AWARDED “TOP GLOVE, TOP QUALITY, TOP EFFICIENT, ISO 9001 … · 2017-01-12 · Aruba Argentina Bahamas Barbados Belize Benin Bolivia Brazil Chile Colombia Costa Rica Cuba Dominica

* by 31 March 2011

21Factories*

** by 31 March 2011

ctories

Lot 4969, Jalan Teratai, Batu 6, Off Jalan Meru, 41050 Klang, Selangor D.E., Malaysia.

Tel : 603-3392 1992/1905 Fax : 603-3392 1291/8410

E-mail : [email protected] / [email protected] / [email protected]

Visit us at our website : www.topglove.com.my

TOP GLOVE CORPORATION BERHAD (474423-X)

“TOP GLOVE, TOP QUALITY, TOP EFFICIENT, GOOD HEALTH, SAFETY FIRST & BE HONEST”

AWARDEDISO 9001

37 Billion Gloves Per Annum*

11,500Employees*

411Production Lines*

North America

LatinAmerica

Europe

MiddleEast

Africa

Asia

Oceania

AWARDEDISO 9001

FFacFac

The World is Our Market

The World’s Largest Rubber Glove Manufacturer

37 Billionnnum*

11 5004411

Production Lin11



Company No. : 474423-X (Incorporated in Malaysia)

A Public Company Listed on the Main Market of Bursa Malaysia

AWARDEDISO 9001

ANNUALREPORT

2010FOR FINANCIALYEAR ENDED31 AUGUST 2010

The World is Our MarketWebsite: www.topglove.com.my

ANNUAL REPORT 2010

(474423-X)

For Financial Year Ended 31 December 2010

ANNUAL REPORT 2010

Financial Year Ended 31 August 2010

AWARDEDISO 9001

TOP G

LOV

E CO

RPO

RATIO

N BER

HA

D (474423-X

)

Aruba Argentina Bahamas Barbados Belize Benin Bolivia Brazil Chile Colombia Costa Rica Cuba Dominica Dominican Republic Ecuador El Salvador

French Guiana Grenada Guatemala Guyana Haiti Honduras Jamaica Mexico Nicaragua Panama Paraguay Peru Suriname Trinidad & Tobago Uruguay Venezuela

Algeria Angola Benin Bostwana Burkina Faso Burundi Cameroon Cepe Verde Central African

Republic Chad Congo Eritrea Ethiopia Gabon

Niger Nigeria Rwanda Senegal Sierra Leone Somalia South Africa Sudan Swaziland Tanzania Togo Tunisia Uganda Zambia Zimbabwe

Bahrain Egypt Iran Iraq Israel Jordan Kuwait Lebanon Oman Palestine Qatar Saudi Arabia Syria UAE Yemen

Albania Andorra Armenia Austria Azerbaijan Belarus Belgium Bosnia

Herzegovina Bulgaria Canary Islands Croatia Cyprus Czech Republic Denmark Estonia

Finland France Georgia Germany Greece Hungary Iceland Ireland Italy Kosovo Latvia Lithuania Lexembourg Macedonia, FYR Malta Moldova

Montenegro Netherlands Nothern Ireland Norway Poland Portugal Romania Russia Slovakia Slovenia Spain Sweden Switzerland Turkey Ukraine United Kingdom

Afghanistan Bangladesh Bhutan Brunei Cambodia China Hong Kong India Indonesia Japan Kazakhstan Korea Laos Macau Malaysia

Mongolia Myanmar Nepal New Caledonia Pakistan Philippines Singapore Sri Lanka Taiwan Thailand Tajikistan Turkmenistan Uzbekistan Vietnam

Australia Christmas Island Fiji Guam Micronesia, Federated New Zealand Papua New Guinea Samoa Solomon Islands Vanuatu

Gambia Ghana Gibraltar Guinea Ivory Coast Kenya Lesotho Liberia Libya Madagascar Malawi Mauritius Morocco Mozambique Namibia

Canada Puerto Rico USA

Alb i Fi l d M t

Canada Puerto Rico USA

NORTHAMERICA

LATINAMERICA

AFRICA

MIDDLEEAST

ASIA

OCEANIA

EUROPE

KLANG HEAD OFFICE (FACTORY 9)Address Lot 4969, Jalan Teratai, Batu 6, Off Jalan Meru, 41050 Klang, Selangor D.E., MalaysiaTel +603-3392 1992 / 1905Fax +603-3392 1291 / 8410E-mails (i) [email protected] (ii) [email protected] (iii) [email protected] Website

:

:::

: www.topglove.com.my

E-mails (i) [email protected](ii) [email protected](iii) [email protected]

Website

:


U.S.A. MARKETING OFFICETG Medical (U.S.A.) Inc.,165, North Aspan Avenue,Azusa CA 91702, U.S.A.Tel : 001-626-969-7838 / Fax : 001-626-969-7823

E-mail : [email protected]

FACTORY 2Lot 4968, Jalan Teratai, Batu 6, Off Jalan Meru,41050 Klang, Selangor D.E., Malaysia.Tel : +603-3392 1992 / 1905Fax : +603-3392 9848


SUBANG CORPORATE OFFICE(by January 2011)A-11-01, Empire Office, Empire Subang, Jalan SS16/1, SS16, 47500 Subang Jaya, Selangor D.E., MalaysiaTel: +603-5022 2110Fax: +603-5022 2113


Corporate Offices and Factories

FACTORY 3Lot 5091, Jalan Teratai, Batu 5, Off Jalan Meru,41050 Klang, Selangor D.E., Malaysia.Tel : +603-3392 7880 / 7350Fax : +603-3392 7229 / 9160


FACTORY 6180/3, Moo 7, Srisonthon Road, Tambon Srisonthon,Amphur Thalang, Phuket 83110, Thailand.Tel : +66-76-272 572 / 574Fax : +66-76-273 447

Tel +66-74-410-000Fax :

:+66-74-410 007 / 008

FACTORY 7188, Moo 5, Kanchanawanich Road,Tambon Sumnakkham, Amphur Sadao,Songkhla, 90320 Thailand.

FACTORY 853, Zhenbei Road, Xizhang Street, Fenghuang TownZhangjiagang City, Jiangsu Province 215614, China.Tel : +86-512-5842 2860Fax : +86-512-5842 2870



FACTORY 5Lot 18, 27, 38 & 57, Medan Tasek,Kawasan Perindustrian Tasek,31400 Ipoh, Perak D.R., Malaysia.Tel : +605-546 6360 / 547 9271Fax : +605-547 8975

FACTORY 12Lot 4960, Jalan Teratai, Batu 6, Off Jalan Meru,41050 Klang, Selangor D.E., Malaysia.Tel : +603-3392 3375Fax : +603-3392 5200


FACTORY 16L188, Moo 5, Tambon Pangla, Amphur Sadao,Songkhla 90170 Thailand.

:

Tel : +66-74-410 888Fax +66-74-410 886

FACTORY 17L268, Moo 5, Tambon Kampangphet,Amphur Rattaphum, Songkhla 90180 Thailand.Tel : +66-74-318 411 / 388 911 / 388 913Fax : +66-74-318 412 / 318 413

FACTORY 19Lot 4987, Jalan Bunga Raya Batu 6, Off Jalan Meru, 41050 Klang, Selangor D.E.Tel : +603-3392 5900Fax : +603-3392 5910

FACTORY 20Lot 4988, Jalan Bunga Raya, Batu 6, Off Jalan Meru,41050 Klang, Selangor D.E., Malaysia.Tel : +603-3392 5900Fax : +603-3392 5910

FACTORY 21Lot 4989, Jalan Bunga Raya, Batu 6, Off Jalan Meru,41050 Klang, Selangor D.E., Malaysia.Tel : +603-3392 4881 / 4642Fax : +603-3392 5066

FACTORY 15South of Weiwu Road, West of Xihuan Road,Xinghua Economic Developing Zone.225700 Jiang Su Province, China.Tel : +86-523-8326 8976Fax : +86-523-8326 8676

FACTORY 18Lot 124 & 126, Jalan Lapan, Kompleks Perabot Olak Lempit,13 KM , Jalan Banting Dengkil, 42700 Banting, Selangor D.E., Malaysia.

Tel : +603-3149 1998Fax : +603-3149 3008

We strive to be the world’s leading manufacturer with excellent quality glove products and services that enrich and protect human lives.

To be a world class glove manufacturer providing top quality products with excellent services through continuous improvement and innovation.

Tan Sri Dato Sri Lim, Wee-ChaiChairman of Top Glove Corporation Berhad

VISION

MISSION

OUR BUSINESS RULES

FOR THE COMPANY ARE:

• Global customer satisfaction• Do it right first time and every time• Integrity and total commitment• Excellence in quality and competitiveness• Environmental friendly and social responsibilities

CORPORATE VALUES

• Quality and productivity are our business• Continuous improvement and innovation are our duties• Towards zero defect is our target

• Honesty• Integrity• Transparency

• Do not lose your shareholders’ money;• Do not lose your health;• Do not lose your temper; and• Do not lose your customers.

BUSINESS ETHICS

QUALITY POLICY

Page

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107113 116119

MALAYSIA THAILAND CHINA GERMANY USA

Export Markets

Vision and Mission

Contents

Corporate Structure

International Quality Awards & Certifications

Corporate Information

Board of Directors

Directors’ Profile

Senior Management Team

Six Years Group Financial Review

Enhancing Shareholders’ Value

Letter to Stakeholders

(English, Bahasa Malaysia & Mandarin)

Corporate Social Responsibility Statement

Top Glove Corporate Song

Corporate Governance Statement

Statement on Internal Control

Audit Committee Report

Financial Statements for the Year Ended 31 August 2010

List of Properties

Analysis of Shareholdings

Notice of AGM

Form of Proxy

10

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(USA

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TOP GLOVE

ENGINEERING

SDN BHD

100%

TG M

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GREAT GLOVE SDN BHD

GLOVE SDN BH

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TOP

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TOP GLOVE

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TOP GLOVE SDN BHD

35%Sonic Clean Pte Ltd

Singapore100%

Flexitech Sdn BhdMalaysia

100%Techniglove Asia

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74%Great Glove

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Thailand

100%Top Quality

Glove

(Thailand) Co Ltd

Thailand

100% B Tech Industry Co. Ltd

Thailand

100%Top Glove Medical

(Thailand) Co Ltd

Thailand

100%Top Glove Technology

(Thailand) Co Ltd

Thailand

100% Top Glove

International

Sdn Bhd

Malaysia

100% Top Glove

Academy

Sdn Bhd

Malaysia

79.77%Medi-Flex

Limited

Singapore

100%Top Glove

(Zhangjiagang)

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TG Medical

(Zhangjiagang)

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China

100%Great Glove

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TOP GLOVE CORPORATION

BERHAD


* Top Glove Foundation is a member of Top Glove Group of companies.

SINCE

AWARDS2 0 1 0

Tan Sri Dato Sri Lim, Wee-ChaiChairman

Tan Sri Dato’ Seri Arshad Bin AyubIndependent Non-Executive Director

Tan Sri Dato’ Dr. Lin See Yan Independent Non-Executive Director

Lee Kim MeowManaging Director

Puan Sri Tong Siew BeeExecutive Director

Lim Hooi SinExecutive Director

Sekarajasekaran a/l ArasaratnamIndependent Non-Executive Director

Quah Chin ChyeIndependent Non-Executive Director

Lim Cheong GuanExecutive Director

REGISTERED & CORPORATE OFFICE

Lot 4969, Jalan Teratai,Batu 6, Off Jalan Meru,41050 Klang, Selangor D.E., MalaysiaTel : 603-3392 1992 / 1905Fax : 603-3392 1291 / 8410E-mails : (i) [email protected] (ii) [email protected] (iii) [email protected] : http://www.topglove.com.my

COMPANY SECRETARIES

Chua Siew Chuan(MAICSA No: 0777689)

Chin Mun Yee(MAICSA No: 7019243)

Ngian Yoke Fung(MAICSA No: 7049093)

REGISTRAR

Securities Services (Holdings) Sdn BhdLevel 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur, MalaysiaTel : 603-2084 9000Fax : 603-2094 9940 / 2095 0292

BOARD OF DIRECTORS AUDITORS

Ernst & Young Chartered Accountants,Lot 1, 6th Floor, Menara Pertam, Jalan BBP 2, Taman Batu Berendam Putra,Batu Berendam, 75350 Melaka, Malaysia

STOCK EXCHANGE LISTING

Main Market of Bursa Malaysia Securities BerhadStock Code : 7113Stock Name : TOPGLOV

ADR Programme (Depository Receipt Programme), USAADR Symbol : TGLVY

PRINCIPAL BANKERS

• Bank of China Limited• China Construction Bank Corporation• CIMB Bank Berhad• Deutsche Bank (Malaysia) Berhad• Hong Leong Bank Berhad• HSBC Bank Malaysia Berhad• Malayan Banking Berhad• OCBC Bank (China) Limited• Public Bank Berhad• Standard Chartered Bank Malaysia Berhad• Thai Military Bank Public Company Limited• United Overseas Bank (China) Ltd

SOLICITORS

Messrs Ganendrah & AssociatesSuite 6.03, Level 6, Semua House,Jalan Bunus 6, Off Jalan Masjid India,50100 Kuala Lumpur.

Messrs Jeevaretnam & Co.Advocates & SolicitorsSuite 105, 1st Floor, NUBE Building,114 Jalan Tuanku Abdul Rahman,50100 Kuala Lumpur.

Messrs Soo Thien Ming & NashrahNo. 45-47, 1st Floor, Jalan Kapar,41400 Klang, Selangor Darul Ehsan, Malaysia.

“To Produce Consistently High Quality Gloves

at Efficient Low Cost”

Our Business Direction is:

Board of Directors

(From Left to Right):

1 Quah Chin Chye, 2 Sekarajasekaran a/l Arasaratnam, 3 Tan Sri Dato’ Dr Lin See Yan, 4 Tan Sri Dato’ Seri Arshad Bin Ayub, 5 Tan Sri Dato Sri Lim, Wee-Chai, 6 Puan Sri Tong Siew Bee, 7 Lee Kim Meow, 8 Lim Cheong Guan, 9 Lim Hooi Sin

Aged 52, a Malaysian citizen, was appointed as the Chairman of Top Glove Corporation Bhd on 4 September 2000. He is also the founder of Top Glove Group of Companies. The Group was established in 1991 and was listed on Bursa Malaysia Securities Berhad on 27 March 2001.

He obtained a Bachelor of Science Degree with Honours in Physics in 1982 from University Malaya and a Master of Business Administration in 1985 from Sul Ross State University in Texas, USA.

Tan Sri Dato Sri Lim brings a wealth of experience in the marketing of consumers products whilst he was the Sales Manager of a subsidiary company of OYL Industries Bhd. In 1991, he set up Top Glove Sdn Bhd, his own glove manufacturing and trading business with only three (3) production lines and has expanded this business to be the World’s Largest Rubber Glove Manufacturer with 371 production lines in twenty (20) glove factories and latex concentrate plants based in Malaysia, Thailand and China (as at August 2010). He has more than 20 years of experience in rubber gloves manufacturing business.

He served as the President (1997 to 1999) of the Malaysian Rubber Glove Manufacturers’ Association (MARGMA). Prior to this, he was also the Vice-President, Treasurer, Honorary Secretary for the past seven (7) years in this association. In 1998 and 1999, he was the Director of the Association of Malaysia Medical Industries (AMMI). In 1998 and 1999, he served as a Board member of the Malaysian Rubber Board.

On 4 December 2004, Tan Sri Dato Sri Lim, Wee-Chai was named and awarded the highly prestigious accolade, Master and Country Entrepreneur of Malaysia for the Year 2004, by Messrs Ernst and Young. This award was presented by the then Prime Minister of Malaysia, Y.A.B. Dato’ Seri Abdullah bin Hj. Ahmad Badawi. With this award, Tan Sri Dato Sri Lim represented Malaysia in Monte Carlo, Monaco for the World Entrepreneur of The Year contest on 28 May 2005. On 2 June 2007, he was awarded the Darjah Kebesaran Panglima Setia Mahkota (P.S.M.) award which carries the title “Tan Sri” from Duli Yang Maha Mulia Seri Paduka Baginda Yang di-Pertuan Agong (The King of Malaysia).

On 30 November 2007, Tan Sri Dato Sri Lim was awarded the SME Platinum Award 2007, an award that was accorded to him in view of his achievement and success in growing a small glove manufacturer to a World’s Largest Manufacturer. On 23 July 2008, Tan Sri Dato Sri Lim was awarded the prestigious accolade Entrepreneur of the year 2008 of the Asia Pacific Entrepreneurship Awards 2008 by Enterprise Asia which recognizes successful entrepreneur in the Asia Pacific region. He was appointed as a nominated member of Federation of Malaysian Manufacturers’ on 24 February 2010.

Tan Sri Dato Sri Lim’s business rules for the Company are:-i) Do not lose your shareholders’ money;

Tan Sri Dato Sri Lim, Wee-Chai Chairman of Top Glove Corporation Berhad

ii) Do not lose your health;iii) Do not lose your temper; andiv) Do not lose your customers.

Tan Sri Dato Sri Lim has strongly practiced the business direction of “To Produce Consistently High Quality Gloves at Efficient Low Cost” and to remind all staff and workers to ensure continuous improvement in Quality and Efficiency in line with Company tagline of “Top Glove, Top Quality, Top Efficient, Good Health, Safety First & Be Honest”.

Tan Sri Dato Sri Lim, Wee-Chai is the spouse of Puan Sri Tong Siew Bee and the brother of Mr Lim Hooi Sin, both are the Directors and Substantial Shareholders of the Company. He is also the brother of Ms Lim Quee Choo, a Substantial Shareholder of the Company.

He is also a Chairman and Trustee of Top Glove Foundation.

He has no conflict of interest with the Company and has not been convicted of any offences within the past ten (10) years other than traffic offences, if any.

Aged 82, a Malaysian citizen, was appointed as an Independent Non-Executive Director of Top Glove Corporation Bhd on 4 September 2000.

He graduated with a Diploma in Agriculture from College of Agriculture, Serdang, Selangor in 1954 and later obtained a Bachelor of Science (Hons.) Economics and Statistics from University of Wales, Aberystwyth, United Kingdom in 1958. In 1964, he obtained a postgraduate Diploma in Business Administration from Management Development Institute (IMEDE), Lausanne, Switzerland.

He has vast experience having served as a member of numerous bodies in the fields of industry and trade, education, economic planning, finance, regional development, agriculture and science. He was the first Director of Mara Institute of Teknologi from 1965 to 1975. He held senior positions with various Ministries in the Malaysian Government, from 1951 to 1983, including his appointment as Deputy Governor of Bank Negara Malaysia from 1975 to 1977, and Deputy Director General of Economic Planning Unit, Prime Minister’s Department. He was the immediate past Chairman of Malaysia Rubber Export Promotion Council. He currently serves as President of Malaysian Rubber Products Manufacturers Association, Chairman of University of Malaya Board and a member of Harun’s Salary Commission for Statutory Bodies and Local Government and Cooperative College Malaysia.

On listed companies, he is currently Chairman of Malayan Flour Mills Bhd, Tomypak Holdings Bhd and LBI Capital Bhd. He is a

Tan Sri Dato’ Seri Arshad Bin AyubIndependent Non-Executive Director

Director of Kulim Malaysia Bhd, Sindora Bhd, KPJ Healthcare Bhd and Top Glove Corporation Bhd. On unlisted companies, he is a Chairman of PFM Capital Holdings Sdn Bhd, Amanahraya Investment Bank Ltd, Zalaraz Sdn Bhd, a family company and Ladang MOCCIS Sdn Bhd. He is a Director of Pelaburan Johor Bhd, Bata (M) Sdn Bhd, AmanahRaya Investment Management Sdn Bhd and Land Rover (M) Sdn Bhd.

Tan Sri Dato’ Seri Arshad Bin Ayub does not have any family relationship with any Director and/or Major Shareholder of the Company and has no conflict of interest with the Company.

He has not been convicted of any offences within the past ten (10) years other than traffic offences, if any.

Aged 71, a Malaysian citizen, was appointed as an Independent Non-Executive Director of Top Glove Corporation Bhd on 16 June 2010. Tan Sri Dato’ Dr. Lin is an independent strategic and financial consultant and a British Chartered Scientist. He graduated from the University of Malaya in Singapore; subsequently received three post-graduate degrees from Harvard University, including a PhD in Economics; also professionally qualified in UK as a Chartered Statistician and Chartered Scientist; and he is also Fellow of The Royal Statistical Society (London), IMF Institute (Washington DC), an US Eisenhower Fellow, Professor of the Economics (Adjunct) at Universiti Utara Malaysia, and Professor of the Business & International Finance (Adjunct) at Universiti Malaysia Sabah.

Tan Sri Dato’ Dr. Lin has a long and distinguished history of service with the Government of Malaysia and the private sector in various posts. Prior to 1998, he was Chairman/President and CEO of Pacific Bank Group and for 14 years previously, Deputy Governor of Bank Negara Malaysia (Central Bank of Malaysia). Having been a central banker for 34 years, Tan Sri Dato’ Dr. Lin continues to serve actively in a diversified range of public, charitable, educational, financial, industrial and commercial institutions both locally and abroad including Member of the Prime Minister’s Economic Council Working Group; as well as Member of a number of key National Committees on Higher Education; and Economic Advisor, Associated Chinese Chambers of Commerce and Industry of Malaysia.

In addition, he advises and sits on the Boards of several public listed companies in Malaysia including Fraser & Neave Holdings Berhad, Genting Berhad, Ancom Berhad, JobStreet Corporation Berhad, Wah Seong Corporation Berhad and KrisAssets Holdings Berhad and also a number of private

Tan Sri Dato’ Dr. Lin See YanIndependent Non-Executive Director

business enterprises in Malaysia, Singapore, Hong Kong, USA and Indonesia. Tan Sri Dato’ Dr. Lin is a Governor for the Asian Institute of Management, Manila; Senior Advisor for the Association of Harvard University Alumni Clubs of Asia; Member of the Asian Shadow Financial Regulatory Committee as well as Advisor for the Asia Harvard Alumni Association. In addition, he is a Trustee of the Tun Ismail Ali Foundation (PNB); Harvard Club of Malaysia Foundation, Malaysian Economic Association Foundation, Prime Minister’s Exchange Fellowship Program Malaysia and Jeffrey Cheah Foundation.

Tan Sri Dato’ Dr. Lin See Yan does not have any family relationship with any Director and/or Major Shareholder of the Company and has no conflict of interest with the Company.


Puan Sri Tong Siew BeeExecutive Director

Aged 52, a Malaysian citizen, was appointed as an Executive Director of Top Glove Corporation Bhd on 4 September 2000. Prior to that, she was the Director and the Co-Founder of Top Glove Sdn Bhd.

She graduated with a Bachelor of Science Degree with Honours in Computer Science from University Sains Malaysia, Penang in 1983 and later obtained her Master of Business Administration from Sul Ross State University, Texas, USA in 1985.

She is responsible for the Information Technology Department, Human Resource Department and the general administration for the Top Glove Group of Companies. Prior to this, she was working in the banking industry in the information technology field for more than ten (10) years. She was formerly attached to United Overseas Bank Berhad and Utama Bank Berhad.

Puan Sri Tong Siew Bee is the spouse of Tan Sri Dato Sri Lim, Wee-Chai and sister-in-law of Mr Lim Hooi Sin, both are the Directors and Substantial Shareholders of the Company. She is also sister-in-law of Ms Lim Quee Choo, a Substantial Shareholder of the Company.

Aged 51, a Malaysian citizen, was appointed as an Executive Director of Top Glove Corporation Bhd on 15 October 2003. He was redesignated as Managing Director on 7 April 2009.

He obtained his Bachelor of Commerce Degree from the University of New South Wales, Australia in 1982 majoring in Accounting, Finance and Information System. Upon his graduation, he worked for OCBC Finance Bhd, the finance subsidiary of OCBC Bank Bhd and subsequently with Asia Commercial Finance Bhd in 1988. In 1991, he obtained his Bachelor of Law Degree from the University of London (External Degree).

He has more than twelve (12) years of experience in the marketing of financial services and credit control operations in the finance industry during his employment with OCBC Finance Bhd and Asia Commercial Finance Bhd. He was the Branch Manager at Asia Commercial Finance (M) Bhd in early 1996 before he was promoted as the Personal Assistant to the Group Executive Director of the Lion Group, entrusted with the responsibility of overseeing the manufacturing, trading and financial services under the Group’s operation.

He left in 1997 to join Top Glove as the General Manager in charge of the marketing and promotion of the Company’s products to more than one hundred and eighty (180) countries worldwide. He is actively involved in the local Malaysian Rubber Glove Manufacturers’ Association (MARGMA) and the regional Asean Rubber Glove Manufacturers’ Association (ARGMA). He is also a Board Member of the Malaysian Rubber Export Promotion Council (MREPC) and Malaysian Rubber Board (MRB).

Currently, Mr. KM Lee is the President of MARGMA and a

Trustee of Top Glove Foundation, a charitable organization established with the objectives of:-

1. Providing funding for charitable purposes, especially for the needy Communities through donations, sponsorships and other means.

2. Providing funding for educational purposes by giving out scholarships, advancement of education and other educational related funding.

3. Carrying out other activities in relation to environmental and community purposes that are allowed under the legislative provisions of the Government of Malaysia.

He does not have any family relationship with any Director and/or Major Shareholder of the Company and has no conflict of interest with the Company. He also has not been convicted of any offences within the past ten (10) years other than traffic offences, if any.

Lee Kim MeowManaging Director

She does not have any directorship in other public company and has no conflict of interest with the Company.

She has not been convicted of any offences within the past ten (10) years other than traffic offences, if any.

Aged 48, a Malaysian citizen and was appointed as Executive Director of Top Glove Corporation Bhd on 4 September 2000. He obtained his Bachelor of Science Degree in Management Science from Oklahoma State University, USA in 1985, Master of Business Administration Degree (Minor in Applied Statistic) from Arizona State University, USA in 1986 and Charter Financial Consultant Diploma from American College, PA, USA in 1990.

He is a resident of the United States and has spent fourteen (14) years of his career with MetLife Financial Services (one of the largest insurance & financial services company in the US). Prior to this posting, he was a Management Trainee, Associate Branch Manager, Regional Marketing Specialist, Agency Director and Director of Asian Market. His experience includes product development, marketing, recruiting, training and supervision of a large highly productive sales force. He also served as Director of AAAA (Arizona Asian American Association) from 1996 to 1997.

He is the founder of TG Medical USA, Inc. in 1994 with vast experiences in the United States glove market. He also sits on the Board of several private limited companies.

Lim Hooi Sin is the brother of Tan Sri Dato Sri Lim, Wee-Chai and brother-in-law of Puan Sri Tong Siew Bee, both are the

Lim Hooi SinExecutive Director

Directors and Substantial Shareholders of the Company. He is also the brother of Ms Lim Quee Choo, a Substantial Shareholder of the Company.

He does not have any directorship in other public company and has no conflict of interest with the Company.


Aged 82, a Malaysian citizen, was appointed as an Independent Non-Executive Director of Top Glove Corporation Bhd on 4 September 2000. He obtained a Diploma in Civil Engineering in 1951 from Technical College, Kuala Lumpur. In 1960, he passed the Membership Examination of the Institution of Civil Engineers (ICE), United Kingdom. Subsequently, he graduated with a Diploma in Public Health Engineering from the Imperial College of Science & Technology, United Kingdom in 1968.

From 1951, he was with the Public Works Department as the Technical Assistant of Waterworks until 1959, thereafter as Assistant Resident Engineer, Executive Engineer and Waterworks Engineer from 1960 to 1966. He joined the Ministry of Health in 1968 as a Senior Public Health Engineer and was promoted to Chief Public Health Engineer in 1972. In 1980, he was the Director of Engineering Services, a position he held until 1983.

Presently, he is the President of Erinco Sdn Bhd, a company active in various fields of environmental engineering. His wealth of knowledge gathered from over fifty (50) years of working experience in environmental engineering, environmental related studies, design and implementation of environmental engineering projects in Malaysia and Overseas, make him a much sought out Consultant.

He is also a Fellow of the Institution of Engineers Malaysia, Member of the Institution of Civil Engineers, United Kingdom,

Sekarajasekaran a/l ArasaratnamIndependent Non-Executive Director

Member of the Chartered Institution of Water and Environmental Management, United Kingdom, Member of the American Society of Civil Engineers and Member of the Association of Consulting Engineers Malaysia.

Sekarajasekaran a/l Arasaratnam does not have any family relationship with any Director and/or Major Shareholder of the Company and has no conflict of interest with the Company.

He does not have any directorships in other public company and has not been convicted of any offences within the past ten (10) years other than traffic offences, if any.

Aged 45, a Malaysian citizen and was appointed as an Executive Director of Top Glove Corporation Bhd on 31 August 2006. He joined the Company as Group Financial Controller in 2005. He is responsible for the accounting, treasury, corporate finance and investor relations of Top Glove Group of Companies.

He graduated from University of Malaya with a Bachelor Degree in Accounting in 1990, and is a member of Malaysian Institute of Accountants and Malaysian Institute of Certified Public Accountants. He began his career with Price Waterhouse in 1990 and subsequently held various key positions in a number of public listed companies in Malaysia, whose activities spanned over manufacturing, plantation, trading and property development.

Mr Lim is also a Director of Malaysian Investor Relations Association Berhad (MIRA).

Lim Cheong Guan does not have any family relationship with any Director and/or major shareholder of the Company, has no conflict of interest with the Company and has not been convicted of any offences within the past ten (10) years other than traffic offences, if any.

Lim Cheong GuanExecutive Director

Quah Chin ChyeIndependent Non-Executive Director

Aged 56, a Malaysian citizen and was appointed to the Board of Directors as an Independent Non-Executive Director of Top Glove Corporation Bhd on 28 December 2001. He was redesignated as Senior Independent Non-Executive Director on 3 November 2003.

