MIRA INFORM REPORT

Report Date :

26.12.2011

IDENTIFICATION DETAILS

Name :	SHANGHAI TOFFLON SCIENCE AND TECHNOLOGY
Registered Office :	No.2199 Fanghe Road Minghang District Shangai,
Country :	China
Financials (as on) :	31.12.2010
Date of Incorporation :	25.12.1993
Legal Form :	Public Independent
Line of Business :	Manufacture of medical and surgical equipment and orthopaedic appliances
No. of Employees :	684

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

Shanghai Tofflon Science and Technology

No.2199 Fanghe Road
Minghang District
Shangai,
China
Tel:	86-21-64906201
Fax:	86-21-64905148
www.tofflon.com
Trading Address: 1509 Duhui Road, Shanghai China -201108, China

Employees:

684

Company Type:

Public Independent

Traded:

Shenzhen Stock Exchange:

300171

Incorporation Date:

25-Dec-1993

Auditor:

BDO China Shu Lun Pan CPAs

Financials in:	USD (mill)
Fiscal Year End:	31-Dec-2010
Reporting Currency:	Chinese Renminbi
Annual Sales:	71.0 ^1
Net Income:	21.1
Total Assets:	126.7 ^2
Market Value:	1,060.1
	(09-Dec-2011)

Business Description

Shanghai Tofflon Science and Technology Co., Ltd. is principally engaged in the research, development, design, production and distribution of medical freeze dryers and freeze drying systems. The Company primarily provides clean in place (CIP) and steam in place (SIP) freeze dryers, CIP freeze dryers, experimental freeze dryers, liquid nitrogen freeze dryers, as well as freeze drying system equipment, among others. The Company distributes its products in domestic markets and to overseas markets. The Company distributes its products under the brand name of Tofflon. Shanghai Tofflon Science and Technology Co., Ltd. is principally engaged in the research, development, design, production and distribution of medical freeze dryers and freeze drying systems. The Company primarily provides clean in place (CIP) and steam in place (SIP) freeze dryers, CIP freeze dryers, experimental freeze dryers, liquid nitrogen freeze dryers, as well as freeze drying system equipment, among others.

Industry

Industry	Medical Equipment and Supplies
ANZSIC 2006:	2412 - Medical and Surgical Equipment Manufacturing
NACE 2002:	3310 - Manufacture of medical and surgical equipment and orthopaedic appliances
NAICS 2002:	339112 - Surgical and Medical Instrument Manufacturing
UK SIC 2003:	3310 - Manufacture of medical and surgical equipment and orthopaedic appliances
US SIC 1987:	3841 - Surgical and Medical Instruments and Apparatus

Key Executives

Name	Title
Xiaodong Zheng	Chairman of the Board, General Manager
Jinlong Ma	Chief Financial Officer
Fangjun Xiong	Secretary of the Board, Deputy General Manager
Jinwang Zheng	Chief Technology Officer
Jie Yin	Chief R & D Officer

News

Title	Date
Fosun Pharmaceutical H1 Net Profit up 57.2% SinoCast (239 Words)	30-Aug-2011
2011 H1 report: Shanghai Tofflon Science and Technology (300171.SZ) Xinhua News Agency (CEIS) (China) (106 Words)	16-Aug-2011

Financial Summary

As of 30-Sep-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	4.99
Quick Ratio (MRQ)	4.20
Debt to Equity (MRQ)	0.0081
Net Profit Margin (TTM) %	30.06
Return on Assets (TTM) %	11.31
Return on Equity (TTM) %	15.99

Stock Snapshot

Traded: Shenzhen Stock Exchange: 300171

As of 9-Dec-2011

   Financials in: CNY

Recent Price	41.44	EPS	1.19
52 Week High	49.33	Price/Sales	14.04
52 Week Low	36.88	Dividend Rate	0.40
Avg. Volume (mil)	0.34	Price/Earnings	34.78
Market Value (mil)	6,747.20	Price/Book	15.37

	Price % Change	Rel S&P 500%
4 Week	-10.09%	-1.19%
13 Week	-8.72%	4.87%

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
No.2199 Fanghe Road
Minghang District
Shangai, China

Tel:	86-21-64906201
Fax:	86-21-64905148

www.tofflon.com

Quote Symbol - Exchange
300171 - Shenzhen Stock Exchange
Sales CNY(mil):	480.6
Assets CNY(mil):	834.7
Employees:	684
Fiscal Year End:	31-Dec-2010

Industry:	Medical Equipment and Supplies

Incorporation Date:	25-Dec-1993
Company Type:	Public Independent
Quoted Status:	Quoted

Secretary of the Board, Deputy General Manager:	Fangjun Xiong

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Home Page

News Releases

Products/Services

Contents · Industry Codes · Business Description · Financial Data · Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
3491	-	Professional and Scientific Goods Wholesaling
2412	-	Medical and Surgical Equipment Manufacturing

NACE 2002 Codes:
5146	-	Wholesale of pharmaceutical goods
3310	-	Manufacture of medical and surgical equipment and orthopaedic appliances

NAICS 2002 Codes:
339112	-	Surgical and Medical Instrument Manufacturing
423450	-	Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers

US SIC 1987:
5047	-	Medical, Dental, and Hospital Equipment and Supplies
3841	-	Surgical and Medical Instruments and Apparatus

UK SIC 2003:
3310	-	Manufacture of medical and surgical equipment and orthopaedic appliances
5146	-	Wholesale of pharmaceutical goods

Business Description

Shanghai Tofflon Science and Technology Co., Ltd. is principally engaged in the research, development, design, production and distribution of medical freeze dryers and freeze drying systems. The Company primarily provides clean in place (CIP) and steam in place (SIP) freeze dryers, CIP freeze dryers, experimental freeze dryers, liquid nitrogen freeze dryers, as well as freeze drying system equipment, among others. The Company distributes its products in domestic markets and to overseas markets. The Company distributes its products under the brand name of Tofflon. Shanghai Tofflon Science and Technology Co., Ltd. is principally engaged in the research, development, design, production and distribution of medical freeze dryers and freeze drying systems. The Company primarily provides clean in place (CIP) and steam in place (SIP) freeze dryers, CIP freeze dryers, experimental freeze dryers, liquid nitrogen freeze dryers, as well as freeze drying system equipment, among others.

