Telephone: +65 6398 1118
Facsimile: +65 6398 1119
Email: enquiries@singheehuat.com.sg
Website:
www.singheehuat.com.sg
Sin Ghee Huat Corporation Ltd.
Annual Report 2008
Staying
Focused
Contents
01 Corporate Profile
04 Letter to Shareholders
08 Financial Highlights 09 Operating and Financial Review
14 Board of Directors 16 Executive Officers
17 Corporate Governance Statement
26 Financial Information
58 Statistics of Shareholdings
60 Notice of Annual General Meeting
Proxy Form
Corporate Information
Annua l Re p or t 2 0 0 8
Corporate Profile
We pride ourselves as a “one-stop” distributor of stainless steel products, including stainless steel bars,
plates, pipes & pipe fittings, tubes and flanges.
We have an operating track record of over 20 years in the sale and stockholding of stainless steel products
and presently boasts a comprehensive range of 304/304L and 316/316L grades of austenitic stainless steel
products at its warehouses in Singapore at 62 Tuas Basin Link and 32 Gul Crescent. Stainless steel products
are sourced from suppliers overseas, including Finland, Italy, Japan, South Korea, Spain and Taiwan.
We derive our revenue from two principal revenue streams, namely, project sales and product sales. Project
sales relate mainly to sales to users such as contractors, engineering firms and manufacturers, while product
sales relate mainly to sales to traders. Companies in oil & gas and petrochemical, marine and construction
feature amongst our customers.
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Wide Range of
Quality Stainless
Steel Products
Annua l Re p or t 2 0 0 8
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Letter to Shareholders
Dear Shareholders,
12 months is a long time in business and the last 12 months seem to be longer
than usual, with all the adverse economic developments that have taken place.
The world saw rumblings in the United States due to the housing mortgage subprime crisis. As it turned out, the bursting of the United States housing market
bubble resulted in large losses at financial institutions and destabilised financial
markets with far-reaching consequences that we are still experiencing.
Indeed in Singapore, non-oil domestic exports decreased by 5.5% for the
second quarter 2008, according to figures released in August 2008 by the
Ministry of Trade and Industry (MTI). In fact, it expects whole year figures for
non-oil domestic exports to show a contraction of 2 to 4%. The Singapore
government has also revised downwards its 2008 growth forecast to 4 to 5%,
(1)
in sharp contrast to the previous year’s growth of 7.5%.
As a stainless steel product stockist, we are not immuned to these
developments. In the beginning of the financial year ended 30 June 2008,
stainless steel prices saw a sharp decline after an upsurge for the most part of
the financial year ended 30 June 2007, causing pricing pressure on our stocks
purchased earlier at higher prices. The erosion in profit margin affected overall
bottom line performance.
Over the past year, we continued to derive the bulk (70%) of our revenue from
Singapore, with remaining revenue from countries such as Malaysia, Thailand,
Indonesia, Australia and United Arab Emirates. Also, project sales accounted
for 70% of our revenue. Analysing our project sales further, customers from the
oil & gas and petrochemical sector as well as the marine sector accounted for
about one-half of our project sales.
All in all, for the financial year ended 30 June 2008, our revenue decreased
by 1% to $92.6 million and net profit for the financial year decreased by 24%
to $13.7 million. Nevertheless, we remained profitable and earnings per share
was 6.2 cts, a decrease from 12.0 cts for the financial year ended 30 June 2007.
Net assets value per share grew to 39.2 cts from 35.5 cts a year ago.
Outlook and Strategy
As we write this letter, we note that the year-old global credit crisis continues
to dampen global economic prospects and the stainless steel market. This will
inevitably impinge on our own growth prospects. At the vantage point of third quarter of 2008, the prices of stainless steel as
well as nickel, a major component in stainless steel production, look set to
moderate even further, as global demand from stainless steel mills continue to
weaken with a slowing world economy. Meanwhile, the global supply of nickel
is also projected to grow, with world nickel mine production forecast to expand
by 1% in 2008 and a further 6% in 2009 as nickel mines increase production and
(2)
new mines commence operations.
