annual report 2001 - 早报 · annual report 2001 the interconnect solutions provider mfs...

Annual Report 2001

The Interconnect Solutions Provider

MFS TECHNOLOGY LTD22 Tuas Avenue 8 Singapore 639237 Tel: (65) 861 3168 Fax: (65) 862 2052

Our Vision

To be a major player in the global Flexible Printed Circuit(“FPC”) market.

To achieve this, we will continually provide world classsolutions to our established base of over 100 customersfrom diverse industries in the global arena.

Designed and produced by Equal Brand Design Pte Ltd

1 annual report 2001

Contents

Four-Year Financial Highlights 2Corporate Profile 3Corporate Milestones 5Chairman’s Statement 6Managing Director’s Statement 8Board of Directors 12Corporate Governance Statement 14Corporate Information 15Organisational Structure 16Directors’ Report 18Statement by Directors 23Auditors’ Report 24Income Statement 25Balance Sheet 26Statement of Changes in Shareholders’ Equity 27Notes to the Financial Statements 28Proforma Income Statement 32Proforma Balance Sheet 33Notes to the Proforma Income Statement and Balance Sheet 34Statistics of Shareholdings 36Substantial Shareholdings 37Notice of Annual General Meeting 38Proxy form


Four-Year Financial Highlights


Corporate Profile


We are a one-stop provider of FPC interconnect solutionsengaged in the design, manufacture and distribution of a widespectrum of FPCs with the expertise to provide the correspondingturnkey component assembly and application engineeringservices.

Established in 1989, MFS has since evolved through organicgrowth and strategic investments, into a specialist provider ofinterconnect substrates, namely FPCs and PCBs.

Our core business focus is the manufacture of FPCs,which accounted for an average of 73.9% of our totalturnover during FY1998 to FY2000. We are expandingour exper tise to encompass the manufacture ofmulti-layer FPCs, High Density Interconnect (“HDI”) foruse in electronic products, as well as rigid flex, a hybrid productof FPC and PCB, for the automotive, medical andtelecommunications industries.

We are proud to have built up a diverse customer basecomprising more than 100 OEMs and contract manufacturerscovering industries such as telecommunications, portablecomputers and computer peripherals, automotive, consumerelectronics, medical, industrial equipment as well as the defence

industries. Our customers include well-known names such asthe Motorola group of companies, Philips group of companies,Hewlett Packard group of companies, Hyundai DisplayTechnology Inc., and Mackie Designs Manufacturing Inc. (USA).To better serve our global customers in our major markets of theUS, Europe and Asia Pacific, we have put in place an establishedglobal marketing network of sales offices and appointed salesrepresentatives.

We carry out our manufacturing activities through two wholly-owned subsidiaries in Singapore and Malaysia, namely,M-Flex Singapore Pte Ltd (“MFS Singapore”) and M-FlexMalaysia Sdn Bhd; and Wearnes Greatwall Circuits Co Ltd,our 65%-owned subsidiary in the PRC. Our Singapore andMalaysian plants are engaged in the manufacture of FPCs whileour facilities in Changsha in the PRC currently concentrate onthe manufacture of rigid PCBs.

We at MFS impose stringent quality control measures in all ouroperations and all our manufacturing facilities are ISO9002certified. Additionally, MFS Singapore is QS9000 certified.We have garnered customer awards and commendations andhave been accorded “preferred vendor” and “ship-to-stock” statusby a number of our customers.


Corporate Profile

TELECOMMUNICATION CONSUMER

Cellular phone Flat Panel Displays

Land Mobile (walkie-talkie) CD,VCD,DVD,CDRW

Mobile Data Terminals Camcorder

GPS Tracking Bands SLR Camera

AUTOMOTIVE MILITARY/AEROSPACE

Engine Management System Aircraft Display/Control Panels

Door and Window Control On-Board Entertainment Systems

Diesel Pump Control Night Vision Gun Sights

Dash Board Instrument Panel AA Missile Control

INDUSTRIAL MEDICAL

SMT Machine Systems Infusion Pump

Industrial Machine Sensors Sleep Apnea Screeners

Measuring Devices Heart Pacemaker

Photo Plotters Pill Endoscopy

COMPUTER/PERIPHERAL NETWORK

PalmTop / PDA Fiber Optic Modules

Notebook(Laptop) Photonic Routers

Laser Printer Connectivity Monitoring System

Digital Tape Drive Network Analyzers

LIST OF SOME FPC APPLICATIONS:

“FPCS - HERE TO STAY WITH MINIATURISATION OFELECTRONIC DEVICES”

FPCs are flexible printed circuit boards that are commonly usedwhen applications require parts that need to bend or flex, suchas the flap in cellular phones, the arm of a disk drive and theconnection of a printer head.

