APL INTERNATIONAL INCORPORATED LTD

As at 31.01.2006

MANUFACTURING ACCOUNT

01.07.05 - 31.01.06
USD

01.07.05 - 31.12.05

31.01.06

USD

USD

01.07.05 - 31.01.06
VND

01.07.05 - 31.12.05

31.01.06

VND

VND

* * RAW MATERIALS

OPENING STOCKS - CHEMICALS

202,992.00

202,992.00

145,334.00

3,216,002,256

3,216,002,256

PURCHASE - CHEMICALS

344,909.70

297,196.64

47,713.06

5,472,305,711

4,714,288,327

(188,906.00)

(145,334.00)

(188,906.00)

(3,001,149,622)

(2,307,177,250)

358,995.70

354,854.64

4,141.06

5,687,158,345

5,623,113,333

64,045,012

74,981.00

74,981.00

287,674.00

4,566,824,750

2,108,602.12

2,108,602.12

CLOSING STOCKS - CHEMICALS

OPENING STOCKS - LATEX

PURCHASE - LATEX
CLOSING STOCKS - LATEX

(287,674.00)
1,895,909.12

OPENING STOCKS - PACKING MATERIALS

(287,674.00)
1,895,909.12

(287,674.00)
-

1,187,923,983

1,187,923,983

33,437,936,622

33,437,936,622

(4,566,824,750)

(4,566,824,750)

30,059,035,855

30,059,035,855

2,307,177,250
758,017,384
(3,001,149,622)

(4,566,824,750)
-

24,506.00

24,506.00

33,193.00

388,248,558

388,248,558

PURCHASE - PACKING MATERIALS

188,072.97

174,913.52

13,159.45

2,982,912,257

2,773,848,075

CLOSING STOCKS - PACKING MATERIALS

(26,442.00)

(33,193.00)

(26,442.00)

186,136.97

166,226.52

19,910.45

2,951,076,761

2,635,157,758

315,919,003

265,649.85

229,766.78

35,883.07

4,213,311,595

3,643,237,262

570,074,333

34,202.02

28,858.14

5,343.88

542,493,729

457,595,459

84,898,269

299,851.87

258,624.92

41,226.95

4,755,805,324

4,100,832,721

654,972,602

(420,084,054)

(526,938,875)

526,938,875
209,064,182
(420,084,054)

* * DIRECT LABOUR

BUS TRANSPORT EXPENSES

SALARY AND WAGES
MEDICAL & SOCIAL INSURANCE
MEDICAL FEES
INCENTIVES
HRD LEVY
CONTRACT WAGES
LEVY PROCESSING CHARGES

APL INTERNATIONAL INCORPORATED LTD

01/07/2005 - 31/01/2006

MANUFACTURING ACCOUNT

01.07.05 - 31.01.06

01.07.05 - 31.12.05

31.01.06

01.07.05 - 31.01.06

01.07.05 - 31.12.05

31.01.06

USD

USD

USD

VND

VND

VND

* * FACTORY OVERHEADS

FORMERS PURCHASES

INDIRECT CHEMICAL - WATER TREAMENT PLANT

INSURANCE
UNIFORM
WATER CHARGES
ELECTRICITY CHARGES
UPKEEP - FACTORY
UPKEEP - ELECTRICAL FITTINGS

1,321.20

1,321.20

20,989,904

85.31

85.31

1,351,054

1,351,054

11,738.84

10,420.90

1,317.94

186,127,850

165,189,737

20,938,113

273,666.60

257,221.41

16,445.19

4,339,868,377

4,078,603,643

261,264,734

15,718.39

15,597.48

120.91

249,142,400

247,221,503

1,920,897

20,989,904

DEPRECIATION

346,218.00

296,651.00

49,567.00

5,491,177,667

4,703,706,738

787,470,929

UPKEEP BOILER

16,581.72

14,600.92

1,980.80

262,930,259

231,461,289

31,468,970

TRANSPORTATION CHARGES

41,682.83

37,607.35

4,075.48

661,498,534

596,751,383

64,747,151

TESTING / INSPECTION EXPENSES

UPKEEP - PLANT & MACHINERY

35,576.51

32,332.60

3,243.91

564,253,279

512,717,281

51,535,998

WEIGHING CHARGES

INDIRECT CHEMICAL - BOILER CHEMICALS

RENTAL OF MACHINERY / BACKHOE

UPKEEP - LABORATORY

1,054.56

117.80

18,591,685

16,720,196

1,871,489

743,761.76

665,571.53

78,190.23

11,795,931,009

10,553,722,825

1,242,208,184

532,622,125

OPENING STOCKS - PALM SHELL, FIREWOOD & COAL

7,299.00
PALM SHELL & FIRE WOOD

1,172.36

610,258.54

CLOSING STOCKS - PALM SHELL, FIREWOOD &(36,430.00)

