MIRA INFORM REPORT

Report Date :

21.06.2012

IDENTIFICATION DETAILS

Name :	BAN LEONG TECHNOLOGIES LTD

Registered Office :	No. 150, Level 4, Ubi Avenue 4, Singapore, 408825

Country :	Singapore

Financials (as on) :	31.03.2012

Year of Establishment :	1993

Legal Form :	Public Parent Company

Line of Business :	wholesale and distribution of computer peripherals, accessories and other multimedia products

No. of Employees :	200

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	No Complaints

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 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Singapore

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

Ban Leong Technologies Ltd

No. 150, Level 4, Ubi Avenue 4

Singapore, 408825

Singapore

Tel: 65-6-5129221

Fax: 65-6-7419295

Synthesis

Employees:

200

Company Type:

Public Parent

Corporate Family:

4 Companies

Traded:

Singapore Exchange Securities Trading:

B26

Incorporation Date:

1993

Auditor:

Ernst & Young LLP

Fiscal Year End:	31-Mar-2012
Reporting Currency:	Singapore Dollar
Annual Sales:	90.7 ¹
Net Income:	0.3
Total Assets:	42.4 ²
Market Value:	13.7
	(30-May-2012)

Business Description

Ban Leong Technologies Limited is engaged in the wholesale and distribution of computer peripherals, accessories and other multimedia products. The Company has three segments: Multimedia, which includes audio and visual JT products, such as speakers, liquid crystal display (LCD) monitors, graphic cards, moving picture experts group layer-3 audio (MP3) players and sound cards; Data storage, which includes products that are used in the storage of data, such as tape storage, hard disk drive (HDD) cases, Blu-ray and digital versatile disk-read only memory (DVDRoms), and IT accessories, which includes personal computer (PC)-related accessories, such as mice, keyboards and networking products, such as switches, routers and wireless cards. The Company's subsidiaries include Digital Hub Pte. Ltd., Ban Leong Technologies Sdn Bhd, Ban Leong Chin Inter Co., Ltd, Digitalblue Limited and Ban Leong Technologies Australia Pty Ltd. For the six months ended 30 September 2010, Ban Leong Technologies Ltd's revenues increased 7% to SP$54.2M. Net income decreased 28% to SP$881K. Revenue reflects an increase in sales. Net income was offset by an increase in selling & distribution expense, a rise in general administrative expense, a fall in profit from operation, the absence of gain on disposal of subsidiary and the presence of loss on Share of results of associates.

Industry

Industry	Computer Peripherals
ANZSIC 2006:	2421 - Computer and Electronic Office Equipment Manufacturing
NACE 2002:	3002 - Manufacture of computers and other information processing equipment
NAICS 2002:	334119 - Other Computer Peripheral Equipment Manufacturing
UK SIC 2003:	3002 - Manufacture of computers and other information processing equipment
US SIC 1987:	3577 - Computer Peripheral Equipment, Not Elsewhere Classified

Key Executives

Name	Title
Wei Hsiung Lee	Company Secretary
Boyd Dainton	Executive Director
Khoo Soo Fang	Group Finance Controller
You Hong Tan	Director-Sales
Eliza Bee Lian Lim	Company Secretary

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers & Acquisitions	1	Ban Leong Technologies Ltd Proposes Acquisition Of Remaining 50% Equity Interest In Share Capital Of Av Labs International Pte Ltd	30-Dec-2011
Dividends	1	Ban Leong Technologies Ltd Does Not Recommends Interim Dividend	11-Nov-2011

* number of significant developments within the last 12 months

Financial Summary

As of 31-Mar-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.71	2.64
Quick Ratio (MRQ)	1.03	2.06
Debt to Equity (MRQ)	0.01	0.22
Net Profit Margin (TTM) %	0.49	-4.26
Return on Assets (TTM) %	1.11	3.24
Return on Equity (TTM) %	1.84	9.16

Stock Snapshot

Traded: Singapore Exchange Securities Trading: B26

As of 30-May-2012

Financials in: SGD

Recent Price	0.15	EPS	0.01
52 Week High	0.15	Price/Sales	0.15
52 Week Low	0.10	Dividend Rate	0.01
Avg. Volume (mil)	0.01	Price/Earnings	32.70
Market Value (mil)	17.58	Price/Book	0.75
		Beta	-0.06

	Price % Change	Rel S&P 500%
4 Week	16.28%	22.46%
13 Week	25.00%	35.28%
Year to Date

Business Description

More Business Descriptions

Wholesale and distribution of computer peripherals, accessories and other multimedia products.

The Group is a technology-driven specialist distributor of multimedia and data storage products as well as IT accessories that include: multimedia products which comprise audio and visual IT products such as computer speakers, CRT and LCD monitors, graphic cards, MP3 players and sound cards; data storage products which are used in the storage of data such as tape storage, hard disk cases and CD-ROMs; IT accessories which consist of PC-related accessories such as mice, keyboards and networking products such as switches, routers and wireless cards.

Computer Peripheral Distr

Computer and Office Equipment

Computer and Computer Peripheral Equipment and Software Merchant Wholesalers

Financial Data

Financials in:	SGD(mil)

Revenue:	113.7
Net Income:	0.4
Assets:	53.5
Long Term Debt:	0.3
Total Liabilities:	30.3
Working Capital:	0.0

Date of Financial Data:	31-Mar-2012

1 Year Growth

3.6%

-80.9%

11.5%

Market Data

Quote Symbol:	B26
Exchange:	Singapore Exchange Securities Trading
Currency:	SGD
Stock Price:	0.2
Stock Price Date:	05-30-2012
52 Week Price Change %:	0.0
Market Value (mil):	17,577.3

SEDOL:	B09G536
ISIN:	SG1R62925800

Subsidiaries

Company	Percentage Owned	Country
Digitalblue Limited	100%	NEW ZEALAND
Digital Hub Pte Ltd	100%	SINGAPORE
Ban Leong Technologies Sdn Bhd	100%	MALAYSIA
Ban Leong Chin Inter Co Ltd	49%	THAILAND
Ban Leong Technologies Australia Pty Ltd	100%	AUSTRALIA
BLC (China) Limited	100%	PEOPLE'S REPUBLIC OF CHINA

Shareholders

Major Shareholders

Teng Woo Boon (34.45%); Chng Hock Huat (10.67%); Teng Kin Chong (6.77%)

Key Corporate Relationships

Auditor:	Ernst & Young LLP
Bank:	Australia and New Zealand Banking Group Limited, Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited, Citibank NA, DBS Bank Ltd

Auditor:	ERNST & YOUNG LLP, Ernst & Young LLP, Ernst & Young LLP

Corporate Family	Corporate Structure News:
	Ban Leong Technologies Ltd
Ban Leong Technologies Ltd Total Corporate Family Members: 4

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Ban Leong Technologies Ltd	Parent	Singapore	Singapore	Computer Peripherals	90.7	200
Ban Leong Technologies Sdn Bhd	Subsidiary	Petaling Jaya, Selangor	Malaysia	Computer Hardware	15.8
Digital Hub Pte Ltd	Subsidiary	Singapore	Singapore	Computer Hardware
Ban Leong Technologies Sdn Bhd	Subsidiary	Petaling Jaya, Selangor	Malaysia	Computer Hardware

Executives Report

Board of Directors

Name

Title

Function

Woo Boon Teng

Chairman of the Board, Managing Director

Chairman

Biography

Mr. Ronald Teng Woo Boon is Chairman of the Board and Managing Director of Ban Leong Technologies Limited. He was appointed as a Director of the Company on 18 June 1993. He is the founder of the Group and plays an important role in managing the overall business, operations and profitability of the Group. His responsibilities include formulating and executing the Group’s business strategies and policies as well as charting the growth of the Group. He also spearheads the sales and marketing function of the Group. In 2004, he received the Rotary ASME Top Entrepreneur Of Year 2004 award presented by the Association of Small and Medium Enterprises (Singapore). He graduated from the National University of Singapore in 1993 with a Bachelor of Science degree in Computer and Information Science.

Education:

National University of Singapore, BS (Information Sciences)

Ronald Woo Boon Teng

Managing Director

Director/Board Member

Hock Huat Chng

Non-Executive Director

Director/Board Member

Biography

Mr. Chng Hock Huat has been appointed as Non-Executive Director of Ban Leong Techonologies Ltd., with effect from July 28, 2011. He has been in the Infocom Technology business for 15 years. He has transformed Opentech Pte Ltd, a Singapore-based systems integrator which he founded in 1998 into part of a USD 800M global IT service provider after its acquisition by Keane Inc. in 2006, when he was Chief Executive Officer for Asia and Middle East operations from 2006 to 2010. He was instrumental in growing the corporate’s offshore business four fold in this region during the period. He was the winner of the Association of SME Entrepreneur of the Year 2004 Award. He is today, a well-known entrepreneur in Singapore, active in both business and community services as the Vice-Chairman of Social Service and Youth Chairman for the Singapore Hokkien Huay Kuan. Hock Huat is also a member of the Citizen Consultative Committee (CCC) of the Hong Kah GRC. He is currently pursuing a Master Degree in Art Business, a programme jointly offered by the University of Manchester, and the Sohthebys’ in London.