These interconnect substrates are used in a variety of devicessuch as cellular phones, portable computers and automotive toprovide the electrical connection between components in theelectronic systems, potentially replacing conventionalinterconnecting devices such as wires and PCBs to reduce thesize and weight of electronic products.

The trend towards miniaturisation of electronics systems,telecommunications and consumer electronic products hasincreased end-user demand for FPCs. FPCs offer severaladvantages over the rigid PCBs, particularly for smaller complexelectronic systems, by reducing the need for connectors, cablesand other packaging components. Further, FPCs can conformto contoured ergonomic shapes or small spaces, providemechanical flexure, vibratory stability, enchanced connectivityand offer superior thermal dissipation characteristics. Thesecapabilities enable FPCs to reduce the overall assembly cost

for system manufacturers as compared with traditionalinterconnection devices.


Corporate Milestones


1997 Expanded into Malaysia by acquiring M-FlexMalaysia Sdn Bhd (“MFM”) as a wholly-ownedsubsidiary. MFM serves as a “feeder” plant to MFSSingapore, catering to the production orders ofMFS Singapore

Set up marketing office in Penang

1998 Acquired the entire issued share capital of FlexSolutions from Wearnes Technology to manage thedesign, engineering and marketing of FPCs

1999 MFS Singapore was awarded the QS9000 qualityassurance certification by PSB

2000 MFM was awarded the ISO9002 quali tyassurance certification by Anglo Japanese AmericanRegistrars for the manufacture and assembly of single-sided, double-sided, multi-layer plated-through-holeFPCs and rigid flex

Wearnes Greatwall Circuits Co Ltd (“WGC”) wasacquired from the Wearnes Technology group ofcompanies. MFS Singapore’s interest in WGC is65%, with the remaining 35% of WGC continuing tobe held by Hunan Computer Co.,Ltd (“HCC”)

2002 Successfully listed on the SGX-SESDAQ of theSingapore Exchange Securities Trading Limited

1989 Establishment of MFS Singapore to carry outoperations such as electrical testing, singulation andpackaging of FPCs

1990 MFS Singapore was granted a 5-year pioneer statusby the Ministry of Trade and Industry (“MTI”) forthe Group’s manufacturing activities in FPCs

1991 We achieved its full-fledged status as a manufacturerof FPCs, focusing on the disk drive and consumerelectronics industry

1994 Pioneer status granted to MFS Singapore byMTI was conver ted to an investment taxallowance scheme

1995 MFS Singapore expanded its activities to includeassembly services

Began diversification into the telecommunicationssector

1996 MFS Singapore expanded its manufacturing facilityby acquiring the adjoining premises and investingin additional plant and equipment

Awarded the ISO9002 quali ty assurancecertification by PSB for the manufacture of plated-through-hole FPCs


Chairman’s Statement


Specifically, in the areas of rigid flex and HDI, we will continueto focus our R & D efforts on the improvement of ourfine line capability and the development of micro-viafeatures using the plasma and laser technologies. This is totarget the LCD display market which is gaining momentumas prices come down to the consumer sweet spot. We arealso developing new processes that can be used in avariety of products such as rigid flex for automotive anddigital plot ters and mult i - layer FPCs for f iber-opticsnetworking.

We are currently working on production sample runs for newprogrammes that are more complex in features and have highermargins such as FPCs in data storage devices and driver circuitsfor LCD colour display panels for handsets.

We also intend to extend our distribution network, especiallyinto the vast markets of the US and China. In a nutshell, weare in an expansion phase and aim to capitalise on thephenomenal long term prospects of the FPC industry.

DEAR SHAREHOLDERS,

I am very pleased to present to you our maiden annualreport. To us, it represents a new corporate chapter and weare delighted to share with you our new ‘life’ as alisted entity.

THE YEAR IN REVIEW

The year 2001 has been a very dif f icul t year forthe electronics industry. With the global economy slippinginto recession, last year saw worldwide electronicssystem sales decline. Yet, despite the slowdown last year, Iam pleased to report that MFS remained profitable in the yearended 30 September, 2001.

