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Contents 02 About AsiaMedic 03 Financial Highlights 04 Group Structure 05 AsiaMedic’s Business Units 06 Chairman’s Statement

08 Board of Directors 10 Key Management 11 Financial and Operations Review 14 Corporate Information 15 Corporate Governance 25 Financial Contents

2010 Annual Report

OUR CORE SERVICES

AsiaMedic’s core services can be broadly categorised as:

Wellness and Preventive Management

Health Risk Assessments and Screenings; 24-hr BP Monitoring, AntiAging and Health Risk Management programmes for optimised healthy aging and wellness.

Technologically Advanced Medical and Surgical Eye Care Technologically Advanced Medical and Surgical Eye Care: Refractive (LASIK), Cataract Surgery and Eye Health Screening.

Advanced Diagnostic Imaging

General and Subspecialty Imaging such as Cardiovascular, Neuroradiological, ENT and Musculoskeletal imagings. PET/ CT imaging for diagnosis, staging, localisation and monitoring progress of cancer.

Collaborative Health Management

E)

: (65) 6738 4136 om.sg c.com.sg

Collaborative partnership with top specialists in the areas of Cancer, Heart Disease and Orthopaedic Surgery and many more.

PROVIDING the essentials of WELLNESS

01 ASIAMEDIC_ANNUAL REPORT 2010

Board of Directors

Board of Directors

Dr Low Cze Hong

Non Executive Chairman MBBS (Singapore), FRCS Ophthalmology (in England, Edinburgh and Glasgow) FRCOphth (UK), FACS (USA), FICS (USA), FAMS (Singapore)

Dr. Low Cze Hong serves as NonExecutive Chairman of the Board of AsiaMedic Limited. Dr. Low is one of Asia’s leading ophthalmologists and a recipient of the Singapore National Eye Centre (SNEC) Gold Medal and the Grand Awards Medal for Community Service. Dr Low is also a visiting professor of Ophthalmology of Tianjin Medical University. He is also honored as a VISX Global Medical Advisor.

Mr Andi Solaiman

Ms Suzanne Liau

University (USA)

(England)

Non Executive Director BA and MBA, Dury

Mr Solaiman is a director in several companies within the Salim Group. His involvement in the Salim Group includes the coverage of the Group’s activities in the petrochemical, chemical, real estate and food industries.

Non Executive Director M.A., Cambridge University

Ms Liau qualified to practice as a solicitor in England (1975) and in Singapore (1977). She was admitted to the California Bar in 1988. In her current practice, Ms Liau engages in transaction work both in Singapore and abroad.

08 ASIAMEDIC_ANNUAL REPORT 2010

annual report

Portfolio

Dr Khor Chin Kee Executive Director MBBS

Dr Khor holds a medical degree from the National University of Singapore. He is the Chief Executive Director of AsiaMedic Limited. He is primarily responsible to carry out the strategic plans and policies as established by the board of directors.

Mr Arthur Ng Boon Chye Independent Director

Mr Ng is the President of International Business at Metro Private Limited. He is responsible for Metro’s operations in Indonesia. Mr Ng started Metro Indonesia in 1991 and is the Commissioner of the Indonesian Company.

Mr Goh Kian Chee

Dr Ho Lai Yun

University (London, UK)

FRCP, FRCPCH, FAAP, FAMS

Mr Goh is the Chief Financial Officer of the National University of Singapore, Centre For the Arts and is an Independent Director of Indofood Agri Resources Limited. Widely experienced in regional management and finance. Mr Goh had previously held senior executive positions with large multinational companies such as Mobil Petrochemicals Asia Pacific and John Hancock International Private Limited.

Dr Ho Lai Yun is Senior Consultant Paediatrician with specialty interest in Neonatology and DevelopmentalBehavioural Paediatrics.

Independent Director B.A. (Hons), Middlesex

09 ASIAMEDIC_ANNUAL REPORT 2010

Independent Director MBBS, M.Med (Paediatrics).


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2010 Annual Report

TABLE OF CONTENTS 01 Mission Statement 02 Corporate Profile 04 Financial Highlights 06 Chairman and CEO’s Statement 10 Business Review 12 Board of Directors 14 Management Team 15 Corporate Structure 16 Corporate Information 17 Financial Contents 84 Other Information 85 Shareholding Statistics 87 Notice of Annual General MeetingProxy Form

MISSION TO BE A WORLD-CLASS ENVIRONMENTALLY FRIENDLY RENEWABLE ENERGY POWER COMPANY THAT SERVICES THE REGION’S ENERGY NEEDS WITH THE HIGHEST STANDARDS OF SAFETY AND EFFICIENCY

致力于成为世界级的环保可再生能源公司

TED 7C Singapore 068808

14

Asia Power Corporation Limited

2010 Annual Report

MANAGEMENT TEAM

WANG DAXI, Vice President Mr Wang Daxi is the Group’s Vice President. He is overall in charge of Group’s finance and accounting function. Mr Wang possesses many years of experience in accounting, project investment and management, corporate operational management and corporate finance. He also led several companies to be listed in China and overseas. Mr Wang holds Bachelor Degree in Economics from People’s University of China and he attended management course in Atlanta, USA and is a qualified CPA in China. LI TIANMING, WILLIAM, Vice President Mr William Li Tianming is the Group’s Vice President. He is overall in charge of the Group’s operation in Singapore. Mr Li is involved in the Group’s corporate finance, business development, alliance with external parties and the Group’s strategy setting and operation planning. Mr Li holds a Bachelor of Arts (Hons) in Business and Finance from the University of Portsmouth, UK and a Master of Business Administration (Hons) from the University of Chicago Graduate School of Business at Chicago, USA. ANG POH SENG, Chief Financial Officer Mr Ang Poh Seng joined our Group in February 2010 as our Chief Financial Officer. He oversees our Group’s financial, accounting and tax matters with respect to the Singapore laws and regulations and the requirement of

ENVIRONMENTALLY friendly energy power

Wang Daxi

SGX Listing Rules. Mr Ang started his career with Ernst and Young, Singapore in 2002 and moved on to join PricewaterhouseCoopers, Singapore in 2004. In 2005, Mr Ang joined Opal Interpoint Shipping Services (S) Pte Ltd as its Sales and Finance Manager. From 2005 to 2006, Mr Ang was employed in Astute Shipping Services (S) Pte Ltd as its Sales and Finance Manager. From 2006 to 2009, Mr Ang was the Vice President of Rockstead Capital Pte Ltd and was responsible for project investment analysis and corporate finance related matters in the Singapore and China market. Immediately prior to joining the company Mr Ang was the Financial Controller of Asia Water Technology Ltd (a Catalist listed company). Mr Ang holds a Bachelor of Accountancy Degree (Hons) from the Nanyang Technological University and is currently a Certified Public Accountant (Non-Practicing Member) of the Institute of Certified Public Accountants of Singapore. WANG YUEZHONG, Assistant to CEO Mr Wang Yuezhong is Assistant to CEO. Mr Wang assists CEO for investment related matters and coworks with CFO to oversee the financial function of the Group. Before taking up the current position, Mr Wang was CFO of the Company. He was former Deputy General Manager of Shenzhen NARI Technologies Co Ltd and has many years of working experience in a multi-national company Mr Wang holds a Bachelor’s degree in Accountancy and is a qualified CPA in China

Ang Poh Seng

ASIA POWER CORPORATION LIMITED (Singapore)

100%

Asia Power (Hainan) Investment Co Ltd

100%

Asia Power (Hong Kong) Energy Investment Co Ltd

51%

Heilongjiang Asiapower Xinbao Heating & Power Co Ltd

100%

Asia Power (Chengdu) Investment Management Co Ltd

60%

Asia Power (Neijiang) Hydroelectricity Co Ltd

35%

100%

Asia Hydro Power Investment Pte Ltd

53.44%

Asia Power (Leibo) Hydroelectricity Co Ltd

60%

Rich Bvild Investment Ltd

100%

JAZ Technology Development (Shenzhen) Co Ltd

100%

Hainan Asiapower Investment Management Co Ltd

100%

Yang Pu Li Yuan Power Development Co Ltd

100%

Asia Power (Shenzhen) Management Consulting Co Ltd

100%

Asia Power (Shanghai) Management Consulting Co Ltd

25%

Changzhou Huayuan Electric Power Co Ltd

25%

2010 Annual Report

20%

Li Tianming, William

annual report

15

CORPORATE STRUCTURE

Wang Yuezhong

Portfolio

Changzhou Suyuan Electric Power Co Ltd

Fu Da Xin Holdings Ltd (“Fudaxin”)

30% Sichuan Anning River Energy Development Co Ltd

01


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02 China Hu An Cable Holdings Ltd. Annual Report 2010

e : (65) 6846-1900 Yixing City, Jiangsu Province

imile: (86) 510-8721-0999

Chairman’s Message

China Hu An Cable Holdings Ltd. “By focusing on selling more high-end cable products in FY2009, we expanded our margin and grew net profit by 44% to RMB 134 million.”

Dai Zhi Xiang

Dear Fellow Shareholders, On behalf of the Board, I am pleased to present to you the annual report of the Group for the financial year ended 31 December 2009. Considerable efforts were spent in 2009 to prepare the Company for a listing on the Singapore Exchange Securities Trading Limited (“SGX-ST”) and this culminated in our initial public offer (“IPO”) in February 2010. The event is an important corporate milestone for our Group as the listing provides the Group with the necessary funding to upgrade our technology and facilitate our expansion into the production of more sophisticated, high-end cable products. The listing will also transform the Group by strengthening our capital structure, deepening our management capabilities and improving our standing in the business community.

S LTD.

use

03 China Hu An Cable Holdings Ltd. Annual Report 2010

Chairman’s Message

New Era of

GROWTH 2010 Annual Report

In the past 12 months, the electrical power cable industry in China continued its strong growth driven by higher electric power consumption, government supported infrastructure projects and an accelerated pace of urbanisation. With improved capabilities, we are well positioned to capitalise on the robust demand for cable products. FY2009 Performance Review In FY2009, we continued to expand our production volume and the total quantity of cable and wire products sold during the year rose 24.8% to 97,927 kilometres. This growth in sales volume came mainly from the higher end cable products, which increased 96% from 23,320 km in FY2008 to 45,792 km in FY2009. When the average copper and aluminium prices declined in FY2009 as compared to prior year, this lowered the average selling prices of our products because the pass-through raw materials

component of our products has a lower input cost. But our value addition to our customers in FY2009 increased due to the higher sales volume and a larger proportion of high-end cable products in the product mix. Arising from these changes, although Group revenue dipped 0.9% to RMB1,372.4 million, we managed to register a 44.4% increase in net profit to RMB133.6 million due to the increase in our value addition to our customers. Together with better efficiency from higher production utilisation, cost savings from greater economies of scale, the higher value addition and lower input raw material costs contributed to better profit margin. For the year under review, the overall gross profit margin and net profit margin improved by 1.78% and 3.06% to 17.6% and 9.7% respectively. Based on the full year results, our earnings per share (based on Pre-IPO total number of shares)

grew on a year-on-year basis from RMB19.7 cents to RMB28.4 cents, while our net assets backing per share rose from RMB46.95 cents as at 31 December 2008 (based on Pre-IPO total number of shares) to RMB72.06 cents as at 31 December 2009 (based on PostIPO total number of shares). Dividend In view of our good results, our Directors have recommended a first and final tax-exempt dividend of 1.0 Singapore cent per ordinary share. This final dividend, if approved by shareholders at our Annual General Meeting to be held on 11 May 2010, will be paid out on 10 June 2010. Focus on High-End Cable Products Our growth strategy has centred on technology innovation to bring to market new higher end cable products to meet the exacting needs of our new and established customers. As a result, revenue contribution from mid and highend cable products increase significantly in FY2009 and the average revenue generated from our large customers (with more than RMB1.0 million annual sales) have remained consistent despite a significant decline in average selling prices brought about by lower raw material prices. This clearly reflects our ability to offer new products with higher value add to our customers. The volatility of copper and aluminium prices in FY2009 is a clear reminder of the need to manage our copper and aluminium pass-through costs well in order to benefit from our value addition with high-end cable products. With cautious management of inventory, adoption of raw material

cost-plus pricing model and quick product delivery, we managed this potential risk well in order to report another year of good profit growth in FY2009.

in Asia. With these high value addition, we expect the new highend cable products to drive our profit growth over the medium term.

