ANNUAL REPORT

12Middle East Development Singapore Ltdannual report 2007FinancialREVIEWBalance Sheet and Cash flowNon-Current AssetsThe slight reduction in Group’s non-currentassets by 1.78% was mainly the result of thedisposal of fixed assets.Current AssetsThe Group’s current assets of S$22.97 millionaccounted for 95.79% of the total assets asat 30 June 2007. Trade receivables rose,due primarily to slower collection. The risein other receivables was due to the increasein prepayment, deposits and other advancesarising from the set-up of the corporateoffice.Current LiabilitiesThe Group’s current liabilities of S$5.20million represented 96.3% of the totalliabilities as at 30 June 2007. The dip incurrent liabilities was due to the reductionin bank overdraft being partially offset byan increase in trade and other payables.Non-Current LiabilitiesThe reduction of non-current liabilities wasmainly due to repayment of interest-bearingfinance lease.Cash flowThe Group’s net cash used for operatingactivities was S$1.44 million, due to slowerdebt collection and an increase in otherreceivables arising from the set-up ofcorporate office.The net cash used in investing activities,particularly in the purchase of plant andmachinery, was S$0.15 million.The net cash from financing activities,mainly from proceeds from issue of shares,was S$13.74 million.The Diamond plaza