MIRA INFORM REPORT

 

 

Report Date :           

25.07.2011

 

IDENTIFICATION DETAILS

 

Name :

WESTECH ELECTRONICS LIMITED

 

 

Registered Office :

34 Kaki Bukit Crescent, Kaki Bukit Techpark 1, Singapore, 416263

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

March1986

 

 

Legal Form :

Public Independent

 

 

Line of Business :

distributor and manufacturers representative of electronics components and test equipment for the disk drive industry

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but Correct

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Company name & address  

 

WesTech Electronics Limited

34 Kaki Bukit Crescent

Kaki Bukit Techpark 1

Singapore, 416263

Singapore

 Tel:      65 6311-2900

Fax:      65--67461396

 Web: www.westechelectronics.com

           

 

Synthesis

 

Employees:                  211

Company Type:            Public Independent

Traded:

Singapore Exchange

Securities Trading:         5RJ

Incorporation Date:         Mar-1986

Auditor:                        Ernst & Young LLP       

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2010

Reporting Currency:       US Dollar

Annual Sales:                90.1  1

Net Income:                   (4.2)

Total Assets:                 35.6  2

Market Value:                9.5

(06-Jul-2011)

 

 

Business Description     

 

WE Holdings Ltd, formerly WesTech Electronics Limited, operates as a distributor and manufacturers’ representative of electronics components and test equipment for the disk drive industry, acting as commission agents, provision of services, such as design-in engineering, system integration, computerized real-time inventory management and product design and development. The Company operates in two business segments: Electronics components distribution, and Systems and equipment distribution. The Electronics Components Distribution segment distributes and acts as a representative for a diversified range of active and passive electronic components throughout Asia Pacific. The Systems and Equipment Distribution segment provide engineering support services ranging from installation, calibration, integration and testing of systems, applications training to maintenance of systems. For the six months ended 30 June 2010, WesTech Electronics Limited's revenues increased 73% to $36.2M. Net loss totaled $147K, vs. an income of $45K. Revenues reflect increased income from operations. Net loss reflects an increase in marketing and distribution expenses, increase in administrative expenses, increase in finance cost, increase in cost of sales, decrease in operating margin and decreased interest income.

Industry 

Industry Computer Hardware

ANZSIC 2006:    2421 - Computer and Electronic Office Equipment Manufacturing

NACE 2002:      3002 - Manufacture of computers and other information processing equipment

NAICS 2002:     334111 - Electronic Computer Manufacturing

UK SIC 2003:    3002 - Manufacture of computers and other information processing equipment

US SIC 1987:    3571 - Electronic Computers

 

           

Key Executives   

 

Name

Title

Mong Keang Sim

Chief Executive Officer, Managing Director, Executive Director

Eng Lock Loh

Vice President - Finance, Joint Company Secretary

Ping Ping Tan

Joint Company Secretary

Lim Soon Hock

Co-Executive Director

Elaine Shu Yi Wang

President-Display Technology

 

 

Significant Developments  

 

Topic

#*

Most Recent Headline

Date

Litigation

1

WesTech Electronics Limited Announces Litigation Between Plexus Components Pte Ltd, Eutech Semiconductor Ltd And Eutech Microelectronics Inc

24-Nov-2010

Name Changes

1

WesTech Electronics Limited Proposes Name Change

5-Apr-2011

Expansion / New Markets / New Units

1

WesTech Electronics Limited's Subsidiary Announces Incorporation Of Wholly Owned Subsidiary

1-Apr-2011

Business Deals

2

WE Holdings Ltd. Announces Execution Of Product Reseller Agreement By Subsidiary

11-Jul-2011

Dividends

2

WesTech Electronics Limited Does Not Declare Dividend

25-Feb-201

 

News 

 

Title

Date

On the move
The Straits Times (270 Words)

14-Mar-2011

Creditors clear Westech restructuring plan
The Business Times (508 Words)

3-Feb-2010

The ball has crossed the line at Westech
The Business Times (857 Words)

3-Jul-2009

Westech proposes $10m RTO deal
The Business Times (566 Words)

2-Jul-2009

Company Briefs
The Business Times (359 Words)

12-Feb-2009

 

 

Financial Summary    

 

As of 31-Dec-2010

 

Key Ratios                               Company         Industry

Current Ratio (MRQ)                   1.83                  1.66

Quick Ratio (MRQ)                     1.28                  1.35

Debt to Equity (MRQ)                 4.26                  0.18

Sales 5 Year Growth                  -5.65                 27.16

Net Profit Margin (TTM) %           -9.26                 16.98

Return on Assets (TTM) %          -27.05               19.26

Return on Equity (TTM) %           -61.28               33.14

 

                                                 

Stock Snapshot    

 

Traded: Singapore Exchange Securities Trading: 5RJ

 

As of 6-Jul-2011             Financials in: SGD

Recent Price                 0.02                  EPS                 -0.0010

52 Week High                0.30                  Price/Sales       0.09

52 Week Low                0.02                  Price/Book        1.76

Avg. Volume (mil)           0.38                  Beta                 1.82

Market Value (mil)          9.51                             

Price % Change Rel S&P 500%

4 Week             -45.71%            -46.97%

13 Week           -57.78%            -57.30%

52 Week           -90.95%            -91.68%

Year to Date      -62.00%            -61.53%

 

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1

2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

 

 

Corporate Overview

 

Location

34 Kaki Bukit Crescent

Kaki Bukit Techpark 1

Singapore, 416263

Singapore

Tel:       65 6311-2900

Fax:      65--67461396

Web     www.westechelectronics.com

           

Quote Symbol - Exchange

5RJ - Singapore Exchange Securities Trading

 

Sales USD(mil):             90.1

Assets USD(mil):           35.6

Employees:                   211

Fiscal Year End:            31-Dec-2010

 

Industry:                        Computer Hardware

           

Incorporation Date:         Mar-1986

Company Type:             Public Independent

Quoted Status:              Quoted

 

Chief Executive Officer, Managing Director, Executive Director:      Mong Keang Sim

 

Company Web Links

Corporate History/Profile

Executives

Financial Information

 

Home Page

Investor Relations

News Releases

 

Products/Services

Contents

·        Industry Codes

·        Business Description

·        Financial Data

·        Market Data

Shareholders

Subsidiaries

Key Corporate Relationships


Industry Codes

 

ANZSIC 2006 Codes:

2422     -          Communication Equipment Manufacturing

2421     -          Computer and Electronic Office Equipment Manufacturing

7000     -          Computer System Design and Related Services

 

NACE 2002 Codes:

72         -          Computer and Related Activities

3002     -          Manufacture of computers and other information processing equipment

3220     -          Manufacture of television and radio transmitters and apparatus for line telephony and line telegraphy

 

NAICS 2002 Codes:

334290  -          Other Communications Equipment Manufacturing

334111  -          Electronic Computer Manufacturing

334119  -          Other Computer Peripheral Equipment Manufacturing

541512  -          Computer Systems Design Services

 

US SIC 1987:

3669     -          Communications Equipment, Not Elsewhere Classified

3571     -          Electronic Computers

3577     -          Computer Peripheral Equipment, Not Elsewhere Classified

7379     -          Computer Related Services, Not Elsewhere Classified

 

UK SIC 2003:

72         -          Computer and Related Activities

3002     -          Manufacture of computers and other information processing equipment

3220     -          Manufacture of television and radio transmitters and apparatus for line telephony and line telegraphy

 

Business Description

WE Holdings Ltd, formerly WesTech Electronics Limited, operates as a distributor and manufacturers’ representative of electronics components and test equipment for the disk drive industry, acting as commission agents, provision of services, such as design-in engineering, system integration, computerized real-time inventory management and product design and development. The Company operates in two business segments: Electronics components distribution, and Systems and equipment distribution. The Electronics Components Distribution segment distributes and acts as a representative for a diversified range of active and passive electronic components throughout Asia Pacific. The Systems and Equipment Distribution segment provide engineering support services ranging from installation, calibration, integration and testing of systems, applications training to maintenance of systems. For the six months ended 30 June 2010, WesTech Electronics Limited's revenues increased 73% to $36.2M. Net loss totaled $147K, vs. an income of $45K. Revenues reflect increased income from operations. Net loss reflects an increase in marketing and distribution expenses, increase in administrative expenses, increase in finance cost, increase in cost of sales, decrease in operating margin and decreased interest income.

 

More Business Descriptions

Distributor and manufacturers’ representative for electronic components and test equipment for the disk drive industry, acting as commission agents, provision of services such as design-in engineering, system integration, computerised real time inventory management and product design and development.

 

Establishments primarily engaged in the retail sale of specialized lines of merchandise, not elsewhere classified, such as artists' supplies; orthopedic and artificial limbs; rubber stamps; pets; religious goods; and monuments and tombstones. This industry also includes establishments primarily engaged in selling a general line of their own or consigned merchandise at retail on an auction basis.

 

Semiconductor and Other Electronic Component Manufacturing

 

Financial Data

Financials in:

USD(mil)

 

Revenue:

90.1

Net Income:

-4.2

Assets:

35.6

Long Term Debt:

11.2

 

Total Liabilities:

31.2

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

71.7%

NA

36.9%

 

 

Market Data

 

Quote Symbol:

5RJ

Exchange:

Singapore Exchange Securities Trading

Currency:

SGD

Stock Price:

0.0

Stock Price Date:

07-06-2011

52 Week Price Change %:

-91.0

Market Value (mil):

9,511.3

 

SEDOL:

6529123

ISIN:

SG2C00960329

 

 

 

Equity and Dept Distribution:

05/2010, 1-for-100 Reverse Stock split. 08/2010, 10-for-1 Stock split.

 

Subsidiaries

Company                                  Percentage Owned         Country

WesCal Electronics Sdn Bhd      85%                              MALAYSIA

WesCal Electronics Pte Limited  100%                            HONG KONG SAR

WesTech Instruments Pte Ltd     100%                            SINGAPORE

WesCal Electronics Trading (Shanghai) Pte Ltd    100%    PEOPLE'S REPUBLIC OF CHINA

Plexus Components Pte Ltd       100%                            SINGAPORE

Shareholders

 

Major Shareholders

Sim Mong Keang (57.91%); Chng Weng (19.34%)

 

Key Corporate Relationships

 

Auditor: Ernst & Young LLP

Bank:    Citibank N.A., United Overseas Bank Limited

 

Auditor: Ernst & Young LLP, RSM Chio Lim LLP

 

 

Board of Directors

 

Board of Directors

 

Name

Title

Function

 

Hock Ghim Toh

 

Non-Executive Chairman of the Board, Non-Executive Independent Director

Chairman

 

Reuters Biography (WesTech Electronics Limited)

Ambassador Toh Hock Ghim has been appointed as Non-Executive Chairman of the Board, Non-Executive Independent Director of WE Holdings Ltd. Ambassador Toh obtained his Bachelor of Arts (Political Science) degree from the University of Singapore. He joined the Ministry of Foreign Affairs in October 1966 with diplomatic postings to Malaysia, Philippines, Thailand, Vietnam and Hong Kong. He was ambassador to Vietnam from January 1994 to January 2002 and consul-general to Hong Kong and Macau special administrative regions from February 2002 to December 2007. Ambassador Toh has been appointed as the senior advisor to the Ministry of Foreign Affairs at the end of 2007 when he retired from foreign service. He is currently the chairman of Equation Corp Limited, a company listed on Catalist.



BA Political Science, National University of Singapore

Weng Wah Chng

 

Non-Executive Deputy Chairman of the Board

Vice-Chairman

 

 

Reuters Biography (WesTech Electronics Limited)

Mr. Chng Weng Wah has been appointed as Non-Executive Director and Non-Executive Deputy Chairman of WE Holdings Ltd. Mr. Chng is a businessman with more than 25 years of experience in the electronics and semiconductor industries, and sits on various boards in both private and public listed companies, and is currently the director and CEO of Equation Corp Limited, a company listed on Catalist. From 2004 to 2006, Mr Chng was the vice president of the PRC Foreign Trade Council, a sub-council of the PRC Council for the Promotion of International Trade (CCPIT). The CCPIT comprises of high profile individuals, enterprises and organisations representing PRC’s various economic and trade sectors. Mr Chng holds a diploma in both electrical engineering and marketing and sales management and is a member of the chartered institute of engineering from the Engineering British Council.

Anthony Joseph Laughton

 

Director

Director/Board Member

IUSA 

 

Peter Lai Hock Meng

 

Director

Director/Board Member

 

 

Boo Gan Ng

 

President - Operations, Executive Director

Director/Board Member

 

 

Reuters Biography (WesTech Electronics Limited)

Mr. Ng Boo Gan has been appointed as President - Operations, Executive Director of WE Holdings Ltd. Mr. Ng is responsible for overseeing the overall management and operations and growth strategies of the Enlarged Group. Mr Ng is the co-founder of the Plexus Group. He is responsible for the group order fulfilment operations. During his years with the Plexus Group, Mr Ng set up the entire operation including implementing ERP system and the warehouse logistic centre. He graduated from Ngee Ann Polytechnic with a diploma in electrical and electronic engineering.

