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8. TAX (cont'd)(b)Tax reconciliationThe income tax expense on the results for the ®nancial year varies from the amount ofincome tax determined by applying the Singapore standard rate of income tax to pro®tbefore tax due to the following factors:2002 2001$ $Pro®t before tax 1,077,764 1,384,004Tax calculated at a tax rate of 24.5%(2001: 24.5%) 264,052 339,081Singapore statutory stepped income exemption (12,863) (12,863)Realisation of deferred tax bene®ts not previously recognised Ð (85,585)Shares of loss of associated companies not deductible for tax purposes 17,150 ÐExpenses not deductible for tax purposes 86,661 63,367Under-provision of current tax in prior years Ð 220,000355,000 524,000The tax provision for the year ended 31 March 2002 has been arrived at based on theenacted statutory tax rate of 24.5% as at the balance sheet date. Subsequent to 31March 2002, the Singapore Minister of Finance announced a reduction in the corporatetax rate from 24.5% to 22% for the year of assessment 2003. The reduction in thestatutory tax rate will therefore, result in tax savings to the Company of approximately$36,000.(c)Movements in the provision for current tax2002 2001$ $Balance at the beginning of the ®nancial year 524,000 ÐCurrent ®nancial year's tax expense 275,000 304,000Under-provision in previous ®nancial year Ð 220,000Balance at the end of the ®nancial year 799,000 524,000(d)Movements in the provision for deferred tax2002 2001$ $Balance at the beginning of the ®nancial year Ð ÐCharged to income statement 80,000 ÐBalance at the end of the ®nancial year 80,000 Ð(e)Composition of deferred taxThe deferred tax liability relates mainly to accelerated capital allowances over depreciationof ®xed assets.E-62
9. IMMEDIATE AND ULTIMATE HOLDING CORPORATIONSAt the balance sheet date, the Company's immediate and ultimate holding corporations wereHealth One Limited and Oneworld Investments Pte Ltd (``Oneworld'') respectively, bothincorporated in Singapore.Subsequent to the balance sheet date, Healthcare Group Inc, a company incorporated in BritishVirgin Islands, became the ultimate holding corporation.10. OTHER RECEIVABLES2002 2001$ $Other debtors 14,921 546Deposits 1,227,824 862,632Prepayments 102,807 45,3831,345,552 908,56111. INVENTORIES2002 2001$ $Merchandise held for sale (at cost) 10,145,524 6,880,46212. FIXED ASSETSCostBuildingimprovementComputersoftwareOfficeequipment,furniture &fittingsPlant &machineryStoreequipment Total$ $ $ $ $ $At 1 April 2001 1,449,040 21,309 142,202 33,132 89,325 1,735,008Additions 718,878 449 Ð Ð 6,252 725,579Disposals (2,900) Ð Ð Ð Ð (2,900)At 31 March 2002 2,165,018 21,758 142,202 33,132 95,577 2,457,687Accumulated depreciationAt 1 April 2001 559,750 1,637 139,371 27,865 21,946 750,569Depreciation charge 342,185 4,352 2,045 5,003 17,669 371,254Disposals (580) Ð Ð Ð Ð (580)At 31 March 2002 901,355 5,989 141,416 32,868 39,615 1,121,243Net book valueAt 31 March 2002 1,263,663 15,769 786 264 55,962 1,336,444Net book valueAt 31 March 2001 889,290 19,672 2,831 5,267 67,379 984,439E-63
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Corporate ProfileGlobal Active Limi
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Future PlansRetail BusinessSingapor
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PageMoratorium . . . . . . . . . .
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CORPORATE INFORMATIONBoard of Direc
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DEFINITIONSIn this Prospectus, the
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``Nominating Committee'' : The nomi
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GLOSSARY OF TECHNICAL TERMSTo facil
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SPECIAL NOTE REGARDING FORWARD-LOOK
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DETAILS OF OUR INVITATIONLISTING ON
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INDICATIVE TIMETABLE FOR LISTINGIn
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To meet the varied needs of our cus
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. Secure more exclusive distributio
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We have secured exclusive distribut
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PLAN OF DISTRIBUTIONThe Issue Price
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RISK FACTORSPrior to making an inve
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(v)(vi)(vii)in the event the respec
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margins have not been adversely aff
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We have to reduce our stake in our
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Our Share price may be volatile, wh
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Price to Net Operating Cash Flow Ra
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AUDITED CONSOLIDATED FINANCIAL POSI
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GMP-certi®ed plants. Sale of our p
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Administrative expenses comprise ma
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The contribution by third party pro
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The above increase in gross profit
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Current LiabilitiesOur current liab
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Based on the above, our Directors a
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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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5. SIGNIFICANT ACCOUNTING POLICIES
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10. STAFF COSTS2001 2002 2003$ $ $S
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14. DUE FROM ASSOCIATED COMPANIES20
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20. DEFERRED INCOME TAXESMovements
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24. CASH AND CASH EQUIVALENTSFor th
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30. FINANCIAL RISK MANAGEMENTThe Gr
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35. STATEMENT OF ADJUSTMENTS (cont'
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APPENDIX E1NUTRI-ACTIVE PTE LTD(Inc
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AUDITORS' REPORT TO THE SHAREHOLDER
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NUTRI-ACTIVE PTE LTDBALANCE SHEETAs
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NUTRI-ACTIVE PTE LTDNOTES TO THE FI
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4. OPERATING PROFIT (cont'd)For the
Page 231 and 232: 8. TAX (cont'd)(e)Composition of de
Page 233 and 234: 15. IMMEDIATE AND ULTIMATE HOLDING
Page 235 and 236: 21. COMMITMENTS FOR EXPENDITURE(a)
Page 237 and 238: APPENDIX E2NUTRI-ACTIVE PTE LTD(Inc
Page 239 and 240: AUDITORS' REPORT TO THE SHAREHOLDER
Page 241 and 242: NUTRI-ACTIVE PTE LTDBALANCE SHEETAs
Page 243 and 244: NUTRI-ACTIVE PTE LTDCash ¯ows from
Page 245 and 246: 2. SIGNIFICANT ACCOUNTING POLICIES
Page 247 and 248: 4. OPERATING PROFIT2002 2001$ $Oper
Page 249 and 250: 8. TAX (cont'd)(c)Movements in the
Page 251 and 252: 13. INVENTORIES2002 2001$ $Merchand
Page 253 and 254: 18. NON-CURRENT LIABILITIES Ð BORR
Page 255 and 256: 22. RELATED PARTY TRANSACTIONS (con
Page 257 and 258: VICTORIA HOUSE PTE LTD(Incorporated
Page 259 and 260: VICTORIA HOUSE PTE LTDINCOME STATEM
Page 261 and 262: VICTORIA HOUSE PTE LTDSTATEMENT OF
Page 265 and 266: 7. STAFF COSTSFor theyear ended31 M
Page 267 and 268: 12. FRANCHISE COSTSFranchise costs
Page 269 and 270: 21. RELATED PARTY TRANSACTIONSThe f
Page 271 and 272: VICTORIA HOUSE PTE LTD(Incorporated
Page 273 and 274: VICTORIA HOUSE PTE LTDINCOME STATEM
Page 275 and 276: VICTORIA HOUSE PTE LTDSTATEMENT OF
Page 277 and 278: VICTORIA HOUSE PTE LTDNOTES TO THE
Page 281: 5. FINANCE INCOME2002 2001$ $Intere
Page 285 and 286: 15. OTHER CREDITORS AND ACCRUALS200
Page 287 and 288: 21. COMMITMENTS (cont'd)(b)Other co
Page 289 and 290: APPENDIX E5GLOBAL ACTIVE PTE LTD(In
Page 291 and 292: AUDITORS' REPORT TO THE SHAREHOLDER
Page 293 and 294: GLOBAL ACTIVE PTE LTDBALANCE SHEETA
Page 295 and 296: GLOBAL ACTIVE PTE LTDNOTES TO THE F
Page 297 and 298: APPENDIX E6GLOBAL ACTIVE LIMITED(In
Page 299 and 300: AUDITORS' REPORT TO THE MEMBERS OFG
Page 301 and 302: GLOBAL ACTIVE LIMITEDAND ITS SUBSID
Page 309 and 310: 4. OPERATING PROFIT/(LOSS)Operating
Page 311 and 312: 8. TAX(a)Tax expenseIncome tax expe
Page 313 and 314: 12. OTHER RECEIVABLES, DEPOSITS AND
Page 315 and 316: 15. SUBSIDIARIES (cont'd)(ii)Compan
Page 317 and 318: 18. DEFERRED INCOME TAXESThe GroupT
Page 319 and 320: 22. NON-CURRENT LIABILITIES Ð BORR
Page 321 and 322: 27. COMMITMENTSLease commitmentsCom
Page 323 and 324: 32. EVENTS SUBSEQUENT TO THE BALANC
Page 325 and 326: UNAUDITED INCOME STATEMENT OF USB I
Page 327 and 328: UNAUDITED BALANCE SHEET OF USB INC
Page 329 and 330: Global Active LimitedCorporate Offi
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