Age: 44

Education:

University of Manchester, M (Art History)

Jit Koon Ch'ng

Board Member

Director/Board Member

Boyd Dainton

Executive Director

Director/Board Member

Yih Loh

Board Member

Director/Board Member

Gim Kiong Neo

Non-Executive Director

Director/Board Member

Biography

Mr. Neo Gim Kiong is Non-Executive Director of Ban Leong Technologies Ltd. He was appointed the Executive Director of the company in July 2004. He was responsible for management and financial reporting and assists in the execution of the regional expansion plans of the Company. He is an independent director and Audit Committee Chairman of Sky China Petroleum Services Ltd, which is listed on SGX-ST. He is the managing director of Dollar Tree Inc Pte Ltd, a financial advisory company in Singapore. He is also a board member of the P.R. China Guangdong Province Overseas Exchange Association. He was the executive director of Jackspeed Corporation Limited from 2001 to 2004, where he spearheaded the group’s listing on SGX-ST in 2003. Prior to joining Jackspeed Corporation Limited, he was with the banking sector overseeing a portfolio of corporate clientele. He holds a Bachelor of Science Degree in Mathematics (Honours)from the National University of Singapore.

Education:

National University of Singapore, BS (Mathematics)

Eng Bock Tan

Independent Director

Director/Board Member

Biography

Mr. Tan Eng Bock is Independent Director of Ban Leong Technologies Limited. He has been a member of the Board since 12 May 2005. He also serves on the board of several private companies. Since 1970, Mr. Tan has been instrumental in the growth of sports in Singapore. Some of his appointments in the sporting arena include committee member of Singapore National Olympic Council, chairman of Delta Sports Complex Advisory Committee and was deputy president of the Singapore Swimming Association. He was also the chairman of River Valley Constituency Sports Club. Currently, he is a member of the Technical Water Polo Committee of the World Swimming Body FINA as well as the vice chairman of the Asian Amateur Swimming Federation. From 1956 to 1991, Mr. Tan was with the Singapore Police Force where he held the following appointments - Commander Detachments, Director Logistics, Director of Public Affairs and Director of Criminal Investigations Department. He was Assistant Commissioner of the Singapore Police Force when he retired. Mr. Tan was also The Public Service Star (PAM) recipient in year 1986 National Day Awards.

Executives

Name

Title

Function

Boyd Dainton

Executive Director

Chief Executive Officer

Philip Siong Chan Yeo

General Manager-Digital Hub

Division Head Executive

Khoo Soo Fang

Group Finance Controller

Division Head Executive

Philip Siong Chan Yeo

General Manager, Digital Hub

Division Head Executive

Ronald Woo Boon Teng

Managing Director

Woo Boon Teng

Chairman of the Board, Managing Director

Managing Director

Biography

Education:

National University of Singapore, BS (Information Sciences)

Jenny Su Ching Teo

Head-Operations

Operations Executive

Jenny Su Ching Teo

Head of Operations

Operations Executive

Wei Hsiung Lee

Company Secretary

Eliza Bee Lian Lim

Company Secretary

Mi Keay Pan

Company Secretary

You Hong Tan

Director-Sales

Sales Executive

Eliza Bee Lian Lim

Secretary

Other

Significant Developments

Ban Leong Technologies Ltd Proposes Acquisition Of Remaining 50% Equity Interest In Share Capital Of Av Labs International Pte Ltd

Dec 30, 2011

Ban Leong Technologies Ltd announced that the Company has entered into a Share Sale Agreement to purchase 50% of the total issued and paid-up capital of AV Labs International Pte Ltd (AV Labs) from Christine Anne McGregor and Boyd David Dainton (collectively the Vendors) (the Agreement) to increase its equity interest in the share capital of AV Labs from 50% to a 100% wholly owned subsidiary (the Proposed Acquisition). AV Labs is a company incorporated in the Republic of Singapore and has its principal place of business in Singapore which mainly engaged in the business of sale and distribution of multimedia IT products, data storage products, IT accessories and other related products under the brand AV Labs within Australasia and South East Asia. Pursuant to the Agreement, the aggregate consideration for the Proposed Acquisition of the additional 50% equity interest is USD65,000.00, funded using internal resources.

Ban Leong Technologies Ltd Does Not Recommends Interim Dividend

Nov 11, 2011

Ban Leong Technologies Ltd announced that no interim dividend is recommended for the period ending September 30, 2011.

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	15 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Reclassified Normal 31-Mar-2011	Reclassified Special 31-Mar-2010	Updated Normal 31-Dec-2008
Filed Currency	SGD	SGD	SGD	SGD	SGD
Exchange Rate (Period Average)	1.253961	1.332147	1.427138	1.440254	1.415335
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified

Net Sales	90.7	82.3	79.1	100.6	92.1
Revenue	90.7	82.3	79.1	100.6	92.1
Total Revenue	90.7	82.3	79.1	100.6	92.1

Cost of Revenue	76.1	69.0	67.7	87.5	77.9
Cost of Revenue, Total	76.1	69.0	67.7	87.5	77.9
Gross Profit	14.6	13.4	11.4	13.1	14.3

Selling/General/Administrative Expense	11.3	11.0	8.3	13.2	13.4
Total Selling/General/Administrative Expenses	11.3	11.0	8.3	13.2	13.4
Amortization of Intangibles	-	0.1	0.1	-	0.1
Depreciation/Amortization	-	0.1	0.1	-	0.1
Impairment-Assets Held for Use	1.1	0.0	-	-	-
Unusual Expense (Income)	1.1	0.0	-	-	-
Other, Net	-0.2	-0.1	-0.1	-0.1	0.0
Other Operating Expenses, Total	-0.2	-0.1	-0.1	-0.1	0.0
Total Operating Expense	88.3	79.9	76.0	100.6	91.3

Operating Income	2.4	2.5	3.1	0.0	0.8

Interest Expense - Non-Operating	-0.2	-0.2	-0.2	-0.5	-0.5
Interest Expense, Net Non-Operating	-0.2	-0.2	-0.2	-0.5	-0.5
Interest Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Investment Income - Non-Operating	-0.2	-0.1	0.0	0.1	0.1
Interest/Investment Income - Non-Operating	-0.2	-0.1	0.0	0.1	0.1
Interest Income (Expense) - Net Non-Operating Total	-0.4	-0.3	-0.2	-0.4	-0.3
Gain (Loss) on Sale of Assets	-	0.0	0.0	0.0	-
Income Before Tax	2.0	2.2	2.9	-0.4	0.5

Total Income Tax	1.6	0.4	0.6	-0.1	0.4
Income After Tax	0.4	1.8	2.3	-0.3	0.1

Minority Interest	-0.1	-0.1	0.0	0.0	0.1
Net Income Before Extraord Items	0.3	1.7	2.3	-0.3	0.2
Discontinued Operations	-	-	-	-0.1	-
Total Extraord Items	-	-	-	-0.1	-
Net Income	0.3	1.7	2.3	-0.5	0.2

Income Available to Common Excl Extraord Items	0.3	1.7	2.3	-0.3	0.2

Income Available to Common Incl Extraord Items	0.3	1.7	2.3	-0.5	0.2

Basic/Primary Weighted Average Shares	117.2	117.2	117.2	116.5	117.2
Basic EPS Excl Extraord Items	0.00	0.01	0.02	0.00	0.00
Basic/Primary EPS Incl Extraord Items	0.00	0.01	0.02	0.00	0.00
Dilution Adjustment	-	-	0.0	0.0	-
Diluted Net Income	0.3	1.7	2.3	-0.5	0.2
Diluted Weighted Average Shares	117.2	117.2	117.2	116.5	117.2
Diluted EPS Excl Extraord Items	0.00	0.01	0.02	0.00	0.00
Diluted EPS Incl Extraord Items	0.00	0.01	0.02	0.00	0.00
Dividends per Share - Common Stock Primary Issue	0.01	0.00	0.01	0.00	0.00
Gross Dividends - Common Stock	-	0.4	0.8	0.2	0.0
Interest Expense, Supplemental	0.2	0.2	0.2	0.5	0.5
Depreciation, Supplemental	0.3	0.3	0.3	0.4	0.4
Total Special Items	1.0	0.0	0.0	-0.2	0.1
Normalized Income Before Tax	3.0	2.2	2.9	-0.5	0.6

Effect of Special Items on Income Taxes	0.4	0.0	0.0	-0.1	0.0
Inc Tax Ex Impact of Sp Items	1.9	0.4	0.6	-0.1	0.5
Normalized Income After Tax	1.1	1.8	2.3	-0.4	0.1

