgrowthrateof13.8%
perannumfromFY2004toFY2009,increasingfromRM73.0millionto
RM139.3million.
In contrast, the Group registered higher proft before taxation of RM30.0
millioninFY2009comparedtothepreviousyearatRM27.4million,an
increase of 9.5% y-o-y. The improvement of the Groups proftability was
attributed to the improvement of proft margin which was in line with the
recoveryofcrudesteelpricesglobally,coupledwithlargerproportionof
sales to higher proft margin projects and commercial segment in 2009.
The Group registered a net proft attributable to shareholders of RM21.7
millioninFY2009,whichtranslatedintoearningspershareof16.4sen.
The Groups shareholders fund has further strengthened to RM139.1
millionasatend2009fromRM121.1millionasatend2008.Netassets
pershareincreasedfurtherto105.4senpershareasatend2009from
91.7senpershareasatend2008,aconsistentimprovementforthepast
4consecutiveyearssince2005.
Financial Position and Liquidity Remain Resilient
Whileitisimpossibletopredictthescaleanddepthofthecurrentglobal
economiccrisis,theGrouphastakenprudentanddynamicapproaches
in its fnancial management amidst tighter credit market condition in the
present fnancial system. The Group has focused on cash conservation
and lowering capital expenditure and investment temporarily except for
newproductssegmentwithvisibledemand.
The Group has strengthened its balance sheet to enable the Group
withstandadverseoperatingenvironmentin2009,wheretheMalaysian
GDPregistered3consecutivequartersofnegativeGDPgrowthfrom1Q
2009until3Q2009beforeitreboundedto+4.5%y-o-yin4Q2009.From
anetdebttototalequityratioof0.07timesasatend2008,theGroup
hadturnedintonetcashpositionofRM15.7millioncashasatend2009.
WithacashhoardofRM37.2millionasatend2009,thiswillbetterequip
theGrouptoweatherthecontinuouslychallengingmarketconditionand
captureopportunitiesthatmayarisewhentheglobaleconomyrecovers
graduallyin2010.
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Chairmans Statement
(Contd)
With operating cash infow of RM29.8 million achieved in FY2009, the
Groups fnancial liquidity remained healthy. Overall, even with lower
quantum of operating cash infow as compared to FY2008, the net cash
increase during the fnancial period has improved tremendously to RM21.5
million in FY2009 from RM12.4 million in FY2008. These was mainly
contributed by lower investing cash outfow and fnancing cash outfow
in FY2009 as compared in FY2008.
The cash balance conserved as at end FY2009 was RM37.2 million, a
sharp increase of 121.8%, against RM16.8 million as at end FY2008.
With a healthy balance sheet and liquidity position, coupled with practical
fnancial management steps undertaken by the Group, the management
has positioned the Group to be able to seize any market opportunity which
may arise and to mitigate the effects of possible economic downturn in
the near future.
Corporate Social Responsibility
The Group is committed to Corporate Social Responsibility (CSR) by
integrating it into business operations.
Activities implemented do not only improve the skills and competency
of personnel, they also create an awareness that the Group cares for
their well being.
The Group continues to place great importance on the need to protect our
environment. The Groups business responsibility, while geared towards
increasing proftability, is also to maintain good manufacturing practices
and to adhere to national environmental policies at all times.
Reward to Shareholders - Dividend
The Board of Directors recommends a fnal dividend of 1.5 sen per share,
subject to the approval of the shareholders at the 10th Annual General
Meeting.
Acknowledgement
On behalf of the Board, I would like to extend my heartfelt gratitude to
our shareholders, bankers, customers, business partners and regulatory
authorities for their continued support, guidance and assistance extended
to the Group. The Board would like to express its appreciation to the
management and employee of the Group for their hard work and
dedication.
Dato Wira Abd Rahman bin Ismail
Chairman
Date : 6 April 2010
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Board of Directors
(Independent Non-Executive Chairman)
Dato Lee Yoon Wah
(Group Managing Director/
Chief Executive Offcer)
Dato Lee Yoon Kong
(Executive Director)
Teow Lai Seng
(Executive Director)
Chim Wai Khuan
(Independent Non-Executive Director)
Wong Chow Lan
Lokman bin Mansor
Shariff bin Mohd Shah
(Non-Independent
Non-Executive Director)
Secretaries
KoaySooNgoh(MAICSA0856746)
FooLiLing(MAICSA7019557)
Registered Offce
62C,JalanSS21/62
Damansarautama
47400PetalingJaya
SelangorDarulEhsan
TelNo. : +(603)77272806/
77293337
Fax No. : + (603) 7729 3619
Head/Management Offce
33,JalanKartunisU1/47
TemasyaIndustrialPark
SeksyenU1
40150ShahAlam
SelangorDarulEhsan
TelNo. : +(603)55695999
Fax No. : + (603) 5569 1666
e-mail : hq@uli.com.my
Website: www.uli.com.my
Manufacturing Plants
Lot7,Jalan6/1
KawasanPerindustrian
SeriKembangan
43300SeriKembangan
SelangorDarulEhsan
25&27JalanTamingLima
TamanTamingJaya
43300SeriKembangan
SelangorDarulEhsan
Lot5(PT7907),JalanBalakong
43300SeriKembangan
SelangorDarulEhsan
Lot44,JalanCetak
TasekIndustrialEstate
31400Ipoh,PerakDarulRidzuan
Branch Offce
1 Jalan Seroja 54
TamanJohorJaya
81100JohorBahru
JohorDarulTakzim
Registrar
SymphonyShareRegistrarsSdn.Bhd.
Level6,SymphonyHouse
BlockD13
PusatDaganganDana1
JalanPJU1A/46
47301PetalingJaya
SelangorDarulEhsan
TelNo. : +(603)78418000
Fax No. : + (603) 7841 8008
Auditors
BakerTillyMonteiroHeng
CharteredAccountants
Audit Committee
ChimWaiKhuan(Chairman)
WongChowLan
LokmanbinMansor
Remuneration Committee
DatoWiraAbdRahmanbinIsmail
(Chairman)
ChimWaiKhuan
WongChowLan
Nomination Committee
DatoWiraAbdRahmanbinIsmail
(Chairman)
ChimWaiKhuan
WongChowLan
Group Principal Bankers
UnitedOverseasBank(Malaysia)Berhad
39-45,JalanOthman
46000PetalingJaya
SelangorDarulehsan
EONBankBerhad
Lot43&45,JalanUSJ10/1G
TaipanTriangle
47620SubangJaya
SelangorDarulehsan
Solicitors
Cheang&Ariff
Advocates&Solicitors
39Court@LokeMansion
273A,JalanMedanTuanku
50300KualaLumpur
Tay&HelenWong
Suite703,BlockF,PhileoDamansaraI
9Jalan16/11,46350PetalingJaya
SelangorDarulehsan
Stock Exchange Listing

MainBoardofBursaMalaysia
SecuritiesBerhad
StockCode:7133
Products Manufactured
CableSupportSystems
CableManagementSystems
IntegratedCeilingSystems
SteelRoofBattens
BuildingMaterials
LightFittings
Directorate & Corporate Information
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Dato Wira Abd Rahman
bin Ismail
Independent Non-Executive Chairman
Dat o Wi r a Abd Rahman bi n
Ismail, a Malaysian, aged 81, is
an Independent Non-executi ve
DirectorandtheChairmanofULC.
He was appointed to the Board
on 21 February 2002. He is also
the Chairman of the Nomination
Commi ttee and Remunerati on
Commi t t ee. He compl et ed hi s
secondaryeducationatSultanAbdul
Hamid College, Alor Star, Kedah
DarulAmanin1949.Heservedinthe
RoyalMalaysianPoliceForcesince
1950, holding various posts until
1985whenheretiredastheDeputy
InspectorGeneralofPolice.During
histenureofservice,herepresented
MalaysiainvariousInterpolanddrug
enforcement/conferences/seminars/
committees at international and
regionallevels.From1979to1982,
he was elected as an executive
Commi ttee Member of Interpol
and was subsequently elected as
Vice President of Interpol from
1984 up to 1985. He tendered his
resignationduetohisretirementfrom
the Royal Malaysian Police Force.
HesitsontheBoardofallsubsidiary
companiesofthegroup.Healsosits
ontheBoardofTSMGlobalBerhad
and KYM holdings Bhd., both of
which are companies listed on the
BursaSecuritiesandseveralprivate
limitedcompanies.Hedoesnothave
any family relationship with any
Director and/or major shareholder
of the Company and has no confict
ofinterestwiththecompany.Hehas
noconvictionsforoffenceswithinthe
past ten (10) years other than for
traffc offences, if any. He attended
allBoardMeetingsoftheCompany
held in the fnancial year ended 31
December2009.
Dato Lee Yoon Wah
Group Managing Director/
Chief Executive Offcer
Dato Lee Yoon Wah, a Malaysian,
aged 51, is the Group Managing
Director/Chief Executive Offcer of
ULC.HewasappointedtotheBoard
on21February2002.Hecompleted
hissecondaryeducationin1975and
isoneofthefoundermembersofthe
ULCGroup.Presently,heisincharge
of the overall management and
growth of the Group. He has more
than 21 years working experience in
theelectricalindustry.Heiscredited
forchartingthegrowthoftheGroup
since its inception from a small
operation to an industrial concern
as it is today. As the driving force
behindtheGroupsgrowth,heisalso
responsiblefortheoverallbusiness
development, strategic planning as
wellasthebusinessandcorporate
developmentoftheGroup.Healso
sitsontheBoardofallthesubsidiary
companies of the Group. He is the
brother to Dato Lee Yoon Kong,
major shareholder and Director of
the Company. He has no confict of
interestwiththeCompanyandhas
no convictions for offences within
thepastten(10)yearsotherthanfor
December2009.
Dato Lee Yoon Kong
Executive Director
DatoLeeYoonKong,aMalaysian,
aged 50, is an executive Director
of ULC. He was appointed to the
Board on 21 February 2002. He is
oneofthefoundermembersofthe
ULC Group. He holds a Diploma
in Electrical Engineering. Prior to
joining United U-LI (M) Sdn. Bhd.
(ULSB),asubsidiarycompanyof
ULC, he was t he el ect roni cs
TechnicianwithAmateurPhotoStore
Sdn. Bhd., the locally appointed
agentforAKAIproducts,from1979
to1983.Hehasmorethan21years
working experience in the electrical
i ndust ry and has cont ri but ed
signifcantly towards the growth of the
Group.Presently,heisresponsible
for the technical, production and
manufacturi ng functi ons of the
Group.HealsositsontheBoardof
allthesubsidiarycompaniesofthe
Group.HeisthebrothertoDatoLee
Yoon Wah, major shareholder and
DirectoroftheCompany.Hehasno
confict of interest with the Company
andhasnoconvictionsforoffences
withinthepastten(10)yearsother
than for traffc offences, if any. He
attended all Board Meetings of the
Company held in the fnancial year
ended31December2009.
Profle of Directors
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Teow Lai Seng
Executive Director
Teow Lai Seng, a Malaysian, aged
48, is an executive Director of ULC.
He was appointed to the Board on
21 February 2002. He has more
than 19 years working experience
intheelectricalindustry.Heholdsa
DiplomainElectronicsEngineering
andwastheTechnicalandService
Technician with Amateur Photo
Store Sdn. Bhd. prior to joining
ULSB as a Factory Supervisor
in 1982. He was subsequently
promoted to Factory Manager in
1990 and is responsible for the
overallmanagementandproduction
operationsofthefactory.Healsosits
on the Board of certain subsidiary
companiesoftheGroup.Hedoesnot
haveanyfamilyrelationshipwithany
Director and/or major shareholder of
the Company and has no confict of
interest with the Company. He has
December2009.
Profle of Directors
(Contd)
Chim Wai Khuan
Independent Non-Executive Director
ChimWaiKhuan,aMalaysian,aged
59, is an Independent Non-executive
DirectorofULC.Hewasappointed
totheBoardon21February2002.
He is also the Chairman of the
Audit Committee and a member
of the Nomination Committee and
Remuneration Committee. He is
an accountant by training and is
currentlyamemberoftheMalaysian
Institute of Accountants. He has
vast experience in the areas of
accounting, audit, tax and corporate
secretarialandconsultancymatters,
havingservedinvariouscapacities
both in the united Kingdom and in
Malaysiafrom1975to2000.Currently,
heispractisingasaCorporateand
Management Consultant and also
manages his own audit practice
under the name of WK Co. He
is also the Independent Director
and Audit Committee Member of
Advance Synergy Capital Berhad
andAdvanceSynergyBerhad,both
companieslistedontheMainBoard
ofBursaMalaysiaSecuritiesBerhad.
HealsositsontheBoardofseveral
privatelimitedcompanies.Hedoes
not have any family relationship
with any Director and/or major
shareholder of the Company and
has no confict of interest with the
Company. He has no convictions
foroffenceswithinthepastten(10)
years other than for traffc offences, if
any.HeattendedallBoardMeetings
of the Company held in the fnancial
yearended31December2009.
Wong Chow Lan

Wong Chow Lan, a Malaysian,
aged 48, is an Independent Non-
executive Director of ULC. She
was appointed to the Board on 11
April 2000. She is also a member
of the Nomi nati on Commi ttee,
RemunerationCommitteeandAudit
Committee.SheholdsaDiplomain
Business Management from Kolej
Tunku Abdul Rahman and is a
qualifed Chartered Secretary of the
Institute of Chartered Secretaries
and Administrators since 1992. At
present,sheisanassociatemember
ofTheMalaysianAssociationofThe
Institute of Chartered Secretaries
and Administrators. Currently, she
is attached to a consultancy frm.
At present, she also sits on the
Board of several private limited
companies.Shedoesnothaveany
familyrelationshipwithanyDirector
and/or major shareholder of the
Company and has no conflict of
interestwiththeCompany.Shehas
traffc offences, if any. She attended
December2009.
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Profle of Directors
(Contd)
Lokman bin Mansor
Lokman bin Mansor, a Malaysian,
aged 50, is an Independent Non-
executi ve Di rector of ULC. He
was appointed to the Board on 21
February2002.Heisalsoamember
oftheAuditCommittee.Hegraduated
withaBachelorofArchitecturefrom
AdelaideUniversity,Australiain1984
andispresentlyacorporatemember
of PertubuhanAkitek Malaysia and
aregisteredarchitectwithLembaga
Akitek Malaysia. From 1981 to
1982, he was attached with CSL
& Associates in the capacity of
ArchitecturalAssistant.In1984,he
joined Pakatan Reka Architects as
anAssistantArchitectbeforetaking
up a lecturing position with Institut
TeknologiMarain1986.From1987
to 1991, he was appointed as a
Director of Binateras-DeG Arkitek
Sdn. Bhd.. In 1991, he founded
AdvocadArchitectandheiscurrently
the senior partner of the frm. He
has gained vast experience in the
area of development and project
management in implementation
of projects and is also well versed
in the various aspects related to
property investment, fnancing and
market assessment. he does not
Director and/or major shareholder of
the Company and has no confict of
interest with the Company. He has
all except two Board Meetings
December2009.

