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OKA CORPORATION BHD
200001017334 (519941-H)
2021
Annual Report
Laporan Tahunan
ANNUAL REPORT 2021
CONTENTS
Corporate Profile 2
Notice of Annual General Meeting 3-5
Notice of Dividend Entitlement And Payment 4
Statement Accompanying Notice of Annual General Meeting 6
Corporate Information 7
Profile of the Board of Directors 8-9
Profile of Key Senior Management 10
Audit Committee Report 11 - 13
Corporate Governance Overview Statement 14 - 26
Statement on Risk Management and Internal Control 27 - 28
Management Discussion And Analysis 29 - 30
Sustainability Statement 31 - 34
Analysis of Shareholdings 35 - 36
List of Properties 37 - 38
Reports & Financial Statements 39 - 102
Proxy Form Enclosed

OKA CORPORATION BHD
2 CORPORATE PROFILE
Sungai Petani
(established in year 2009)
Batu Gajah
FACTORIES
IN
Kuantan
Batu Gajah Perdana MALAYSIA (established in year 2003)
Nilai
Senai
Corporate Vision Corporate Mission Corporate Culture/Core Value
OKA Group’s vision is to be the To achieve organizational goals • Customer satisfaction

leading integrated manufacturer through: • Integrity and collaborative
of precast concrete products in teamwork
South East Asia through: • On-going research and • Innovation
development • Quality product & service
• Supply of high quality and • Committed pool of
value added products to professional and skilled
meet highest customer personnel
satisfaction • Serving esteemed
• Organizational excellence customers through 5
and professional branches positioned
commitment at strategic locations
• Product innovation and throughout the country.
solutions for customer
needs.
ANNUAL REPORT 2021
NOTICE OF ANNUAL GENERAL MEETING 3
NOTICE IS HEREBY GIVEN THAT the Twenty-First Annual General Meeting (“AGM”) of OKA Corporation Bhd
(“OKA” or “Company”) will be held at Lavender Hall – Level 3, Kinta Riverfront Hotel & Suites, Kinta Riverfront,
Jalan Lim Bo Seng, 30000 Ipoh, Perak Darul Ridzuan on Wednesday, 29 September 2021 at 11.00 a.m. for the
following purposes:
AS ORDINARY BUSINESS
1. To receive the Audited Financial Statements for the financial year ended 31 March Please refer to
2021 together with the Reports of the Directors and Auditors thereon. Explanatory Note A
2. To declare a final single-tier dividend of 2.4 sen per share in respect of financial (Resolution 1)
year ended 31 March 2021.
3. To approve the payment of Directors’ fees for the financial year ended 31 March (Resolution 2)
2021.
4. To approve the payment of allowances to Non-Executive Directors up to an amount (Resolution 3)
of RM100,000 from the date of 21st Annual General Meeting until the next Annual
General Meeting.
5. To re-elect the following directors who retire pursuant to Rule 21.8 of the Company’s
Constitution, and being eligible, have offered themselves for re-election:-
(i) Mdm. Quah Seok Keng (Resolution 4)
(ii) Mr. Gan Boon Koo @ Gan Boon Kiu (Resolution 5)
6. To re-elect the following director who retires pursuant to Rule 21.12 of the
Company’s Constitution, and being eligible, has offered himself for re-election:-
Dato’ Sri Kuan Khian Leng, S.S.A.P. (Resolution 6)
7. To re-appoint Messrs KPMG PLT as auditors of the Company and to authorise the (Resolution 7)
Directors to fix their remuneration.
Special Business
To consider and, if thought fit, to pass the following Ordinary Resolution with or
without modifications:-
8. Authority to allot and issue shares pursuant to Sections 75 and 76 of the Companies (Resolution 8)
Act 2016
“That pursuant to Sections 75 and 76 of the Companies Act 2016, the Constitution
of the Company and subject to the approvals of the relevant governmental and/
or regulatory authorities, the Directors be and are hereby empowered to allot and
issue shares in the Company, from time to time, upon such terms and conditions,
for such purposes and to such persons whomsoever as the Directors may, in their
absolute discretion deem fit, provided that the aggregate number of shares issued
does not exceed ten percent (10%) of the total number of issued shares of the
Company for the time being, and that such authority shall continue to be in force
until the conclusion of the next AGM of the Company after the approval was given
or at the expiry of the period within which the next AGM is required to be held after
the approval was given, whichever is earlier unless revoked or varied by an ordinary
resolution of the Company at a general meeting.
And that the Directors be and are also empowered to obtain approval for the listing
of and quotation for the additional shares so issued on Bursa Malaysia Securities
Berhad.”
OKA CORPORATION BHD
4 NOTICE OF ANNUAL GENERAL MEETING (contd)
9. Retention of Independent Non-Executive Directors

9.1 “That Mr. Chok Hooa @ Chok Yin Fatt, PMP be and is hereby retained as an (Resolution 9)
Independent Non-Executive Director of the Company.”
9.2 “That subject to the passing of Resolution 5, Mr. Gan Boon Koo @ Gan Boon (Resolution 10)
Kiu be and is hereby retained as an Independent Non-Executive Director of
the Company.”
10. To transact any other business of which due notice shall have been given.
NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT
NOTICE IS ALSO HEREBY GIVEN that a final single-tier dividend of 2.4 sen per share in respect of the financial
year ended 31 March 2021, if approved by the shareholders at the Twenty-First Annual General Meeting, will be paid
on 17 December 2021 to shareholders whose names appear in the Record of Depositors at the close of business
on 7 December 2021.
A depositor shall qualify for entitlement to the dividend only in respect of:-
a. Shares transferred into the Depositor’s Securities Account before 4.30 p.m. on 7 December 2021 in respect of
ordinary transfers; and
b. Shares bought on Bursa Malaysia Securities Berhad on a cum entitlement basis according to the Rules of
Bursa Malaysia Securities Berhad.
By Order of the Board
Low Hor Foong (MAICSA 0763512)

Lau Wai Yeen (MIA 11467)
Company Secretaries
Ipoh
13 August 2021
NOTES
1. Appointment of Proxy
1. A member entitled to attend and vote at this general meeting is entitled to appoint a proxy or attorney or
in the case of a corporation, to appoint a duly authorized representative to attend, participate, speak and
vote in his place in accordance with Section 334(1) of the Act. A proxy may but need not be a member
of the Company.
2. A member may appoint not more than two (2) proxies to attend and vote at the same meeting. Where a
member appoints more than one (1) proxy and such appointment shall be invalid unless he specifies the
proportion of his shareholding to be represented by each proxy.
3. Where a member of the Company is an authorised nominee as defined in the Central Depositories Act,
it may appoint not more than two (2) proxies in respect of each securities account it holds with ordinary
shares of the Company standing to the credit of the said securities account and the number of shares to
be represented by each proxy must be clearly indicated.
4. Where a member of the Company is an exempt authorized nominee which holds ordinary shares in
the Company for multiple beneficial owners in one securities account (“omnibus account”), there is no
limit to the number of proxies which the exempt authorized nominee may appoint in respect of each
omnibus account it holds. An exempt authorized nominee refers to an authorized nominee defined under
the Securities Industry (Central Depositories) Act 1991 which is exempted from compliance with the
provisions of subsection 25A(1) of the said Act.
ANNUAL REPORT 2021
NOTICE OF ANNUAL GENERAL MEETING (contd) 5
5. The instrument appointing a proxy shall be in writing under the hand of the appointor or his attorney duly
authorized in writing or if such appointor is a corporation, under its Seal or the hand of its attorney or by
a duly authorised officer on behalf of the corporation.
6. To be valid this form duly completed must be deposited at the registered office of the Company not less
than 48 hours before the time for holding the meeting or adjourned meeting at which the person named
in the instrument proposes to vote, or, in the case of a poll, not less than twenty-four (24) hours before
the time appointed for the taking of the poll, and in default the instrument of proxy shall not be treated as
valid.
7. By submitting the duly executed Proxy Form, the member consents to the Company (and/or its agents/
service providers) collecting, using and disclosing the personal data therein in accordance with the
Personal Data Protection Act 2010, for the purpose of the meeting or at any adjournment thereof.
8. Only a depositor whose name appears on the Record of Depositors as at 22 September 2021 shall be
entitled to attend the general meeting or appoint a proxy to attend, speak and vote on his behalf.
2. Explanatory Notes On Ordinary Business
Note A
This agenda item is intended for discussion only as under Section 340(1)(a) of the Companies Act, 2016, the
audited financial statements do not require formal approval of shareholders. As such, this agenda item will not
be put forward for voting.
3. Explanatory Notes On Special Business
(i) The proposed Ordinary Resolution No. 8, if passed, will empower the Directors to allot and issue shares in
the Company up to an amount not exceeding in aggregate 10% of the issued share capital of the Company
for the time being and for such purposes as the Directors consider would be in the best interests of the
Company. This would avoid any delay arising from and cost involved in convening a general meeting to
obtain approval of the shareholders for such issuance of shares. This authority, unless revoked or varied
at a general meeting, will expire at the conclusion of the next Annual General Meeting of the Company.
This general mandate is a renewal of the existing mandate and will provide flexibility to the Company for
allotment of shares for any possible fund raising activities, including but not limited to further placing of
shares, for the purpose of funding future investment project(s), working capital and/or acquisition(s).
As at the date of this notice, no new shares in the Company were issued pursuant to the mandate granted
to the Directors at the last AGM held on 29 September 2020 which will lapse at the conclusion of the
forthcoming AGM.
(ii) The proposed Ordinary Resolution No. 9 to No. 10 are pursuant to Practice 4.2 of the Malaysian Code of
Corporate Governance 2017 and if passed, will allow Mr. Chok Hooa @ Chok Yin Fatt, PMP, and Mr. Gan
Boon Koo @ Gan Boon Kiu to continue to act as Independent Non-Executive Directors of the Company.
The full details of the Board’s justifications and recommendations for the retention of the above two (2)
Directors as Independent Non-Executive Directors are set out in the Corporate Governance Overview
Statement in the Annual Report 2021.
Shareholders’ approval for Ordinary Resolutions 9 and 10 will be sought through a two-tier voting process.
4. Poll Voting
Pursuant to Paragraph 8.29A(1) of the Listing Requirements, all the Resolutions set out in this Notice will be
put to vote by poll.
OKA CORPORATION BHD
6 STATEMENT ACCOMPANYING
NOTICE OF ANNUAL GENERAL MEETING
PURSUANT TO PARAGRAPH 8.27(2) OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD
Details of individuals who are standing for election as Directors
No individual is seeking new election as a Director at the forthcoming 21st AGM of the Company
The rest of this page is intentionally left blank.

ANNUAL REPORT 2021
CORPORATE INFORMATION 7
BOARD OF DIRECTORS AUDITORS
Independent Non-Executive Chairman KPMG PLT

Encik Sharifuddin Bin Shoib, AMP Chartered Accountants
(Deceased on 28.09.2020) Level 18, Hunza Tower
163E, Jalan Kelawei,
Group Managing Director 10250 Penang, Malaysia.
(Redesignated as Executive Chairman on 23.12.2020) Telephone: 604-238 2288
Ir. Ong Koon Ann
Fax No. : 604-238 2222
Executive Directors E-mail : info@kpmg.com.my
Mdm. Quah Seok Keng
Mr. Ong Choo Ian (Redesignated as Group
Chief Executive Officer on 01.07.2020) SHARE REGISTRARS
Independent Non-Executive Directors Tricor Investor & Issuing House Services Sdn Bhd
Mr. Chok Hooa @ Chok Yin Fatt, PMP Unit 32-01, Level 32, Tower A
Mr. Gan Boon Koo @ Gan Boon Kiu Vertical Business Suite, Avenue 3
Dato’ Sri Kuan Khian Leng, S.S.A.P. Bangsar South, No.8, Jalan Kerinchi
(Appointed on 23.12.2020) 59200 Kuala Lumpur
Telephone: 03-27839299
Facsimile : 03-27839222
COMPANY SECRETARIES E-mail : is.enquiry@my.tricorglobal.com
Mr. Lau Wai Yeen (MIA 11467)
Ms Low Hor Foong (MAICSA 0763512) REGISTERED OFFICE
6, Lebuhraya Chateau
AUDIT COMMITTEE Off Persiaran Kampar
30250 Ipoh
Chairman Perak Darul Ridzuan
Mr. Chok Hooa @ Chok Yin Fatt, PMP
Telephone: 05-2542741, 05-2542745
Members Facsimile : 05-2532403, 05-2411851
Mr. Gan Boon Koo @ Gan Boon Kiu E-mail : oka@oka.com.my
Encik Sharifuddin Bin Shoib, AMP (Deceased Website : www.oka.com.my
on 28.09.2020
Dato’ Sri Kuan Khian Leng, S.S.A.P. (Appointed on
23.12.2020) SUBSIDIARY COMPANIES
OKA Concrete Industries Sdn Bhd

NOMINATION COMMITTEE OKA Engineering & Trading Sdn Bhd
OKA Readymixed Concrete Sdn Bhd
Chairman OKA Steel Sdn Bhd
Encik Sharifuddin Bin Shoib, AMP (Deceased on Real Charisma Sdn Bhd
28.09.2020) Pembinaan Cahaya Emas Sdn Bhd
Dato’ Sri Kuan Khian Leng, S.S.A.P. (Appointed on
23.12.2020)
Members PRINCIPAL BANKERS
Mr. Gan Boon Koo @ Gan Boon Kiu Alliance Bank Malaysia Berhad
AmBank (M) Berhad
Hong Leong Bank Berhad
REMUNERATION COMMITTEE Malayan Banking Berhad
RHB Bank Berhad
Chairman
Mr. Gan Boon Koo @ Gan Boon Kiu
STOCK EXCHANGE LISTING
Members
Mr. Chok Hooa @ Chok Yin Fatt, PMP Bursa Malaysia Securities Berhad Main Market
Encik Sharifuddin Bin Shoib, AMP Sector : Industrial Products & Services
(Deceased on 28.09.2020) Stock Name : OKA
Dato’ Sri Kuan Khian Leng, S.S.A.P. (Appointed on Stock Code : 7140
23.12.2020)
OKA CORPORATION BHD
8 PROFILE OF THE BOARD OF DIRECTORS
ONG KOON ANN

Group Managing Director
(Redesignated as Executive Chairman on 23.12.2020)
Ong Koon Ann, aged 77, male, a Malaysian, was appointed to the Board on 21 February 2002. He is also the
Managing Director of OKA Concrete Industries Sdn Bhd which was founded in 1981. Graduated from Bolton Institute
of Technology in United Kingdom in 1970, he is a Registered Professional Engineer in Malaysia and Singapore and
a Chartered Engineer by profession.
He is a member of the Institution of Civil Engineers and the Chartered Institution of Highways & Transportation,
United Kingdom; Institution of Engineers Malaysia and Institution of Engineers Singapore.
Before he started OKA Concrete Industries Sdn Bhd, he had served as management consultant in a precast concrete
company in 1974 to 1981. Prior to this, he had worked with consultant and construction companies in the United
Kingdom dealing in highway and power station projects in Singapore and Malaysia.
He does not have any other directorships of public companies.
He is the spouse of Quah Seok Keng and father of Ong Choo Ian. Both Quah Seok Keng and Ong Choo Ian are
Executive Directors of the Company and the latter is also the Group CEO.
He has no conflict of interest and has had no convictions for any offences within the past five years.
QUAH SEOK KENG

Executive Director
Quah Seok Keng, aged 74, female, a Singaporean (Permanent Resident of Malaysia), was appointed to the Board
on 21 February 2002. She is the Executive Director of OKA Concrete Industries Sdn Bhd since its incorporation in
1981. She is involved in financial management and managing the Group’s sales department. She is also currently
overseeing the marketing department of OKA Concrete Industries Sdn Bhd.
She does not have any other directorships of public companies.
She is the spouse of Ir. Ong Koon Ann and mother of Mr. Ong Choo Ian. Ir. Ong Koon Ann is the Executive Chairman
while Mr. Ong Choo Ian is the Executive Director/Group CEO of the Company.
She has no conflict of interest and has had no convictions for any offences within the past five years.
ONG CHOO IAN

Executive Director (Redesignated as Group Chief Executive Officer on 01.07.2020)
Ong Choo Ian, aged 44, male, a Malaysian, was appointed to the Board on 26 August 2005. He graduated with a
Bachelor Degree in Civil Engineering with Honours and Master of Science in Engineering Business Management
from the University of Warwick, United Kingdom in 1997 and 1998 respectively. He is a graduate member of the
Institution of Civil Engineers, United Kingdom, Institution of Structural Engineers, United Kingdom and the Institution
of Engineers Malaysia.
He joined OKA Concrete Industries Sdn Bhd in 1999 as Purchasing Manager and was promoted to General Manager
– Purchasing in 2003. Currently he sits on the board of all the subsidiary companies within the Group. He was
redesignated as Group Chief Executive Officer with effect from 1 July 2020.
He is the son of Ir. Ong Koon Ann, Executive Chairman and Madam Quah Seok Keng, Executive Director of the
Company.
He has no conflict of interest and has had no convictions for any offences within the past five years.
ANNUAL REPORT 2021
PROFILE OF THE BOARD OF DIRECTORS (contd) 9
CHOK HOOA @ CHOK YIN FATT, PMP

Independent Non-Executive Director
Chok Yin Fatt, aged 74, male, a Malaysian, was appointed to the Board on 12 July 2000. He graduated with
a Bachelor Degree in Business Studies from Curtin University of Technology, Australia and Master in Business
Administration from University of Strathclyde, United Kingdom. He is a Chartered Accountant of the Malaysian
Institute of Accountants, fellow members of CPA Australia and Malaysian Institute of Chartered Secretaries and
Administrators and a member of the Malaysian Institute of Certified Public Accountants.
He has extensive experience in the field of financial management, accounting and corporate secretarial functions.
He was attached to UAC Bhd from 1974 to 1982. In 1982 he joined Yee Lee Corporation Bhd as Chief Accountant
and was promoted to the Board as an Executive Director in 1990.
Presently he also sits on the Board of Spritzer Bhd and other public companies which are not listed on the Bursa
Malaysia Securities Berhad, namely, Yee Lee Corporation Bhd and Yee Lee Organization Bhd. He is the Chairman
of the Audit Committee; member of the Remuneration Committee and Nomination Committee of OKA Corporation
Bhd. He also holds directorships in several private limited companies.
He does not have any family relationship with any director and/or major shareholder of the Company. He has no
conflict of interest and has had no convictions for any offences within the past five years.
GAN BOON KOO @ GAN BOON KIU

Gan Boon Koo, aged 60, male, a Malaysian, was appointed to the Board on 21 February 2002. He obtained his
Diploma in Business Studies (Financial) from the Tunku Abdul Rahman College and is a member of the Association
of Chartered Certified Accountants (UK). He is a Chartered Accountant of the Malaysian Institute of Accountants.
He resigned from his position as General Manager of Finance, Mardec Berhad on 31 January 2016. He was then
offered the position as an Advisor of Mardec Berhad. Prior to this he was the Group Accountant of a public listed
trading company. He has gained extensive experience in corporate finance and restructuring exercises through
his attachment with several public listed companies involved in the property, trading and services and construction
industries from 1989 to 2004.
He was appointed as the Corporate Representative of MPH Group (M) Sdn Bhd on 9th January 2017 and similarly
acts as corporate representative for its other related companies. He joined Bintang Packaging Industries (M) Sdn
Bhd as the Chief Finance Officer on 1 November 2020 overseeing the financial operations of the company.
He is the Chairman of the Remuneration Committee and also a member of the Audit Committee and Nomination
Committee of the Company.
DATO’ SRI KUAN KHIAN LENG, S.S.A.P.

Independent Non-Executive Director (Appointed on 23.12.2020)
Dato’ Sri Kuan Khian Leng, aged 45, male, a Malaysian, was appointed to the Board as an Independent Non-Executive
Director on 23 December 2020. He graduated with a Bachelor in Civil Engineering (First Class Honours) and Master in
Management Science & Operational Research from University of Warwick, United Kingdom. He started his career as a
Civil and Structural Engineer in Sepakat Setia Perunding Sdn Bhd in year 2000. In March 2002, he joined Citibank Berhad
as Assistant Manager and subsequently held several managerial positions in the Marketing, Project Management and
Risk Management departments. In July 2006, he held the position of Business Intelligence Head in Kuwait Finance House
(Malaysia) Berhad.
He served as the Executive Director of Mexter Technology Berhad from June 2007 to December 2015, overseeing
the operations, business development and marketing activities of the company. He is currently the Group Chief
Executive Officer and Executive Director of Fajarbaru Builder Group Bhd, which is involved in large scale construction
and property development. He is also the Secretary-General of Master Builders Association Malaysia (MBAM).
Currently, he is the Chairman of Nomination Committee, a member of the Audit Committee and Remuneration
Committee of the Company. He also holds directorships in several private limited companies.
OKA CORPORATION BHD
10 KEY SENIOR MANAGEMENTS PROFILE
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0#"12&$"4$/;&$@",#<$"4$A*#&B/"#3$*)$/;*3$8))>,2$C&D"#/
ONG KOON ENG

General Manager - Factory
Ong Koon Eng, aged 66, male, a Malaysian, is a civil engineer graduated with Honours from Portsmouth in 1977. For
three years he was a District Drainage & Irrigation Department Engineer in Kelantan, in charged and managed all projects
in the district. Later he moved to a construction company as a Project Engineer to manage projects involving piling and
foundation works, drainage and irrigation works and construction of bridges mainly in Kelantan and Terengganu. With
his invaluable experience, he joined OKA Concrete Industries Sdn Bhd in 1983 as a factory engineer to provide technical
assistance and monitor the quality of the products. Subsequently he was appointed the Factory Manager in 1984.
In 2002, he was appointed as General Manager – Factory providing engineering advisory service to subsidiaries in
the Group.
LAU WAI YEEN

Chief Financial Officer/Joint Company Secretary
Lau Wai Yeen, aged 51, male, a Malaysian, is a chartered accountant. He holds a Bachelor of Business Degree
in Accounting from Victoria University of Technology Melbourne, Australia and is a member of the CPA Australia
(ASCPA) and Malaysian Institute of Accountants (MIA). Prior to joining the Group, he was an auditor with KPMG
for 4 years.
In 1996, he joined OKA Concrete Industries Sdn Bhd as Administration Manager for 4 years before moving to other
companies and gained wide experience in operations, marketing, training, and finance.
5)$EFFG9$+#6$H,>$#&IJ"*)&<$/;&$K#">D$,3$!,B/"#'$+,),-&#$L@,/>$K,J,;M6$N&$O,3$,DD"*)/&<$,3$:;*&4$!*),)B*,2$7PB&#$*)$
Q"R&.S&#$EFTT$/,?*)-$B;,#-&$"4$"D&#,/*")3$,)<$1),)B&6$N&$,23"$3&#R&3$,3$U"*)/$:".D,)'$(&B#&/,#'$"4$/;&$:".D,)'6
ONG EE DITH
General Manager – Corporate Affairs
7)-$V&$A*/;9$,-&<$WX9$4&.,2&9$,$+,2,'3*,)$-#,<>,/&<$4#".$/;&$Y)*R&#3*/'$"4$(;&P&2<9$Y)*/&<$%*)-<".$*)$TZ[[9$O*/;$,$
degree in Bachelor of Arts with Honours in Accounting and Financial Management. In 2002, she obtained her Master
in Business Administration from Preston University, U.S.A. She was appointed as the Company’s General Manager –
:"#D"#,/&$8\,*#3$*)$EFFE6$$0#*"#$/"$J"*)*)-$/;&$:".D,)'9$3;&$O,3$O"#?*)-$*)$(*)-,D"#&$4"#$,S">/$/O"$'&,#36$$
TEY HOCK LIM

