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BANK COVENANT VIOLATION	3 Months Ended
Sep. 30, 2012
Notes to Financial Statements
Note 19 - BANK COVENANT VIOLATION	In the fourth quarter of fiscal year 2012, the Company’s Singapore subsidiary provided for the doubtful debts on the loan granted to one of the subsidiaries, resulting in a decrease in the net worth by an amount of approximately $ 1.25 million lower than the loan covenant of Singapore dollars 12 million or approximately $ 9.79 million, required by the financial institution. Hence, the Company did not satisfy the loan covenant. The bank has the option to recall the loan; however, management is in discussion with the financial institution for a waiver. A waiver has not been obtained as at the date of this report. The loan was already recorded as a current liability, as it matures within 12 months.

BANK COVENANT VIOLATION

3 Months Ended

Sep. 30, 2012

In the fourth quarter of fiscal year 2012, the Company’s Singapore subsidiary provided for the doubtful debts on the loan granted to one of the subsidiaries, resulting in a decrease in the net worth by an amount of approximately $ 1.25 million lower than the loan covenant of Singapore dollars 12 million or approximately $ 9.79 million, required by the financial institution. Hence, the Company did not satisfy the loan covenant. The bank has the option to recall the loan; however, management is in discussion with the financial institution for a waiver. A waiver has not been obtained as at the date of this report. The loan was already recorded as a current liability, as it matures within 12 months.