Financial Data

Financials in:	CNY(mil)
Revenue:	480.6
Net Income:	142.8
Assets:	834.7
Long Term Debt:	0.0
Total Liabilities:	505.4
Working Capital:	0.1
Date of Financial Data:	31-Dec-2010

1 Year Growth

56.0%

88.3%

54.9%

Key Corporate Relationships

Auditor:	BDO China Shu Lun Pan CPAs
Auditor:	BDO China Shu Lun Pan CPAs

Executives Report

Board of Directors

Name	Title	Function
Xiaodong Zheng	Chairman of the Board, General Manager	Chairman
Mr. Zheng Xiaodong is Chairman of the Board and General Manager in Shanghai Tofflon Science and Technology Co.,Ltd. He is also Chairman of a Shanghai-based vacuum technology company, as well as Executive Director in two Shanghai-based subsidiaries and two other Shanghai-based companies. He used to be Chairman of the Board and General Manager in the Company's former entity.
Shuiqing Chen	Director	Director/Board Member
Mr. Chen Shuiqing is Director in Shanghai Tofflon Science and Technology Co.,Ltd. He is also Director in Hunan Hansen Pharmaceutical Co., Ltd., Hunan Hansen Pharmaceutical Co., Ltd. and two other companies, President in a Shanghai-based investment management company, as well as Chief Investment Officer in Shanghai Fosun Pharmaceutical (Group) Co., Ltd. He used to be Deputy General Manager in a Shanghai-based assest company, General Manager in a Shanghai-based biological company, as well as Vice President in a Shanghai-based investment management company.
Zemin Huang	Independent Director	Director/Board Member
Mr. Huang Zemin is Independent Director in Shanghai Tofflon Science and Technology Co.,Ltd. He is a Ph.D and Tenured Professor of East China Normal University. He is also Independent Director in a trust company. He used to be Independent Director in Shanghai Airlines Co., Ltd.
Huixing Tang	Deputy General Manager, Director	Director/Board Member
Mr. Tang Huixing is Deputy General Manager and Director in Shanghai Tofflon Science and Technology Co.,Ltd. He is also Director in a Shanghai-based vacuum technology company.
Changxin Wu	Deputy General Manager, Director	Director/Board Member
Mr. Wu Changxin is Deputy General Manager and Director in Shanghai Tofflon Science and Technology Co.,Ltd. He used to be Manager-Manufacturing Center of the Company.
Shumin Yuan	Independent Director	Director/Board Member
Mr. Yuan Shumin is Independent Director in Shanghai Tofflon Science and Technology Co.,Ltd. He obtained his Master's Degree in Economics from Shanghai University of Finance and Economics in 1988 and his Ph.D in Science from Fudan University in January 1998. He is also Independent Director in Shanghai Jiaoda Withub Information Industrial Co., Ltd. and SHANGHAI MORN ELECTRIC EQUIPMENT Co., LTD. He used to be Independent Director in SHANGHAI JIABAO INDUSTRY & COMMERCE(GROUP) CO.,LTD. and two other Shanghai-based companies. Education PHD Science, Fudan University M Economics, Shanghai University of Finance and Economics B Economics, Shanghai University of Finance and Economics
Haibin Zhang	Director	Director/Board Member
Xiaoyou Zheng	Deputy General Manager, Director	Director/Board Member
Daqi Zhu	Independent Director	Director/Board Member
Mr. Zhu Daqi is Independent Director in Shanghai Tofflon Science and Technology Co.,Ltd. He is a Ph.D in Law and Professor of Renmin University of China. He is also Independent Director in GAC CHANGFENG MOTOR CO.,LTD. and another bank.

Executives

Name	Title	Function
Xiaodong Zheng	Chairman of the Board, General Manager	Division Head Executive
Mr. Zheng Xiaodong is Chairman of the Board and General Manager in Shanghai Tofflon Science and Technology Co.,Ltd. He is also Chairman of a Shanghai-based vacuum technology company, as well as Executive Director in two Shanghai-based subsidiaries and two other Shanghai-based companies. He used to be Chairman of the Board and General Manager in the Company's former entity.
Fangjun Xiong	Secretary of the Board, Deputy General Manager	Company Secretary
Ms. Xiong Fangjun is Secretary of the Board and Deputy General Manager in Shanghai Tofflon Science and Technology Co.,Ltd. She used to be Manager-Project and Chief Administrative Officer in a Henan-based real estate consulting company, as well as Manager-Marketing in a Shanghai-based industry investment company.
Jinlong Ma	Chief Financial Officer	Finance Executive
Mr. Ma Jinlong is Chief Financial Officer in Shanghai Tofflon Science and Technology Co.,Ltd. He used to be Finance Manager of the Company, as well as Finance Manager, Assistant General Manager and Manager-Marketing of a Shanghai-based company.
Jinwang Zheng	Chief Technology Officer	Engineering/Technical Executive
Mr. Zheng Jinwang is Chief Technology Officer in Shanghai Tofflon Science and Technology Co.,Ltd. He used to be Manager-Technology in the Company's former entity.
Jinbo Niu	Deputy General Manager	Other
Mr. Niu Jinbo is Deputy General Manager in Shanghai Tofflon Science and Technology Co.,Ltd. He used to be Deputy Head of Factory in a Shanxi-based factory, as well as Deputy General Manager in another Shanxi-based company and a Shanghai-based technology company.
Jie Yin	Chief R & D Officer	Other
Mr. Yin Jie is Chief R & D Officer in Shanghai Tofflon Science and Technology Co.,Ltd. He used to be Manager-Business in a Nanjing-based lift electrician company, as well as Manager-Production in a Beijing-based technology company.