He is a fellow of the Chartered Institute of Management Accountants (CIMA), United Kingdom and also a member of the Malaysian Institute of Accountants. He is also a member of the Chartered Institute of Marketing, United Kingdom. Quah Chin Chye gained vast experience having worked more than ten (10) years with both the American and British multi-national companies holding various senior management positions.

He sits on the Board of several private limited companies. Prior to this, he was with another diversified group listed on the Main Market of Bursa Malaysia Securities Berhad for approximately six (6) years.

Quah Chin Chye does not have any family relationship with any Director and/or Major Shareholder of the Company and has no conflict of interest with the Company.


Lim Hooi Sin

Phattaraporn

Chaisiri

Mansor

Bin Daud

Wilawan

Chidcheaw

Eric Hoo

Khoo Chee

Peng

HabeebullahA/L HadjiMohamed

Tan Chee

Hoong

Kelvin

Yong

Saw Eng

Kooi

Lau Heng

CheeAudie Seow

Bhupindar

Singh

Jimmy

Gan

Yap Kee

Cheng

Dato’ Ir

Haji Ahmad

Ken Soo

Puon

Tuck

Seng

Manmeet

Singh

Dorothy

Ressel

Noraziah

Mahmud

Joanna Ng

Wendy

Yeoh

Noor Akilah

Saidin

Looi Guat

Kian

Puan Sri Tong

Siew Bee

Tan Sri Dato Sri

Lim, Wee-Chai

Lee Kim Meow Lim Cheong

Guan

Philip

Thomas

Chookiad

Usaha

Wu

Kin Yeap

Hue

Kon Fah

Thomas

Petermoeller

Jeremy

Liew

Lew

Sin

Chiang

Wong

Chong

Ban

Nagappen

s/o

Kumarasamy

Thomas

Buri

31.8.10 31.8.09 31.8.08 31.8.07 31.8.06 31.8.05Group (RM’000) (RM’000) (RM’000) (RM’000) (RM’000) (RM’000)

Turnover 2,079,432 1,529,077 1,377,931 1,228,778 992,611 641,827

Earning Before Interest,

Depreciation & Taxation 364,661 287,484 197,840 175,651 130,310 89,191

Profit Before Taxation 304,961 221,992 134,627 118,644 91,773 65,745

Taxation 54,550 53,922 26,524 29,992 6,979 7,568

Profit Attributable to

Equity Holders 245,231 169,133 110,065 89,560 84,125 58,141

Net Assets 1,116,366 845,977 686,789 640,979 302,185 216,035

Net Assets Per Share (RM)* 1.81 1.38 1.13 1.05 0.52 0.38

Basic Earnings Per Share (RM)* 0.40 0.28 0.18 0.15 0.15 0.10

Net Dividend (sen) 16.00 22.00 11.00 9.22 8.33 7.44

Number of Shares in Issue (‘000) 618,163 303,759 301,065 300,476 192,286 188,639

Share Price (RM) 5.98 6.95 4.06 6.95 8.65 4.92

Market Capitalisation 3,696,609 2,111,125 1,222,324 2,088,308 1,663,265 928,104

* The comparative net assets per share and basic earnings per share have been restated to take into account the effect of: (i) bonus issue on the basis of one new ordinary share for every one existing ordinary share held in FY2010. (ii) bonus issue on the basis of two new ordinary shares for every five existing ordinary shares held in FY2007. (iii) subdivision of shares from one ordinary share of RM1.00 to two ordinary shares of RM0.50 each, which was

completed in FY2005.

(From March 2001, since listing to October 2010)

FBMKLCI 1,486.78

on 20 Oct 2010

65.7

91.8

118.6

134.6

222.0

65.9

169.1

Dividend Payout

Top Glove’s Share Price & Performance v.s. FTSE Bursa Malaysia KLCI Index

(RM million)

14.1

21.2

27.432.4

58.1

84.189.6

110.1

Shareholders’ Fund (RM million)

216.1

302.2

641.0686.8

641.8

992.6

1,228.8

1,377.9

Financial Year 31 August

Financial Year 31 August Financial Year 31 August

Financial Year 31 August Financial Year 31 August

1,529.1

2,079.4

846.0

1,116.4

245.2

305.0

98.9

Profit Attributable to Equity Holders (RM million)

Profit Before Tax (RM million)

Turnover (RM million)

05 06 07 08 09 10 05 06 07 08 09 10 05 06 07 08 09 10

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20 Oct 2010 at RM5.70

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Industry Overview

The past twelve (12) months leading to our FYE2010 have been rather challenging with major economies still grappling with uncertainties and slowing growth.

For the rubber glove industry, there were concerns over high raw material costs, in particular, latex, which is the major cost component of glove products. Latex prices remained at a high of more than RM8 per kg.

Latex price has increased by around 69% while the USD has weakened against RM by around 12% for the 12 months to September 2010.

Despite the challenging operating environment, we remain buoyant on the longer term outlook of the rubber glove industry given expected strong demand growth that exceeds supply.

Our optimism stems from Top Glove’s outstanding results achieved in FYE2010. This went on to prove that Top Glove is in a resilient sector and should remain positive in the foreseeable future.

That said, apart from a clear business strategy complemented by a resilient business model, the group’s laudable achievements can be largely attributed to its rigorous human resource management policies. Each business unit is managed by experienced, committed, honest and dedicated professionals. Our long-serving management team provides continuity and stability to the businesses and enables the development of forward-looking strategies.

Dear Stakeholders, It is with great pleasure that we present to you the performance of Top Glove Corporation Bhd’s (“Top Glove”) for the financial year ended 31 August, 2010 (FYE2010).

It is clear that our strategic initiatives can only be executed with a highly skilled and dedicated work force. We place enormous attention into attracting and retaining the best people. Our people are a source of pride – loyal, experienced, honest, empowered and most of all, united by a shared corporate vision and goal.

Review of Operations

The Group’s capacity expansion programme has been moving in line with the targeted completion dates.

The Group has completed the construction of Factory 21 in Klang, Malaysia and has targeted to complete the installation of 16 new advanced glove production lines by December 2010.

With the new production lines at our new as well as existing plants, our total production capacity will increase to 35.25 billion pieces of gloves per annum coming from 395 production lines.

Financial Highlights

We are pleased to announce that Top Glove posted a record sales revenue of RM2.08 billion and a record profit after tax of RM250 million for FYE2010. Top Glove’s FYE2010 revenue of RM2.08 billion was an increase of 36% from RM1.53 billion last year while profit after tax of RM250 million rose 49% from RM168 million.

• Extraordinary General Meeting, year 2010 • Visit by the Malaysian Rubber Export Promotion

Council

2009 2010 2009 2010

SALES REVENUE PROFIT ATTRIBUTABLE

TO EQUITY HOLDERS

+36%

RM2,079million

RM1,529million

+45%

RM245.2million

RM169.1million

Top Glove’s strong sales performance was attributed to strong demand for gloves from the healthcare sector and emerging markets, which demand for gloves is expected to continue to register double digit growth.

In line with the higher demand, the Group has increased its capacity during the financial year just ended.

The Group’s profit after tax for FYE2010 was 49% higher due to higher sales and improved margins.

Top Glove’s balance sheet position was further strengthened with a net cash position of RM259.4 million and free cash flow of RM95.8 million as at 31 August, 2010.

Dividends

In line with the favorable results, the Board of Directors is pleased to recommend a final dividend of 9 sen (single tier) amounting approximately RM55.6 million for FYE2010. The proposed final dividend is subject to the shareholders’ approval in the forthcoming Twelfth Annual General Meeting.

The Group has on 16 June 2010 declared an interim dividend of 14 sen (before adjusting for one-for-one bonus issue) amounting to RM 43 million in conjunction with the third quarter ended 31 May 2010 financial result announcement. Payment of the interim dividend was made on 23 July 2010.

The Group targets to pay 40% of its annual net profit as dividends to shareholders.

Corporate Development

On 14 December 2009, the Group has terminated its Murabahah/Ijarah Commercial Papers (CP) Programme of up to RM100 million in nominal value and Murabahah/Ijarah Medium Term Notes Programme (MTN) of up to RM100 million in nominal value following the full redemption of the outstanding notes, as the Group has sufficient cash to meet its expansion plans.

On 21 July 2010, the Group has completed its bonus issue of 308,752,831 new ordinary shares of RM0.50 each in Top Glove (“Share(s)”) on the basis of one (1) new Share for every one (1) existing Share held.

Corporate Social Responsibility

We perceive Corporate Social Responsibilities (“CSR”) as a central management concern at Top Glove. For us, CSR means integrating open and transparent business practices into our business operations which are based on ethical values and respect for employees, communities and the environment.

The way we do business is designed to deliver sustainable value to the society at large and to all stakeholders, including our shareholders, holding to Tan Sri Dato’ Sri Lim’s business philosophies for Top Glove:

1. We work for our CUSTOMERS; 2. We take care of the interest of our SHAREHOLDERS; 3. We ensure that our EMPLOYEES continue to contribute

positively to the Group and we take good care of the well-being of our employees; and

4. We work closely with our BANKERS, SUPPLIERS, BUSINESS ASSOCIATES and FRIENDS.

2009 2010 2009 2010

EARNING PER SHARE NET ASSETS

• July 2010, Top Glove Management Team meeting up with the Minister of

Commerce, Cambodia and Council for the Development of Cambodia at Phnom

Penh, Cambodia.

+32%

RM1,116.4million

RM846.0million

+43%

40 sen

28 sen

Moving Forward

In light of the continuation of high latex prices and Top Glove’s high exposure to the natural rubber glove segment which, makes up about 80% of sales, we believe that the operating environment will remain tough. There could be a slower-than-expected cost pass through and a softening of demand as customers are ordering minimal quantities in anticipation of a fall in latex prices.

Over the longer term, demand for gloves is set to rise by about 10% p.a., led by growth in the usage of medical gloves in emerging countries.

Although there are challenges to overcome, the resilient prospect of rubber gloves will still allow us to pass on rising costs to our customers. With continued technological advancement of glove products and facilities, we believe Top Glove will maintain its leadership in the global market.

In the meantime, Top Glove will continue to undertake initiatives to improve product quality while keeping a tight control over costs. In order for the Group to progress further, it is important to re-engineer our processes and constantly produce new innovative products through research and development, as well as technological advancement.

• Best Factory Award 2010 was

awarded to Factory 5, Ipoh

• Tan Sri Lim presenting a mock

cheque to The Federation of

Chinese Association Malaysia

• Top Glove won the “Most Admired

ASEAN Enterprise” under Growth for

large-size company category at the

ASEAN Business Awards 2010

• Top Glove Board of Directors visited Factory No. 15 at Xinghua, China

It is also crucial to invest in human capital as we recognise the importance of getting talented minds to contribute towards the future growth of the Group.

We are still showing healthy earnings growth this year given that capacity expansion and growing demand should override short-term currency depreciation and latex price trends.

Gloves, especially medical gloves have clearly become a necessity in healthcare usage as it acts as a barrier protection for medical personnel and patients. Strict regulations, standards and technical aspects of gloves also create a higher barrier to entry for newcomers into the industry.

On the back of the positive outlook, Top Glove has set a target to capture a 30% global market share by end of 2012, backed by its aggressive expansion plans to ramp up capacity.

The Group, in the meantime, will continue to strive towards superior performance through service excellence, innovation and cost optimization initiatives, creating value for the Group and adhering to our Business Direction of “To produce consistently high quality gloves at efficient low cost”.

Acknowledgement

We would like to take this opportunity to express our sincere appreciation and gratitude to all our existing shareholders, investment analysts, bankers and fund managers for your continuous support and confidence in the Group; our valuable customers, suppliers, business associates, Government agencies and friends for their support of our products and services; and to our management and employees for their commitment and dedication in carrying out their duties and responsibilities diligently.

We would also like to thank our fellow Directors for their valuable advice, guidance and support rendered to the Group. We are fully confident that their wisdom and experience will benefit and bring the Group to greater heights.

It gives us great honour to welcome a new board member to Top Glove, Tan Sri Dato’ Dr. Lin See Yan, who was appointed as independent non-executive director on 16 June 2010. The entry of Tan Sri Dato’ Dr. Lin will be bring immense value to Top Glove, as he is a prominent scholar and academic, whose views are well sought and valued.

• Discussion among the Directors and

staff

• Networking at the Analyst Briefing • The shareholders at the Extraordinary

Genaral Meeting, year 2010

• Annual Dinner in Klang, June 2010

Last but not least, we are mindful and determined that we will constantly challenge ourselves to improve our performance in the coming years by adhering to our quality policy of “Continuous Improvement and Innovation Are Our Duties” and strive towards maintaining the Group’s vision to be the world’s leading manufacturer with excellent quality glove products and services that enrich and protect human lives.

Thank you.

TAN SRI DATO SRI LIM, WEE-CHAI ChairmanTop Glove Corporation Berhad 3 November 2010

LEE KIM MEOWManaging DirectorTop Glove Corporation Berhad 3 November 2010

Tinjauan Industri

Dalam tempoh masa duabelas (12) bulan menuju ke TKB2010 adalah amat mencabar dengan keadaan ekonomi utama yang masih bergelut dengan ketidak pastian dan pertumbuhan yang perlahan.

Bagi industri sarung tangan getah, timbul kekhuatiran terhadap kos bahan mentah yang tinggi, khususnya, getah mentah ataupun lateks, yang merupakan kos komponen utama bagi produk sarung tangan. Harga lateks kekal pada paras tinggi, melebihi RM8 se kg.

Harga lateks telah meningkat pada kadar 69% sementara nilai matawang USD merosot berbanding RM pada kadar 12% untuk 12 bulan ke September 2010.

Walaupun berhadapan dengan suasana operasi yang mencabar, kami kekal mengamalkan pandangan yang positif berdasarkan permintaan kukuh untuk sarung tangan getah yang dijangka akan melampaui pembekalan.

Bagi pihak-pihak yang Berkepentingan,

Dengan sukacitanya kami membentangkan pencapaian Top Glove Corporation Bhd (Top Glove) bagi tahun kewangan berakhir 31 Ogos 2010 (TKB2010).

Sikap optimis kami berdasarkan dari keputusan cemerlang yang dicapai oleh Top Glove dalam TKB2010. Ini membuktikan yang Top Glove berada dalam sektor yang berdaya tahan dan kekal positif dimasa akan datang.

Oleh itu, selain daripada mempunyai strategi perniagaan yang jelas dan dikukuhi dengan model perniagaan yang berdaya tahan, pencapaian lantang pihak kumpulan sebahagian besarnya hasil polisi pengurusan sumber manusia yang tegas. Setiap unit perniagaan diurus tadbir oleh tenaga profesional yang berpengalaman, beriltizam, jujur dan berdedikasi. Pasukan pengurusan yang lama berkhidmat dengan syarikat kami memberi kesinambungan dan kestabilan kepada perniagaan dan memacu pengembangan strategi dimasa hadapan.

Adalah sangat jelas yang inisiatif strategik kami hanya dapat dilaksanakan dengan tenaga kerja yang berkemahiran tinggi dan berdedikasi. Kami memberi perhatian yang amat besar untuk hanya menarik dan mengekalkan pekerja yang terbaik untuk berkhidmat dengan Top Glove. Pekerja kami adalah sumber

• Sambutan Hari Raya Aidilfitri antara kakitangan Top Glove

• Persembahan kakitangan Top Glove di Majlis

Makan Malam Tahunan 2010

• Sambutan Hari Jadi Kakitangan Top Glove

kebanggaan – setia, berpengalaman, jujur, berkebolehan dan yang pentingnya, bersatu dengan berkongsi visi dan matlamat syarikat.

Ulasan Operasi

Program penambahan kapasiti kumpulan telah bergerak selari dengan tarikh sasaran siap.

Kumpulan telahpun menyiapkan pembinaan kilang ke 21 di Klang, Malaysia dan juga mensasarkan untuk melengkapkan pemasangan 16 jentera maju produksi sarung tangan pada bulan Disember 2010.

Dengan lengkapnya jentera produksi ini pada kilang yang baru dan sedia ada, kapasiti produksi akan meningkat kepada 35.25 bilion helai sarung tangan setahun hasil daripada 395 talian pengeluaran.

Prestasi Kewangan

Kami dengan bangganya mengumumkan pencatatan rekod hasil jualan oleh Top Glove yang mencatat RM2.08 bilion dan rekod keuntungan selepas cukai sebanyak RM250 juta untuk TKB2010. Jualan Top Glove bagi TK2010 sebanyak RM2.08 bilion menunjukkan peningkatan 36% dari RM1.53 bilion tahun lepas sementara keuntungan selepas cukai sebanyak RM250 juta menokok 49% dari RM168 juta.

Jualan Top Glove yang cemerlang ini adalah didorong oleh permintaan sarung tangan yang tinggi dari sektor kesihatan dan pasaran membangun, dimana permintaan sarung tangan dijangka akan terus mencatatkan pencapaian berlipat kali ganda.

Sejajar dengan permintaan yang tinggi, kumpulan telah meningkatkan kapasiti pengeluaran pada tahun kewangan yang baru berakhir.

Keuntungan selepas cukai kumpulan bagi TKB2010 adalah 49% lebih baik disebabkan jualan yang tinggi dan jidar yang lebih baik.

Kedudukan kunci kira-kira Top Glove diperkukuhkan dengan posisi tunai bersih sebanyak RM259.4 juta dan aliran bebas tunai sebanyak RM95.8 juta pada 31 Ogos 2010.

Dividen

Seiring dengan keputusan yang baik, Lembaga Pengarah dengan sukacitanya mengesyorkan dividen terakhir sebanyak 9 sen (Dikecualikan Cukai) sebanyak lebih kurang RM55.6 juta untuk TKB2010. Dividen terakhir yang dicadangkan adalah tertakluk kepada persetujuan pemegang saham dalam Mesyuarat Agung Tahunan Keduabelas yang akan datang.

Pihak syarikat pada 16 Jun 2010 telah mengumumkan dividen interim sebanyak 14 sen (sebelum penyesuaian terbitan bonus satu-untuk-satu) sebanyak RM 43 juta bersempena dengan pengumuman hasil kewangan suku ketiga yang berakhir 31 Mei 2010. Pembayaran dividen interim telah dilakukan pada tarikh 23 Julai 2010.

Syarikat mensasarkan untuk membayar 40% dari keuntungan bersih tahunan sebagai dividen kepada pemegang saham.

Perkembangan Syarikat

Pada 14 Disember 2009, Syarikat telah menamatkan Murabahah / Ijarah Commercial Papers (CP) Program sehingga RM100 juta dalam nilai nominal dan Murabahah / Ijarah Program Medium Term Notes (MTN) sehingga RM100 juta dalam nilai nominal lanjutan penebusan penuh keatas nota yang belum jelas, kerana Syarikat mempunyai tunai yang mencukupi untuk memenuhi rancangan pengembangan.

Pada 21 Julai 2010, Kumpulan telah melengkapkan terbitan bonus 308,752,831 saham biasa baru RM0.50 setiap saham Top Glove atas dasar satu (1) saham baru untuk setiap satu (1) saham yang dimiliki.

Tanggungjawab Sosial Korporat

Kami melihat tanggungjawab sosial perusahaan (“CSR”) sebagai pusat perhatian pengurusan Top Glove. Bagi kami, CSR bererti mengintegrasikan amalan perniagaan terbuka dan telus dalam operasi perniagaan kami yang berdasarkan pada nilai-nilai etika dan hormat terhadap pekerja, masyarakat dan persekitaran.

Cara kami melakukan perniagaan ini direka untuk memberikan nilai yang berterusan kepada masyarakat luas dan kepada seluruh pemangku kepentingan, termasuk pemegang saham kami, memegang kepada falsafah perniagaan Tan Sri Dato Sri Lim untuk Top Glove:

1) Kami berusaha untuk Pelanggan kami.2) Kami menjaga kepentingan Pemegang Saham

kami.3) Kami memastikan Pekerja kami terus memberi

sumbangan positif kepada Syarikat dan kami menjaga kebajikan pekerja kami.

4) Kami bekerja sama rapat dengan pihak Bank, Pembekal, Sekutu dan Rakan Perniagaan kami.

Prospek Masa Hadapan

Disebabkan harga lateks yang berterusan tinggi dan pendedahan terlampau Top Glove terhadap segmen sarung tangan getah asli di mana 80% dari penjualan terdiri daripadanya, kami percaya bahawa persekitaran operasi akan kekal penuh cabaran. Mungkin terdapat serahan kos lebih lambat dari yang dijangka dan pengurangan permintaan akibat pelanggan menempah kuantiti yang minimum dalam menjangka penurunan harga lateks.

Bagi tempoh masa panjang, permintaan untuk sarung tangan dijangka naik sekitar 10% setiap tahun, didorong oleh pertumbuhan penggunaan sarung tangan perubatan di negara-negara membangun.

Walaupun adanya cabaran untuk diatasi, prospek kukuh sarung tangan getah akan terus membolehkan kami untuk memindahkan peningkatan kos kepada pelanggan. Dengan kemajuan teknologi produk sarung tangan dan kemudahan, kami percaya Top Glove akan terus mengekalkan kedudukannya di pasaran global.

Sementara itu, Top Glove akan terus melakukan inisiatif untuk meningkatkan kualiti produk sekaligus mengambil kawalan yang ketat ke atas kos. Dalam rangka bagi Kumpulan untuk maju lebih lanjut, adalah penting untuk meneliti kembali proses kejuruteraan kami dan terus menghasilkan produk baru yang inovatif melalui penyelidikan dan pembangunan serta kemajuan teknologi.

Ianya juga penting untuk melabur dalam modal insan kerana kami menyedari kepentingannya untuk mendapatkan bakat-bakat pemikir untuk memberikan sumbangan terhadap pertumbuhan Kumpulan dimasa depan.

Kami masih menunjukkan pertumbuhan keuntungan yang sihat tahun ini dengan pengembangan kapasiti dan peningkatan permintaan sepatutnya melangkau kemerosotan nilai mata wang dan trend harga lateks dalam jangkamasa pendek ini.

Sarung tangan, terutama sarung tangan perubatan, telah jelas menjadi keperluan dalam penggunaan perkhidmatan kesihatan kerana ia bertindak sebagai perlindung bagi pengamal perubatan dan pesakit. Peraturan, piawaian dan aspek teknikal sarung tangan yang ketat, juga menjadikan halangan yang lebih sukar untuk pendatang baru memasuki industri ini.

Di sebalik sudut pandangan yang positif, Top Glove telah menetapkan sasaran untuk meraih 30% pasaran global pada akhir 2012, disokong oleh rancangan pembesaran yang agresif untuk meningkatkan kapasiti.

• Kumpulan Pengurusan Top Glove

• Mesyuarat Agung Tahunan

Sementara itu, syarikat akan terus berusaha mencapai prestasi gemilang melalui keunggulan perkhidmatan, inovasi dan inisiatif kos yang optimum, mencipta nilai bagi syarikat dan mendorong ke arah tujuan perniagaan kami “Untuk menghasilkan secara konsisten sarung tangan berkualiti tinggi dengan kecekapan kos rendah.”

Penghargaan

Kami ingin mengambil kesempatan ini untuk menyampaikan penghargaan tulus kami dan terima kasih kepada semua pemegang saham, penganalisis pelaburan, bank dan pengurus tabungan atas sokongan anda dan kepercayaan pada Kumpulan; pelanggan yang amat dihargai , pembekal, rakan kongsi perniagaan, badan-badan Kerajaan dan rakan-rakan atas sokongan mereka ke atas produk dan perkhidmatan kami, dan juga pihak pengurusan dan pekerja atas komitmen dan dedikasi dalam melaksanakan tugas dan tanggungjawab dengan rajin.

Kami juga mengucapkan terima kasih kepada Pengarah bersama kami untuk bimbingan yang berharga, saranan dan sokongan yang diberikan kepada Kumpulan. Kami percaya bahawa kebijaksanaan dan pengalaman mereka akan menguntungkan dan membawa Kumpulan mencapai aras lebih baik.

Ini memberi kami penghormatan besar untuk mengalu-alukan ahli lembaga pengarah baru Top Glove, Tan Sri Dato’ Dr Lin See Yan, yang dilantik sebagai pengarah bukan eksekutif pada 16 Jun 2010. Penyertaan Tan Sri Dato’ Dr Lin akan membawa nilai yang sangat besar kepada Top Glove, kerana beliau merupakan seorang tokoh terkemuka dan ahli akademik, yang mana pandangannya diterima baik dan amat dihargai.

Akhir kata, kami memandang berat terhadap situasi mencabar ini dan bertekad untuk terus mencabar diri kami sendiri untuk meningkatkan prestasi kami di masa hadapan dengan mengikuti dasar kualiti kami “Penambahbaikan dan Inovasi yang Berterusan Adalah Tugas Kami” dan berusaha untuk menjaga visi Kumpulan untuk menjadi pengeluar terkemuka di dunia dengan kualiti dan khidmat yang terbaik yang memperkaya dan melindungi kehidupan manusia.

Terima kasih.

TAN SRI DATO SRI LIM, WEE-CHAIPengerusiTop Glove Corporation Berhad 3 November 2010

LEE KIM MEOWPengarah UrusanTop Glove Corporation Berhad3 November 2010

,

• 2010

In helping the community further, we extended financial aid to JKKK Kg Meru, which is a charitable fund and social services centre.

Education

Education is indeed a crucial tool to build a knowledge society and realise the nation’s goals and visions. In line with this, TG Foundation is extending full support to societies, bodies or organisations aiming to elevate the level of education in the country.

In addition, the Foundation also provides scholarships to the deserving but underprivileged undergraduates pursuing their studies in medicine, engineering, dentistry, chemistry and management disciplines in local public universities

Environmental Preservation

As a responsible and caring corporation, we believe in playing our part towards the conservation of the Earth’s natural resources. Hence, we participate, whenever possible, in “green” activities initiated by various environmental bodies.

Wastewater from Top Glove’s factories is treated on site in effluent treatment plants utilising a chemical flocculation, anaerobic digestion and activated sludge process.

This ensures that the environment surrounding the Group’s manufacturing facilities continues to stay healthy and sustainable.

The Group co-operates and works closely with the Department of Environment (DOE) to ensure full compliance of DOE’s standards.

Another conscious effort that Top Glove undertakes in protecting and caring for the environment is to recycle whatever little rejected gloves that arise from the production process. These gloves will be sent to the recycling companies for processing to enable the rubber to be used as part of the raw materials.

• Visited Old Folk’s Home in

Klang & donated hampers,

red packets during CNY 2010.

• Top Glove participated in

The Edge-Bursa Malaysia

Kuala Lumpur Rat Race 2010.

• Blood Donation Campaign 2010

organised by Top Glove.

• Donation to SJK(T) Taman Desa

Pinji, Ipoh.

We perceive Corporate Social Responsibility (“CSR”) as a vital programme that embodies transparency and openness in business practices as well as builds a caring society and sustainable environment.

A year has passed since our launch of Top Glove Foundation (“TG Foundation”). We are proud to say that we have participated in various activities that we believe fit into our objectives.

The Group believes sustainable business practices are an integral part of achieving business efficiency and cost savings. This translates to better performance and greater returns to Shareholders.

Our CSR activities are categorised into three main thrusts: Community Development, Environmental Preservation and Education.

Community Development

With the objective of helping a community strengthen itself and develop towards its full potential, TG Foundation extends a helping hand to those underprivileged and in need of aid, whether via donations or other means.

TG Foundation has donated to public schools and charitable organisations that needed funds for various reasons such as construction of multi-purpose field track and halls. Among the schools that have received our donations include SJK (C) Pin Hwa 1, Tiong Hua Kok Bin and SJK (C) Ladang Sungai Salak, SMK Sultan Abdul Aziz, Sekolah Kebangsaan Meru 2 and SJK(T) Taman Desa Pinji.

We have also donated to the underprivileged and unfortunate through various bodies and associations such as Association Mentally Handicapped, Malaysian Association for the Blind, Shelter home for children and Pusat Harian Kanak-kanak Spastik Bandar Ipoh,

Apart from that, TG Foundation has also presented hampers and other gifts to the Old Folk’s Home as well as Orphanages.

BAHASA MALAYSIA

Dari mulanya, hingga terkini, Nama Top Glove diberi,

Pengeluar sarung tangan yang berkualiti, Yakinlah hasil pengeluaran kami,

Yang bermutu dan berkualiti tinggi, Sentiasa menuju kejayaan,

Untuk mencapai keunggulan.

DarN

PengeluarYakin

Yang bSe

Untu

ENGLISH

All over the world, We are known, For our superior quality gloves,

Through the years we have grown, We have shown,

Our gloves stand out superior in the world, Top Glove is the best, Better than the rest,

Quality, Reliability and Consistency, Remain our policy,

At Top Glove’s Group of Companies.

MANDARIN

THAI

31 Annual Report 2010 | Top Glove Corporation Berhad

The World’s LargestRubber Glove Manufacturer

31

Corporate Governance Statement

Top Glove Corporation Bhd (“Top Glove” or “the Company”) recognises that its existence in the business community relies on the support, trust and confidence of our Shareholders, business associates, customers, suppliers, financiers and various other group of Stakeholders with whom it interacts and/or conducts business with.

The Board of Directors of Top Glove is committed to formulate policies and direct the Company to achieve its objectives by enhancing Shareholders’ value with corporate accountability and openness, taking into account the interests of other Stakeholders.

The Board of Directors acknowledges the importance of the role of good corporate governance in assisting the Company to achieve its corporate mission and in enhancing its Shareholders’ value. Thus, the Board of Directors is committed to ensure that the corporate governance adopted by the Company is in line with the principles set out in Malaysian Code on Corporate Governance, revised 2007 (“the Code”) to the Company’s particular circumstances. The Board further acknowledges the recommended best practices of the Code and continues to evaluate the status of the practices and the adopted alternatives. Except where specifically identified, the Board has generally complied with the best practices set out in the Code.

