editorial f/a pdf - hupsteel
TRANSCRIPT
T R A N S F O R M A T I O N
H u p S e n g H u at Co . L tdA n n u a l R e p o r t 2 0 0 3
c o n t e n t s
01 story of hup seng huat
02 chairman’s statement
04 board of directors
07 key management staff
08 business review
10 financial highlights
12 corporate information
13 corporate governance
18 risks management
19 financial statements
64 shareholder’s statistics
66 notice of annual general meeting
69 proxy form
Hup Seng Huat has been in the industrial hardware business for more than 30 years.
Through its expertise and knowledge in this business, good track record and reliable
service, Hup Seng Huat has build up long standing and good commercial relationships
with its customers. It has successfully established a solid and diversified customer
base from local prominent industry players such as the Keppel group to the region’s
oil major and state owned energy and marine companies and contractors.
As a stockist, Hup Seng Huat has been playing a very important bridging role between
customers and manufacturers over the years. It has also build up good long term
relationship with its principal suppliers or manufacturers who are mainly global steel
product manufacturers from Europe, United States, Asia, South Africa and South
America.
Today, Hup Seng Huat is a leading stockist in this region for supplying quality steel
products to the petrochemical, oil and gas, marine, engineering and shipbuilding
industries. It has a 20,000-tonne capacity fully covered modern warehouse to carry
its extensive inventories with over 2,000 stock items of varying dimension, materials,
specifications and countries. With all operations under one roof, Hup Seng Huat
aspires to be a “ONE STOP SERVICE PROVIDER” to all its customers.
S T O R Y O F H U P S E N G H U AT
Hup Seng Huat Co. Ltd was founded as a partnership in scrap trading business
in 1941 by the late Chairman, Mr Lim Boon Wan and his two brothers, Mr Lim Boon Hong
and Mr Lim Boon Kee. By January 1994, the Company has since transformed and
progressively grown from a humble scrap trader to become the first public listed company
in Singapore as a stockist of industrial hardware products.
hup
seng
hua
t co
. ltd
. ann
ual r
epor
t 20
03
01
C H A I R M A N ’ S S T A T E M E N T
DR L IM K IM HOCKCHA IRMAN
hup
seng
hua
t co
. ltd
. ann
ual r
epor
t 20
03
02
Financial PerformanceDespite the considerable economic uncertainties, I am pleased to report that our business grew andwe continue to stay profitable for the financial year ended 31 July 2003.
Group turnover increased to S$54.1 million from $48.8 million in FY2002, an increase of 10.9%.This increase was mainly attributable to the contribution by our Malaysia operations. Our performancealso improved as profit before tax and exceptional items increased to S$3.4 million from S$2.5 millionin FY2002, an increase of 36.0%. The exceptional item comprised mainly of stocks write-off andexchange loss arising from the conversion of its foreign currency holdings. Notwithstanding the $2.2million exceptional items, net profit attributable to shareholders still reported a resilient S$1.4 million(FY2002: S$1.9 million).
DividendsDue to the strong operating performance, the Directors are recommending a first and final dividendof 0.5 cent per share less tax at 22% (FY2002:0.5 cent).
Growth strategiesWe identify growth and expansion strategies through mergers and acquisitions with companiesthat are synergistic to our business. On 23rd June 2003, the Group announced the ProposedAcquisition of the business and certain assets of Hoe Seng Huat Hardware Company (Private) Limited(“Hoe Seng Huat”). Hoe Seng Huat is a leading stockist for a comprehensive range of steel plates,structural steel, angle bars, bearing plates and deformed bars supplying to a diversified customerbase of more than 500 customers across the shipbuilding and repair, infrastructure and civilengineering industries in Singapore and overseas. We believe the Proposed Acquisition will consolidatethe market position of the Group in the hardware trading business and derive synergistic benefitsfrom a combined larger entity.
We look forward to the support of and approval by the shareholders at the forthcoming ExtraordinaryGeneral Meeting on 24 November 2003.