COAL
581,127.54

7,299.00

33,551.00

115,638,057

115,638,057

596,628.05

13,630.49

9,677,143,627

9,460,596,032

(33,551.00)

(36,430.00)

570,376.05

10,751.49

(578,763,410)
9,214,018,274

(532,622,125)
9,043,611,964

OPENING STOCKS - CONSUMABLES

CLOSING STOCKS - CONSUMABLES

OPENING STOCKS - WIP LATEX

CLOSING STOCKS - WIP LATEX

OPENING STOCKS - WIP CHEMICALS

CLOSING STOCKS - WIP CHEMICALS

216,547,595
(578,763,410)
170,406,310

* * WORK - IN - PROGRESS

COST OF GOODS PRODUCED

4,065,782.96

3,911,562.78

154,220.18

64,463,025,567

62,015,474,456

2,447,551,111

APL INTERNATIONAL INCORPORATED LTD

TRADING AND PROFIT & LOSS ACCOUNT
01/07/2005 - 31/01/2006

01.07.05 - 31.01.06

01.07.05 - 31.12.05

31.01.06

01.07.05 - 31.01.06

01.07.05 - 31.12.05

31.01.06

USD

USD

USD

VND

VND

VND

SALES
EXPORT SALES (PF)

3,364,006.22

EXPORT SALES (PG)

3,364,006.22

LOCAL SALES (PF)

LOCAL SALES (PG)

2,700,536.22

663,470.00

2,700,536.22

53,361,548,223
-

663,470.00

53,361,548,223

42,821,000,333

10,540,547,890

42,821,000,333

10,540,547,890

281,131.10

242,045.60

39,085.50

4,459,164,399

3,838,213,061

620,951,339

281,131.10

242,045.60

39,085.50

4,459,164,399

3,838,213,061

620,951,339

SALES - CHLORINATION CHARGES

SALES - SCRAP / MISC

RETURN INWARDS

DISCOUNT ALLOWED

3,645,137.32

2,942,581.82

702,555.50

586,999.00

586,999.00

1,169,915.00

4,065,782.96

3,911,562.78

154,220.18

57,820,712,623

46,659,213,394

11,161,499,229

9,299,825,157

9,299,825,157

18,572,400,625

64,463,025,567

62,015,474,456

2,447,551,111

COST OF GOODS SOLD

OPENING STOCKS - FINISHED GOODS

MANUFACTURING ACCOUNT
PURCHASE - GLOVES

4,652,781.96

CLOSING STOCKS - FINISHED GOODS

(535,087.00)
4,117,694.96

GROSS PROFIT / (LOSS)

(472,557.64)

4,498,561.78

1,324,135.18

73,762,850,724

71,315,299,613

21,019,951,736

(1,169,915.00)

(535,087.00)

(8,500,927,169)

(18,572,400,625)

(8,500,927,169)

3,328,646.78

789,048.18

65,261,923,555

52,742,898,988

12,519,024,567

(86,492.68)

(7,441,210,933)

(6,083,685,594)

(1,357,525,339)

(386,064.96)

OVERDUE INTEREST INCOME

FIXED DEPOSIT INTEREST

2,932.04

2,927.81

4.23

46,503,286

46,436,084

67,202

GAIN / (LOSS) - FOREIGN EXCHANGE ( REALISED)3,969.05

3,852.21

116.84

63,001,018

61,144,781

1,856,237

(517,900,099)

(469,487,933)

(48,412,166)

GAIN / (LOSS) - FOREIGN EXCHANGE ( UNREALISED)

RENTAL OF CANTEEN

SALES OF SCRAP
SUNDRY INCOME

1,005.31

978.43

26.88

15,950,885

15,523,842

7,906.40

7,758.45

147.95

(392,444,911)

(346,383,226)

427,043
(46,061,684)

EXPENSES

OTHER EXPENSES
ADMIN AND GENERAL EXPENSES
SELLING AND DISTRIBUTION EXPENSES
FINANCIAL EXPENSES

NET PROFIT / (LOSS)

