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[ CLSF JOURNAL ] LAUNCH OF GROUP WEBSITE The next time you'll like to reach someone in CLSF, but may not remember who takes care of what, simply log on to the 'Contact Us' page at www.StoneForest.com.sg or www.Chiolim.com.sg. This page details the persons, at one glance, whom you may reach (via phone, email or fax) in each of the business unit of the group. The group's site for Chio Lim Stone Forest was launched in April
2003, following the completion of the other units' sites - Designed to be visitor-friendly, informative and comprehensive, it employs a straight-to-the-point writing style that is facilitated with easy navigation and fast downloading. A visitor needs to spend no more than 30 minutes to have a good overview of the group's offerings, management, history and corporate values, amongst others. For lawyers specifically, there is a dedicated page ('Services for Legal Firms') detailing the services that can complement their corporate and litigation departments, as well as those that can support the legal firms' own operations.
Stone Forest has joined forces with a boutique corporate finance and financial advisory firm in China to serve Singapore and regional companies in China, or those wishing to enter China, as well as Chinese companies looking to the region. SBA Stone Forest (China) Pte Ltd draws on the strength of the Chio Lim Stone Forest group in Singapore, and SBA (Shanghai Sino-Biz Financial Advisory Co. Ltd.) based in Shanghai and Hong Kong. The latter's clients include listed companies on Nasdaq, HK GEM and the SES. Businesses with presence in China, Hong Kong and Singapore can now tap the combined expertise and experience of Singapore, China and Hong Kong CPAs in their regional or China operations. We are able to serve their corporate and financial affairs from accounting, taxation to international tax advisory, cross-border M&A or IPO, financial due diligence, fund raising or risk management audit services. Headed by Wong Mun Kit in Singapore and Stephen Wong and Ching Mia Kuang in Shanghai, the key executives of SBA Stone Forest are effectively bilingual, and are conversant with accounting, tax and investment regulations and developments in China, Hong Kong and Singapore. Our Shanghai's office is further strengthened by its strategic alliance with a 120-strong CPA firm there. Clients with operations in these locations can look forward to seamless service and a high level of professionalism combined with intimate local knowledge. Providing accounting & financial continuity in China The establishment of the China practice was timely, especially during the recent SARS outbreak in March - May 2003. Singapore companies that had their staff recalled back from China turned to SBA Stone Forest for accounting and financial continuity in their China operations. Our China colleagues were immediately able to assume those responsibilities that had been vacated by the repatriation of the accounting personnel. If you or your clients need assistance in any of the above, please contact Mun Kit at 65311808.
It's 6-ACCOUNT FOR ANY ACCOUNTING ISSUE
From cleaning up messy accounts, helping businesses churn out financial information for financial institutions to extracting similar information for lawyers to support litigations, Stone Forest Accountserve (SFA) assists finance professionals and entrepreneurs with simply, anything to do with numbers. It is experienced in the entire spectrum, from routine payroll or accounting processing to managing complex financial crisis situations for client companies. In addition, its SWAT Accounting team is well-known for its speed and reliability in urgent jobs requiring fast turnaround. With its extensive experience and intimate knowledge of SMEs, SFA will also be organising a series of highly practical talks for SMEs in the coming months. The first, "The 3Cs to Managing Difficult Times" will give entrepreneurs a practical perspective to focusing on the key issues to survive and manage the difficulties on hand. Others lined up include "Making Internal Controls work for the Bottom Line", "Cash Flow Planning & Management". For more information, please contact Angie at 65311806.
Chio Lim Stone Forest acted as the Reporting Accountants and consultants to the following Initial Public Offer (IPO) in the first half of 2003. This brings to 18 the total number of IPOs handled by the Group to-date.
A winner in the 1998 EDB/Business Times' Enterprises 50 Awards, Sinwa is a home-grown regional marine supply and logistics company started in the 1960s, and currently services 12 ports in Singapore, the United Arab Emirates, the PRC and Timor Leste.
Established in 1990, JK Technology supplies a wide range of IT products and services to end-users in mainly the SME, government and academic sectors.
The company is a specialist engineering service provider offering the complete suite of engineering services from design, engineering, procurement, fabrication to the installation and commissioning of modules and equipment for the production, processing and storage facilities for MNCs in the oil and gas industry.
The company, which began in 1979 as a small partnership that transported used copper slag from shipyards for recycling, today collects and recycles wood waste, horticultural waste and used copper slag. Singapore's biggest shipyards - Keppel FELS, SembCorp Marine and ST Marine - are among its customers.
We would like to extend our heartiest congratulations to the following clients for having won the Singapore Promising Brand Award 2003 (SPBA). SPBA 2003 is jointly organised by the Association of Small and Medium Enterprise (ASME) and Lianhe Zaobao. It is given to local SMEs in recognition of their excellence in branding strategies and communications.
Audit partner, Peter Jacob, and Director of Corporate Services, Maureen Low, were invited to speak at a seminar jointly organised by the SAICSA (Singapore Association of the Institute of Chartered Secretaries and Administrators) and the Centre for Corporate Management & Development in July 2003. In the seminar titled "Accounting for Company Secretaries", Peter and Maureen will be addressing:
Effective 15 May 2003, exempt private companies with annual turnover of S$2.5 million and below will be exempt from audit. The threshold will be raised to S$5 million 1 year later. In a letter to CLSF clients in March 2003, CEO Chio Kian Huat outlined some options for them to consider before they decide if they wish to go for exemption:
Mr Chio concluded by reminding clients that it is prudent financial management that is more important, and not the audit per se, in ensuring the survival and growth of a business.
Recent events - 911, the war in Iraq and the SARS outbreak - have had various extent of impact on the economy and local businesses. The extent to which we respond will have long-lasting impact on our businesses. As part of our client service, we invited our clients to one-to-one dialogue sessions with our consulting staff to share ideas on how they can cope with these challenging times or how they could seize any new opportunities. The idea is to provide a platform for clients who may need an independent 3rd party opinion or confirmation if the measures they have taken were adequate, either to fortify themselves for the negatively-impacted, or to tap any opportunities for those not affected. The dialogue sessions, each of which usually lasts 4 hours, were provided at no cost to our clients.
In May 2003, Chio Lim Stone Forest adopted the new Horwath International corporate logo. The Horwath Pinnacle represents the highest level or degree attainable. It symbolises our organisation's pursuit of achievement and commitment. The triangle shape has since ancient times, been the symbol associated with power and energy. Analytically, the shape is a polygon - a geometric shape with many sides. All the sides of varying lengths and angles converge in a common, single direction - upward. This is representative of Horwath members demonstrating their individual strengths and uniqueness, yet unifying under a common cause and purpose. The impression of speed and acceleration is achieved by the perception of the comet tails on the left, while the negative space resembling a mountain can be interpreted as a landmark of stability and strength.
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