Outlook for FY2004Singapore and South East Asia remain very much our strong revenuebase. Although there were improving signs of recovery in the oil andgas, shipbuilding and ship repair sectors recently, business confidencein the region is still wrought with uncertainties. The constant threatof terrorism will continue to affect the political stability and economicsecurity in this part of the world which can substantially affect ouroperating performance.
In spite of that, we believe the Group has the resources and potentialto grow our business further. We expect Asia with its growing oiland gas exploration and production activities to continue driving ourbusiness. Through our geographical spread and market presence,we are confident to meet the challenges and embrace theopportunities ahead to further grow our revenue. Our ongoingstrategy is to entrench our current market position in ASEAN marketsand to further expand our geographical coverage.
With the completion of our new S$16 million warehouse with 5-storey annex office building at 116Neythal Road, Jurong, we have now integrated our operations under one roof to provide better serviceto our customers and to further improve our productivity and cost efficiency.
In MemoriamIt is with much sadness and a deep sense of great loss that we note the death of Mr Lim Boon Wanand Mr Lim Pit Hong on 23 June 2003 and 15 September 2003 respectively. Mr Lim Boon Wan co-founded the Company since 1941 and has been the Group’s Non Executive Chairman until his demise.Mr Lim Pit Hong has been an astute businessman and beloved director of the Company since 1973.Both are great men who have contributed immensely to the development of the Company.
We are all grateful to Mr Lim Boon Wan and Mr Lim Pit Hong for their vision and leadership in developingHup Seng Huat into the successful public company that it has become today.
AcknowledgementOn behalf of the Board, I would like to thank all those who have contributed so much to theHup Seng Huat Group – shareholders, bankers, customers, employees, suppliers, and businessassociates, for their dedication and support.
Dr Lim Kim HockChairman14 November 2003
hup
seng
hua
t co
. ltd
. ann
ual r
epor
t 20
03
03
“With the completion of ournew S$16 million warehouse
with 5-storey annex officebuilding at 116 Neythal Road,
Jurong, we have nowintegrated our operationsunder one roof to provide
better service to ourcustomers and to further
improve our productivity andcost efficiency.”
LIM BOH CHUAN
Mr Lim Boh Chuan, 44, has been a Directorof the Company since 1983 and wasappointed as the Deputy Managing Directorin 1994. He is a member of the Company’sExecutive Committee and a member of theSingapore Institute of Directors. Mr Lim assiststhe Managing Director in general managementand is responsible for the Group’s propertybusiness. Mr Lim graduated with a Bachelordegree in Estate Management from theNational University of Singapore. Mr Lim isthe President of the Hwa Chong JuniorCollege’s Alumni Association. He is also theVice Chairman of the Hwa Chong JuniorCollege Management Committee and theChinese High School Board of Governors. In2003, Mr Lim had the honour of receivingthe “Service To Education Award” from theMinistry of Education.
LIM YEE KIM
Mr Lim Yee Kim, 55, has been an ExecutiveDirector of the Company since 1973 and hasaccumulated more than 30 years ofexperience in the industrial hardwarebusiness. In December 2002, Mr Lim wasappointed as the General Manager (Salesand Procurement) of the Company, withprincipal responsibility for the sales of theGroup's industrial hardware business andthe sourcing and procurement of pipe fittingsto meet customers' various needs. Mr Limalso assists the Managing Director inmarketing strategy and warehousemanagement. Mr Lim is an active memberof the Singapore Metal & MachineryAssociation.
LIM BEO PENG
Mr Lim Beo Peng, 42, has been a Directorof the Company since 1993 and is currentlythe Executive Director of Eastern Win Metals& Machinery Pte Ltd, a wholly ownedsubsidiary of the Company. Mr Lim graduatedwith a Bachelor degree in BusinessAdministration from the National Universityof Singapore. Mr Lim has 18 years ofexperience in the industrial hardwarebusiness. Beside his business interest, MrLim is also represented in the 36th HonoraryCommittee (2002-2003) of the SingaporeMetal & Machinery Association.
B O A R D O F D I R E C T O R S
LIM KIM THOR
Mr Lim Kim Thor, 50, has been a Director of theCompany since 1978 and was appointed as theManaging Director of the Company in 1983. Heis a member of the Company’s Executive Committeeand Remuneration Committee. Mr Lim has closeto 30 years of experience in the industrial hardwareand steel pipe business and he enjoys close andstrategic relationships with leading global steelproduct manufacturers and suppliers as well asmajor customers in the marine engineering and oiland gas industries.