Normalized Inc. Avail to Com.	1.0	1.7	2.2	-0.4	0.2

Basic Normalized EPS	0.01	0.01	0.02	0.00	0.00
Diluted Normalized EPS	0.01	0.01	0.02	0.00	0.00
Amort of Intangibles, Supplemental	0.1	0.1	0.1	0.1	0.1
Rental Expenses	-	-	-	0.5	-
Normalized EBIT	3.4	2.5	3.1	-0.1	1.0
Normalized EBITDA	3.8	2.8	3.5	0.4	1.4
Current Tax - Domestic	-	-	-	0.5	-
Current Tax - Other	-	-	-	-0.1	-
Current Tax - Total	-	-	-	0.4	-
Deferred Tax - Domestic	-	-	-	-0.5	-
Deferred Tax - Other	-	-	-	0.0	-
Deferred Tax - Total	-	-	-	-0.5	-
Income Tax - Total	-	-	-	-0.1	-
Defined Contribution Expense - Domestic	-	-	-	0.7	-
Total Pension Expense	-	-	-	0.7	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Restated Normal 31-Mar-2011	Updated Normal 31-Mar-2009	Updated Normal 31-Dec-2008
Filed Currency	SGD	SGD	SGD	SGD	SGD
Exchange Rate	1.260191	1.2605	1.39805	1.5202	1.44075
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified

Cash	6.0	5.4	3.3	3.3	2.8
Cash and Short Term Investments	6.0	5.4	3.3	3.3	2.8
Accounts Receivable - Trade, Gross	-	14.0	13.4	10.3	-
Provision for Doubtful Accounts	-	-0.4	-0.6	-0.6	-
Trade Accounts Receivable - Net	14.9	13.7	13.0	9.6	12.9
Other Receivables	1.6	1.7	0.9	0.7	1.7
Total Receivables, Net	16.5	15.4	13.8	10.3	14.6
Inventories - Finished Goods	-	12.2	13.4	10.7	-
Inventories - Other	-	-	-	0.0	-
Total Inventory	15.9	12.2	13.4	10.7	14.7
Prepaid Expenses	0.2	0.2	0.2	0.2	0.5
Restricted Cash - Current	1.3	0.0	0.0	0.0	-
Discontinued Operations - Current Asset	-	-	-	3.7	-
Other Current Assets	-	0.2	0.3	0.3	-
Other Current Assets, Total	1.3	0.2	0.3	4.0	-
Total Current Assets	40.0	33.6	31.1	28.6	32.6

Machinery/Equipment	-	2.1	1.8	1.5	-
Other Property/Plant/Equipment	-	0.4	0.4	0.3	-
Property/Plant/Equipment - Gross	-	2.5	2.2	1.8	-
Accumulated Depreciation	-	-2.1	-1.6	-1.1	-
Property/Plant/Equipment - Net	0.5	0.4	0.6	0.7	0.9
Goodwill - Gross	-	1.9	1.7	-	-
Accumulated Goodwill Amortization	-	0.0	0.0	-	-
Goodwill, Net	1.7	1.9	1.7	1.6	2.6
Intangibles - Gross	-	1.0	0.9	0.8	-
Accumulated Intangible Amortization	-	-0.3	-0.2	-0.1	-
Intangibles, Net	-	0.8	0.8	0.7	-
LT Investment - Affiliate Companies	0.0	0.3	0.4	0.3	0.4
Long Term Investments	0.0	0.3	0.4	0.3	0.4
Deferred Income Tax - Long Term Asset	0.3	1.1	0.6	0.5	0.1
Other Long Term Assets, Total	0.3	1.1	0.6	0.5	0.1
Total Assets	42.4	38.0	35.1	32.4	36.6

Accounts Payable	20.1	16.2	16.4	13.2	15.7
Accrued Expenses	-	1.0	0.9	0.6	-
Notes Payable/Short Term Debt	-	0.0	0.0	1.2	2.1
Current Portion - Long Term Debt/Capital Leases	0.1	0.0	0.1	0.1	0.1
Income Taxes Payable	0.9	0.6	0.3	0.2	0.3
Other Payables	2.4	1.1	1.1	0.7	4.0
Other Current Liabilities	-	-	-	3.4	-
Other Current liabilities, Total	3.2	1.7	1.3	4.3	4.4
Total Current Liabilities	23.4	19.0	18.7	19.4	22.3

Capital Lease Obligations	0.2	0.1	0.1	0.1	0.1
Total Long Term Debt	0.2	0.1	0.1	0.1	0.1
Total Debt	0.3	0.1	0.1	1.4	2.3

Deferred Income Tax - LT Liability	0.1	0.1	0.1	0.0	0.0
Deferred Income Tax	0.1	0.1	0.1	0.0	0.0
Minority Interest	0.3	0.2	0.2	0.1	0.0
Total Liabilities	24.0	19.4	19.0	19.6	22.5

Common Stock	8.9	8.9	8.0	7.3	7.8
Common Stock	8.9	8.9	8.0	7.3	7.8
Retained Earnings (Accumulated Deficit)	10.3	10.4	8.6	6.0	7.0
Treasury Stock - Common	-0.1	-0.1	-0.1	-0.1	-
Translation Adjustment	-0.6	-0.5	-0.4	-0.5	-0.6
Other Equity, Total	-0.6	-0.5	-0.4	-0.5	-0.6
Total Equity	18.4	18.6	16.1	12.8	14.1

Total Liabilities & Shareholders’ Equity	42.4	38.0	35.1	32.4	36.6

Shares Outstanding - Common Stock Primary Issue	116.5	116.5	116.5	116.5	117.2
Total Common Shares Outstanding	116.5	116.5	116.5	116.5	117.2
Treasury Shares - Common Stock Primary Issue	0.7	0.7	0.7	0.7	0.0
Number of Common Shareholders	-	-	-	411	-
Accumulated Goodwill Amortization Suppl.	-	0.0	0.0	0.0	-
Accumulated Intangible Amort, Suppl.	-	0.3	0.2	0.1	-
Total Long Term Debt, Supplemental	-	-	-	6.7	10.7
Long Term Debt Maturing within 1 Year	-	-	-	6.5	10.5
Long Term Debt Matur. in Year 6 & Beyond	-	-	-	0.2	0.1
Total Capital Leases, Supplemental	-	-	-	0.2	-
Capital Lease Payments Due in Year 1	-	-	-	0.1	-
Capital Lease Payments Due in Year 2	-	-	-	0.0	-
Capital Lease Payments Due in Year 3	-	-	-	0.0	-
Capital Lease Payments Due in Year 4	-	-	-	0.0	-
Capital Lease Payments Due in Year 5	-	-	-	0.0	-
Capital Lease Payments Due in 2-3 Years	-	-	-	0.1	-
Capital Lease Payments Due in 4-5 Years	-	-	-	0.1	-
Total Operating Leases, Supplemental	-	-	-	2.0	-
Operating Lease Payments Due in Year 1	-	-	-	0.5	-
Operating Lease Payments Due in Year 2	-	-	-	0.4	-
Operating Lease Payments Due in Year 3	-	-	-	0.4	-
Operating Lease Payments Due in Year 4	-	-	-	0.4	-
Operating Lease Payments Due in Year 5	-	-	-	0.4	-
Operating Lease Pymts. Due in 2-3 Years	-	-	-	0.7	-
Operating Lease Pymts. Due in 4-5 Years	-	-	-	0.7	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	-	-	0.0	-

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	15 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Dec-2008
Filed Currency	SGD	SGD	SGD	SGD	SGD
Exchange Rate (Period Average)	1.253961	1.332147	1.427138	1.440254	1.415335
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified

Net Income/Starting Line	2.0	2.2	2.9	-0.4	0.5
Depreciation	0.3	0.3	0.3	0.5	0.4
Depreciation/Depletion	0.3	0.3	0.3	0.5	0.4
Amortization of Intangibles	0.1	0.1	0.1	0.1	0.1
Amortization	0.1	0.1	0.1	0.1	0.1
Discontinued Operations	-	-	0.0	-0.2	-
Unusual Items	1.2	0.0	0.0	0.0	0.0
Equity in Net Earnings (Loss)	0.0	0.1	0.0	-0.1	-0.1
Other Non-Cash Items	-0.1	-0.3	0.5	1.2	0.0
Non-Cash Items	1.2	-0.2	0.5	0.9	-0.1
Accounts Receivable	-1.1	-0.1	-1.8	2.7	1.8
Inventories	-3.6	3.0	-2.1	2.3	0.7
Prepaid Expenses	0.0	0.0	0.1	0.0	-0.3
Accounts Payable	4.4	-1.9	2.4	-1.5	-0.9
Other Liabilities	-	-	0.0	0.0	0.0
Other Operating Cash Flow	-0.7	-0.6	-0.8	-1.3	-1.2
Changes in Working Capital	-1.0	0.3	-2.3	2.2	0.1
Cash from Operating Activities	2.6	2.7	1.5	3.2	1.0

Purchase of Fixed Assets	-0.2	-0.1	-0.1	-0.4	0.0
Capital Expenditures	-0.2	-0.1	-0.1	-0.4	0.0
Acquisition of Business	0.0	0.0	0.0	0.2	0.2
Sale of Business	-	-	-0.4	0.0	0.0
Sale of Fixed Assets	0.2	0.0	0.0	0.0	-0.3
Investment, Net	0.0	0.0	0.0	0.0	-
Other Investing Cash Flow	-	-	0.0	0.1	-
Other Investing Cash Flow Items, Total	0.1	0.0	-0.4	0.3	0.0
Cash from Investing Activities	-0.1	-0.1	-0.5	0.0	0.0