Diversified geographies
Annua l Re p or t 2 0 0 8
Delivering
Across Borders
Japan
China
Pakistan
Saudi Arabia
Qatar
UAE
Hong Kong
Thailand
Taiwan
Vietnam
Phillipines
Malaysia
Singapore
Brunei
Indonesia
Mauritius
Australia
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Letter to Shareholders
Diversified industries
On another front, we remain confident that continued global and domestic
demand for oil, gas, petrochemical and marine services would translate into
demand for our products. We also aim to continue leveraging on ongoing
domestic projects. In fact, by 2010, Jurong Island targets to have 150 companies
with $40 billion in fixed assets investment, from a current base of 90-odd
(3)
companies with a total investment of some $26 billion. We should also stand to benefit from the construction of numerous oil rigs with
delivery dates stretching several years ahead, the bustle in ship-building, shiprepair and in the construction industry.
Over the past financial year, we were on the lookout for business development
opportunities and even participated in a trade mission overseas. While nothing
has materialized, we would continue to seek to further extend our geographical
footprint in order to boost our growth and diversify revenue sources.
Catering to our many customers both domestically and overseas, we decided
last year to establish an online requisition system. When completed, it will be
user-friendly and active, opening another sales channel for us.
Being Prudent
In April 2008, we accepted an offer by Jurong Town Corporation to extend the
lease of 32 Gul Crescent for a further term of 16 years 10 months from 16
May 2021. The offer was subject to various terms and conditions, including the
fulfillment of certain fixed investment criteria all within three years of 16 March
2008. Given the present uncertain operating environment, we recognize the need to
keep costs in check, including the need to review additional storage capacity.
Moreover, with the construction industry locked into large existing project
commitments, construction costs have mushroomed, surging 13% over the
period September 2007 to March 2008. Accordingly, we have decided to defer
the redevelopment of the said premises not to extend our lease until the
operating environment becomes clearer.
Meanwhile, we shall remain open to acquiring additional warehouse facilities
as an alternative to redeveloping the premises at 32 Gul Crescent.
Conclusion
The economic environment in the past year has been eventful. But while the
seas have been stormy, our corporate ship has held steady. Our business model
and operations remains the same and we continue to focus on our strength
as a leading stainless steel stockist of quality austenitic stainless steel, with
Singapore as our primarily market.
Annua l Re p or t 2 0 0 8
Letter to Shareholders
In this challenging operating environment, we would not have
made it without your support. And so, as we enter our second
year as a listed entity, we propose a final one-tier tax exempt
dividend of 1.85cts per share for the financial year ended 30
June 2008, to be approved at the upcoming Annual General
Meeting.
What lies ahead? Frankly, its difficult to say right now. Amidst
a scenario of stagnating global economic growth, regional
political uncertainty and high inflation, we are cautious about
the market outlook for the near term. But rest assured, our
business remains resilient. In our 20-odd years of existence,
we have been through challenging business cycles, weathered
them and emerged unscathed. Through these experiences, a
fundamental lesson we have learnt is being focused on our
core competencies. That is the best way forward, as we strive
to generate long term growth in shareholder value.
To end, I would like to thank our customers and business
partners for their trust, as well as our management and staff
for their efforts and commitment. Together, we have brought
Sin Ghee Huat so far, and together, we are confident to take it
even further.
Yours sincerely,
Kua Chee Seng Chief Executive Officer
Hong Pian Tee
Non-Executive Chairman (1)
Today, “Bumpy year ahead, says PM” August 9, 2008.
(2)
MEPS (International) Ltd, a steel sector consultancy, “No significant increase in stainless steel
output expected this year.” 30 June 2008. Reuters, “Nickel tumbles 5 percent to 2-year low
on weak demand”, 24 July 2008. Australian Bureau of Agricultural and Resource Economics
(ABARE) “Australian Commodities” June quarter, Vol 15 No.2”
In June 2008, ABARE, the
Australian Bureau of Agricultural and Resource Economics, predicted 2008 nickel prices to end
the year 18% below 2007 prices, while 2009 prices were forecasted to fall a further 18% below
the 2008 average.