2001 also saw us investing S$11.1 million to expand ourcapacity in Singapore, Malaysia and China. This lifted ourproduction capacity for FPCs to 180,000 sq ft per month,whilst our PCB capacity was raised to 120,000 sq ftper month.

KEY GROWTH INITIATIVES

The ramp up in our production facilities in these threecountries is to position us to target new business areas.We intend to spend another S$15 million over the next18 months to increase our capacities and enhanceour capabilities for the production of multi-layer FPCs, rigidflex and HDI (High Density Interconnect) solutions.


WORD OF THANKS

On behalf of the Board of Directors, I would like to take thisopportunity to express our gratitude to all our valued customers,business associates, management and staff for all yourcontributions which have gone a long way to shape MFS towho we are today. We also wish to thank all shareholdersfor your strong support and confidence in the growth ofthe Group.

DAVID WONG CHEONG FOOKChairman16 January 2002

Chairman’s Statement

OUTLOOK

We see the current slowdown in the electronics sector asa temporary one. 2002 is likely to be a year of recovery andthis augurs well for the Group.

Our backlog orders at the end of 2001 stood at about 3months of turnover. This represents an improvement over ourbacklog at the end of 30 September, 2001. Our monthlysales in October and November 2001 also increased overour September figures.

In the long run, outlook for the FPC industry is promising giventhe evolution towards miniaturisation of electronic products suchas portable computers, new generation computers and palmtops, telecommunication products and video camcorders. Withthe world market expected to grow to US$5.0 billion in 2004,we believe that we are well-positioned to participate in thelong term growth of the industry.

THE LAUNCH OF OUR IPO

MFS was successfully listed on SGX-SESDAQ of the SingaporeExchange on 16 January, 2002. Despite the current economicconditions, the offer tranche of our IPO was 79 timesoversubscribed and our debut trading was well received. Weare extremely pleased with the recognition of our goodcompany fundamentals and investment value.


Managing Director’s Statement


I am pleased to present our first Review of Operations as alisted group to our valued shareholders.

TURNOVER & PROFITS

MFS Technology is principal ly engaged in themanufacturing of flexible printed circuit and printedcircui t boards. Within 12 years since we beganbusiness in 1989, we have established ourselves inthe global FPC industry servicing various high growthend-markets including telecommunications, automotive,computer peripherals, consumer electronics, medical andindustrial products.

In FY2001, despite the slowdown in the telecommunicationssector, our turnover fel l marginal ly by 0.4% toS$88.3 million. This sector, which is our largest end-market,contr ibuted to an approximate 20% decline in ourturnover in the second half of the fiscal year. Fortunately, thiswas par tial ly of fset by increased sales to the datastorage sector.

Pre-tax profit declined 23.4% to S$15.0 million. The Grouptook on more FPC assembly projects in FY2001 whichgenerated higher revenues, but carried lower margins. This

resulted in lower overall profit margin for the Group despiteexperiencing only a marginal decline in turnover. Marginswere also affected due to lower capacity utilisation of ourmanufacturing facilities in the second half as a result of theglobal slowdown in the electronics industry and delayedintroduction of new products.

Net profit fell by 16.7% to S$12.6 million. The smaller declinein net profi t compared to pre- tax earnings wasdue to a deferred tax credit of S$1.8 million. Excludingthe effect of the tax credit, profit would have fallenby 28.9%.

TURNOVER BY REGION

Asia Pacific is our largest market, accounting for 59.4% oftotal revenue. Sales in this region grew 21.7% in FY2001 asa result of our MNC and OEM customers relocatingtheir sourcing and manufacturing activi t ies to Asia.Consequently, our sales to the US fell by 35.2% and nowaccounts for 22.0% of our business, down from 33.8% in theprevious year. Sales to Europe rose 5.3% and the regionaccounts for 18.6% of our business.


Profit-wise, Asia Pacific is again our biggest contributoraccounting for 65.3% of our pre-tax earnings. The US andEurope accounted for 18.4% and 16.3% of pre-tax profitrespectively.

TURNOVER BY ACTIVITIES

FPCs remained the bigger part of our business, accounting for70% of revenue, while PCB accounted for the remaining 30%.

