MYECO GROUP LTD - Interim / Quarterly Report 2011

ACN 064 755 237

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TO : COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED

DATE : 29 April 2011

QUARTERLY REPORT – 31 March 2011

The Cardia Bioplastics Limited (“Cardia or Company”) Quarterly Report for the March Quarter 2011 consists of the Activities Report & Quarterly Cash Flow (Appendix 4C)

Activities Report for March 2011 Quarter

Summary

Cash Balance: The Company’s cash balance as at 31 March 2011 was $1,008,000.

Corporate:

Fund Raisings update.
Approval for American Depositary Receipt (“ADR”) trading on the OTCQX International.
Establishment of a special purpose subsidiary to commercialise its patented novel CO2S™technology.
Establishment of New Malaysian Entity “CBMM” in progress.
Establishment of Malaysian subsidiary “CBM”.

Bioplastics Business

Sales revenues of $435,348 for the March 2011 quarter.(3% increase on the December 2010 quarter.)
Strategic partnership, distribution contracts, product launches and technical advances during the quarter were:
Cardia Bioplastics and Wesco China announce exclusive distributorship for Cardia’s “next generation” plastics in China
Cardia Bioplastics appoints Plastribution as distributor for the UK
Cardia Bioplastics launches range of certified compostable bags
Stellar Films launches sustainable personal care films using Cardia Biohybrid™technology

Continued business development with global packaging producers and consumer goods producers for their sustainable and renewable packaging solutions some now leading to “in-market” validation trials supported with initial sales.

Investment Portfolio - Unchanged

No funds were applied to any of the Company’s investment holdings during the quarter.

Details

Cash Balance as at 31 March 2011

The consolidated cash position for the group at 31 March 2011 was $1,008,000 (December 2010 -$1,951,774).

Net operating cash outflow during the quarter was $931,000 (December 2010- $1,114,490). The receipts from customers was $364,000 (December 2010- $327,130). Payments for other working capital of $663,000 (December 2010- $958,227),is lower than that of the December 2010 quarter.However,until anticipated growth in sales is achieved and contributes to cash flow, the cash burn is expected to remain at an annualised amount of approximately $3.6million per annum.

The Company’s cash position as at the end of this March 2011 quarter is sufficient to cover its net operating cash flow for the next quarter. The Board is addressing funding options to ensure at least 12 months of cash is at hand on the assumption that sales and costs remain the same as that for the fiscal year to 31[st] December 2011.

In assessing the Company’s potential growth in sales and positive contribution to cash flow, the following factors should also be considered:

Development Projects with Major Brand Owners and Packaging Companies

Cardia has been extensively working on development projects with several local and international companies. Some of these projects are in commercial negotiations and others have advanced to “in market trials”. These projects are under confidentiality agreements.

The Company is expecting these projects to convert into Sales Orders which in turn will contribute positively to the Company’s cash flow position and reduce the Company’s current cash burn. The number of these development projects is in excess of 30 and are being undertaken in various parts of the world. Whilst no assurances can be given as to the success of converting these projects from the development to commercial outcomes, any number of conversions would result in a substantial and positive effect on the Company’s sales.

Cardia is under confidential agreements with these global companies. However, Nestle has confirmed in a public release that they are working with Cardia and Cardia is their preferred renewable and sustainable bioplastics packaging partner. Again there is no assurance that this relationship will lead to commercial outcomes.

Other major brand owners and packaging companies are currently progressing to in –market trials and have ordered Cardia products accordingly. If these trials are successful, Cardia is expecting significant increase in sales from “in-market trial orders” to “commercial quantities” that will positively impact the cash flow of the Company.

Major Distributors

Also the Company has appointed major distributors detailed below which are expected to contribute to an increase in sales and positive cashflow over the next 12 months. It is anticipated that these distributors will capture a share of the growing global bioplastics market:

China - Wesco China UKPlastribution BrazilEcoventures USAMuhlestion EuropeMarubeni

Moreover, Cardia is optimistic in achieving growth in sales due to the recent expression of interest in Cardia’s Bioplastics products offerings from a broad range of international potential customers where this interest accelerated in March 2011. A large part of this new global interest has been driven by the recent increase in oil price resulting in the price increase in conventional plastics. Brand owners are looking for alternatives such as bioplastics that contain less oil with a smaller carbon footprint.

Cardia’s broad patented bioplastics product range is an alternative offering that is now gaining brand recognition as a genuine quality product solution provider for flexible and rigid packaging.