Mr Lim is responsible for the execution of theGroup's business strategy and business expansion.Beside his business interest, Mr Lim is also theAssistant Chinese Correspondent in the 36thCommittee (2002-2003) of the Singapore Metal& Machinery Association.
LIM KIM HOCK
Dr Lim Kim Hock, 55, has been a Director of theCompany since 1973 and was appointed as theNon-Executive Chairman on 23 June 2003. He isalso appointed as Chairman of the ExecutiveCommittee and a member of the RemunerationCommittee. Dr Lim is the Managing Director ofHoe Seng Huat Hardware Co. (Private) Limitedand has more than 40 years of experience in theindustrial hardware and steel business. Throughhis continued pursuit of knowledge and research,Dr Lim was awarded a Doctorate in BusinessAdministration by the University of SouthernCalifornia in 1996.
hup
seng
hua
t co
. ltd
. ann
ual r
epor
t 20
03
04
LIM TECK HUI
Mr Lim Teck Hui, 63, has been anIndependent Director of the Company since1994. He is the Chairman of the NominatingCommittee and a member of the Audit andRemuneration Committees. Mr Lim has beenin law practice for the last 30 years and iscurrently a consultant to the law firm of ChorPee & Partners.
Mr. Lim is currently the Chairman of theCriminal Law Review Board and the AssistantRegistrar of the Small Claims Tribunal. He isalso a Justice of the Peace and a Visiting Justiceof Prisons. Mr. Lim holds a Bachelor of Law(Honours) degree and a post-graduate diplomain Business Law from the then University ofSingapore. Mr Lim is also involved incommunity services and he serves as a Directorof Ju Eng Home for Senior Citizens.
CHUA HOO TAI
Mr Chua Hoo Tai, 55, was appointed anIndependent Director of the Company on 16October 2002. He is currently a member ofthe Audit and Remuneration Committees.Mr. Chua has more than 30 years ofexperience in the banking industry and hasheld numerous managerial positions in Bankof China and Kwangtung Provincial Bank.
Mr Chua is currently the Group AssociateDirector, Corporate Support, of Kian HoBearings Ltd. Mr Chua holds a Bachelordegree in Arts from the then NanyangUniversity and a Diploma in BusinessManagement from the Singapore Instituteof Management. Beside his business interest,Mr. Chua is a senior committee member ofCai Clan Association.
LIM ENG CHONG
Mr Lim Eng Chong, 46, has been a Director ofthe Company since 1992 and is currently a memberof the Nominating Committee. Mr Lim holds aMaster in Business Administration (MBA) degreefrom McGill University. Mr Lim has more than 20years of multinational experience in internationalbusiness and strategic market development. Heis currently a director and the President of CanadecPte Ltd, the appointed regional representative ofMaple Leaf Foods Inc.
LIM PUAY KOON
Dr Lim Puay Koon, 42, has been a Director of theCompany since 1993 and is currently a memberof the Audit Committee. Dr Lim holds a PhD incomputer and systems engineering, and a Masterin Business Administration (MBA) degree fromRensselaer Polytechnic Institute (USA). Dr Lim hasmore than 20 years of experience in the IT industryand has held various management and systemsengineering positions in Hewlett-Packard, DellAsia Pacific, the National Computer Board (nowpart of Infocomm Development Authority or IDA)and the New York State Office (USA). He iscurrently the Business development Director ofHP Services, Asia Pacific.
TANG SEE CHIM
Mr Tang See Chim, 71, has been anIndependent Director of the Company since1994. He is the Chairman of the Audit andRemuneration Committees and a member ofthe Nominating Committee. Mr Tang has beenin law practice for the last 40 years and sincethe beginning of 1993, has been a consultantto the law firm of David Lim & Partners. Hewas a Member of Parliament from 1966 to1988 and was the Parliamentary Secretary tothe Minister for Finance from 1968 to 1970and the Minister of State for Finance from1970 to 1972. Mr Tang was Deputy Speakerof Parliament from 1972 to 1981.