Other Financing Cash Flow	0.0	0.0	0.0	-	-
Financing Cash Flow Items	0.0	0.0	0.0	-	-
Cash Dividends Paid - Common	-0.5	-0.9	-0.2	-1.2	-1.2
Total Cash Dividends Paid	-0.5	-0.9	-0.2	-1.2	-1.2
Short Term Debt, Net	-	-	-1.3	-0.5	0.8
Long Term Debt Reduction	-0.1	-0.1	-0.1	-0.1	-0.1
Long Term Debt, Net	-0.1	-0.1	-0.1	-0.1	-0.1
Issuance (Retirement) of Debt, Net	-0.1	-0.1	-1.3	-0.6	0.7
Cash from Financing Activities	-0.6	-0.9	-1.6	-1.8	-0.5

Foreign Exchange Effects	0.0	0.0	0.0	-0.1	-
Net Change in Cash	1.9	1.7	-0.6	1.3	0.4

Net Cash - Beginning Balance	5.4	3.5	3.8	2.5	2.5
Net Cash - Ending Balance	7.3	5.1	3.2	3.8	2.9
Cash Interest Paid	-	0.2	0.2	0.5	0.5
Cash Taxes Paid	-	0.5	0.6	0.8	0.8

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	15 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Reclassified Normal 31-Mar-2011	Reclassified Special 31-Mar-2010	Updated Normal 31-Dec-2008
Filed Currency	SGD	SGD	SGD	SGD	SGD
Exchange Rate (Period Average)	1.253961	1.332147	1.427138	1.440254	1.415335
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified

Revenues	90.7	82.3	79.1	100.6	92.1
Total Revenue	90.7	82.3	79.1	100.6	92.1

Cost of Revenues	76.1	69.0	67.7	87.5	77.9
Other Income	-0.2	-0.1	-0.1	-0.1	0.0
Selling and Distribution Costs	6.4	6.0	4.9	7.0	7.6
General and Administrative Expenses	4.9	4.9	3.4	6.2	5.8
Amortization of Intangibles	-	0.1	0.1	-	0.1
Impairment of goodwill	1.1	0.0	-	-	-
Total Operating Expense	88.3	79.9	76.0	100.6	91.3

Financial Expenses	-0.2	-0.2	-0.2	-0.5	-0.5
Financial Income	0.0	0.0	0.0	0.0	0.0
Fair value adjustment of investment in a	-0.2	0.0	-	-	-
Gain on Disposal of Subsidiary	-	0.0	0.0	0.0	-
Share of Results of Associates	0.0	-0.1	0.0	0.1	0.1
Net Income Before Taxes	2.0	2.2	2.9	-0.4	0.5

Provision for Income Taxes	1.6	0.4	0.6	-0.1	0.4
Net Income After Taxes	0.4	1.8	2.3	-0.3	0.1

Minority Interest	-0.1	-0.1	0.0	0.0	0.1
Net Income Before Extra. Items	0.3	1.7	2.3	-0.3	0.2
Discontinued Operations	-	-	-	-0.1	-
Net Income	0.3	1.7	2.3	-0.5	0.2

Income Available to Com Excl ExtraOrd	0.3	1.7	2.3	-0.3	0.2

Income Available to Com Incl ExtraOrd	0.3	1.7	2.3	-0.5	0.2

Basic Weighted Average Shares	117.2	117.2	117.2	116.5	117.2
Basic EPS Excluding ExtraOrdinary Items	0.00	0.01	0.02	0.00	0.00
Basic EPS Including ExtraOrdinary Items	0.00	0.01	0.02	0.00	0.00
Dilution Adjustment	-	-	0.0	0.0	-
Diluted Net Income	0.3	1.7	2.3	-0.5	0.2
Diluted Weighted Average Shares	117.2	117.2	117.2	116.5	117.2
Diluted EPS Excluding ExtraOrd Items	0.00	0.01	0.02	0.00	0.00
Diluted EPS Including ExtraOrd Items	0.00	0.01	0.02	0.00	0.00
DPS-Ordinary Shares	0.01	0.00	0.01	0.00	0.00
Gross Dividends - Common Stock	-	0.4	0.8	0.2	0.0
Normalized Income Before Taxes	3.0	2.2	2.9	-0.5	0.6

Inc Tax Ex Impact of Sp Items	1.9	0.4	0.6	-0.1	0.5
Normalized Income After Taxes	1.1	1.8	2.3	-0.4	0.1

Normalized Inc. Avail to Com.	1.0	1.7	2.2	-0.4	0.2

Basic Normalized EPS	0.01	0.01	0.02	0.00	0.00
Diluted Normalized EPS	0.01	0.01	0.02	0.00	0.00
Interest Expenses	0.2	0.2	0.2	0.5	0.5
Depreciation	0.3	0.3	0.3	0.4	0.4
Amortization of Intangibles	0.1	0.1	0.1	0.1	0.1
Rental Expenses	-	-	-	0.5	-
Current income tax	-	-	-	0.5	-
under/(over) provision	-	-	-	-0.1	-
Current Tax - Total	-	-	-	0.4	-
Deferred income tax	-	-	-	-0.5	-
under provision	-	-	-	0.0	-
Deferred Tax - Total	-	-	-	-0.5	-
Income Tax - Total	-	-	-	-0.1	-
Defined contribution plan expense	-	-	-	0.7	-
Total Pension Expense	-	-	-	0.7	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Restated Normal 31-Mar-2011	Updated Normal 31-Mar-2009	Updated Normal 31-Dec-2008
Filed Currency	SGD	SGD	SGD	SGD	SGD
Exchange Rate	1.260191	1.2605	1.39805	1.5202	1.44075
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified

Finished Goods	-	12.2	13.4	10.7	-
Adjustments	-	-	-	0.0	-
Inventories	15.9	-	-	-	14.7
Trade Receivables	14.9	-	-	-	12.9
Trade Receivables	-	14.0	13.4	10.3	-
Allowance for doubtful trade	-	-0.4	-0.6	-0.6	-
Other receivables	1.6	1.7	0.9	0.7	1.7
Deposits	-	0.2	0.3	0.3	-
Prepaid Expenses	0.2	0.2	0.2	0.2	0.5
Due from Directors	-	-	-	0.0	0.0
Due from Associated Company-Trade	0.0	0.2	0.2	0.0	0.0
Due from Associated Company-Nontrade	-	-	-	-	0.0
Due from Shareholders of a Subsidiary	-	-	-	-	0.0
Fixed Deposit Pledged	1.3	0.0	0.0	0.0	-
Cash and Bank Balances	6.0	5.4	3.3	3.3	2.8
Assets Classified as Held for Sale	-	-	-	3.7	-
Total Current Assets	40.0	33.6	31.1	28.6	32.6

Computers	-	0.4	0.3	0.3	-
Office Equipment	-	0.4	0.3	0.3	-
Furniture and Fittings	-	0.5	0.4	0.3	-
Motor Vehicles	-	0.8	0.7	0.6	-
Renovation	-	0.4	0.4	0.3	-
Warehouse Equipment	-	0.0	0.0	0.0	-
Trademarks	-	0.0	0.0	0.0	-
Depreciation	-	-2.1	-1.6	-1.1	-
Fixed Assets, net	0.5	-	-	-	0.9
Goodwill	1.7	-	-	1.6	2.6
Good will, Gross	-	1.9	1.7	-	-
Accumulated Amortisation and Impairment	-	0.0	0.0	-	-
Intangibles	-	1.0	0.9	0.8	-
Accumulated Amortisation	-	-0.3	-0.2	-0.1	-
Investment in Associates	0.0	0.3	0.4	0.3	0.4
Deferred Tax	0.3	1.1	0.6	0.5	0.1
Total Assets	42.4	38.0	35.1	32.4	36.6

Trade Payable	10.0	10.0	9.1	7.9	7.7
Bills Payable to a Bank	10.0	6.0	7.0	5.2	8.0
Short Term Loans	-	-	-	1.2	2.1
Other Payable and Accruals	2.4	-	-	-	4.0
Accrued operating expenses	-	1.0	0.9	0.6	-
Other payables	-	1.1	1.1	0.7	-
Due to Associate	-	0.3	0.3	0.1	0.1
Finance Lease Obligations	0.1	0.0	0.1	0.1	0.1
Tax Payable	0.9	0.6	0.3	0.2	0.3
Liabilities Classified as held for Sale	-	-	-	3.4	-
Total Current Liabilities	23.4	19.0	18.7	19.4	22.3

Finance Lease Obligations	0.2	0.1	0.1	0.1	0.1
Total Long Term Debt	0.2	0.1	0.1	0.1	0.1

Deferred Tax	0.1	0.1	0.1	0.0	0.0
Minority Interest	0.3	0.2	0.2	0.1	0.0
Total Liabilities	24.0	19.4	19.0	19.6	22.5

