MIRA INFORM REPORT

Report Date :

16.12.2011

IDENTIFICATION DETAILS

Name :	SHANDONG PHARMACEUTICAL GLASS CO., LTD
Registered Office :	Yaobo Road Yiyuan County Zibo, 256100
Country :	China
Financials (as on) :	31.12.2010
Date of Incorporation :	08.11.1993
Legal Form :	Public Independent
Line of Business :	Manufacture of hollow glass
No. of Employees :	4,960

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
China	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Top of Form

Bottom of Form

Top of Form

Shandong Pharmaceutical Glass Co., Ltd

Yaobo Road
Yiyuan County
Zibo, 256100
China
Tel:	86-533-3242312
Fax:	86-533-3243376
www.pharmglass.com

Employees:

4,960

Company Type:

Public Independent

Traded:

Shanghai Stock Exchange:

600529

Incorporation Date:

08-Nov-1993

Auditor:

Shanghai Shang Hui Public Accountants

Financials in:	USD (mill)
Fiscal Year End:	31-Dec-2010
Reporting Currency:	Chinese Renminbi
Annual Sales:	223.6 ^1
Net Income:	25.3
Total Assets:	383.0 ^2
Market Value:	573.3
	(25-Nov-2011)

Business Description

Shandong Pharmaceutical Glass Co., Ltd is principally engaged in the manufacture and distribution of pharmaceutical glass products. The Company's products include molded pharmaceutical glass bottles, ampoules, phials, brown bottles, infusion bottles, glass tubes, daily-use cosmetic bottles, food bottles, butyl rubber plugs, aluminum tops and plastic bottles, among others. The Company also involves in construction and installation businesses. It distributes its products in domestic and overseas markets. As of December 31, 2010, the Company had three subsidiaries/affiliates, which involved in the processing and distribution of pharmaceutical glass packaging products, construction and property development, as well as the distribution of chemical products. For the six months ended 30 June 2011, Shandong Pharmaceutical Glass Co., Ltd's revenues increased 5% to RMB740.7M. The Company's net income for the period decreased 11% to RMB83.6M. Revenues reflect an increase in sales volume due to stronger market demand and effective business strategy. Net income for the period was offset by the higher financial expense, as well as increased impairment loss on asset.

Industry

Industry	Containers and Packaging
ANZSIC 2006:	2010 - Glass and Glass Product Manufacturing
NACE 2002:	2613 - Manufacture of hollow glass
NAICS 2002:	327213 - Glass Container Manufacturing
UK SIC 2003:	2613 - Manufacture of hollow glass
US SIC 1987:	3221 - Glass Containers

Key Executives

Name	Title
Yonggang Hu	General Manager, Director
Zhanwen Shan	Finance Director
Haibao Zhao	Secretary of the Board
Wen Chai	Chairman of the Board
Yongkang Chen	Deputy General Manager, Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	2	Shandong Pharmaceutical Glass Co., Ltd Announces FY 2010 Dividend Payment Date	16-Jun-2011

News

Title	Date
2010 annual report: Shandong Pharmaceutical Glass (600529.SH) Xinhua News Agency (CEIS) (China) (115 Words)	11-Apr-2011

Financial Summary

As of 30-Sep-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.10	1.71
Quick Ratio (MRQ)	1.55	0.99
Debt to Equity (MRQ)	0.24	2.81
Sales 5 Year Growth	17.63	5.24
Net Profit Margin (TTM) %	9.41	6.22
Return on Assets (TTM) %	5.81	6.73
Return on Equity (TTM) %	8.11	17.15

Stock Snapshot

Traded: Shanghai Stock Exchange: 600529

As of 25-Nov-2011

   Financials in: CNY

Recent Price	14.20	EPS	0.72
52 Week High	19.30	Price/Sales	2.41
52 Week Low	11.57	Dividend Rate	0.10
Avg. Volume (mil)	2.01	Price/Earnings	22.52
Market Value (mil)	3,654.80	Price/Book	2.10
		Beta	0.47

	Price % Change	Rel S&P 500%
4 Week	11.37%	15.73%
13 Week	-7.13%	1.92%
52 Week	-24.95%	-8.62%
Year to Date	-16.32%	-1.27%

1 - Profit & Loss Item Exchange Rate: USD 1 = CNY 6.768989
2 - Balance Sheet Item Exchange Rate: USD 1 = CNY 6.5897

Corporate Overview

Location
Yaobo Road
Yiyuan County
Zibo, 256100
China

Tel:	86-533-3242312
Fax:	86-533-3243376

www.pharmglass.com

Quote Symbol - Exchange
600529 - Shanghai Stock Exchange
Sales CNY(mil):	1,513.4
Assets CNY(mil):	2,523.7
Employees:	4,960
Fiscal Year End:	31-Dec-2010

Industry:	Containers and Packaging

Incorporation Date:	08-Nov-1993
Company Type:	Public Independent
Quoted Status:	Quoted

Secretary of the Board:	Haibao Zhao

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Home Page

News Releases

Products/Services

Contents · Industry Codes · Business Description · Financial Data · Market Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
3739	-	Other Goods Wholesaling Not Elsewhere Classified
2010	-	Glass and Glass Product Manufacturing
3019	-	Other Residential Building Construction

NACE 2002 Codes:
5147	-	Wholesale of other household goods
4521	-	General construction of buildings and civil engineering works
2613	-	Manufacture of hollow glass

NAICS 2002 Codes:
327213	-	Glass Container Manufacturing
423990	-	Other Miscellaneous Durable Goods Merchant Wholesalers
236116	-	New Multifamily Housing Construction (except Operative Builders)

US SIC 1987:
3221	-	Glass Containers
1522	-	General Contractors-Residential Buildings, Other Than Single-Family
5099	-	Durable Goods, Not Elsewhere Classified

UK SIC 2003:
5147	-	Wholesale of other household goods
45212	-	Construction of domestic buildings
2613	-	Manufacture of hollow glass

Business Description

Shandong Pharmaceutical Glass Co., Ltd is principally engaged in the manufacture and distribution of pharmaceutical glass products. The Company's products include molded pharmaceutical glass bottles, ampoules, phials, brown bottles, infusion bottles, glass tubes, daily-use cosmetic bottles, food bottles, butyl rubber plugs, aluminum tops and plastic bottles, among others. The Company also involves in construction and installation businesses. It distributes its products in domestic and overseas markets. As of December 31, 2010, the Company had three subsidiaries/affiliates, which involved in the processing and distribution of pharmaceutical glass packaging products, construction and property development, as well as the distribution of chemical products. For the six months ended 30 June 2011, Shandong Pharmaceutical Glass Co., Ltd's revenues increased 5% to RMB740.7M. The Company's net income for the period decreased 11% to RMB83.6M. Revenues reflect an increase in sales volume due to stronger market demand and effective business strategy. Net income for the period was offset by the higher financial expense, as well as increased impairment loss on asset.

More Business Descriptions

Manufacture of glass bottles for pharmaceuticals

Financial Data

Financials in:	CNY(mil)
Revenue:	1,513.4
Net Income:	171.3
Assets:	2,523.7
Long Term Debt:	0.0
Total Liabilities:	782.0
Working Capital:	0.7
Date of Financial Data:	31-Dec-2010

1 Year Growth

21.8%

18.7%

13.8%

Market Data

Quote Symbol:	600529
Exchange:	Shanghai Stock Exchange
Currency:	CNY
Stock Price:	14.2
Stock Price Date:	11-25-2011
52 Week Price Change %:	-25.0
Market Value (mil):	3,654,798.0
SEDOL:	6530318
ISIN:	CNE000001BG9
Equity and Dept Distribution:
FY'06 financials are restated due to accounting change. FY'08 B/S and I/S are restated due to accounting change.

Key Corporate Relationships

Auditor:	Shanghai Shang Hui Public Accountants
Auditor:	Shanghai Shang Hui Public Accountants

Executives Report

Board of Directors

Name	Title	Function
Wen Chai	Chairman of the Board	Chairman
Mr. Chai Wen is Chairman of the Board in Shandong Pharmaceutical Glass Co., Ltd. He is also Chairman of the Board in four other companies.
Yongkang Chen	Deputy General Manager, Director	Director/Board Member
Mr. Chen Yongkang is Deputy General Manager and Director in Shandong Pharmaceutical Glass Co., Ltd. He used to be Workshop Supervisor, Department Head of Manufacturing & Technology and Assistant General Manager in the Company. He is also Director in an investment company.
Weijun Gu	Independent Director	Director/Board Member
Mr. Gu Weijun has been Independent Director in Shandong Pharmaceutical Glass Co., Ltd. He is also Director in a Beijing-based science and technology company, as well as Independent Director in Nanjing Pharmaceutical Co Ltd.
Yonggang Hu	General Manager, Director	Director/Board Member
Mr. Hu Yonggang has been General Manager and Director in Shandong Pharmaceutical Glass Co., Ltd. since March 23, 2003. He used to be Workshop Supervisor and Deputy General Manager in the Company. He is also General Manager and Director in an investment company, as well as Director in two other investment companies.
Shinian Liang	Independent Director	Director/Board Member
Mr. Liang Shinian has been Independent Director in Shandong Pharmaceutical Glass Co., Ltd since April 21, 2009. He is also Independent Director of Shandong Liaherd Chemical Industry Co. He holds a Bachelor's degree in Economics.
Jun Zhang	Deputy General Manager, Director	Director/Board Member
Mr. Zhang Jun has been Deputy General Manager and Director in Shandong Pharmaceutical Glass Co., Ltd since March 26, 2008. He used to be Assistant General Manager, Workshop Supervisor, Head of Research & Development Department and Head of Manufacturing Department in the Company. He is also Director in two investment companies. Education MBA , National Taiwan University
Zaiyi Zhou	Deputy General Manager, Director	Director/Board Member
Mr. Zhou Zaiyi is Deputy General Manager and Director in Shandong Pharmaceutical Glass Co., Ltd. He used to be Deputy Head of the Company's General Office and Department Head of Supply in the Company.
Zhongli Zhu	Independent Director	Director/Board Member
Mr. Zhu Zhongli has been Independent Director in Shandong Pharmaceutical Glass Co., Ltd since April 21, 2009. He is Deputy Chief Engineer of a Shandong-based designing institute.

Executives

Name	Title	Function
Yonggang Hu	General Manager, Director	Division Head Executive
Mr. Hu Yonggang has been General Manager and Director in Shandong Pharmaceutical Glass Co., Ltd. since March 23, 2003. He used to be Workshop Supervisor and Deputy General Manager in the Company. He is also General Manager and Director in an investment company, as well as Director in two other investment companies.
Haibao Zhao	Secretary of the Board	Company Secretary
Mr. Zhao Haibao has been Secretary of the Board in Shandong Pharmaceutical Glass Co., Ltd. since April 2010. He is also Director in another company.
Zhanwen Shan	Finance Director	Finance Executive
Mr. Shan Zhanwen has been Finance Director in Shandong Pharmaceutical Glass Co., Ltd since March 25, 2009. He used to be Deputy Head of Finance in the Company. He is also Director in two other companies.

