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Digital Transformation ACCELERATING DIGITAL TRANSFORMATION Tai Sin Electric Limited Annual Report 2020 CONTENTS 2 Tai Sin at a Glance 3 Tai Sin Sustainability Living Plan 4 Business Segments 5 Financial Highlights 8 Chairman’s Statement 10 Report by the Chief Executive Officer 12 Corporate Social Responsibility 14 Board of Directors 17 Management Team 18 Corporate Structure 19 Corporate Information 20 Sustainability Report 40 Corporate Governance FINANCIAL STATEMENTS 62 Directors’ Statement 65 Independent Auditor’s Report 70 Statements of Financial Position 72 Consolidated Statement of Profit or Loss and Other Comprehensive Income 73 Statements of Changes in Equity 76 Consolidated Statement of Cash Flows 78 Notes to Financial Statements 150 Analysis of Shareholdings 152 Notice of Annual General Meeting 156 Additional Information on Directors Seeking Re-election Proxy Form ACCELERATING DIGITAL TRANSFORMATION Our ongoing drive to transform our capabilities, expertise and solutions functioned as a bulwark against the sweeping changes arising from the challenges for the year. We were quick to leverage on the changes and built on our momentum to innovate and achieve new milestones in our digital transformation journey. With our core augmented and new engines of growth in the pipeline, we are energised for the future. 2 TAI SIN ELECTRIC LIMITED TAI SIN AT A GLANCE Tai Sin Electric Limited was established with the foresight and determination as a cable manufacturing business in 1980. Today, after over 40 years of strategic expansion and diversification, Tai Sin has emerged as a leading and trusted Industrial Group in Southeast Asia. Listed on the Stock Exchange of Singapore, SESDAQ in 1998, Tai Sin was subsequently transferred to the SGX Main Board in 2005. Presently known as Tai Sin Electric Limited Group of Companies, the business is streamlined into four Business Segments, namely Cable & Wire (C&W), Electrical Material Distribution (EMD), Switchboard (SB) and Test & Inspection (T&I). These segments are well designed to meet the specific needs of our diverse customers ranging from end-users to contractors, manufacturers, system integrators, engineers and consultants. The business mix of the segments has allowed the Group to continue to achieve growth during difficult times. The Group operates a highly successful network distributing electrical and control products, accessories and solutions to a wide range of local and regional industries which includes Malaysia, Vietnam, Brunei, Indonesia, Myanmar, Cambodia and the Philippines. ISSION We are committed in contributing to a safer tomorrow through our products and services. We believe in sustainable development for our business and people, while protecting the environment and M contributing to society. ISION V To be a leading Industrial Group that contributes to a safer tomorrow. ORE VALUES INTEGRITY We treasure loyalty, uphold honesty, and practise good business ethics. RELIABILITY C We uphold service excellence, take pride in our product quality and ensure commitments are duly fulfilled. UNITY We embrace teamwork, harmony and mutual respect with our customers, suppliers, and employees. ANNUAL REPORT 2020 3 TAI SIN SUSTAINABILITY LIVING PLAN PRODUCTS THAT PRODUCTS THAT SERVICES THAT PROVIDE SAFETY ARE SAFE TO USE PROVIDE SAFETY Our diverse range of products are in We are committed to making sure Our test and inspection service line with our strengths in providing our products meet the highest provides reliable and accurate reliability in areas of electrical and standards for safety and quality testing, an integral part in ensuring industrial safety protection. Products through our stringent manufacturing that the condition of the facilities will such as fire resistant cables, molded process. We also ensure that all be safe for use by both businesses circuit breakers, safety sensors other products we represent come and the public. and personal protection equipment from a reliable and reputable source, uphold the highest practical and comply with international quality standards for our customers’ use. and safety regulations. SUSTAINABILITY BUSINESS SOCIAL SAFER TOMORROW ENVIRONMENT 4 TAI SIN ELECTRIC LIMITED BUSINESS SEGMENTS To crystallise its vision of being a leading Industrial Group in Southeast Asia, Tai Sin is structured into four interlinked business segments – Cable & Wire, Electrical Material Distribution, Switchboard and Test & Inspection. The Group is able to leverage the combined core competencies and expanding capabilities of each business segment to deliver a focused collective solution to its customers. CABLE & WIRE ELECTRICAL MATERIAL (C&W) DISTRIBUTION (EMD) Design, develop, manufacture and trading of Supply of products and services to a wide cables and wires. Products