top glove's global offices

61 Pages·2017·2.52 MB·English

ANNUAL
REPORT
2018

FINANCIAL YEAR ENDED
31 AUGUST 2018
Incorporated in Malaysia ( Company No. : 474423-X )
A Public Company Listed on the Main Market of Bursa Malaysia and Main Board of Singapore Exchange
The
World’s
Largest
Manufacturer
of Gloves
NORTH
AMERICA
THE WORLD IS OUR MARKET
EXPORTS TO
195
COUNTRIES
LATIN
WORLDWIDE AMERICA
NORTH AMERICA 25. HAITI EUROPE 77. NORWAY
26. HONDURAS 78. POLAND
1. CANADA 48. ALBANIA
27. JAMAICA 79. PORTUGAL
2. USA 49. ANDORRA
28. MARTINIQUE 80. ROMANIA
50. AUSTRIA
29. MEXICO 81. RUSSIA
LATIN AMERICA 30. MONTSERRAT 51. BELGIUM 82. SAN MARINO
52. B OSNIA
3. ANGUILLA 31. N ETHERLANDS 83. SERBIA
HERZEGOVINA
4. A NTIGUA AND ANTILLES 84. SLOVAKIA
53. BULGARIA
BARBUDA 32. NICARAGUA 85. SLOVENIA
54. CROATIA
5. ARGENTINA 33. PANAMA 86. SPAIN
55. CZECH REPUBLIC
6. ARUBA 34. PARAGUAY 87. SWEDEN
56. DENMARK
7. BAHAMAS 35. PERU 88. SWITZERLAND
57. ESTONIA
8. BARBADOS 36. PUERTO RICO 89. UNITED KINGDOM
58. FINLAND
9. BELIZE 37. SAINT BARTHELEMY
59. FRANCE
10. BOLIVIA 38. S AINT KITTS AFRICA
60. GERMANY
11. BRAZIL AND NEVIS
61. GREECE 90. ALGERIA
12. B RITISH VIRGIN 39. SAINT LUCIA
62. HUNGARY 91. ANGOLA
ISLANDS 40. SAINT MARTIN
63. ICELAND 92. BENIN
13. CAYMAN ISLANDS 41. S AINT VINCENT
64. IRELAND 93. BOTSWANA
14. CHILE AND GRENADINES
65. ITALY 94. BURKINA FASO
15. COLOMBIA 42. SURINAME
66. KOSOVO 95. BURUNDI
16. COSTA RICA 43. T RINIDAD &
67. LATVIA 96. CAMEROON
17. DOMINICA TOBAGO
68. LIECHTENSTEIN 97. CAPE VERDE
18. D OMINICAN 44. T URKS AND
69. LITHUANIA 98. CHAD
REPUBLIC CAICOS
70. LUXEMBOURG 99. COMOROS
19. ECUADOR 45. U .S. VIRGIN
71. MACEDONIA, FYR 100. R EPUBLIC OF THE
20. EL SALVADOR ISLANDS
72. MALTA CONGO
21. GRENADA 46. URUGUAY
73. MOLDOVA 101. DJIBOUTI
22. GUADELOUPE 47. VENEZUELA
74. MONACO 102. EGYPT
23. GUATEMALA
75. MONTENEGRO 103. E QUATORIAL
24. GUYANA
76. NETHERLANDS GUINEA
EUROPE
ASIA
MALAYSIA
AFRICA
OCEANIA
104. ETHIOPIA 134. UGANDA 162. NEPAL 189. NEW ZEALAND
105. ERITREA 135. ZAMBIA 163. OMAN 190. PALAU
106. GABON 164. PAKISTAN 191. P APUA NEW
107. GAMBIA ASIA 165. PALESTINE GUINEA
108. GHANA 166. PHILIPPINES 192. SAMOA
136. AFGHANISTAN
109. GUINEA 167. QATAR 193. S OLOMON
137. ARMENIA
110. GUINEA-BISSAU 168. SAUDI ARABIA ISLANDS
138. AZERBAIJAN
111. KENYA 169. SINGAPORE 194. TONGA
139. BAHRAIN
112. LESOTHO 170. SOUTH KOREA 195. VANUATU
140. BANGLADESH
113. LIBERIA 171. SRI LANKA
141. BHUTAN
114. MADAGASCAR 172. TAIWAN
142. BRUNEI
115. MALAWI 173. TAJIKISTAN
143. CAMBODIA
116. MALI 174. THAILAND
144. CHINA
117. MAURITANIA 175. TURKEY
145. CYPRUS
118. MAURITIUS 176. TURKMENISTAN
146. EAST TIMOR
119. MOROCCO 177. UAE
147. GEORGIA
