Lee Sen Fu & Chien Howh

8/6/2019 Lee Sen Fu & Chien Howh

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Contents1.Introduction Pg 1

2.Business Overview

1. Company¶s Background

2. Competitive strengths

3. Business Strategy and Future Plans

4. Risk factors

Pg 2

Pg 3

Pg 4

Pg 5 - 6

3.Analysis of company performance

1. Financial Report

2. The profitability ratio analysis

3. Debts ratio analysis

4. Investment ratio analysis

5. Other Relevant Information

Pg 7 ± 9

Pg 10 -12

Pg 13 - 14

Pg 15 ± 16

Pg 17

4.Conclusion Pg 18 - 19



1. Introduction

The objective of this assignment is aimed to provide a fundamental analysis

which is analyzed the Singapore Exchange Securities Trading Limited (SGX-ST) IPOs

company of UE E&C Ltd, to determine whether this IPO company is worth or ideally to

invest, should the company list on the public? In our fundamental analysis, we are based

on historical data analysis, for instance the financial ratio analysis, to overview the

company past performance to decide whether this IPO company is worth to be invested.

The following paragraph is briefly introducing the details of public listed procedures.

This company of UE E&C Ltd was public listed date at 22 February 2011, so

far it was listed in the public not more than 3 months. The company has been offered

70,000,000 shares available to the public (subject to the over-allotment Option) and the

offering price per share which is SGD$0.48. This is the initial public offering of their

ordinary shares. The company is issuing and making an offering of 70,000,000 Shares for

subscription by investors at the Offering Price for each Offering Share. The Offering

consists of, a placement of 60,000,000 Offering Shares to investors, including

institutional and other investors in Singapore and an offering of 10,000,000 Offering

Shares to the public in Singapore. The Offering Shares may be re-allocated between the

Placement and the Public Offer. The Offering will be fully underwritten by Oversea-

Chinese Banking Corporation Limited which is OCBC Bank, the Issue Manager or the

underwriter at the offering price.



2. Business Overview

2.1 Company¶s Background

The Company was incorporated in Singapore on 9 March 2010 under the name

Ljubica Limited. On 1 December 2010, the Company changed its name to UE E&C and

public listed at 22 February 2011. The Group¶s principal activities are as follows: (a)

provision of construction services; (b) provision of M&E engineering services; and (c)

others comprising property development, rental and supply of metal forms and industrial

equipment and supply of tiles. In respect of its construction services, the Group provides

a wide spectrum of integrated construction services, ranging from design and build to

civil works to general construction for residential, industrial, commercial and institutional

buildings as well as infrastructural works. The principal markets for its construction

business are Singapore and Brunei.

In recent years, the Company has engaged in property development in the private

residential and public housing sectors in Singapore ± through the Housing &

Development Board¶s Design, Build and Sell Scheme (³DBSS´) and Executive

Condominium projects.

However, in respect of its M&E engineering services, the Group provides a wide

spectrum of M&E engineering services. Its primarily undertake projects on an

engineering, procurement and construction (EPC) arrangement and its capabilities

include design, supply, installation, commissioning and service maintenance. The

Group's broad range of M&E engineering services include high and low-voltage

electrical distribution, ACMV systems, fire protection and alarm systems and sanitary

systems. Its M&E engineering division has successfully completed a wide range of M&E

engineering projects for residential, industrial, commercial and institutional buildings,including large scale complex projects for Changi Water Reclamation Plant, ION

Orchard and Marina Bay Sands Integrated Resort. The Group's principal markets for its

M&E engineering services are Singapore and Vietnam.



2.2 Competitive Strengths

The (UE E&C ltd) company has the strong competitive strengths was established

more than 25 years and almost 30 years of track record in the M&E engineering and

construction businesses. The (UE E&C Ltd) company can continue to leverage on the

established µUnited Engineers¶ brand and reputation after incorporate in the republic of

Singapore due to United Engineers Limited (³UEL³) was become majority control of our

Company. Thus, the company has earned the trust of our customer as a result of the

strong commitment of our management, the reliability of our services and our technical

expertise.