Chit Chung Ong

 

Director

Director/Board Member

 

 

Mong Keang Sim

 

Chief Executive Officer, Managing Director, Executive Director

Director/Board Member

 

 

Reuters Biography (WesTech Electronics Limited)

Mr. Sim Mong Keang has been appointed as Managing Director, Chief Executive Officer and Executive Director of WE Holdings Ltd. Mr. Sim is responsible for the strategic planning and development of the Enlarged Group’s business, and spearheading the expansion and growth of the Group. Mr Sim is the CEO and co-founder of the Plexus Group. Prior to this, he has held several sales and marketing positions in various multinational corporations in the electronics industry. He holds a diploma in electronics engineering and a Bachelor of Commerce from Murdoch University, Western Australia.



B , Murdoch University

Wee Peng Tan

 

Independent Non-Executive Director

Director/Board Member

 

 

Reuters Biography (WesTech Electronics Limited)

Mr. Tan Wee Peng Kelvin has been appointed as Non-Executive Independent Director of Westech Electronics Limited with effect from February 16, 2011. Mr. Tan is currently the Managing Director of GBE Holdings Pte Ltd, a private investment vehicle. Prior to this, Mr Tan held senior management positions with various companies including AETOS Security Management Pte Ltd, PSA International Ltd, and Temasek Holdings Pte Ltd. Mr Tan was a Local Merit Scholar (Police Service) and graduated with a Bachelor of Accountancy (First Class Honours) degree from the National University of Singapore in 1987. He also graduated with a Master of Business Administration degree from the same university in 1997 and attended the Programme for Management Development at the Harvard Business School in 1999. Mr Tan is a member of the Singapore Institute of Directors and the Institute of Certified Public Accountants of Singapore. Mr Tan also sits on the Board of several private and public listed companies such as Viking Offshore and Marine Ltd.



MBA , National University of Singapore
B , National University of Singapore

Chee Meng Wong

 

Independent Non-Executive Director

Director/Board Member

 

 

Reuters Biography (WesTech Electronics Limited)

Mr. Wong Chee Meng Lawrence has been appointed as Independent Non-Executive Director of WE Holdings Ltd. From 1997 to 1999, Mr Wong was a legal assistant in Messrs Kenneth Tan Partnership, a firm of advocates and solicitors. From 1999 to 2006, he practiced as an advocate and solicitor as a sole proprietor of Lawrence Wong & Co. From 2006 to 2007, he was a Senior Manager at Boardroom Corporate and Advisory Pte Ltd where he was performing corporate secretarial and advisory work as well as providing inhouse legal support. Mr Wong is currently a partner of KhattarWong in the Corporate and Securities Law department and his areas of practice include corporate and securities laws, capital markets, mergers and acquisitions, corporate restructuring, joint ventures, corporate and commercial contracts and development, compliance and corporate governance advisory and corporate secretarial work.



Law, National University of Singapore

 

Executives

 

Name

Title

Function

 

Lim Soon Hock

 

Co-Executive Director

Chief Executive Officer

 

Mong Keang Sim

 

Chief Executive Officer, Managing Director, Executive Director

Chief Executive Officer

 

Reuters Biography (WesTech Electronics Limited)

Mr. Sim Mong Keang has been appointed as Managing Director, Chief Executive Officer and Executive Director of WE Holdings Ltd. Mr. Sim is responsible for the strategic planning and development of the Enlarged Group’s business, and spearheading the expansion and growth of the Group. Mr Sim is the CEO and co-founder of the Plexus Group. Prior to this, he has held several sales and marketing positions in various multinational corporations in the electronics industry. He holds a diploma in electronics engineering and a Bachelor of Commerce from Murdoch University, Western Australia.



B , Murdoch University

Sean Siu

 

CEO & Director

Chief Executive Officer

 

 

Jeffery Siak Li Tan

 

Chairman, Chief Executive Officer & Founder

Chief Executive Officer

 

 

Elaine Shu Yi Wang

 

President-Display Technology

President

 

 

Lian Seng Heng

 

President - Sales and Marketing, South Asia

Division Head Executive

 

 

Reuters Biography (WesTech Electronics Limited)

Mr. Heng Lian Seng is President - Sales and Marketing, South Asia of WE Holdings Ltd. He has 23 years of working experience with the last 18 years in regional sales and marketing in the electronics industry, including senior positions in Seagate, Kontron and Infineon. An engineer by training, he practised design engineering for 4 years. Mr Heng is currently the Vice President of Sales and Marketing of the Plexus Group for South Asia. He has more than 15 years experience in corporate electronics sales and marketing. He holds a Bachelor of Electrical Engineering from the University of Western Australia.



B , University of Western Australia

Boo Gan Ng

 

President - Operations, Executive Director

Division Head Executive

 

 

Reuters Biography (WesTech Electronics Limited)

Mr. Ng Boo Gan has been appointed as President - Operations, Executive Director of WE Holdings Ltd. Mr. Ng is responsible for overseeing the overall management and operations and growth strategies of the Enlarged Group. Mr Ng is the co-founder of the Plexus Group. He is responsible for the group order fulfilment operations. During his years with the Plexus Group, Mr Ng set up the entire operation including implementing ERP system and the warehouse logistic centre. He graduated from Ngee Ann Polytechnic with a diploma in electrical and electronic engineering.

Ee Lian Sng

 

Group Finance Manager and Heads the Finance Department

Division Head Executive

 

 

Reuters Biography (WesTech Electronics Limited)

Ms. Sng Ee Lian Group Finance Manager and Heads the Finance Department of WE Holdings Ltd. Ms. Sng is a senior executive with 16 years of work experience in finance and public accounting, administration and costing in electronics contracts manufacturing and wholesale electronics distribution industries. She has been the Group Finance Manager of the Plexus Group since 2005. Prior to joining the Plexus Group, Ms Sng was a Senior Corporate Finance Controller with ACT Manufacturing Inc, a company then listed on the National Association of Securities and Dealers Automated Quotation (NASDAQ). Ms. Sng holds a Bachelor of Accountancy (Accounting) from Bentley College, USA and a L.LB from University of London.



LLB , University of London
B Accounting, Bentley University

Almond Yu Man Wang

 

General Manager-Systems

Division Head Executive

 

 

Hot Yong Wong

 

President - Systems Business Unit

Division Head Executive

 

 

Reuters Biography (WesTech Electronics Limited)

Mr. Wong Hot Yong served as President - Systems Business Unit of WE Holdings Ltd. He joined the WesTech Group since 1988 and was appointed to the Board of the WesTech Group in May 2005. In his executive capacity, he heads the WesTech Group’s systems integration business. He has secured many new value-added product lines from Japanese and American manufacturers, aiding the WesTech Group’s expansion and penetration into new overseas markets. He holds a Diploma in Electronics Engineering as well as a sales and marketing diploma from the Marketing Institute of Singapore. Mr Wong graduated from the National University of Singapore in 1991 with an honours degree in law on a scholarship from the Public Service Commission of Singapore and has more than 17 years of experience in the public and private sectors of the legal profession. He started his career in the legal service from 1992 to 1997, holding various appointments such as Senior Assistant Registrar of Companies and Businesses with the Ministry of Finance, Deputy Public Prosecutor with the Attorney General’s Chambers and Assistant Director of Legal Aid with the Ministry of Law. He was called as an advocate and solicitor of the Supreme Court of Singapore in 1994. He is currently the independent director of Artivision Technologies Ltd., a company listed on Catalist.



, National University of Singapore

Eng Lock Loh

 

Vice President - Finance, Joint Company Secretary

Company Secretary

 

 

Reuters Biography (WesTech Electronics Limited)

Mr. Loh Eng Lock Kelvin has been appointed as Vice President - Finance, Joint Company Secretary of WE Holdings Ltd. Mr. Loh is the Vice President of Finance for the Group and is overall responsible for the finance department of the Group supported by the Group Finance Manager. He is also responsible for management reporting and oversees the financial and internal controls of the Group. Prior to this, Mr Loh joined the WesTech Group in November 2008 as the Finance Manager and assisted the CFO in the overall direction and control of the WesTech Group, including the financial and management of accounts, legal matters, credit control, internal and external auditing and financial planning and analysis. Mr. Loh has ten years of experience in audit and holds a Bachelor of Business (Accounting) from the Queensland University of Technology and is a member of CPA, Australia.



B Accounting, Queensland University of Technology

Chin Hock Tan

 

Chief Financial Officer & Co-Company Secretary

Company Secretary

 

 

Ping Ping Tan

 

Joint Company Secretary

Company Secretary

 

 

Alan Kee

 

Manager-Finance

Finance Executive

 

 

Kelvin Loh

 

Finance Manager

Finance Executive

 

 

Joreen Tan

 

Senior Manager-Finance

Finance Executive

 

 

Carine Poh Yee Chim

 

Director-Sales-Components

Sales Executive

 

 

Joo Wee Kuek

 

Senior Manager-Sales & Marketing-Passive

Sales Executive

 

 

Kim Choy Liew

 

Director-Sales & Technical Support Systems

Sales Executive

 

 

Ping Liu

 

Manager-Sales Application-Systems

Sales Executive

 

 

Vincent Poon

 

Director-Sales

Sales Executive

 

 

Daniel Tan

 

Manager-Information Technology

Information Executive

 

 

 

 

 

Significant Developments

 

WE Holdings Ltd. Announces Execution Of Product Reseller Agreement By Subsidiary

Jul 11, 2011

 

WE Holdings Ltd. announced that its wholly owned subsidiary, WE Components Co., Ltd. (WE Components) had on July 1, 2011, entered into a Product Reseller Agreement (Agreement) with Memoright Corporation. WE Components has been appointed by Memoright to act as a non-exclusive reseller for its Memoright brand products in the People's Republic of China, Taiwan, Singapore, Malaysia, Thailand and Indonesia, in accordance with and subject to the terms and conditions of the Agreement.

 

WesTech Electronics Limited Proposes Name Change

Apr 05, 2011

 

WesTech Electronics Limited announced that the name of the Company be and is hereby is changed from WesTech Electonics Limited to WE Holdings Ltd and the name WE Holdings Ltd be substituted for WesTech Electronics Limited wherever the name appears in the Memorandum and Articles of Association of the Company.

 

WesTech Electronics Limited's Subsidiary Announces Incorporation Of Wholly Owned Subsidiary

Apr 01, 2011

 

WesTech Electronics Limited announced that its wholly-owned subsidiary, WE Components Pte Ltd has incorporated a wholly-owned subsidiary in Hong Kong, WE Technology (HK) Ltd. The Authorised capital of the subsidiary is HKD3,900,000 and the Issued and paid-up capital is HKD1. The principal activity of the subsidiary is Import and Export of Electronic Components and Devices

 

WesTech Electronics Limited Does Not Declare Dividend

Feb 25, 2011

 

WesTech Electronics Limited announced that no dividend has been declared for the period ended December 31, 2010.

 

WesTech Electronics Limited Announces Litigation Between Plexus Components Pte Ltd, Eutech Semiconductor Ltd And Eutech Microelectronics Inc

Nov 24, 2010

 

WesTech Electronics Limited announced that the Company and together with its subsidiaries, the Group) announced that the Company's wholly owned subsidiary, Plexus Components Pte Ltd (Plexus Singapore) through its Branch Office, Plexus Taiwan (Plexus Taiwan) at Taiwan would commence legal proceedings against its suppliers, Eutech Semiconductor Ltd and Eutech Microelectronics Inc (collectively known as the Suppliers) (the Clai"). The Claim is for damages and losses amounting to USD161,000 in respect of the substandard quality of integrated circuits (the Goods) supplied by the Suppliers to Plexus Singapore. Plexus Taiwan had withheld the payment of USD161,000 to the Suppliers for the Goods. However, the Suppliers have denied the quality issue that was brought up to them and had filed Notices of Demand against Plexus Singapore in a Taiwan court, demanding for the payment of the Goods from Plexus Singapore (Demand). The Company disputes and intends to defend the Demand and has sought legal advice. Accordingly, the Company will be commencing legal proceedings in Taiwan to counter claim against the Suppliers for the damages and losses arising from the supply of the substandard quality of integrated circuits.

 

WesTech Electronics Limited Announces Termination Of Distribution Agreement By Major Supplier

Sep 03, 2010

 

WesTech Electronics Limited announced that the Company has received a notice of termination of the distribution agreement with Linear Technology Corporation (Linear). Linear is a major supplier of the Company of semiconductors components. The termination will take effect on November 19, 2010. This line of business contributed approximately 12% of the Group's revenue (based on unaudited proforma financials statement for the financial year ended December 31, 2009, included in the circular to shareholders dated May 10, 2010,) and approximately 17% of the Group's revenue (based on unaudited proforma financial statement for the six months ended June 30, 2010, as announced on August 12, 2010). The Company will work with Linear on the fulfillment of existing customers' orders, but will be constrained by the lead times of the deliveries.

 

WesTech Electronics Limited Announces Not To Declare Dividend

Aug 12, 2010

 

WesTech Electronics Limited announced that no dividend has been declared for the period ended June 30, 2010.

 

 

The Straits Times: 14 March 2011

[What follows is the full text of the news story.]

 

Pteris Global p>

LIM JOO BOON: Appointed non-executive chairman of Pteris Global.

Mr Lim, 57, will assume the position at the airport logistics firm in May. Currently, he is an adjunct associate professor at the National University of Singapore.

From 2009 until this year, he was an adjunct associate professor at the Nanyang Business School of the Nanyang Technological University.

Before that, he was the voluntary chief executive officer of the Singapore Anti-Tuberculosis Association and the executive director of Singapore Totalisator.