General Manager – Sales & Marketing
Tey Hock Lim (Terry), aged 45, male, a Malaysian, graduated from the University of Central Oklahoma, USA in 1997
with a degree in Bachelor of Business Administration (Finance).
In 2004, he joined OKA Concrete Industries Sdn Bhd as Marketing and Sales Manager in charge of sales for the
southern region. He was later appointed as the General Manager overseeing Sales & Marketing in 2013.
Prior to joining the Company, he was working in the similar industries for 3 years and gained invaluable experience
in the field of sales and marketing.
ADDITIONAL INFORMATION:
1. Save for Ir. Ong Koon Ann, Mdm. Quah Seok Keng and Mr. Ong Choo Ian, none of the other Key Senior
Management has any directorship in public companies and listed issuers.
2. Save for Mr. Lau Wai Yeen and Mr. Tey Hock Lim, all the other Key Senior Management have family relationship
with the Directors and/or major shareholders of the Company. Mr. Ong Koon Eng is the brother of Ir. Ong Koon
Ann while Ms Ong Ee Dith is the daughter of Ir. Ong Koon Ann and Mdm. Quah Seok Keng.
3. None of the Key Senior Management has:-
(i) any conflict of interest with the Company;
(ii) been convicted of any offence (other than traffic offence) within the past five (5) years; and
L***M$ S&&)$*.D"3&<$O*/;$,)'$D>S2*B$3,)B/*")$"#$D&),2/'$S'$/;&$#&2&R,)/$#&->2,/"#'$S"<*&3$<>#*)-$/;&$1),)B*,2$'&,#6
ANNUAL REPORT 2021
AUDIT COMMITTEE REPORT 11
The Board of Directors of OKA Corporation Bhd is pleased to present the Audit Committee (“AC”) Report for the
financial year ended 31 March 2021.
The purpose, authority, composition, membership, meetings and responsibilities of the AC are set out in the AC
Charter which can be viewed at the Company’s website: http://www.oka.com.my
MEMBERS OF THE AUDIT COMMITTEE
The AC comprises the following three (3) Independent Non-Executive Board members:
Chairman
Members
Mr. Gan Boon Koo @ Gan Boon Kiu
En. Sharifuddin Bin Shoib, AMP (Deceased on 28.09.2020)
Dato’ Sri Kuan Khian Leng, S.S.A.P (Appointed on 23.12.2020)
Independent Non-Executive Directors
Composition
The AC, appointed by the Board from amongst its members, presently comprises three (3) Independent Non-
Executive Directors. The Independent Directors satisfy the test of independence under Paragraph 1.01 of the Listing
Requirements. The Chairman is elected from among the members and is an independent director pursuant to
Paragraph 15.10 of the Listing Requirements.
Mr. Chok Hooa @ Chok Yin Fatt, PMP is a fellow member of CPA Australia and a member of the Malaysian Institute of
Certified Public Accountants whilst Mr. Gan Boon Koo @ Gan Boon Kiu is a member of the Association of Chartered
Certified Accountants (UK). Both Mr. Chok and Mr. Gan are also Chartered Accountants of the Malaysian Institute
of Accountants. The Company is therefore in compliance with Paragraph 15.09(1)(c)(i) of the Listing Requirements.
Meetings
During financial year ended 31 March 2021, five (5) meetings were held. The details of attendance of each AC
members are as follows:
AC Members Attendance
Mr. Chok Hooa @ Chok Yin Fatt, PMP 5/5

Mr. Gan Boon Koo @ Gan Boon Kiu 5/5
En. Sharifuddin Bin Shoib, AMP (Deceased on 28.09.2020) 2/3
Dato’Sri Kuan Khian Leng, S.S.A.P. (Appointed on 23.12.2020) 1/1
OKA CORPORATION BHD
12 AUDIT COMMITTEE REPORT (contd)
SUMMARY OF WORKS OF THE AUDIT COMMITTEE
During the financial year ended 31 March 2021, the AC had discharged its duties and responsibilities by carrying out
the following works and activities:-
Financial Reporting
1. Reviewed and recommended for the Board’s approval the quarterly financial results and the draft announcements
pertaining thereto, to ensure that the Company’s quarterly financial reporting and disclosures present a true
and fair view of the Group’s financial position and performance are in compliance with the Malaysian Financial
Reporting Standards, International Financial Reporting Standards and adhered to other legal and regulatory
requirements.
2. Reviewed the annual audited financial statements of the Group and of the Company. The Audit Committee
discussed with the management and the External Auditors the accounting principles and standards that were
applied and their judgement of the items that may affect the financial statements.
3. Reviewed with the management on any significant accounting and reporting issues, including complex or
unusual transactions and highly judgmental areas, and recent professional and regulatory pronouncements,
and understood their impact on the financial statements and steps taken to address the matters.
4. Reviewed the application of the corporate governance principles and the extent of the Group’s compliance with
the Code in conjunction with the preparation of the Corporate Governance Overview Statement and Statement
on Risk Management and Internal Control.
Risk Management and Internal Control
1. Deliberated and reviewed with the Risk Management Committee on the Group’s risk profile, the key risks
identified and the risk management process to ensure that all high and critical risk areas are being addressed.
2. Reviewed with the management and internal auditors on the adequacy and effectiveness of the internal control
system to ensure compliance with the internal controls and procedures set up within the Group and adequate
scope coverage over the activities of the Group.
3. Reviewed and deliberated the internal audit reports and to monitor/follow-up on remedial action.
4. Reviewed the Statement on Risk Management and Internal Control and recommend to the Board for approval
prior to the inclusion in the Company’s Annual Report 2021.
5. Reviewed the adequacy of resource requirements and competencies of outsourced internal audit function to
execute the annual audit plan and the results of the work.
External Audit
1. Reviewed with the External Auditors at the meeting held on 25 February 2021, their audit plan in respect of the
financial year ended 31 March 2021; outlining the auditors’ responsibilities, materiality level of the Group, audit
risk assessment, significant risks and areas of audit focus, fraud responsibilities and representations, internal
control plan, involvement of internal auditors, timing of audit, engagement quality control, independence
policies, procedure and financial reporting and other technical updates.
2. Discussed and considered the significant accounting and auditing issues arising from the interim audit and
final audit with the External Auditors. The AC also met with the External Auditors without the presence of any
Executive Board members and Management to discuss any fraudulent cases and/or problems/issues arising
from the audit.
3. Reviewed and evaluated the performance, competency, professionalism and the confirmation of independence
from the External Auditors. In respect of the financial year ended 31 March 2021, KPMG PLT (“KPMG”) has
confirmed their independence to act as the Company’s External Auditors in accordance with the relevant
professional and regulatory requirements.
The AC, having been satisfied with the performance, independence and suitability of KPMG, recommended to the
Board for approval of the re-appointment of KPMG as the External Auditors for the financial year ending 31 March
2022 at its meeting held on 18 June 2021 at a fee to be determined later.
ANNUAL REPORT 2021
AUDIT COMMITTEE REPORT (contd) 13
Internal Audit
1. Reviewed and approved the Internal Audit Plan for the financial year ended 31 March 2021 to ensure that the
scope and coverage of the internal audit of the Group is adequate and comprehensive.
2. Reviewed the quarterly internal audit reports and considered the findings and recommendations made including
the Management’s responses and the corrective action, if necessary. The outsourced Internal Auditors
monitored the implementation of Management’s action plans on outstanding issues through follow-up audits to
ensure that all key risks and weaknesses were being properly addressed.
3. Reviewed the adequacy of the scope, performance, competency and resources of the outsourced internal
auditors. The AC, having been satisfied that the outsourced Internal Auditors has maintained a high degree of
independence and professionalism in carrying out their duties as the internal auditors, agreed that the internal
audit function is effective and able to provide value added services to the Group
Other Activities
1. Reviewed on a quarterly basis, any related party transactions entered into by the Company and the Group to
ascertain that the transactions are conducted at arm’s length and on normal commercial terms which are not
more favourable to the related parties than those generally available to the public and are not to the detriment
of the minority shareholders.
2. Reviewed and/or updated the Group’s Code of Conduct, Corporate Disclosure Policy, Whistleblowing Policy,
AC Charter and Anti-Bribery & Corruption Policy and Framework prior to recommendation to the Board for
approval.
3. Reviewed the AC Report, Corporate Governance Overview Statement, and Risk Management and Internal
Control Statement for inclusion in the Annual Report 2021 before recommendation to the Board for approval.
SUMMARY OF ACTIVITIES OF THE OUTSOURCED INTERNAL AUDITORS
The Group has currently outsourced its Internal Audit Function to an independent professional internal audit service
provider. The Internal Auditors report directly to the AC on the outcome of its appraisal of the governance, risk and
internal controls of the Company.
During the year, the Internal Auditors had carried out their duties with impartiality, proficiency and due professional
care with reference to the International Standards for Professional Practice of Internal Auditing promulgated by the
Institute of Internal Auditors, Inc (USA).
The Internal Auditors adopted a risk-based approach whilst applying the principles of the COSO (Committee of
Sponsoring Organisations of the Treadway Commission) Framework for Internal Control as a guideline for review and
reporting. The audit reviews encompassed the assessment of processes and controls covering human resources
management, finished goods inventory management, Group maintenance management, Group asset management,
machinery maintenance management, engineering spare parts and consumable stocks management, equipment
and machinery retirement and disposal management, Also included were follow-up reviews on implementation of
audit recommendations issued in prior years’ audit reports.
Audit reports incorporating audit observations and recommendations for corrective action on the system and internal
control weaknesses were presented to the Management and thereafter to the Audit Committee for appraisal and
review before presenting to the Board on a quarterly basis. The Management would ensure all remedial actions
had been taken to resolve the audit issues highlighted in the audit reports within a reasonable time frame. The
cost incurred for the outsourced internal audit function in respect of the financial year ended 31 March 2021 was
RM49,914 (including SST).
OKA CORPORATION BHD
14 CORPORATE GOVERNANCE OVERVIEW STATEMENT
The Board of Directors (“the Board”) of OKA Corporation Bhd (“Company” or “OKA”) acknowledges the importance of
practicing good corporate governance practices under the leadership of the Board, as guided by the new Malaysian
Code on Corporate Governance (“MCCG”). It is being applied as a fundamental part of discharging the directors’
responsibilities to protect and to enhance shareholders’ value.
The Board of OKA presents this statement to provide shareholders and investors with an overview of the corporate
governance (“CG”) practices of the Company under the leadership of the Board during the financial year ended
31 March 2021. This statement takes guidance from the key CG principles as set out in the MCCG. The detailed
application for each practice as set out in the MCCG is disclosed in the Corporate Governance Report 2021 (“CG
Report 2021”) which is available on the Company website at http://www.oka.com.my
PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS
Part 1 – Board Responsibilities
1. Board’s leadership on Objectives and Goals
1.1 Company’s strategic aims, values and standards
The Board is responsible for formulating the strategic plans, and establishing visions and goals for
delivery of long-term values, and ensures effective leadership through oversight on management and
continuously monitoring, overseeing and evaluating the Group’s strategies, policies and performance so
as to protect and to enhance shareholders and other stakeholders’ value.
There is a division of functions between the Board and the Management. The Board is focused on
the Group’s overall governance by ensuring the implementation of strategic plans and objectives are
in line with its vision and missions; and that accountability to the Group and stakeholders is monitored
effectively. The Board does not actively manage but rather oversees the overall management of the
Group which is delegated to the Group Managing Director, Group Chief Executive Officer, Executive
Director and other officers of the Group. The Management supports the Group Managing Director/Group
Chief Executive Officer in managing the financial and general operations of the Group.
To ensure the effective discharge of its function and responsibilities, the Board delegates some of its
authorities and discretion to the properly constituted Board Committees, namely the Audit Committee,
Nomination Committee and Remuneration Committee, which are entrusted with specific responsibilities to
oversee the Group’s affairs, with authority to act on behalf of the Board in accordance with their respective
Terms of Reference. The ultimate responsibility for the final decision on all matters deliberated in these
Committees, however, lies with the Board. Besides that, the Chairman of the relevant Board Committees
also reports to the Board on key issues deliberated by the Board Committees at their respective meetings.
The Board may also delegate specific functions to ad hoc committees as and when required. The powers
delegated to these committees are set out in the Terms of Reference of each of the Committees as
approved by the Board.
1.2 The Chairman
The Chairman is primarily responsible for matters pertaining to the Board and the overall conducts of the
Group. The Chairman is committed to good corporate governance practices and has been leading the
Board towards achieving the Company’s goals. During the financial year, upon the demise of the Non-
Executive Chairman, the Group Managing Director was redesignated as the Executive Chairman.
1.3 Separation of positions of the Chairman and Group Managing Director / Group Chief Executive
Officer
The roles and responsibilities of the Chairman and Group Managing Director/Group Chief Executive
Officer are clearly segregated to ensure a balance of authority, power and accountability. The Chairman
is responsible for ensuring Board effectiveness and conduct whilst the Group Managing Director/Group
Chief Executive Officer lead the Senior Management of the Company in making and implementing the
day-to-day decisions on the business operations, managing resources and risks in pursuing the corporate
objectives of the Group.
The separation of responsibilities between the Chairman and Group Managing Director/Group Chief
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ANNUAL REPORT 2021
CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd) 15
PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (Cont’d)
Part 1 – Board Responsibilities (Cont’d)
1. Board’s Leadership on Objectives and Goals (Cont’d)
1.4 Qualified and Competent Company Secretaries
The Board is supported by two (2) professionally qualified Company Secretaries. One is a Chartered
Secretary and the other a Chartered Accountant. Both Company Secretaries have the requisite credentials
and are qualified to act as company secretary under Section 235(2) of the Companies Act 2016.
The Company Secretaries play an important advisory role and is a source of information and advice to the
Board and its Committees on issues relating to compliance with laws, rules, procedures and regulations
affecting the Company and Group.
The Board is of the view that the Company Secretaries are competent and have kept themselves abreast
of the evolving regulatory changes and developments through continuous education programmes and
attendance of relevant conferences, seminars and training programmes.
1.5 Meeting Materials
The Board is provided with an agenda, reports and other relevant information for the Board meetings,
covering various aspects of the Group’s operations, so that they have a comprehensive understanding
of the matters to be deliberated upon to enable them to arrive at an informed decision. All scheduled
meetings held during the year were preceded with a formal agenda issued by the Company Secretaries.
Senior management and advisers are invited to attend Board meetings, where necessary, to provide
additional information and insights on the relevant agenda items tabled at Board meetings.
The Company Secretaries attend and ensure that the deliberations and decisions at Board and Board
Committee meetings are well documented in the minutes, including matters where Directors abstained
from voting or deliberation.
2. Demarcation of Responsibilities
2.1 Board Charter
The Board is guided by the Board Charter which sets out the roles, functions, authority, responsibilities,
membership, key matters reserved for the Board, relationships with management and other matters.
The Board will review the Board Charter periodically and updates it in accordance with the needs of the
Company and any new regulations that may have an impact on the discharge of the Board’s responsibilities
to endure its effectiveness. The Board Charter can be viewed at the Company’s website at http://www.
oka.com.my
3. Good Business Conduct and Healthy Corporate Culture
3.1 Code of Conduct
The Board has formalised a Directors’ Code of Ethics and Conduct that is incorporated in the Board
Charter, which sets out the standard of conduct expected of Directors, with the aim to cultivate good
ethical conduct that permeates throughout the Group through transparency, integrity, accountability and
corporate social responsibility.
Directors are required to disclose any conflict of interest situations or any material personal interest that
they may have in the affairs of the Group as soon as they become aware of the interest and abstain
themselves from any deliberations on the matter.
OKA CORPORATION BHD
16 CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd)
Part 1 – Board Responsibilities (Cont’d)
3. Good Business Conduct and Healthy Corporate Culture (Cont’d)
3.2 Whistleblowing Policy
The Company’s Whistleblowing Policy provides a mechanism for its Board members, all levels of
employees, contractors, suppliers, bankers, customers and business associates to report suspected or
instances of wrongdoing in the conduct of its business, whether in matters of financial reporting or other
malpractices, at the earliest opportunity and in an appropriate way.
The Whistleblowing Policy is available on the Company’s website at http://www.oka.com.my
3.3 Anti-bribery & Corruption Policy and Framework
In line with the Corporate Liability Provision under the New Section 17A MACC (Amendment) Act 2018,
the Board has adopted the Anti-bribery & Corruption Policy and Framework developed by the RMC on
24 February 2020. This shows the Group’s commitment in doing businesses ethically and lawfully.
Any forms of bribery and corruption are unacceptable and will not be tolerated. It has always been the
Group’s corporate philosophy and our principle of placing integrity before profits.
Part II – Board Composition
4. Board’s Objectivity
4.1 Composition of the Board
The Board has six (6) members, comprising three (3) Executive Directors and three (3) Independent
Non-Executive Directors for the financial year ended 31 March 2021. The role of Chairman is held by an
Executive Director. This Board composition complies with the Main Market Listing Requirements (“Listing
Requirements”) of Bursa Malaysia Securities Berhad (“Bursa Securities”) to have at least one third (1/3)
of the Board consisting of Independent Directors.
The MCCG requires that at least half of the Board comprises independent directors which the Company
has complied.
4.2 Tenure of Independent Directors
The Nomination Committee and the Board have determined at the annual assessment carried out on
Mr. Chok Hooa @ Chok Yin Fatt, PMP and Mr. Gan Boon Koo @ Gan Boon Kiu, who have served on the
Board for a cumulative term of more than twelve (12) years, that they remain objective and independent
in expressing their views and in participating in deliberations and decision making of the Board and Board
Committees. The length of their services on the Board does not in any ways interfere with their exercise
of independent judgement.
The Board is satisfied with the level of independence demonstrated by all the Independent Non-Executive
Directors and their ability to act in the best interests of the Company.
In accordance with Practice 4.2 of the MCCG, resolutions under the special business to retain Mr. Chok
Hooa @ Chok Yin Fatt, PMP and Mr. Gan Boon Koo @ Gan Boon Kiu, as the Independent Directors will be
tabled in the forthcoming 21st AGM through a two-tier voting process.
4.3 Policy on Independent Director’s Tenure
The Company does not have a policy which limits the tenure of its independent directors to nine (9) years.
The Board Charter has adopted Practice 4.2 of the MCCG to seek shareholders’ approval in the event
the Board desires to retain a director who has served in that capacity for more than nine (9) years as an
Independent Director. If the Board continues to retain the Independent Director after the twelfth (“12”)
year, the Board must seek shareholders’ approval annually through a two (2)- tier voting process.
ANNUAL REPORT 2021
Part II – Board Composition (Cont’d)
4. Board’s Objectivity (Cont’d)
4.4 Diverse Board and Senior Management
The Nomination Committee is responsible for reviewing and assessing the mix of skills, expertise,
composition, size, experience and effectiveness of the Board, its Committees and Senior Management.
This process ensures that the Board membership accurately reflects the long-term strategic direction and
needs of the company while it determines the skills matrix needed to support the strategic direction and
needs of the Company.
Appointment of Board and Senior Management are based on objective criteria, merit and besides gender
diversity, due regards are placed for diversity in skills, experience, age and cultural background. Please
refer to Profile of the Board of Directors and Key Senior Management’s Profile in this Annual Report for
further information.
4.5 Gender Diversity Policy
The Board acknowledges the importance of gender diversity in the board and senior management and
the recommendation of the MCCG pertaining to the establishment of a gender diversity policy. Hence,
the Board had always been in support of a policy of non-discrimination on the bases of race, religion and
gender. The Board encourages a dynamic and diverse composition by nurturing suitable and potential
candidates equipped with the competency, skills, experience, character, time commitment, integrity and
other qualities in meeting the future needs of the Company. Presently, there is one (1) female director
sitting on the Board.
4.6 New Candidates for Board Appointment
The Nomination Committee is responsible for identifying and recommending suitable candidates for
Board membership and also for assessing the performance of the Directors on an on-going basis.
The process for the appointment of a new director is summarized as follows:-
1. The candidate identified upon the recommendation by the existing Directors, senior management
staff and/or other consultants;
2. In evaluating the suitability of candidates to the Board, the Nomination Committee considers, inter-
alia, the competency, experience, commitment, contribution and integrity of the candidates, and
in the case of candidates proposed for appointment as Independent Non-Executive Directors, the
candidate’s independence;
3. Recommendation to be made by Nomination Committee to the Board if the proposed candidate is
found to be suitable. This includes recommendation for appointment as a member of the various
Board Committees, where necessary; and
4. The final decision as to who shall be appointed as Director remains the responsibility of the full
Board after considering the recommendation of the Nomination Committee.
4.7 Re-election and Re-appointment of Directors
In accordance with the Company’s Constitution (“Constitution”), all newly appointed Directors are subject
to re-election by shareholders at the first annual general meeting (“AGM”) after their appointments. The
Constitution also provides that one third (1/3) of the remaining Directors be subject to re-election by
rotation at each AGM provided always that all Directors shall retire from office at least once in every three
(3) years but shall be eligible for re-election.
The Nomination Committee is responsible for recommending to the Board those Directors who are eligible
to stand for re-election/re-appointment.
OKA CORPORATION BHD
4. Board’s Objectivity (Cont’d)
4.8 Nomination Committee
The Nomination Committee has three (3) members comprising exclusively Non-Executive Directors, all of
whom are Independent Directors.
The Nomination Committee meets at least once a year with additional meetings to be convened, if
necessary. During the financial year under review, the Nomination Committee had met on 30 June 2020
and 23 December 2020, attendance by the members was recorded as shown below.
Number of meeting attended
Chairman
Sharifuddin Bin Shoib, AMP 1/1
Independent Non-Executive Director (Deceased on 28.09.2020)
Dato’ Sri Kuan Khian Leng, S.S.A.P. N/A (Note 1)
Members
Chok Hooa @ Chok Yin Fatt, PMP 2/2
Gan Boon Koo @ Gan Boon Kiu 2/2
Note 1: No meeting was held after his appointment
The Nomination Committee is responsible for assessing the performance of the existing Directors and
identifying, nominating, recruiting, appointing and orientating new Directors. It assists the Board in
reviewing on an annual basis the overall composition, appropriate balance and size of non-executive
participation and in establishing procedures and processes towards an annual assessment of the
effectiveness of the Board as a whole and contribution of each individual Director and Board Committee
members. All recommendations of the Nomination Committee are subject to the endorsement of the
Board.
The Terms of Reference of the Nomination Committee is available on the Company’s website at http://
www.oka.com.my
5. Overall Board Effectiveness
5.1 Annual Evaluation and Directors Training
The Nomination Committee conducted its formal annual evaluation and appraisal on the effectiveness of
the Board, its Committees and the contribution of each director.
The evaluation involves individual Director completing separate performance evaluation sheet regarding
the processes of the Board and its Committees, their effectiveness and where improvements could be
considered. Criteria such as contribution to interaction, quality of output, understanding of roles and
Board Chairman’s role are assessed and evaluated.
These assessments and comments by all Directors were summarized and discussed at the Nomination
Committee meeting which were then reported to the Board at the Board meeting held thereafter. All
assessments and evaluations carried out by the Nomination Committee in the discharge of its duties are
properly documented.
There were no major concerns from the results of the annual assessment. The Nomination Committee,
upon the review carried out, is satisfied that the size of the Board is optimum and that there is an
appropriate mix of experience and expertise in the composition of the Board and its Committees.
ANNUAL REPORT 2021
5. Overall Board Effectiveness (Cont’d)
5.1 Annual Evaluation and Directors Training (Cont’d)
Based on the annual board assessment and evaluation, the Nomination Committee has recommended
the re-election of Mdm. Quah Seok Keng and Mr. Gan Boon Koo @ Gan Boon Kiu as Directors at the
forthcoming 21st AGM. The Board (saved for the interested directors) is satisfied that these two (2) directors
have continued to contribute to the Board’s effectiveness and have discharged their responsibilities as
directors.
The Directors are aware of the time commitment expected from each of them to attend to the matters
of the Group generally, including attendance at Board, Board Committees and other types of meetings.
None of our Directors are directors of more than three (3) public listed companies. The Board is satisfied
that the present directorships in external organisations held by the Directors do not give rise to any
conflict of interests nor impair their ability to discharge their responsibilities to the Group. The Directors
would notify the Company prior to accepting any new directorship in a public listed company.
The Board has committed to meet at least four (4) times a year, usually before the announcement of
quarterly results to Bursa Securities with additional meetings convened when necessary.
In the intervals between Board meetings, for exceptional matters requiring urgent Board decisions, Board
approvals are obtained via circular resolutions which are supported with information necessary for an
informed decision.
During the financial year ended 31 March 2021, five (5) Board meetings were held and the attendance is
as follows:-
Directors Attendance
Encik Sharifuddin Bin Shoib, AMP (Deceased on 28.09.2020) 1/2

Ir. Ong Koon Ann 5/5
Mr. Ong Choo Ian 5/5
Mdm. Quah Seok Keng 5/5
Mr. Chok Hooa @ Chok Yin Fatt, PMP 5/5
Mr. Gan Boon Koo @ Gan Boon Kiu 5/5
Dato’ Sri Kuan Khian Leng, S.S.A.P. (Appointed on 23.12.2020) 1/1
The Board acknowledges that continuous education is vital in keeping them abreast with developments in
the market place and with new statutory and regulatory requirements, besides enhancing professionalism
and knowledge in enabling them to discharge their roles in an effective manner.
Relevant training programmes were arranged to facilitate knowledge building for Directors. The Directors
may also attend additional training courses according to their individual needs, to equip themselves for the
discharge of their responsibilities as directors of a public listed company and in the Board Committees on
which they serve. All the Directors have attended and completed the Mandatory Accreditation Programme
(“MAP”) as prescribed by the Bursa Securities.
OKA CORPORATION BHD
All the Directors have attended development and training programmes during the financial year ended 31
March 2021. The conferences, seminars and training programmes attended by the Directors, collectively
or individually were as follows:-
Name Conferences, seminars, workshops and training programmes

