Green Technology Annual Report

The directors hereby submit their report and the audited financial statements of the Group and of the Company for the financial year ended 31 December 2019. PRINCIPAL ACTIVITIES The principal activities of the Company is to act as the focal point for the development of green technology in Malaysia by undertaking advisory services, driving and facilitating the implementation and growth of green technology industry and compiling data by way of coordination, development, training, transfer, adoption, research and development, innovation and commercialisation in green technology. The principal activities of the subsidiaries are set out in Note 5 to the financial statements. There have been no significant changes in the nature of these activities during the financial year. CHANGE OF NAME On 6 February 2020, the Company changed its name from Malaysian Green Technology Corporation to Malaysian Green Technology and Climate Change Centre. RESULTS The Group RM The Company RM Profit after taxation for the financial year 924,368 966,261 DIVIDENDS The Company is prohibited from paying any dividend under Section 45(2)(b) of the Companies Act 2016 in Malaysia. RESERVES AND PROVISIONS There were no material transfers to or from reserves or provisions during the financial year. ISSUES OF SHARES AND DEBENTURES The Company is a company limited by guarantee and does not have any share capital. No debentures have been issued by the Company. BAD AND DOUBTFUL DEBTS Before the financial statements of the Group and the Company were made out, the directors took reasonable steps to ascertain that action had been taken in relation to the writing off of bad debts and the making of allowance for impairment losses on receivables and satisfied themselves that there are no known bad debts and that no allowance for impairment losses on receivables is required. At the date of this report, the directors are not aware of any circumstances that would require the writing off of bad debts, or the allowance for impairment losses on receivables in the financial statements of the Group and of the Company. CURRENT ASSETS Before the financial statements of the Group and of the Company were made out, the directors took reasonable steps to ensure that any current assets, which were unlikely to be realised in the ordinary course of business, including their value as shown in the accounting records of the Group and of the Company, have been written down to an amount which they might be expected so to realise. At the date of this report, the directors are not aware of any circumstances which would render the values attributed to the current assets in the financial statements misleading. DIRECTORS’ REPORT 95 MALAYSIAN GREEN TECHNOLOGY & CLIMATE CHANGE CENTRE ANNUAL REPORT 2019