Annual Report and Accounts

Worldsec Ld
25 April 2008


                                Worldsec Limited
                    Preliminary Statement of Annual Results


Worldsec Limited is pleased to release today its preliminary statement of annual
results for the year ended 31 December 2007.

The Chairman's Statement and extracts from the audited financial statements
are reproduced below.

Investor Relations

For further information please contact:

In Hong Kong
Mr. Henry Ying Chew CHEONG
Executive Director and Deputy Chairman
[phone]


CHAIRMAN'S STATEMENT

RESULTS

The audited consolidated loss for the year was US$217,000 compared with a loss
of US$1,010,000 in previous year. Loss per share was US 2 cents (2006: Loss per
share of US 8 cents).

THE YEAR IN REVIEW

For the year ended 31 December 2007, the Group incurred a net loss of
US$217,000. This compares to the net loss of US$1,010,000 for the last year
which included the realization of US$1,033,000 (being a one time charge)
standing on the Group's currency translation reserve to the income statements
and write back of over-provision of expenses carried forward from prior year.
The operating expenses was reduced by US$54,000 as compared to last year. At the
end of 31 December 2007, Group shareholders' funds stood at US$1.96 million
as compared to US$2.18 million at the end of December 2006.

PROSPECTS

It is the intention of the Group to remain in the financial services industry
and also to seek new suitable business opportunities. This intention is in line
with the wish of the Group's new major shareholders, Grand Acumen Holdings
Limited and HC Investment Holdings Limited (the latter is wholly-owned by Mr.
Henry Ying Chew Cheong, the Group's Executive Director). Shareholders will be
informed or if necessary, their approval sought, as soon as the Board has
evaluated a suitable business proposition.

                                             Alastair GUNN-FORBES
                                             Non-Executive Chairman
                                             25 April 2008


CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2007


                                                                                        Year ended 31 December
                                                                   Notes               2007               2006
                                                                                    US$'000            US$'000
Recovery of doubtful receivables                                                          -                 16
Interest income                                                                          39                 42
Other income                                                                              -                275
                                                                                         39                333
Staff costs                                                                            (40)               (89)
Other expenses                                                                        (216)              (221)
                                                                                      (217)                 23
Currency translation reserve released upon disposal of                                    -            (1,033)
subsidiaries
Loss before tax                                                                       (217)            (1,010)
Income tax expense                                                   3                  -                  -
Loss for the year                                                                     (217)            (1,010)

Loss per share - basic and diluted                                   4            (2) cents          (8) cents



CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2007



                                                                   Notes                2007               2006
                                                                                     US$'000            US$'000
Current assets
Other receivables                                                                          -                  2
Cash and bank balances                                                                 2,282              2,506
                                                                                       2,282              2,508

Current liabilities
Other payables and accruals                                                            (319)              (328)

Net current assets                                                                     1,963              2,180

Net assets                                                                             1,963              2,180


Capital and reserves
Share capital                                                        5                    13                 13
Contributed surplus                                                  6                 9,646              9,646
Special reserve                                                      6                   625                625
Accumulated losses                                                   6               (8,321)            (8,104)

Equity shareholders' funds                                                            1,963              2,180




CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2007



                                                                                       Year ended 31 December
                                                                                      2007               2006
                                                                                   US$'000            US$'000
Cash flows from operating
activities
Loss for the year                                                                    (217)            (1,010)

Interest income                                                                       (39)               (42)
Currency translation reserve                                                             -            (1,033)
released upon disposal of subsidiaries                                               (256)               (19)

Movements in working capital
Decrease in other receivables                                                            2                 17
Decrease in other payables and accruals                                                (9)               (86)
Net cash used in operating activities                                                (263)               (88)

Cash flows from investing activities
Interest received                                                                       39                 42
Proceeds from disposal of subsidiaries                                                   -                259
Net cash generated from investing activities                                            39                301
Net increase in cash and cash equivalents                                            (224)                213
Cash and cash equivalents as at 1 January                                            2,506              2,293
Cash and cash equivalents as at 31 December                                          2,282              2,506

Cash and bank balances


NOTES TO THE PRELIMINARY STATEMENT OF ANNUAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2007

1.    ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS

In the current year, the Group has adopted all of the new and revised Standard
and Interpretations issued by the International Accounting Standards Board 
(the 'IASB') and the International Financial Reporting Interpretations Committee
(the 'IFRIC') of the IASB that are relevant to its operations and effective
for annual reporting periods beginning on 1 January 2007. The adoption of these
new and revised Standards and Interpretations has no significant impact on the
financial statements of the Group.