Our subsidiaries producing intermediate materials to support our production of cable products have completed their second year of production. The operating efficiencies of the production lines for copper and aluminium rods have improved although we have kept production volume low in FY2009 as it was then cheaper to buy the rods in the market than to produce them from scrap copper. The plastic cable materials line was running at improved capacity utilisation rate and product yields have improved due to better control. These subsidiaries have played an important role in providing a quick and stable supply of materials to support our cable production.

We will continue to beef up our R&D and sales team in the current year to maintain our technology innovation as well as to enable us to work with our customers for the impending launch of the new high-end cable products. As a listed company, we believe we are better positioned to attract talented individuals to strengthen our management team.

Moving Forward Following our recent IPO, we have earmarked to invest about RMB140 million of the proceeds to construct new workshops, production lines and acquire new production machinery to produce high-end specialised high and ultra-high voltage fire resistant power cables, accessories and flexible special cables with fireresistant properties. Construction is currently underway and the new capacities will be available in stages beginning of FY2011. By 2012 when all the new capacities are up and running, the Group will have the capability to produce the full range of power cables from low to ultra-high voltage and cable accessories, elevating us to a top-tier integrated cable manufacturer

Acknowledgements Our achievements in FY2009 would not have been possible without the unwavering support from our customers, suppliers, bankers and shareholders. I would like to express my heartfelt gratitude to my fellow Board members: Mr Toe Teow Heng, Mr Wee Liang Hiam and Mr Chen Teck Leng for their invaluable contributions and guidance leading to our successful listing on the SGX-ST. Last but not least, I would like to extend my appreciation to our management team and employees for their hard work, dedication and commitment in delivering the sterling results for 2009. I look forward to their continued support as we work together in creating an even more successful future.

Dai Zhi Xiang (戴志祥) Executive Chairman and Chief Executive Officer

12 China Hu An Cable Holdings Ltd. Annual Report 2010

13 China Hu An Cable Holdings Ltd. Annual Report 2010

Operations Review

Operations Review

amongst the top

10

Together with the cash inflow of RMB49.1 million from financing activities, net increase in cash and cash equivalents was significantly higher at RMB83.7 million in FY2009.

integrated cable and wire manufacturers in China

several major projects namely, Nanjing Metro Line 1, Guizhou 3200 T cement project, Shanghai A15 highway construction project, Zhugeer gangue power generation project and Yunan refuse incinerator power plant. We have also supplied cable products to customers for their overseas infrastructural projects in Iraq and Vietnam. Due to strong demand from customers, we continued to expand our production volume and the total quantity of cable and wire products sold during the year rose 24.8% to 97,927 kilometres. This boosted the capacity utilisation rate at our cable and wire manufacturing operation from 62% in FY2008 to 75% in FY2009. However, this growth in sales volume came mainly from the high-end cable products, which increased 96% from 23,320 km in FY2008 to 45,792 km in FY2009. By offering high-value cable products and meeting the increasingly sophisticated needs of our major customers, the Group was able to increase the share of revenue from higher-margin cable

annual report

products, expanded the profit margin and grew net profit.

products grew by 24.8%, Group revenue was affected by the lower input costs of raw materials during the year.

In order to support future growth, the Group invested RMB30.0 million during the year to expand manufacturing capacity and to enhance productivity. The capital investment is expected to increase the maximum production capacity for cable products by 15% in FY2010. Intermediate Products At our Shenhuan subsidiaries, business activities were affected by the volatility in copper and aluminium prices. For a large part of 2009, it was cheaper for us to buy the copper and aluminium rods from the market than to produce them from raw materials. Under such condition, we reduced our copper and aluminium rod production during the year to take advantage of the price differential. Although production of copper and aluminium rods declined, the plastic materials registered a jump of 111% in output volume to 9,098 tonnes. During the year, we commenced the manufacturing of higher value plastic cable materials, such as XLPS and fire-

The general decline in copper and aluminium prices led to lower average selling prices for our cable and wire products because the raw material component is a passthrough cost for us. As a result, Group revenue fell 0.9% to RMB 1,372.4 million despite the growth in output volume.

retardant insulating materials, which also contributed to the growth of revenue from this ivision. FINANCIAL REVIEW Revenue The Group continued to experience robust demand from customers in FY2009. Although output volume of cable and wire

Portfolio

Profitability Despite lower revenue, gross profit rose 10% to RMB 242.1 million as the Group achieved a higher value addition through a larger production volume and the higher proportion of cable products in the sales mix. Coupled with the Group’s improved operating efficiency from higher capacity utilisation, gross profit margin improved by 17.6%. The increase in other income was attributed to higher foreign currency exchange gain as well as income from contract manufacturing assignments. Aided by effective management of total operating expenses and finance costs, profit before income tax increased 30% to RMB165.8 million. During the year, the Group obtained the “High and New Technology Enterprise” status. This helped to reduce the income tax rate for Wuxi Hu An from 25% to 15% for a period of 3 years and contributed to the lower effective tax rate for the Group in FY2009. Consequently, net profit for the year jumped 44% to RMB 133.6 million.

Financial Position The Group generated a healthy net cash of RMB64.8 million from operating activities, of which RMB30.0 million was deployed to invest in fixed assets to support business expansion. Together with the cash inflow of RMB49.1 million from financing activities, net increase in cash and cash equivalents was significantly higher at RMB83.7 million in FY2009. As at 31 December 2009, trade and other receivables declined in line with the decrease in revenue. However, inventories as well as trade and other payables rose as the Group increased purchased more raw materials in anticipation of higher production activities to meet higher demand for cable products. With higher cash and bank balances totalling RMB168.7 million against reduced total borrowings of RMB317.0 million, the Group’s net gearing was substantially lowered to 43%.


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OUR INDUSTRY COVERAGE OUR MEGACHEM MODEL

Our products are sold to a wide range of industries. This diversified industry coverage provides resilience to our business.

CREATE Value For Our Suppliers & Customers

BUILD Global Network To Serve Our Customers

Performance Coatings and Polymers Paint & Ink Polymer Adhesives Construction Advanced Polymer Composites Rubber Plastics PU Polyesters

INTEGRATE Value Chain Through Manufacturing and Distribution

MAXIMISE Shareholders Value

Surface Technology Electronics Metal Finishing Industrial Cleaning Water Treatment Biotech Food & Beverages Pharmaceutical Feed Flavour/Fragrance Agriculture Oil & Gas

The Megachem Model is centred around these building blocks which has helped us achieve consistent business results over the years.

FOCUS On Long Term Sustainable Growth

Petrochemical Lubricant & Grease Oil Field

DIVERSIFY

Lifestyle

Across Industries, Markets, Products

REPLICATE Our DNA Across Our Network

Personal Care Photo Textile 04

ation No.: 198803293M d Singapore 639588 18 Fax: (65) 6863 2818

MegaChem Limited

Annual Report 2010

RISK MANAGEMENT

Discover our Passion

POSITIONING FOR GROWTH

IT SECURITY

With this in mind, we have in place the following measures :-

The Group adopts 3 key principles in IT security management ie

s s

s

s s

Confidentiality This prevents the disclosure of information to unauthorized individuals or systems.

05

s

physical security are enhanced by installing Security Camera at our premises which can be monitored via IP address. content filtering has been enabled to prevent users from viewing inappropriate web sites or content and also to prevent access of known malware hosts. disaster recovery measures are implemented such that in the event of any system breakdown, the operation can continue with little disruption. Key applications can thus be run at third party disaster recovery sites located away form our premises. Overseas operations will also be able to access the disaster recovery sites via VPN access. databases are backed up daily and kept in fire rated safe at disaster recovery sites IT security policy are documented and employees are constantly oriented to adhere to the approved policies and procedures. internal IT security audit are conducted annually.

GEOGRAPHIC PRESENCE IN

10 LOCATIONS COVERAGE OF

30 COUNTRIES

BUSINESS CONTINUITY Integrity This prevents important data from being modified.

Availability This ensures that information are readily available when needed even at times of any disruption.

The Group understands a Business Continuity Management (“BCM�) system is essential in an organization to ensure continuity in the face of any unforeseen disruptions to our business operations. In this regard, we will be implementing a BCM program this year which will then ensure that sound continuity practices are adopted and maintained through-out the organization. The BCM program will be the beginning of our journey towards achieving the SS540 Singapore Standards for Business Continuity Management. This program will establish the framework for us: s to analyse the risk s understand the impact of these risk factors s implement strategies and measures to minimize the risk of disruption and ensure timely resumption of our business activities

A N N U A L R E P O R T 2 0 1 0 10

MegaChem Megachem Limited

annual report

Portfolio

ASEAN Singapore Malaysia Indonesia Philippines Vietnam Thailand

MIDDLE EAST UAE Saudi Arabia Bahrain

NORTH ASIA China Japan Korea Taiwan

OCEANIA Australia New Zealand

SOUTH ASIA Pakistan India Bangladesh Sri Lanka

AFRICA Congo

AMERICA USA South America EUROPE UK Sweden Romania France Belgium Italy Spain Germany

Annual Report 2010

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TABLE OF CONTENTS

Believe, Beyond, Become

02 Corporate Profile 03 Financial Highlights 04 Executive Chairman’s Statement 06 Financial & Operations Review 08 Board of Directors 10 Executive Of cers 11 Corporate Structure 12 Corporate Information 13 Financial Report 95 Shareholding Statistics 97 Notice of Annual General Meeting 101 Appendix 1 102 Addendum to the Notice of AGM Proxy Form

TOWARDS a new wave

Being an established service provider of corrosion prevention to the marine, offshore oil and gas industries in Singapore and Batam, Indonesia, our main motivation factor comes from customers’ satisfaction via our quality workmanship and services. We aspire to become an integrated marine service group with a major presence in South East Asia. We are motivated to meet our customers’ satisfaction with our quality workmanship and services.

Cover Rationale

All set to

EXPLORE and go PLACES Annual Report 2010

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of EXCELLENCE

Beng Kuang Marine Limited AR 2010

FINANCIAL & OPERATIONS REVIEW

valueS$9.0 million signed with a major rig building companyfor its corrosion prevention services. The contract winslends good testament to the quality and reliability of ourservices, which are an important element for us to remaincompetitive amidst the global economic turmoil.

SEGMENTAL REVIEW

OPERATING PROFITS

The fabrication yard in Batam has brought in new avenuefor growth to BKM. The IE division has surpassed theother divisions in revenue growth and will take the lead inshaping BKM’s future directions. In FY2009, revenue fromIE division rose by S$17.2 million from S$39.8 million toS$57.0 million. This increase was mainly contributed bythe steel and pipe fabrication projects from Punj LloydLimited in May 2008 and the accommodation deckhousemodule from Leighton Holding Ltd in September 2008.The contract with Leighton Holding Ltd was successfullycompleted and delivered in October 2009. In the secondquarter of FY2009, the fabrication yard has also engagedin the provision of ship repair services.

Corrosion Prevention (“CP”) Division

5 Shipyard Road Singapore 628141

Website: www.bkmgroup.com.sg

The fabrication yard is currently in its young phase ofdevelopment, hence the Group will allocate resources tostrengthen its infrastructures and facilitating operationalcompetitiveness to attract more marine, offshore oil andgas customers.

ANNUAL REPORT 2010

6

FY2009 has been a challenging year for the CP division,the revenue declined by S$6.0 million from S$64.3 millionin FY2008 to S$58.3 million in FY2009. Due to the weakdemand for rigs and offshore projects, CP division has lowerrevenue compared to the previous corresponding year.Despite the lower revenue achieved, the recurring businessand the established working relationship with various majorshipyards in Singapore and Batam continued to generatestable stream of income for the Group. In April FY2009,BKM was pleased to secure two contracts of total

Beng Kuang Marine Limited AR 2010

annual report

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1

FINANCIAL & OPERATIONS REVIEW

FY2009 was an exciting year for BKM to register thefi rst year revenue from the fabrication yard in Batam.With the newly added revenue generated from thefabrication yard, the Group managed to achieve 5.3%growth in revenue to S$138.5 million despite the volatileconditions. BKM highlighted its engineering capabilitiesthrough the successful completion and delivering of theaccommodation deckhouse module for an offshore pipelaying barge.