Non-Independent Non-Executive
Director
ShariffbinMohdShah,aMalaysian,
aged61,isanNon-IndependentNon-
executive Director of ULC. He was
appointedtotheBoardon1October
2003.HegraduatedwithaBachelor
ofEconomics(Hons)fromUniversity
ofMalayain1971.Upongraduation
he joined the Administrative and
DiplomaticService(PTD)andposted
to the Government Staff Training
Centre and then to the Ministry of
ForeignAffairs.Heleftgovernment
service in 1975 to join Borneo
Company (1975) Sdn. Bhd. as
Marketing Executive until 1978.
He was Marketing Director of the
National Livestock Development
Corporation between 1978 until
1981. He took up appointment as
Manager,GuthrieMalaysiaTrading
Corporation in 1983 and was the
Senior General Manager of the
company when he left in 1997. He
has wide experience in international
tradingandmarketingandcurrently
sitsontheBoardofseveralprivate
limited companies. He does not
Director and / or major shareholder
of the Company and has no confict
ofinterestwiththeCompany.Hehas
noconvictionsforoffenceswithinthe
past ten (10) years other than for
December2009.
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Corporate Governance Statements
TheBoardofDirectorsofUnitedU-LICorporationBerhad(theBoard)fullyappreciatestheimportanceofadopting
highstandardsofCorporateGovernancewithintheGroup.TheBoardiscommittedtoensuringthatthehighest
standardsofCorporateGovernanceareconsistentlyobservedbytheGroup.ApartfromobservanceofthePrinciples
andBestPracticesonCorporateGovernanceassetoutintheMalaysianCodeonCorporateGovernance(Revised
2007)(theCode),theBoardhasalsomovedtoputinplacestringentparametersandmeasuresforadherenceby
themanagement.
BypromotingintegrityandprofessionalisminthemanagementoftheGroupsaffairs,theBoardacknowledgesthe
corporategovernancetenetsoftransparency,accountability,integrityandcorporategovernanceastheprerequisites
ofaresponsiblecorporatecitizen.
The Board is therefore pleased to report that during the fnancial year ended 31 December 2009, it had practiced
good corporate governance in directing and managing the business affairs of the Company and its subsidiaries
(theGroup).
BOARDOFDIRECTORS
Board Composition and Balance
The Board currently comprises eight (8) members, three (3) of whom are Executive Directors and fve (5) Non-
executive Directors. Four (4) Non-Executive Directors are independent and hence fulfll the prescribed requirements
forone-third(1/3)ofthemembershipoftheBoardtobeindependentMembers.
The composition and size of the Board is a well-balanced with an effective mix of executive Directors and Independent
Non-executive Directors, which is in line with the Code and with the right mix of skills and experience. This balance
enables the Board to provide clear and effective leadership to the Group and facilitates the Board in making of
informedandcriticaldecisionsonmanyaspectsoftheGroupsstrategiesandperformances.TheBoardstructure
alsoensuresthatnoindividualorgroupofindividualsdominates
theBoardsdecisionmakingprocess.
The executive Directors who have good knowledge of the business are responsible for implementing corporate
strategiesandpoliciesaswellaschargedwiththemanagementoftheday-to-dayoperationsofthebusiness.
TheIndependentDirectorsplayapivotalroleincorporateaccountability.
TheIndependentDirectorsareindependentofmanagementandfreefromanybusinessrelationshipwhichcould
materially interfere with the exercise of their judgement or the ability to act in the best interests of the Group and of
the minority shareholders. The presence of the Independent Non-executive Directors are essential in providing the
Group with a wider general experience of strategy formulation, unbiased and independent opinions, advices,
judgements, objective view of the performance of the management and professionalism to ensure that adequate
systemsareusedtosafeguardtheinterestsnotonlytotheGroup,butalsotominorityshareholdersandstakeholders
oftheGroup.
ThereisaclearanddistinctdivisionofresponsibilitiesbetweentheChairmanandtheManagingDirectortoensurea
properbalanceofpowerandauthority.TheChairmanleadstheBoardinsettingvaluesandstandardsoftheGroup
andisresponsiblefortheeffectiveconductoftheBoard.heensuresthatinformationrelatingtoissuesonagenda
isdisseminatedtoallDirectorswellbeforedeliberationatBoardmeetingsandfacilitatestheconstructiverelations
between the executive and Non-executive Directors whilst the Managing Director has overall responsibility over the
operating units, organisational effectiveness, coordinating the development and implementation of business and
corporatestrategyaswellastheimplementationofBoardpoliciesanddecisions.
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(Contd)
Board Responsibilities
TheBoardretainsfullandeffectivecontroloftheGroupandisresponsiblefortheoverallperformanceoftheGroup
focusingonitsstrategicplans,businessperformance,successionplanning,riskmanagement,aswellasreviewing
theadequacyandintegrityofitsinternalcontrolandmanagementinformationsystems.
The Board meets regularly to review the Groups corporate strategies, business operations and fnancial performance.
Matters signifcant to the Groups business and fnances including approval of quarterly results and annual report,
annual budget, major capital expenditure, material acquisition and disposal of assets are also discussed at these
meetings.
Board Meetings and Supply of Information
ToensureeffectivemanagementoftheGroup,Boardmeetingsareconvenedregularlyduringtheyear,atquarterly
intervals or as and when necessary. During the fnancial year seven (7) Board meetings took place.
Details of the attendance of the Directors at the Board meetings held in the fnancial year ended 31 December 2009
areasfollows:
Name of Director No. of Meetings Attended
DatoWiraAbdRahmanbinIsmail 7/7
DatoLeeYoonWah 7/7
DatoLeeYoonKong 7/7
TeowLaiSeng 7/7
ChimWaiKhuan 7/7
WongChowLan 7/7
LokmanbinMansor 5/7
ShariffbinMohdShah 7/7
AllDirectorsareprovidedwithanagendainclusiveofrelevantBoardpaperspriortoeachBoardmeeting.TheBoard
papersincludeminutesofthelastBoardmeeting,agendaforthecurrentmeetingandanyreportanddocuments
pertaining to the issues to be discussed at the meeting. The Board papers are issued in suffcient time to enable the
Directorstoobtainacomprehensiveunderstandingoftheissuestobedeliberatedupontoenablethemtoarriveat
aninformeddecision.TheChairmanoftheBoardchairstheBoardmeetingswhiletheManagingDirectorleadsthe
presentation and provides explanations on the Board reports. Senior Management staff may be invited to attend the
Board meetings to explain and clarify matters being tabled.
In addition to quarterly Board meetings, briefngs are conducted for the Board from time to time on various issues such
aschangestocompanyandsecuritieslegislations,rulesandregulationstoinformthemofthelatestdevelopments
in these areas. The Directors are also notifed of any corporate announcements released to the Bursa Securities.
TheyarealsoinformedoftheimpendingrestrictionindealingwiththesecuritiesoftheCompanyatleastonemonth
prior to the release of the quarterly fnancial result announcement.
In exercising their duties, the Board has unrestricted access to timely and accurate information which is not only
quantitativebutalsootherinformationdeemedsuitablewithintheGroup,whetherasafullBoardorintheirindividual
capacity.AllDirectorsalsohavedirectaccesstotheadviceandtheservicesoftheGroupsCompanySecretary
incarryingouttheirduties.Inaddition,theBoardmayalsoseekprofessionalopinionandindependentadvicefrom
external consultants, if necessary, at the Companys expense.
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(Contd)
Appointment and Re-election of Board Members
TheCodeprovidesgreaterclarityontheaspectsofwhichNominationCommitteeshouldconsiderwhenrecommending
candidates for directorship.The Code further places the importance of the Director appraisal where Nomination
Committeeshouldensurethatitsassessmentsandevaluationsareproperlydocumented.
InaccordancewiththeCompanysArticlesofAssociation,allDirectorsarerequiredtosubmitthemselvesforre-election
byrotationatleastonceineverythree(3)yearsateachAnnualGeneralMeeting(AGM).NewlyappointedDirectors
shall hold offce until the AGM following their appointment and shall then be eligible for re-election by shareholders.
The proposed appointment of new Board members, resignation of existing members, as well as the proposed re-
electionoftheDirectorsareapprovedbytheBoardupontherecommendationoftheNominationCommittee.
The Articles of Association also requires that at least one-third (1/3) of the Directors including executive Directors,
to retire from offce by rotation and be eligible for re-election at every AGM. All Directors shall submit for re-election
atleastonceeverythree(3)yearsfromthedateofappointmentincompliancewiththeListingRequirementsofthe
BursaSecurities.
PursuanttoSection129(2)oftheCompaniesAct,1965,Directorswhoareoverseventy(70)yearsofagearerequired
tosubmitthemselvesforre-appointmentannually.
TheBoard,throughitsdelegationtotheNominationCommittee,hassetupandimplementedtheprocessforthe
assessments of its Chairman, the individual Board Members and the Board as a whole. For the fnancial year ended
31 December 2009, the Board has, through the Nomination Committee, reviewed the skills mix and experience of
theindividualDirectorsandassessedtheeffectivenessoftheBoardasawhole.
Directors Training
All Directors have attended the Mandatory Accreditation Programme (MAP) and the Continuing Education
Programme(CEP)prescribedbytheBursaSecurities.TheDirectorswillcontinuetoattendotherrelevanttraining
programmestokeepabreastwithdevelopmentsonacontinuousbasisincompliancewiththeListingRequirements
ofBursaSecurities.
Inaddition,theDirectorsaremindfulthattheyshouldreceivecontinuoustrainingprogrammestoequipthemselves
withtheknowledgetodischargetheirdutieseffectively.
Board Committees
In order to ensure the effective discharge of its fduciary duties, the Board has established various Board Committees
toassisttheBoardintherunningoftheGroup.ThisistoallowthemembersoftheBoardCommitteestodeliberate
and examine issues within their terms of reference in greater details and subsequently recommend and report to
theBoard.Thefunctionsandtermsofreferenceofthecommittees,aswellastheauthoritydelegatedbytheBoard
to these committees, have been clearly defned and approved by the Board. All Board Committees do not have
executive powers but only the power to make recommendations to the Board.
The Board Committees for the fnancial year under review are as follows:
(a) Audit Committee
Audit Committee operates under a clearly defned Terms of Reference stating its roles and responsibilities in
ensuringthequalityandintegrityofthepracticesoftheGroup.
The Audit Committee presently comprises three (3) members, all of whom are Independent Non-executive
Directors:
i) Chim Wai Khuan (Independent Non-Executive Director) - Chairman
ii) Wong Chow Lan (Independent Non-Executive Director)
iii) Lokman bin Mansor (Independent Non-Executive Director)
The Audit Committee has held a total of fve (5) meetings during the course of the fnancial year ended 31
December2009.
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(Contd)
(b) Nomination Committee
TheNominationCommitteeisresponsibleforensuringtheBoardhastheappropriatebalanceandsize,and
recommending the right candidates with the necessary mix of skills, experience and competencies to be
appointedtotheBoard.ThemembershipoftheCommitteehasnotchangedsincethelastreport.
The Nomination Committee comprises three (3) members, all of whom are Independent Non-executive
Directors:
i) Dato Wira Abd Rahman bin Ismail (Independent Non-executive Chairman)
-Chairman
ii) Chim Wai Khuan (Independent Non-executive Director)
iii) Wong Chow Lan (Independent Non-executive Director)
MeetingsoftheNominationCommitteeareheldasandwhenrequired.
TheTermsofReferenceoftheNominationCommitteeareasfollows:
toreview,recommendandconsidersuitablecandidatestotheBoardoftheGroup,includingcommittees
oftheBoard;
to review and determine the mix of skills, experience and other qualities, including core competencies
of Non-executive Directors, on an annual basis;
toassesstheDirectorsonanon-goingbasisandtheeffectivenessoftheBoardasawhole,thecommittees
of the Board and the contribution of each individual Director, including Independent Non-executive
Directors as well as chief executive offcer;
torecommendsuitableorientation,educationalandtrainingprogrammestocontinuouslytrainandequip
the existing and new Directors;
toprovideasuccessionplanningpolicyandensurethatthepolicyiskeptunderreview;
to examine particular issues and make the appropriate recommendations to the Board; and
toensurethecompositionoftheBoardisinaccordancewiththeMemorandumandArticlesofAssociation
andtherequirementsforBestPracticeofCorporateGovernance.
All recommendations of the Nomination Committee are subject to the endorsement of the Board.
(c) Remuneration Committee

TheRemunerationCommitteeisresponsibleforcarryingoutannualreviewswhereuponrecommendationsare
submitted to the Board on the overall remuneration policy for Directors and Key Senior Management Offcers,
to ensure that the remuneration policy remains in support of its corporate objectives and shareholder value,
andisintandemwithitscultureandstrategy.
The Remuneration Committee comprises three (3) members, all of whom are Independent Non-executive
Directors:
i) Dato Wira Abd Rahman bin Ismail (Independent Non-executive Chairman)
-Chairman
ii) Chim Wai Khuan (Independent Non-executive Director)
iii) Wong Chow Lan (Independent Non-executive Director)
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MeetingsoftheRemunerationCommitteeareheldasandwhenrequired.
ThetermsofreferenceoftheRemunerationCommitteeareasfollows:
to establish and review the terms and conditions of employment and remuneration of executive Directors
and Key Senior Management Offcers of the Group to ensure that rewards commensurate with their
contributions to the Groups growth and proftability; and supports the Groups objectives and shareholder
valueandisconsistentwiththeGroupscultureandstrategy;
to review annually the performance of the executive Directors and recommend to the Board specifc
adjustments in remuneration and/or reward payments if any refecting their contributions for the year;
to ensure the level of remuneration for Independent Non-executive Directors refects their experience and
levelofresponsibilitiesundertakenandcontributiontotheeffectivefunctioningoftheBoard.Reviews
andrecommendschangestotheBoardwherenecessary;and
keep abreast of the terms and conditions of service of the executive Directors including their total
remunerationpackageformarketcomparability.ReviewsandrecommendschangestotheBoardwhere
necessary.
All recommendations of the Remuneration Committee are subject to the endorsement of the Board.
INVESTORSRELATIONSANDSHAREHOLDERSCOMMUNICATION
The Board acknowledges the importance of maintaining transparency andAccountability to all its stakeholders,
particularly its shareholders and investors as it ensures that market credibility and investors confdence are maintained.
Through extensive disclosures of appropriate and relevant information, using various channels of communication on
a timely basis, the Group aims to effectively provide shareholders and investors with information to fulfll transparency
and accountability objectives.
At this juncture, the channel of communication to shareholders, stakeholders and general public for the overall
performanceandoperationsoftheGroupsbusinessactivitiesarepressreleases,publicannouncementsonquarterly
basis,annualreportanddisclosurestotheBursaSecurities.
Meetingswithinstitutionalinvestors,fundmanagersandanalystsfromtimetotimeprovideanadditionalavenuefor
theBoardandManagementtoconveyinformationaboutGroupsperformance,strategyandothermattersaffecting
shareholdersinterests.
The upcomingAGM represents the principal forum for dialogue and interaction with shareholders.The notice of
meeting and the annual report are sent out to shareholders at least 21 days before the date of the meeting in
accordance with the Companys Articles of Association. A presentation is given by the Chairman to explain the Groups
strategy, performance and major Developments to shareholders during the AGM. Shareholders are accorded both
the opportunity and time to raise questions or offer constructive criticism pertaining to the operations and fnancial
matters of the Group; whilst the Board and Senior Management will provide the answers and appropriate clarifcations
to issues raised. The external auditors will also be present to provide their professional and independent clarifcation
onissuesandconcernsraisedbytheshareholders,ifnecessary.
Besidesthekeychannelsofcommunicationthroughtheannualreport,generalmeetingsandannouncementsto
Bursa Securities as well as analyst and media briefngs, there is also continuous effort to enhance the Groups website
atwww.uli.com.myasachannelofcommunicationandinformationdissemination.Continuousimprovementand
developmentofthewebsitewillbeundertakenbytheGrouptoensureeasyandconvenientaccess.
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ACCOUNTABILITY AND AUDIT
Financial Reporting
The Board aims to provide and present a clear, balanced and meaningful assessment of the Groups fnancial position
and prospects by ensuring quality fnancial reporting through the annual fnancial statements and quarterly fnancial
resultstoitsstakeholders,inparticular,shareholders,investorsandtheregulatoryauthorities.
The Audit Committee assists the Board in scrutinising information for disclosure to ensure the quality of fnancial
reportingandadequacyofsuchinformation,priortosubmissiontotheBoardforitsapproval.Asrequiredbythe
Companies Act, 1965, the Directors are responsible for the preparation of annual fnancial statements in accordance
withapplicableapprovedaccountingstandardsinMalaysiasoastogiveatrueandfairviewofthestateofaffairs
of the Group and the Company at the end of each fnancial year and of the results and cash fows of the Group and
of the Company for the fnancial year. The accounting policies and methods once adopted, are consistently applied
and supported by reasonable judgements and estimates.
TheDirectorshaveresponsibilityforensuringthattheGroupkeepsproperaccountingrecordswhichdisclosewith
reasonable accuracy at any time, the fnancial position of the Group and to enable them to ensure that the fnancial
statementscomplywiththeCompaniesAct,1965andapplicableapprovedaccountingstandardsinMalaysia.
Inaddition,theDirectorsarealsoresponsiblefortakingreasonablestepstosafeguardtheassetsfortheGroupand
topreventanddetectfraudaswellasotherirregularities.
Internal Control
TheBoardacknowledgesitsoverallresponsibilityformaintainingasoundsystemofinternalcontrolsthatprovides
reasonable assessment of effective and effcient operations, internal fnancial controls and compliance with laws and
regulationsaswellaswithinternalproceduresandguidelines.Theeffectivenessofthesystemofinternalcontrols
oftheGroupisreviewedperiodicallybytheAuditCommittee.
FurtherdetailsoftheGroupssystemofinternalcontrolsaresetoutintheStatementonInternalControlofthis
AnnualReport.
Relationship with Auditors
The Board maintains a transparent and professional relationship with the external auditors. The Audit Committee
meets with the external auditors at least once a year to discuss their audit plan, audit fndings and the fnancial
statements. The Audit Committee also meets the external auditors without the presence of the executive Directors
and the management at least twice a year. From time to time, the external auditors highlight to the Audit Committee
andtheBoardonmattersthatrequiretheBoardsattention.
The role of the Audit Committee in relation to both the internal and external auditors is described in the Audit Committee
ReportofthisAnnualReport.
Compliance with the Code
The Board is satisfed that the Group has maintained high standards of Corporate Governance and has strived to
achievethehighestlevelofintegrityandethicalstandard,inallitsbusinessdealings,includingcompliancewiththe
Code throughout the fnancial year ended 31 December 2009.
ThisStatementismadeinaccordancewiththeresolutionoftheBoard.
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MEMBERS
Chim Wai Khuan (Independent Non-executive Director) - Chairman
Wong Chow Lan (Independent Non-executive Director)
Lokman bin Mansor (Independent Non-executive Director)
TERMSOFREFERENCE
1. Membership
TheAuditCommitteeshallbeappointedbytheBoardofDirectorsamongsttheDirectorsandshallconsistof
not less than three (3) members, all of whom must be Non-executive Directors, with majority of them being
Independent. The chairman who shall be elected by the Audit Committee must be an Independent Non-executive
Director.NoalternateDirectorshallbeappointedasamemberoftheAuditCommittee.
TheBoardshallatalltimesensurethatatleastone(1)memberoftheAuditCommittee:
i) mustbeamemberoftheMalaysianInstituteofAccountants(MIA);or
ii) if he is not a member of the MIA, he must have at least three (3) years working experience and:
he must have passed the examinations specifed in Part I of the 1st Schedule of the Accountants
Act,1967;or
he must be a member of one of the associations of accountants specifed in Part II of the 1st
ScheduleoftheAccountantsAct,1967;or
iii) fulfls such other requirements as prescribed or approved by Bursa Securities.
At least once in every three (3) years, the Board of Directors must review the Terms of Reference and
performanceoftheAuditCommitteeandeachofitsmemberstodeterminewhethertheAuditCommitteeand
itsmemberscarriedouttheirdutiesinaccordancetotheTermsofReference.
2. Meetings and Reporting Procedures
TheAuditCommitteeshallconvenemeetingsatleastfour(4)timesayear,ormorefrequentlyastheAudit
Committeeconsidersnecessary.ThechairmanoftheAuditCommittee,orthesecretaryontherequisitionof
any members, the head of internal audit or the external auditors, shall at any time summon a meeting by giving
reasonable notice. A quorum shall be two (2) members present and majority of which must be Independent
Directors.
The chief fnancial offcer and the company secretary, the head of internal audit and a representative of the
external auditors shall normally be invited to attend the meetings but may be requested to leave a meeting as
andwhendeemednecessarybytheAuditCommittee.OtherBoardmembersandseniormanagementstaff
mayattendmeetingsupontheinvitationoftheAuditCommittee.however,theAuditCommitteeshallmeetthe
external auditors without any executive Directors and employees present at least twice a year.
ThecompanysecretaryshallactassecretaryoftheAuditCommittee.Thesecretaryshalldrawupanagenda
foreachmeeting,inconsultationwiththechairmanoftheAuditCommittee.Theagendashallbedistributedto
all members of the Audit Committee and head of internal audit as well as external auditors before the meeting
togetherwithsupportingpapers.TheminutesofthemeetingoftheAuditCommitteeshallbesignedbythe
ChairmanandcirculatedtoallmembersoftheBoard.ThechairmanoftheAuditCommitteeshallreporton
eachmeetingtotheBoardandallrecommendationsoftheAuditCommitteeshallbesubmittedtotheBoard
forapproval.
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3. Authority
TheAuditCommitteeisauthorisedbytheBoardandatthecostoftheCompanyto:
investigateanyactivitywithinitsTermsofReference;
havetheinternalauditfunctionreportdirectlytotheAuditCommittee;
havetheresourcesrequiredtoperformitsduties;
havefullandunrestrictedaccesstoanyinformationpertainingtotheCompanyortheGroupforthe
purposeofdischargingitsfunctionsandresponsibilities;
have direct communication channels with the external and internal auditors;
obtain external legal or other independent advice as necessary; and
to convene meeting with the external auditors, the internal auditors or both, excluding the attendance
ofotherDirectorsandemployeesoftheCompany,wheneverdeemednecessary.
4. Responsibilities and Duties
TheresponsibilitiesanddutiesoftheAuditCommitteeshallincludethefollowing:
CorporateFinancialReporting
i) toreviewandrecommendacceptanceorotherwiseofaccountingpolicies,principlesandpractices;
ii) to review the quarterly and annual fnancial statements of the Group and the Company for recommendation
totheBoardofDirectorsforapproval,focusingparticularlyon:
anychangesinorimplementationofnewaccountingpoliciesandpractices;
major judgemental areas, signifcant and unusual events;
signifcant adjustments arising from the audit;
thegoingconcernassumptions;and
compliancewiththeapplicableapprovedaccountingstandardsinMalaysia,ListingRequirements
oftheBursaSecuritiesandotherlegalandstatutoryrequirements.
iii) to review with management and the external auditors the results of the audit, including any diffculties
encountered.
Corporate Risk Management
i) to review the adequacy of and to provide reasonable assurance to the Board of the effectiveness of risk
managementfunctionsoftheGroup;
ii) to ensure that the principal and requirements of managing risk are consistently adopted throughout the
Group.
Internal Control
i) to assess the quality and effectiveness of the systems of the internal control and the effciency of the Groups
operations;
ii) to review the fndings on the internal control in the Group by internal and external auditors; and
iii) to review and approve the Statement on Internal Control for the annual report as required under Listing
RequirementsofBursaSecurities.
Internal Audit
i) toapprovethecorporateauditchartersofinternalauditfunctionsintheGroup;
ii) toensurethattheinternalauditfunctionshaveappropriatestandingintheGroupandhavethenecessary
authorityandresourcestocarryouttheirwork.Thisincludesareviewoftheorganisationalstructure,resources,
budgets and qualifcations of the internal audit personnel;
iii) toreviewinternalauditreportsandmanagementsresponseandactionstakeninrespectoftheseandreport
totheBoardaccordingly;
iv) toreviewtheadequacyofthescope,functionsandresourcesoftheinternalauditorsandwhetherithasthe
necessaryauthoritytocarryoutitswork;
v) tobeinformedofresignationsandtransfersofseniorinternalauditstaffandprovidingresigning/transferred
staff an opportunity in expressing their views; and
vi) todirectanyspecialinvestigationtobecarriedoutbyinternalaudit.
(Contd)
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External Audit

