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PageMoratorium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Restructuring Exercise. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61Acquisition of USB Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62Group Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65HISTORY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67BUSINESSNutraceuticals Ð the Products we offer . . . . . . . . . . . . . . . . . . . . . . . . . . 70Principal Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71Group Mission. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71Diagrammatic Overview of our Business . . . . . . . . . . . . . . . . . . . . . . . . . 71Product Segments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71Distribution Channels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72Value Proposition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73Seasonality of our Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73Marketing and Promotion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73Staff Training Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74Credit Management Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75Inventory Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75Intellectual Property Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76Quality Assurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78Major Customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79Major Suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80Competitive Strengths. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81Prospects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82BUSINESS ARRANGEMENTS WITH GNC INC. . . . . . . . . . . . . . . . . . . . . . . 84PROPERTY, PLANT AND EQUIPMENT . . . . . . . . . . . . . . . . . . . . . . . . . . 89INSURANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94DIRECTORS, MANAGEMENT AND STAFFManagement Organisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95Executive Of®cers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100Staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103Directors' and Executive Of®cers' Remuneration . . . . . . . . . . . . . . . . . . . . . 104Service Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106CORPORATE GOVERNANCEAudit Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108Remuneration Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108Nominating Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109Other Internal Control Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1092
PageINTERESTED PERSON TRANSACTIONSPast Transactions with Interested Persons . . . . . . . . . . . . . . . . . . . . . . . . 110Current Transaction with Interested Persons . . . . . . . . . . . . . . . . . . . . . . . 113Role of our Audit Committee in Interested Person Transactions. . . . . . . . . . . . . . 114Potential Con¯icts of Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115EXCHANGE CONTROLS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116GOVERNMENT REGULATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121SUMMARY OF THE <strong>GLOBAL</strong> ACTIVE SHARE OPTION SCHEME. . . . . . . . . . . . . 124REPORT ON EXAMINATION OF THE PROFORMA FINANCIAL STATEMENTS OF THEGROUP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130EXTRACT OF THE REVIEW REPORT OF THE AUDITORS ON THE UNAUDITEDFINANCIAL STATEMENTS OF USB INC FOR THE FINANCIAL PERIOD FROM 1APRIL 2003 TO 31 OCTOBER 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . 132GENERAL AND STATUTORY INFORMATION . . . . . . . . . . . . . . . . . . . . . . . 133APPENDIX ATerms and Conditions and Procedures for Application and Acceptance. . . . . . . . . . A-1APPENDIX BNutraceutical Products Distribution Activities . . . . . . . . . . . . . . . . . . . . . . . B-1APPENDIX CRules of the Global Active Share Option Scheme . . . . . . . . . . . . . . . . . . . . . C-1APPENDIX DProforma Financial Statements of the Group . . . . . . . . . . . . . . . . . . . . . . . D-1APPENDIX ENutri-Active Pte LtdE1 Ð Audited Financial Statements for the ®nancial year ended 31 March 2001 . . . . . E-1E2 Ð Audited Financial Statements for the ®nancial year ended 31 March 2002 . . . . . E-17Victoria House Pte LtdE3 Ð Audited Financial Statements for the ®nancial year ended 31 March 2001 . . . . . E-36E4 Ð Audited Financial Statements for the ®nancial year ended 31 March 2002 . . . . . E-50Global Active LimitedE5 Ð Audited Financial Statements for the ®nancial period from 25 October 2001 (date ofincorporation) to 31 March 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . E-69E6 Ð Audited Consolidated Financial Statements for the ®nancial year ended31 March 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E-77USB IncE7 Ð Unaudited Income Statement of USB Inc for the ®nancial period from 1 April 2003to 31 October 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E-104E8 Ð Unaudited Balance Sheet of USB Inc as at 31 October 2003 . . . . . . . . . . . . E-1063
Page 2 and 3: Corporate ProfileGlobal Active Limi
Page 4 and 5: Future PlansRetail BusinessSingapor
Page 8 and 9: CORPORATE INFORMATIONBoard of Direc
Page 10 and 11: DEFINITIONSIn this Prospectus, the
Page 12 and 13: ``Nominating Committee'' : The nomi
Page 14 and 15: GLOSSARY OF TECHNICAL TERMSTo facil
Page 16 and 17: SPECIAL NOTE REGARDING FORWARD-LOOK
Page 18 and 19: DETAILS OF OUR INVITATIONLISTING ON
Page 20 and 21: INDICATIVE TIMETABLE FOR LISTINGIn
Page 22 and 23: To meet the varied needs of our cus
Page 24 and 25: . Secure more exclusive distributio
Page 26 and 27: We have secured exclusive distribut
Page 28 and 29: PLAN OF DISTRIBUTIONThe Issue Price
Page 30 and 31: RISK FACTORSPrior to making an inve
Page 32 and 33: (v)(vi)(vii)in the event the respec
Page 34 and 35: margins have not been adversely aff