Ong Koon Ann • Webinar by DBS Bank Ltd on Wealth Planning Opportunities for Malaysian
Families
• Webinar by EY Events Malaysia on “Optimizing indirect tax strategies to
improve cashflow”
• FMM Pocket Talk on LEAP Market by Bursa Malaysia”
• Captains’ Forum: Transformation toward recovery – Session 1: Financial
Resilience
• FMM Webinar on Managing the Impact of Covid-19 Pandemic on Employment
• EY Webinar | CRS | Embracing tax transparency- Are you ready for a tax
audit?
Quah Seok Keng • Webinar by DBS Bank Ltd on Wealth Planning Opportunities for Malaysian
Families
improve cashflow”
Resilience
audit?
Ong Choo Ian • Webinar by DBS Bank Ltd on Wealth Planning Opportunities for Malaysian
Families
• Webinar by SGS Academy Malaysia on “The New Norm - Business Recovery
and Continuity”
improve cashflow”
• Road to Capital Markets – Webinar by AmBank
• YTL Cement Webinar – Building To Connect: Specifying Concrete To EN
206 For Sustainability
• YTL Cement Webinar – Cement & Concrete Series: Constituent Materials
For Concrete
Resilience
• Thermodynamic Modelling: a tool to understand hydrated cements
audit?
• 2020 Personal Tax Filing: Maximizing Your Savings by BoardRoom Smart
Business Solutions
• Corporate Tax Submission: Essential Considerations by BoardRoom Smart
Business Solutions
ANNUAL REPORT 2021
All the Directors have attended development and training programmes during the financial year ended 31
March 2021. The conferences, seminars and training programmes attended by the Directors, collectively
or individually were as follows:- (Cont’d)
Name Conferences, seminars, workshops and training programmes

Chok Hooa @ • Corporate Tea Talk: “Companies Act 2016 (Updates)”
Chok Yin Fatt, PMP • Guidelines for Reporting Framework for Beneficial Ownership (“BO”) of Legal
Persons
• Webinar on Company Law Meetings, Minutes & Resolutions in Malaysia Key
Changes & Essential Takeaways
• Virtual Conference on Business Foresight Forum (BFF 2020) Evolutionary
Change to Revolutionary Impact Reimagining A New World Post Covid-19
• Fraud Risk Management Workshop by Bursa Malaysia
Gan Boon Koo @ • FMM webinar on MACC Act Section 17A: Implementing Adequate Procedures
Gan Boon Kiu As a Defence Against Corporate Liability
• Audit Committee Institute Virtual Roundtable 2020- ESG Perspective:
Managing Recovery and Resilience
• LHDNM – CTIM Tax Forum 2021
Dato’ Sri Kuan • 2020 Portal Demand Analytics Webinar by iProperty.com.Malaysia
Khian Leng, S.S.A.P. • Latest Legal Developments in the Construction Industry-Webinar by Donovan
& Ho Advocates & Solicitors
6. Level and Composition of Remuneration
6.1 Remuneration Policy
The Company aims to set remuneration at levels which are sufficient to attract, retain, motivate and
reward suitably qualified candidates to occupy positions in the Board and Senior Management in order to
run the business successfully taking into consideration all relevant factors including the function, workload
and responsibilities involved.
For the Executive Director and Senior Management, the components of the remuneration package are
linked to corporate and individual performance. For the Non-Executive Directors, they receive a fixed
Director’s fee, meeting and travelling allowance for attending meetings of the Board and its Committees.
Other allowance may also be paid for performance of specific job assignment.
The Board is mindful of the recommendation of MCCG pertaining to the establishment of the remuneration
policy. The Board will take steps towards formalizing remuneration policy to determine the remuneration of
Directors and Senior Management, which takes into account the demands, complexities and performance
of the Company as well as skills and experience required.
OKA CORPORATION BHD
6.2 Remuneration Committee
The Remuneration Committee has three (3) members comprising all Independent Non-Executive
Directors.
Number of meeting attended
Chairman
Gan Boon Koo @ Gan Boon Kiu 2/2
Members
Chok Hooa @ Chok Yin Fatt, PMP 2/2
Sharifuddin Bin Shoib, AMP 1/1
Independent Non-Executive Director (Deceased on 28.09.2020)
Dato’ Sri Kuan Khian Leng, S.S.A.P. 1/1
Meetings of the Remuneration Committee are held as and when necessary, and at least once a year.
The Committee held two meetings during the financial year ended 31 March 2021 and attendance by the
members was recorded as shown above.
The Remuneration Committee is responsible for setting the policy framework and makes recommendation
to the Board on all elements of remuneration and terms of employment of Executive Directors and Senior
Management. Non-Executive Directors’ remuneration will be a matter to be decided by the Board as a
whole with the Director concerned abstaining from deliberations and voting decisions in respect of his
individual remuneration.
The Remuneration Committee is entrusted to assist the Board, amongst others, to recommend to the Board
the remuneration of Executive Directors by linking rewards to the corporate and individual performance.
The Remuneration Committee shall ensure that the level of remuneration is sufficient to attract and retain
Directors and Senior Management of the quality required to manage the business of the Group.
The current remuneration payable to Non-Executive Directors comprises Directors’ fees and meeting
allowance, based on the number of meetings they are attending for a year which require shareholders’
approval.
The Terms of Reference of the Remuneration Committee is available on the Company’s website at http://
www.oka.com.my
ANNUAL REPORT 2021
7. Remuneration for Directors and Senior Management
7.1 Directors’ Remuneration
The details of the remuneration for Directors of the Company (comprising remuneration received and/or
receivable from the Company) during the financial year ended 31 March 2021 are categorized as follows:-
Directors’ Benefits- Other
Remuneration Salaries Fees Bonus In-kind Emoluments Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Executive Directors
Ong Koon Ann 658 29 280 31 117 1,115
Quah Seok Keng 456 27 128 17 71 699
Ong Choo Ian 418 27 170 22 71 708
Non-Executive
Directors
Sharifuddin Bin Shoib
(Deceased on 28.09.2020) - 15 - - 25 40
Chok Hooa @
Chok Yin Fatt - 27 - - 49 76
Gan Boon Koo @
Gan Boon Kiu - 27 - - 41 68
Dato’ Sri Kuan
Khian Leng (Appointed
on 23.12.2020) - 7 - 11 18
Total 1,532 159 578 70 385 2,724
Directors’ fees and all benefits payable, if any are subject to the approval of shareholders at the forthcoming
Annual General Meeting of the Company.
7.2 Senior Management
The Company has an existing policy whereby the remuneration of employees is classified as confidential.
The remuneration details for senior management are not disclosed as the Board is of the view that it
would not be in the best interest of the Company to disclose the details given the competitiveness in the
market for good senior management. It could also possibly give rise to unnecessary staff rivalry and
disillusionment.
The performance of senior management is evaluated on an annual basis and measured against pre-
determined targets including responsibilities. The Board will ensure that the remuneration for senior
management is appropriately commensurate with their performance, in order to attract, retain and
motivate them to contribute positively towards the Group’s performance.
OKA CORPORATION BHD
PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT
Part I – Audit Committee
8. Effective and Independent Audit Committee
The Audit Committee (“AC”) of the Company presently comprises three (3) Independent Non-Executive
Directors. The AC is chaired by Mr. Chok Hooa @ Chok Yin Fatt, AMP who is distinct from the Chairman of the
Board.
The members of the Audit Committee have a mix of commercial, financial, engineering skills, management,
accounting and manufacturing experience. Members of the Committee do attend seminars to keep abreast of
relevant developments in accounting and auditing standards, practices and rules.
The Board has established a formal and transparent arrangement with the external auditors of the Company
through the AC. The AC communicated directly and independently with the external auditors and without the
presence of the Executive Directors.
Further details please refer to Audit Committee Report.
Part II – Risk Management And Internal Control Framework
9. Risk Management And Internal Control Framework
9.1 Effective Risk Management and Internal Control Framework
The Board affirms its overall responsibilities for the Group’s system of internal control which includes the
establishment of an appropriate control environment and framework as well as reviewing its adequacy
and effectiveness. The internal control system has been applied to manage risks within cost levels
appropriate to the significance of the risks. Accompanying these regular reviews and evaluations of
internal control system is a continuous process for identifying, evaluating and managing significant risks
which are faced by the Group.
The Risk Management Committee (“RMC”) oversees the Group’s risk management function. It provides
direction and counsel to the risk management process as well as involves in the evaluation of the structure
for the Group’s risk management processes and support system. In addition, it also reviews and approves
actions developed to mitigate key risks and advises the Board on risk related issues. The RMC will assist
the Board to carry out its sustainability commitment and initiatives as well.
Recommendations from the RMC were forwarded to related departments and this warrants the strategic
and rapid response by the Management to mitigate the impact on its key risks in order to achieve the
Group’s business objectives.
9.2 Features, Adequacy and Effectiveness of Risk Management and Internal Control Framework
The Board has adopted a systematic approach to oversee the actual performance and provides guidance
to the management on measures to improve the business performance and minimize risk impacts. The
Group has an adequate and effective risk management framework, and a sound internal control system
in place. The Group’s risk management function is being assigned to the RMC to monitor and mitigate
the key risks. The Audit Committee will perform a risk oversight role by reviewing the adequacy and
effectiveness of the Group’s system of internal control and risk management function, and advises the
Board accordingly.
The Board is committed towards improving the system of internal control and risk management process to
meet its corporate objectives and to support all types of businesses and operations within the Group. The
Board is of the view that the existing system of internal controls is sound and sufficient to safeguard the
Group’s interest and its business operations. It is also satisfied that the risks taken are at an acceptable
level within the control of the business environment of the Group. The features of risk management and
internal control framework are adequately disclosed in the Audit Committee Report, Corporate Governance
Overview Statement, and Statement on Risk Management and Internal Control of this Annual Report.
ANNUAL REPORT 2021
PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT (Cont’d)
Part II – Risk Management And Internal Control Framework (Cont’d)
10. Effective Governance, Risk Management and Internal Control
On 15 January 2021, an annual assessment of the effectiveness and independence of the outsourced internal
audit function has been conducted by the Audit Committee for the financial year ended 31 March 2021. The
Audit Committee has opined that the outsourced internal audit team had carried out their duties objectively,
impartially and independently in accordance with the Internal Audit Charter, International Professional Practice
Framework for Internal Auditing and Code of Ethics for Internal Auditors.
The Audit Committee is satisfied with the outsourced internal audit team whereby they have maintained a high
degree of independence and professionalism in carrying out their duty as the internal auditors.
Besides, the Audit Committee has reviewed the adequacy of resource requirements and competencies of the
audit staff as well as the annual audit plan and their audit works. The Audit Committee has obtained reasonable
assurance that the internal audit function had remained effective and advised the Board accordingly.
The Board is confident that the outsourced internal auditors are competent enough to provide value added
services, and able to meet all its audit objectives. As such, the Board is of the view that the system of
risk management and internal control in place during the financial year ended 31 March 2021 is sound and
sufficient to safeguard the shareholders’ investment as well as other stakeholders’ interests.
The processes of corporate governance, risk management and internal control framework are adequately
disclosed in the Audit Committee Report, Corporate Governance Overview Statement, and Statement on Risk
Management and Internal Control of the Annual Report.
PRINCIPLE C: INTERGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH

STAKEHOLDERS
Part I – Communication with Stakeholders
11. Continuous Communication between Company and Stakeholders
The Board recognises the importance of communication channel between the Board, shareholders and
general public, and at the same time, full compliance with the disclosure requirements as set out in the
Listing Requirements. The annual reports, quarterly results and any announcements on material corporate
exercises are the primary modes of disseminating information on the Group’s business activities and financial
performance.
The Chief Executive Officer, Executive Directors and Chief Financial Officer are the designated spokespersons
for all matters related to the Group and oversee investor relations and where it deems practicable to do so, will
engage with research analysts, fund managers and institutional shareholders based on mutual understanding
of objectives and entertain visits from such groups.
The Board will continue to assess and improve on the reporting and disclosure. The Company further ensures
that shareholders are kept fully informed through information provided on the Company’s website at http://
www.oka.com.my
OKA CORPORATION BHD
PRINCIPLE C: INTERGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH

STAKEHOLDERS (Cont’d)
Part II – Conduct of General Meetings
12. Encourage Shareholders’ Participation at General Meetings
The Board regards the AGM and other general meetings as an opportunity to communicate directly with
shareholders and encourages attendance and participation in dialogue. To ensure effective participation of
and engagement with shareholders at the 20th AGM of the Company held on 29 September 2020, all members
of the Board were present at the meeting except En. Sharifudddin Bin Shoib, AMP who passed away a day prior
to the AGM, to respond to the questions raised by the shareholders or proxies. The Chief Executive Officer
chaired the 20th AGM in an orderly manner and allowed the shareholders or proxies to speak at the meeting.
The management and external auditors were also in attendance to respond to the shareholders’ queries.
Further, in line with good corporate governance practice, the notice of the 20th AGM was issued at least 28
days before the AGM date.
Pursuant to Paragraph 8.29A(1) of the Listing Requirements, the Company is required to ensure that any
resolution set out in the notice of general meetings is voted by poll. Hence, all the resolutions set out in the
notice of the Company’s 20th AGM were voted by poll.
Due to the Company having a relatively small number of shareholders and that the Company’s AGM is not held
in remote areas, voting in absentia and remote shareholders’ participation are not facilitated as advocated in
MCCG’s Practice 12.3.
This Corporate Governance Overview Statement was approved by the Board on 26 July 2021.
OTHER INFORMATION
1. Utilisation of proceeds raised from Corporate Proposals
The Company did not raise any funds from any corporate proposals during the financial year ended 31 March
2021.
2. Audit and Non-audit Fees
For the financial year ended 31 March 2021, the amount of audit and non-audit fees paid/payable to the
external auditors and its subsidiaries are as follows:-
Company Group
RM RM
Audit fee 28,000 118,800

Non-audit fee 15,000 15,000
Total 43,000 133,800
3. Contracts relating to loans
There were no contracts relating to loans made by the Company during the financial year.
4. Material Contracts
There was no material contract which has been entered into by the Group, involving the Directors’ and major
shareholders’ interests, entered into since the end of the previous financial year and at the end of the financial
year.
ANNUAL REPORT 2021
STATEMENT ON RISK MANAGEMENT AND 27

INTERNAL CONTROL
1. Introduction
The Malaysian Code on Corporate Governance requires listed companies to maintain a sound system of risk
management and internal control to safeguard shareholders’ investments and the Group’s assets. Pursuant
to Paragraph 15.26(b) of the Bursa Malaysia Securities Berhad Main Market Listing Requirements and the
Statement on Risk Management and Internal Control: Guidelines for Directors of Listed Issuers, the Board of
Directors of OKA Corporation Bhd (“the Board”) is pleased to make the following statement which outlines the
nature and scope of the risk management and internal control of the Group for the financial year ended 31
March 2021.
2. Board’s Responsibilities
The Board recognises that internal control is an integral part of managing risks in an effort to achieve
corporate objectives. As such, the Board acknowledges its responsibilities in maintaining as well as reviewing
the adequacy and integrity of the Group’s system of risk management and internal control which provides
reasonable assurance of effective and efficient operations, financial controls and compliance with laws and
regulations together with internally set procedures and guidelines safeguarding shareholders’ investments
and the Group’s assets. The Group’s system of risk management and internal control is designed to provide
reasonable but not absolute assurance against risks of material errors, fraud or losses from occurring. In view
of the limitations that are inherent in any system of risk management and internal control, the Group’s system
of risk management and internal control is applied to manage rather than to eliminate the risk of failure in
achieving the business objectives.
3. Internal Audit Function
The Group’s Internal Audit function has been outsourced to a firm of consultants (“Internal Auditors”).
The internal audit function provides assurance of the effectiveness of the system of risk management and
internal control within the Group. The Internal Auditors conduct independent reviews of the key activities within
the Group’s operating units based on a 2-year Audit Plan which was approved by the Board. The Internal
Auditors would report to the Audit Committee on risk and control matters of significance; including suspected
fraud, illegal or irregular acts and material misstatements, if any. Any areas identified for improvements during
the course of audit are also brought up to the attention of the Audit Committee.
The Audit Committee considers the findings from internal audit and management, before reporting and making
recommendations to the Board. The Audit Committee presents its findings to the Board during the quarterly
Board meetings.
4. Risk Management Framework
The process of determining risks forms part of the Group’s internal control environment. As a result, the
following initiatives have been undertaken by the management and the Board:
(a) Pursuant to the new Malaysian Code on Corporate Governance (“MCCG”) issued by the Securities
Commission Malaysia on 26 April 2017, a compliance review of the new Malaysian Code on Corporate
Governance 3rd Edition was conducted by the Internal Auditors. The Board will re-evaluate the existing
risk management practices to ensure that they are appropriate and continues to remain relevant to the
Group’s requirement;
(b) A Risk Management Committee (“RMC”) comprising the Managing and Executive Directors and senior
management was established on 1 October 2003;
(c) Risk management meetings were held twice a year to update the risks and mitigating controls to produce
a detailed risk register. Key risks identified are scored for likelihood of the risks occurring and the
magnitude of its impact;
(d) Recommendations from the RMC were forwarded to related departments;
(e) Audit Committee reviews the findings of the RMC and risk register of the Group.
The Board has in place a process of identifying, evaluating and managing significant risks encountered by the
Group in its achievement of objectives and strategies for the year under review and up to the date of approval
of this Statement.
OKA CORPORATION BHD
28 STATEMENT ON RISK MANAGEMENT AND

INTERNAL CONTROL (contd)
5. Other Risk And Control Processes
Apart from risk management and internal audit, the Board has put in place an organisational structure with
the appropriate lines of responsibility, delegation of authority and accountability. The procedures include the
establishment of limits of authority coupled with the publication of Safety & Health Manual and Quality Manual
which highlights policies on safety and health as well as quality.
Monthly consolidated management accounts and financial analysis are prepared to allow top management to
focus on areas of concern. All access to the assets and records of the Group are safeguarded and controlled
to reduce the risk of unauthorised use.
The Group’s individual operating units are managed by managers who are responsible for the conduct and
performance of their businesses in accordance with the organisation’s goals. The Group’s performance is
monitored by the Group Managing Director, Executive Directors and senior management team. Senior
management meetings were conducted on quarterly basis to share information, monitor the progress of various
operating units and to make decision pertaining to certain operational matters. The Group Managing Director
also reports to the Board on significant changes in the business and the external environment. In addition,
the Board and Audit Committee also review the quarterly results to monitor the Group’s progress towards
achieving its objectives. The Chief Financial Officer provides the Board with quarterly financial information.
Where areas of improvement in the system of risk management and internal control are identified, the Board
considers the recommendations made by the Audit Committee and the Management.
6. Anti-Bribery & Corruption Policy
In line with the Corporate Liability Provision under the New Section 17A MACC (Amendment) Act 2018, the
Board has adopted the Anti-bribery & Corruption Policy and Framework developed by the RMC on 24 February
2020. The Group is committed to conduct business dealings with highest level of integrity and ethics and to
comply fully with applicable laws and regulatory requirements on anti-corruption.
The Anti-bribery & Corruption Policy and Framework are guided by five (5) principles i.e Top level commitment,
Risk assessment, Undertake control measures, Systematic review, Monitoring & enforcement and Training &
communication.
7. Weaknesses In Internal Control That Result In Material Losses
There were no material losses incurred during the financial year under review as a result of weaknesses in
internal control. Management continues to take measures to strengthen the control environment which includes
credit control management, debts recovery and inventory management.
8. Review Of Effectiveness
The Board has received assurance from the Managing Director and Chief Financial Officer that the Group’s
risk management and internal control system is operating adequately and effectively, in all material aspects,
during the financial year under review and up to the date of this Statement. On-going reviews are carried out
by the Board to ensure the effectiveness and adequacy of the Group’s risk management and internal control
system in safeguarding the shareholders’ investments, customers’ interest and Group’s assets. The Board
remains committed and will continue to take measures to strengthen the internal control and risk management
environment towards enhancing the system of internal control to support all types of businesses and operations
within the OKA Corporation Bhd group of companies.
This statement is made in accordance with the resolution of the Board dated 26 July 2021.
ANNUAL REPORT 2021
MANAGEMENT DISCUSSION AND ANALYSIS 29
GROUP FINANCIAL HIGHLIGHTS
Amounts in RM'000
unless otherwise stated 2021 2020 2019 2018 2017
Financial Results
Revenue 116,116 119,052 129,175 144,429 166,673
Profit Before Tax 21,641 14,486 14,049 32,117 37,419
Profit After Tax 15,849 11,300 10,921 24,617 28,297
Basic Earnings per Share (Sen) 6.46 4.60 4.45 10.042 11.772
Net dividend per Share (Sen) 4.50 4.00 3.70 5.50 5.50
Statement of Financial Position
Non-current Assets 77,097 75,116 76,224 62,362 62,751
Current Assets 133,928 126,585 123,940 151,1121 138,0191
Total Assets 211,025 201,701 200,164 213,474 200,770
Non-current Liabilities 0 0 0 545 511

Current Liabilities 29,294 25,757 25,950 31,2771 37,0261
Total Liabilities 29,294 25,757 25,950 31,822 37,537
Share Capital 87,837 87,837 87,837 87,807 85,920

Share Option Reserve 0 0 1,841 1,847 936
Fair Value Reserve 3 3 3 3 3
Retained Profits 93,891 88,104 84,533 91,995 76,374
Total Equity 181,731 175,944 174,214 181,652 163,233
Net Assets per Share (RM) 0.74 0.72 0.71 0.742 0.672
Revenue Profit After Tax
RM (’000) RM (’000)
180,000 28,297 30,000
166,673
144,429 160,000 24,617
129,175
129,175 25,000
119,052
119,052 140,000
116,116 120,000 20,000
100,000 15,849
11,300 15,000
80,000 10,921
60,000 10,000
40,000
5,000
20,000
- -
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
Total Equity Total Assets