Mr Tang is also an Independent Director of CityDevelopment Ltd, G K Goh Holdings Ltd andNew Toyo International Holdings Ltd.
Mr Tang graduated with a Bachelor of Science(Honours) degree in Economics from the LondonSchool of Economics, University of London.Mr Tang qualified as a Barrister-at-Law at theMiddle Temple, London.
hup
seng
hua
t co
. ltd
. ann
ual r
epor
t 20
03
06
Back row left to right (standing):
Mr Lim Eng Chong, Non-executive Director
Mr Lim Beo Peng, Executive Director
Mr Lim Boh Chuan, Deputy Managing Director
Mr Lim Yee Kim, Executive Director
Dr Lim Puay Koon, Non-executive Director
B O A R D O F D I R E C T O R S
Front row left to right:
Mr Chua Hoo Tai, Independent, Non-executive Director
Mr Tang See Chim, Independent, Non-executive Director
Dr Lim Kim Hock, Non Executive Chairman
Mr Lim Kim Thor, Managing Director
Mr Lim Teck Hui, Independent, Non-executive Director
EE TECK SIEW
Mr Ee Teck Siew, 35, joined the Company as the Group Finance Manager in October 2002. His main responsibilities includefinancial reporting, management accounting, taxation, treasury, internal control systems and corporate advisory matters for theGroup and the Company. Mr Ee has previously held Finance Manager’s position in other publicly listed companies and has ayear’s experience in public accounting with one of the Big Four accounting firms. Mr Ee’s commercial accountant’s experiencecovers manufacturing and trading operations for companies with regional operations and he has also spent more than 4 yearsin financial controllership position in China. Mr Ee is a Certified Public Accountant (CPA) and he holds a Bachelor of Accountancydegree (Honours) from Nanyang Technological University.
LIM KOK WAH
Mr Lim Kok Wah, 32, joined the Company as the Corporate Development Manager in December 2001. His main responsibilityis to assist the Managing Director in corporate related matters and special projects, like corporate restructuring, merger andacquisition, corporate identity and human resource planning. Mr Lim also manages the human resource and informationtechnology functions of the Company, and assists the General Manager (Sales & Procurement) in procurement of pipe fittingsto meet the customers' various needs and warehouse operations. Mr Lim has several years of experience in public accountingwith one of the Big Four public accounting firms and internal audit experience. Mr Lim is a Certified Public Accountant (CPA)and a Certified Internal Auditor (CIA). Mr Lim holds a Bachelor of Accountancy degree (Honours) from Nanyang TechnologicalUniversity.
PECK KIM GEE
Mr Peck Kim Gee, 46, joined the Company as a Project Development Manager in 1995. His main responsibilities are in projectmanagement, ISO and property related matters. Mr Peck also assists the Deputy Managing Director in the Group’s propertybusiness. He is also the appointed Fire Safety Manager for the Group’s newly constructed warehouse. Prior to joining theCompany, Mr Peck has several years of experience in public accounting. Mr Peck holds a Bachelor of Business Administrationdegree in Finance and a Master of Business Administration (MBA).
LIM KIM SAN
Mr Lim Kim San, 44, was appointed an Executive Director of Thong Seng Metal Pte Ltd (“Thong Seng”), a wholly ownedsubsidiary of the Company, since 1993. His main responsibility is to assist the Managing Director in the sales and businessoperations of Thong Seng. Mr Lim was with a Finnish forest product company as Sales Manager prior to joining the Groupin 1990. Mr Lim holds a Bachelor of Arts degree and a Master in Business Administration (MBA) degree.
LIM HOR SOON
Mr Lim Hor Soon, 57, is the Sales Manager of Thong Seng Metal Pte Ltd (“Thong Seng”), a wholly owned subsidiary of theCompany. His main responsibility is in sales, marketing and procurement. Mr Lim has been instrumental in maintaining strongaccount relationship and continuously securing the revolving supply contracts from the Keppel Group of companies over thelast 20 years. Mr Lim joined the Company as a Sales Executive in 1963 and was promoted to Sales Manager since 1994.
