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OPERATIONS & FINANCIAL REVIEW (CONT’D)running at full capacity. Giventhe strong demand to our firstfacility, we have installed asecond sandblasting facilityand it has begun fulloperation. OrientalMetals has alsoreconfiguredits existing pipeproduction line tostart producing scaffoldingpipes and scaffolding metal decksto meet the demand in the buoyant constructionindustry.In addition, Galaxia has also started its business ofleasing of steel plates during the year. By this newoperation, we hope to provide value-added servicesof stainless steel products to our customers inconstruction and shipbuilding industries.To meet the demand for steel products and at thesame time take advantage of the rising steel prices,we have increased our inventory levels during theyear. As of 30 September 07, inventories stood atS$182.4 million, compared to S$101.6 million lastyear. Trade & other receivables also increased toS$98.5 million, compared to S$92.1 million last year,in line with higher revenue. Trade & other payablesincreased from S$43.4 million to S$75.3 million, asof 30 September 07.Property, plant and building has increased fromS$12.6 million as of 30 September 2006 to S$13.3million as of 30 September 2007, after the setting upof our second sandblasting facility.Our net gearing improved from 2.0 times in FY06 to1.1 times in FY07. Shareholders’ funds also doubledfrom S$58.0 million last year to S$115.8 million as of30 September 2007.As part of our efforts to reward our shareholders, wewill be recommending a final dividend of 1 cent perordinary share, a special dividend of 0.25 cent perordinary share and a 1-for-3 bonus share issue forthis year.10 HG METAL MANUFACTURING LTD LIMITED ANNUAL ANNUAL REPORT REPORT 2007 2007
BOARD OF DIRECTORSMr Tan Ah BeeExecutive DirectorMr Lee Leng LokeExecutive DirectorMr Wee PiewChief Executive OfficerMr Tan Chan TooExecutive ChairmanMr Sia Ling SingNon Executive DirectorMr Gui Kim Young@ Gui Kim GanIndependent DirectorMr Ooi Seng SoonIndependent DirectorMr Poon Hon ThangIndependent DirectorHG METAL MANUFACTURING LIMITED ANNUAL REPORT 2007 11
Page 3: Successfulimplementationof secondsa
Page 6 and 7: CHAIRMAN’S STATEMENT (CONT’D)pr
Page 8 and 9: 6HG METAL MANUFACTURING LIMITED ANN
Page 10 and 11: 8 HG METAL MANUFACTURING LIMITED AN
Page 14 and 15: Executive ChairmanMr Tan Chan Too,
Page 16 and 17: REAPING REWARDS
Page 18 and 19: CORPORATE INFORMATIONBOARD OF DIREC
Page 20 and 21: CORPORATE GOVERNANCE STATEMENTPrinc
Page 22 and 23: CORPORATE GOVERNANCE STATEMENTThe R
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Page 28 and 29: REPORT OF THE DIRECTORSThe Director
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Page 32 and 33: REPORT OF THE DIRECTORS (Continued)
Page 34 and 35: INDEPENDENT AUDITORS’ REPORTTO TH
Page 36 and 37: BALANCE SHEETSAS AT 30 SEPTEMBER 20
Page 38 and 39: CONSOLIDATED INCOME STATEMENTFOR TH
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Page 42 and 43: CONSOLIDATED CASH FLOW STATEMENTFOR
Page 44 and 45: NOTES TO THE FINANCIAL STATEMENTSFO
Page 50 and 51: FOR THE FINANCIAL YEAR ENDED 30 SEP
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NOTES TO THE FINANCIAL STATEMENTSFO
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FOR THE FINANCIAL YEAR ENDED 30 SEP
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APPENDIX1. INTRODUCTIONThe director
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APPENDIX(ii)an “interested person
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APPENDIX2.4 CATEGORIES OF INTERESTE
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APPENDIXContracts for the same or s
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APPENDIX(b)Substantial Shareholders
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APPENDIXDuring its periodic review
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SHAREHOLDERS STATISTICas at 17 Dece
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SHAREHOLDERS STATISTICas at 17 Dece
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WARRANTHOLDINGS STATISTICas at 17 D
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NOTICE OF ANNUAL GENERAL MEETINGnum
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Explanatory Note for item 7 above:-
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PROXY FORMHG METAL MANUFACTURING LI
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A META FUSION DESIGN
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