At the date of authorization of these financial statements, the following
Standards and Interpretations were in issue but not yet effective:

IAS 1 (Revised)            Presentation of Financial Statements 4
IAS 23 (Revised)           Borrowing Costs 4
IFRS 8                     Operating Segments 4
IFRIC - Int 11             IFRS 2 - Group and Treasury Share Transactions 1
IFRIC - Int 12             Service Concession Arrangements 2
IFRIC - Int 13             Customer Loyalty Programmes 3
IFRIC - Int 14             IAS 19 - The Limit on a Defined Benefit Asset,
                           Minimum Funding Requirements and their Interaction 2

1 Effective for annual periods beginning on or after 1 March 2007.
2 Effective for annual periods beginning on or after 1 January 2008.
3 Effective for annual periods beginning on or after 1 July 2008.
4 Effective for annual periods beginning on or after 1 January 2009.

The directors anticipate that the adoption of these Standards and
Interpretations in the future periods will have no material financial impact on
the financial statements of the Group.

2.    BUSINESS AND GEOGRAPHICAL SEGMENTS

No business and geographical segment analysis are presented for the years ended
31 December 2007 and 31 December 2006 as the Group has only maintained a minimum
operation during the years.

3.    INCOME TAX

No provision for taxation has been made as the Group did not generate any
assessable profit for UK Corporation Tax, Hong Kong Profits Tax and tax in other
jurisdictions.

No deferred tax liabilities are recognised in the financial statements as the
Group and the Company did not have material temporary difference arising between
the tax bases of liabilities and their carrying amounts as at 31 December 2007
(2006: Nil).

The taxation for the year can be reconciled to the loss before tax per the
consolidated income statement as follows:

                                                                                      2007               2006
                                                                                   US$'000            US$'000

Loss before tax                                                                        217              1,010

Tax charge at income tax rate of 17.5%                                                  38                177
Tax effect of estimated tax losses not recognised                                     (45)                (6)
Tax effect of expenses not deductible for tax purpose                                    -              (181)
Tax effect of income not taxable for tax purpose                                         7                 10

Total current tax charge for the year                                                    -                  -


4.     LOSS PER SHARE


Calculation of loss per share was based on the following:
                                                                                     Year ended 31 December
                                                                                 2007                  2006

Loss for the year                                                        (US$217,000)        (US$1,010,000)

Weighted average number of shares in issue                                 13,367,290            13,367,290

Loss per share !V basic and diluted                                         (2) cents             (8) cents





5.    SHARE CAPITAL


                                                                                                    US$
Authorised:
Ordinary shares of US$0.001 each as at 1 January 2006, 31 December 2006
and 31 December 2007                                                                         50,000,000

Called up, issued and fully
paid:
Ordinary shares of US$0.001 each as at 1 January 2006, 31December 2006
and 31 December 2007                                                                             13,367

6.    RESERVES

Movements on reserves were as follows:
                                                                                                     Currency
                                         Contributed            Special        Accumulated        translation
                                             surplus            reserve             losses            reserve
                                             US$'000            US$'000            US$'000            US$'000
The Group
Balance as at 1 January 2006                   9,646                625            (7,094)            (1,033)
Loss for the year                                  -                  -            (1,010)                  -
Currency translation reserve released              -                  -                  -              1,033
upon disposal of subsidiaries
Balance as at 1 January 2007                   9,646                625            (8,104)                  -
Loss for the year                                  -                  -              (217)                  -
Balance as at 31 December 2007                 9,646                625            (8,321)                  -




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