CHAI CHO LIM
Mr Chai Cho Lim, 43, is the Sales Manager of the Company. Mr Chai is mainly responsible for export sales to marketsspanning the South and South East Asia, Middle East and Oceania regions. Mr Chai has more than 13 years of sales experiencein the industrial hardware business serving key accounts and customers in the oil and gas industry. Mr Chai joined theCompany as a Senior Sales Executive in 1995 and was promoted to Sales Manager in 2001. Mr Chai holds a Bachelor ofBusiness Administration degree (major in Marketing) from the National University of Singapore.
TEO BOON DAT
Mr Teo Boon Dat, 45, is the Sales Manager of the Company. Mr Teo is mainly responsible for domestic sales supplying tovarious industries such as industrial, engineering, trading and shipbuilding and ship repair. Mr Teo also has sales accountresponsibility for certain customers in Malaysia and Hong Kong. Mr Teo has close to 20 years of sales experience in theindustrial hardware business and he has been instrumental in procuring certain large order term contracts from one of thelargest local ship building and ship repair companies. Mr Teo joined the Company as a Sales Executive in 1983 and waspromoted to Sales Manager since 1994. Mr Teo holds a G.C.E. “A” Level Certificate.
LAM CHIEW SENG
Mr Lam Chiew Seng, 51, is the Marketing Director of Pressure Products Sdn Bhd (“Pressure Products”), a wholly ownedsubsidiary of the Company incorporated in Malaysia. Mr Lam is responsible for the day-to-day sales and marketing operationsof Pressure Products. Mr Lam has more than 18 years of overseas and export sales experience, including 8 years spent asthe Overseas Sales Manager of an Indonesian paint and chemical company serving key accounts and customers in manyregions including the Middle East, Asia and Indo China regions. Mr Lam joined the Company as a Senior Sales Executive in1995. He left in 1998 to take up an overseas posting to Thailand but re-joined the Company in 1999 and was seconded toPressure Products since then. Mr Lam holds a G.C.E. “O” Level Certificate.
K E Y M A N A G E M E N T S T A F F
hup
seng
hua
t co
. ltd
. ann
ual r
epor
t 20
03
07
REVIEW OF PERFORMANCE
The regional energy and marine industries have remained resilient despite the SARS epidemicand continuing threats of terrorism in the financial year ended 31 July 2003. As a result, HupSeng Huat posted encouraging revenue growth and profitability.
Group turnover surged to $54.1 million in FY2003 from $48.8 m in FY2002, representingan increase of $5.3 million or 10.9%. Net profit before tax and exceptional items also grew$0.9 million or 36.0% to reach $3.4 million in FY2003. After exceptional items, taxation andminority interests, net profit attributable to shareholders is still resilient at $1.4 million inFY2003 compared to $1.9 million in FY2002, notwithstanding the exceptional items andhigher operating costs.
As at 31 July 2003, the Group exhibited strong financial position and healthy cash flows.Shareholder funds and NTA per share are still intact after payment of $1.2 million first andfinal dividends during the year to post at $88.6 million and 29.50 cents respectively. Thefigures were $87.9 million and 29.29 cents respectively in FY2002. Current ratio and quickratio also jumped close to 200% to post at 10.1 and 5.6 respectively in FY2003 comparedto 5.8 and 2.9 respectively in FY2002. Inventory level (excluding effect of stock write-off)remained about the same level compared to FY2002 due to better procurement control andplanning, hence average inventory days remained constant at 180 days. Trade receivables,however, recorded a decline of approximately $3.0 million over FY2002 due to more effectivecredit management, which also translated into an improvement of days sales outstanding to91 days in FY2003 compared to 102 days in FY2002.
Group cash and cash equivalents also remained relativelystable compared to FY2002. Additional funding towardconstruction of the new warehouse for $8.7 million andplacement of $4.5 million deposit in escrow account weredrawn mainly from liquidation proceeds of long terminvestments ($10.5 million) and proceeds from return ofcapital pursuant to the liquidation of Hoe Seng Huat HupSeng Huat Industries ($1.2 million), previously an associatedcompany of the Group. The net cash flow impact is anoutflow of approximately $1.2 million. In addition, thepayment of FY2002 dividends added another $1.2 millionto cash outflows from the Group.