(3)
Jurong Town Corporation and chemical industry news provider CHEMonline.com.sg
Kua Chee Seng
Hong Pian Tee
Chief Executive Officer
Non-Executive Chairman
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Financial Highlights
Revenue
($’million)
Net profit for the financial year
($’million)
93.6
92.6
17.9
13.7
78.1
60.8
67.1
11.1
10.4
6.7
04 05 06 07
08
Income Statement ($’000)
Revenue
Profit before income tax
Net profit for the financial year
Balance Sheet ($’000)
Current assets
Total assets
Current liabilities
Total liabilities
Financial Statistics
Net profit margin
(1)
Return on assets (2)
Return on equity Net gearing
Current ratio
(3)
Average stock turnover days (4)
Average trade receivables turnover days (5)
Average trade payables turnover days (1)
(2)
(3)
(4)
(5)
04 05 06 07
08
FY2007
FY2008
93,636
22,220
17,940
92,554
17,007
13,722
91,598
100,026
21,273
21,325
97,655
105,513
18,507
18,551
19.2%
21.0%
28.3%
Negative
4.3x
225 days
94 days
31 days
14.8%
13.4%
16.6%
Negative
5.3x
251 days
90 days
31 days
Return on assets = Net profit for the financial year / [(Total assets at beginning of financial year + Total assets at end of financial year) / 2]
Return on equity = Net profit for the financial year / [(Total equity at beginning of financial year + Total equity at end of financial year) / 2]
Average stock turnover days = (Stocks at beginning of financial year + Stocks at end of financial year) / 2 / Cost of sales x 365 days
Average trade receivables turnover days = (Trade receivables at beginning of financial year + Trade receivables at end of financial year) / 2 / Revenue x 365 days
Average trade payables turnover days = (Trade payables at beginning of financial year + Trade payables at end of financial year) / 2 / Purchases x 365 days
Annua l Re p or t 2 0 0 8
Operating and Financial Review
Stainless Steel Prices
After an upsurge for the most part of the financial year ended 30 June 2007 (“FY2007”), stainless steel prices saw a decline in
the financial year ended 30 June 2008 (“FY2008”), after nickel prices plunged in June 2007. The decline in stainless steel prices
led, in turn, to a fall in stainless steel production in the second half of 2007 as a result of production cuts by stainless steel mills,
including Outokompu and Posco.
In the first half of 2008, even as inventories were being depleted and stainless steel producers returned to the market, stainless
steel markets were generally quite soft as a result of large increases in supply in Europe and China.
Price ($US/Ton)
World Stainless Steel Prices
10500
10200
9900
9600
9300
9000
8700
8400
8100
7800
7500
7200
6900
6600
6300
6000
5700
5400
5100
4800
4500
4200
3900
3600
3300
3000
2700
2400
2400
2100
1800
1500
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Month
Drawn Bar (316)
Hot Rolled Plate (316)
Drawn Bar (304)
Hot Rolled Plate (304)
Source: http://www.meps.co.uk
With the threat of a US led recession remaining a real possibility, consumption is likely to continue to decline and downward price
pressure is expected to intensify. Any revival in stainless steel prices is expected in 2009 as distributors restock.
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Operating and Financial Review
Foreign Exchange Rates
As purchases of stainless steel products were principally denominated in United States Dollar (“USD”), while sales of stainless
steel products were principally denominated in Singapore Dollar (“SGD“), the Company was able to benefit from the fall in USD/
SGD from S$1.53 level in July 2007 to S$1.36 level in June 2008. USD/SGD Exchange I Last Price at 14/08/08 00:00:00.0000
1.58
1.56
1.54
1.52
1.50
Exchange Rate
10
1.48
1.46
1.44
1.42
1.40
1.38
1.36
1.34
1.32
16/08/07
28/09/07
14/11/07
01/01/08
15/02/08
Date
02/04/08
14/05/08
30/06/08
Copyright 2008 SingForex I Powered www.singforex.com.sg
Source: www.singforex.com.sg
Since then, the USD/SGD has rebounded somewhat.
Business Strategies and Future Plans
In line with the stated intention to establish its presence overseas, the Company had been on the lookout for business development
opportunities and even participated in a trade mission overseas. To-date, nothing has materialized.
In FY2008, we derived a substantial portion of our revenue from the Oil & Gas and Petrochemical as well as the Marine sectors.
We expect continued contributions from the Oil & Gas and Petrochemical sector, even as more private sector and government
investments are being slated for Jurong Island, one of the world’s largest oil refinery and ethylene production centres. Likewise,
with Singapore accounting for 80 percent of the world’s production of offshore oil rigs, and a busy ship-building and ship-repair
hub, we are also positive on the Marine sector.
Annua l Re p or t 2 0 0 8
Operating and Financial Review
With an uncertain economic outlook, the Company has prudently adopted a more conservative approach in stocking up inventory.
In particular, it has continued to stay focused on providing a comprehensive range of 304/304L and 316/316L grades of stainless
steel products, and has not been over-zealous in actively stocking up other grades of stainless steel products just to widen its
product range.