Infrastructure Engineering (“IE”) Division

el: (65) 6266 0010 Fax: (65) 6264 0010

mail: bkm@bkmgroup.com.sg

MISSION STATEMENT

Supply and Distribution (“SD”) Division The SD revenue declined by S$4.2 million from S$27.3million to S$23.1 million. The management has anticipatedthe slowdown for demand of hardware in FY2009 andby paying closer attention in reviewing inventory andwarehouse management to avoid cashfl ow being tied upduring the low sales season.

The Group’s overall gross profit declined 2.3% to S$29.6million in FY2009. Gross profit margin fell from 23.0% to21.4%. One of the reasons for the dropped in gross profit and gross profit margin was due to the carrying costson fixed assets during the weak economic environment.The Group also made conservative allowance for stockobsolescence of approximately S$1.0 million to accountfor potential spoilage, expiry and obsolescence due toprolonged period of storage in the warehouse. The Group’s profit after tax improved 5.7% from S$8.4million in FY2008 to S$8.8 million in FY2009. This led to 4.0% increase in net profit attributable to shareholdersto S$8.6 million. The improved earnings were largely dueto the Group’s ability to maintain gross profit, and reduceadministrative, selling and distribution costs.

CASH FLOW, WORKING CAPITAL, ASSETS AND LIABILITIES In the last quarter of 2009, BKM raised S$11.8 million newfunds through equity financing to repay bank loans, fundingcapital expenditure for our fabrication yard and generalworking capital. As at 31 December 2009, current assets and current liabilitieswere lower at S$85.4 million and S$68.2 million respectivelyas compared to S$90.2 million and S$83.5 million as of 31December 2008. This was due to lower sales transactionstowards the last quarter of FY2009, which reduced therequirement for the Group’s working capital.

Beng Kuang Marine Limited AR 2010

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HOLDINGS LIMITED

reet 5, Singapore 637644 511 Fax: (65) 6758 0753 @yongnam.com.sg ww.yongnam.com.sg

Contents

Corporate Profile

HOLDINGS LIMITED

With over

01

Corporate Profile

02

CEO’s Message

04

Board of Directors

06

Key Executives

07

Corporate Information

08

Operations Review

12

Financial Highlights

13

Financial Contents

Shaping the city skyline, adding structural and aesthetic value to buildings, laying solid foundations that give people the confidence to build upon – these are the ideals that Yongnam has become synonymous with, as it grows from strength to strength, year after year. Steel is increasingly the material of choice for the construction of buildings and temporary support for deep excavations. The advantages of using steel over conventional material such as concrete for building construction are numerous. The higher speed of construction, superior material strength to volume ratio, flexibility in design and aesthetics are just some of the benefits of using steel. With over 30 years of experience in steel fabrication, Yongnam excels in adding value to steel construction. Our Singapore operations are housed at our mega-site in Tuas. Together with our production facilities in Pontian, Malaysia, we have a total annual production capacity of 42,000 tonnes of

steel fabrication. We have also purchased a piece of industrial land in Nusajaya, Johor, Malaysia and are currently constructing a new fabrication factory with annual production capacity of 42,000 tonnes of steel fabrication. The factory is scheduled to commence operation by the first half of 2008. Yongnam utilises the latest fabrication technologies and design innovation to offer solutions to our clients on a fast-track basis. Our modular strutting system continues to give us a strong competitive edge in meeting increasingly more stringent design and project requirements in infrastructure and construction projects. Yongnam’s technical and value engineering solutions for steel fabrication and erection have resulted in increased productivity, improved yield and lower costs. Our in-house pool of experienced and qualified engineers, technicians, welders, riggers, fitters and detailers are consistently adding value to our clients’ projects.

Yongnam is an ISO9001:2000, IQNet and OHSAS 18001 qualified company and accredited fabricator of the highest S1 category from the Singapore Structural Steel Society. Our Quality Management System takes a planned approach towards continuous improvement of our products, processes and services. Moving forward, Yongnam aims to be the provider of choice and partner in solutions for the steel industry.

A n n u al Re po r t 2010

CEO’s Message

| 01

CEO’s Message

Yongnam’s financial position has strengthened. Our gearing has been reduced from 10.6 as at 31 December 2006 to 0.7 as at 31 December 2007 and our shareholders’ equity as at the same date improved dramatically to $108.6 million.

Dear Shareholders,

of experience... Annual Report 2010

The Group achieved its fourth consecutive year of record performance in FY2009. Profit before tax hit a record $48.8 million on the back of a marginal 2.7% increase in revenue to $346.8 million. Yongnam continued to perform well in FY2009. Notwithstanding the marginal increase in revenue, gross profit registered an 18.0% improvement to $80.4 million, compared to $68.1 million in FY2008. Gearing has increased from 0.56 times as at the end of FY2008 to 0.75 times as at the

02 |

end of FY2009 in line with increased project financing requirements. The Group’s net worth increased from $147.7 million as at the end of FY2008 to $187.6 million as at the end of FY2009. Our relentless efforts at ensuring ontime and quality delivery, coupled with the Group’s established brand name as a preferred specialist steel contractor, enabled us to benefit from the increased spending on mega infrastructural projects in the region. Our projects with the Marina Bay SandsTM Integrated Resort and Dubai Metro continued to progress well, and are scheduled for completion at various times within FY2010. Work commenced on several projects secured towards the end of FY2008 and within FY2009, such as the Civic, Cultural, Retail & Entertainment Hub at Vista Xchange, One North, Marina Coastal Expressway and Gardens by the Bay. The Group won several contracts for the much acclaimed Marina Coastal Expressway (“MCE”) in FY2009. The dual five-lane, 5km long MCE is a strategic underground eastwest transport link between three major expressways, catering to the projected

increase in traffic volume generated by the high density developments in the Marina Bay area. Our first MCE contract, the MCE C485, valued at approximately $208.1 million, is the single largest contract win for the Group to-date. This was followed by the MCE C487 valued at approximately $53.0 million, the MCE C483 valued at approximately $23.1 million, and the MCE 486 valued at approximately $21.5 million. The Group also won its eighth and ninth contracts from the Marina Bay SandsTM Integrated Resort in FY2009. The Lion Garden Bridge and Cooling Tower Structure project was valued at approximately $17.6 million, and the Crystal Pavilions project was valued at approximately $38.7 million. In addition, the Group also clinched the Gardens by the Bay project, owned by the National Parks Board of Singapore, valued at approximately $58.2 million. As at the end of FY2009, the Group’s order book remained healthy at $492.0 million. With the easing of the global financial crunch brought about by the sub-prime crisis in FY2008, and helped by the measures put in place by the government such as the loan insurance scheme, the Group continues

Yongn am H o l d i n g s Li mi t e d

annual report

Portfolio

to enjoy strong support from its bankers and secured the necessary financing for its projects as well as working capital. The Dubai World crisis and the general slowdown in Dubai in FY2009 brought attention from various sectors on the exposure of the Group with respect to its Dubai Metro project. Our Dubai Metro project is funded by the Dubai government and our contract was with the joint venture between Obayashi Corporation, Kumagai Corporation and their Turkish partner. The impact had been accounted for in FY2009. The project is scheduled for completion in the first half of FY2010 and with the recent resolution of differences between the Dubai government and the joint venture, we look forward to a normalization of the situation. The Group remains cautiously optimistic about the outlook for the next few years. While we expect to benefit from the Singapore government’s investment plan over the next 10 to 12 years to improve our transport network, increased spending on mega infrastructural projects such as the Sports Hub, as well as infrastructural and commercial developments in the Middle East, India and Hong Kong, we are

also facing increasing competition from international players. The Group will retain its focus on the infrastructural developments in Singapore and continue to leverage on the footholds that it has established in our overseas markets. While the recent announcement on the progressive increase in foreign worker levies by the Singapore government is not expected to have a significant impact on Yongnam, the Group recognises the need to continue to rationalise our headcount and improve upon our skill sets and methodologies in view of the increasing competition and rising costs of business. To achieve this, the Group will continue to upgrade its employees and recruit qualified and experienced staff to help further improve our productivity. I would like to thank the Board for their invaluable contributions, our staff for their dedication, as well as our customers, bankers and suppliers for their support. In appreciation of the Shareholders’ confidence in the Group, the Board has recommended a first and final dividend of 0.5 cent per share for FY2009.

With increasing competition and rising business costs, the times ahead will be even more challenging. However, I am confident that with the continued dedication and support from all our stakeholders, we will continue to perform well in FY2010.

Seow Soon Yong Chief Executive Officer

A n n u al R e p o r t 2 0 1 0

| 03


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Environmentally

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Our Commitment To You Green Label Products FORMDEX UNIFLEX

Cementitious Waterproofing System A two component cementitious waterproofing membrane, Formdex Uniflex has excellent adhesion, flexural and tensile strength. It is an effective and permanent waterproofing solution to all masonry structures.

The Green Label certification by Singapore Environmental Council bears testimony to Hitchins’ continuing drive to protecting and enhancing the built environment. Supported by a strong R&D team, Hitchins develops and manufactures specialty chemicals used by the Group to provide environmentally friendly integrated solutions for waterproofing and building protection.

Areas of usage Wet areas, swimming pools, water features, etc.

Waterproofing Solutions for a Greener Environment

FORMAK 629

Concealed Waterproofing System High in tensile strength, Formak 629 is a single component, solvent-free liquid applied elastomeric waterproofing membrane based on polyisoprene polymers. It contains no bitumen or coal tar and will not cause staining to marble, tiles or tiles grout. Areas of usage Concealed roofs, non-insulated decks

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Exposed Waterproofing System Traffigard is a decorative, liquid applied membrane of heavy-bodied acrylic polymer gel. It is reinforced with fiberglass matt application for maximum strength and durability. Areas of usage All general exposed roofs

SEALFLEX

Waterproofing System for Walls Specially designed for exterior use, Sealflex is a high-build, heavy-duty, flexible and elastomeric waterproofing system for walls. It is a multi-layered system that consists of a primer, an elastomeric bodycoat and a durable protective topcoat. Areas of Usage Concrete, light-weight concrete blocks, bricks and masonry.

Hitchins (FE) Marketing Pte Ltd 30 Toh Guan Road #07-01 ODC Districentre Singapore 608840 Telephone: (65) 6861 1177 Fax: (65) 6863 4240 Website: www.hitchins.com

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1.pdf 10/29/2008 11:30:31 AM

2.pdf 10/29/2008 11:28:34 AM

Watch your favourite shows at 50% off!

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“Keppel Nights Rocks”

This year-long scheme allows arts-goers to purchase tickets to selected shows at 50% off.

For more details, visit www.keppelnights.com

So hurry, get your Keppel Nights tickets today! Visit www.keppelnights.com for more information. Conditions apply.

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Get your tickets at Old City Hall and South Beach Development on 16 Nov 08 from 10am-8pm Puccini Gala Concert – A Celebration of Puccini’s Works Fri, 21 Nov 08 7.30pm, Esplanade Concert Hall

Students, NSFs and senior citizens (55 years and above) may enjoy the subsidy by presenting their respective passes at authorised ticketing outlets or by quoting the valid Keppel Nights password at the respective booking websites or over the booking hotlines.

Keppel Nights Half-Price Subsidy:

The general public may quote the password at authorised ticketing outlets, websites or hotlines.

Manic Street Preachers Mon, 24 Nov 08 8pm, Fort Canning Park

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Limited to 4 tickets per show per transaction on a first-come-first-served basis. Entry of password at booking websites is case sensitive. Prices exclude ticketing agent charges. For enquiry and feedback, please contact us via: Mailing Address: Keppel Nights - Cultivating Audiences for the Arts c/o National Arts Council 140 Hill Street #03-01 MICA Building Singapore 179369

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Enquiry Line: (65) 6837 9844 (during office hours) Email: kn@nac.gov.sg Information correct at the time of printing.