Significant Developments

Shandong Pharmaceutical Glass Co., Ltd Announces FY 2010 Dividend Payment Date

Jun 16, 2011

Shandong Pharmaceutical Glass Co., Ltd announced that it will pay the cash dividend of RMB 0.09 per share (after tax) to shareholders recorded on June 22, 2011. The Company's shares will be traded ex-dividend on June 23, 2011.

Shandong Pharmaceutical Glass Co., Ltd Announces FY 2010 Dividend Payment

Apr 12, 2011

Shandong Pharmaceutical Glass Co., Ltd announced that it will use undistributed profits to pay the cash dividend of RMB 1 per 10 shares (tax included) to shareholders.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2007
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973	7.972372
Auditor	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	223.6	181.8	166.7	133.1	107.3
Revenue	223.6	181.8	166.7	133.1	107.3
Total Revenue	223.6	181.8	166.7	133.1	107.3
Cost of Revenue	155.9	125.0	118.9	92.8	72.3
Excise Taxes Payments	2.1	1.7	1.3	1.3	0.9
Cost of Revenue, Total	158.0	126.7	120.2	94.1	73.2
Gross Profit	65.5	55.1	46.5	39.0	34.2
Selling/General/Administrative Expense	32.4	27.6	23.8	16.8	14.2
Total Selling/General/Administrative Expenses	32.4	27.6	23.8	16.8	14.2
Interest Expense - Operating	0.9	0.9	1.4	1.7	1.8
Interest Expense - Net Operating	0.9	0.9	1.4	1.7	1.8
Interest Income - Operating	-0.2	-0.2	-0.7	-0.4	-0.1
Investment Income - Operating	-0.1	-0.7	0.0	-0.7	0.2
Interest/Investment Income - Operating	-0.3	-0.9	-0.7	-1.1	0.1
Interest Expense (Income) - Net Operating Total	0.6	0.1	0.7	0.6	1.8
Impairment-Assets Held for Use	2.3	1.1	1.1	0.3	0.8
Unusual Expense (Income)	2.3	1.1	1.1	0.3	0.8
Other Operating Expense	0.2	0.2	0.4	0.2	0.1
Other Operating Expenses, Total	0.2	0.2	0.4	0.2	0.1
Total Operating Expense	193.6	155.8	146.2	112.0	90.1
Operating Income	30.0	26.1	20.4	21.0	17.2
Gain (Loss) on Sale of Assets	-0.1	-1.1	0.0	0.2	-
Other Non-Operating Income (Expense)	0.7	0.3	2.4	0.5	0.4
Other, Net	0.7	0.3	2.4	0.5	0.4
Income Before Tax	30.6	25.3	22.9	21.7	17.7
Total Income Tax	5.2	4.1	3.4	6.5	5.6
Income After Tax	25.4	21.2	19.5	15.2	12.1
Minority Interest	-0.1	-0.1	0.0	-0.1	0.0
Net Income Before Extraord Items	25.3	21.1	19.4	15.1	12.1
Net Income	25.3	21.1	19.4	15.1	12.1
Income Available to Common Excl Extraord Items	25.3	21.1	19.4	15.1	12.1
Income Available to Common Incl Extraord Items	25.3	21.1	19.4	15.1	12.1
Basic/Primary Weighted Average Shares	257.4	257.4	257.4	251.6	222.5
Basic EPS Excl Extraord Items	0.10	0.08	0.08	0.06	0.05
Basic/Primary EPS Incl Extraord Items	0.10	0.08	0.08	0.06	0.05
Dilution Adjustment	-	0.0	-	-	-
Diluted Net Income	25.3	21.1	19.4	15.1	12.1
Diluted Weighted Average Shares	257.4	257.4	257.4	251.6	222.5
Diluted EPS Excl Extraord Items	0.10	0.08	0.08	0.06	0.05
Diluted EPS Incl Extraord Items	0.10	0.08	0.08	0.06	0.05
Dividends per Share - Common Stock Primary Issue	0.01	0.01	0.01	0.00	0.02
Gross Dividends - Common Stock	3.8	3.8	2.2	0.0	3.3
Interest Expense, Supplemental	0.9	0.9	1.4	1.7	1.8
Depreciation, Supplemental	12.3	12.3	11.5	8.4	7.0
Total Special Items	2.4	2.2	1.1	0.1	0.8
Normalized Income Before Tax	33.0	27.5	24.0	21.8	18.5
Effect of Special Items on Income Taxes	0.4	0.4	0.2	0.0	0.3
Inc Tax Ex Impact of Sp Items	5.6	4.5	3.6	6.6	5.8
Normalized Income After Tax	27.4	23.1	20.4	15.2	12.6
Normalized Inc. Avail to Com.	27.3	23.0	20.4	15.2	12.6
Basic Normalized EPS	0.11	0.09	0.08	0.06	0.06
Diluted Normalized EPS	0.11	0.09	0.08	0.06	0.06
Amort of Intangibles, Supplemental	0.2	0.2	0.2	0.2	0.1
Research & Development Exp, Supplemental	0.2	0.2	-	-	-
Normalized EBIT	32.9	27.3	22.3	22.0	19.9
Normalized EBITDA	45.4	39.8	34.0	30.6	27.0
Current Tax - Total	5.4	4.7	3.3	6.4	5.8
Current Tax - Total	5.4	4.7	3.3	6.4	5.8
Deferred Tax - Total	-0.2	-0.6	0.1	0.1	-0.3
Deferred Tax - Total	-0.2	-0.6	0.1	0.1	-0.3
Income Tax - Total	5.2	4.1	3.4	6.5	5.6

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2007
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate	6.5897	6.827	6.823	7.3041	7.8051
Auditor	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	33.9	32.0	13.8	21.9	11.1
Cash and Short Term Investments	33.9	32.0	13.8	21.9	11.1
Accounts Receivable - Trade, Gross	62.0	54.0	50.4	42.3	34.9
Provision for Doubtful Accounts	-5.3	-4.5	-4.3	-3.3	-2.8
Trade Accounts Receivable - Net	56.7	49.5	46.2	39.0	32.1
Notes Receivable - Short Term	42.1	40.2	31.1	31.1	26.8
Other Receivables	3.0	1.3	1.6	1.1	0.9
Total Receivables, Net	101.8	91.0	78.8	71.2	59.8
Inventories - Finished Goods	25.0	24.3	32.0	20.3	20.0
Inventories - Work In Progress	11.4	7.1	1.9	1.3	1.2
Inventories - Raw Materials	14.4	10.9	9.7	7.8	6.4
Inventories - Other	-	-	-	-0.3	-0.5
Total Inventory	50.8	42.3	43.6	29.1	27.2
Prepaid Expenses	36.7	20.9	19.5	17.9	11.6
Total Current Assets	223.2	186.2	155.8	140.1	109.7
Buildings	71.6	63.9	60.2	52.3	41.4
Machinery/Equipment	119.6	107.4	102.8	81.5	64.6
Construction in Progress	30.3	17.7	11.5	8.4	6.6
Property/Plant/Equipment - Gross	221.5	189.0	174.5	142.2	112.6
Accumulated Depreciation	-74.4	-62.8	-52.7	-40.2	-29.9
Property/Plant/Equipment - Net	147.1	126.1	121.8	102.0	82.7
Intangibles, Net	6.1	6.0	6.2	6.0	4.8
LT Investment - Affiliate Companies	0.0	0.0	0.0	0.0	3.8
LT Investments - Other	4.5	4.5	6.5	6.5	7.7
Long Term Investments	4.5	4.5	6.5	6.5	11.4
Deferred Income Tax - Long Term Asset	2.0	1.7	1.1	1.0	1.0
Other Long Term Assets	0.1	0.2	0.2	0.2	0.3
Other Long Term Assets, Total	2.1	1.9	1.3	1.2	1.3
Total Assets	383.0	324.7	291.6	255.7	209.9
Accounts Payable	33.5	23.3	20.4	17.2	19.9
Accrued Expenses	10.2	3.4	3.2	4.2	5.4
Notes Payable/Short Term Debt	58.6	55.9	47.9	42.6	50.3
Current Portion - Long Term Debt/Capital Leases	-	-	-	-	1.3
Dividends Payable	0.1	-	-	-	-
Customer Advances	17.7	9.3	8.2	8.9	8.4
Income Taxes Payable	-3.4	-0.6	-1.3	2.6	1.9
Other Current liabilities, Total	14.4	8.7	6.9	11.5	10.4
Total Current Liabilities	116.7	91.3	78.3	75.6	87.2
Long Term Debt	-	-	-	-	3.2
Total Long Term Debt	0.0	0.0	0.0	0.0	3.2
Total Debt	58.6	55.9	47.9	42.6	54.8
Minority Interest	0.6	0.4	0.2	0.2	0.2
Other Long Term Liabilities	1.4	-	-	0.7	-
Other Liabilities, Total	1.4	-	-	0.7	-
Total Liabilities	118.7	91.8	78.6	76.5	90.6
Common Stock	39.1	37.7	37.7	35.2	28.5
Common Stock	39.1	37.7	37.7	35.2	28.5
Additional Paid-In Capital	89.0	85.9	86.0	80.3	42.5
Retained Earnings (Accumulated Deficit)	136.2	109.3	89.3	63.6	48.3
Total Equity	264.3	232.9	213.0	179.2	119.3
Total Liabilities & Shareholders’ Equity	383.0	324.7	291.6	255.7	209.9
Shares Outstanding - Common Stock Primary Issue	257.4	257.4	257.4	257.4	222.5
Total Common Shares Outstanding	257.4	257.4	257.4	257.4	222.5
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	-
Employees	4,960	4,624	4,892	5,124	4,802
Number of Common Shareholders	23,619	30,847	32,038	30,891	15,876
Accumulated Intangible Amort, Suppl.	1.8	1.5	1.3	-	-
Deferred Revenue - Current	17.7	9.3	8.2	8.9	8.4
Deferred Revenue - Long Term	-	-	-	0.7	-