Fosun Pharmaceutical H1 Net Profit up 57.2%

SinoCast
30 August 2011

[What follows is the full text of the news story.]

SHANGHAI, Aug 30, 2011 (SinoCast Daily Business Beat via COMTEX) -- Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (SHSE: 600196) gained CNY 867 million net profit in the first half, hiking 57.2% year on year; basic earning per share was CNY 0.46.

Meanwhile, the revenue from prime operating business was CNY 3.103 billion, increasing by 41.4%. Of the revenue from prime operating business, CNY 723 million was from medicine distribution and retail sales business, up 34.71%. Deducted the effect from the additional offering of Sinopharm Holding Co., Ltd. (HK: 1099), profit of Fosun Pharmaceutical was CNY 280 million totally, up 31.01%.

Shanghai Tofflon Science and Technology Co., Ltd. (SZHE: 300171), Shandong Jincheng Pharmaceutical and Chemical Co., Ltd. (SZSE: 300233), Zhejiang D.A. Diagnostics Co., Ltd. (SZSE: 300244) and Henan Billions Chemicals Co., Ltd. (SZSE: 002601), of which Fosun Pharmaceutical holds shares, finished IPO respectively from the beginning of 2011 till now.

Meanwhile, Fosun Pharmaceutical's Hong Kong-based wholly-owned subsidiary and another wholly-owned subsidiary Shanghai Fosun Pharmaceutical Development Ltd. have been approved to respectively allocate CNY 666 million and CNY 9 million, in order to acquire 74% and 1% equities of Dalian Aleph Biomedical Co., Ltd. from Aleph Biological Technology Holding Co., Ltd. (transliteration) and Beijing Hexin Boye Adversary Co., Ltd. (transliteration).

Notably, Fosun Pharmaceutical is preparing for listing on the Stock Exchange of Hong Kong in the second half.

Source: www.yicai.com (August 30, 2011)

2011 H1 report: Shanghai Tofflon Science and Technology (300171.SZ)

Xinhua News Agency (CEIS) (China)
16 August 2011

[What follows is the full text of the news story.]

BEIJING, Aug. 17 (Xinhua) The following is a table showing the main business indicators for the first half of 2011 of ChiNext-listed Shanghai Tofflon Science and Technology Co., Ltd (300171.SZ):

	First half of 2011	First half of 2010
Earnings per share (yuan)	0.62	0.58
Net assets per share (yuan)	12.07	5.49
Return on net assets (%)	5.68	28.67
Main operating turnover (million yuan)	335.1276	239.8122
Net profit/adjusted (million yuan)	95.7930(94.6429)	69.2933
Distribution plan	No distribution

Note: The figure in brackets refers to "net profit after deduction of non-current gains and losses".

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
Period Length	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	71.0	45.1	31.1	22.0
Revenue	71.0	45.1	31.1	22.0
Total Revenue	71.0	45.1	31.1	22.0
Cost of Revenue	36.7	24.8	18.5	13.7
Excise Taxes Payments	0.3	0.3	0.1	0.1
Cost of Revenue, Total	37.0	25.2	18.6	13.8
Gross Profit	34.0	19.9	12.6	8.2
Selling/General/Administrative Expense	10.8	7.3	5.0	2.5
Total Selling/General/Administrative Expenses	10.8	7.3	5.0	2.5
Interest Expense - Operating	0.0	0.1	0.1	-
Interest Expense - Net Operating	0.0	0.1	0.1	-
Interest Income - Operating	-0.3	-0.2	-0.2	-0.2
Investment Income - Operating	0.2	0.1	-0.3	-0.6
Interest/Investment Income - Operating	-0.1	-0.1	-0.5	-0.8
Interest Expense (Income) - Net Operating Total	-0.1	0.0	-0.4	-0.8
Impairment-Assets Held for Use	0.0	0.2	-0.2	0.1
Unusual Expense (Income)	0.0	0.2	-0.2	0.1
Other Operating Expense	0.0	0.0	0.0	0.0
Other Operating Expenses, Total	0.0	0.0	0.0	0.0
Total Operating Expense	47.7	32.6	23.0	15.6
Operating Income	23.3	12.4	8.1	6.4
Gain (Loss) on Sale of Assets	-	0.0	0.0	0.0
Other Non-Operating Income (Expense)	1.4	0.8	0.7	0.3
Other, Net	1.4	0.8	0.7	0.3
Income Before Tax	24.7	13.3	8.8	6.8
Total Income Tax	3.6	1.8	1.2	0.7
Income After Tax	21.1	11.5	7.6	6.0
Minority Interest	0.0	-0.4	0.1	0.0
Net Income Before Extraord Items	21.1	11.1	7.7	6.0
Net Income	21.1	11.1	7.7	6.0
Income Available to Common Excl Extraord Items	21.1	11.1	7.7	6.0
Income Available to Common Incl Extraord Items	21.1	11.1	7.7	6.0
Basic/Primary Weighted Average Shares	120.0	120.0	120.0	119.4
Basic EPS Excl Extraord Items	0.18	0.09	0.06	0.05
Basic/Primary EPS Incl Extraord Items	0.18	0.09	0.06	0.05
Diluted Net Income	21.1	11.1	7.7	6.0
Diluted Weighted Average Shares	120.0	120.0	120.0	119.4
Diluted EPS Excl Extraord Items	0.18	0.09	0.06	0.05
Diluted EPS Incl Extraord Items	0.18	0.09	0.06	0.05
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	0.0	0.1	0.1	-
Depreciation, Supplemental	0.9	0.7	0.6	0.4
Total Special Items	0.0	0.1	-0.2	0.1
Normalized Income Before Tax	24.7	13.4	8.6	6.8
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	3.6	1.8	1.2	0.7
Normalized Income After Tax	21.1	11.6	7.5	6.1
Normalized Inc. Avail to Com.	21.1	11.2	7.5	6.1
Basic Normalized EPS	0.18	0.09	0.06	0.05
Diluted Normalized EPS	0.18	0.09	0.06	0.05
Amort of Intangibles, Supplemental	0.1	0.1	0.1	0.0
Rental Expenses	0.0	0.0	0.0	0.0
Research & Development Exp, Supplemental	3.7	2.4	1.2	0.7
Normalized EBIT	23.2	12.6	7.5	5.7
Normalized EBITDA	24.3	13.3	8.1	6.1
Current Tax - Total	-	1.9	1.2	0.7
Current Tax - Total	-	1.9	1.2	0.7
Deferred Tax - Total	-	-0.1	0.0	0.0
Deferred Tax - Total	-	-0.1	0.0	0.0
Income Tax - Total	-	1.8	1.2	0.7