BOARD OF DIRECTORS

Top Glove is led by experienced Board comprising members who are specialised in the glove manufacturing and various business sectors supported by a wide range of other professionals in the legal and accounting sectors. This wide spectrum of skills and experience provide the strength that is needed to lead the Company to meet its objectives and enable the Company to rest in the firm control of an accountable and competent Board of Directors.

The Board currently comprises nine (9) members, made up of five (5) Executive Directors including the Chairman and Managing Director and four (4) Independent Non-Executive Directors. The composition reflects a balance of Executive Directors and Non-Executive Directors (including Independent Non-Executive Directors) such that no individual or small group of individuals can dominate the Board’s decision making. A brief description of the background of each Director is presented on pages 8 to 12 of this Annual Report.

The Board has identified Mr. Quah Chin Chye as the Senior Independent Non-Executive Director to whom concerns may be conveyed where it could be inappropriate for the concerns to be dealt with by the Chairman and Managing Director.

The Board meets quarterly to review its quarterly performances and discuss new policies and strategies. Additional meetings will be called as and when necessary. During the financial year ended 31 August 2010, four (4) Board Meetings were held and the attendance of the Board members is as follows:

Name of Directors No. of Meetings Attended

Tan Sri Dato Sri Lim, Wee-Chai 4/4Tan Sri Dato’ Seri Arshad Bin Ayub 3/4Puan Sri Tong Siew Bee 4/4Lee Kim Meow 4/4Lim Hooi Sin 4/4Sekarajasekaran a/l Arasaratnam 4/4Quah Chin Chye 4/4Lim Cheong Guan 4/4Tan Sri Dato’ Dr. Lin See Yan 1/1

All of the above meetings were held in the Company’s Conference Room at Lot 4969, Jalan Teratai, Batu 6, Off Jalan Meru, 41050 Klang, Selangor Darul Ehsan, Malaysia.

Top Glove Corporation Berhad | Annual Report 201032


Corporate Governance Statement(cont’d)

All the Board members have attended the Mandatory Accreditation Programme and are mindful that they shall receive appropriate training which may be required from time to time to keep abreast with current developments of the industry as well as new statutory and regulatory requirements.

During the financial year, the Directors have attended relevant training programmes in areas of leadership, corporate governance, finance and competitive strategies to enhance their ability in discharging their duties and responsibilities more effectively. It is the Company’s intention that each new Director is given a comprehensive briefing on the Company’s history, operations, financial control system and plant visit to enable them to have first hand understanding of the Company’s operation. This orientation programme had been implemented since 31 December 2001.

Clear demarcation of duties, responsibilities and authority are being practiced by the Board.

The Chairman is primarily responsible for the orderly conduct of the Board Meetings and ensure effectiveness of the Board and the Managing Director will assist the Chairman in the effectiveness of implementation of Board policies, making operational decisions and monitoring the day-to-day running of the business, including defining the limits of the management’s responsibilities. The Executive Directors are responsible for the day-to-day operations of the Group whereby operational issues and problems are discussed, major transactions and matters relating to the Group are reviewed and also to formulate operational strategies.

The Non-Executive Directors are to deliberate and discuss policies and strategies formulated and proposed by the management with the view of the long-term interests of all Stakeholders. They contributed to the formulation of policies, and decision-making using their expertise and experience. They also provide guidance and promote professionalism to the management.

The presences of the Independent Non-Executive Directors are essential as they provide the unbiased and independent view, advice and judgement as well as to safeguard the interest of other parties such as minority Shareholders and the community.

In accordance with the Company’s Articles of Association, all Directors who are appointed by the Board are subject to retirement at the first Annual General Meeting (“AGM”) of the Company subsequent to their appointment. One third (1/3) of all the other Directors shall retire by rotation at each AGM provided always that all Directors shall retire from office at least once in every three (3) years. The Directors retiring from office shall be eligible for re-election by the Shareholders.

Directors standing for re-election/re-appointment at the AGM of the Company to be held are Tan Sri Dato Sri Lim, Wee-Chai, Mr. Lim Hooi Sin, Mr. Quah Chin Chye, Tan Sri Dato’ Dr. Lin See Yan, Tan Sri Dato’ Seri Arshad Bin Ayub and Mr. Sekarajasekaran a/l Arasaratnam.

The Board has delegated certain responsibilities to several Board Committees, which operates within clearly defined terms of reference. The Chairman of the various Committees will report to the Board the outcome of the Committee meetings and such reports are incorporated in the minutes of the Board meetings. The various Committees are as below:

AUDIT COMMITTEE

This Committee was established on 5 September 2000. Its role and function is to assist the Board in overseeing the Group’s activities within its clearly defined terms of reference. Best Practices BB Part 2 and Part 4 of the Code and Paragraph 15.12 of Bursa Malaysia Securities Berhad Main Market Listing Requirements (“LR of Bursa Securities”) spell out the duties of an Audit Committee. The scope of duties of Top Glove’s Audit Committee includes primarily the duties detailed therein. Pursuant to Paragraph 15.15 of the LR of Bursa Securities, the Audit Committee Report for the current financial year can be found on pages 39 to 42 of this Annual Report which also contain other information as required under the Code.

The Board shall review the term of office and performance of the Audit Committee and each of its members at least once every three (3) years to determine whether such Audit Committee and members have carried out their duties in accordance with their terms of reference.

The Board has full access to both internal and external auditors and receives reports on all audits performed via this Committee.




NOMINATION COMMITTEE

This Committee was established on 7 November 2001.The terms of office of this Committee is two (2) years and may be re-nominated and re-appointed by the Board. Its role is to assist the Board of Directors in their responsibilities in nominating new nominees to the Board of Directors. The Nomination Committee shall also assess the performance of the Directors of the Company on an on-going basis. The members of the Nomination Committee are as follows:

(a) Tan Sri Dato’ Seri Arshad Bin Ayub (Independent Non-Executive Director) – Chairman(b) Sekarajasekaran a/l Arasaratnam (Independent Non-Executive Director)(c) Quah Chin Chye (Independent Non-Executive Director) The duties and responsibilities of the Nomination Committee are as follows:

• To recommend to the Board of Directors, candidates for all directorships to be filled by the Shareholders or the Board of Directors;

• To consider, in making its recommendations, candidates for directorships proposed by the Managing Director and, within the bounds of practicability, by any other senior executive or any Director or Shareholder;

• To recommend to the Board of Directors the nominees to fill the seats on Board Committees;• To assess the effectiveness of the Board of Directors as a whole and each individual Director/Committee of the Board;• To act in line with the directions of the Board of Directors; and• To consider and examine such other matters as the Nomination Committee considers appropriate.

REMUNERATION COMMITTEE

This Committee was established on 7 November 2001. The terms of office of this Committee is two (2) years and may be re-nominated and re-appointed by the Board. Its role is to assist the Board of Directors in their responsibilities in assessing the remuneration packages of the Executive Directors. The members of the Remuneration Committee are as follows:

(a) Tan Sri Dato Sri Lim, Wee-Chai (Chairman) – Chairman(b) Sekarajasekaran a/l Arasaratnam (Independent Non-Executive Director)(c) Quah Chin Chye (Independent Non-Executive Director)

The duties and responsibilities of the Remuneration Committee are as follows:

• To review and assess the remuneration packages of the Executive Directors in all forms, with or without other independent professional advice or other outside advice;

• To ensure the levels of remuneration be sufficiently attractive and be able to retain Directors needed to run the Company successfully;

• To structure the component parts of remuneration so as to link rewards to corporate and individual performance and to assess the needs of the Company for talent at Board level at a particular time;

• To recommend to the Board of Directors the remuneration packages of the Executive Directors;• To act in line with the directions of the Board of Directors; and• To consider and examine such other matters as the Remuneration Committee considers appropriate.




DIRECTORS’ REMUNERATION

1) Aggregate remuneration of Directors categorised into appropriate components are as follows:

Benefit-in Salaries Fees Bonus ESOS -kind Total RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Executive Directors 2,703 217 244 1,514 63 4,742 Non-Executive Directors - 143 - - - 143

2) Directors’ remuneration are broadly categorised into the following bands:

Range of Remuneration Number of Directors Executive Non-Executive

Below RM50,000 - 3 RM50,001 to RM100,000 - 1 RM300,001 to RM350,000 1 - RM500,001 to RM550,000 1 - RM750,001 to RM800,000 2 - RM2,300,001 to RM2,350,000 1 -

Details of individual Director’s remuneration are not disclosed in this report as the Board has consider that the above Directors’ remuneration disclosures by band and analysis between Executive and Non-Executive Directors satisfies the accountability and transparency aspects of the Code. ESOS OPTION COMMITTEE

The Company, with approval of the Shareholders in its Extraordinary General Meeting (“EGM”) held on 9 January 2008, had established the Employees’ Share Option Scheme (“ESOS”) and the Scheme was officially implemented on 1 August 2008.

ESOS Option Committee appointed by the Board on 11 April 2003 continued to oversee the administration as well as to ensure proper implementation of the ESOS according to the Bye-laws of the Scheme. Currently the ESOS Option Committee comprises the following members:

• Tan Sri Dato Sri Lim, Wee-Chai – Chairman• Lee Kim Meow – member• Lim Cheong Guan – member • Wu Kin Yeap – member • Hue Kon Fah – member • Ngian Yoke Fung – member




SUPPLY OF INFORMATION TO THE BOARD

All Directors are provided with an agenda of the meeting and board papers which contain Company’s financial performance, business outlook, various Committees’ reports and disclosures by Directors of their interest in the shares and their interest in contracts, properties and offices pursuant to Section 135 and Section 131 of the Companies Act, 1965 respectively prior to the Board meeting. The board papers are issued in advance to facilitate informed decision-making. The Managing Director will lead the presentation of board papers and provide comprehensive explanations of pertinent issues. Any proposals and recommendations by the management will be deliberated and discussed by the Board before a decision is made. Minutes are prepared on all Board proceedings and will be signed by the Chairman of the meeting in accordance with the provision of Section 156 of the Companies Act, 1965. The Board is kept updated on the Company’s financial activities and operations on a regular basis.

The Directors are also notified of any corporate announcement released to Bursa Malaysia Securities Berhad (“Bursa Securities”) and the impending restriction on dealing with the securities of the Company prior to the announcement of the quarterly financial results.

All Directors have access to the advice and services of the Company Secretaries and they have been issued with the Code of Ethics for Directors and Secretaries. The Company Secretaries also act as the Secretaries for all the Board Committees.

RELATIONSHIP WITH THE SHAREHOLDERS

The Company views the timely and equal dissemination of information to Shareholders and Stakeholders as important. It strictly adheres to the disclosure requirements of Bursa Securities. The Company is cautious not to provide undisclosed material information about the Company to any Shareholder or Stakeholder group prior to the announcement made to Bursa Securities.

In addition to the various announcements made during the year, the timely release of financial results on a quarterly basis in line with the LR of Bursa Securities, the Company provides Shareholders with an overview of the Company’s performance and progress. During the year, the Executive Directors and senior management had regular dialogues and meetings with both local and overseas institutional investors, fund managers, analysts, research houses and members of the press media to brief them and to keep them updated on the various announcements relating to the Company’s financial performance, major corporate proposals and pertinent issues within the disclosure requirements of Bursa Securities.

The AGM is an important forum where communications with Shareholders can be effectively conducted. Shareholders are notified of the meeting together with a copy of the Company’s Annual Report at least twenty-one (21) days before the meeting. At each AGM, Shareholders are given ample time and opportunity to ask for more information, without limiting the type of questions asked, on the Audited Financial Statements. During the meeting, the Chairman and the Board members are prepared to response to all queries and undertake to provide sufficient clarification on issues and concerns raised by the Shareholders. The external auditors are also present to provide their professional and independent clarification on issues and concerns raised by the Shareholders.

Status of all resolutions proposed at the AGM is submitted to Bursa Securities at the end of the meeting day. The Board has ensured that each item of special business included in the notice of the annual or extraordinary general meeting are accompanied by a full explanation of the effects of a proposed resolution.

Institutional investors and analysts are welcomed and have equal opportunity to meet our management about performance, corporate governance and other matters related to Shareholders’ interest.

The Company also maintains a website at http://www.topglove.com.my, from which Shareholders and Stakeholders can access for information.




ACCOUNTABILITY AND AUDIT

Financial Reporting

Statement of Directors’ Responsibilities in respect of Audited Financial Statements pursuant to Paragraph 15.26(a) of the LR of Bursa Securities.

The Directors are responsible to ensure that financial statements are drawn up in accordance with the provisions of the Companies Act, 1965 and applicable approved accounting standards in Malaysia. In presenting the financial statements, the Company has used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates and prepared on a going concern basis. The Directors also strive to ensure that financial reporting present a balanced and understandable assessment of the Company’s position and prospects.

Quarterly financial statements are reviewed by the Audit Committee and approved by the Board of Directors prior to release to Bursa Securities within the stipulated time frame.

Internal Control

The Board acknowledges its responsibility for maintaining a sound system of internal controls, which provides reasonable assessment of effective and efficient operations, internal financial controls, and compliance with laws and regulations as well as with internal procedures and guidelines. The internal control system also aims at identifying and managing any risks that the Company may encounter in pursuit of its business objectives. A Statement on Internal Control of the Company is set out on page 38 of this Annual Report.

Relationship with the Auditors

The external auditors, Messrs. Ernst & Young and Messrs. William C.H. Tan & Associates have continued to report to members of the Company on their findings which are included as part of the Company’s statutory financial statements. The Company has thus established a transparent arrangement with the auditors to meet auditors’ professional requirements. From time to time, the auditors highlight to the Audit Committee and the Board of Directors on matters that require Audit Committee’s and Board’s attention through the issuance of management letters.

OTHER COMPLIANCE INFORMATION

1. Utilisation Of Proceeds

The Company did not raise funds through any corporate proposal during the financial year.

2. Recurrent Related Party Transactions

During the financial year, there were no recurrent related party transactions of a revenue or trading nature involving the Directors and/or substantial Shareholders of the Company.

3. Share Buy-Back

During the financial year, the Company had not purchased any of its own shares. The Company had resold all the treasury shares held by the Company total of 6,616,700 shares during the financial year.

The details of the shares resold during the financial year are as follows:

Month No. of Treasury Shares Resale Price per Share (RM) Total Consideration Resold Lowest Highest Average Received (RM) April 2010 1,365,000 12.62 12.98 12.80 17,338,500.00 June 2010 5,251,700 12.26 12.30 12.28 64,486,924.00

Total 6,616,700 81,825,424.00




4. Depository Receipt Programme

A Sponsored Level-1 ADR Programme (Depository Receipt Programme) for shares of the Company was registered with the Securities and Exchange Commission of the United States of America since 27 December 2005.

Under the Depository Receipt Programme, a maximum of 5% of the total issued and paid-up capital of the Company will be traded in the Depository Receipts in the United States of America, in the ratio of four (4) shares to one (1) Depository Receipt.

The Depository Bank for the Depository Receipt Programme is The Bank of New York and the sole custodian of the Company’s shares for the Depository Receipt Programme is Malayan Banking Berhad, Kuala Lumpur.

As at 20 October 2010, the total number of Depository Receipts sold under the Depository Receipt Programme amounted to 4,600 shares.

5. Imposition Of Sanctions And/Or Penalties

There were no sanctions and/or penalties imposed on the Company and its subsidiaries, Directors or management by the relevant regulatory bodies during the financial year.

6. Non-Audit Fees

During the financial year, the amount of non-audit fees paid to the external auditors amounted to RM77,960.00.

7. Variation In Results

There was no material variance between the results of the financial year and the unaudited results previously announced. The Company did not make any release on the profit estimate, forecast or projections for the financial year.

8. Profit Guarantees

During the financial year, there were no profit guarantees given by the Company.

9. Material Contracts

During the financial year, there were no material contracts entered into by the Company and its subsidiaries involving Directors’ and / or substantial Shareholders’ interests.

10. Contracts Relating To Loans

There were no material contracts relating to loans entered into by the Company involving Directors and/or substantial Shareholders.

11. Options or Convertible Securities

During the current financial year ended 31 August 2010, a total of 5,650,950 new ordinary shares were issued and allotted pursuant to the exercise of the ESOS and a total of 308,752,831 new ordinary shares were issued and allotted pursuant to the bonus issue. The details of the issued and paid-up share capital of the Company as at 31 August 2010 are as follows:-

No. of Shares RM

As at 1 September 2009 303,758,581 151,879,290.50 Ordinary shares of RM0.50 each issued pursuant to the ESOS 5,650,950 2,825,475.00 Ordinary shares of RM0.50 each issued pursuant to the Bonus Issue 308,752,831 154,376,415.50

As at 31 August 2010 618,162,362 309,081,181.00

Other than the above, there was no issuance of convertible securities during the financial year.

11. Revaluation of Landed Properties

The Company does not have a revaluation policy on landed properties.



Statement on Internal Control

The Board is committed to establish a sound, efficient and effective system of internal control covering not only financial controls but also operational compliance and risk management to safeguard Shareholders’ investment and the Group’s assets. There is an on-going review process by the Board to ensure the adequacy and integrity of the system. Such a system is designed to identify and to manage the Group’s risk within the acceptable risk profile, rather than eliminate the risk of failure. Accordingly, the system can only provide reasonable and not absolute assurance against material misstatement, loss or fraud.

The Group’s internal control mechanism is embedded in the various work processes and procedures at appropriate levels in the Group. The Chairman and Senior Management team comprised experienced personnel with vast specialised industry experience, are assigned with the responsibility of managing the Group. They are accountable for the conduct and performance of their operations within their respective businesses. The Chairman and Senior Management monitor the day-to-day affairs of the Group through review of performance and operations reports, as well as attending management meetings. Any significant issues are immediately brought to the attention of the Chairman, who in turn will bring these matters before the Board.

The Audit Committee is also responsible for reviewing and monitoring the effectiveness of the Group’s system of internal control. In this respect, the Company’s Internal Audit Department was set up in the financial year ended 31 August 2003 to undertake the obligation to conduct regular review on the Group’s various operations and reports directly to the Audit Committee. The external auditors provide assurance in the form of their annual statutory audit of the financial statements. Further areas for improvement identified during the course of the statutory audit by the external auditors are brought to the attention of the Audit Committee through management letters, or discussed at Audit Committee meetings.

The key processes that the Group has established in reviewing the adequacy and integrity of the Group’s system of internal control include the following:

1) Company’s Policies and Procedures, which set out guidelines and the expected standards for the Group’s operations are under regular review and update so as to maintain its effectiveness at all times.

2) Periodical and/or annual budgeting and target setting and review system for every operation of the Group. Analysis, data comparison and reporting of variances against targets are presented in the Group’s various management meetings, which provide the framework for monitoring and controlling mechanism.

3) Submission of regular, timely and comprehensive flow of information/ reports to the Board and management on all aspects of the Group’s operations to facilitate the monitoring of performance against strategic plans.

4) Clearly defined organisation structure of the various departments with defined delegation of responsibilities and accountability. Setting out the decision that needs to be taken and the appropriate approving authority at various levels of the management including matters that requires Board’s approval.

5) Setting up monetary limits to the various level of delegated authority in order to minimise the risks of unauthorised transactions. 6) Regular internal audit visits by the Company’s Internal Audit Department to assess and provide independent reports and

assurance on the state of the internal control system of the Group’s various operations. 7) Continuous training and development programmes covering all level of the Group’s employees to ensure and to maintain the

competency and efficiency of the employees. 8) Undertakes the compliance review functions to ensure adherence to rules and regulations laid down by the various regulators

and authorities.9) Continue to enhance the control and monitor the worker’s permit renewal via the human resources management computer

system and work closely with Foreign Workers Medical Examination Monitoring Agency on the medical check up of our foreign workers.

The Board is dedicated towards operating a sound system of internal control and therefore recognised that the system must continuously evolve to support the business and the size of the Group.

There were no material internal control failures, which resulted in material losses or contingencies during the financial year. The Management will, when necessary, put in place appropriate action to further enhance the Group’s system of internal control.

Pursuant to paragraph 15.23 of Bursa Malaysia Securities Berhad Main Market Listing Requirements, the external auditors have reviewed this statement for inclusion in the Annual Report for the financial year ended 31 August 2010 and reported to the Board that nothing has come to their attention that causes them to believe that this Statement is inconsistent with their understanding of the process adequacy and integrity of the system of internal control.

This statement does not include the state of internal control in associate company, which has not been dealt with as part of the Group and was made in accordance with a resolution of the Board of Directors dated 6 October 2010.



Audit Committee Report

The Audit Committee of Top Glove Corporation Bhd is pleased to present the Audit Committee Report for the financial year ended 31 August 2010.

1. MEMBERSHIP AND ATTENDANCE

The Audit Committee members and details of attendance of each member at the Audit Committee meetings held during the financial year ended 31 August 2010 are as follows:-

Composition of Audit Committee Number of Audit Committee Meetings Held Attended

Tan Sri Dato’ Seri Arshad Bin Ayub 4 3 Chairman / Independent Non-Executive Director

Sekarajasekaran a/l Arasaratnam 4 4 Member / Independent Non-Executive Director

Quah Chin Chye 4 4 Member / Independent Non-Executive Director

2. COMPOSITION AND TERMS OF REFERENCE

2.1 Composition of members

The Board shall elect the Audit Committee members from amongst themselves, comprising no fewer than three (3) non-executive directors. The majority of the Audit Committee members shall be independent directors.

In this respect, the Board adopts the definition of “Independent Director” as defined under Bursa Malaysia Securities Berhad (“Bursa Securities”) Main Market Listing Requirements.

All members of the Audit Committee shall be financially literate and at least one (1) member of the Audit Committee must be:

a) a member of the Malaysian Institute of Accountant (“MIA”); orb) if he is not a member of MIA, he must have at least three (3) years of working experience; and

i) he must have passed the examinations specified in Part I of the First Schedule of the Accountants Act 1967;or

ii) he must be a member of one of the associations of the accountants specified in Part II of the First Schedule of the Accountants Act 1967; or

c) fulfills such other requirements as prescribed or approved by Bursa Securities.

No alternate Director of the Board shall be appointed as a member of the Audit Committee.

The term of office and performance of the Audit Committee and each of its members shall be reviewed by the Board at least once every three (3) years to determine whether such Audit Committee and members have carried out their duties in accordance with their terms of reference.

Retirement and resignation

If a member of the Audit Committee resigns, dies, or for any reason ceases to be a member resulting in non-compliance to the composition criteria as stated in paragraph 2.1 above, the Board shall within three (3) months of the event appoint such number of the new members as may be required to fill the vacancy.



Audit Committee Report(cont’d)

2.2 Chairman

The members of the Audit Committee shall elect a Chairman from amongst their number who shall be an Independent Director.

In the absence of the Chairman of the Audit Committee, the other members of the Audit Committee shall amongst themselves elect a Chairman who must be Independent Director to chair the meeting.

2.3 Secretary

The Company Secretary shall be the Secretary of the Audit Committee and as a reporting procedure, the Minutes shall be circulated to all members of the Board.

2.4 Meetings

The Audit Committee shall meet regularly, with due notice of issues to be discussed, and shall record its conclusions in discharging its duties and responsibilities. In addition, the Chairman may call for additional meetings at any time at the Chairman’s discretion.

Upon the request of the external auditor, the Chairman of the Audit Committee shall convene a meeting of the Audit Committee to consider any matter the external auditor believes should be brought to the attention of the Directors or Shareholders.

Notice of Audit Committee meetings shall be given to all the Audit Committee members unless the Audit Committee waives such requirement.

The Chairman of the Audit Committee shall engage on a continuous basis with senior management, such as the Chairman, the Chief Executive Officer, the Finance Director, the head of internal audit and the external auditors in order to be kept informed of matters affecting the Company. The Audit Committee shall meet with the internal auditors without executive Board members or employees present, whenever deemed necessary.

The Finance Director, the head of internal audit and a representative of the external auditors should normally attend meetings. Other Board members and employees may attend meetings upon the invitation of the Audit Committee. However, the Audit Committee shall meet with the external auditors without executive Board members or employees present at least twice a year and whenever necessary.

Questions arising at any meeting of the Audit Committee shall be decided by a majority of votes of the members present, and in the case of equality of votes, the Chairman of the Audit Committee shall have a second or casting vote.

2.5 Minutes

Minutes of each meeting shall be kept at the registered office and distributed to each member of the Audit Committee and also to the other members of the Board. The Audit Committee Chairman shall report on each meeting to the Board.

The minutes of the Audit Committee meeting shall be signed by the Chairman of the meeting at which the proceedings were held or by the Chairman of the next succeeding meeting.

2.6 Quorum

The quorum for the Audit Committee meeting shall be the majority of members present whom must be Independent Directors.




2.7 Objectives

The principal objectives of the Audit Committee are to assist the Board of Directors in discharging its statutory duties and responsibilities relating to accounting and reporting practices of the holding company and each of its subsidiaries. In addition, the Audit Committee shall:

a) evaluate the quality of the audits performed by the internal and external auditors;b) provide assurance that the financial information presented by management is relevant, reliable and timely;c) oversee compliance with laws and regulations and observance of a proper code of conduct; andd) determine the quality, adequacy and effectiveness of the Group’s control environment.

2.8 Authority

The Audit Committee shall, in accordance with a procedure to be determined by the Board and at the expense of the Company:

(a) have explicit authority to investigate any matter within its terms of reference, the resources to do so, and full access to information. All employees shall be directed to co-operate as requested by members of the Audit Committee.

(b) have full and unlimited/unrestricted access to all information and documents/resources which are required to perform its duties as well as to the internal and external auditors and senior management of the Company and Group.

(c) obtain independent professional or other advice and to invite outsiders with relevant experience to attend, if necessary.

(d) have direct communication channels with the external auditors and person(s) carrying out the internal audit function or activity (if any).

(e) where the Audit Committee is of the view that the matter reported by it to the Board has not been satisfactorily resolved resulting in a breach of Bursa Securities Main Market Listing Requirements, the Audit Committee shall promptly report such matter to Bursa Securities.

2.9 Duties and responsibilities

The duties and responsibilities of the Audit Committee are as follows:

(a) To consider the appointment of the external auditor, the audit fee and any question of resignation or dismissal;(b) To discuss with the external auditor before the audit commences, the nature and scope of the audit, and ensure

co-ordination where more than one audit firm is involved; (c) To review with the external auditor his evaluation of the system of internal controls and his audit report;(d) To review the quarterly and year-end financial statements of the Board, focusing particularly on:-

• any change in accounting policies and practices;• significant adjustments arising from the audit;• the going concern assumption; and• compliance with accounting standards and other legal requirements;

(e) To discuss problems and reservations arising from the interim and final audits, and any matter the auditor may wish to discuss (in the absence of management, where necessary);

(f) To review the external auditor’s management letter and management’s response;(g) To do the following, in relation to the internal audit function:-

• review the adequacy of the scope, functions, competency and resources of the internal audit function, and that it has the necessary authority to carry out its work;

• review the internal audit programme and results of the internal audit process and, where necessary, ensure that appropriate actions are taken on the recommendations of the internal audit function;

• review any appraisal or assessment of the performance of members of the internal audit function;• approve any appointment or termination of senior staff members of the internal audit function; and• take cognizance of resignations of internal audit staff members and provide the resigning staff member an

opportunity to submit his reasons for resigning;




(h) To consider any related party transactions and conflict of interest situation that may arise within the Company or Group including any transaction, procedure or course of conduct that raises questions of management integrity;

(i) To report its findings on the financial and management performance, and other material matters to the Board; (j) To consider the major findings of internal investigations and management’s response;(k) To verify the allocation of employees’ share option scheme (“ESOS”) in compliance with the criteria as stipulated

in the by-laws of ESOS of the Company, if any;(l) To determine the remit of the internal audit function;(m) To consider other topics as defined by the Board; and (n) To consider and examine such other matters as the Audit Committee considers appropriate.

3. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE

The Audit Committee has discharged its duties as set out in its Terms of Reference. The major areas reviewed and deliberated by the Audit Committee are as follows:

a) Reviewed all the four Quarter’s Financial Statements and the annual audited financial statements of the Company at Audit Committee meetings held each quarter before recommending the same for the Board’s approval on the same date;

b) Reviewed the Annual Report to ensure adherence to legal and regulatory reporting requirements and appropriate resolution of all accounting matters requiring significant judgement;

c) Reviewed and deliberated on the external auditors’ report and recommendations regarding opportunities for improvement to the significant risk areas, internal control and financial matters areas based on observations made in the course of audit;

d) Deliberated the best Board practices for meeting the market expectations and protecting shareholders’ interests that were highlighted by the external auditors;

e) Reviewed the related party transactions that are required to be transacted at an arm’s length basis and are not detrimental to the interest of minority shareholders;

f) Approved the Internal Auditors’ Annual Audit Plan for 2010 and the Internal Audit Reports issued and audit recommendations presented by the Internal Audit Manager in Audit Committee meeting in every quarter;

g) Deliberated the emerging financial reporting issues pursuant to the introduction of new accounting standards and additional statutory/regulatory disclosure requirements;

h) Reviewed the measures being taken to fortify the existing risk assessment and management processes; and i) Verified the allocation of option shares pursuant to the ESOS to eligible employees had been made in accordance with

the criteria of allocation of option shares as set out in the by-laws of the ESOS.

4. SUMMARY OF ACTIVITIES OF THE INTERNAL AUDIT DEPARTMENT

The Company has an Internal Audit Department whose principal objective is to undertake regular reviews of the systems of controls, procedures and operations so as to provide reasonable assurance that the internal control system is sound, adequate and satisfactory. The Internal Audit Department reports directly to the Audit Committee. Its role is to provide the Committee with independent and objective reports on the state of internal controls of the operating units within the Group and the extent of compliance by such units with the Group’s established policies and procedures and the regulatory requirements of the relevant authorities. The Audit Committee reviews and approves the internal audit plan of the Group submitted by the Internal Audit Manager.

