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									                                        H-DISPLAYS (MSC) BHD
                                             (Company No: 726318K )
                                             (Incorporated in Malaysia)

                           CONDENSED CONSOLIDATED BALANCE SHEET
                                  AS AT 30 SEPTEMBER 2010
                                       (The figures have not been audited)
                                                                                           AS AT
                                                                             CURRENT                PRECEEDING
                                                                           FINANCIAL             FINANCIAL YEAR
                                                                      QUARTER ENDED                       ENDED
                                                                          30 SEP 2010                31 DEC 2009
                                                                            (Unaudited)                  (Audited)
                                                                               RM'000                     RM'000
NON-CURRENT ASSETS
  Property, Plant and Equipment                                                       4,182                    4,705
  Deferred Taxation                                                                       -                      -
  Intangible Assets                                                                       -                      -
                                                                                      4,182                    4,705
CURRENT ASSETS
  Inventories                                                                        9,647                    10,114
  Trade Receivables                                                                  7,580                     9,639
  Other Receivables                                                                    490                       253
  Tax recoverable                                                                        -                         2
  Cash & Cash Equivalents                                                              867                       551
                                                                                    18,584                    20,559
CURRENT LIABILITIES
  Trade Payables                                                                     6,468                     7,679
  Other Payables                                                                     2,720                     2,404
  Amount due to directors                                                                -                       -
  Tax payable                                                                           73                        52
  Borrowing                                                                         10,485                    11,021
                                                                                    19,746                    21,156

NET CURRENT LIABILITIES                                                              (1,162)                     (597)

                                                                                      3,020                    4,108

FINANCED BY :
  Share Capital                                                                     21,000                    21,000
  Share Premium                                                                     14,637                    14,637
  Reserves
        Reserve on consolidation                                                      2,837                    2,715
        Unappropriated profit
              Attributable to equity shareholders                                  (35,509)                  (34,323)
              Minority                                                                   -                       -
                                                                                   (35,509)                  (34,323)

  Shareholders' Equity                                                                2,965                    4,029


NON-CURRENT LIABILITIES
  Hire purchase Creditor                                                                 55                        79

                                                                                      3,020                    4,108



Net assets per share attributable
 to ordinary equity holders of the Company (sen)                                       1.41                      1.92

  This is the third interim financial statements on the consolidated results for the financial year ending 31 December
                                                           2010
                                                 H-DISPLAYS (MSC) BHD
                                                      (Company No: 726318K )
                                                      (Incorporated in Malaysia)

                                    UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT
                                       FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2010
                                                 (The figures have not been audited)


                                                            Individual Quarter                             Cumulative Quarter

                                                 Current Year             Preceding year           Current Year        Preceding Year
                                                    quarter            corresponding quarter          to-date              to-date
                                                 30 Sep 2010                30 Sep 2009            30 Sep 2010          30 Sep 2009
                                                   RM'000                     RM'000                 RM'000                RM'000
                                                      (Unaudited)               (Unaudited)            (Unaudited)           (Unaudited)

Revenue                                                    10,300                      12,086              26,314                36,633

Profit from operations                                        516                        421                 (428)               (20,708)

Other income                                                       1                          33               58                   140

Depreciation and amortisation expenses                        (158)                      (178)               (540)                 (566)

Finance costs                                                  (81)                      (138)               (266)                 (396)

Profit before taxation                                        278                        138                (1,176)              (21,529)

Taxation                                                       -                          (69)                  (9)                  (72)

Profit for the financial period                               278                             70            (1,185)              (21,600)

Attributable to:

  Equity holders of the Company                               278                             70            (1,185)              (21,600)
  Minority Interest                                           -                           -                    -                     -

                                                              278                             70            (1,185)              (21,600)



Basic earnings per share (sen)                                0.13                       0.03                (0.56)               (10.29)
Diluted earnings per share (sen)                              0.13                       0.03                (0.56)               (10.29)
                                        H-DISPLAYS (MSC) BHD
                                        (Company No: 726318K )
                                        (Incorporated in Malaysia)

                UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENT
                    FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2010

                                                                     Current Year          Preceding year
                                                                  3 months ended    corresponding quarter
                                                               30 September 2010      30 September 2009
                                                                      (Unaudited)             (Unaudited)
                                                                         RM'000                  RM'000

