A TRUE entrepreneur, says YHI International's group managing director Richard Tay, is one who exhibits persistence, determination and self-discipline.

"He must also have a sharp mind and the courage to seize opportunities and take calculated risks," he adds. And while there may be days of discouragement and disappointment, he firmly believes that an entrepreneur never has the luxury of opting to throw in the towel.

It is precisely these qualities, coupled with his perceived responsibility to his employees, suppliers and customers, that drives Mr Tay to continue to grow his successful business.

In recognition of this, Mr Tay was awarded Entrepreneur of the Year for Manufacturing by Ernst and Young.

YHI was started as a tyre business by Mr Tay's father, and consequently, as a youngster, he spent many hours after school and during holidays helping out in the business. This bred in him a strong passion for cars, which was one of the main reasons he chose to stay in the industry.

He took over the company in 1970 and it was under his leadership that YHI grew from a sole proprietorship to a public-listed company with a market capitalisation of over US$150 million.

As an integrated original design manufacturing (ODM) solutions provider, YHI designs, develops, manufactures and markets alloy wheels for brands like Konig, MSW and Enkei Tuning. It also creates and markets its own brand, Advanti Racing.

The group has 25 subsidiaries and two associated companies with offices as well as warehouses in countries such as Hong Kong, Japan, Italy, Australia and New Zealand. YHI currently distributes its products to more than 72 countries, and is targeting to expand this to 100 countries by next year.

The business world today calls for a CEO to consistently perform, as shareholders have expectations of better and better results each year, said Mr Tay.

Respect and trust rank high on his list of priorities and he recognises that the company's financial performance is, to a certain extent, dependant on a leader's integrity and entrepreneurial spirit.

The years have been fairly smooth sailing for YHI, he said, but cites one of his biggest challenges as the recession Singapore suffered in 1986. The staunch support of DBS Bank, at a time when the company's other bankers were threatening to withdraw credit lines, made a huge difference to YHI, he recalled.

Another challenge "is looking for the right talent to drive the growth of the group in the coming years", said Mr Tay.

Going forward, the company will focus on brand building, as well as working to position itself at the top of its business line, which is car wheels.

"With four alloy wheel manufacturing plants and 14 wheel production lines fully operational by the end of 2007, our total production capacity is about 2.5 million wheels a year. Before 2010, we aim to achieve 4.3 million units with more production lines coming into operation," he said.

And with all the buzz over Singapore's inaugural Formula One race in September next year, YHI will be sponsoring wheels for the F1 cars.

"We would like to seize the opportunity to build global brand equity and enlarge market share in the multi-billion dollar global car accessories market," he said.

In FY2006, the group chalked up revenue of $375.2 million and net profits of $27.5 million. For the nine months ended Sept 30, 2007, the group has achieved revenues of $316.7 million and profits attributable to equity holders of $17.3 million.

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