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973	7.972372
Auditor	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	254.1	194.7	184.4	144.7	114.8
Cash Payments	-180.0	-122.6	-135.4	-99.7	-83.6
Cash Taxes Paid	-20.3	-17.3	-20.1	-17.2	-13.0
Other Operating Cash Flow	-21.7	-18.3	-15.6	-11.7	-8.3
Changes in Working Capital	-21.7	-18.3	-15.6	-11.7	-8.3
Cash from Operating Activities	32.1	36.5	13.2	16.1	9.8
Purchase of Fixed Assets	-29.6	-17.3	-22.8	-21.1	-8.9
Capital Expenditures	-29.6	-17.3	-22.8	-21.1	-8.9
Sale of Fixed Assets	0.0	0.1	0.2	0.1	-
Sale/Maturity of Investment	-	1.7	0.4	1.5	-
Purchase of Investments	-	-	-	-	-1.4
Other Investing Cash Flow	0.0	1.0	0.0	0.5	0.0
Other Investing Cash Flow Items, Total	0.0	2.8	0.6	2.1	-1.4
Cash from Investing Activities	-29.6	-14.6	-22.2	-19.1	-10.2
Other Financing Cash Flow	-4.5	-3.1	-1.4	33.1	-4.9
Financing Cash Flow Items	-4.5	-3.1	-1.4	33.1	-4.9
Total Debt Issued	25.8	19.6	28.3	17.2	39.4
Total Debt Reduction	-22.8	-20.0	-27.3	-37.6	-37.7
Issuance (Retirement) of Debt, Net	3.0	-0.4	1.0	-20.4	1.7
Cash from Financing Activities	-1.5	-3.5	-0.4	12.7	-3.2
Foreign Exchange Effects	-0.2	-0.3	-0.1	0.0	-0.2
Net Change in Cash	0.8	18.2	-9.5	9.7	-3.7
Net Cash - Beginning Balance	32.3	13.8	23.1	11.3	14.6
Net Cash - Ending Balance	33.1	32.0	13.6	21.1	10.8
Depreciation	12.3	12.3	11.5	8.4	7.0

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2007
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973	7.972372
Auditor	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Sales from Principal Activities	223.6	181.8	166.7	133.1	107.3
Total Revenue	223.6	181.8	166.7	133.1	107.3
Cost of Sales from Principal Activities	155.9	125.0	118.9	92.8	72.3
Business Tax and Surcharges	2.1	1.7	1.3	1.3	0.9
Selling Expense	21.4	16.7	15.5	11.2	7.7
General and Administrative Expenses	11.1	10.9	8.2	5.7	6.4
Interest Expense	0.9	0.9	1.4	1.7	1.9
Interest Income	-0.2	-0.2	-0.7	-0.4	-0.1
Interest Subsidy	-	-	-	0.0	-0.1
Foreign Exchange Gain/Loss	0.2	0.3	0.1	0.0	0.2
Other Finance Expense	0.2	0.2	0.4	0.2	0.1
Impairment Loss	2.3	1.1	1.1	0.3	0.8
Investment Income	-0.3	-0.9	-0.1	-0.7	0.0
Total Operating Expense	193.6	155.8	146.2	112.0	90.1
Gain on Sale of Fixed Assets	0.1	0.0	0.0	0.3	-
Non-Operating Income	0.9	0.9	2.8	0.7	0.6
Loss on Sale of Fixed Assets	-0.2	-1.1	0.0	-0.1	-
Non-Operating Expense	-0.2	-0.6	-0.3	-0.2	-0.2
Net Income Before Taxes	30.6	25.3	22.9	21.7	17.7
Provision for Income Taxes	5.2	4.1	3.4	6.5	5.6
Net Income After Taxes	25.4	21.2	19.5	15.2	12.1
Minority Interest	-0.1	-0.1	0.0	-0.1	0.0
Net Income Before Extra. Items	25.3	21.1	19.4	15.1	12.1
Net Income	25.3	21.1	19.4	15.1	12.1
Income Available to Com Excl ExtraOrd	25.3	21.1	19.4	15.1	12.1
Income Available to Com Incl ExtraOrd	25.3	21.1	19.4	15.1	12.1
Basic Weighted Average Shares	257.4	257.4	257.4	251.6	222.5
Basic EPS Excluding ExtraOrdinary Items	0.10	0.08	0.08	0.06	0.05
Basic EPS Including ExtraOrdinary Items	0.10	0.08	0.08	0.06	0.05
Dilution Adjustment	-	0.0	-	-	-
Diluted Net Income	25.3	21.1	19.4	15.1	12.1
Diluted Weighted Average Shares	257.4	257.4	257.4	251.6	222.5
Diluted EPS Excluding ExtraOrd Items	0.10	0.08	0.08	0.06	0.05
Diluted EPS Including ExtraOrd Items	0.10	0.08	0.08	0.06	0.05
DPS-A Share	0.01	0.01	0.01	0.00	0.02
Gross Dividends - Common Stock	3.8	3.8	2.2	0.0	3.3
Normalized Income Before Taxes	33.0	27.5	24.0	21.8	18.5
Inc Tax Ex Impact of Sp Items	5.6	4.5	3.6	6.6	5.8
Normalized Income After Taxes	27.4	23.1	20.4	15.2	12.6
Normalized Inc. Avail to Com.	27.3	23.0	20.4	15.2	12.6
Basic Normalized EPS	0.11	0.09	0.08	0.06	0.06
Diluted Normalized EPS	0.11	0.09	0.08	0.06	0.06
Interest Expense, Supplemental	0.9	0.9	1.4	1.7	1.9
Research & Development Exp, Supplemental	0.2	0.2	-	-	-
Depreciation, Supplemental	12.3	12.3	11.5	8.4	7.0
Amort of Intangibles, Supplemental	0.2	0.2	0.2	0.2	0.1
Interest Subsidy	-	-	-	0.0	-0.1
Current Tax	5.4	4.7	3.3	6.4	5.8
Current Tax - Total	5.4	4.7	3.3	6.4	5.8
Deferred Tax	-0.2	-0.6	0.1	0.1	-0.3
Deferred Tax - Total	-0.2	-0.6	0.1	0.1	-0.3
Income Tax - Total	5.2	4.1	3.4	6.5	5.6

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2007
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate	6.5897	6.827	6.823	7.3041	7.8051
Auditor	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Cash Equivalents	33.9	32.0	13.8	21.9	11.1
Notes Reeivable	42.1	40.2	31.1	31.1	26.8
Accounts Receivable (Gross)	62.0	54.0	50.4	42.3	34.9
Provision for Doubtful Accounts	-5.3	-4.5	-4.3	-3.3	-2.8
Other Receivables	3.0	1.3	1.6	1.1	0.9
Payment in Advance	36.7	20.9	19.5	17.9	11.6
Raw Materials	14.4	10.9	9.7	7.8	6.4
Good in Stock	25.0	24.3	32.0	20.3	20.0
Work-in-Process	1.8	1.7	1.8	1.2	1.2
Low Value Consumable	-	-	-	0.0	0.0
Development Cost	9.6	5.5	0.0	-	-
Construction	0.0	0.0	0.1	0.1	0.1
Pakaging Materials	-	-	-	-	0.0
Provision for Inventory	-	-	-	-0.3	-0.5
Total Current Assets	223.2	186.2	155.8	140.1	109.7
Long Term Equity Investment	0.0	0.0	0.0	0.0	3.8
Financial Assets - Hold to Maturity	-	-	1.8	1.9	3.2
Real Estate Investment	4.5	4.5	4.7	4.6	4.4
Buildings and Structures	71.6	63.9	60.2	52.3	41.4
General Equipment	53.4	48.6	48.0	35.1	27.9
Special Equipment	64.2	57.3	53.5	45.4	35.5
Transportation Equipment	1.9	1.4	1.3	1.0	1.2
Accumulated Depreciation	-74.4	-62.8	-52.7	-40.2	-29.9
Construction Materials	0.7	0.9	0.4	1.1	1.7
Construction in Progress	29.6	16.8	11.1	7.3	4.9
Intangible Asstes, Net	6.1	6.0	6.2	6.0	4.8
Deferred Tax Assets	2.0	1.7	1.1	1.0	1.0
Other Long Term Assets	0.1	0.2	0.2	0.2	0.3
Total Assets	383.0	324.7	291.6	255.7	209.9
Short Term Borrowings	17.4	19.6	20.1	17.8	32.0
Notes Payable	41.1	36.3	27.8	24.8	18.2
Accounts Payable	33.5	23.3	20.4	17.2	19.9
Customer Advance	17.7	9.3	8.2	8.9	8.4
Accrued Payroll	1.1	0.9	1.1	2.8	4.4
Interest Payable	0.0	-	-	-	-
Dividend Payable	0.1	-	-	-	-
Taxes Payable	-3.4	-0.6	-1.3	2.6	1.9
Other Creditors	9.1	2.6	2.1	1.5	1.0
Current Portion of Long Term Debt	-	-	-	-	1.3
Total Current Liabilities	116.7	91.3	78.3	75.6	87.2
Long Term Borrowings	-	-	-	-	3.2
Total Long Term Debt	-	-	-	-	3.2
Minority Interests	0.6	0.4	0.2	0.2	0.2
Deferred Income	-	-	-	0.7	-
Other Non-current Liabilities	1.4	-	-	-	-
Total Liabilities	118.7	91.8	78.6	76.5	90.6
Common Stock	39.1	37.7	37.7	35.2	28.5
Paid in Capital	89.0	85.9	86.0	80.3	42.5
Special Reserve	4.1	3.1	1.9	-	-
Surplus Reserve	21.1	18.0	15.8	13.6	10.9
Retained Earnings	111.1	88.3	71.6	50.0	37.4
Total Equity	264.3	232.9	213.0	179.2	119.3
Total Liabilities & Shareholders' Equity	383.0	324.7	291.6	255.7	209.9
S/O-A Share	257.4	257.4	257.4	257.4	222.5
Total Common Shares Outstanding	257.4	257.4	257.4	257.4	222.5
T/S-A Share	0.0	0.0	0.0	0.0	-
Customer Advance	17.7	9.3	8.2	8.9	8.4
Deferred Income	-	-	-	0.7	-
Accumulated Amortization of Intangibles	1.8	1.5	1.3	-	-
Full-Time Employees	4,960	4,624	4,892	5,124	4,802
Number of Shareholders	23,619	30,847	32,038	30,891	15,876