RM (’000) 181,652 RM (’000)
181,731 200,000 213,474 250,000
175,944 211,025
174,214 201,701
163,233 200,770 200,164
200,000
150,000
150,000
100,000
100,000
50,000
50,000
- -
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
Notes:
1 These figures have been restated following the first-time adoption of MFRS 15, Revenue from Contracts with Customers during the financial
year 2019.
2 The comparative figures for Basic Earnings per Share and Net Assets per Share have been restated to reflect the adjustments arising from the
bonus issue completed during the financial year 2019.
OKA CORPORATION BHD
30 MANAGEMENT DISCUSSION AND ANALYSIS (contd)
Business & Operation Overview
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Massive stimulus packages were initiated to cushion the economic impact. While economic growth began to pick up in the second
half of 2020 following the easing of lockdowns, the recovery pace in most economies was hampered by uncertainties on the ongoing
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The recovery for global economies was restrained by the prolonged pandemic measurements, in which many countries implemented
various movement restrictions nationwide or in selected localities.
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S>3*)&33$B2"3>#&$&\&B/*R&$TG$+,#B;$EFEF$/"$B".S,/$/;&$O*<&3D#&,<$D,)<&.*B6$d;&$.,J"#*/'$"4$3&B/"#39$&3D&B*,22'$)")I&33&)/*,2$
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all businesses.
Financial Review
Amidst the challenges of 2020, the Group recorded a slightly lower revenue of RM116.12 million, a 2% drop as compared with
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performance started improving in the second half year of 2020.
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million, a decrease of RM0.82 million. Administrative expenses decreased from RM10.64 million to RM9.52 million, a decrease of
RM1.12 million.
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S,3*B$V,#)*)-3$D&#$(;,#&$LbV0(cM$O,3$h6Wh$3&)$,3$B".D,#&<$/"$W6hF$3&)$*)$/;&$D#&R*">3$1),)B*,2$'&,#6
f*/;$/;&$*.D#&33*R&$1),)B*,2$D&#4"#.,)B&$,B;*&R&<9$/;&$K#">D$;,3$<&B2,#&<$,$/"/,2$3*)-2&I/*&#$<*R*<&)<$"4$W6XF$3&)$D&#$3;,#&$4"#$
/;&$1),)B*,2$'&,#6$8$3*)-2&I/*&#$*)/&#*.$<*R*<&)<$"4$E6TF$3&)$D&#$3;,#&$;,3$S&&)$<&B2,#&<$,)<$D,*<$")$Fh$+,'$EFET6$5)$,<<*/*")9$/;&$
@",#<$;,3$D#"D"3&<$,$1),2$3*)-2&I/*&#$<*R*<&)<$"4$E6WF$3&)$D&#$3;,#&$/"$S&$D,*<$*)$#&3D&B/$"4$/;&$1),)B*,2$'&,#$&)<&<$jT$+,#B;$EFET9$
subject to shareholders’ approval at the forthcoming Annual General Meeting.
Financial Position
In FYE 2021, the Group’s total assets increased by 5% from RM201.70 million to RM211.03 million mainly due to increase in cash
and cash equivalents by RM0.47 million, attributed by net cash generated from operating activities of RM15.15 million. Net cash used
in investing activities of RM4.87 million involved primarily acquisition of small pieces of land in Nilai and Batu Gajah for consideration
"4$C+T6EF$.*22*")$,)<$C+T6XF$.*22*")$#&3D&B/*R&2'$4"#$4,B/"#*&3^$&]D,)3*")6$!*),)B*)-$,B/*R*/*&3$*)$EFET$#&B"#<&<$,$)&/$B,3;$">/e"O$
of RM9.82 million solely due to dividends paid during the year.
Total liabilities increased by 14% to RM29.29 million as compared to FYE 2020. This was mainly due to increase in payables and
accruals by RM3.46 million.
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A&3D*/&$/;&$D""#$.,#?&/$3&)/*.&)/$,)<$*.D,B/$"4$/;&$D,)<&.*B9$/;&$K#">D$*3$,S2&$/"$3>3/,*)$*/3$1),)B*,2$D"3*/*")$,3$,$#&3>2/$"4$/;&$
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Future Outlook and Prospects
The management acknowledges that COVID-19 pandemic has caused serious impact on the global economy. With the recent
development and vaccination progress worldwide as well as in the country, the management will still remain vigilant and resilient
upon dealing with challenges and any potential adverse impacts arising from COVID-19 pandemic on the operations of the Group.
VR&)$/;">-;$/;&#&$*3$;*-;&#$&]D&B/,/*")$/;,/$/;&$+,2,'3*,)$K"R&#).&)/$O*22$S""3/$13B,2$3D&)<*)-$*)$*)4#,3/#>B/>#&$D#"J&B/39$&3D&B*,22'$
in underdeveloped areas, there is also concern on the supply of migrant workers in the construction sector, which had been disrupted
since the outbreak of the pandemic. In view of the uncertain market conditions ahead, the Group will continue to adopt measures to
address cost and ensure its market position is not compromised.
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crisis. At this juncture, we have yet to know the full severity of the COVID-19 pandemic as there are still challenges, including the
possibility of recurring movement controls to curb renewed infection and slower-than-expected rollout of vaccines globally. However,
the general sentiment is that the pandemic will have negative impact on the global economy, as the long period of the containment
measures had reduced economic activities on a large scale. We are hopeful that COVID-19 vaccination programme will lead to
lower infected cases and thus facilitates a gradual economic recovery in the second half of year 2021.
ANNUAL REPORT 2021
SUSTAINABILITY STATEMENT 2021 31
OKA is committed to creating sustainable stakeholders’ values by integrating positive economic, environmental
and societal concerns into its business strategies and performance. Such values are realised through continuous
balanced assessment and development of its operations, whilst simultaneously conserving and improving the natural
environment and uplifting the socio-economic conditions of employees and communities.
This Statement covers the financial year from 1 April 2020 to 31 March 2021, unless otherwise stated. It has been
prepared in accordance with the Main Market Listing Requirements and Sustainability Reporting Guide and Toolkits
issued by Bursa Malaysia Securities Berhad.
VISION MISSION
• On-going research and development
To be the leading integrated manufacturer of • Committed pool of professional and skilled
precast concrete products in South East Asia personnel
• Serving esteemed customers through 5
branches positioned at strategic locations
throughout the country
Our Group recognises the importance of sustainability as a fundamental aspect of the business. Our Board of
Directors and top management team are directly involved in the planning and strategizing of various sustainability
initiatives. This requires effective governance, leadership and ongoing focus on compliance procedures. We also
ensure the strategic initiatives are systematically crafted, with due attention to our stakeholders, so as to ensure the
sustainability remains as an integral part of every business practice, process and project undertaken.
OKA taken the initiative to incorporate Economic, Environmental and Social (“EES”) considerations in its business
model and risk management (financial and non-financial) practices with the aim of creating long-term sustainable
value.
Key sustainability aspects at OKA are managed across the various business units and overseen by different Business
Unit Head of Department. Underlying all efforts is an overriding commitment towards good governance which lies in
sound business ethics, viable policies and procedures across all areas of the Group.
The Group has instituted its Code of Ethics & Conduct which provides guidance in four key areas for professional
behaviour i.e. transparency, integrity, accountability and corporate social responsibility. In compliance with the laws
and regulations, we have put in place the policies and procedures such as Operation Risk Management and Safety,
Health & Environment Management to ensure the controls on the potential risks are adequate.
We also provide avenues for further mitigation measures, should needs arise, through our outsource internal control
audit function and regularly reviewed by the top management as well as the Whistleblowing Policy, in order to uphold
our commitments to high standards of ethical, moral and legal business conduct.
Following the widespread of COVID-19 pandemic, we adopted strict SOPs, in compliance with various precautionary
measures enforced by the government in order to curb the spread of the virus. The new norm embedded into our
daily operation includes strict site protocols for hygiene and social distancing, constant sanitisation of workplaces,
temperature monitoring and face mask wearing requirement for everyone entering into our offices and premises.
OKA CORPORATION BHD
32 SUSTAINABILITY STATEMENT 2021 (contd)
SUSTAINABILITY GOVERNANCE
Our Board has the overall accountability to ensure sustainability considerations are integrated into the process
of strategic planning and the daily operations of the Group. To ensure the function of the Board is discharged
effectively, the Board is supported by our Risk Management Committee (“RMC”) in overseeing the Group’s risk
management. The RMC is also responsible to determine whether there is a robust process in placed for identifying,
assessing and monitoring key business risks in order to ensure the Group’s business sustainability and safeguard
various stakeholders’ interest.
The RMC is made up of senior management from respective business units, in developing and implementing risk
management strategies in business operations across the Group and update on any new material matters/issues
identified.
GOVERNANCE STRUCTURE
BOARD OF DIRECTORS Provides direction on the Group’s sustainability strategy. Ultimately

(“Board”) accountable to review and approve sustainability strategy
RISK MANAGEMENT
CHAIRMAN
Overseeing, considering, planning and embedding sustainability strategies
Chief Financial Officer
set by the Board and reports to the Board on its progress
RISK MANAGEMENT
COMMITTEE
Responsible for the day-to-day operations of the Group, implementation
Senior Management of
of the risk management policies adopted as well as to update any new
Respective Business Units
material issues to the Risk Management Chairman
MANAGING SUSTAINABILITY
At OKA, we recognise the importance of conducting business responsibilities with due consideration given not
only to the Group’s financial performance, but also the EES aspects. More specifically, in addition to managing
sustainability governance, sustainable product development and environmental stewardship, we also aim to provide
a balance development for our stakeholders.
Given the extremely challenging landscape in year 2020 which has been severely influenced by the detrimental effects
of the COVID-19 pandemic, we have proactively refined our business strategies to ensure business sustainability.
SUSTAINABILITY STRATEGY
SUSTAINING ECONOMIC VALUE
ECONOMIC AND BUSINESS PERFORMANCE
• Economic and business performance

• Products and technological innovation
• Building quality and customer trust
The Covid-19 outbreak, which has been spreading rapidly worldwide had reached Malaysia in late January 2020.
By March, a nationwide “Movement Control Order (MCO)” was announced that has disrupted and severely affected
a lot of business.
Despite the backdrop of revenue amounting to RM116.12 million for the financial year 2021 as compared to RM119.05
million recorded in the preceding financial year, the Group recorded a pre-tax profit of RM21.64 million, which was
49% higher than last year of RM14.49 million.
ANNUAL REPORT 2021
SUSTAINABILITY STATEMENT 2021 (contd) 33
The Group still consistently paid sustainable dividends to its shareholders while maintaining prudent investment
and working capital for business growth. It also aims to meet the expectations of investors and other stakeholders.
The Group focuses on meeting customer needs, delivering quality products and improving operational efficiency and
reliability to gain customer trust and satisfaction. We invest heavily on innovative technology and machinery as it
leads to production efficiency and an increase in product quality. OKA products are certified by MS ISO 9001:2015.
Furthermore, our products have attained product certifications by SIRIM QAS, IKRAM QA and UKAS.
PRESERVING THE ENVIRONMENT
ENVIRONMENTAL STEWARDSHIP
• Utilising resources wisely

• Efficient energy and water usage
• Promoting 3Rs (reduce, reuse and recycle) practice
The Group remains committed to preserving the environment. The Board ensures the business activities are conducted
in compliance with the applicable environment regulations and laws at all times. Resources are used efficiently to
reduce wastage and minimise environmental impacts. Recyclable materials are either reused or recycled. Lights and
computers turn off when not in used.
Quality Control (“QC”) recognizes the importance to preserve the environment for future generations. Each of
the subsidiaries under QC has undertaken various measures to reduce the adverse impacts on its operations. In
minimizing the impact caused by our operations, appropriate actions have been taken to ensure the environmental
sustainability.
ADVANCING SOCIAL PRACTISE
• Health & safety

• Employer/employee relations
The Group recognises the importance of employees as the most valuable asset. We believe in creating a conducive
workplace which emphasises on health and safety for our employees. Guidance and trainings provided to improve
our employees’ competencies and allow them to achieve their full potential.
The Group also complies with Occupational Safety and Health Act 1994 (OSHA) together with other relevant
legislations, regulations and code of practices. We are committed to create a safer and better work place for them.
Health and safety awareness course is conducted regularly to ensure that they are aware of the potential hazards
around them and also the safe handling of machineries and tools.
Due to the Covid-19 pandemic, we strictly follow the Standard Operating Procedures enforcement such as allowing
staff to work from home to reduce the number of workers at workplace.
OKA CORPORATION BHD
34 SUSTAINABILITY STATEMENT 2021 (contd)
STAKEHOLDER ENGAGEMENT
Continuous engagement with our stakeholders allows us to address important matters related to our business
operations. Ongoing communication with our stakeholders allows the Management to understand emerging trends,
differing perspectives and strengthen our relationships to make informed business decisions and deliver on our
commitments. Effective stakeholder engagement allows the Group to better understand the impacts of its business
operations to the economy, environment and society.
OKA identifies and assesses the relevant stakeholders for stakeholder engagement in order to garner insights from
the stakeholders’ perspectives and recognise their needs and expectations on the Group’s sustainability performance
which are an integral part of our sustainability strategy and initiatives.
The Group values its internal and external stakeholder groups through the use of stakeholder analysis, together with
our engagement activities, as follows:
STAKEHOLDERS STAKEHOLDER’S CONCERN ENGAGEMENT PLATFORM

Board of Directors • Continuous business growth, • Quarterly and ad-hoc Board
sustainability & profitability Meetings
• Group’s financial results • Annual General Meeting
• Monitoring and identification of • Company events
business risks
Shareholders / • Company’s performance & business • Annual general meeting

Investors growth • Quarterly financial results
• Business management & corporate • Discussions with bankers and
governance investors
• Risk and opportunities • Corporate website
Customers • Quality products and services • Face-to-face interaction

• Competitive pricing and on-time • Customer feedback
delivery
Suppliers • Materials & services quality • Face-to-face interaction

• Supplier performance • Supplier evaluation & review
• Delivery schedule • Quotation requests
Employees • Career development opportunities • Management meeting

• Training and development • Regular engagement with
• Health, safety & environment management
• Performance appraisals
• Company social events
Government & • Legislation & statutory compliance • Advices & consultations and
Regulators • Listing & regulatory compliance regulatory disclosures
• Occupational Safety & Health • Verification/ compliance audit
Communities • Social & environmental issues • Community programmes

• Supporting community • Official website & Annual Report
• Public awareness
ANNUAL REPORT 2021
ANALYSIS OF SHAREHOLDINGS 35
AS AT 12 JULY 2021
Number of Issued Share : 245,395,350 ordinary shares

Issued Share Capital : RM87,836,442
Class of Shares : Ordinary shares
Voting Rights : 1 vote per ordinary share
Number of shareholders : 3,230
ANALYSIS OF SHAREHOLDINGS
Size of shareholdings Number of Percentage Number of Percentage

Holders % Shares * %
Less than 100 198 6.13 11,089 0.00

100 to 1,000 299 9.26 159,946 0.06
1,001 to 10,000 1,496 46.32 7,897,254 3.22
10,001 to 100,000 1,075 33.28 32,166,432 13.11
100,001 to 12,269,766(*) 161 4.98 78,323,545 31.92
12,269,767 and above (**) 1 0.03 126,837,084 51.69
3,230 100.000 245,395,350 100.00
* - less than 5% of issued shares

** - 5% and above of issued shares
SUBSTANTIAL SHAREHOLDERS
Name of substantial Direct Percentage Deemed Percentage

Shareholder interest % interest %
Ong Koon Ann 126,837,084 51.69 13.387,920# 5.48

Quah Seok Keng 8,662,920 3.53 131,613,084# 53.63
# Deemed interest through their spouses and children’s interests in the Company pursuant to Section 59(11) of
the Companies Act 2016 (“Act”).
DIRECTORS’ INTERESTS IN SHARES
Other than as disclosed below, there is no other Director of the Company who has interest, direct or deemed, in the
Company and its related corporations.
Direct Percentage Deemed Percentage
Name of Director interest % interest %
Shares in OKA Corporation Bhd
01. Ong Koon Ann 126,837,084 51.69 #13,438,920 5.48

02. Quah Seok Keng 8,662,920 3.53 # 131,613,084 53.63
03. Ong Choo Ian 4,401,000 1.79 - -
04. Chok Hooa @ Chok Yin Fatt, PMP 1,604,003 0.65 - -
05 Gan Boon Koo @ Gan Boon Kiu 250,000 0.10 - -
06 Dato’ Sri Kuan Khian Leng, S.S.A.P. - - - -
# Deemed interest through their spouses and children’s interests in the Company pursuant to Section 59(11) of
the Act.
OKA CORPORATION BHD
36 ANALYSIS OF SHAREHOLDINGS (contd)

AS AT 12 JULY 2021
LIST OF TOP THIRTY SHAREHOLDERS
Number of Percentage
No. Name Shares %
01 Ong Koon Ann 121,122,084 49.36

02 Citigroup Nominees (Tempatan) Sdn Bhd 6,743,100 2.75
Employees Provident Fund Board
03 Quah Seok Keng 6,587,295 2.68
04 Ong Koon Ann 5,715,000 2.33
05 Lam Sang 3,336,800 1.36
06 Nik Mohamad Pena Bin Nik Mustapha 3,170,000 1.29
07 Neoh Choo Ee & Company, Sdn. Berhad 2,833,600 1.15
08 Ong Choo Ian 2,250,000 0.92
09 RHB Capital Nominees (Tempatan) Sdn Bhd 2,182,848 0.89
Pledged Securities Account for Sharifuddin Bin Shoib (041004)
10 Ong Choo Ian 2,151,000 0.88
11 Quah Seok Keng 2,075,625 0.85
12 Nguyen Thuy Lieu 1,800,000 0.73
13 Chok Hooa @ Chok Yin Fatt 1,604,003 0.65
14 CIMB Group Nominees (Asing) Sdn. Bhd. 1,600,000 0.65
Exempt An For DBS Bank Ltd (SFS)
15 Yayasan Guru Tun Hussein Onn 1,500,000 0.61
16 Jailani Bin Abdullah 1,265,625 0.52
17 Affin Hwang Nominees (Asing) Sdn Bhd 1,200,000 0.49
DBS Vickers Secs (S) Pte Ltd For Asia Humanistic Capital Inc
18 Andrew Lim Cheong Seng 1,200,000 0.49
19 Lai Ka Chee 1,107,187 0.45
20 Maybank Nominees (Tempatan) Sdn Bhd 1,040,000 0.42
Pledged Securities Account For Cheong Kar Lai
21 Cheong Man Weng 903,800 0.37
22 CGS-CIMB Nominees (Tempatan) Sdn Bhd 700,000 0.29
Pledged Securities Account for Leang Siew Yeen (MY1662)
23 Ong Chooi Suat 700,000 0.29
24 CGS-CIMB Nominees (Tempatan) Sdn Bhd 669,450 0.27
Pledged Securities Account for Chin Len Chee (Ipoh Garden-CL)
25 Chuah Seong Boon 596,250 0.24
26 Wong Khoon Thai 592,000 0.24
27 Lim Soon Huat 562,500 0.23
28 Tok Chye Tiam 550,925 0.22
29 HSBC Nominees (Tempatan) Sdn Bhd 504,450 0.21
HSBC (M) Trustee Bhd For RHB Growth And Income Focus Trust
30 Tee Ah Ta @ Tee Sin Yong 503,250 0.21
TOTAL 176,766,792 72.04
ANNUAL REPORT 2021
LIST OF PROPERTIES 37
As At 31 March 2021
Location Description Existing Use Date of Date of Approximate Tenure Carrying

Purchase Valuation land/built up amount @
area 31 March ‘21
(RM)
Lot 65305, Hakmilik 110988 Land and Industrial 26-Jun-97 4.8 acres Freehold
Mukim of Sungai Terap factory
District of Kinta, Kinta, building
Perak Darul Ridzuan
Perak Darul Ridzuan
Perak Darul Ridzuan
Perak Darul Ridzuan 29-May-12 13,212,943
Perak Darul Ridzuan
Perak Darul Ridzuan
Perak Darul Ridzuan
Perak Darul Ridzuan
Lot 13699, Title No. Geran 45871 Land Industrial 7-Apr-03 1-Jun-12 10.9 acres Freehold 765,000
Mukim Sungai Raya, District of
Kinta, Kinta,
Perak Darul Ridzuan
Geran 245335, Lot 305844 Land and Industrial 22-Oct-02 29-May-12 9,388.6 m2 Leasehold 2,423,629
Mukim Sg. Terap, factory
Daerah Kinta, Kinta, building
Perak Darul Ridzuan
Lot 6937N, Geran 38231 21/2 storey Commercial 05-Mar-83 29-May-12 2,220 ft.2 Freehold 220,950
Town of Ipoh, District of Kinta shoplot
585 & 585A, Jalan Kuala Kangsar (aged 38
Ipoh, Perak Darul Ridzuan years)
Lot7683, No. HM00126601 Land Power 14-May-02
Mukim Setul, Daerah Seremban Sub-station
Negeri Sembilan Darul Khusus
Lot7682, No. HM00126600 Land Industrial 14-May-02
Mukim Setul, Daerah Seremban
29-May-12 25,661.9 m2 Freehold 4,808,726
Lot7685, No. HM00126603 Land and Industrial 14-May-02
Mukim Setul, Daerah Seremban factory
Negeri Sembilan Darul Khusus building
Lot7684, No. HM00126602 Land Industrial 14-May-02
76995 Mukim Setul,
Daerah Seremban
Lot 29110, Hakmilik 5904 Land Industrial 2-Oct-02 743,000
29-May-12 8.0 acres Freehold
Lot 3731 Hakmilik 68647 Land Industrial 29-Mar-05 1,657,000
OKA CORPORATION BHD
38 LIST OF PROPERTIES (contd)

As At 31 March 2021
Location Description Existing Use Date of Date of Approximate Tenure Carrying

Purchase Valuation land/built up amount @
area 31 March ‘21
(RM)
Hakmilik 1147, Lot 548 Land and Industrial 25-Sep-02

Mukim Senai, Kulai, factory
Daerah Johor Bahru building
Johor Darul Takzim
Industrial 3-Dec-04
H.S.(M) 2473,PTD 37446, Land 30-May-12 22.3 acres Freehold 12,561,174
Hakmilik 317 Lot 547,
Mukim Senai, Kulai,
Daerah Johor Bahru
Johor Darul Takzim Industrial 26-Apr-06 1,592,000
Lot No. PTD 37445, Title No. Land
HS(M) 2474 Mukim Senai,
Kulai Daerah Johor Bahru,
Johor Darul Takzim
EMR 1041, GM279 , Land Agriculture 31-July-18 Nil 8.9 acres Freehold 10,441,130
Lot 512 Hakmilik 279
Mukim Senai-Kulai,
Daerah Johor Bahru,
Johor Darul Takzim
Land Industrial 6-Aug-09 30-May-12 8.3 acres Freehold 4,450,000
EMR 2612, Lot 515,
Hakmilik 330
Mukim Senai-Kulai,
Daerah Johor Bahru,
Johor Darul Takzim
Lot 2917 Geran No.5781 Land and Industrial 19-Jun-06 31-May-12 16.5 acres Freehold 2,793,582
Mukim Kuala Kuantan, factory
Daerah Kuantan building
Pahang Darul Makmur
Lot 986 & Lot 2354 Land Industrial 20-Nov-03 31-May-12 7.9 acres Freehold 1,350,000
Hakmilik 1524 & Hakmilik 1525
Mukim Kuala Kuantan,
Daerah Kuantan
Pahang Darul Makmur
H.S.(D) 72875 No. PT583 Land and Industrial 17-Oct-08 4-Jun-12 39,355 m2 Freehold 3,202,576
Pekan Bukit Selambau, factory
Daerah Kuala Muda building
Kedah Darul Aman
H.S.(D) 72876 No. PT584 Land Industrial 12-May-09 4-Jun-12 8,845 m2 Freehold 385,000
Pekan Bukit Selambau,
Daerah Kuala Muda
Kedah Darul Aman
Parcel No. NW-02-30, Shoplot Commercial 18-Feb-14 NIL 68.8 m2 Leasehold 233,022
Cova Square Jalan Teknologi, (741 ft.2)
Kota Damansara, PIU5,
47810 Petaling Jaya. Selangor
Master title PN. 80337, Lot 54636,
Pekan Baru Sungai Buloh, Daerah
Petaling, Selangor Darul Ehsan
Hakmilik Geran:555366, Residential Commercial 31-Mar-19 NIL 1,808 ft.2 2 Freehold 1,058,093
Lot 165604 (167 m )
L125, Double Storey Superlink
House: Estuari Gardens, Laman
Estuari, Nusajaya (Johor) - IP
GRN230314, 76-B, PA73902, Shoplot Commercial 19-July-18 NIL 1,646.9 ft.2 Freehold 1,323,000
Lot33995 Pekan Baru Sungai
Buloh, 37, Jlan BRP 1/4, Bukit
Rahman Putra, Sungai Buloh
Lot 4210, GM 874, Mukim Land Agriculture 30-Jun-20 NIL 2.25 acres Freehold 1,200,000
Setul, Sungai Mahang,
Seremban,;Negeri Sembilan
Lot 65314, GM110950 Land Agriculture 31-Jul-20 NIL 4.79 acres Freehold 1,500,000
Mukim Sungai Terap, Daerah
Kinta,;Negeri Perak
Total (RM) 65,920,825

REPORTS &
FINANCIAL STATEMENTS
Directors’ Report 40 - 43
Consolidated Statement of Financial Position 44
Consolidated Statement of Profit or Loss and 45
Other Comprehensive Income
Consolidated Statement of Changes in Equity 46
Consolidated Statement of Cash Flows 47 - 48
Statement of Financial Position 49
Statement of Profit or Loss and Other 50
Comprehensive Income
Statement of Changes in Equity 51
Statement of Cash Flows 52
Notes to the Financial Statements 53 - 96
Statement by Directors 97
Statutory Declaration 98
Independent Auditors’ Report 99 - 102
OKA CORPORATION BHD
40 DIRECTORS REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the
Company for the financial year ended 31 March 2021.
Principal activities
The principal activity of the Company is that of investment holding whilst the principal activities of the subsidiaries
are as stated in Note 6 to the financial statements. There has been no significant change in the nature of these
activities during the financial year.
Subsidiaries
The details of the Company’s subsidiaries are disclosed in Note 6 to the financial statements.
Results
Group Company
RM RM
Profit for the year attributable to owners of the Company 15,848,686 9,576,298
Reserves and provisions

There were no material transfers to or from reserves and provisions during the financial year under review.
Dividends
Since the end of the previous financial year, the amount of dividends paid by the Company were as follows :
i) In respect of the financial year ended 31 March 2020 as reported in the Directors’ Report of that year :
• an interim single-tier dividend of 2.00 sen per ordinary share totalling RM4,907,907 paid on 30 April 2020.
• a final single-tier dividend of 2.00 sen per ordinary share totalling RM4,907,907 paid on 11 December
2020.
ii) In respect of the financial year ended 31 March 2021 :
• an interim single-tier dividend of 2.10 sen per ordinary share totalling RM5,153,300 paid on 6 May 2021.
A final single-tier dividend recommended by the Directors in respect of the financial year ended 31 March 2021 is
2.40 sen per ordinary share, subject to the approval of shareholders at the forthcoming Annual General Meeting.
Directors of the Company

Directors who served during the financial year and until the date of this report are:
Ong Koon Ann
Quah Seok Keng
Chok Hooa @ Chok Yin Fatt, PMP
Gan Boon Koo @ Gan Boon Kiu
Ong Choo Ian
Dato’ Sri Kuan Khian Leng, S.S.A.P. (Appointed on 23 December 2020)
Sharifuddin Bin Shoib, AMP (Deceased on 29 September 2020)
ANNUAL REPORT 2021
DIRECTORS REPORT (contd) 41