During the financial year ended 31 August 2010, the areas audited included audits of the various departments covering all the factories and subsidiaries within the Group. Internal audit reports were issued to the Audit Committee regularly and tabled in the Audit Committee meetings. The reports are also issued to the respective operations management, incorporating audit recommendations and management’s responses with regards to any audit findings on the weaknesses in the systems and controls of the operations. The Internal Audit Department also follows up with management on the implementation of the agreed audit recommendations.

The costs incurred in maintaining the Internal Audit Function which is performed in-house for the financial year under review was RM330,000.00.

Page

44 Directors’ Report

49 Statement by Directors

49 Statutory Declaration

50 Independent Auditors’ Report

52 Income Statements 53 Balance Sheets

54 Statements of Changes in Equity

57 Cash Flow Statements

59 Notes to the Financial Statements

The directors have pleasure in presenting their report together with the audited financial statements of the Group and of the

Company for the financial year ended 31 August 2010.

Principal activities

The principal activities of the Company are investment holding and the provision of management services.

The principal activities of the subsidiaries are described in Note 12 to the financial statements.

There have been no significant changes in the nature of the principal activities during the financial year.

Results Group Company RM’000 RM’000

Profit for the year 250,411 53,511

Profit attributable to:

Equity holders of the Company 245,231 53,511

Minority interests 5,180 -

250,411 53,511

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

statements.

In the opinion of the directors, the results of the operations of the Group and of the Company during the financial year were not

substantially affected by any item, transaction or event of a material and unusual nature.

Dividends

The amount of dividends paid by the Company since 31 August 2009 were as follows:

RM’000 In respect of the financial year ended 31 August 2009 :

Interim single tier dividend of 14%, paid on 16 September 2009 20,781

Final single tier dividend of 18%, paid on 12 March 2010 27,055

Special single tier dividend of 12%, paid on 12 March 2010 18,037

In respect of the financial year ended 31 August 2010 :

First interim single tier dividend of 28%, paid on 23 July 2010 43,225

109,098

At the forthcoming Annual General Meeting, a single tier final dividend of 18% on 618,256,062 ordinary shares amounting to

RM55,643,046 (9 sen per share) in respect of the financial year ended 31 August 2010 will be proposed for shareholders’ approval.

The financial statements for the current financial year do not reflect this proposed dividend. Such dividend, if approved by the

shareholders, will be accounted for in equity as an appropriation of retained earnings in the financial year ending 31 August 2011.

Directors The names of the directors of the Company in office since the date of the last report and at the date of this report are : Tan Sri Dato Sri Lim, Wee-Chai Tan Sri Dato’ Seri Arshad bin Ayub Tan Sri Dato’ Dr. Lin See Yan (appointed on 16 June 2010) Lee Kim Meow Puan Sri Tong Siew Bee Lim Hooi Sin Sekarajasekaran a/l Arasaratnam Quah Chin Chye Lim Cheong Guan Directors’ benefits Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the Company was a party, whereby the directors might acquire benefits by means of acquisition of shares in or debentures of the Company or any other body corporate, other than those arising from the share options granted under the Employee Share Options Scheme (“ESOS”). Since the end of the previous financial year, no director has received or become entitled to receive a benefit (other than benefits included in the aggregate amount of emoluments received or due and receivable by the directors or the fixed salary of a full-time employee of the Company as shown in Note 6 to the financial statements) by reason of a contract made by the Company or a related corporation with a director or with a firm of which he is a member, or with a company in which he has a substantial financial interest.

Directors’ interests According to the register of directors’ shareholdings, the interests of directors in office at the end of the financial year in shares in the Company during the financial year were as follows: Number of ordinary shares of RM0.50 each 1 September Balance prior to 2009 Bought Sold bonus issue *

Tan Sri Dato Sri Lim, Wee-Chai - direct 87,587,900 1,657,669 - 89,245,569 - indirect 30,468,821 336,000 (1,539,269) 29,265,552 Tan Sri Dato’ Seri Arshad bin Ayub 1,550,000 - (850,000) 700,000 Lee Kim Meow - direct 619,816 378,000 (497,016) 500,800 - indirect 5,000 - - 5,000 Puan Sri Tong Siew Bee - direct 4,597,874 105,600 (105,600) 4,597,874 - indirect 113,458,847 1,888,069 (1,433,669) 113,913,247 Lim Hooi Sin - direct 7,155,181 187,200 (1,301,600) 6,040,781 - indirect 110,901,540 1,806,469 (237,669) 112,470,340 Sekarajasekaran a/l Arasaratnam 7,155,559 52,100 (46,800) 7,160,859 Lim Cheong Guan - 100,000 (60,000) 40,000

Directors’ interests (continued)

Number of ordinary shares of RM0.50 each

Balance after 31 August bonus issue * Bought Sold 2010

Tan Sri Dato Sri Lim, Wee-Chai

- direct 178,491,138 420,000 - 178,911,138

- indirect 58,531,104 - (1,241,900) 57,289,204

Tan Sri Dato’ Seri Arshad bin Ayub 1,400,000 - - 1,400,000

Lee Kim Meow

- direct 1,001,600 - - 1,001,600

- indirect 10,000 - - 10,000

Puan Sri Tong Siew Bee

- direct 9,195,748 - - 9,195,748

- indirect 227,826,494 420,000 (1,241,900) 227,004,594

Lim Hooi Sin

- direct 12,081,562 - (1,241,900) 10,839,662

- indirect 224,940,680 420,000 - 225,360,680

Sekarajasekaran a/l Arasaratnam 14,321,718 22,000 - 14,343,718

Lim Cheong Guan 80,000 - - 80,000

Number of options over ordinary shares of RM0.50 each

1 September Balance prior to 2009 Granted Exercised bonus issue *

Tan Sri Dato Sri Lim, Wee-Chai 630,000 210,000 (420,000) 420,000

Lee Kim Meow 378,000 126,000 (378,000) 126,000

Puan Sri Tong Siew Bee 153,600 48,000 (105,600) 96,000

Lim Hooi Sin 201,600 67,200 (187,200) 81,600

Lim Cheong Guan 158,500 58,500 (100,000) 117,000

Number of options over ordinary shares of RM0.50 each

Balance after 31 August bonus issue * Granted Exercised 2010

Tan Sri Dato Sri Lim, Wee-Chai 840,000 - (420,000) 420,000

Lee Kim Meow 252,000 - - 252,000

Puan Sri Tong Siew Bee 192,000 - - 192,000

Lim Hooi Sin 163,200 - - 163,200

Lim Cheong Guan 234,000 - - 234,000

* Bonus issue on the basis of one new ordinary share for every one existing ordinary share held.

Tan Sri Dato Sri Lim, Wee-Chai, Puan Sri Tong Siew Bee and Lim Hooi Sin by virtue of their interest in shares of the Company are

also deemed interested in shares of all the subsidiaries to the extent the Company has an interest.

The other directors in office at the end of the financial year had no interest in shares in the Company or its related corporations or

in share options in the Company during the financial year.

Issue of shares

During the financial year, the Company increased its:

a) authorised shared capital from RM200,000,000 to RM400,000,000 through the creation of 400,000,000 shares of

RM0.50 each; and

b) issued and paid-up share capital from RM151,879,000 to RM309,081,000 by way of :

i) issuance of 5,651,000 ordinary shares of RM0.50 each pursuant to the ESOS at an option price between RM2.01 and

RM11.58 per ordinary share; and

ii) issuance of 308,753,000 ordinary shares of RM 0.50 each through a bonus issue on the basis of one new ordinary share

of RM0.50 each for every one existing ordinary share of RM0.50 each held in the Company, by way of capitalisation of

RM154,376,000 from the share premium account.

Subsequent to the end of the financial year up to the date of this report, the Company increased its issued and paid-up share capital

from RM309,081,000 to RM309,128,000 by way of issuance of 94,000 ordinary shares of RM0.50 each pursuant to the ESOS at

an option price between RM2.01 and RM4.60 per ordinary share.

The new ordinary shares issued during the financial year ranked pari passu in all respects with the existing ordinary shares of the

Company.

Treasury shares

During the financial year, the Company re-issued all 6,617,000 treasury shares of RM0.50 each via sale in the open market for a

total consideration of RM81,575,000, after deducting transaction cost of RM250,000 at an average price of RM12.54 per share as

disclosed in Note 26 to the financial statements.

Employee share options scheme

The Company’s ESOS is governed by the by-laws which was approved by the shareholders at the Extraordinary General Meeting

held on 9 January 2008 and became effective on 1 August 2008.

The main features and other terms of the ESOS are disclosed in Note 28 to the financial statements.

The Company has been granted exemption by the Companies Commission of Malaysia from having to disclose the names of

employees who have been granted options to subscribe for less than 100,000 ordinary shares. The list of employees granted

options to subscribe for 100,000 or more ordinary shares during the financial year is disclosed in the section on Directors’ Interests

in this report.

Other statutory information

(a) Before the income statements and balance sheets of the Group and of the Company were made out, the directors took

reasonable steps:

(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision

for doubtful debts and satisfied themselves that there were no known bad debts and that adequate provision had been

made for doubtful debts; and

Other statutory information (continued)

(ii) to ensure that any current assets which were unlikely to realise their value as shown in the accounting records in the

ordinary course of business had been written down to an amount which they might be expected so to realise.

(b) At the date of this report, the directors are not aware of any circumtances which would render:

(i) it necessary to write off any bad debts or the amount of the provision for doubtful debts in the financial statements of

the Group and of the Company inadequate to any substantial extent; and

(ii) the values attributed to the current assets in the financial statements of the Group and of the Company

misleading.

(c) At the date of this report, the directors are not aware of any circumstances which have arisen which would render adherence

to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.

(d) At the date of this report, the directors are not aware of any circumtances not otherwise dealt with in this report or

financial statements of the Group and of the Company which would render any amount stated in the financial statements

misleading.

(e) As at the date of this report, there does not exist:

(i) any charge on the assets of the Group or of the Company which has arisen since the end of the financial year which

secures the liabilities of any other person; or

(ii) any contingent liability of the Group or of the Company which has arisen since the end of the financial year.

(f) In the opinion of the directors:

(i) no contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve

months after the end of the financial year which will or may affect the ability of the Group or of the Company to meet

its obligations when they fall due; and

(ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial

year and the date of this report which is likely to affect substantially the results of the operations of the Group or of the

Company for the financial year in which this report is made.

Auditors

The auditors, Ernst & Young, have expressed their willingness to continue in office.

Signed on behalf of the Board in accordance with a resolution of the directors dated 3 November 2010.

Tan Sri Dato Sri Lim, Wee-Chai Quah Chin Chye

Selangor, Malaysia

We, Tan Sri Dato Sri Lim, Wee-Chai and Quah Chin Chye, being two of the directors of Top Glove Corporation Bhd., do hereby state

that, in the opinion of the directors, the accompanying financial statements set out on pages 52 to 106 are drawn up in accordance

with the provisions of Companies Act, 1965 and Financial Reporting Standards in Malaysia so as to give a true and fair view of the

financial position of the Group and of the Company as at 31 August 2010 and of the results and the cash flows of the Group and of

the Company for the year then ended.

Signed on behalf of the Board in accordance with a resolution of the directors dated 3 November 2010.

Tan Sri Dato Sri Lim, Wee-Chai Quah Chin Chye

Selangor, Malaysia

I, Tan Sri Dato Sri Lim, Wee-Chai, the director primarily responsible for the financial management of Top Glove Corporation Bhd., do

solemnly and sincerely declare that the accompanying financial statements set out on pages 52 to 106 are in my opinion correct,

and I make this solemn declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory

Declarations Act 1960.

Subscribed and solemnly declared by the

abovenamed Tan Sri Dato Sri Lim, Wee-Chai

at Klang in the State of Selangor

on 3 November 2010 Tan Sri Dato Sri Lim, Wee-Chai

Before me,

Report on the financial statements

We have audited the financial statements of Top Glove Corporation Bhd., which comprise the balance sheets as at 31 August 2010

of the Group and of the Company, and the income statements, statements of changes in equity and cash flow statements for the

year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 52 to 106.

Directors’ responsibility for the financial statements

The directors of the Company are responsible for the preparation and fair presentation of these financial statements in accordance

with Financial Reporting Standards and the Companies Act, 1965 in Malaysia. This responsibility includes: designing, implementing

and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material

misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting

estimates that are reasonable in the circumstances.

Auditors’ responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance

with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and

perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.

The procedures selected depend on our judgement, including the assessment of risks of material misstatement of the financial

statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity’s

preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the

circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also

includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by

the directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements have been properly drawn up in accordance with Financial Reporting Standards and the

Companies Act, 1965 in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company as at

31 August 2010 and of their financial performance and cash flows for the year then ended.

Report on other legal and regulatory requirements

In accordance with the requirements of the Companies Act, 1965 in Malaysia, we also report the following:

(a) In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company and its

subsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions of the Act.

(b) We have considered the financial statements and the auditors’ reports of all the subsidiaries of which we have not acted as

auditors, which are indicated in Note 12 to the financial statements.

(c) We are satisfied that the financial statements of the subsidiaries that have been consolidated with the financial statements of

the Company are in form and content appropriate and proper for the purposes of the preparation of the consolidated financial

statements and we have received satisfactory information and explanations required by us for those purposes.

(d) The auditors’ reports on the financial statements of the subsidiaries were not subject to any qualification material to the

consolidated financial statements and did not include any comment required to be made under Section 174(3) of the

Act.

Other matters

This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies Act, 1965

in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.

Ernst & Young Lee Ah Too

AF: 0039 2187/09/11(J)

Chartered Accountants Chartered Accountant

Melaka, Malaysia

Date: 3 November 2010

Group Company

Note 2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Revenue 3 2,079,432 1,529,077 55,205 67,644

Cost of sales (1,640,550) (1,155,975) - -

Gross profit 438,882 373,102 55,205 67,644

Other operating income 14,660 6,979 73 469

Distribution and selling costs (66,008) (53,091) - -

Administrative and general expenses (80,987) (95,484) (1,622) (4,305)

Operating profit 306,547 231,506 53,656 63,808

Interest expense (639) (8,530) - -

Share of loss of associate (947) (984) - -

Profit before tax 4 304,961 221,992 53,656 63,808

Income tax expense 7 (54,550) (53,922) (145) (138)

Profit for the year 250,411 168,070 53,511 63,670

Attributable to:

Equity holders of the Company 245,231 169,133 53,511 63,670

Minority interests 5,180 (1,063) - -

250,411 168,070 53,511 63,670

Earnings per share attributable to equityholders of the Company (sen): Basic 8 39.83 28.01

Diluted 8 39.69 27.98

The accompanying notes form an integral part of the financial statements.


Group Company

Note 2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Assets Non-current assetsProperty, plant and equipment 10 580,867 564,380 - -

Prepaid land lease payments 11 21,741 14,200 - -

Investments in subsidiaries 12 - - 28,503 28,503

Investments in associate 13 5,056 9,366 - -

Other investments 14 145 12,853 - -

Due from a subsidiary 15 - - 363,856 289,579

Goodwill 16 20,113 20,113 - -

627,922 620,912 392,359 318,082

Current assets Inventories 17 167,511 119,053 - -

Trade receivables 18 247,268 198,263 - -

Other receivables 19 20,349 8,333 107,724 119,727

Tax recoverable 5,473 - 153 123

Other investments 14 40,557 - - -

Cash and bank balances 20 262,930 185,848 3,015 9,968 744,088 511,497 110,892 129,818

Total assets 1,372,010 1,132,409 503,251 447,900

Equity and liabilities Equity attributable to equity holders of the Company Share capital 24 309,081 151,879 309,081 151,879

Share premium 25 170,563 243,677 170,563 243,677

Treasury shares 26 - (38,427) - (38,427)

Other reserves 27 13,451 21,964 10,260 9,995

Retained earnings 30 599,407 445,420 12,820 47,626

Shareholders’ equity 1,092,502 824,513 502,724 414,750

Minority interests 23,864 21,464 - -

Total equity 1,116,366 845,977 502,724 414,750

Non-current liabilitiesBorrowings 21 3,025 8,960 - 5,000

Deferred tax liabilities 29 34,360 33,413 - -

Non-current liabilities 37,385 42,373 - 5,000

Current liabilities Borrowings 21 541 11,573 - 6,500

Trade payables 23 105,116 92,430 - -

Other payables 112,602 104,554 527 869

Tax payable - 14,721 - -

Dividends payable - 20,781 - 20,781

218,259 244,059 527 28,150

Total liabilities 255,644 286,432 527 33,150

Total equity and liabilities 1,372,010 1,132,409 503,251 447,900

Attributable to equity holders of the Company Minority Total Non distributable Distributable interests Equity Foreign Share Share Share Treasury exchange Legal option Retained capital premium shares reserve reserve reserve earnings Total RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Group At 1 September 2008 150,532 230,193 (38,427) 6,262 1,388 - 317,100 667,048 19,741 686,789

Foreign currency

translation,

representing net

income recognised

directly in equity - - - 4,319 - - - 4,319 (402) 3,917

Profit for the year - - - - - - 169,133 169,133 (1,063) 168,070

Total recognised

income and

expense for the year - - - 4,319 - - 169,133 173,452 (1,465) 171,987

Issuance of ordinary

shares pursuant to

ESOS 1,347 10,018 - - - - - 11,365 - 11,365

Share options granted

under ESOS - - - - - 13,461 - 13,461 - 13,461

Transfer from share

option reserve - 3,466 - - - (3,466) - - - -

Issuance of share

capital to minority

shareholders of

a subsidiary - - - - - - - - 823 823

Loss on accretion

of a subsidiary - - - - - - (2,365) (2,365) 2,365 -

Dividends (Note 9) - - - - - - (38,448) (38,448) - (38,448)

At 31 August 2009 151,879 243,677 (38,427) 10,581 1,388 9,995 445,420 824,513 21,464 845,977

Attributable to equity holders of the Company Minority Total Non distributable Distributable interests Equity Foreign Share Share Share Treasury exchange Legal option Retained capital premium shares reserve reserve reserve earnings Total RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

At 1 September 2009 151,879 243,677 (38,427) 10,581 1,388 9,995 445,420 824,513 21,464 845,977

Foreign currency

translation,

representing net

income recognised

directly in equity - - - (9,790) - - - (9,790) (4,695) (14,485)

Profit for the year - - - - - - 245,231 245,231 5,180 250,411

Total recognised

income and

expense for the year - - - (9,790) - - 245,231 235,441 485 235,926

Issuance of ordinary

shares pursuant to

ESOS 2,826 28,520 - - - - - 31,346 - 31,346

Share options granted

under ESOS - - - - - 9,930 - 9,930 - 9,930

Transfer from share

option reserve - 9,665 - - - (9,665) - - - -

Issuance of bonus

shares 154,376 (154,376) - - - - - - - -

Share issue expenses - (71) - - - - - (71) - (71)

Sale of treasury shares - 43,148 38,427 - - - - 81,575 - 81,575

Loss on accretion of

a subsidiary - - - - - - (1,915) (1,915) 1,915 -

Transfer to legal reserve - - - - 1,012 - (1,012) - - -

Dividends (Note 9) - - - - - - (88,317) (88,317) - (88,317)

At 31 August 2010 309,081 170,563 - 791 2,400 10,260 599,407 1,092,502 23,864 1,116,366

Non distributable Distributable Share Share Share Treasury option Retained capital premium shares reserve earnings Total RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Company At 31 August 2008 150,532 230,193 (38,427) - 22,404 364,702

Profit for the year, representing

total recognised income and

expense for the year - - - - 63,670 63,670

Issuance of ordinary shares

pursuant to ESOS 1,347 10,018 - - - 11,365

Share options granted under ESOS - - - 13,461 - 13,461

Transfer from share option reserve - 3,466 - (3,466) - -

Dividends (Note 9) - - - - (38,448) (38,448)

At 31 August 2009 151,879 243,677 (38,427) 9,995 47,626 414,750

Profit for the year, representing

total recognised income and

expense for the year - - - - 53,511 53,511

Issuance of ordinary shares

pursuant to ESOS 2,826 28,520 - - - 31,346

Share options granted under ESOS - - - 9,930 - 9,930

Transfer from share option reserve - 9,665 - (9,665) - -

Issuance of bonus shares 154,376 (154,376) - - - -

Share issue expenses - (71) - - - (71)

Sale of treasury shares - 43,148 38,427 - - 81,575

Dividends (Note 9) - - - - (88,317) (88,317)

At 31 August 2010 309,081 170,563 - 10,260 12,820 502,724


Group Company

2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Cash flows from operating activities

Profit before tax 304,961 221,992 53,656 63,808

Adjustments for :

Gross dividend - - (53,767) (66,138)

Depreciation and amortisation

- Property, plant and equipment 58,834 56,744 - -

- Prepaid land lease payment 227 218 - -

Gain on disposal of property, plant and equipment (849) (366) - -

Property, plant and equipment written off 118 10,198 - -

Reversal of provision for doubtful debts - (17) - -

Share options granted under ESOS 9,930 13,461 (328) 1,760

Provision for doubtful debts 14 - - -

Unrealised foreign exchange loss/(gain) 13,763 (416) - -

Impairment on investment in associate 2,800 - - -

Share of loss of associate 947 984 - -

Interest expense 639 8,530 - -

Interest income (4,288) (2,233) (73) (469)

Operating profit/(loss) before working capital changes 387,096 309,095 (512) (1,039)

(Increase)/decrease in inventories (48,458) 38,713 - -

(Increase)/decrease in receivables (71,409) 22,411 - -

(Decrease)/increase in payables 20,702 9,000 (342) (612)

Cash generated from/(used in) operations 287,931 379,219 (854) (1,651)

Interest paid (639) (8,530) - -

Tax paid (73,797) (38,851) (30) (40)

Net cash generated from/(used in) operating activities 213,495 331,838 (884) (1,691)

Cash flows from investing activities

Purchase of property, plant and equipment (88,840) (67,229) - -

Prepayment of land lease (8,140) (2,773) - -

Purchase of other investments (27,849) (12,708) - -

Interest received 4,288 2,233 73 469

Dividends received - - 53,622 412

Proceeds from disposal of property, plant and equipment 2,812 2,895 - -

Issuance of share capital to minority shareholders of a subsidiary - 823 - -

Net cash (used in)/generated from investing activities (117,729) (76,759) 53,695 881

Group Company

2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Cash flows from financing activities

(Advances to)/repayment from subsidiaries - - (52,016) 64,846

Proceeds from issuance of shares 31,346 11,365 31,346 11,365

Share issue expenses (71) - (71) -

Proceeds from sale of treasury shares 81,575 - 81,575 -

Payment of dividends (109,098) (32,389) (109,098) (32,389)

Repayment of hire purchase payables (53) (1,181) - -

Repayment of term loans (3,204) (48,809) - -

Repayment of medium term notes (11,500) (58,500) (11,500) (58,500)

Decrease in short term borrowings (2,210) (56,889) - -

Net cash used in financing activities (13,215) (186,403) (59,764) (14,678)

Net increase/(decrease) in cash and cash equivalents 82,551 68,676 (6,953) (15,488)

Effects of foreign exchange rate changes (5,469) (3,298) - -

Cash and cash equivalents at beginning of year 185,848 120,470 9,968 25,456

Cash and cash equivalents at end of year (Note 20) 262,930 185,848 3,015 9,968


1. Corporate information

The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market

of Bursa Malaysia Securities Berhad. The principal place of business of the Company is located at Lot 4969, Jalan Teratai,

Batu 6, off Jalan Meru, 41050 Klang, Selangor.

The principal activities of the Company are investment holding and the provision of management services. The principal

activities of the subsidiaries are described in Note 12. There were no significant changes in the nature of the principal

activities during the financial year.

The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors

on 3 November 2010.

2. Significant accounting policies

2.1 Basis of preparation

The financial statements comply with the provisions of the Companies Act, 1965 and applicable Financial Reporting

Standards (“FRSs”) in Malaysia. At the beginning of the current financial year, the Group and the Company had adopted

new and revised FRSs which are mandatory for financial periods beginning on or after 1 September 2009 as described

fully in Note 2.3.

The financial statements of the Group and of the Company have also been prepared on a historical basis.

The financial statements are presented in Ringgit Malaysia (RM) and all values are rounded to the nearest thousand

(RM’000) except when otherwise indicated.

2.2 Summary of significant accounting policies

(a) Subsidiaries and basis of consolidation

(i) Subsidiaries

Subsidiaries are entities over which the Group has the ability to control the financial and operating policies

so as to obtain benefits from their activities. The existence and effect of potential voting rights that are

currently exercisable or convertible are considered when assessing whether the Group has such power

over another entity.

In the Company’s separate financial statements, investments in subsidiaries are stated at cost less

impairment losses. On disposal of such investments, the difference between net disposal proceeds and

their carrying amounts is included in profit or loss.

(ii) Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its

subsidiaries as at the balance sheet date. The financial statements of the subsidiaries are prepared for the

same reporting date as the Company.

All the subsidiaries are consolidated using the merger method of accounting except for the subsidiaries of

Top Glove Sdn. Bhd., which are accounted for under the acquisition method.

2. Significant accounting policies (continued)

2.2 Summary of significant accounting policies (continued)

(a) Subsidiaries and basis of consolidation (continued)

(ii) Basis of consolidation (continued)

Acquisition of subsidiaries that meets the conditions of a merger are accounted for using the merger

method. Under the merger method of accounting, the results of subsidiaries are presented as if the merger

had been effected throughout the current and previous years. In the consolidated financial statements,

the cost of the merger is cancelled with the nominal values of the shares received. Any resulting debit

difference is adjusted against the consolidated capital and revenue reserves.

Subsidiaries accounted for using the purchase method are consolidated from the date of acquisition, being

the date on which the Group obtains control, and continue to be consolidated until the date that such

control ceases. In preparing the consolidated financial statements, intragroup balances, transactions and

unrealised gains or losses are eliminated in full. Uniform accounting policies are adopted in the consolidated

financial statements for like transactions and events in similar circumstances.

Acquisitions of subsidiaries that do not meet the conditions of a merger are accounted for using the

purchase method. The purchase method of accounting involves allocating the cost of the acquisition to the

fair value of the assets acquired and liabilities and contingent liabilities assumed at the date of acquisition.

The cost of an acquisition is measured as the aggregate of the fair values, at the date of exchange, of

the assets given, liabilities incurred or assumed, and equity instruments issued, plus any costs directly

attributable to the acquisition.

Any excess of the cost of the acquisition over the Group’s interest in the net fair value of the identifiable

assets, liabilities and contingent liabilities represents goodwill. Any excess of the Group’s interest in the

net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition is

recognised immediately in profit or loss.

Minority interests represent the portion of profit or loss and net assets in subsidiaries not held by the Group.

It is measured at the minorities’ share of the fair value of the subsidiaries’ identifiable assets and liabilities

at the acquisition date and the minorities’ share of changes in the subsidiaries’ equity since then.

(b) Associates

Associates are entities in which the Group has significant influence and that is neither a subsidiary nor an interest

in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions

of the investee but not in control or joint control over those policies.

Investments in associates are accounted for in the consolidated financial statements using the equity method of

accounting. Under the equity method, the investment in associate is carried in the consolidated balance sheet at

cost adjusted for post-acquisition changes in the Group’s share of net assets of the associate. The Group’s share

of the net profit or loss of the associate is recognised in the consolidated profit or loss. Where there has been

a change recognised directly in the equity of the associate, the Group recognises its share of such changes. In

applying the equity method, unrealised gains and losses on transactions between the Group and the associate

are eliminated to the extent of the Group’s interest in the associate. After application of the equity method, the

Group determines whether it is necessary to recognise any additional impairment loss with respect to the Group’s

net investment in the associate. The associate is equity accounted for from the date the Group obtains significant

influence until the date the Group ceases to have significant influence over the associate.



(b) Associates (continued)

Goodwill relating to an associate is included in the carrying amount of the investment and is not amortised. Any

excess of the Group’s share of the net fair value of the associate’s identifiable assets, liabilities and contingent

liabilities over the cost of the investment is excluded from the carrying amount of the investment and is instead

included as income in the determination of the Group’s share of the associate’s profit or loss in the period in

which the investment is acquired.

When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any

long-term interests that, in substance, form part of the Group’s net investment in the associate, the Group does not

recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.

The most recent available audited financial statements of the associates are used by the Group in applying the

equity method. Where the dates of the audited financial statements used are not coterminous with those of the

Group, the share of results is arrived at from the last audited financial statements available and management

financial statements to the end of the accounting period. Uniform accounting policies are adopted for like

transactions and events in similar circumstances.

In the Company’s separate financial statements, investments in associates are stated at cost less impairment

losses.

On disposal of such investments, the difference between net disposal proceeds and their carrying amounts is

included in profit or loss.

(c) Goodwill

Goodwill acquired in a business combination is initially measured at cost being the excess of the cost of business

combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent

liabilities. Following the initial recognition, goodwill is measured at cost less any accumulated impairment losses.

Goodwill is not amortised but instead, it is reviewed for impairment, annually or more frequently if events or

changes in circumstances indicate that the carrying value may be impaired. Gains and losses on the disposal of

an entity include the carrying amount of goodwill relating to the entity sold.

(d) Property, plant and equipment and depreciation

All items of property, plant and equipment are initially recorded at cost. Subsequent costs are included in the

asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future

economic benefits associated with the item will flow to the Group and the cost of the item can be measured

reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged

to the income statement during the financial period in which they are incurred.

Subsequent to recognition, property, plant and equipment are stated at cost less accumulated depreciation and

any accumulated impairment losses.