Page 36 and 37: We have to reduce our stake in our
Page 38 and 39: Our Share price may be volatile, wh
Page 40 and 41: Price to Net Operating Cash Flow Ra
Page 42 and 43: AUDITED CONSOLIDATED FINANCIAL POSI
Page 44 and 45: GMP-certi®ed plants. Sale of our p
Page 46 and 47: Administrative expenses comprise ma
Page 48 and 49: The contribution by third party pro
Page 50 and 51: The above increase in gross profit
Page 52 and 53: Current LiabilitiesOur current liab
Page 54 and 55: Based on the above, our Directors a
Page 56 and 57:
DIVIDEND POLICYWe have not paid any
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After listing, our Directors who ha
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GENERAL INFORMATION ON OUR COMPANY
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Our authorised share capital and sh
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The interests and voting rights of
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Following the Restructuring Exercis
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USB also agreed with DB that in the
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Nutri-Active is the distributor of
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We have been consistently recognise
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BUSINESSNUTRACEUTICALS Ð THE PRODU
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Our GNC products cover the entire s
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All our GNC retail outlets comply w
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consignment basis. If not for these
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QUALITY ASSURANCEThe import, distri
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MAJOR SUPPLIERSNutri-Active and Vic
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We welcome feedback from our custom
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BUSINESS ARRANGEMENTS WITH GNC INCT
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insolvent or a receiver or other cu
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As at the Latest Practicable Date,
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Location14 Geylang Serai15 Tanjong
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Location49 Turf City200 Turf Club R
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INSURANCEINSURANCEWe are covered by
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Management Organisation ChartGlobal
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Mr Tan Seng Leong was appointed as
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Name List of Present Directorships
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Ms Leo Mui Leng joined Nutri-Active
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The breakdown of our staff as at th
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SERVICE AGREEMENTSOn 23 December 20
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CORPORATE GOVERNANCEOur Company wil
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INTERESTED PERSON TRANSACTIONSSave
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On 22 August 2003, an agreement was
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Our Audit Committee is of the view
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(d)(e)(f)(g)(h)(i)Residents with no
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In addition, Nutri-Active (M) has a
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TAXATIONThe following is a discussi
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normal business activities and, in
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Persons who qualify under the categ
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Employees and Executive Directors a
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option on the grant date. While sha
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(c)the financial year ended 31 Marc
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GENERAL AND STATUTORY INFORMATIONIN
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Health One owning assets which main
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(xv) If and only if such disqualifi
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SHARE CAPITAL17. As at the date of
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Article 81The Directors may repay t
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(B)The Directors may retain the div
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Article 72(A) An instrument appoint
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(e)Variation of rightsArticle 6(A)
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Article 29If the requirements of an
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Article 10(A) The Company may reduc
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LITIGATION31. Neither our Company n
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Primary Sub-Underwriters and one of
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45. Messrs Allen & Gledhill (Advoca
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APPENDIX ATERMS AND CONDITIONS AND
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drawn remittance or improper form o
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(d)(e)warrant the truth and accurac
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equired to declare whether the bene
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Applications for Reserved Shares1.
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that our Company decides to allot a
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(b)(c)(d)(e)neither our Company, th
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ÐÐÐDo not key in the CDP A/C No.