The second point of competitive strengths is company has capable to handling awide spectrum of projects due to our company established with the M&E engineering and

construction businesses, so that our company has a better positioned to take on larger and

technically or more complex building projects to enhance our competitiveness.

As a result, the company was established more than 25 years, so that the company

has already create a strong management team (including four Professional Engineers),

each with more than 15 years of experience in construction, engineering, operations or

finance, some of whom have been with the Group for more than 15 years. Thus, the

company¶s management virtually build a strong competitiveness to this industry.

The last point of the competitive strategic is our company has developed a good

relationship with suppliers allow us to enjoy better service, competitive prices and good

credit terms. Otherwise, our company also confident of continued support from our

customers, suppliers and sub-contractors because some of the suppliers, sub-contractors

have been our business associates for more than 10 years



2.3 Business Strategy and Future Plans

On the date of 17 Dec 10, the (UE E&C) company had secured contracts

amounting to S$631.8m to be fulfilled over the next 12-36 months. UE E&C intends to

adopt the following strategies to drive future growth:

y Focus on large-scale and complex engineering and construction contracts: To

continue bidding for M&E engineering and construction projects in Singapore.

y Expand by way of JVs, acquisitions and investments into related businesses:

Potential to participate in JVs in private residential developments to secure

construction contracts and develop green technology capabilities.

y Increase presence in overseas markets: Our company will focus on expand

presence in Vietnam through subsidiary UE Vietnam and also to establish a

branch office in Abu Dhabi by mid-11 to achieve our expansion goals.

y Expand power solution business: Expand fleet of power generators to provide a

wider range of product offerings to customers in Singapore and the region.



2.4 Company Risk Factors

In the marketplace prospectus, all trading or investment activities have involves

the risk, whether the corporation or small firms also involved the risk. In the companyUE E&C Ltd, we can summary the significant risks factor into three aspects. Which are

economic aspect, management aspect and labours aspect. The following are the details of

each aspect:

In the economic aspect, UE E&C company¶s performance of the engineering and

construction industries and the property market in Singapore and the countries in which

our group operates is generally dependent on the general economies in such countries. If

a recession in those economies or countries may result in reduced demand for

engineering and construction activities. Otherwise, the keen competitive market,

fluctuations in prices of construction and engineering materials and unforeseen

circumstances such as adverse soil condition, unfavourable weather condition all may

also affect earnings and increase the costs of the company cause to adverse effect on the

company operation and financial performance.

Nevertheless, the key management of the company were plays an important role

of growth and success to the company. The company growth and continues success will

depend on the company¶s management whether have an ability to retain key management

staff and train new employees. Hence, if member of our senior management are unable or

unwilling to continue in their present positions maybe will cause the company business

adversely affected. Besides, the company¶s management policy and strategic may also be

affect the company performance. Such as services for our sub-contractors and to achieve

our future plans have been set up.



The last significant factor is company labour aspect. The construction industry

needed highly labour demanding to operation project. With a small local construction

labour force, the Singapore engineering and construction industries are highly dependent

on foreign workers. However, the construction industry was faces to the shortage and

high employment cost of foreign workers due to the Singapore¶s strict immigration policy,

highly levy cost of employing foreign workers were virtually increase the construction

industry risk. Another risk factor of the labours is company training policy. If the

company lack of training the labours, the accident rate maybe raises lead to delays in the

completion of projects and could be liable to pay the damages to our customer.