Share Capital	8.9	8.9	8.0	7.3	7.8
Treasury Shares	-0.1	-0.1	-0.1	-0.1	-
Other Reserve	0.1	0.0	0.0	-	-
Retained Earnings	10.2	10.4	8.6	6.0	7.0
Translation Reserve	-0.6	-0.5	-0.4	-0.5	-0.6
Reserves Classified as held for Sale	-	-	-	0.0	-
Total Equity	18.4	18.6	16.1	12.8	14.1

Total Liabilities & Shareholders' Equity	42.4	38.0	35.1	32.4	36.6

S/O-Ordinary Shares	116.5	116.5	116.5	116.5	117.2
Total Common Shares Outstanding	116.5	116.5	116.5	116.5	117.2
T/S-Ordinary Shares	0.7	0.7	0.7	0.7	0.0
Accumulated Amortisation	-	0.3	0.2	0.1	-
Accumulated Goodwill Amortization Suppl.	-	0.0	0.0	0.0	-
Shareholders	-	-	-	411	-
Long Term Debt Maturing Within 1 Year	-	-	-	6.5	10.5
Long Term Debt Maturing After 1 Year	-	-	-	0.2	0.1
Total Long Term Debt, Supplemental	-	-	-	6.7	10.7
Capital Lease Due within 1 Yr	-	-	-	0.1	-
Capital Lease Due within 1-5 Yrs	-	-	-	0.1	-
Total Capital Leases	-	-	-	0.2	-
Operating Lease Maturing Within 1 Year	-	-	-	0.5	-
Operating Lease Maturing Within2-5 Years	-	-	-	1.5	-
Total Operating Leases	-	-	-	2.0	-

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	15 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Dec-2008
Filed Currency	SGD	SGD	SGD	SGD	SGD
Exchange Rate (Period Average)	1.253961	1.332147	1.427138	1.440254	1.415335
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified

Net Income	2.0	2.2	2.9	-0.4	0.5
Depreciation	0.3	0.3	0.3	0.5	0.4
Discontinued Operations	-	-	0.0	-0.2	-
Amortisation of Intangible	0.1	0.1	0.1	0.1	0.1
Goodwill W/O	-	-	0.0	0.0	-
Impairment of Goodwill	1.3	0.0	0.0	0.0	-
Disposal of Property, Plant & Equipment	0.0	0.0	0.0	0.0	0.0
Write-off Property, Plant & Equipment	-	-	0.0	0.0	0.0
Doubtful Account	0.0	0.0	-0.1	0.6	0.1
Write-off Bad Trade Reveivables	0.0	0.1	0.0	0.0	0.0
Allowances for Slow Moving Stock	-	-	0.5	0.5	-
(Write back)/allowance for inventory obs	-0.1	-0.4	-0.1	-0.1	-0.1
Gain on disposal of Subsidiary	-	-	0.0	0.0	-
Share of Results of Associates	0.0	0.1	0.0	-0.1	-0.1
Interest Expenses	0.2	0.2	0.2	0.5	0.5
Interest Income	0.0	0.0	0.0	0.0	0.0
Translation Difference	-0.1	-0.1	0.0	-0.2	-0.4
Inventory	-3.6	3.0	-2.1	2.3	0.7
Trade Receivable	-1.4	0.6	-2.2	3.5	2.3
Other Receivables and Prepaid	0.3	-0.7	0.4	-1.4	-1.0
Prepaid Expenses	0.0	0.0	0.1	0.0	-0.3
Due from Associated Company-Non-trade	0.0	-0.1	0.0	0.5	0.6
Trade Payable	0.1	-0.2	0.5	-1.0	-3.8
Bills Payable to a Bank	4.1	-1.7	1.3	-1.6	0.8
Other Payable and Accruals	0.2	0.0	0.6	1.2	2.0
Due to Directors	-	-	0.0	0.0	0.0
Interest Expense Paid	-0.2	-0.2	-0.2	-0.5	-0.5
Interest Income Received	0.0	0.0	0.0	0.0	0.0
Income Tax Paid	-0.5	-0.5	-0.6	-0.8	-0.8
Cash from Operating Activities	2.6	2.7	1.5	3.2	1.0

Capital Expenditures	-0.2	-0.1	-0.1	-0.4	0.0
Fixed Deposits held as Collateral	0.0	0.0	0.0	0.0	-
Disposal of Property, Plant & Equipment	0.2	0.0	0.0	0.0	-0.3
Acquisition of Subsidiary	0.0	0.0	0.0	0.2	0.2
Proceeds from Profit Guarantee Compensat	-	-	0.0	0.1	-
Disposal of Subsidiary	-	-	-0.4	0.0	0.0
Cash from Investing Activities	-0.1	-0.1	-0.5	0.0	0.0

Repayment Finance Lease Obligations	-0.1	-0.1	-0.1	-0.1	-0.1
Dividends Paid to Shareholders	-0.5	-0.9	-0.2	-1.2	-1.2
Dividend paid to non controlling interes	0.0	0.0	0.0	-	-
Proceeds from Short-term Loans	-	-	-1.3	-0.5	0.8
Cash from Financing Activities	-0.6	-0.9	-1.6	-1.8	-0.5

Foreign Exchange Effects	0.0	0.0	0.0	-0.1	-
Net Change in Cash	1.9	1.7	-0.6	1.3	0.4

Cash-Beginning of Period	5.4	3.5	3.8	2.5	2.5
Cash-Ending of Period	7.3	5.1	3.2	3.8	2.9
Cash Interest Paid	-	0.2	0.2	0.5	0.5
Cash Taxes Paid	-	0.5	0.6	0.8	0.8

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
	Quarter Ending 31-Mar-2012	Quarter Ending Yr Ago	Annual Year End 31-Mar-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	46.5	6.74%	90.7	3.63%	-7.78%	-1.19%
Operating Income1 (?)	0.9	-33.69%	2.4	-8.59%	381.88%	-10.93%
Income Available to Common Excl Extraord Items1 (?)	-0.7	-	0.3	-80.88%	-	-35.10%
Basic EPS Excl Extraord Items1 (?)	-0.01	-	0.00	-80.73%	-	-35.98%
Capital Expenditures2 (?)	0.2	92.28%	0.2	92.28%	-19.56%	-13.08%
Cash from Operating Activities2 (?)	2.6	-10.12%	2.6	-10.12%	-11.56%	18.80%
Free Cash Flow (?)	2.3	-14.25%	2.3	-14.25%	-10.66%	29.13%
Total Assets3 (?)	42.4	11.53%	42.4	11.53%	2.78%	-0.31%
Total Liabilities3 (?)	24.0	23.75%	24.0	23.75%	0.51%	-0.97%
Total Long Term Debt3 (?)	0.2	239.64%	0.2	239.64%	9.39%	-1.53%
Total Common Shares Outstanding3 (?)	116.5	0.00%	116.5	0.00%	0.00%	-0.12%
1-ExchangeRate: SGD to USD Average for Period	1.275857		1.253961
2-ExchangeRate: SGD to USD Average for Period	1.253961		1.253961
3-ExchangeRate: SGD to USD Period End Date	1.260191		1.260191

Key Ratios
	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Dec-2008
Profitability
Gross Margin (?)	16.06%	16.24%	14.40%	13.03%	15.47%
Operating Margin (?)	2.63%	2.98%	3.90%	0.02%	0.91%
Pretax Margin (?)	2.21%	2.65%	3.69%	-0.39%	0.54%
Net Profit Margin (?)	0.38%	2.05%	2.86%	-0.34%	0.18%
Financial Strength
Current Ratio (?)	1.71	1.77	1.66	1.47	1.46
Long Term Debt/Equity (?)	0.01	0.00	0.01	0.01	0.01
Total Debt/Equity (?)	0.01	0.01	0.01	0.11	0.16
Management Effectiveness
Return on Assets (?)	1.11%	4.85%	6.70%	-0.84%	0.15%
Return on Equity (?)	1.84%	9.79%	15.39%	-2.50%	1.09%
Efficiency
Receivables Turnover (?)	5.64	5.65	6.44	7.90	5.97
Inventory Turnover (?)	5.38	5.37	5.51	6.74	5.14
Asset Turnover (?)	2.24	2.26	2.30	2.84	2.44

Market Valuation USD (mil)
P/E (TTM) (?)	40.87	.	Enterprise Value2 (?)	8.6
Price/Sales (TTM) (?)	0.15	.	Enterprise Value/Revenue (TTM) (?)	0.09
Price/Book (MRQ) (?)	0.75	.	Enterprise Value/EBITDA (TTM) (?)	3.14
Market Cap as of 30-May-20121 (?)		.
1-ExchangeRate: SGD to USD on 30-May-2012
2-ExchangeRate: SGD to USD on 31-Mar-2012	1.260191

Annual Ratios

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Dec-2008
Financial Strength
Current Ratio (?)	1.71	1.77	1.66	1.47	1.46
Quick/Acid Test Ratio (?)	0.96	1.10	0.92	0.70	0.78
Working Capital1 (?)	16.6	14.6	12.4	9.2	10.3
Long Term Debt/Equity (?)	0.01	0.00	0.01	0.01	0.01
Total Debt/Equity (?)	0.01	0.01	0.01	0.11	0.16
Long Term Debt/Total Capital (?)	0.01	0.00	0.01	0.01	0.01
Total Debt/Total Capital (?)	0.01	0.01	0.01	0.10	0.14
Payout Ratio (?)	270.27%	26.04%	36.23%	-69.77%	0.00%
Effective Tax Rate (?)	77.66%	19.00%	20.89%	-	88.54%
Total Capital1 (?)	18.7	18.8	16.2	14.2	16.5

Efficiency
Asset Turnover (?)	2.24	2.26	2.30	2.84	2.44
Inventory Turnover (?)	5.38	5.37	5.51	6.74	5.14
Days In Inventory (?)	67.87	67.92	66.24	54.13	71.01
Receivables Turnover (?)	5.64	5.65	6.44	7.90	5.97
Days Receivables Outstanding (?)	64.66	64.59	56.65	46.21	61.12

Profitability
Gross Margin (?)	16.06%	16.24%	14.40%	13.03%	15.47%
Operating Margin (?)	2.63%	2.98%	3.90%	0.02%	0.91%
EBITDA Margin (?)	3.02%	3.46%	4.37%	0.52%	1.42%
EBIT Margin (?)	2.63%	2.98%	3.90%	0.02%	0.91%
Pretax Margin (?)	2.21%	2.65%	3.69%	-0.39%	0.54%
Net Profit Margin (?)	0.38%	2.05%	2.86%	-0.34%	0.18%
COGS/Revenue (?)	83.94%	83.76%	85.60%	86.97%	84.53%
SG&A Expense/Revenue (?)	12.44%	13.30%	10.55%	13.10%	14.50%

Management Effectiveness
Return on Assets (?)	1.11%	4.85%	6.70%	-0.84%	0.15%
Return on Equity (?)	1.84%	9.79%	15.39%	-2.50%	1.09%

Valuation
Free Cash Flow/Share2 (?)	0.02	0.02	0.01	0.02	0.01
Operating Cash Flow/Share 2 (?)	0.02	0.02	0.01	0.03	0.01
1-ExchangeRate: SGD to USD Period End Date	1.260191	1.2605	1.39805	1.5202	1.44075
2-ExchangeRate: SGD to USD Average for Period	1.260191	1.2605	1.39805	1.5202	1.44075

Current Market Multiples
Market Cap/Earnings (TTM) (?)	41.11
Market Cap/Equity (MRQ) (?)	0.76
Market Cap/Revenue (TTM) (?)	0.15
Market Cap/EBIT (TTM) (?)	5.87
Market Cap/EBITDA (TTM) (?)	5.12
Enterprise Value/Earnings (TTM) (?)	25.22
Enterprise Value/Equity (MRQ) (?)	0.46
Enterprise Value/Revenue (TTM) (?)	0.09
Enterprise Value/EBIT (TTM) (?)	3.60
Enterprise Value/EBITDA (TTM) (?)	3.14

Annual Income Statement

Standardized

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	15 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Reclassified Normal 31-Mar-2011	Reclassified Special 31-Mar-2010	Updated Normal 31-Dec-2008
Filed Currency	SGD	SGD	SGD	SGD	SGD
Exchange Rate (Period Average)	1.253961	1.332147	1.427138	1.440254	1.415335
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified

Net Sales	90.7	82.3	79.1	100.6	92.1
Revenue	90.7	82.3	79.1	100.6	92.1
Total Revenue	90.7	82.3	79.1	100.6	92.1

Cost of Revenue	76.1	69.0	67.7	87.5	77.9
Cost of Revenue, Total	76.1	69.0	67.7	87.5	77.9
Gross Profit	14.6	13.4	11.4	13.1	14.3

Selling/General/Administrative Expense	11.3	11.0	8.3	13.2	13.4
Total Selling/General/Administrative Expenses	11.3	11.0	8.3	13.2	13.4
Amortization of Intangibles	-	0.1	0.1	-	0.1
Depreciation/Amortization	-	0.1	0.1	-	0.1
Impairment-Assets Held for Use	1.1	0.0	-	-	-
Unusual Expense (Income)	1.1	0.0	-	-	-
Other, Net	-0.2	-0.1	-0.1	-0.1	0.0
Other Operating Expenses, Total	-0.2	-0.1	-0.1	-0.1	0.0
Total Operating Expense	88.3	79.9	76.0	100.6	91.3

Operating Income	2.4	2.5	3.1	0.0	0.8

Interest Expense - Non-Operating	-0.2	-0.2	-0.2	-0.5	-0.5
Interest Expense, Net Non-Operating	-0.2	-0.2	-0.2	-0.5	-0.5
Interest Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Investment Income - Non-Operating	-0.2	-0.1	0.0	0.1	0.1
Interest/Investment Income - Non-Operating	-0.2	-0.1	0.0	0.1	0.1
Interest Income (Expense) - Net Non-Operating Total	-0.4	-0.3	-0.2	-0.4	-0.3
Gain (Loss) on Sale of Assets	-	0.0	0.0	0.0	-
Income Before Tax	2.0	2.2	2.9	-0.4	0.5

Total Income Tax	1.6	0.4	0.6	-0.1	0.4
Income After Tax	0.4	1.8	2.3	-0.3	0.1

Minority Interest	-0.1	-0.1	0.0	0.0	0.1
Net Income Before Extraord Items	0.3	1.7	2.3	-0.3	0.2
Discontinued Operations	-	-	-	-0.1	-
Total Extraord Items	-	-	-	-0.1	-
Net Income	0.3	1.7	2.3	-0.5	0.2

Income Available to Common Excl Extraord Items	0.3	1.7	2.3	-0.3	0.2

Income Available to Common Incl Extraord Items	0.3	1.7	2.3	-0.5	0.2

Basic/Primary Weighted Average Shares	117.2	117.2	117.2	116.5	117.2
Basic EPS Excl Extraord Items	0.00	0.01	0.02	0.00	0.00
Basic/Primary EPS Incl Extraord Items	0.00	0.01	0.02	0.00	0.00
Dilution Adjustment	-	-	0.0	0.0	-
Diluted Net Income	0.3	1.7	2.3	-0.5	0.2
Diluted Weighted Average Shares	117.2	117.2	117.2	116.5	117.2
Diluted EPS Excl Extraord Items	0.00	0.01	0.02	0.00	0.00
Diluted EPS Incl Extraord Items	0.00	0.01	0.02	0.00	0.00
Dividends per Share - Common Stock Primary Issue	0.01	0.00	0.01	0.00	0.00
Gross Dividends - Common Stock	-	0.4	0.8	0.2	0.0
Interest Expense, Supplemental	0.2	0.2	0.2	0.5	0.5
Depreciation, Supplemental	0.3	0.3	0.3	0.4	0.4
Total Special Items	1.0	0.0	0.0	-0.2	0.1
Normalized Income Before Tax	3.0	2.2	2.9	-0.5	0.6

Effect of Special Items on Income Taxes	0.4	0.0	0.0	-0.1	0.0
Inc Tax Ex Impact of Sp Items	1.9	0.4	0.6	-0.1	0.5
Normalized Income After Tax	1.1	1.8	2.3	-0.4	0.1

Normalized Inc. Avail to Com.	1.0	1.7	2.2	-0.4	0.2

Basic Normalized EPS	0.01	0.01	0.02	0.00	0.00
Diluted Normalized EPS	0.01	0.01	0.02	0.00	0.00
Amort of Intangibles, Supplemental	0.1	0.1	0.1	0.1	0.1
Rental Expenses	-	-	-	0.5	-
Normalized EBIT	3.4	2.5	3.1	-0.1	1.0
Normalized EBITDA	3.8	2.8	3.5	0.4	1.4
Current Tax - Domestic	-	-	-	0.5	-
Current Tax - Other	-	-	-	-0.1	-
Current Tax - Total	-	-	-	0.4	-
Deferred Tax - Domestic	-	-	-	-0.5	-
Deferred Tax - Other	-	-	-	0.0	-
Deferred Tax - Total	-	-	-	-0.5	-
Income Tax - Total	-	-	-	-0.1	-
Defined Contribution Expense - Domestic	-	-	-	0.7	-
Total Pension Expense	-	-	-	0.7	-

Interim Income Statement

Standardized

Financials in: USD (mil)

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

	31-Mar-2012	30-Sep-2011	31-Mar-2011	30-Sep-2010	31-Mar-2010
Period Length	6 Months	6 Months	6 Months	6 Months	6 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 30-Sep-2011	Reclassified Normal 31-Mar-2012	Reclassified Normal 30-Sep-2011	Updated Normal 31-Mar-2010
Filed Currency	SGD	SGD	SGD	SGD	SGD
Exchange Rate (Period Average)	1.275857	1.232494	1.289988	1.374126	1.398803

Net Sales	46.5	44.1	43.0	39.4	44.4
Revenue	46.5	44.1	43.0	39.4	44.4
Total Revenue	46.5	44.1	43.0	39.4	44.4