include Power, range of industries which includes industrial Control, Instrumentation and Fire Resistant automation and maintenance, repair & & Flame Retardant Cables for use in all areas operations (MRO). Products include industrial of electrical and instrumentation installation control system and components, sensing, for commercial, residential, industrial and measurement and monitoring system, power infrastructure projects. quality system, safety, cabling and electrical accessories, as well as lighting and energy • Tai Sin Electric Limited monitoring solutions. • Tai Sin Electric Cables (Malaysia) Sdn Bhd • Tai Sin Electric Cables (VN) Co Ltd • Lim Kim Hai Electric Co (S) Pte Ltd • Lim Kim Hai Electric (VN) Co Ltd • LKH Precicon Pte Ltd • LKH Projects Distribution Pte Ltd SWITCHBOARD TEST & INSPECTION (SB) (T&I) Design and manufacture of high quality Provides comprehensive accredited testing switchgears for use in large buildings and services for materials ranging from concrete industrial installations. Products include to soil and asphalt premixes. Service low voltage main and sub switchboards, includes independent testing, inspection and distribution boards and control panels, certification that meets local and international amongst others. standards. • PKS Sdn Bhd • CAST Laboratories Pte Ltd • CASTconsult Sdn Bhd • PT CAST Laboratories Indonesia ANNUAL REPORT 2020 5 FINANCIAL HIGHLIGHTS Turnover Profit Before Income Tax (S$’m) (S$’m) 335.71 350 320.91 324.54 30 27.58 300 279.65 276.41 25 21.50 250 20 18.22 200 13.95 15 12.41 150 10 100 50 5 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Shareholder’s Funds Net Asset Value Per Share (S$’m) (cents) 200 180.50 40 38.43 39.80 39.60 39.20 175.55 36.86 167.39 173.32 35 160.52 150 30 25 100 20 15 50 10 5 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Earnings Per Share (cents) 6 5.31 5 4.17 4 3.55 2.69 3 2.14 2 1 0 2016 2017 2018 2019 2020 COMPREHENSIVE ADAPTATION TO THRIVE As the global economy responds to the impact of unprecedented challenges, the need for agility and forward planning grows more pertinent. We believe that progress should be holistic and inclusive, and have outlined our way forward with our core values in mind and stakeholders at heart. 8 TAI SIN ELECTRIC LIMITED CHAIRMAN’S STATEMENT We pushed forward DEAR SHAREHOLDERS, with a strong focus on long-term sustainability The financial year ended 30 June 2020 (“FY2020”) was unprecedented with the global economy and accelerated our reeling from the COVID-19 pandemic. Our ongoing transformation as we digitalisation initiatives from readying for Industry 4.0 were key to mitigating the challenges brought realigned our strengths to about by this pandemic. We pushed forward with better position the Group a strong focus on long-term sustainability and accelerated our transformation as we realigned our for the future. strengths to better-position the Group for the future. ANNUAL REPORT 2020 9 CHAIRMAN’S STATEMENT In FY2020, Group revenue fell 17.66% to $276.41 Other operating expenses declined by $622,000 to million with top line growth from the Electrical $1.153 million mainly due to lower loss allowance Material Distribution, Test & Inspection segments for trade and other receivables of $1.014 million for and Switchboard segment but lower revenue the year. contribution from the Cable & Wire segment. Finance costs increased to $1.09 million mainly due Group profit for the year decline to $10.03 million to adoption of SFRS(I) Leases. by $1.96 million with gross profit margin increasing from 15.05% to 16.05%. This was due to the drop in As a result of the above, the Group’s profit attributable copper prices during the period and lower deliveries to shareholders amounted to $9.70 million. for low margin infrastructure projects secured 2-3 years ago which are now completed. On behalf of the Board of Directors, I would like to sincerely thank our business partners, staff and Meanwhile, other operating income increased shareholders for their continued support especially to $7.57 million due to higher fair value gain on in light of the events in FY2020. derivatives instruments and fluctuation in US Dollar exchange rate towards year end. As a symbol of our appreciation, the Board has recommended a final dividend of 0.75 cent per Administrative and selling and distribution expenses ordinary share, subject to approval at the upcoming for the periods fluctuated marginally despite annual general meeting. reduction in business activities. The fluctuation was mainly due to the net impact from the adoption of SFRS(I) 16 Leases which resulted in higher depreciation charge and lower rental expenses, Bobby Lim Chye Huat Chairman increased in staff costs as a result of increase in salaries and provision for unutilised
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