B U S I N E S S R E V I E W
The Group generated $2.7 million net cash flows from itsoperating activities (compared to a cash deficit of $1.5 millionin FY2002) due to effective working capital management andbetter operating performance. Hence, the net change in theGroup’s cash and cash equivalents is a marginal increase of$285,000 during the year, compared to the $5.1 milliondecrease in FY2002.
hup
seng
hua
t co
. ltd
. ann
ual r
epor
t 20
03
08
The hardware trading segment continued to contribute substantially to the Group’s revenue of $54.1 million,accounting for $53.6 million or 99% (FY2002: $48.4 million or 99%) for FY2003. Revenue for this segmentwent up 10.9% over FY2002 as a result of material supply contracts secured in the Group’s key Asian marketssuch as Malaysia, Thailand and Brunei. The increase was significant amidst declining sales in other traditionallystrong markets such as Singapore and Indonesia.
Gross profits also improved across the board to 21.2% (FY2002: 18.5%) as the Malaysia operations recordedhigher GP of 20.3% compared to 15.7% in FY2002. This was due to higher turnover and better marginproducts sold by the Malaysian subsidiary. The Singapore geographical segment also posted increase in GPfrom 20.4% in FY2002 to 22.3% in FY2003 due to lower cost of purchases.
In terms of contribution to Group revenue, Singapore continued to be the top performing market accountingfor 44.6% of total sales. Together with Malaysia, Thailand and Indonesia, these 4 markets accounted formore than 92% of the Group’s revenue, which was the same in FY2002.
The Group derives its competitive strength from more than 30 years of experience in this hardware business andits strategy of anticipating the needs of its customers and taking care of their special needs. Underscoring thisstrategy is the business agility and supply chain capabilities of the Group to ensure efficiency and responsiveness.The Group is well positioned to benefit from the continuing growth trend in the energy and marine sectors. TheGroup is confident to meet the challenges and embrace the opportunities ahead to further entrench its positionin the ASEAN markets and to further expand its geographical coverage.
SEGMENT PERFORMANCE
The Group operates 2 business segments – industrialhardware and property related business. The investmentproperty segment contributed $459,000 or approximately1% to Group revenue and it recorded segment loss of$22,000 in FY2003. In FY2002, the investment propertysegment contributed $440,000 to revenue but it recordedsegment profit of $311,000. The higher revenue iscontributed by the successful leasing of one coveredwarehouse in May this year. This warehouse was vacantsince January 2002. The profit in FY2002 was caused bya one-time write back of $239,000 of over accruals whilstFY2003 saw the additional expense outlay arising fromthe new warehouse. Without these factors, both FY wouldhave posted similar segment results of approximately$72,000 in each FY.
REVENUE BY GEOGRAPHICAL SEGMENTS
Singapore Malaysia Other countries
Other South-East Asia countries
7,486
8,96329,393
2,984
FY 2002
6,469 24, 341
2,506
20, 791
FY 2003
hup
seng
hua
t co
. ltd
. ann
ual r
epor
t 20
03
09
F I N A N C I A L H I G H L I G H T S
Profit Before Taxation, and Exceptional Items(S$million)
2003 2002 2001 2000 1999
Turnover(S$million)