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973	7.972372
Auditor	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Received from Sale of Goods/Svcs	254.1	194.7	184.4	144.7	114.8
Cash Paid for Goods and Services	-180.0	-122.6	-135.4	-99.7	-83.6
Tax Refund Received	-	-	-	-	0.1
Other Cash from Operating Activities	3.5	3.0	3.2	2.9	1.2
Cash Taxes Paid	-20.3	-17.3	-20.1	-17.2	-13.1
Other Cash Paid for Operating Activities	-25.2	-21.3	-18.8	-14.6	-9.4
Cash from Operating Activities	32.1	36.5	13.2	16.1	9.8
Sale/Maturity/Redemption of Investment	-	1.7	0.4	1.5	-
Cash from Investment Return	0.0	1.0	0.0	0.5	0.0
Sale of Fixed, Intangible & other LT Ass	0.0	0.1	0.2	0.1	-
Capital Expenditure	-29.6	-17.3	-22.8	-21.1	-8.9
Purchase of Investments	-	-	-	-	-1.4
Other Cash Payments Related to Investing	-	-	-	-	0.0
Cash from Investing Activities	-29.6	-14.6	-22.2	-19.1	-10.2
Cash from Investors	-	0.1	-	38.2	-
Cash from Borrowings	25.8	19.6	28.3	17.2	39.4
Repayment of Borrowings	-22.8	-20.0	-27.3	-37.6	-37.7
Cash Paid for Dividend and Interest	-4.5	-3.2	-1.4	-5.0	-4.6
Other Cash Paid for Financing Activities	-	-	-	0.0	-0.2
Cash from Financing Activities	-1.5	-3.5	-0.4	12.7	-3.2
Foreign Exchange Effects	-0.2	-0.3	-0.1	0.0	-0.2
Net Change in Cash	0.8	18.2	-9.5	9.7	-3.7
Beginning Cash Balance	32.3	13.8	23.1	11.3	14.6
Ending Cash Balance	33.1	32.0	13.6	21.1	10.8
Depreciation	12.3	12.3	11.5	8.4	7.0
Amortization of Intangibles	0.2	0.2	0.2	0.2	0.1

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2010	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	52.6	-4.91%	223.6	21.84%	14.35%	17.63%
Operating Income1 (?)	6.9	-22.34%	30.0	14.06%	8.25%	10.82%
Income Available to Common Excl Extraord Items1 (?)	4.7	-36.44%	25.3	18.68%	14.30%	15.74%
Basic EPS Excl Extraord Items1 (?)	0.02	-36.44%	0.10	18.68%	13.43%	12.42%
Capital Expenditures2 (?)	23.1	15.08%	29.6	69.17%	7.60%	18.68%
Cash from Operating Activities2 (?)	19.9	-48.65%	32.1	-12.94%	20.96%	37.54%
Free Cash Flow (?)	-3.3	-	2.5	-87.28%	-	-
Total Assets3 (?)	389.3	0.53%	383.0	13.85%	10.55%	12.10%
Total Liabilities3 (?)	102.5	-14.08%	118.7	24.82%	11.85%	6.33%
Total Long Term Debt3 (?)	0.0	-	0.0	-	-	-
Employees3 (?)	-	-	4960	7.27%	-1.08%	1.01%
Total Common Shares Outstanding3 (?)	257.4	0.00%	257.4	0.00%	0.00%	2.96%
1-ExchangeRate: CNY to USD Average for Period	6.417282	Â	6.768989	Â	Â	Â
2-ExchangeRate: CNY to USD Average for Period	6.500043	Â	6.768989	Â	Â	Â
3-ExchangeRate: CNY to USD Period End Date	6.385900	Â	6.589700	Â	Â	Â

Key Ratios
Â	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Profitability
Gross Margin (?)	29.31%	30.30%	27.89%	29.28%	31.83%
Operating Margin (?)	13.41%	14.33%	12.25%	15.81%	16.06%
Pretax Margin (?)	13.70%	13.92%	13.72%	16.29%	16.45%
Net Profit Margin (?)	11.32%	11.62%	11.67%	11.34%	11.23%
Financial Strength
Current Ratio (?)	1.91	2.04	1.99	1.85	1.26
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.00	0.03
Total Debt/Equity (?)	0.22	0.24	0.22	0.24	0.46
Management Effectiveness
Return on Assets (?)	7.26%	6.89%	7.01%	6.58%	6.28%
Return on Equity (?)	10.28%	9.49%	9.79%	10.24%	10.78%
Efficiency
Receivables Turnover (?)	2.34	2.14	2.19	2.05	2.05
Inventory Turnover (?)	3.43	2.95	3.27	3.37	3.03
Asset Turnover (?)	0.64	0.59	0.60	0.58	0.56

Market Valuation USD (mil)
P/E (TTM) (?)	25.44	.	Enterprise Value2 (?)	619.1
Price/Sales (TTM) (?)	2.39	.	Enterprise Value/Revenue (TTM) (?)	2.58
Price/Book (MRQ) (?)	2.00	.	Enterprise Value/EBITDA (TTM) (?)	22.20
Market Cap as of 25-Nov-20111 (?)	573.3	.
1-ExchangeRate: CNY to USD on 25-Nov-2011	6.375000
2-ExchangeRate: CNY to USD on 30-Sep-2011	6.385900

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Financial Strength
Current Ratio (?)	1.91	2.04	1.99	1.85	1.26
Quick/Acid Test Ratio (?)	1.16	1.35	1.18	1.23	0.81
Working Capital1 (?)	106.5	94.8	77.4	64.5	22.4
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.00	0.03
Total Debt/Equity (?)	0.22	0.24	0.22	0.24	0.46
Long Term Debt/Total Capital (?)	0.00	0.00	0.00	0.00	0.02
Total Debt/Total Capital (?)	0.18	0.19	0.18	0.19	0.31
Payout Ratio (?)	15.02%	17.83%	11.42%	0.00%	27.79%
Effective Tax Rate (?)	17.04%	16.21%	14.94%	30.08%	31.64%
Total Capital1 (?)	322.9	288.9	260.9	221.8	174.1
Efficiency
Asset Turnover (?)	0.64	0.59	0.60	0.58	0.56
Inventory Turnover (?)	3.43	2.95	3.27	3.37	3.03
Days In Inventory (?)	106.38	123.64	111.49	108.34	120.53
Receivables Turnover (?)	2.34	2.14	2.19	2.05	2.05
Days Receivables Outstanding (?)	155.78	170.30	166.66	177.95	178.11
Revenue/Employee2 (?)	46,303	39,349	34,702	27,043	22,833
Operating Income/Employee2 (?)	6,211	5,638	4,250	4,277	3,668
EBITDA/Employee2 (?)	8,810	8,338	6,684	6,031	5,175
Profitability
Gross Margin (?)	29.31%	30.30%	27.89%	29.28%	31.83%
Operating Margin (?)	13.41%	14.33%	12.25%	15.81%	16.06%
EBITDA Margin (?)	19.03%	21.19%	19.26%	22.30%	22.66%
EBIT Margin (?)	13.41%	14.33%	12.25%	15.81%	16.06%
Pretax Margin (?)	13.70%	13.92%	13.72%	16.29%	16.45%
Net Profit Margin (?)	11.32%	11.62%	11.67%	11.34%	11.23%
COGS/Revenue (?)	70.69%	69.70%	72.11%	70.72%	68.17%
SG&A Expense/Revenue (?)	14.51%	15.16%	14.26%	12.64%	13.19%
Management Effectiveness
Return on Assets (?)	7.26%	6.89%	7.01%	6.58%	6.28%
Return on Equity (?)	10.28%	9.49%	9.79%	10.24%	10.78%
Valuation
Free Cash Flow/Share2 (?)	0.01	0.07	-0.04	-0.02	0.00
Operating Cash Flow/Share 2 (?)	0.13	0.14	0.05	0.07	0.05
1-ExchangeRate: CNY to USD Period End Date	6.5897	6.827	6.823	7.3041	7.8051
2-ExchangeRate: CNY to USD Average for Period	6.5897	6.827	6.823	7.3041	7.8051

Current Market Multiples
Market Cap/Earnings (TTM) (?)	25.44
Market Cap/Equity (MRQ) (?)	2.00
Market Cap/Revenue (TTM) (?)	2.39
Market Cap/EBIT (TTM) (?)	20.53
Market Cap/EBITDA (TTM) (?)	20.53
Enterprise Value/Earnings (TTM) (?)	27.52
Enterprise Value/Equity (MRQ) (?)	2.16
Enterprise Value/Revenue (TTM) (?)	2.58
Enterprise Value/EBIT (TTM) (?)	22.20
Enterprise Value/EBITDA (TTM) (?)	22.20

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2007
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973	7.972372
Auditor	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	223.6	181.8	166.7	133.1	107.3
Revenue	223.6	181.8	166.7	133.1	107.3
Total Revenue	223.6	181.8	166.7	133.1	107.3
Cost of Revenue	155.9	125.0	118.9	92.8	72.3
Excise Taxes Payments	2.1	1.7	1.3	1.3	0.9
Cost of Revenue, Total	158.0	126.7	120.2	94.1	73.2
Gross Profit	65.5	55.1	46.5	39.0	34.2
Selling/General/Administrative Expense	32.4	27.6	23.8	16.8	14.2
Total Selling/General/Administrative Expenses	32.4	27.6	23.8	16.8	14.2
Interest Expense - Operating	0.9	0.9	1.4	1.7	1.8
Interest Expense - Net Operating	0.9	0.9	1.4	1.7	1.8
Interest Income - Operating	-0.2	-0.2	-0.7	-0.4	-0.1
Investment Income - Operating	-0.1	-0.7	0.0	-0.7	0.2
Interest/Investment Income - Operating	-0.3	-0.9	-0.7	-1.1	0.1
Interest Expense (Income) - Net Operating Total	0.6	0.1	0.7	0.6	1.8
Impairment-Assets Held for Use	2.3	1.1	1.1	0.3	0.8
Unusual Expense (Income)	2.3	1.1	1.1	0.3	0.8
Other Operating Expense	0.2	0.2	0.4	0.2	0.1
Other Operating Expenses, Total	0.2	0.2	0.4	0.2	0.1
Total Operating Expense	193.6	155.8	146.2	112.0	90.1
Operating Income	30.0	26.1	20.4	21.0	17.2
Gain (Loss) on Sale of Assets	-0.1	-1.1	0.0	0.2	-
Other Non-Operating Income (Expense)	0.7	0.3	2.4	0.5	0.4
Other, Net	0.7	0.3	2.4	0.5	0.4
Income Before Tax	30.6	25.3	22.9	21.7	17.7
Total Income Tax	5.2	4.1	3.4	6.5	5.6
Income After Tax	25.4	21.2	19.5	15.2	12.1
Minority Interest	-0.1	-0.1	0.0	-0.1	0.0
Net Income Before Extraord Items	25.3	21.1	19.4	15.1	12.1
Net Income	25.3	21.1	19.4	15.1	12.1
Income Available to Common Excl Extraord Items	25.3	21.1	19.4	15.1	12.1
Income Available to Common Incl Extraord Items	25.3	21.1	19.4	15.1	12.1
Basic/Primary Weighted Average Shares	257.4	257.4	257.4	251.6	222.5
Basic EPS Excl Extraord Items	0.10	0.08	0.08	0.06	0.05
Basic/Primary EPS Incl Extraord Items	0.10	0.08	0.08	0.06	0.05
Dilution Adjustment	-	0.0	-	-	-
Diluted Net Income	25.3	21.1	19.4	15.1	12.1
Diluted Weighted Average Shares	257.4	257.4	257.4	251.6	222.5
Diluted EPS Excl Extraord Items	0.10	0.08	0.08	0.06	0.05
Diluted EPS Incl Extraord Items	0.10	0.08	0.08	0.06	0.05
Dividends per Share - Common Stock Primary Issue	0.01	0.01	0.01	0.00	0.02
Gross Dividends - Common Stock	3.8	3.8	2.2	0.0	3.3
Interest Expense, Supplemental	0.9	0.9	1.4	1.7	1.8
Depreciation, Supplemental	12.3	12.3	11.5	8.4	7.0
Total Special Items	2.4	2.2	1.1	0.1	0.8
Normalized Income Before Tax	33.0	27.5	24.0	21.8	18.5
Effect of Special Items on Income Taxes	0.4	0.4	0.2	0.0	0.3
Inc Tax Ex Impact of Sp Items	5.6	4.5	3.6	6.6	5.8
Normalized Income After Tax	27.4	23.1	20.4	15.2	12.6
Normalized Inc. Avail to Com.	27.3	23.0	20.4	15.2	12.6
Basic Normalized EPS	0.11	0.09	0.08	0.06	0.06
Diluted Normalized EPS	0.11	0.09	0.08	0.06	0.06
Amort of Intangibles, Supplemental	0.2	0.2	0.2	0.2	0.1
Research & Development Exp, Supplemental	0.2	0.2	-	-	-
Normalized EBIT	32.9	27.3	22.3	22.0	19.9
Normalized EBITDA	45.4	39.8	34.0	30.6	27.0
Current Tax - Total	5.4	4.7	3.3	6.4	5.8
Current Tax - Total	5.4	4.7	3.3	6.4	5.8
Deferred Tax - Total	-0.2	-0.6	0.1	0.1	-0.3
Deferred Tax - Total	-0.2	-0.6	0.1	0.1	-0.3
Income Tax - Total	5.2	4.1	3.4	6.5	5.6