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Keppel Nights tickets for this show fully taken up First Light Sun, 30 Nov 08 8pm, Esplanade Theatre Studio Keppel Nights Half-Price Subsidy:

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Visit any SISTIC outlet Visit any Gatecrash outlet or Call 6348 5555 SingPost Post Office Log on to www.sistic.com.sg Call 6100 2005 Log on to www.gatecrash.com.sg


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Get Your

Today!

Get 50% subsidy to these selected shows from May to July 2009. Keppel Nights tickets are limited, get yours today!

The Philharmonic Winds in Concert – Give Us This Day by The Philharmonic Winds Sun, 3 May 09 7.30pm, Esplanade Concert Hall

Keppel Nights 50% subsidy: $12.50, $10 (Retail price: $25, $20) Get your tickets from SISTIC

Precious Little: Brief Encounters with Beckett

by World-In-Theatre Ltd Sat, 9 May 09 7.30pm, Play Den, The Arts House Keppel Nights 50% subsidy: $12.50 (Retail price: $25) Get your tickets from The Arts House

Youth Voices

by The A Cappella Society Ltd Sat, 16 May 09 7.30pm, Esplanade Recital Studio Keppel Nights 50% subsidy: $12.50 (Retail price: $25) Get your tickets from www.a-cappella. org.sg/events

Fairytaleheart

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SONGS FOR GAIA

by Ecnad Dance Ltd Sun, 21 Jun 09 3pm, Chamber, The Arts House Keppel Nights 50% subsidy: $14 (Retail price: $28) Get your tickets from The Arts House

Many Faces Of Chinese Opera by Chinese Opera Institute Thu, 25 Jun 09 8pm, Victoria Theatre This is a Chinese production

Keppel Nights 50% subsidy: $15, $10 (Retail price: $30, $20) Get your tickets from Gatecrash

ROARING GOOD TIMES! (2) Cross Talk Show 哄堂二 - 相声专场 by Young People’s Performing Arts Ensemble Ltd Sat, 4 Jul 09 8pm, Singapore Conference Hall This is a Chinese production Keppel Nights 50% subsidy: $10 (Retail price: $20) Get your tickets from SISTIC

Ballet Under The Stars by Singapore Dance Theatre Sun, 19 Jul 09 7.30pm, Fort Canning Park Keppel Nights 50% subsidy: $12.50 (Retail price: $25) Get your tickets from SISTIC

Butterfly Dreams

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Keppel Nights – a partnership between Keppel Corporation and National Arts Council – is Singapore’s first sustainable ticket subsidy scheme for paid arts shows. For enquiries, email kn@nac.gov.sg or call +65 6837 9844 or log on to www.keppelnights.com

sword, For Keppel Nights pas elnights.com log on to www.kepp Club Join our Facebook ! for the latest updates

KEPPEL NIGHTS TERMS AND CONDITIONS Students, NSFs and senior citizens (55 years and above) may enjoy the subsidy by presenting their respective passes at authorised ticketing outlets or by quoting the valid Keppel Nights password at the respective booking websites or over the booking hotlines. The general public may quote the password at authorised ticketing outlets, websites or hotlines. Limited to 4 tickets per show per transaction on a first-come-first-served basis. Entry of password at booking websites is case sensitive. Prices exclude ticketing agent charges. Information correct at the time of printing.

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Contents

01 Corporate Vision / Corporate Mission / Core Values 02 Chairman’s Message 04 Board of Directors 06 Key Management Staff 10 Business Review 13 Financial Highlights 14 Milestones 15 TMC and Affiliates 16 Corporate Information

17 Corporate Governance Report 25 Directors’ Report 29 Statement by Directors 30 Independent Auditor’s Report 31 Balance Sheets 32 Consolidated Income Statement 33 Statement of Changes in Equity

34 Consolidated Statement of Cash Flows 36 Notes to the Financial Statements 77 Statistics of Shareholdings 78 Notice of Annual General Meeting Proxy Form

Corporate Vision

Corporate Mission

Core Values

To be the leading provider of quality education and training in the Asia Pacific region.

Our qualified professionals are committed to delivering high quality courses in a conducive learning environment with stateof-the-art technology and excellent student services.

Our mission is supported by four core values outlined in PACE which illustrates our internal beliefs of:

Professionalism We uphold the highest standards of ethics, accountability and transparency.

Affinity We value relationships and see ourselves as a family that constantly supports and stands by one another.

Continuous Improvement We are uncompromising in our pursuit for excellence and strive to re-invent ourselves to stay relevant.

Empowerment

PACE

We are ambassadors of our brand and each and everyone of us is responsible for creating an enriching and inspiring TMC experience. TM C E duca t i on C orpor a t i on Lt d

02

Chairman’s Message

The Power of Education

Backed by strong positive cash flow generated during 2007, the Group’s current assets improved

2008 Annual Report

31.5%

over the previous year. Cash and cash equivalents

36.6% from $3.10 million in $4.24 million in 2007 while total bank borrowings reduced by 29.5% from $1.29 million in 2006 to $910,000 in 2007.

increased 2006 to

Chairman’s Message Dr Chin Kon Yuen, Chairman and CEO

On behalf of the Board of Directors, I present the Group’s Annual Report for the financial year ended 31 December 2007. Compared to 2006, the Group’s overall revenue and other income declined by 10.7% from $12.51 million to $11.17 million. The Group’s revenue was mainly affected by the lower number of students enrolled in 2007. Profit before tax decreased to $0.05 million in comparison to previous year’s $1.77 million, leading to a decrease in earnings per share of 1.17 cents in 2006 to 0.22 cents in 2007. Revenue from the operations in Singapore decreased by 9.1% from $11.90 million in 2006 to $10.81 million. With the conclusion of the streamlining exercise, revenue from the operations in China declined by $197,000 from $376,000 in 2006 to $179,000 in 2007. Revenue from business courses decreased by 4.4% from $8.70 million in 2006 to $8.32 million in 2007, while revenue from computing courses had a 22.6%

03

drop from $3.22 million in 2006 to $2.49 million in 2007. Other income reduced by $65,000 from $247,000 in 2006 to $182,000 in 2007 largely due to the one-time adjustments made in 2006 to reverse the provisions which were not needed.

s

/THERINCREASESINRECORDED under property-related expenses, i.e. property tax, maintenance fees and rental of premises and equipment.

The Group continued its streamlining and cost cutting efforts throughout 2007. These efforts resulted in cost savings in personnel expenses, advertising and promotion and other operating expenses. Other one-time adjustments included in these savings were $97,000 and $184,000 for branding grant received (advertising and promotion) and reversal (1) Course materials and subscriptions of bad debts allowance (other operating s (IGHER FEES PAID TO PARTNER expenses) respectively. institutions in 2007 due to Financial expenses for 2007 remained increased fees and student relatively unchanged from the enrolment in certain courses. corresponding year in 2006. Overall operating expenses of the Group increased 3.5% from $10.74 million in 2006 to $11.12 million in 2007, an increase of $376,000, attributed mainly to: -

(2) Property, plant and equipment related expenses s 2EVERSAL OF   impairment loss on land and building in 2006 (2007: Nil); s /NE TIME IMPAIRMENT LOSS OF $98,000 to write off the property, plant and equipment held by the kindergarten in Shenyang, China; and

Provision for taxation reduced to $94,000 in 2007 due to lower profits reported. Compared to 2006, the Group’s total equity increased 0.3% from $11.77 million in 2006 to $11.81 million in 2007. Total equity of the Company increased 11.0% to $12.83 million in 2007 from $11.56 million in 2006, due

A nnua l Rep or t 2007

Portfolio annual report

mainly to profits made by the Company during financial year 2007. In October 2007, the Company declared a special interim cash dividend of gross 2.7 cents per ordinary share for the financial year ended 31 December 2007 to reward shareholders for their loyalty and support over the years. Concurrently, the Company undertook a rights issue to strengthen the capital base and provide an avenue for shareholders to increase their investment in the Company. In the year under review, the Group’s operating activities generated positive cash flow of $2.03 million during 2007 (2006: $2.82 million). Like the year before, these funds were re-invested into property, plant and equipment through upgrading of the teaching facilities amounting to $258,000 (2006: $120,000) as well as spending $108,000 in developing teaching materials. Cash position improved and stayed robust at $4.24 million (2006: $3.10 million). The Group continued to reduce its gearing by repaying bank borrowings amounting to $380,000.

Backed by strong positive cash flow generated during 2007, the Group’s current assets improved 31.5% over the previous year. Cash and cash equivalents increased 36.6% from $3.10 million in 2006 to $4.24 million in 2007 while total bank borrowings reduced by 29.5% from $1.29 million in 2006 to $910,000 in 2007. Other payables increased 18.6% from $3.41 million in 2006 to $4.05 million in 2007 due mainly to the increase in course fees received in advance. Overall, working capital for the Group decreased by 0.5% but increased by 69.8% at the Company level. Given the full-year financial performance and in view that a special interim dividend of gross 2.7 cents per ordinary share had been given in conjunction with the rights issue in October 2007, the Board of Directors recommends no further dividend to be declared for the financial year ended 31 December 2007. The market conditions in 2008 are expected to stay challenging as competition throughout the region remains

keen and domestic prices are anticipated to increase, pushing operating costs upwards. Faced with these challenges, the Group will continue to focus on revenue growth with emphasis in expanding the scope of its programmes through quality and innovative education pathways as well as strengthening its ties with existing partners and forging new affiliations with other potential reputable local and overseas institutions and universities. Baring any unforeseen circumstances, the Board remains cautiously optimistic about the outlook for financial year 2008. I would like to thank my fellow board members for their invaluable guidance and committed leadership. I also wish to extend our appreciation to the management and staff of TMC, our academic advisers, students, business partners, associates and shareholders for their confidence and support given to the Group in the past year.

Dr Chin Kon Yuen Chairman and CEO TM C E duca t i on C orpor a t i on Lt d

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CORPORATE PROFILE

CONTENTS

01 Corporate Profile 02 Chairman’s Statement 04 Board of Directors 06 Project Division 08 Aluminium Extrusion & Related Products Division 10 Key Executives 12 Corporate Structure and Data

Compact Metal Industries Ltd has over the years established itself as one of the leaders in the aluminium industry.

13 Financial Statements

Our core competencies consist of the following: s $ESIGNVALUE ADDEDFABRICATIONANDINSTALLATIONOFALUMINIUM windows, doors, space frames, skylights, grills, sun shades,curtain wall and aluminium cladding. s -ANUFACTUREROFHIGH QUALITYEXTRUDEDALUMINIUMRELATED products.

Compact Metal Industries Ltd I Annual Report 2008 | 01

2008 Annual Report The Group’s turnover for the year ended 31 Dec 2008 increased by 21% to S$63.9 million compared to S$52.6 million for corresponding year in 2007 due to higher sales in Project and Aluminum Products Divisions. 截止到2008年12月31日集团的营业额为六千三百九十万新币,相 比2007年五千二百六十万新币的营业额增长了21%,很大程度的 增长来源于我们的工程项目和铝产品的销售。

主席报告书

CHAIRMAN’S STATEMENT Chng Gim Huat, Chairman

Embarking on a Journey of Performances

Business Unit Performances

开辟新前程

营运概况

COMPACT METAL INDUSTRIES LTD’s journey of Performances really began with the restructuring agreement with creditor banks in the year 2006. This was further enhanced by investment of funding in year 2007. The foundation and corner stones were shored and reinforced. The strong fundamentals were the pillars of lean operations, keys assets optimization and our core expertise maximization; has then made achievement in profits.

Historically COMPACT METAL INDUSTRIES LTD has two major businesses – Project Division and Aluminum Extrusion and Related Products Division. COMPACT is a vertically integrated manufacturer. It has achieved sales of S$14.32 million for Project Division and S$49.6 million for the Aluminum Extrusion and Related Products Division.