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate	6.5897	6.827	6.823	7.3041
Auditor	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	37.6	25.0	14.7	11.4
Cash and Short Term Investments	37.6	25.0	14.7	11.4
Accounts Receivable - Trade, Gross	9.6	6.1	4.2	4.2
Provision for Doubtful Accounts	-1.1	-1.0	-0.9	-0.8
Trade Accounts Receivable - Net	8.5	5.1	3.3	3.4
Notes Receivable - Short Term	9.9	5.1	1.8	3.0
Other Receivables	0.0	0.3	0.3	0.3
Total Receivables, Net	18.4	10.5	5.4	6.7
Inventories - Finished Goods	28.8	15.0	11.4	7.2
Inventories - Work In Progress	15.8	7.6	8.7	1.8
Inventories - Raw Materials	6.4	4.1	2.6	2.4
Total Inventory	51.0	26.8	22.8	11.3
Prepaid Expenses	2.5	5.6	0.9	0.4
Total Current Assets	109.6	67.9	43.8	29.8
Buildings	7.4	7.2	-	-
Machinery/Equipment	4.9	3.1	-	-
Construction in Progress	1.7	-	2.1	0.0
Property/Plant/Equipment - Gross	14.0	10.3	2.1	0.0
Accumulated Depreciation	-3.0	-2.0	-	-
Property/Plant/Equipment - Net	11.0	8.2	6.4	3.7
Goodwill, Net	0.0	0.0	0.0	-
Intangibles, Net	5.9	2.5	2.5	2.3
LT Investment - Affiliate Companies	-	-	-	0.5
LT Investments - Other	-	-	-	0.1
Long Term Investments	-	-	-	0.5
Deferred Income Tax - Long Term Asset	0.2	0.2	0.1	0.2
Other Long Term Assets, Total	0.2	0.2	0.1	0.2
Total Assets	126.7	78.9	52.9	36.6
Accounts Payable	5.3	3.3	2.5	1.8
Accrued Expenses	0.1	0.3	0.2	0.2
Notes Payable/Short Term Debt	2.4	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	-	-	0.7	-
Dividends Payable	-	-	-	2.9
Customer Advances	70.1	44.2	26.4	14.4
Income Taxes Payable	-3.5	-1.5	0.4	1.4
Other Current liabilities, Total	66.5	42.6	26.8	18.8
Total Current Liabilities	74.4	46.2	30.2	20.8
Long Term Debt	-	-	0.7	-
Total Long Term Debt	0.0	0.0	0.7	0.0
Total Debt	2.4	0.0	1.5	0.0
Deferred Income Tax - LT Liability	-	-	-	0.0
Deferred Income Tax	-	-	-	0.0
Minority Interest	0.4	0.7	0.6	-
Other Long Term Liabilities	1.8	1.7	0.3	0.2
Other Liabilities, Total	1.8	1.7	0.3	0.2
Total Liabilities	76.7	48.6	31.9	21.0
Common Stock	9.1	8.8	8.8	4.1
Common Stock	9.1	8.8	8.8	4.1
Additional Paid-In Capital	6.0	5.7	5.7	0.0
Retained Earnings (Accumulated Deficit)	34.9	15.8	6.5	11.5
Translation Adjustment	0.0	0.0	0.0	-
Other Equity, Total	0.0	0.0	0.0	-
Total Equity	50.0	30.3	21.0	15.6
Total Liabilities & Shareholders’ Equity	126.7	78.9	52.9	36.6
Shares Outstanding - Common Stock Primary Issue	120.0	120.0	120.0	60.0
Total Common Shares Outstanding	120.0	120.0	120.0	60.0
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0
Employees	684	466	349	273
Accumulated Intangible Amort, Suppl.	0.4	0.3	-	-
Deferred Revenue - Current	70.1	44.2	26.4	14.4

