MORE THAN JUST ACCOUNTANTS

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1 MORE THAN JUST ACCOUNTANTS At AT ADLER we focus on understanding our client's goals and objectives and deliver pragmatic solutions to achieve these objectives. Our Services At A Glance Audit and Assurance services Taxation Singapore Taxation People s Republic of China Internal Audit Initial Public Offerings Accounting Services Payroll Services Corporate Secretarial Liquidation Audit and Assurance Services Audit of financial statements Financial due diligence Audit related services - International Financial Reporting Standards reporting Special audit engagements - Major Exporter Scheme, Rental, Exhibition and Carparks Internal Audit Assist in corporate governance and related matters Assist in internal control and systems evaluation Act as outsourced internal auditors Accounting Services Preparation of monthly management accounts Compilation of financial statements GST compliance GST advice and planning Corporate Secretarial Local company and branch formation Lodgement of returns Maintenance of statutory registers Maintenance of company registered office and address Taxation Services - Singapore Business income tax compliance Personal income tax compliance Tax planning and preparation Initial Public Offerings ( IPO ) Act as Reporting Accountants Initial pre-evaluation of listing viability Review financial information system & recommend improvements Introduce issue manager, underwriters, solicitors and other professional advisors Draft Management Discussions and Analysis of Prospectus Assist in preparing financial projections, forecast, working capital report Prepare company for audit Payroll Services Perform monthly payroll functions Employment pass application Preparation for CPF submission Liquidation Act as liquidators for - Members' Voluntary Liquidation - Creditors' Voluntary Liquidation - Court-Ordered Liquidation We will continuously add on to our existing list of services to meet your business needs.

2 AUDITING MEANS VALUE Audit and Assurance Services Integrity, Independence and Objectivity are qualities intergral to our Assurance Services. Auditing is a legal requirement for public companies and certain private companies. The auditing process concludes with a report from us which provides assurance as to whether the financial information contained in the company s financial statements is materially correct. Our comprehensive audit and assurance services include: Audit of financial statements Whilst the primary focus of our audit is to satisfy statutory requirements, we believe it is equally important to provide a value added service to management, highlighting any issues identified during the course of the audit, along with suggested improvements to the existing business model. This allows management to obtain a better understanding of internal control processes, and assists in future decision making. We provide auditing services to: - Companies listed on Stock Exchanges - Private companies - Not for profit and charitable organisations - Owner-managed businesses where audits are required by legislation or by financial institutions Financial due diligence Financiers and investors frequently take advantage of our expertise, appointing us to review the financial position of target businesses. Audit related services - International Financial Reporting Standards ( " I F R S " ) reporting We conduct audits or reviews to ensure that financial statements are reported in accordance with IFRS. We also provide advice in complying with developments in IFRS. Special audit engagements Our auditing techniques are applied to a wide range of non-corporate entities and special purpose audits, such as partnerships, major exporter scheme and car park concessions.

3 WE OFFER PRACTICAL TAX SOLUTIONS Singapore Tax Services Tax is more than just filing a tax return. Managing your Company's and your own personal tax exposures with a host of rules and regulations can take up time, money and resources. At AT ADLER, our tax compliance services relieve the burden by: Preparing company and personal tax returns Preparing tax computations Liasing with Inland Revenue Authority of Singapore on tax matters Reviewing the adequacy of tax provision for financial reporting purposes Apart from tax compliance, we also provide practical tax advice which includes: Planning to minimise personal and company's tax liability Pursuing queries and tax dispute cases with the Inland Revenue Authority of Singapore Mitigating tax in mergers, acquisitions, buy-outs and flotation Tax efficient planning for companies and groups of companies China Tax Services Our affiliate in the People's Republic of China ("PRC") has dedicated tax professionals who can develop and deliver solutions for a range of industries in the PRC, such as: Provide tax representative services Assist in handling tax registration with State and Local Tax Bureaus Provide recommendations to minimise tax liabilities Prepare and submit tax returns on behalf of clients on a monthly, quarterly and annual basis including enterprise income tax, business tax and VAT Conduct tax compliance reviews and assist clients in assessing whether the tax payments have been properly dealt with in previous years Perform tax and regulatory compliance in due diligence reviews for foreign investment enterprises and local companies in the PRC.