(d) Property, plant and equipment and depreciation (continued)

Freehold land has an unlimited useful life and therefore is not depreciated. Capital work-in-progress are also

not depreciated as these assets are not available for use. Depreciation of other property, plant and equipment is

provided for on a straight line basis to write off the cost of each asset to its residual value over the estimate useful

life at the following annual rates:

Buildings 2% to 5%

Plant and equipment 10%

Other assets 10% to 20%

The residual values, useful life and depreciation method are reviewed at each financial year-end to ensure that

the amount, method and period of depreciation are consistent with previous estimates and the expected pattern

of consumption of the future economic benefits embodied in the items of property, plant and equipment.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are

expected from its use or disposal. The difference between the net disposal proceeds, if any and the net carrying

amount is recognised in profit or loss.

(e) Impairment of non-financial assets

The carrying amounts of assets, other than inventories and deferred tax assets, are reviewed at each balance

sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s

recoverable amount is estimated to determine the amount of impairment loss.

For goodwill that have an indefinite useful life, the recoverable amount is estimated at each balance sheet date

or more frequently when indicators of impairment are identified.

For the purpose of impairment testing of these assets, recoverable amount is determined on an individual asset

basis unless the asset does not generate cash flows that are largely independent of those from other assets. If

this is the case, recoverable amount is determined for the cash-generating unit (CGU) to which the asset belongs

to. Goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s

CGUs, or groups of CGUs, that are expected to benefit from the synergies of the combination, irrespective of

whether other assets or liabilities of the Group are assigned to those units or groups of units.

An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs to sell and its value in

use. 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. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered

impaired and is written down to its recoverable amount. Impairment losses recognised in respect of a CGU or

groups of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to those units or groups

of units and then, to reduce the carrying amount of the other assets in the unit or groups of units on a pro-rata

basis.

An impairment loss is recognised in profit or loss in the period in which it arises.



(e) Impairment of non-financial assets (continued)

Impairment loss on goodwill is not reversed in a subsequent period. An impairment loss for an asset other than

goodwill is reversed if, and only if, there has been a change in the estimates used to determine the asset’s

recoverable amount since the last impairment loss was recognised. The carrying amount of an asset other

than goodwill is increased to its revised recoverable amount, provided that this amount does not exceed the

carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss

been recognised for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is

recognised in profit or loss.

(f) Inventories

Inventories are stated at lower of cost and net realisable value.

Cost is determined using the first-in, first-out method. The cost of raw materials comprises costs of purchase.

The costs of finished goods and work-in-progress comprise costs of raw materials, direct labour, other direct

costs and appropriate proportions of manufacturing 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 costs necessary to make the sale.

(g) Financial instruments

Financial instruments are recognised in the balance sheet when the Group has become a party to the contractual

provisions of the instrument.

Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual

arrangement. Interest, dividends and gains and losses relating to a financial instrument classified as a liability, are

reported as expense or income. Distributions to holders of financial instruments classified as equity are recognised

directly in equity. Financial instruments are offset when the Group has a legally enforceable right to offset and

intends to settle either on a net basis or to realise the asset and settle the liability simultaneously.

(i) Cash and cash equivalents

For the purposes of the cash flow statements, cash and cash equivalents include cash on hand and at

bank, deposits at call and short term highly liquid investments which have an insignificant risk of changes

in value, net of outstanding bank overdrafts.

(ii) Other non-current investments

Non-current investments other than investments in subsidiaries and associates are stated at cost less

impairment losses. On disposal of an investment, the difference between net disposal proceeds and its

carrying amount is recognised in the profit or loss.



(g) Financial instruments (continued)

(iii) Marketable securities

Marketable securities are carried at the lower of cost and market value, determined on aggregate basis.

Cost is determined on the weighted average basis while market value is determined based on quoted

market values. Increases or decreases in the carrying amount of marketable securities are recognised in

profit or loss. On disposal of marketable securities, the difference between net disposal proceeds and the

carrying amount is recognised in profit or loss.

(iv) Trade receivables

Trade receivables are carried at anticipated realisable values. Bad debts are written off when identified. An

estimate is made for doubtful debts based on a review of all outstanding amounts as at the balance sheet

date.

(v) Trade payables

Trade payables are stated at cost which is the fair value of the consideration to be paid in the future for

goods and services received.

(vi) Interest bearing loans and borrowings

All loans and borrowings are initially recognised at the fair value of the consideration received less

directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings are

subsequently measured at amortised cost using the effective interest method.

(vii) Equity instruments

Ordinary shares are classified as equity. Dividends on ordinary shares are recognised in equity in the period

in which they are declared.

The transaction costs of an equity transaction are accounted for as a deduction from equity, net of tax.

Equity transaction costs comprise only those incremental external costs directly attributable to the equity

transaction which would otherwise have been avoided.

The consideration paid, including attributable transaction costs on repurchased ordinary shares of the

Company that have not been cancelled, are classified as treasury shares and presented as a deduction

from equity. No gain or loss is recognised in profit or loss on the sale, re-issuance or cancellation of treasury

shares. When treasury shares are reissued by resale, the difference between the sales consideration and

the carrying amount is recognised in equity.

(viii) Derivative financial instruments

Derivative financial statements are not recognised in the financial statements.



(h) Leases

(i) Classification

A lease is recognised as a finance lease if it transfers substantially to the Company all the risks and rewards

incidental to ownership. Leases of land and buildings are classified as operating or finance leases in the

same way as leases of other assets and the land and buildings elements of a lease of land and buildings

are considered separately for the purpose of lease classification. All leases that do not transfer substantially

all the risks and rewards are classified as operating leases, with the following exceptions:

- Property held under operating leases that would otherwise meet the definition of an investment

property is classified as an investment property on a property-by-property basis and, if classified as

investment property, is accounted for as if held under a finance lease; and

- Land held for own use under an operating lease, the fair value of which cannot be measured separately

from the fair value of a building situated thereon at the inception of the lease, is accounted for as being

held under a finance lease, unless the building is also clearly held under an operating lease.

(ii) Finance leases - the Group as lessee

Assets acquired by way of hire purchase or finance leases are stated at an amount equal to the lower of

their fair values and the present value of the minimum lease payments at the inception of the leases, less

accumulated depreciation and impairment losses. The corresponding liability is included in the balance

sheet as borrowings. In calculating the present value of the minimum lease payments, the discount factor

used is the interest rate implicit in the lease, when it is practicable to determine; otherwise, the Company’s

incremental borrowing rate is used. Any initial direct costs are also added to the carrying amount of such

assets.

Lease payments are apportioned between the finance costs and the reduction of the outstanding liability.

Finance costs, which represent the difference between the total leasing commitments and the fair value of

the assets acquired, are recognised in the profit or loss over the term of the relevant lease so as to produce

a constant periodic rate of charge on the remaining balance of the obligations for each accounting period.

The depreciation policy for leased assets is in accordance with that for depreciable property, plant and

equipment as described in Note 2.2 (d).

(iii) Operating leases - the Group as lessee

Operating lease payments are recognised as an expense on a straight-line basis over the term of the

relevant lease. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of

rental expense over the lease term on a straight-line basis.

In the case of a lease of land and buildings, the minimum lease payments or the up-front payments made

are allocated, whenever necessary, between the land and the buildings elements in proportion to the

relative fair values for leasehold interests in the land element and buildings element of the lease at the

inception of the lease. The up-front payment represents prepaid lease payments and are amortised on a

straight-line basis over the lease term.



(i) Provisions

Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable

that an outflow of resources embodying ecomonic benefits will be required to settle the obligation, and a reliable

estimate of the amount can be made. Provisions are reviewed at each balance sheet date and adjusted to reflect

the current best estimate. Where the effect of the time value of money is material, provisions are discounted

using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting

is used, the increase in the provision due to the passage of time is recognised as finance costs.

(j) Income tax

Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the expected

amount of income taxes payable in respect of the taxable profit for the year and is measured using the tax rates

that have been enacted at the balance sheet date.

Deferred tax is provided for, using the liability method, on temporary differences at the balance sheet date

between the tax bases of assets and liabilities and their carrying amounts in the financial statements. In principle,

deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised

for all deductible temporary differences, unused tax losses and unused tax credits to the extent that it is probable

that taxable profit will be available against which the deductible temporary differences, unused tax losses and

unused tax credits can be utilised. Deferred tax is not recognised if the temporary difference arises from goodwill

or from the initial recognition of an asset or liability in a transaction which is not a business combination and at

the time of the transaction, affects neither accounting profit nor taxable profit.

Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or

the liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet

date. Deferred tax is recognised as income or an expense and included in the profit or loss for the period, except

when it arises from a transaction which is recognised directly in equity, in which case the deferred tax is also

recognised directly in equity, or when it arises from a business combination that is an acquisition, in which case

the deferred tax is included in the resulting goodwill or the amount of any excess of the acquirer’s interest in

the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities over the cost of the

combination.

(k) Employee benefits

(i) Short term benefits

Wages, salaries, bonuses and social security contributions are recognised as an expense in the year in which

the associated services are rendered by employees of the Group. Short term accumulating compensated

absences such as paid annual leave are recognised when services are rendered by employees that increase

their entitlement to future compensated absences. Short term non-accumulating compensated absences

such as sick leave are recognised when the absences occur.



(k) Employee benefits (continued)

(ii) Defined contribution plans

Defined contribution plans are post-employment benefit plans under which the Group pays fixed

contributions into seperate entities or funds and will have no legal or constructive obligation to pay further

contributions if any of the funds do not hold sufficient assets to pay all employee benefits relating to

employee services in the current and preceding financial years. Such contributions are recognised as an

expense in the profit or loss as incurred. As required by law, companies in Malaysia make contributions

to the Employees Provident Fund (“EPF”). Some of the Group’s foreign subsidiaries make contributions to

their respective countries’ statutory pension schemes.

(iii) Equity compensation benefits

The Company’s ESOS allows the Group’s employees to acquire ordinary shares of the Company. The total

fair value of share options granted to employees is recognised as an employee cost with a corresponding

increase in the share option reserve within equity over the vesting period and taking into account the

probability that the options will vest.The fair value of share options is measured at grant date, taking into

account, if any, the market vesting conditions upon which the options were granted but excluding the

impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions

about the number of options that are expected to become exercisable on vesting date.

At each balance sheet date, the Group revises its estimates of the number of options that are expected

to become exercisable on vesting date. It recognises the impact of the revision of original estimates, if

any, in the profit or loss, and a corresponding adjustment to equity over the remaining vesting period. The

equity amounts is recognised in the share option reserve until the option is exercised, upon which it will

be transferred to share premium, or until the option expires, upon which it will be transferred directly to

retained earnings.

The proceeds received net of any directly attributable transaction costs are credited to equity when the

options are exercised.

(l) Revenue recognition

Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to

the Group and the revenue can be reliably measured. The following specific recognition criteria must also be met

before revenue is recognised :

(i) Sale of goods

Revenue is recognised net of sales taxes, discounts and returns upon the transfer of significant risks and

rewards of ownership to the buyer. Revenue is not recognised to the extent where there are significant

uncertainties regarding recovery of the consideration due, associated costs and the possible return of goods.

(ii) Management fees

Management fees are recognised when services are rendered.



(l) Revenue recognition (continued)

(iii) Interest income

Interest is recognised on an accrual basis using the effective interest method.

(iv) Dividend income

Dividend income is recognised when the Group’s right to receive payment is established.

(m) Foreign currencies

(i) Functional and presentation currency

The individual financial statements of each entity in the Group are measured using the currency of the

primary economic environment in which the entity operates (“the functional currency”). The consolidated

financial statements are presented in Ringgit Malaysia (RM), which is also the Company’s functional

currency.

(ii) Foreign currency transactions

In preparing the financial statements of the individual entities, transactions in currencies other than

the entity’s functional currency (foreign currencies) are recorded in the functional currencies using the

exchange rates prevailing at the dates of the transactions. At each balance sheet date, monetary items

denominated in foreign currencies are translated at the rates prevailing on the balance sheet date. Non-

monetary items carried at fair value that are denominated in foreign currencies are translated at the rates

prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms

of historical cost in a foreign currency are not translated.

Exchange differences arising on the settlement of monetary items, and on the translation of monetary

items, are included in profit or loss for the period except for exchange differences arising on monetary

items that form part of the Group’s net investment in foreign operation. Exchange differences arising on

monetary items that form part of the Group’s net investment in foreign operation, where that monetary item

is denominated in either the functional currency of the reporting entity or the foreign operation, are initially

taken directly to the foreign currency translation reserve within equity until the disposal of the foreign

operations, at which time they are recognised in profit or loss.

Exchange differences arising on monetary items that form part of the Group’s net investment in foreign

operation, where that monetary item is denominated in a currency other than the functional currency of

either the reporting entity or the foreign operation, are recognised in profit or loss for the period. Exchange

differences arising on monetary items that form part of the Company’s net investment in foreign operation,

regardless of the currency of the monetary item, are recognised in profit or loss in the Company’s financial

statements or the individual financial statements of the foreign operation, as appropriate.

Exchange differences arising on the translation of non-monetary items carried at fair value are included in

profit or loss for the period except for the differences arising on the translation of non-monetary items in

respect of which gains and losses are recognised directly in equity. Exchange differences arising from such

non-monetary items are also recognised directly in equity.



(m) Foreign currencies (continued)

(iii) Foreign operations

The results and financial position of foreign operations that have a functional currency different from the

presentation currency (RM) of the consolidated financial statements are translated into RM as follows:

- Assets and liabilities for each balance sheet presented are translated at the closing rate prevailing at

the balance sheet date;

- Income and expenses for each income statement are translated at average exchange rates for the

year, which approximates the exchange rates at the dates of the transactions; and

- All resulting exchange differences are taken to the foreign currency translation reserve within equity.

(n) Borrowing costs

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 added

to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

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.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.3 Changes in accounting policies and effects arising from adoption of new FRS

On 1 September 2009, the Group and the Company adopted FRS 8: Operating Segments which does not has any

significant impact to the financial statements of the Group and the Company upon their initial application.

2.4 Standards and interpretations issued but not yet effective

At the date of authorisation of these financial statements, the following new FRSs and Interpretations, and amendments

to certain Standards and Interpretations were issued but not yet effective and have not been applied by the Group and

the Company, which are:

Effective for financial periods beginning on or after 1 January 2010:

FRS 4: Insurance Contracts

FRS 7: Financial Instruments: Disclosures

FRS 101: Presentation of Financial Statements (revised)

FRS 123: Borrowing Costs

FRS 139: Financial Instruments: Recognition and Measurement

Amendments to FRS 1: First-time Adoption of Financial Reporting Standards and FRS 127: Consolidated and Separate

Financial Statements: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate


2.4 Standards and interpretations issued but not yet effective (continued)

Effective for financial periods beginning on or after 1 January 2010: (continued)

Amendments to FRS 2: Share-based Payments- Vesting Conditions and Cancellations

Amendment to FRS 5: Non-current Assets Held For Sale and Discontinued Operations

Amendment FRS 8: Operating Segments

Amendment to FRS 108: Accounting Policies, Changes in Accounting Estimates and Errors

Amendment to FRS 117: Leases

Amendment to FRS 119: Employee Benefits

Amendment to FRS 120: Accounting for Government Grants and Disclosure of Government Assistance

Amendment to FRS 123: Borrowing Costs

Amendment to FRS 127: Consolidated and Separate Financial Statements

Amendment to FRS 128: Investment in Associates

Amendment to FRS 129: Financial Reporting in Hyperinflationary Economies

Amendment to FRS 131: Interests in Joint Ventures

Amendments to FRS 132: Financial Instruments: Presentation

Amendment to FRS 134: Interim Financial Reporting

Amendment to FRS 138: Intangible Assets

Amendments to FRS 139: Financial Instruments: Recognition and Measurement, FRS 7: Financial Instruments:

Disclosures and IC Intrepretation 9: Reassessment of Embedded Derivatives

Amendment to FRS 140: Investment Property

IC Interpretation 9: Reassessment of Embedded Derivatives

IC Interpretation 10: Interim Financial Reporting and Impairment

IC Interpretation 11: FRS 2: Group and Treasury Share Transactions

IC Interpretation 13: Customer Loyalty Programmes

IC Interpretation 14: FRS 119 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their

Interaction

TR i-3: Presentation of Financial Statements of Islamic Financial Institutions

Effective for financial periods beginning on or after 1 March 2010

Amendments to FRS 132 Financial Instruments: Presentation - Classification of Rights Issues

Effective for financial periods beginning on or after 1 July 2010:

FRS 1: First-time Adoption of Financial Reporting Standards

FRS 3: Business Combinations (revised)

FRS 127: Consolidated and Separate Financial Statements (amended)

Amendments to FRS 2: Share-based Payments

Amendments to FRS 5: Non-current Assets Held For Sale and Discontinued Operations

Amendments to FRS 138: Intangible Assets

Amendments to IC Interpretation 9: Reassessment of Embedded Derivatives

IC Interpretation 12: Service Concession Arrangements

IC Interpretation 16: Hedges of a Net Investment in a Foreign Operation

IC Interpretation 17: Distributions of Non-cash Assets to Owners




Amendments to FRS 1: Limited Exemption from Comparative FRS 7 Disclosure for First-time Adopters

Amendments to FRS 2: Group Cash-settled Share-based Payment Transactions

Amendments to FRS 7: Improving Disclosures about Financial Instruments

IC Interpretation 4: Determining whether an Arrangement contains a Lease

IC Interpretation 18: Transfers of Assets from Customers

TR i - 3: Guidance on Disclosures of Transition to IFRSs

TR i - 4: Shariah Compliant Sale Contracts


IC Interpretation 15: Agreements for the Construction of Real Estate

The Group and the Company plan to adopt the above pronouncements when they become effective in the respective

financial period. Unless otherwise described below, these pronouncements are expected to have no significant impact

to the financial statements of the Group and the Company upon their initial implication.

FRS 101: Presentation of Financial Statements (revised)

The revised FRS 101 separates owner and non-owner changes in equity. Therefore, the consolidated statement of

changes in equity will now include only details of transactions with owners. All non-owner changes in equity are

presented as a single line labelled as total comprehensive income. The Standard also introduces the statement of

comprehensive income: presenting all items of income and expense recognised in the income statement, together

with all other items of recognised income and expense, either in one single statement, or in two linked statements.

The Group is currently evaluating the format to adopt. In addition, a statement of financial position is required at the

beginning of the earliest comparative period following a change in accounting policy, the correction of an error or the

reclassification of items in the financial statements. This revised FRS does not have any impact on the financial position

and results of the Group and the Company.

FRS 139: Financial Instruments: Recognition and Measurement, FRS 7: Financial Instruments: Disclosures and Amendments to FRS 139: Financial Instruments: Recognition and Measurement, FRS 7: Financial Instruments: Disclosures

The new Standard on FRS 139: Financial Instruments: Recognition and Measurement establishes principles for

recognising and measuring financial assets, financial liabilities and some contracts to buy and sell non-financial

items. Requirements for presenting information about financial instruments are in FRS 132: Financial Instruments:

Presentation and the requirements for disclosing information about financial instruments are in FRS 7: Financial

Instruments: Disclosures.

FRS 7: Financial Instruments: Disclosures is a new Standard that requires new disclosures in relation to financial

instruments. The Standard is considered to result in increased disclosures, both quantitative and qualitative of the Group

and the Company’s exposure to risks, enhanced disclosure regarding components of the Group and the Company’s

financial position and performance, and possible changes to the way of presenting certain items in the financial

statements.

In accordance with the respective transitional provisions, the Group and the Company is exempted from disclosing the

possible impact to the financial statements upon the initial application.



Amendment to FRS 117: Leases

FRS 117 Leases: Clarifies on the classification of leases of land and buildings. The Group and the Company is still

assessing the potential implication as a result of the reclassification of its unexpired land leases as operating or finance

leases. For those land element held under operating leases that are required to be reclassified as finance leases, the

Group and the Company shall recognise a corresponding asset and liability in the financial statements which will be

applied retrospectively upon initial application. However, in accordance with the transitional provision, the Group and

the Company is permitted to reassess lease classification on the basis of the facts and circumstances existing on the

date it adopts the amendments; and recognise the asset and liability related to a land lease newly classified as a finance

lease at their fair values on that date; any difference between those fair values is recognised in retained earnings. The

Group and the Company is currently in the process of assessing the impact of this amendment.

2.5 Significant accounting estimates and judgements

Key sources of estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date,

that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the

next financial year are discussed below.

(i) Depreciation of plant and machinery

The cost of plant and machinery for the manufacture of gloves is depreciated on a straight-line basis over

the assets’ useful lives. Management estimates the useful lives of these plant and machinery to be 10 years.

These are common life expectancies applied in the gloves industry. Changes in the expected level of usage and

technological developments could impact the economic useful lives and the residual values of these assets,

therefore future depreciation charges could be revised.

(ii) Impairment of goodwill

The Group determines whether goodwill are impaired at least on an annual basis. This requires an estimation of

the value-in-use of the cash-generating units (“CGU”) to which goodwill are allocated. Estimating a value-in-use

amount requires management to make an estimate of the expected future cash flows from the CGU and also to

choose a suitable discount rate in order to calculate the present value of those cash flows. The carrying amount

of goodwill as at 31 August 2010 is RM 20,113,000 (2009: RM20,113,000) . Further details are disclosed in

Note 16.

(iii) Deferred tax assets

Deferred tax assets are recognised for all unused tax losses, unabsorbed capital allowances and unused

reinvestment allowances to the extent that it is probable that taxable profit will be available against which the

losses, capital allowances and reinvestment allowances can be utilised. Significant management judgement is

required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and

level of future taxable profits together with future tax planning strategies. The total carrying value of recognised

capital allowances of the Group was RM28,060,000 (2009: RM28,060,000) and the unrecognised tax losses,

capital allowances and reinvestment allowances of the Group was RM25,389,000 (2009: RM63,084,000).

3. Revenue

Group Company

2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Sales of goods 2,079,432 1,529,077 - -

Management fees from subsidiaries - - 1,438 1,506

Dividend income from subsidiaries - - 53,767 66,138

2,079,432 1,529,077 55,205 67,644

4. Profit before tax

The following amounts have been included in arriving at profit before tax:

Group Company

2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Auditors’ remuneration:

- Statutory audit

Company’s auditors 210 200 48 43

Other auditors 134 128 - -

Overprovision in prior year (3) (3) - -

Reversal of provision for doubtful debts - (17) - -

Provision for doubtful debts 14 - - -

Depreciation and amortisation:

- Property, plant and equipment 58,834 56,744 - -

- Prepaid land lease payments 227 218 - -

Impairment of investment in associate 2,800 - - -

Non-executive directors’ remuneration (Note 6) 326 311 143 127

Net foreign exchange losses 19,500 20,967 - -

Employee benefits expense (Note 5) 176,878 141,608 1,147 3,908

Operating lease - Minimum lease payment

for building and machinery 690 1,108 - -

Property, plant and equipment written off 118 10,198 - -

Gain on disposal of property, plant and equipment (849) (366) - -

Interest income (4,288) (2,233) (73) (469)

Rental income (33) (301) - -

5. Employee benefits expense

Group Company

2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Wages and salaries 154,035 118,226 1,106 1,754

Social security costs 2,042 2,512 4 7

Pension costs - defined contribution plan 4,098 3,144 148 177


Other staff related expenses 6,555 4,059 - 4

Directors’ fees 217 206 217 206

176,878 141,608 1,147 3,908

Included in employee benefits expense of the Group and of the Company are executive directors’ remuneration amounting to

RM6,665,000 (2009: RM7,433,000) and RM653,000 (2009: RM2,170,000) respectively as further disclosed in Note 6.

6. Directors’ remuneration

Group Company

2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Directors of the Company

Executive:

Salaries and other emoluments 2,684 2,529 676 608

Pension costs - defined contribution plan 263 244 82 74

Social security contributions 1 1 1 1


Fees 217 206 217 206

Benefits-in-kind 63 68 41 41

4,742 5,492 694 2,211

Non-executive :

Fees 143 127 143 127

Other directors

Executive:

Salaries and other emoluments 1,482 1,296 - -

Pension costs - defined contribution plan 108 89 - -

Social security contributions 5 2 - -

Share options granted under ESOS 391 622 - -

Benefits-in-kind 17 17 - -

2,003 2,026 - -

6. Directors’ remuneration (continued)

Group Company

2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Non-executive :

Fees 183 184 - -

Analysis excluding benefits-in-kind:

Total executive directors’ remuneration (Note 5) 6,665 7,433 653 2,170

Total non-executive directors’ remuneration (Note 4) 326 311 143 127

Total directors’ remuneration 6,991 7,744 796 2,297

7. Income tax expense

Group Company

2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Tax expense for the year:

Malaysian income tax 51,921 45,006 145 138

Foreign tax 1,010 310 - -

Underprovided in prior years 672 5,240 - -

53,603 50,556 145 138

Deferred tax (Note 29):

Relating to origination and reversal of

temporary differences (38) 1,871 - -

Relating to changes in tax rate - 98 - -

Underprovided in prior years 985 1,397 - -

947 3,366 - -

54,550 53,922 145 138

Domestic current income tax is calculated at the Malaysian statutory tax rate of 25% (2009: 25%) of the estimated assessable

profit for the year.

Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.

7. Income tax expense (continued)

A reconciliation of income tax expense applicable to profit before tax at the statutory income tax rate to income tax expense

at the effective income tax rate of the Group and of the Company is as follows:

Group Company

2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Profit before tax 304,961 221,992 53,656 63,808

Taxation at Malaysian statutory tax rate

of 25% (2009: 25%) 76,240 55,498 13,414 15,952

Different tax rates in other countries 946 219 - -

Effect of changes in tax rates on opening

balance of deferred tax - 98 - -

Effects of tax incentives claimed by foreign subsidiaries (7,529) (9,683) - -

Effect of income not subject to tax (1,698) (36) (13,297) (16,431)

Expenses not deductible for tax purposes 2,133 4,905 28 617

Expenses entitled for double deduction for tax purposes (12) (45) - -

Utilisation of current year’s reinvestment allowances - (4,748) - -

Utilisation of current year’s increase export allowances (15,103) - - -

Utilisation of previously unrecognised tax losses (2,105) (59) - -

Deferred tax assets not recognised in respect of

current year’s tax losses, unabsorbed reinvestment

allowances and unabsorbed capital allowances 21 1,136 - -

Underprovision of deferred tax in prior years 985 1,397 - -

Underprovision of income tax expense in prior years 672 5,240 - -

Income tax expense for the year 54,550 53,922 145 138

8. Earnings per share

(a) Basic

Basic earnings per share amounts are calculated by dividing profit for the year attributable to ordinary equity holders of

the Company by the weighted average number of ordinary shares in issue during the financial year, excluding treasury

shares held by the Company.

Group

2010 2009

Profit attributable to ordinary equity holders of the Company (RM’000) 245,231 169,133

Weighted average number of ordinary shares in issue (‘000) 615,626 603,739

Basic earnings per share (sen) 39.83 28.01

8. Earnings per share (continued)

(b) Diluted

For the purpose of calculating diluted earnings per share, the profit for the year attributable to ordinary equity holders of

the Company and the weighted average number of ordinary shares in issue during the financial year have been adjusted

for the dilutive effects of share options granted to employees.

Group

2010 2009

Profit attributable to ordinary equity holders of the Company (RM’000) 245,231 169,133

Weighted average number of ordinary shares in issue (‘000) 615,626 603,739

Effect of dilution: share options (‘000) 2,289 838

Adjusted weighted average number of ordinary shares in issue and issuable (‘000) 617,915 604,577

Diluted earnings per share (sen) 39.69 27.98

The comparative basic and diluted earnings per share have been restated to take into account the effect of bonus issue

as disclosed in Note 24.

9. Dividends Dividends Dividends in respect of Year Recognised in Year

2010 2009 2008 2010 2009 RM’000 RM’000 RM’000 RM’000 RM’000

Group and Company Recognised during the year: Final single tier dividend of 12%,

paid on 16 March 2009 - - 17,667 - 17,667

Interim single tier dividend of 14%,

paid on 16 September 2009 - 20,781 - - 20,781

Final single tier dividend of 18%,

paid on 12 March 2010 - 27,055 - 27,055 -

Special single tier dividend of 12%,

paid on 12 March 2010 - 18,037 - 18,037 -

First interim single tier dividend of 28%,

paid on 23 July 2010 43,225 - - 43,225 -

Proposed for approval: at AGM (not recognised as at 31 August): Final single tier dividend of 18% 55,643 - - - -

98,868 65,873 17,667 88,317 38,448

9. Dividends (continued)

At the forthcoming Annual General Meeting, a single tier final dividend of 18% on 618,256,062 ordinary shares amounting

to RM55,643,046 (9 sen per share) in respect of the financial year ended 31 August 2010 will be proposed for shareholders’

approval. The financial statements for the current financial year do not reflect this proposed dividend. Such dividend, if

approved by the shareholders, will be accounted for in equity as an appropriation of retained earnings in the financial year

ending 31 August 2011.