However, PCB grew 19.7% last year due to increasedsales to the telecommunications sector. The stronger sales wasalso partially attributable to sales of PCB for use in planarmagnetic devices which went into commercial production inthe second half of FY2001. Planar magnetic devices are multi-layer PCBs that can be used as an alternative to conventionaltransformers, to improve performance and enable miniaturisationin products such as those used in networking applications.


FPCs saw a 7.1% drop in sales due mainly to the weakness indemand for cellular phones.

In terms of contribution to the bottomline, the FPC segment isstill significantly more profitable, accounting for 83.8% of pre-tax profit. This was down from 87.8% in FY2000. Contributionfrom PCB rose from 12.2% to 16.2%.

TURNOVER BY SECTOR

For FY2001, 51% of sales were made to the telecommunicationssector, in particular, cellular phones. The remaining were madeto portable computers and computer peripherals (16%),automotive (15%), consumer electronics (7%), medical andindustrial equipment (5%), energy sectors (4%), and audiosector (2%).



FUTURE PLANS

FY2001 has been a dif ficult year for the electronicsindustr y. However, we are pleased to be seeingindications that the sector has begun to stabilise. Yet, we arenot resting on our laurels while waiting for the recovery. MFSis actively developing new clientele and new market segments.Some promising areas include new cellular phone models,medical equipment, fiber-optics networking and automotiveelectronics.

We are also enhancing our technology capabilities throughour continuous investments in R & D. In the coming years, wewould continue to focus on HDI and multi-layer FPCs. We areworking to increase the circuit density of our FPCs from 2 mlline and space to 1 ml line and space. We are also developing

proven technology to increase the layer counts of our FPCsfrom the 6 layers that we are currently producing. This wouldhelp us to meet the future demand of our customers and put usin good stead when the industry recovers.

Geographically, Asia Pacific remains our most important market.To that extent, we will continue to beef up our presence inChina. We plan to set up an office in Shanghai and eventuallytransfer FPC technology to China.


CONCLUSION

Our successful listing was a good indication that investors aswell as our own employees and business associates believe inour Group's fundamentals and investment value. We will striveto ensure that our shareholders are well rewarded.

Once again, we wish to thank all shareholders for your support.

PANG TAK LIMManaging Director16 January 2002

We will continue to rely on strategic alliances, such as the onewith Ruwel in Europe, that will allow us to expand our marketshare and to better service our clients in that region. We seethis alliance as a model to enhance our market coverage andcompetitive position and will continue to look for similar strategicalliance opportunities in other countries.

We will continue to work closely with all our customers, givingthem inputs early into the product design stage, in order toimprove the product design which consequently translates intomore reliable products, lower production costs and a smoothermanufacturing process.

Our close and effective working relationship with our customersis reflected in the high incidence of repeat customers, accountingfor approximately 70% of our sales in FY2001.

Our customers are of utmost priority to us. As most of them areconstantly at the cutting edge of technology, we have tocontinuously upgrade our capabilities, develop new processesand applications and keep abreast of the latest trends andtechnology in the interconnect substrates industry to satisfy ourcustomers' needs and to enhance our competitiveness in themarket.



DAVID WONG CHEONG FOOKChairman

Mr Wong, the Group Managing Director of Wearnes Technolgy (Private) Limited, was appointed to the Boardof Directors of our Group in August 2001. Prior to joining Wearnes Technolgy in July 2000, Mr Wong wasa Partner of Ernst & Young in Singapore for over 10 years. Before his appointment at Ernst & Young, Mr Wongwas a pilot in the Republic of Singapore Air Force, from 1978 to 1986, and held various senior positions inits operations and logistics divisions. Mr Wong is a graduate of the University of Cambridge, UnitedKingdom, with a Master of Arts degree. He is also a member of the Institute of Chartered Accountants in Englandand Wales and the Institute of Certified Public Accountants in Singapore. He has been awarded thePresident’s Scholarship and the SAF Scholarship, the Public Administrative Medal (Silver) (Military) and thePublic Service Medal.

