Hup Seng Annual Report 2008

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HUP SENG INDUSTRIES BERHAD
(Company No: 226098-P)

HUP SENG INDUSTRIES BERHAD (Company No: 226098-P)
Suite 6.1A, Level 6, Menara Pelangi
Jalan Kuning, Taman Pelangi
80400 Johor Bahru, Johor Darul Ta’zim
Tel (067) 332 3536
http://www.hupseng.com

ANNUAL REPORT 2008

HUP SENG INDUSTRIES BERHAD
(Company No: 226098-P)

CONTENTS

Corporate Information

2

Corporate Structure

3

Chairman’s Statement

4

Financial Highlights

6

Directors’ Profile

7

Statement on
Corporate Governance

13

Statement of Directors’
Responsibilities in Relation
to Financial Statement

17

Other Compliance Information

18

Audit Committee

19

Board Committee

23

Statement on Internal Control

24

Financial Statements

25

List of Group Properties

71

Statement of Shareholdings

76

Notice of Annual General Meeting

80

Form of Proxy

HUP SENG INDUSTRIES BERHAD (226098-P)

CORPORATE
INFORMATION
SECRETARY
Leong Siew Foong
REGISTERED OFFICE
DIRECTORS
Keh (Kerk) Chu Koh
(Chairman)

Kerk Chiew Siong
(Vice Chairman)

Suite 6.1A, Level 6
Menara Pelangi
Jalan Kuning, Taman Pelangi
80400 Johor Bahru
Johor Darul Ta'zim
Tel : (07) - 332 3536
Fax : (07) - 332 4536

Kuo Choo Song
(Managing Director)

Kerk Chian Tung
(Executive Director)

Teo Lee Teck
(Non-Executive Director)

Kerk Kar Han
(Non-Executive Director)

Woon Chin Chan
(Independent Non-Executive Director)

Norita Binti Ja'afar
(Independent Non-Executive Director)

Mazrina Binti Arifin

PRINCIPAL PLACE OF
BUSINESS
14 Jalan Kilang
Kawasan Perindustrian
Tongkang Pecah
83010 Batu Pahat
Johor Darul Ta'zim
SHARE REGISTRAR
Symphony Share Registrars
Sdn. Bhd. (378993-D)
Level 26, Menara Multi Purpose
Capital Square
No. 8, Jalan Munshi Abdullah
50100 Kuala Lumpur
Tel : (03) - 2721 2222
Faz : (03) - 2721 2530/1

(Independent Non-Executive Director)

PRINCIPAL BANKERS
Raja Khairul Anuar Bin
Raja Mokhtar
(Non-Executive Director)

Wee Hoe Soon @ Gooi Hoe Soon
(Alternate Director to Woon Chin Chan)

RHB Bank Berhad
Malayan Banking Berhad
Public Bank Berhad
United Overseas Bank
(Malaysia) Berhad
HSBC Bank Malaysia Berhad
AUDITORS
Ernst & Young
Chartered Accountants
STOCK EXCHANGE LISTING
Main Board of Bursa Malaysia
Securities Berhad

2

Annual Report 2008

CORPORATE
STRUCTURE

3

HUP SENG INDUSTRIES BERHAD (226098-P)

CHAIRMAN’S
STATEMENT

On behalf of the Board of Directors of Hup Seng
Industries Bhd. (“HSIB” or “the Company”),
I have pleasure in presenting the Annual Reports
and Audited Financial Statements of the Company
and its subsidiaries (the “Group”) for the financial
year ended 31 December, 2008.
REVIEW OF THE FINANCIAL PERFORMANCE
I am very pleased to report that our Company has performed very strongly in our financial year ended 31 December, 2008. Not only the revenue has surpassed the RM200 million mark for the first time in HSIB’s history, profit before tax hit a record high of RM21 million for the financial year ended 31 December, 2008 increased from preceding year corresponding period of RM6 million by a hefty RM15 million or 250%.

The Group’s record profit is respectable indeed, considering a challenging operating environment in which high cost pressures are the order of the day in better part of the year. By keeping close momentum with volatile movement of major material prices, the Group has promptly reacted with cost recovery exercises in February 2008 and again in June 2008 to protect the margin. Nevertheless, prices for most of the key input materials were falling from historical high towards the end of third quarter impacted by fear of global recession as a result of credit crunch. The continued efforts to enhance operating efficiency within the Group have also contributed greatly towards the bottom line of the year, best ever achieved in the Group’s history. Revenue rose by 14% to RM220 million as...
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