However, in the interim, the Company will seek to ensure that the business is supplemented with adequate funding to cater for its growth.

The Company is looking at funding options to ensure that at least 12 months working capital is at hand and additional sales personnel are recruited to enhance sales performance given the level of interest currently being shown in Cardia’s bioplastics products offerings.

In order to cater for the expected growth in Sales, the Company has plans to:

increase its internal sales representation,
expand its resins and finished goods manufacturing capability,
update its management and financial accounting system.

To achieve the above, the funding package will incorporate the provisions for the above in addition to its general working capital requirements. The market will be updated accordingly when the Company is in position to do so.

Corporate

Fund Raising Update

On 18[th] February 2011, the Company announced that it proposed to raise $1.5million by the issue of shares at 1.5 cents each. The Company is currently reviewing its fund raising options and expects to be able to update the market shortly with further details of this in the forthcoming quarter.

OTC-QX listing for USA market

On 25th March 2011, Cardia announced that its American Depositary Receipts had begun trading on the OTC market’s prestigious tier, OTCQX International.

Viriathus Capital LLC will be serving as Cardia Bioplastics’ exclusive OTCQX Advisor and BNY Mellon (Bank of New York Mellon) will serve as Principle American Liaison.

Joining the premier tier of the OTC offers many of the benefits of listing on a U.S. exchange without the associated high costs and legal burden typically required. The dual listing on the

ASX in Australia and on the OTC-QX in the U.S.A. will provide the company with more exposure to U.S and other global investors who can trade the Cardia ADR’s without cross country and cross currency issues creating potential liquidity for Cardia’s securities in the U.S.A.

Establishment of a special purpose subsidiary to commercialise its patented novel CO2S™technology.

In January 2011, Cardia Bioplastics announced that it had established a special purpose 100% subsidiary “CO ₂ Starch Pty Ltd”. This vehicle will be used to commercialise the company’s patented novel CO ₂ polymer - starch blending technology. CO ₂ Starch Pty Ltd will hold all the intellectual property and patents and will serve as the platform for the development and commercialisation of a family of CO ₂- based polymers.

Establishment of New Entity – Cardia Bioplastics Malaysia Manufacturing (“CBMM”) in progress

Cardia is in the process of finalizing a shareholders’ agreement incorporating all the terms and conditions for the establishment and operation of this new entity. The market will be advised when the Company is in position to do so.

Establishment of New Entity – Cardia Bioplastics Malaysia

Cardia has established a wholly owned subsidiary in Malaysia to start up research and development activities in Malaysia and to use it as a marketing vehicle to penetrate the Malaysian market for Cardia’s bioplastics products.

Bioplastics Business Overview

Cardia Bioplastics Limited (“Cardia”) develops, manufactures and markets sustainable resins and finished products derived from renewable resources for the global packaging and plastic products industries. The company holds a strong provisional patent portfolio to drive its mission to be an international supplier of technically advanced sustainable resins made from renewable resources. Cardia has its Headquarters and Global Applications Development Centre in Melbourne, Australia. The Product Development Centre and manufacturing plant is in Nanjing, China. Cardia offices are located in Europe, Malaysia, China and the Americas. These offices complement a network of leading distributors across Australia, the Americas, Asia and Europe. The company’s growth is fuelled by the global trend towards sustainable packaging. Cardia gives customers the choice of using sustainable Cardia Biohybrid™ resins or Compostable resins for their packaging or plastic product applications. As a service to customers, the Cardia Bioproducts’ team offers design, development and production of ready to use finished goods, such as film and bag products. The company’s materials are suitable for film, injection moulding, blow moulding, foam, extrusion and coating applications.

Business Update

During the quarter the company continued its solid progress. The level of interest in Cardia’s more sustainable resins by Australian and International FMCG companies were at unprecedented levels which has still not been reflected in this quarter’s sales numbers. A number of these global brand owners, retailers and packaging companies have commenced or progressed “in-market” validation trials. Nestle has already confirmed that they are working with Cardia and Cardia is their preferred renewable and sustainable bioplastics packaging partner.

Due to the commercially confidential nature of operational trials, Cardia is unable to comment on particular customers and their progress. The Directors are pleased with the progress of many of the trials and the expanding range of applications that customers are trialling. Should there be a commercial sales agreement entered into as a result of these development projects, Cardia’s sales are expected to increase significantly.