PANG TAK LIMManaging Director

Mr Pang was appointed to the Board of Directors of our Group in August 2001 and has been a Director of MFSSingapore since January 1995. Mr Pang has close to 30 years of experience in the electronics industry, out ofwhich 23 years were spent in the PCB and related industries. Prior to joining the Group as its OperationsManager, Mr Pang was the Operations Manager for a year at CTS Corporation which is involved in themanufacture of oscillators and hybrid circuits. He has also worked for 2 major PCB plants in Singapore from1978 to 1989, namely, Motorola Electronics Pte Ltd and Printed Circuit International Inc. where he was responsiblefor both companies’ overall manufacturing operations. Mr Pang was the General Manager of MFS Singaporefrom 1993 to 1996 before assuming the position of Managing Director in 1997. He is also a director of WGCand MFM, the Group’s operations in China and Malaysia respectively.

REGGIE M THEINIndependent Director

Mr Thein is a financial adviser and director of several public and private companies. He was appointed to theBoard of Directors of our Group in August 2001. Mr Thein, who spent 37 years with Coopers &Lybrand, the legacy firm of PricewaterhouseCoopers, retired from the practice as a Senior Partner in 1999. Hewas a Vice Chairman of Coopers & Lybrand and the Managing Director of its management consultingservices firm from its inception in 1972. Mr Thein is a fellow of the Institute of Chartered Accountants inEngland and Wales and a member of the Institute of Certified Public Accountants of Singapore. He is also amember of the governing council of the Singapore Institute of Directors and is active in promoting andadvancing the practice of corporate governance in Singapore. Mr Thein was awarded the Public ServiceMedal by the President of Singapore in 1999.

Board of Directors



Board of Directors

CHRIS YONG YOON KWONGIndependent Director

Mr Yong is currently the Managing Director of Volex (Asia) Pte Ltd, a company principally engaged in the supplyof electrical and electronic cable assemblies. Volex is a subsidiary of Volex Group Plc, a company based in theUK. He was appointed to the Board of Directors of our Group in August 2001. Between 1988 and 1997, MrYong held various management positions including Managing Director and Deputy Managing Director of UnitedWearnes Technology Pte Ltd and Wearnes Technology. He holds a Bachelor of Engineering degree from theUniversity of Tokyo and was on a scholarship from the Japanese government.

ALEXANDER CHAN MENG WAHIndependent Director

Mr Chan is currently the Executive Director of MMI Holdings Ltd, a company listed on the Main Board of the SGX-ST, and engaged in the manufacture and sale of precision machining and assembly components, as well ascontract manufacturing. He was appointed to the Board of Directors of our Group in August 2001. Mr Chanwas also the Managing Director and Chief Executive Officer of Yeo Hiap Seng Ltd between 1995 and 1999.Prior to Mr Chan’s appointment at Yeo Hiap Seng, he was with Hewlett Packard Singapore Pte Ltd holdingvarious positions until he was appointed the Managing Director in 1991. Mr Chan holds a Bachelor of ElectricalEngineering (Hons) degree from University of Singapore and a Master of Business Administration degree fromUniversity of California, USA.

SIN BOON ANNIndependent Director

Mr Sin, a Director of Drew & Napier LLC, has been with this well-known legal practice in Singapore since 1992.He was appointed to the Board of Directors of our Group in August 2001. Mr Sin’s area of practice is principallyin corporate finance, banking, joint ventures, investments and acquisitions, and he participated in the establishmentof Drew & Napier LLC’s Hanoi office. Prior to joining Drew & Napier LLC, Mr Sin was a lecturer at the Facultyof Law of the National University of Singapore from 1987 to 1992. He is also a Member of Parliament forTampines Group Representation Constituency (GRC). Mr Sin received his Bachelor of Arts and Bachelor of Laws(Honours) degrees from the National University of Singapore and his Master of Laws from the Universityof London.

KHOO LEE MENGNon-Executive Director

Mr Khoo is the Group General Manager of Wearnes Technolgy (Private) Limited and was appointed to our Boardof Directors in August 2001. Prior to joining Wearnes Technolgy in 1996, he was the Chief Executive of theSingapore Institute of Standards and Industrial Research (“SISIR”), now restructured as PSB. Mr Khoo joined SISIRin 1977 as a mechanical engineer and was appointed as the Chief Executive in 1992. He holds anhonours degree in mechanical engineering and a masters degree in industrial engineering from the NationalUniversity of Singapore. He is a registered professional engineer in Singapore and is a fellow of the Institute ofEngineers, Singapore.