4 GOOD CORPORATE GOVERNANCE - HOW CAN WE HELP? Internal Audit As a result of increased corporate governance concerns and greater internal and external scrutiny, more companies are looking for a strategic partner to support the existing internal audit team or to provide outsourced contract internal audit function. With this in mind, our internal audit services team is set up to assist companies by strengthening their focus on internal controls and improved governance processes. We work together with our clients in: Compliance with corporate governance requirements; Identifying gaps and proposing solutions to address them; Conducting risk control self assessments and developing an internal audit plan based on the risk areas identified; Carrying out internal control evaluation and specific systems reviews; and Overall review and assessment of effectiveness of financial controls. WE ASSIST MANAGEMENT TO OBTAIN REASONABLE ASSURANCE THAT FINANCIAL STATEMENTS ARE PREPARED RELIABLY: CONTROL ENVIRONMENT Integrity, ethics and management philosophy Board of Directors role and oversight Organisational structure, authority and responsibility Human resource policies RISK ASSESSMENT CONTROL ACTIVITIES INFORMATION AND COMMUNICATION MONITORING Identify financial reporting objectives Identify and analyse financial reporting risk Identify and assess the risk of fraud as it affects the company Control activities which integrate with risk assessments Control activities are developed and adequate Information technology controls are designed and implemented Financial reporting information is identified, captured, used and appropriately distributed Ongoing and/or separate evaluations enable management to determine the function of internal control Identification of control deficiencies and rectifications.

5 GOING PUBLIC - TO GO OR NOT TO GO? Initial Public Offerings The principal reason for seeking a listing is to raise new capital. For all the glamour associated with going public, the fact remains that the decision to do so should be based on hard core business realities. Turning a privately-owned enterprise into a publicly-traded company through an Initial Public Offering ("IPO") is a rigorous process that demands the interlocking efforts of skilled professionals drawn from legal, accounting and underwriting backgrounds. Preparation of an IPO includes careful consideration of the pros and cons, a thorough understanding of the process, a well-thought-out business plan, strategic orchestration of action and clever positioning. You must weigh the advantages and disadvantages of going public in the light of the plans and goals you have set for your company. Advantages of going public Increased capital Increased funding Reduced personal funding and guarantees Public company status Marketability of shares Easier to obtain additional future funding Business succession Better employee morale and productivity Disadvantages Increased pressure to improve growth pattern and maintain profit Disclosure of information and additional compliance requirements Dilution of controls and shareholdings Accountability to public Listing costs

6 LISTING WE CAN HELP YOU ACHIEVE YOUR ULTIMATE GOAL Our IPO team can help you achieve your goal of going public in Singapore or in the Alternative Investment Market ("AIM") in London. Act as reporting accoutants As your reporting accountants, we help in reporting and submitting the financial statements in compliance with listing and other statutory requirements. Professional guidance and advice will be rendered to guide and familiarise you with the IPO process. Initial pre-evaluation of the company's listing viability We will discuss, obtain and analyse information on your company and advise you if listing is viable to your company. Introduce issue managers, underwriters, solicitors and other professional advisors If you are unfamiliar as to who or where to start, we can help with the introduction to issue managers, underwriters, solicitors and other professional advisors who play an important part in your IPO. Assist in preparing the company s readiness for audit We act as a consultant in providing pre-ipo work and we work together with you to ensure that the company is ready for audit. Recommend improvements One of the regulators' focus is the issuer's financial and management information systems. To help you address this problem, we provide expertise in reviewing and recommending improvements to your financial and management information systems. We also go one step further in helping with the implementation of such improvements. Drafting Management Discussions and Analysis of the Prospectus The Management Discussions and Analysis in the Prospectus highlights your company's financial performance and financial positions to potential investors. It is crucial that the discussion and analysis brings clarity to your company's financial figures. We aim to achieve that objective. Preparing forecast and Board Memorandum Preparing the forecast and the Board Memorandum is a pre-requisite for a company seeking a listing. Our role in this aspect of the work includes discussing with you your future projections of the company, working out the financial projections and drafting the Board Memorandum.

