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Full Year Financial Statement And Dividend Announcement Note: The Information Set Out In This Announcement Is The Same As The Information Set Out In Our Earlier Announcement Today (Masnet No. 1 of 24.09.2003) Save That the Consolidated Statement Of Cash Flows For The Year Ended 30 June 2003 Set Out Under Paragraph 1(C) Has Been Reformated To Align The Figures.

BackSep 24, 2003

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS

1(a) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year

	2003	2002	%
	$	$	Increase / (Decrease)

Revenue	9,303,446	12,629,678	(26.3)
Cost of sales	(5,754,920)	(7,167,245)	(19.7)
	_________	__________
Gross profit	3,548,526	5,462,433	(35.0)
Other operating income	269,727	814,022	(66.9)
Distribution expenses	(1,005,269)	(852,439)	17.9
Administrative expenses	(2,297,862)	(2,135,319)	7.6
Other operating expenses	(706,553)	(269,617)	162.1
	_________	_________
(Loss)/Profit from operations	(191,431)	3,019,080	NM
Finance costs	(49,649)	(143,565)	(65.4)
Share of results of associates	(21,658)	(172,335)	87.4
	_________	_________
(Loss)/Profit from ordinary activities before taxation	(262,738)	2,703,180	NM
Income tax expense	(171,145)	(357,304)	(52.1)
	_________	_________
(Loss)/Profit from ordinary activities after taxation	(433,883)	2,345,876	NM
Minority interests	-	(169,936)	(100)
	________	________
Net (loss)/profit for the year	(433,883)	2,175,940	NM
	=======	=======

NM = Not Meaningful.

1(a)(ii) Other disclosure items included in the above statement.

	2003	2002
	$	$
Investment income	-	-
Other income including interest income	269,727	814,022
Interests on borrowings	49,649	143,565

Depreciation and amortisation	261,415	225,625

Allowance for doubtful debts and bad debts written off	162,197	114,777

Write-off for stock obsolescence	2,262	3,908

Impairment in value of investments	-	-

Foreign exchange loss	5,977	6,145

Adjustments for under provision for tax in prior years	51,216	15,867

Profit on sale of investments, properties, and/or plant and equipment	29,860	-

1(b)(i) A balance sheet (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year

Balance Sheets as at 30 June 2003

	Group		Company
	2003	2002	2003	2002
	$	$	$	$
Non-current assets
Property, plant and equipment	1,431,379	1,224,060	398,726	266,781
Interests in subsidiaries	-	-	629,087	722,741
Interests in associates	-	21,658	100,028	109,649
Other financial assets	17,500	17,500	5,500	5,500

Current Assets
Inventories	810,317	1,027,829	127,506	201,604
Trade and other receivables	6,620,109	6,644,875	5,976,281	3,696,321
Cash and bank balances	2,495,115	1,351,116	461,363	201,523
	________	__________	________	________
Total current assets	9,925,541	9,023,820	6,565,150	4,099,448
	________	_________	__________	_________
Less:
Current Liabilities
Bank overdrafts (secured)	276,946	757,619	262,014	681,088
Trade and other payables	4,829,448	4,347,292	3,006,913	1,802,428
Obligations under finance leases	70,130	45,487	27,048	5,186
Interest-bearing loans and borrowings	18,797	21,118	-	-
Current tax payable	150,547	321,096	7,283	55,337
Redeemable convertible preference shares	-	750,000	-	750,000
	__________	__________	___________	__________
Total current liabilities	5,345,868	6,242,612	3,303,258	3,294,039
	__________	_________	__________	__________
Net current assets	4,579,673	2,781,208	3,261,892	805,409
Less:
Non-current liabilities
Obligations under finance leases	265,213	107,746	129,382	18,618
Interest-bearing loans and borrowings	6,550	23,130	-	-
Deferred taxation	70,466	59,000	-	-
	_______	_______	________	________
	342,229	189,876	129,382	18,618
Minority interests	-	223,860
	_______	_______	_______	_______
Net assets	5,686,323	3,630,690	4,265,851	1,891,462
	=======	=======	======	=======
Capital and Reserves
Share capital	1,086,000	391,237	1,086,000	391,237
Reserves	4,600,323	3,239,453	3,179,851	1,500,225
	________	________	________	________
	5,686,323	3,630,690	4,265,851	1,891,462
	=======	========	========	========

1(b)(ii) Aggregate amount of group's borrowings and debt securities

Amount repayable in one year or less, or on demand

As at 30/06/2003

As at 30/06/2002

Secured	Unsecured	Secured	Unsecured

$670,640	$Nil	$1,233,068	$Nil

Amount repayable after one year

As at 30/06/2003

As at 30/06/2002

Secured	Unsecured	Secured	Unsecured

$271,763	$Nil	$130,876	$Nil

Details of any collateral

1. The bank loan is secured by a legal mortgage over one of the subsidiaries' leasehold property with a carrying value of $54,231 (30 June 2002: $54,870).