In relation to its plan to redevelop its existing warehouse facilities at 32 Gul Crescent (the “Premises”), the Company, in April 2008,
accepted an offer by JTC Corporation to extend the lease for a further term of 16 years 10 months from 16 May 2021. The offer
was subject to various terms and conditions, including the fulfillment of the following fixed investment criteria all within three
years of 16 March 2008:•
•
•
develop the Premises to a minimum gross floor area at a gross plot ratio of not less than 1.0 and not more than 1.4;
make an investment on plant and machinery of at least $1.3 million; and
make an investment on building and civil works of at least $4 million.
In view of the high construction costs, the fact that our overseas expansion plans have not yet materialized and the uncertain
market conditions, the Company has held back its efforts to actively stock up stainless steel products to support its expansion
plans. As such, it has decided that there would be no urgency to embark on the redevelopment of the Premises. Meanwhile, the
Company would also remain open to acquire another warehouse as an alternative to redeveloping the Premises.
Meanwhile, in moving with the times, an online requisition system is being developed to facilitate the placing of orders by
customers. This is on a business-to-business platform, where customers are allowed to view the products on a restricted access
web portal.
Review of Results of Operations
Revenue
Revenue decreased by $1.0 million or 1%, from $93.6 million in FY2007 to $92.6 million in FY2008. Sales volume (in weight)
decreased by 21% while average selling price had increased by 26%.
Revenue contribution from project sales and product sales accounted for 70% (FY2007: 66%) and 30% (FY2007: 34%) respectively
of total revenue in FY2008. Revenue from project sales increased by $2.6 million or 4%, from $62.1 million in FY2007 to $64.7
million in FY2008. Customers in oil & gas and petrochemical as well as marine industries contributed to the increase in project
sales. Revenue from product sales decreased by $3.7 million or 12%, from $31.6 million in FY2007 to $27.9 million in FY2008.
Geographically, revenue contribution from Singapore, Malaysia and other countries accounted for 70% (FY2007: 67%), 14%
(FY2007: 13%) and 16% (FY2007: 20%) respectively in FY2008. Revenue from Singapore increased by $2.8 million or 5%, from
$62.2 million in FY2007 to $65.0 million in FY2008. Revenue from Malaysia increased by $0.9 million or 7%, from $12.4 million in
FY2007 to $13.3 million in FY2008. Revenue from other markets decreased by $4.7 million or 25%, from $19.0 million in FY2007
to $14.3 million in FY2008.
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Operating and Financial Review
Gross profit
Gross profit decreased by $6.3 million or 20%, from $31.8 million in FY2007 to $25.5 million in FY2008. The decrease was due
mainly to an increase in cost of sales of $5.1 million as revenue had decreased by $1.0 million.
Gross profit margin decreased from 34% in FY2007 to 28% in FY2008. The decrease was due mainly to an increase in the average
cost of sales price of 45% viz a viz an increase in the average selling price of 26%. As stainless steel prices trended downwards
during FY2008, the Company was unable to pass on the increase in the average cost of sales price entirely to its customers.
Expenses
Distribution costs increased by $0.1 million or 4%, from $3.6 million in FY2007 to $3.8 million in FY2008. Distribution costs include
advertising expenses, business traveling expenses, entertainment, warehouse leasing, remuneration of sales and warehouse
staff as well as depreciation expenses for warehouse, plant & machinery and motor vehicles.
Administrative expenses decreased by $0.9 million or 16%, from $5.8 million in FY2007 to $4.9 million in FY2008. The decrease
was due mainly to lower performance bonuses for FY2008, in line with the performance of the Company.
Other operating expenses decreased by $0.2 million or 86% from $0.2 million in FY2007 to $0.03 million in FY2008. The decrease
was due mainly to no net foreign exchange loss (FY2007: $0.04 million) and a decrease in allowance for doubtful debts charged.
Finance costs decreased by $0.04 million or 9% from $0.5 million in FY2007 to $0.4 million in FY2008. The decrease was due
mainly to lower interest expenses incurred on trust receipts as a result of lower utilization of trade financing and lower interest
rates.
Profit before income tax
Profit before income tax decreased by $5.2 million or 24%, from $22.2 million in FY2007 to $17.0 million in FY2008. The decrease
was due mainly to the decrease in gross profit.
Profit before income tax margin decreased from 24% in FY2007 to 18% in FY2008. The decrease was due mainly to the decrease
in gross profit margin.