i) to consider the appointment, resignation and dismissal of external auditors and their audit fee;
ii) toreviewtheexternalauditreports,majorfndingsandmanagementsresponsesandactionstakenthereto.
Whereactionsarenottakenwithinanadequatetimeframebythemanagement,theAuditCommitteewill
report the matter to the Board;
iii) toreviewthenatureandscopeoftheauditbyexternalauditorsbeforecommencement.
Corporate Governance
i) toreviewtheeffectivenessofthesystemformonitoringcompliancewithlawsandregulationsandtheresultsof
managementsinvestigationandfollowup(includingdisciplinaryaction)anyinstancesofnon-compliance;
ii) toreviewthefndingsofanyexaminationsbyregulatoryauthorities;
iii) toconsideranyrelatedpartytransactionandconfictofinterestthatmayarisewithintheGroupincludingany
transaction,procedureorcourseofconductthatraisesquestionsofintegrity;
iv) toreviewandapprovetheStatementofCorporateGovernancefortheannualreportasrequiredunderthe
ListingRequirementsofBursaSecurities;
v) toexamineinstancesandmattersthatmayhavecompromisedtheprinciplesofCorporateGovernanceand
reportbacktotheBoard;
vi) toreviewtheinvestorrelationsprogrammeandshareholdercommunicationpolicyfortheCompany;
vii) todevelopandregularlyreviewtheGroupscodeofCorporateGovernanceandBusinessethics;
viii) wheretheAuditCommitteeisoftheviewthatamatterreportedbyittotheBoardhasnotbeensatisfactorily
resolved,resultinginabreachoftheListingRequirementsoftheBursaSecurities,theAuditCommitteemust
promptlyreportsuchmatterstoBursaSecurities;and
ix) anysuchotherfunctionsasmaybeagreedbytheCommitteeandtheBoard.

MEETINGSANDMINUTES
Duringthefnancialyearended31December2009,fve(5)AuditCommitteeMeetingswereheld.Detailsofattendance
ofeachCommitteememberwereasfollows:
Name of Committee Member No. of Meetings Attended

ChimWaiKhuan 5/5
WongChowLan 5/5
LokmanbinMansor 3/5
At each of these Committee Meetings, the senior management personnel, the company secretary together with
representativesoftheexternalauditorswereinattendance.
(Contd)
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SUMMARY OF ACTIVITIES