120. MOZAMBIQUE 178. UZBEKISTAN
148. HONG KONG
121. NAMIBIA 179. VIETNAM
149. INDIA
122. NIGER
150. INDONESIA
123. NIGERIA OCEANIA
151. ISRAEL
124. RWANDA
152. JAPAN 180. AMERICAN SAMOA
125. SAO TOME AND
153. JORDAN 181. AUSTRALIA
PRINCIPE
154. KAZAKHSTAN 182. FIJI
126. SENEGAL
155. KUWAIT 183. GUAM
127. SEYCHELLES
156. KYRGYZSTAN 184. KIRIBATI
128. SIERRA LEONE
157. LAOS 185. M ARSHALL
129. SOUTH AFRICA
158. MACAU ISLANDS
130. SWAZILAND
159. MALAYSIA 186. MICRONESIA
131. TANZANIA
160. MALDIVES 187. NAURU
132. TOGO
161. MONGOLIA 188. NEW CALEDONIA
133. TUNISIA
TOP GLOVE CORPORATION BHD ANNUAL REPORT 2018 1
CORPORATE VISION AND MISSION
TAN SRI DR LIM WEE CHAI
Executive Chairman
Top Glove Corporation Bhd
VISION MISSION CORPORATE
VALUES
We strive to be the To be a world class
world’s leading glove manufacturer
• Respect
manufacturer with by providing top
• Integrity
excellent quality glove quality products with
• Value
products and services excellent services
• Empowerment
that enrich and protect through continuous
• Relationship
human lives. improvement and
innovation.
QUALITY BUSINESS BUSINESS
POLICY RULES ETHICS
• Quality and productivity • Do not lose our • Honesty
are our business shareholders’ money • Integrity
• Continuous improvement
• Do not lose our health • Transparency
and innovation are our
• Do not lose our temper
duties
• Towards zero defects is •Do not lose our customers
our target
• Compliance with
customers’ and regulatory
requirements is our
responsibility
2
TOP GLOVE CORPORATION BHD ANNUAL REPORT 2018
CONTENTS
PAGE PAGE PAGE
1 Export Markets 24 Enhancing 93 Directors’
Shareholders’ Value Responsibility
2 Corporate Vision and
Statement
Mission 25 Letter to Stakeholders
and Management 94 Financial Statements
3 Contents
Discussion & Analysis for the financial year
4 Corporate Structure (English, BM & Mandarin) ended 31 August 2018
7 International 48 Sustainability 187 List of Properties
Quality Awards and Statement
201 Analysis of
Certifications
60 Financial Calendar Shareholdings
8 Corporate Information
61 Top Glove Corporate 204 Notice of the
9 Board of Directors Song 20th Annual General
Meeting
10 Profile of Directors 62 Corporate Governance
Overview Statement 211 Administrative
18 Senior Management
Details for the
Team 86 Statement on Risk
20th AGM
Management and
19 Profile of Key Senior
Internal Control 213 Form of Proxy
Management
89 Audit Committee 215 Media Highlights
22 Financial Highlights
Report
216 Corporate Directory
23 6-Year Financial Review
TOP GLOVE’S GLOBAL OFFICES
CHINA
USA GERMANY
THAILAND
INDONESIA
MALAYSIA
BRAZIL
SINGAPORE
TOP GLOVE CORPORATION BHD ANNUAL REPORT 2018 3
CORPORATE STRUCTURE
100% FLEXITECH SDN BHD
(Malaysia)
