annual report 2011 - Kian Ann Engineering Pte Ltd

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CORPORATE STRUCTURE KIAN ANN ENGINEERING LTD 100% SINGAPORE KIAN ANN DISTRICENTRE PTE LTD 100% SINGAPORE KIAN ANN INVESTMENT PTE LTD 100% PEOPLE’S REPUBLIC OF CHINA KIAN ANN ENGINEERING TRADING (SHANGHAI) CO., LTD Key Executive: Mr Fang Qing Li, General Manager 95% INDONESIA PT. HANEAGLE HEAVYPARTS INDONESIA Key Executive: Mr Handoko Harsono Widjaja, Director / General Manager 80% 51% SINGAPORE KIAN CHUE HWA (INDUSTRIES) PTE LTD Key Executives: Mr Ivan Lin Kar Hock, Managing Director Mr Ling Kah Lock, Director SINGAPORE TRANSMEC ENGINEERING PTE LTD Key Executive: Mr Daniel Loh Yong Ngon, Managing Director 12 KIAN ANN ENGINEERING LTD ANNUAL REPORT 2011
CORPORATE GOVERNANCE The Company is committed to maintain a high standard of corporate governance within the Group in order to protect the interests of its shareholders. The Board has adopted the principles and guidelines set out in the Code of Corporate Governance 2005 (the “Code”). This Statement describes the Company’s corporate governance processes and activities with specific reference to the Code and deviations from the Code are explained. For effective corporate governance, the Company has in place various self-regulatory and monitoring mechanisms as follows: Board Of Directors The Board comprises: Low Han Cheong (Chairman) Law Peng Kwee (Managing Director) Kevin Law Cher Chuan (Executive Director) Loy Soo Chew (Executive Director) Lau Hwee Beng (Non-Executive Director) Lim Ho Seng (Independent Non-Executive Director) Ng Cher Yan (Independent Non-Executive Director) Tan Ngiap Joo (Independent Non-Executive Director) Mr Law Peng Kwee is the nephew of Mr Low Han Cheong. Mr Kevin Law Cher Chuan is the son of Mr Law Peng Kwee. Dr Lau Hwee Beng is the nephew of Mr Low Han Cheong. The Board supervises the overall management of the business and affairs of the Group. Apart from its statutory responsibilities, the Board reviews and approves the Group’s strategic plans, key operational initiatives, major investments, disposals and funding decisions and interested person transactions. It also identifies principal risks of the Group’s business and implements appropriate systems to manage those risks, reviews the Group’s financial performance, approves major expenditure and significant financing matters. All newly appointed Directors are given briefings by Management on the history and business operations of the Group. The Company will, if necessary, organise briefing sessions or circulate memoranda to Directors to enable them to keep pace with regulatory changes, where such changes have a material bearing on the Group. The Board has separate and independent access to Senior Management of the Company and the request for information from the Board is dealt with promptly by Management. The Board is informed of all material events and transactions as and when they occur. The Directors are from diverse backgrounds and collectively bring with them a wide range of experience in industry, accounting, banking, finance, business and management. The profiles of the Directors are set out on page 7 of the Annual Report. The Board holds at least four meetings every year. Ad hoc meetings are convened when circumstances require. The attendance of the Directors at meetings of the Board and Board Committees, as well as the frequency of such meetings, is disclosed in this Report. The roles of the Chairman and Managing Director are separated. The Managing Director is responsible for the daily operations of the Group, whereas the Chairman ensures that the Board meetings are held when necessary and set the Board meeting agendas in consultation with the Managing Director and ensures that Board members are provided with complete, adequate and timely information. KIAN ANN ENGINEERING LTD ANNUAL REPORT 2011 13
Page 1 and 2: KIAN ANN ENGINEERING LTD ANNUAL REP
Page 3 and 4: OUR MISSION We are guided by our Fo
Page 5 and 6: UNDERCARRIAGE Undercarriage forms a
Page 7 and 8: HYDRAULIC SEAL KITS Kian Ann offers
Page 9 and 10: BOARD OF DIRECTORS 7 4 3 6 1. MR LO
Page 11 and 12: GROUND ENGAGING TOOLS (GET) GET pro
Page 13: 5-YEAR FINANCIAL SUMMARY RESULTS OF
Page 17 and 18: The NC, regulated by a set of writt
Page 19 and 20: (viii) Consider other matters as re
Page 21 and 22: The Company also adopts the materia
Page 23 and 24: FINANCIAL REPORT 22 Directors’ Re
Page 25 and 26: Directors’ interests in shares an
Page 27 and 28: INDEPENDENT AUDITORS’ REPORT FOR
Page 29 and 30: CONSOLIDATED INCOME STATEMENT FOR T
Page 31 and 32: STATEMENTS OF CHANGES IN EQUITY FOR
Page 33 and 34: CONSOLIDATED STATEMENT OF CASH FLOW
Page 35 and 36: 2. Significant accounting policies
Page 55 and 56: 3. Property, plant and equipment (c
Page 57 and 58: 3. Property, plant and equipment (c
Page 59 and 60: 4. Investment properties (cont’d)
Page 61 and 62: 6. Goodwill 2011 $’000 Group 2010
Page 63 and 64: 7. Subsidiary companies (cont’d)
Page 65 and 66:
10. Inventories Group Company 2011
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11. Trade and other receivables (co
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14. Marketable securities 2011 $’
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16. Trade and other payables (cont
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17. Loans and borrowings (cont’d)
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19. Share capital Group and Company
Page 77 and 78:
21. Revenue 2011 $’000 Group 2010
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27. Taxation 2011 $’000 Group 201
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30. Commitments and contingencies (
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31. Financial risk management objec
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32. Fair value of financial instrum
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32. Fair value of financial instrum
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34. Capital management The primary
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35. Segment information (cont’d)
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STATISTICS OF SHAREHOLDINGS AS AT 2
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NOTICE OF ANNUAL GENERAL MEETING NO
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(b) unless varied or revoked by the
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KIAN ANN ENGINEERING LTD [Company R
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This page is intentionally left bla
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Kian Ann Building 7 Changi South La
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TABLE OF CONTENTS HEADING PAGE NO.
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DEFINITIONS “Share Buyback” : B
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LETTER TO SHAREHOLDERS 2.2 Rational
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LETTER TO SHAREHOLDERS (d) Maximum
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LETTER TO SHAREHOLDERS 2.6.3 The li
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LETTER TO SHAREHOLDERS On the basis
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LETTER TO SHAREHOLDERS Notes: (1) N
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LETTER TO SHAREHOLDERS Notes: (1) N
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LETTER TO SHAREHOLDERS 4. TAKE-OVER
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LETTER TO SHAREHOLDERS 4.2.2 Effect
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LETTER TO SHAREHOLDERS 9. DOCUMENTS
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