The Audit Committee carried out its duties in accordance with its Terms of Reference during the fnancial year ended
31 December 2009. The main activities undertaken by the Audit Committee included the following:
i) reviewed the interim fnancial reports relating to the quarterly reporting of the Group to ensure adequacy
of disclosure of information essential to a fair and full presentation of the fnancial affairs of the Group for
recommendation to the Board for approval for the release of the said quarterly reporting;
ii) reviewed the audited fnancial statements before submitting them to the Board, ensuring that the fnancial
statements were prepared in accordance with the applicable approved accounting standards and the Companies
Act, 1965 in Malaysia. Any signifcant issues resulting from the audit of the fnancial statements by the external
auditors were deliberated;
iii) evaluated the performance of the external auditors, reviewed the external auditors scope of work, audit plan
and their audit fees and recommending the appointment of external auditors at the AGM;
iv) reviewed with the external auditors the results of the audit and the management letter (if any), including
managements response;
v) discussed the internal audit plan, programmes and resources requirement and skill levels of the internal auditors
for the year and assessed the performance of the internal audit function;
vi) reviewed the internal auditors report, which highlighted the audit issues, recommendations and managements
response. Discussed with management, actions taken to improve the system of internal control based on
improvement opportunities identifed in the internal audit reports;
vii) reviewed the application of Corporate Governance principles and the extent of the Groups compliance with the
Best Practices set out under the Malaysian Code on Corporate Governance for the purpose of preparing the
Corporate Governance Statements and Statement on Internal Control pursuant to the Listing Requirements
of the Bursa Securities; and
viii) reviewed and discussed Related Party Transactions (RPT) and Recurrent Related Party Transactions (RRPT)
to ascertain if the transactions are conducted at arms length and on normal commercial terms, and that the
internal control procedures with regards to such transactions are suffcient.
(Contd)
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Statement on Internal Control
Directors Responsibilities
The Board of Directors recognises the importance of maintaining a sound system of internal control for the Group to
safeguard shareholders investment and the Groups assets. The Board also acknowledges its responsibility for the
Groups system of internal control which covers not only fnancial controls but operational and compliance controls.
The system of internal control is designed to manage rather than eliminate the risk of failure to achieve business
objectives. Shareholders should be aware that there are inherent limitations in any system of internal control.
Accordingly, it can only provide reasonable assurance but not absolute assurance against material misstatement of
management and fnancial information or against fnancial losses or fraud.
Current Risk Management Framework
The risk management framework has been embedded in the Companys management systems. Authority and
accountability have been clearly defned to implement the risk management process and internal control system.
Based on the assessment of the internal control systems of the Group, the Board is of the view that there is an
ongoing process of identifying, evaluating, monitoring and managing signifcant risks affecting the achievement of
its business objectives in their daily activities throughout the fnancial year and up to the date of approval of the
Annual Report.
Internal Control Environment
Within the Group, there are organisational structures in place for each operating unit with clearly defned levels
of authority. Management of each operating unit has clear responsibility for identifying risk affecting their unit and
the overall Groups business as a whole. They are also charged with instituting adequate procedures and internal
controls to mitigate and monitor such risks on an ongoing basis. Since its listing on the Bursa Securities, the Board
has regularly addressed issues or risks that may have arisen.
Standard operating policies and procedures that document how transactions are captured and where internal controls
are applied exist for all operating units of the Group. As part of the performance monitoring process, management
information in the form of forecasts and quarterly management accounts and reports are provided to the Board for
review and approval.
Audit Committee
During the fnancial year ended 31 December 2009, the Audit Committee has met fve (5) times. The Audit Committee
provides assurance to the Boards in discharging its overall responsibility for the effectiveness of internal controls in
the Group. The key functions performed by the Committee were:
Review of audit plans of both external and internal auditors;
Review of quarterly results and announcements and recommend to the Board for approval; and
Review any related party transactions and confict of interest situations.
Internal Audit
The Group outsourced its internal audit function to an independent frm of consultants.
The internal audit team will assist the Audit Committee in discharging internal audit function in which to assess the
adequacy and effectiveness of the system of internal controls and accounting control procedures of the Group.
The internal audit team independently reported to the Audit Committee its activities, signifcant results, fndings and
necessary recommendations. As such, internal audit progress report will be issued by internal audit team to enable
the Board to gain assurance on the effectiveness, adequacy and integrity of the Groups system of internal controls. At
the onset, the annual audit programme will be presented to the Audit Committee for approval before commencement
of the following fnancial year. The internal audit team is totally independent. It has no involvement in the operations
of the Group and is not involved in providing any form of advisory to the management of the Group.
REVIEW OF THE STATEMENT BY EXTERNAL AUDITORS
As required by Paragraph 15.23 of the Main Market Listing Requirements of the Bursa Securities, the external auditors
have reviewed this Statement on Internal Control. This review was performed in accordance with Recommended
Practice Guide (RPG) 5 issued by Malaysian Institute of Accountants. Based on their review, the external auditors
have reported to the Board that nothing has come to their attention that causes them to believe that this Statement
is inconsistent with their understanding of the process adopted by the Board in reviewing the adequacy and integrity
of the system of internal controls.
FINANCIAL STATEMENTS
20 DIRECTORSREpORT
24 STaTEmEnTbyDIRECTORS
24 STaTuTORyDEClaRaTIOn
25 InDEpEnDEnTauDITORSREpORT
27 balanCEShEETS
28 InCOmESTaTEmEnTS
29 STaTEmEnTSOfChangESInEquITy
30 CaShflOwSTaTEmEnTS
32 nOTESTOThEfInanCIalSTaTEmEnTS
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The directors hereby submit their report together with the audited fnancial statements of the Group and of the
Company for the fnancial year ended 31st December 2009.
PRINCIPAL ACTIVITIES
The Company is principally engaged in investment holding whilst the principal activities of the subsidiaries are as
stated in Note 8 to the fnancial statements.
There have been no signifcant changes in the nature of these principal activities during the fnancial year.
RESULTS
Group Company
RM RM
Net proft for the fnancial year 21,756,959 2,878,447
DIVIDEND
Dividends paid by the Company since the end of the previous fnancial year were:-
(i) a frst interim tax exempted dividend of 1.50 sen per ordinary share of RM0.50 amounting to RM1,980,000/- in
respect of the fnancial year ended 31st December 2009 was paid on 22nd June 2009.
(ii) a second interim tax exempted dividend of 1 sen per ordinary share of RM0.50 amounting to RM1,320,000/- in
respect of the fnancial year ended 31st December 2009 was paid on 29th December 2009.
The directors recommend the payment of a fnal tax exempted dividend of 1.50 sen per ordinary share of RM0.50
amounting to RM1,980,000/- in respect of the current fnancial year which, subject to the approval of the shareholders
at the forthcoming Annual General Meeting of the Company, will be paid to shareholders on a date to be determined
later by the directors.
RESERVES AND PROVISIONS
All material transfers to and from reserves and provisions during the fnancial year have been disclosed in the
fnancial statements.
BAD AND DOUBTFUL DEBTS
Before the income statements and balance sheets of the Group and of the Company were made out, the directors
took reasonable steps to ascertain that action had been taken in relation to the writing off of bad debts and the
making of allowance for doubtful debts, and had satisfed themselves that all known bad debts had been written off
and adequate allowance had been made for doubtful debts.
At the date of this report, the directors are not aware of any circumstances that would render the amount written off
for bad debts, or the amount of the allowance for doubtful debts, in the fnancial statements of the Group and of the
Company inadequate to any substantial extent.
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(Contd)
CURRENT ASSETS
Before the income statements and balance sheets of the Group and of the Company were made out, the directors
took reasonable steps to ensure that any current assets, other than debts, which were unlikely to be realised in the
ordinary course of business, their values as shown in the accounting records of the Group and of the Company had
been written down to an amount that they might be expected to be realised.
At the date of this report, the directors are not aware of any circumstances that would render the values attributed
to the current assets in the fnancial statements of the Group and of the Company misleading.
VALUATION METHODS
At the date of this report, the directors are not aware of any circumstances which have arisen which render
adherence to the existing methods of valuation of assets or liabilities of the Group and of the Company misleading
or inappropriate.
CONTINGENT AND OTHER LIABILITIES
At the date of this report, there does not exist:-
(i) any charge on the assets of the Group and of the Company that has arisen since the end of the fnancial year
which secures the liabilities of any other person, or
(ii) any contingent liability in respect of the Group and of the Company that has arisen since the end of the fnancial
year, other than as disclosed in Note 29 to the fnancial statements.
No contingent liability or other liability of the Group and of the Company has become enforceable, or is likely to
become enforceable within the period of twelve months after the end of the fnancial year which, in the opinion of
the directors, will or may substantially affect the ability of the Group and of the Company to meet its obligations as
and when they fall due.
CHANGE OF CIRCUMSTANCES
At the date of this report, the directors are not aware of any circumstances, not otherwise dealt with in this report
or the fnancial statements of the Group and of the Company that would render any amount stated in the fnancial
statements misleading.
ITEMS OF AN UNUSUAL NATURE
The results of the operations of the Group and of the Company for the fnancial year were not, in the opinion of the
directors, substantially affected by any item, transaction or event of a material and unusual nature.
There has not arisen in the interval between the end of the fnancial year and the date of this report any item,
transaction or event of a material and unusual nature likely, in the opinion of the directors, to affect substantially the
results of the operations of the Group and of the Company for the fnancial year in which this report is made.
ISSUE OF SHARES AND DEBENTURES
During the fnancial year, the Company did not issue any shares or debentures.
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Directors Report
(Contd)
EMPLOYEES SHARE OPTION SCHEME
The United U-LI Corporation Berhad Employees Share Option Scheme (ESOS) is governed by the by-laws approved
by the shareholders at an Extraordinary General Meeting held on 29th October 2004.
The ESOS expired and lapsed on 28th October 2009.
DIRECTORS
The directors in offce since the date of the last report are:-
Dato Lee Yoon Wah
Dato Lee Yoon Kong
Teow Lai Seng
Chim Wai Khuan
Wong Chow Lan
Lokman bin Mansor
DIRECTORS INTERESTS
According to the Register of Directors Shareholdings kept by the Company under Section 134 of the Companies
Act, 1965, the interests of those directors who held offce at the end of the fnancial year in shares in the Company
during the fnancial year ended 31st December 2009 are as follows:-
Number of ordinary shares of RM0.50 each
At At
1.1.2009 Additions Disposals 31.12.2009
The Company
Direct Interest
Dato Wira Abd Rahman bin Ismail 9,000 9,000
Dato Lee Yoon Wah 4,198,248 23,600 4,221,848
Dato Lee Yoon Kong 3,848,246 19,000 3,867,246
Teow Lai Seng 9,000 9,000
Chim Wai Khuan 370,000 50,000 420,000
Wong Chow Lan 624 624
Lokman bin Mansor 9,000 9,000
Shariff bin Mohd Shah 729,128 729,128
Deemed Interest
Dato Wira Abd Rahman bin Ismail * 44,556 44,556
Dato Lee Yoon Wah ** 54,000,000 54,000,000
Dato Lee Yoon Kong ** 54,000,000 54,000,000
* Deemed interest by virtue of interest in Kasuria Sdn. Bhd.
** Deemed interest by virtue of interest in Pearl Deal (M) Sdn. Bhd.
By virtue of their interest in shares in the Company, Dato Wira Abd Rahman bin Ismail, Dato Lee Yoon Wah, Dato
Lee Yoon Kong and Teow Lai Seng are also deemed interested in shares of all the subsidiaries to the extent that
the Company has an interest.
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Directors Report
(Contd)
DIRECTORS BENEFITS
Since the end of the previous fnancial year, no director of the Company has received or become entitled to receive a
beneft (other than benefts included in the aggregate amount of emoluments received or due and receivable by the
directors shown in the fnancial statements) by reason of a contract made by the Company or a related corporation
with the director or with a frm of which the director is a member, or with a company in which the director has a
substantial fnancial interest.
Neither during nor at the end of the fnancial year was the Company a party to any arrangement whose object was
to enable the directors to acquire benefts by means of the acquisition of shares in, or debentures of, the Company
or any other body corporate.
AUDITORS
The auditors, Messrs Baker Tilly Monteiro Heng, have expressed their willingness to continue in offce.
On behalf of the Board,
DATO LEE YOON WAH DATO LEE YOON KONG
Director Director
Petaling Jaya
Date: 6th April 2010
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Statement by Directors
We, DATO LEE YOON WAH and DATO LEE YOON KONG, being two of the directors of United U-LI Corporation
Berhad, do hereby state that in the opinion of the directors, the accompanying fnancial statements are properly drawn
up in accordance with Financial Reporting Standards and the provisions of the Companies Act, 1965 in Malaysia so
as to give a true and fair view of the fnancial position of the Group and of the Company as at 31st December 2009
and of the results and cash fows of the Group and of the Company for the fnancial year ended on that date.
On behalf of the Board,
DATO LEE YOON WAH DATO LEE YOON KONG
Director Director
Petaling Jaya
Statutory Declaration
I, CHOONG CHEE YEONG, being the offcer primarily responsible for the fnancial management of United U-LI
Corporation Berhad, do solemnly and sincerely declare that to the best of my knowledge and belief, the accompanying
fnancial statements are correct, and I make this solemn declaration conscientiously believing the same to be true,
and by virtue of the provisions of the Statutory Declarations Act, l960.
CHOONG CHEE YEONG
Subscribed and solemnly declared by
the abovenamed at Petaling Jaya
in the state of Selangor Darul Ehsan
on 6th April 2010.
Before me,
Commissioner for Oaths
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Independent Auditors Report
to the members of United U-Li Corporation Berhad
Report on the Financial Statements
We have audited the fnancial statements of United U-LI Corporation Berhad, which comprise the balance sheets
as at 31st December 2009 of the Group and of the Company, and the income statements, statements of changes in
equity and cash fow statements of the Group and of the Company for the fnancial year then ended, and a summary
of signifcant accounting policies and other explanatory notes, as set out on pages 27 to 61.
The fnancial statements of the Company as at 31st December 2008 were audited by another frm of chartered
accountants whose report dated 27th March 2009, expressed an unqualifed opinion on that fnancial statements.
Directors Responsibility for the Financial Statements
The directors of the Company are responsible for the preparation and fair presentation of these fnancial statements
in accordance with Financial Reporting Standards and the provisions of the Companies Act, 1965 in Malaysia. This
responsibility includes designing, implementing and maintaining internal controls relevant to the preparation and
fair presentation of fnancial statements that are free from material misstatement, whether due to fraud or error;
selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in
the circumstances.
Auditors Responsibility
Our responsibility is to express an opinion on these fnancial statements based on our audit. We conducted our audit
in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance as to whether the fnancial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fnancial
statements. The procedures selected depend on our judgement, including the assessment of risks of material
misstatement of the fnancial statements, whether due to fraud or error. In making those risk assessments, we consider
internal controls relevant to the Companys preparation and fair presentation of the fnancial statements in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Companys internal controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating
the overall presentation of the fnancial statements.
We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the fnancial statements have been properly drawn up in accordance with the Financial Reporting
Standards and the provisions of the Companies Act, 1965 in Malaysia so as to give a true and fair view of the fnancial
position of the Group and of the Company as at 31st December 2009 and of their fnancial performance and cash
fows for the fnancial year then ended.
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Independent Auditors Report
to the members of United U-Li Corporation Berhad (Contd)
Report on Other Legal and Regulatory Requirements
In accordance with the requirements of the Companies Act, 1965 in Malaysia, we also report the following:-
(a) In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company
and its subsidiaries have been properly kept in accordance with the provisions for the Act.
(b) We are satisfed that the fnancial statements of the subsidiaries that have been consolidated with the Companys
fnancial statements are in form and content appropriate and proper for the purposes of the preparation of the
fnancial statements of the Group and we have received satisfactory information and explanations required
by us for those purposes.
(c) Our auditors reports on the fnancial statements of the subsidiaries did not contain any qualifcation or any
adverse comment made under Section 174(3) of the Act.
Other Matters
This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the
Companies Act, 1965 in Malaysia and for no other purpose. We do not assume responsibility to any other person
for the content of this report.
Baker Tilly Monteiro Heng Heng Ji Keng
No. AF 0117 No. 578/05/10 (J/PH)
Chartered Accountants Partner
Kuala Lumpur
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Balance Sheets
as at 31st December 2009
Group Company
2009 2008 2009 2008
Note RM RM RM RM
ASSETS
Non-current assets
Property, plant and equipment 4 34,810,311 37,596,370
Investment properties 5 1,205,000 875,000
Prepaid lease payments 6 9,220,426 9,340,319
Intangible asset 7 50,730 59,185
Investment in subsidiaries 8 40,933,094 40,933,094
Deferred tax assets 9 2,044,180 2,098,699
Total non-current assets 47,330,647 49,969,573 40,933,094 40,933,094
Current assets
Inventories 10 32,021,001 36,444,375
Trade receivables 11 56,519,127 54,345,507
Other receivables, deposits
and prepayments 12 2,764,371 647,731 1,000
Amount owing by subsidiaries 13 37,961,547 38,423,656
Tax recoverable 1,775,476 1,078,462 193,551 183,552
Fixed deposits placed with
licensed banks 8,976,257 8,431,069
Cash and bank balances 28,281,613 8,368,982 636,172 183,442
Total current assets 130,337,845 109,316,126 38,791,270 38,791,650
TOTAL ASSETS 177,668,492 159,285,699 79,724,364 79,724,744
EQUITY AND LIABILITIES
Equity attributable to equity
holders of the Company
Share capital 14 66,000,000 66,000,000 66,000,000 66,000,000
Reserves 15 73,197,332 55,114,058 12,972,260 13,393,813
Total equity 139,197,332 121,114,058 78,972,260 79,393,813
Non-current liabilities
Deferred tax liabilities 9 943,619 759,179
Long term borrowings 16 2,007,279 3,855,865
Total non-current liabilities 2,950,898 4,615,044
Current liabilities
Trade payables 18 11,004,735 9,364,243
Other payables, deposits
and accruals 19 2,951,023 2,776,908 752,104 330,931
Short term borrowings 20 19,500,357 21,062,727
Tax payable 2,064,147 352,719
Total current liabilities 35,520,262 33,556,597 752,104 330,931
Total liabilities 38,471,160 38,171,641 752,104 330,931
TOTAL EQUITY AND LIABILITIES 177,668,492 159,285,699 79,724,364 79,724,744
The accompanying notes form an integral part of these fnancial statements.
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Income Statements
for the fnancial year ended 31st December 2009
Group Company
2009 2008 2009 2008
Note RM RM RM RM
REVENUE 21 139,383,909 157,829,449 3,300,000 1,500,000
Cost of sales (86,446,465) (107,143,312)
GROSS PROFIT 52,937,444 50,686,137 3,300,000 1,500,000
Other operating income 2,290,402 1,565,621
Administrative expenses (19,406,970) (18,453,402) (421,553) (438,526)
Other operating expenses (4,964,741) (4,388,563)
OPERATING PROFIT 22 30,856,135 29,409,793 2,878,447 1,061,474
Finance costs 23 (840,260) (1,990,277)
PROFIT BEFORE TAXATION 30,015,875 27,419,516 2,878,447 1,061,474
Taxation 24 (8,258,916) (6,162,111) 15,606
NET PROFIT FOR THE
FINANCIAL YEAR 21,756,959 21,257,405 2,878,447 1,077,080
Attributable to:
Equity holders of the Company 21,756,959 21,257,405 2,878,447 1,077,080
Minority interest
21,756,959 21,257,405 2,878,447 1,077,080
Earnings per share attributable to
equity holders of the Company: 25
- basic (sen) 16.48 16.10
- diluted (sen) 16.48 16.10
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Statements of Changes in Equity
Attributable to equity holders
of the Company
Non-
Distributable Distributable
Share Revaluation Retained Total
Capital Reserves Profts Equity
Note RM RM RM RM
Group
At 1st January 2008 66,000,000 6,548,248 29,022,960 101,571,208
Dividends 26 (2,640,000) (2,640,000)
Reversal of deferred tax in
relation to waiver of real
property gains tax 925,445 925,445
At 31st December 2008 66,000,000 7,473,693 47,640,365 121,114,058
Deferred tax in relation of real
property gains tax (373,685) (373,685)
Dividends 26 (3,300,000) (3,300,000)
At 31st December 2009 66,000,000 7,100,008 66,097,324 139,197,332
Company
At 1st January 2008 66,000,000 14,956,733 80,956,733
Dividends 26 (2,640,000) (2,640,000)
At 31st December 2008 66,000,000 13,393,813 79,393,813
Dividends 26 (3,300,000) (3,300,000)
At 31st December 2009 66,000,000 12,972,260 78,972,260
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Cash Flow Statements
Group Company
2009 2008 2009 2008
RM RM RM RM
CASH FLOWS FROM
OPERATING ACTIVITIES:
Proft before taxation 30,015,875 27,419,516 2,878,447 1,061,474
Adjustments for:
Allowance for doubtful debts 594,255 997,675
Amortisation of prepaid lease payments 119,894 119,894
Amortisation of intangible assets 8,455 8,455
Bad debts recovered (22,023)
Bad debts written off 75,983 34,444
Depreciation 4,812,324 4,335,652
Inventories written down 43,292 6,272,351
Allowance for doubtful debts
no longer required (242,693)
Fair value adjustment for
investment properties 20,000 (11,412)
Interest income (259,521) (141,552)
Interest expense 840,260 1,990,277
Gain on disposal of property,
plant and equipment (102,750) (19,660)
Loss on disposal of property,
plant and equipment 8,497
Property, plant and equipment
written down 490
Unrealised loss on foreign exchange 479,389
Unrealised gain on foreign exchange (478,342) (599,162)
Dividend income (3,300,000) (1,500,000)
36,156,078 40,163,785 (421,553) (438,526)
Changes In Working Capital:
Inventories 4,380,082 6,370,765
Receivables (4,939,522) 9,022,428 1,000 62,732
Payables 1,814,607 (6,798,626) 421,173 7,035
Amount owing by subsidiaries 462,109 6,557,596
37,411,245 48,758,352 462,729 6,188,837
Interest paid (488,479) (1,525,240)
Interest received 259,521 141,552
Tax paid (7,379,228) (3,596,569) (9,999)
Net Operating Cash Flows 29,803,059 43,778,095 452,730 6,188,837
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Group Company
2009 2008 2009 2008
RM RM RM RM
CASH FLOWS FROM
INVESTING ACTIVITIES:
Additional investment in subsidiary (5,000,000)
Purchase of property,
plant and equipment (2,131,502) (3,632,903)
Purchase of investment property (350,000) (123,588)
Proceeds from disposal of property,
plant and equipment 198,999 56,700
Net Investing Cash Flows (2,282,503) (3,699,791) (5,000,000)
CASH FLOWS FROM
FINANCING ACTIVITIES:
Net (repayment)/drawdown of other
short term borrowings 1,494,000 (21,605,000)
Repayment of term loans (1,323,669) (1,328,193)
Repayment of hire purchase and
fnance lease liabilities (2,494,122) (1,593,019)
Dividends received 3,300,000 1,500,000
Dividends paid (3,300,000) (2,640,000) (3,300,000) (2,640,000)
Interest paid (351,781) (465,037)
Net Financing Cash Flows (5,975,572) (27,631,249) (1,140,000)
NET CHANGE IN CASH AND
CASH EQUIVALENTS 21,544,984 12,447,055 452,730 48,837
CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF THE
FINANCIAL YEAR 15,712,886 3,265,831 183,442 134,605
CASH AND CASH EQUIVALENTS AT
THE END OF THE FINANCIAL YEAR 37,257,870 15,712,886 636,172 183,442
ANALYSIS OF CASH AND
CASH EQUIVALENTS:
Fixed deposits placed with
licensed banks 8,976,257 8,431,069
Cash and bank balances 28,281,613 8,368,982 636,172 183,442
Bank overdrafts (1,087,165)
37,257,870 15,712,886 636,172 183,442
Cash Flow Statements
for the fnancial year ended 31st December 2009 (Contd)
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Notes to the Financial Statements
1. GENERAL INFORMATION
The Company is principally engaged in investment holding whilst the principal activities of the subsidiaries are
as stated in Note 8 to the fnancial statements.
There have been no signifcant changes in the nature of these principal activities during the fnancial year.
The Company is a public limited liability company, incorporated and domiciled in Malaysia and listed on the
Main Market of Bursa Malaysia Securities Berhad.
The registered offce of the Company is located at 62C, Jalan SS21/62, Damansara Utama, 47400 Petaling
Jaya, Selangor Darul Ehsan.
The principal place of business of the Company is located at 33, Jalan Kartunis U1/47, Temasya Industrial
Park, Seksyen U1, 40150 Shah Alam, Selangor Darul Ehsan.
The fnancial statements are expressed in Ringgit Malaysia.
The fnancial statements were authorised for issue by the Board of Directors in accordance with a resolution
of the directors on 6th April 2010.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation
The fnancial statements of the Group and of the Company have been prepared in accordance with the
Financial Reporting Standards (FRSs) and the provisions of the Companies Act, 1965 in Malaysia.
The fnancial statements of the Group and of the Company have been prepared under the historical cost
basis, except as disclosed in the signifcant accounting policies in Note 2.3 to the fnancial statements.
The preparation of fnancial statements in conformity with FRSs requires the use of certain critical
accounting estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosures of contingent assets and liabilities at the date of the fnancial statements, and the reported
amounts of the revenue and expenses during the reported fnancial period. It also requires directors
best knowledge of current events and actions, and therefore actual results may differ.
The areas involving a higher degree of judgement of complexity, or areas where assumptions and estimates
are signifcant to the fnancial statements are disclosed in Note 3 to the fnancial statements.
2.2 New and Revised FRSs, Amendments/Improvements to FRSs and IC Interpretations (IC Int)
(a) Adoption of New and Revised FRSs, Amendments/Improvements to FRSs and IC Int
There are no new and revised accounting standards, amendments/improvements to FRSs and IC
Int that are effective and applicable for the Groups fnancial year ended 31st December 2009.
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(Contd)
2. SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(CONTD)
2.2 New and Revised FRSs,Amendments/Improvements to FRSs and IC Interpretations (IC Int)
(Contd)
(b) NewandRevisedFRSs,Amendments/ImprovementstoFRSsandICIntthatareissued,notyet
effectiveandhavenotbeenadoptedearly
TheGroupandtheCompanyhavenotadoptedthefollowingnewandrevisedFRSs,amendments/
improvementstoFRSsandICIntthathavebeenissuedasatthedateofauthorisationofthese
fnancial statements but are not yet effective for the Group and the Company:
Effectivefor
fnancialperiods
beginningon
orafter
NewFRSs
FRS 4 Insurance Contracts 1 January 2010
FRS 7 Financial Instruments : Disclosures 1 January 2010
FRS 8 Operating Segments 1 July 2009
FRS 139 Financial Instruments : Recognition and Measurement 1 January 2010

RevisedFRSs
FRS 1 First time Adoption of Financial Reporting Standards 1 July 2010
FRS 3 Business Combinations 1 July 2010
FRS 101 Presentation of Financial Statements 1 January 2010
FRS 123 Borrowing costs 1 January 2010
FRS 127 Consolidated and Separate Financial Statements : 1 July 2010
CostofanInvestmentinaSubsidiary,
Jointly Controlled Entity or Associate