坚固集团真正的重组路程,是在 2006年与债权银行签订 的重组协议后拉开了新的篇章。 在2007年,新的改革 进一步加强了投资资金的使用,巩固并增强了集团的实 力。

坚固金属工业有限公司一直有两大主要业务, 工程项目和 铝型材相关产品的制造。坚固是一站式的综合制造商。 工程项目销售额已经达到一千四百三十二万新币,铝型 材和相关产品的制造也达到了四千九百六十万新币。

基础建设的加强是精益操作,资产优化和核心技术的提 高,从而取得了很好的成绩。

展望与机会

Financial Performance The Group’s turnover for the year ended 31 Dec 2008 increased by 21% to S$63.9 million compared to S$52.6 million for corresponding year in 2007 due to higher sales in Project and Aluminum Products Divisions. The Group’s profit before taxation of S$1.84million for the year ended 31 Dec 2008 was affected by the impairment of investment properties and goodwill as well as exchange loss.The Group’s profit before taxation of S$2.9 million for the year ENDED$ECWASMAINLYATTRIBUTABLETOTHEONE TIME gain on disposal of properties S$4.5 million, write back of accrued finance cost S$3.5 million, section 44 tax credit of S$1.1 million and bad debt recovered of S$1.7 million. The Group’s cash flow position has improved due to better cash management in receivables; bad debts recovered and tax refund.

Outlook and Opportunities Outlook for the Group remains steady as we have secured S$71.4 million orders as at 31 December 2008. The Group is encouraged by the steady development that it has achieved amidst the current inflationary pressures and fears of weakening global economy which continue to weigh on the market sentiments.

Appreciation As COMPACT continue in pursuit of performances, I would like to thank our board members, shareholders, customers, suppliers and employees for your dedicated support which has made COMPACT METAL INDUSTRIES LTD; what it is today. Our belief for mark performances is a relentless pursuit, but it is not without greater challenges. With a strong sense of determination, drive and unison of minds, we can meet these challenges and succeed in our epic of mark performances.

财务表现 截止到 2008年 12月 31日集团的营业额为六千三百九十万 新币,相比 2007年五千二百六十万新币的营业额增长了 21%,很大程度的增长来源于我们的工程项目和铝产品 的销售。截止到 2008年 12月 31日集团的税前利润为新币 二百一十九万新币,其中影响利润的是产业投资方面和 货币汇率的损失。集团在 2007年的税前利润为二百九十 万新币,这个利润来源是一次性售卖资产获得四百五十 万新币,消减了三百五十万新币的利息。依照税务局条 例中的第44条,我们得到了一百一十万新币的退税并且 收回了一百七十万新币的坏账。集团的资金流动已经得 到改善,归功于良好的现金管理,对坏帐的收回,以及 应收账款与退税。

集团的未来将继续保持稳定,而且到 2008 年 12 月 31 日 我们已经获得大约新币七千一百四十万的订单。在目前 通货膨胀以及全球经济放缓而导致投资气氛疲软的局势 下,集团对于获得的稳健发展,感到十分欣慰与鼓舞。

致谢 坚固集团将继续探索发展,在这里非常感谢我们的董事 会仝人、股东、顾客、供应厂商以及坚固集团全体员 工,坚固今天的成绩,也是你们一直对坚固金属工业有 限公司热心支持的结果。我们的信念是在更大的挑战面 前,继续不懈的追求,以坚定的信心、干劲和团结的精 神,来迎接这些挑战,让我们一起努力共创佳绩。

庄锦发先生 董事会主席

Mr Chng Gim Huat Chairman

02 | Compact Metal Industries Ltd I Annual Report 2008

Portfolio annual report

Compact Metal Industries Ltd I Annual Report 2008 | 03


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ANNUAL REPORT 2008 | 01

“IN RESPONSE TO THE CHANGES AND VOLATILE EXTERNAL ENVIRONMENT, THE MANAGEMENT DECIDED TO FINETUNE ITS BUSINESS STRATEGY.”

Fo c u s annual report

2009

Contents Chairman’s Message

2 Board of Directors 4 Our Senior Management 9 Financial Highlights 10

“HENCE, AS A PRIORITY, THE MANAGEMENT OF LBC HAS FOCUSED ON THOSE ACTIVITIES THAT CAN HELP GROW THE POTENTIALS OF THE LSB PLANT FASTER AND THE DEVELOPMENT OF FRESH SUPPLY RESOURCES AND OPPORTUNITIES THAT ARE OFFERED BY THE CURRENT GLOBAL ‘GREEN MOVEMENT’.”

ANNUAL REPORT 2008 | 03

LERENO BIO-CHEM LTD | 02

CHAIRMAN’S MESSAGE

CHAIRMAN’S MESSAGE

DEAR SHAREHOLDERS

The financial year ended 31 March 2008 was a challenging year for the Group in preparation for its biofuel and related business in view of the economic changes and in ationary pressures that had surfaced throughout the world. THE GLOBAL INVESTMENT OUTLOOK AND INVESTMENTS IN LBC

we are part of

THE GREEN REVOLUTION

The global investment outlook has deteriorated since 2007. Financial markets continue to deal with the shakeup arising from the “subprime” meltdowns in the US economy and its huge impact and stress on the global financial system. Equity markets are sliding and the money markets are generally more cautious over the credit worthiness of various debt issuers as well as the illiquidity of the interbank markets. Despite all these, we are glad that Lereno BioChem Ltd (“LBC”) was able to raise approximately $6.75 million in July 2007 with the placement of 35 million LBC shares and to convert $11.7 million worth of debts into equity through the issue of 68.7 million new LBC shares. One of the milestones in 2007/2008 was crude oil price crossing the US$100 per barrel mark. Almost all commodities and raw material prices are at an all-time high. Strong global demand and shortages of food products are fuelling the rise in food prices; these inevitably have a direct impact on the price of palm oil which is one of the feedstocks that LBC uses for its production of biodiesel. These have all combined to give 2007/2008 a changed outlook for the biofuel market and necessitate our management to initiate adjustments in LBC’s business strategy going forward.

BIOFUELS PROCESSING In March 2007, LBC completed the acquisition of Lereno Sdn Bhd (“LSB”) as one of its associated companies. LSB is one of the very few biodiesel manufacturers in Malaysia that has started production notwithstanding the current high palm oil prices. This is attributed to its special winterized biodiesel technology which has enabled LSB to secure a number of manufacturing contracts. There is some initial loss reported for the production plant, as it was only commissioned in the second half of 2007. The current arrangement has given LSB

the ability to take on a range of product refining work and to help establish the company’s credentials as a reliable and exible manufacturer/supplier. It also allows potential long term buyers the opportunity to observe and test for themselves the company’s product quality and operational diversity. In fact, LSB is currently arranging with top multinational companies for long-term off-take arrangements for its quality products.

SOURCING FOR ALTERNATIVE FEEDSTOCK IN SUPPORT OF GREEN PRACTICES LBC is also actively sourcing for alternative non-edible feedstocks including jatropha for its biofuel operations. As a result, the LSB plant in Malaysia is being prepared to receive multi-feedstock inputs in the near future besides palm oil.

NEXT STEP FORWARD Our initial business strategy was to embark on an integrated strategy for the biofuel manufacturing business, starting with acquiring existing plantations to secure our own upstream feedstock supply for the biofuel operations and then the trading operations downstream. In response to the changes and volatile external environment, the Management decided to fine-tune its business strategy. Hence, as a priority, the Management of LBC has focused on those activities that can help grow the potentials of the LSB plant faster and the development of fresh supply resources and opportunities that are offered by the current global “Green Movement”.

LBC’S CORPORATE GOVERNANCE HIGHLY RATED In August 2007, LBC’s Audit Committee commissioned an independent review on LBC’s corporate governance to identify any gaps between existing corporate governance practices within LBC and the Singapore Code of Corporate Governance. The review was done by KPMG Risk Advisory Services.

The good rating awarded to LBC from the review validates the high quality work practices that LBC Management and the Board of Directors have put in place. LBC is poised to meet the challenges ahead!

CONCLUSION It is inevitable that there will continue to be many changes in the Company’s operating environment. The context and the rules of engagement will differ from time to time. A successful company has to be prepared to be nimble footed in response to all changes. However, a truly great company requires time to build, to consolidate and to institutionalize good management ideas, people and practices. Our shareholders and valued supporters have seen us evolve during the recent years and truly LBC is a work-in-progress. Despite the uncertainties in the global outlook, LBC is moving forward steadily but surely, thinking innovatively and charting a journey of transformation in a sea of changes and opportunities that few have seen before. Let me take this opportunity to sincerely thank everyone and in particular, those who have started on this journey with us from the beginning when the LBC story unfolds; all our shareholders, supporters, past and present directors as well as management and staff. I would also like to take this opportunity to express the Company’s appreciation to our Director, Mr Suganda Setiadikurnia, for his past contributions. Mr Suganda has resigned from the board on 1 May 2008 due to personal work commitment. Let us look forward together, confidently to the years ahead!

TAN SRI DATO’ KAMARUZZAMAN BIN SHARIFF Chairman Lereno Bio-Chem Ltd

“OUR INITIAL BUSINESS STRATEGY WAS TO EMBARK ON AN INTEGRATED STRATEGY FOR THE BIOFUEL MANUFACTURING BUSINESS, STARTING WITH ACQUIRING EXISTING PLANTATIONS TO SECURE OUR OWN UPSTREAM FEEDSTOCK SUPPLY FOR THE BIOFUEL OPERATIONS AND THEN THE TRADING OPERATIONS DOWNSTREAM. ”

Portfolio annual report


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Berger International Limited

1

Table of Contents 02 Corporate Information | 03 Financial Calendar | 04 Chairman’s Statement | 06 Operations Review | 10 Group Financial Highlights | 11 Properties of the Group | 12 Board of Directors | 14 Group Structure | 15 Key Management Executives | 17 Corporate Governance | 27 Financial Contents Page | 94 Statistics of Shareholdings | 96 Notice of Annual General Meeting | Proxy Form

Essential Colours of Growth

Board Of Directors

Joint Company Secretaries

Registrar

Jalaj Ashwin Dani (Executive Chairman) Gerald Loong Sie Kiong Gokul Manjeshwar Rajan Menon Ronnie Teo Heng Hock

Joanna Lim Lan Sim Lim Aik Kun Tricor Evatthouse Corporate Services 8 Cross Street #11-00 PWC Building Singapore 048424 Tel: (65) 6236 3333 Fax: (65) 6236 4399

Boardroom Corporate & Advisory Services Pte Ltd 3 Church Street #08-01, Samsung Hub Singapore 049483 Tel: (65) 6536 5355 Fax: (65) 6536 1360

Tan Seng Chye

Audit Committee Gerald Loong Sie Kiong (Chairman) Rajan Menon Ronnie Teo Heng Hock

Nominating Committee Ronnie Teo Heng Hock (Chairman) Gerald Loong Sie Kiong Jalaj Ashwin Dani

Remuneration Committee Rajan Menon (Chairman) Gerald Loong Sie Kiong Ronnie Teo Heng Hock

Annual Report 2008

Solicitors Registered Office 22 Benoi Sector Singapore 629854 Tel: (65) 6261 5224 Fax: (65) 6261 6387 Website: www.bergeronline.com Registration No.:199307986G

Auditors Deloitte & Touche Public Accountants and Certified Public Accountants 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 Tel: (65) 6224-8288 Fax: (65) 6538-6166

Allen & Gledhill LLP One Marina Boulevard #28-00 Singapore 018989 Tel: (65) 6890 7188 Fax: (65) 6327 3800 Robert Wang & Woo LLC 9 Temasek Boulevard #32-01 Suntec Tower 2 Singapore 038989 Tel: (65) 6336 0123 Fax: (65) 6332 1480

Corporate Information 2008 Annual Report

Berger International Limited

5

Operations Review During the year under review, the group’s total revenue has increased by 11.2 % to S$ 155.3 million. Revenue in the second half of 2007 has increased by 11.1 % to S$ 85.5 million as compared to the corresponding period of the previous year. During the year under review, the focus continued to be on increasing sales and gaining market share by improving market and customer understanding, increasing the number of dealer tinting systems, introduction of new products, expanding the dealer network, increasing exports, sharper focus on the protective and industrial coating segments, competitive pricing to gain market share and improved service levels. Material prices went up and impacted input cost. However this impact was neutralized to a large extent by global sourcing and economies of scale in purchasing, formulation engineering and reduction in material losses in manufacturing.