Mr Lim has also held various senior leadership positions at consulting firm Accenture Singapore and was last its senior partner in 2003.

Westech Electronics

SEAN SIU: Stepped down as chief financial officer of Westech Electronics, a distributor of electronics products, with effect from last Friday.

Mr Siu, 37, is leaving to pursue other career opportunities.

He was appointed to the position in June last year.

 

Hersing

RICHARD REESE TYNES: Appointed chief investment officer of Hersing Corporation.

Mr Tynes, 58, assumed the position on Feb 18.

The newly created job involves handling all investment decisions as Hersing, a brand manager and service provider, ventures into new businesses.

Cityneon

GOH KEE NGUAN: Appointed chief operating officer of Cityneon Holdings, an events and exhibitions company.

He will help to map and implement the firm's strategies for its next phase of expansion, and manage its day-to-day operations.

Mr Goh was chief executive of the Singapore 2010 Youth Olympic Games Organising Committee.

He has also held many key appointments in the Singapore Armed Forces and held the rank of brigadier-general before retiring in April 2008.


annual income statements

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

USD

USD

SGD

SGD

SGD

Exchange Rate (Period Average)

1

1

1.415335

1.5067

1.588661

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

90.1

52.5

76.3

71.9

161.8

Revenue

90.1

52.5

76.3

71.9

161.8

Total Revenue

90.1

52.5

76.3

71.9

161.8

 

 

 

 

 

 

    Cost of Revenue

81.0

46.0

66.6

61.0

149.4

Cost of Revenue, Total

81.0

46.0

66.6

61.0

149.4

Gross Profit

9.1

6.4

9.8

10.8

12.4

 

 

 

 

 

 

    Selling/General/Administrative Expense

10.1

5.0

7.2

7.5

1.2

    Labor & Related Expense

-

-

-

-

4.3

Total Selling/General/Administrative Expenses

10.1

5.0

7.2

7.5

5.5

    Depreciation

-

-

-

-

0.6

    Amortization of Intangibles

-

-

-

-

0.0

Depreciation/Amortization

-

-

-

-

0.6

        Interest Expense - Operating

0.8

0.3

0.3

-

-

    Interest Expense - Net Operating

0.8

0.3

0.3

-

-

        Interest Income - Operating

0.0

0.0

-0.1

-0.3

-0.1

        Investment Income - Operating

-

-

-0.3

0.0

0.6

    Interest/Investment Income - Operating

0.0

0.0

-0.4

-0.3

0.5

Interest Expense (Income) - Net Operating Total

0.8

0.3

-0.1

-0.3

0.5

    Impairment-Assets Held for Use

-

-

-

-

0.0

    Impairment-Assets Held for Sale

-

-

-

-

0.0

    Loss (Gain) on Sale of Assets - Operating

-

-

-0.1

0.0

0.0

Unusual Expense (Income)

-

-

-0.1

0.0

0.0

    Other Operating Expense

7.0

0.1

0.7

0.6

0.8

    Other, Net

-0.6

0.0

-0.2

-0.1

-0.1

Other Operating Expenses, Total

6.4

0.1

0.5

0.5

0.8

Total Operating Expense

98.2

51.5

74.0

68.7

156.8

 

 

 

 

 

 

Operating Income

-8.2

1.0

2.3

3.2

5.0

 

 

 

 

 

 

        Investment Income - Non-Operating

0.0

0.0

-

0.1

-

    Interest/Investment Income - Non-Operating

0.0

0.0

-

0.1

-

    Interest Income (Expense) - Net Non-Operating

-

-

-

-0.1

-1.5

Interest Income (Expense) - Net Non-Operating Total

0.0

0.0

-

-0.1

-1.5

    Other Non-Operating Income (Expense)

-

-

-

-

0.3

Other, Net

-

-

-

-

0.3

Income Before Tax

-8.1

1.0

2.3

3.1

3.8

 

 

 

 

 

 

Total Income Tax

0.2

0.2

0.0

0.8

0.9

Income After Tax

-8.3

0.7

2.3

2.3

3.0

 

 

 

 

 

 

    Minority Interest

4.1

0.0

0.0

0.0

0.0

    Equity In Affiliates

-

-

-

-

0.0

Net Income Before Extraord Items

-4.2

0.7

2.3

2.2

3.0

    Discontinued Operations

-

-

-41.8

1.8

-

Total Extraord Items

-

-

-41.8

1.8

-

Net Income

-4.2

0.7

-39.5

4.1

3.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-4.2

0.7

2.3

2.2

3.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-4.2

0.7

-39.5

4.1

3.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

472.9

434.2

17.0

15.0

13.9

Basic EPS Excl Extraord Items

-0.01

0.00

0.17

0.18

0.26

Basic/Primary EPS Incl Extraord Items

-0.01

0.00

-2.88

0.34

0.26

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-4.2

0.7

-39.5

4.1

3.0

Diluted Weighted Average Shares

472.9

434.2

17.0

15.2

13.9

Diluted EPS Excl Extraord Items

-0.01

0.00

0.17

0.18

0.26

Diluted EPS Incl Extraord Items

-0.01

0.00

-2.88

0.33

0.26

Dividends per Share - Common Stock Primary Issue

-

0.00

0.01

0.08

0.08

Gross Dividends - Common Stock

-

0.0

0.2

1.4

0.9

Interest Expense, Supplemental

0.8

0.3

0.2

0.1

1.5

Depreciation, Supplemental

0.2

0.2

0.4

0.4

0.6

Total Special Items

5.9

0.0

0.0

0.0

0.0

Normalized Income Before Tax

-2.3

1.0

2.4

3.1

3.8

 

 

 

 

 

 

Effect of Special Items on Income Taxes

2.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

2.3

0.2

0.0

0.8

0.9

Normalized Income After Tax

-4.5

0.7

2.3

2.3

3.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-0.4

0.7

2.3

2.2

3.0

 

 

 

 

 

 

Basic Normalized EPS

0.00

0.00

0.17

0.18

0.26

Diluted Normalized EPS

0.00

0.00

0.17

0.18

0.26

Amort of Intangibles, Supplemental

0.0

0.0

0.5

0.2

0.0

Rental Expenses

-

-

0.2

0.2

0.1

Normalized EBIT

-1.6

1.3

2.2

2.9

5.5

Normalized EBITDA

-1.3

1.5

3.1

3.4

6.1

    Current Tax - Total

-

-

0.0

0.8

0.9

Current Tax - Total

-

-

0.0

0.8

0.9

    Deferred Tax - Total

-

-

0.0

0.0

-0.1

Deferred Tax - Total

-

-

0.0

0.0

-0.1

Income Tax - Total

-

-

0.0

0.8

0.9

Defined Contribution Expense - Domestic

-

-

0.3

0.3

-

Total Pension Expense

-

-

0.3

0.3

-

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

USD

USD

SGD

SGD

SGD

Exchange Rate

1

1

1.44075

1.43945

1.5343

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

-

-

4.1

18.6

-

    Cash & Equivalents

7.7

6.4

-

-

3.0

Cash and Short Term Investments

7.7

6.4

4.1

18.6

3.0

    Trade Accounts Receivable - Net

14.8

12.5

9.9

68.1

41.0

    Other Receivables

-

-

0.1

0.6

0.5

Total Receivables, Net

14.8

12.5

10.0

68.7

41.6

Total Inventory

9.7

4.3

7.7

7.5

6.5

Prepaid Expenses

-

-

0.0

0.3

-

    Other Current Assets

0.3

0.4

-

-

0.0

Other Current Assets, Total

0.3

0.4

-

-

0.0

Total Current Assets

32.5

23.6

21.8

95.1

51.0

 

 

 

 

 

 

        Buildings

-

-

1.7

1.7

1.5

        Land/Improvements

-

-

0.6

0.6

0.5

        Machinery/Equipment

-

-

3.1

3.1

2.6

    Property/Plant/Equipment - Gross

-

-

5.4

5.3

4.6

    Accumulated Depreciation

-

-

-3.0

-2.9

-2.2

Property/Plant/Equipment - Net

2.8

2.4

2.5

2.5

2.4

Goodwill, Net

-

-

0.0

0.0

-

    Intangibles - Gross

-

-

0.8

0.8

0.0

    Accumulated Intangible Amortization

-

-

-0.7

-0.2

0.0

Intangibles, Net

0.1

0.0

0.1

0.6

0.0

    LT Investment - Affiliate Companies

0.1

0.0

0.0

0.1

0.6

    LT Investments - Other

-

-

0.0

1.1

0.8

Long Term Investments

0.1

0.0

0.0

1.2

1.4

Note Receivable - Long Term

-

-

0.0

0.1

0.1

    Other Long Term Assets

0.1

0.0

-

-

-

Other Long Term Assets, Total

0.1

0.0

-

-

-

Total Assets

35.6

26.0

24.4

99.4

54.9

 

 

 

 

 

 

Accounts Payable

10.0

9.3

4.0

39.5

7.1

Payable/Accrued

-

-

1.0

2.7

2.5

Accrued Expenses

-

-

1.2

0.7

-

Notes Payable/Short Term Debt

4.0

2.9

6.2

0.0

25.3

Current Portion - Long Term Debt/Capital Leases

0.1

0.0

22.5

12.2

0.1

    Income Taxes Payable

0.1

0.3

0.2

1.6

1.0

    Other Current Liabilities

3.6

0.8

0.0

0.2

-

Other Current liabilities, Total

3.7

1.0

0.2

1.8

1.0

Total Current Liabilities

17.8

13.2

35.2

56.9

36.1

 

 

 

 

 

 

    Long Term Debt

11.2

3.5

0.0

13.8

0.0

    Capital Lease Obligations

0.0

0.0

0.2

0.2

0.3

Total Long Term Debt

11.2

3.5

0.2

14.0

0.3

Total Debt

15.3

6.4

28.9

26.2

25.8

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.0

0.0

0.0

0.0

0.0

Deferred Income Tax

0.0

0.0

0.0

0.0

0.0

Minority Interest

2.2

0.0

0.0

0.1

0.1

Total Liabilities

31.2

16.7

35.5

71.1

36.5

 

 

 

 

 

 

    Common Stock

37.9

6.7

13.7

13.6

8.1

Common Stock

37.9

6.7

13.7

13.6

8.1

Additional Paid-In Capital

-

-

-

-

0.0

Retained Earnings (Accumulated Deficit)

-33.4

2.6

-24.8

14.7

10.3

Total Equity

4.4

9.3

-11.1

28.3

18.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

35.6

26.0

24.4

99.4

54.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

500.6

13.7

17.0

17.0

13.9

Total Common Shares Outstanding

500.6

13.7

17.0

17.0

13.9

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

-

-

Employees

-

-

-

211

160

Number of Common Shareholders

-

-

783

660

788

Accumulated Intangible Amort, Suppl.

-

-

0.7

0.2

0.0

Total Long Term Debt, Supplemental

-

-

22.8

25.9

0.2

Long Term Debt Maturing within 1 Year

-

-

22.8

12.1

0.2

Long Term Debt Matur. in Year 6 & Beyond

-

-

0.0

13.8

0.0

Total Capital Leases, Supplemental

-

-

0.4

0.3

0.4

Capital Lease Payments Due in Year 1

-

-

0.1

0.1

0.1

Capital Lease Payments Due in Year 2

-

-

0.1

0.1

0.1

Capital Lease Payments Due in Year 3

-

-

0.1

0.1

0.1

Capital Lease Payments Due in Year 4

-

-

0.1

0.1

0.1

Capital Lease Payments Due in Year 5

-

-

0.1

0.1

0.1

Capital Lease Payments Due in 2-3 Years

-

-

0.1

0.1

0.1

Capital Lease Payments Due in 4-5 Years

-

-

0.1

0.1

0.1

Cap. Lease Pymts. Due in Year 6 & Beyond

-

-

0.0

0.0

0.0

Total Operating Leases, Supplemental

-

-

0.1

0.2

0.0

Operating Lease Payments Due in Year 1

-

-

0.1

0.1

0.0

Operating Lease Payments Due in Year 2

-

-

0.0

0.0

0.0

Operating Lease Payments Due in Year 3

-

-

0.0

0.0

0.0

Operating Lease Payments Due in Year 4

-

-

0.0

0.0

0.0

Operating Lease Payments Due in Year 5

-

-

0.0

0.0

0.0

Operating Lease Pymts. Due in 2-3 Years

-

-

0.0

0.0

0.0

Operating Lease Pymts. Due in 4-5 Years

-

-

0.0

0.0

0.0

Oper. Lse. Pymts. Due in Year 6 & Beyond

-

-

0.0

0.0

0.0

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

USD

USD

SGD

SGD

SGD

Exchange Rate (Period Average)

1

1

1.415335

1.5067

1.588661

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-8.1

1.0

2.3

3.1

3.9

    Depreciation

0.2

0.2

0.4

0.4

0.6

Depreciation/Depletion

0.2

0.2

0.4

0.4

0.6

    Amortization of Intangibles

0.0

0.0

0.5

0.2

-

Amortization

0.0

0.0

0.5

0.2

-

    Discontinued Operations

-

-

-41.8

2.5

-

    Unusual Items

5.9

0.0

1.4

1.3

-0.1

    Equity in Net Earnings (Loss)