Income tax expenses
Income tax expenses decreased by $1.0 million or 23%, from $4.3 million in FY2007 to $3.3 million in FY2008. The decrease was
due mainly to the decrease in profit before income tax in FY2008.
The effective tax rate of 19% in FY2008 was higher than the corporate tax rate of 18% for year of assessment 2009. The higher
effective tax rate was due mainly to additional income tax assessed in respect of years of assessment 2002, 2004 and 2007.
Net profit for the financial year
Net profit for the financial year decreased by $4.2 million or 24%, from $17.9 million in FY2007 to $13.7 million in FY2008.
Annua l Re p or t 2 0 0 8
Operating and Financial Review
Review of Financial Position
The Company continued to enjoy a positive working capital position as at 30 June 2008.
Stocks
Stocks increased by $2.7 million or 6%, from $44.8 million in FY2007 to $47.5 million in FY2008. Average stock turnover days
increased from 225 days in FY2007 to 251 days in FY2008. The increase in stocks and average stock turnover days were due
mainly to an increase in the average stock level in recent years to support the prevailing level of sales.
Trade receivables
Trade receivables decreased by $2.3 million or 10%, from $23.8 million in FY2007 to $21.5 million in FY2008. Average trade
receivables turnover days decreased from 94 days in FY2007 to 90 days in FY2008. The decrease in trade receivables and average
trade receivables turnover days were due mainly to more stringent credit management.
Trade payables and bills payables
Trade payables and bills payables decreased by $1.0 million or 7%, from $13.6 million in FY2007 to $12.6 million in FY2008.
Average trade payables and bills payables turnover days decreased from 73 days in FY2007 to 69 days in FY2008. The decrease in
trade payables and bills payables and average trade payables and bills payables turnover days were due mainly to more efficient
cash management.
Other payables
Other payables decreased by $0.9 million or 26%, from $3.4 million in FY2007 to $2.5 million in FY2008. The decrease was due
mainly to lower accruals for performance bonuses, in line with the performance of the Company.
Review of Cash Flows
The Company continued to enjoy positive cash flow in FY2008.
Net cash generated from operating activities
Net cash generated from operating activities in FY2008 amounted to $10.9 million, due mainly to profit before income tax of $17.0
million, and offset by increase in stocks of $2.7 million and income tax paid of $4.2 million.
Net cash used in investing activities
Net cash used in investing activities in FY2008 amounted to $0.1 million, due mainly to the purchase of furniture, fixture and
fittings as well as office equipment of $0.1 million.
Net cash used in financing activities
Net cash used in financing activities in FY2008 amounted to $5.5 million, due mainly to the payment of dividend of $5.5 million.
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Board of Directors
Hong Pian Tee, 63, was appointed
as our Independent Director on 1
March 2007. Prior to retirement on 31
December 1999, he was a partner of
PricewaterhouseCoopers, a position he
held from 1985 to 1999. His experience
and expertise are in corporate insolvency
since 1977. He has been a corporate/
financial adviser to clients with
businesses in Singapore and Indonesia
and, in addition, was engaged to
restructure companies with operations
in Taiwan, Indonesia and Malaysia. He
was a director of Asia Food & Properties
Limited from November 2001 to February
2006. He is an independent director of
Golden Agri-Resources Ltd and chairman
of its audit and nominating committees.
He is also the chairman and director of
Pei Hwa Foundation Limited.
Kua Chee Seng, 58 , our Chief Executive
Officer, was appointed as our Director
on 11 July 1979. He is responsible for
corporate strategic direction and the
general management of our business
and operations. Since the establishment
of our Company in 1977, he had
been involved in various aspects of
our operations. In particular, he was
responsible for the re-development of
our office at Penhas Road as well as
spearheading the computerization of
our accounting system. Prior to 1977,
Chee Seng had worked in the Kua
family business, which was involved in
the supply of general hardware items
in Singapore. Chee Seng obtained the
Bachelor of Commerce degree from
Nanyang University.
Kua Eng Wah, 60, our Sales Director,
was appointed as our Director on 7
March 1977. He oversees our sales
function. Since the establishment of our
Company in 1977, he had been involved
in various aspects of our operations.
Over time, he became responsible for
our sales function. Prior to 1977, Eng Wah
had worked in the Kua family business,
which was involved in the supply of
general hardware items in Singapore.