In March 2011, the Company showcased at AUSPACK, the largest Australian packaging exhibition and received substantial interest from the FMCG industry. Products containing Cardia resins are due to be showcased by a number of Cardia customers at “Interpack’, the world’s largest annual trade fair occurring in Dusseldorf Germany in May 2011.The exposure and representation at these exhibitions are further support for the development of Cardia globally.

Demand for Cardia’s products from China and internationally for the month of March was positive.

Significant momentum of Cardia’s business development was highlighted through the following events occurring during the quarter and these are expected to be converted into sales in coming quarters:

Exclusive distributorship with Wesco China
Appointment of Plastribution as distributor for the UK
Launch of a new range of certified compostable bags
Several existing development projects leading to commercialisation stage.

Sales

Sales revenues of $435,348 for the March 2011 quarter were a 3% increase on the December 2010 quarter.

Further orders and sales associated with the supply contracts executed over the last few months were received in the March 2011 quarter, and compensated for the traditionally lower sales period due to Chinese New Year. Sales in the month of March were particularly strong with steady forward orders in place for the forthcoming quarter. March quarter included a significant number of lower volume sales being utilised by large European and USA customers that have progressed to up-scaling and the market validation stage of their product development projects.

Market Launches

The following market launches were conducted in the March 2011 quarter:

Cardia Bioplastics and Wesco China announce exclusive distributorship for Cardia’s “next generation” plastics in China

Cardia Bioplastics announced the appointment of China’s leading plastics distribution company Wesco China as its exclusive distributor for China. Wesco is a Joint Venture with Sasol Limited, the leading South African petrochemical company.

Wesco will distribute Cardia’s portfolio of Biohybrid™resins derived from sustainable resources throughout China. The exclusive distribution agreement enables Wesco to offer customers the comprehensive range of Cardia Bioplastics sustainable resins to the Chinese packaging and plastic products industries.

China’s demand for environmentally friendly bioplastics, which are plastics that are biodegradable or derived from renewable resources, is rapidly developing. The emerging

growth is fuelled by a number of factors including the development of bio-based feedstock for commodity plastic resins, and increasing restrictions on the use of oil derived plastic products and greater environmental awareness.

Wesco China Managing Director Miguel Chang said “one of the most important demand drivers in China for this ‘next generation’ of plastics, would be the expected continuation of high crude oil and natural gas prices, which even at current levels allow Cardia Bioplastics to become cost-competitive with traditional petroleum-based resins. Cardia’s novel resins also provide a better carbon footprint and environmental performance; these are issues of key concerns today in China”.

Mr Chang said “the Cardia Bioplastics range would provide renewable resource based polymer choices for his broad range of customers”.

The Wesco China press release is available on Cardia’s website.

Cardia Bioplastics appoints Plastribution as distributor for the UK

Plastribution, the UK’s leading plastics distribution company, has been appointed by Cardia Bioplastics to provide its comprehensive range of bioplastic resins to the UK packaging and plastic products industries. Depending on their specific product and sustainability needs, Plastribution customers can now choose from Cardia Biohybrid™resins or Cardia certified compostable resins. Cardia’s materials can be converted on standard processing equipment without the need for additional investment. Growth for the sustainable resins market is driven by changing public attitudes and regulatory requirements. Moreover, packaging and plastics businesses are aware that packaging and plastic products solutions based on sustainable resources will help them retain their future competitiveness

According to Plastribution managing director Mike Boswell, the Cardia bioplastics range will provide environmentally responsible polymer choices for its customers. “As the ‘sustainable products space’ grows, we have looked for a supplier with a full range of sustainable options. The Cardia Bioplastics range provides customers with that choice and is well proven with leading brand owners and plastics processing companies,” he said.

The Plastribution press release is available on Cardia’s website.

Cardia Bioplastics Launches Range of Certified Compostable Bags

Cardia Bioplastics announced the launch of its extensive range of certified compostable bag products that will be sold direct to the public or via authorised distributors in Australia and New Zealand. The new product range was launched at Auspack Plus 2011, the leading trade fair of packaging, processing and plastics technology in Australasia.