0.0

0.0

0.0

-0.1

0.0

    Other Non-Cash Items

1.2

0.9

41.7

1.3

1.5

Non-Cash Items

7.1

0.9

1.3

5.1

1.4

    Accounts Receivable

9.7

-1.5

20.7

-19.7

-7.0

    Inventories

-1.8

-0.3

-0.9

-0.2

0.3

    Other Assets

0.1

-0.1

-

-

-

    Accounts Payable

-5.1

-0.9

-32.3

2.8

2.5

    Payable/Accrued

-

-

-

-

1.1

    Other Operating Cash Flow

-0.3

-0.3

-2.7

-2.2

-2.1

Changes in Working Capital

2.5

-3.2

-15.2

-19.2

-5.3

Cash from Operating Activities

1.8

-1.1

-10.7

-10.5

0.5

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.2

0.0

-0.3

-0.1

-0.2

    Purchase/Acquisition of Intangibles

-

-

0.0

-0.7

-

Capital Expenditures

-0.2

0.0

-0.3

-0.8

-0.2

    Acquisition of Business

0.0

0.0

-

-

-

    Sale of Business

-

-

-

-

0.0

    Sale of Fixed Assets

0.0

0.0

0.2

0.0

0.1

    Sale/Maturity of Investment

-

-

0.4

0.0

-

    Investment, Net

-

-

0.0

-0.9

-

    Other Investing Cash Flow

0.0

0.0

0.0

0.0

-0.1

Other Investing Cash Flow Items, Total

0.0

0.0

0.6

-0.9

0.1

Cash from Investing Activities

-0.1

0.0

0.3

-1.7

-0.1

 

 

 

 

 

 

    Other Financing Cash Flow

-0.7

0.2

-3.6

23.7

-

Financing Cash Flow Items

-0.7

0.2

-3.6

23.7

-

    Cash Dividends Paid - Common

-1.1

0.0

-1.3

-1.1

-0.7

Total Cash Dividends Paid

-1.1

0.0

-1.3

-1.1

-0.7

        Sale/Issuance of Common

-

-

0.0

3.7

-

    Common Stock, Net

-

-

0.0

3.7

-

    Options Exercised

-

-

0.0

0.2

-

Issuance (Retirement) of Stock, Net

-

-

0.0

3.9

-

        Long Term Debt Reduction

0.0

0.0

-

-

-

    Long Term Debt, Net

1.5

2.4

-0.3

-0.1

-0.3

Issuance (Retirement) of Debt, Net

1.5

2.4

-0.3

-0.1

-0.3

Cash from Financing Activities

-0.3

2.6

-5.1

26.3

-1.0

 

 

 

 

 

 

Net Change in Cash

1.4

1.5

-15.5

14.1

-0.5

 

 

 

 

 

 

Net Cash - Beginning Balance

4.5

3.0

19.3

2.9

3.1

Net Cash - Ending Balance

5.9

4.5

3.8

17.0

2.6

Cash Interest Paid

-

-

1.4

1.4

1.6

Cash Taxes Paid

-

-

1.4

1.1

0.6

 

 

Annual income statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Restated Normal
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

USD

USD

SGD

SGD

SGD

Exchange Rate (Period Average)

1

1

1.415335

1.5067

1.588661

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Revenue

90.1

52.5

-

-

-

    Distribution Sales

-

-

87.3

87.0

207.9

    Commission Income

-

-

0.0

0.5

-

Total Revenue

90.1

52.5

87.3

87.6

207.9

 

 

 

 

 

 

    Cost of Sales

81.0

46.0

76.1

74.4

192.0

    Interest Income

0.0

0.0

-0.1

-0.3

-0.1

    Sale of Fixed Assets

-

-

-0.1

0.0

0.0

    Gain on Derrivative

-

-

-

-

-0.1

    Dividend Income

-

-

0.0

0.0

0.0

    Foreign Exchange Gain

-

-

-0.4

0.0

-

    Other Income

-0.6

0.0

-0.2

-0.1

-0.1

    Amortization of Intangibles

-

-

-

-

0.0

    Depreciation

-

-

-

-

0.8

    Loss on Dilution of Interest in Associat

-

-

-

-

0.0

    Loss on Disposal of Associates

-

-

-

-

0.0

    Impairment of Investment in Associates

-

-

-

-

0.0

    Impairment on Oter Investments

-

-

-

-

0.0

    Sale of Fixed Assets

-

-

-

-

0.0

    Operating Lease Expenses

-

-

-

-

0.0

    W/O of Impairment Loss In ClubMembership

-

-

-

-

0.0

    Allowance for Stock Obsolescence

-

-

-

-

0.3

    Loss on Derivative Financial Instruments

-

-

-

-

0.0

    Staff Costs

-

-

-

-

5.5

    Marketing and Distribution expenses

2.3

0.7

4.4

4.5

1.3

    Administration Expenses

7.8

4.3

3.7

4.6

-

    Foreign Exchange Loss, Net

-

-

-

-

0.8

    Other Operating Expenses

7.0

0.1

0.8

0.7

1.1

    Finance Costs

0.8

0.3

0.4

-

-

    Share of Results of Associates

-

-

0.0

-

-

Total Operating Expense

98.2

51.5

84.6

83.7

201.4

 

 

 

 

 

 

    Finance Costs

-

-

-

-0.1

-1.9

    Share of Results of Associates

0.0

0.0

-

0.1

-

    Property Revaluation Loss

-

-

-

-

0.4

Net Income Before Taxes

-8.1

1.0

2.7

3.8

4.9

 

 

 

 

 

 

Provision for Income Taxes

0.2

0.2

0.0

1.0

1.1

Net Income After Taxes

-8.3

0.7

2.6

2.8

3.8

 

 

 

 

 

 

    Share of Associates

-

-

-

-

0.1

    Minority Interests

4.1

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

-4.2

0.7

2.6

2.7

3.8

    Discontinued Operation

-

-

-47.8

2.2

-

Net Income

-4.2

0.7

-45.2

4.9

3.8

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-4.2

0.7

2.6

2.7

3.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-4.2

0.7

-45.2

4.9

3.8

 

 

 

 

 

 

Basic Weighted Average Shares

472.9

434.2

13.7

12.1

11.2

Basic EPS Excluding ExtraOrdinary Items

-0.01

0.00

0.19

0.22

0.34

Basic EPS Including ExtraOrdinary Items

-0.01

0.00

-3.29

0.41

0.34

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-4.2

0.7

-45.2

4.9

3.8

Diluted Weighted Average Shares

472.9

434.2

13.7

12.3

11.3

Diluted EPS Excluding ExtraOrd Items

-0.01

0.00

0.19

0.22

0.34

Diluted EPS Including ExtraOrd Items

-0.01

0.00

-3.29

0.40

0.34

DPS-Ordinary Shares

-

0.00

0.01

0.10

0.10

Gross Dividends - Common Stock

-

0.0

0.2

1.7

1.1

Normalized Income Before Taxes

-2.3

1.0

2.7

3.8

4.9

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

2.3

0.2

0.0

1.0

1.1

Normalized Income After Taxes

-4.5

0.7

2.7

2.8

3.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-0.4

0.7

2.6

2.7

3.8

 

 

 

 

 

 

Basic Normalized EPS

0.00

0.00

0.19

0.22

0.34

Diluted Normalized EPS

0.00

0.00

0.19

0.22

0.34

Interest Expense

0.8

0.3

0.2

0.1

1.9

Depreciation

0.2

0.2

0.5

0.4

0.8

Amortization of Intahgibles

0.0

0.0

0.5

0.3

0.0

Rental Expenses

-

-

0.2

0.2

0.2

    Current Tax

-

-

0.0

1.0

1.2

Current Tax - Total

-

-

0.0

1.0

1.2

    Deferred Tax

-

-

0.0

0.0

-0.1

Deferred Tax - Total

-

-

0.0

0.0

-0.1

Income Tax - Total

-

-

0.0

1.0

1.1

Defined Contribution Plans - Pension

-

-

0.4

0.4

-

Total Pension Expense

-

-

0.4

0.4

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

USD

USD

SGD

SGD

SGD

Exchange Rate

1

1

1.44075

1.43945

1.5343

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and Bank Balances

7.7

6.4

-

-

3.7

    Inventories

9.7

4.3

-

-

-

    Cash and Bank Balances

-

-

4.7

21.7

-

    Trade Debtors, Net

14.8

12.3

11.2

77.8

49.9

    Other Debtors

-

-

0.1

0.6

0.7

    Derivative Fin. Instruments

-

-

-

-

0.0

    Advance Payment to Suppliers

-

-

0.2

0.0

-

    Amounts Due from Associated Companies

-

-

0.0

0.1

-

    Amounts due from Related Parties

0.0

0.2

0.0

1.5

0.1

    Refundable Deposits

-

-

0.1

0.1

-

    Prepaid Operating Expenses

-

-

0.1

0.4

-

    Amounts due from Associated Co.

-

-

-

-

0.9

    Stocks

-

-

8.9

8.8

8.0

    Other aseets

0.3

0.4

-

-

-

Total Current Assets

32.5

23.6

25.2

110.9

63.4

 

 

 

 

 

 

    Leasehold Building

-

-

1.9

1.9

1.8

    Leasehold Improvements

-

-

0.7

0.7

0.7

    Furniture and Fittings

-

-

0.2

0.2

0.2

    Office Equipment

-

-

0.2

0.2

0.1

    Computer Equipment

-

-

2.2

1.8

1.6

    Machinery and Tools

-

-

0.3

0.3

0.3

    Motor Vehicles

-

-

0.7

1.0

1.0

    Depreciation

-

-

-3.4

-3.4

-2.7

    Property, Plant & Equipment

2.8

2.4

-

-

-

    Investment in Associates

0.1

0.0

0.0

0.2

0.8

    Other Investments

-

-

0.0

1.2

0.9

    Amounts Due from Associated

-

-

-

-

0.1

    Intangible, Net

0.1

0.0

-

-

-

    Distribution Rights

-

-

0.8

0.8

0.0

    Club Membership

-

-

0.1

0.1

-

    Intangible Amortisation

-

-

-0.8

-0.3

0.0

    Goodwill, Net

-

-

0.0

0.0

-

    Other Receivables

-

-

0.0

0.1

-

    Other Assets

0.1

0.0

-

-

-

Total Assets

35.6

26.0

28.2

116.0

68.2

 

 

 

 

 

 

    Trade Creditors

10.0

9.1

4.7

46.0

8.8

    Other Creditors and Accruals

-

-

1.1

3.2

3.2

    Amounts due to Related Parties

0.0

0.2

0.0

0.1

0.0

    Amounts due to Associated Co.

-

-

0.0

0.0

0.1

    Hire Purchase Creditors

0.1

0.0

0.1

0.1

0.2

    Loans and borrowings

-

-

25.9

14.1

-

    Bills Payable to Bank

4.0

2.9

6.7

0.0

31.1

    Derivative financial Liability

3.6

0.8

0.0

0.3

-

    Bank Overdrafts

-

-

0.4

0.0

0.3

    Accrued Operating Expenses

-

-

1.4

0.8

-

    Provision for Taxation

0.1

0.3

0.3

1.8

1.2

Total Current Liabilities

17.8

13.2

40.7

66.4

44.8

 

 

 

 

 

 

    Hire Purchase Creditors

0.0

0.0

0.3

0.3

0.4

    Loan from External Party

-

-

-

-

0.0

    Other financial liabilities

11.2

3.5

-

-

-

    Loans and borrowings

-

-

0.0

16.1

-

Total Long Term Debt

11.2

3.5

0.3

16.4

0.4

 

 

 

 

 

 

    Deferred Tax

0.0

0.0

0.0

0.0

0.0

    Minority Interest

2.2

0.0

0.0

0.1

0.1

Total Liabilities

31.2

16.7

41.0

82.9

45.3

 

 

 

 

 

 

    Share Capital

37.9

6.7

15.8

15.8

10.1

    Share Premium

-

-

-

-

0.0

    Accumulated Profits

-3.6

2.8

-28.7

17.2

12.6

    Other Reserves

-29.8

-0.2

0.0

0.0

0.1

Total Equity

4.4

9.3

-12.8

33.0

22.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

35.6

26.0

28.2

116.0

68.2

 

 

 

 

 

 

    S/O-Ordinary Shares

500.6

13.7

13.7

13.7

11.2

Total Common Shares Outstanding

500.6

13.7

13.7

13.7

11.2

T/S-Ordinary Shares

0.0

0.0

0.0

-

-

Intangible Amortization

-

-

0.8

0.3

0.0

Full-Time Employees

-

-

-

211

160

No. of Common Shareholders

-

-

634

534

638

Long Term Debt Due Within 1 Year

-

-

26.3

14.1

0.3

Long Term Debt Due After 1 Year

-

-

0.0

16.1

0.0

Total Long Term Debt, Supplemental

-

-

26.3

30.2

0.3

Hire Purchase Lease Within 1 Year

-

-

0.1

0.1

0.2

Hire Purchase Lease Within 5 Years

-

-

0.3

0.2

0.3

Hire Purchase Lease > 5 Year

-

-

0.0

0.0

0.0

Total Capital Leases

-

-

0.4

0.4

0.5

Operating Lease Due Within 1 Year

-

-

0.1

0.1

0.0

Operating Lease Due Within 5 Years

-

-

0.0

0.1

0.0

Total Operating Leases

-

-

0.2

0.2

0.0

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

USD

USD

SGD

SGD

SGD

Exchange Rate (Period Average)

1

1

1.415335

1.5067

1.588661

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

-8.1

1.0

2.7

3.8

5.0

    Depreciation

0.2

0.2

0.5

0.4

0.8

    Discontinued Operation

-

-

-47.8

3.1

-

    Write back of impairment loss on doubtfu

-0.3

0.0

-

-

-

    Dividend Income

-

-

0.0

0.0

-

    Impairment on Investment Income

-

-

0.1

0.0

-

    Impairment on Other Investment

-

-

0.1

0.3

-

    Loss on Dilution of Interest

-

-

0.0

0.1

-

    Allowance Doubtful Debts

0.1

0.2

46.2

0.0

-

    Impairment loss on doubtful debts

-

-

0.0

-

-

    Inventory obsolescence

0.4

0.4

0.0

-

-

    Amortization of Intangibles

0.0

0.0

0.5

0.3

-

    Impairment on amount due from an Associa

-

-

0.2

0.0

-

    Diminution in Value of Club Membership

-

-

-

-

0.0

    Loss on Revaluation of Fixed Assets

-

-

-

-

0.0

    Goodwill written off

5.9

0.0

-

-

-

    Disposal Fixed Assets

0.1

0.0

-0.1

0.0

0.0

    Property, plant and equipment written of

-

-

0.0

0.0

-

    Disposal of Associates

-

-

-

-

0.0

    Fair Value loss on Investments

-

-

0.0

1.2

-

    Share Option

-

-

-

-

0.0

    Write Off of Motor Vehicles

-

-

-

-

0.2

    Write off of Club Memberships

-

-

-

-

0.1

    Write Back of Impairment on Club Mem.

