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(b) We intend to diversify our income base While we will continue to remain focused on our M&E services to the residential sector, we intend to diversify our income base to include other sectors. Currently, approximately 98% of our turnover is derived from the residential property sector. We intend to expand our operations into commercial, industrial and institutional building sectors. For example, in March and June 2000, we secured two contracts for the provision of M&E services for two educational institutions. We also intend to provide M&E services to the light-flatted industries. As at the date of this Prospectus, we have been awarded one such project for the supply and installation of plumbing & sanitary and electrical systems to an industrial building at Jalan Kilang Barat with a contract value of approximately $1.3 million. (c) We intend to expand our scope of M&E services We anticipate that home automation, safety, security and Internet readiness would likely become an increasingly common feature for new premises. Structured cabling forms the backbone to these intelligent features. A high degree of competency is required for the installation of the fibre optic cable networks and UTP, which constitutes the structured cabling system. We currently are able to provide M&E services for the installation of the essential structured cabling system that supports intelligent-building architectures. We plan to further increase our current scope of activities in this aspect to include additional new areas such as safety and security systems. Structure cabling systems is similar to the conventional telecommunications system and we have secured a $2.8 million contract in June 2000 to provide plumbing & sanitary, electrical, air-conditioning and mechanical ventilation and fire protection systems installation, including computer cabling and wiring, for a primary school along Thomson Road. We commenced work on this project in June 2000 and expect to complete the project in August 2001. In June 2000, we commenced training our staff through external training programmes such as those conducted by Infocomm Development Authority of Singapore and Singapore Telecommunication Ltd to enhance their competency and knowledge in the design and installation of such systems. We believe that entry into this market will increase our range of M&E services. (d) We intend to increase our activity in design-and-build projects We believe that there will be an increasing trend towards “design-and-build” construction projects as opposed to the conventional “design-bid-build” construction projects. In a conventional “designbid-build” project, we provide only the M&E systems installation services. In contrast, for “designand-build” projects, we provide higher value added services such as detailed design and recommend cost saving modifications in addition to the M&E systems installation services. Design-and-build construction projects require co-operation and collaboration among consultants, contractors and developers that would result in a more efficient construction activity where labour and cost saving modifications have been integrated into the design of the project. Between April 1993 and September 2000, we have completed the M&E installations works for three HDB design-and-build projects and have four on-going HDB design-and-build projects. In the private residential sector, we have completed the M&E installation works for two designand-build projects and have three on-going private sector design-and-build projects. We intend to build on our design-and-build experience to increase our business in this area. Quality Control and Assurance We place strong emphasis on the quality work and services performed for our projects. We have in place a quality management system for our M&E services and mobile toilet services and were awarded the ISO 9002 certification by the European Quality Assurance Limited in January 1999. ISO 9002 requires that we have a quality control system for all activities affecting the quality of works and services performed. Examples of such activities are training, purchasing of materials, inspection and quality control, documentation and data control. 38
Our ISO manual sets out the guidelines for the implementation of our quality management system. Our quality policy is to “provide works and services of quality and reliability” and “doing it right the first time”. This is achieved by ensuring that work is performed in compliance with contract specifications and regulations. Our suppliers and the quality of their goods are evaluated regularly to ensure that our quality standards are not compromised. The quality of our suppliers is evaluated on our criteria, which includes pricing, service quality, level of warranty provided and ability to deliver on time. Our management would review the performance of our suppliers annually. We also engage project engineers to make daily site inspections to monitor quality and compliance for all our projects. Our quality assurance managers would inspect our project sites at least twice a year to ensure compliance with our standards of quality control. A project quality plan is prepared for each project. The scope of work, codes for compliance, project execution schedule, works instructions, specific client requirements, inspection and test plans are set out in the project quality plan. Our project manager would ensure that the project is executed in accordance with the project quality plan. Another project manager would be assigned to independently review the execution of the plan to ensure that the project quality plan is adhered to. Our management would review the quality management system on a yearly basis to ensure that the process is in line with the requirements of the projects we take on. Staff Training We recognise the need for