REPL::Annual Reports and Related Documents::

ANNUAL REPORT 2021

WE CHANGE AEROSOL, AEROSOL CHANGES THE WORLD

NOW YOU CAN MATCH WORLD PAINT COLOURS ON YOUR OWN. ANY TIME, ANYWHERE!

THE WORLD'S ONLY "POST-FILLED"AEROSOL TECHNOLOGY

SAMURAI 2K AEROSOL LIMITED

(Company Registration No.201606168C)

TABLE OF CONTENTS

1	2	4
Corporate	Letter to	Operations & Financial
Profile	Shareholders	Review
7	8	10
Corporate	Board of	Key
Activity	Directors	Management
12	13	14
Corporate Social	Corporate	Corporate
Responsibility	Information	Governance Report
44	48	52
Disclosure of Information	Directors'	Independent
on Directors Seeking	Statement	Auditor's Report
Re-Election
56	57	58
Consolidated Statement	Statements of	Consolidated
of Profit or Loss and other	Financial Position	Statements of
Comprehensive Income		Changes in Equity
59	60	61
Statement of	Consolidated Statement	Notes to the Financial
Changes in Equity	of Cash Flows	Statements
103	105	Proxy Form
Statistics of	Notice of Annual	Appendix
Shareholdings	General Meeting

This Annual Report has been prepared by the Company and its contents have been reviewed by UOB Kay Hian Private Limited (the "Sponsor") for compliance with the relevant rules of the SGX-ST Listing Manual Section B: Rules of Catalist (the "Catalist Rules").

This Annual Report has not been examined or approved by SGX-ST and the SGX-ST assumes no responsibility for the contents of this Annual Report, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this Annual Report.

The contact person for the Sponsor is Mr Lance Tan, Senior Vice President, at 8 Anthony Road, #01- 01, Singapore 229957, telephone [phone].

Samurai 2K Aerosol Limited ("Samurai 2K" or the "Company", and together with its subsidiaries, the "Group") is a leading aerosol coating specialist which focuses on high performance coating solutions for the automotive refinishing and refurbishing industry. We are principally engaged in the manufacturing, distribution and marketing of our products under our own brands.

Headquartered in Malaysia, our products are manufactured in our production facility located in Johor and are distributed in countries including Malaysia, Indonesia, Thailand, Philippines, Vietnam, Cambodia, United Kingdom, United States of America, Singapore and India.

OUR BELIEF:

We Change Aerosol, Aerosol Changes

the World.

OUR VISION

To be the world's most respected innovative aerosol system provider.

OUR MISSION

To offer the most innovative aerosol systems with the best user enjoyment and to create more job opportunities for all sprayers in the world.

SAMURAI 2K AEROSOL LIMITED | ANNUAL REPORT 2021

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LETTER TO SHAREHOLDERS

DEAR SHAREHOLDERS,

I am honoured to present the Annual Report of

Samurai 2K Aerosol Limited ("Samurai 2K" or the

"Company" and its subsidiaries, the "Group") for the financial year ended 31 March 2021 ("FY2021").

BUSINESS AND CORPORATE DEVELOPMENT

Despite the COVID-19 pandemic which resulted in a significant disruption and challenges on businesses, Samurai 2K overcame the challenges and successfully achieved remarkable financial results in FY2021. The revenue of the Group rose by 75.4% to RM110.6 million and the Group recorded a net profit of

RM17.5 million.

The Group is excited and cautiously confident in the

market situation for years to come. I believe that we play an important role in driving the technology innovation and business model transformation, leveraging our strengths in creating integrated and sustainable development to provide a better aerosol system solution and products preferred by users worldwide.

RESILIENCE

I am inspired by a quote from Peter Drucker

"The best way to predict the future is to create it".

COVID-19 crisis has brought about years of change in the way companies in all sectors and regions do business. The Board of the Company emphasises on the importance of liquidity and resources to ensure resilience and agility of the business to adapt to uncertainty, changes and challenges, and

to continue investing in future business development and transformations. This prudence is reflected in this year's financial results with strong cash flow

recorded and dividend paid out to shareholders.

2 SAMURAI 2K AEROSOL LIMITED | ANNUAL REPORT 2021

LETTER TO SHAREHOLDERS

"
Leading the Journey of Transformation;
	A World Class Digital Samuraian
TRANSFORMATION	DIVIDEND
In the past 2 years, the Group has been aggressively	For FY2021, the Board of Directors has paid an interim
developing digital marketing through the social media
platform, resulting in a significant growth in the revenue	dividend (one-tier tax exempt) of SGD0.01 per ordinary
for the year. COVID-19 has further sped up the digital	share on 10 December 2020 and further recommended
technology transformation for all companies, including	a final dividend (one-tier tax exempt) of SGD0.00667
Samurai 2K. The Company has accelerated the digital	per ordinary share, subject to shareholders'"approval at
transformation by forming a new team led by the	the annual general meeting to be held on 28 July 2021.
Chief Digital Officer in transforming traditional business	ACKNOWLEDGEMENT AND APPRECIATIONS
model into digital model through Online-to-Offline (O2O)
marketing, E-Commerce, Samuraian Fan Application and	On behalf of the Board, I would like to thank all
Blockchain development, further integrate all in unity
to foster a business economic value chain.	our stakeholders, shareholders, bankers, customers,
		and suppliers for the unwavering support and trust
NEW TECHNOLOGY AND INVENTION	in Samurai 2K for all these years. Last but not least,
		thousand thanks to my dedicated staff for all the
As the founder and CEO and Chief Technology Officer	sacrifices that you have made for Samurai 2K!
of the Company, I, personally lead the research and
development team for all the product ideas, design,
engineering as well as manufacturing. Continuous
innovation is our persistence and commitment, to bring	ONG YOKE EN
the best aerosol experience to the World.
		Founder, Chief Executive Officer and
Currently there are few new innovations in development,	Chief Technology Officer

and in FY2022 we will launch a breakthrough innovation, being a post fill aerosol system which allow users to DIY mix and match their preferred colour anytime, anywhere!

RESULTS HIGHLIGHT

The Group's revenue in FY2021 increase by 75.4% year on-year from RM63.1 million to RM110.6 million mainly due to higher demand from Malaysia and Indonesia with a total sales volume rose by 7.0 million cans to 17.3 million cans in FY2021.

Gross profit margin increased from 47.1% in FY2020 to 48.7% in FY2021 which resulted in the increase in net profit attributable to equity holders of the Company by 243.6% year-on-year, to RM17.5 million.

SAMURAI 2K AEROSOL LIMITED | ANNUAL REPORT 2021

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