Full Year Financial Statement And Dividend Announcement

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

	Group			Company
	Year ended 31/10/2002 (Actual)	Year ended 31/10/2001 (Proforma*)	Increase / (Decrease)	Year ended 31/10/2002 (Actual)	Year ended 31/10/2001 (Actual)	Increase / (Decrease)
	S$'000	S$'000	%	S$'000	S$'000	%
Turnover	90,291	81,806	10.4	75,160	67,349	11.6
Cost of Sales	(77,974)	(71,240)	9.5	(65,750)	(59,177)	11.1
Gross Profit	12,317	10,566	16.6	9,410	8,172	15.2
Other Operating Income	1,060	640	65.6	676	509	32.8
Distribution Costs	(1,559)	(1,156)	34.9	(1,490)	(1,113)	33.9
Administrative Expenses	(4,533)	(3,495)	29.7	(3,643)	(2,733)	33.3
Other Operating Expenses	(1,515)	(1,109)	36.6	(1,257)	(989)	27.1
Profit from Operations	5,770	5,446	5.9	3,696	3,846	(3.9)
Exceptional Items	56	-	NM	-	50	-
Finance Costs	(2,092)	(2,357)	(11.2)	(1,687)	(2,122)	(20.5)
Profit Before Taxation	3,734	3,089	20.9	2,009	1,774	13.2
Taxation	(859)	(598)	43.6	(456)	(302)	51.0
Profit After Taxation	2,875	2,491	15.4	1,553	1,472	5.5
Minority Interests	(83)	(168)	(50.6)	-	-	-
Net Profit Attributable To Shareholders	2,792	2,323	20.2	1,553	1,472	5.5
Investment Income	1	5	NM
Other Income Including Interest Income	894	560	59.6
Depreciation And Amortisation	(660)	(620)	6.5
(Provision)/Write-back Of Provision For Doubtful Debts & Bad Debts Written Off	(532)	(46)	NM
Provision For Stock Obsolescence	(15)	(41)	NM
Foreign Exchange Gain / ( Loss )	101	(37)	NM

NM - Not Meaningful

* Proforma indicate the Group has been in place since last financial year.

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

	Group		Company
	Year ended 31/10/2002 (Actual)	Year ended 31/10/2001 (Proforma)	Year ended 31/10/2002 (Actual)	Year ended 31/10/2001 (Actual)
	S$'000	S$'000	S$'000	S$'000
Non-current assets
Fixed assets	8,864	9,098	4,512	4,791
Intangible assets	(127)	412	265	318
Subsidiary companies	-	-	3,054	362
	8,737	9,510	7,831	5,471
Current assets
Stocks	30,297	22,845	25,363	19,603
Trade debtors	22,279	19,982	18,543	16,659
Other debtors, deposits and prepayments	511	710	200	586
Due from related parties	111	274	1	137
Fixed deposits with banks	607	600	516	511
Cash and bank balances	2,669	388	1,696	311
	56,474	44,799	46,319	37,807
Less:-
Current liabilities
Trade creditors	9,175	6,842	7,695	5,591
Other creditors and accruals	1,890	1,323	1,526	975
Finance lease creditors	105	130	57	110
Due to related parties	344	236	345	531
Due to subsidiary	-	-	135	-
Provision for taxation	936	569	690	287
Bank borrowings	29,328	26,056	24,485	22,771
	41,778	35,156	34,933	30,265
Net current assets	14,695	9,643	11,386	7,542
Non-current liabilities
Finance lease creditors	(249)	(99)	(11)	(68)
Bank borrowings	(3,294)	(3,773)	(1,213)	(1,400)
Deferred taxation	(249)	(228)	-	(130)
	(3,792)	(4,100)	(1,224)	(1,598)
	19,641	15,053	17,993	11,415
Share Capital And Reserves
Share capital	15,466	7,292	15,466	4,600
Share premium	115	1,600	115	1,600
Revenue reserve	3,651	5,802	2,412	5,215
Foreign currency translation	(14)	10	-	-
Minority interests	423	349	-	-
	19,641	15,053	17,993	11,415

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

Amount repayable in one year or less, or on demand



As at 31 Oct 2002 (Actual) S$'000

As at 31 Oct 2001 (Proforma) S$'000

Secured	Unsecured	Secured	Unsecured
15,864	13,464	14,156	11,900



Amount repayable after one year



As at 31 Oct 2002 (Actual) S$'000

As at 31 Oct 2001 (Proforma) S$'000

Secured	Unsecured	Secured	Unsecured
3,294	-	3,773	-



Details of any collateral

N.A.

