Ocean Sky International Limited - Ocean Sky International Ltd ...

NOTES TO THE FINANCIAL STATEMENTS
1. GENERAL CORPORATE INFORMATION
Ocean Sky International Pte Ltd (“Company”) is a company domiciled and incorporated in
Singapore with its registered office and principal place of business at 22 Tampines Street 92,
Singapore 528876. On 7 February 2003, the Company was converted into a public limited
company and changed its name to Ocean Sky International Limited.
The principal activities of the Company are those of manufacturing of specialty apparels and
provision of related SCM services and investment holding.
The principal activities of the subsidiary companies are set out in Note 2 to the financial
statements.
The number of employees of the Group as at 30 June 2002 was 6,900 (2001: 6,391).
2. BASIS OF PRESENTATION OF FINANCIAL INFORMATION
The financial information set out in this report is expressed in Singapore dollars (unless otherwise
stated) and shows the Balance Sheets, Profit and Loss Accounts, Statement of Cash Flows and
Movements of Shareholders’ Equity of the Group for each of the three financial years ended 31
December 1999 to 2001 and six months financial period ended 30 June 2002.
The financial information is based on the audited financial statements of the Group, after making
such adjustments considered necessary. Such Group financial information are presented on the
basis of the accounting policies set out in Note 3 of this report.
All material inter-group transactions and balances have been eliminated in the preparation of the
Group’s financial statements.
BDO International, Certified Public Accountants, Singapore has been appointed the auditor of the
Company, ATS Garments (S) Pte Ltd and Sunglobe Pte Ltd for the financial years ended 31
December 1999 to 2001 and six months financial period ended 30 June 2002.
BDO Binder, Certified Public Accountants, Malaysia has audited the financial statements of Eng
Soon Garments Sdn Bhd for the financial years ended 31 December 1999 to 2001 and six months
financial period ended 30 June 2002.
BDO International, Certified Public Accountants, Hong Kong has audited the financial statements
of Ocean Sky Textile (H.K.) Limited for the financial years ended 31 December 1999 to 2001 and
six months financial period ended 30 June 2002.
Foo, Kon & Tan, Certified Public Accountants, Negara Brunei Darussalam has audited the financial
statements of P.D.A.C Ocean Sky Sdn Bhd for the financial years ended 31 December 2000 (year
of acquisition) to 2001 and six months financial period ended 30 June 2002.
KPMG Peat, Marwick, Mitchell & Co. (Latin America), S.A. has audited the financial statements of
Hoon’s Apparel International (SAL) S.A. de C.V. for the financial years ended 31 December 2000 to
2001 and six months financial period ended 30 June 2002.
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