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ANNAIK LIMITED
(Company Registration No. 197702066M)
(Incorporated in Singapore with limited liability)
In response to the queries raised by the Singapore Exchange Securities Trading Limited
("SGX.ST") on 14 August 2008, the Directors of AnnAik Limited
("the Company") wish to provide the following information:-
a) We note that the Company has Other Receivables of S$8.03m as at 30 June 2008. This is an increase of
S$2.85m over the balance of S$5.18m as at 31 December. Please disclose a breakdown of the Other
Receivables balance as at 30 June 2008
and reasons for fluctuations in material items.
Other receivables Jun 08 Dec
07 Increase
($’000) ($’000) ($’000)
Tax recoverables 2,032 1,639 393
Advances
to staffs 31 11 20
Related
party 53 53 -
Other
receivables 492 285 207
Prepaid
land rental 34 34 -
Advance
payments 5,185 2,993 2,192
Deposits 206 172 34
Total 8,033 5,187 2.846
The increase in other receivables is mainly attributed to higher advance payments
made for the purchase of raw materials by our manufacturing business in China and higher tax
recoverables.
b) We note that the Intangible Assets of the Group increased from
S$3.83m to S$6.85m as at 30 June 2008. Please disclose details on the Intangible Assets and reasons for the increase.
Intangible Assets Jun 08 Dec
07 Increase / (Decrease)
($’000) ($’000) ($’000)
Technical
know-how 340 360 (20)
Concession
rights 6,513 3,468 3,045
Total 6,853 3,828 3,025
The intangible assets at 30 June 2008 have increased because
of the recognition of concessions rights relating to the build-operate-transfer
(“BOT”) contracts for the wastewater treatment plants that the Group has
secured in China following the adoption
of INT FRS 112 beginning in this financial year ending 31 December 2008.
By Order of the Board of Directors
Ng Kim Keang
Finance Director
Singapore, 15 August 2008
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