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.417282	6.501206	6.583076	6.655995	6.770018
Net Sales	52.6	56.4	56.8	68.2	52.5
Revenue	52.6	56.4	56.8	68.2	52.5
Total Revenue	52.6	56.4	56.8	68.2	52.5
Cost of Revenue	39.3	40.8	41.5	51.0	35.0
Excise Taxes Payments	0.2	0.4	0.4	1.0	0.4
Cost of Revenue, Total	39.5	41.2	41.9	52.0	35.5
Gross Profit	13.1	15.2	14.9	16.2	17.0
Selling/General/Administrative Expense	6.4	7.8	7.0	9.1	8.0
Total Selling/General/Administrative Expenses	6.4	7.8	7.0	9.1	8.0
Investment Income - Operating	-	-1.0	0.0	-0.3	0.0
Interest/Investment Income - Operating	-	-1.0	0.0	-0.3	0.0
Interest Expense (Income) - Net Operating	0.0	0.4	0.2	0.3	0.3
Interest Expense (Income) - Net Operating Total	0.0	-0.6	0.2	0.0	0.3
Impairment-Assets Held for Use	-0.2	0.1	0.1	1.9	0.2
Unusual Expense (Income)	-0.2	0.1	0.1	1.9	0.2
Total Operating Expense	45.7	48.5	49.2	63.0	44.0
Operating Income	6.9	7.9	7.6	5.1	8.4
Other Non-Operating Income (Expense)	-0.5	0.0	0.4	0.6	0.1
Other, Net	-0.5	0.0	0.4	0.6	0.1
Income Before Tax	6.4	7.8	8.1	5.7	8.6
Total Income Tax	1.6	1.1	2.1	1.2	1.5
Income After Tax	4.7	6.8	6.0	4.5	7.1
Minority Interest	-	0.0	0.0	-0.1	0.0
Net Income Before Extraord Items	4.7	6.8	6.0	4.5	7.1
Net Income	4.7	6.8	6.0	4.5	7.1
Income Available to Common Excl Extraord Items	4.7	6.8	6.0	4.5	7.1
Income Available to Common Incl Extraord Items	4.7	6.8	6.0	4.5	7.1
Basic/Primary Weighted Average Shares	257.4	257.4	257.4	257.4	257.4
Basic EPS Excl Extraord Items	0.02	0.03	0.02	0.02	0.03
Basic/Primary EPS Incl Extraord Items	0.02	0.03	0.02	0.02	0.03
Diluted Net Income	4.7	6.8	6.0	4.5	7.1
Diluted Weighted Average Shares	257.4	257.4	257.4	257.4	257.4
Diluted EPS Excl Extraord Items	0.02	0.03	0.02	0.02	0.03
Diluted EPS Incl Extraord Items	0.02	0.03	0.02	0.02	0.03
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.02	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	3.9	0.0
Total Special Items	-0.2	0.1	0.1	1.9	0.2
Normalized Income Before Tax	6.2	8.0	8.2	7.7	8.8
Effect of Special Items on Income Taxes	-0.1	0.0	0.0	0.4	0.0
Inc Tax Ex Impact of Sp Items	1.6	1.1	2.1	1.6	1.5
Normalized Income After Tax	4.6	6.9	6.1	6.1	7.3
Normalized Inc. Avail to Com.	4.6	6.9	6.1	6.0	7.2
Basic Normalized EPS	0.02	0.03	0.02	0.02	0.03
Diluted Normalized EPS	0.02	0.03	0.02	0.02	0.03
Normalized EBIT	6.7	7.4	8.0	7.1	9.0
Normalized EBITDA	6.7	7.4	8.0	7.1	9.0

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2007
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate	6.5897	6.827	6.823	7.3041	7.8051
Auditor	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	33.9	32.0	13.8	21.9	11.1
Cash and Short Term Investments	33.9	32.0	13.8	21.9	11.1
Accounts Receivable - Trade, Gross	62.0	54.0	50.4	42.3	34.9
Provision for Doubtful Accounts	-5.3	-4.5	-4.3	-3.3	-2.8
Trade Accounts Receivable - Net	56.7	49.5	46.2	39.0	32.1
Notes Receivable - Short Term	42.1	40.2	31.1	31.1	26.8
Other Receivables	3.0	1.3	1.6	1.1	0.9
Total Receivables, Net	101.8	91.0	78.8	71.2	59.8
Inventories - Finished Goods	25.0	24.3	32.0	20.3	20.0
Inventories - Work In Progress	11.4	7.1	1.9	1.3	1.2
Inventories - Raw Materials	14.4	10.9	9.7	7.8	6.4
Inventories - Other	-	-	-	-0.3	-0.5
Total Inventory	50.8	42.3	43.6	29.1	27.2
Prepaid Expenses	36.7	20.9	19.5	17.9	11.6
Total Current Assets	223.2	186.2	155.8	140.1	109.7
Buildings	71.6	63.9	60.2	52.3	41.4
Machinery/Equipment	119.6	107.4	102.8	81.5	64.6
Construction in Progress	30.3	17.7	11.5	8.4	6.6
Property/Plant/Equipment - Gross	221.5	189.0	174.5	142.2	112.6
Accumulated Depreciation	-74.4	-62.8	-52.7	-40.2	-29.9
Property/Plant/Equipment - Net	147.1	126.1	121.8	102.0	82.7
Intangibles, Net	6.1	6.0	6.2	6.0	4.8
LT Investment - Affiliate Companies	0.0	0.0	0.0	0.0	3.8
LT Investments - Other	4.5	4.5	6.5	6.5	7.7
Long Term Investments	4.5	4.5	6.5	6.5	11.4
Deferred Income Tax - Long Term Asset	2.0	1.7	1.1	1.0	1.0
Other Long Term Assets	0.1	0.2	0.2	0.2	0.3
Other Long Term Assets, Total	2.1	1.9	1.3	1.2	1.3
Total Assets	383.0	324.7	291.6	255.7	209.9
Accounts Payable	33.5	23.3	20.4	17.2	19.9
Accrued Expenses	10.2	3.4	3.2	4.2	5.4
Notes Payable/Short Term Debt	58.6	55.9	47.9	42.6	50.3
Current Portion - Long Term Debt/Capital Leases	-	-	-	-	1.3
Dividends Payable	0.1	-	-	-	-
Customer Advances	17.7	9.3	8.2	8.9	8.4
Income Taxes Payable	-3.4	-0.6	-1.3	2.6	1.9
Other Current liabilities, Total	14.4	8.7	6.9	11.5	10.4
Total Current Liabilities	116.7	91.3	78.3	75.6	87.2
Long Term Debt	-	-	-	-	3.2
Total Long Term Debt	0.0	0.0	0.0	0.0	3.2
Total Debt	58.6	55.9	47.9	42.6	54.8
Minority Interest	0.6	0.4	0.2	0.2	0.2
Other Long Term Liabilities	1.4	-	-	0.7	-
Other Liabilities, Total	1.4	-	-	0.7	-
Total Liabilities	118.7	91.8	78.6	76.5	90.6
Common Stock	39.1	37.7	37.7	35.2	28.5
Common Stock	39.1	37.7	37.7	35.2	28.5
Additional Paid-In Capital	89.0	85.9	86.0	80.3	42.5
Retained Earnings (Accumulated Deficit)	136.2	109.3	89.3	63.6	48.3
Total Equity	264.3	232.9	213.0	179.2	119.3
Total Liabilities & Shareholders’ Equity	383.0	324.7	291.6	255.7	209.9
Shares Outstanding - Common Stock Primary Issue	257.4	257.4	257.4	257.4	222.5
Total Common Shares Outstanding	257.4	257.4	257.4	257.4	222.5
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	-
Employees	4,960	4,624	4,892	5,124	4,802
Number of Common Shareholders	23,619	30,847	32,038	30,891	15,876
Accumulated Intangible Amort, Suppl.	1.8	1.5	1.3	-	-
Deferred Revenue - Current	17.7	9.3	8.2	8.9	8.4
Deferred Revenue - Long Term	-	-	-	0.7	-