10. Property, plant and equipment

* Land Plant Capital and and ** Other work-in- Group buildings equipment assets progress Total RM’000 RM’000 RM’000 RM’000 RM’000

At 31 August 2010

Cost

At 1 September 2009 233,195 535,883 34,944 5,768 809,790

Additions 24,098 34,883 6,780 23,079 88,840

Disposals (1,149) (960) (647) - (2,756)

Written off - (141) (14) - (155)

Reclassification 5,398 3,876 449 (9,723) -

Exchange differences (5,521) (9,191) (529) (39) (15,280)

At 31 August 2010 256,021 564,350 40,983 19,085 880,439

Accumulated depreciation

At 1 September 2009 18,102 210,554 16,754 - 245,410

Depreciation charge for the year 3,595 51,303 3,936 - 58,834

Disposals (6) (200) (587) - (793)

Written off - (33) (4) - (37)

Exchange differences (431) (3,140) (271) - (3,842)

At 31 August 2010 21,260 258,484 19,828 - 299,572

Net carrying amount At 31 August 2010 234,761 305,866 21,155 19,085 580,867

10. Property, plant and equipment (continued)

* Land Plant Capital and and ** Other work-in- Group buildings equipment assets progress Total RM’000 RM’000 RM’000 RM’000 RM’000

At 31 August 2009

Cost

At 1 September 2008 203,105 499,125 31,336 32,604 766,170

Additions 21,606 32,611 3,774 9,238 67,229

Disposals (1,131) (5,915) (526) - (7,572)

Written off (308) (24,478) (699) - (25,485)

Reclassification 7,254 29,012 712 (36,542) 436

Exchange differences 2,669 5,528 347 468 9,012

At 31 August 2009 233,195 535,883 34,944 5,768 809,790


At 1 September 2008 14,760 177,958 14,015 - 206,733

Depreciation charge for the year 3,374 49,765 3,605 - 56,744

Disposals (215) (4,414) (414) - (5,043)

Written off (101) (14,596) (590) - (15,287)

Exchange differences 284 1,841 138 - 2,263

At 31 August 2009 18,102 210,554 16,754 - 245,410

Net carrying amount At 31 August 2009 215,093 325,329 18,190 5,768 564,380


* Land and buildings Freehold land Buildings Total RM’000 RM’000 RM’000

At 31 August 2010

Cost

At 1 September 2009 66,044 167,151 233,195

Additions 11,289 12,809 24,098

Disposals (1,090) (59) (1,149)

Reclassification - 5,398 5,398

Exchange differences (619) (4,902) (5,521)

At 31 August 2010 75,624 180,397 256,021


At 1 September 2009 - 18,102 18,102

Depreciation charge for the year - 3,595 3,595

Disposals - (6) (6)

Exchange differences - (431) (431)

At 31 August 2010 - 21,260 21,260

Net carrying amount At 31 August 2010 75,624 159,137 234,761

At 31 August 2009

Cost

At 1 September 2008 51,592 151,513 203,105

Additions 11,358 10,248 21,606

Disposals (635) (496) (1,131)

Written off - (308) (308)

Reclassification 3,349 3,905 7,254

Exchange differences 380 2,289 2,669

At 31 August 2009 66,044 167,151 233,195


At 1 September 2008 - 14,760 14,760

Depreciation charge for the year - 3,374 3,374

Disposals - (215) (215)

Written off - (101) (101)

Exchange differences - 284 284

At 31 August 2009 - 18,102 18,102

Net carrying amount At 31 August 2009 66,044 149,049 215,093

** Other assets comprise motor vehicles, renovation, office furniture and equipment.


(a) Property, plant and equipment of the Group with the following net carrying amounts are pledged to banks for banking

facilities granted to the Group as referred to in Note 21.

2010 2009 RM’000 RM’000

Land and buildings 7,532 8,614

(b) The net carrying amounts of motor vehicles held under hire purchase arrangements are amounted to RM53,000 (2009:

RM141,000).

11. Prepaid land lease payments Group

2010 2009 RM’000 RM’000

At 1 September 14,200 11,928

Additions 8,140 2,773

Reclassification - (436)

Amortisation for the year (227) (218)

Exchange differences (372) 153

At 31 August 21,741 14,200

Analysed as:

Long term leasehold land 18,716 10,731

Short term leasehold land 3,025 3,469

21,741 14,200

12. Investments in subsidiaries Company

2010 2009 RM’000 RM’000

Unquoted shares, at cost :

- in Malaysia 25,620 25,620

Less: Accumulated impairment losses (845) (845)

24,775 24,775

- outside Malaysia 3,728 3,728

28,503 28,503

12. Investments in subsidiaries (continued)

Details of the subsidiaries are as follows :

Proportion of Name of Country of Ownership interest (%) companies incorporation 2010 2009 Principal activities

Top Glove Sdn. Bhd. (“TGSB”)* Malaysia 100 100 Manufacturing and trading of gloves

TG Medical Sdn. Bhd. # Malaysia 100 100 Manufacturing and trading of gloves

Great Glove Sdn. Bhd. # Malaysia 100 100 Provision of management services

Top Glove Engineering Malaysia 100 100 Property investment and trading of

Sdn. Bhd. # machinery

TG Medical (U.S.A.) Inc # United States 100 100 Trading of gloves

of America

Top Quality Glove Sdn. Bhd. Malaysia 100 - Dormant

(formerly known as

Ultra Combo

Sdn. Bhd.) #

Top Care Sdn. Bhd.* Malaysia 100 - Dormant

Subsidiaries of TGSB :

Great Glove (Thailand) Co. Ltd.# Thailand 74 74 Manufacturing of gloves

Top Glove Medical (Thailand) Thailand 100 100 Manufacturing of gloves

Co. Ltd.#

Top Glove Technology Thailand 100 100 Producing and selling concentrate latex

(Thailand) Co. Ltd.#

B Tech Industry Co. Ltd.# Thailand 100 100 Producing and selling concentrate latex

Top Glove (Zhangjiagang) The People’s 100 100 Manufacturing of gloves

Co. Ltd.# Republic of China

Great Glove (Xinghua) The People’s 100 100 Manufacturing of gloves

Co. Ltd.# Republic of China

TG Medical (Zhangjiagang) The People’s 100 100 Trading of gloves

Incorporated # Republic of China

Top Glove International Malaysia 100 100 Dormant

Sdn. Bhd.#

12. Investments in subsidiaries (continued)


Top Glove Academy Sdn. Bhd. # Malaysia 100 100 Dormant

Top Quality Glove (Thailand) Thailand 100 - Dormant

Co Ltd. #

Medi-Flex Limited (“Medi-Flex”)** Singapore 80 78 Investment holding

Subsidiaries of Medi-Flex :

Flexitech Sdn. Bhd. (“Flexitech”) * Malaysia 80 78 Manufacturing of gloves

Hiclean International Pte. Ltd. @ Singapore - 78 Trading of gloves

Subsidiary of Flexitech :

Techniglove Asia Sdn. Bhd. * Malaysia 80 78 Temporarily ceased operations

* Audited by Ernst & Young, Malaysia

** Audited by member firms of Ernst & Young Global in the respective countries

# Audited by firms other than Ernst & Young

@ On 11 August 2010, Hiclean International Pte. Ltd. was struck off the Register of Companies pursuant to Section 344

of Companies Act (Cap.50) of Singapore

Additional investment in subsidiary

During the financial year, the Company through its wholly owned subsidiary, TGSB completed the acquisition of 20,408,163

ordinary shares in Medi-Flex for a cash consideration of SGD0.08 for each ordinary share or total consideration of

RM4,000,000, resulting in an increase in the Company’s interest in Medi-Flex from 77.57% to 79.77%.

13. Investments in associate Group

2010 2009 RM’000 RM’000

Unquoted shares at cost 8,677 8,677

Share of post-acquisition reserves (962) (15)

Foreign currency translation 141 704

7,856 9,366

Less: Accumulated impairment losses (2,800) -

5,056 9,366

13. Investments in associate (continued)

Details of the associate are as follows :


Held through subsidiary:

Sonic Clean Pte. Ltd. Singapore 28 27 Provide all kinds of aqueous cleaning

services, consumable cleaning and

sub-assembly work in clean room

environment and investment holding

The summarised financial information of the associate are as follows:

Group

2010 2009 RM’000 RM’000

Assets and liabilities Current assets 5,740 10,360

Non-current assets 11,539 12,642

Total assets 17,279 23,002

Current liabilities (2,769) (4,176)

Non-current liabilities (63) (65)

Total liabilities (2,832) (4,241)

Results Revenue 15,840 15,255

Loss for the year (2,705) (2,810)

14. Other investments Group

2010 2009 RM’000 RM’000

Current Quoted investments in Malaysia, at cost

- bonds 5,052 -

Quoted investments outside Malaysia, at cost

- bonds 33,811 -

- debt securites 1,694 -

40,557 -

14. Other investments (continued) Group

2010 2009 RM’000 RM’000

Non-current Quoted investments in Malaysia, at cost

- bonds - 5,318

Quoted investments outside Malaysia, at cost

- bonds - 7,390

Unquoted investments 145 145

- golf club membership 145 12,853

40,702 12,853

Market value of quoted investments in Malaysia

- bonds 5,257 5,318

Market value of quoted investments outside Malaysia

- bonds 33,785 7,418

- debt securites 1,662 -

15. Due from a subsidiary Company

2010 2009 RM’000 RM’000

Interest bearing at 5.50% (2009: 5.50%) per annum - 5,000

Non interest bearing 363,856 284,579

363,856 289,579

The amount due from a subsidiary is unsecured and is not receivable within the next twelve months.

16. Goodwill

Goodwill has been allocated to the Group’s CGUs identified according to the subsidiaries, as follows:

Group

2010 2009 RM’000 RM’000

Top Glove (Zhangjiagang) Co. Ltd. 2,378 2,378

Top Glove Medical (Thailand) Co. Ltd. 2,946 2,946

B Tech Industry Co. Ltd. 14,789 14,789

20,113 20,113

16. Goodwill (continued)

Key assumptions used in value-in-use calculations

The recoverable amount of a CGU is determined based on value-in-use calculations using cash flow projections based on

financial budgets approved by management covering a five to ten years period. The key assumptions used for value-in-use

calculations are:

Gross Margin Discount Rate

2010 2009 2010 2009

Top Glove (Zhangjiagang) Co. Ltd. 7% 9% 10% 7%

Top Glove Medical (Thailand) Co. Ltd. 10% 10% 10% 7%

B Tech Industry Co. Ltd. 7% 11% 10% 7%

The following describes each key assumptions on which management has based its cash flow projections to undertake

impairment testing of goodwill:

(i) Budgeted gross margin

The basis used to determine the value assigned to the budgeted gross margins is the average gross margins achieved

in the year immediately before the budgeted year increased for expected efficiency improvements.

(ii) Discount rate

The discount rates used are pre-tax and reflect specific risks relating to the relevant segments.

The Group believes that any reasonably possible change in the above key assumptions applied are not likely to materially

cause recoverable amount to be lower than its carrying amount.

17. Inventories Group

2010 2009 RM’000 RM’000

At cost:

Raw materials 44,916 31,476

Consumables and hardware 12,488 8,309

Work-in-progress 12,094 11,369

Finished goods 90,273 67,651

159,771 118,805

At net realisable value:

Finished goods 7,740 248

167,511 119,053

18. Trade receivables Group

2010 2009 RM’000 RM’000

Trade receivables 247,678 198,659

Less: Provision for doubtful debts (410) (396)

247,268 198,263

The Group’s normal trade credit term ranges from 30 to 90 days. Other credit terms are assessed and approved on a case-

by-case basis.

The Group has no significant concentration of credit risk that may arise from exposures to a single debtor or to groups of

debtors.

19. Other receivables

Group Company

2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Due from subsidiaries:

- interest bearing at 1.00%-5.30% per annum - - - 7,656

- non interest bearing - - 107,722 112,069

Other receivables, deposits and prepayments 20,349 8,333 2 2

20,349 8,333 107,724 119,727

The amounts due from subsidiaries are unsecured and are repayable on demand.

The Group has no significant concentration of credit risk that may arise from exposures to a single debtor or to groups of

debtors.

20. Cash and cash equivalents

Group Company

2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Cash on hand and at banks 103,866 68,881 3,015 1,348

Deposits with licensed banks and

other financial institutions 82,203 55,361 - 8,620

Money market funds 76,861 61,606 - -

Cash and cash equivalents 262,930 185,848 3,015 9,968

20. Cash and cash equivalents (continued)

Deposits with a licensed bank of the Group and of the Company amounting to RM Nil (2009: RM8,620,000) were pledged to

bank for Murabahah/Ijarah medium term notes facilities granted to the Company as referred to in Note 21 and Note 31.

Cash at bank of the Company amounting to RM Nil (2009: RM3,000) are pledged to bank for Murabahah/Ijarah medium term

notes facilities granted to the Company as referred to in Note and 21 and Note 31.

The weighted average effective interest rates of deposits at the balance sheet date were as follows:

Group Company

2010 2009 2010 2009 % % % %

Deposits with licensed banks and other

financial institutions 1.81 1.81 - 1.82

Money market funds 2.29 1.73 - -

The average maturities of deposits as at the end of the financial year were as follows:

Group Company

2010 2009 2010 2009 Days Days Days Days

Deposits with licensed banks 219 157 - 106

There is no maturity period for money market funds as these money are callable on demand.

21. Borrowings

Group Company

2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Short term borrowings

Secured:

Medium term notes - 6,500 - 6,500

Revolving credits - 2,210 - -

Term loans 521 2,813 - -

Hire purchase payables (Note 22) 20 50 - -

541 11,573 - 6,500

21. Borrowings (continued)

Group Company

2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Long term borrowings

Secured:


Term loans 3,025 3,937 - -

Hire purchase payables (Note 22) - 23 - -

3,025 8,960 - 5,000

Total borrowings


Revolving credits - 2,210 - -

Term loans 3,546 6,750 - -

Hire purchase payables 20 73 - -

3,566 20,533 - 11,500

Maturity of borrowings (excluding hire purchase)

Within one year 521 11,523 - 6,500

More than 1 year and less than 2 years 115 5,530 - 5,000

More than 2 years and less than 5 years 347 377 - -

5 years or more 2,563 3,030 - -

3,546 20,460 - 11,500

The weighted average effective interest rates at the balance sheet date for borrowings, excluding hire purchase payables

were as follows:

Group Company

2010 2009 2010 2009 % % % %

Medium term notes - 5.4 - 5.4

Revolving credits - 3.1 - -

Term loans 3.5 4.4 - -

The above bank borrowings are secured by way of fixed and floating charges over certain property, plant and equipment and

deposits with a licensed bank as disclosed in Note 10 and Note 20 respectively.

22. Hire purchase payables Group

2010 2009 RM’000 RM’000

Minimum hire purchase payments:

Not later than 1 year 21 53

Later than 1 year and not later than 2 years - 24

21 77

Less :Future finance charges (1) (4)

Present value of hire purchase payables 20 73

Present value of hire purchase payables:


Later than 1 year and not later than 2 years - 23

20 73

Analysed as:

Due within 12 months (Note 21) 20 50

Due after 12 months (Note 21) - 23

20 73

The hire purchase bore interest at the balance sheet date of 3.15% (2009: 3.15% to 3.75% ) per annum.

23. Trade payables

The normal trade credit term granted to the Group ranges from 30 to 90 days.

24. Share capital Group and Company Number of ordinary shares of RM0.50 each Amount 2010 2009 2010 2009 ‘000 ‘000 RM’000 RM’000

Authorised At 1 September 400,000 400,000 200,000 200,000

Created during the year 400,000 - 200,000 -

At 31 August 800,000 400,000 400,000 200,000

Issued and fully paid At 1 September 303,759 301,065 151,879 150,532

Exercise of ESOS 5,651 2,694 2,826 1,347

Bonus issue 308,753 - 154,376 -

At 31 August 618,163 303,759 309,081 151,879

The new ordinary shares ranked pari passu in all respects with the existing ordinary shares of the Company.

25. Share premium

This is a non-distributable reserve which arose from the issue of the Company’s shares at a premium :

Group and Company

2010 2009 RM’000 RM’000

At 1 September 243,677 230,193

Issuance of ordinary shares pursuant to ESOS 28,520 10,018

Transfer from share option reserve 9,665 3,466

Bonus Issue (154,376) -

Share issue expenses (71) -

Sale of treasury shares 43,148 -

At 31 August 170,563 243,677

26. Treasury shares

This amount relates to the acquisition cost of treasury shares net of the proceeds received on their subsequent sale or

issuance.

The shareholders of the Company, by an ordinary resolution passed in an annual general meeting held on 12 January 2010,

renewed their approval for the Company’s plan to repurchase its own shares. The Directors of the Company are committed

in enhancing the value of the Company to its shareholders and believe that the Share Buy Back can be applied in the best

interests of the Company and its shareholders. The shares repurchased are being held as treasury shares in accordance with

Section 67A of the Companies Act, 1965.

During the financial year, the Company re-issued all 6,617,000 treasury shares of RM0.50 each by sale in the open market

for a total consideration of RM81,575,000, after deducting transaction cost of RM250,000 at an average price of RM12.54

per share.

27. Other reserves Foreign Share exchange Legal option Group reserve reserve reserve Total RM’000 RM’000 RM’000 RM’000

At 1 September 2008 6,262 1,388 - 7,650

Foreign currency translation 4,319 - - 4,319

Share options granted under ESOS - - 13,461 13,461

Transfer to share premium - - (3,466) (3,466)

27. Other reserves (continued) Foreign Share exchange Legal option reserve reserve reserve Total RM’000 RM’000 RM’000 RM’000

At 31 August 2009 10,581 1,388 9,995 21,964

Foreign currency translation (9,790) - - (9,790)

Share options granted under ESOS - - 9,930 9,930

Transfer to share premium - - (9,665) (9,665)

Transfer from retained earnings - 1,012 - 1,012

At 31 August 2010 791 2,400 10,260 13,451

Share option Company reserve RM’000

At 1 September 2008 -

Share options granted under ESOS 13,461

Transfer to share premium (3,466)

At 31 August 2009 9,995

Share options granted under ESOS 9,930

Transfer to share premium (9,665)

At 31 August 2010 10,260

(a) Foreign exchange reserve

The foreign currency translation reserve is used to record exchange differences arising from the translation of the

financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation

currency. It is also used to record the exchange differences arising from monetary items which form part of the Group’s

net investment in foreign operations, where the monetary item is denominated in either the functional currency of the

reporting entity or the foreign operation.

(b) Legal reserve

This represents a general reserve provided for in respect of subsidiaries incorporated in the People’s Republic of China

and Thailand.

Under the Wholly Foreign Owned Enterprise (“WFOE”) Law in the People’s Republic of China, at least 10% of the net

profit after taxation in each financial year must be credited to this reserve, until it reaches 50% of the registered paid

up capital of the subsidiary.

Under the Civil and Commercial Code in Thailand, a company is required to set aside a statutory reserve equal to at

least 5% of its net profit each time when the company pays out a dividend, until it reaches 10% of the registered share

capital of the company.

27. Other reserves (continued)

(c) Share option reserve

The share option reserve represents the equity-settled share options granted to employees. This reserve is made up of

the cumulative value of services received from employees recorded on grant of share options.

28. Employee Share Options Scheme (ESOS)

The Company ESOS is governed by the By-Laws which was approved by the shareholders at the Extraordinary General

Meeting held on 9 January 2008 and became effective on 1 August 2008.

The main features of the ESOS are as follows:

(a) The ESOS shall be in force for a period of ten years from the date of the receipt of the last of the requisite

approvals.

(b) Eligible persons are employees of the Group (including executive directors) who have been confirmed in the employment

of the Group and have served for at least one year before the date of the offer. The eligibility for participation in the ESOS

shall be at the discretion of the Options Committee appointed by the Board of Directors.

(c) The total number of shares to be issued under the ESOS shall not exceed in aggregate 15% of the issued and paid up

share capital of the Company at any point of time during the tenure of the ESOS.

(d) The option price for each share shall be the 5-days weighted average market price of the underlying shares at the time

the ESOS Options are granted, with either a premium or a discount of not more than ten percent (10%), or the par value

of the ordinary shares of the Company of RM0.50, whichever is higher.

(e) No option shall be granted for less than 100 shares to any eligible employee.

(f) An option granted under the ESOS shall be capable of being exercised by the grantee by notice in writing to the

Company commencing from the date of the offer but before the expiry on 1 August 2018.

(g) All new ordinary shares issued upon exercise of the options granted under the ESOS will rank pari passu in all respect

with the existing ordinary shares of the Company other than as may be specified in a resolution approving the distribution

of dividends prior to their exercise dates.

(h) No eligible person shall participate at any time in more than one share option scheme implemented by any company

within the Group unless otherwise approved by the Options Committee.

(i) The options shall not carry any right to vote at a general meeting of the Company.

28. Employee Share Options Scheme (ESOS) (continued)

The terms of share options outstanding as at end of the financial year are as follows:

2010 Number of share options over the ordinary shares of RM0.50 each

Balance prior to adjustment Grant Expiry Exercise At beginning for bonus Date Date Price of year Granted Exercised Lapsed issue* RM ‘000 ‘000 ‘000 ‘000 ‘000

5.9.2008 1.8.2018 4.01 1,138.7 - (1,015.8) (2.9) 120.0

5.10.2008 1.8.2018 3.98 0.4 - - - 0.4

5.12.2008 1.8.2018 3.58 3.0 - (3.0) - -

5.2.2009 1.8.2018 4.49 2.1 - (2.1) - -

5.3.2009 1.8.2018 4.52 1,738.1 - (1,585.8) (0.6) 151.7

6.4.2009 1.8.2018 4.90 28.5 - (28.1) - 0.4

5.5.2009 1.8.2018 5.76 32.8 - (32.8) - -

5.6.2009 1.8.2018 5.90 70.7 - (68.1) - 2.6

6.7.2009 1.8.2018 6.54 56.9 - (56.9) - -

5.8.2009 1.8.2018 7.15 46.7 - (45.5) - 1.2

20.8.2009 1.8.2018 7.03 2,795.8 1.4 (1,815.1) (20.7) 961.4

5.10.2009 1.8.2018 7.19 - 78.6 (67.8) (2.4) 8.4

5.11.2009 1.8.2018 8.23 - 69.8 (49.1) - 20.7

4.12.2009 1.8.2018 9.20 - 90.1 (51.8) - 38.3

5.1.2010 1.8.2018 10.07 - 57.1 (21.0) - 36.1

5.2.2010 1.8.2018 11.28 - 52.0 (3.6) (4.0) 44.4

5.3.2010 1.8.2018 11.58 - 2,890.4 (147.7) (31.9) 2,710.8

5.4.2010 1.8.2018 13.93 - 95.4 - (14.0) 81.4

6.5.2010 1.8.2018 12.31 - 127.1 - (0.4) 126.7

5.6.2010 1.8.2018 12.24 - 191.7 - - 191.7

5.7.2010 1.8.2018 13.69 - 123.9 - - 123.9

5,913.7 3,777.5 (4,994.2) (76.9) 4,620.1


Number of share options over the ordinary shares of RM0.50 each

Balance after adjustment Grant Expiry Exercise of Bonus At end Date Date Price issue* Granted Exercised Lapsed of year RM ‘000 ‘000 ‘000 ‘000 ‘000

5.9.2008 1.8.2018 2.01 240.0 - (4.8) - 235.2

5.10.2008 1.8.2018 1.99 0.8 - - - 0.8

5.3.2009 1.8.2018 2.26 303.4 - (3.6) - 299.8

6.4.2009 1.8.2018 2.45 0.8 - - - 0.8

5.6.2009 1.8.2018 2.95 5.2 - - - 5.2

5.8.2009 1.8.2018 3.58 2.4 - - - 2.4

20.8.2009 1.8.2018 3.52 1,922.8 - (524.6) - 1,398.2

5.10.2009 1.8.2018 3.60 16.8 - - - 16.8

5.11.2009 1.8.2018 4.12 41.4 - - - 41.4

4.12.2009 1.8.2018 4.60 76.6 - (6.0) - 70.6

5.1.2010 1.8.2018 5.04 72.2 - (9.5) - 62.7

5.2.2010 1.8.2018 5.64 88.8 - - - 88.8

5.3.2010 1.8.2018 5.79 5,421.6 - (108.2) (2.0) 5,311.4

5.4.2010 1.8.2018 6.97 162.8 - - - 162.8

6.5.2010 1.8.2018 6.16 253.4 - - - 253.4

5.6.2010 1.8.2018 6.12 383.4 - - (16.0) 367.4

5.7.2010 1.8.2018 6.85 247.8 - - - 247.8

6.8.2010 1.8.2018 6.51 - 93.1 - - 93.1

9,240.2 93.1 (656.7) (18.0) 8,658.6

* Bonus issue on the basis of one new ordinary share for every existing ordinary share held.


2009 Number of share options over the ordinary shares of RM0.50 each

Grant Expiry Exercise At beginning At end Date Date Price of year Granted Exercised Lapsed of year RM ‘000 ‘000 ‘000 ‘000 ‘000

5.9.2008 1.8.2018 4.01 - 2,792.1 (1,588.4) (65.0) 1,138.7

5.10.2008 1.8.2018 3.98 - 24.8 (20.9) (3.5) 0.4

5.11.2008 1.8.2018 3.78 - 15.5 (15.5) - -

5.12.2008 1.8.2018 3.58 - 25.4 (22.4) - 3.0

5.1.2009 1.8.2018 3.62 - 4.5 (3.0) (1.5) -

5.2.2009 1.8.2018 4.49 - 17.2 (15.1) - 2.1

5.3.2009 1.8.2018 4.52 - 2,718.1 (971.8) (8.2) 1,738.1

6.4.2009 1.8.2018 4.90 - 63.1 (33.9) (0.7) 28.5

5.5.2009 1.8.2018 5.76 - 36.5 (3.7) - 32.8

5.6.2009 1.8.2018 5.90 - 89.7 (19.0) - 70.7

6.7.2009 1.8.2018 6.54 - 56.9 - - 56.9

5.8.2009 1.8.2018 7.15 - 46.7 - - 46.7

20.8.2009 1.8.2018 7.03 - 2,795.8 - - 2,795.8

- 8,686.3 (2,693.7) (78.9) 5,913.7

Details of share options exercised during the financial year and the fair value, at exercise date, of ordinary shares issued are

as follows:

Fair value Number of Consider- Exercise of ordinary share ations Exercise Date price shares options received RM RM ‘000 RM’000

2010

Before bonus issue September 2009 - June 2010 4.01 6.90 - 13.92 1,015.8 4,073

September 2009 - June 2010 3.58 6.90 - 13.92 3.0 11

September 2009 - June 2010 4.49 6.90 - 13.92 2.1 9

September 2009 - June 2010 4.52 6.90 - 13.92 1,585.9 7,168

September 2009 - June 2010 4.90 6.90 - 13.92 28.1 138

September 2009 - June 2010 5.76 6.90 - 13.92 32.8 189

September 2009 - June 2010 5.90 6.90 - 13.92 68.1 402

September 2009 - June 2010 6.54 6.90 - 13.92 56.9 372

September 2009 - June 2010 7.15 6.90 - 13.92 45.5 325

September 2009 - June 2010 7.03 6.90 - 13.92 1,815.1 12,760

October 2009 - June 2010 7.19 7.19 - 13.92 67.8 487

November 2009 - June 2010 8.23 8.23 - 13.92 49.1 404

December 2009 - June 2010 9.20 9.20 - 13.92 51.8 477

January 2010 - June 2010 10.07 10.07 - 13.92 21.0 211

February 2010 - June 2010 11.28 11.28 - 13.92 3.6 41

March 2010 - June 2010 11.58 11.58 - 13.92 147.7 1,710

28. Employee Share Options Scheme (ESOS) (continued) Fair value Number of Consider- Exercise of ordinary share ations Exercise Date price shares options received RM RM ‘000 RM’000

2010

After bonus issue August 2010 2.01 6.06 - 7.22 4.8 10

August 2010 2.26 6.06 - 7.22 3.6 8

August 2010 3.52 6.06 - 7.22 524.6 1,847

August 2010 4.60 6.06 - 7.22 6.0 28

August 2010 5.04 6.06 - 7.22 9.5 48

August 2010 5.79 6.06 - 7.22 108.2 627

5,651.0 31,345

Add: Administrative fee received 1

Less: Par value of ordinary shares (2,826)

Share premium 28,520

2009 September 2008 - August 2009 4.01 4.01 - 7.15 1,588.4 6,369

October 2008 - August 2009 3.98 3.98 - 7.15 20.9 83

November 2008 - August 2009 3.78 3.78 - 7.15 15.5 59

December 2008 - August 2009 3.58 3.58 - 7.15 22.4 80

January 2009 - August 2009 3.62 3.62 - 7.15 3.0 11

February 2009 - August 2009 4.49 4.49 - 7.15 15.1 68

March 2009 - August 2009 4.52 4.52 - 7.15 971.8 4,393

April 2009 - August 2009 4.90 4.90 - 7.15 33.9 166

May 2009 - August 2009 5.76 5.76 - 7.15 3.7 21

June 2009 - August 2009 5.90 5.90 - 7.15 19.0 112

2,693.7 11,362

Add : Administrative fee received 3

Less : Par value of ordinary shares (1,347)

Share premium 10,018


Fair value of share options granted during the year

The fair value of share options granted during the year was estimated by using a binomial model, taking into account the

terms and conditions upon which the options were granted. The fair value of share options measured at grant date and the

assumptions are as follows:

2010 2009

Fair value of share options at the following grant dates (RM)

5 September 2008 - 1.14 & 1.29

5 October 2008 - 1.10 & 1.24

5 November 2008 - 1.04 & 1.17

5 December 2008 - 0.91 & 1.02

5 January 2009 - 0.99

5 February 2009 - 1.11 & 1.25

5 March 2009 - 1.31 & 1.46

6 April 2009 - 1.30 & 1.46

5 May 2009 - 1.50 & 1.69

5 June 2009 - 1.53 & 1.73

6 July 2009 - 1.69 & 1.91

5 August 2009 - 1.96 & 2.19

20 August 2009 - 1.79 & 2.02

5 October 2009 1.48 & 1.61 -

5 November 2009 1.59 & 1.77 -

4 December 2009 1.82 & 2.02 -

5 January 2010 1.93 & 2.15 -

5 February 2010 2.12 & 2.36 -

5 March 2010 2.51, 2.77 & 2.97 -

5 April 2010 2.49 & 2.76 -

6 May 2010 1.89 & 2.14 -

5 June 2010 2.21 & 2.45 -

5 July 2010 2.42 & 2.67 -

6 August 2010 1.06 & 1.19 -

Weighted average share price (RM) 9.89 5.05

Weighted average exercise price (RM) 5.55 4.22

Expected volatility (%) 27.30-29.42 28.89-29.29

Expected life (years) 7.99-8.82 9.00-9.92

Risk free rate (%) 3.79-4.23 3.12-4.99

Expected dividend yield (%) 4.39 2.75

The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may

occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also

not necessarily be the actual outcome. No other features of the option were incorporated into the measurement of fair value.