100% TOP GLOVE
SDN BHD 70% T G FMT SDN BHD
(Malaysia) (Malaysia)
100% TG PORCELAIN SDN BHD
100% EASTERN (Malaysia)
PRESS SDN
BHD (Malaysia) 75% TGGD MEDICAL CLINIC
SDN BHD (Malaysia)
100% GMP MEDICARE 100% TOP GLOVE CHEMICALS
SDN BHD SDN BHD (Malaysia)
(Malaysia)
100% TOP GLOVE INTERNATIONAL
SDN BHD (Malaysia)
100% GREAT GLOVE
SDN BHD 100% TOP GLOVE PROPERTIES
(Malaysia) SDN BHD (Malaysia)
27% V ALUE ADD SDN BHD
100% TG MEDICAL (Malaysia)
(U.S.A.), INC
(USA) 100% MEDI-FLEX PTE LTD
(Singapore)
100% TOP GLOVE 97.5% TOP GLOVE EUROPE GMBH
ENGINEERING (Germany)
SDN BHD
TOP GLOVE
(Malaysia) 100% GREAT GLOVE (XINGHUA)
CORPORATION CO LTD (China)
BHD
100% TOP GLOVE 100% TG MEDICAL SUZHOU CO LTD
(Malaysia)
GLOBAL (China)
(Listed on the Main Market SDN BHD
of Bursa Malaysia & (Malaysia) 100% BESTSTAR ENTERPRISE
Main Board of LTD (BVI)
Singapore Exchange)
100% TOP GLOVE 100% B TECH INDUSTRY CO LTD
LABUAN LTD (Thailand)
(Labuan)
74% GREAT GLOVE (THAILAND)
CO LTD (Thailand)
100% TOP QUALITY
GLOVE SDN 100% TOP GLOVE MEDICAL
BHD (Malaysia) (THAILAND) CO LTD (Thailand)
100% TOP GLOVE TECHNOLOGY
TOP GLOVE (THAILAND) CO LTD (Thailand)
FOUNDATION*
(Malaysia) 100% TOP QUALITY GLOVES
(THAILAND) CO LTD (Thailand)
100% TOP FEEL 85% DURAMEDICAL SDN BHD
SDN BHD (Malaysia)
(Malaysia)
100% TG MEDICAL 100% TOP HEALTHY FITNESS
SDN BHD SDN BHD (Malaysia)
(Malaysia)
100% TOP CARE 100% ASPION SDN BHD
SDN BHD (Malaysia)
(Malaysia)
100% BEST ADVANCE RESOURCES
LIMITED (Labuan)
100% GREEN RESOURCES LIMITED
(Labuan)
4
TOP GLOVE CORPORATION BHD ANNUAL REPORT 2018
100% TG MEDICAL (PUTIAN)
CO LTD (China)
100% TG MEDICAL (XINGHUA)
CO LTD (China)
100% ADVENTA HEALTH 100%
SDN BHD (Malaysia) BEIJING ADVENTA HEALTH
SUPPLIES CO LTD (China)
100% CYTOTEC (M) SDN BHD
(Malaysia)
100% SENTIENX SDN BHD
(Malaysia)
100% SUIZZE HEALTH LTD 100%
(Hong Kong) KEVENOLL DO BRASIL
(Brazil)
100% TERANG NUSA SDN BHD
(Malaysia)
100% ULMA INTERNATIONAL
GMBH (Germany)
100% TERANG NUSA (MALAYSIA)
SDN BHD (Malaysia)
2%
95.2% PURNABINA SDN BHD
(Malaysia)
Notes:
99.9% 1. Top Glove has in total 51
PT. TOPGLOVE companies within the group.
95%
INDONESIA (Indonesia) 2. * Top Glove Foundation is a
PT. AGRO PRATAMA
0.1% SEJAHTERA (Indonesia) member of Top Glove Group.
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TOP GLOVE CORPORATION BHD ANNUAL REPORT 2018
AIMING HIGH
At 27 years of age, Top Glove is a vibrant and dynamic
company, with ambitious goals of becoming a Bursa
Malaysia Top 20 company by 2020 and Fortune Global
500 company by 2040.
Our dreams may be big, but our resolve is strong. We
believe that as we strategically expand our operations
and penetrate new markets, we will be well able to
achieve all we aspire to.