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate	6.3859	6.464	6.5485	6.5897	6.6912
Cash & Equivalents	21.1	18.8	27.6	33.9	45.5
Cash and Short Term Investments	21.1	18.8	27.6	33.9	45.5
Trade Accounts Receivable - Net	58.6	58.6	59.8	56.7	56.5
Notes Receivable - Short Term	43.6	44.6	44.2	42.1	42.0
Other Receivables	1.2	3.6	3.1	3.0	2.2
Total Receivables, Net	103.4	106.8	107.1	101.8	100.7
Total Inventory	56.3	48.1	49.5	50.8	44.3
Prepaid Expenses	31.9	23.6	46.0	36.7	27.7
Total Current Assets	212.7	197.2	230.2	223.2	218.3
Construction in Progress	35.4	42.0	33.6	30.3	22.7
Property/Plant/Equipment - Gross	35.4	42.0	33.6	30.3	22.7
Property/Plant/Equipment - Net	163.0	157.1	148.4	147.1	138.9
Intangibles, Net	6.1	6.1	6.0	6.1	5.9
LT Investment - Affiliate Companies	0.0	0.0	0.0	0.0	0.0
LT Investments - Other	4.5	4.5	4.5	4.5	4.5
Long Term Investments	4.5	4.5	4.5	4.5	4.5
Deferred Income Tax - Long Term Asset	2.9	2.9	2.1	2.0	1.8
Other Long Term Assets	-	-	0.1	0.1	0.2
Other Long Term Assets, Total	2.9	2.9	2.2	2.1	1.9
Total Assets	389.3	367.7	391.3	383.0	369.5
Accounts Payable	27.8	28.0	29.5	33.5	30.7
Accrued Expenses	4.3	4.8	10.3	10.2	6.1
Notes Payable/Short Term Debt	67.9	49.1	58.5	58.6	56.1
Dividends Payable	0.4	0.8	0.1	0.1	0.5
Customer Advances	7.0	9.4	21.0	17.7	22.9
Income Taxes Payable	-6.2	-4.2	-2.4	-3.4	-3.0
Other Current liabilities, Total	1.2	6.0	18.6	14.4	20.5
Total Current Liabilities	101.1	87.9	116.9	116.7	113.4
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	67.9	49.1	58.5	58.6	56.1
Minority Interest	-	-	0.6	0.6	0.5
Other Long Term Liabilities	1.4	1.4	1.4	1.4	-
Other Liabilities, Total	1.4	1.4	1.4	1.4	-
Total Liabilities	102.5	89.3	118.9	118.7	113.9
Common Stock	40.3	39.8	39.3	39.1	38.5
Common Stock	40.3	39.8	39.3	39.1	38.5
Additional Paid-In Capital	91.9	90.8	89.6	89.0	87.7
Retained Earnings (Accumulated Deficit)	154.6	147.8	143.6	136.2	129.5
Total Equity	286.8	278.4	272.5	264.3	255.7
Total Liabilities & Shareholders’ Equity	389.3	367.7	391.3	383.0	369.5
Shares Outstanding - Common Stock Primary Issue	257.4	257.4	257.4	257.4	257.4
Total Common Shares Outstanding	257.4	257.4	257.4	257.4	257.4
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Number of Common Shareholders	26,635	31,592	26,548	23,619	15,657
Accumulated Intangible Amort, Suppl.	-	1.9	-	1.8	-
Deferred Revenue - Current	7.0	9.4	21.0	17.7	22.9

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973	7.972372
Auditor	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	254.1	194.7	184.4	144.7	114.8
Cash Payments	-180.0	-122.6	-135.4	-99.7	-83.6
Cash Taxes Paid	-20.3	-17.3	-20.1	-17.2	-13.0
Other Operating Cash Flow	-21.7	-18.3	-15.6	-11.7	-8.3
Changes in Working Capital	-21.7	-18.3	-15.6	-11.7	-8.3
Cash from Operating Activities	32.1	36.5	13.2	16.1	9.8
Purchase of Fixed Assets	-29.6	-17.3	-22.8	-21.1	-8.9
Capital Expenditures	-29.6	-17.3	-22.8	-21.1	-8.9
Sale of Fixed Assets	0.0	0.1	0.2	0.1	-
Sale/Maturity of Investment	-	1.7	0.4	1.5	-
Purchase of Investments	-	-	-	-	-1.4
Other Investing Cash Flow	0.0	1.0	0.0	0.5	0.0
Other Investing Cash Flow Items, Total	0.0	2.8	0.6	2.1	-1.4
Cash from Investing Activities	-29.6	-14.6	-22.2	-19.1	-10.2
Other Financing Cash Flow	-4.5	-3.1	-1.4	33.1	-4.9
Financing Cash Flow Items	-4.5	-3.1	-1.4	33.1	-4.9
Total Debt Issued	25.8	19.6	28.3	17.2	39.4
Total Debt Reduction	-22.8	-20.0	-27.3	-37.6	-37.7
Issuance (Retirement) of Debt, Net	3.0	-0.4	1.0	-20.4	1.7
Cash from Financing Activities	-1.5	-3.5	-0.4	12.7	-3.2
Foreign Exchange Effects	-0.2	-0.3	-0.1	0.0	-0.2
Net Change in Cash	0.8	18.2	-9.5	9.7	-3.7
Net Cash - Beginning Balance	32.3	13.8	23.1	11.3	14.6
Net Cash - Ending Balance	33.1	32.0	13.6	21.1	10.8
Depreciation	12.3	12.3	11.5	8.4	7.0

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	9 Months	6 Months	3 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.500043	6.541904	6.583076	6.768989	6.807123
Cash Receipts	187.0	129.7	64.6	254.1	184.0
Cash Payments	-142.9	-91.6	-49.3	-180.0	-116.0
Cash Taxes Paid	-12.5	-10.1	-3.6	-20.3	-16.1
Other Operating Cash Flow	-11.8	-8.9	-4.7	-21.7	-14.9
Changes in Working Capital	-11.8	-8.9	-4.7	-21.7	-14.9
Cash from Operating Activities	19.9	19.1	7.1	32.1	37.0
Purchase of Fixed Assets	-23.1	-18.3	-11.9	-29.6	-19.2
Capital Expenditures	-23.1	-18.3	-11.9	-29.6	-19.2
Sale of Business	9.6	7.1	-	-	-
Sale of Fixed Assets	0.1	0.0	-	0.0	0.0
Other Investing Cash Flow	-	-	-	0.0	0.0
Other Investing Cash Flow Items, Total	9.6	7.2	-	0.0	0.0
Cash from Investing Activities	-13.5	-11.2	-11.9	-29.6	-19.2
Other Financing Cash Flow	-4.7	-4.6	-0.2	-4.5	-4.5
Financing Cash Flow Items	-4.7	-4.6	-0.2	-4.5	-4.5
Total Debt Issued	7.7	3.8	-	25.8	19.1
Total Debt Reduction	-23.0	-22.9	-1.5	-22.8	-19.7
Issuance (Retirement) of Debt, Net	-15.3	-19.0	-1.5	3.0	-0.6
Cash from Financing Activities	-20.0	-23.6	-1.7	-1.5	-5.1
Foreign Exchange Effects	-	-	-	-0.2	-
Net Change in Cash	-13.7	-15.7	-6.5	0.8	12.7
Net Cash - Beginning Balance	34.4	34.2	34.0	32.3	32.1
Net Cash - Ending Balance	20.8	18.5	27.5	33.1	44.8
Depreciation	-	6.6	-	12.3	-

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2007
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973	7.972372
Auditor	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Sales from Principal Activities	223.6	181.8	166.7	133.1	107.3
Total Revenue	223.6	181.8	166.7	133.1	107.3
Cost of Sales from Principal Activities	155.9	125.0	118.9	92.8	72.3
Business Tax and Surcharges	2.1	1.7	1.3	1.3	0.9
Selling Expense	21.4	16.7	15.5	11.2	7.7
General and Administrative Expenses	11.1	10.9	8.2	5.7	6.4
Interest Expense	0.9	0.9	1.4	1.7	1.9
Interest Income	-0.2	-0.2	-0.7	-0.4	-0.1
Interest Subsidy	-	-	-	0.0	-0.1
Foreign Exchange Gain/Loss	0.2	0.3	0.1	0.0	0.2
Other Finance Expense	0.2	0.2	0.4	0.2	0.1
Impairment Loss	2.3	1.1	1.1	0.3	0.8
Investment Income	-0.3	-0.9	-0.1	-0.7	0.0
Total Operating Expense	193.6	155.8	146.2	112.0	90.1
Gain on Sale of Fixed Assets	0.1	0.0	0.0	0.3	-
Non-Operating Income	0.9	0.9	2.8	0.7	0.6
Loss on Sale of Fixed Assets	-0.2	-1.1	0.0	-0.1	-
Non-Operating Expense	-0.2	-0.6	-0.3	-0.2	-0.2
Net Income Before Taxes	30.6	25.3	22.9	21.7	17.7
Provision for Income Taxes	5.2	4.1	3.4	6.5	5.6
Net Income After Taxes	25.4	21.2	19.5	15.2	12.1
Minority Interest	-0.1	-0.1	0.0	-0.1	0.0
Net Income Before Extra. Items	25.3	21.1	19.4	15.1	12.1
Net Income	25.3	21.1	19.4	15.1	12.1
Income Available to Com Excl ExtraOrd	25.3	21.1	19.4	15.1	12.1
Income Available to Com Incl ExtraOrd	25.3	21.1	19.4	15.1	12.1
Basic Weighted Average Shares	257.4	257.4	257.4	251.6	222.5
Basic EPS Excluding ExtraOrdinary Items	0.10	0.08	0.08	0.06	0.05
Basic EPS Including ExtraOrdinary Items	0.10	0.08	0.08	0.06	0.05
Dilution Adjustment	-	0.0	-	-	-
Diluted Net Income	25.3	21.1	19.4	15.1	12.1
Diluted Weighted Average Shares	257.4	257.4	257.4	251.6	222.5
Diluted EPS Excluding ExtraOrd Items	0.10	0.08	0.08	0.06	0.05
Diluted EPS Including ExtraOrd Items	0.10	0.08	0.08	0.06	0.05
DPS-A Share	0.01	0.01	0.01	0.00	0.02
Gross Dividends - Common Stock	3.8	3.8	2.2	0.0	3.3
Normalized Income Before Taxes	33.0	27.5	24.0	21.8	18.5
Inc Tax Ex Impact of Sp Items	5.6	4.5	3.6	6.6	5.8
Normalized Income After Taxes	27.4	23.1	20.4	15.2	12.6
Normalized Inc. Avail to Com.	27.3	23.0	20.4	15.2	12.6
Basic Normalized EPS	0.11	0.09	0.08	0.06	0.06
Diluted Normalized EPS	0.11	0.09	0.08	0.06	0.06
Interest Expense, Supplemental	0.9	0.9	1.4	1.7	1.9
Research & Development Exp, Supplemental	0.2	0.2	-	-	-
Depreciation, Supplemental	12.3	12.3	11.5	8.4	7.0
Amort of Intangibles, Supplemental	0.2	0.2	0.2	0.2	0.1
Interest Subsidy	-	-	-	0.0	-0.1
Current Tax	5.4	4.7	3.3	6.4	5.8
Current Tax - Total	5.4	4.7	3.3	6.4	5.8
Deferred Tax	-0.2	-0.6	0.1	0.1	-0.3
Deferred Tax - Total	-0.2	-0.6	0.1	0.1	-0.3
Income Tax - Total	5.2	4.1	3.4	6.5	5.6