3 Analysis of Company Performance

3.1 Financial Report

The company¶s three recently years of Profit and Loss Accounts and the Financial

Position is expressed by following:

UE E&C Ltd

Selected Combined Profit and Loss Accounts

Audited Audited Unaudited

FY 2008S$'000

FY 2009S$'000

FY 2010S$'000

Revenue 327,025 394,801 358,734

Cost of sales (288,406) (349,007) (314,807)

Gross profit 38,619 45,794 43,927

Other items of income

Interest income 2,521 2,276 2,293

Other income 290 7,367 5,023

Other items of expense

Distribution expenses (5,576) (5,770) (5,450)

Administrative expenses (8,230) (9,326) (8,396)Finance costs (2,633) (2,076) (1,634)

Other expenses (21,318) (5,943) (6,529)

Share of results of associate 2,516 2,795 3,297

Profit before tax 6,189 35,117 32,531

Income tax expense (742) (4,079) (5,081)

Profit net of tax 5,447 31,038 27,450

Profit attributable to:

Owners of the parent 4,545 29,023 24,867

Non-controlling interests 902 2,015 2,583

5,447 31,038 27,450

Note: the financial year 2010 of Profit and Loss Accounts are unaudited which is the

account is done by the internal management only.





Equity, attributable to owners of the parent (10,754) 14,686 13

Non-controlling interests 4,163 5,559

Total equity (6,591) 20,245 4,41

Non-current liabilities

Deferred tax liabilities 2,982 4,452 4,27

Trade and other payables 45,619 49,664 51,65

Borrowings 4,095 2,379 1,13

Finance leases 734 248 7

Total non-current liabilities 53,430 56,743 57,14

Current liabilities

Provisions - 91 5

Income tax payable 427 3,644 4,57

Trade and other payables 154,912 157,249 149,79Borrowings 34,903 29,313 38,86

Finance leases 475 484 41

Gross amount due to customers for contract work 7,446 8,501 12,70

Total current liabilities 198,163 199,282 206,41

Total liabilities 251,593 256,025 263,55

Total equity and liabilities 245,002 276,270 267,96



3.2 The profitability ratio analysis

Net profit margin ratio = revenue/profit before tax

In the point view of UE E&C Ltd¶s Net Profit margin from the financial year of 2008 to

2010, there has significant increased between FY2008 and FY2009 which has increased

7%, and in between FY2010 and FY2009 also has seldom increased by 0.18%. In the

FY2009, the other expenses have mostly decreased compared with FY2008 and sales also

have increased. This is main ingredients for why the Net profit margin has increased

much compare with FY2008. From the above of information, the company has shown a

good performance in the Net profit margin.

Net profit margin ratioudited udited udited

FY 2008

000

FY 2009

000

FY 2010

000

evenue 27,02 9 ,801 8,7

Profit before tax ,189 ,117 2, 1

Net profit margin of FY 2008 = 1.89%



0.00%1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

Net profit margin of FY

2008


2009


2010

Net profit margin

Net profit

margin



Return on Asset = Profit before tax/Total assets

The Return on Assets (ROA) which means that how much the return earned for per dollar

invested in the assets. In this ROA aspect, company of UE E&C Ltd doesn¶t show a very

good perspective. In the FY2008 is only 2.53%, FY2009 is 12.71% and FY2010 is 12.14%

which means that invested per dollar assets only generated profit of $0.025, $0.127 and

$0.1214. However, between FY2008 and FY2009 have significant improved the

percentage, the reason of this also same as above Net profit margin direction, which is the

other expenses and the sales have decreased and increased by itself result in increasing

the profit.

Return on Asset

Audited Audited Audited

FY 2008

$000

FY 2009

$000

FY 2010

$000Profit before tax ,189 35,117 32,531

Total assets 245,002 27 ,270 2 7,9 4

ROA of FY2008= 2.53%

ROA of FY2009= 12.71%

ROA of FY2010= 12.14%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

ROA of FY2008 ROA of FY2009 ROA of FY2010

Return on Assets

ROA



Return on Capital Employed=Profit before tax/(Total equity +Total non-current liabilities)

The meaning of Return on Capital Employed which means that how much the return

earned for per dollar invested in the company. In this ROCE aspect, the company has

shown a good perspective. In the FY2008 is 13.21%, FY2009 is 45.61% and FY 2010 is

52.85% which has shown excellent return for FY2009 and FY2010. Especially in

between of FY2008 FY2009 there has significant increased by 32.4%. The reason of the

significant increased which is same direction because the other expenses and the sales

have decreased and increased by itself result in increasing the profit.