29. Deferred tax liabilities Group

2010 2009 RM’000 RM’000

At 1 September 33,413 30,047

Recognised in the income statement (Note 7) 947 3,366

At 31 August 34,360 33,413

The components and movements of deferred tax liabilities and assets during the financial year prior to offsetting are as

follows:

Deferred tax Deferred tax assets liabilities Unabsorbed capital Property, allowances and plant and reinvestment Group equipment Provisions allowances Total RM RM RM RM

At 1 September 2008 37,737 - (7,690) 30,047

Recognised in income statement 3,218 (527) 675 3,366

At 31 August 2009 40,955 (527) (7,015) 33,413

Recognised in income statement 2,970 (2,023) - 947

At 31 August 2010 43,925 (2,550) (7,015) 34,360

Deferred tax assets have not been recognised in respect of the following items:

Group 2010 2009 RM’000 RM’000

Unused tax losses 3,808 15,321

Unabsorbed capital allowances 10,123 12,400

Unabsorbed reinvestment allowances 11,458 35,363

25,389 63,084

30. Retained earnings

The Company has elected for the irrevocable option under the Finance Act 2007 to disregard the 108 balance as at 31

December 2007. Hence, the Company will be able to distribute dividends out of its entire retained earnings as at 31 August

2010 and 2009 under the single tier system.

31. Islamic medium term notes

The Company entered into RM100 million Murabahah/Ijarah medium term notes (“MTN”) facilities. The MTN facility has an

availability period of 15 years from the date of the first issue under the MTN programme. MTN are issued at par or at discount

to face value and have a maturity period of more than 1 year to not more than 15 years. The profit rates are determined on

the formula specified in FAST rules issued by BNM.

The MTN were secured by an assignment of the Finance Service Reserve Account as disclosed in Note 20.

During the financial year, the MTN has been fully settled.

32. Commitments Group

2010 2009 RM’000 RM’000

Capital expenditure:

Approved and contracted for 59,390 13,311

33. Operating lease arrangements

The future aggregate minimum lease payments under non-cancellable operating leases contracted for as at the balance

sheet date but not recognised as liabilities are as follows:

Group

2010 2009 RM’000 RM’000

Future minimum rentals payments:


Later than 1 year and not later than 2 years 231 660

Later than 2 years and not later than 5 years 291 235

1,213 1,583

34. Significant related party transactions

(a) Transactions with related parties

The Company had the following transactions with related parties during the financial year:

Company

2010 2009 RM’000 RM’000

Gross dividends from subsidiaries 53,767 66,138

Management fees from subsidiaries 1,438 1,506

Interest recouped from subsidiaries 308 3,792

Interest charged to a subsidiary - 230

Share options granted under ESOS recouped from subsidiaries 10,259 11,701

Advances to subsidiaries 169,677 34,703

Repayment received from subsidiaries 73,984 93,137

Payments on behalf for a subsidiary - 347

Payments on behalf by a subsidiary 95,815 12,873

The directors are of the opinion that the transactions above have been entered into in the normal course of business

and have been established on negotiated and mutually agreed terms.

(b) Compensation of key management personnel

There are no other key management personnel other than the executive directors. The remuneration of executive directors

during the year were as follows:

Group Company

2010 2009 2010 2009 RM’000 RM’000 RM’000 RM’000

Salaries and other emoluments 4,166 3,825 676 608

Pension costs - defined contribution plan 371 333 82 74

Social security contributions 6 3 1 1


Fees 217 206 217 206

6,665 7,433 653 2,170

35. Contingent liabilities - unsecured Company

2010 2009 RM’000 RM’000

Corporate guarantee issued to financial institutions for

credit facilities granted to subsidiaries 24,192 24,640

36. Segmental information

(a) Primary reporting segment - Geographical segments

The Group operates in four principal geographical areas of the world and is primarily involved in the gloves manufacturing

industry.

The directors are of the opinion that all inter-segment transactions have been entered into in the normal course of

business and have been established on negotiated and mutually agreed terms.

31 August 2010 The People’s Republic of Malaysia Thailand China Others Eliminations Consolidated RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Revenue External sales 1,679,555 206,669 87,209 105,999 - 2,079,432

Inter-segment sales 42,430 481,478 83,287 - (607,195) -

Total revenue 1,721,985 688,147 170,496 105,999 (607,195) 2,079,432

Results Operating profit/(loss) 281,003 37,468 (7,180) (3,624) (1,120) 306,547

Interest expense (639)

Share of loss of associate (947)

Profit before tax 304,961

Income tax expense (54,550)

Profit for the year 250,411

Assets Segment assets 965,001 218,675 125,893 37,272 - 1,346,841

Investments in associate 5,056

Goodwill 20,113

Total assets 1,372,010

Liabilities Segment liabilities 159,887 26,688 30,418 9,764 - 226,757

Unallocated liabilities 28,887

Total liabilities 255,644

Other information Capital expenditure 77,580 11,835 7,263 302 - 96,980

Depreciation 41,546 11,479 5,580 229 - 58,834

Amortisation of

prepaid land

lease payments 156 - 71 - - 227

36. Segmental information (continued)

(a) Primary reporting segment - Geographical segments (continued)

31 August 2009 The People’s Republic of Malaysia Thailand China Others Eliminations Consolidated RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Revenue External sales 1,216,662 126,822 104,022 81,571 - 1,529,077

Inter-segment sales 46,790 248,020 68,701 - (363,511) -

Total revenue 1,263,452 374,842 172,723 81,571 (363,511) 1,529,077

Results Operating profit 189,305 33,364 9,003 916 (1,082) 231,506

Interest expense (8,530)

Share of loss of associate (984)

Profit before tax 221,992

Income tax expense (53,922)

Profit for the year 168,070

Assets Segment assets 758,338 177,573 134,946 32,073 - 1,102,930

Investments in associate 9,366

Goodwill 20,113

Total assets 1,132,409

Liabilities Segment liabilities 183,370 20,344 27,061 7,523 - 238,298

Unallocated liabilities 48,134

Total liabilities 286,432

Other information Capital expenditure 53,322 5,832 10,809 39 - 70,002

Depreciation 40,560 10,925 5,050 209 - 56,744

Amortisation of

prepaid land

lease payments 144 - 74 - - 218

(b) Secondary reporting segment - Business segments

As the Group is principally involved in gloves manufacturing industry, segment reporting by business segment is not

prepared.

37. Financial instruments

(a) Financial risk management objectives and policies

The Group’s financial risk management policy seeks to ensure that adequate financial resources are available for the

development of the Group’s businesses whilst managing its interest rate risk, foreign exchange risk, credit risk and

liquidity risk.

(b) Interest rate risk

Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of

changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will

fluctuate due to changes in market interest rates. The Group’s primary interest rate risk relates to interest-bearing debt.

The investments in financial assets are not held for speculative purposes but have been mostly placed in fixed deposits,

money market funds and bonds.

The Group manages its interest rate exposure by maintaining a prudent mix of fixed and floating rate borrowings. The

Group actively reviews its debt portfolio, taking into account the investment holding period and nature of its assets.

This strategy allows it to capitalise on cheaper funding in a low interest rate environment and achieve a certain level of

protection against rate hikes.

The information on maturity dates and effective interest rates of financial assets and liabilities are disclosed in their

respective notes.

(c) Foreign exchange risk

The Group is exposed to transactional currency risk primarily through sales and purchases that are denominated in a

currency of the operations to which they relate. The currencies giving rise to this risk are primarily United States Dollars,

Australian Dollars and Euro. Foreign currency denominated assets and liabilities together with expected cash flows from

highly probable purchases and sales give rise to foreign exchange exposures.

Foreign exchange exposures in transactional currencies other than functional currencies of the operating entities are

kept to an acceptable level.

Material foreign currency transaction exposures are hedged, mainly with derivative financial instruments such as

forward foreign exchange contracts.

37. Financial instruments (continued)

(c) Foreign exchange risk (continued)

The net unhedged financial assets and financial liabilities of the Group companies that are not denominated in their

functional currencies are as follows:

Net financial assets held in non-functional currency

United Functional currency of States Australian Group Companies Dollars Dollars Euro Total RM’000 RM’000 RM’000

At 31 August 2010 :

Ringgit Malaysia 49,501 41,075 - 90,576

Thailand Baht 33,063 - - 33,063

Chinese Renminbi 11,828 - - 11,828

94,392 41,075 - 135,467

At 31 August 2009 :

Ringgit Malaysia 30,204 - 520 30,724

Thailand Baht 23,264 - - 23,264

Chinese Renminbi 6,442 - - 6,442

59,910 - 520 60,430

As at balance sheet date, the Group entered into forward foreign exchange contracts with the following notional amount

and maturity :

Notional Amount

2010 2009 RM’000 RM’000

Forwards used to hedge trade receivables Maturity

- United States Dollars within 1 year 88,358 172,079

(d) Credit risk

The Group’s credit risk is primarily attributable to trade receivables. The Group trades only with recognised and

creditworthy third parties. Trade receivables are monitored on an ongoing basis via Group management reporting

procedures.

The credit risk of the Group’s other financial assets, which comprise cash and cash equivalents and non-current

investments, arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these

financial assets.

The Group does not have any significant exposure to any individual customer or counterparty nor does it have any major

concentration of credit risk related to any financial assets.

37. Financial instruments (continued)

(e) Liquidity risk

The Group manages its debt maturity profile, operating cash flows and the availability of funding so as to ensure that

all repayment and funding needs are met. As part of its overall prudent liquidity management, the Group maintains

sufficient levels of cash or cash convertible investments to meet its working capital requirements. In addition, the Group

strives to maintain available banking facilities of a reasonable level to its overall debt position. As far as possible, the

Group raises committed funding from financial institutions and prudently balances its portfolio with some short term

funding so as to achieve overall cost effectiveness.

(f) Fair values

The carrying amounts of financial assets and liabilities of the Group at the balance sheet date approximated their fair

values except for the followings:

Group

Carrying Fair Note amount value RM’000 RM’000

At 31 August 2010 Current quoted bonds and debt securities 14 40,557 40,704

Term loans 21 3,546 1,762

Hire purchase payables 22 20 21

Forward foreign exchange contracts 37 (c) - 758

At 31 August 2009 Non-current quoted bonds 14 12,708 12,736

Term loans 21 6,750 4,823

Hire purchase payables 22 73 74

Forward foreign exchange contracts 37 (c) - (3,829)

The landed properties owned by Top Glove as at 31 August 2010 are set out below:

AUDITED NET DATE OF AGE OF LAND AREA/ BOOK VALUE AS PARTICULARS OF ACQUISITION(A)/ BUILDING TENURE DESCRIPTION/ BUILD-UP AT 31.8.2010 PROPERTY REVALUATION(R) (YEARS) EXISTING USE AREA (RM)

A) Top Glove Sdn Bhd 1) 18,Jalan Mempari 10, HS (M) 15256, PT 8368, 23/10/97 (A) 13 Freehold Terrace house/ 1,300 square 106,412

Taman Bayu,Batu5½ Mukim of Kapar, Accommodation feet/1,100

Jalan Meru,Klang District of Selangor for staff square feet 2) 36,Jalan Mempari 1, HS (M) 15297, PT 8411, 13/2/98 (A) 12 Freehold Terrace house/ 1,300 square 104,397

Taman Bayu,Batu 5½, Mukim of Kapar, Accommodation feet/1,100

Jalan Meru,Klang District of Selangor for staff square feet

3) 11, Jalan Mempari 11, HS (M) 15238, PT 8349 15/9/97 (A) 13 Freehold Terrace house/ 1,300 square 98,665

Taman Bayu, Batu 5½, HS (M) 15238, PT 8445 Accommodation feet/1,100

Jalan Meru, Klang Mukim of Kapar, for staff square feet

District of Selangor

4) Lot 4968, Jalan Teratai, EMR 6629, Lot 4968, 13/10/93 (A) 16 Freehold Factory / Glove 3 acres/ 5,883,781

Batu 6, Off Jalan Meru, Mukim of Kapar, manufacturing 66,980

41050 Klang District of Klang, square feet

State of Selangor.

5) 4, Jalan Seri Kenangan 8, HS (M) 10354, PT 15485, 29/7/95 (A) 15 Freehold Terrace house/ 1,640 square 76,875

Taman Meru 3, Meru, Mukim of Kapar, Accommodation feet/1,400

41050 Klang District of Selangor for staff square feet

6) 6, Jalan Seri Kenangan 8, HS (M) 10355, PT 15486 29/7/95 (A) 15 Freehold Terrace house/ 1,640 square 76,875

Taman Meru 3, Meru, Mukim of Kapar Accommodation feet/1,400


7) 23, Jalan Seri Kenangan 8, HS (M) 10314, PT 15442, 23/5/96 (A) 14 Freehold Terrace house/ 1,608 square 96,542

Taman Meru 3, Meru, Mukim of Kapar Accommodation feet/1,350


8) 22, Jalan Mempari 1, Taman HS (M) 15304, PT 8419, 15/9/97 (A) 13 Freehold Terrace house/ 1,300 square 106,828

Bayu, Batu 5½ Jalan Meru, Mukim of Kapar Accommodation feet/1,100


9) Lot 5987, Jalan Teratai EMR 8780, Lot No 5987 18/4/96 (A) 10 Freehold Factory / Glove 2.8 acres/ 3,459,769

Batu 5, Off Jalan Meru, Mukim of Kapar manufacturing 57,250

41050 Klang District of Klang square feet

10) Lot 4969, Jalan Teratai, G.M. 2143, Lot No 4969 11/10/00 (A) 8 Freehold Factory & Office 3 acres/ 8,072,883

Batu 6, Off Jalan Meru, Mukim of Kapar, Building 41,274

41050 Klang District of Klang square feet

11) Lot 18, 27, 38 & 57, Lot 18, 27, 38 & 57, 22/11/99 (A) 22 Leasehold Factory / Glove 31,192 10,254,751

Medan Tasek, Kawasan Medan Tasek, Kawasan (expiring on: manufacturing square feet/

Perindustrian Tasek, Perindustrian Tasek, Lot 18-30.9.2072 197,675

Ipoh, Perak Ipoh, Perak Lot 27-28.12.2063 square feet

Lot 38-23.12.2069

Lot 57-1.10.2064)

12) GM 581, Lot No. 26290, GM 581, Lot No. 26290, 29/11/05 (A) N/A Freehold Vacant 3 acres 1,021,840

Mukim Hulu Kinta, Mukim Hulu Kinta,

Daerah Kinta, Daerah Kinta,

Perak Darul Ridzuan. Perak Darul Ridzuan.

13) No.3,5,7,9,11,13,15,17, Plot No.332-344 2/11/07 (A) 3 Freehold Double storey 1,400 square 1,948,647

19, 21,23,25 & 27, (Lot No.211196-2111208) terrace house/ feet/ 1,625

Taman Mutiara, Tasek, Tasek Mutiara, Ipoh. Hostel for square feet

Ipoh. workers –

13 units

14) Lot 39, Medan Tasek, HS(D) 21524, PT 1002, 8/10/07 (A) 3 Leasehold Biomass Store 3 acres 1,996,671

Kawasan Perindustrian Mukim Hulu Kinta, (expiring on:

Tasek, Ipoh, Perak Daerah Kinta, Perak. 28.7.2069)

15) Lot 12, Medan Tasek, PN 00001308, Lot 056530, 04/02/10 (A) 1 Leasehold F23 (Vacant) 213,889 4,210,000

Kawasan Perindustrian Mukim Hulu Kinta, expiring on: square feet

Tasek, 31400 Ipoh, Perak Daerah Kinta, Perak. (05.04.2066)


16) Lot 30 & 42, Persiaran PN 00240047, Lot 047962 & - - Leasehold Vacant 10 arces/ 5,862,355

Tasek, Kawasan PN 00244996, Lot 051268, (expiring on: 2 arces

Perindustran Tasek, Mukim Hulu Kinta, Lot 47962-

Ipoh, Perak. Daerah Kinta, Perak. 02.02.2063

Lot 51268-

26.09.2068)

17) Lot 4960, Jalan Teratai, GM 2326, Lot No. 4960, 24/09/03 (A) 5 Freehold Factory / Glove 3 acres/ 8,162,766



State of Selangor

18) Lot 4970, Jalan Teratai, HS(M) 19530-19545, 20/11/03 (A) 7 Freehold Factory/Glove 3 acres/ 6,638,873

Batu 6, Off Jalan Meru, PT Nos. 26095-26110, manufacturing 67,924

41050 Klang Mukim of Kapar, square feet

District of Klang,

State of Selangor

19) Lot 4967, Jalan Teratai, GM 5584, Lot No. 4967, 19/03/04 (A) 6 Freehold Factory/Glove 3 acres/ 7,711,622



State of Selangor

20) 21, Jalan Mempari 11, HS(M) 15324, PT 8441, 12/05/05 (A) 5 Freehold Terrace house/ 1,300 square 119,549

Taman Bayu, Batu 5 ½ , HS(M) 15242, PT 8353, Accommodation feet/1,100

Jalan Meru, Klang Mukim of Kapar, for staff square feet

District of Klang.

21) 37, Jalan Mempari 1, HS (M) 18522, PT 24689, 12/05/05 (A) 6 Freehold Terrace house/ 1,300 square 136,294

Taman Bayu, Batu 5 ½ , Mukim of Kapar, Accommodation feet/1,100

Jalan Meru, Klang District of Klang for staff square feet

22) 6, Jalan Sg. Binjai, Klang HS (M) 26112, PT 39636, 21/03/05 (A) 5 Freehold Terrace house/ 1,300 square 145,093

Mukim Kapar, Accommodation feet/1,100

District of Klang for staff square feet

23) 21, Jalan Sesenduk 20, HS (M) 22145, No. PT 29907, 13/05/05 (A) 5 Freehold Terrace house/ 1,300 square 145,931

Off Taman Meru Jaya, Mukim Kapar, Accommodation feet/1,100

41050 Klang District of Klang for staff square feet

24) 23, Jalan Sesenduk 20, HS (M) 22146, No. PT 29908, 13/05/05 (A) 5 Freehold Terrace house/ 1,300 square 145,931

Off Taman Meru Jaya, Mukim Kapar, Accommodation feet/1,100


25) 27, Lorong Tempinis 1, HS (M) 3773, PT 1286, 25/05/05 (A) 5 Freehold Terrace house/ 1,300 square 118,621

Pekan Meru, 42200 Klang Mukim of Kapar, Accommodation feet/1,100

District of Klang for staff square feet

26) 57, Jalan Sesenduk 5, GM 7330, Lot No 43375, 19/07/05 (A) 5 Freehold Terrace house/ 1,300 square 145,561

Taman Meru Utama, Mukim Kapar, Accommodation feet/1,100



Taman Meru Utama Mukim Kapar, Accommodation feet/1,100








30) Lot 4947, Jalan Teratai, GM 5101, Lot No 4947 23/11/04 (A) 5 Freehold Factory / Gloves 3 acres/ 6,867,200

Batu 5 ½ Off Jalan Meru, Mukim of Kapar, manufacturing 58,240


Selangor Darul Ehsan.


31) 1,3,5 & 7, HS(M) 28465 – 28468 29/04/06 (A) 4 Freehold Terrace house/ 70,995 6,290,909

Jalan Abadi, 1A/KU8, (PT No. 40352 – 40355) Accommodation square feet

for staff

1 – 8, HS(M) 28469 – 28476

Jalan Abadi 1B/KU8, (PT No. 40356 – 40363)

1,3,5 & 7, HS(M) 28477 – 28480 &

Jalan Abadi, 1C/KU8, 28484 (PT No. 40367 –

40370 & , 40374)

60,62,64,66,67,69, HS(M) 28481 – 28483 &

71,73,75 & 77, 28486 – 28491 (PT No. 40371 –

Jalan Abadi 4/KU8, 40373 & 40376 – 40381)

49, 51, 53, 55, 57, 59, HS(M) 28492 – 28497 &

62, 64, 66, 68, 70 & 72, 28499 – 28504 (PT No. 40382 –

Jalan Abadi 5/KU8 40387 & 40389 – 40394)

46, 48, 50, 52, 54 & 56, HS(M) 28505 – 28510

Jalan Abadi 6/KU8, (PT No. 40395 – 40400),

Taman Daya Maju, Mukim Kapar,

41050 Klang District of Klang,

State of Selangor.

32) 41, Jalan Abadi 3, HS (M) 18218, PT 24467, 02/12/05 (A) 4 Freehold Terrace house/ 1,098 111,622

Taman Daya Meru, Mukim Kapar, Accommodation square feet

41050 Klang District of Klang for staff 33) 25, Jalan Sesenduk 20, GM 7799, Lot 37308, 31/07/10 (A) - Freehold Terrace house/ 121 160,914

Taman Meru Jaya, Mukim of Kapar Accommodation square

41050 Klang District of Klang for staff meter

34) 7, Jalan Abadi 2, GM 16575, Lot 31111, 04/12/09 (A) 8 months Freehold Terrace house/ 111 120,388

Batu 5 ½, Off jalan Meru Batu 6, Jalan Sungai Binjai, Accommodation square

Taman Daya Meru, Mukim of Kapar for staff meter

41050 Klang District of Klang

35) 20, Jalan Sesenduk 19, GM 7804, Lot 37313, 08/02/10 (A) 6 months Freehold Terrace house/ 111 158,354

Taman Meru Jaya, Batu 6 ½ , Jalan Sungai Binjai, Accommodation square

41050 Klang Mukim of Kapar For staff meter

District of Klang

36) 31, Jalan Mempari 12, GM 14268 Lot 38295, 11/03/10 (A) 5 months Freehold Terrace house/ 121 115,527

Taman Bayu, Batu 5, Batu 6, Jalan Sungai Binjai, Accommodation square

Jalan Meru, Mukim of Kapar For staff meter

41050 Klang District of Klangr

37) 8, 10, 12, 14, 16, 18, GM 7790,7789,7788,7787, 05/02/10 (A) 6 months Freehold Terrace house/ 190 3,553,139

20, 22, 24, 26, 28, 30, 7786,7785, 7784,7783,7782, Accommodation square

32, 34, 36, 40, 42, 7781,7780,7779, 7778,7777, for workers meter

44 & 46, 7776,7774,7773,7772,7771

Jalan Sesenduk 21, Lot:37299,37298,37297,

Taman Meru Jaya, 37296, 37295,37294,37293,

41050 Klang 37292,37291, 37290,37289,

37288,37287,37286, 37285,

37283,37282,37281,37280,

Mukim of Kapar,

District of Klang

38) 47, Jalan Sesenduk 7, GM 7295 Lot 43337, 13/08/10 (A) - Freehold Terrace house/ 121 167,302

Taman Meru Utama, Mukim of Kapar Accommodation square

41050 Klang District of Klang For staff meter

39) 46, Jalan Sesenduk 7, GM 12533 Lot 33910, 31/07/10 (A) - Freehold Terrace house/ 121 156,840

Taman Meru Utama, Mukim of Kapar, Accommodation square

Off Jalan Meru District of Klang For staff meter

41050 Klang


40) No.1, 2, Jln Sesenduk 3A, GM 15282,15278,15274, 27/05/10 (A) 3 months Freehold Terrace house/ 1,305 1,369,724

No.1, 2, Jln Sesenduk 3B, 15270,15266 Lot 45058, Accommodation square

No.1, Jln Sesenduk 3C, 45054,45050,45046,45042 for workers meter

Taman Meru Utama 5 Mukim of Kapar,

41050 Klang Tempat Batu 5 ½,

Jln Sg Binjai, District of Klang

41) No.69 Jln Sesenduk 6, GM 7312,7300,7331 25/01/10 (A) 7 months Freehold Terrace house/ 133 sq meter 516,003

No.57 Jln Sesenduk 7 & Lot 43354,43342,43376 Accommodation 193 sq meter

No.59 Jln Sesenduk 5, Mukim of Kapar, Tempat Batu 5, for workers 133 sq meter

Tmn Meru Utama Jln Sg Binjai, District of Klang

42) No.7, 9, 11, 17, 19 & 21, GM 15248, 15247, 15246, 21/04/10 (A) 4 months Freehold Terrace house/ No.7, 9, 11, 17, 1,180,954

Jln Sesenduk 3, 15244, 15243, 15242, 15272, Accommodation 19 & 21:

No.5 Jln Sesenduk 3B & 15265 Lot 45024, 45023, for workers 110 square meter

No.3 J ln Sesenduk 3C, 45022, 45020, 45019, No.3 & 5 :

Tmn Meru Utama 55 45018, 45048, 45041 127 square meter

Mukim of Kapar,

Tempat Batu 5,

Jln Sg Binjai,

District of Klang

43) Lot 4991,Jalan Bunga Raya, GM 1617, Lot 4991, 19/10/04 (A) N/A Freehold Vacant 4.3 acres 2,763,149

Batu 5 ½ Off Jalan Meru, Mukim of Kapar,

41050 Klang District of Klang

44) Lot 4908, Jalan Teratai, EMR No. 6605, 08/07/97 (A) 6 Freehold Hostel/ 3 acres/ 2,266,449

Batu 5 ½ Off Jalan Meru, Lot No 4908, Accommodation 54,140

41050 Klang Mukim of Kapar, for workers square feet

District of Klang

45) Lot 4988 GM 1584 ,Lot 4988 10/10/05 (A) N/A Freehold Factory / Glove 3 acres 7,733,900

Mukim Kapar, Mukim Kapar, manufacturing

Klang, Selangor. District of Klang,

State of Selangor.

46) Lot 4989 GM 703, Lot 4989, 10/10/05 (A) N/A Freehold Under 3.05 acres 2,623,576

Mukim Kapar, Mukim Kapar, Construction

Klang, Selangor District of Klang,

State of Selangor.

47) Lot 4986, Batu 5, GM 1102, Mukim Kapar, 24/02/06 (A) N/A Freehold Vacant 3 acres 2,418,811

Jalan Sungai Binjai, District of Klang,

Mukim Kapar, Klang Selangor.

48) Lot 4987, Batu 5, GM 2619, Mukim Kapar, 24/05/06 (A) 2 Freehold Factory / Glove 3 acres 7,960,596

Jalan Teratai, District of Klang, manufacturing

Mukim Kapar, Klang State of Selangor.

49) Lot 4990, Jalan Bunga GM 5116, Lot No. 4990, 05/03/07 (A) N/A Freehold Under 3 acres 2,621,620

Raya, Batu 5 ½ Off Mukim of Kapar, Construction

Jalan Meru,41050 Klang District of Klang,

State of Selangor

50) Lot 4946, Jalan Teratai, GM 2574, Lot No 4946, 14/01/08 (A) N/A Freehold Vacant 3 acres 2,689,020




51) Lot 4949, Jalan Teratai, GM 1728, Lot No 4949, 18/01/08 (A) N/A Freehold Vacant 3 acres 2,705,308




52) Lot 4961, Tempat Batu 5, GM 525, Lot No 4962, 17/09/08 (A) N/A Freehold Vacant 3 acres 2,792,375

Jalan Binjai, 41050 Klang. Mukim of Kapar,

District of Klang,


53) Lot 4962, Tempat Batu 5, GM 5100, Lot No 4962, 05/09/08 (A) N/A Freehold Vacant 3 acres 2,577,404

Jalan Binjai, 41050 Klang Mukim of Kapar,

District of Klang,



54) Lot 5094, Tempat Batu 4 ½, GM 4326, Lot No 5094 03/10/08 (A) N/A Freehold Vacant 3.05 acres 2,410,706

Jalan Sungai Binjai, Mukim of Kapar,



55) Lot 5977 & 5975, GM 4436 & 4437, 03/10/08 (A) N/A Freehold Vacant 1.794 & 1,584,058

Tempat Batu 4 ½, Lot 5977 & 5975, 0.068 acres

Jalan Sungai Binjai, Mukim of Kapar,



56) Lot 4941, GM 2082, Lot 4941 01/06/09 (A) N/A Freehold Vacant 3 acres 1,698,040

Tempat Batu 6, Mukim of Kapar,


41050 Klang Selangor Darul Ehsan.

57) Lot 5139, GM 5863, Lot 5139 07/09/09 (A) N/A Freehold Vacant 4 acres 2 3,504,580

Tempat Batu 6, Mukim of Kapar, rood 25 pole




Tempat Batu 6, Mukim of Kapar, 3 rood




Tempat Batu 5, Mukim of Kapar,



B) TG Medical Sdn Bhd1) Lot 5091, Jalan Teratai, EMR 6510, Lot No 5091, 25/10/95 (A) 12 Freehold Factory / Glove 3 acres/ 5,665,944



State of Selangor

2) 19, Jalan Mempari 11, HS (M) 15241, PT No 8/5/98 (A) 12 Freehold Terrace house/ 1,300 square 98,526

Batu 5½ Jalan Meru, 8352, HS (M) 15325, PT Accommodation feet/ 1,100

41050 Klang No 8442, Mukim of Kapar, for staff square feet

District of Selangor

3) Lot 5972 & 5974, EMR 8769, Lot 5972 & 1/7/99 (A) 9 Freehold Factory / Glove Approx 3,800,917

Jalan Teratai, Batu 5, 5974, Mukim of Kapar, manufacturing 1.7935 acres/

Jalan Meru, 41050 Klang. District of Klang, 47,200

State of Selangor square feet

4) Lot 5104, Jalan Teratai, GM 5064, Lot No. 5104, 29/03/04 (A) 4 Freehold Factory / Glove 3 acres/ 7,021,703


41050 Klang District of Klang, Square feet

State of Selangor

5) No.1,3,5,7,9 & 11, HS (M)33205 – HS 12/07/2007 3 Freehold Terrace house/ Approximately 6,826,792

Jalan Abadi 10D/KU8, (M)33252, PT NO. 50423 Accommodation 108.85 square

Taman Daya Maju, – PT NO.50470, for staff and meters per

Meru, 41050 Klang, Mukim of Kapar, workers house

Selangor. Daerah Klang,

Selangor.