Eng Wah completed his Secondary 4
education at Chinese High School. He is
a committee member of the Singapore
Metal and Machinery Association.
Kua Eng Watt, 58, our Purchasing
Director, was appointed as our
Director on 11 July 1979. He oversees
our purchasing function, including
formulating our purchasing policies
and inventory management. Since the
establishment of our Company in 1977,
he had been involved in various aspects
of our operations. Over time, he became
responsible for our purchasing function.
Prior to 1977, Eng Watt had worked in the
Kua family business, which was involved
in the supply of general hardware items
in Singapore. Eng Watt completed his
Secondary 4 education at Chinese High
School.
Annua l Re p or t 2 0 0 8
Board of Directors
Kua Chee Meng, 60, our Administration
Director, was appointed as our Director
on 7 March 1977. He oversees our
administration function, including human
resources and information systems.
Since the establishment of our Company
in 1977, he had been involved in various
aspects of our operations. Over time,
he became responsible for our finance
function and was our Finance Director
until November 2006, when he was
re-designated as our Administration
Director. Prior to 1977, he had worked
in the Kua family business, which
was involved in the supply of general
hardware items in Singapore. Chee Meng
completed his Secondary 4 education
at Thomson Government Secondary
School. He is a committee member of
the Singapore Metal and Machinery
Association.
Kua Chee Hong, 62, our Non-Executive
Director, was appointed as our Director
on 11 July 1979. Since the establishment
of our Company in 1977, he had been
involved in various aspects of our
operations. Prior to 1977, Chee Hong had
worked in the Kua family business, which
was involved in the supply of general
hardware items in Singapore. He retired
in September 2006 and remains as a
Non-Executive Director on our Board. He
completed his Secondary 4 education at
Chinese High School.
Hoon Tai Meng, 56, was appointed as
our Independent Director on 1 March
2007. He is an Advocate and Solicitor
of Singapore and is currently a partner
with M/s KhattarWong. Besides having
more than 10 years of experience in
legal practice, he also has approximately
20 years of experience in financial
planning and management, audit, tax
and corporate secretarial functions. He
has a Bachelor of Commerce degree
in accountancy from the Nanyang
University and a LLB (Honours) from the
University of London. He is a Fellow of
the Chartered Institute of Management
Accountants (United Kingdom), a Fellow
of the Association of Chartered Certified
Accountants (United Kingdom), a Fellow
Certified Public Accountant (Singapore)
and a Barrister-at-Law (Middle Temple,
United Kingdom).
Tan Lye Heng Paul, 42, was appointed
as our Independent Director on 1 March
2007. He is practicising public accountant
and the managing director of Tan Teo
& Partners PAC. He has over 17 years
of auditing experience working as an
auditor in public accounting firms and
a 2-year stint as the internal auditor of
a large Singapore public listed company
before starting his own public accounting
practice. He is an accredited Quality
Assessor of Internal Audit Activity. Paul
holds a Masters degree in business
Administration (MBA) from the University
of Birmingham, United Kingdom (UK).
He is a fellow of the Association of
Chartered Certified Accountants, UK. He
is also Independent Director of Second
Chance Properties Ltd and China Sunsine
Chemicals Holdings Ltd, both companies
shares are traded in SGX.
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S IN G H EE H UAT CO RPO RAT I ON Ltd.
Executive Officers
Winston Yeo Boon Hai, 46, is our Chief
Financial Officer. Besides overseeing our
finance function, he is also responsible
for risk management and investor
relations. Prior to joining us in November
2006, Winston had held senior positions
as a corporate finance practitioner
at local banks and corporate finance
boutique firms. He began his career in
public accounting before moving on to
banking, where he undertook various
assignments, including internal (EDP)
auditing, financial planning and credit
risk management. Winston obtained the
Bachelor of Accountancy degree and
the Postgraduate Diploma in Systems
Analysis from the National University
of Singapore, and is a Fellow of the
Institute of Certified Public Accountants
of Singapore.
Kua Chee Keng, 46, is our Senior Manager
for Export Sales. He is responsible for the
sale of our products in overseas markets,
including South East Asia, Australia and
New Zealand. Chee Keng first joined us
in 1978. He rejoined us in 1983 after
completing his national service. In 1990,
he was appointed as manager of Export
Sales. In October 2006, he was appointed
as head of Export Sales. Chee Keng
completed his GCE ‘O’ levels at Yio Chu
Kang Secondary School.