Return on Capital Employed

udited udited udited

FY 2008

000

FY 2009

000

FY 2010

000Profit before tax 6,189 35,11 32,531

Total equity (6,591) 20,245 4,412

Total non-current liabilities 53,430 56, 43 5 ,140

ROCE of FY 2008= 13.21%

ROCE of FY 2009= 45.61%

ROCE of FY 2010= 52.85%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

ROCE of FY 2008 ROCE of FY 2009 ROCE of FY 2010

Return on Capital Employed

ROCE



3.3 Debts ratio analysis

Debts to equity ratio = Long-term Debts + Value of Leases/Shareholders Equity

If a lot of debt is used to finance increased operations (high debt to equity), the company

could potentially generate more earnings. However, if taking too much the debts for the

company, this can lead to bankruptcy, which means that taking higher risk and getting

higher return. The company gets the debts to equity ratio in FY2008 is 2.78 FY2009 is

Debts to equity ratioudited udited udited

FY 2008

S 000

FY 2009

S 000

FY 20 0

S 000

Trade and other payables , 9 9, ,

Finance leases 7 2 8 79

Share capital 2, 0 2, 0 2, 0

on-controlling interests , , 9 ,27

Debts to equity ratio of FY 2008 = 2.78

Debts to equity ratio of FY 2009 = 2.7Debts to equity ratio of FY 20 0 = .08

2.50

2.60

2.70

2.80

2.90

3.00

3.10

3.20

Debts to equity ratio of

FY 2008


FY 2009


FY 2010

Debts-to-Equity ratio

Debts to

equity



2.76 and FY2010 is 3.08, in this ratio, it cannot be concluded that whether higher is better

or lower is better, we only can concluded that which is the company takes the higher

debts in order to seek for higher return. From the point view of Net profit margin, this

ratio shown that these three years has constantly increased, it is a reasonable for this

company takes the higher debts.



3.4 Investment ratio analysis

Earnings per share=Profit net of tax/Number of share of common stock

Earnings per share (EPS) which means that how much the return earned for per share

invested in the company. EPS is generally considered to be the single most important

variable in determining a share's price. Normally, in the higher EPS, it is represented the

valuable share price. It is also a major component used to calculate the price-to-earnings

valuation ratio. The EPS of the FY2008 is $0.027, FY2009 is $0.155 and FY2010 is

$0.137. In this EPS analysis, we can obtain the higher EPS if the profit net of tax

increased, at the same time the number of share of common stock remain unchanged.

Earnings per Share

udited udited udited

FY 2008

S$'000

FY 2009

S$'000

FY 2010

S$'000

Profit net of tax 5, 7 31,038 27, 50

Number of share of common stock 200,000 200,000 200,000

EPS of FY 2008 = 0.027

EPS of FY 2009 = 0.155

EPS of FY 2010 = 0.137

0.000

0.020

0.0400.060

0.080

0.100

0.120

0.140

0.160

0.180

EPS of FY 2008 EPS of FY 2009 EPS of FY 2010

Earnings Per Share

EPS



Price to Earnings ratio=Market Share price/EPS

Price to Earnings ratio

Audited Audited AuditedFY 2008

S$FY 2009

S$FY 2010

S$

Market Share price 0.48 0.48 0.48

EPS 0.027 0.155 0.137

Price to Earnings ratio of FY 2008 = 17.6



The P/E shows how much investors are willing to pay per dollar of earnings. If a

company were currently trading at a P/E ratio of 10, the interpretation is that an investor

is willing to pay $10 for $1 of current earnings. For the company¶s P/E ratio of FY2008 is

17.6, FY2009 is 3.1 and FY2010 is 3.5, which means that in the FY2008, the investor is

willing to pay $17.6 for $1 of the current earnings, same direction with other two of financial year. The denominator (EPS) is based on an accounting measure of net profit

after tax that is susceptible to manipulation, making the quality of the P/E only as good as

the quality of the underlying earnings number.