1(c) A cash flow statement (for the group), together with a comparative statement for

the corresponding period of the immediately preceding financial year

	Year ended 31/10/2002 (Proforma*)	Year ended 31/10/2001 (Proforma)
	S$'000	S$'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation	3,734	3,089
Adjustments for:-
Amortisation of positive and negative goodwill	(57)	64
Depreciation of fixed assets	718	556
Fixed assets written off	74	-
Gain on disposal of fixed assets	(48)	(42)
Loss on disposal of quoted and unquoted investments	-	9
Interest expense	2,092	2,357
Interest income	(11)	(22)
Minority interest	(9)	175
Foreign currency reserve	(14)	-
Translation adjustment	1	16
Operating profit before working capital changes	6,480	6,202
Working capital changes:-
Increase in stock	(7,451)	(1,566)
Increase in trade and other debtors	(2,098)	(938)
Increase / (Decrease) in trade and other creditors	2,899	(1,736)
Decrease in amounts due by related parties	163	35
Decrease in amounts due by directors	-	257
Increase in amounts due to related parties	108	236
Decrease in amounts due to directors	-	(234)
Cash generated from operations	101	2,256
Interest paid	(2,092)	(2,357)
Interest received	11	22
Income tax paid	(471)	(759)
Net cash used in operating activities	(2,451)	(838)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets	(575)	(1,514)
Proceeds from sale of fixed assets	63	42
Proceeds from sale of quoted and unquoted investments	-	135
Net cash used in investing activities	(512)	(1,337)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase / (decrease) in bank borrowings	10,393	(2,999)
Increase / (decrease) in finance lease creditors	125	(68)
Proceeds from issue of share capital net of listing expenses	2,333	-
Net cash generated from / (used in) financing activities	12,851	(3,067)
Increase / (decrease) in cash and cash equivalents	9,888	(5,242)
Cash and cash equivalents at beginning of year	(6,612)	(1,370)
Cash and cash equivalents at end of year	3,276	(6,612)
Cash and bank balances	2,669	388
Fixed deposits with banks	607	600
Bank overdrafts	-	(7,600)
	3,276	(6,612)


* Based on FY2001 proforma financial statements

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

The Group	Share capital	Share premium	Foreign currency translation reserve	Retained profits	Total
	S$'000	S$'000	S$'000	S$'000	S$'000
Balance at 1 November 2000	7,292	1,600	10	4,646	13,548
Net profit for the financial year	-	-	-	2,323	2,323
Dividends	-	-	-	(1,167)	(1,167)
Balance at 31 October 2001	7,292	1,600	10	5,802	14,704
Balance at 1 November 2001
- as previously reported	7,292	1,600	10	5,802	14,704
- notional issue of share to acquire investment in a subsidiary	(2,692)	-	-	-	(2,692)
- pre-acquisition profit of subsidiaries	-	-	(10)	(587)	(597)
- as restated	4,600	1,600	-	5,215	11,415
Issue of ordinary shares for the acquisition of subsidiary pursuant to the restructuring exercise	2,692	-	-	-	2,692
Bonus issue from retained profits	4,356	-	-	(4,356)	-
Bonus issue from share premium	418	(418)	-	-	-
Less:- Listing expenses	-	(1,067)	-		(1,067)
Translation difference on financial statements of foreign subsidiary	-	-	(14)	-	(14)
Public issue of ordinary shares	3,400	-	-	-	3,400
Net profit for the financial year	-	-	-	2,792	2,792
Balance at 31 October 2002	15,466	115	(14)	3,651	19,218