Earnings per Share(cent)
Net assets value per share(cents)
Shareholders’ Funds(S$million)
3.4
2.5
7.9
1.5
3.5
0.470.64
2.57
0.50
0.95
29.50 29.2928.88
26.2825.98
2003 2002 2001 2000 1999
2003 2002 2001 2000 1999
2003 2002 2001 2000 1999
2003 2002 2001 2000 1999
88.687.9
86.6
78.878.0
54.1
48.8
38.436.1
57.7
hup
seng
hua
t co
. ltd
. ann
ual r
epor
t 20
03
10
RESULTS OF OPERATION
Turnover 54,107 48,826 38,402 37,948 57,730
Profit before tax and exceptional items 3,410 2,548 7,875 1,514 3,450
Profit attributable to shareholders 1,400 1,910 7,732 1,501 2,860
Earnings per share (cent) 0.47 0.64 2.57 0.50 0.95
Net asset value per share (cents) 29.50 29.29 28.88 26.28 25.98
Gross dividend per share (cent) 0.50 * 0.50 0.30 0.30 0.50
* Subject to approval by shareholders
TURNOVER BY GEOGRAPHICAL LOCATIONS
Singapore 24,341 29,393 17,497 13,177 30,748
Malaysia 20,791 7,486 10,469 15,436 16,441
Other South-East Asia countries 6,469 8,963 7,235 5,293 6,202
Other countries 2,506 2,984 3,201 2,185 4,340
54,107 48,826 38,402 36,091 57,730
FINANCIAL POSITION FY2003 FY2002 FY2001 FY2000 FY1999$'000 $'000 $'000 $'000 $'000
Property,plant and equipment 38,493 30,423 23,005 22,973 22,759
Other non-current assets 10,381 21,236 24,180 6,363 2,540
Non-current assets 48,874 51,659 47,185 29,336 25,299
Current assets 45,121 45,357 44,091 55,037 59,898
Current liabilities 4,477 7,858 3,461 4,294 6,366
Net Current assets 40,644 37,499 40,630 50,743 53,532
Non current liabilities 851 1,163 1,079 1,123 796
Minority Interests 89 119 120 118 79
Net assets 88,578 87,876 86,616 78,838 77,956
Share capital 30,053 30,038 30,038 30,038 30,038
Capital reserves 31,983 31,525 31,495 31,449 31,397
Revenue reserves 26,542 26,313 25,083 17,351 16,521
88,578 87,876 86,616 78,838 77,956
hup
seng
hua
t co
. ltd
. ann
ual r
epor
t 20
03
11
EXECUTIVE COMMITTEE
Dr Lim Kim Hock - Chairman
(appointed on 15 September 2003)
Mr Lim Kim Thor
Mr Lim Boh Chuan
AUDIT COMMITTEE
Mr Tang See Chim - Chairman
Mr Lim Teck Hui
Mr Chua Hoo Tai
Dr Lim Puay Koon
NOMINATING COMMITTEE
Mr Lim Teck Hui - Chairman
Mr Tang See Chim
Mr Lim Eng Chong
REMUNERATION COMMITTEE
Mr Tang See Chim - Chairman
Mr Lim Teck Hui
Mr Chua Hoo Tai
Dr Lim Him Hock
(appointed on 15 September 2003)
Mr Lim Kim Thor
C O R P O R A T E I N F O R M A T I O N
BOARD OF DIRECTORS
Dr Lim Kim Hock Non Executive Chairman
(appointed on 23 June 2003)
Mr Lim Kim Thor Managing Director
Mr Lim Boh Chuan Deputy Managing Director
Mr Lim Yee Kim Executive Director
Mr Lim Beo Peng Executive Director
Mr Lim Eng Chong Non-executive Director
Dr Lim Puay Koon Non-executive Director
Mr Tang See Chim Independent, Non-executive Director
Mr Lim Teck Hui Independent, Non-executive Director
Mr Chua Hoo Tai Independent, Non-executive Director
SECRETARIES
Ms Busarakham Kohsikaporn
Ms Tan Lay Hong
REGISTERED OFFICE
10 Collyer Quay, # 19-08 Ocean Building,
Singapore 049315
BUSINESS OFFICE
116 Neythal Road, Singapore 628603
Tel: (65) 6419 2121 Fax: (65) 6419 2113
Website: www.hupsenghuat.com.sg
SHARE REGISTRAR
Barbinder & Co Pte Ltd
8 Cross Street #11-00, PWC Building,
Singapore 048424
Tel: (65) 6236 3333
AUDITORS
PricewaterhouseCoopers
8 Cross Street #17-00 PWC Building,
Singapore 048424
Tel: (65) 6236 3388
AUDIT PARTNER-IN-CHARGE
Ms Quek Bin Hwee
Date of Appointment: 13 January 2003
hup
seng
hua
t co
. ltd
. ann
ual r
epor
t 20
03
12