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

P/E ratio of FY 2008 P/E ratio of FY 2009 P/E ratio of FY 2010

Price to Earnings ratio

P/E ratio



3.5 Other Relevant Information

Offering Price S$0.48

NAV (Net Assets Value)

NAV per Share based on the unaudited pro forma statement of financial position

of our Group as at 30 June 2010 after adjusting for the Share Consolidation:

Before adjusting for the estimated net proceeds from the issue of the Offering Sharesand based on the pre-Offering share capital of 200,000,000 Shares 30.5 cents

After adjusting for the estimated net proceeds from the issue of the Offering Sharesand based on the post-Offering share capital of 270,000,000 Shares 33.2 cents

Premium of Offering Price over the NAV per Share as at 30 June 2010:

Before adjusting for the estimated net proceeds from the issue of the Offering Sharesand based on the pre-Offering share capital of 200,000,000 Shares 57.40%

After adjusting for the estimated net proceeds from the issue of the Offering Sharesand based on the post-Offering share capital of 270,000,000 Shares 44.60%

Market Capitalisation

Market capitalisation based on the Offering Price and the post-Offering share capital

of 270,000,000 Shares

S$129.6

million

Current Share price As at Monday, 9 May 2011:

S$0.435



4. Conclusion

Based on our data finding and analysis to the company (UE E&C Ltd), we find it

difficult to assume that the company share is overprice or underprice when listing to the

Singapore Exchange Securities Trading Limited (SGX-ST). We will discuss why it was

difficult to assume that the company is underprice or overprice.

According to the ratio analysis, firstly we looked at the profitability ratio such as

net profit margin, return on assets and return on capital employed. The performance of

these ratios of the company was shown excellent perspective although the company¶s

return on assets performance was poor but this ratio has significant increased from the

year 2009. Secondly we looked at the company debts ratio. The company debts ratio was

shown that company taking the higher risk because company¶s debts was much higher

than the company equity. As a result, company was taking the high risk in order to earn

the high returns. Thirdly we looked at the investment ratio analysis. Under this ratio, the

company FY 2010 earning per share performance was decreased compare with the FY

2009 but the company price to earnings ratio was increased at the FY 2010. Overall to thecompany performance, the ratio analyses were shown the good perspective for the

company.

However, to decide whether the company offering share price is underprice or

overprice, we also need to consider at the company net assets value. From the company

perspective, the company offering share price at $48 cents, before adjusting for the share

consolidation share price is $305 cents and after adjusting for the Share Consolidation

share price is $332 cents. Which mean that before adjusting for the share consolidation

company earn 57.40% as share premium and after adjusting for the share consolidation

company earn 44.60% as share premium. As a result, company share price was

overpriced based on the company¶s net assets value.



Thus, company offering share price at $48 cents we cannot assumption that

whether the share price is underprice or overprice because from the point of analysis is

different and we don¶t know what is the pivot on the share price to decide whether is

underprice or overprice. We only can conclude that for the long-term investment point of

view, this company has a good perspective and it was worth to be invested, although the

company¶s current share price is $435 cents as at Mon 9 May 2011.



Name: Lee Sen Fu QB101008001A

Chin Chien Howh QB101008002A

Assignment Topic (Total 100 marks)

You are to select a recently listed company from the Malaysian or Singaporean Stock

Exchanges and carry out a fundamental analysis on the valuation of the company

based on the accounting and financial concepts you have learned during your course.

You are to make the appropriate comments on your valuation methodologies used

and highlight its strengths and limitations.

Criterion*

Please see the below for the content specific criteria and also the attached

Generic University Assessment Marking Criteria

Indicative

Weighting*

%

Mark or

Grade

Definition of topic/objectives/scope 10 7

Literature review/conceptual analysis 30 25

Research methodology and/or application of concepts 30 25

Findings/evaluation and/or conclusions/recommendations 10 7

Referencing and Presentation 10 7

Reflections 10 7

Total 100 78

Markers Comments

Weak in English sentence construction.

Very good presentation. Good knowledge and understanding of key concepts and ability to critically engage with and apply the

concepts involved linking them to appropriate areas. Good selective use of source material which supports most points clearly.