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.501206	6.583076	6.655995	6.770018	6.824215
Sales from Principal Activities	56.4	56.8	68.2	52.5	54.0
Total Revenue	56.4	56.8	68.2	52.5	54.0
Cost of Sales from Principal Activities	40.8	41.5	51.0	35.0	36.3
Business Tax and Surcharges	0.4	0.4	1.0	0.4	0.5
Selling Expense	4.8	4.4	6.5	5.2	4.9
General and Administrative Expenses	3.0	2.5	2.6	2.8	3.3
Finance Expenses	0.4	0.2	0.3	0.3	0.2
Impairment Loss on Assets	0.1	0.1	1.9	0.2	0.2
Investment Income	-1.0	0.0	-0.3	0.0	0.0
Total Operating Expense	48.5	49.2	63.0	44.0	45.4
Non-Operating Income	0.1	0.5	0.6	0.2	0.2
Non-Operating Expense	-0.1	0.0	0.0	0.0	-0.1
Net Income Before Taxes	7.8	8.1	5.7	8.6	8.7
Provision for Income Taxes	1.1	2.1	1.2	1.5	1.4
Net Income After Taxes	6.8	6.0	4.5	7.1	7.3
Minority Interest	0.0	0.0	-0.1	0.0	0.0
Net Income Before Extra. Items	6.8	6.0	4.5	7.1	7.3
Net Income	6.8	6.0	4.5	7.1	7.3
Income Available to Com Excl ExtraOrd	6.8	6.0	4.5	7.1	7.3
Income Available to Com Incl ExtraOrd	6.8	6.0	4.5	7.1	7.3
Basic Weighted Average Shares	257.4	257.4	257.4	257.4	257.4
Basic EPS Excluding ExtraOrdinary Items	0.03	0.02	0.02	0.03	0.03
Basic EPS Including ExtraOrdinary Items	0.03	0.02	0.02	0.03	0.03
Diluted Net Income	6.8	6.0	4.5	7.1	7.3
Diluted Weighted Average Shares	257.4	257.4	257.4	257.4	257.4
Diluted EPS Excluding ExtraOrd Items	0.03	0.02	0.02	0.03	0.03
Diluted EPS Including ExtraOrd Items	0.03	0.02	0.02	0.03	0.03
DPS-A Share	0.00	0.00	0.02	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	3.9	0.0	0.0
Normalized Income Before Taxes	8.0	8.2	7.7	8.8	8.9
Inc Tax Ex Impact of Sp Items	1.1	2.1	1.6	1.5	1.4
Normalized Income After Taxes	6.9	6.1	6.1	7.3	7.5
Normalized Inc. Avail to Com.	6.9	6.1	6.0	7.2	7.5
Basic Normalized EPS	0.03	0.02	0.02	0.03	0.03
Diluted Normalized EPS	0.03	0.02	0.02	0.03	0.03

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2007
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate	6.5897	6.827	6.823	7.3041	7.8051
Auditor	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Cash Equivalents	33.9	32.0	13.8	21.9	11.1
Notes Reeivable	42.1	40.2	31.1	31.1	26.8
Accounts Receivable (Gross)	62.0	54.0	50.4	42.3	34.9
Provision for Doubtful Accounts	-5.3	-4.5	-4.3	-3.3	-2.8
Other Receivables	3.0	1.3	1.6	1.1	0.9
Payment in Advance	36.7	20.9	19.5	17.9	11.6
Raw Materials	14.4	10.9	9.7	7.8	6.4
Good in Stock	25.0	24.3	32.0	20.3	20.0
Work-in-Process	1.8	1.7	1.8	1.2	1.2
Low Value Consumable	-	-	-	0.0	0.0
Development Cost	9.6	5.5	0.0	-	-
Construction	0.0	0.0	0.1	0.1	0.1
Pakaging Materials	-	-	-	-	0.0
Provision for Inventory	-	-	-	-0.3	-0.5
Total Current Assets	223.2	186.2	155.8	140.1	109.7
Long Term Equity Investment	0.0	0.0	0.0	0.0	3.8
Financial Assets - Hold to Maturity	-	-	1.8	1.9	3.2
Real Estate Investment	4.5	4.5	4.7	4.6	4.4
Buildings and Structures	71.6	63.9	60.2	52.3	41.4
General Equipment	53.4	48.6	48.0	35.1	27.9
Special Equipment	64.2	57.3	53.5	45.4	35.5
Transportation Equipment	1.9	1.4	1.3	1.0	1.2
Accumulated Depreciation	-74.4	-62.8	-52.7	-40.2	-29.9
Construction Materials	0.7	0.9	0.4	1.1	1.7
Construction in Progress	29.6	16.8	11.1	7.3	4.9
Intangible Asstes, Net	6.1	6.0	6.2	6.0	4.8
Deferred Tax Assets	2.0	1.7	1.1	1.0	1.0
Other Long Term Assets	0.1	0.2	0.2	0.2	0.3
Total Assets	383.0	324.7	291.6	255.7	209.9
Short Term Borrowings	17.4	19.6	20.1	17.8	32.0
Notes Payable	41.1	36.3	27.8	24.8	18.2
Accounts Payable	33.5	23.3	20.4	17.2	19.9
Customer Advance	17.7	9.3	8.2	8.9	8.4
Accrued Payroll	1.1	0.9	1.1	2.8	4.4
Interest Payable	0.0	-	-	-	-
Dividend Payable	0.1	-	-	-	-
Taxes Payable	-3.4	-0.6	-1.3	2.6	1.9
Other Creditors	9.1	2.6	2.1	1.5	1.0
Current Portion of Long Term Debt	-	-	-	-	1.3
Total Current Liabilities	116.7	91.3	78.3	75.6	87.2
Long Term Borrowings	-	-	-	-	3.2
Total Long Term Debt	-	-	-	-	3.2
Minority Interests	0.6	0.4	0.2	0.2	0.2
Deferred Income	-	-	-	0.7	-
Other Non-current Liabilities	1.4	-	-	-	-
Total Liabilities	118.7	91.8	78.6	76.5	90.6
Common Stock	39.1	37.7	37.7	35.2	28.5
Paid in Capital	89.0	85.9	86.0	80.3	42.5
Special Reserve	4.1	3.1	1.9	-	-
Surplus Reserve	21.1	18.0	15.8	13.6	10.9
Retained Earnings	111.1	88.3	71.6	50.0	37.4
Total Equity	264.3	232.9	213.0	179.2	119.3
Total Liabilities & Shareholders' Equity	383.0	324.7	291.6	255.7	209.9
S/O-A Share	257.4	257.4	257.4	257.4	222.5
Total Common Shares Outstanding	257.4	257.4	257.4	257.4	222.5
T/S-A Share	0.0	0.0	0.0	0.0	-
Customer Advance	17.7	9.3	8.2	8.9	8.4
Deferred Income	-	-	-	0.7	-
Accumulated Amortization of Intangibles	1.8	1.5	1.3	-	-
Full-Time Employees	4,960	4,624	4,892	5,124	4,802
Number of Shareholders	23,619	30,847	32,038	30,891	15,876

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate	6.464	6.5485	6.5897	6.6912	6.7814
Cash and Cash Equivalents	18.8	27.6	33.9	45.5	50.1
Notes Receivable	44.6	44.2	42.1	42.0	45.6
Accounts Receivable, Net	58.6	59.8	56.7	56.5	53.2
Payment in Advance	23.6	46.0	36.7	27.7	27.1
Other Receivables	3.6	3.1	3.0	2.2	2.2
Inventories	48.1	49.5	50.8	44.3	41.2
Total Current Assets	197.2	230.2	223.2	218.3	219.4
Long Term Equity Investment	0.0	0.0	0.0	0.0	0.0
Investment on Real Estate	4.5	4.5	4.5	4.5	4.5
Fixed Assets, Net	115.0	114.7	116.7	116.2	104.1
Construction in Progress	40.4	33.0	29.6	21.5	26.7
Construction Materials	1.7	0.7	0.7	1.2	1.0
Intangible Assets (Net)	6.1	6.0	6.1	5.9	5.9
Deferred Tax Assets	2.9	2.1	2.0	1.8	1.7
Other Long Term Assets	-	0.1	0.1	0.2	0.2
Total Assets	367.7	391.3	383.0	369.5	363.5
Short Term Borrowings	3.9	16.0	17.4	19.4	22.1
Notes Payable	45.2	42.5	41.1	36.7	41.2
Accounts Payable	28.0	29.5	33.5	30.7	29.0
Customer Advance	9.4	21.0	17.7	22.9	20.7
Accrued Payroll	2.0	0.9	1.1	1.7	1.8
Taxes Payable	-4.2	-2.4	-3.4	-3.0	-1.0
Interest Payable	-	0.0	0.0	-	-
Dividend Payable	0.8	0.1	0.1	0.5	0.7
Other Creditors	2.8	9.3	9.1	4.4	3.4
Total Current Liabilities	87.9	116.9	116.7	113.4	117.9
Minority Interests	-	0.6	0.6	0.5	0.4
Other Non-Current Liabilities	1.4	1.4	1.4	-	-
Total Liabilities	89.3	118.9	118.7	113.9	118.3
Common Stock	39.8	39.3	39.1	38.5	38.0
Paid in Capital	90.8	89.6	89.0	87.7	86.5
Surplus Reserve	21.5	21.2	21.1	18.3	18.1
Special Reserve	4.2	4.6	4.1	3.8	3.7
Retained Earnings	122.2	117.8	111.1	107.4	98.9
Total Equity	278.4	272.5	264.3	255.7	245.2
Total Liabilities & Shareholders' Equity	367.7	391.3	383.0	369.5	363.5
S/O-A Share	257.4	257.4	257.4	257.4	257.4
Total Common Shares Outstanding	257.4	257.4	257.4	257.4	257.4
T/S-A Share	0.0	0.0	0.0	0.0	0.0
Customer Advance	9.4	21.0	17.7	22.9	20.7
Accumulated Amortization of Intangibles	1.9	-	1.8	-	1.6
Number of Shareholders	31,592	26,548	23,619	15,657	16,744