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	98.8	63.2	46.7	28.1
Cash Payments	-69.7	-36.1	-33.1	-20.7
Cash Taxes Paid	-6.9	-5.7	-3.3	-1.9
Other Operating Cash Flow	-4.7	-3.9	-2.2	-1.2
Changes in Working Capital	-4.7	-3.9	-2.2	-1.2
Cash from Operating Activities	17.5	17.4	8.1	4.2
Purchase of Fixed Assets	-3.7	-5.9	-3.0	-1.3
Capital Expenditures	-3.7	-5.9	-3.0	-1.3
Sale of Fixed Assets	-	0.1	0.0	-
Sale/Maturity of Investment	-	-	0.1	1.3
Purchase of Investments	0.0	-	-	-1.0
Other Investing Cash Flow	-	1.5	1.7	-
Other Investing Cash Flow Items, Total	0.0	1.5	1.8	0.4
Cash from Investing Activities	-3.7	-4.4	-1.2	-1.0
Other Financing Cash Flow	-3.3	-2.1	-6.5	-0.5
Financing Cash Flow Items	-3.3	-2.1	-6.5	-0.5
Total Debt Issued	2.4	-	1.4	-
Total Debt Reduction	-	-1.5	-	-
Issuance (Retirement) of Debt, Net	2.4	-1.5	1.4	-
Cash from Financing Activities	-1.0	-3.5	-5.1	-0.5
Foreign Exchange Effects	-0.2	-0.1	0.0	-0.1
Net Change in Cash	12.6	9.4	1.8	2.7
Net Cash - Beginning Balance	23.6	14.0	11.9	8.2
Net Cash - Ending Balance	36.2	23.4	13.7	10.9
Depreciation	0.9	0.7	0.6	0.4

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
Period Length	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	71.0	45.1	31.1	22.0
Total Revenue	71.0	45.1	31.1	22.0
Cost of Sales	36.7	24.8	18.5	13.7
Business Tax and Surcharges	0.3	0.3	0.1	0.1
Selling Expense	3.7	2.7	1.9	1.2
General & Administrative Expenses	7.1	4.6	3.1	1.3
Interest Expense	0.0	0.1	0.1	-
Interest Income	-0.3	-0.2	-0.2	-0.2
Foreign Exchange Gain/Loss	0.2	0.1	0.0	0.1
Other Finance Cost	0.0	0.0	0.0	0.0
Impairment Loss on Assets	0.0	0.2	-0.2	0.1
Investment Income	-	0.0	-0.3	-0.7
Total Operating Expense	47.7	32.6	23.0	15.6
Gain on Sale of Assets	-	43.9	0.0	-
Non - Operating Income	1.5	0.8	0.8	0.4
Loss on Sale of Assets	-	-	-	0.0
Non - Operating Expense	-0.1	0.0	-0.1	0.0
Net Income Before Taxes	24.7	57.2	8.8	6.8
Provision for Income Taxes	3.6	1.8	1.2	0.7
Net Income After Taxes	21.1	55.4	7.6	6.0
Minority Interest	0.0	-0.4	0.1	0.0
Net Income Before Extra. Items	21.1	55.0	7.7	6.0
Net Income	21.1	55.0	7.7	6.0
Income Available to Com Excl ExtraOrd	21.1	55.0	7.7	6.0
Income Available to Com Incl ExtraOrd	21.1	55.0	7.7	6.0
Basic Weighted Average Shares	120.0	120.0	120.0	119.4
Basic EPS Excluding ExtraOrdinary Items	0.18	0.46	0.06	0.05
Basic EPS Including ExtraOrdinary Items	0.18	0.46	0.06	0.05
Diluted Net Income	21.1	55.0	7.7	6.0
Diluted Weighted Average Shares	120.0	120.0	120.0	119.4
Diluted EPS Excluding ExtraOrd Items	0.18	0.46	0.06	0.05
Diluted EPS Including ExtraOrd Items	0.18	0.46	0.06	0.05
DPS-A Share	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	24.7	13.4	8.6	6.8
Inc Tax Ex Impact of Sp Items	3.6	0.4	1.2	0.7
Normalized Income After Taxes	21.1	13.0	7.5	6.1
Normalized Inc. Avail to Com.	21.1	12.6	7.5	6.1
Basic Normalized EPS	0.18	0.10	0.06	0.05
Diluted Normalized EPS	0.18	0.10	0.06	0.05
Interest Expense, Supplemental	0.0	0.1	0.1	-
Research & Development Exp, Supplemental	3.7	2.4	1.2	0.7
Rental Expense, Supplemental	0.0	0.0	0.0	0.0
Depreciation, Supplemental	0.9	0.7	0.6	0.4
Amort of Intangibles, Supplemental	0.1	0.1	0.1	0.0
Current Tax	-	1.9	1.2	0.7
Current Tax - Total	-	1.9	1.2	0.7
Deferred Tax	-	-0.1	0.0	0.0
Deferred Tax - Total	-	-0.1	0.0	0.0
Income Tax - Total	-	1.8	1.2	0.7