Amendments/Improvements to FRSs
FRS 1 First time Adoption of Financial Reporting Standards 1 January 2010 &
1 January 2011
FRS 2 Share-based Payment Vesting Conditions and Cancellations 1 January 2010 &
1 July 2010
FRS 5 Non-current Assets Held for Sale and Discontinued Operations 1 January 2010 &
1 July 2010
FRS 7 Financial Instruments: Disclosure 1 January 2010 &
1 January 2011
FRS 8 Operating Segments 1 January 2010
FRS 107 Statement of Cash Flows 1 January 2010
FRS 108 Accounting Policies, Changes in Accounting Estimates 1 January 2010
and Errors
FRS 110 Events After the Reporting Period 1 January 2010
FRS 116 Property, Plant and Equipment 1 January 2010
FRS 117 Leases 1 January 2010
FRS 118 Revenue 1 January 2010
FRS 119 Employee Benefts 1 January 2010
FRS 120 Accounting for Government Grants and Disclosure of 1 January 2010
Government Assistance
FRS 123 Borrowing Costs 1 January 2010
FRS 127 Consolidated and Separate Financial Statements : 1 January 2010
CostofanInvestmentinaSubsidiary,
Jointly Controlled Entity or Associate
FRS 128 Investment in Associates 1 January 2010
FRS 129 Financial Reporting in Hyperinfationary Economies 1 January 2010
FRS 131 Interests in Joint Venture 1 January 2010
FRS 132 Financial Instruments: Presentation 1 January 2010 &
1 March 2010
FRS 134 Interim Financial Reporting 1 January 2010
FRS 136 Impairment of Assets 1 January 2010
FRS 138 Intangible Assets 1 January 2010 &
1 July 2010
FRS 139 Financial Instruments : Recognition and Measurement 1 January 2010
FRS 140 Investment Property 1 January 2010
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD)
2.2 New and Revised FRSs, Amendments/Improvements to FRSs and IC Interpretations (IC Int)
(Contd)
(b) New and Revised FRSs, Amendments/Improvements to FRSs and IC Int that are issued, not yet
effective and have not been adopted early (Contd)
Effective for
fnancialperiods
beginning on
or after

IC Int
IC Int 9 Reassessment of Embedded Derivatives 1 January 2010
IC Int 10 Interim Financial Reporting and Impairment 1 January 2010
IC Int 11 FRS 2 Group and Treasury Share Transactions 1 January 2010
IC Int 12 Service Concession Arrangements 1 July 2010
IC Int 13 Customer Loyalty Programmes 1 January 2010
IC Int 14 FRS 119 The limit on a Defned Beneft Asset, 1 January 2010
Minimum Funding Requirements and their Interaction
IC Int 15 Agreements for the Construction of Real Estate 1 July 2010
IC Int 16 Hedges of a Net Investment in a Foreign Operation 1 July 2010
IC Int 17 Distributions of Non-cash Assets of Owners 1 July 2010
The Group and the Company plan to adopt the above FRSs, Amendments to FRSs and
Interpretations when they become effective in the respective fnancial period. Unless otherwise
described below, the adoption of the above FRSs, Amendments to FRSs and Interpretations upon
their initial application are not expected to have any signifcant impact on the fnancial statements
of the Group and the Company. The Company is exempted from disclosing the possible impact,
if any, to the fnancial statements upon application of FRS 7 and FRS 139.
2.3 SignifcantAccountingPolicies
The following accounting policies have been used consistently in dealing with items which are considered
material in relation to the fnancial statements:-
(a) Basis of Consolidation
The consolidated fnancial statements include the fnancial statements of the Company and its
subsidiaries made up to the end of the fnancial year.
The fnancial statements of the parent and its subsidiaries are all drawn up to the same reporting
date.
Subsidiaries are consolidated using the purchase method of accounting. Under the purchase method
of accounting, subsidiaries are fully consolidated from the date on which control is transferred to
the Group and are de-consolidated from the date that control ceases.
The cost of an acquisition is measured as the fair value of the assets given, equity instruments
issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable
to the acquisition. Identifable assets acquired and liabilities and contingent liabilities assumed
in a business combination are measured initially at their fair values at the date of acquisition,
irrespective of the extent of any minority interest.
The excess of the cost of the acquisition over the net fair value of the Groups share of the identifable
net assets, liabilities and contingent liabilities represents goodwill. Any excess of the net fair value
of the Groups share of the identifable assets, liabilities and contingent liabilities over the cost of
acquisition is recognised immediately in the income statement.
Intra-group transactions and balances, and resulting unrealised gains are eliminated on
consolidation. Unrealised losses resulting from intra-group transactions are also eliminated
on consolidation to the extent of the cost of the asset that can be recovered. The extent of the
costs that cannot be recovered is treated as write downs or impairment losses as appropriate.
Where necessary, adjustments are made to the fnancial statements of the subsidiaries to ensure
consistency with the accounting policies adopted by the Group.
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(Contd)
2.3 SignifcantAccountingPolicies(Contd)
(b) Subsidiaries
Subsidiaries are those corporations in which the Group has the power to exercise control over the
fnancial and operating policies so as to obtain benefts from their activities, generally accompanying
a shareholding of more than one half of the voting rights. The existence and effect of potential
voting rights that are currently exercisable or convertible are considered when assessing whether
the Group has such power over another entity.
In the Companys separate fnancial statements, investments in subsidiaries are stated at costs less
impairment losses, if any. The policy for the recognition and measurement of impairment losses
is in accordance with Note 2.3(o). On disposal of such investments, the difference between the
net disposal proceeds and their carrying amount is included in the income statement.
In the Groups consolidated fnancial statements, the difference between the net disposal proceeds
and the Groups share of the subsidiarys net assets together with any unamortised goodwill is
refected as a gain or loss on disposal in the consolidated income statement.
(c) Property, Plant and Equipment and Depreciation
All property, plant and equipment were initially stated at cost. Land and buildings were subsequently
shown at market value, based on valuations of external independent valuers, less subsequent
accumulated depreciation and impairment losses, if any. All other property, plant and equipment
are stated at historical cost less accumulated depreciation and impairment loss, if any. The policy
for the recognition and measurement of impairment losses is in accordance with Note 2.3(o).
Cost includes expenditure that is directly attributable to the acquisition of the asset. When signifcant
parts of an item of property, plant and equipment have different useful lives, they are accounted
for as separate items of property, plant and equipment.
The cost of replacing part of an item of property, plant and equipment is included in the assets
carrying amount or recognised as a separate asset, as appropriate, only when it is probable that
the future economic benefts associated with the part will fow to the Group and its cost can be
measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and
maintenance are charged to the income statement as incurred.
Freehold lands are not depreciated as it has an infnite life. All other property, plant and equipment
are depreciated on a straight line basis to write off the cost of each asset to its residual value over
the estimated useful lives of the assets concerned. The annual rates used for this purpose are as
follows:-
Buildings 2%
Electrical installation 10%
Plant and machinery 15%
Motor vehicles 15%
Offce equipment 10%
Furniture and fttings 10%
Renovation 10%
The residual values and useful lives of property, plant and equipment are reviewed, and adjusted
if appropriate, at each balance sheet date. The effects of any revisions of the residual values
and useful lives are included in the income statement for the fnancial year in which the changes
arise.
Fully depreciated assets are retained in the accounts until the assets are no longer in use.
An item of property, plant and equipment is derecognised upon disposal or when no future economic
benefts are expected from its use or disposal. Any gain or loss arising on derecognition of the
asset is included in the income statement in the fnancial year the asset is derecognised.
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(d) Revaluation of Assets
Land and buildings at valuation are revalued at a regular interval of at least once in every fve
years with additional valuations in the intervening years where market conditions indicate that the
carrying values of the revalued land and buildings materially differ from the market values.
Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying
amount of the asset and the net amount is restated to the revalued amount of the asset. Any surplus
or defcit arising from the revaluations will be dealt with in the Revaluation Reserve Account. Any
defcit is set-off against the Revaluation Reserve Account only to the extent of the surplus credited
from the previous revaluation of the land and buildings and the excess of the defcit is charged to
the income statement. Upon disposal or retirement of an asset, any revaluation reserve relating
to the particular asset is transferred directly to retained earnings.
(e) Investment Property
Investment property is property held for long term rental yields and/or for capital appreciation and
is not occupied by the Group.
Such property is initially measured at cost, including transaction costs. Subsequent to initial
recognition, investment property is stated at fair value. Fair value is arrived at by reference to market
evidence of transaction prices for similar property and is performed by registered independent
valuers having an appropriate recognised professional qualifcation and recent experience in the
location and category of the properties being valued.
Gains or losses arising from changes in the fair values of investment property are included in the
income statement in the year in which they arise.
A property interest under an operating lease is classifed and accounted for as an investment
property on a property-by-property basis when the Group holds it to earn rentals or for capital
appreciation or both. Any such property interest under an operating lease classifed as an investment
property is carried at fair value.
Investment property is derecognised when either it has been disposed off or when the investment
property is permanently withdrawn from use and no future economic beneft is expected from its
disposal. Any gain or loss on the retirement or disposal of an investment property is recognised
in the income statement in the year in which it arises.
(f) Intangible Assets
Trademark is stated at cost less any accumulated amortisation and any accumulated impairment
losses. Trademark represents the acquisition cost of the rights and license to use the name of
Goodlite in the manufacturing of electrical lighting and fttings.
Trademark with fnite life will be amortised on a straight line basis over its estimated economic useful
life of 10 years and assessed for impairment whenever there is an indication that the intangible
asset may be impaired. The amortisation period and the amortisation method for trademark are
reviewed at least at each balance sheet date.
(g) Inventories
Inventories are stated at the lower of cost and net realisable value.
Cost is determined on the weighted average basis. The cost of raw materials and consumables
comprise cost of purchase, transport and handling charges. The costs of fnished goods and work-
in-progress comprise cost of raw materials, direct labour and other direct costs and appropriate
proportions of manufacturing overheads based on the normal operating capacity.
Net realisable value is the estimated selling price in the ordinary course of business less the
estimated costs of completion and the estimated costs necessary to make the sale.
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(Contd)
(h) Receivables
Receivables are carried at anticipated realisable values. Bad debts are written off when identifed.
An estimate is made for doubtful debts based on a review of all outstanding amounts as at the
balance sheet date.
(i) Payables
Payables are stated at cost which is the fair value of the consideration to be paid in the future for
goods and services received.
(j) Equity Instruments
Ordinary shares are classifed as equity. Dividends on ordinary shares are recognised as liabilities
when proposed or declared before the balance sheet date. A dividend proposed or declared after the
balance sheet date, but before the fnancial statements are authorised for issue, is not recognised
as a liability at the balance sheet date.
Cost incurred directly attributable to the issuance of the shares is charged to the income statement.
Equity transaction costs comprise only those incremental external costs directly attributable to the
equity transaction which would otherwise have been avoided.
(k) Leases
(i) Classifcation
A lease is recognised as a fnance lease if it transfers substantially to the Group all the
risks and rewards incidental to ownership. Leases of land and buildings are classifed
as operating or fnance leases in the same way as leases of other assets and the land
and buildings elements of a lease of land and buildings are considered separately for the
purposes of lease classifcation. All leases that do not transfer substantially all the risks
and rewards are classifed as operating leases.
(ii) Finance Lease
Assets acquired by way of hire purchase or fnance leases are stated at an amount equal
to the lower of their fair values and the present value of the minimum lease payments at
the inception of the leases, less accumulated depreciation and impairment losses. The
corresponding liability is included in the balance sheet as borrowings. In calculating the
present value of the minimum lease payments, the discount factor used is the interest rate
implicit in the lease, when it is practicable to determine, otherwise, the Groups incremental
borrowing rate is used. Any initial direct costs are also added to the carrying amount of
such assets.
Lease payments are apportioned between the fnance costs and the reduction of the
outstanding liability. Finance costs, which represent the difference between the total leasing
commitments and the fair value of the assets acquired, are recognised in the proft or loss
over the term of the relevant lease so as to produce a constant periodic rate of charge on
the remaining balance of the obligations for each accounting period.
The depreciation policy for lease assets is in accordance with that for depreciable property,
plant and equipment as described in Note 2.3(c).
(iii) Operating Lease
Operating lease payments are recognised as an expense on a straight line basis over the
term of the relevant lease. The aggregate beneft of incentives provided by the lessor is
recognised as a reduction of rental expense over the lease term on a straight line basis.
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(l) Interest-bearing Borrowings
All interest-bearing borrowings are initially recognised at the fair value of the consideration received
less directly attributable transaction costs. After initial recognition, interest-bearing borrowings are
subsequently measured at amortised cost using the effective interest method.
(m) Borrowing Costs
Borrowing costs are recognised in the income statement as an expense in the period in which
they are incurred.
(n) Income Tax
The tax expense in the income statements represents the aggregate amount of current tax and
deferred tax. Current tax is the expected amount of income taxes payable in respect of the taxable
proft for the year and is measured using the tax rates that have been enacted at the balance sheet
date.
Deferred tax is provided for, using the liability method, on temporary differences at the balance
sheet date between the tax bases of assets and liabilities and their carrying amounts in the fnancial
statements. In principle, deferred tax liabilities are recognised for all taxable temporary differences
and deferred tax assets are recognised for all deductible temporary differences, unused tax losses
and unused tax credits to the extent that it is probable that taxable proft will be available against
which the deductible temporary differences, unused tax losses and unused tax credits can be
utilised. Deferred tax is not recognised if the temporary difference arises from goodwill or negative
goodwill or from the initial recognition of an asset or liability in a transaction which is not a business
combination and at time of the transaction, affects neither accounting proft nor taxable proft.
Deferred tax is measured at the tax rates that are expected to apply in the period when the asset
is realised or the liability is settled, based on tax rates that have been enacted or substantively
enacted at the balance sheet date. Deferred tax is recognised in the income statement, except
when it arises from a transaction which is recognised directly in equity, in which case the deferred
tax is also charged or credited directly in equity, or when it arises from a business combination
that is an acquisition, in which case the deferred tax is included in the resulting goodwill or the
amount of any excess of the acquirers interest in the net fair value of the acquirees identifable
assets, liabilities and contingent liabilities over the cost of the combination.
(o) Impairment of Assets
The carrying amount of assets, other than investment properties that are measured at fair value,
inventories and deferred tax assets, are reviewed at each balance sheet date to determine whether
there is any indication of impairment. If any such indication exists, the assets recoverable amount
is estimated to determine the amount of impairment loss.
For goodwill, intangible assets that have an indefnite useful life and intangible assets that are not
yet available for use, the recoverable amount is estimated at each balance sheet date or more
frequently when indicators of impairment are identifed.
For the purpose of impairment testing of these assets, the recoverable amount is determined on an
individual asset basis unless the asset does not generate cash fows that are largely independent
of those from other assets. If this is the case, the recoverable amount is determined for the cash-
generating unit (CGU) to which the asset belongs to. Goodwill acquired on a business combination
is, from the acquisition date, allocated to each of the Groups CGUs, or groups of CGUs, that are
expected to beneft from the synergies of the combination, irrespective of whether other assets or
liabilities of the Group are assigned to those units or groups of units.
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(Contd)
(o) Impairment of Assets (Contd)
An assets recoverable amount is the higher of an assets or CGUs fair value less cost to sell and
its value in use. In assessing value in use, the estimated future cash fows are discounted to their
present value using a pre-tax discount rate that refects current market assessments of the time
value of money and the risk specifc to the asset. Where the carrying amounts of an asset exceed
its recoverable amount, the asset is considered impaired and is written down to its recoverable
amount. Impairment losses recognised in respect of a CGU or groups of CGUs are allocated frst to
reduce the carrying amount of any goodwill allocated to those units or groups of units and then, to
reduce the carrying amount of the other assets in the unit or groups of units on a pro-rata basis.
An impairment loss is recognised in the income statement in the period in which it arises.
Impairment loss on goodwill is not reversed in a subsequent period. An impairment loss for an
asset other than goodwill is reversed if, and only if, there has been a change in the estimates
used to determine the assets recoverable amount since the last impairment was recognised. The
carrying amount of an asset other than goodwill is increased to its revised recoverable amount,
provided that this amount does not exceed its carrying amount that would have been determined
(net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior
years. A reversal of impairment loss for an asset other than goodwill is recognised in the income
statement.
(p) Foreign Currencies
(i) Functional and Presentation Currency
The individual fnancial statements of each entity in the Group are measured using the
currency of the primary economic environment in which the entity operates (the functional
currency). The fnancial statements are presented in Ringgit Malaysia (RM), which is the
Companys functional currency and presentation currency.
(ii) Transactions and Balances
Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the translation at year-end exchange rates
of monetary assets and liabilities denominated in foreign currencies are recognised in the
income statement.
Non-monetary items which are measured at fair values denominated in foreign currencies
are translated at the foreign exchange rates ruling at the date when the fair value was
determined.
When a gain or loss on a non-monetary item is recognised directly in equity, any corresponding
exchange gain or loss is recognised directly in equity. When a gain or loss on a non-monetary
item is recognised in the income statement, any corresponding exchange gain or loss is
recognised in the income statement.
(q) Revenue Recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods
and services in the ordinary course of the Groups activities. Revenue is shown net of returns,
rebates and discounts and after eliminating sales within the Group.
The Group recognised revenue when the amount of revenue can be reliably measured, it is
probable that future economic benefts will fow to the entity and specifc criteria have been met
for each of the Groups activities as described below. The amount of revenue is not considered to
be reliably measurable until all contingencies relating to the sale have been resolved. The Group
bases its estimates on historical results, taking into consideration the type of customer, the type
of transaction and the specifcs of each arrangement.
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(Contd)
(q) Revenue Recognition (Contd)
(i) Sales of Goods
Revenue from sale of goods is recognised upon delivery of products and customers
acceptance, net of discounts and returns and when the signifcant risk and rewards of
ownership have been passed to the buyer. Revenue is not recognised to the extent where
there are signifcant uncertainties regarding recovery of the consideration due, associated
costs or the possible return of goods.
(ii) Interest Income
Interest income is recognised on an accruals basis using the effective interest method unless
collectibility is in doubt in which recognition will be on a receipt basis.
(iii) Dividend Income
Dividend income is recognised when the Groups right to receive payment is established.
(r) Financial Instruments
Financial instruments are recognised in the balance sheet when the Group has become a party
to the contractual provisions of the instruments. The particular recognition methods adopted are
disclosed in the individual accounting policy statements associated with each item.
Financial instruments are classifed as liabilities or equity in accordance with the substance of the
contractual arrangement. Interest, dividends, gains and losses relating to a fnancial instrument
classifed as a liability, are reported as an expense or income. Distributions to holders of fnancial
instruments classifed as equity are charged directly to equity. Financial instruments are offset
when the Group has a legally enforceable right to set off the recognised amounts and intends
either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
(s) EmployeeBenefts
(i) Short Term Employee Benefts
Wages, salaries, bonuses, social security contribution and non-monetary benefts are
recognised as an expense in the fnancial year in which the associated services are rendered
by the employees. Short-term accumulating compensated absences such as paid annual
leave are recognised when services are rendered by employees that increase their entitlement
to future compensated absences. Short term non-accumulating compensated absences like
sick leave, maternity and paternity leave are recognised when absences occur.
(ii) Post-Employment Benefts
The Group contributes to the Employees Provident Fund, the national defned contribution
plan. The contributions are charged to the income statement in the period to which they
are related. Once the contributions have been paid, the Group has no further payment
obligations.
(t) Segment Reporting
Segment reporting is presented for enhanced assessments of the Groups risks and returns. A
business segment is a group of assets and operation engaged in providing products or services
that are subject to risk and returns that are different from those of other business segments. A
geographical segment is engaged in providing products or services within a particular economic
environment that is subject to risks and returns that are different from those components operating
in other economic environments.
Segment revenue, expense, assets and liabilities are those amounts resulting from the operating
activities of a segment that are directly attributable to the segment and the relevant portion that
can be allocated on a reasonable basis to the segment.
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(Contd)
(t) Segment Reporting (Contd)
Segment revenue, expense, assets and segment liabilities are determined before intragroup
balances and intragroup transactions are eliminated as part of the consolidation process, except
to the extent that such intragroup balances and transactions are between operating units within
a single segment. Segment revenue and segment expense exclude dividends from within the
Group.
All income, expenses, assets and liabilities are directly allocated to each reported segment. Interest
income and other income and expenses which cannot be allocated to respective segment on a
reasonable basis are disclosed as either unallocated income or unallocated expenses, while the
related assets and liabilities are disclosed as unallocated assets and unallocated liabilities.
The accounting policies used in deriving the individual segment revenue, segment results, segment
assets and segment liabilities are the same as those disclosed in the summary of signifcant
accounting policies.
Transfers between segments are priced at the estimated fair value of the products or services as
negotiated between the operating units.
(u) Cash and Cash Equivalents
For the purpose of cash fows statement, cash and cash equivalents comprise cash in hand,
bank balances, demand deposits and other short term, highly liquid investments that are readily
convertible to known amounts of cash and which are subject to an insignifcant risk of change
in value. Cash and cash equivalents are stated net of bank overdrafts which are repayable on
demand.
3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
Estimates and judgements are continually evaluated by the directors and are based on historical experience
and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
The key assumption concerning the future and other key sources of estimation uncertainty at the balance
sheet date, that have a signifcant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next fnancial year are as stated below:-
(i) Useful lives of property, plant and equipment
The Group estimates the useful lives of property, plant and equipment based on the period over which the
assets are expected to be available for use. The estimated useful lives of property, plant and equipment
are reviewed periodically and are updated if expectations differ from previous estimates due to physical
wear and tear, technical or commercial obsolescence and legal or other limits on the use of the relevant
assets.
In addition, the estimation of the useful lives of property, plant and equipment are based on internal
technical evaluation and experience with similar assets. It is possible, however, that future results of
operations could be materially affected by changes in the estimates brought about by changes in factors
mentioned above. The amounts and timing of recorded expenses for any period would be affected by
changes in these factors and circumstances. A reduction in the estimated useful lives of the property,
plant and equipment would increase the recorded expenses and decrease the non-current assets.
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(Contd)
3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS (CONTD)
(ii) Impairment of property, plant and equipment
The Group assesses impairment of assets whenever the events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable i.e. the carrying amount of the asset is
more than the recoverable amount.
Recoverable amount is measured at the higher of the fair value less cost to sell for that asset and its
value-in-use. The value-in-use is the net present value of the projected future cash fow derived from that
asset discounted at an appropriate discount rate. Projected future cash fows are based on the Groups
estimates calculated based on historical, sector and industry trends, general market and economic
conditions, changes in technology and other available information.
As at balance sheet date, the directors of the Company are of the opinion that there is no impact resulting
from the impairment review by the management.
(iii) Impairment of investment in subsidiaries
The Group and the Company carried out the impairment test based on a variety of estimation including
the value-in-use of the cash generating unit. Estimating the value-in-use requires the Group and the
Company to make an estimate of the expected future cash fows from the cash generating unit and also
to choose a suitable discount rate in order to calculate the present value of those cash fows.
(iv) Amortisation of intangible assets
Intangible assets are amortised on a straight line basis over their estimated economic useful lives. The
management estimates that the useful lives of the intangible assets to be 10 years. Changes in the
expected level of usage and technological developments could impact the economic useful lives and
residual values of the intangible assets. Therefore the future amortisation charge could be revised.
(v) Income taxes
The Group is subject to income taxes in numerous jurisdictions. Signifcant judgement is required in
determining the capital allowances and deductibility of certain expenses during the estimation of the
provision for income taxes. There are many transactions and calculations for which the ultimate tax
determination is uncertain during the ordinary course of business. Where the fnal tax outcome of these
matters is different from the amounts that were initially recorded, such differences will impact the income
tax and deferred income tax provisions in the period in which such determination is made.
(vi) Allowance for doubtful debts
The Group makes allowances for doubtful debts based on an assessment of the recoverability of
receivables. Allowances are applied to receivables where events or changes in circumstances indicate
that the carrying amounts may not be recoverable. Management specifcally analysed historical bad debts,
customer concentrations, customer creditworthiness, current economic trends and changes in customer
payment terms when making a judgement to evaluate the adequacy of the allowance of doubtful debts
of receivables. Where the expectation is different from the original estimate, such difference will impact
the carrying value of receivables.
(vii) Contingent liabilities
Where it is not probable that an outfow of economic benefts will be required, or the amount cannot be
estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outfow
of economic benefts is remote. Possible obligations, whose existence will only be confrmed by the
occurrence or non-occurrence of one or more future events, are also disclosed as contingent liabilities
unless the probability of outfow of economic benefts is remote.
The determination of treatment of contingent liabilities is based on managements view of the expected
outcome of the contingencies for matters in the ordinary course of the business.
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(Contd)
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44
U
n
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d