The Company	Share capital	Share premium	Retain profits	Total
	S$'000	S$'000	S$'000	S$'000
Balance at 1 November 2000	4,600	1,600	4,910	11,110
Net profit for the financial year	-	-	1,472	1,472
Dividends	-	-	(1,167)	(1,167)
Balance at 31 October 2001	4,600	1,600	5,215	11,415
Balance at 1 November 2001	4,600	1,600	5,215	11,415
Issue of ordinary shares for the acquisition of subsidiary pursuant to the restructuring exercise	2,692	-	-	2,692
Bonus issue from retained profits	4,356	-	(4,356)	-
Bonus issue from share premium	418	(418)	-	-
Less:- Listing expenses	-	(1,067)	-	(1,067)
Public issue of ordinary shares	3,400	-	-	3,400
Net profit for the financial year	-	-	1,553	1,553
Balance at 31 October 2002	15,466	115	2,412	17,993

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 for 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

	Number Of Shares	$
Issued and fully paid ordinary shares of $1.00 each as at 31 October 2001	4,600,000	4,600,000
Issue of shares of $1.00 each	2,691,848	2,691,848
Bonus Issue of $1.00 each from retained profits	4,355,854	4,355,854
Bonus Issue of $1.00 each from share premium	418,298	418,298
	12,066,000	12,066,000
Subdivision of one ordinary share of S$1.00 each into five ordinary shares of S$0.20 each	60,330,000	12,066,000
Issue of new shares of $0.20 each	17,000,000	3,400,000
Issued and paid-up ordinary shares of S$0.20 each as at 31 October 2002	77,330,000	15,466,000

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, or reviewed and in accordance with the Singapore Standard on Auditing 910.

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

Except as disclosed in Paragraph 5 below, the Group has applied the same accounting policies and methods of computation in the financial statements for the current financial year compared with the audited financial statements
as at 31st October 2001.

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

During the financial year, the Group changed its accounting policy with respect of the adoption of statement of Accounting Standards 12 ( Revised 2001 ) "Income Taxes". However, the adoption did not result in any adjustments to the retained profits of prior financial year.

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

		Group
		2002 (Actual)	2001 (Proforma)
Earnings per Ordinary Share for the year based on net profit attributable to shareholders:-
(i)	Based on the weighted average number of ordinary shares on issue	4.31 cents	3.85 cents#
(ii)	On a fully diluted basis	4.31 cents	3.85 cents#


^# Based on pre-invitation of 60,330,000 ordinary shares

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
	2002 (Actual)	2001 (Proforma)
Net Asset Value per Ordinary Share based on issued shared capital at the end of the year	24.85 cents	24.37 cents #


Based on pre-invitation of 60,330,000 ordinary shares.

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

Turnover	FY2002 S$'000 ( Actual )	FY2001 S$'000 ( Proforma )	Growth %
Trading	81,927	74,744	9.6
Manufacturing	8,364	7,062	18.4
	90,291	81,806	10.4



Turnover of the Group for FY 31 October 2002 show a satisfactory 10.4% increase to $90.3 million compared to $81.8 million recorded in the previous financial year. The increase in turnover came predominantly in the second half of the financial year as the first half saw marginal increase. The increase resulted from higher revenue contribution from our manufacturing subsidiary, higher export sales from our trading activities and higher steel prices.

Our manufacturing revenue increased 18.4% as we saw good demand for our Mild Steel Lip Channels.Trading revenue increased at a lower rate of 9.6%. We were able to increase our sales of ship plates and steel plates due to the buoyant marine industry. Ship plates and steel plates accounted for 46.0% of the Group's turnover compared to 37.8% in finanacial year 2001.

Our manufacturing's share of total turnover increased from 8.6% in the previous year to 9.3% for financial year 2002.

Overall, gross profit increased due to higher revenue contribution from manufacturing activities (as it has higher profit margin) and better steel prices. An increase in other income, primarily due to an increase in foreign exchange gain and increase in rental income. While distribution and adminstrative expenses have increased in line with the increase in turnover, this was more than offset by the improvement in gross profits and reduction in financing costs.

In line with the higher contribution and profit margin from our manufacturing operations, manufacturing's share of total PBT increased from 21.7% in previous year to 28.3%.

In view of the above, the Group's PBT for FY 2002 increased 20.9% to $3.7 million from $3.1 million for FY 2001. As a result, our PBT margin improved from 3.8% for the previous year to 4.1% for FY 2002.