No.1,2,3,4,5,6,7,8,9,10,11

& 12 , Jalan Abadi 10C/KU8,

Taman Daya Maju, Meru,

41050 Klang, Selangor.

No.1,2,3,4,5,6,7,8,9,10,11

& 12 , Jalan Abadi 10A/KU8,

Taman Daya Maju, Meru,

41050 Klang, Selangor.

No.85,87,89,91,93 &95,

Jalan Abadi 1/KU8,

Taman Daya Maju,

Meru, 41050 Klang,

Selangor.


C) Top Glove Engineering Sdn Bhd

1) Lot 5987, Jalan Teratai, EMR 8780, Lot No 5987, 18/4/96 (A) 10 Freehold Land 2.8 acres/ 2,106,872

Batu 5, Off Jalan Meru, Mukim of Kapar, 57,250

41050 Klang, District of Klang, square feet

Selangor Darul Ehsan State of Selangor

D) Top Glove Medical (Thailand) Co Ltd1) 188, Moo 5, Nor Sor 3 Kor 5/10/01 (A) 8 Freehold Factory & Office Approx 9,662,874

Kanchanawanich Road, No. 2655, Tambon Building 16.06 acres (Thai Baht

Tambon Sumnakkham, Sumnukgarm 96,566,896)

Ampur Sadao, Songkhla Ampur Sadao

90320 Thailand Songkhla, Thailand

E) Top Glove (ZhangJiaGang) Co Ltd1) 53, Zhenbei Road, Xizhang No. 21-7-14, 10/09/02 (A) 8 Leasehold Factory & Office Approx 12,273,858

Street, Fenghuang Town, Zhangjiagang City, (Expiring on Building 60,121.8 (RMB26,661,274)

Zhangjiagang City, Xizhang Town, 01.06.2052) sq meter/

Jiang su Province West Road, 21,703

215614, China Southern Side. square meter

F) TG Medical (U.S.A) INC., 1) 165, North Aspan Avenue, Ssessor’s ID #8615 018 31/03/05 (A) 5 Freehold Warehouse & Approx 7,532,165.17

Azusa , CA 91702 010 05 000 Office Building 47,896 sq ft/ (USD2,404,522)

25,878 sq ft

G) Top Glove Technology (Thailand) Co Ltd1) 188, Moo 5, Tambon Pangla, Nor Sor 3 Kor 23/02/06 (A) 50 months Freehold Factory & Approx 15,740,849

Amphur Sadao, Songkhla No. 3275,3277,6010, Office Building 40.4 acres (Thai Baht

90170 Thailand Tambon Pangla 157,307,752)

Ampur Sadao

Songkhla, Thailand

H) Great Glove (Xinghua) Co. Ltd. 1) South of Weiwu Road, South Wei Wu Lu, 13/10/05 (A) 58 months Leasehold Factory & 112,234.8 15,781,479

West of Xihuan Road, Zhao Yang Zheng, (Expiring on Office building, square meter (RMB34,280,528)

Xinghua Economic, Xinghua City. Oct 2056) Industrial usage.

Developing Zone, 225700

Jiangsu Province, China

I) B Tech Industry Co. Ltd. 1) 268 Moo 5, Tambon 1. Nor Sor 3 Jor No.2361 01/08/06(A) 8 Freehold Factory & Approx 5,295,855

Kampangphet, Ampur 2. Nor Sor 4 Jor No.5943 Office Building 482,048 (Thai Baht

Rattaphum,Songkhla 3. Nor Sor 4 Jor No.5944 square feet 52,924,656)

90180 Thailand 4. Nor Sor 4 Jor No.5947

5. Nor Sor 4 Jor No.5948

6. Nor Sor 4 Jor No.5949 21/08/09 (A) Freehold Waste water Approx

7. Nor Sor 4 Jor No.5950 pond. 18.60 acres

8. Nor Sor 4 Jor No.5951

J) Flexitech Sdn Bhd1) Lot 127, Jalan 6, Komplek HS(M) 5735, PT4065, 15/09/05 (A) N/A Leasehold Workers Hostel Approx 4,060,770

Olak Lempit, Mukim Komplek Perabot Olak Lempit, (Expiring on 11,735.87

Tanjung 12, 42700 Banting, Mukim Tanjung Dua Belas, 26 Sep 2087) square meter

Selangor Daerah Kuala Langat

2) Lot 128, Jalan 8, Komplek HS(M) 5719, PT4049, 02/08/05 (A) N/A Leasehold Store Approx 3,260,864

Olak Lempit, Mukim, Komplek Perabot Olak Lempit, (Expiring on 11,735.87

Tanjung 12 42700 Banting, Mukim Tanjung Dua Belas, 26 Sep 2087) square meter


3) Lot 124, Jalan 8, Komplek HS(M) 5721, PT4051, 30/06/2008 (A) N/A Leasehold Production & Approx 5,870,597

Olak Lempit, Mukim, Komplek Perabot Olak Lempit, (Expiring on Office Lot 12,140.56

Tanjung 12 42700 Banting, Mukim Tanjung Dua Belas, 26 Sep 2087) square meter


4) Lot 126, Jalan 8, Komplek HS(M) 5720, PT4050, 30/06/2008 (A) N/A Leasehold Production & Approx 5,870,596

Olak Lempit, Mukim Komplek Perabot Olak Lempit, (Expiring on Office Lot 12,140.56

Tanjung 12, 42700 Banting, Mukim Tanjung Dua Belas, 26 Sep 2087) square meter


Authorised Share Capital : RM400,000,000.00

Issued and Fully Paid-Up Capital : RM309,128,031.00

Class of Shares : Ordinary Shares of RM0.50 each

Voting Rights : One vote per ordinary share

1. DISTRIBUTION OF SHAREHOLDERS

Size of Holdings No. of Holders % No. of Shares %

1 - 99 61 0.69 1,854 0.00

100 - 1,000 2,963 33.64 2,414,368 0.39

1,001 - 10,000 4,685 53.20 18,092,000 2.93

10,001 - 100,000 851 9.66 23,911,288 3.87

100,001 - 30,912,802 (less than 5% of Issued Shares) 245 2.78 397,441,014 64.28

30,912,803 (5% of Issued Shares) and above 2 0.02 176,395,538 28.53

8,807 100.00 618,256,062 100.00

2. LIST OF SUBSTANTIAL SHAREHOLDERS

The Substantial Shareholders of Top Glove Corporation Berhad (“Top Glove”) based on the Register of Substantial Shareholders

of the Company and their respective shareholdings are as follows:-

No. of Ordinary Shares Held No. Substantial Shareholders Direct % Indirect %

1. Tan Sri Dato Sri Lim, Wee-Chai 179,061,138 28.96 57,139,204* 9.24

2. Puan Sri Tong Siew Bee 9,195,748 1.49 227,004,594** 36.72

3. Lim Hooi Sin 10,839,662 1.75 225,360,680*** 36.45

4. Lim Quee Choo 4,950,000 0.80 231,250,342**** 37.40

5. Top Glove Holding Sdn. Bhd. 32,153,794 5.20 – –

6. Matthews International Capital Management, LLC 31,767,420 5.14 – –

Note :

* Deemed interested through Puan Sri Tong Siew Bee, Mr. Lim Hooi Sin, Ms. Lim Quee Choo and Top Glove Holding Sdn

Bhd’s direct interest in Top Glove

** Deemed interested through Tan Sri Dato Sri Lim, Wee-Chai, Mr. Lim Hooi Sin, Ms. Lim Quee Choo and Top Glove

Holding Sdn Bhd’s direct interest in Top Glove

*** Deemed interested through Tan Sri Dato Sri Lim, Wee-Chai, Puan Sri Tong Siew Bee, Ms. Lim Quee Choo and Top

Glove Holding Sdn Bhd’s direct interest in Top Glove

**** Deemed interested through Tan Sri Dato Sri Lim, Wee-Chai, Puan Sri Tong Siew Bee, Mr. Lim Hooi Sin and Top Glove


3. DIRECTORS’ SHAREHOLDINGS

The Directors’ Shareholdings of Top Glove based on the Register of Directors’ Shareholdings are as follows:-

No. of Ordinary Shares Held No. Directors Direct % Indirect %

1. Tan Sri Dato Sri Lim, Wee-Chai 179,061,138 28.96 57,139,204* 9.24

2. Tan Sri Dato’ Seri Arshad Bin Ayub 1,400,000 0.23 – –

3. Tan Sri Dato’ Dr. Lin See Yan – – – –

4. Lee Kim Meow 1,001,600 0.16 10,000**** 0.00

5. Puan Sri Tong Siew Bee 9,195,748 1.49 227,004,594** 36.72

6. Lim Hooi Sin 10,839,662 1.75 225,360,680*** 36.45

7. Sekarajasekaran a/l Arasaratnam 12,676,718 2.05 – –

8. Quah Chin Chye – – – –

9. Lim Cheong Guan 80,000 0.01 – –

Note :

* Deemed interested through Puan Sri Tong Siew Bee, Mr. Lim Hooi Sin, Ms. Lim Quee Choo and Top Glove Holding Sdn

Bhd’s direct interest in Top Glove

** Deemed interested through Tan Sri Dato Sri Lim, Wee-Chai, Mr. Lim Hooi Sin, Ms. Lim Quee Choo and Top Glove


*** Deemed interested through Tan Sri Dato Sri Lim, Wee-Chai, Puan Sri Tong Siew Bee, Ms. Lim Quee Choo and Top

Glove Holding Sdn Bhd’s direct interest in Top Glove

**** Deemed interested through Madam Chung Lee Moy

Share Options Held under the Employees’ Share Option Scheme of the Company

No. of Ordinary Shares Held No. Directors Direct Indirect

1. Tan Sri Dato Sri Lim, Wee-Chai 420,000 434,400*

2. Tan Sri Dato’ Seri Arshad Bin Ayub - -

3. Tan Sri Dato’ Dr. Lin See Yan - -

4. Lee Kim Meow 252,000 -

5. Puan Sri Tong Siew Bee 192,000 662,400**

6. Lim Hooi Sin 163,200 691,200***

7. Sekarajasekaran a/l Arasaratnam - -

8. Quah Chin Chye - -

9. Lim Cheong Guan 234,000 -

Note :

* Deemed interested through Puan Sri Tong Siew Bee, Mr. Lim Hooi Sin and Ms. Lim Quee Choo’s direct interest in Top

Glove

** Deemed interested through Tan Sri Dato Sri Lim, Wee-Chai, Mr. Lim Hooi Sin and Ms. Lim Quee Choo’s direct interest

in Top Glove

*** Deemed interested through Tan Sri Dato Sri Lim, Wee-Chai, Puan Sri Tong Siew Bee and Ms. Lim Quee Choo’s direct

interest in Top Glove

4. LIST OF THIRTY LARGEST SECURITIES ACCOUNTS HOLDERS

No. Names Shareholdings % 1 Tan Sri Dato Sri Lim, Wee-Chai 121,984,894 19.73

2 Tan Sri Dato Sri Lim, Wee-Chai 54,410,644 8.80

3 Kumpulan Wang Persaraan (Diperbadankan) 27,995,300 4.53

4 Employees Provident Fund Board 25,722,000 4.16

5 HSBC Nominees (Asing) Sdn. Bhd. 25,175,960 4.07 - BBH And Co Boston for Matthews Pacific Tiger Fund

6 MFP Capital Corporation 22,223,916 3.59

7 Cartaban Nominees (Asing) Sdn. Bhd. 17,424,000 2.82 - SSBT Fund HG22 for Smallcap World Fund, Inc

8 Top Glove Holding Sdn. Bhd. 15,400,000 2.49

9 HSBC Nominees (Asing) Sdn. Bhd. 13,225,060 2.14 - Exempt An for JPMorgan Chase Bank, National Association (U.S.A.)


11 HSBC Nominees (Asing) Sdn. Bhd. 7,135,600 1.15 - TNTC for Saudi Arabian Monetary Agency

12 HSBC Nominees (Asing) Sdn. Bhd. 6,486,800 1.05 - Exempt An for J.P. Morgan Bank Luxembourg S.A.

13 Sekarajasekaran A/L Arasaratnam 5,875,318 0.95

14 Puan Sri Tong Siew Bee 5,847,010 0.95

15 Mayban Nominees (Tempatan) Sdn. Bhd. 5,816,800 0.94 - Mayban Trustees Berhad for Public Ittikal Fund


17 Lim Hooi Sin 5,540,032 0.90

18 HSBC Nominees (Asing) Sdn. Bhd. 5,362,034 0.87 - TNTC for Overstone Fund Public Limited Company

19 Lim Hooi Sin 5,144,730 0.83

20 HSBC Nominees (Asing) Sdn. Bhd. 5,144,600 0.83 - Exempt An for JPMorgan Chase Bank, National Association (JPMEM IT)

21 Amanahraya Trustees Berhad 4,930,000 0.80 - Public Islamic Dividend Fund

22 Citigroup Nominees (Tempatan) Sdn. Bhd. 4,929,000 0.80 - Exempt An for American International Assurance Berhad

23 HSBC Nominees (Asing) Sdn. Bhd. 4,891,400 0.79 - BBH And Co Boston for Matthews Asia Pacific Equity Income Fund

24 Mayban Nominees (Tempatan) Sdn. Bhd. 4,842,760 0.78 - Mayban Trustees Berhad for Public Regular Savings Fund

25 HSBC Nominees (Asing) Sdn. Bhd. 4,507,270 0.73 - Exempt An for The Bank of New York Mellon (Mellon Acct)

26 Citigroup Nominees (Asing) Sdn. Bhd. 4,252,000 0.69 - CBHK for Kuwait Investment Authority (Fund 208)

27 EB Nominees (Tempatan) Sendirian Berhad 3,890,000 0.63 - Pledged Securities Account for Sekarajasekaran A/L Arasaratnam

28 Amanahraya Trustees Berhad 3,613,480 0.58 - Public Islamic Equity Fund

29 HSBC Nominees (Asing) Sdn. Bhd. 3,386,100 0.55 - BNY Brussels for Railways Pension Trustee Company Limited (EQPF)

30 Puan Sri Tong Siew Bee 3,348,738 0.54

NOTICE IS HEREBY GIVEN THAT the Twelfth Annual General Meeting of the Company will be held at Sime Darby Convention Centre, Bayan & Casuarina Function Rooms (Ground Floor) of 1A, Jalan Bukit Kiara 1, 60000 Kuala Lumpur on Tuesday, 11 January

2011 at 11:30 a.m. for the following purposes:-

AGENDA

(Resolution 1)

(Resolution 2)

(Resolution 3)(Resolution 4)(Resolution 5)

(Resolution 6)(Resolution 7)(Resolution 8)

(Resolution 9)

(Resolution 10)

1. To receive the Audited Financial Statements for the financial year ended 31 August 2010 together with the Reports of the Directors and the Auditors thereon.

2. To approve the declaration of a Single Tier Final Dividend of 18% (net 9 sen per share) for the financial

year ended 31 August 2010.

3. To approve the payment of Directors’ Fees for the financial year ended 31 August 2010. 4. To re-elect the following Directors who retire pursuant to Article 94 of the Company’s Articles of

Association and being eligible, have offered themselves for re-election:-

(a) Tan Sri Dato Sri Lim, Wee-Chai (b) Mr. Lim Hooi Sin (c) Mr. Quah Chin Chye 5. To pass the following resolution:-

“That the following Directors who have attained the age of over seventy (70) years, be and are hereby re-appointed as Directors of the Company and to hold office until the conclusion of the next Annual General Meeting:-

(a) Tan Sri Dato’ Seri Arshad Bin Ayub (b) Mr. Sekarajasekaran A/L Arasaratnam (c) Tan Sri Dato’ Dr. Lin See Yan

6. To re-appoint Messrs. Ernst & Young as Auditors of the Company until the conclusion of the next Annual General Meeting and to authorise the Directors to fix their remuneration.

7. As Special Business To consider and, if thought fit, with or without any modification, to pass the following resolutions which

will be proposed as Ordinary Resolutions:-

(a) Ordinary Resolution No. 1 - Authority To Issue Shares Pursuant To Section 132D Of The Companies Act, 1965 “THAT subject to Section 132D of the Companies Act, 1965 and approvals of the relevant

governmental/regulatory authorities, the Directors be and are hereby empowered to issue and allot shares in the Company, at any time to such persons and upon such terms and conditions and for such purposes as the Directors may, in their absolute discretion, deem fit, provided that the aggregate number of shares issued pursuant to this resolution does not exceed ten per centum (10%) of the issued and paid-up share capital of the Company for the time being and the Directors be and are also empowered to obtain the approval for the listing of and quotation for the additional shares so issued on Bursa Malaysia Securities Berhad; AND THAT such authority shall commence immediately upon the passing of this resolution and continue to be in force until the conclusion of

the next Annual General Meeting of the Company.”

(b) Ordinary Resolution No. 2 - Proposed Renewal of Authority For Share Buy-Back

“THAT subject to the Companies Act, 1965, the Company’s Memorandum and Articles of Association, Bursa Malaysia Securities Berhad (“Bursa Securities”) Main Market Listing Requirements and the approvals of all relevant governmental and/or regulatory authority (if any),

NOTICE OF DIVIDEND ENTITLEMENT

NOTICE IS ALSO HEREBY GIVEN THAT a Single Tier Final Dividend of 18% (net 9 sen per share) in respect of the financial year ended 31 August 2010 will be payable on 20 January 2011 to depositors who are registered in the Record of Depositors at the close of business on 28 December 2010, if approved by members at the forthcoming Twelfth Annual General Meeting on 11 January 2011.

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

(a) Shares transferred into the Depositor’s Securities Account before 4:00 p.m. on 28 December 2010 in respect of ordinary transfers; and

(b) Shares bought on Bursa Malaysia Securities Berhad (“Bursa Securities”) on a cum entitlement basis according to the Rules

of Bursa Securities.

By Order of the Board

CHUA SIEW CHUAN CHIN MUN YEE NGIAN YOKE FUNG(MAICSA 0777689) (MAICSA 7019243) (MAICSA 7049093)Company Secretary Company Secretary Company Secretary

Kuala Lumpur

Dated: 16 November 2010

(Resolution 11)

the Company be and is hereby authorised to purchase such amount of ordinary shares of RM0.50 each in the Company (“Proposed Share Buy-Back”) as may be determined by the Board from time to time through Bursa Securities upon such terms and conditions as the Board may deem fit and expedient in the interest of the Company provided that the aggregate number of shares purchased pursuant to this resolution shall not exceed ten per centum (10%) of the total issued and paid-up share capital of the Company;

AND THAT the maximum amount of funds to be utilised for the purpose of the Proposed Share Buy-Back shall not exceed the Company’s aggregate retained profits or share premium account;

AND THAT at the discretion of the Board, the shares of the Company to be purchased are proposed to be cancelled and/or retained as treasury shares and/or distributed as dividends and/or resold on Bursa Securities;

AND THAT such authority shall commence immediately upon passing of this resolution until:-

(i) the conclusion of the next Annual General Meeting of the Company following the General Meeting at which such resolution was passed at which time it will lapse unless by ordinary resolution passed at that Meeting, the authority is renewed, either unconditionally or subject to conditions;

(ii) the expiration of the period within which the next Annual General Meeting after that date is required by law to be held; or

(iii) the authority is revoked or varied by ordinary resolution passed by the shareholders of the Company in General Meeting,

whichever is the earlier;

AND THAT the Board be and is hereby authorised to take such steps to give full effect to the Proposed Share Buy-Back with full power to assent to any conditions, modifications, variations and/or amendments as may be imposed by the relevant authorities and/or to do all such acts and things as the Board may deem fit and expedient in the best interest of the Company.”

8. To transact any other ordinary business for which due notice shall have been given.

Explanatory Note to Special Business:

1. Authority pursuant to Section 132D of the Companies Act, 1965.

Ordinary Resolution No. 1 is proposed for the purpose of granting a renewed general mandate (“General Mandate”) and

empowering the Directors of the Company, pursuant to Section 132D of the Companies Act, 1965, to issue and allot new

shares in the Company from time to time provided that the aggregate number of shares issued pursuant to the General

Mandate does not exceed 10% of the issued and paid-up share capital of the Company for the time being. The General

Mandate, unless revoked or varied by the Company in General Meeting, will expire at the conclusion of the next Annual

General Meeting of the Company.

The General Mandate will provide flexibility to the Company for allotment of shares via the exercise of the Employees’ Share

Option Scheme (“ESOS”) by its employees and 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, 3,624,300 new shares in the Company were issued pursuant to the mandate granted to the

Directors at the Eleventh Annual General Meeting held on 12 January 2010 and which will lapse at the conclusion of the

Twelfth Annual General Meeting. The proceeds of RM20,889,562.00 raised from the issuance of 3,624,300 new shares via

the exercise of the ESOS as at the date of this Notice were utilised mainly for working capital of the Company.

2. Proposed Renewal of Authority for Share Buy-Back

Ordinary Resolution No. 2 is proposed for the purpose of renewing the authority granted by the shareholders of the Company

at the Annual General Meeting held on 12 January 2010. The proposed renewal will allow the Board of Directors to exercise

the power of the Company to purchase not more than 10% of the issued and paid-up share capital of the Company at any

time within the time period stipulated in Bursa Malaysia Securities Berhad Main Market Listing Requirements.

Notes:-

1. A member of the Company entitled to attend and vote at the Meeting is entitled to appoint one or more proxies to attend and

vote in his stead. A proxy may but need not be a member of the Company and a member may appoint any person to be his

proxy without limitation and the provisions of Sections 149(1) (a), (b), (c) and (d) of the Companies Act, 1965 shall not apply

to the Company.

2. Where a holder appoints two or more proxies, the appointment shall be invalid unless he specifies the proportion of his

shareholdings to be represented by each proxy.

3. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly authorised in

writing or, if the appointor is a corporation, either under its seal or under the hand of an officer or attorney duly authorised.

4. The instrument appointing a proxy must be deposited at the Secretarial Office of the Company at Level 7, Menara Milenium,

Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur not less than 48 hours before the

time for holding the Meeting or at any adjournment thereof.

STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING

There is no Director standing for election at the Twelfth Annual General Meeting of the Company.

* Strike out whichever not applicable.

Signed on this day of 2010/2011

Signature of Member/Common Seal

Notes:

1. A member of the Company entitled to attend and vote at the Meeting is entitled to appoint one or more proxies to attend and vote in his stead. A proxy may but need

not be a member of the Company and a member may appoint any person to be his proxy without limitation and the provisions of Sections 149(1) (a), (b), (c) and (d) of

the Companies Act, 1965 shall not apply to the Company.

2. Where a holder appoints two or more proxies, the appointment shall be invalid unless he specifies the proportion of his shareholdings to be represented by each proxy.

3. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly authorised in writing or, if the appointor is a corporation,

either under its seal or under the hand of an officer or attorney duly authorised.

4. The instrument appointing a proxy must be deposited at the Secretarial Office of the Company at Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar

Damansara, Damansara Heights, 50490 Kuala Lumpur not less than 48 hours before the time for holding the Meeting or at any adjournment thereof.

*I/We (full name in capital letters) _________________________________________________________________

(NRIC/Company No. ______________________________________) of (full address) ____________________________

_______________________________________________being a *Member/Members of TOP GLOVE CORPORATION BHD.

(“the Company”), do hereby appoint (full name in capital letters) _______________________________________________

(NRIC _____________________________) of (full address) ______________________________________________

_______________________or failing *him/her, (full name in capital letters) ____________________________________

(NRIC _____________________________) of (full address) ______________________________________________

_________________________________or failing *him/her, *the CHAIRMAN OF THE MEETING, as *my/our proxy to attend

and vote for *me/us, and on *my/our behalf at the Twelfth Annual General Meeting of the Company to be held at Sime Darby

Convention Centre, Bayan & Casuarina Function Rooms (Ground Floor) of 1A, Jalan Bukit Kiara 1, 60000 Kuala Lumpur on Tuesday,

11 January 2011 at 11:30 a.m. and at any adjournment thereof.

Please indicate with an “X” in the spaces provided below how you wish your votes to be casted. If no specific direction as to voting

is given, the Proxy will vote or abstain from voting at his/her discretion.

Number of Shares held CDS Account No.

Agenda Nos. Resolutions For Against 1 To receive the Audited Financial Statements for the financial year ended 31 August 2010.

2 To approve the declaration of the Single Tier Final Dividend of 18% (net 9 sen per share).

(Resolution 1) 3 To approve the payment of Directors’ Fees. (Resolution 2) 4 (a) To re-elect the Director, Tan Sri Dato Sri Lim, Wee-Chai. (Resolution 3) 4 (b) To re-elect the Director, Mr. Lim Hooi Sin. (Resolution 4) 4 (c) To re-elect the Director, Mr. Quah Chin Chye. (Resolution 5) 5 (a) To re-appoint the Director, Tan Sri Dato’ Seri Arshad Bin Ayub. (Resolution 6) 5 (b) To re-appoint the Director, Mr. Sekarajasekaran A/L Arasaratnam. (Resolution 7) 5 (c) To re-appoint the Director, Tan Sri Dato’ Dr. Lin See Yan (Resolution 8) 6 To re-appoint Messrs. Ernst & Young as Auditors of the Company. (Resolution 9) 7 (a) As Special Business

- Ordinary Resolution No. 1

Authority to issue shares pursuant to Section 132D of the Companies Act, 1965. (Resolution 10) 7 (b) As Special Business

- Ordinary Resolution No. 2

Proposed Renewal of Authority for Share Buy-Back. (Resolution 11)

The Company Secretary


Secretarial Office:

Level 7, Menara Milenium

Jalan Damanlela, Pusat Bandar Damansara

Damansara Heights

50490 Kuala Lumpur, Malaysia

STAMP

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Fold this flap for sealing

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KLANG HEAD OFFICE (FACTORY 9)Address Lot 4969, Jalan Teratai, Batu 6, Off Jalan Meru, 41050 Klang, Selangor D.E., MalaysiaTel +603-3392 1992 / 1905Fax +603-3392 1291 / 8410E-mails (i) [email protected] (ii) [email protected] (iii) [email protected] Website

:

:::


E-mails (i) [email protected](ii) [email protected](iii) [email protected]

Website

:


U.S.A. MARKETING OFFICETG Medical (U.S.A.) Inc.,165, North Aspan Avenue,Azusa CA 91702, U.S.A.Tel : 001-626-969-7838 / Fax : 001-626-969-7823

E-mail : [email protected]



SUBANG CORPORATE OFFICE(by January 2011)A-11-01, Empire Office, Empire Subang, Jalan SS16/1, SS16, 47500 Subang Jaya, Selangor D.E., MalaysiaTel: +603-5022 2110Fax: +603-5022 2113


Corporate Offices and Factories



FACTORY 6180/3, Moo 7, Srisonthon Road, Tambon Srisonthon,Amphur Thalang, Phuket 83110, Thailand.Tel : +66-76-272 572 / 574Fax : +66-76-273 447

Tel +66-74-410-000Fax :

:+66-74-410 007 / 008

FACTORY 7188, Moo 5, Kanchanawanich Road,Tambon Sumnakkham, Amphur Sadao,Songkhla, 90320 Thailand.

FACTORY 853, Zhenbei Road, Xizhang Street, Fenghuang TownZhangjiagang City, Jiangsu Province 215614, China.Tel : +86-512-5842 2860Fax : +86-512-5842 2870



FACTORY 5Lot 18, 27, 38 & 57, Medan Tasek,Kawasan Perindustrian Tasek,31400 Ipoh, Perak D.R., Malaysia.Tel : +605-546 6360 / 547 9271Fax : +605-547 8975



FACTORY 16L188, Moo 5, Tambon Pangla, Amphur Sadao,Songkhla 90170 Thailand.

:

Tel : +66-74-410 888Fax +66-74-410 886

FACTORY 17L268, Moo 5, Tambon Kampangphet,Amphur Rattaphum, Songkhla 90180 Thailand.Tel : +66-74-318 411 / 388 911 / 388 913Fax : +66-74-318 412 / 318 413

FACTORY 19Lot 4987, Jalan Bunga Raya Batu 6, Off Jalan Meru, 41050 Klang, Selangor D.E.Tel : +603-3392 5900Fax : +603-3392 5910

FACTORY 20Lot 4988, Jalan Bunga Raya, Batu 6, Off Jalan Meru,41050 Klang, Selangor D.E., Malaysia.Tel : +603-3392 5900Fax : +603-3392 5910

FACTORY 21Lot 4989, Jalan Bunga Raya, Batu 6, Off Jalan Meru,41050 Klang, Selangor D.E., Malaysia.Tel : +603-3392 4881 / 4642Fax : +603-3392 5066

FACTORY 15South of Weiwu Road, West of Xihuan Road,Xinghua Economic Developing Zone.225700 Jiang Su Province, China.Tel : +86-523-8326 8976Fax : +86-523-8326 8676

FACTORY 18Lot 124 & 126, Jalan Lapan, Kompleks Perabot Olak Lempit,13 KM , Jalan Banting Dengkil, 42700 Banting, Selangor D.E., Malaysia.

Tel : +603-3149 1998Fax : +603-3149 3008

* by 31 March 2011

21Factories*

** by 31 March 2011

ctories

Lot 4969, Jalan Teratai, Batu 6, Off Jalan Meru, 41050 Klang, Selangor D.E., Malaysia.

Tel : 603-3392 1992/1905 Fax : 603-3392 1291/8410

E-mail : [email protected] / [email protected] / [email protected]

Visit us at our website : www.topglove.com.my



AWARDEDISO 9001

37 Billion Gloves Per Annum*

11,500Employees*

411Production Lines*

North America

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MiddleEast

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Asia

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