U
-
L
I

C
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p
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B
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d
(Contd)
4
.

P
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P
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2
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9
45
(Contd)
4. PROPERTY, PLANT AND EQUIPMENT (CONTD)
(a) The land and buildings of the Group were last revalued on 31st December 2005 by an independent
professional valuer by reference to the open market value basis.
Had the revalued land and buildings been carried under the cost model, the net carrying amounts of
land and buildings that would have been included in the fnancial statements of the Group as at 31st
December 2009 would be as follows:-
Group
2009 2008
RM RM

Freehold land 1,933,276 1,933,276
Buildings 10,766,751 11,033,764

12,700,027 12,967,040

(b) During the fnancial year, the Group acquired property, plant and equipment with an aggregate cost of
RM2,131,502/- (2008: RM7,103,853/-) of which RM Nil (2008: RM3,470,950/-) was acquired by means of
hire purchase and fnance lease arrangement. Cash payments of RM2,131,502/- (2008: RM3,632,903/-)
was made by the Group to purchase property, plant and equipment.
Net carrying amounts of property, plant and equipment held under hire purchase and fnance lease
arrangements are as follows:-
Group
2009 2008
RM RM

Motor vehicles 1,373,500 1,619,500
Plant and machinery 4,334,520 5,518,644

5,708,020 7,138,144
(c) The net carrying amounts of property, plant and equipment pledged as securities for borrowings (Note
16) are as follows:-
Group
2009 2008
RM RM

Freehold land 5,226,000 5,226,000
Buildings 3,090,400 3,195,480
Plant and machinery 12,422 130,210

8,328,822 8,551,690
5. INVESTMENT PROPERTIES
Group
2009 2008
RM RM

At 1st January 875,000 740,000
Additions 350,000 123,588
Fair value adjustment (20,000) 11,412

At 31st December 1,205,000 875,000
The fair value of the Groups investment properties has been arrived at on the basis of valuation carried out
by an independent professional valuer by reference to the open market value basis.
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6. PREPAID LEASE PAYMENTS
Group
2009 2008
RM RM

At 1st January 9,340,319 9,460,213
Amortisation for the fnancial year (119,893) (119,894)

At 31st December 9,220,426 9,340,319

Analysed as:-
Long term leasehold land with an unexpired lease period
of more than 50 years 9,220,426 9,340,319

Leasehold land with an aggregate carrying value of RM1,430,232/- (2008: RM1,447,674/-) was pledged as
security for borrowings in which the facilities has not been utilised by the subsidiary as at the fnancial year
end.
7. INTANGIBLE ASSET
Group
2009 2008
RM RM

Trademark - at cost
At 1st January 89,000 89,000
Additions
At 31st December 89,000 89,000
Accumulated amortisation
At 1st January 29,815 21,360
Amortisation for the fnancial year 8,455 8,455
At 31st December 38,270 29,815
Net carrying amount 50,730 59,185
8. INVESTMENT IN SUBSIDIARIES
Company
2009 2008
RM RM
Unquoted shares - at cost 40,933,094 40,933,094
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8. INVESTMENT IN SUBSIDIARIES (CONTD)
The details of the subsidiaries, all of which are incorporated in Malaysia are as follows:-
Effective
Name of Company Equity Interest Principal Activities
2009 2008
% %

United U-LI (M) Sdn. Bhd. 100 100 Manufacturing of and dealing in cable support
systems, integrated ceiling systems, steel
roof battens and related industrial metal
products
United U-LI Steel Service Centre Sdn. Bhd. 100 100 Provision of slitting and shearing services
and trading of industrial hardware
Cable-Tray Industries (Malaysia) Sdn. Bhd. 100 100 Manufacturing of and dealing in all types of
cable trunking and related industrial metal
products
Gabung Mekar Sdn. Bhd. 100 100 Investment holding
United U-LI Building Materials Sdn. Bhd. 100 100 Manufacturing of and trading in integrated
ceiling systems, steel roof battens and
building materials
United U-LI Goodlite Sdn. Bhd. 100 100 Manufacturing of and trading in electrical
lighting and fttings
U-LI Goodlite Marketing Sdn. Bhd. 100 100 Trading in electrical lighting and fitting
products
9. DEFERRED TAX ASSETS/(LIABILITIES)
Group
2009 2008
RM RM
At 1st January 1,339,520 946,260
Recognised in the income statement (Note 24) 134,726 (532,185)
Recognised in the equity (373,685) 925,445

At 31st December 1,100,561 1,339,520

Presented after appropriate offsetting as follows:-
Deferred tax assets 2,044,180 2,098,699
Deferred tax liabilities (943,619) (759,179)

1,100,561 1,339,520
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9. DEFERRED TAX ASSETS/(LIABILITIES) (CONTD)
The components and movements of deferred tax assets and liabilities during the fnancial year prior to offsetting
are as follows:-
Deferred tax assets of the Group
Unused tax
losses and
Property, unabsorbed
plant and capital
Receivables equipment allowances Total
RM RM RM RM
At 1st January 2009 150,000 5,660 2,098,699 2,254,359
Recognised in the income statement (150,000) 859 (54,519) (203,660)
At 31st December 2009 6,519 2,044,180 2,050,699
Deferred tax liabilities of the Group
Revaluation
Property, of property,
plant and Investment plant and
equipment properties equipment Total
RM RM RM RM
At 1st January 2009 (824,806) (90,033) (914,839)
Recognised in the income statement 346,284 (7,898) 338,386
Recognised in the equity (373,685) (373,685)
At 31st December 2009 (478,522) (97,931) (373,685) (950,138)
10. INVENTORIES
Group
2009 2008
RM RM
At cost:
Raw materials 8,669,758 10,165,102
Consumables 1,068,055 964,426
Work-in-progress 1,784,996 2,022,872
Finished goods 4,453,992 7,659,739

15,976,801 20,812,139
At net realisable value:
Raw materials 14,603,045 13,752,579
Work-in-progress 1,441,155 1,879,657

16,044,200 15,632,236
Total 32,021,001 36,444,375
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(Contd)
11. TRADE RECEIVABLES
Group
2009 2008
RM RM
Trade receivables 59,216,136 56,470,285
Less: Allowance for doubtful debts (2,697,009) (2,124,778)

56,519,127 54,345,507
The Groups normal trade credit terms range from 30 to 150 (2008: 30 to 150) days. Other credit terms are
assessed and approved on a case by case basis.
12. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS
Group Company
2009 2008 2009 2008
RM RM RM RM
Other receivables 55,295 3,145 1,000
Deposits 2,461,100 356,438
Prepayments 247,976 288,148

2,764,371 647,731 1,000
Included in deposits is an amount of RM1,901,668/- representing deposit paid to suppliers for acquisition of
raw materials.
13. AMOUNT OWING BY SUBSIDIARIES
The amount owing by subsidiaries is unsecured, interest free and has no fxed terms of repayment.
14. SHARE CAPITAL
Group and Company
2009 2008
Number Number
of Shares Amount of Shares Amount
Unit RM Unit RM
Ordinary shares of RM0.50 each
Authorised:
At the beginning/end of
the fnancial year 200,000,000 100,000,000 200,000,000 100,000,000
Issued and fully paid:
At the beginning/end of
the fnancial year 132,000,000 66,000,000 132,000,000 66,000,000
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to
one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Companys
residual assets.
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14. SHARE CAPITAL (CONTD)
Employees Share Option Scheme
The United U-LI Corporation Berhad Employees Share Option Scheme (ESOS) is governed by the by-laws
approved by the shareholders at an Extraordinary General Meeting held on 29th October 2004.
The ESOS expired and lapsed on 28th October 2009.
15. RESERVES
Group Company
2009 2008 2009 2008
RM RM RM RM
Non Distributable
Revaluation reserve 7,100,008 7,473,693
Distributable
Retained profts 66,097,324 47,640,365 12,972,260 13,393,813
73,197,332 55,114,058 12,972,260 13,393,813
The revaluation reserve is used to record increase in fair value of land and buildings and decrease to the extent
that such decrease relates to an increase on the same asset previously recognised in equity.
16. LONG TERM BORROWINGS
Group
2009 2008
RM RM

Long term loans (secured) 641,646 1,965,315
Portion due within one year (Note 20) (366,780) (1,324,440)
Portion due after one year 274,866 640,875
Hire purchase and fnance lease liabilities after one year (Note 17) 1,732,413 3,214,990

2,007,279 3,855,865
The repayment terms of the term loans are as follows:-
Group
2009 2008
RM RM
Within the next twelve months 366,780 1,324,440
After the next twelve months
- not later than two years 40,090 368,305
- later than two years but not later than fve years 135,864 133,575
- later than fve years 98,912 138,995
274,866 640,875
641,646 1,965,315

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(Contd)
16. LONG TERM BORROWINGS (CONTD)
The term loans are secured by:
(i) legal charges over land and buildings of subsidiaries as disclosed in Note 4(c);
(ii) corporate guarantee by the Company;
(iii) specifc debenture covering fxed charges over the plant and machinery fnanced by the term loan of
certain subsidiaries as disclosed in Note 4(c); and
(iv) negative pledge on all assets of a subsidiary.
17. HIRE PURCHASE AND FINANCE LEASE LIABILITIES
Group
2009 2008
RM RM
Future minimum lease payments:-
- not later than one year 1,622,780 2,759,036
- later than one year but not later than fve years 1,833,049 3,455,829

3,455,829 6,214,865
Less: Future fnance charges (240,839) (505,753)
Present value of fnance lease liabilities 3,214,990 5,709,112
Represented by:-
Current (Note 20)
- not later than one year 1,482,577 2,494,122
Non-current (Note 16)
- later than one year but not later than fve years 1,732,413 3,214,990

3,214,990 5,709,112
18. TRADE PAYABLES
The normal trade credit terms granted to the Group range from 15 to 120 (2008: 15 to 120) days.
19. OTHER PAYABLES AND ACCRUALS
Group Company
2009 2008 2009 2008
RM RM RM RM

Other payables 1,843,809 1,536,773 472,304 105,131
Accruals 1,107,214 1,240,135 279,800 225,800

2,951,023 2,776,908 752,104 330,931
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20. SHORT TERM BORROWINGS
Group
2009 2008
RM RM

Bank overdrafts (secured) 1,087,165
Revolving credits (secured) 3,000,000 3,000,000
Bankers acceptance (secured) 14,651,000 13,157,000
Term loans (Note 16) 366,780 1,324,440
Hire purchase and fnance lease liabilities after one year (Note 17 ) 1,482,577 2,494,122

19,500,357 21,062,727
The bank overdrafts, revolving credits and bankers acceptance are secured by:
(i) legal charges over land and buildings of subsidiaries as disclosed in Note 4(c);
(ii) corporate guarantee by the Company;
(iii) negative pledge on all assets of a subsidiary.
21. REVENUE
Revenue of the Group and the Company consists of the following:-
Group Company
2009 2008 2009 2008
RM RM RM RM

Sale of goods 139,383,909 157,829,449
Dividend income 3,300,000 1,500,000

139,383,909 157,829,449 3,300,000 1,500,000
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(Contd)
22. OPERATING PROFIT
Operating proft has been arrived at after charging/crediting:-
Group Company
2009 2008 2009 2008
RM RM RM RM

