Exhibit 1

Star River Electronics Ltd.

Historical Income Statements
Fiscal Year Ended June 30
(SGD 000)

2012 2013 2014 2015

Sales 71,924 80,115 92,613 106,042
Operating expenses:
Production costs and expenses 33,703 38,393 46,492 53,445
Admin. and selling expenses 16,733 17,787 21,301 24,633
Depreciation 8,076 9,028 10,392 11,360
Total operating expenses 58,512 65,208 78,185 89,438

Operating profit 13,412 14,907 14,428 16,604

Interest expense 3,487 3,929 6,227 7,614
Earnings before taxes 9,925 10,978 8,201 8,990
Income taxes* 2,430 2,705 1,925 2,220
Net earnings 7,495 8,273 6,276 6,770

Dividends to all common shares 2,000 2,000 2,000 2,000

Retentions of earnings 5,495 6,273 4,276 4,770

*The expected corporate tax rate was 24.5%.

2016 2017 2016
110,284 114,695 sales per year 4%
Production costs and expenses 50%
55,142 57,348 Admin. and selling expenses 23%
25,365 26,380 Depreciation 3900
15,260 19,160 Dividends to all common shares 2000
95,767 102,887 tax rate AVG 25%
capital expenditures 27300
14,517 11,808 interest rate 6.85%
8,227 8,967 cash/sales 5.50%
6,290 2,841 days payable outstanding 91
1,541 696 Days sales outstanding 120
4,749 2,145 Days inventory outstanding 435
Current Liabilities/ sales 22%
2,000 2,000
2,749 145
 2017
4%
50%
23%
3900
2000
25%
27300
6.85%
5.50%
91
120
435
22%
 Exhibit 2
Star River Electronics Ltd.
Historical Balance Sheets
(Fiscal Year Ended June 30)
(SGD 000)

2012 2013 2014 2015 2016 2017

Assets:
Cash 4,816 5,670 5,090 5,795 6,066 6,308
Accounts receivable 22,148 25,364 28,078 35,486 36,258 37,708
Inventories 23,301 27,662 53,828 63,778 65,717 68,346
Total current assets 50,265 58,696 86,996 105,059 108,040 112,362
Gross property, plant & equipment 64,611 80,153 97,899 115,153 142,453 169,753
Accumulated depreciation (4,559) (13,587) (23,979) (35,339) (50,599) (69,759)
Net property, plant & equipment 60,052 66,566 73,920 79,814 91,854 99,994
Total assets 110,317 125,262 160,916 184,873 199,894 212,356

Liabilities and stockholders' equity:

Short-term borrowings (bank)1 29,002 35,462 69,005 82,275 91,225 102,021
Accounts payable 12,315 12,806 11,890 13,370 13,748 14,298
Other accrued liabilities 24,608 26,330 25,081 21,318 24,262 25,233
Total current liabilities 65,925 74,598 105,976 116,963 129,235 141,552
Long-term debt2 10,000 10,000 10,000 18,200 18,200 18,200
Shareholders' equity 34,391 40,664 44,940 49,710 52,459 52,604
Total liabilities and stockholders' equ 110,316 125,262 160,916 184,873 199,894 212,356

1
Short-term debt was borrowed from City Bank at an interest rate equal to Singaporean prime lending rate + 1.5%. Current prime lending rate was 5.35%. The ben
Singapore treasury bond currently yielded 2.30%.
2
Two components made up the company's long-term debt. One was a SGD10 million loan that had been issued privately in 2010 to New Era Partners and to Star R
UK. This debt was subordinate to any bank debt outstanding. The second component was a SGD8.2 million public bond issuance on July 1, 2014, with a five-year m
of 5.75% paid semiannually. The bond had recently traded at a price of SGD97.

Data source: Monetary Authority of Singapore and a

 2016 2017
sales per year 4% 4%
Production costs and expens 50% 50%
Admin. and selling expenses 23% 23%
Depreciation 3,900 3,900
Dividends to all common sha 2,000 2,000
tax rate AVG 25% 24.5%
capital expenditures 27,300 27,300
interest rate 6.85% 6.85%
cash/sales 5.50% 5.50%
days payable outstanding 91 91
Days sales outstanding 120 120
Days inventory outstanding 435 435
Current Liabilities/ sales 22% 22%