192,152.79

171,249.35

20,903.44

2,691,469,627

2,359,376,675

332,092,951

23,047.64

21,075.77

1,971.87

365,620,330

334,293,231

31,327,099

166,843.40

152,169.97

14,673.43

2,645,599,139

2,412,482,356

233,116,782

382,043.83

344,495.09

37,548.74

5,702,689,095

5,106,152,262

596,536,832

(846,695.07)

(722,801.60)

(123,893.47)

(13,536,344,938)

(11,536,221,083)

(2,000,123,856)

TAXATION

TAXATION

NET PROFIT / (LOSS) AFTER TAXATION

(846,695.07)

(722,801.60)

(123,893.47)

(13,536,344,938)

(11,536,221,083)

(2,000,123,856)

RETAINED PROFIT / (LOSS) B / F

(1,929,552.58)

(1,929,552.58)

(2,652,354.18)

(30,569,901,525)

(30,569,901,525)

(42,106,122,608)

RETAINED PROFIT / (LOSS) C / F

(2,776,247.65)

(2,652,354.18)

(2,776,247.65)

(44,106,246,463)

(42,106,122,608)

(44,106,246,463)

APL INTERNATIONAL INCORPORATED LTD

01.07.05 - 31.01.06

01.07.05 - 31.12.05

31.01.06

01.07.05 - 31.01.06

01.07.05 - 31.12.05

31.01.06

USD

USD

USD

VND

VND

VND

ADMIN AND GENERAL EXPENSES

AUDITOS' REMUNERATION
ADVERTISEMENT
ANG POW / INCENTIVE
BANK CHARGES

689.25

689.25

10,932,194

10,932,194

2,927.40

2,927.40

46,411,000

46,411,000

31,185.84

22,046.15

9,139.69

344,218,718

199,016,463

145,202,255

BANK GUARANTEE COMMISSION

CONSULTANCY FEES

CONTRIBUTION AND DONATION

DEPRECIATION

3,248.00

2,784.00

464.00

44,888,752

37,517,184

7,371,568

DIRECTORS' SALARY

DIRECTORS' EPF

ELECTRICITY

STAFF WELFARE

ENTERTAINMENT & REFRESHMENT

FILLING & STAMPING FEES

1,512.32

1,512.32

FINE AND PENALTY

119.20

58.67

60.53

GREETING & CONDOLENCE

261.76

261.76

LEGAL FEE

431.28

386.35

LC CHARGES
MEDICAL FEES
INSPECTION FEE

44.93

444.73

416.38

28.35

21,239,963
-

21,239,963
-

1,891,991

930,351

4,149,673

4,149,673

6,607,862

5,894,059

7,051,187

6,600,790

961,640
713,803
450,396

284.06

284.06

4,498,658

4,498,658

PRINTING & STATIONERY

6,444.31

5,849.34

594.97

89,580,448

80,128,159

9,452,288

OFFICE EXPENSES

5,668.55

5,161.11

507.44

80,758,775

72,697,076

8,061,699

POSTAGE & COURIER

1,584.05

1,183.26

400.79

19,724,742

13,357,391

6,367,351

154.80

154.80

2,388,732

2,388,732

PRAYING EXPENSES
QUIT RENT & ASSESSMENT
RENTAL OF OFFICE EQUIPMENT

1,007.13

910.17

96.96

14,561,208

13,020,805

1,540,404

REGISTRATION FEES

WORKERS' HOUSE RENTAL

REPAIR & MAINTAINANCE

SECRETARIAL FEES

SUNDRY EXPENSES

835.93

629.53

206.40

12,115,021

8,835,944

3,279,077

SALARIES / WAGES AND ALLOWANCES 47,306.58

41,074.48

6,232.10

647,801,932

548,792,560

99,009,373

4,764.57

477.93

68,262,337

60,669,463

7,592,874

SOCIAL & MEDICAL INSURANCE

5,242.50

SOCSO

SERVICE TAX

SECURITY CHARGES

10,331.70

8,857.68

1,474.02

142,784,223

119,366,467

STAMP DUTY

TRANSPORT

TRAVELLING EXPENSES

11,204.20

10,726.28

477.92

163,725,973

TELEPHONE & TELEX CHARGES

5,315.62

4,618.21

697.41

TRAINING FEE

6,489.82

6,489.82

LAND RENTAL

49,463.76

49,463.76

783,736,789

23,417,756
-

156,133,258

7,592,715

71,216,482

60,136,729

11,079,753

102,922,967

102,922,967

783,736,789

UPKEEP - OFFICE EQUIPMENT

UPKEEP - OFFICE

MONEY INSURANCE

WATER CHARGES

192,152.79

171,249.35

20,903.44

2,691,469,627

2,359,376,675

332,092,951

APL INTERNATIONAL INCORPORATED LTD

01.07.05 - 31.01.06

01.07.05 - 31.12.05

31.01.06

01.07.05 - 31.01.06

01.07.05 - 31.12.05

31.01.06

USD

USD

USD

VND

VND

VND

350,308,551

321,651,104

3,267,101

3,267,101

168.04

12,044,678

9,375,026

1,971.87

365,620,330

SELLING AND DISTRIBUTION EXPENSES

FORWARDING & FREIGHT CHARGES

22,083.03

20,279.20

MARINE CARGO INSURANCE

205.86

205.86

MARINE CARGO - STAMP DUTY

758.75

590.71

1,803.83

SALES COMMISSION

CARRIAGE OUTWARDS

28,657,447
-

23,047.64

21,075.77

2,669,651

334,293,231

31,327,099

APL INTERNATIONAL INCORPORATED LTD

01.07.05 - 31.01.06

01.07.05 - 31.12.05

31.01.06

01.07.05 - 31.01.06

01.07.05 - 31.12.05

31.01.06

USD

USD

USD

VND

VND

VND

FINANCIAL EXPENSES

REVOLVING CREDIT INTEREST

BANKERS' ACCEPTANCES INTEREST
HIRE PURCHASE INTEREST
TERM LOAN INTEREST

114,041.48
-

99,368.05

14,673.43

38,266.62

38,266.62

DIFFERENCE EXCHANGE RATE

5,759.02

5,759.02

OVERDUE INTEREST

8,776.28

8,776.28

166,843.40

152,169.97

1,809,231,542

14,673.43

1,576,114,760

233,116,782

606,028,461

606,028,461

91,336,482

91,336,482

139,002,654

139,002,654

2,645,599,139

2,412,482,356

233,116,782

APL INTERNATIONAL INCORPORATED LTD

01.07.05 - 31.01.06

TAXATION

TAXATION

DEFERRED TAXATION

01.07.05 - 31.12.05

31.01.06

01.07.05 - 31.01.06

01.07.05 - 31.12.05

31.01.06

APL INTERNATIONAL INCORPORATED LTD

BALANCE SHEET
As at 31.01.2006

Note
FIXED ASSETS
FIXED ASSETS

31.01.06
USD

31.12.05
USD

31.01.06
USD

31.12.05
USD

10,146,316.96

9,811,735.35

161,194,537,544

155,761,298,681

STOCKS
2
1,033,427.00
TRADE DEBTORS
1,579,936.25
AMOUNT OWING FROM RELATED
9 COMPANIES
236,280.00
OTHER DEBTORS, DEPOSITS & PREPAYMENT
3
482,989.88
FIXED DEPOSITS
CASH AT BANK
196,185.00
CASH IN HAND
451.64
3,529,269.77

1,628,555.00
1,572,297.77
33,350.00
475,161.62
60,287.45
3,613.02
3,773,264.86

16,418,054,749
25,100,447,204
3,753,780,360
7,673,260,224
3,116,791,095
7,175,205
56,069,508,836

25,853,310,625
24,960,227,099
529,431,250
7,543,190,718
957,063,269
57,356,693
59,900,579,653

TRADE CREDITORS
176,269.87
OTHER CREDITORS & ACCRUALS
4
1,866,883.23
AMOUNT OWING TO RELATED COMPANIES
6
523,324.22
AMOUNT OWING TO HOLDING COMPANIES
5
5,140,262.00
SHORT TERM BORROWING
7
3,645,642.19
11,352,381.51

128,762.03
1,334,712.60
504,066.22
5,123,612.00
4,046,748.95
11,137,901.80

2,800,399,425
29,659,173,923
8,314,051,883
81,663,342,394
57,918,317,473
180,355,285,097

2,044,097,226
21,188,562,525
8,002,051,243
81,337,340,500
64,242,139,581
176,814,191,075

NET CURRENT ASSETS / (LIABILITIES)(7,823,111.74)

(7,364,636.94)

(124,285,776,261)

(116,913,611,423)