-

-

-

-

-0.1

    Inventories W/O

-

-

0.9

0.0

-

    Fair Value Gain on Shares Held

-

-

0.7

0.0

-0.4

    Derivative Fin. Instruments

-

-

0.0

0.3

0.0

    Impairment loss on goodwill

-

-

0.0

0.0

-

    Interest Income

0.0

0.0

-0.1

-0.3

-0.1

    Interest Expense

0.8

0.3

1.6

1.7

2.0

    Share of Results of Associates

0.0

0.0

0.0

-0.1

-0.1

    Exchange Realignment

0.2

0.1

-0.2

0.0

0.0

    Disposal of Subsidiary

-

-

-

-

0.0

    Loss on Revaluation of Leasehold Prop.

-

-

-

-

0.0

    Stocks

-1.8

-0.3

-1.0

-0.2

0.4

    Trade & Other Receivables and Prepayment

9.7

-1.5

23.7

-24.0

-

    Other assets

0.1

-0.1

-

-

-

    Trade & Other Payables and Other Liabili

-5.1

-0.9

-37.0

3.5

-

    Trade Debtors

-

-

-

-

-8.9

    Other Debtors

-

-

-

-

0.2

    Amounts due from Associated Co.

-

-

-

-

-0.4

    Amounts due from Related Parties

-

-

-

-

0.1

    Trade Creditors

-

-

-

-

-3.6

    Bills Payable to Banks

-

-

-

-

6.7

    Due to Associated Companies

-

-

-

-

0.1

    Other Creditors and Accruals

-

-

-

-

1.4

    Interest Paid

-

-

-1.6

-1.7

-2.0

    Interest Received

-

-

0.1

0.3

0.1

    Tax Paid

-0.3

-0.3

-1.6

-1.4

-0.8

Cash from Operating Activities

1.8

-1.1

-12.2

-12.8

0.7

 

 

 

 

 

 

    Capital Expenditures

-0.2

0.0

-0.3

-0.1

-0.2

    Acquisition of Associated Companies

0.0

0.0

-

-

-

    Capital Injection to an Associate Co.

-

-

0.0

0.0

-0.1

    Other Investment

-

-

0.0

-1.1

-

    Purchase on Distribution Rights

-

-

0.0

-0.9

-

    Disposal of Other Investments

-

-

0.4

0.0

-

    Disposal of Subsidiary

-

-

-

-

0.0

    Disposal of Associate

-

-

-

-

0.0

    Disposal Fixed Assets

0.0

0.0

0.2

0.0

0.1

    Interest received

0.0

0.0

-

-

-

    Dividend Received

-

-

0.0

0.0

-

Cash from Investing Activities

-0.1

0.0

0.4

-2.1

-0.1

 

 

 

 

 

 

    Options Excercised

-

-

0.0

0.3

-

    Decrease in finance leases

0.0

0.0

-

-

-

    Loan from Minority Shareholder, Net

-

-

-4.1

28.8

-

    Repayment Lease Obligations

-

-

-0.3

-0.2

-0.4

    Term Loans, Net

1.6

2.5

-

-

0.0

    Issue of Shares

-

-

0.0

4.5

-

    Interest paid

-0.8

-0.3

-

-

-

    Cash restricted in use

0.1

0.5

-

-

-

    Dividends Paid

-1.1

0.0

-1.5

-1.3

-0.9

Cash from Financing Activities

-0.3

2.6

-5.8

32.0

-1.3

 

 

 

 

 

 

Net Change in Cash

1.4

1.5

-17.7

17.1

-0.7

 

 

 

 

 

 

Cash Beginning

4.5

3.0

22.0

3.5

4.0

Cash Ending

5.9

4.5

4.4

20.7

3.4

    Cash Interest Paid

-

-

1.6

1.7

2.0

    Cash Taxes Paid

-

-

1.6

1.4

0.8

 

Financials health

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

Key Indicators USD (mil)

 

Quarter
Ending
31-Dec-2010

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue

53.9

70.63%

90.1

71.73%

7.82%

0.14%

Operating Income

-8.1

-

-8.2

-

-

-

Income Available to Common Excl Extraord Items

-4.1

-

-4.2

-

-

-

Basic EPS Excl Extraord Items

-0.01

-

-0.01

-

-

-

Capital Expenditures

0.2

387.88%

0.2

387.88%

-42.00%

2.62%

Cash from Operating Activities

1.8

-

1.8

-

-

-7.90%

Free Cash Flow

1.6

-

1.6

-

-

-8.66%

Total Assets

35.6

36.92%

35.6

36.92%

-28.96%

-2.85%

Total Liabilities

31.2

86.58%

31.2

86.58%

-23.99%

2.50%

Total Long Term Debt

11.2

220.45%

11.2

220.45%

-7.24%

99.77%

Total Common Shares Outstanding

500.6

3,544.73%

500.6

3,544.73%

248.86%

126.72%

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin

10.12%

12.26%

15.81%

18.60%

9.46%

Operating Margin

-9.06%

1.88%

3.78%

5.42%

3.85%

Pretax Margin

-9.03%

1.88%

3.78%

5.29%

2.93%

Net Profit Margin

-4.67%

1.42%

3.70%

3.82%

2.27%

Financial Strength

Current Ratio

1.83

1.78

0.62

1.67

1.41

Long Term Debt/Equity

2.53

0.38

-0.02

0.50

0.02

Total Debt/Equity

3.44

0.69

-2.61

0.93

1.40

Interest Coverage

-

-

-

25.82

3.36

Management Effectiveness

Return on Assets

-27.05%

2.95%

3.72%

2.93%

6.15%

Return on Equity

-61.28%

-83.15%

26.53%

9.51%

18.55%

Efficiency

Receivables Turnover

6.60

4.66

1.94

1.30

4.58

Inventory Turnover

11.56

7.71

8.78

8.75

24.13

Asset Turnover

2.92

2.08

1.23

0.93

3.37

Market Valuation USD (mil)

Enterprise Value

21.4

.

Price/Sales (TTM)

0.09

Enterprise Value/Revenue (TTM)

0.19

.

Price/Book (MRQ)

1.76

Market Cap as of 06-Jul-2011

7.7

.

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Financial Strength

Current Ratio

1.83

1.78

0.62

1.67

1.41

Quick/Acid Test Ratio

1.26

1.43

0.40

1.53

1.23

Working Capital

14.7

10.4

-9.3

26.5

9.7

Long Term Debt/Equity

2.53

0.38

-0.02

0.50

0.02

Total Debt/Equity

3.44

0.69

-2.61

0.93

1.40

Long Term Debt/Total Capital

0.57

0.22

0.02

0.37

0.01

Total Debt/Total Capital

0.77

0.41

2.34

0.69

0.89

Interest Coverage

-

-

-

25.82

3.36

Payout Ratio

-

0.00%

7.43%

43.38%

28.93%

Effective Tax Rate

-

24.70%

1.54%

32.78%

28.21%

Total Capital

19.7

15.7

12.4

37.9

28.8

 

 

 

 

 

 

Efficiency

Asset Turnover

2.92

2.08

1.23

0.93

3.37

Inventory Turnover

11.56

7.71

8.78

8.75

24.13

Days In Inventory

31.57

47.36

41.55

41.72

15.13

Receivables Turnover

6.60

4.66

1.94

1.30

4.58

Days Receivables Outstanding

55.28

78.34

188.16

279.96

79.62

Revenue/Employee1

-

-

-

340,593

1,011,153

Operating Income/Employee1

-

-

-

14,931

31,465

EBITDA/Employee1

-

-

-

17,583

35,151

 

 

 

 

 

 

Profitability

Gross Margin

10.12%

12.26%

15.81%

18.60%

9.46%

Operating Margin

-9.06%

1.88%

3.78%

5.42%

3.85%

EBITDA Margin

-8.78%

2.22%

4.19%

5.16%

3.48%

EBIT Margin

-9.06%

1.88%

3.06%

4.38%

3.11%

Pretax Margin

-9.03%

1.88%

3.78%

5.29%

2.93%

Net Profit Margin

-4.67%

1.42%

3.70%

3.82%

2.27%

COGS/Revenue

89.88%

87.74%

87.21%

84.95%

92.35%

SG&A Expense/Revenue

11.23%

9.63%

9.37%

10.41%

3.40%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

-27.05%

2.95%

3.72%

2.93%

6.15%

Return on Equity

-61.28%

-83.15%

26.53%

9.51%

18.55%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share

0.00

-0.08

-0.65

-0.67

0.03

Operating Cash Flow/Share

0.00

-0.08

-0.63

-0.62

0.04

1-ExchangeRate: SGD to USD Average for Period

1

1

1.44075

1.43945

1.5343

 

Current Market Multiples

Market Cap/Earnings (TTM)

-1.84

Market Cap/Equity (MRQ)

1.76

Market Cap/Revenue (TTM)

0.09

Market Cap/EBIT (TTM)

-1.05

Market Cap/EBITDA (TTM)

-1.09

Enterprise Value/Earnings (TTM)

-4.14

Enterprise Value/Equity (MRQ)

3.95

Enterprise Value/Revenue (TTM)

0.19

Enterprise Value/EBIT (TTM)

-2.36

Enterprise Value/EBITDA (TTM)

-2.45

 

 Annual Income Statement

Standardized

 

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

USD

USD

SGD

SGD

SGD

Exchange Rate (Period Average)

1

1

1.415335

1.5067

1.588661

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

90.1

52.5

76.3

71.9

161.8

Revenue

90.1

52.5

76.3

71.9

161.8

Total Revenue

90.1

52.5

76.3

71.9

161.8

 

 

 

 

 

 

    Cost of Revenue

81.0

46.0

66.6

61.0

149.4

Cost of Revenue, Total

81.0

46.0

66.6

61.0

149.4

Gross Profit

9.1

6.4

9.8

10.8

12.4

 

 

 

 

 

 

    Selling/General/Administrative Expense

10.1

5.0

7.2

7.5

1.2

    Labor & Related Expense

-

-

-

-

4.3

Total Selling/General/Administrative Expenses

10.1

5.0

7.2

7.5

5.5

    Depreciation

-

-

-

-

0.6

    Amortization of Intangibles

-

-

-

-

0.0

Depreciation/Amortization

-

-

-

-

0.6

        Interest Expense - Operating

0.8

0.3

0.3

-

-

    Interest Expense - Net Operating

0.8

0.3

0.3

-

-

        Interest Income - Operating

0.0

0.0

-0.1

-0.3

-0.1

        Investment Income - Operating

-

-

-0.3

0.0

0.6

    Interest/Investment Income - Operating

0.0

0.0

-0.4

-0.3

0.5

Interest Expense (Income) - Net Operating Total

0.8

0.3

-0.1

-0.3

0.5

    Impairment-Assets Held for Use

-

-

-

-

0.0

    Impairment-Assets Held for Sale

-

-

-

-

0.0

    Loss (Gain) on Sale of Assets - Operating

-

-

-0.1

0.0

0.0

Unusual Expense (Income)

-

-

-0.1

0.0

0.0

    Other Operating Expense

7.0

0.1

0.7

0.6

0.8

    Other, Net

-0.6

0.0

-0.2

-0.1

-0.1

Other Operating Expenses, Total

6.4

0.1

0.5

0.5

0.8

Total Operating Expense

98.2

51.5

74.0

68.7

156.8

 

 

 

 

 

 

Operating Income

-8.2

1.0

2.3

3.2

5.0

 

 

 

 

 

 

        Investment Income - Non-Operating

0.0

0.0

-

0.1

-

    Interest/Investment Income - Non-Operating

0.0

0.0

-

0.1

-

    Interest Income (Expense) - Net Non-Operating

-

-

-

-0.1

-1.5

Interest Income (Expense) - Net Non-Operating Total

0.0

0.0

-

-0.1

-1.5

    Other Non-Operating Income (Expense)