Victory Heights*

All units have implemented a program for improving operating performance. This program is aimed at bringing about quantum improvement in operational efficiency and covers areas such as reducing material losses in manufacturing, improvement in service levels, raising environment and safety standards and better demand forecasting. This has benefited all the units and they have been able to improve operational efficiency and environment and safety standards significantly. Microsoft Navision, an ERP software which was implemented in prior years at most units is running smoothly. Apart from ensuring uniformity of software, business processes and controls across units, it has proved to be an effective decision support system. The group considers employees to be its most critical resource. It is they who drive innovation and change and help the group to achieve sustainable growth and profitability in an increasingly competitive market place. The group continues to improve its performance focused management system and invest in training to ensure a high-performance workplace. A major training initiative rolled out during the year is to improve sales force effectiveness.

Bahrain City Centre*

4 Armorcoat International Building*

Portfolio annual report

Clarke Quay, Singapore*

FINANCIAL PERFORMANCE During the year under review, the group’s total revenue has increased by 11.2 % to S$ 155.3 million. Revenue in the second half of 2007 has increased by 11.1 % to S$ 85.5 million as compared to the corresponding period of the previous year. The group has earned an operating profit of S$ 4.55 million as compared to an operating profit of S$ 0.31 million during the previous year. The operating profit during the second half of 2007 has been S$ 3 million as compared to a profit of S$ 1.1 million during the corresponding period of the previous year. This turnaround is mainly attributed to the improved performance of the subsidiaries in Barbados and Emirates and sharp reduction in operating losses of the subsidiaries in Thailand, Malaysia and China. The volume of paint sold during the year increased by 9.5 % to 40.7 million litres and the revenue from paint sales has increased by 10.9 % to S$ 141.6 million. Adjusted for exchange rate impact, the revenue from paint sales has increased by 16.9 %. Material prices during the year increased by approximately 4 %. Material cost of paint sold as a percentage to revenue from paint sales has increased from 60.9 % in the previous year to 61.5 % in the current year. The increase in material cost is due to increase in material prices, higher proportion of sales from the Middle East

* Project sites painted with Berger products

region where margins are lower, strategy to increase sales by minimizing price increases and inability to increase prices in some markets due to competitive pressures. However, sourcing gains, R&D efforts to optimize formulations and efforts in factories to reduce material losses have helped reduce the impact of material price increases. Strict control has been exercised on overhead expenses and capital employed. The group has reported a net profit after tax of S$ 2.2 million as compared to a net loss of S$ 5 million for the previous year. The following exceptional items need to be highlighted:

Elgin Bridge – Singapore

2007 s Gain of S$ 0.77 million arising from disposal of land and building in China and Trinidad 2006 s Loss of S$ 2.5 million arising from the disposal of the group’s stake in its associated company in Philippines s Loss of S$ 0.2 million arising from the disposal of the group’s stake in its subsidiary in Myanmar s Provision of S$ 0.6 million in respect of impairment of buildings of the company’s subsidiary in Thailand s Tax expense is higher by S$ 1.1 million in 2007 as compared to the previous year due to higher tax expense of S$ 0.5 million in respect of current year taxes and lower write-back of S$ 0.6 million in respect of prior year taxes.

The volume of paint sold during the year increased by 9.5 % to 40.7 million litres and the revenue from paint sales has increased by 10.9 % to S$ 141.6 million.

Operations Review 2008 Annual Report


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MISSION STATEMENT

01

TABLE OF CONTENTS 01 02 04 06 10 12 14 15 16 17

Mission Corporate Profile Financial Highlights Chairman and CEO’s Statement Business Review Board of Directors Management Team Corporate Structure Corporate Information Financial Contents

To be a world-class environmentally friendly renewable energy power company that services the region’s energy needs with the highest standards of safety and efficiency 致力于成为世界级的环保可再生能源公司

Cover Rationale:

GROWING OUR VISION 2008 Annual Report

10

Emphasising on Asia Power’s focus on renewable energy, the cover features a montage of images that reflects the company’s commitment to creating a clean and green environment through the use of renewable energy sources. The light bulb symbolises energy, the water image reflects the renewable energy source, specifically hydropower, while the plant sprouting from the light bulb represents the company’s concern for the environment as well as its vision to grow the business with the future generations in mind.

Asia Power Corporation Limited | 2008 Annual Report

BUSINESS REVIEW

BUSINESS REVIEW

Introduction

During the year under review, Asia Power (Leibo) Hydroelectricity Co., Ltd, whose principal activity is to develop and operate hydropower electricity generation plants with 40 MW installation capacity in Sichuan, PRC, completed all necessary paperwork processes from approval to construction in the past year. This is no doubt due to measures that were introduced in FY2007 that seeks to shorten the time taken for approval and construction of hydropower projects.

While FY2006 is a year noted for its expansion accomplishments, FY2007 is one highlighted by consolidations and rein-ins in operations and management of the previous year’s acquisitions. The fruits from last year’s efforts were evident with record-breaking revenue and China’s inclination toward clean renewable energy for the future ahead. Financial Performance During the year under review, the Group demonstrated a remarkable consistency in its revenue growth as the closure of FY2007 witnessed a revenue increment of S$9.0 million to S$129.8 million, compared to S$120.8 million from the previous corresponding year. Gross profit also improved by 15.0% to S$33.0 million in FY2007. For FY2006, net profit for the year continued to be in the pink of health with a moderate figure at S$21.0 million. However, when compared against FY2007’s net profit of S$31.8 million, FY2006’s net profit did not reflect the same optimism as revenue growth.

Administrative expenses increased by S$4.4 million from S$7.9 million in FY2006 to S$12.3 million in FY2007. This is mainly due to the financial consolidation of JAZ Technology and allowance for doubtful debt amounting to S$1.9 million provided during the year. Finance costs for FY2007 also increased by 17.0% due to higher interest rates charged for bank borrowings. Nevertheless, the Group’s financial condition continues to be healthy with cash and cash equivalents standing at S$28.2 million. Asia Power’s net cash inflow from operating activities surged 28.4% to S$36.6 million in FY2007 from S$28.5 million in FY2006. This is in correspondence with the Group’s growth in the Power Plants and Power Related Technology business segments by 2.1% and 158.5% respectively. Conversely, the

Prospects and Growth Strategies Some of the major issues facing the world today are surging oil prices and the imminent dangers of an abused Earth. As such, China’s Law on Renewable Energy, which promotes cleaner energy technologies, is now more important than ever. Group’s Investment Holding and Others business segment’s revenue decreased by S$2.2 million to S$8.6 million. Nonetheless, this is not a worrying issue as FY2006’s amplified net profit is mainly due to the extraordinary gain from the disposal of Shenzhen NARI Technologies Co., Ltd. In addition, the Group’s net asset value improved to SG 21.21 cents in FY2007 from FY2006’s SG 18.98 cents.

Consolidating Renewable Energy In FY2007, the Group edged closer towards our business transformation into the renewable energy sector, in view of China’s surging demand for clean energy within the country. During FY2007, the Group stepped up another gear in our drive towards hydropower by successfully securing a 94% controlling interest over Asia Power (Yunxian) Hydroelectricity Co., Ltd.

On top of that, China’s National People’s Congress, has recently passed a plan to reshuffle central government bureaucracy and set up five super-ministries. One of the super-ministries that was set up - environmental protection - suggests that China is committed to cutting CO2 emissions and other greenhouse gases. This comes after the recent snowstorms, which caused a breakdown in coal and power supply and exposed the weakness of its energy security policy. Coupled with China’s voracious appetite for energy due to the growing affluence of the economy, the Group’s strategy of developing more lucrative renewable energy places the Group in a favorable position for future growth. The Group will continue to explore expansion opportunities through acquisitions of existing projects and at the same time, accelerate efforts in the development of the hydropower electricity generation plant.

Previously, the Group already owned a 55% direct interest and another indirect interest of 15% through the Group’s subsidiary - JAZ Technology Development (Shenzhen) Co., Ltd in Yunxian. The remaining 30% was eventually completed via our wholly owned Asia Power (Chengdu) Investment Management Co., Ltd, a company which is principally engaged in the provision of power-related investment, business consultation and management services in the PRC.

GROWING OUR VISION 2008 Annual Report Asia Power Corporation Limited | 2008 Annual Report

Portfolio

Asia Power Corporation Limited | 2008 Annual Report

11


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annual report 2008 | 01

Corporate Profile Incorporated in Singapore on 26 August 2000 as a private limited company, the Company changed its name to “Multi-Con Systems Pte Ltd� on 19 October 2000, and subsequently to “Multi-Con Systems Limited� upon listing on SESDAQ in May 2005, the secondary board of Singapore %XCHANGE,TD The Group was previously engaged in the provision of specialist engineering services to project owners and main contractors in areas such as ground engineering, structural engineering, civil engineering and infrastructure works. It also provided water treatment services in Cambodia through its Cambodia subsidiary, Sincam Water Technology Co., Ltd (“Sincam�).

sustainable GROWTH and promising future Multistar believes it is to provide energy to customers now and in the future in a safe, sustainable and environmentally responsible way. Multistar will strengthen its commitments to these principles in 2008. We have acted decisively to address what matters most today and tomorrow: insightful strategic investment; a clear focus on regional business opportunities ; and more secure and diverse choices for energy conservation in the future; all accompanied by a sustained capability to deliver performance – and deliver it the right way.

In August 2007, the Group DECIDED TO EXIT FROM THE LOSS making construction business after consecutive years of losses in 2005 and 2006, and to seek other business opportunities.

In January 2008, the Company changed its name to Multistar Holdings Limited in line with the Group’s effort to revamp and CHANGEITSEXISTINGCOREBUSINESSES from those of provision of specialist engineering and water treatment services to other new business sectors. On 24 November 2008, the Company transitioned to the Catalist sponsor-supervised regime, with 0RIME0ARTNERS#ORPORATE&INANCE as the Company’s Sponsor. On 30 December 2008, the Company completed a private placement of 59,999,995 new shares at an issue price of 6 cents per share, raising total proceeds OF APPROXIMATELY  MILLION OF WHICH  MILLION WILL BE USED towards the new core business activities of the Company. On 31 December 2008, the Company completed the divestment of its loss-making water treatment business undertaken by

Sincam and concurrently, obtained the approval from the shareholders for the change of its core business to the provision of customized and turnkey energy management and monitoring solutions, advanced energy conservation technology and energy conservation products and the provision of healthcare services and products relating to medical care in the environmental and healthcare/biomedical sectors respectively. &OLLOWINGTHEDIVESTMENTOF3INCAM the Company became a cash company pending the acquisition of a new core business. 4HE#OMPANYISCURRENTLYEXPLORING investing opportunities to bring new core business to the Group and the Group will be removed from cash shell status thereafter. The Group will be focusing on growing the new core business ANDEXPECTSBETTERPERFORMANCEIN the years ahead.

Contents Corporate Profile Letter to Shareholders Directors’ Profile Corporate Information &INANCIAL(IGHLIGHTS &INANCIAL#ONTENTS

01 02 07 10 11 12

Sustainable 08 | Multistar Holdings Limited

and Promising Future

Corporate Information

Directors’ Profile

2008 | annual repor t

4 MR. TEO BOON TIENG

5 DR. LEUNG CHUN FAI

6 MR. PETER GABRIEL

Independent Director

Independent Director

Independent Director

Mr. Teo Boon Tieng was appointed as an Independent Director and Chairman of Audit Committee of the Company on 30 March 2005.

$R,EUNG#HUN&AIWASAPPOINTED as an Independent Director of the Company on 30 March 2005. He is currently a professor in the Department of Civil Engineering at the National University of Singapore. He has been a staff member of the department since April 1981.

Mr. Peter Gabriel was appointed as an Independent Director of the Company on 31 March 2008.