Cardia’s compostable products have been extensively tested and are certified by the major international testing authorities. Cardia sources its own raw materials, formulates and manufactures the resins using proprietary technology and produces the bags at its state-ofthe-art bag making facilities in Nanjing, China. Cardia provides customers full assurance that the Cardia Bioplastics bag products deliver the highest performance, meet the prescribed international certifications standards and decompose safely in council organic waste management systems. Cardia Compostable bags meet the most demanding standards in the world. Belgium-based Organic Waste Systems independently tested Cardia’s compostable products and confirmed that they are not toxic to either plants or earthworms. In order to signal to consumers Cardia’s commitment, Cardia has used consistent, unique and easily recognisable branding across its Cardia Compostable bag range.

Recycling organics is vital for reducing the World’s eco-footprint and managing waste sustainably. Retailers and fresh food markets are increasingly promoting the use of compostable bags. Many councils now offer a Kitchen-to-Compost service, where food and garden organics are recycled together and turned into valuable compost. Compost can be used to replenish and remediate eroded soils and in farming. Unlike landfill, this is a sustainable waste management alternative that results in more positive, long-term environmental outcomes to the community and environment.

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Uniquely designed and easy to recognise Cardia Compostable Kitchen Tidy Bags

The Cardia Compostable bag range press release is available on Cardia’s website.

Stellar Films launches sustainable personal care films using Cardia Biohybrid™technology

Melbourne-based manufacturer Stellar Films has released their new range of sustainable films using Cardia Biohybrid™patented technology for the personal care and medical products industry. The new range of films meets the highest performance standards and displays a unique satin feel. Stellar Films presented these novel films at the world's leading nonwovens trade fair, INDEX 11, in Geneva, Switzerland.

Stellar Films Managing Director, Stephen Walters, said: “The combination of performance, environmental profile and cost effectiveness made Cardia Biohybrid™technology the solution for Stellar Films product needs. The unique texture of our Biohybrid™hygiene and medical films gives our customers’ products that plush, satin feel and appearance.”

Stellar Films’ product launch of personal care films made with Cardia Biohybrid™technology is consistent with the INDEX 11 theme of market innovation and sustainability of nonwoven products.

Stephen Walters emphasised Stellar Films’ strategy on responsible products and packaging. “We are excited to work with Cardia Bioplastics. Our personal care film products made from Cardia Biohybrid™resins will form an integral part of our responsible product offering,” he said.

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Stellar Films product made with Cardia Biohybrid™technology.

The Stellar Films press release is available on Cardia’s website.

Cardia sets up subsidiary to commercialise novel CO2S™technology

Cardia Bioplastics announced that it has established a special purpose 100% subsidiary “CO ₂ Starch Pty Ltd”. This vehicle will be used to commercialise the company’s patented novel CO ₂ polymer - starch blending technology. CO ₂ Starch Pty Ltd will hold all the intellectual property and patents and will serve as the platform for the development and commercialisation of a family of CO ₂- based polymers.

Cardia launched the world’s first CO ₂ + Starch biodegradable carrier bag (made using CO ₂ emissions) in October 2010 and has since received interest in the technology from several major international organizations including petrochemical companies. The breakthrough technology allows PPC (polypropylene carbonate) to be blended with starch.

The CO ₂ Starch Pty Ltd press release is available on Cardia’s website.

Commercialisation

Resin business: in-market validation stage

Cardia advanced several projects during the quarter. A number of FMCG producers and global packaging manufacturers progressed towards commercialisation. Initial sales have already been achieved with the large packaging companies and brand owners currently at “in-market” validation stage. As these targeted business development activities move forward to market launch and full-scale commercialisation, it is expected that they will drive Cardia’s future business success.

Product launch and in-market validation of hygiene films and hygiene packaging applications using Cardia Biohybrid™technology

Cardia’s focused development of Biohybrid™products for the personal care and hygiene industry delivered commercial outcomes in the March 2011 quarter. Stellar Films launched their new range of sustainable films using Cardia Biohybrid™technology for the personal care and medical products industry. The new range of films meets the highest performance standards and displays a unique satin feel. In addition to Stellar Films, Cardia received orders for the forthcoming quarter for Biohybrid™films and resin products associated with a further product launch in the large USA personal care market. Furthermore Cardia continued

its application development work with global FMCG leaders focused on their personal care packaging applications. Cardia Biohybrid™product performance is currently being validated at their commercial scale production levels.