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973	7.972372
Auditor	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants	Shanghai Shang Hui Public Accountants
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Received from Sale of Goods/Svcs	254.1	194.7	184.4	144.7	114.8
Cash Paid for Goods and Services	-180.0	-122.6	-135.4	-99.7	-83.6
Tax Refund Received	-	-	-	-	0.1
Other Cash from Operating Activities	3.5	3.0	3.2	2.9	1.2
Cash Taxes Paid	-20.3	-17.3	-20.1	-17.2	-13.1
Other Cash Paid for Operating Activities	-25.2	-21.3	-18.8	-14.6	-9.4
Cash from Operating Activities	32.1	36.5	13.2	16.1	9.8
Sale/Maturity/Redemption of Investment	-	1.7	0.4	1.5	-
Cash from Investment Return	0.0	1.0	0.0	0.5	0.0
Sale of Fixed, Intangible & other LT Ass	0.0	0.1	0.2	0.1	-
Capital Expenditure	-29.6	-17.3	-22.8	-21.1	-8.9
Purchase of Investments	-	-	-	-	-1.4
Other Cash Payments Related to Investing	-	-	-	-	0.0
Cash from Investing Activities	-29.6	-14.6	-22.2	-19.1	-10.2
Cash from Investors	-	0.1	-	38.2	-
Cash from Borrowings	25.8	19.6	28.3	17.2	39.4
Repayment of Borrowings	-22.8	-20.0	-27.3	-37.6	-37.7
Cash Paid for Dividend and Interest	-4.5	-3.2	-1.4	-5.0	-4.6
Other Cash Paid for Financing Activities	-	-	-	0.0	-0.2
Cash from Financing Activities	-1.5	-3.5	-0.4	12.7	-3.2
Foreign Exchange Effects	-0.2	-0.3	-0.1	0.0	-0.2
Net Change in Cash	0.8	18.2	-9.5	9.7	-3.7
Beginning Cash Balance	32.3	13.8	23.1	11.3	14.6
Ending Cash Balance	33.1	32.0	13.6	21.1	10.8
Depreciation	12.3	12.3	11.5	8.4	7.0
Amortization of Intangibles	0.2	0.2	0.2	0.2	0.1

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	6 Months	3 Months	12 Months	9 Months	6 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.541904	6.583076	6.768989	6.807123	6.825839
Cash Received from Sale of Goods/Svcs	129.7	64.6	254.1	184.0	123.4
Cash Paid for Goods and Services	-91.6	-49.3	-180.0	-116.0	-73.7
Other Cash from Operating Activities	0.7	0.2	3.5	0.5	0.3
Cash Taxes Paid	-10.1	-3.6	-20.3	-16.1	-10.1
Other Cash Paid for Operating Activities	-9.6	-4.9	-25.2	-15.4	-9.8
Cash from Operating Activities	19.1	7.1	32.1	37.0	30.2
Cash from Return on Investments	-	-	0.0	0.0	0.0
Sale of Fixed, Intangible & other LT Ass	0.0	-	0.0	0.0	-
Cash from Disposal of Subsidiaries	7.1	-	-	-	-
Capital Expenditure	-18.3	-11.9	-29.6	-19.2	-10.5
Cash from Investing Activities	-11.2	-11.9	-29.6	-19.2	-10.5
Cash from Borrowings	3.8	-	25.8	19.1	19.0
Repayment of Borrowings	-22.9	-1.5	-22.8	-19.7	-16.7
Cash Paid for Dividend and Interest	-4.6	-0.2	-4.5	-4.5	-4.2
Cash from Financing Activities	-23.6	-1.7	-1.5	-5.1	-1.8
Foreign Exchange Effects	-	-	-0.2	-	-
Net Change in Cash	-15.7	-6.5	0.8	12.7	17.8
Beginning Cash Balance	34.2	34.0	32.3	32.1	32.0
Ending Cash Balance	18.5	27.5	33.1	44.8	49.8
Depreciation	6.6	-	12.3	-	6.0
Amortization of Intangibles	0.1	-	0.2	-	0.1

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
China	176.5	80.4 %	142.0	79.5 %	125.4	77.1 %	107.1	82.2 %	88.9	85.7 %
Other Foreign	43.0	19.6 %	36.6	20.5 %	37.3	22.9 %	23.2	17.8 %	14.8	14.3 %
Segment Total	219.6	100 %	178.6	100 %	162.8	100 %	130.3	100 %	103.7	100 %
Consolidated Total	219.6	100 %	178.6	100 %	162.8	100 %	130.3	100 %	103.7	100 %
Exchange Rate: CNY to USD	6.768989		6.831007		6.950445		7.605973		7.972372
Total Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
China	176.5	80.4 %	142.0	79.5 %	125.4	77.1 %	107.1	82.2 %	88.9	85.7 %
Other Foreign	43.0	19.6 %	36.6	20.5 %	37.3	22.9 %	23.2	17.8 %	14.8	14.3 %
Segment Total	219.6	100 %	178.6	100 %	162.8	100 %	130.3	100 %	103.7	100 %
Consolidated Total	219.6	100 %	178.6	100 %	162.8	100 %	130.3	100 %	103.7	100 %
Exchange Rate: CNY to USD	6.768989		6.831007		6.950445		7.605973		7.972372

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
China	83.0	74.9 %	94.0	79.5 %	82.6	81.5 %	78.4	79.7 %	63.7	79.3 %
Other Foreign	27.9	25.1 %	24.3	20.5 %	18.8	18.5 %	19.9	20.3 %	16.7	20.7 %
Segment Total	110.8	100 %	118.3	100 %	101.4	100 %	98.3	100 %	80.3	100 %
Consolidated Total	110.8	100 %	118.3	100 %	101.4	100 %	98.3	100 %	80.3	100 %
Exchange Rate: CNY to USD	6.541904		6.713124		6.825839		6.829140		6.832907
Total Revenue   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
China	83.0	74.9 %	94.0	79.5 %	82.6	81.5 %	78.4	79.7 %	63.7	79.3 %
Other Foreign	27.9	25.1 %	24.3	20.5 %	18.8	18.5 %	19.9	20.3 %	16.7	20.7 %
Segment Total	110.8	100 %	118.3	100 %	101.4	100 %	98.3	100 %	80.3	100 %
Consolidated Total	110.8	100 %	118.3	100 %	101.4	100 %	98.3	100 %	80.3	100 %
Exchange Rate: CNY to USD	6.541904		6.713124		6.825839		6.829140		6.832907

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Manufacturing	198.5	88.8 %	168.9	92.9 %	157.2	94.3 %	125.3	94.1 %	101.5	97.9 %
Construction	17.0	7.6 %	7.9	4.4 %	4.6	2.7 %	4.6	3.4 %	2.2	2.1 %
Trading	4.1	1.8 %	1.8	1 %	1.0	0.6 %	0.5	0.4 %	-	-
Other Operation	4.0	1.8 %	3.2	1.8 %	3.9	2.3 %	2.7	2.1 %	-	-
Segment Total	223.6	100 %	181.8	100 %	166.7	100 %	133.1	100 %	103.7	100 %
Consolidated Total	223.6	100 %	181.8	100 %	166.7	100 %	133.1	100 %	103.7	100 %
Exchange Rate: CNY to USD	6.768989		6.831007		6.950445		7.605973		7.972372
Total Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Manufacturing	198.5	88.8 %	168.9	92.9 %	157.2	94.3 %	125.3	94.1 %	101.5	97.9 %
Construction	17.0	7.6 %	7.9	4.4 %	4.6	2.7 %	4.6	3.4 %	2.2	2.1 %
Trading	4.1	1.8 %	1.8	1 %	1.0	0.6 %	0.5	0.4 %	-	-
Other Operation	4.0	1.8 %	3.2	1.8 %	3.9	2.3 %	2.7	2.1 %	-	-
Segment Total	223.6	100 %	181.8	100 %	166.7	100 %	133.1	100 %	103.7	100 %
Consolidated Total	223.6	100 %	181.8	100 %	166.7	100 %	133.1	100 %	103.7	100 %
Exchange Rate: CNY to USD	6.768989		6.831007		6.950445		7.605973		7.972372

Cost of Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Manufacturing	134.4	86.2 %	113.3	90.6 %	109.7	93.1 %	86.5	92.5 %	67.1	97.2 %
Construction	15.1	9.7 %	7.2	5.8 %	4.0	3.4 %	4.1	4.4 %	1.9	2.8 %
Trading	3.5	2.3 %	1.6	1.3 %	0.9	0.8 %	0.4	0.5 %	-	-
Other Operation	2.9	1.8 %	2.9	2.3 %	3.2	2.7 %	2.5	2.7 %	-	-
Segment Total	155.9	100 %	125.0	100 %	117.8	100 %	93.5	100 %	69.0	100 %
Consolidated Total	155.9	100 %	125.0	100 %	117.8	100 %	93.5	100 %	69.0	100 %
Exchange Rate: CNY to USD	6.768989		6.831007		6.950445		7.605973		7.972372

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
Manufacturing	104.4	92.2 %	100.9	83.7 %	97.6	94.6 %	89.4	89.8 %	79.4	96.5 %
Construction	1.9	1.7 %	15.4	12.8 %	1.7	1.7 %	7.2	7.2 %	0.7	0.9 %
Trading	4.5	4 %	2.0	1.6 %	2.1	2 %	1.7	1.7 %	0.2	0.2 %
Other Operation	2.4	2.1 %	2.3	1.9 %	1.8	1.7 %	1.3	1.3 %	2.0	2.4 %
Segment Total	113.2	100 %	120.5	100 %	103.2	100 %	99.6	100 %	82.3	100 %
Consolidated Total	113.2	100 %	120.5	100 %	103.2	100 %	99.6	100 %	82.3	100 %
Exchange Rate: CNY to USD	6.541904		6.713124		6.825839		6.829140		6.832907
Total Revenue   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
Manufacturing	104.4	92.2 %	100.9	83.7 %	97.6	94.6 %	89.4	89.8 %	79.4	96.5 %
Construction	1.9	1.7 %	15.4	12.8 %	1.7	1.7 %	7.2	7.2 %	0.7	0.9 %
Trading	4.5	4 %	2.0	1.6 %	2.1	2 %	1.7	1.7 %	0.2	0.2 %
Other Operation	2.4	2.1 %	2.3	1.9 %	1.8	1.7 %	1.3	1.3 %	2.0	2.4 %
Segment Total	113.2	100 %	120.5	100 %	103.2	100 %	99.6	100 %	82.3	100 %
Consolidated Total	113.2	100 %	120.5	100 %	103.2	100 %	99.6	100 %	82.3	100 %
Exchange Rate: CNY to USD	6.541904		6.713124		6.825839		6.829140		6.832907

Cost of Revenue   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
Manufacturing	74.9	91 %	68.8	80 %	65.7	93.7 %	59.6	87 %	53.8	95 %
Construction	1.7	2.1 %	13.7	15.9 %	1.5	2.1 %	6.5	9.6 %	0.7	1.2 %
Trading	4.2	5.1 %	1.8	2.1 %	1.7	2.5 %	1.5	2.2 %	0.1	0.2 %
Other Operation	1.5	1.8 %	1.7	1.9 %	1.2	1.7 %	0.9	1.2 %	2.0	3.6 %
Segment Total	82.3	100 %	85.9	100 %	70.1	100 %	68.5	100 %	56.6	100 %
Consolidated Total	82.3	100 %	85.9	100 %	70.1	100 %	68.5	100 %	56.6	100 %
Exchange Rate: CNY to USD	6.541904		6.713124		6.825839		6.829140		6.832907

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.23
UK Pound	1	Rs.83.77
Euro	1	Rs.70.46

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions