Financial Statements and Related Announcement::First Quarter Results

CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE

3 MONTHS FINANCIAL PERIOD ENDED

30 JUNE 2021

In view of the qualified opinion issued by the Company's independent auditors, Foo Kon Tan LLP, on the audited financial statements of the Group for the financial ended 31 March 2021, the Company is required by the Singapore Exchange Securities Trading Limited to announce its quarterly financial statements pursuant to Catalist Rule 705.

1

Contents

A. Condensed interim consolidated statements of profit or loss and other comprehensive income……………………………………………………………………………………………………....….3

B. Condensed interim statements of financial position……………………………………………….4

C. Condensed interim statements of changes in equity……………………………………………....5

D. Condensed interim consolidated statement of cash flows……………………………………..…7

E. Notes to the condensed interim consolidated financial statements…………………………….8

F. Other information required by Catalist Rule Appendix 7C…………………………………....…20

2

A. Condensed interim consolidated statement of profit or loss and other comprehensive income

		GROUP
		3 months ended	3 months ended
		30 June 2021	30 June 2020	Variance
	Note	$'000	$'000	%
Revenue	4	3,653	848	>100
Other operating income		347	465	(25)
Purchases and related costs		(1,050)	(44)	>100
Changes in inventories		372	71	>100
Depreciation of plant and equipment		(107)	(84)	27
Depreciation of right-of-use assets		(493)	(85)	>100
Staff cost		(1,924)	(624)	>100
Operating lease expenses		(144)	(273)	(47)
Other operating expenses		(553)	(561)	(1)
Finance cost		(142)	(4)	>100
Loss before income tax	6	(41)	(291)	(86)
Income tax (expense)/credit		-	-	N.M.
Loss for the financial period		(41)	(291)	(86)
Other comprehensive income for the year, net of tax
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations		3	58	(95)
Other comprehensive income for the period, net of tax		3	58	(95)
Total comprehensive loss for the period		(38)	(233)	(84)
Loss attributable to:
Equity holders of the Company		(29)	(288)	(90)
Non-controlling interests		(12)	(3)	>100
		(41)	(291)	(86)
Total comprehensive loss attributable to:
Equity holders of the Company		(26)	(230)	(89)
Non-controlling interests		(12)	(3)	>100
		(38)	(233)	(84)
Earnings per share for loss for the period attributable to
the owners of the Company during the year:
- Basic EPS/(LPS) (Cents)		(0.01)	(0.15)
- Diluted EPS/(LPS) (Cents)		(0.01)	(0.15)

3

B. Condensed interim consolidated statements of financial position

		Group		Company
		30 June 2021		31 March 2021		30 June 2021	31 March 2021
	Note	$'000	$'000	$'000	$'000
ASSETS
Non-Current Assets
Plant and equipment	10	1,226	1,215	2	2
Right-of-use assets	8	3,883	3,254	-	-
Intangible assets	9	117	126	-	-
Derivative financial instruments		320	320	-	-
Goodwill	9.1	2,586	2,586	-	-
Deferred tax assets		351	351	-	-
Investment in subsidiaries		-		-		2,507		2,507
		8,483	7,852	2,509	2,509
Current Assets
Inventories		1,043	823	-	-
Trade and other receivables		1,810	1,120	8,128	7,717
Other assets		1,286	1,258	23	24
Cash and cash equivalents		1,247		1,562		151		96
		5,386		4,763		8,302		7,837
Total Assets		13,869	12,615	10,811	10,346
EQUITY AND LIABILITIES
Capital and Reserves
Share capital	12	11,601	11,601	11,601	11,601
Reserves		(16,683)	(16,657)	(13,736)	(13,682)
Non-controlling interests		435		447		-		-
Total Equity		(4,647)	(4,609)	(2,135)	(2,081)
Non-Current Liabilities
Lease liabilities	11	3,829	3,426	-	-
Borrowings	11	368	368	-	-
Deferred tax liabilities		299	299	-	-
Provision		199		199		-		-
		4,695	4,292	-	-
Current Liabilities
Trade and other payables		6,511	6,145	11,935	11,416
Deferred consideration payable		1,011	1,011	1,011	1,011
Borrowings	11	754	342	-	-
Lease liabilities	11	3,305	3,260	-	-
Contract liabilities		1,756	1,637	-	-
Provision		355	355	-	-
Current tax liabilities		129		182		-		-
		13,821		12,932		12,946		12,427
Total Liabilities		18,516	17,224	12,946	12,427
Total Equity and Liabilities		13,869		12,615		10,811		10,346

4

C. Condensed interim consolidated statements of changes in equity

The Group

	Attributable to equity holders of the Group
				Foreign
				Currency		Atrributable to	Non-
	Share	Merger	Capital	Translation	Accumulated	owners of the	controlling	Total
	Capital	Reserve	Reserve	Reserve	Losses	Company	interest	Equity
	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
2021
Balance as at 1 April 2021	11,601	(927)	(184)	(240)	(15,306)	(5,056)	447	(4,609)
Loss for the period	-	-	-	-	(29)	(29)	(12)	(41)
Other comprehensive income
- Foreign currency translation differences	-	-	-	3	-	3	-	3
Total comprehensive income/(loss) for the financial period	-	-	-	3	(29)	(26)	(12)	(38)
Balance as at 30 June 2021	11,601	(927)	(184)	(237)	(15,335)	(5,082)	435	(4,647)
				(0)	-	1	(1)	0
				Foreign
				Currency		Atrributable to	Non-
	Share	Merger	Capital	Translation	Accumulated	owners of the	controlling	Total
	Capital	Reserve	Reserve	Reserve	Losses	Company	interest	Equity
	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
2020
Balance as at 1 April 2020	6,878	(927)	(399)	(311)	(17,257)	(12,016)	1,038	(10,978)
Loss for the period	-	-	-	-	(288)	(288)	(3)	(291)
Other comprehensive income
- Foreign currency translation differences	-	-	-	58	-	58	-	58
Total comprehensive income/(loss) for the financial period	-	-	-	58	(288)	(230)	(3)	(233)
Balance as at 30 June 2020	6,878	(927)	(399)	(253)	(17,545)	(12,246)	1,035	(11,211)

5