After charging:-
Allowance for doubtful debts 594,255 997,675
Amortisation of prepaid lease payments 119,894 119,894
Amortisation of intangible assets 8,455 8,455
Audit fee 68,000 68,000 18,000 18,000
Bad debts written off 75,983 34,444
Casual, wages, bonuses and
allowances 5,066,871 5,091,800
Depreciation 4,812,324 4,335,652
Directors remuneration 3,061,147 2,696,026 290,800 239,200
investment properties 20,000
Inventories written down 43,292 6,272,351
Loss on disposal of property,
plant and equipment 8,497
Loss on foreign exchange
- unrealised 479,389
Penalty 22,675
Property, plant and equipment
written down 490
Rental of premises
- paid/payable to directors 25,200 25,200
- others 212,988 210,968
Rental of plant and machinery 750 19,200
Staff costs:
- salaries, allowances and bonuses 4,260,416 4,423,409
- Employees Provident Fund 558,500 847,153
- SOCSO 60,893 76,198
- other staff related costs 180,422 338,228
And crediting:-
Allowance for doubtful debts no
longer required 242,693
Bad debts recovered 22,023
investment properties 11,412
Gain on foreign exchange
- realised 1,398,324 467,095
- unrealised 478,342 599,162
Gain on disposal of property,
plant and equipment 102,750 19,660
Interest income 259,521 141,552
Waiver of debt 19,514
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23. FINANCE COSTS
Group
2009 2008
RM RM
Interest expenses
- bank overdrafts 18,146 177,744
- bankers acceptances, trust receipts and revolving credit 470,333 1,347,496
- term loans 86,866 181,354
- hire purchase and fnance lease 264,915 283,683

840,260 1,990,277
24. TAXATION
Group Company
2009 2008 2009 2008
RM RM RM RM
Income tax
- current year (7,872,801) (5,788,606)
- prior years (520,841) 158,680 15,606

(8,393,642) (5,629,926) 15,606
Deferred taxation (Note 9)
- current year 140,199 (710,127)
- prior years (5,473) 177,942

134,726 (532,185)

(8,258,916) (6,162,111) 15,606
Income tax is calculated at the Malaysian statutory rate of 25% (2008: 26%) of the estimated assessable proft
for the fscal year.
A reconciliation of income tax expense applicable to proft before taxation at the statutory income tax rate to
income tax expense at the effective income tax rate of the Group and of the Company is as follows:-
Group Company
2009 2008 2009 2008
RM RM RM RM
Proft before taxation 30,015,875 27,419,516 2,878,447 1,061,474
Tax at applicable tax rate of 25%
(2008 : 26%) (7,503,969) (7,129,074) (719,612) (275,983)
Tax effects arising from
- non-deductible expenses (1,946,519) (411,690) (105,388) (114,017)
- non-taxable income 952,449 825,000 390,000
- SME tax savings 130,554
- utilisation of reinvestment allowances 408,424 905,729
- lease rental qualifed for tax deduction 369,614 327,635
- deferred tax recognised at
different tax rates (34,109)
- origination of deferred tax assets not
recognised in the fnancial statements (12,601) (287,778)
- overaccrual in prior years (526,314) 336,622 15,606

Tax expense for the fnancial year (8,258,916) (6,162,111) 15,606
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(Contd)
25. EARNINGS PER SHARE
(a) Basic
Basic earnings per share is calculated by dividing the net proft for the fnancial year attributable to equity
holders of the Company by the weighted average number of ordinary shares of RM0.50 each on issue
during the fnancial year.
Group
2009 2008
RM RM

Weighted average number of ordinary shares on issue 132,000,000 132,000,000
Basic earnings per share for the fnancial year (sen) 16.48 16.10
(b) Diluted
The basic and diluted earnings per ordinary share are equal as the Group has no dilutive potential
ordinary shares.
26. DIVIDENDS
Group and Company
2009 2008
RM RM
Recognised during the fnancial year:-
First interim tax exempted dividend of 1.50 sen per ordinary share
of RM0.50 in respect of fnancial year ended 31st December 2009 1,980,000
Second interim tax exempted dividend of 1 sen per ordinary share
of RM0.50 in respect of fnancial year ended 31st December 2009 1,320,000
Final dividend of 2 sen tax exempt per share in respect of fnancial year
ended 31st December 2007 2,640,000

3,300,000 2,640,000
The directors recommend the payment of a fnal tax exempted dividend of 1.50 sen per ordinary share of
RM0.50 amounting to RM1,980,000/- in respect of the current fnancial year which, subject to the approval of
the shareholders at the forthcoming Annual General Meeting of the Company, will be paid to the shareholders
on a date to be determined later by the directors.
27. SIGNIFICANT RELATED PARTY TRANSACTIONS
(a) Identifcationofrelatedparties
Parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control
the party or exercise signifcant infuence over the party in making fnancial and operating decisions,
or vice versa, or where the Group and the party are subject to common control or common signifcant
infuence. Related parties may be individuals or other entities.
The Company has controlling related party relationship with its direct and indirect subsidiaries.
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27. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTD)
(b) Signifcantrelatedpartytransactions
Group Company
2009 2008 2009 2008
RM RM RM RM

Dividends received/receivable
from subsidiary
- United U-LI (M) Sdn. Bhd. 3,300,000 1,500,000
Rental of premises paid/payable to
directors, namely
Dato Lee Yoon Wah,
Dato Lee Yoon Kong and
Datin Lim Pki Fong
(spouse of Dato Lee Yoon Wah) 25,200 25,200
Salaries and other related
expenses paid/payable to persons
related to certain directors 151,787 143,104
The directors of the Group and the Company are of the opinion that the above transactions have been
entered into in the normal course of business and the terms are no less favourable than those arranged
with third parties.
No rental of premises payable to directors remains outstanding as at 31st December 2009. (2008: RM
Nil).
(c) Key management personnel remuneration
The remuneration of directors and other members of key management during the fnancial year are as
follows:-
Group Company
2009 2008 2009 2008
RM RM RM RM

Short term employee benefts 3,213,416 3,010,910 290,800 239,200
Employees Provident Fund 411,408 327,180

3,624,824 3,338,090 290,800 239,200
Other member of key management personnel comprise persons other than directors of the Group
entities, having authority and responsibility for planning, directing and controlling the activities of the
Group entities either directly or indirectly.
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(Contd)
27. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTD)
(c) Key management personnel remuneration (Contd)
The details of remuneration received and receivable by directors of the company during the fnancial
year are as follows:-
Group Company
2009 2008 2009 2008
RM RM RM RM
Executive:
- salaries 2,376,103 1,735,267 8,400 8,325
- fees 90,000 459,000 90,000 72,000
- other emoluments 339,644 258,884

2,805,747 2,453,151 98,400 80,325
- benefts-in-kind 54,200 38,200

2,859,947 2,491,351 98,400 80,325
Non-Executive:
- fees 231,000 223,000 168,000 139,000
- allowances 24,400 19,875 24,400 19,875
255,400 242,875 192,400 158,875
- benefts-in-kind 15,000 2,500
270,400 245,375 192,400 158,875
Total 3,130,347 2,736,726 290,800 239,200
Total directors remuneration 3,061,147 2,696,026 290,800 239,200
Total estimated money value
of benefts-in-kind 69,200 40,700

3,130,347 2,736,726 290,800 239,200
The number of directors of the Company whose total remuneration during the fnancial year fell within
the following bans is analysed below:-
Number of Directors
2009 2008
Executive directors:
RM500,000 and below 1 1
RM500,001- RM1,000,000 1
RM1,000,001- RM1,500,000 2 1
Non executive directors:
RM50,000 and below 4 4
RM50,001- RM100,000
RM100,001- RM150,000 1 1
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28. FINANCIAL INSTRUMENTS
(a) Financial Risk Management and Objectives
The Group seeks to manage effectively various risks namely credit, liquidity, foreign currency and interest
rate risks to which the Group is exposed to in its daily operations.
(i) Credit risk
Credit risks, or the risk of counterparties defaulting, are controlled by the application of credit
approvals, limits and monitoring procedures. Credit risks are minimised and monitored by limiting
the Groups associations to business partners with high creditworthiness. Trade receivables are
monitored on an ongoing basis via Group management reporting procedures. It is the Groups policy
that all customers who wish to trade on credit terms are subject to credit verifcation procedures.
The credit risk of the Groups other fnancial assets, which comprise cash and cash equivalents
arises from default of the counterparty, with a minimum exposure equal to the carrying amount of
these fnancial assets. However, management does not expect any counterparty to fail to meet
its obligation.
The Group does not have any signifcant exposure to any individual customer or counterparty nor
does it have any major concentration of credit risk related to any fnancial assets.
(ii) Liquidity risk
The Group actively manages its debt maturity profle, operating cash fows and the availability
of funding so as to ensure that all fnancing, repayment and funding needs are met. As part of
its overall prudent liquidity management, the Group maintains suffcient levels of cash or cash
convertible investments to meet its working capital requirements.
(iii) Foreign currency risk
During the fnancial year, the Group incurs foreign currency risk on transactions that are denominated
in currencies other than Ringgit Malaysia. The currencies giving rise to this risk are primarily United
States Dollar (USD), Singapore Dollar (SGD), Euro (EUR), Brunei Dollar (BND) and Australian
Dollar (AUD). Exposures to foreign currency risks are monitored on an ongoing basis.
The Group does not consider it necessary to enter into foreign exchange contracts in managing
its foreign exchange risk resulting from cash fows from transactions denominated in foreign
currencies, given the nature of the business for the time being.
The net unhedged fnancial assets of the Group that are not denominated in their functional
currencies are as follows:-
Net Financial Assets Held in Non-Functional Currencies
AUD BND EUR SGD USD Total
RM RM RM RM RM RM
At 31st December 2009
Ringgit Malaysia 55,990 52,879 93,913 15,845,513 1,466,688 17,514,983
Ringgit Malaysia 2,059 34,143 195,174 9,920,422 4,592,747 14,744,545
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28. FINANCIAL INSTRUMENTS (CONTD)
(a) Financial Risk Management and Objectives (Contd)
(iv) Interest rate risk
The Groups primary interest rate risk relates to interest-bearing debts as at 31st December
2009. The investments in fnancial assets are mainly short term in nature and they are not held
for speculative purposes.
Effective
Interest Within 1 - 5 > 5
Rate 1 Year Years Years Total
% RM RM RM RM
Group
As at 1st December 2009
Financial Asset
Fixed deposits placed
with a licensed bank 1.75 8,976,257 8,976,257
Financial Liabilities
Bank overdrafts
Bankers acceptances 4.21 14,651,000 14,651,000
Hire purchase and
fnance lease liabilities 4.86 1,482,577 1,732,413 3,214,990
Revolving credits 4.06 3,000,000 3,000,000
Term loans (fxed rate) 6.50 329,038 329,038
Term loans (foating rate) 6.05 37,742 175,954 98,912 312,608

Effective
Interest Within 1 - 5 > 5
Rate 1 Year Years Years Total
% RM RM RM RM
Group
As at 31st December 2008
Financial Asset
Fixed deposits placed
with a licensed bank 3.08 8,431,069 8,431,069
Financial Liabilities
Bank overdrafts 9.60 1,087,165 1,087,165
Bankers acceptances 3.84 13,157,000 13,157,000
Hire purchase and
fnance lease liabilities 3.27 2,494,122 3,214,990 5,709,112
Revolving credits 5.66 3,000,000 3,000,000
Term loans (fxed rate) 6.50 1,112,998 329,209 1,442,207
Term loans (foating rate) 7.08 211,442 172,671 138,995 523,108
(Contd)
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28. FINANCIAL INSTRUMENTS (CONTD)
(b) Fair Values
(i) Recognisedfnancialinstruments
The fair values of fnancial assets and fnancial liabilities approximate their respective carrying
values on the balance sheet of the Group and of the Company due to the relatively short term to
maturity of these fnancial instruments, except for the following:-
Group
Carrying Fair
Amount Value
RM RM
Fixed rate term loans (Note 28 (a) (iv)) 329,038 308,956
Fixed rate term loans (Note 28 (a) (iv)) 1,442,207 1,410,855
(ii) Unrecognisedfnancialinstruments
There were no unrecognised fnancial instruments as at 31st December 2009.
29. CONTINGENT LIABILITIES
The directors are of the opinion that provision are not required in respect of these matters as it is not probable that
future sacrifce of economic benefts will be required or the amount is not capable of reliable measurement.
Group
2009 2008
RM RM
Secured:
Performance guarantees extended to third parties in respect of
supplying goods under contracts 1,597,873 1,023,803
Bank guarantees extended to Tenaga Nasional Berhad 172,000 130,000
Company
2009 2008
RM RM
Unsecured:
Corporate guarantees given to licensed banks for
credit facilities granted to subsidiaries 78,460,000 78,460,000
Corporate guarantees given to leasing companies in
respect of property, plant and equipment acquired
under fnance lease by certain subsidiaries 3,214,990 5,709,112

(Contd)
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30. CAPITAL COMMITMENTS
Group
2009 2008
RM RM
Capital expenditure
Approved and contracted for:
- Property, plant and equipment 29,200
31. SEGMENT INFORMATION
(a) Geographical Segments
The Groups business segments operate substantially from Malaysia. In determining the geographical
segments of the Group, revenues are based on the country in which the customer is located. There are
no inter-segment revenues. No segment results, assets and capital expenditure are presented as the
Group does not have a legal presence in any other country other than Malaysia.
Revenue Total assets Capital expenditure
2009 2008 2009 2008 2009 2008
RM RM RM RM RM RM
Malaysia 93,580,184 114,167,329 155,455,676 141,087,452 2,481,502 7,227,441
Overseas 45,803,725 43,662,120 18,394,305 15,021,086
139,383,909 157,829,449 173,849,981 156,108,538 2,481,502 7,227,441

(b) Business Segments
No business segment information has been presented as the Group is solely involved in the manufacturing
and sales of metal related products.
32. COMPARATIVE FIGURES
Comparative fgures have been audited by another frm of chartered accountants other than Baker Tilly Monteiro
Heng.
(Contd)
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Additional Compliance
Information
The following information is provided in compliance with the Listing Requirements of Bursa Malaysia Securities
Berhad (Bursa Securities) for the fnancial year ended 31 December 2009:
Material Contracts Involving Directors and Substantial Shareholders
Save as otherwise disclosed in Signifcant Related Party Transactions in the Financial Statements, there are no
material contracts including contracts relating to any loan entered into by the Company and its subsidiaries involving
Directors and major shareholders interests.
Sanctions and Penalties
There were no sanctions or penalties imposed by any regulatory authorities on the Company and its subsidiaries,
Directors or management during the fnancial year ended 31 December 2009.
Share Buy-Back
The Company did not make any share buy-back during the fnancial year ended 31 December 2009.
Non-Audit Fees
There were no non-audit fees paid to external auditors during the fnancial year ended 31 December 2009.
Options, Warrants or Convertible Securities Exercised
No options, warrants or convertible securities were issued during the fnancial year ended 31 December 2009.
Variations in Results for the Financial Year
There was no deviation of 10% or more between the audited results for the fnancial year and the unaudited fnancial
results previously announced.
American Depository Receipt (ADR)/Global Depository Receipt (GDR)
The Company did not sponsor any ADR or GDR programme during the fnancial year ended 31 December 2009.
ProftEstimate,ForecastorProjection
The Company has not provided a proft forecast for the fnancial year ended 31 December 2009.
ProftGuarantees
There were no proft guarantees given by the Company during the fnancial year ended 31 December 2009.
Revaluation of Properties
The Groups properties as at 31 December 2009 are listed on page 63 and 64. The note on revaluation of the
properties is in Note 2.3(d) in the notes to the fnancial statements on page 36.
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Properties of the Group
Age of Net Book Date of
Company/ Description/ Land Area/ Tenure Building Value Revaluation/
Location Existing use Built-up Area (years) RM000 Acquisition
United U-LI (M) Sdn. Bhd.
Lot 5 (PT7907) Factory/ 43,666 Sq.ft/ 99 years 17 3,379 31.12.2005
Jalan Balakong, Factory used 36,881 Sq.ft expiring on Revalued
43300 Seri Kembangan, 11 October 2091
Selangor Darul Ehsan.

No. 33, Jalan Kartunis U1/47, Semi- 9,601 Sq.ft/ Freehold 11 2,736 31.12.2005
Temasya Industrial Park, Detached 8,392 Sq. ft Revalued
Seksyen U1, 40150 Shah Alam, Factory/
Selangor Darul Ehsan. Offce used

No. 29, Jalan Taming 7, Terrace 2,000 Sq.ft/ Freehold 17 292 31.12.2005
Taman Taming Jaya Industrial Factory/ 2,550 Sq.ft Revalued
Park, 43300 Balakong, Store

No. 43, Jalan Kamunting 1, Terrace 1,600 Sq.ft/ Freehold 14 87 31.12.2005
Bukit Sentosa, 48300 Serendah, Factory/ 1,300 Sq.ft Revalued
Selangor Darul Ehsan. Vacant

No. 25, Jalan Taming 5, Terrace 13,500 Sq.ft/ Freehold 7 1,752 31.12.2005
Taman Taming Jaya, Factory/ 13,120 Sq.ft Revalued
43300 Seri Kembangan, Store

No. 27, Jalan Taming 5, Terrace 13,500 Sq.ft/ Freehold 7 1,660 31.12.2005
Taman Taming Jaya, Factory/ 14,806 Sq.ft Revalued
43300 Seri Kembangan, Store

Unit B21-09, Desa Bistari Apartment/ -/700 Sq.ft Freehold 7 90 31.12.2005
Apartment, No. 3, Vacant Revalued
Lindang Pantai Jerjak,
11700 Pulau Pinang.