For The Year Ended 31 March 2021
Directors’ interests in shares

The direct and deemed interests in the ordinary shares and options over ordinary shares of the Company of those
who were Directors at financial year end (including the interests of the children of the Directors who themselves are
not Directors of the Company) as recorded in the Register of Directors’ Shareholdings are as follows:
Number of ordinary shares
Balance at Balance at
1.4.2020 Bought (Sold) 31.3.2021
Direct interest in the Company:
Ong Koon Ann
- own 126,837,084 - - 126,837,084
- others* 375,000 - - 375,000
Quah Seok Keng
- own 8,662,920 - - 8,662,920
- others* 375,000 - - 375,000
Chok Hooa @ Chok Yin Fatt, PMP
- own 1,400,003 204,000 - 1,604,003
Gan Boon Koo @ Gan Boon Kiu
- own 260,000 40,000 (50,000) 250,000
Ong Choo Ian
- own 4,401,000 - - 4,401,000
Deemed interest in the Company:
Ong Koon Ann 13,438,920 - - 13,438,920
Quah Seok Keng 131,613,084 - - 131,613,084
* Miss Ong Ee Dith is the daughter of Mr. Ong Koon Ann and Madam Quah Seok Keng. In accordance with
Section 59(11)(c) of the Companies Act 2016, the direct and deemed interests of Miss Ong Ee Dith in the
shares of the Company and of its related corporations (other than wholly-owned subsidiaries) shall be treated
as the interests of Mr. Ong Koon Ann and Madam Quah Seok Keng.
By virtue of their interests in the shares of the Company, Mr. Ong Koon Ann and Madam Quah Seok Keng are also
deemed interested in the shares of all subsidiaries during the financial year to the extent that the Company has an
interest.
Dato’ Sri Kuan Khian Leng holding office at 31 March 2021 did not have any interest in the ordinary shares of the
Company during the financial year.
Directors’ benefits
Since the end of the previous financial year, no Director of the Company has received nor become entitled to receive
any benefit (other than those fees and other benefits included in the aggregate amount of remuneration received or
due and receivable by Directors as shown in the financial statements of the Company) 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, except as disclosed in Note 25 to the financial
statements.
There were no arrangements during and at the end of the financial year which had the object of enabling Directors
of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any
other body corporate.
OKA CORPORATION BHD
42 DIRECTORS REPORT (contd)

Issue of shares and debentures

There were no changes in the issued and paid-up capital of the Company and no debentures were issued during
the financial year.
Options granted over unissued shares

No options were granted to any person to take up unissued shares of the Company during the financial year.
Indemnity and insurance costs

During the financial year, the total amount of insurance cost effected for Directors or officers of the Company is
RM10,500. However, there was no indemnity given to Directors or officers of the Company during the financial year.
There was no indemnity given to or insurance effected for auditors of the Company during the financial year.
Other statutory information

Before the financial statements of the Group and of the Company were made out, the Directors took reasonable
steps to ascertain that:
(i) all known bad debts have been written off and adequate provision made for doubtful debts, and
(ii) any current assets which were unlikely to be realised in the ordinary course of business have been written
down to an amount which they might be expected so to realise.
At the date of this report, the Directors are not aware of any circumstances:
(i) that would render the amount written off for bad debts or the amount of the provision for doubtful debts in the
Group and in the Company inadequate to any substantial extent, or
(ii) that would render the value attributed to the current assets in the financial statements of the Group and of the
Company misleading, or
(iii) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the
Group and of the Company misleading or inappropriate, or
(iv) not otherwise dealt with in this report or the financial statements that would render any amount stated in the
financial statements of the Group and of the Company misleading.
At the date of this report, there does not exist:
(i) any charge on the assets of the Group or of the Company that has arisen since the end of the financial year
and which secures the liabilities of any other person, or
(ii) any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial
year.
No contingent liability or other liability of any company in the Group has become enforceable, or is likely to become
enforceable within the period of twelve months after the end of the financial year which, in the opinion of the
Directors, will or may substantially affect the ability of the Group and of the Company to meet their obligations as
and when they fall due.
In the opinion of the Directors, the financial performances of the Group and of the Company for the financial year
ended 31 March 2021 have not been substantially affected by any item, transaction or event of a material and
unusual nature nor has any such item, transaction or event occurred in the interval between the end of that financial
year and the date of this report.
ANNUAL REPORT 2021
DIRECTORS REPORT (contd) 43

Auditors
The auditors, KPMG PLT, have indicated their willingness to accept re-appointment.
The auditors’ remuneration is disclosed in Note 18 to the financial statements.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
.......................................……………………...
Ong Koon Ann
Director
.......................................……………………...
Ong Choo Ian
Director
Ipoh
Date : 26 July 2021

OKA CORPORATION BHD
44 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021
Note 2021 2020

RM RM
Assets
Property, plant and equipment 3 71,490,619 69,906,907
Right-of-use assets 4 1,337,971 1,048,451
Investment property 5 2,602,043 2,657,602
Other investments 7 11,920 11,920
Deferred tax assets 8 1,654,377 1,490,783
Total non-current assets 77,096,930 75,115,663
Inventories 9 41,217,973 41,206,064

Receivables, deposits and prepayments 10 34,346,222 27,230,803
Current tax assets 5,825,445 6,083,406
Cash and cash equivalents 11 52,538,042 52,064,881
Total current assets 133,927,682 126,585,154
Total assets 211,024,612 201,700,817
Equity
Share capital 12 87,836,442 87,836,442
Reserves 13 93,894,380 88,106,901
Total equity attributable to owners of the Company 181,730,822 175,943,343
Liabilities
Payables and accruals 14 28,208,077 24,752,832
Contract liabilities 15 1,085,713 1,004,642
Total current liabilities 29,293,790 25,757,474
Total liabilities 29,293,790 25,757,474
Total equity and liabilities 211,024,612 201,700,817
The notes on pages 53 to 96 are an integral part of these financial statements.

ANNUAL REPORT 2021
CONSOLIDATED STATEMENT OF PROFIT 45

OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE YEAR ENDED 31 MARCH 2021
Note 2021 2020
RM RM
Revenue 16 116,115,715 119,052,313
Cost of sales (79,277,736) (83,496,455)
Gross profit 36,837,979 35,555,858
Distribution expenses (10,857,287) (11,678,707)
Administrative expenses (9,520,480) (10,644,666)
Other operating income 1,437,297 622,000
Net gain/(loss) on impairment of
financial instruments 2,756,661 (943,032)
Results from operating activities 20,654,170 12,911,453
Finance costs 17 (4,397) -
Interest income 991,070 1,574,679
Profit before tax 18 21,640,843 14,486,132
Income tax expense 20 (5,792,157) (3,185,986)
Profit for the year representing total
comprehensive income for the year 15,848,686 11,300,146
Basic earnings per ordinary share (sen) 21 6.46 4.60

OKA CORPORATION BHD
46 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to owners of the Company

Share
Share option Fair value Retained Total
capital reserve reserve profits equity
Note RM RM RM RM RM
At 1 April 2019 87,836,442 1,840,511 3,380 84,533,280 174,213,613
Profit for the year representing
total comprehensive income
for the year - - - 11,300,146 11,300,146
Dividends to owners of the Company 22 - - - (9,570,416) (9,570,416)
Total transactions with owners
of the Company - - - (9,570,416) (9,570,416)
Transfer to retained profits for
share options expired - (1,840,511) - 1,840,511 -
At 31 March 2020 87,836,442 - 3,380 88,103,521 175,943,343
Note 12 Note 13
At 1 April 2020 87,836,442 - 3,380 88,103,521 175,943,343

Profit for the year representing
total comprehensive income
for the year 15,848,686 15,848,686
Dividends to owners of the Company 22 - - - (10,061,207) (10,061,207)
of the Company - - - (10,061,207) (10,061,207)
At 31 March 2021 87,836,442 - 3,380 93,891,000 181,730,822
Note 12 Note 13

ANNUAL REPORT 2021
CONSOLIDATED STATEMENT OF CASH FLOWS 47

Note 2021 2020

RM RM
Cash flows from operating activities
Profit before tax 21,640,843 14,486,132
Adjustments for:
Depreciation of :
- investment property 5 55,559 55,559
- property, plant and equipment 3 3,765,498 4,017,110
- right-of-use assets 4 154,480 133,004
Plant and equipment written off 18 1,004 2,543
Gain on disposals of property, plant and equipment 18 (24,998) (79,307)
Interest income 18 (903,303) (1,523,817)
Overdue interest income 18 (87,767) (50,862)
Dividend income 18 (92) (370)
Operating profit before changes in working capital 24,601,224 17,039,992
Changes in working capital:
Receivables, deposits and prepayments (7,115,419) 3,347,574
Contract liabilities 81,071 (688,986)
Inventories (11,909) (96,701)
Payables and accruals 3,209,852 5,856
Cash generated from operations 20,764,819 19,607,735
Income tax paid (5,697,790) (6,510,824)
Overdue interest received 87,767 50,862
Net cash from operating activities 15,154,796 13,147,773
Cash flows from investing activities
Additions of property, plant and equipment 3 (5,350,216) (3,151,239)
Additions of right-of-use assets 4 (444,000) -
Proceeds from disposal of property, plant and equipment 25,000 79,312
Interest received 18 903,303 1,523,817
Dividend income received 18 92 370
Net cash used in investing activities (4,865,821) (1,547,740)
Cash flows from financing activities
Dividends paid (9,815,814) (9,079,625)
Net cash used in financing activities (9,815,814) (9,079,625)
Net increase in cash and cash equivalents 473,161 2,520,408
Cash and cash equivalents at beginning of year 52,046,131 49,525,723
Cash and cash equivalents at end of year 52,519,292 52,046,131
OKA CORPORATION BHD
48 CONSOLIDATED STATEMENT OF CASH FLOWS (contd)

A Cash and cash equivalents

Cash and cash equivalents included in the consolidated statement of cash flows are stated net of fixed deposits
pledged with a licensed bank and comprise the following statement of financial position amounts:
Note 2021 2020
RM RM
Fixed deposits placed with a licensed bank 11 18,750 18,750
Less : Pledged deposits 11 (18,750) (18,750)
- -
Short-term funds placed with financial institutions 11 47,634,098 49,871,066
Cash and bank balances 11 4,885,194 2,175,065
52,519,292 52,046,131
B Cash outflows for leases as a lessee
Note 2021 2020

RM RM
Included in net cash from operating activities :
Payment relating to short-term leases 18 734,569 1,812,519
Total cash outflows for leases 734,569 1,812,519

ANNUAL REPORT 2021
STATEMENT OF FINANCIAL POSITION 49

AS AT 31 MARCH 2021
Note 2021 2020

RM RM
Assets
Property, plant and equipment 3 1,592,011 1,592,011
Investment property 5 7,635,000 7,635,000
Interests in subsidiaries 6 76,775,349 77,243,989
Total non-current assets 86,002,360 86,471,000
Receivables, deposits and prepayments 10 10,001,000 9,801,000
Current tax assets 18,109 12,818
Cash and cash equivalents 11 18,583 30,878
Total current assets 10,037,692 9,844,696
Total assets 96,040,052 96,315,696
Equity
Share capital 12 87,836,442 87,836,442
Reserves 13 2,607,337 3,092,246
Total equity attributable to owners of the Company 90,443,779 90,928,688
Current liability
Payables and accruals 14 5,596,273 5,387,008
Total liability 5,596,273 5,387,008
Total equity and liability 96,040,052 96,315,696

OKA CORPORATION BHD
50 STATEMENT OF PROFIT OR LOSS AND OTHER

COMPREHENSIVE INCOME
Note 2021 2020
RM RM
Revenue 16 10,000,000 9,800,000
Administrative expenses (3,325,302) (3,427,125)
Other operating income 2,961,600 2,940,000
Net loss on impairment of financial instruments (60,000) (60,000)
Profit before tax 18 9,576,298 9,252,875
Income tax expense 20 - -
Profit for the year representing total comprehensive
income for the year 9,576,298 9,252,875

ANNUAL REPORT 2021
STATEMENT OF CHANGES IN EQUITY 51

Attributable to owners of the Company

Share
Share option Retained Total
capital reserve profits equity
Note RM RM RM RM
At 1 April 2019 87,836,442 1,840,511 1,569,276 91,246,229
comprehensive income for the year - - 9,252,875 9,252,875
Dividends to owners of the Company 22 - - (9,570,416) (9,570,416)
of the Company - - (9,570,416) (9,570,416)
Transfer to share capital for
share options exercised - (1,840,511) 1,840,511 -
At 31 March 2020/1 April 2020 87,836,442 - 3,092,246 90,928,688
comprehensive income for the year - - 9,576,298 9,576,298
Dividends to owners of the Company 22 - - (10,061,207) (10,061,207)
of the Company - - (10,061,207) (10,061,207)
At 31 March 2021 87,836,442 - 2,607,337 90,443,779
Note 12 Note 13

OKA CORPORATION BHD
52 STATEMENT OF CASH FLOWS

Note 2021 2020

RM RM
Cash flows from operating activities
Profit before tax 9,576,298 9,252,875
Adjustments for:
Dividend income 18 (10,000,000) (9,800,000)
Impairment loss on amount due from subsidiaries 18 60,000 60,000
Operating loss before changes in working capital (363,702) (487,125)
Changes in working capital:
Payables and accruals (36,128) 36,450
Amount due from subsidiaries 408,640 545,817
Cash generated from operations 8,810 95,142
Income tax (paid)/refunded (5,291) 2,262
Dividend received 9,800,000 9,000,000
Net cash from operating activities 9,803,519 9,097,404
Cash flows from financing activities
Dividends paid (9,815,814) (9,079,625)
Net cash used in financing activities (9,815,814) (9,079,625)
Net (decrease)/increase in cash and cash equivalents (12,295) 17,779
Cash and cash equivalents at beginning of year 30,878 13,099
Cash and cash equivalents at end of year 11 18,583 30,878

ANNUAL REPORT 2021
NOTES TO THE FINANCIAL STATEMENTS 53
OKA Corporation Bhd is a public limited liability company, incorporated and domiciled in Malaysia and is listed on
the Main Market of Bursa Malaysia Securities Berhad. The address of its registered office and principal place of
business is as follows:
Registered office and principal place of business
6 Lebuhraya Chateau
Off Persiaran Kampar
30250 Ipoh
Perak Darul Ridzuan
The consolidated financial statements of the Company as at and for the financial year ended 31 March 2021
comprise the Company and its subsidiaries (together referred to as the “Group” and individually referred to as
“Group entities”). The financial statements of the Company as at and for the financial year ended 31 March 2021 do
not include other entities.
The principal activity of the Company is that of investment holding and the principal activities of the subsidiaries are
stated in Note 6 to the financial statements.
The financial statements were authorised for issue by the Board of Directors on 26 July 2021.
1. BASIS OF PREPARATION
1.1 Statement of compliance
The financial statements of the Group and the Company have been prepared in accordance with
Malaysian Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards and
the requirements of the Companies Act 2016 in Malaysia.
The following are accounting standards, interpretations and amendments that have been issued by the
Malaysian Accounting Standards Board (“MASB”) but have not been adopted by the Group and the
Company :
MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 June
2020
• Amendment to MFRS 16, Leases - Covid-19-Related Rent Concessions
MFRSs, interpretations and amendments effective for annual periods beginning on or after 1
January 2021
• Amendments to MFRS 9, Financial Instruments, MFRS 139, Financial Instruments: Recognition
and Measurement, MFRS 7, Financial Instruments: Disclosures, MFRS 4, Insurance Contracts and
MFRS 16, Leases - Interest Rate Benchmark Reform - Phase 2
MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 April
2021
• Amendment to MFRS 16, Leases - Covid-19-Related Rent Concessions beyond 30 June 2021
January 2022
• Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards (Annual
Improvements to MFRS Standards 2018-2020)
• Amendments to MFRS 3, Business Combinations - Reference to the Conceptual Framework
• Amendments to MFRS 9, Financial Instruments (Annual Improvements to MFRS Standards 2018-
2020)
• Amendments to Illustrative Examples accompanying MFRS 16, Leases (Annual Improvements to
MFRS Standards 2018-2020)
• Amendments to MFRS 116, Property, Plant and Equipment - Proceeds before Intended Use
• Amendments to MFRS 137, Provisions, Contingent Liabilities and Contingent Assets - Onerous
Contracts - Cost of Fulfilling a Contract
• Amendments to MFRS 141, Agriculture (Annual Improvements to MFRS Standards 2018-2020)
OKA CORPORATION BHD
54 NOTES TO THE FINANCIAL STATEMENTS (contd)
1. BASIS OF PREPARATION (cont’d)

1.1 Statement of compliance (cont’d)
January 2023
• MFRS 17, Insurance Contracts
• Amendments to MFRS 101, Presentation of Financial Statements - Classification of Liabilities as
Current or Non-current and Disclosures of Accounting Policies
• Amendments to MFRS 108, Accounting Policies, Changes in Accounting Estimates and Errors -
Definition of Accounting Estimates
• Amendments to MFRS 112, Income Taxes – Deferred Tax related to Assets and Liabilities arising
from a Single Transaction
MFRSs, interpretations and amendments effective for annual periods beginning on or after a date
yet to be confirmed
• Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in
Associates and Joint Ventures - Sale or Contribution of Assets between an Investor and its Associate
or Joint Venture
The Group and the Company plan to apply the abovementioned accounting standards, interpretations and
amendments, where applicable, in the respective financial years when the abovementioned accounting
standards, interpretations and amendments become effective.
The initial application of the accounting standards, interpretations or amendments is not expected to have
any material financial impacts to the current period and prior period financial statements of the Group and
the Company.
1.2 Basis of measurement
The financial statements have been prepared on the historical cost basis other than as disclosed in Note
2 to the financial statements.
1.3 Functional and presentation currency
These financial statements are presented in Ringgit Malaysia (“RM”), which is the Company’s functional
currency. All financial information is presented in RM, unless otherwise stated.
1.4 Use of estimates and judgements
The preparation of the financial statements in conformity with MFRSs requires management to make
judgements, estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting
estimates are recognised in the period in which the estimates are revised and in any future periods
affected.
There are no significant areas of estimation uncertainty and critical judgements in applying accounting
policies that have significant effect on the amounts recognised in the financial statements other than
those disclosed in Note 9 – Inventories and Note 10 – Receivables, deposits and prepayments.
ANNUAL REPORT 2021
NOTES TO THE FINANCIAL STATEMENTS (contd) 55
2. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies set out below have been applied consistently to the periods presented in these financial
statements and have been applied consistently by Group entities, unless otherwise stated.
2.1 Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities, including structured entities, controlled by the Company. The financial
statements of subsidiaries are included in the consolidated financial statements from the date that
control commences until the date that control ceases.
The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement
with the entity and has the ability to affect those returns through its power over the entity. Potential
voting rights are considered when assessing control only when such rights are substantive. The
Group also considers it has de facto power over an investee when, despite not having the majority
of voting rights, it has the current ability to direct the activities of the investee that significantly affect
the investee’s return.
Investments in subsidiaries are measured in the Company’s statement of financial position at cost
less any impairment losses, unless the investment is classified as held for sale or distribution. The
cost of investments includes transaction costs.
(ii) Business combinations
Business combinations are accounted for using the acquisition method from the acquisition date,
which is the date on which control is transferred to the Group.
For new acquisitions, the Group measures the cost of goodwill at the acquisition date as:
• the fair value of the consideration transferred; plus
• the recognised amount of any non-controlling interests in the acquiree; plus
• if the business combination is achieved in stages, the fair value of the existing equity interest
in the acquiree; less
• the net recognised amount (generally fair value) of the identifiable assets acquired and
liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
For each business combination, the Group elects whether it measures the non-controlling interests
in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net
assets at the acquisition date.
Transaction costs, other than those associated with the issue of debt or equity securities, that the
Group incurs in connection with a business combination are expensed as incurred.
(iii) Loss of control
Upon the loss of control of a subsidiary, the Group derecognises the assets and liabilities of the
former subsidiary, any non-controlling interests and the other components of equity related to the
former subsidiary from the consolidated statement of financial position. Any surplus or deficit arising
on the loss of control is recognised in profit or loss. If the Group retains any interest in the former
subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently,
it is accounted for as an equity-accounted investee or as a financial asset depending on the level of
influence retained.
(iv) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-
group transactions, are eliminated in preparing the consolidated financial statements.
OKA CORPORATION BHD
2. SIGNIFICANT ACCOUNTING POLICIES (cont’d)

2.2 Financial instruments
(i) Recognition and initial measurement
A financial asset or a financial liability is recognised in the statements of financial position when,
and only when, the Group or the Company becomes a party to the contractual provisions of the
instrument.
A financial asset (unless it is a trade receivable without significant financing component) or a
financial liability is initially measured at fair value plus or minus, for an item not at fair value through
profit or loss, transaction costs that are directly attributable to its acquisition or issuance. A trade
receivable without a significant financing component is initially measured at the transaction price.
An embedded derivative is recognised separately from the host contract where the host contract is
not a financial asset, and accounted for separately if, and only if, the derivative is not closely related
to the economic characteristics and risks of the host contract and the host contract is not measured
at fair value through profit or loss. The host contract, in the event an embedded derivative is
recognised separately, is accounted for in accordance with policy applicable to the nature of the
host contract.
(ii) Financial instrument categories and subsequent measurement
Financial assets
Categories of financial assets are determined on initial recognition and are not reclassified
subsequent to their initial recognition unless the Group or the Company changes its business model
for managing financial assets in which case all affected financial assets are reclassified on the first
day of the first reporting period following the change of the business model.
(a) Amortised cost
Amortised cost category comprises financial assets that are held within a business model
whose objective is to hold assets to collect contractual cash flows and its contractual terms
give rise on specified dates to cash flows that are solely payments of principal and interest
on the principal amount outstanding. The financial assets are not designated as fair value
through profit or loss. Subsequent to initial recognition, these financial assets are measured
at amortised cost using the effective interest method. The amortised cost is reduced by
impairment losses. Interest income, foreign exchange gains and losses and impairment are
recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
Interest income is recognised by applying effective interest rate to the gross carrying amount
except for credit impaired financial assets (see Note 2.9(i)) where the effective interest rate is
applied to the amortised cost.
(b) Fair value through other comprehensive income
(i) Equity investments
This category comprises investment in equity that is not held for trading, and the Group
and the Company irrevocably elect to present subsequent changes in the investment’s
fair value in other comprehensive income. This election is made on an investment-
by-investment basis. Dividends are recognised as income in profit or loss unless the
dividend clearly represents a recovery of part of the cost of investment. Other net gains
and losses are recognised in other comprehensive income. On derecognition, gains and
losses accumulated in other comprehensive income are not reclassified to profit or loss.
All financial assets, except for equity investments measured at fair value through other comprehensive
income, are subject to impairment assessment (see Note 2.9(i)).
ANNUAL REPORT 2021

2.2 Financial instruments (cont’d)
(ii) Financial instrument categories and subsequent measurement (cont’d)
Financial liabilities
The categories of financial liabilities at initial recognition are as follows :
Amortised cost
Financial liabilities are subsequently measured at amortised cost using the effective interest method.
Interest expense and foreign exchange gains and losses are recognised in the profit or loss. Any
gains or losses on derecognition are also recognised in the profit or loss.
(iii) Regular way purchase or sale of financial assets
A regular way purchase or sale of financial assets is recognised and derecognised, as applicable,
using trade date or settlement date accounting in the current year.
Trade date accounting refers to :
(a) the recognition of an asset to be received and the liability to pay for it on the trade date, and
(b) derecognition of an asset that is sold, recognition of any gain or loss on disposal and the
recognition of a receivable from the buyer for payment on the trade date.
Settlement date accounting refers to :
(a) the recognition of an asset on the day it is received by the Group or the Company, and
(b) derecognition of an asset and recognition of any gain or loss on disposal on the day that is
delivered by the Group or the Company.
Any change in the fair value of the asset to be received during the period between the trade date
and the settlement date is accounted in the same way as it accounts for the acquired asset.
Generally, the Group or the Company applies settlement date accounting unless otherwise stated
for the specific class of asset.
(iv) Financial guarantee contracts
A financial guarantee contract is a contract that requires the issuer to make specified payments to
reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due
in accordance with the original or modified terms of a debt instrument.
Financial guarantees issued are initially measured at fair value. Subsequently, they are measured
at higher of :
• the amount of the loss allowance; and
• the amount initially recognised less, when appropriate, the cumulative amount of income
recognised in accordance to the principles of MFRS 15, Revenue from Contracts with
Customers.
Liabilities arising from financial guarantees are presented together with other provisions.
OKA CORPORATION BHD

2.2 Financial instruments (cont’d)
(v) Derecognition
A financial asset or part of it is derecognised when, and only when, the contractual rights to the
cash flows from the financial asset expire or transferred, or control of the asset is not retained
or substantially all of the risks and rewards of ownership of the financial asset are transferred to
another party. On derecognition of a financial asset, the difference between the carrying amount of
the financial asset and the sum of consideration received (including any new asset obtained less
any new liability assumed) is recognised in profit or loss.
A financial liability or a part of it is derecognised when, and only when, the obligation specified in the
contract is discharged, cancelled or expires. A financial liability is also derecognised when its terms
are modified and the cash flows of the modified liability are substantially different, in which case,
a new financial liability based on modified terms is recognised at fair value. On derecognition of a
financial liability, the difference between the carrying amount of the financial liability extinguished or
transferred to another party and the consideration paid, including any non-cash assets transferred
or liabilities assumed, is recognised in profit or loss.
(vi) Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the statement of
financial position when, and only when, the Group or the Company currently has a legally enforceable
right to set off the amounts and it intends either to settle them on a net basis or to realise the asset
and liability simultaneously.
2.3 Property, plant and equipment
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less any accumulated depreciation and
any accumulated impairment losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset and any other
costs directly attributable to bringing the asset to working condition for its intended use, and the
costs of dismantling and removing the items and restoring the site on which they are located. The
cost of self-constructed assets also includes the cost of materials and direct labour.
Purchased software that is integral to the functionality of the related equipment is capitalised as part
of that equipment.
When significant parts of an item of property, plant and equipment have different useful lives, they
are accounted for as separate items (major components) of property, plant and equipment.
The gain or loss on disposal of an item of property, plant and equipment is determined by comparing
the proceeds from disposal with the carrying amount of property, plant and equipment and is
recognised net within “other operating income” or “other operating expenses” respectively in profit
or loss.
(ii) Subsequent costs
The cost of replacing a component of an item of property, plant and equipment is recognised in
the carrying amount of the item if it is probable that the future economic benefits embodied within
the component will flow to the Group or the Company, and its cost can be measured reliably. The
carrying amount of the replaced component is derecognised to profit or loss. The costs of the day-
to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.
ANNUAL REPORT 2021