2. The bank overdrafts and bills payable are secured by the following:

(a) letter of off-set in respect of fixed deposits not less than $300,000;

(b) fixed deposits of the Company and another subsidiary amounting to approximately $277,000 (2002: approximately $498,000).

3. In addition, property, plant and equipment with carrying amounts of $256,403 (30 June 2002: $148,000) as of 30 June 2003 were acquired under finance lease agreements

1(c) A cash flow statement (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year

Consolidated Statement of Cash Flows for the Year Ended 30 June 2003

	2003	2002
	$	$
Operating activities:
(Loss)/Profit from ordinary activities before taxation	(262,738)	2,703,180

Adjustments for:

Depreciation	261,415	208,255

Goodwill amortised	-	17,370

Interest income	(10,177)	(10,319)

Interest expense	49,649	143,565
Gain on disposal of property, plant and equipment	(29,860)	-
Share of results of associates	21,658	172,335
	________	________
Operating profit before changes in working capital	29,947	3,234,386
Changes in working capital:
Inventories	217,512	(46,613)
Trade and other receivables	24,766	(1,950,686)
Trade and other payables	(193,753)	(383,733)
	_________	_________
Cash generated from operations	78,472	853,354
Income tax paid	(330,228)	(75,651)
	__________	_________
Cash flows from operating activities	(251,756)	777,703
	__________	________
Investing activities:
Interest received	10,177	10,319
Proceeds from sale of property, plant and equipment	56,165	-
Proceeds from sale of an associate	-	15,144
Purchase of property, plant and equipment	(246,106)	(616,497)
Net cash inflow from acquisition of subsidiary	-	212
	___________	_________
Cash flows from investing activities	(179,764)	(590,822)
	____________	__________
Financing activities:
Interest paid	(49,649)	(34,496)
Proceeds from issue of shares	2,191,565	-
Redemption of redeemable convertible preference shares	-	(625,000)
Repayment of interest-bearing bank loans	(18,901)	(18,256)
Payment of obligations under finance leases	(66,823)	(55,498)
	_________	_________
Cash flows from financing activities	2,056,192	(733,250)
	_________	__________
Net increase/(decrease) in cash and cash equivalents	1,624,672	(546,369)
Cash and cash equivalents at beginning of the year	593,497	1,139,866
	_________	___________
Cash and cash equivalents at end of the year	$ 2,218,169	$ 593,497
	_________	___________

During the year, the Group acquired property, plant and equipment with an aggregate cost of $495,039 (2002: $616,497), of which $248,933 (2002: Nil) was acquired by means of finance leases. Cash payments of $246,106 (2002: $616,497) were made to purchase property, plant and equipment.

1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year

	Share Capital	Share Premium	Capital redemption reserves	Statutory reserve	Currency translation reserve	Accumulated profit	Total
Group	$	$	$	$	$	$	$
At 1July 2001	391,237	-	260	25,348	(2,66,679)	1,405,646	1,555,812
Transfer to statutory reserve	-	-	-	4,632	-	(4,632)	-
Translation differences relating to financial statements of foreign subsidiaries	-	-	-	-	(101,062)	-	(101,062)
Net profit for the year	-	-	-	-	-	2,175,940	2,175,940
At 30 June 2002	391,237	-	260	29,980	(367,741)	3,576,954	3,630,690
Issue of bonus shares	435,343	-	-	-	-	(435,343)	-
Issue of ordinary shares pursuant to the Restructuring Exercise	18,655	205,205	-	-	-	-	223,860
Conversion of 25,995 RCPS into 60,765 ordinary shares of $1.00 each	60,765	689,495	(260)	-	-	-	750,000
Issue of ordinary shares	180,000	2,011,565	-	-	-	-	2,191,565
Transfer to statutory reserve	-	-	-	622	-	(622)	-
Translation differences relating to financial statements of foreign subsidiaries	-	-	-	-	69,284	-	69,284
First and final declared dividend payable of $2.44 per share less tax at 22% in respect of financial year 2002	-	-	-	-	-	(745,193)	(745,193)
Net loss for the year	-	-	-	-	-	(433,883)	(433,883)
At 30 June 2003	$1,086,000	$2,906,265	$-	$30,602	$(298,457)	$1,961,913	$5,686,323