Content is wholly relevant and is coherently structured.



UNIVERSITY UNDERGRADUATE ASSESSMENT MARKING CRITERIA

Level 0 Level 1 Level 2 Level 3

9

0 %

1 0 0 %

Exceptional work with

presentation of a very

high standard.

Demonstrates an

extremely thorough

knowledge and

understanding through

identification and

description of key

concepts and principles

relevant to the topic

area. Evidence of wideand relevant reading,

very effective use of

appropriate source

material and accurate

referencing.



high standard. There is

coherence of ideas and

demonstration of a

thorough knowledge and

understanding.

Arguments are supported

by wide reading with very

effective use of source


referencing.


presentation of the highest

standard The work

contains coherent

arguments and ideas.

There is a detailed

understanding of subject

matter and critical analysis

of issues/problems. Points

are made clearly and

concisely, always

substantiated byappropriate use of source

material. There is

evidence of a sound ability

to critically interrelate

theories with examples

from practice where

appropriate.

Exceptional work.

Presentation is logical,

error-free and, where

appropriate, creative.

There is an in-depth

understanding of

issues/problems and

excellent critical/deep

engagement with the

material and concepts

involved. Very skilful

interpretation of data. Arguments, ideas and,

where appropriate,

solutions are presented

coherently and fully

underpinned by thorough

research and reading.

8 0 % -

8 9 %

Outstanding work with


high standard.

Demonstrates a very

good knowledge and

understanding of the key



area. Evidence of

significant independent

reading and effective

use of source material,

accurately referenced.





demonstration of a


understanding.

Arguments are supported

by wide reading with

effective use of source


referencing.


presentation of a very high

standard. There is

comprehensive

understanding of key

concepts and knowledge

and evidence of critical

analysis and insight.

Accurate interpretation of

data with arguments,

ideas and solutions

presented effectively and

based on strong research

and reading.




comprehensive


concepts and knowledge

and clear evidence of

critical analysis and

insight. Accurate

interpretation of data with

arguments, ideas and

solutions presented

effectively and based on

strong research and

reading.



7 0 %

- 7 9 %

Extremely good work

with presentation of a

high standard.

Demonstrates strong

knowledge and

understanding of the key


relevant to the topicarea. Evidence of

independent reading and

good use of source

material, accurately

referenced.

Extremely good work

with presentation of a



demonstration of


understanding.

Arguments are supportedby wide reading with

appropriate use of

source material and

accurate referencing.

Extremely good work with

presentation of a high

standard. Evidence of

strong knowledge and

understanding together

with some critical analysis

and insight. Source

material is used effectivelyto support arguments,

ideas and solutions.

Extremely good work with

presentation of a high

standard. Demonstrates

an excellent knowledge

base with a clear

understanding of the

issues and application to

practice whereappropriate. There is

some effective critical and

analytical application of

relevant research and

reading.

6 0 %

- 6 9 %

The work is well

presented. There is

evidence of sound

knowledge and


identification of key



area. Some evidence of

independent reading and

use of source material,

accurately referenced.

The work is well

presented and coherently

structured. There is

evidence of a sound

knowledge and


issues with theory linked

to practice where

appropriate. Most

material used has been

referenced /

acknowledged.

Very good presentation.

Sound knowledge and

understanding with an

emerging ability to

critically engage with and

apply the concepts

involved linking them to

practice where

appropriate. Good use of

source material which

supports most points

clearly. Content is wholly

relevant and is coherently

structured

The work is very good,

logically structured and

presented to a high

standard. Demonstrates a

strong knowledge base

with a clear


issues and application to

practice where

appropriate. There is

some critical and

analytical application of

relevant research.

5 0 % -

5 9 %

Presentation acceptable

but with some errors.

Demonstrates adequate

knowledge and


the identification and use

of key concepts and

principles relevant to thetopic area. Some use of

source material.

Presentation is

acceptable but with some

errors. There is

knowledge and

understanding of issues

under discussion and

some evidence of the

application of knowledgeand ideas where

appropriate. Some use

of relevant source

material.