9. Where a forecast, or a prospect statement, has been previously disclosed to

shareholders, any variance between it and the actual results

N.A.

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

Although the economic outlook for 2003 is uncertain due to the possibility of war and the difficult economic conditions in Singapore and the region, our directors are cautiously optimistic of the Group's prospect for FY 2003.

Our manufacturing subsidiary Oriental Metals has already embarked on setting up the new production line for the manufacturing of pipes. This new production line is financed from our IPO proceeds which we raised last year. The production line will be installed by the first half of the current financial year and trial production of pipes will commence thereafter. We hope to have the line fully operational by the end of FY 2003.

Our trading business will continue to focus on our core competencies of being a major market player, our reliability in terms of quality and delivery and reputation to continue to grow the business. However, given the uncertain economic conditions, we will be cautious in expanding our business.

Overall, the Group will not just rely on organic growth to fuel the business, but will continue to be on the lookout for other possible opportunities.

11. Dividend

(a) Current Financial Period Reported On

Any dividend recommended for the current financial period reported on? Yes



Name of Dividend	First & Final
Dividend Type	Cash
Dividend Rate	5 % per ordinary share (less tax)
Par value of shares	S$0.20
Tax Rate	22.0%



(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	Interim
Dividend Type	Dividend in Species
Dividend Rate	42.9 cents per ordinary share (less tax)
Par value of shares	S$1.00
Tax Rate	24.5%



(c) Date payable


To be announced later


(d) Books closure date


To be announced later

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

N.A.

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

	Trading	Manufacturing	Group
	S$'000	S$'000	S$'000
2002
Turnover
Sales to external customers	81,928	8,363	90,291
Segment results	10,796	2,571	13,367
Expenses	(6,763)	(844)	(7,607)
Operating profit	4,033	1,727	5,760
Interest expense	(1,898)	(194)	(2,092)
Interest income	9	1	10
Exceptional item	-	56	56
Profit before tax	2,144	1,590	3,734
Taxation	(569)	(290)	(859)
Minority interest	(83)	-	(83)
Net profit	1,492	1,300	2,792
Segment assets	53,618	11,593	65,211
Segment liabilities	(37,310)	(8,260)	(45,570)
Capital expenditure	406	169	575
Depreciation expense	374	344	718
Amortisation expense	14	(71)	(57)




	Trading	Manufacturing	Group
	S$'000	S$'000	S$'000
2001
Turnover
Sales to external customers	74,744	7,062	81,806
Segment results	9,506	1,678	11,184
Expenses	(5,101)	(659)	(5,760)
Operating profit	4,405	1,019	5,424
Interest expense	(2,137)	(220)	(2,357)
Interest income	22	-	22
Profit before tax	2,290	799	3,089
Taxation	(460)	(138)	(598)
Minority interest	(168)	-	(168)
Net profit	1,662	661	2,323
Segment assets	44,774	9,535	54,309
Segment liabilities	(32,761)	(6,495)	(39,256)
Capital expenditure	1,485	29	1,514
Depreciation expense	457	99	556
Amortisation expense	53	11	64

	Singapore	Malaysia	Group
	S$'000	S$'000	S$'000
2002
Sales to external customers	81,388	8,903	90,291
Segment assets	62,296	2,915	65,211
Capital expenditure	266	309	575
2001
Sales to external customers	74,672	7,134	81,806
Segment assets	51,799	2,510	54,309
Capital expenditure	1,501	13	1,514

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

NA

15. A breakdown of sales

	Group
	Year ended 31/10/2002 (Actual)	Year ended 31/10/2001 (Proforma)	Increase / (Decrease)
	S$'000	S$'000	%
Sales reported for first half year	41,181	41,133	0.1
Operating profit after tax before deducting minority interests reported for first half year	1,108	696	59.2
Sales reported for second half year	49,110	40,673	20.7
Operating profit after tax before deducting minority interests reported for second half year	1,767	1,795	(1.6)

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 (S$'000)	Previous Full Year (S$'000)
Ordinary	773	1,167
Preference	0	0
Total:	773	1,167

BY ORDER OF THE BOARD

Wee Piew
Chief Executive Officer
16/01/2003