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate	6.5897	6.827	6.823	7.3041
Auditor	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Cash Equivalent	37.6	25.0	14.7	11.4
Notes Receivable	9.9	5.1	1.8	3.0
Accounts Receivable, Gross	9.6	6.1	4.2	4.2
Provision for Doubtful Accounts	-1.1	-1.0	-0.9	-0.8
Payment in Advance	2.5	5.6	0.9	0.4
Other Receivables	0.0	0.3	0.3	0.3
Raw Material	6.4	4.1	2.6	2.4
Work-in-Process	15.8	7.6	8.7	1.8
Stored Goods	-	-	0.2	0.7
Products in Transit	28.8	15.0	11.2	6.5
Total Current Assets	109.6	67.9	43.8	29.8
Financial Assets - Available for Sale	-	-	-	0.1
Long Term Equity Investment	-	-	-	0.5
Fixed Assets, Net	-	-	4.3	3.7
Buildings & Structures	7.4	7.2	-	-
Machinery and Equipment	3.5	2.0	-	-
Transportation Equipment	0.7	0.5	-	-
General Equipment	0.7	0.6	-	-
Accumulated Depreciation	-3.0	-2.0	-	-
Construction in Progress	1.7	-	2.1	0.0
Intangible Assets, Net	5.9	2.5	2.5	2.3
Goodwill, Net	0.0	0.0	0.0	-
Deferred Tax Assets	0.2	0.2	0.1	0.2
Total Assets	126.7	78.9	52.9	36.6
Short Term Borrowing	2.4	-	-	-
Accounts Payable	5.3	3.3	2.5	1.8
Customer Advance	70.1	44.2	26.4	14.4
Accrued Payroll	0.1	0.1	0.1	0.0
Tax Payable	-3.5	-1.5	0.4	1.4
Dividend Payable	-	-	-	2.9
Other Creditors	0.0	0.2	0.2	0.2
Current Portion of LT Debt	-	-	0.7	-
Total Current Liabilities	74.4	46.2	30.2	20.8
Long Term Borrowing	-	-	0.7	-
Total Long Term Debt	-	-	0.7	-
Estimated Liabilities	0.4	0.2	0.2	0.1
Deferred Income Tax Liabilities	-	-	-	0.0
Other Non-current Liabilities	1.5	1.5	0.2	0.1
Minority Interest	0.4	0.7	0.6	-
Total Liabilities	76.7	48.6	31.9	21.0
Capital Stock	9.1	8.8	8.8	4.1
Paid in Capital	6.0	5.7	5.7	0.0
Surplus Reserve	4.2	1.9	0.8	1.9
Undistributed Profit	30.7	13.9	5.7	9.6
Translation Adjustments	0.0	0.0	0.0	-
Total Equity	50.0	30.3	21.0	15.6
Total Liabilities & Shareholders' Equity	126.7	78.9	52.9	36.6
S/O-A Share	120.0	120.0	120.0	60.0
Total Common Shares Outstanding	120.0	120.0	120.0	60.0
T/S-A Share	0.0	0.0	0.0	0.0
Customer Advance	70.1	44.2	26.4	14.4
Accumulated Intangible Amort, Suppl.	0.4	0.3	-	-
Full-Time Employees	684	466	349	273

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash from Sale of Goods & Services	98.8	63.2	46.7	28.1
Cash Paid for Goods and Services	-69.7	-36.1	-33.1	-20.7
Refund of Taxes	-	0.3	-	0.1
Other Cash from Operating Activities	2.1	0.9	1.3	0.9
All Taxes Paid	-6.9	-6.0	-3.3	-2.0
Other Cash Paid for Operating Activities	-6.8	-4.8	-3.5	-2.1
Cash from Operating Activities	17.5	17.4	8.1	4.2
Sale/Maturity/Redemption of Investments	-	-	0.1	1.3
Cash from Return on Investments	-	-	0.2	-
Sale of FA/Intangibles/Other Assets	-	0.1	0.0	-
Other Cash from Investing Activities	-	1.5	1.6	-
Capital Expenditure	-3.7	-5.9	-3.0	-1.3
Cash Paid for Purchase of Investments	0.0	-	-	-1.0
Cash from Investing Activities	-3.7	-4.4	-1.2	-1.0
Cash from Investors	-	-	0.1	-
Cash from Borrowings	2.4	-	1.4	-
Repayment of Borrowings	-	-1.5	-	-
Cash Paid for Dividend and Interest	-3.4	-2.1	-6.6	-0.5
Other Cash from Financing Activities	0.1	-	-	-
Cash from Financing Activities	-1.0	-3.5	-5.1	-0.5
Foreign Exchange Effects	-0.2	-0.1	0.0	-0.1
Net Change in Cash	12.6	9.4	1.8	2.7
Net Cash - Beginning Balance	23.6	14.0	11.9	8.2
Net Cash - Ending Balance	36.2	23.4	13.7	10.9
Depreciation	0.9	0.7	0.6	0.4
Amortization of Intangibles	0.1	0.1	0.1	0.0

