229 228 Independent Auditors’ Report to the Members of QL Resources Berhad Auditors’ Responsibilities for the Audit of the Financial Statements (continued) • Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group or of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements of the Group and of the Company or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group or the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements of the Group and of the Company, including the disclosures, and whether the financial statements of the Group and of the Company represent the underlying transactions and events in a manner that gives a true and fair view. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the financial statements of the Group. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applies. From the matters communicated with the Directors, we determine those matters that were of most significance in the audit of the financial statements of the Group and of the Company for the current year and are therefore the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our audit report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements In accordance with the requirements of the Companies Act 2016 in Malaysia, the subsidiaries of which we have not acted as auditors are disclosed in Note 34 to the financial statements. Other Matter This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the Companies Act 2016 in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report. KPMG PLT Lee Hean Kok (LLP0010081-LCA & AF 0758) Approval Number: 02700/12/2023 J Chartered Accountants Chartered Accountant Petaling Jaya Date: 10 July 2023 List of Properties as at 31 March 2023 Owner Company Particulars of property Date of revaluation or (date of acquisition) Tenure Existing use Land & Build-up area Net Book Value (RM’000) Age of building (years) PT. Pipit Mutiara Indah Desa Sekatak Buji, Kecamatan Sekatak, Kabupaten Bulungan, Provinsi Kalimantan Utara December 2009 (date obtained Hak Guna Usaha) Leasehold to: 19.01.2045 Oil palm estate together with palm oil mill & building 14,177 ha Build-up area 20.0 ha 107,115 14 QL Farms (Tay Ninh) Liability Limited Company Lot 261, 273, 290, 298, 311, 315 Thanh Phuoc Hamlet, Thanh Binh Commune, Tan Bien District, Tay Ninh Province, Vietnam March 2018 (Land lease contract dated January 2019) Rent land 50 years (14.03.2018 to 14.03.2068) Layer Farm (Percentage of work completed 90%) Land area: 450,365.9 m2 Gross build-up area: 106,319 m2 5,742 83,233 88,975 5 PT QL Agrofood 1) HGB No. 1919 2) HGB No. 1920 Kelurahan Ciketing Udik, Kec. Bantar Gebang, Bekasi 3) SHM No. 332 Kec. Jampang Tengah Desa. Cijulang Kabupaten Sukabumi, Jawa Barat (02.11.2013) (01.08.2022) Leasehold to 09.10.2042 Feedmill Feedmill 4.46 acres 1.29 acres Build-up area 26,215.54 sq. m. 1.21 acres 49,835 1,587 1,732 53,154 8 8 1 QL Figo (Johor) Sdn. Bhd. GRN238020, Lot 3627, Mukim of Kulai, District of Kulai Jaya, Johor (June 2014) Industrial land 2-storey detached office building, 8 blocks of single-storey detached factory 5-storey workers hostel. Land cost Site 5.5948 hectares Built up area 245,000 sq. ft. (factory building) 908.8 sq. m. (9,782 sq. ft.) 18,000 16,030 4,072 38,102 18 6 months QL Kitchen Sdn. Bhd. H.S.(D) 119695, Lot 139, Bandar Shah Alam, Daerah Petaling, Negeri Selangor No. 1, Jalan Kawat 15/18 Seksyen 15, 40200 Shah Alam Selangor Darul Ehsan (29.09.2019) Leasehold 99 years (11.02.2075) Vacant industrial land 20,438 sq. m. 38,011 N/A QL Foods Sdn. Bhd. Lot 9122, 109, 110, 111, 112 GM2114, 3285, 3287, 3288, 3397 Mukim of Hutan Melintang District of Hilir Perak, Perak 13.01.2014 Freehold 2 units of surimi based products factory Gross build-up of 16,840 sq. m. 3.55 ha 32,055 8
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