	Share capital	Share premium	Capital redemption reserve	Accumulated profit	Total
Company	$	$	$	$	$
At 1 July 2001	391,237	-	260	940,461	1,331,958
Net profit for the year	-	-	-	559,504	559,504
	_______	______	_______	_______	_________
At 30 June 2002	391,237	-	260	1,499,965	1,891,462
Issue of bonus shares	435,343	-	-	(435,343)	-
Issue of ordinary shares pursuant to the Restructuring Exercise	18,655	205,205	-	-	223,860
Conversion of 25,995 RCPS into 60,765 ordinary shares of $1.00 each	60,765	689,495	(260)	-	750,000
Issue of ordinary shares	180,000	2,011,565	-	-	2,191,565
First and final declared dividend payable of $2.44 per share less tax at 22% in respect of fnancial year 2002	-	-	-	(745,193)	(745,193)
Net loss for the year	-	-	-	(45,843)	(45,843)
	^{__________________________}	^{__________________________}	^{__________________________}	^{_____________________}	^{_______________________}
At 30 June 2003	$1,086,000	$2,906,265	$ -	$ 273,586	$4,265,851
	==========	==========	=========	=========	=========

1(d)(ii) Details of any changes in the company's share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares or cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year

	----------------------------2003------------------------			-----------------------------2002----------------------
	Number of shares			Number of shares
	at $0.01 each	at $1.00 each	$	at $0.01 each	at $1.00 each	$
At 1 July	-	391,237	391,237	-	391,237	391,237
Issue of bonus shares of $1.00 each	-	435,343	435,343	-	-	-
Conversion of Redeemable Convertible Preference Shares into ordinary shares of $1.00 each	-	60,765	60,765	-	-	-
Issue of ordinary shares of $1.00	-	18,655	18,655	-	-	-
Share split of ordinary shares of $1.00 each to $0.01 each	90,600,000	(906,000)	-	-	-	-
Issue of ordinary shares of $0.01 each	18,000,000	-	180,000	-	-	-
At 30 June	108,600,000	-	$1,086,000	-	391,237	$391,237

As at 30 June 2003, there were NIL (2002 : 25,995) RCPS of $0.01 each.

2. Whether the figures have been audited, or reviewed and in accordance with which standard (e.g. the Singapore Standard on Auditing 910 (Engagements to Review Financial Statements), or an equivalent standard)

The figures have not been audited nor reviewed by the Company's auditors

3. Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of matter)

N.A.

4. Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied

The same accounting policies and methods of computation have been used during the current financial year as compared with the most recently audited financial statements.

5. If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change

None.

6. Earnings per ordinary share of the group for the current period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends

	2003	2002
(a) Based on weighted average number of ordinary shares in issue; and	(0.46) cents	2.63 cents
(b) On a fully diluted basis	NA	NA

Basic earnings per ordinary share has been calculated based on the weighted average number of ordinary shares of 94,850,877 (2002:82,658,000) shares of $0.01 each.

7. Net asset value (for the issuer and group) per ordinary share based on issued share capital of the issuer at the end of the (a) current period reported on and (b) immediately preceding financial year

	Group		Company
	2003	2002	2003	2002
Net asset value per ordinary share based on issued share capital at the end of the period	5.24 cents	4.39 cents	3.93 cents	2.29 cents

The net asset value per ordinary share is calculated based on 108,600,000 (2002: 82,658,000) ordinary shares in issue. The calculation for the previous year has been adjusted for the bonus issue and share split during the current financial year.

8. A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. The review must discuss any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors. It must also discuss any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on

Overall, the group's revenue decreased by 26.3% from $12.6 million in FY2002 to $9.3 million in FY2003. Manufacturing and Sales from external customers decreased by 24.8% from $7.3 million in FY2002 to $5.5 million in FY2003. Installation revenue from external customers also decreased by 28.5% from $5.3 million in FY2002 to $3.8 million in FY2003.

Geographically, revenue from Singapore and other Regions, Malaysia and the PRC decreased by 17.4%, 48.2% and 39.6% respectively. The group continued to operate in a difficult economic environment both in Singapore and other countries in Asia. The continuing overall contraction in construction demand has put pressure on competition and margins for projects. The group's operation has contracted due to the outbreak of SARS in the region from the period of March to June 2003 .