Corporate Governance Statement

The Company was incorporated as a public limited companyon 10 November 2000, with an issued and paid-up capital of$2. A new Board of seven Directors was appointed on 2August 2001 in preparation for the listing of the Company. Asthe Company was only listed on SGX-SESDAQ on 16 January2002, compliance with the Best Practices Guide issued by theSingapore Exchange Securities Trading Limited (SGX-ST) is notrequired for the year under review.

The Company is committed to adopting high standards ofcorporate governance, in line with the Code of CorporateGovernance issued by SGX-ST. Since the year under review,the Company has so far implemented the following:

BOARD OF DIRECTORS

The Board of Directors comprises seven Directors whose diverseskills, experience and attributes match the demands facing theGroup. Four of these Directors are independent and non-executive. The Managing Director is the only executive who isa member of the Board.

The Board is responsible for setting the Group’s policies andoverall strategies, and for supervising the management of theGroup’s business and affairs. In addition to its statutoryresponsibilities, the Board is responsible for approving theGroup’s strategic plans, annual budgets, major investment andfunding proposals, reviewing the financial performance of theGroup, and ensuring the ethical behaviour of the Company.

To improve its effectiveness, the Board delegates specific functionsto the Board committees described below.

AUDIT COMMITTEE

The Audit Committee was formed on 28 December 2001 andcomprises Mr Reggie Thein (Chairman), Mr Alexander Chanand Mr Sin Boon Ann, all of whom are independent Directors.The responsibilities of this Committee are in accordance withthe functions specified under the Companies Act, Cap. 50, theListing Manual and the Code of Corporate Governance.

MFS SHARE OPTION SCHEME COMMITTEE

The MFS Share Option Scheme Committee was formed on 28December 2001. The Chairman of this Committee is Col (NS)David Wong. The other two members are Mr Chris Yong andMr Reggie Thein, both of whom are independent Directors.The Committee administers the MFS Share Option Scheme inaccordance with the rules as approved by the shareholders.

The Company is in the course of implementing further practicesto comply with the Code of Corporate Governance.


Corporate Information

Auditors PricewaterhouseCoopersCertified Public Accountants8 Cross Street #17-00 PWC BuildingSingapore 048424

Partner - Deborah Ong

Principal Bankers Oversea-Chinese BankingCorporation Limited65 Chulia Street #29--02/04OCBC CentreSingapore 049513

Citibank, N.A.3 Temasek Avenue #17-00Centennial TowerSingapore 039190

The Development Bank of Singapore Ltd6 Shenton WayDBS BuildingSingapore 068809

The Hongkong and Shanghai BankingCorporation Limited21 Collyer Quay #07-00HongkongBank BuildingSingapore 049320

Malayan Banking Berhad(Malacca Main office)114 - 114A Graha PeladangJalan Hang Tuah75300 MelakaMalaysia


Board of Directors Col (NS) David Wong Cheong FookChairman

Pang Tak LimManaging Director

Reggie M TheinIndependent Director

Chris Yong Yoon KwongIndependent Director

Alexander Chan Meng WahIndependent Director

Sin Boon AnnIndependent Director

Khoo Lee MengNon-Executive Director

Company Secretary Peter Tan, CPA

Registered Office 801 Toa Payoh Lorong 7Wearnes Technology Building #07-00Singapore 319319Tel No. : 259 2521Fax No. : 259 2270

Business Address 22 Tuas Avenue 8in Singapore Singapore 639237

Tel No. : 861 3168Fax No. : 862 2052Website address : http://www.mflex.com.sg

Share Registrar Lim Associates (Pte) Ltdand Share 10 Collyer Quay #19-08Transfer Agent Ocean Building

Singapore 049315


Organisational Structure

* The remaining 35% shareholding interest in Wearnes Greatwall Circuits Co Ltd is held by Hunan Computer Co., Ltd, a company incorporated

in the People’s Republic of China.

MFS Technology Ltd

M-Flex Singapore Pte Ltd 100.0%

M-Flex MalaysiaSdn Bhd

100.0%

Wearnes GreatwallCircuits Co Ltd

65%*


Flex Solutions(Singapore) Pte Ltd

100.0%

Annual Report 2001

The Interconnect Solutions Provider

MFS TECHNOLOGY LTD22 Tuas Avenue 8 Singapore 639237 Tel: (65) 861 3168 Fax: (65) 862 2052

annual report 2001 - 早报 · annual report 2001 the interconnect solutions provider mfs...

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