Net cash (used in) / from operating activities                              599                   1,694

Net cash used in investing activities                                        -                      128

Net cash from financing activities                                           (87)                 (2,723)


Net increase in cash and cash equivalents                                   511                    (901)

Effect of exchange rate changes                                              (12)                  (488)

Cash and cash equivalents as at 30 June 2010                                368                   3,403

Cash and cash equivalents as at 30 September 2010                           867                   2,015
                                          H-DISPLAYS (MSC) BHD
                                             (Company No: 726318K )
                                             (Incorporated in Malaysia)

                      UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                               FOR THE FINANCIAL PERIOD ENDED 30 SEPTEMBER 2010


                                                                          Reserves
                                                     <-------Non-distributable------->       Distributable

Group                                       Share            Share          Reserve on       Unappropriated
                                           capital        premium         consolidation              profit        Total
                                          RM '000          RM '000             RM '000             RM '000       RM '000

Balance as at 1 July 2010                  21,000           14,637               2,837              (35,787)      2,687

Issuance during the financial period         -                -                   -                    -           -

Currency translation differences             -                -                       (12)             -               (12)

Net profit for the financial period                           -                   -                        278         278

Balance at 30 September 2010               21,000           14,637               2,825              (35,509)      2,953
                                                               H-DISPLAYS (MSC) BHD
                                                                  (Company No: 726318K )
                                                                  (Incorporated in Malaysia)

                                                    NOTES TO INTERIM FINANCIAL REPORT
                                              FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2010



1.0   EXPLANATORY NOTES PURSUANT TO FINANCIAL REPORTING STANDARD ("FRS") 134 INTERIM FINANCIAL REPORTING


1.1   Basis of Preparation

      The interim financial statements have been prepared under the historical cost convention except for the revaluation of properties included within
      property, plant and equipment and the investment properties which are stated at fair value.

      The interim financial statements are unaudited and have been prepared in accordance with the requirements of FRS 134: Interim Financial Reporting
      issued by Malaysian Accounting Standard Board ("MASB") and Paragraph 9.22 of the Listing Requirements of Bursa Malaysia Securities Berhad. It
      should be read in conjunction with the audited financial statements for the year ended 31 December 2009.

      Financial Reporting Standards
      (a) Adoption of New and Revised Financial Reporting Standards
      Significant accounting policies adopted by the Group in this interim financial statements are consistence with those of the audited financial statements
      for the year ended 31 December 2009 except for the adoption of the following new/revised Financial Reporting Standards ("FRS") by the Group for
      financial period beginning 1 January 2010:


      (I)        Amendment to FRS 121: The Effect of Changes in Foreign Exchange Rates
                                                 - Net Investment in a Foreign Operation
      (ii)       FRS 107: Cash Flow Statements
      (iii)      FRS 112: Income Taxes
      (iv)       FRS 118: Revenue
      (v)        FRS 120: Accounting for Government Grants asnd Disclosure of Government Assistance
      (vi)       FRS 134: Interim Financial Reporting
      (vii)      FRS 137: Provisions, Contingent Liabilities and Contingent Assets

      The adoption of the above mentioned Amendment and FRSs does not have significant financial impact on the Group.

      (b) New FRS and IC Interpretations Issued but Not Adopted
      The following FRS and IC Interpretations which are effective for financial period beginning on or after 1 July 2007 are not applicable to the Group:-

      (I)        FRS 111: Construction Contracts
      (ii)       IC Interpretation 1: Changes in Existing Decommissioning, Restoration and Similar Liabilities
      (iii)      IC Interpretation 2: Members' Shares in Co-operative Entities and Similar Instruments
      (iv)       IC Interpretation 5: Rights to Interest arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
      (v)        IC Interpretation 6: Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment
      (vi)       IC Interpretation 7: Applying the Restatement Approach under FRS129 2004 - Financial Reporting in Hyperinflationary Economies

1.2   Reporting Notice

      This is the third interim financial statements on the consolidated results for the financial year ending 31 December 2010 announced by the
      Company.