2,323,205.22

2,447,098.41

36,908,761,282

38,847,687,259

3,165,000.00
(2,776,247.65)
388,752.35

3,165,000.00
(2,652,354.18)
512,645.82

50,282,355,000
(44,106,246,463)
6,176,108,537

50,244,375,000
(42,106,122,608)
8,138,252,392

1,934,452.87

1,934,452.59

30,732,652,746

30,709,434,866

1,934,452.87

1,934,452.59

30,732,652,746

30,709,434,866

2,323,205.22

2,447,098.41

36,908,761,282

38,847,687,259

CURRENT ASSETS

CURRENT LIABILITIES

FINANCED BY
CAPITAL
SHARE CAPITAL
PROFIT & LOSS ACCOUNT

LONG TERM LIABILITIES

TERM LOAN (SECURED)

31.01.06
USD

31.12.05
USD

31.01.06
USD

NOTE 1 - Property, plant and equipment

1

Property, plant and equipment

Less: accumulated depreciation

Capital work-in-progress

7,369,412.58
(690,697.96)
3,467,602.34
10,146,316.96

7,369,412.58
(640,666.96)
3,082,989.73
9,811,735.35

117,077,857,658
(10,973,118,491)
55,089,798,376
161,194,537,544

287,674.00
145,334.00
1,169,915.00
33,551.00
33,193.00
1,669,667.00
(41,112.00)
1,628,555.00

4,570,276,838
3,001,149,622
8,500,927,169
578,763,410
420,084,054
17,071,201,093
(653,146,344)
16,418,054,749

118,763.12

1,918,092,638

46,204.00
27,635.17
6,386.61
9,144.59
29,392.75

711,339,313
560,207,394
69,358,194
110,225,118
466,962,619

356,398.50
475,161.62

5,755,167,586
7,673,260,224

NOTE 2 - Stocks
1
2
3
4
5

Raw materials - Latex DRC 60%

Chemicals
Finished goods
Fuel
Packing material

Less provision

287,674.00
188,906.00
535,087.00
36,430.00
26,442.00
1,074,539.00
(41,112.00)
1,033,427.00

NOTE 3 - Other debtors, prepayment and deposits

1 Prepayment
120,733.47
Advance to suppliers
44,774.93
Import duties receivable
35,262.00
Advance to staffs & DNR
4,365.72
Prepaid expenses
6,938.07
Deposit
29,392.75
VAT
362,256.41
482,989.88
NOTE 4 - Other creditors and accruals
Payable to suppliers
Debtors pay in advance
Tax payable
Salary payable
Other payable
Accrual expenses
Other creditors

784,754.54
2,548.29
15,037.20
28,147.14
1,005,510.40
30,885.66
1,866,883.23

487,841.30
10,984.19
11,127.34
40,342.69
762,704.46
21,712.62
1,334,712.60

12,467,395,425
40,484,683
238,895,996
447,173,613
15,974,543,725
490,680,480
29,659,173,923

NOTE 5 - Holding Comapany

APL Products Sdn. Bhd.

5,140,262.00

5,123,612.00

81,663,342,394

144,086.67
338,168.71
41,068.84
523,324.22

124,828.67
338,168.71
41,068.84
504,066.22

2,289,104,926
5,372,486,296
652,460,661
8,314,051,883

2,263,101.80
608,793.67
773,746.72
3,645,642.19

2,664,208.28
608,793.67
773,747.00
4,046,748.95

35,953,898,297
9,671,905,035
12,292,514,141
57,918,317,473

1,934,452.87

1,934,452.59

30,732,652,746

236,280.00

33,350.00

3,753,780,360

NOTE 6 - Related Companies

APL Healthcare Sdn. Bhd.
Asia Pacific Latex Sdn. Bhd.
Medipure Sdn. Bhd.

NOTE 7 - Short term borrowing

1 Revolving credit
2 Trust receipts
3 Current portion of long term

NOTE 8 - Long term borrowing

1 Club deal facilities
NOTE 9 - Amount owing from related companies
1 Latech Elastomer Vertribs GMBH

31.12.05
USD

116,989,424,708
(10,170,587,990)
48,942,461,964
155,761,298,681

4,566,824,750
2,307,177,250
18,572,400,625
532,622,125
526,938,875
26,505,963,625
(652,653,000)
25,853,310,625

1,885,364,530
733,488,500
438,708,324
101,387,434
145,170,366
466,609,906

5,657,826,188
7,543,190,718

7,744,480,638
174,374,016
176,646,523
640,440,204
12,107,933,303
344,687,843
21,188,562,525

81,337,340,500

1,981,655,136
5,368,428,271
651,967,835
8,002,051,243

42,294,306,445
9,664,599,511
12,283,233,625
64,242,139,581

30,709,434,866

529,431,250