Cost of Revenue	38.9	37.1	35.7	33.3	37.8
Cost of Revenue, Total	38.9	37.1	35.7	33.3	37.8
Gross Profit	7.5	7.0	7.3	6.1	6.6

Selling/General/Administrative Expense	5.7	5.6	6.0	5.0	4.8
Total Selling/General/Administrative Expenses	5.7	5.6	6.0	5.0	4.8
Impairment-Assets Held for Use	1.1	0.0	0.0	0.0	-
Unusual Expense (Income)	1.1	0.0	0.0	0.0	-
Other, Net	-0.2	0.0	-0.1	0.0	-0.1
Other Operating Expenses, Total	-0.2	0.0	-0.1	0.0	-0.1
Total Operating Expense	45.5	42.7	41.7	38.3	42.5

Operating Income	0.9	1.5	1.4	1.1	1.9

Interest Expense - Non-Operating	-0.1	-0.1	-0.1	-0.1	-0.1
Interest Expense, Net Non-Operating	-0.1	-0.1	-0.1	-0.1	-0.1
Interest Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Investment Income - Non-Operating	-0.2	0.0	-0.1	0.0	0.0
Interest/Investment Income - Non-Operating	-0.2	0.0	-0.1	0.0	0.0
Interest Income (Expense) - Net Non-Operating Total	-0.3	-0.1	-0.2	-0.1	-0.1
Gain (Loss) on Sale of Assets	-	-	-	-	0.0
Income Before Tax	0.6	1.4	1.2	1.0	1.8

Total Income Tax	1.3	0.3	0.2	0.2	0.4
Income After Tax	-0.6	1.1	1.0	0.7	1.4

Minority Interest	0.0	-0.1	0.0	-0.1	0.0
Net Income Before Extraord Items	-0.7	1.0	1.1	0.6	1.4
Discontinued Operations	-	-	-	-	0.0
Total Extraord Items	-	-	-	-	0.0
Net Income	-0.7	1.0	1.1	0.6	1.4

Income Available to Common Excl Extraord Items	-0.7	1.0	1.1	0.6	1.4

Income Available to Common Incl Extraord Items	-0.7	1.0	1.1	0.6	1.4

Basic/Primary Weighted Average Shares	117.2	117.2	117.2	117.2	116.5
Basic EPS Excl Extraord Items	-0.01	0.01	0.01	0.01	0.01
Basic/Primary EPS Incl Extraord Items	-0.01	0.01	0.01	0.01	0.01
Dilution Adjustment	0.0	-	-	-	0.0
Diluted Net Income	-0.7	1.0	1.1	0.6	1.4
Diluted Weighted Average Shares	117.2	117.2	117.2	117.2	116.5
Diluted EPS Excl Extraord Items	-0.01	0.01	0.01	0.01	0.01
Diluted EPS Incl Extraord Items	-0.01	0.01	0.01	0.01	0.01
Dividends per Share - Common Stock Primary Issue	0.01	0.00	0.00	0.00	0.01
Gross Dividends - Common Stock	-	0.0	0.5	0.0	0.8
Interest Expense, Supplemental	0.1	0.1	0.1	0.1	0.1
Depreciation, Supplemental	0.1	0.1	0.2	0.2	0.2
Total Special Items	1.1	-0.1	0.0	0.0	0.0
Normalized Income Before Tax	1.7	1.3	1.2	1.0	1.8

Effect of Special Items on Income Taxes	0.4	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	1.6	0.3	0.2	0.2	0.4
Normalized Income After Tax	0.1	1.0	1.0	0.7	1.4

Normalized Inc. Avail to Com.	0.0	1.0	1.1	0.6	1.4

Basic Normalized EPS	0.00	0.01	0.01	0.01	0.01
Diluted Normalized EPS	0.00	0.01	0.01	0.01	0.01
Amort of Intangibles, Supplemental	0.0	0.0	0.0	0.0	0.0
Normalized EBIT	2.0	1.4	1.4	1.1	1.9
Normalized EBITDA	2.2	1.6	1.6	1.3	2.1

Annual Balance Sheet

Standardized

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Restated Normal 31-Mar-2011	Updated Normal 31-Mar-2009	Updated Normal 31-Dec-2008
Filed Currency	SGD	SGD	SGD	SGD	SGD
Exchange Rate	1.260191	1.2605	1.39805	1.5202	1.44075
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified

Cash	6.0	5.4	3.3	3.3	2.8
Cash and Short Term Investments	6.0	5.4	3.3	3.3	2.8
Accounts Receivable - Trade, Gross	-	14.0	13.4	10.3	-
Provision for Doubtful Accounts	-	-0.4	-0.6	-0.6	-
Trade Accounts Receivable - Net	14.9	13.7	13.0	9.6	12.9
Other Receivables	1.6	1.7	0.9	0.7	1.7
Total Receivables, Net	16.5	15.4	13.8	10.3	14.6
Inventories - Finished Goods	-	12.2	13.4	10.7	-
Inventories - Other	-	-	-	0.0	-
Total Inventory	15.9	12.2	13.4	10.7	14.7
Prepaid Expenses	0.2	0.2	0.2	0.2	0.5
Restricted Cash - Current	1.3	0.0	0.0	0.0	-
Discontinued Operations - Current Asset	-	-	-	3.7	-
Other Current Assets	-	0.2	0.3	0.3	-
Other Current Assets, Total	1.3	0.2	0.3	4.0	-
Total Current Assets	40.0	33.6	31.1	28.6	32.6

Machinery/Equipment	-	2.1	1.8	1.5	-
Other Property/Plant/Equipment	-	0.4	0.4	0.3	-
Property/Plant/Equipment - Gross	-	2.5	2.2	1.8	-
Accumulated Depreciation	-	-2.1	-1.6	-1.1	-
Property/Plant/Equipment - Net	0.5	0.4	0.6	0.7	0.9
Goodwill - Gross	-	1.9	1.7	-	-
Accumulated Goodwill Amortization	-	0.0	0.0	-	-
Goodwill, Net	1.7	1.9	1.7	1.6	2.6
Intangibles - Gross	-	1.0	0.9	0.8	-
Accumulated Intangible Amortization	-	-0.3	-0.2	-0.1	-
Intangibles, Net	-	0.8	0.8	0.7	-
LT Investment - Affiliate Companies	0.0	0.3	0.4	0.3	0.4
Long Term Investments	0.0	0.3	0.4	0.3	0.4
Deferred Income Tax - Long Term Asset	0.3	1.1	0.6	0.5	0.1
Other Long Term Assets, Total	0.3	1.1	0.6	0.5	0.1
Total Assets	42.4	38.0	35.1	32.4	36.6

Accounts Payable	20.1	16.2	16.4	13.2	15.7
Accrued Expenses	-	1.0	0.9	0.6	-
Notes Payable/Short Term Debt	-	0.0	0.0	1.2	2.1
Current Portion - Long Term Debt/Capital Leases	0.1	0.0	0.1	0.1	0.1
Income Taxes Payable	0.9	0.6	0.3	0.2	0.3
Other Payables	2.4	1.1	1.1	0.7	4.0
Other Current Liabilities	-	-	-	3.4	-
Other Current liabilities, Total	3.2	1.7	1.3	4.3	4.4
Total Current Liabilities	23.4	19.0	18.7	19.4	22.3

Capital Lease Obligations	0.2	0.1	0.1	0.1	0.1
Total Long Term Debt	0.2	0.1	0.1	0.1	0.1
Total Debt	0.3	0.1	0.1	1.4	2.3

Deferred Income Tax - LT Liability	0.1	0.1	0.1	0.0	0.0
Deferred Income Tax	0.1	0.1	0.1	0.0	0.0
Minority Interest	0.3	0.2	0.2	0.1	0.0
Total Liabilities	24.0	19.4	19.0	19.6	22.5

Common Stock	8.9	8.9	8.0	7.3	7.8
Common Stock	8.9	8.9	8.0	7.3	7.8
Retained Earnings (Accumulated Deficit)	10.3	10.4	8.6	6.0	7.0
Treasury Stock - Common	-0.1	-0.1	-0.1	-0.1	-
Translation Adjustment	-0.6	-0.5	-0.4	-0.5	-0.6
Other Equity, Total	-0.6	-0.5	-0.4	-0.5	-0.6
Total Equity	18.4	18.6	16.1	12.8	14.1