Cardia Biohybrid™multilayer films for food packaging applications moving towards market launch

A leading European food producer completed successful in-market validation of Cardia’s new range of Biohybrid™multilayer films for their food and cold storage packaging applications. These are the first applications of Cardia’s new film technology that provides multilayer films for the food packaging industry with excellent mechanical and processing properties as well as high clarity, high quality printability and fully food contact approved to the demanding European and USA standards. As these films passed the very stringent performance requirements of their in-market validation process, Cardia is provided with significant new market opportunities, extending from commodity to high performance food packaging.

In-market validation of Cardia Biohybrid™injection moulded products for Fast Moving Consumer Goods application

A leading global FMCG company conducted successful in-market validation of Cardia’s Biohybrid™injection moulded products in direct food contact application. Based on the product’s successful performance, they proceeded to commercial scale production stage with the aim of launching their products later this year.

In addition, leading Australian manufacturer of naturally based health, beauty and household cleaning products, Natures Organics, started to change over their packaging for certain of its range of laundry and personal care products to Cardia Biohybrid™sustainable packaging technology in the March 2011 quarter.

Cardia Biohybrid™show case at Interpack 2011 trade fair

Interpack 2011 is the pre-eminent global trade fair for the packaging sector and related processing industries and will be held in Duesseldorf, Germany, from 12 – 18 May 2011. Cardia is working with several leading European packaging companies to extend their product ranges with a Biohybrid™product offering. This work has significantly progressed during the March quarter. Interpack 2011 will be a further milestone for Cardia Bioplastics as several of these European packaging companies will launch their Biohybrid™products at Interpack and show case Cardia Biohybrid™technology to the large packaging user and manufacturer audience.

Projects and Business Development

Flexible and rigid packaging developments

Cardia focuses on the large flexible and rigid packaging segments of the packaging industry. Flexible packaging applications include flexible film for food and non-food applications; shrink wrap, protective packaging films, carrier bags, waste management bags, sacks as well as other applications. Rigid packaging applications include closures, containers, lids and bottles amongst other applications.

Cardia offers high-performing packaging resins and commensurate technical support to tailor theCustomerscompany’scan selectresins sustainableto the demandingCardia Biohybridrequirements™ resinsof Cardia’s(reduce oilglobaluse, customerimprove carbonbase. foot print and green house gas position) or Compostable resins (certified to international standards) for their packaging solutions. In addition, the Cardia Bioproducts’ team offers as a service to customers, the design, development and production of ready to use finished goods, such as film and bag products.

Successful production qualification of rigid packaging products

A key achievement of this quarter was the successful production qualification of Cardia Biohybrid™rigid packaging products with a leading American rigid packaging company. During the in–house production trials, Cardia products achieved production efficiencies at parity with commodity plastic products. The Cardia products met stringent food contact requirements and the customer’s demanding packaging performance standards. .

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Injection moulded closures and lids made with Cardia Biohybrid™Technology, fully food contact approved

Product performance qualification of Cardia Biohybrid™packaging films for fruit and fresh produce packaging

One of New Zealand’s leading fruit exporters tested Cardia Biohybrid™packaging films and confirmed the product performance in their fruit and fresh produce packaging applications. Cardia currently works with this company’s packaging suppliers to establish Biohybrid™ technology within the industry.

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Fruit packaging products made with Cardia Biohybrid™Technology

Investment Portfolio/Other Assets- Unchanged

No cash was committed to the company’s Investment Portfolio/Other Assets during the quarter ending 31 March 2011.The investments included in the Company’s portfolio are:

P-Fuel Limited (5.8%)

Bioglobal Limited (18.4%)

SUMMARY

In summary, Cardia has a mature product offering within a nascent bioplastics industry that has large growth opportunities. Cardia enjoys a strong patent portfolio and world class manufacturing operations in Nanjing China and representatives throughout the Americas, Malaysia, China, Europe & UK, and Australia. Large participants within the FMCG industry are trialling Cardia’s patented resins and a number of these participants are displaying these products at the Interpack 2011 trade fair in Duesseldorf, Germany.

The Directors are optimistic that Cardia Bioplastics resins and portfolio of related products are penetrating the very conservative, however lucrative global customer market.

Cardia is now focusing on assisting customers to finalise their relevant trials and commence fully commercial manufacturing. At the same time the company will continue to invest in research to produce further novel applications such as the company’s patented novel CO2 polymer-starch blending technology, and lower cost formulation opportunities.