2.3 Property, plant and equipment (cont’d)
(iii) Depreciation
Depreciation is based on the cost of an asset less its residual value. Significant components of
individual assets are assessed, and if a component has a useful life that is different from the
remainder of that asset, then that component is depreciated separately.
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of
each component of an item of property, plant and equipment from the date that they are available
for use.
Freehold land is not depreciated. Capital work-in-progress is not depreciated until the assets are
ready for their intended use.
The estimated useful lives for the current and comparative periods are as follows:
Long term leasehold land 99 years
Factory buildings 50 years
Plant and machinery 5 years
Factory equipment 5 years
Motor vehicles 5 years
Electrical installation 10 years
Office equipment 5 - 10 years
Furniture and fittings 20 years
Depreciation methods, useful lives and residual values are reviewed at the end of the reporting
period, and adjusted as appropriate.
2.4 Leases
(i) Definition of a lease
A contract is, or contains, a lease if the contract conveys a right to control the use of an identified
asset for a period of time in exchange for consideration. To assess whether a contract conveys the
right to control the use of an identified asset, the Group assesses whether:
• the contract involves the use of an identified asset – this may be specified explicitly or
implicitly, and should be physically distinct or represent substantially all of the capacity of a
physically distinct asset. If the supplier has a substantive substitution right, then the asset is
not identified;
• the customer has the right to obtain substantially all of the economic benefits from use of the
asset throughout the period of use; and
• the customer has the right to direct the use of the asset. The customer has this right when it
has the decision-making rights that are most relevant to changing how and for what purpose
the asset is used. In rare cases where the decision about how and for what purpose the asset
is used is predetermined, the customer has the right to direct the use of the asset if either the
customer has the right to operate the asset; or the customer designed the asset in a way that
predetermines how and for what purpose it will be used.
At inception or on reassessment of a contract that contains a lease component, the Group allocates
the consideration in the contract to each lease and non-lease component on the basis of their
relative stand-alone prices. However, for leases of properties in which the Group is a lessee, it has
elected not to separate non-lease components and will instead account for the lease and non-lease
components as a single lease component.
OKA CORPORATION BHD

2.4 Leases (cont’d)
(ii) Recognition and initial measurement
(a) As a lessee
The Group recognises a right-of-use asset and a lease liability at the lease commencement
date. The right-of-use asset is initially measured at cost, which comprises the initial amount
of the lease liability adjusted for any lease payments made at or before the commencement
date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove
the underlying asset or to restore the underlying asset or the site on which it is located, less
any lease incentives received.
The lease liability is initially measured at the present value of the lease payments that are not
paid at the commencement date, discounted using the interest rate implicit in the lease or, if
that rate cannot be readily determined, the respective Group entities’ incremental borrowing
rate. Generally, the Group entities uses their incremental borrowing rate as the discount rate.
Lease payments included in the measurement of the lease liability comprise the following:
• fixed payments, including in-substance fixed payments less any incentives receivable;
• variable lease payments that depend on an index or a rate, initially measured using the
index or rate as at the commencement date;
• amounts expected to be payable under a residual value guarantee;
• the exercise price under a purchase option that the Group is reasonably certain to
exercise; and
• penalties for early termination of a lease unless the Group is reasonably certain not to
terminate early.
The Group excludes variable lease payments that linked to future performance or usage of the
underlying asset from the lease liability. Instead, these payments are recognised in profit or
loss in the period in which the performance or use occurs.
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term
leases that have a lease term of 12 months or less and leases of low-value assets. The Group
recognises the lease payments associated with these leases as an expense on a straight-line
basis over the lease term.
(b) As a lessor
When the Group acts as a lessor, it determines at lease inception whether each lease is a
finance lease or an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers
substantially all of the risks and rewards incidental to ownership of the underlying asset. If this
is the case, then the lease is a finance lease; if not, then it is an operating lease.
If an arrangement contains lease and non-lease components, the Group applies MFRS 15 to
allocate the consideration in the contract based on the stand-alone selling prices.
When the Group is an intermediate lessor, it accounts for its interests in the head lease and
the sublease separately. It assesses the lease classification of a sublease with reference to
the right-of-use asset arising from the head lease, not with reference to the underlying asset. If
a head lease is a short-term lease to which the Group applies the exemption described above,
then it classifies the sublease as an operating lease.
ANNUAL REPORT 2021

2.4 Leases (cont’d)
(iii) Subsequent measurement
(a) As a lessee
The right-of-use asset is subsequently depreciated using the straight-line method from the
commencement date to the earlier of the end of the useful life of the right-of-use asset or the
end of the lease term. The estimated useful lives of right-of-use assets are determined on the
same basis as those of property, plant and equipment. In addition, the right-of-use asset is
periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of
the lease liability.
The lease liability is measured at amortised cost using the effective interest method. It is
remeasured when there is a change in future lease payments arising from a change in an index
or rate, if there is a revision of in-substance fixed lease payments, or if there is a change in
the Group’s estimate of the amount expected to be payable under a residual value guarantee,
or if the Group changes its assessment of whether it will exercise a purchase, extension or
termination option.
When the lease liability is remeasured, a corresponding adjustment is made to the carrying
amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the
right-of-use asset has been reduced to zero.
(b) As a lessor
The Group recognises lease payments received under operating leases as income on a
straight-line basis over the lease term as part of “other operating income”.
2.5 Investment property
Investment property carried at cost
Investment properties are properties which are owned or right-of-use asset held under a lease contract
to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of
business, use in the production or supply of goods or services or for administrative purposes. These
include freehold land and leasehold land which in substance is a finance lease held for a currently
undetermined future use. Properties that are occupied by the companies in the Group are accounted for
as owner-occupied rather than as investment properties. Investment properties initially and subsequently
measured at cost are accounted for similar to property, plant and equipment.
Investment properties are stated at cost less any accumulated depreciation and any accumulated
impairment losses, consistent with the accounting policy for property, plant and equipment as stated in
accounting policy Note 2.3.
Cost includes expenditure that is attributable to the acquisition of the investment property. The cost of
self-constructed investment property includes the costs of materials and direct labour, any other costs
directly attributable to bringing the investment property to a working condition for their intended use and
capitalised borrowing costs. Right-of-use asset held under a lease contract that meets the definition of
investment property is initially measured similar as other right-of-use assets.
Transfers between investment property, property, plant and equipment and inventories do not change the
carrying amount and the cost of the property transferred.
Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of 50 years
for buildings. Leasehold land is depreciated over the lease term and freehold land is not depreciated.
An investment property is derecognised on its disposal, or when it is permanently withdrawn from use and no
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OKA CORPORATION BHD

2.6 Inventories
Inventories are measured at the lower of cost and net realisable value.
The cost of inventories is calculated using the weighted average method, and includes expenditure
incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing
them to their existing location and condition. In the case of finished goods, cost includes an appropriate
share of production overheads based on 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.
2.7 Contract liability
A contract liability is stated at cost and represents the obligation of the Group or the Company to transfer
goods or services to a customer for which consideration has been received from the customers.
2.8 Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, balances and deposits with banks and highly liquid
investments which have an insignificant risk of changes in fair value with original maturities of three
months or less, and are used by the Group and the Company in the management of their short term
commitments. For the purpose of the statement of cash flows, cash and cash equivalents are presented
net of bank overdrafts and pledged deposits, if any.
2.9 Impairment
(i) Financial assets
The Group and the Company recognise loss allowances for expected credit losses on financial
assets measured at amortised cost. Expected credit losses are a probability-weighted estimate of
credit losses.
The Group and the Company measure loss allowances at an amount equal to lifetime expected
credit loss, except for cash and bank balance and other debt securities for which credit risk has not
increased significantly since initial recognition, which are measured at 12-month expected credit
loss. Loss allowances for trade receivables are always measured at an amount equal to lifetime
expected credit loss.
When determining whether the credit risk of a financial asset has increased significantly since
initial recognition and when estimating expected credit loss, the Group and the Company consider
reasonable and supportable information that is relevant and available without undue cost or effort.
This includes both quantitative and qualitative information and analysis, based on the Group’s
historical experience and informed credit assessment and including forward-looking information,
where available.
Lifetime expected credit losses are the expected credit losses that result from all possible default
events over the expected life of the asset, while 12-month expected credit losses are the portion of
expected credit losses that result from default events that are possible within the 12 months after
the reporting date. The maximum period considered when estimating expected credit losses is the
maximum contractual period over which the Group and the Company are exposed to credit risk.
The Group and the Company estimate the expected credit losses on trade receivables using a
provision matrix with reference to historical credit loss experience.
An impairment loss in respect of financial assets measured at amortised cost is recognised in profit
or loss and the carrying amount of the asset is reduced through the use of an allowance account.
ANNUAL REPORT 2021

2.9 Impairment (cont’d)
(i) Financial assets (cont’d)
At each reporting date, the Group and the Company assess whether financial assets carried at
amortised cost are credit-impaired. A financial asset is credit impaired when one or more events that
have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
The gross carrying amount of a financial asset is written off (either partially or full) to the extent
that there is no realistic prospect of recovery. This is generally the case when the Group or the
Company determines that the debtor does not have assets or sources of income that could generate
sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are
written off could still be subject to enforcement activities in order to comply with the Group’s or the
Company’s procedures for recovery of amounts due.
(ii) Other assets
The carrying amounts of other assets (except for inventories and deferred tax asset) are reviewed
at the end of each reporting period to determine whether there is any indication of impairment. If any
such indication exists, then the asset’s recoverable amount is estimated.
For the purpose of impairment testing, assets are grouped together into the smallest group of assets
that generates cash inflows from continuing use that are largely independent of the cash inflows of
other assets or cash-generating units.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and
its fair value less costs of disposal. In assessing value in use, the estimated future cash flows
are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or its related cash-generating
unit exceeds its estimated recoverable amount.
Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-
generating units are allocated to reduce the carrying amounts of the assets in the cash-generating
unit (groups of cash-generating units) on a pro rata basis.
Impairment losses recognised in prior periods are assessed at the end of each reporting period for
any indications that the loss has decreased or no longer exists. An impairment loss is reversed if
there has been a change in the estimates used to determine the recoverable amount since the last
impairment loss was recognised. An impairment loss is reversed only to the extent that the asset’s
carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised. Reversals of impairment
losses are credited to profit or loss in the financial year in which the reversals are recognised.
2.10 Equity instruments
Instruments classified as equity are measured at cost on initial recognition and are not remeasured
subsequently.
(i) Issue expenses
Costs directly attributable to the issue of instruments classified as equity are recognised as a
deduction from equity.
(ii) Ordinary shares
Ordinary shares are classified as equity.
OKA CORPORATION BHD

2.11 Employee benefits
(i) Short-term employee benefits
Short-term employee benefit obligations in respect of salaries and wages, annual bonuses, paid
annual leave and sick leave are measured on an undiscounted basis and are expensed as the
related service is provided.
A liability is recognised for the amount expected to be paid under short-term cash bonus if the Group
has a present legal or constructive obligation to pay this amount as a result of past service provided
by the employee and the obligation can be estimated reliably.
(ii) State plans
The Group’s contributions to statutory pension funds are charged to profit or loss in the financial
year to which they relate. Prepaid contributions are recognised as an asset to the extent that a cash
refund or a reduction in future payments is available.
2.12 Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive
obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be
required to settle the obligation. Provisions are determined by discounting the expected future cash flows
at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific
to the liability. The unwinding of the discount is recognised as finance cost.
2.13 Revenue and other income
(i) Revenue
Revenue is measured based on the consideration specified in a contract with a customer in
exchange for transferring goods or services to a customer, excluding amounts collected on behalf
of third parties. The Group or the Company recognises revenue when (or as) it transfers control over
a product or service to customer. An asset is transferred when (or as) the customer obtains control
of the asset.
The Group or the Company transfers control of a good or service at a point in time unless one of the
following over time criteria is met:
(a) the customer simultaneously receives and consumes the benefits provided as the Group or the
Company performs;
(b) the Group’s or the Company’s performance creates or enhances an asset that the customer
controls as the asset is created or enhanced; or
(c) the Group’s or the Company’s performance does not create an asset with an alternative use
and the Group or the Company has an enforceable right to payment for performance completed
to date.
(ii) Dividend income
Dividend income is recognised in profit or loss on the date that the Group’s or the Company’s right
to receive payment is established, which in the case of quoted securities is the ex-dividend date.
(iii) Management fee
Management fee is recognised in profit or loss for services rendered, including professional and
management advice, marketing, management information system and accounting services and
administrative matters to the subsidiaries.
ANNUAL REPORT 2021

2.13 Revenue and other income (cont’d)
(iv) Rental income
Rental income from investment property is recognised in profit or loss on a straight-line basis over
the term of the lease.
(v) Interest income
Interest income is recognised as it accrues using the effective interest method in profit or loss
except for interest income arising from temporary investment of borrowings taken specifically for the
purpose of obtaining a qualifying asset which is accounted for in accordance with the accounting
policy on borrowing costs.
(vi) Government grants
Grants that compensate the Group for expenses incurred are recognised in profit or loss as other
operating income on a systematic basis in the same period in which the expenses are recognised.
2.14 Borrowing costs
Borrowing costs that are not directly attributable to the acquisition, construction or production of a
qualifying asset are recognised in profit or loss using the effective interest method.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are capitalised as part of the cost of those assets.
The capitalisation of borrowing costs as part of the cost of a qualifying asset commences when expenditure
for the asset is being incurred, borrowing costs are being incurred and activities that are necessary
to prepare the asset for its intended use or sale are in progress. Capitalisation of borrowing costs is
suspended or ceases when substantially all the activities necessary to prepare the qualifying asset for its
intended use or sale are interrupted or completed.
Investment income earned on the temporary investment of specific borrowings pending their expenditure
on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
2.15 Income tax
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in
profit or loss except to the extent that it relates to a business combination or items recognised directly in
equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using
tax rates enacted or substantively enacted by the end of the reporting period, and any adjustment to tax
payable in respect of previous financial years.
Deferred tax is recognised using the liability method, providing for temporary differences between the
carrying amounts of assets and liabilities in the statement of financial position and their tax bases.
Deferred tax is not recognised for the initial recognition of assets or liabilities in a transaction that is not
a business combination and that affects neither accounting nor taxable profit or loss. Deferred tax is
measured at the tax rates that are expected to be applied to the temporary differences when they reverse,
based on the laws that have been enacted or substantively enacted by the end of the reporting period.
OKA CORPORATION BHD

2.15 Income tax (cont’d)
The amount of deferred tax recognised is measured based on the expected manner of realisation or
settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively
enacted at the reporting date. Deferred tax assets and liabilities are not discounted.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax
liabilities and assets, and they relate to income taxes levied by the same tax authority on the same
taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a
net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be
available against which the temporary difference can be utilised. Deferred tax assets are reviewed at the
end of each reporting period and are reduced to the extent that it is no longer probable that the related
tax benefit will be realised.
2.16 Foreign currency transactions
Transactions in foreign currencies are translated to the functional currency of the Group entities at
exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are
retranslated to the functional currency at the exchange rate at that date.
Non-monetary assets and liabilities denominated in foreign currencies are not retranslated at the end
of the reporting date, except for those that are measured at fair value are retranslated to the functional
currency at the exchange rate at the date that the fair value was determined.
Foreign currency differences arising on retranslation are recognised in profit or loss.
2.17 Earnings per ordinary share
The Group presents basic and diluted earnings per share (“EPS”) data for its ordinary shares.
Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company
by the weighted average number of ordinary shares outstanding during the period, adjusted for own
shares held.
Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the
weighted average number of ordinary shares outstanding adjusted for the effects of all dilutive potential
ordinary shares, which comprise share options granted to employees.
2.18 Operating segments
An operating segment is a component of the Group that engages in business activities from which it may
earn revenues and incur expenses, including revenues and expenses that relate to transactions with
any of the Group’s other components. Operating segment results are reviewed regularly by the chief
operating decision maker, which in this case is the Managing Director of the Group, to make decisions
about resources to be allocated to the segment and to assess its performance, and for which discrete
financial information is available.
2.19 Contingent liabilities
Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be
estimated reliably, the obligation is not recognised in the statements of financial position and is disclosed
as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible
obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more
future events, are also disclosed as contingent liabilities unless the probability of outflow of economic
benefits is remote.
ANNUAL REPORT 2021

2.20 Fair value measurements
Fair value of an asset or a liability, except for share-based payment and lease transactions, is determined
as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The measurement assumes that the transaction
to sell the asset or transfer the liability takes place either in the principal market or in the absence of a
principal market, in the most advantageous market.
For non-financial asset, the fair value measurement takes into account a market participant’s ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.
When measuring the fair value of an asset or a liability, the Group uses observable market data as far as
possible. Fair value is categorised into different levels in a fair value hierarchy based on the input used in
the valuation technique as follows :
Level 1 : quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group
can access at the measurement date.
Level 2 : inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly or indirectly.
Level 3 : unobservable inputs for the asset or liability.
The Group recognises transfers between levels of the fair value hierarchy as of the date of the event or
change in circumstances that caused the transfers.
3. PROPERTY, PLANT AND EQUIPMENT

Plant and Furniture
machinery, fittings,
factory motor
Land and equipment vehicles and Capital
buildings and office electrical work-in-
(Note 3.1) equipment installation progress Total
RM RM RM RM RM
Group
At cost
At 1 April 2019 62,091,678 79,157,988 10,089,197 1,070,599 152,409,462
Additions 8,020 1,504,010 282,405 1,356,804 3,151,239
Reclassification 402,617 416,913 9,232 (828,762) -
Disposals - (1,216,165) - - (1,216,165)
Write-off - (75,073) (1) - (75,074)
At 31 March 2020/
1 April 2020 62,502,315 79,787,673 10,380,833 1,598,641 154,269,462
Additions 2,818,169 970,365 161,040 1,400,642 5,350,216
Reclassification 361,685 1,454,416 3,559 (1,819,660) -
Disposals - (165,000) (124,274) - (289,274)
Write-off - (4,290) - - (4,290)
At 31 March 2021 65,682,169 82,043,164 10,421,158 1,179,623 159,326,114
OKA CORPORATION BHD
3. PROPERTY, PLANT AND EQUIPMENT (cont’d)

Plant and Furniture
machinery, fittings,
factory motor
Land and equipment vehicles and Capital
buildings and office electrical work-in-
(Note 3.1) equipment installation progress Total
RM RM RM RM RM
Group
Accumulated depreciation
At 1 April 2019 2,588,458 71,135,300 7,910,378 - 81,634,136
Depreciation for the year 375,239 2,822,995 818,876 - 4,017,110
Disposals - (1,216,160) - - (1,216,160)
Write-off - (72,531) - - (72,531)
At 31 March 2020/
1 April 2020 2,963,697 72,669,604 8,729,254 - 84,362,555
Depreciation for the year 380,661 2,763,730 621,107 - 3,765,498
Disposals - (165,000) (124,272) - (289,272)
Write-off - (3,286) - - (3,286)
At 31 March 2021 3,344,358 75,265,048 9,226,089 - 87,835,495
Carrying amounts
At 1 April 2019 59,503,220 8,022,688 2,178,819 1,070,599 70,775,326
At 31 March 2020/
1 April 2020 59,538,618 7,118,069 1,651,579 1,598,641 69,906,907
At 31 March 2021 62,337,811 6,778,116 1,195,069 1,179,623 71,490,619

ANNUAL REPORT 2021

3.1 Land and buildings
Freehold Factory
land buildings Total
RM RM RM
Group
At cost
At 1 April 2019 46,101,876 15,989,802 62,091,678
Additions - 8,020 8,020
Reclassification - 402,617 402,617
At 31 March 2020/1 April 2020 46,101,876 16,400,439 62,502,315
Additions 2,700,000 118,169 2,818,169
Reclassification - 361,685 361,685
At 31 March 2021 48,801,876 16,880,293 65,682,169
At 1 April 2019 - 2,588,458 2,588,458
Depreciation for the year - 375,239 375,239
At 31 March 2020/1 April 2020 - 2,963,697 2,963,697
Depreciation for the year - 380,661 380,661
At 31 March 2021 - 3,344,358 3,344,358
Carrying amounts
At 1 April 2019 46,101,876 13,401,344 59,503,220
At 31 March 2020/1 April 2020 46,101,876 13,436,742 59,538,618
At 31 March 2021 48,801,876 13,535,935 62,337,811

OKA CORPORATION BHD

3.1 Land and buildings (cont’d)
Freehold Office
land equipment Total
RM RM RM
Company
At cost
At 1 April 2019/31 March 2020/
1 April 2020/31 March 2021 1,592,000 387,224 1,979,224
1 April 2020/31 March 2021 - 387,213 387,213
Carrying amounts
1 April 2020/31 March 2021 1,592,000 11 1,592,011
4. RIGHT-OF-USE ASSETS - GROUP

Long term
leasehold Freehold Office
land land building Total
RM RM RM RM
At 1 April 2019 1,010,455 45,000 126,000 1,181,455
Depreciation (13,004) (36,000) (84,000) (133,004)
At 31 March 2020/1 April 2020 997,451 9,000 42,000 1,048,451
Additions - 185,000 259,000 444,000
Depreciation (16,480) (54,000) (84,000) (154,480)
At 31 March 2021 980,971 140,000 217,000 1,337,971
The Group leases an office building and land that run between 3 years and 99 years.
ANNUAL REPORT 2021
5. INVESTMENT PROPERTY
Group Company
RM RM
At cost
At 1 April 2019/31 March 2020/1 April 2020/31 March 2021 2,847,951 7,635,000
At 1 April 2019 134,790 -
Depreciation for the year 55,559 -
At 31 March 2020/1 April 2020 190,349 -
Depreciation for the year 55,559 -
At 31 March 2021 245,908 -
Carrying amounts
At 1 April 2019 2,713,161 7,635,000
At 31 March 2020/1 April 2020 2,657,602 7,635,000
At 31 March 2021 2,602,043 7,635,000
Group Company
2021 2020 2021 2020
RM RM RM RM
Included in the above are:
Buildings 2,602,043 2,657,602 - -
Freehold land - - 7,635,000 7,635,000
The fair value of the investment property as at 31 March 2021 is classified as level 3 of the fair value hierarchy.
Based on the Directors’ estimation using the latest available market information and recent experience and
knowledge in the location and category of property being valued, the fair values of the investment properties
of the Group and of the Company are RM3,640,000 (2020 : RM3,472,000) and RM21,071,000 (2020 :
RM21,484,000) respectively.
OKA CORPORATION BHD
5. INVESTMENT PROPERTY (cont’d)

Estimation uncertainty and key assumptions
The Directors estimate the fair value of the Group’s investment property by comparing the Group’s investment
property with similar properties that were listed for sale within the same locality or other comparable localities.
The following are recognised in profit or loss in respect of investment property:
Group Company
2021 2020 2021 2020
RM RM RM RM
Lease income - - 540,000 540,000
Direct operating expenses:
- income generating investment property - - 35,260 35,585
- non-income generating investment property 15,962 16,149 - -
The operating lease payments to be received are as follows:

2021 2020
RM RM
Less than one year 540,000 510,000
One to two years 429,000 420,000
Two to three years 132,333 300,000
Three to four years - 35,000
Total undiscounted lease payments 1,101,333 1,265,000
6. INTERESTS IN SUBSIDIARIES
Note 2021 2020
RM RM
Company
At cost :
Unquoted shares 28,171,985 28,171,985
Amount due from subsidiaries 6.1 47,103,107 47,571,747
Share-based payments allocated to subsidiaries 1,500,257 1,500,257
76,775,349 77,243,989
ANNUAL REPORT 2021
6. INTERESTS IN SUBSIDIARIES (cont’d)

!"#$%&'#()*+#,-.&/
interest and
Name of subsidiary Country of voting interest Principal activities
incorporation 2021 2020
Direct subsidiary
OKA Concrete Industries Sdn. Bhd. Malaysia 100% 100% Manufacture and sale of pre-cast concrete
products
Held by OKA Concrete
Industries Sdn. Bhd.
OKA Readymixed Concrete Malaysia 100% 100% Trading of readymixed concrete
Sdn. Bhd.
OKA Engineering and Trading Malaysia 100% 100% Manufacture of hard drawn wires, fabrication
Sdn. Bhd. of mould and trading of pre-stressed concrete
piles
Real Charisma Malaysia 100% 100% Provision of transportation and other related
Sdn. Bhd. * services
Pembinaan Cahaya Emas Malaysia 100% 100% Supplier of manual labour to perform
Sdn. Bhd. * contracted jobs and other related services
OKA Steel Sdn. Bhd.* Malaysia 100% 100% Manufacture of steel products, hard drawn
wire, straight bars, wire mesh
* Not audited by KPMG PLT.