In line with the drop in revenue, the gross profit decreased by 35% from $5.5 million in FY2002 to $3.5 million in FY2003.

Other operating income decreased by 66.9% from $0.8 million in FY2002 to $0.3 million in FY2003. The decrease was mainly due to the write-back of interest expense waived on the Redeemable Convertible Preference Shares amounting to $0.4 million in FY2002, for which there was none in FY2003.

Distribution expenses increased by 17.9% from $0.9 million in FY2002 to $1 million in FY2003. The increase was mainly due to the increase in marketing expenses like participation in local and overseas trade exhibitions, setting up of sales offices in the PRC and the recruitment of an additional regional marketing manager. This is in line with our expansion plan undertaken in connection with the company's IPO.

Administrative expenses increased by 7.6% from $2.1 million in FY2002 to $2.3 million in FY2003. As a newly listed group, higher administrative expenses were incurred to increase staff in finance and administration department, compliance costs like legal, secretarial, audit and share registrar fees and implementation of directors' service agreements.

Other operating expenses increased by 162.1% from $0.3 million to $0.7 million in FY2003. The increase was mainly due to increase in operating lease expenses, depreciation of property, plant and equipment and allowance for doubtful debts and provision for warranty expenses.

The decrease in finance costs was mainly due to the reduction in bank overdraft usage in FY2003 as compared to FY2002.

Despite making a loss in FY2003, income tax expense was incurred during the year. This was due mainly to non-deductible expenses added back, under-provision of tax in prior years and tax benefit not recognised.

9. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results

In our announcement dated 20 March 2003 of our half year results, we had stated that "save as disclosed herein, there are no known material factors or events which may affect the earnings of the Group in the next reporting period". Since then, the SARS outbreak has significantly affected our business, particularly in PRC. This is one of the main factors that contributed to our loss for the current financial year ended 30 June 2003.

10. A commentary at the date of the announcement of the competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months

The Group operates in 3 geographically segmented markets vis-?-vis PRC, Malaysia and Singapore (including the regional markets). While the Group manufactures within the Specialty Chemicals industry, the products are used downstream in the Building and Construction industry in the various segments. The competitive conditions of the Building and Construction industry for the various segments is commented below:

PRC.

The Building and Construction industry in PRC continues to grow with major growth areas located in Beijing and Shanghai (due partly to the hosting of the Olympic Games in Beijing in 2008 and the World Exposition in Shanghai in 2010). The demands for our products are expected to increase in line with the projected growth in the industry.

Malaysia.

The general outlook for the construction industry in Malaysia is at best cautiously optimistic with projected growth in infrastructure projects in the education and health sectors. However the industry is still expected to be faced with a shortage of labour and competitive pricing which could erode our profitability.

Singapore (including regional markets).

The Building and Construction industry in Singapore is expected to remain challenging and highly competitive especially for the new construction sectors. The maintenance market however is expected to show improvement especially in environmentally related installations such as roof gardens.

The Building and Construction industry for India is expected to be a growing market fueled partly by foreign investments and the construction of government infrastructure projects. Other regional markets such as Thailand, Vietnam and Indonesia are also expected to recover and see some growth in the Construction industry.

The recurrence of SARS in any of the markets in which we are currently operating may however adversely affects the Group's performance in the next reporting period and the next 12 months.

11. Dividend

(a) Current Financial Period Reported On

Any dividend declared for the current financial period reported on? None
(b) Corresponding Period of the Immediately Preceding Financial Year

Any dividend declared for the corresponding period of the immediately preceding financial year? Yes

Name of Dividend	First & Final
Dividend Type	Cash
Dividend Rate	244 cents per ordinary share (less tax)
Par value of shares	$1.00
Tax Rate	22%

(c) Date payable

N.A.

(d) Books closure date

N.A.

12. If no dividend has been declared/recommended, a statement to that effect

No dividend has been recommended for the financial year ended 30 June 2003.

PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT
(This part is not applicable to Q1, Q2, Q3 or Half Year Results)

13. Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuer's most recently audited annual financial statements, with comparative information for the immediately preceding year

(a) Business Segments

2003	Manufacturing & Sale	Installation	Eliminations	Total
	$	$	$	$
Revenue and expenses
Total revenue from external customers	5,495,758	3,807,688	-	9,303,446
Inter-segment revenue	2,219,988	-	(2,219,988)	-
	_________	_________	__________	_________
	$7,715,746	$3,807,688	$(2,219,988)	$9,303,446
	=========	=========	==========	=========
Segment results	(27,387)	(164,044)	-	(191,431)
Finance costs	-	-	-	(49,649)
Share of results of associates				(21,658)
				_________
Loss from ordinary activities before taxation				(262,738)
Taxation				(171,145)
				___________
Net loss for the year				$ (433,883)
				=========
Significant non-cash expenses

Depreciation and amortisation	$ 172,217	$ 89,198	$ -	$ 261,415
	=========	=========	======	==========
Others	$(53,937)	$327,998	$ -	$274,061
	=========	=========	======	==========
Assets and liabilities

Segment assets	$6,611,721	$4,762,699	$-	$11,374,420
	==========	=========	======	==========
Segment liabilities	3,746,844	1,694,893	-	5,441,737
Unallocated liabilities				246,360
				___________
Total liabilities				$5,688,097
				==========

Capital expenditure	$355,747	$139,292	$-	$495,039
	=========	=========	=======	==========
2002

Revenue and expenses

Total revenue from external customers	7,305,834	5,323,844	-	12,629,678
Inter-segment revenue	3,012,995	-	(3,012,995)	-
	__________	________	__________	___________
	$10,318,829	$5,323,844	$(3,012,995)	$12,629,678
	=========	=========	=========	==========
Segment results	2,342,521	676,559	-	3,019,080
Finance costs				(143,565)
Share of results of associates				(172,335)
				__________
Profit from ordinary activities before taxation				2,703,180
Taxation				(357,304)
Minority interests				(169,936)
				_________
Net profit for the year				$2,175,940
				=========
Significant non-cash expenses

Depreciation and amortisation	$134,447	$91,178	$-	$225,625
	=======	=======	====	=========
Others	$(32,521)	$91,827	$-	$59,306
	=======	=======	===	========

Assets and liabilities
Segment assets	$5,364,406	$4,922,632	$-	$10,287,038
	=========	========	====	==========
Segment liabilities	4,078,512	1,929,632	-	6,008,144
Unallocated liabilities				424,344
				__________
Total liabilities				$6,432,488
				=========

Capital expenditure	$612,449	$4,048	$-	$616,497
	=========	=======	====	========
(b) Geographical Segments

	Singapore &
2003	Other regions	Malaysia	PRC	Total
	$	$	$	$

Revenue and expenses

Total revenue	$ 6,870,371	$ 1,023,569	$ 1,409,506	$ 9,303,446
	=========	=========	=========	===========
Segment assets	$ 6,499,973	$ 1,970,140	$ 2,904,307	$11,374,420
	=========	=========	=========	===========
Capital expenditure	$ 254,654	$ 132,512	$ 107,873	$ 495,039
	=========	=========	=========	===========
2002
Revenue and expenses

Total revenue	$ 8,320,924	$ 1,974,138	$2,334,616	$12,629,678
	=========	=========	========	===========
Segment assets	$ 6,103,605	$ 1,816,045	$ 2,367,388	$10,287,038
	=========	=========	========	===========
Capital expenditure	$ 7,909	$ 7,872	$ 600,716	$ 616,497
	=========	=========	========	==========

14. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments

See paragraph 8

15. A breakdown of sales

	Latest Financial Year	Previous Financial Year	% increase/ (decrease)
	$	$	$
Revenue reported for first half year	4,975,330	5,542,582	(10.2)
Operating profit after tax before minority interest reported for first half year	356,571	363,931	(2.0)
Revenue reported for second half year	4,328,116	7,087,096	(38.9)
Operating profit after tax before minority interest reported for second half year	(790,454)	1,981,945	NM

NM = NOT MEANINGFUL.

16. A breakdown of the total annual dividend (in dollar value) for the issuer's latest full year and its previous full year

Total Annual Dividend (Refer to Para 16 of Appendix 7.2 for the required details)

	Latest Full Year ()	Previous Full Year ()
Ordinary	0	745,193
Preference	0	0
Total:	0	745,193

The dividend of $745,193 (net of tax at 22%) was proposed in the financial year end 30 June 2002 and was declared payable on 4 October 2002. The Directors do not propose any dividends in respect of the financial year ended 30 June 2003.

BY ORDER OF THE BOARD

Wong Seong Khuen
Managing Director
23/09/2003

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