Presentation is of a good

standard but some

shortcomings. Evidence of

a sound knowledge base

but limited critical and

practical application of

concepts and ideas.

Content is largely relevantalthough points may not

always be clear and

structure may lack

coherence. Contains

some critical reflection and

some use of source

material to illustrate

points.

The work is clearly

presented and logically

structured. It shows

evidence of a sound

understanding of the topic

and addresses major

issues. The work contains

some discussion andinterpretation of relevant

perspectives although

further development of

the arguments presented

would be beneficial.

There are examples of

critical reflection and

evidence of application of

theory to practice.



4 0 % -

4 9 %

Presentation is

acceptable but attention

is needed to the

structure. There is

limited though sufficient

evidence of knowledge

and understanding

through the identificationand use of key concepts

and principles relevant

to the topic area. Some

use of relevant source

material.

Presentation is

acceptable but attention

to structure and style is

required. The content is

relevant but largely

descriptive. There is

evidence of a reasonable

level of knowledge andunderstanding but there

is limited use of source

material to support the

arguments, proposals or

solutions. Some links are

made to practice where

appropriate.

Adequate presentation.

The work is descriptive

and/or lacks critical

analysis where required

but is relevant with limited

though sufficient evidence

of knowledge and

understanding. There issome evidence of reading

although arguments /

proposals / solutions often

lack coherence and may

be unsubstantiated by

relevant source material or

partially flawed. Links to

practice are made where

appropriate

Adequate presentation.

The work displays basic

knowledge and

understanding of the topic

but is largely descriptive.

There is an attempt to

bring together different

ideas and conceptsalthough this would have

been strengthened by the

inclusion of further key

issues. The structure of

the work requires

attention to its coherence

and logical development

of content. The link

between theory and

practice, where

appropriate, is somewhat

tenuous and its

development would

enhance the work

considerably

3 0 % -

3 9 % F

A I L

The work is poorly

structured and

presented.

Demonstrates

inadequate and flawed

knowledge and




area. Some material is

irrelevant. Insufficient

use of supporting

material.

The work is poorly

structured and

presented. Some

material may be

irrelevant. Content is

based largely on taught

elements with very little

evidence of reading

around the topic and little

or no reference to

practice where

appropriate.

Poorly structured,

incoherent and wholly

descriptive work. Evidence

of a weak knowledge base

with some key aspects not

addressed and use of

irrelevant material. Flawed

use of techniques. Limited

evidence of appropriate

reading and no evidence

of critical thought. Little

reference to practice

where appropriate.

The work is poorly

presented and contains

numerous errors,

inconsistencies and

omissions with limited use

of source material. The

work displays a weak

knowledge base and a

lack of sufficient


topic. There is little or no

evidence of the

application of theory topractice where

appropriate. It contains

many unsupported

statements with little

attempt to bring issues

together and lacks critical

analysis and reflection.



2 9 % A

N D B

E L O W -

F A I L

The work is very poorly

structured and

presented. It

demonstrates seriously

inadequate and flawed

knowledge and


concepts and principlesrelevant to the topic

area. Much material is

irrelevant. Insufficient

use of supporting

material.


structured and

presented. Much material

is irrelevant. Content is

based almost entirely on

taught elements with

very little evidence of any

purposeful readingaround the topic. No

effective reference to

practice where

appropriate.

Very poorly structured,

incoherent and wholly

descriptive work. Evidence

of a very weak knowledge

base with many key

omissions and much

material irrelevant. Use of

inappropriate or incorrecttechniques. Limited

evidence of appropriate

reading and no evidence

of critical thought. No links

to practice where

appropriate.


presented and contains

numerous serious errors,

inconsistencies and

omissions with little use of

source material. The work

displays a very weak

knowledge base and alack of sufficient


topic. There is little or no

evidence of the

application of theory to

practice where

appropriate. It contains

many unsupported

statements with little

attempt to bring issues

together and there is a

complete lack of critical

analysis and reflection.

Documents

Lee Sen Fu & Chien Howh