1.3   Qualification of Financial Statements

      The auditor's report for the financial statements of the HDisply Group for the financial year ended 31 December 2009 is reproduced as follows:

      Basis for Qualified Opinion
      As disclosed in Note 32 (a) and (b) to the financial statements, there was an unadjusted unrecorded liabilities in
      the financial statements as at 31 December 2008 and the Company has lost control of Smart Good Enterprises
      Limited Group of Companies (“Smart Good Group”) during the financial year. Accordingly, we are unable to carry
      out audit procedures that we considered necessary to obtain adequate information pertaining to the unrecorded
      liabilities of the Smart Good Group and/or any further undisclosed liabilities that may further deteriorate the said
      financial statements.
      Accordingly, we are unable to form an opinion as to whether the state of affairs of the Group as at 31 December 2008
      and of the results and cash flows of the Group for the financial statements ended on that date were fairly stated.
      Due to insufficient information as stated in the preceeding paragraphs, we are unable to ascertain the financial
      position and results at the point of deconsolidation. We are unable to satisfy ourselves that the amount of the effects
      on deconsolidation in this financial year are fairly stated in the results and cash flows. Any further adjustment to
      the financial position at deconsolidation would have consequential effect on the losses and cash flows for the
      financial year. In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the
      financial statements of the Group and of the Company have been prepared in accordance with the Companies Act,
      1965 and Financial Reporting Standards in Malaysia so as to give a true and fair view of:-
      (i) the financial position of the Group and of the Company as at 31 December 2009 and of its financial performance
      and cash flows for the financial year then ended; and
      (ii) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements
      of the Group and of the Company.
1.4   Seasonal or Cyclical Factors

      Our customers demand for products in the electronics and electrical industry usually runs from March to November and peaks in the third
      quarter of the year prior to Christmas and year-end festive seasons. Usually demand for products for customers in the industry will slow down
      from December to February.

1.5   Unusual Items Affecting Assets, Liabilities, Equity, Net Income or Cash Flows

      There are no items of unusual nature that affects assets, equity, net income or cash flows during the quarter



1.6   Material Changes in Estimates

      There were no changes in estimates of amounts reported that have a material effect in the quarter under review.

1.7   Debts and Equity Securities

      There were no issuance, repurchase, cancellation, resale and repayment of debt and equity securities during the period under review.


1.8   Dividend

      No dividends were paid during the quarter under review.

1.9   Segment Information

      Business are the same with the manufacture and sale of LCD panels, LCD modules and LCD products as follows:



                                                    Current financial             Preceding year                                 Preceding year to-
                                                              quarter      corresponding quarter        Current year to date                  date
                                                  30 September 2010           30 September 2009          30 September 2010      30 September 2009
                                                              RM'000                     RM'000                      RM'000                RM'000
      LCD Panels                                                 271                        539                         830                 1,540
      Modules/Others                                           8,746                      7,874                      20,385                22,675
      LCD Products                                             1,283                      3,673                       5,099                12,418

      Total                                                     10,300                    12,086                      26,314                 36,633

1.10 Valuation of Property, Plant and Equipment

      The Group did not carry out any valuation on its property, plant and equipment during the current quarter under review.

1.11 Material Events Subsequent to the end of the Reporting Period

      There are no material events subsequent to period end



1.12 Changes in the Composition of the Group



      There were no changes in the composition of the Group during the quarter under review.

1.13 Contingent Assets and Liabilities

      The group does not have any contingent assets and liabilities as at the end of current quarter


1.14 Significant Related Party Transactions

      There were no significant related party transactions during the quarter under review.
2.0   EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE LISTING REQUIRMENTS OF BURSA SECURITIES FOR THE ACE
      MARKET

2.1   Review of the Performance

      For the third quarter ended 30 September 2010, the Group achieved a revenue of approximately RM10.3 million and a profit after tax of
      approximately RM 0.28 million compared with a revenue of approximately RM12.08 million and profit after tax of approximately RM 0.14
      million for the corresponding period last year. The 15% decrease in turnover in the current period compared with the corresponding period
      last year resulted from weakening of the USD as well as materials procurement issues which still persists.




2.2   Comparison with Immediate Preceding Quarter

                                                                                                                                     Previous Quarter
                                                                                                         Current year quarter                  ended
                                                                                                         30 September 2010                  30-Jun-10
                                                                                                                      RM'000                  RM'000

      Revenue                                                                                                        10,300                       7,683
      Profit after tax                                                                                                  278                         151

      Revenue for current quarter has increased as the management was able to overcome some material supply bottlenecks.