PAT VOLPE Chairman

Appendix 4C

Quarterly report for entities admitted

on the basis of commitments

Introduced 31/3/2000. Amended 30/9/2001

	Name of entity		Quarter ended (“currentquarter”) 31 March 2011	Quarter ended (“currentquarter”) 31 March 2011
	Cardia Bioplastics Ltd
	ABN 89 064 755 237 Consolidated statement of cash flows
			31 March 2011

Cash flows related to operating activities 1.1 Receipts from customers 1.2 Payments for (a) staff costs (b) advertising and marketing (c) research and development (d) leased assets (e) other working capital 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net operating cash flows		Current quarter $A’000		Year to date (9 months) $A’000
		364 (348) (16) (256) (20) (663) - 8 - - -		1,103 (1,155) (28) (628) (130) (2,221) - 32 - - 235
		(931)		(2,792)
1.8 Net operating cash flows (carried forward)		(931)		(2,792)
Cash flows related to investing activities 1.9 Payment for acquisition of: (a)businesses (item 5) (b) equity investments (c) intellectual property (d) physical non- current assets (e) other non-current assets 1.10 Proceeds from disposal of: (a) businesses (item 5) (b) equity investments (c) intellectual property (d) physical non- current assets (e) other non-current assets 1.11 Loans to other entities 1.12 Loans repaid by other entities 1.13 Other investing activities Net investing cash flows 1.14 Total operating and investing cash flows		- - - (7) - - - - - - - - -		- - - (33) - - - - - - - 80 -
				47
		(938)		(2,745)

Cash flows related to financing activities 1.15 Proceeds from issues of shares, options, etc. 1.16 Proceeds from sale of forfeited shares 1.17 Proceeds from borrowings 1.18 Repayment of borrowings 1.19 Dividends paid 1.20 Other (provide details if material) Net financing cash flows	(5) - - - - -	2,111 - - - - -
	(5)	2,111
Net increase (decrease) in cash held 1.21 Cash at beginning of quarter/year to date 1.22 Exchange rate adjustments to item 1.21 1.23 Cash at end of quarter	(943) 1,952 (1)	(634) 1,692 (50)
	1,008	1,008

Note:

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.24 1.25	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.11	Current quarter $A'000
		172
		-
1.26	Explanation necessary for an understanding of the transactions
	Item 1.24 Mr P Volpe was paid a salary of $69,488 inclusive of superannuation for the quarter. Mr F Glatz was paid a salary of $70,163 inclusive of superannuation for the quarter Directors’ fees (inclusive of superannuation) totalling $28,613 were paid to Mr P Volpe - $14,988 and , Mr John Scheirs-$13,625 During the Quarter, amount of $3,600 (Ex GST) was paid to Excelpas Pty Ltd, a company controlled by Dr.John Scheirs for providing consultancy services to the Company.

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
2.2 Details of outlays made by other entities to establish or increase their share in businesses in which the reporting entity has an interest

n/a

Financing facilities available

Add notes as necessary for an understanding of the position. (See AASB 1026 paragraph 12.2).

3.1	Loan facilities
3.2	Credit standby arrangements

Amount available	Amount used
$A’000	$A’000
n/a	n/a
n/a	n/a

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
4.1 Cash on hand and at bank 4.2 Deposits at call 4.3 Bank overdraft 4.4 Term Deposits Against L/C	1,006 2 - -	1,841
		2
		-
		109
Total: cash at end of quarter(item 1.23)	1,008	1,952

Acquisitions and disposals of business entities

5.1 Name of entity 5.2 Place of incorporation or registration 5.3 Consideration for acquisition or disposal 5.4 Total net assets 5.5 Nature of business	Acquisitions (Item 1.9(a))	Disposals (Item 1.10(a))
	-	-
	-	-
	-	-
	-	-
	-	-

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act (except to the extent that information is not required because of note 2) or other standards acceptable to ASX.
2 This statement does give a true and fair view of the matters disclosed.

Sign here: ....Sd-....................................................... Date : 29 April 2011. (Company Secretary) Print name: Rekha Bhambhani

Notes

The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to

disclose additional information is encouraged to do so, in a note or notes attached to this report.

The definitions in, and provisions of, AASB 1026: Statement of Cash Flows apply to this report except for the paragraphs of the Standard set out below.
6.2 - reconciliation of cash flows arising from operating activities to operating profit or loss
9.2 - itemised disclosure relating to acquisitions  9.4 - itemised disclosure relating to disposals  12.1(a) - policy for classification of cash items  12.3 - disclosure of restrictions on use of cash  13.1 - comparative information
Accounting Standards. ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.