7 LISTING IN SINGAPORE - WHAT IS THE PROCESS? The timing required for a listing varies with companies; it depends on the complexity of the operations of the companies and the restructuring process undertaken prior to listing. During the different stages of the IPO process, AT ADLER will provide you with the necessary guidance and professional advice to 9 months pre-listing preparation work Appoint professionals and advisors Due diligence work Audit Pre-listing restructuring of group Preparation of listing documents 21 days before lodgement Submission of IPO application and relevant documents Review of documents by SGX Receipt of Eligibility-To -List from SGX 14 days public comments Lodgement of prospectus on MAS website for public comments Public can submit comments on lodged prospectus to MAS 14 days registration Registration of prospectus (from 7 days to 14 days, if extended, after public comments period) Issuer can launch offer and distribute registered prospectus after registration

8 JUGGLING WITH FIGURES Accounting Services As a business owner, your time is valuable in many ways. AT ADLER's consultancy arm, White Oaks Consultants Private Limited provides a range of services which will enable you to devote more time to developing and managing your business. The accounting services we provide are: Preparation of monthly management accounts Compilation of financial statements GST compliance GST advice and planning Monthly management accounts We will ensure that all necessary reporting requirements are met and presented in a manner that its stakeholders can understand. We can assist you in the following ways: Setting up your accounts so that they give you the information you require Arranging a timetable for processing your accounting information Processing your financial information including reconciling accounts Producing management accounts including detailed profit and loss and balance sheet. This can be tailored to your specific requirements! Comparison of management accounts against budget and explanation of variances Assisting in the preparation of the GST returns based on the management accounts Assisting in GST advice and planning Preparation for the year-end audit and liaising with auditors Compilation of financial statements Whatever your size, whatever your industry, we understand that businesses may require additional support when it comes to preparing financial statements. Here, we assist you in preparing your annual financial statements in compliance with Singapore Financial Reporting Standards or International Financial Reporting Standards. Be assured that your annual financial statements is in good hands.

9 PAY WITH NO HASSLE Payroll Services We relieve you of the hassles and technicalities of running a business so that you can focus on what you do best. With us as your partner, you can be assured that your employees are receiving attentive payroll service and that your business is in compliance and running smoothly. With that peace of mind, you will be free to focus on building your business. Our consultancy arm offers remarkably cost competitive Payroll Services and holds extensive knowledge in the payroll service business. Our payroll service comes with solutions to help employers like you meet business compliance issues today and in future as your organisation grows in this competitive business environment. We have dedicated personnel who can ease your worries and reduce your payroll costs. The advantages of outsourcing your payroll function include: No diversion of time for in-house staff No risk of confidential information being divulged to anyone Changes to payroll requirements can be updated with ease Some of the services provided by our personnel: Processing and payment of monthly salaries, overtime, commission, allowances Issuing pay slips Maintaining employee salary records Preparing and submitting monthly statutory contributions to CPF Attention to employee queries on payroll matters Preparing annual IR8A for employees for income tax purposes Applying employment passes and work permits

10 COMPLIANCE WITH EASE Corporate Secretarial Corporate secretarial services are an essential task in all entities, large or small. It involves extensive reporting, disclosures and compliance with the Companies Act and other legal and statutory obligations. By leaving us in charge of the corporate secretarial functions, you can focus more on enhancing the values of your business. Our prompt and efficient service ensures that you comply with the requirements under the Companies Act and other legal and statutory obligations. Our various aspects of corporate compliance include: Preparation and lodgement of company's annual return with the relevant authorities Preparation of minutes and related documents for annual general meeting Registration of local company and branch, partnership and sole-proprietorship Preparation of minutes and directors' resolutions Lodgement of relevant forms to record corporate and organisational changes with the relevant authorities Organising, attending and taking minutes of directors' and shareholders' meetings Arrangement of documents for members' voluntary winding up and deregistration Maintenance of statutory registers Maintenance of company registered office and address Provision of secretary Application of relevant business licences necessary for the operations of the company