INTERNATIONAL QUALITY AWARDS
AND CERTIFICATIONS
NEW LEVELS OF EXCELLENCE
2018
Nanyang Superb Brand Award 2018
International Iconic Brand 2018 (Category: Glove Innovation)
by The BrandLaureate Awards by Nanyang Siang Pau
MSWG - Asean Corporate Governance Award 2017
Winner of Malaysia’s Best Companies to (Categories: Merit Award for Most Improved
Work For in Asia 2018 Corporate Governance Disclosure & Industry
by HR Asia Excellence for Manufacturing)
by MSWG
Most Innovative Award 2018
Export Excellence Award 2018
FTSE4Good Bursa
by Malaysian Rubber Export Promotion
Malaysia Index
Council (MREPC)
Winner of Malaysia’s Best The Edge Billion Ringgit Club 2017
Companies to Work For in Highest growth in profit after Winner: Healthiest Employees
Asia 2017 tax over three years (Silver) by AIA Vitality 2017
by HR Asia by The Edge
GRC Wickham Awards 2017 Gold Recipient- Large MCBC Business Excellence
Technology Commercialization Catagory 2017 Awards 2017
Award FMM Excellence Award 2017 (Category: World Market Leader)
by Global Rubber Conference by Federation of Malaysia by Malaysia Canada Business
(GRC) Manufacturers Council
Asia Pacific Entrepreneurship Malaysian Fujian Exemplary Winner: Manufacturing -
Awards 2017 Leader Award 2017 Chemicals & Heavy Industries
Lifetime Achievement Award by The Federation of Hokkien by Malaysia’s 100 Leading Graduate
by Enterprise Asia Associations of Malaysia (FHAM) Employers 2017, GTI Media
MSWG - Asean Corporate
Governance Award 2016 Certificate of Excellence
(Categories: Merit Award for FTSE4Good Bursa Human Resource Development
Most Improved & Industry Malaysia Index Awards 2017
Excellence - Manufacturing) by HRDF Malaysia
by MSWG
TOP GLOVE CORPORATION BHD ANNUAL REPORT 2018 7
CORPORATE INFORMATION
BOARD OF DIRECTORS
1. Tan Sri Dr Lim Wee Chai Executive Chairman
2. Tan Sri Dato’ Seri Utama Arshad Bin Ayub Senior Independent Non-Executive Director
3. Tan Sri Rainer Althoff Independent Non-Executive Director
4. Dato’ Lee Kim Meow Managing Director
5. Puan Sri Tong Siew Bee Executive Director
6. Lim Hooi Sin Executive Director
7. Lim Cheong Guan Executive Director
8. Dato’ Lim Han Boon Independent Non-Executive Director
9. Datuk Noripah Binti Kamso Independent Non-Executive Director
10. Sharmila Sekarajasekaran Independent Non-Executive Director
11. Tay Seong Chee, Simon Independent Non-Executive Director
12. Datuk Dr. Norma Mansor Independent Non-Executive Director
REGISTERED & CORPORATE OFFICE STOCK EXCHANGE LISTING AUDITORS
Level 21, Top Glove Tower, Main Market of Bursa Malaysia Ernst & Young
16, Persiaran Setia Dagang, Securities Berhad Chartered Accountants
Setia Alam, Seksyen U13, Stock Code : 7113 Level 23A, Menara Milenium,
40170 Shah Alam, Stock Name : TOPGLOV Jalan Damanlela,
Selangor D.E., Malaysia. Listing Date : 27 March 2001 Pusat Bandar Damansara,
Tel. : [phone] 50490 Kuala Lumpur, Malaysia.
Fax : [phone] Main Board of Singapore Exchange
E-mails : Stock Code : BVA
(i) [email protected] Stock Name : Top Glove PRINCIPAL BANKERS
(ii) [email protected] Listing Date : 28 June 2016
(iii) [email protected] • Bank of Tokyo-Mitsubishi UFJ
(iv) [email protected] ADR Programme (Malaysia) Berhad
Website : www.topglove.com (Depository Receipt Programme) USA • BNP Paribas Malaysia Berhad
ADR Symbol : TGLVY • CIMB Bank Berhad
• Citibank Berhad
SENIOR INDEPENDENT • Deutsche Bank (Malaysia)
NON-EXECUTIVE DIRECTOR REGISTRAR IN MALAYSIA Berhad
• Hong Leong Bank Berhad
Tan Sri Dato’ Seri Utama Securities Services (Holdings) • HSBC Bank Malaysia Berhad
Arshad Bin Ayub Sdn Bhd • Industrial and Commercial
Tel. : [phone] Level 7, Menara Milenium, Bank of China (Malaysia)
E-mail : Jalan Damanlela, Berhad
[email protected] Pusat Bandar Damansara, • Malayan Banking Berhad
Damansara Heights, • Mizuho Bank (Malaysia) Berhad
50490 Kuala Lumpur, Malaysia. • OCBC Bank (Malaysia) Berhad
CHARTERED SECRETARIES Tel. : [phone] • Public Bank Berhad
Fax : [phone]/ • Siam Commercial Bank Public
Chua Siew Chuan [phone] Company Limited
(MAICSA No.: 0777689) E-mail : [email protected] • Standard Chartered Bank
Malaysia Berhad
Chin Mun Yee • Sumitomo Mitsui Banking
(MAICSA No.: 7019243) SHARE TRANSFER AGENT Corporation Malaysia Berhad
IN SINGAPORE • The Bank of Nova Scotia
Lim Keat See Berhad
(MAICSA No.: 7020290) Boardroom Corporate & Advisory • United Overseas Bank
Tel. : [phone] Services Pte Ltd (Malaysia) Berhad
E-mail : [email protected] 50 Raffles Place,
#32-01 Singapore Land Tower,
Singapore 048623.
Tel. : [phone]
Fax : [phone]
Email :
[email protected]
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TOP GLOVE CORPORATION BHD ANNUAL REPORT 2018