Kua Chee Keong, 54, is our Senior
Manager in charge of Project Sales. He is
responsible for the sale of our products
to users such as manufacturers,
contractors and engineering firms.
Chee Keong has been involved in sales
and marketing since joining us in 1977.
In October 2006, he was appointed
as head of Project Sales. He was also
instrumental in setting up our electronic
resource planning system. Chee Keong
completed his GCE ‘O’ levels at Thomson
Secondary School.
Kua Eng Bee, 56, is our Senior Manager
for Local Sales. He is responsible for the
sale of our products in Singapore. He has
been involved in sales and marketing
since joining us in 1980 and was appointed
as head of Local Sales in October 2006.
Prior to joining us, Eng Bee was with
Sembawang Shipyard and Sembawang
Engineering, working on-board ships
and taking on a variety of responsibilities
relevant to the fabrication of oil and gas
offshore structures. Eng Bee completed
his GCE ‘O’ levels at Upper Thomson
Secondary School.
Kua Chee Kok, 47, is our Senior Manager
for Warehouse. He is responsible for
the management of our warehouse
operations. Since joining us in 1977, he
was responsible for delivery operations
and has assisted in stock purchases.
In 2000, he was appointed to head our
warehouse operations. Prior to the
establishment of our Company in 1977,
Chee Kok had worked in the Kua family
business, which was involved in the
supply of general hardware items in
Singapore. Chee Kok did his secondary
education at Thomson Secondary
School.
Kua Bee Kuan, 49, is our Administration
Manager. She is responsible for our
administrative and human resource
function. Prior to joining us in 1989, Bee
Kuan had worked as a sales manager at
Century Park Sheraton between 1987
and 1988. Prior to that, she was with
DHL International Pte Ltd as a customer
relations executive between 1985 and
1987. Bee Kuan completed her GCE ‘O’
levels at Anderson Secondary School
and holds a LCCI Private Secretary
Certificate.
Corporate Information BOARD OF DIRECTORS
Hong Pian Tee (Non-Executive Chairman)
Kua Chee Seng (Chief Executive Officer)
Kua Chee Meng
Kua Eng Wah
Kua Eng Watt
Kua Chee Hong
Hoon Tai Meng
Tan Lye Heng Paul
Executive Committee
Kua Chee Seng
Kua Chee Meng
Kua Eng Wah
Kua Eng Watt
Winston Yeo Boon Hai
AUDIT COMMITTEE
Tan Lye Heng Paul (Chairman)
Hoon Tai Meng
Hong Pian Tee
REMUNERATION COMMITTEE
Hong Pian Tee (Chairman)
Hoon Tai Meng
Tan Lye Heng Paul
NOMINATING COMMITTEE
Hoon Tai Meng (Chairman)
Kua Chee Seng
Tan Lye Heng Paul
COMPANY SECRETARIES
Lotus Isabella Lim Mei Hua
Ng Lee Ing
REGISTERED OFFICE
32 Penhas Road
#01-01
Singapore 208191
Tel: 6398 1118
Fax: 6398 1119
Email: enquiries@singheehuat.com.sg
Website: www.singheehuat.com.sg
SHARE REGISTRAR & Share Transfer
Office
Tricor Barbinder Share Registration
Services
(A division of Tricor Singapore Pte. Ltd.)
8 Cross Street
#11-00 PWC Building
Singapore 048424
AUDITORS
LTC LLP
Certified Public Accountants
1 Raffles Place
#20-02 OUB Centre
Singapore 048616
Audit Partner:
Tsang Siu For Thomas
(Appointed since financial year ended 30 June
2006)
INTERNAL AUDITORS
Nexia TS Public Accounting Corporation
Certified Public Accountants
5 Shenton Way
# 23-03 UIC Building
Singapore 068808
PRINCIPAL BANKERS
ABN AMRO Bank N.V., Singapore Branch
Level 23 One Raffles Quay
South Tower
Singapore 048583
BNP Paribas
20 Collyer Quay
Tung Centre
Singapore 049319
Citibank, N.A., Singapore Branch
3 Temasek Avenue
#12-00 Centennial Tower
Singapore 039190
DBS Bank Ltd
6 Shenton Way
DBS Building Tower One
Singapore 068809
Oversea-Chinese Banking Corporation
Limited
65 Chulia Street
OCBC Centre
Singapore 049513
United Overseas Bank Limited
80 Raffles Place
UOB Plaza
Singapore 048624