6.1 Amount due from subsidiaries
The amount due from subsidiaries is regarded as net interests in subsidiaries. This amount is unsecured,
interest-free and with no fixed terms of repayment.
7. OTHER INVESTMENTS
Group
2021 2020
RM RM
Non-current quoted shares
Fair value through other comprehensive income 11,920 11,920
Equity investments designated at fair value through other comprehensive income

The Group designated the investments shown above as equity securities as at fair value through other
comprehensive income because these equity securities represent investments that the Group intends to hold
for long-term strategic purposes.
OKA CORPORATION BHD
8. DEFERRED TAX ASSETS

Recognised deferred tax assets
Deferred tax assets are attributable to the following:
Assets Liabilities Net
2021 2020 2021 2020 2021 2020
RM RM RM RM RM RM
Group
Property, plant and equipment - - (1,743,823) (1,787,417) (1,743,823) (1,787,417)
Provisions 3,398,200 3,278,200 - - 3,398,200 3,278,200
Tax assets/(liabilities) 3,398,200 3,278,200 (1,743,823) (1,787,417) 1,654,377 1,490,783
& ;%#<(7&(!&#/0& & =>?@AB?CDBE& =>?@C@?A>@E& >?@AB?CDB& >?@C@?A>@& <& &&&&&&<
Net tax assets 1,654,377 1,490,783 - - 1,654,377 1,490,783
Unrecognised deferred tax assets

Deferred tax assets have not been recognised in respect of the following items (stated at gross):
2021 2020
RM RM
Group
Capital allowances carry-forwards 747,000 733,000
Tax losses carry-forwards 4,943,000 4,943,000
5,690,000 5,676,000
The capital allowances carry-forwards are available indefinitely for offsetting against future taxable profits,
subject to no substantial changes in shareholdings of the Company under the Income Tax Act, 1967.
As stipulated under the Finance Act 2018, the unutilised tax losses for year of assessment 2018 and prior years
of assessment can be carried forward until year of assessment 2025. Effective from year of assessment 2019
onwards, any unutilised tax losses can only be carried forward for a maximum period of seven (7) consecutive
years of assessment.
The tax loss carry-forwards will expire in the following years of assessment :
2021 2020
RM RM
Year of assessment :
2025 3,655,000 3,890,000
2026 422,000 422,000
2027 631,000 631,000
2028 235,000 -
4,943,000 4,943,000
Deferred tax assets have not been recognised in respect of these items because it is not probable that future
taxable profit will be available against which the Group can utilise the benefits therefrom.
ANNUAL REPORT 2021
8. DEFERRED TAX ASSETS (cont’d)

Movements in temporary differences during the financial year
Recognised Recognised
in profit At in profit
At or loss 31.3.2020/ or loss At
1.4.2019 (Note 20) 1.4.2020 (Note 20) 31.3.2021
RM RM RM RM RM
Group
Property, plant and equipment (2,129,000) 341,583 (1,787,417) 43,594 (1,743,823)
Provisions 3,841,918 (563,718) 3,278,200 120,000 3,398,200
1,712,918 (222,135) 1,490,783 163,594 1,654,377
9. INVENTORIES - GROUP
2021 2020
RM RM
Raw materials 11,897,041 10,344,510
Finished goods 29,320,932 30,861,554
41,217,973 41,206,064
Recognised in profit or loss :

Inventories recognised as cost of sales 72,893,273 80,542,497
Write-down to net realisable value 3,465,283 86,503
The write-down is included in cost of sales.

The write-down of finished goods was made based on the analysis of the aging of finished goods as well as the
analysis of the potential obsolescence due to low demand by customers following the completion of projects
and for inventories with odd sizes or in loose quantities.
OKA CORPORATION BHD
10. RECEIVABLES, DEPOSITS AND PREPAYMENTS

Note 2021 2020
RM RM
Group
Current
Trade
Trade receivables a 33,852,814 26,446,968
Non-trade
Other receivables b 159,662 130,322
Deposits c 331,279 647,979
Prepayments 2,467 5,534
493,408 783,835
Total 34,346,222 27,230,803
Company
Non-trade
Deposits 1,000 1,000
1,000 1,000
Dividend receivable 10,000,000 9,800,000
10,000,000 9,800,000
Total 10,001,000 9,801,000
Note a
The Group recognises loss allowances for expected credit losses on trade receivables, if necessary, based on
probability-weighted estimate of credit losses, taking into consideration historical past due aging for the past
three years.
Note b
Other receivables of the Group and the Company are shown net of impairment loss of RM6,625 (2020 :
RM357,958) and RM Nil (2020 : RM344,333).
Note c
Included in deposits of the Group is an amount of RM10,000 (2020 : RM249,000) representing deposits paid
for the acquisition of land.
11. CASH AND CASH EQUIVALENTS

2021 2020
RM RM
Group
Short-term funds placed with financial institutions 47,634,098 49,871,066
Fixed deposits placed with a licensed bank 18,750 18,750
Cash and bank balances 4,885,194 2,175,065
52,538,042 52,064,881
Company
Cash and bank balances 18,583 30,878
ANNUAL REPORT 2021
11. CASH AND CASH EQUIVALENTS (cont’d)

The fixed deposits of the Group amounting to RM18,750 (2020: RM18,750) placed with a licensed bank is
pledged for bank facilities granted to one of the subsidiaries of the Company.
12. SHARE CAPITAL

Group/Company
2021 2020
Amount Number Amount Number
RM of shares RM of shares
Share capital
Issued and fully paid ordinary shares with no
par value classified as equity instruments: 87,836,442 245,395,350 87,836,442 245,395,350
13. RESERVES
Group Company
2021 2020 2021 2020
RM RM RM RM
Retained profits 93,891,000 88,103,521 2,607,337 3,092,246
Fair value reserve 3,380 3,380 - -
93,894,380 88,106,901 2,607,337 3,092,246
Fair value reserve

The fair value reserve relates to the cumulative net change in the fair value of financial assets categorised as
available-for-sale.
14. PAYABLES AND ACCRUALS

Group Company
2021 2020 2021 2020
RM RM RM RM
Current
Trade
Trade payables 20,053,377 17,132,921 - -
Non-trade
Other payables 1,229,369 996,712 45,000 45,000
Accrued expenses 1,772,031 1,715,292 397,973 434,101
Dividend payable 5,153,300 4,907,907 5,153,300 4,907,907
8,154,700 7,619,911 5,596,273 5,387,008
Total 28,208,077 24,752,832 5,596,273 5,387,008
OKA CORPORATION BHD
15. CONTRACT LIABILITIES - GROUP

The contract liabilities primarily relate to the advance consideration received from customers for which revenue
is recognised at a point in time. The contract liabilities are expected to be recognised as revenue when the
control of the goods is transferred to the customer.
Significant changes to contract liabilities balances during the period are as follows:
2021 2020
RM RM
Group
Contract liabilities at the beginning of the period recognised as revenue 1,004,642 1,693,628
Advances received during the year 1,085,713 1,004,642
16. REVENUE
2021 2020
RM RM
Group
Revenue from contracts with customers 116,115,715 119,052,313
Company
Dividend income 10,000,000 9,800,000
The Group’s revenue from contracts with customers is primarily confined to the domestic market. The Group
recognises its revenue based on a point in time for its revenue from the manufacture and trading of concrete
products.
16.1 Nature of goods and services
The following information reflects the typical transactions of the Group:
Nature of Timing of Significant Variable Obligation Warranty

goods or recognition or payment element in for returns or
services method used terms consideration refunds
to recognised
revenue
Manufacture Revenue is Credit period of Not applicable. Not applicable. Not applicable.
and trading recognised 60 to 120 days
of concrete when the from invoice
products goods are date.
delivered and
accepted by
the customers
at their
premises.
ANNUAL REPORT 2021
17. FINANCE COSTS - GROUP

2021 2020
RM RM
Interest expense of financial liabilities that are not at fair value through
profit or loss 4,397 -
18. PROFIT BEFORE TAX

Note Group Company
2021 2020 2021 2020
RM RM RM RM
Profit before tax is arrived at after
charging/(crediting) :
Auditors’ remunerations
- Statutory audit fees
- KPMG PLT 110,000 110,000 28,000 28,000
- Other auditors
- Current year 8,800 8,800 - -
- Non-audit fees
- KPMG PLT 15,000 15,000 15,000 15,000
- Other auditors 38,000 35,000 38,000 35,000
Material expenses/(income)
Plant and equipment written off 1,004 2,543 - -
Personnel expenses (including Directors):
- Contributions to Employees’ Provident
Fund 1,409,009 1,419,219 314,491 312,297
- Wages, salaries and others 24,381,013 26,428,292 2,676,832 2,680,599
Net foreign exchange (gain)/loss (2,110) 13,927 - -
Gross dividend income :-
- Subsidiary (unquoted) - - (10,000,000) (9,800,000)
- Other investments (92) (370) - -
Gain on disposals of :-
- Property, plant and equipment (24,998) (79,307) - -
Interest income (903,303) (1,523,817) - -
Management fees receivable from
subsidiaries - - (2,400,000) (2,400,000)
Overdue interest income (87,767) (50,862) - -
Government grants a (1,045,800) - (21,600) -
Expenses/(Income) arising from leases

Expenses relating to short-term leases b 734,569 1,812,519 - -
Rental income (11,400) (12,000) (540,000) (540,000)
Net (gain)/loss on impairment of financial

instrument
Financial assets at amortised cost
- (reversal of)/loss on impairment of trade
receivables (2,756,661) 943,032 - -
- loss on impairment of amounts due
from subsidiaries - - 60,000 60,000
OKA CORPORATION BHD
18. PROFIT BEFORE TAX (cont’d)

Note a
The Group received government grant as wage subsidies to retain local employees during the approved period
of economic uncertainties brought about by the Coronavirus (COVID-19) outbreak.
Note b
The Group leases factory equipment with contract terms of 1 year or shorter. These leases are short-term and/
or leases of low-value items. The Group has elected not to recognise as right-of-use assets and lease liabilities
for these leases.
19. KEY MANAGEMENT PERSONNEL COMPENSATION

The compensation for key management personnel which comprise only Directors and past Director of the
Company are as follows:
Group/Company
2021 2020
RM RM
Directors of the Company
- Fees 144,403 166,000
- Remuneration 2,109,400 2,109,400
- Other short-term employees benefits 359,711 394,533
2,613,514 2,669,933
Past Director of the Company
- Fees 14,500 -
- Other short-term employees benefits 25,200 -
39,700 -
Total short-term employee benefits 2,653,214 2,669,933
The estimated monetary value of Directors’ benefits-in-kind of the Group and the Company is RM70,692 (2020:
RM73,817).
ANNUAL REPORT 2021
20. INCOME TAX EXPENSE

(i) Recognised in profit or loss
Group Company
2021 2020 2021 2020
RM RM RM RM
Current tax expense
Malaysian income tax
- current year 5,261,000 2,867,600 - -
- under provision in previous years 694,751 96,251 - -
Total current tax recognised in profit
or loss 5,955,751 2,963,851 - -
Deferred tax expense
- current year (164,059) 464,386 - -
- under/(over) provision in previous years 465 (242,251) - -
(163,594) 222,135 - -
Total income tax expense 5,792,157 3,185,986 - -
(ii) Reconciliation of income tax expense:

Group Company
2021 2020 2021 2020
RM RM RM RM
Profit before tax 21,640,843 14,486,132 9,576,298 9,252,875
Income tax using Malaysian statutory

tax rate of 24% 5,193,802 3,476,672 2,298,312 2,220,690
Non-deductible expenses 251,082 97,019 58,433 64,464
Non-taxable income (292,789) (371,123) (2,400,000) (2,352,000)
Tax losses not available for future set-off 43,255 66,846 43,255 66,846
Tax incentive (108,754) - - -
Deferred tax assets not recognised 3,360 50,309 - -
Others 6,985 12,263 - -
5,096,941 3,331,986 - -
Under/(Over) provision in previous years
- Current tax 694,751 96,251 - -
- Deferred tax 465 (242,251) - -
5,792,157 3,185,986 - -
21. EARNINGS PER ORDINARY SHARE

Basic earnings per ordinary share
The calculation of basic earnings per ordinary share is based on the profit attributable to owners of the
Company of RM15,848,686 (2020 : RM11,300,146) and on the weighted average number of ordinary shares
of 245,395,350 (2020 : 245,395,350)
OKA CORPORATION BHD
22. DIVIDENDS
Dividends recognised by the Company are:
Sen per Total Date of
share amount payment
RM
2021
Final 2020 ordinary - single-tier 2.00 4,907,907 11 December 2020
Interim 2021 ordinary - single-tier 2.10 5,153,300 6 May 2021
10,061,207
2020
Final 2019 ordinary - single-tier 1.90 4,662,509 15 November 2019
Interim 2020 ordinary - single-tier 2.00 4,907,907 30 April 2020
9,570,416
After the end of the reporting period, the following dividend was proposed by the Directors. The dividend will
be recognised in the subsequent financial year upon approval by the shareholders of the Company at the
forthcoming Annual General Meeting.
Sen per
share
Final single-tier dividend 2.40
23. CONTINGENT LIABILITIES - COMPANY

The Company has issued corporate guarantee to certain vendors for the supply of goods and services provided
to a subsidiary up to a limit of RM31 million (2020: RM31 million) of which RM5.1 million (2020: RM4.5 million)
of liabilities were incurred as at the end of reporting date.
24. FINANCIAL INSTRUMENTS

24.1 Categories of financial instruments
The table below provides an analysis of financial instruments categorised as follows:
(a) Amortised cost (“AC”); and
(b) Fair value through other comprehensive income (“FVOCI”)
- Equity instrument designated upon initial recognition (“EIDUIR”)
ANNUAL REPORT 2021
24. FINANCIAL INSTRUMENTS (cont’d)

24.1 Categories of financial instruments (cont’d)
Carrying FVOCI -
amount AC EIDUIR
RM RM RM
Group
2021
Financial assets
Other investments 11,920 - 11,920
Receivables (excluding deposits and prepayments) 34,012,476 34,012,476 -
Cash and cash equivalents 52,538,042 52,538,042 -
86,562,438 86,550,518 11,920
Payables and accruals 28,208,077 28,208,077 -
2020
Financial assets
Other investments 11,920 - 11,920
Receivables (excluding deposits and prepayments) 26,577,290 26,577,290 -
Cash and cash equivalents 52,064,881 52,064,881 -
78,654,091 78,642,171 11,920
Payables and accruals 24,752,832 24,752,832 -
Carrying
amount AC
RM RM
Company
2021
Financial assets
Receivables (excluding deposits and prepayments) 10,000,000 10,000,000
Cash and cash equivalents 18,583 18,583
10,018,583 10,018,583
Payables and accruals 5,596,273 5,596,273
OKA CORPORATION BHD

24.1 Categories of financial instruments (cont’d)
Carrying
amount AC
RM RM
Company
2020
Financial assets
Receivables (excluding deposits and prepayments) 9,800,000 9,800,000
Cash and cash equivalents 30,878 30,878
9,830,878 9,830,878
Payables and accruals 5,387,008 5,387,008
24.2 Net gains/(losses) arising from financial instruments

Group Company
2021 2020 2021 2020
RM RM RM RM
Net gains/(losses) on :
Equity instruments designated at
fair value through other comprehensive
income 92 370 - -
Financial assets measured at amortised
cost 3,749,841 617,720 (60,000) (60,000)
3,749,933 618,090 (60,000) (60,000)
24.3 Financial risk management

The Group and the Company have exposures to the following risks from their use of financial instruments:
• Credit risk
• Liquidity risk
• Market risk
ANNUAL REPORT 2021

24.4 Credit risk
Credit risk is the risk of a financial loss to the Group if a customer or counterparty to a financial instrument
fails to meet its contractual obligations. The Group’s exposure to credit risk arises principally from its
receivables from customers. The Company’s exposure to credit risk arises principally from its advances
to subsidiaries and financial guarantees given to certain vendors for the supply of goods and services
provided to a subsidiary.
Trade receivables
Risk management objectives, policies and processes for managing the risk
Management has a credit policy in place and the exposure to credit risk is monitored on an on-going
basis. Normally financial guarantees of shareholders or directors of customers are obtained and credit
evaluations are performed on customers requiring credit over a certain amount. The Group and the
Company do not require collateral in respect of financial assets.
At each reporting date, the Group or the Company assesses whether any of the trade receivables are
credit impaired.
The gross carrying amounts of credit impaired trade receivables are written off (either partially or full)
when there is no realistic prospect of recovery. This is generally the case when the Group or the Company
determines that the debtor does not have assets or sources of income that could generate sufficient cash
flows to repay the amounts subject to the write-off. Nevertheless, trade receivables that are written off
could still be subject to enforcement activities.
There are no significant changes as compared to previous year.
Exposure to credit risk, credit quality and collateral
As at the end of the reporting period, there was no significant concentration of credit risk. The maximum
exposure to credit risk arising from trade receivables is represented by the carrying amounts in the
statement of financial position.
Management has taken reasonable steps to ensure that receivables that are neither past due nor impaired
are stated at their realisable values. A significant portion of these receivables are regular customers that
have been transacting with the Group.
The Group receives financial guarantees given by shareholders or directors of customers in managing
exposure to credit risks. Trade receivables amounting to RM32,677,661 (2020 : RM30,721,414) are
secured by financial guarantees given by shareholders or directors of the receivables.
Recognition and measurement of Impairment losses
In managing credit risk of trade receivables, the Group manages its debtors and takes appropriate actions
(including but not limited to legal actions) to recover long overdue balances. Generally, trade receivables
will pay within 150 days. The Group’s debt recovery process is as follows:
a) Above 90 days past due after credit term, the Group will start to initiate a structured debt recovery
process which is monitored by the sales management team; and
b) Above 120 days past due, the Group will commence a legal proceeding against the customer.
The Group uses an allowance matrix to measure ECLs of trade receivables for all segments. Consistent
with the debt recovery process, invoices which are past due 90 days will be considered as credit impaired.
OKA CORPORATION BHD

24.4 Credit risk (cont’d)
Trade receivables (cont’d)
Recognition and measurement of Impairment losses (cont’d)
Loss rates are calculated using a ‘roll rate’ method based on the probability of a receivable progressing
through successive stages of delinquency to 90 days past due.
Loss rates are based on actual credit loss experience over the past three years. The Group also considers
differences between (a) economic conditions during the period over which the historic data has been
collected, (b) current conditions and (c) the Group’s view of economic conditions over the expected lives
of the receivables. Nevertheless, the Group believes that these factors are immaterial for the purpose of
impairment calculation for the year.
The following table provides information about the exposure to credit risk and ECLs for trade receivables.
Gross
carrying Loss Net
amount allowance balance
RM RM RM
Group
2021
Not past due 18,829,870 (861,809) 17,968,061
Past due 1 - 30 days 9,944,529 (1,070,805) 8,873,724
Past due 31 - 60 days 5,696,824 (970,647) 4,726,177
Past due 61 - 90 days 2,201,761 (679,751) 1,522,010
36,672,984 (3,583,012) 33,089,972
Credit impaired
More than 90 days past due 6,762,208 (5,999,366) 762,842
43,435,192 (9,582,378) 33,852,814
2020
Not past due 12,312,138 (689,512) 11,622,626
Past due 1-30 days 6,511,033 (1,264,561) 5,246,472
Past due 31-60 days 6,132,515 (1,862,309) 4,270,206
Past due 61-90 days 4,543,906 (1,823,630) 2,720,276
29,499,592 (5,640,012) 23,859,580
Credit impaired
Past due more than 90 days 9,689,114 (7,101,726) 2,587,388
39,188,706 (12,741,738) 26,446,968
ANNUAL REPORT 2021

Trade receivables (cont’d)
Recognition and measurement of Impairment losses (cont’d)
The movements in the allowance for impairment in respect of trade receivables during the year are shown
below.
Trade
receivables
Lifetime ECL
RM
Group
Balance at 1 April 2019 17,481,456
Amounts written off (5,682,750)
Net remeasurement of loss allowance 943,032
Balance at 31 March 2020/1 April 2020 12,741,738
Amounts written off (402,699)
Net remeasurement of loss allowance (2,756,661)
Balance at 31 March 2021 9,582,378
The allowance account in respect of receivables is used to record impairment losses. Unless the Group
is satisfied that recovery of the amount is possible, the amount considered irrecoverable is written off
against the receivable directly.
Cash and cash equivalents
The cash and cash equivalents are held with banks and financial institutions. As at the end of the reporting
period, the maximum exposure to credit risk is represented by their carrying amounts in the statements
of financial position.
These banks and financial institutions have low credit risks. In addition, some of the bank balances are
insured by government agencies. Consequently, the Group and the Company are of the view that the loss
allowance is not material and hence, it is not provided for.
Other receivables
Credit risks on other receivables are mainly arising from deposits paid for hostel rented and utilities.
These deposits will be received at the end of each lease terms. The Group manages the credit risk
together with the leasing arrangement.
As at the end of the reporting period, the maximum exposure to credit risk is represented by their carrying
amounts in the statements of financial position.
The movements in the allowance for impairment in respect of other receivables during the year are shown
below.
OKA CORPORATION BHD

Other receivables (cont’d)
Lifetime ECL
RM
Group
Balance at 1 April 2019/31 March 2020/1 April 2020 357,958
Balance at 31 March 2021 6,625
Company
Balance at 1 April 2019/31 March 2020/1 April 2020 344,333
Balance at 31 March 2021 -
Inter-company advances
The Company provides unsecured loans and advances to subsidiaries. The Company monitors the ability
of the subsidiaries to repay the loans and advances on an individual basis.
As at the end of the reporting period, the maximum exposure to credit risk is represented by their carrying
amounts in the statements of financial position.
Loans and advances provided are not secured by any collateral or supported by any other credit
enhancements.
Recognition and measurement of impairment loss
Generally, the Company considers loans and advances to subsidiaries to be with low credit risk. The
Company assumes that there is a significant increase in credit risk when a subsidiary’s financial position
deteriorates significantly. As the Company is able to determine the timing of payments of the subsidiaries’
loans and advances when they are payable, the Company considers the loans and advances to be in
default when the subsidiaries are not able to pay when demanded. The Company considers a subsidiary’s
loan or advance to be credit impaired when :
• The subsidiary is unlikely to repay its loan or advance to the Company in full; or
• The subsidiary is continuously loss making and is having a deficit shareholders’ fund.
The Company determines the probability of default for these loans and advances individually using
internal information available.
The following table provides information about the exposure to credit risk and ECLs for subsidiaries’ loans
and advances.
ANNUAL REPORT 2021

Inter-company advances (cont’d)
Recognition and measurement of impairment loss (cont’d)
Gross Impairment
carrying Loss Net
amount allowance balance
RM RM RM
Company
2021
Low credit risk 57,103,107 - 57,103,107
Credit impaired 624,000 (624,000) -
57,727,107 (624,000) 57,103,107
2020
Low credit risk 57,371,747 - 57,371,747
Credit impaired 564,000 (564,000) -
57,935,747 (564,000) 57,371,747
The movements in the allowance for impairment in respect of subsidiaries’ loans and advances during the
financial year is as follows:
Lifetime ECL
RM
Company
Balance at 1 April 2019 504,000
Net remeasurement of loss allowance 60,000
Balance at 31 March 2020/1 April 2020 564,000
Net measurement of loss allowance 60,000
Balance at 31 March 2021 624,000
Financial guarantees
The Company provides guarantees to certain vendors for the supply of goods and services to a subsidiary.
The Company monitors on an on-going basis the results of the subsidiary and repayments made by the
subsidiary.
OKA CORPORATION BHD

Financial guarantees (cont’d)
The maximum exposure to credit risk amounts to RM5.1 million (2020: RM4.5 million) representing
outstanding balance for the supply of goods and services of the subsidiaries as at the end of the reporting
period.
The financial guarantees have not been recognised since the fair value on initial recognition was not
material.
Recognition and measurement of impairment loss
The Company assumes that there is a significant increase in credit risk when a subsidiary’s financial
position deteriorates significantly. The Company considers a financial guarantee to be credit impaired
when :
• The subsidiary is unlikely to repay its credit obligation to the vendors in full; or
• The subsidiary is continuously loss making and is having a deficit shareholders’ fund.
The Company determines the probability of default of the guaranteed loans individually using internal
information available.
As at the end of the reporting period, the Company did not recognise any allowance for impairment
losses.
24.5 Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Group’s exposure to liquidity risk arises principally from its various payables.
The Group maintains a level of cash and cash equivalents and bank facilities deemed adequate by the
management to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when
they fall due.
It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or
at significantly different amounts.
ANNUAL REPORT 2021