2.3   Prospects for Year 2010

      The remainder of year 2010 will be challenging as the Group will need to undertake restructuring plans to restore its financial position.


2.4   Variance of Actual Profit from Forecast Profit

      Not applicable. The Group did not announce any profit forecast previously; hence there was no comparison between actual results and
      forecast.

2.5   Taxation

      Details of taxation are as follows:-
                                                                Individual Quarter                                  Cumulative Quarter
                                                                                 Preceeding year
                                                     Current financial             corresponding               Current year           Preceeding year
                                                               quarter                    quarter                   to-date                   to-date
                                                   30 September 2010          30 September 2009           30 September 2010        30 September 2009

                                                                RM'000                      RM'000                   RM'000                       RM'000

      Provision of tax based on results for the                       -                          (2)                      (9)                        (3)
      quarter/ year


      No tax provision is made for the current quarter due to projected net loss for the current year.


2.6   Profit/(Loss) on Sale of Unquoted Investments and/or Properties

      There were no purchase or disposal of unquoted investments and/or properties during the quarter under review.

2.7   Purchase or Disposal of Quoted Securities

      There was no purchase or disposal of quoted securities for the quarter under review.

2.8   Status of corporate proposals announced but not completed

      There is no outstanding corporate proposal which is announced but not completed.



2.9   Status of Utilisation of Proceeds

      As part of HDisply IPO, the Company has undertaken a rights issue and a public issue which raised total gross proceeds amounting to
      RM23,753,993.
      Based on the revised utilisation as announced by the Company on 26th November 2009, the Company has fully utilised the proceeds as at 31
      March 2010.
2.10 Borrowings and Debt Securities

     Group Current Borrowings (All in Local Currency)
                                                                                                      As at 30 September 2010
                                                                                         Secured                  Unsecured                    Total
                                                                                          RM'000                     RM'000                  RM'000
     Bank Borrowings                                                                      10,460                         -                    10,460
     Hire Purchase                                                                               -                           25                   25
                                                                                           10,460                            25               10,485

2.11 Group Non-Current Borrowings (All in Local Currency)

                                                                                         Secured                 Unsecured                    Total
                                                                                          RM'000                    RM'000                   RM'000
     Other Payables                                                                                                                             -
     Hire Purchase                                                                                -                      55                       55
                                                                                                  -                      55                       55

2.12 Off Balance Sheet Financial Instruments

     There were no financial instruments with off balance sheet risk as at the date of this report.

2.13 Material Litigation

     The Company had on 27 May 2009 served a notification to SFR and OSB to rescind and consequentially demand a refund to HDisply of the
     first part of the consideration of RM1,530,000, which was paid to SFR on 10 November 2008 pursuant to the terms of the SSA. In addition, H-
     Disply had also on 24th February 2010 served a writ of summons against Chan King Man, the sole director of SFR for a claim for breach of
     warranty of authority and misrepresentation. Both cases are still pending case management in chambers.




2.14 Dividend

     The Board of Directors do not recommend any dividend for the current quarter ended 30 September 2010.

2.15 Earnings/(Loss) per Share

     The calculation of basic earnings per share is based on the profit attributable to ordinary shareholders for the period ended 30 September
     2010 divided by the weighted average number of ordinary shares of RM0.10 each.

     HDisply has no ordinary shares issued which have dilutive factors.

                                                                                                          Current financial        Current financial
                                                                                                          9 months ended          12 months ended
                                                                                                         30 September 2010        31 December 2009

     Profit after tax                                                                                                 (1,185)                (41,646)
     Weighted average number of ordinary shares in issue ('000)
     - Balance b/f                                                                                                  210,000                  210,000
     - Additions during the quarter/year                                                                                -                        -
                                                                                                                    210,000                  210,000

     Basic loss per share (sen)                                                                                        (0.56)                 (19.83)
     Dilluted loss per share (sen)                                                                                     (0.56)                 (19.83)


2.16 Authorisation for Issue

     The interim financial report were authorised for issue by the Board in accordance with a resolution of the Board of Directors on 25th November
     2010.

								
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