-

-

-

-

0.3

Other, Net

-

-

-

-

0.3

Income Before Tax

-8.1

1.0

2.3

3.1

3.8

 

 

 

 

 

 

Total Income Tax

0.2

0.2

0.0

0.8

0.9

Income After Tax

-8.3

0.7

2.3

2.3

3.0

 

 

 

 

 

 

    Minority Interest

4.1

0.0

0.0

0.0

0.0

    Equity In Affiliates

-

-

-

-

0.0

Net Income Before Extraord Items

-4.2

0.7

2.3

2.2

3.0

    Discontinued Operations

-

-

-41.8

1.8

-

Total Extraord Items

-

-

-41.8

1.8

-

Net Income

-4.2

0.7

-39.5

4.1

3.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-4.2

0.7

2.3

2.2

3.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-4.2

0.7

-39.5

4.1

3.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

472.9

434.2

17.0

15.0

13.9

Basic EPS Excl Extraord Items

-0.01

0.00

0.17

0.18

0.26

Basic/Primary EPS Incl Extraord Items

-0.01

0.00

-2.88

0.34

0.26

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-4.2

0.7

-39.5

4.1

3.0

Diluted Weighted Average Shares

472.9

434.2

17.0

15.2

13.9

Diluted EPS Excl Extraord Items

-0.01

0.00

0.17

0.18

0.26

Diluted EPS Incl Extraord Items

-0.01

0.00

-2.88

0.33

0.26

Dividends per Share - Common Stock Primary Issue

-

0.00

0.01

0.08

0.08

Gross Dividends - Common Stock

-

0.0

0.2

1.4

0.9

Interest Expense, Supplemental

0.8

0.3

0.2

0.1

1.5

Depreciation, Supplemental

0.2

0.2

0.4

0.4

0.6

Total Special Items

5.9

0.0

0.0

0.0

0.0

Normalized Income Before Tax

-2.3

1.0

2.4

3.1

3.8

 

 

 

 

 

 

Effect of Special Items on Income Taxes

2.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

2.3

0.2

0.0

0.8

0.9

Normalized Income After Tax

-4.5

0.7

2.3

2.3

3.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-0.4

0.7

2.3

2.2

3.0

 

 

 

 

 

 

Basic Normalized EPS

0.00

0.00

0.17

0.18

0.26

Diluted Normalized EPS

0.00

0.00

0.17

0.18

0.26

Amort of Intangibles, Supplemental

0.0

0.0

0.5

0.2

0.0

Rental Expenses

-

-

0.2

0.2

0.1

Normalized EBIT

-1.6

1.3

2.2

2.9

5.5

Normalized EBITDA

-1.3

1.5

3.1

3.4

6.1

    Current Tax - Total

-

-

0.0

0.8

0.9

Current Tax - Total

-

-

0.0

0.8

0.9

    Deferred Tax - Total

-

-

0.0

0.0

-0.1

Deferred Tax - Total

-

-

0.0

0.0

-0.1

Income Tax - Total

-

-

0.0

0.8

0.9

Defined Contribution Expense - Domestic

-

-

0.3

0.3

-

Total Pension Expense

-

-

0.3

0.3

-

 

Interim Income Statement

 

Standard

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

30-Jun-2010

31-Dec-2009

30-Jun-2009

31-Dec-2008

Period Length

6 Months

6 Months

6 Months

6 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
30-Jun-2010

Restated Normal
31-Dec-2010

Restated Normal
30-Jun-2010

Restated Special
31-Dec-2008

Filed Currency

USD

USD

USD

USD

SGD

Exchange Rate (Period Average)

1

1

1

1

1.415335

 

 

 

 

 

 

    Net Sales

53.9

36.2

31.6

20.9

76.3

Revenue

53.9

36.2

31.6

20.9

76.3

Total Revenue

53.9

36.2

31.6

20.9

76.3

 

 

 

 

 

 

    Cost of Revenue

48.1

32.9

27.7

18.3

66.6

Cost of Revenue, Total

48.1

32.9

27.7

18.3

66.6

Gross Profit

5.8

3.3

3.8

2.6

9.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

7.0

3.1

2.6

2.4

7.2

Total Selling/General/Administrative Expenses

7.0

3.1

2.6

2.4

7.2

        Interest Income - Operating

0.0

0.0

0.0

0.0

-

        Investment Income - Operating

0.0

0.0

0.1

-0.1

-

    Interest/Investment Income - Operating

0.0

0.0

0.1

-0.1

-

    Interest Expense (Income) - Net Operating

0.5

0.3

0.2

0.1

-

Interest Expense (Income) - Net Operating Total

0.5

0.3

0.3

0.0

-

    Other Operating Expense

7.0

0.0

0.0

0.1

0.7

    Other, Net

-0.6

0.0

0.0

0.0

-0.7

Other Operating Expenses, Total

6.4

0.0

0.0

0.1

0.0

Total Operating Expense

62.0

36.3

30.7

20.8

73.7

 

 

 

 

 

 

Operating Income

-8.1

-0.1

0.9

0.1

2.6

 

 

 

 

 

 

        Investment Income - Non-Operating

0.0

0.0

0.0

0.0

0.0

    Interest/Investment Income - Non-Operating

0.0

0.0

0.0

0.0

0.0

    Interest Income (Expense) - Net Non-Operating

-

-

-

-

-0.3

Interest Income (Expense) - Net Non-Operating Total

0.0

0.0

0.0

0.0

-0.3

Income Before Tax

-8.0

-0.1

0.9

0.1

2.3

 

 

 

 

 

 

Total Income Tax

0.2

0.0

0.2

0.0

0.0

Income After Tax

-8.2

-0.1

0.7

0.0

2.3

 

 

 

 

 

 

    Minority Interest

4.2

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

-4.1

-0.1

0.7

0.0

2.3

    Discontinued Operations

-

-

-

-

-41.8

Total Extraord Items

-

-

-

-

-41.8

Net Income

-4.1

-0.1

0.7

0.0

-39.5

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-4.1

-0.1

0.7

0.0

2.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-4.1

-0.1

0.7

0.0

-39.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

500.6

445.3

13.7

13.7

17.0

Basic EPS Excl Extraord Items

-0.01

0.00

0.05

0.00

0.17

Basic/Primary EPS Incl Extraord Items

-0.01

0.00

0.05

0.00

-2.88

Dilution Adjustment

0.0

0.0

0.0

-

0.0

Diluted Net Income

-4.1

-0.1

0.7

0.0

-39.5

Diluted Weighted Average Shares

500.6

445.3

13.7

13.7

17.0

Diluted EPS Excl Extraord Items

-0.01

0.00

0.05

0.00

0.17

Diluted EPS Incl Extraord Items

-0.01

0.00

0.05

0.00

-2.88

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Depreciation, Supplemental

0.2

0.1

0.1

0.1

0.4

Normalized Income Before Tax

-8.0

-0.1

0.9

0.1

2.3

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.2

0.0

0.2

0.0

0.0

Normalized Income After Tax

-8.2

-0.1

0.7

0.0

2.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-4.1

-0.1

0.7

0.0

2.3

 

 

 

 

 

 

Basic Normalized EPS

-0.01

0.00

0.05

0.00

0.17

Diluted Normalized EPS

-0.01

0.00

0.05

0.00

0.17

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.5

Normalized EBIT

-7.6

0.2

1.2

0.1

2.6

Normalized EBITDA

-7.4

0.3

1.3

0.2

3.5

 

Annual Balance Sheet

 

Standardised

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

USD

USD

SGD

SGD

SGD

Exchange Rate

1

1

1.44075

1.43945

1.5343

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

-

-

4.1

18.6

-

    Cash & Equivalents

7.7

6.4

-

-

3.0

Cash and Short Term Investments

7.7

6.4

4.1

18.6

3.0

    Trade Accounts Receivable - Net

14.8

12.5

9.9

68.1

41.0

    Other Receivables

-

-

0.1

0.6

0.5

Total Receivables, Net

14.8

12.5

10.0

68.7

41.6

Total Inventory

9.7

4.3

7.7

7.5

6.5

Prepaid Expenses

-

-

0.0

0.3

-

    Other Current Assets

0.3

0.4

-

-

0.0

Other Current Assets, Total

0.3

0.4

-

-

0.0

Total Current Assets

32.5

23.6

21.8

95.1

51.0

 

 

 

 

 

 

        Buildings

-

-

1.7

1.7

1.5

        Land/Improvements

-

-

0.6

0.6

0.5

        Machinery/Equipment

-

-

3.1

3.1

2.6

    Property/Plant/Equipment - Gross

-

-

5.4

5.3

4.6

    Accumulated Depreciation

-

-

-3.0

-2.9

-2.2

Property/Plant/Equipment - Net

2.8

2.4

2.5

2.5

2.4

Goodwill, Net

-

-

0.0

0.0

-

    Intangibles - Gross

-

-

0.8

0.8

0.0

    Accumulated Intangible Amortization

-

-

-0.7

-0.2

0.0

Intangibles, Net

0.1

0.0

0.1

0.6

0.0

    LT Investment - Affiliate Companies

0.1

0.0

0.0

0.1

0.6

    LT Investments - Other

-

-

0.0

1.1

0.8

Long Term Investments

0.1

0.0

0.0

1.2

1.4

Note Receivable - Long Term

-

-

0.0

0.1

0.1

    Other Long Term Assets

0.1

0.0

-

-

-

Other Long Term Assets, Total

0.1

0.0

-

-

-

Total Assets

35.6

26.0

24.4

99.4

54.9

 

 

 

 

 

 

Accounts Payable

10.0

9.3

4.0

39.5

7.1

Payable/Accrued

-

-

1.0

2.7

2.5

Accrued Expenses

-

-

1.2

0.7

-

Notes Payable/Short Term Debt

4.0

2.9

6.2

0.0

25.3

Current Portion - Long Term Debt/Capital Leases

0.1

0.0

22.5

12.2

0.1

    Income Taxes Payable

0.1

0.3

0.2

1.6

1.0

    Other Current Liabilities

3.6

0.8

0.0

0.2

-

Other Current liabilities, Total

3.7

1.0

0.2

1.8

1.0

Total Current Liabilities

17.8

13.2

35.2

56.9

36.1

 

 

 

 

 

 

    Long Term Debt

11.2

3.5

0.0

13.8

0.0

    Capital Lease Obligations

0.0

0.0

0.2

0.2

0.3

Total Long Term Debt

11.2

3.5

0.2

14.0

0.3

Total Debt

15.3

6.4

28.9

26.2

25.8

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.0

0.0

0.0

0.0

0.0

Deferred Income Tax

0.0

0.0

0.0

0.0

0.0

Minority Interest

2.2

0.0

0.0

0.1

0.1

Total Liabilities

31.2

16.7

35.5

71.1

36.5

 

 

 

 

 

 

    Common Stock

37.9

6.7

13.7

13.6

8.1

Common Stock

37.9

6.7

13.7

13.6

8.1

Additional Paid-In Capital

-

-

-

-

0.0

Retained Earnings (Accumulated Deficit)

-33.4

2.6

-24.8

14.7

10.3

Total Equity

4.4

9.3

-11.1

28.3

18.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

35.6

26.0

24.4

99.4

54.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

500.6

13.7

17.0

17.0

13.9

Total Common Shares Outstanding

500.6

13.7

17.0

17.0

13.9

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

-

-

Employees

-

-

-

211

160

Number of Common Shareholders

-

-

783

660

788

Accumulated Intangible Amort, Suppl.