Total Liabilities & Shareholders’ Equity	42.4	38.0	35.1	32.4	36.6

Shares Outstanding - Common Stock Primary Issue	116.5	116.5	116.5	116.5	117.2
Total Common Shares Outstanding	116.5	116.5	116.5	116.5	117.2
Treasury Shares - Common Stock Primary Issue	0.7	0.7	0.7	0.7	0.0
Number of Common Shareholders	-	-	-	411	-
Accumulated Goodwill Amortization Suppl.	-	0.0	0.0	0.0	-
Accumulated Intangible Amort, Suppl.	-	0.3	0.2	0.1	-
Total Long Term Debt, Supplemental	-	-	-	6.7	10.7
Long Term Debt Maturing within 1 Year	-	-	-	6.5	10.5
Long Term Debt Matur. in Year 6 & Beyond	-	-	-	0.2	0.1
Total Capital Leases, Supplemental	-	-	-	0.2	-
Capital Lease Payments Due in Year 1	-	-	-	0.1	-
Capital Lease Payments Due in Year 2	-	-	-	0.0	-
Capital Lease Payments Due in Year 3	-	-	-	0.0	-
Capital Lease Payments Due in Year 4	-	-	-	0.0	-
Capital Lease Payments Due in Year 5	-	-	-	0.0	-
Capital Lease Payments Due in 2-3 Years	-	-	-	0.1	-
Capital Lease Payments Due in 4-5 Years	-	-	-	0.1	-
Total Operating Leases, Supplemental	-	-	-	2.0	-
Operating Lease Payments Due in Year 1	-	-	-	0.5	-
Operating Lease Payments Due in Year 2	-	-	-	0.4	-
Operating Lease Payments Due in Year 3	-	-	-	0.4	-
Operating Lease Payments Due in Year 4	-	-	-	0.4	-
Operating Lease Payments Due in Year 5	-	-	-	0.4	-
Operating Lease Pymts. Due in 2-3 Years	-	-	-	0.7	-
Operating Lease Pymts. Due in 4-5 Years	-	-	-	0.7	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	-	-	0.0	-

Interim Balance Sheet

Standardized

Financials in: USD (mil)

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

	31-Mar-2012	30-Sep-2011	31-Mar-2011	30-Sep-2010	31-Mar-2010
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 30-Sep-2011	Updated Normal 31-Mar-2011	Updated Normal 30-Sep-2010	Restated Normal 31-Mar-2011
Filed Currency	SGD	SGD	SGD	SGD	SGD
Exchange Rate	1.260191	1.3031	1.2605	1.31535	1.39805

Cash	6.0	4.5	5.4	3.3	3.3
Cash and Short Term Investments	6.0	4.5	5.4	3.3	3.3
Trade Accounts Receivable - Net	14.9	14.5	13.7	13.0	13.0
Other Receivables	1.6	2.0	1.9	1.3	1.1
Total Receivables, Net	16.5	16.5	15.7	14.3	14.1
Total Inventory	15.9	15.3	12.2	14.4	13.4
Prepaid Expenses	0.2	0.2	0.2	0.3	0.2
Restricted Cash - Current	1.3	-	0.0	0.0	0.0
Other Current Assets, Total	1.3	-	0.0	0.0	0.0
Total Current Assets	40.0	36.6	33.6	32.3	31.1

Property/Plant/Equipment - Net	0.5	0.7	0.4	0.5	0.6
Goodwill, Net	1.7	2.5	2.7	2.6	2.5
LT Investment - Affiliate Companies	0.0	0.3	0.3	0.4	0.4
Long Term Investments	0.0	0.3	0.3	0.4	0.4
Deferred Income Tax - Long Term Asset	0.3	1.1	1.1	0.6	0.6
Other Long Term Assets, Total	0.3	1.1	1.1	0.6	0.6
Total Assets	42.4	41.2	38.0	36.4	35.1

Accounts Payable	20.1	19.2	16.2	16.2	16.4
Notes Payable/Short Term Debt	-	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	0.1	0.1	0.0	0.0	0.1
Income Taxes Payable	0.9	0.7	0.6	0.3	0.3
Other Payables	2.4	2.1	2.1	2.6	1.9
Other Current liabilities, Total	3.2	2.8	2.8	2.8	2.2
Total Current Liabilities	23.4	22.1	19.0	19.1	18.7

Capital Lease Obligations	0.2	0.2	0.1	0.1	0.1
Total Long Term Debt	0.2	0.2	0.1	0.1	0.1
Total Debt	0.3	0.3	0.1	0.1	0.1

Deferred Income Tax - LT Liability	0.1	0.1	0.1	0.1	0.1
Deferred Income Tax	0.1	0.1	0.1	0.1	0.1
Minority Interest	0.3	0.3	0.2	0.3	0.2
Total Liabilities	24.0	22.7	19.4	19.5	19.0

Common Stock	8.9	8.6	8.9	8.5	8.0
Common Stock	8.9	8.6	8.9	8.5	8.0
Retained Earnings (Accumulated Deficit)	10.3	10.6	10.4	8.9	8.6
Treasury Stock - Common	-0.1	-0.1	-0.1	-0.1	-0.1
Translation Adjustment	-0.6	-0.6	-0.5	-0.5	-0.4
Other Equity, Total	-0.6	-0.6	-0.5	-0.5	-0.4
Total Equity	18.4	18.5	18.6	16.9	16.1

Total Liabilities & Shareholders’ Equity	42.4	41.2	38.0	36.4	35.1

Shares Outstanding - Common Stock Primary Issue	116.5	116.5	116.5	116.5	116.5
Total Common Shares Outstanding	116.5	116.5	116.5	116.5	116.5
Treasury Shares - Common Stock Primary Issue	0.7	0.7	0.7	0.7	0.7
Total Long Term Debt, Supplemental	-	0.3	105.7	8.4	-
Long Term Debt Maturing within 1 Year	-	0.1	45.2	8.3	-
Long Term Debt Matur. in Year 6 & Beyond	-	0.2	60.5	0.1	-

Annual Cash Flows

Standardized

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	15 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Dec-2008
Filed Currency	SGD	SGD	SGD	SGD	SGD
Exchange Rate (Period Average)	1.253961	1.332147	1.427138	1.440254	1.415335
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified

Net Income/Starting Line	2.0	2.2	2.9	-0.4	0.5
Depreciation	0.3	0.3	0.3	0.5	0.4
Depreciation/Depletion	0.3	0.3	0.3	0.5	0.4
Amortization of Intangibles	0.1	0.1	0.1	0.1	0.1
Amortization	0.1	0.1	0.1	0.1	0.1
Discontinued Operations	-	-	0.0	-0.2	-
Unusual Items	1.2	0.0	0.0	0.0	0.0
Equity in Net Earnings (Loss)	0.0	0.1	0.0	-0.1	-0.1
Other Non-Cash Items	-0.1	-0.3	0.5	1.2	0.0
Non-Cash Items	1.2	-0.2	0.5	0.9	-0.1
Accounts Receivable	-1.1	-0.1	-1.8	2.7	1.8
Inventories	-3.6	3.0	-2.1	2.3	0.7
Prepaid Expenses	0.0	0.0	0.1	0.0	-0.3
Accounts Payable	4.4	-1.9	2.4	-1.5	-0.9
Other Liabilities	-	-	0.0	0.0	0.0
Other Operating Cash Flow	-0.7	-0.6	-0.8	-1.3	-1.2
Changes in Working Capital	-1.0	0.3	-2.3	2.2	0.1
Cash from Operating Activities	2.6	2.7	1.5	3.2	1.0

Purchase of Fixed Assets	-0.2	-0.1	-0.1	-0.4	0.0
Capital Expenditures	-0.2	-0.1	-0.1	-0.4	0.0
Acquisition of Business	0.0	0.0	0.0	0.2	0.2
Sale of Business	-	-	-0.4	0.0	0.0
Sale of Fixed Assets	0.2	0.0	0.0	0.0	-0.3
Investment, Net	0.0	0.0	0.0	0.0	-
Other Investing Cash Flow	-	-	0.0	0.1	-
Other Investing Cash Flow Items, Total	0.1	0.0	-0.4	0.3	0.0
Cash from Investing Activities	-0.1	-0.1	-0.5	0.0	0.0

Other Financing Cash Flow	0.0	0.0	0.0	-	-
Financing Cash Flow Items	0.0	0.0	0.0	-	-
Cash Dividends Paid - Common	-0.5	-0.9	-0.2	-1.2	-1.2
Total Cash Dividends Paid	-0.5	-0.9	-0.2	-1.2	-1.2
Short Term Debt, Net	-	-	-1.3	-0.5	0.8
Long Term Debt Reduction	-0.1	-0.1	-0.1	-0.1	-0.1
Long Term Debt, Net	-0.1	-0.1	-0.1	-0.1	-0.1
Issuance (Retirement) of Debt, Net	-0.1	-0.1	-1.3	-0.6	0.7
Cash from Financing Activities	-0.6	-0.9	-1.6	-1.8	-0.5

Foreign Exchange Effects	0.0	0.0	0.0	-0.1	-
Net Change in Cash	1.9	1.7	-0.6	1.3	0.4

Net Cash - Beginning Balance	5.4	3.5	3.8	2.5	2.5
Net Cash - Ending Balance	7.3	5.1	3.2	3.8	2.9
Cash Interest Paid	-	0.2	0.2	0.5	0.5
Cash Taxes Paid	-	0.5	0.6	0.8	0.8

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.86
UK Pound	1	Rs.87.93
Euro	1	Rs.70.88

INFORMATION DETAILS

Report Prepared by :

MNL

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.

MIRA INFORM REPORT

Company name & address

Synthesis

Business Description

Financial Summary

Executives Report

Significant Developments

Unit