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APPENDIX BNUTRACEUTICAL PRODUCTS DI
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APPENDIX CRULES OF THE GLOBAL ACTIV
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2.2 For the purposes of the Scheme:
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7.2 The Subscription Price for each
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whereupon the Option then remaining
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(b)unless the Scheme Committee afte
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18. COSTS AND EXPENSES18.1 Each Par
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(e) Vesting Schedule : You may exer
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Schedule C3GLOBAL ACTIVE SHARE OPTI
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APPENDIX DPROFORMA FINANCIAL STATEM
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PROFORMA STATEMENT OF CHANGES IN SH
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NOTES TO PROFORMA FINANCIAL STATEME
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3. THE GROUP (cont'd)3.5 As at 27 J
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5. SIGNIFICANT ACCOUNTING POLICIES
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10. STAFF COSTS2001 2002 2003$ $ $S
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14. DUE FROM ASSOCIATED COMPANIES20
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20. DEFERRED INCOME TAXESMovements
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24. CASH AND CASH EQUIVALENTSFor th
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30. FINANCIAL RISK MANAGEMENTThe Gr
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35. STATEMENT OF ADJUSTMENTS (cont'
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APPENDIX E1NUTRI-ACTIVE PTE LTD(Inc
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AUDITORS' REPORT TO THE SHAREHOLDER
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NUTRI-ACTIVE PTE LTDBALANCE SHEETAs
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NUTRI-ACTIVE PTE LTDNOTES TO THE FI
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4. OPERATING PROFIT (cont'd)For the
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8. TAX (cont'd)(e)Composition of de
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15. IMMEDIATE AND ULTIMATE HOLDING
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21. COMMITMENTS FOR EXPENDITURE(a)
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APPENDIX E2NUTRI-ACTIVE PTE LTD(Inc
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NUTRI-ACTIVE PTE LTDBALANCE SHEETAs
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NUTRI-ACTIVE PTE LTDCash ¯ows from
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4. OPERATING PROFIT2002 2001$ $Oper
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8. TAX (cont'd)(c)Movements in the
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13. INVENTORIES2002 2001$ $Merchand
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18. NON-CURRENT LIABILITIES Ð BORR
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22. RELATED PARTY TRANSACTIONS (con
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VICTORIA HOUSE PTE LTD(Incorporated
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VICTORIA HOUSE PTE LTDINCOME STATEM
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VICTORIA HOUSE PTE LTDSTATEMENT OF
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7. STAFF COSTSFor theyear ended31 M
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12. FRANCHISE COSTSFranchise costs
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21. RELATED PARTY TRANSACTIONSThe f
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VICTORIA HOUSE PTE LTD(Incorporated
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VICTORIA HOUSE PTE LTDINCOME STATEM
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VICTORIA HOUSE PTE LTDSTATEMENT OF
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VICTORIA HOUSE PTE LTDNOTES TO THE
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5. FINANCE INCOME2002 2001$ $Intere
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9. IMMEDIATE AND ULTIMATE HOLDING C
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15. OTHER CREDITORS AND ACCRUALS200
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21. COMMITMENTS (cont'd)(b)Other co
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APPENDIX E5GLOBAL ACTIVE PTE LTD(In
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Page 293 and 294:
GLOBAL ACTIVE PTE LTDBALANCE SHEETA
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GLOBAL ACTIVE PTE LTDNOTES TO THE F
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APPENDIX E6GLOBAL ACTIVE LIMITED(In
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AUDITORS' REPORT TO THE MEMBERS OFG
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GLOBAL ACTIVE LIMITEDAND ITS SUBSID
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Page 305 and 306:
Page 307 and 308:
Page 309 and 310:
4. OPERATING PROFIT/(LOSS)Operating
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8. TAX(a)Tax expenseIncome tax expe
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12. OTHER RECEIVABLES, DEPOSITS AND
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15. SUBSIDIARIES (cont'd)(ii)Compan
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18. DEFERRED INCOME TAXESThe GroupT
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22. NON-CURRENT LIABILITIES Ð BORR
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27. COMMITMENTSLease commitmentsCom
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32. EVENTS SUBSEQUENT TO THE BALANC
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UNAUDITED INCOME STATEMENT OF USB I
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UNAUDITED BALANCE SHEET OF USB INC
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Global Active LimitedCorporate Offi
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