MNRB Berhad : 2022Financial Statements

MNRB HOLDINGS BERHAD ANNUAL REPORT 2022

FINANCIAL STATEMENTS

Directors' Report	135
Statement by Directors	140
Statutory Declaration	140
Independent Auditors' Report	141
Income statements	147
Statements of Financial Position	150
Statements of Changes In Equity	151
Statements of Cash Flows	153
Notes to the Financial Statements	156

134

OUR FINANCIAL REPORT

Directors' Report

The Directors have pleasure in submitting their report together with the audited financial statements of the Group and the Company for the financial year ended 31 March 2022.

PRINCIPAL ACTIVITIES

The Company is an investment holding company, principally engaged in the provision of management services to its subsidiaries.

The principal activities and other information of the subsidiaries are as disclosed in Note 16 to the financial statements.

RESULTS

Group Company

RM'000 RM'000

Net profit for the financial year

114,422

69,758

RESERVES AND PROVISIONS

There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the financial statements.

In the opinion of the Directors, the results of the operations of the Group and of the Company during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature.

DIVIDEND

The amount of dividend declared and paid by the Company since the end of the previous financial year was as follows:

	RM'000
In respect of the financial year ended 31 March 2021:
Final single-tier dividend of 4.0 sen per ordinary	share declared on 24 September 2021 and paid on
27 October 2021	31,323

OPTIONS GRANTED OVER UNISSUED SHARES

No options were granted to any person to take up unissued shares of the Company since the beginning of the financial year to the date of this report.

SIGNIFICANT AND SUBSEQUENT EVENT

The details of significant event during the year and subsequent event after the year are disclosed in Note 39 to the financial statements.

135

MNRB HOLDINGS BERHAD ANNUAL REPORT 2022

Directors' Report

SHARE CAPITAL AND DEBENTURES

There were no changes in the issued and paid-up capital of the Company during the financial year.

There were no debentures issued during the financial year.

DIRECTORS

The names of the Directors of the Company and its subsidiaries in office since the beginning of the financial year to the date of this report are:

				Directors of the entities
	Holding	Subsidiaries
	Company
	MNRB*	Malaysian	Takaful	Takaful	MRDL*	MSSB*	SSB*
Name of Directors		Re*	IKHLAS	IKHLAS
		Family*	General*
Datuk Johar Che Mat		-				-	-
				Resigned on
				1 October
George Oommen				2021		-	-
Khalid Sufat			-	-	-	-	-
Junaidah Mohd Said		-	-	-	-	-	-
Zaida Khalida Shaari		-	-	-	-	-	-
Dato' Wan Roshdi Wan Musa		-	-	-	-	-	-
Zaharudin Daud	-					-	-
Rosinah Mohd Salleh	-	-	-		-	-	-
Arul Sothy S Mylvaganam	-	-	-		-	-	-
Noor Rida Hamzah	-	-		-	-	-	-
Shareen Ooi Bee Hong	-	-		-	-	-	-
Woon Tai Hai	-	-			-	-	-
Datin Zaimah Zakaria	-		-	-	-	-	-
Velayudhan Harikes	-		-	-	-	-	-

136

OUR FINANCIAL REPORT

Directors' Report

DIRECTORS (CONT'D.)

The names of the Directors of the Company and its subsidiaries in office since the beginning of the financial year to the date of this report are (cont'd.):

				Directors of the entities
	Holding	Subsidiaries
	Company
	MNRB*	Malaysian	Takaful	Takaful	MRDL*	MSSB*	SSB*
Name of Directors		Re*	IKHLAS	IKHLAS
		Family*	General*
Dato' Amirudin Abdul Halim	-	-	-		-	-	-
Rizal Mohd Zin	-	-	-	-	-	-	
Zainudin Ishak	-	-	-	-			-
Norazman Hashim	-	-	-	-	-		
Dr. Wan Zamri Wan Ismail				Appointed on
-	-	-	1 October	-	-	-
				2021
Prof. Dato' Dr. Ahmad			Resigned on
-	-	2 August	-	-	-	-
Hidayat Buang
		2021
Datuk Nik Moustpha				Resigned on
-	-	-	23 September	-	-	-
Nik Hassan
			2021
Hijah Arifakh Othman	-	-	-	Resigned on 1	-	-	-
October 2021

In accordance with Clause 91 of the Company's Constitution, Khalid Sufat and Junaidah Mohd Said will be retiring at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.

• MNRB - MNRB Holdings Berhad
  Malaysian Re - Malaysian Reinsurance Berhad Takaful IKHLAS Family - Takaful Ikhlas Family Berhad Takaful IKHLAS General - Takaful Ikhlas General Berhad MRDL - Malaysian Re (Dubai) Ltd.
  MSSB - MMIP Services Sdn. Bhd. SSB - Sinar Seroja Berhad

137

MNRB HOLDINGS BERHAD ANNUAL REPORT 2022

Directors' Report

DIRECTORS' BENEFITS

Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the Company or its subsidiaries were a party, whereby the Directors might acquire benefits by means of acquisition of shares in or debentures of the Company or any other body corporate.

Since the end of the previous financial year, no Director has received or become entitled to receive any benefit (other than benefits included in the aggregate amount of emoluments received or due and receivable by the Directors from the Company or the fixed salary and benefits receivable as a full-time employee of the Company as disclosed in Notes 9, 10 and 31 to the financial statements or benefits receivable from related corporations) by reason of a contract made by the Company or a related corporation with the Director or with a firm of which the Director is a member, or with a company in which the Director has a substantial financial interest to be disclosed under Part 1, Section 3 of the Fifth Schedule of the Companies Act, 2016.

During the financial year, the Company purchased a Directors and Officers Liability Takaful cover to provide indemnity to all directors of the MNRB Group for a limit of RM50 million at a contribution of RM100,430.

DIRECTORS' INTEREST

According to the register of Directors' shareholdings, none of the Directors in office at the end of the financial year had any interest in shares of the Company or its related corporation during the financial year.

OTHER STATUTORY INFORMATION

1. Before the income statements, statements of comprehensive income and statements of financial position of the Group and the Company were made out, the Directors took reasonable steps:
2. 1. to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance for doubtful debts and satisfied themselves that there were no known bad debts and that adequate allowance had been made for doubtful debts; and
   2. to ensure that any current assets which were unlikely to realise their values as shown in the accounting records in the ordinary course of business had been written down to an amount which they might be expected to realise.
3. At the date of this report, the Directors are not aware of any circumstances which would render:
4. 1. it necessary to write-off any bad debts or the amount of the allowance for doubtful debts in the financial statements of the Group and of the Company inadequate to any substantial extent; and
   2. the values attributed to the current assets in the financial statements of the Group and of the Company misleading.
5. At the date of this report, the Directors are not aware of any circumstances which have arisen which would render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.

138