11 WE ACT AS LIQUIDATORS Liquidation There are three modes of winding up a company under the Singapore Law: A members' voluntary winding-up may be initiated if the company is still solvent and the directors make a declaration of solvency to that effect. A creditors' voluntary winding-up initiated by the company passing a resolution for voluntary windingup and convening a creditors' meeting. A compulsory winding-up obtained by an order of the High Court of Singapore pursuant to a winding-up petition being presented inter-alia by a creditor, a shareholder, the judicial manager or receiver of the debtor. We accept appointment to act as liquidators for the above three modes of winding up and advise on all aspects of liquidations. Members' Voluntary Liquidation A Members' Voluntary Liquidation is a legal process by which a solvent company may be dissolved. objectives of a Members' Voluntary Liquidation are: The To realise the assets of the company; To resolve all outstanding matters of the company including the settlement of claims of all creditors; To deal with statutory bodies such as IRAS, CPF; and To distribute the surplus assets to the shareholders. Creditors' Voluntary Liquidation A Creditors' Voluntary Liquidation is a legal process by which an insolvent company may be dissolved by calling and meeting of the company's creditors to appoint a liquidator of their choice. The objectives of a Creditors' Voluntary Liquidation are: To ensure that all unsecured assets are realised quickly; and To ensure proceeds are rateably applied towards satisfying the company's unsecured liabilities.

12 TIME FRAME FOR MEMBERS VOLUNTARY LIQUIDATION Directors Meeting (Physical) (Minimum 2 Days to EGM) Notice of Extraordinary General Meeting (EGM) to Shareholders Extraordinary General Meeting (Commencement of Liquidation) Liquidation Work Commences (Day 2) Statutory Advertising Minutes Notice of EGM EGM Minutes Notification to relevant authorities and interested parties of Liquidator s appointment Management Accounts (Solvent) Declaration of Solvency (Valid for 5 weeks) Appointment of Corporate Representative Consent to Short Notice Management Accounts (Solvent) Minutes & Resolutions for filing Notice of Appointment of Liquidator Collection of books and records and common seal Closure of Bank account(s) Reviewing the affairs of the Company Termination of all essential services (eg. ultilites) Ensuring all income tax returns and GST returns are lodged Lodging of Liquidator s Account of Receipts and Payment Collection of debts/realisation of assets Adjudicating creditors claim and settlement thereof Dissolution of Company (Approximately 3 months after the Final Meeting) Destruction of book and records Company dissolved (3 months from the date of lodgement of Liquidators Final Return) Final Meeting (1 month after Advertisement of Final Meeting) Minutes Liquidators Account of Receipts & Payments Final Return by Liquidator Notice of Final Meeting 6 to 18 Months Advertisement in 1 or 4 newspapers if the company had trade creditors at commencement of liquidation Preparation of final meeting notice and Liquidator s final Accounts Obtain proxy from shareholders (if required) Proxy Form Obtaining clearance from appropriate government authorities Declare return of surplus assets to shareholders Advertising Income Tax Clearance GST Clearance CPF Clearance Change of Reg. Offfice GST F5 GST F9 GST F8 Notice of Final Meeting & Liquidation Accounts Notice to Creditors Liquidators Account of Receipts & Payments