continued development and improvement of the skill level of our employees. Thus, we constantly provide on-the-job internal training and enrol our employees in external training programmes. Specific training needs are identified and the relevant employees are sent for external courses conducted by recognised bodies to upgrade their skills in accordance to their specific responsibilities and areas of work. Employees may also request to attend external courses, seminars and training to improve their skills. External training programmes include project management, construction safety supervision, information technology and other courses related to the latest developments in the M&E engineering services field. In June 2000, we had commenced training, through external training programmes conducted by Infocomm Development Authority of Singapore and Singapore Telecommunication Ltd, for the relevant staff who is engaged in the installation of structured cabling. For the past three financial years, our annual training expenses amounted to an average of 1% of operating expenses. Marketing Our Executive Directors and general manager are responsible for maintaining customer relationships with us. Through our performance of past projects, independent M&E consultants whom we had worked with in the past and are currently working with may refer new customers to us. We obtain all of our invitation to tender from main contractors based on such independent referrals. In addition, we have set up a website to provide information on our Group’s businesses to the public. The website also includes information on our range of services. We have outsourced the setting up and maintenance of our website to a third party. The cost of the website was nominal. We engage two sales representatives to market our portable lavatories to main contractors who have been awarded new projects and public and private event organisers. In certain urban rivers and water catchment areas such as Jurong, Seletar and Sembawang, the use of portable lavatories is regulated and mandated at the work sites by ENV. 39
Page 1 and 2: PROSPECTUS DATED 25 November 2000 A
Page 3 and 4: Competitive Strengths Extensive Exp
Page 5 and 6: CORPORATE INFORMATION BOARD OF DIRE
Page 7 and 8: “Executive Officers” : The exec
Page 9 and 10: GLOSSARY OF TECHNICAL TERMS To faci
Page 11 and 12: LISTING ON SGX SESDAQ DETAILS OF TH
Page 13 and 14: INDICATIVE TIMETABLE FOR LISTING In
Page 15 and 16: Our Competitive Strengths (a) We ha
Page 17 and 18: Our Restructuring Exercise Prior to
Page 19 and 20: THE INVITATION Issue Size : 30,000,
Page 21 and 22: We depend on four customers who con
Page 23 and 24: If ongoing projects extend their da
Page 25 and 26: In the event that our Directors and
Page 27 and 28: NET OPERATING CASH FLOW (1) Histori
Page 29 and 30: DILUTION (1) (a) The dilution to ne
Page 31 and 32: HISTORY GENERAL INFORMATION ON OUR
Page 33 and 34: Each of our M&E engineering service
Page 35 and 36: (e) Communications & Security Syste
Page 37 and 38: To the best of our knowledge and be
Page 39 and 40: Contract Date of Date of Value Deta
Page 41: Contract Date of Date of Value Deta
Page 45 and 46: Our Licences We currently have two
Page 47 and 48: Financial Positions of the Proforma
Page 49 and 50: REVIEW OF PAST OPERATING RESULTS Ov
Page 51 and 52: Materials such as uPVC pipes and fi
Page 53 and 54: Despite the lower turnover, profit
Page 55 and 56: (c) In addition, our general and ad
Page 57 and 58: Current liabilities Our current lia
Page 59 and 60: As at 30 September 2000, certain of
Page 61 and 62: MAJOR SUPPLIERS Suppliers accountin
Page 63 and 64: We provided plumbing & sanitary and
Page 65 and 66: (b) Capabilities to provide integra
Page 67 and 68: Goh Chee Wee was appointed as an in
Page 69 and 70: Siow Nget Yuen joined our Group in
Page 71 and 72: Our management reporting structure
Page 73 and 74: Their current monthly remuneration
Page 75 and 76: (g) that authority be given pursuan
Page 77 and 78: (2) Mr Chua Kim Hua entered into a
Page 79 and 80: Note:- (1) Comprises rental of prem
Page 81 and 82: The transaction was on arm’s leng
Page 83 and 84: Chip Eng Seng is one of our main cu
Page 85 and 86: We supply sanitary and plumbing pro
Page 87 and 88: Prior to the purchases, the employe
Page 89 and 90: Corporate Governance Present Our Gr
Page 91 and 92: PROPERTIES AND FIXED ASSETS Our Gro
Page 93 and 94:
25 November 2000 The Board of Direc
Page 95 and 96:
B. BASIS OF PRESENTATION OF FINANCI
Page 97 and 98:
D. PROFORMA STATEMENT OF GROUP BALA
Page 99 and 100:
F. PROFORMA STATEMENT OF NET ASSETS
Page 101 and 102:
G. SUMMARY OF SIGNIFICANT ACCOUNTIN
Page 103 and 104:
H. NOTES TO PROFORMA STATEMENT OF G
Page 105 and 106:
H. NOTES TO PROFORMA STATEMENT OF G
Page 107 and 108:
K. AUDITED FINANCIAL STATEMENTS No
Page 109 and 110:
UNAUDITED CONSOLIDATED BALANCE SHEE
Page 111 and 112:
GENERAL AND STATUTORY INFORMATION I
Page 113 and 114:
Name Present Directorships Past Dir
Page 115 and 116:
4. No Director or Executive Officer
Page 117 and 118:
Save as disclosed above, and for pa
Page 119 and 120:
Article 90 The Directors to retire
Page 121 and 122:
Article 23 The Directors may if the
Page 123 and 124:
Variation of rights of Shareholders
Page 125 and 126:
Article 50 (A) Every notice calling
Page 127 and 128:
BANK BORROWINGS AND WORKING CAPITAL
Page 129 and 130:
LITIGATION 26. Saved as disclosed b
Page 131 and 132:
32. Application moneys received by
Page 133 and 134:
TERMS AND CONDITIONS AND PROCEDURES
Page 135 and 136:
10. Share certificates will be regi
Page 137 and 138:
5. Applications for the New Shares
Page 139 and 140:
11. Applications for Placement Shar
Page 141 and 142:
1. In connection with his Electroni
Page 143 and 144:
The responsibility for timely refun
Page 145 and 146:
INSTRUCTIONS FOR ELECTRONIC APPLICA
Page 148:
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