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 (?)	23.8	19.75%	71.0	56.01%	42.18%	-
Operating Income1 (?)	9.6	40.83%	23.3	85.49%	47.73%	-
Income Available to Common Excl Extraord Items1 (?)	7.8	33.32%	21.1	88.26%	45.92%	-
Basic EPS Excl Extraord Items1 (?)	0.05	0.00%	0.18	88.27%	45.68%	-
Capital Expenditures2 (?)	13.7	771.17%	3.7	-38.18%	34.94%	-
Cash from Operating Activities2 (?)	11.8	-12.67%	17.5	-0.61%	54.14%	-
Free Cash Flow (?)	-1.9	-	14.2	18.79%	61.58%	-
Total Assets3 (?)	383.6	229.05%	126.7	54.91%	46.19%	-
Total Liabilities3 (?)	73.2	3.69%	76.7	52.33%	48.78%	-
Total Long Term Debt3 (?)	0.0	-	0.0	-	-	-
Employees3 (?)	-	-	684	46.78%	35.82%	-
Total Common Shares Outstanding3 (?)	160.0	33.33%	120.0	0.00%	25.99%	-
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
Profitability
Gross Margin (?)	47.95%	44.15%	40.35%	37.32%
Operating Margin (?)	32.82%	27.60%	26.13%	29.26%
Pretax Margin (?)	34.80%	29.43%	28.41%	30.79%
Net Profit Margin (?)	29.72%	24.63%	24.69%	27.49%
Financial Strength
Current Ratio (?)	1.47	1.47	1.45	1.44
Long Term Debt/Equity (?)	0.00	0.00	0.03	0.00
Total Debt/Equity (?)	0.05	0.00	0.07	0.00
Management Effectiveness
Return on Assets (?)	20.78%	17.45%	16.88%	-
Return on Equity (?)	53.27%	43.32%	41.55%	-
Efficiency
Receivables Turnover (?)	4.98	5.67	5.03	-
Inventory Turnover (?)	0.96	1.02	1.08	-
Asset Turnover (?)	0.70	0.68	0.69	-

Market Valuation USD (mil)
P/E (TTM) (?)	34.11	.	Enterprise Value2 (?)	786.5
Price/Sales (TTM) (?)	11.23	.	Enterprise Value/Revenue (TTM) (?)	8.36
Price/Book (MRQ) (?)	3.40	.	Enterprise Value/EBITDA (TTM) (?)	26.31
Market Cap as of 09-Dec-20111 (?)	1,060.1	.
1-ExchangeRate: CNY to USD on 9-Dec-2011	6.364700
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
Financial Strength
Current Ratio (?)	1.47	1.47	1.45	1.44
Quick/Acid Test Ratio (?)	0.75	0.77	0.67	0.87
Working Capital1 (?)	35.1	21.7	13.5	9.1
Long Term Debt/Equity (?)	0.00	0.00	0.03	0.00
Total Debt/Equity (?)	0.05	0.00	0.07	0.00
Long Term Debt/Total Capital (?)	0.00	0.00	0.03	0.00
Total Debt/Total Capital (?)	0.05	0.00	0.07	0.00
Payout Ratio (?)	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate (?)	14.67%	13.45%	13.75%	10.70%
Total Capital1 (?)	52.4	30.3	22.5	15.6
Efficiency
Asset Turnover (?)	0.70	0.68	0.69	-
Inventory Turnover (?)	0.96	1.02	1.08	-
Days In Inventory (?)	378.91	359.07	337.26	-
Receivables Turnover (?)	4.98	5.67	5.03	-
Days Receivables Outstanding (?)	73.22	64.34	72.50	-
Revenue/Employee2 (?)	106,630	96,834	90,814	83,863
Operating Income/Employee2 (?)	34,995	26,730	23,729	24,535
EBITDA/Employee2 (?)	36,529	28,416	25,495	26,072
Profitability
Gross Margin (?)	47.95%	44.15%	40.35%	37.32%
Operating Margin (?)	32.82%	27.60%	26.13%	29.26%
EBITDA Margin (?)	34.26%	29.35%	28.07%	31.09%
EBIT Margin (?)	32.82%	27.60%	26.13%	29.26%
Pretax Margin (?)	34.80%	29.43%	28.41%	30.79%
Net Profit Margin (?)	29.72%	24.63%	24.69%	27.49%
COGS/Revenue (?)	52.05%	55.85%	59.65%	62.68%
SG&A Expense/Revenue (?)	15.17%	16.23%	16.17%	11.54%
Management Effectiveness
Return on Assets (?)	20.78%	17.45%	16.88%	-
Return on Equity (?)	53.27%	43.32%	41.55%	-
Valuation
Free Cash Flow/Share2 (?)	0.12	0.10	0.04	0.05
Operating Cash Flow/Share 2 (?)	0.15	0.15	0.07	0.07
1-ExchangeRate: CNY to USD Period End Date	6.5897	6.827	6.823	7.3041
2-ExchangeRate: CNY to USD Average for Period	6.5897	6.827	6.823	7.3041

Current Market Multiples
Market Cap/Earnings (TTM) (?)	34.11
Market Cap/Equity (MRQ) (?)	3.40
Market Cap/Revenue (TTM) (?)	11.23
Market Cap/EBIT (TTM) (?)	35.34
Market Cap/EBITDA (TTM) (?)	35.34
Enterprise Value/Earnings (TTM) (?)	25.39
Enterprise Value/Equity (MRQ) (?)	2.53
Enterprise Value/Revenue (TTM) (?)	8.36
Enterprise Value/EBIT (TTM) (?)	26.31
Enterprise Value/EBITDA (TTM) (?)	26.31

