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

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3. SIGNIFICANT ACCOUNTING POLICIES (Cont’d) Cash and cash equivalents Cash and cash equivalents comprise cash balances, bank deposits and short-term highly liquid investments which are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value. For the purpose of the statement of cash flows, cash and cash equivalents are presented net of trust receipts and which form an integral part of the Group’s cash management. Creditors Creditors are carried at cost which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the Group. Employee benefits As required by law, the Group make contributions to the state pension scheme. Contributions are recognised as compensation expense in the same financial year as the employment that gives rise to the contribution. Provisions A provision is recognised in the balance sheet when there is a legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Taxation Taxation for the financial year comprise current and deferred taxes. Taxation is recognised in the profit and loss accounts except to the extent that it relates to items recognised directly in equity, in which case such taxation is recognised in equity. Current tax is the expected tax payable on the taxable income for the financial year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous financial years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred expenditure Deferred expenditure which consists of quota costs is stated at cost less accumulated amortisation and write off. Quotas are the rights acquired under apparel quotas paid by a subsidiary company and is stated at cost. The rights when utilised or expired are charged to the profit and loss accounts. Finance leases Where assets are financed by lease agreements, including hire-purchase agreements, that give rights approximating to ownership, the assets are capitalised as if they had been purchased outright at the values equivalent to the present value of the total rental payable during the period of the leases and the corresponding lease commitments are included under liabilities. 113
3. SIGNIFICANT ACCOUNTING POLICIES (Cont’d) Finance leases (Cont’d) The excess of the lease payments over the recorded lease obligations is treated as finance charges which are charged to the profit and loss accounts in equal instalments over the period of lease or hire-purchase. Rentals on operating leases are charged to the profit and loss accounts. Revenue recognition Revenue from sales of goods is recognised upon passage of title to the customers which generally coincides with their delivery and acceptance. Rental and interest income are recognised on an accrual basis. Share capital Ordinary share capital is recognised at the fair value of the consideration received by the Company. Financial instruments Financial instruments carried on the balance sheet include cash and cash equivalents, finance lease creditors, bank borrowings, trade debtors and creditors, other debtors and creditors, balances with related companies and related parties. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item. Segment reporting A segment is a distinguishable component of the Group that is engaged either in providing products or services (business segment), or in providing products or services within a particular economic environment (geographical segment), which is subject to risks and rewards that are different from those of other segments. Segment information is presented in respect of the Group’s geographical segments. The geographical segments, is based on the Group’s management and internal reporting structure. Segment capital expenditure is the total cost incurred during the financial year to acquire segment assets that are expected to be used for more than one financial year. 114
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PROSPECTUS DATED 12 MARCH 2003 (Reg
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Page OUR EMPLOYEES ................
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Legal Advisors to our Company : Jin
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GENERAL “Act” : The Companies A
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“PRC” : People’s Republic of
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GLOSSARY OF TECHNICAL TERMS To faci
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shall be deemed to have notice of s
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STRUCTURE OF INVITATION This sectio
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CAUTIONARY NOTE ON FORWARD-LOOKING
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PROSPECTUS SUMMARY The following su
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THE INVITATION Issue Size : 92,000,
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ISSUE PRICE ISSUE STATISTICS NET TA
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RISK FACTORS You should carefully e
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We are dependent on our major custo
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Accordingly, the timing and the qua
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We do not have a fixed dividend pol
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As at 31 January 2003, our Group ha
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SELECTED CONSOLIDATED FINANCIAL INF