24.5 Liquidity risk (cont’d)
Maturity analysis
The table below summarises the maturity profile of the Group’s and the Company’s financial liabilities as
at the end of the reporting period based on undiscounted contractual payments:
Carrying Contractual Contractual Under
amounts interest rate cash flows 1 year
RM % RM RM
Group
2021
Non-derivative financial liabilities
Payables and accruals 28,208,077 - 28,208,077 28,208,077
2020
Company
2021
Corporate guarantee - - 5,092,815 5,092,815
5,596,273 10,689,088 10,689,088
2020
Corporate guarantee - - 4,514,798 4,514,798
5,387,008 9,901,806 9,901,806
OKA CORPORATION BHD

24.6 Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates,
will affect the Group’s financial position or cash flows.
24.6.1 Currency risk
The Group is exposed to foreign currency risk on sales that are denominated in a currency other than
Ringgit Malaysia. The currency giving rise to this risk is primarily Singapore Dollar (“SGD”).
Exposure to foreign currency risk
The Group’s exposure to foreign currency (a currency other than Ringgit Malaysia) risk, based on
carrying amounts as at the end of the reporting period are as follows :
Denominated
in
SGD
RM
2021
Cash and cash equivalents 137,387
Receivables 375,746
Exposure in the statement of financial position 513,133
2020
Cash and cash equivalents 322,385
Receivables 327,011
Exposure in the statement of financial position 649,396
Currency sensitivity analysis

Foreign currency risk arises from the Group’s monetary financial assets primarily denominated in SGD.
There is no other material exposure to foreign currency risk, and hence, sensitivity analysis will only be
presented for the above exposures.
A 10% strengthening of SGD against RM at the end of the reporting period would have increased post-
tax profit or loss by the amounts shown below. This analysis assumes that all other variables remain
constant and ignores any impact of forecasted sales and purchases.
Profit or Loss
2021 2020
RM RM
SGD 38,998 49,354
ANNUAL REPORT 2021

24.6 Market risk (cont’d)
24.6.1 Currency risk (cont’d)
Currency sensitivity analysis (cont’d)
A 10% weakening of SGD against RM at the end of the reporting period would have had equal but
opposite effect as shown above, on the basis that all other variables remain constant.
24.6.2 Interest rate risk
Short-term receivables and payables are not significantly exposed to interest rate risk.
The Group manages its interest rate risk by placing such balances with reputable banks, on varying
maturities and interest rate terms.
Exposure to interest rate risk
The interest rate profile of the Group’s significant interest-bearing financial instruments, based on
carrying amounts as at the end of the reporting period was:
2021 2020
RM RM
Group
Fixed rate instruments
Financial assets 47,652,848 49,889,816
Interest rate risk sensitivity analysis

Fair value sensitivity analysis for fixed rate instruments
The Group does not account for any fixed rate financial assets and liabilities at fair value through profit
or loss. Therefore, a change in interest rates at the end of the reporting period would not affect profit or
loss.
24.7 Fair value information
The carrying amounts of cash and cash equivalents, short-term receivables, inter-company balances
and payables approximate their fair values due to the relatively short-term nature of these financial
instruments.
OKA CORPORATION BHD

24.7 Fair value information (cont’d)
The table below analyses financial instrument carried at fair value and those not carried at fair value for
which fair value is disclosed, together with its fair value and its carrying amount shown in the statement
of financial position.
Fair value of Fair value of
( ( ( ( ( 0+1+$&12(&+-%,34#+%-( 0+1+$&12(&+-%,34#+%-( 5)%12
carried at fair value not carried at fair value fair Carrying
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total value amount
RM RM RM RM RM RM RM RM RM RM
Group
2021
Financial asset
Investment in quoted
shares 11,920 - - 11,920 - - - - 11,920 11,920
2020
Financial asset
Investment in quoted
shares 11,920 - - 11,920 - - - - 11,920 11,920
Policy on transfer between levels

The fair value of an asset to be transferred between levels is determined as of the date of the event or
change in circumstances that caused the transfer.
Level 1 fair value
Level 1 fair value is derived from quoted price (unadjusted) in active markets for identical financial assets
or liabilities that the entity can access at the measurement date.
Level 2 fair value
Level 2 fair value is estimated using inputs other than quoted prices included within Level 1 that are
observable for the financial assets or liabilities, either directly or indirectly.
Transfers between Level 1 and Level 2 fair values
There has been no transfer between Level 1 and Level 2 fair values during the financial year. (2020: no
transfer in either directions).
Level 3 fair value
Level 3 fair value is estimated using unobservable inputs for the financial assets and liabilities.
ANNUAL REPORT 2021
25. RELATED PARTIES

Identity of related parties
For the purposes of these financial statements, parties are considered to be related to the Group or the
Company if the Group or the Company has the ability, directly or indirectly, to control or jointly control the
party or exercise significant influence over the party in making financial and operating decisions, or vice versa,
or where the Group or the Company and the party are subject to common control. Related parties may be
individuals or other entities.
Related parties also include key management personnel defined as those persons having authority and
responsibility for planning, directing and controlling the activities of the Group either directly or indirectly. The
key management personnel include all the Directors of the Group.
The Group has related party relationship with its significant investors, subsidiaries and key management
personnel.
Significant related party transactions
Significant transactions with related parties other than those disclosed elsewhere in the financial statements
are shown below. The balances related to the below transactions are shown in Notes 6 and 10 to the financial
statements.
2021 2020
RM RM
Group
Transactions with a Director:
Rental of office building paid 84,000 84,000
Rental of factory land paid 54,000 36,000
Company
Transactions with subsidiaries:
Management fee received/receivable 2,400,000 2,400,000
Gross dividend receivable 10,000,000 9,800,000
Rental received 540,000 540,000
The transactions with the Director and subsidiaries have been entered into in the normal course of business
and have been established under negotiated terms.
26. OPERATING SEGMENTS

The business segment is based on the Group’s management and internal reporting structure.
Business segments
The Group’s only reportable segment comprises the manufacturing and sale of pre-cast concrete products and
trading of readymixed concrete.
Segment information has not been separately presented because internal reporting uses the Group’s financial
statements.
Geographical information
Financial information by geographical segments of the Group’s operations are not prepared as the Group
operates solely in Malaysia.
OKA CORPORATION BHD
26. OPERATING SEGMENTS (cont’d)

Major customers
There are no major customers with revenue equal to or more than 10% of the Group’s total revenue.
27. CAPITAL MANAGEMENT

The Group’s objectives when managing capital are to maintain a strong capital base and safeguard the Group’s
ability to continue as a going concern, so as to maintain investor, creditor and market confidence and to sustain
future development of the business.
There were no changes in the Group’s approach to capital management during the financial year.
28. Capital commitment - Group

2021 2020
RM RM
Property, plant and equipment
Contracted but not provided for 1,030,000 2,451,000
ANNUAL REPORT 2021
STATEMENT BY DIRECTORS PURSUANT TO 97

SECTION 251(2) OF THE COMPANIES ACT 2016
In the opinion of the Directors, the financial statements set out on pages 44 to 96 are drawn up in accordance with
Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the
Companies Act 2016 in Malaysia so as to give a true and fair view of the financial position of the Group and of the
Company as of 31 March 2021 and of their financial performance and cash flows for the financial year then ended.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
…....................................………………………
Ong Koon Ann
Director
…....................................………………………
Ong Choo Ian
Director
Ipoh
Date : 26 July 2021

OKA CORPORATION BHD
98 STATUTORY DECLARATION PURSUANT TO

SECTION 251(1)(b) OF THE COMPANIES ACT 2016
I, Lau Wai Yeen, the officer primarily responsible for the financial management of OKA Corporation Bhd, do solemnly
and sincerely declare that the financial statements set out on pages 44 to 96 are, to the best of my knowledge and
belief, correct and I make this solemn declaration conscientiously believing the declaration to be true, and by virtue
of the Statutory Declarations Act 1960.
Subscribed and solemnly declared by the abovenamed Lau Wai Yeen, NRIC: 700418-08-6057, MIA CA11467, at
Ipoh in the State of Perak Darul Ridzuan on 26 July 2021.
….........................................
Lau Wai Yeen
Before me:
KONG WAI NGEE
COMMISSIONER FOR OATHS
IPOH
ANNUAL REPORT 2021
INDEPENDENT AUDITORS REPORT 99

TO THE MEMBERS OF OKA CORPORATION BHD
Report on the Audit of the Financial Statements

Opinion
We have audited the financial statements of OKA Corporation Bhd, which comprise the statements of financial position
as at 31 March 2021 of the Group and of the Company, and the statements of profit or loss and other comprehensive
income, statements of changes in equity and statements of cash flows of the Group and of the Company for the year
then ended, and notes to the financial statements, including a summary of significant accounting policies, as set out
on pages 44 to 96.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group
and of the Company as at 31 March 2021, and of their financial performance and their cash flows for the year then
ended in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards
and the requirements of the Companies Act 2016 in Malaysia.
Basis for Opinion
We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards
on Auditing. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for
the Audit of the Financial Statements section of our auditors’ report. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Independence and Other Ethical Responsibilities
We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics,
Conduct and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards
Board for Accountants’ International Code of Ethics for Professional Accountants (including International
Independence Standards) (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with
the By-Laws and the IESBA Code.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial statements of the Group and of the Company for the current year. These matters were addressed in
the context of our audit of the financial statements of the Group and of the Company as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
1. Valuation of inventories
Refer to Note 1.4 Use of estimates and judgements and Note 9 Inventories to the financial statements.
The key audit matter
The Group’s inventories of RM41 million as at 31 March 2021 in the consolidated statement of financial position
represents about 20% of the Group’s total assets.
The Group made the write-down of finished goods, if necessary, based on the analysis of the aging of finished
goods as well as the analysis of the potential obsolescence due to low demand by customers following the
completion of projects and for inventories with odd sizes or in loose quantities. The recognition of inventory
write-down involves estimates and judgements by the Directors and there is a risk that the actual write-down
required may be different to those estimated. This is a key audit matter because evaluating the estimates made
by the Directors requires us to exercise significant judgement.
How the matter was addressed in our audit
Our audit procedures performed in this area included, among others:
• Inquired the management and assessed their process in identifying slow-moving and/or obsolete
inventories;
• Tested the age profile of the inventories to the daily production report;
• Evaluated the Group’s basis of provision for slow-moving inventories as at 31 March 2021 based on the
age of the inventory relative to past and present sales;
• Compared the carrying value of finished goods as at 31 March 2021 to sales made to external customers
subsequent to the year end to test whether the finished goods are recorded at the lower of costs and net
realisable value.
OKA CORPORATION BHD
100 INDEPENDENT AUDITORS REPORT

TO THE MEMBERS OF OKA CORPORATION BHD (contd)
Key Audit Matters (cont’d)

2. Valuation of trade receivables
Refer to Note 1.4 Use of estimates and judgements and Note 10 Receivables, deposits and prepayments to the
financial statements.
The key audit matter
The Group’s trade receivables of RM34 million as at 31 March 2021 represents about 16% of the Group’s total
assets.
The Group recognises loss allowances for expected credit losses on trade receivables, if necessary, based on
probability-weighted estimate of credit losses, taking into consideration historical past due aging for the past
three years. The recognition of expected credit losses on trade receivables involves estimates and judgements
by the Directors and there is a risk that the actual impairment loss required may be different to those estimated.
This is a key audit matter because evaluating the estimates made by the Directors requires us to exercise
significant judgement.
How the matter was addressed in our audit
Our audit procedures performed in this area included, among others:
• Inquired and assessed the Group’s process in identifying debts that are potentially doubtful of recovery;
• Tested the reliability of the aging of trade receivables by testing the age profile of the debts to the
respective invoices;
• Considered the reasonableness of the basis of expected credit loss rate of trade receivables;
• Performed predictive substantive analytical procedure on the reasonableness of the expected credit loss
using the flow rate method based on past due ageing as at 31 March 2019, 2020 and 2021;
• Evaluated the appropriateness of the accounting policies based on the requirements of MFRS 9.
We have determined that there are no key audit matters in the audit of the separate financial statements of the
Company to communicate in our auditors’ report.
Information Other than the Financial Statements and Auditors’ Report Thereon
The Directors of the Company are responsible for the other information. The other information comprises the
information included in the annual report, but does not include the financial statements of the Group and of the
Company and our auditors’ report thereon.
Our opinion on the financial statements of the Group and of the Company does not cover the annual report and we
do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to read
the annual report and, in doing so, consider whether the annual report is materially inconsistent with the financial
statements of the Group and of the Company or our knowledge obtained in the audit, or otherwise appears to be
materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of
the annual report, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Statements
The Directors of the Company are responsible for the preparation of financial statements of the Group and of the
Company that give a true and fair view in accordance with Malaysian Financial Reporting Standards, International
Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia. The Directors are also
responsible for such internal control as the Directors determine is necessary to enable the preparation of financial
statements of the Group and of the Company that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements of the Group and of the Company, the Directors are responsible for assessing
the ability of the Group and of the Company to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the
Group or the Company or to cease operations, or have no realistic alternative but to do so.
ANNUAL REPORT 2021
INDEPENDENT AUDITORS REPORT 101

Key Audit Matters (cont’d)

Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the
Company as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with approved standards on auditing in Malaysia and International Standards
on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on
Auditing, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements of the Group and of the
Company, whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit 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
internal control of the Group and of the Company.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the Directors.
• Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Group or of the Company to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related
disclosures in the financial statements of the Group and of the Company or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’
report. However, future events or conditions may cause the Group or the Company to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the financial statements of the Group and of the
Company, including the disclosures, and whether the financial statements of the Group and of the Company
represent the underlying transactions and events in a manner that gives a true and fair view.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the financial statements of the Group. We are responsible
for the direction, supervision and performance of the group audit. We remain solely responsible for our audit
opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Directors, we determine those matters that were of most significance in
the audit of the financial statements of the Group and of the Company for the current year and are therefore the key
audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated
in our auditors’ report because the adverse consequences of doing so would reasonably be expected to outweigh
the public interest benefits of such communication.
OKA CORPORATION BHD
102 INDEPENDENT AUDITORS REPORT

Report on Other Legal and Regulatory Requirements

In accordance with the requirements of the Companies Act 2016 in Malaysia, we report that the subsidiaries of which
we have not acted as auditors are disclosed in Note 6 to the financial statements.
Other Matter
This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the
Companies Act 2016 in Malaysia and for no other purpose. We do not assume responsibility to any other person for
the content of this report.
KPMG PLT Lee Phaik Im

(LLP0010081-LCA & AF 0758) Approval Number : 03177/05/2023 J
Chartered Accountants Chartered Accountant
Penang
Date : 26 July 2021
OKA CORPORATION BHD
200001017334 (519941-H)
(Incorporated in Malaysia)
PROXY FORM CDS Account No. No. of shares held
I/We
(Full name in block, NRIC/Passport/Company No.)
Tel : of (address) being
member(s) of OKA Corporation Bhd, hereby appoint
Proportion of Shareholdings
Full Name (in Block) NRIC/Passport No.
No. of Shares %
Address
and/or* (*delete as appropriate)

Proportion of Shareholdings
Full Name (in Block) NRIC/Passport No.
No. of Shares %
Address
or failing the abovenamed proxies, the Chairman of the Meeting as my/our proxy to vote for me/us and on my/our behalf at the General Meeting
of the Company to be held at Lavender Hall – Level 3, Kinta Riverfront Hotel & Suites, Kinta Riverfront, Jalan Lim Bo Seng, 30000 Ipoh, Perak
Darul Ridzuan on Wednesday, 29 September 2021 at 11.00 a.m. or any adjournment thereof, and to vote as indicated below-
Description of Resolution Ordinary Resolution For Against
F%'3/$/#+()&(!&-)/3&2+G+2%)2 Resolution 1
Approval of payment of Directors’ fees Resolution 2
Approval of payment of allowances to Non-Executive Directors Resolution 3
Re-election of Mr. Mdm. Quah Seok Keng Resolution 4
Re-election of Mr. Gan Boon Koo @ Gan Boon Kiu Resolution 5
Re-election of Dato’ Sri Kuan Khian Leng, S.S.A.P. Resolution 6
H%</11(+)#*%)#&(!&I%..$.4&JKIL&KM5&/.&N"2+#($.&/)2&/"#6($+O+):&#6%&F+$%'#($.&#(&-0&#6%+$& Resolution 7
remuneration
Authority to the Directors to issue shares pursuant to Sections 75 & 76 of the Companies Resolution 8
Act, 2016
Retain Mr. Chok Hooa @ Chok Yin Fatt, PMP as an Independent Non-Executive Director Resolution 9
Retain Mr. Gan Boon Koo @ Gan Boon Kiu as an Independent Non-Executive Director Resolution 10
Please indicate with an “X” in the space provided whether you wish your votes to be cast for or against the resolutions. In the absence of
.1%'+-'&2+$%'#+()?&9("$&1$(09&8+33&G(#%&($&/,.#/+)&/.&6%&#6+)P.&-#4
Signed this ____ day of ____ ______________________________

Signature*
Member
*Manner of execution -
(a) If you are an individual member, please sign where indicated.
(b) If you are a corporate member which has a common seal, this proxy form should be executed under seal in accordance with the constitution of your corporation.
='E& Q!&9("&/$%&/&'($1($/#%&*%*,%$&86+'6&2(%.&)(#&6/G%&/&'(**()&.%/3?&#6+.&1$(09&!($*&.6("32&,%&/R0%2&8+#6&#6%&$",,%$&.#/*1&(!&9("$&'(*1/)9&=+!&/)9E&/)2&
executed by:
=+E& N#&3%/.#&#8(&=DE&/"#6($+O%2&(R'%$.?&(!&86(*&()%&.6/33&,%&/&2+$%'#($S&($
=++E& N)9&2+$%'#($&/)2T($&/"#6($+.%2&(R'%$.&+)&/''($2/)'%&8+#6&#6%&3/8.&(!&#6%&'(")#$9&")2%$&86+'6&9("$&'($1($/#+()&+.&+)'($1($/#%24
Notes -
1. A member entitled to attend and vote at this general meeting is entitled to appoint a proxy or attorney or in the case of a corporation, to appoint a duly authorized
representative to attend, participate, speak and vote in his place in accordance with Section 334(1) of the Act. A proxy may but need not be a member of the
Company.
2. A member may appoint not more than two (2) proxies to attend and vote at the same meeting. Where a member appoints more than one (1) proxy and such
!""#$%&'(%&)*+!,,)-()$%.!,$/)0%,(**)+()*"(1$2(*)&+()"3#"#3&$#%)#4)+$*)*+!3(+#,/$%5)&#)-()3("3(*(%&(/)-6)(!1+)"3#768
98) :+(3()!)'('-(3)#4)&+();#'"!%6)$*)!%)!0&+#3$*(/)%#'$%(()!*)/(2%(/)$%)&+();(%&3!,)<("#*$&#3$(*)=1&>)$&)'!6)!""#$%&)%#&)'#3()&+!%)&?#)@AB)"3#7$(*)$%)3(*"(1&)
of each securities account it holds with ordinary shares of the Company standing to the credit of the said securities account and the number of shares to be
represented by each proxy must be clearly indicated.
C8) :+(3() !) '('-(3) #4) &+() ;#'"!%6) $*) !%) (7('"&) !0&+#3$D(/) %#'$%(() ?+$1+) +#,/*) #3/$%!36) *+!3(*) $%) &+() ;#'"!%6) 4#3) '0,&$",() -(%(21$!,) #?%(3*) $%) #%()
securities account (“omnibus account”), there is no limit to the number of proxies which the exempt authorized nominee may appoint in respect of each omnibus
!11#0%&)$&)+#,/*8))=%)(7('"&)!0&+#3$D(/)%#'$%(()3(4(3*)&#)!%)!0&+#3$D(/)%#'$%(()/(2%(/)0%/(3)&+()E(103$&$(*)F%/0*&36)@;(%&3!,)<("#*$&#3$(*B)=1&)GHHG)?+$1+)
is exempted from compliance with the provisions of subsection 25A(1) of the said Act.
5. The instrument appointing a proxy shall be in writing under the hand of the appointor or his attorney duly authorized in writing or if such appointor is a
1#3"#3!&$#%>)0%/(3)$&*)E(!,)#3)&+()+!%/)#4)$&*)!&&#3%(6)#3)-6)!)/0,6)!0&+#3$*(/)#I1(3)#%)-(+!,4)#4)&+()1#3"#3!&$#%8
J8) K#)-().!,$/)&+$*)4#3')/0,6)1#'",(&(/)'0*&)-()/("#*$&(/)!&)&+()3(5$*&(3(/)#I1()#4)&+();#'"!%6)%#&),(**)&+!%)CL)+#03*)-(4#3()&+()&$'()4#3)+#,/$%5)&+()'((&$%5)
or adjourned meeting at which the person named in the instrument proposes to vote, or, in the case of a poll, not less than twenty-four (24) hours before the
time appointed for the taking of the poll, and in default the instrument of proxy shall not be treated as valid.
7. By submitting the duly executed Proxy Form, the member consents to the Company (and/or its agents/ service providers) collecting, using and disclosing the
personal data therein in accordance with the Personal Data Protection Act 2010, for the purpose of the meeting or at any adjournment thereof.
8. Only a depositor whose name appears on the Record of Depositors as at 22 September 2021 shall be entitled to attend the general meeting or appoint a proxy
to attend, speak and vote on his behalf.
Please fold along this line
Stamp
The Company Secretary

OKA Corporation Bhd
No.6, Lebuhraya Chateau, Off Persiaran Kampar
30250 Ipoh Perak Malaysia
Please fold along this line

No. 6, Lebuhraya Chateau, Off Pesiaran Kampar,
30250 Ipoh, Perak, Malaysia.
www.oka.com.my

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OKA CORPORATION BHD

Notice of Annual General Meeting 3-5

Notice of Dividend Entitlement And Payment 4

Statement Accompanying Notice of Annual General Meeting 6

Profile of the Board of Directors 8-9

Profile of Key Senior Management 10

Audit Committee Report 11 - 13

Corporate Governance Overview Statement 14 - 26

Statement on Risk Management and Internal Control 27 - 28

Management Discussion And Analysis 29 - 30

Reports & Financial Statements 39 - 102

Proxy Form Enclosed

Corporate Vision Corporate Mission Corporate Culture/Core Value

OKA Group’s vision is to be the To achieve organizational goals • Customer satisfaction

NOTICE OF ANNUAL GENERAL MEETING 3

4 NOTICE OF ANNUAL GENERAL MEETING (contd)

9. Retention of Independent Non-Executive Directors

NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT

Low Hor Foong (MAICSA 0763512)

NOTICE OF ANNUAL GENERAL MEETING (contd) 5

Details of individuals who are standing for election as Directors

The rest of this page is intentionally left blank.

BOARD OF DIRECTORS AUDITORS

Independent Non-Executive Chairman KPMG PLT

OKA Concrete Industries Sdn Bhd

8 PROFILE OF THE BOARD OF DIRECTORS

ONG KOON ANN

QUAH SEOK KENG

ONG CHOO IAN

PROFILE OF THE BOARD OF DIRECTORS (contd) 9

CHOK HOOA @ CHOK YIN FATT, PMP

GAN BOON KOO @ GAN BOON KIU

DATO’ SRI KUAN KHIAN LENG, S.S.A.P.

10 KEY SENIOR MANAGEMENTS PROFILE

ONG KOON ENG

LAU WAI YEEN

TEY HOCK LIM

AUDIT COMMITTEE REPORT 11

MEMBERS OF THE AUDIT COMMITTEE

Mr. Chok Hooa @ Chok Yin Fatt, PMP 5/5

12 AUDIT COMMITTEE REPORT (contd)

SUMMARY OF WORKS OF THE AUDIT COMMITTEE

AUDIT COMMITTEE REPORT (contd) 13

SUMMARY OF ACTIVITIES OF THE OUTSOURCED INTERNAL AUDITORS

14 CORPORATE GOVERNANCE OVERVIEW STATEMENT

Part 1 – Board Responsibilities

1. Board’s leadership on Objectives and Goals

1.1 Company’s strategic aims, values and standards

CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd) 15

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (Cont’d)

Part 1 – Board Responsibilities (Cont’d)

1. Board’s Leadership on Objectives and Goals (Cont’d)

1.4 Qualified and Competent Company Secretaries

2.1 Board Charter

3.1 Code of Conduct

16 CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd)

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (Cont’d)

Part 1 – Board Responsibilities (Cont’d)

3. Good Business Conduct and Healthy Corporate Culture (Cont’d)

3.2 Whistleblowing Policy

4.1 Composition of the Board

CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd) 17

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (Cont’d)

4 NOTICE OF ANNUAL GENERAL MEETING (contd)

NOTICE OF ANNUAL GENERAL MEETING (contd) 5

PROFILE OF THE BOARD OF DIRECTORS (contd) 9

10 KEY SENIOR MANAGEMENTS PROFILE

12 AUDIT COMMITTEE REPORT (contd)

AUDIT COMMITTEE REPORT (contd) 13

CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd) 15

16 CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd)

CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd) 17

18 CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd)

CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd) 19

20 CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd)

CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd) 21

22 CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd)

CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd) 23

24 CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd)

CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd) 25

26 CORPORATE GOVERNANCE OVERVIEW STATEMENT (contd)

30 MANAGEMENT DISCUSSION AND ANALYSIS (contd)

32 SUSTAINABILITY STATEMENT 2021 (contd)