13 GUIDELINES - SES MAIN BOARD Guidelines for Listing on the Main Board - Stock Exchange of Singapore ("SES") Shareholding Spread The prescribed minimum percentage of shares which must be in the hands of the public is determined by reference to the market capitalisation of the issuer based on the issue price as follows: (a) For market capitalisation not exceeding S$300 million, 25% of the shares must be in the hands of not less than 1,000 public shareholders. (b) For market capitalisation above S$300 million, the percentage of shares in the hands of not less than 1,000 public shareholders is at the discretion of SES but not below 10%. Track Record The issuer should satisfy one of the following requirements: (a) Cumulative consolidated pre-tax profit of at least S$7.5 million for the latest three years, and at least S$1 million for each of those three years. (b) Cumulative consolidation of pre-tax profit of at least S$10 million for the latest one or two years. (c) Market capitalisation of at least S$80 million calculated based on the issue price and post-flotation issued capital. Profit Test Issuer must be engaged in substantially the same business and have been under substantially the same management throughout the period for which the profit test applies. Financial Position and Liquidity Must have healthy financial position. Prior to listing, debts owing to the group by its directors, substantial shareholders, and companies controlled by the directors and substantial shareholders must be settled. Directors and Management (a) Appropriate and adequate management expertise. (b) Good character and integrity of directors, management and controlling shareholders. Chain Listing A subsidiary or parent company of an existing listed issuer will not normally be considered suitable for listing if the assets and operations of the applicant are substantially the same as those of the existing listed issuer. Vulnerability To provide full, accurate and prominent disclosure of vulnerability factors in listing application and prospectus. Conflict of Interest An issuer should resolve or eliminate conflict situations prior to listing.

14 GUIDELINES - SES SECOND BOARD Guidelines for Listing on the Second Board ("SESDAQ") - Stock Exchange of Singapore ("SES") Shareholding Spread At least 500,000 shares or 15% of the post-invitation share capital (whichever is greater) should be held by not less than 500 shareholders. Track Record No minimum profit or share capital requirements. A company with no track record at all will normally be expected to show that it requires funds to finance a project or the development of a new project, which must be fully researched and costed. Profit Test Issuer must be engaged in substantially the same business and have been under substantially the same management throughout the period for which the profit test applies. Financial Position and Liquidity Must have healthy financial position. Prior to listing, debts owing to the group by its directors, substantial shareholders, and companies controlled by the directors and substantial shareholders must be settled. Future Prospects An issuer must be engaged in a business which is expected to be viable and profitable, with prospects for future growth and expansion. Accounts Accounts must be free from auditors' qualification. Directors and Management (a) Appropriate and adequate management expertise. (b) Good character and integrity of directors, management and controlling shareholders. Chain Listing A subsidiary or parent company of an existing listed issuer will not normally be considered suitable for listing if the assets and operations of the applicant are substantially the same as those of the existing listed issuer. Vulnerability To provide full, accurate and prominent disclosure of vulnerability factors in listing application and prospectus. Conflict of Interest An issuer should resolve or eliminate conflict situations prior to listing.

15 LISTING IN THE AIM - WHAT DO YOU NEED TO KNOW? About the AIM The AIM stands for the Alternative Investment Market. The AIM is the London Stock Exchange's international market for smaller growing companies. It has become the most successful stock market in Europe. All types of companies worldwide have access to the market and get to experience life as a public company at its early stages of development. Why join the AIM? A unique advantage of the AIM is that it offers all the benefits of being traded on a public market but within a regulatory environment designed specifically for smaller companies. Benefits of the AIM are: Relatively light compliance procedures Access to a wide pool of capital Cost of raising capital is relatively small Enhanced corporate profile Funds for acquisitions Relatively short timescale for raising funds Investors are aplenty! Enhanced accessibility The AIM is a flexible market that does not stipulate minimum requirements for: Company size Track record The number of shares in public hands Market capitalisation No prior shareholder approval for most transactions Restricted pre-vetting of admission document Nominated advisor required at all times A simple admission process A unique feature of a company s admission to the AIM is the requirement to appoint a Nominated Advisor ( Nomad ) approved by the London Stock Exchange. A Nomad is a specialist with the experience and abililty to assess the company s suitability and readiness for admission to the AIM. The Nomad guides the company through the flotation process and acts as the company s formal mentor after listing to ensure that the company complies with the AIM s rules and regulations and honours its obligations of being a public company. What Markets like The undisputed popularity of the AIM may persuade you that this is a good time to tap into its capital pool, but the AIM isn't for everyone. It could be for you if your business: Is a growing business Has a committed and experienced management team Is operating in an expanding market Has visibility of earnings Has quality of earnings Has good and regular proactive communication with the market Has robust corporate governance and investor protection procedures in place

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