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MANAGEMENT’S DISCUSSION AND ANALY
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Operating expenses were 14.0% of tu
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Non-current liabilities Non-current
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OUR HISTORY Our Company was incorpo
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OUR INDUSTRY Apparel is one of the
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Our Group has a portfolio of client
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Pre-Manufacturing Supply Chain Mana
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Post-Manufacturing Supply Chain Man
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Our marketing team is not only well
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COMPETITIVE STRENGTHS Over the year
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Our global operations provide our m
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d. We will expand the scope of our
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OUR MAJOR SUPPLIERS With our global
Page 63 and 64: CREDIT POLICY Generally, the terms
Page 65 and 66: Location/Use Approximate Approximat
Page 67 and 68: DIRECTORS, MANAGEMENT AND STAFF DIR
Page 69 and 70: MANAGEMENT Our day-to-day operation
Page 71 and 72: Lee Ching Lian Bernadette Ms Lee Ch
Page 73 and 74: MANAGEMENT REPORTING STRUCTURE Our
Page 75 and 76: DIRECTORS’ AND EXECUTIVE OFFICERS
Page 77 and 78: OCEAN SKY SHARE OPTION SCHEME We ha
Page 79 and 80: Issue Price The Exercise Price (as
Page 81 and 82: SGX-ST Requirements The Company sha
Page 83 and 84: (B) Audit Committee Our business an
Page 85 and 86: INTERESTED PERSONS TRANSACTIONS Sav
Page 87 and 88: Consultancy Services Our Non-Execut
Page 89 and 90: POTENTIAL CONFLICT OF INTERESTS Ang
Page 91 and 92: Details of the changes in the issue
Page 93 and 94: OWNERSHIP STRUCTURE AND PRINCIPAL S
Page 95 and 96: COMPANIES WITHIN OUR GROUP The deta
Page 97 and 98: LETTER FROM AUDITORS AND REPORTING
Page 99 and 100: GROUP BALANCE SHEETS Non-current as
Page 101 and 102: GROUP STATEMENTS OF CHANGES IN SHAR
Page 103 and 104: GROUP STATEMENTS OF CASH FLOWS (Con
Page 105 and 106: STATEMENTS OF ADJUSTMENTS 31 Decemb
Page 107 and 108: STATEMENTS OF ADJUSTMENTS (Cont’d
Page 109 and 110: 2. BASIS OF PRESENTATION OF FINANCI
Page 111 and 112: 3. SIGNIFICANT ACCOUNTING POLICIES
Page 113: 3. SIGNIFICANT ACCOUNTING POLICIES
Page 117 and 118: 4. FIXED ASSETS (Cont’d) Leasehol
Page 119 and 120: 4. FIXED ASSETS (Cont’d) Freehold
Page 121 and 122: 5. GOODWILL (Cont’d) Negative Goo
Page 123 and 124: 8. DEFERRED EXPENDITURE (Cont’d)
Page 125 and 126: 10. CURRENT LIABILITIES Group As at
Page 127 and 128: 18. FINANCE LEASE CREDITORS Group A
Page 129 and 130: 24. DEFERRED TAXATION Group As at 3
Page 131 and 132: 26. FOREIGN CURRENCY TRANSLATION RE
Page 133 and 134: 31. FINANCE COSTS Group Financial y
Page 135 and 136: 35. SIGNIFICANT RELATED PARTIES TRA
Page 137 and 138: 39. SEGMENT REPORTING (Cont’d) Ge
Page 139 and 140: (iv) Subsequent to the balance shee
Page 141 and 142: EXCHANGE CONTROLS MALAYSIA Based on
Page 143 and 144: Resultant Number of Issued shares i
Page 145 and 146: Name Present Directorships Past Dir
Page 147 and 148: Name Present Directorships Past Dir
Page 149 and 150: (h) Save as disclosed at page 73 of
Page 151 and 152: (b) Where such Director has given n
Page 153 and 154: Article 122 The Directors may from
Page 155 and 156: Article 42 A reference to a member
Page 157 and 158: Article 35 (A) There shall be no re
Page 159 and 160: 5. WORKING CAPITAL The Directors ar
Page 161 and 162: (k) Application monies received by
Page 163 and 164: APPENDIX A - TERMS AND CONDITIONS A
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12. In the event of an under-subscr
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7. Your application must be accompa
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Applications for Reserved Shares 1.
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4. You irrevocably agree and undert
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10. We do not recognise the existen
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Step 1: Click on to DBS Bank websit
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General Meetings of Shareholders Th
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Singapore courts have wide discreti
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Singapore does not impose withholdi
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APPENDIX D - RULES OF THE OCEAN SKY
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“Rules” The rules of the ESOS,
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4.2 Employees who are either Contro
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9. Rights to Exercise Options 9.1 S
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10.5 If in connection with the maki
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13.3 Any decision of the Committee
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18. Taxes All taxes (including inco
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Serial No: To: The Committee Ocean
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To: The Committee Ocean Sky Share O
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