Osim FR 050407.indd

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Notes to the Financial Statements - 31 December 2006 (cont’d)2. Summary of significant accounting policies (cont’d)2.15 Impairment of financial assetsThe Group assesses at each balance sheet date whether there is any objective that a fi nancial asset or group of fi nancialassets is impaired.a) Assets carried at amortised costIf there is objective evidence that an impairment loss on fi nancial assets carried at amortised cost has been incurred,the amount of the loss is measured as the difference between the asset’s carrying amount and the present value ofestimate future cash fl ows discounted at the fi nancial asset’s original effective interest rate. The carrying amount ofthe asset is reduced through the use of an allowance account. The amount of the loss is recognised in the profi t andloss account.If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectivelyto an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed.Any subsequent reversal of an impairment loss is recognised in the profi t and loss account, to the extent that thecarrying value of the asset does not exceed its amortised cost at the reversal date.b) Assets carried at costIf there is objective evidence that an impairment loss on a fi nancial asset carried at cost has been incurred, the amountof the loss is measured as the difference between the asset’s carrying amount and the present value of estimatedfuture cash fl ows discounted at the current market rate of return for a similar fi nancial asset. Such impairment lossesare not reversed in subsequent periods.c) Available-for-sales financial assetsIf an available-for-sale fi nancial asset is impaired, an amount comprising the difference between its cost (net of anyprincipal payment and amortisation) and its current fair value, less any impairment loss previously recognised in theprofi t and loss account, is transferred from equity to the profi t and loss account. Reversals of impairment loss inrespect of equity instruments are not recognised in the profi t and loss account. Reversals of impairment losses ondebt instruments are reversed through the profi t and loss account, if the increase in fair value of the instrument canbe objectively related to an event occurring after the impairment loss was recognised in the profi t and loss account.Notes to the Financial Statements 97Annual Report 2006
Notes to the Financial Statements - 31 December 2006 (cont’d)2. Summary of significant accounting policies (cont’d)2.16 StocksStocks are valued at the lower of cost (determined on a weighted average basis) and net realisable value.Net realisable value is the estimated selling price in the ordinary course of business less estimated costs necessary to makethe sale.Allowance is made for deteriorated, damaged, obsolete and slow-moving stocks.2.17 Trade and other receivablesTrade and other receivables, including amounts due from subsidiaries, associated companies, affi liated companies and jointventure, and loans to associated companies are classifi ed and accounted for as loans and receivables under <strong>FR</strong>S 39. Theaccounting policy for this category of fi nancial assets is stated in Note 2.14.An allowance is made for uncollectible amounts when there is objective evidence that the Group will not be able to collect thedebt. Bad debts are written off when identifi ed. Further details on the accounting policy for impairment of fi nancial assetsare stated in Note 2.15.2.18 Financial liabilitiesFinancial liabilities include trade and other amounts payable, which are normally settled on 30-90 day terms, and payablesto subsidiaries, associated companies, affi liated companies and interest-bearing loans and borrowings. Financial liabilitiesare recognised on the balance sheet when, and only when the Group becomes a party to the contractual provisions ofthe fi nancial instrument. Financial liabilities are initially recognised at fair value of considerations received less directlyattributable transaction costs and subsequently measured at amortised cost using the effective interest method.Gains and losses are recognised in the profi t and loss account when the liabilities are derecognised as well as through theamortisation process. The liabilities are dereognised when the obligation under the liability is discharged or cancelled orexpired.2.19 Cash and cash equivalentsCash and cash equivalents comprise cash on hand, demand deposits, and short-term, highly liquid investments that arereadily convertible to known amounts of cash and which are subject to an insignifi cant risk of changes in values. These alsoinclude bank overdrafts that form an integral part of the Group’s cash management.Notes to the Financial Statements 98Annual Report 2006
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Process and Performanceas the growt
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Customer Service Department“I put
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Sales Department“I look forward t
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Research & Development“Every prod
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Contents17 CEO’s Message22 The Ro
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... ensuring that as we grow,they g
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previous year. Q4 2006 revenue rose
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The Role ModelsThe Role Models 22 A
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Ms Teo Sway HeongNon-Executive Dire
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Mr Peter Lee Hwai KiatMs Celine Cha
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Result of our Growth StrategyThe Gr
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Performance ReviewIn building a glo
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ProfitabilityIn FY2006, buoyant rev
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An Environment of GrowthMarch 2006
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Financial HighlightsOur goal is to
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Number of OutletsOSIM OutletsNorth
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Capital ExpenditureCapexS$’000 Le
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Corporate Structure as at 21 Februa
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OSIM Global NetworkSINGAPORECHINATA
Page 48 and 49: Corporate InformationBoard of Direc
Page 50 and 51: Non Executive DirectorMs Teo Sway H
Page 52 and 53: Corporate Governance Report 51 Annu
Page 54 and 55: The Company worked closely with a p
Page 56 and 57: New directors are at present appoin
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Page 65 and 66: Directors’ ReportFor the Year end
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Page 71 and 72: Directors’ Report (cont’d)Audit
Page 73 and 74: Independent Auditors’ Reportto th
Page 75 and 76: Balance Sheetsas at 31 December 200
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Notes to the Financial Statements -
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Major PropertiesUnexpiredterm ofDes
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Shareholdings Statistics as at 8 Ma
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Notice of Annual General Meeting (c
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Notice of Annual General Meeting (c
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Appendix (cont’d)DEFINITIONSIn th
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Appendix (cont’d)PROPOSED RENEWAL
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Appendix (cont’d)3.1.3 The Direct
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Appendix (cont’d)4. Rationale and
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Appendix (cont’d)11. ACTION TO BE
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OSIM INTERNATIONAL LTDCompany Regis
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SINGAPOREOSIM International Ltd65 U
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