No. 102, Jalan Perigi Nanas Terrace 2,400 Sq.ft/ 99 years 6.5 290 31.12.2005
8/10, Section 12 (Phase 1B), Factory/ 3,300 Sq.ft expiring on Revalued
Pulau Indah Industrial Park, Vacant 30 March 2097
West Port, 42920 Port Klang,

Lot 7, Jalan 6/1, Kawasan Factory/ 185,718 Sq.ft/ 84 years 5 11,662 31.12.2005
Perindustrian Seri Kembangan, Factory used 138,314 Sq.ft expiring on Revalued
43300 Seri Kembangan, 10 January 2089

No. 75, Jalan SA 1, 3 Storey Semi- -/2,605 Sq.ft Freehold 5 650 31.12.2007
Seri Aman Heights, Detached Revalued
47000 Sungai Buloh, House/
Selangor Darul Ehsan. Vacant
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Properties of the Group
(Contd)
Age of Net Book Date of
Company/ Description/ Land Area/ Tenure Building Value Revaluation/
Location Existing use Built-up Area (years) RM000 Acquisition

Unit No. 48B-9-4, Apartment/ -/848 Sq.ft Freehold 2 135 31.12.2008
Sri Ixora, Jalan Perimbun 27/11, Vacant Revalued
Section 27, 40675 Shah Alam,

Lot No. 120, Floor No. L23, Condominium/ -/456 Sq.ft 99 years 6 350 6.8.2009
Type S3, Resort Suites @ Vacant expiring on Acquired
Pyramid Tower, Bandar Sunway, 21 February 2102

Gabung Mekar Sdn. Bhd.

Lot 17045, Jalan Balakong, Factory/ 38,118 Sq.ft/ 99 years 17 2,442 31.12.2005
43300 Seri Kembangan, Factory used 37,428 Sq.ft expiring on Revalued
Selangor Darul Ehsan. 11 October 2091

United U-LI Goodlite Sdn. Bhd.

No. 44, Jalan Cetak, Tasek Factory/ 131,282 Sq.ft/ 99 years 38 3,053 31.12.2005
Industrial Estate, Factory used 96,022 Sq.ft expiring on Revalued
31400 Ipoh, 20-Mar-66
Perak Darul Ridzuan.

United U-LI Building Materials Sdn. Bhd.

1, Jalan Seroja 54, Workshop/ 9,408 Sq.ft/ Freehold 3.5 1,156 29.5.2006
Taman Johor Jaya, Warehouse 11,287 Sq.ft Acquired
81100 Johor Bahru,
Johor Darul Takzim.
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Shareholders Information
SHARE CAPITAL AS AT 23 MARCH 2010
Authorised Share Capital : RM100,000,000
Issued and Paid-Up Capital : RM66,000,000
Class of Shares : Ordinary shares of RM0.50 each
Voting Rights : One (1) vote per ordinary share
DISTRIBUTION OF SHAREHOLDINGS AS AT 23 MARCH 2010
No of No. of
Size of Shareholdings Shareholders % Shares Held %
Less than 1,000 313 15.14 34,862 0.03
1,001 - 10,000 1,139 55.10 5,889,590 4.46
10,001 - 100,000 498 24.09 16,537,754 12.53
100,001 to less than 5% of issued shares 116 5.61 55,537,794 42.07
5% and above of issued shares 1 0.05 54,000,000 40.91
Total 2,067 100.00 132,000,000 100.00
SHAREHOLDERS WITH HOLDINGS OF 5% AND ABOVE AS AT 23 MARCH 2010

Direct Interest Deemed Interest
No. of No. of
No. Name Shares Held % Shares Held %
1 Pearl Deal (M) Sdn. Bhd. (PDSB) 54,000,000 40.91
2 Mayban Nominees 11,317,600 8.57
(Tempatan) Sdn. Bhd.
3 Dato Lee Yoon Wah 4,221,848 3.2 54,000,000# 40.91
4 Dato Lee Yoon Kong 3,867,246 2.93 54,000,000# 40.91

# Deemed interest through PDSB
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Shareholders Information
(Contd)
LIST OF TOP 30 SHAREHOLDERS AS AT 23/03/2010

No. Name of Shareholders No. of Shares Held %

1 PearlDeal(M)Sdn.Bhd. 54,000,000 40.91
2 MaybanNominees(Tempatan)Sdn.Bhd. 11,317,600 8.57
3 DatoLeeYoonWah 4,221,848 3.20
4 DatoLeeYoonKong 3,867,246 2.93
5 AffnNominees(Tempatan)Sdn.Bhd. 2,437,000 1.85
6 PublicNominees(Tempatan)Sdn.Bhd 2,378,000 1.80
7 LawJoonHoeVincent 2,243,400 1.70
8 HDMNominees(Tempatan)Sdn.Bhd. 1,518,700 1.15
9 LewYickKoon 1,326,500 1.00
10 TeoChiangHong 1,265,400 0.96
11 Ke-ZanNominees(Asing)Sdn.Bhd. 991,800 0.75
12 ChiaKeeFoo 871,000 0.66
13 LiauChoonHwa&SonsSdn.Bhd. 808,800 0.61
14 NgSengKuan 800,000 0.61
15 YipSweeKian 773,400 0.59
16 ShariffBinMohdShah 729,128 0.55
17 TANominees(Tempatan)Sdn.Bhd. 704,000 0.53
18 MalaysiaNominees(Tempatan)SendirianBerhad 700,000 0.53
19 CheeSauFoong 638,300 0.48
20 WeePeiSee 551,000 0.42
21 RHBCapitalNominees(Tempatan)Sdn.Bhd. 542,900 0.41
22 BehChoonHean 510,000 0.39
23 TanTienSang 508,000 0.38
24 AristoCorporationSdn.Bhd. 500,000 0.38
25 AIMIndustrialMarketingSdn.Bhd. 495,000 0.38
26 L.T.MHoldingsSdn.Bhd. 459,600 0.35
27 HuYoonKong 456,000 0.35
28 LimTeckLing 448,600 0.34
29 SeongKwokChing 447,700 0.34
30 LiauThaiMin 438,600 0.33
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Notice of Tenth Annual General Meeting
NOTICE IS HEREBY GIVEN THATtheTenth(10th)AnnualGeneralMeetingoftheCompanywillbeheldatClassic
2 Room, Holiday Villa Subang, 9 Jalan SS 12/1, Subang Jaya, 47500 Petaling Jaya, Selangor Darul Ehsan on
Wednesday,12thMay2010at10:00a.m.forthefollowingpurposes:-
AGENDA
AS ORDINARY BUSINESS
1. To receive and consider the Annual Report and Financial Statements for the
fnancial year ended 31st December 2009 together with the Directors and
AuditorsReportsthereon.
2. ToapprovethepaymentofaFinalTaxExemptdividendof1.5 (One and a Half)
sen per ordinary share for the fnancial year ended 31st December 2009 on
132,000,000ordinarysharesofRM0.50eachamountingtodividendpayableof
RM1,980,000.00.
3. To approve the payment of Directors fees for the fnancial year ended 31st
December 2009.
4. Tore-appointDato Wira Abd Rahman Bin IsmailwhoretirespursuanttoSection
129(6)oftheCompaniesAct,1965.
5. To re- elect Dato Lee Yoon Kong who retires pursuant to Article 89 of the
CompanysArticlesofAssociation.
6. Tore-electChim Wai KhuanwhoretirespursuanttoArticle89oftheCompanys
ArticlesofAssociation.
7. To re- elect Lokman Bin Mansor who retires pursuant to Article 89 of the
CompanysArticlesofAssociation.
8. Tore-appointMessrsBaker Tilly Monteiro HengasAuditorsoftheCompany
andtoauthorisetheDirectorstofxtheirremuneration.
AS SPECIAL BUSINESS
To consider and if thought fit, pass the following resolution with or without
modifcations:-
9. Authoritytoallotandissuesharespursuanttosection132DoftheCompanies
Act,1965
RESOLVEDTHAT,subjectalwaystotheCompaniesAct,1965theArticlesof
Association of the Company and approvals and requirements of the relevant
governmental/regulatoryauthorities(whereapplicable),theDirectorsbeandare
herebyempoweredpursuanttoSection132DoftheCompaniesAct,1965toallot
andissuenewordinarysharesofRM0.50eachintheCompany,fromtimetotime
anduponsuchtermsandconditionsandforsuchpurposeandtosuchpersons
whomsoevertheDirectorsmay,intheirabsolutediscretiondeemftandexpedient
in the interest of the Company, provided that the aggregate number of shares
issuedpursuanttotheresolutiondoesnotexceed10%oftheissuedandpaidup
sharecapitalforthetimebeingoftheCompanyANDTHATsuchauthorityshall
continuetobeinforceuntiltheconclusionofthenextAnnualGeneralMeeting
oftheCompany
OrdinaryResolution1
OrdinaryResolution2
OrdinaryResolution3
OrdinaryResolution4
OrdinaryResolution5
OrdinaryResolution6
OrdinaryResolution7
OrdinaryResolution8
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(Contd)
NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT
NOTICE IS ALSO HEREBY GIVEN THAT, subject to the approval of the
shareholders at the Tenth (10th) Annual General Meeting, A Final Tax Exempt
Dividend of 1.5 (One and a Half) sen per ordinary share for the fnancial year
ended 31st December 2009 on 132,000,000 ordinary shares of RM0.50 each
amounting to dividend payable of RM1,980,000.00 will be paid to the shareholders
on the 18th June 2010. The entitlement date of the said dividend shall be 26th
May 2010.
A Depositor shall qualify for entitlement to the dividend only in respect of:-
a. Shares transferred into the Depositors Securities Account before 4.00 p.m.
on 26th May 2010 in respect of transfers.
b. Shares bought on the Bursa Malaysia Securities Berhad on a cum
entitlement basis according to the Rules of the Bursa Malaysia Securities
Berhad.
By Order of the Board
KOAY SOO NGOH (Maicsa 0856746)
FOO LI LING (Maicsa 7019557)
Company Secretaries
Date20th April 2010
NOTES:
1. A member of the Company entitled to attend and vote at the Meeting is entitled to appoint a proxy or proxies to attend and
vote on his/her/their behalf. Such proxy need not be a member of the Company.
2. Foraproxyformbevalid,itmustbedepositedattheRegisteredOffceoftheCompanyat62C,JalanSS21/62,Damansara
Utama,47400PetalingJaya,SelangorDarulEhsannotlessthan48(fortyeight)hoursbeforetimeappointedfortheMeeting
or any adjournments thereof.
3. The Instrument appointing a proxy shall be in writing under the hand of the appointer or of his attorney duly authorised in
writingor,iftheappointerisacorporation,eitherunderitscommonsealorunderthehandofanoffcerorattorneyduly
authorised. An instrument appointing a proxy to vote at a meeting shall be deemed to include the power to demand a poll
on behalf of the appointer.
4. Explanatory Notes on Special Business
Ordinary Resolution 8 on the Authority to allot and issue shares pursuant to section 132D of the Companies Act,
1965
The Company continues to consider opportunities to broaden the operating base and earnings potential of the Company. The
proposedOrdinaryResolution8ifpassed,willauthorisethedirectorstoissuesharesupto10%oftheissuedandpaid-up
capital of the Company for the time being and for such purposes as the directors consider would be in the best interest of
the Company.
The purpose for the renewal of a general mandate is to avoid any delay and costs in convening a general meeting and to
specifcallyapprovesuchanissueofsharesforanypossiblefundraisingactivities(excludingplacingofshares)forthe
purpose of funding future investment projects, additional working capital etc.
This authority unless revoked or varied at a general meeting will expire at the next Annual General Meeting of the
Company.
As at the date of this notice, no new shares of the Company were issued pursuant to the mandate granted to the directors
at the last Annual General Meeting held on 7th May 2009 and which will lapse at the conclusion of the forthcoming Annual
General Meeting.
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69
Statement Accompanying
Pursuant to paragraph 8.27(2) of the Bursa Malaysia Securities Berhad Main Market Listing Requirements appended
hereunder are:-
1. Directors who are standing for re-election
Dato Wira Abd Rahman Bin Ismail, who is over the age of seventy (70) years, is retiring in accordance with
Section 129 (6) of the Companies Act, 1965 and is seeking re-appointment at the forthcoming Annual General
Meeting.
The following Directors are retiring in accordance with Article 89 of the Companys Articles of Association and
seeking re-election at the AGM.
i) Dato Lee Yong Kong
ii) Chim Wai Khuan
iii) Lokman Bin Mansor
Further details of Directors seeking re-election at the AGM are set out in the Profle of Directors from page 5
to page 7 of the Annual Report.
70
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(This page has been intentionally left blank)
UNITEDU-LICORPORATIONBERHAD
(CompanyNo.510737-H)
IncorporatedinMalaysia
FORMOFPROXY
I/We.............................................................................................................................................................................
of..................................................................................................................................................................................
(address)
being a member/members of UNITED U-LI CORPORATION BERHAD, hereby appoint (Name of Proxy/Proxies/
CorporateRepresentative)..........................................................................................................................................
orfailinghim...............................................................................................................................................................
(name)
of..................................................................................................................................................................................
(address)
orfaillingtheabovenamedproxy/proxies/corporaterepresentative,theChairmanofthemeeting,asmy/ourproxyto
voteforme/usonmyourbehalfattheTenth(10th)AnnualGeneralMeetingoftheCompanytobeheldatClassic
2 Room, Holiday Villa Subang, 9 Jalan SS 12/1, Subang Jaya, 47500 Petaling Jaya, Selangor Darul Ehsan on
Wednesday,12thMay2010at10:00a.m.,andatanyadjournmentthereof,asindicatedbelow:-
For Against
ORDINARYBUSINESS
Resolution1 FinalTaxExemptDividend
Resolution2 DirectorsFees
Resolution3 DatoWiraAbdRahmanBinIsmail
Resolution4 DatoLeeYoonKong
Resolution5 ChimWaiKhuan
Resolution6 LokmanBinMansor
Resolution7 Auditors
SPECIALBUSINESS
Resolution8 Section132DoftheCompaniesAct,1965

(ifyouwishtoinstructyourproxyhowtovote,insertatickintheappropriatebox.Subjecttoanyvotinginstructions
so given, the proxy will vote, or may abstain from voting on any resolution as he may think ft.
Ifthememberisanindividualorjointshareholder:
No.ofsharesheld:
Signature Date:
Ifthememberisacorporation:
TheCommonSealof.................................................... Seal
was hereunto affxed in accordance with its
ArticlesofAssociationinthepresenceof
No.ofsharesheld:
Signature Director/Secretary Date:
NOTESTOFORMPROXY:-
1. AmemberoftheCompanyentitledtoattendandvoteattheMeetingisentitledtoappointaproxyorproxiestoattendandvoteonhisbehalf.
SuchproxyneednotbeamemberoftheCompany.
2. For a proxy form be valid, it must be deposited at the Registered Offce of the Company at 62C, Jalan SS 21/62, Damansara Utama,
47400PetalingJaya,SelangorDarulEhsannotlessthan48(fortyeight)hoursbeforetimeappointedfortheMeetingoranyadjournments
thereof.
3. TheInstrumentappointingaproxyshallbeinwritingunderthehandoftheappointerorofhisattorneydulyauthorisedinwritingor,ifthe
appointer is a corporation, either under its common seal or under the hand of an offcer or attorney duly authorised. An instrument appointing
aproxytovoteatameetingshallbedeemedtoincludethepowertodemandapollonbehalfoftheappointer.
4. ExplanatoryStatementonSpecialBusiness
OrdinaryResolution8ontheAuthoritytoallotandissuesharespursuanttosection132DoftheCompaniesAct,1965
The Company continues to consider opportunities to broaden the operating base and earnings potential of the Company.The proposed
OrdinaryResolution8ifpassed,willauthorisethedirectorstoissuesharesupto10%oftheissuedandpaid-upcapitaloftheCompanyfor
thetimebeingandforsuchpurposesasthedirectorsconsiderwouldbeinthebestinterestoftheCompany.
The purpose for the renewal of a general mandate is to avoid any delay and costs in convening a general meeting and to specifcally approve
suchanissueofsharesforanypossiblefundraisingactivities(excludingplacingofshares)forthepurposeoffundingfutureinvestment
projects,additionalworkingcapitaletc.
ThisauthorityunlessrevokedorvariedatageneralmeetingwillexpireatthenextAnnualGeneralMeetingoftheCompany.Asatthedateof
thisnotice,nonewsharesoftheCompanywereissuedpursuanttothemandategrantedtothedirectorsatthelastAnnualGeneralMeeting
heldon7thMay2009andwhichwilllapseattheconclusionoftheforthcomingAnnualGeneralMeeting.
Fold this fap for sealing

Then fold here
1st fold here
affIx
STamp
The Company Secretary
UNITED U-LI CORPORATION BERHAD (510737-H)
62C, Jalan SS 21/62,
Damansara Utama,
47400 Petaling Jaya,
Selangor Darul Ehsan,
Malaysia.

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United U-Ll Corporation Berhad

Stock Exchange Listing

Wong Chow Lan

Shariff bin Mohd Shah

Corporate Governance Statements

(c) Remuneration Committee

Notes to the Financial Statements

139,383,909 157,829,449 173,849,981 156,108,538 2,481,502 7,227,441

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