-

-

0.7

0.2

0.0

Total Long Term Debt, Supplemental

-

-

22.8

25.9

0.2

Long Term Debt Maturing within 1 Year

-

-

22.8

12.1

0.2

Long Term Debt Matur. in Year 6 & Beyond

-

-

0.0

13.8

0.0

Total Capital Leases, Supplemental

-

-

0.4

0.3

0.4

Capital Lease Payments Due in Year 1

-

-

0.1

0.1

0.1

Capital Lease Payments Due in Year 2

-

-

0.1

0.1

0.1

Capital Lease Payments Due in Year 3

-

-

0.1

0.1

0.1

Capital Lease Payments Due in Year 4

-

-

0.1

0.1

0.1

Capital Lease Payments Due in Year 5

-

-

0.1

0.1

0.1

Capital Lease Payments Due in 2-3 Years

-

-

0.1

0.1

0.1

Capital Lease Payments Due in 4-5 Years

-

-

0.1

0.1

0.1

Cap. Lease Pymts. Due in Year 6 & Beyond

-

-

0.0

0.0

0.0

Total Operating Leases, Supplemental

-

-

0.1

0.2

0.0

Operating Lease Payments Due in Year 1

-

-

0.1

0.1

0.0

Operating Lease Payments Due in Year 2

-

-

0.0

0.0

0.0

Operating Lease Payments Due in Year 3

-

-

0.0

0.0

0.0

Operating Lease Payments Due in Year 4

-

-

0.0

0.0

0.0

Operating Lease Payments Due in Year 5

-

-

0.0

0.0

0.0

Operating Lease Pymts. Due in 2-3 Years

-

-

0.0

0.0

0.0

Operating Lease Pymts. Due in 4-5 Years

-

-

0.0

0.0

0.0

Oper. Lse. Pymts. Due in Year 6 & Beyond

-

-

0.0

0.0

0.0

 

Interim balance sheet

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

30-Jun-2010

31-Dec-2009

30-Jun-2009

31-Dec-2008

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
30-Jun-2010

Restated Normal
30-Jun-2010

Updated Normal
30-Jun-2009

Updated Normal 
31-Dec-2008

Filed Currency

USD

USD

USD

USD

SGD

Exchange Rate

1

1

1

1

1.44075

 

 

 

 

 

 

    Cash

-

-

-

7.4

4.1

    Cash & Equivalents

7.7

7.1

3.8

-

-

Cash and Short Term Investments

7.7

7.1

3.8

7.4

4.1

    Trade Accounts Receivable - Net

14.8

23.4

12.5

7.9

9.9

    Other Receivables

-

-

-

0.6

0.1

Total Receivables, Net

14.8

23.4

12.5

8.5

10.0

Total Inventory

9.7

9.0

4.3

3.1

7.7

Prepaid Expenses

-

-

-

-

0.0

    Restricted Cash - Current

-

2.7

2.7

-

-

    Other Current Assets

0.3

0.2

0.4

-

0.0

Other Current Assets, Total

0.3

2.9

3.0

-

0.0

Total Current Assets

32.5

42.5

23.6

19.0

21.8

 

 

 

 

 

 

Property/Plant/Equipment - Net

2.8

2.6

2.4

2.7

2.5

Goodwill, Net

-

5.9

0.0

-

-

Intangibles, Net

0.1

0.2

0.0

0.1

-

    LT Investment - Affiliate Companies

0.1

0.0

0.0

0.0

0.0

    LT Investments - Other

-

-

-

-

0.1

Long Term Investments

0.1

0.0

0.0

0.0

0.1

Note Receivable - Long Term

-

-

-

-

0.0

    Other Long Term Assets

0.1

0.2

0.0

-

-

Other Long Term Assets, Total

0.1

0.2

0.0

-

-

Total Assets

35.6

51.4

26.0

21.8

24.4

 

 

 

 

 

 

Accounts Payable

10.0

17.5

9.3

2.1

4.0

Payable/Accrued

-

-

-

-

1.0

Accrued Expenses

-

-

-

1.6

1.2

Notes Payable/Short Term Debt

4.0

5.1

2.9

5.3

6.2

Current Portion - Long Term Debt/Capital Leases

3.7

1.3

0.8

26.1

22.5

    Income Taxes Payable

0.1

0.0

0.3

0.3

0.2

    Other Current Liabilities

-

-

-

-

0.0

Other Current liabilities, Total

0.1

0.0

0.3

0.3

0.2

Total Current Liabilities

17.8

23.9

13.2

35.4

35.2

 

 

 

 

 

 

    Long Term Debt

11.2

12.9

3.5

-

0.0

    Capital Lease Obligations

0.0

0.0

0.0

0.2

0.2

Total Long Term Debt

11.2

12.9

3.5

0.2

0.2

Total Debt

18.9

19.3

7.2

31.6

28.9

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.0

0.0

0.0

0.0

0.0

Deferred Income Tax

0.0

0.0

0.0

0.0

0.0

Minority Interest

2.2

0.3

0.0

0.0

0.0

Total Liabilities

31.2

37.2

16.7

35.7

35.5

 

 

 

 

 

 

    Common Stock

37.9

50.0

6.7

15.9

13.7

Common Stock

37.9

50.0

6.7

15.9

13.7

Retained Earnings (Accumulated Deficit)

-33.4

-35.9

2.6

-29.7

-24.8

Total Equity

4.4

14.2

9.3

-13.8

-11.1

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

35.6

51.4

26.0

21.8

24.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

500.6

500.6

13.7

13.7

17.0

Total Common Shares Outstanding

500.6

500.6

13.7

13.7

17.0

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Total Long Term Debt, Supplemental

-

19.3

7.2

31.6

22.8

Long Term Debt Maturing within 1 Year

-

6.4

3.7

31.4

22.8

Long Term Debt Matur. in Year 6 & Beyond

-

12.9

3.5

0.2

0.0

 

Annual Cash Flows

 

Standardized

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

USD

USD

SGD

SGD

SGD

Exchange Rate (Period Average)

1

1

1.415335

1.5067

1.588661

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-8.1

1.0

2.3

3.1

3.9

    Depreciation

0.2

0.2

0.4

0.4

0.6

Depreciation/Depletion

0.2

0.2

0.4

0.4

0.6

    Amortization of Intangibles

0.0

0.0

0.5

0.2

-

Amortization

0.0

0.0

0.5

0.2

-

    Discontinued Operations

-

-

-41.8

2.5

-

    Unusual Items

5.9

0.0

1.4

1.3

-0.1

    Equity in Net Earnings (Loss)

0.0

0.0

0.0

-0.1

0.0

    Other Non-Cash Items

1.2

0.9

41.7

1.3

1.5

Non-Cash Items

7.1

0.9

1.3

5.1

1.4

    Accounts Receivable

9.7

-1.5

20.7

-19.7

-7.0

    Inventories

-1.8

-0.3

-0.9

-0.2

0.3

    Other Assets

0.1

-0.1

-

-

-

    Accounts Payable

-5.1

-0.9

-32.3

2.8

2.5

    Payable/Accrued

-

-

-

-

1.1

    Other Operating Cash Flow

-0.3

-0.3

-2.7

-2.2

-2.1

Changes in Working Capital

2.5

-3.2

-15.2

-19.2

-5.3

Cash from Operating Activities

1.8

-1.1

-10.7

-10.5

0.5

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.2

0.0

-0.3

-0.1

-0.2

    Purchase/Acquisition of Intangibles

-

-

0.0

-0.7

-

Capital Expenditures

-0.2

0.0

-0.3

-0.8

-0.2

    Acquisition of Business

0.0

0.0

-

-

-

    Sale of Business

-

-

-

-

0.0

    Sale of Fixed Assets

0.0

0.0

0.2

0.0

0.1

    Sale/Maturity of Investment

-

-

0.4

0.0

-

    Investment, Net

-

-

0.0

-0.9

-

    Other Investing Cash Flow

0.0

0.0

0.0

0.0

-0.1

Other Investing Cash Flow Items, Total

0.0

0.0

0.6

-0.9

0.1

Cash from Investing Activities

-0.1

0.0

0.3

-1.7

-0.1

 

 

 

 

 

 

    Other Financing Cash Flow

-0.7

0.2

-3.6

23.7

-

Financing Cash Flow Items

-0.7

0.2

-3.6

23.7

-

    Cash Dividends Paid - Common

-1.1

0.0

-1.3

-1.1

-0.7

Total Cash Dividends Paid

-1.1

0.0

-1.3

-1.1

-0.7

        Sale/Issuance of Common

-

-

0.0

3.7

-

    Common Stock, Net

-

-

0.0

3.7

-

    Options Exercised

-

-

0.0

0.2

-

Issuance (Retirement) of Stock, Net

-

-

0.0

3.9

-

        Long Term Debt Reduction

0.0

0.0

-

-

-

    Long Term Debt, Net

1.5

2.4

-0.3

-0.1

-0.3

Issuance (Retirement) of Debt, Net

1.5

2.4

-0.3

-0.1

-0.3

Cash from Financing Activities

-0.3

2.6

-5.1

26.3

-1.0

 

 

 

 

 

 

Net Change in Cash

1.4

1.5

-15.5

14.1

-0.5

 

 

 

 

 

 

Net Cash - Beginning Balance

4.5

3.0

19.3

2.9

3.1

Net Cash - Ending Balance

5.9

4.5

3.8

17.0

2.6

Cash Interest Paid

-

-

1.4

1.4

1.6

Cash Taxes Paid

-

-

1.4

1.1

0.6

 

Interim Cash Flows

Standardised

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)

           

 

 

 

31-Dec-2010

30-Jun-2010

31-Dec-2009

30-Jun-2009

31-Dec-2008

Period Length

12 Months

6 Months

12 Months

6 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
30-Jun-2010

Restated Normal 
31-Dec-2010

Restated Normal 
30-Jun-2010

Updated Normal 
31-Dec-2008

Filed Currency

USD

USD

USD

USD

SGD

Exchange Rate (Period Average)

1

1

1

1

1.415335

 

 

 

 

 

 

Net Income/Starting Line

-8.1

-0.1

1.0

0.1

2.3

    Depreciation

0.2

0.1

0.2

0.1

0.4

Depreciation/Depletion

0.2

0.1

0.2

0.1

0.4

    Amortization of Intangibles

0.0

0.0

0.0

0.0

0.5

Amortization

0.0

0.0

0.0

0.0

0.5

    Discontinued Operations

-

-

-

-

-41.8

    Unusual Items

5.9

-

0.0

-

1.7

    Equity in Net Earnings (Loss)

-

-

-

-

0.0

    Other Non-Cash Items

1.2

0.3

0.9

0.2

41.5

Non-Cash Items

7.2

0.3

0.9

0.2

1.3

    Accounts Receivable

9.7

1.0

-1.5

0.4

20.7

    Inventories

-1.8

-0.6

-0.3

1.1

-0.9

    Other Assets

0.1

-

-0.1

-

-

    Accounts Payable

-5.1

1.3

-0.9

-2.0

-32.3

    Other Operating Cash Flow

-0.4

-0.2

-0.3

-0.2

-2.7

Changes in Working Capital

2.5

1.5

-3.2

-0.7

-15.2

Cash from Operating Activities

1.8

1.8

-1.1

-0.3

-10.7

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.2

0.0

0.0

0.0

-0.3

    Purchase/Acquisition of Intangibles

-

-

-

-

0.0

Capital Expenditures

-0.2

0.0

0.0

0.0

-0.3

    Acquisition of Business

0.0

-

0.0

-

-

    Sale of Fixed Assets

0.0

-

0.0

-

0.2

    Sale/Maturity of Investment

-

-

-

-

0.4

    Investment, Net

-

-

-

-

0.0

    Other Investing Cash Flow

0.0

0.0

0.0

0.0

0.0

Other Investing Cash Flow Items, Total

0.0

0.0

0.0

0.0

0.6

Cash from Investing Activities

-0.1

0.0

0.0

0.0

0.3

 

 

 

 

 

 

    Other Financing Cash Flow

-0.7

-0.4

0.2

0.0

-

Financing Cash Flow Items

-0.7

-0.4

0.2

0.0

-

    Cash Dividends Paid - Common

-1.1

-

0.0

-

-1.3

Total Cash Dividends Paid

-1.1

-

0.0

-

-1.3

        Sale/Issuance of Common

-

-

-

-

0.0

    Common Stock, Net

-

-

-

-

0.0

    Options Exercised

-

-

-

-

0.0

Issuance (Retirement) of Stock, Net

-

-

-

-

0.0

        Long Term Debt Issued

1.6

1.9

2.5

0.6

-

        Long Term Debt Reduction

0.0

-

0.0

-

-

    Long Term Debt, Net

1.5

2.0

2.4

0.6

-3.8

Issuance (Retirement) of Debt, Net

1.5

2.0

2.4

0.6

-3.8

Cash from Financing Activities

-0.3

1.6

2.6

0.5

-5.1

 

 

 

 

 

 

Net Change in Cash

1.4

3.4

1.5

0.2

-15.5

 

 

 

 

 

 

Net Cash - Beginning Balance

4.5

3.8

3.0

3.0

19.3

Net Cash - Ending Balance

5.9

7.1

4.5

3.2

3.8

Cash Interest Paid

-

0.3

-

0.1

1.4

Cash Taxes Paid

-

0.2

-

0.2

1.4

 

 

Geographic Segment  

 

Financials in: As Reported (mil)

Annual

 

 

 

External Revenue   USD (mil)

 

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

31-Dec-05

Singapore

11.4

26.4 %

40.4

17.4 %

53.2

13 %

88.8

26.9 %

55.9

27.9 %

Taiwan

0.0

0 %

108.2

46.7 %

278.1

67.8 %

165.7

50.2 %

61.0

30.4 %

Malaysia

19.4

45.1 %

40.3

17.4 %

32.4

7.9 %

21.2

6.4 %

23.3

11.6 %

China and Hong Kong

5.7

13.4 %

28.2

12.2 %

24.0

5.8 %

35.7

10.8 %

29.3

14.6 %

United States & Other

6.5

15.1 %

14.6

6.3 %

22.4

5.5 %

18.8

5.7 %

30.8

15.4 %

Segment Total

43.0

100 %

231.7

100 %

410.0

100 %

330.2

100 %

200.4

100 %

Consolidated Total

43.0

100 %

231.7

100 %

410.0

100 %

330.2

100 %

200.4

100 %

Total Revenue   USD (mil)

 

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

31-Dec-05

Singapore

11.4

26.4 %

40.4

17.4 %

53.2

13 %

88.8

26.9 %

55.9

27.9 %

Taiwan

0.0

0 %

108.2

46.7 %

278.1

67.8 %

165.7

50.2 %

61.0

30.4 %

Malaysia

19.4

45.1 %

40.3

17.4 %

32.4

7.9 %

21.2

6.4 %

23.3

11.6 %

China and Hong Kong

5.7

13.4 %

28.2

12.2 %

24.0

5.8 %

35.7

10.8 %

29.3

14.6 %

United States & Other

6.5

15.1 %

14.6

6.3 %

22.4

5.5 %

18.8

5.7 %

30.8

15.4 %

Segment Total

43.0

100 %

231.7

100 %

410.0

100 %

330.2

100 %

200.4

100 %

Consolidated Total

43.0

100 %

231.7

100 %

410.0

100 %

330.2

100 %

200.4

100 %

 