He served as an independent director and a member of the Audit Committee of Startech Electronics Ltd (now known as Vashion Ltd) from 2001 to April 2004. Currently practicing under his firm, Teo "OON4IENG#O #ERTIlED0UBLIC Accountants, he set up his own accounting practice in 1996 and prior to that, he was an audit MANAGER IN %RNST  9OUNG (IS EXPERIENCE WITH %RNST  9OUNG from early 1990 to late 1995 included the audit of companies from a spectrum of industries, multinational corporations and public listed companies.

HOLDINGS LIMITED

annual report 2008 | 09

He graduated from NUS with a Bachelor of Science (Honours) in Estate Management Degree in 1989. He is a fellow member of both the Institute of Certified Public Accountants of Singapore and the Association of Chartered Certified Accountants, UK.

As a registered professional engineer (geotechnical specialist) in Singapore and a chartered civil engineer in the United Kingdom, he has served as a geotechnical consultant for many government and private organisations. He has taught courses in geotechnical engineering, pile foundations, rock mechanics and foundation analysis and has published many technical papers in international journals and conferences. He is currently a member of International Standards Organisation (ISO) Technical Committee TC67/SC7/WG7/ P4 *ACKUP &OUNDATION 0ANEL AN editorial board member of the International Journal for Physical Modeling in Geotechnics and Geotechnical Engineering Journal. He is also a Vice President of the International Association for Continuing Engineering Education, and a council member of the Institution of Engineers, Singapore.

Currently, he is the managing director of Gabriel Law Corporation. He specialises in finance and banking, and also practises corporate law. Prior to that, he set up his own legal firm, M/s Gabriel, +UMAR  3EOW IN  WHICH was subsequently taken over by Gabriel Law Corporation. He started his legal career at M/s $ONALDSON"URKINSHAWFOLLOWED BY-S!RTHUR,OKE0ARTNERS

COMPANY SECRETARY

AUDITORS

Chua Seng Kiat

&OO3OON3OO

%RNST9OUNG,,0 Partner-in-charge : ,OW9EN-EISINCElNANCIALYEAR ended 31 December 2008)

(Group Executive Chairman/Chief Executive Officer)

Manohar P Sabnani

(Group Managing Director, appointed on 1 July 2008)

Tan Hang Meng

(Group Managing Director, resigned on 31 December 2008)

Colonel (Ret) Tan Hong Huat (Executive Director, appointed on 1 February 2008)

Teo Boon Tieng (Independent Director)

$R,EUNG#HUN&AI (Independent Director)

In 2003, he was appointed as Regional Arbitrator by Singapore International Arbitration Centre and admitted as a Solicitor, UK. He has also taught commercial law in the Business Administration &ACULTY AT .53 AND THE ,AW &ACULTYATTHE Australian National University. He obtained his LLB (Honours) 2nd Upper Division, in Singapore in 1981. He was then awarded a Master of Laws degree by the Australian National University, Australia. He is also a member of the Chartered Institute of Arbitrators, UK and fellow of the Singapore Institute of Arbitrators.

Portfolio annual report

DIRECTORS

Peter Gabriel

(Independent Director, appointed on 31 March 2008)

AUDIT COMMITTEE Teo Boon Tieng (Chairman) Peter Gabriel $R,EUNG#HUN&AI

REGISTERED OFFICE 114 Lavender Street #03-02 Hock Seng Building Singapore 338729 Telephone: (65) 62982928 &AX 

SOLICITORS Gabriel Law Corporation BANKERS

SPONSOR 0RIME0ARTNERS#ORPORATE&INANCE Pte. Ltd. 1 Raffles Place #30-03 OUB Centre Singapore 0489616 Managing Director : Mark Liew SHARE REGISTRAR KCK Corpserve Pte Ltd 333 North Bridge Road #08-00 KH KEA Building Singapore 188721

United Overseas Bank Limited Maybank Limited


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GREEN APPLE Recommended Usage : Aged 4-6 : Chew 2 Tablets daily Aged 7 & Above : Chew 3 Tablets daily

GREEN APPLE

GREEN APPLE

( DO NOT swallow whole ) Not suitable for children under 3 years old. Persons with known allergies to any of the ingredients should consult a physician before use. Vitamin supplements should not replace a balanced diet.

GREEN APPLE

These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease. STORE IN A COOL DRY PLACE. KEEP OUT OF REACH OF CHILDREN. DO NOT use if seal is tampered. Manufactured exclusively for

Ag e

Gr o up

(4Y

ears a

nd Ab ove )

Distributed By : Herbal Pharm Pte Ltd 433 Race Course Road, Singapore 218679 Hotline: 6749 0004 | Fax: 6742 2609 Product of S.Korea

High Q+ is a scientifically formulated supplement designed to help lay a strong foundation for your child’s important formative years. It contains an ideal combination of essential nutrients like multi vitamins, probiotics and DHA (docosahexaenoic acid). DHA is one of the family of Omega-3 fatty acids. It plays a major role in the brain development. DHA can only be obtained through the diet or with supplementation. Herbal Pharm’s High Q+ is in chewable tablet form and has a refreshing green apple flavour. With High Q+, you are providing all the nutritional support for your child’s overall development.

90 Chewable Tablets

Supplement Facts Serving Size : 2 tablets Servings Per Box : 90 tablets Common Ingredients

Vitamin C (Vitamin C 100%) Milk Calcium (Calcium 24%) DHA Powder ( DHA 12%) Calcium Pantothenate Vitamin B3 (Nicotinamide 33.3%) Vitamin E (Vitamin E 50%) Magnesium Oxide (Magnesium 60%) Zinc Oxide (Zinc 80%) Vitamin B2 (Riboflavin 33.3%) Thiamine Nitrate (Thiamine Nitrate 33.3%) Pyridoxine (Pyridoxine HCL 33.3%) Vitamin A Vitamin D3 LAB (1*11(10)cfu/g) Folic Acid Biotin Vitamin B12 Magnesium Stearate Citric Acid Isomalt Xylitol Aspartame Other Ingredients: Green Apple

Portfolio packaging

Contents 26.4 mg 96.6 mg 60 mg 24 mg 6 mg 5.412 mg 2.707 mg 1.805 mg 0.66 mg 0.48 mg 0.48 mg 507 IU 114 IU 0.48 mg 0.05 mg 0.014 mg 0.12 mg 8.851 mg

GREEN APPLE DHA ( Docosahexaenoic acid ) - Important Building block for the Brain and Eye development.

LAB ( Lactic Acid Bacteria ) - A combination of beneficial intestinal bacteria that keeps the digestive system healthy. - Helps in the absorption of essential nutrients.

Multi - vitamins - Essential for growth and development. - Plays a major role in overall health. - Helps to strengthen the body.


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Recommended Usage : Aged 4-6 : Chew 2 Tablets daily Aged 7 & Above : Chew 3 Tablets daily

DHA ( Docosahexaenoic acid )

( DO NOT swallow whole )

    120 Tablets

Age Group ( 4 Years and Above )

Not suitable for children under 3 years old. Persons with known allergies to any of the ingredients should consult a physician before use. Vitamin supplements should not replace a balanced diet. These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease. STORE IN A COOL DRY PLACE. KEEP OUT OF REACH OF CHILDREN. DO NOT use if seal is tampered. Manufactured exclusively for Distributed By : Herbal Pharm Pte Ltd 433 Race Course Road Singapore 218679 Hotline: 6749 0004 | Fax: 6742 2609 Product of S.Korea

Health is wealth! Kids love the great taste of High Q+. With High Q+, you've got choices! Bursting with many tasty flavours and varieties to choose from, your kids will never get bored. High Q + Triple Choice allows you to tailor a combination of 3 flavours from our broad fruity range. Fusing the flavors of nature with science, High Q+ is an essential supplement containing the recommended combination of DHA (Docosahexaenoic Acid), LAB (Lactic Acid Bacteria)and Multi Vitamins. With High Q+, you are providing all the nutritional support for your child's overall development.

- Important Building block for the Brain and Eye development.

LAB ( Lactic Acid Bacteria ) - A combination of beneficial intestinal bacteria that keeps the digestive system healthy.

Multi - vitamins - Essential for growth and development. - Plays a major role in overall health. - Helps to strengthen the body.

Portfolio packaging

Supplement Facts

Serving Size : 2 tablets Servings Per Box : 120 tablets Common Ingredients Vitamin C (Vitamin C 100%) Milk Calcium ( Calcium 24%) DHA Powder ( DHA 12%) Calcium Pantothenate Vitamin B3 (Nicotinamide 33.3%) Vitamin E (Vitamin E 50%) Magnesium Oxide (Magnesium 60%) Zinc Oxide (Zinc 80%) Vitamin B2 (Riboflavin 33.3%) Thiamine Nitrate (Thiamine Nitrate 33.3%) Pyridoxine (Pyridoxine HCL 33.3%) Vitamin A Vitamin D3 LAB (1*11(10)cfu/g) Folic Acid Biotin Vitamin B12 Magnesium Stearate Citric Acid Isomalt Xylitol Aspartame Other Ingredients: Orange Vanilla, Blackcurrant, Strawberry, Mango & Green Apple

Contents 26.4 mg 96.6 mg 60 mg 24 mg 6 mg 5.412 mg 2.707 mg 1.805 mg 0.66 mg 0.48 mg 0.48 mg 507 IU 114 IU 0.48 mg 0.05 mg 0.014 mg 0.12 mg 8.851 mg


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Portfolio

FLYER


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POSTER/STANDEE

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CORPORATE POSTCARD

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CORPORATE FOLDER

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FLYER

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s2ELIEVESCLOGGEDNASAL

PASSAGESANDFACILITATES

0HARMACOLOGICAL0ROPERTIES 3PRAYEDINTOTHENOSTRILS MAR¤PLUS NASALSPRAYLOOSENSNASALSECRETIONSANDMOISTENS THE DRY NASAL MUCOSA WITH DEXPANTHENOL 5SED EXTERNALLY DEXPANTHENOL CAN MEET THE INCREASED PANTOTHENIC ACID REQUIREMENTS OF INJURED SKIN OR MUCOUS MEMBRANES THUS PROMOTINGWOUNDHEALING

WOUNDHEALING s.ON IRRITATING

$EXPANTHENOLPANTHENOL IS THE ALCOHOLIC ANALOGUE OF PANTOTHENIC ACID AND OWING TO ITS INTERMEDIARY CONVERSION HAS THE SAME BIOLOGICAL ACTIVITY WHICH IS LINKED TO THE DEXTROROTATORY$ CONFIGURATION0ANTOTHENICACIDANDITSSALTSAREWATER SOLUBLEVITAMINS WHICH AS COENZYME ! ARE INVOLVED IN NUMEROUS METABOLIC PROCESSES )N VITRO STUDIES COULDDEMONSTRATEFIBROBLASTPROLIFERATION

s3AFETOUSE s.ON ALLERGENIC s#ONVENIENTAND

#OMPOSITION MLOFSTERILE ISOTONICSOLUTIONCONTAINSMGOFDEXPANTHENOL MGOFSEAWATER &REEOFPRESERVATIVES

"REATHINGFREE ISABREEZE WITHx

SELF ADMINISTERING s"ETTERPATIENTCOMPLIANCE

)NDICATIONS )TCANRELIEVETHESYMPTOMSCAUSEDBYINFLAMMATIONOFTHENASALMUCOSARHINITIS SUCHAS NASALMUCOSAIRRITATIONANDDRYNESS THUSDECREASINGNASALSTUFFINESS

.ASALSPRAY

-OISTENING CLEANSINGANDSOOTHINGTHESORENASALMUCOSA MAR¤PLUS NASALSPRAYISESPECIALLYUSEFULINCHILDRENANDINFANTSASWELL $OSAGEAND!DMINISTRATION 5NLESSPRESCRIBEDOTHERWISE  PUFFSINTOEACHNOSTRILONCEOR SEVERALTIMESDAILYASNEEDED2EMOVETHEPROTECTIVECAP HOLDTHE SPRAYBOTTLEINTOONEHANDANDPRIMETHESPRAYMECHANISMUNTILA FINEMISTISPRODUCED 7HENUSEDTOGETHERWITHANOTHERSPRAYFORRHINITISRELIEF MAR¤PLUS NASALSPRAYSHOULDBEUSEDFIRST &ORREASONSOFHYGIENE THENASALADAPTERSHOULDBEWIPEDANDKEPTDRY %ACHUNITSHOULDBEUSEDBYONLYONEPERSON &ORREASONSOFQUALITYANDFUNCTIONALSAFETY THESPRAYBOTTLESYSTEMSHOULD NOTBEMANIPULATED SUCHASTRYINGTOREMOVETHEPUMPHEADFROMTHEBOTTLE MAR¤PLUS NASALSPRAYCANBEUSEDUNTILCOMPLAINTSCLEARUP %MERGENCYMANAGEMENT SYMPTOMSANDANTIDOTES .OTNECESSARY +EEPALLMEDICINESOUTOFREACHFROMCHILDREN 0REPARATIONSANDPACKSIZES "OTTLEOFMLOFSOLUTIONEQUIVALENTTOAPPROXIMATELYSPRAYS &ULLPRESCRIBINGINFORMATIONAVAILABLEUPONREQUEST

Pharmaceutical Company of the German Pharmacists Further information is available upon request from: STADA Pharmaceuticals (Asia) Ltd. 2513-2516, Paul Y Centre, 51 Hung To Road, Kwun Tong, Kowloon, Hong Kong Tel: (852) 2960 1187 • Fax: (852) 2960 1190

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PLUS


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DIRECTORY ADS

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Registration package:

S$15,000

Please tick box if you wish for your donation to remain anonymous.