rent prime lending rate was 5.35%. The benchmark 10-year

y in 2010 to New Era Partners and to Star River Electronics Ltd.,
issuance on July 1, 2014, with a five-year maturity and a coupon
Tax Rate 24.50%
Cost of Debt Pre Tax 6.62%
Cost of Debt Post Tax 5.00%
Average Beta of Two Competitors 1.72
Cost of Equity 12.62%
Risk Free Rate 2.30%
Market Risk Premium 6.00%
Value of Equity 205780.82
Value of Debt 100,475
% of Equity 67.19%
% of Debt 32.81%
WACC 10.12%
 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Maintenance -15470.00 -15702.05 -15937.58 -4213.76 -4424.44 -4645.66 -4877.95 -5121.85 -5377.94
Labor -63700.00 -64655.50 -65625.33 -66609.71 -67608.86 -68622.99 -69652.34 -70697.12 -71757.58
Overtime -18200.00 -18473.00 -18750.09 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation -72800.00 -72800.00 -72800.00 -210687.80 -210687.80 -210687.80 -210687.80 -210687.80 -210687.80
Total Cost -170170.00 -171630.55 -173113.01 -281511.27 -282721.10 -283956.46 -285218.08 -286506.77 -287823.32
Tax -41691.65 -42049.48 -42412.69 -68970.26 -69266.67 -69569.33 -69878.43 -70194.16 -70516.71
After-tax Cost -128478.35 -129581.07 -130700.32 -212541.01 -213454.43 -214387.12 -215339.65 -216312.61 -217306.60
Depreciation 72800.00 72800.00 72800.00 210687.80 210687.80 210687.80 210687.80 210687.80 210687.80
Capital Expenditure -2106878
FCF -55678.35 -56781.07 -2164778.32 -1853.21 -2766.63 -3699.32 -4651.85 -5624.81 -6618.80

Inflation Rate 1.50%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Maintenance -3640.00 -3822.00 -4013.10 -4213.76 -4424.44 -4645.66 -4877.95 -5121.85 -5377.94
Labor -63700.00 -64655.50 -65625.33 -66609.71 -67608.86 -68622.99 -69652.34 -70697.12 -71757.58
Depreciation -182000.00 -182000.00 -182000.00 -182000.00 -182000.00 -182000.00 -182000.00 -182000.00 -182000.00
Total Cost -249340.00 -250477.50 -251638.43 -252823.47 -254033.30 -255268.66 -256530.28 -257818.97 -259135.52
Tax -61088.30 -61366.99 -61651.42 -61941.75 -62238.16 -62540.82 -62849.92 -63165.65 -63488.20
After-tax Cost -188251.70 -189110.51 -189987.02 -190881.72 -191795.14 -192727.84 -193680.36 -194653.32 -195647.31
Depreciation 182000.00 182000.00 182000.00 182000.00 182000.00 182000.00 182000.00 182000.00 182000.00
Capital Expend -1820000
FCF -1820000.00 47256.30 -7110.51 -7987.02 -8881.72 -9795.14 -10727.84 -11680.36 -12653.32 -13647.31
 2025 2026 2027 2028 (13 years)
-5646.83 -5929.18 -6225.64 -6536.92
-72833.94 -73926.45 -75035.35 -76160.88
0.00 0.00 0.00 0.00
-210687.80 -210687.80 -210687.80 -210687.80
-289168.58 -290543.43 -291948.78 -293385.59
-70846.30 -71183.14 -71527.45 -71879.47 capital expenditure 1820000.00
-218322.27 -219360.29 -220421.33 -221506.12 2016 2017
210687.80 210687.80 210687.80 210687.80 sales per year 0.04 0.04
Production costs and expenses 0.5 0.5
-7634.47 -8672.49 -9733.53 -10818.32 Admin. and selling expenses 0.23 0.23

Depreciation 3900.00 3900.00

Dividends to all common shares 2000.00 2000.00
2025 2026 2027 2028 tax rate AVG 0.25 0.25
-5646.83 -5929.18 -6225.64 -6536.92 capital expenditures 27300.00 27300.00
-72833.94 -73926.45 -75035.35 -76160.88 interest rate 0.07 0.07
-182000.00 0.00 0.00 cash/sales 0.06 0.06
-260480.78 -79855.63 -81260.98 -82697.79 days payable outstanding 91.00 91.00
-63817.79 -19564.63 -19908.94 -20260.96 Days sales outstanding 120.00 120.00
-196662.99 -60291.00 -61352.04 -62436.83 Days inventory outstanding 435.00 435.00
182000.00 0.00 0.00 0.00 Current Liabilities/ sales 0.22 0.22
Write off of old machine 53508.00
-14662.99 -60291.00 -61352.04 -62436.83
NPV of waiting 3 years to buy equipment -1743360.16
NPV of buying equipment now -1888164.30
-144804.14