Total Assets   USD (mil)

 

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

31-Dec-05

Singapore

15.1

99 %

28.3

97.7 %

16.3

12.3 %

50.1

48.4 %

36.1

39.6 %

Taiwan

0.0

0 %

0.0

0 %

58.9

44.3 %

37.2

36 %

38.7

42.5 %

Malaysia

0.0

0.1 %

0.0

0 %

10.9

8.2 %

9.2

8.9 %

6.8

7.5 %

China and Hong Kong

0.1

0.7 %

0.6

2.2 %

9.2

6.9 %

5.7

5.5 %

5.3

5.9 %

United States & Other

0.0

0.2 %

0.0

0 %

37.6

28.3 %

1.1

1.1 %

4.1

4.5 %

Segment Total

15.2

100 %

29.0

100 %

132.9

100 %

103.4

100 %

91.1

100 %

Unallocated

5.0

32.9 %

11.7

40.3 %

34.0

25.6 %

1.2

1.1 %

1.1

1.2 %

Consolidated Total

20.3

132.9 %

40.6

140.3 %

166.9

125.6 %

104.6

101.1 %

92.2

101.2 %

Purchase of Fixed Assets   USD (mil)

 

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

31-Dec-05

Singapore

0.0

72.7 %

0.7

75.1 %

1.2

89.6 %

0.5

92 %

1.4

99.1 %

Taiwan

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Malaysia

0.0

27.3 %

0.2

24.7 %

0.0

3.1 %

0.0

2.1 %

0.0

0.7 %

China and Hong Kong

0.0

0 %

0.0

0.2 %

0.1

7.3 %

0.0

5.9 %

0.0

0.1 %

United States & Other

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

0.0

100 %

0.9

100 %

1.4

100 %

0.6

100 %

1.4

100 %

Consolidated Total

0.0

100 %

0.9

100 %

1.4

100 %

0.6

100 %

1.4

100 %

 

 

Geographic Segments

Financials in: As Reported (mil)

External Revenue   USD (mil)

 

30-Jun-10

30-Jun-09

Singapore and Malaysia

9.8

27.1 %

5.2

24.9 %

People's Republic of China and Hong Kong

15.3

42.4 %

12.2

58.6 %

India

6.7

18.6 %

1.7

7.9 %

Other Countries

4.3

12 %

1.8

8.6 %

Segment Total

36.2

100 %

20.9

100 %

Consolidated Total

36.2

100 %

20.9

100 %

Total Revenue   USD (mil)

 

30-Jun-10

30-Jun-09

Singapore and Malaysia

9.8

27.1 %

5.2

24.9 %

People's Republic of China and Hong Kong

15.3

42.4 %

12.2

58.6 %

India

6.7

18.6 %

1.7

7.9 %

Other Countries

4.3

12 %

1.8

8.6 %

Segment Total

36.2

100 %

20.9

100 %

Consolidated Total

36.2

100 %

20.9

100 %

 

 

 

Business Segments

 

Financials in: As Reported (mil)

Annual  

 

 

External Revenue   USD (mil)

 

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

31-Dec-05

Electronics Components

39.4

91.5 %

104.0

84.2 %

105.3

79.8 %

105.8

32 %

107.8

53.8 %

Systems

3.7

8.5 %

19.5

15.8 %

26.6

20.2 %

60.2

18.2 %

34.7

17.3 %

Display

-

-

-

-

278.1

210.8 %

164.3

49.7 %

57.8

28.9 %

Segment Total

43.0

100 %

123.5

100 %

131.9

100 %

330.2

100 %

200.4

100 %

Elimination

0.0

0 %

-

-

-

-

-

-

-

-

Others

0.0

0 %

-

-

-

-

0.0

0 %

0.1

0 %

Consolidated Total

43.0

100 %

123.5

100 %

131.9

100 %

330.2

100 %

200.4

100 %

Intersegment Revenue   USD (mil)

 

31-Dec-09

31-Dec-08

31-Dec-07

Electronics Components

0.7

100 %

1.7

100 %

1.6

100 %

Systems

0.0

0 %

-

-

-

-

Segment Total

0.7

100 %

1.7

100 %

1.6

100 %

Elimination

-0.9

-123.5 %

-2.0

-113.7 %

-1.9

-114.6 %

Others

0.2

23.5 %

0.2

13.7 %

0.2

14.6 %

Consolidated Total

0.0

0 %

0.0

0 %

0.0

0 %

 

Total Revenue   USD (mil)

 

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

31-Dec-05

Electronics Components

40.1

91.6 %

105.7

84.4 %

107.0

80.1 %

105.8

32 %

107.8

53.8 %

Systems

3.7

8.4 %

19.5

15.6 %

26.6

19.9 %

60.2

18.2 %

34.7

17.3 %

Display

-

-

-

-

278.1

208.2 %

164.3

49.7 %

57.8

28.9 %

Segment Total

43.8

100 %

125.3

100 %

133.6

100 %

330.2

100 %

200.4

100 %

Elimination

-0.9

-2.1 %

-2.0

-1.6 %

-1.9

-1.4 %

-

-

-

-

Others

0.2

0.4 %

0.2

0.2 %

0.2

0.2 %

0.0

0 %

0.1

0 %

Consolidated Total

43.0

98.3 %

123.5

98.6 %

131.9

98.8 %

330.2

100 %

200.4

100 %

Other Unusual Expense (Income)   USD (mil)

 

31-Dec-09

Electronics Components

-0.5

100 %

Systems

0.0

0 %

Segment Total

-0.5

100 %

Elimination

0.5

-100 %

Others

0.0

0 %

Consolidated Total

0.0

0 %

 

Depreciation   USD (mil)

 

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

31-Dec-05

Electronics Components

0.4

87.1 %

1.2

85.8 %

0.8

80.7 %

0.8

70 %

0.8

70.1 %

Systems

0.1

12.9 %

0.2

14.2 %

0.2

19.3 %

0.4

30 %

0.3

29.9 %

Display

-

-

-

-

0.0

0 %

0.0

0 %

0.0

0 %

Adjustment

-

-

-

-

-

-

0.0

0 %

-

-

Segment Total

0.4

100 %

1.4

100 %

1.0

100 %

1.2

100 %

1.2

100 %

Elimination

0.0

0 %

-

-

0.0

0 %

0.0

0 %

0.0

0 %

Others

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

0.4

100 %

1.4

100 %

1.0

100 %

1.2

100 %

1.2

100 %

Operating Income/Loss   USD (mil)

 

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

31-Dec-05

Electronics Components

0.5

471.4 %

3.7

65.7 %

3.6

59.1 %

2.0

18.6 %

1.4

20 %

Systems

-0.4

-371.4 %

1.9

34.3 %

2.5

40.9 %

5.3

48.8 %

4.1

58 %

Display

-

-

-

-

6.6

107.5 %

3.5

32.6 %

1.5

21.9 %

Segment Total

0.1

100 %

5.7

100 %

6.2

100 %

10.8

100 %

7.0

100 %

Elimination

0.0

0 %

-

-

-

-

-

-

-

-

Others

0.0

0 %

-

-

-0.8

-13.2 %

-0.6

-5.3 %

-0.1

-1.3 %

Consolidated Total

0.1

100 %

5.7

100 %

6.2

100 %

10.3

94.7 %

6.9

98.7 %

 

Operating Margin (%)  

 

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

31-Dec-05

Electronics Components

1.3

-

3.5

-

3.4

-

1.9

-

1.3

-

Systems

-11.4

-

9.9

-

9.5

-

8.8

-

11.7

-

Display

-

-

-

-

2.4

-

2.2

-

2.6

-

Segment Total

0.3

-

4.5

-

4.6

-

3.3

-

3.5

-

Elimination

0.0

-

-

-

-

-

-

-

-

-

Others

0.0

-

-

-

-

-

-

-

-102.2

-

Consolidated Total

0.3

-

4.6

-

4.7

-

3.1

-

3.4

-

Interest Income - Non-Operating   USD (mil)

 

31-Dec-09

Electronics Components

0.0

100 %

Segment Total

0.0

100 %

Elimination

0.0

0 %

Others

0.0

0 %

Consolidated Total

0.0

100 %

 

Total Assets   USD (mil)

 

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

31-Dec-05

Electronics Components

17.1

74 %

31.0

67.8 %

35.8

43.4 %

35.5

32.4 %

38.7

39.9 %

Systems

0.9

4.1 %

3.1

6.7 %

12.8

15.5 %

19.4

17.7 %

10.6

10.9 %

Display

-

-

-

-

88.4

107 %

47.3

43.1 %

37.9

39 %

Unallocated

5.0

21.9 %

11.7

25.5 %

34.0

41.1 %

7.4

6.8 %

9.9

10.2 %

Segment Total

23.0

100 %

45.7

100 %

82.6

100 %

109.6

100 %

97.1

100 %

Elimination

-2.8

-12.1 %

-5.1

-11.2 %

-4.1

-5 %

-5.1

-4.6 %

-4.9

-5.1 %

Others

0.0

0 %

-

-

-

-

0.0

0 %

0.0

0 %

Consolidated Total

20.3

87.9 %

40.6

88.8 %

78.5

95 %

104.6

95.4 %

92.2

94.9 %

Operating Return on Assets (%)  

 

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

31-Dec-05

Electronics Components

3.1

-

12.0

-

10.2

-

5.7

-

3.6

-

Systems

-44.2

-

63.1

-

19.7

-

27.2

-

38.2

-

Display

-

-

-

-

7.5

-

7.5

-

4.0

-

Segment Total

0.5

-

12.4

-

7.5

-

9.9

-

7.2

-

Elimination

0.0

-

-

-

-

-

-

-

-

-

Consolidated Total

0.6

-

14.0

-

7.9

-

9.8

-

7.5

-

 

Total Liabilities   USD (mil)

 

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

31-Dec-05

Electronics Components

9.0

24.7 %

18.9

89.2 %

18.7

89.5 %

19.6

26.7 %

22.5

34.4 %

Systems

0.6

1.5 %

2.3

10.8 %

2.2

10.5 %

10.2

13.9 %

4.2

6.3 %

Display

-

-

-

-

57.5

275.5 %

40.3

55 %

34.3

52.4 %

Unallocated

26.9

73.7 %

-

-

46.7

223.9 %

3.2

4.4 %

4.5

6.8 %

Adjustment

-

-

-

-

0.5

2.5 %

-

-

-

-

Segment Total

36.4

100 %

21.2

100 %

20.9

100 %

73.4

100 %

65.5

100 %

Elimination

-2.3

-6.2 %

-4.4

-20.6 %

-3.1

-14.9 %

-3.9

-5.4 %

-3.8

-5.8 %

Others

0.0

0 %

42.3

199.7 %

46.7

223.9 %

0.0

0 %

0.0

0 %

Consolidated Total

34.2

93.8 %

59.1

279.1 %

64.5

309 %

69.4

94.6 %

61.7

94.2 %

Purchase of Fixed Assets   USD (mil)

 

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

31-Dec-05

Electronics Components

0.0

81.8 %

0.6

70 %

1.3

95.1 %

0.4

70 %

1.0

70 %

Systems

0.0

18.2 %

0.3

30 %

0.1

4.9 %

0.2

30 %

0.4

30 %

Display

-

-

-

-

0.0

0 %

0.0

0 %

0.0

0 %

Adjustment

-

-

-

-

0.0

0 %

0.0

0 %

-

-

Segment Total

0.0

100 %

0.9

100 %

1.4

100 %

0.6

100 %

1.4

100 %

Elimination

0.0

0 %

-

-

0.0

0 %

0.0

0 %

0.0

0 %

Others

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

0.0

100 %

0.9

100 %

1.4

100 %

0.6

100 %

1.4

100 %

 

 

Business Segments

 

Financials in: As Reported (mil)

 

Interim

 

 

External Revenue   USD (mil)

 

30-Jun-10

30-Jun-09

Electronics Components

35.4

97.8 %

20.9

100 %

Systems

0.8

2.2 %

0.0

0 %

Segment Total

36.2

100 %

20.9

100 %

Consolidated Total

36.2

100 %

20.9

100 %

Total Revenue   USD (mil)

 

30-Jun-10

30-Jun-09

Electronics Components

35.4

97.8 %

20.9

100 %

Systems

0.8

2.2 %

0.0

0 %

Segment Total

36.2

100 %

20.9

100 %

Consolidated Total

36.2

100 %

20.9

100 %

 

Gross Profit   USD (mil)

 

30-Jun-10

30-Jun-09

Electronics Components

3.2

96.6 %

2.6

100 %

Systems

0.1

3.4 %

0.0

0 %

Segment Total

3.3

100 %

2.6

100 %

Consolidated Total

3.3

100 %

2.6

100 %

Gross Margin (%)  

 

30-Jun-10

30-Jun-09

Electronics Components

9.1

-

12.4

-

Systems

13.9

-

-

-

Segment Total

9.2

-

12.4

-

Consolidated Total

9.2

-

12.4

-

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.72.34

Euro

1

Rs.63.87

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.