S$15,000

VANDA H002

SPATHOGLOTTIS H003 Strong flowering stem grows over 60cm tall and many pseudobulbs.

Select a hybrid orchid today, and that plant will take on the unique name you choose – forever.

*NRIC/FIN No. Corporate Donor

Mode of Payment Cheque No.

*Company Reg No Name/Designation of Contact Person

Call the Fundraising and Development Office at 6326 6378 or email to giftstosgh@sgh.com.sg

(if different from “Name of Donor�)

Registration package:

S$6,000

The registration* package will include a plant, a certificate, plant care instructions, and A COMPREHENSIVE WRITE UP OF THE HYBRID)N AKNOWLEDGEMENT OF YOUR DONATION YOU WILL receive a registration package equal to the amount of your donation.

Registration package:

S$10,000

Registration package:

Registration package:

S$15,000

S$15,000

DENDRODIUM H551

DENDROBIUM H016

KAGAWARA H001

DENDROBIUM H239

Blooms in shade of candy pink-pastel colour.

High potential to be collector’s prized possession.

One of the finest within this genus.

Blooms of reddish brown to grayish green.

Contact No.

(Home) (Office) (Mobile)

/

(MM/YY)

Email

Registered on August 28,2007 to mark the opening ceremony of of JAU-R SINGAPORE PLANT Huntsman’s first greenfield site in the Asia Pacific.

Please indicate your NRIC/FIN number or Company Registration Number so that your donation can be automatically included in your tax assessment by IRAS.

YES! COUNT ME IN! I would like to make a gift of:

A reed stem hybrid bearing clusters of resupinate pinkish flowers.

Registered on August 28,2007 to mark the opening ceremony of of JAU-R SINGAPORE PLANT Huntsman’s first greenfield site in the Asia Pacific.

You can remodel your flower in silver, gold or platinum and: s WEARITASABROOCHORFASHIONACCESSORY s DECORATEYOUROFlCEORHOME s GIVEITASACORPORATEGIFT

(please specify amount

EPIDENDRUM ST. NICHOLAS

This beautiful hybrid has a branching spike carrying some 20-30 flowers.

All donations with a minimum amount of $10 will be entitled to tax-deduction. A tax deductible receipt will be sent to you within 3 months upon receipt of your

VANDA KATHLEEN NGO

PHALAENOPSIS DATIN SULAN

A strap-leaf Vanda hybrid bearing conspicious full purplish blue flowers.

The inflorescence of the Phalaenopsis exudes an air of nobility, exquisiteness and elegance.

Registered on 30th April 2003, this was unique gift presented by Mr. Eugene Yang to his mother on her 70th birthday.

A bouquet of flowers is most popular gifts to give as well as to receive for birthdays, anniversaries, weddings or JUSTTOSHOWTHATYOUCARE&ORSOMETHINGTHATISMUCHMOREPERSONAL HOWABOUTNAMINGANEXQUISTEHYBRID orchid for your loved one, company, club, school, alumni or institution?

Registered on 30th April 2003, this was unique gift presented by Mr. Eugene Yang to his mother on her 70th birthday.

donation.

We love to Keep in Touch We would love to tell you about how your support is helping patients. If you prefer NOT to be contacted, please tick box.

$100 $

RENANTANDA POLYTHERAMINE SINGAPORE

Say it with your orchid

Mailing Address:

One-time Donation $10 $20 $50

What came of picking owers that bear their names‌

!NDYOURDONATIONSAREELIGIBLEFORTIMESTAXDEDUCTION

I prefer to support: Patient Support Services / Needy Patients Medical Research Education of Healthcare Professionals Specific programme/department (please give details):

*The orchid will be registered with the Royal Horticultural Society, United Kingdom, which is the official International Orchid Registrar

!LL PROCEEDS WILL GO TO THE 3'( )NTEGRATED &UND IN SUPPORT OF (EALTHCARE 2ESEARCH Education, and Needy Patient Assistance.

Your Generous gift enables SGH to Cultivate life sciences and advance medical research to discover new drugs and treatments that will extend the lives of patients and champion medical advancement. Nurture many more generations of doctors, nurses and other healthcare professionals to harness new technology and find new solutions for our patients. Provide the best and affordable life-saving treatments and therapies for thousand of patients treated at SGH.

Ways to Give SGH Fund Raising Programmes c/o Community Relations Department Singapore General Hospital Outram Road Singapore 169608

FIRST-CLASS MAIL PERMIT NO. 02771 POSTAGE WILL BE PAID BY ADDRESSEE

BUSINESS REPLY SERVICE

Programmes s.EEDY0ATIENTS&UNDs"UDDING2ESEARCHERS&UNDs)NNOVATIVE-EDICINE

Contributions of any amount can make a difference. Your cash contribution can be designated to support medical research, education and needy patients or to help programmes in specific areas. Here are some ways you can make a gift: s s

s

One-time Gift Special Occassions Gift

Your contribution can be made in memory of a family member, friend or corporation. Physical facilities can be be named in the person’s/corporation’s honour. Bequest

You can leave legacy beyond your lifetime when you make a charitable gift by Will. &ORMOREINFORMATION PLEASECALLOREMAILGIFTSTOSGH SGHCOMSG9OUCANALSO make an appointment with us for a confidential discussion.

We Believe Tomorrow’s Healthcare Can Be Better If We Do Something About it Today

Donat ion Initial Your

Thank you for making lives better.

SINGAPORE GENERAL HOSPITAL /UTRAM2OAD 3INGAPOREs4EL&AXWWWSGHCOMSG&OR0ATIENTSN6ISITORS'IFTSTOTHE(OSPITAL

Lifet ime

For a

All donations to SGH Integrated Fund will be managed by Singhealth Foundation (UEN No. TO2CC156B)

SHG is pleased to be partnering SingHealth Foundation (UEN No. TO2CC1576B) which administers and manages all donations on behalf of SGH.

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THANK YOU FOR YOUR GENEROUS SUPPORT!

Registration package:

The plant grows strongly and flowers freely in light shade.

Expiry Date

S$10,000

Signature (as in Bank records) & Date

Registration package:

DENDROBIUM H006 Near perfect rounded blooms circularly on a long arched spray.

Name on Card Card No. Name of Bank

S$6,000

(Made payable to “SIngHealth Foundation-SGH�)

Registration package:

DENDROBIUM H718 New blooms with wide variations in shapes of lips.

Credit Card (Visa/Mastercard/Amex/Diners) (Please fill in this portion if you are donating through credit card)

DONOR’S PARTICULARS (Please fill in details where appropriate.) Name of Donor (Prof/Dr/mr/Mrs/Ms)

There are a million and one ways to show that you care‌

Sharing is Caring

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Orchids that are yours for the picking


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INSPIRING SPORTING SINGAPORE

PHOTOGRAPHY EXHIBITION

Singapore Sports Council Date

Theme

15 Nov - 25 Nov Excellence

Venues AngMo Kio Swimming Complex

INSPIRING SPORTING SINGAPORE

PHOTOGRAPHY EXHIBITION

BedokSwimming Complex Bukit BatokSwimming Complex

15 Nov - 25 Nov Friendship

BuonaVista Swimming Complex ClementiSwimming Complex Chua Chu Kang Swimming Complex

15 Nov - 25 Nov Respect

Delta Swimming Complex GeylangEast Swimming Complex HougangSwimming Complex

15 Nov - 25 Nov Excellence

JalanBesarSwimming Complex JurongEast SRC JurongWest SRC

15 Nov - 25 Nov Friendship

KallangBasin Swimming Complex SengkangSRC TampinesSwimming Complex

15 Nov - 25 Nov Respect

WoodlandsSwimming Complex YioChu kangSwimming Complex YishunSwimming Complex

National Library Board Date

Theme

15 Nov - 25 Nov Excellence

Venues AngMo Kio Swimming Complex BedokSwimming Complex Bukit BatokSwimming Complex

Catch a glimpse of sporting excellence through this exciting series of photography exhibitions.

BuonaVista Swimming Complex ClementiSwimming Complex Chua Chu Kang Swimming Complex Delta Swimming Complex

For more information on the exhibition, and to share with us some of your best sporting picture, please visit SingaporeSports.sg

15 Nov - 25 Nov Excellence

pere prariteris octua res condio, mendem iam a terum isus no Grarecribus, cretilis potione rnisquerem eressultum, oracideortam tum tum tes! Nequa re iam.

2.

Im ut accipica effrem, noniuredio culto et, nonduci demquam mis, sensul vis. cremus. Se quam consignam, sentertum publint elarivi vasterit proracideri se consimi ssenatuussul ublis, sed fintemus co commoveribus avernum inum orei sus suli tam pultorbit ficaed

JalanBesarSwimming Complex JurongEast SRC JurongWest SRC

15 Nov - 25 Nov Friendship

NIHICEPERFIN DENA SA CAESSE PRORTI 1.

GeylangEast Swimming Complex HougangSwimming Complex

Be inspired - and start inspiring us with your own photographs.

Organised by

15 Nov - 25 Nov Friendship 15 Nov - 25 Nov Respect

Experience the Olympic values of Excellence, Friendship and Respect.

In Collaboration

Showcasing at the following venues:

KallangBasin Swimming Complex

3.

sentiamdita, Ti. Unum inatrum pravescide facerum in ne etius is. Nihilibus, priberi im ipte furaripion sentemorter la Sp. Vive, que de caelare, etiemqua non deo, P. Ex ma, Ti. Simiu iacis, utemuri vidius; C. Verum tuus intis sules cam ius corus hostric astarbem suludet videt

4.

Ihicatatu que crena, con vo, quam sus bonsusque in publicus manum ad Catimus fur. Volut L. Cavendepseni invem ite dium intisse ntius; Cupiortu interitus, dienatilicam opti popublicae num diem, nonsuntra vivivilinat, terem pro adduc inunc re iae miu quondela nora, quem prit

5.

Castratiliam iam aucips, estiendam addum iam tuit alabi cureste natere fac rest proximo verces mustrartus, Cata, qui se a dum, Palati, nostrun clabus? Re con vitratus acidesturs sus in diis hocupio nsulica dea st fitiae nenat vivero vidiena, nunteridet ades virturs vis res? Ces mantea

6.

eo ina dienica; C. Ser iusque note ne macchic uliurbis ommovemquo te, ut auctus in teriactanum fin se esituus revivehendam Patuus cae ta, cones cent. Mari poris, cone nos vivehende moente forum fatissi

SengkangSRC TampinesSwimming Complex

15 Nov - 25 Nov Respect

WoodlandsSwimming Complex YioChu kangSwimming Complex

In Collaboration

For more information, please visit SingaporeSports.sg

YishunSwimming Complex

Partners in Sports

For more information, please visit SingaporeSports.sg

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Partners in Sports

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