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
Period Length	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	71.0	45.1	31.1	22.0
Revenue	71.0	45.1	31.1	22.0
Total Revenue	71.0	45.1	31.1	22.0
Cost of Revenue	36.7	24.8	18.5	13.7
Excise Taxes Payments	0.3	0.3	0.1	0.1
Cost of Revenue, Total	37.0	25.2	18.6	13.8
Gross Profit	34.0	19.9	12.6	8.2
Selling/General/Administrative Expense	10.8	7.3	5.0	2.5
Total Selling/General/Administrative Expenses	10.8	7.3	5.0	2.5
Interest Expense - Operating	0.0	0.1	0.1	-
Interest Expense - Net Operating	0.0	0.1	0.1	-
Interest Income - Operating	-0.3	-0.2	-0.2	-0.2
Investment Income - Operating	0.2	0.1	-0.3	-0.6
Interest/Investment Income - Operating	-0.1	-0.1	-0.5	-0.8
Interest Expense (Income) - Net Operating Total	-0.1	0.0	-0.4	-0.8
Impairment-Assets Held for Use	0.0	0.2	-0.2	0.1
Unusual Expense (Income)	0.0	0.2	-0.2	0.1
Other Operating Expense	0.0	0.0	0.0	0.0
Other Operating Expenses, Total	0.0	0.0	0.0	0.0
Total Operating Expense	47.7	32.6	23.0	15.6
Operating Income	23.3	12.4	8.1	6.4
Gain (Loss) on Sale of Assets	-	0.0	0.0	0.0
Other Non-Operating Income (Expense)	1.4	0.8	0.7	0.3
Other, Net	1.4	0.8	0.7	0.3
Income Before Tax	24.7	13.3	8.8	6.8
Total Income Tax	3.6	1.8	1.2	0.7
Income After Tax	21.1	11.5	7.6	6.0
Minority Interest	0.0	-0.4	0.1	0.0
Net Income Before Extraord Items	21.1	11.1	7.7	6.0
Net Income	21.1	11.1	7.7	6.0
Income Available to Common Excl Extraord Items	21.1	11.1	7.7	6.0
Income Available to Common Incl Extraord Items	21.1	11.1	7.7	6.0
Basic/Primary Weighted Average Shares	120.0	120.0	120.0	119.4
Basic EPS Excl Extraord Items	0.18	0.09	0.06	0.05
Basic/Primary EPS Incl Extraord Items	0.18	0.09	0.06	0.05
Diluted Net Income	21.1	11.1	7.7	6.0
Diluted Weighted Average Shares	120.0	120.0	120.0	119.4
Diluted EPS Excl Extraord Items	0.18	0.09	0.06	0.05
Diluted EPS Incl Extraord Items	0.18	0.09	0.06	0.05
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	0.0	0.1	0.1	-
Depreciation, Supplemental	0.9	0.7	0.6	0.4
Total Special Items	0.0	0.1	-0.2	0.1
Normalized Income Before Tax	24.7	13.4	8.6	6.8
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	3.6	1.8	1.2	0.7
Normalized Income After Tax	21.1	11.6	7.5	6.1
Normalized Inc. Avail to Com.	21.1	11.2	7.5	6.1
Basic Normalized EPS	0.18	0.09	0.06	0.05
Diluted Normalized EPS	0.18	0.09	0.06	0.05
Amort of Intangibles, Supplemental	0.1	0.1	0.1	0.0
Rental Expenses	0.0	0.0	0.0	0.0
Research & Development Exp, Supplemental	3.7	2.4	1.2	0.7
Normalized EBIT	23.2	12.6	7.5	5.7
Normalized EBITDA	24.3	13.3	8.1	6.1
Current Tax - Total	-	1.9	1.2	0.7
Current Tax - Total	-	1.9	1.2	0.7
Deferred Tax - Total	-	-0.1	0.0	0.0
Deferred Tax - Total	-	-0.1	0.0	0.0
Income Tax - Total	-	1.8	1.2	0.7

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	23.8	27.3	24.0	17.1	18.8
Revenue	23.8	27.3	24.0	17.1	18.8
Total Revenue	23.8	27.3	24.0	17.1	18.8
Cost of Revenue	12.0	13.9	12.7	8.4	10.0
Excise Taxes Payments	0.1	0.1	0.1	0.1	0.0
Cost of Revenue, Total	12.1	14.1	12.8	8.5	10.0
Gross Profit	11.6	13.2	11.2	8.5	8.8
Selling/General/Administrative Expense	3.9	4.3	3.5	3.1	2.7
Total Selling/General/Administrative Expenses	3.9	4.3	3.5	3.1	2.7
Interest Expense (Income) - Net Operating	-2.0	-1.9	-1.0	0.0	-0.3
Interest Expense (Income) - Net Operating Total	-2.0	-1.9	-1.0	0.0	-0.3
Impairment-Assets Held for Use	0.2	0.3	0.0	0.1	0.0
Unusual Expense (Income)	0.2	0.3	0.0	0.1	0.0
Total Operating Expense	14.2	16.8	15.2	11.7	12.3
Operating Income	9.6	10.5	8.7	5.4	6.5
Other Non-Operating Income (Expense)	0.8	0.2	0.0	0.8	0.1
Other, Net	0.8	0.2	0.0	0.8	0.1
Income Before Tax	10.4	10.7	8.8	6.1	6.5
Total Income Tax	2.7	2.6	2.3	0.8	1.0
Income After Tax	7.7	8.1	6.5	5.4	5.5
Minority Interest	0.1	0.0	0.1	0.0	0.0
Net Income Before Extraord Items	7.8	8.1	6.6	5.4	5.6
Net Income	7.8	8.1	6.6	5.4	5.6
Income Available to Common Excl Extraord Items	7.8	8.1	6.6	5.4	5.6
Income Available to Common Incl Extraord Items	7.8	8.1	6.6	5.4	5.6
Basic/Primary Weighted Average Shares	160.0	160.0	146.6	120.0	120.0
Basic EPS Excl Extraord Items	0.05	0.05	0.04	0.04	0.05
Basic/Primary EPS Incl Extraord Items	0.05	0.05	0.04	0.04	0.05
Diluted Net Income	7.8	8.1	6.6	5.4	5.6
Diluted Weighted Average Shares	160.0	160.0	146.6	120.0	120.0
Diluted EPS Excl Extraord Items	0.05	0.05	0.04	0.04	0.05
Diluted EPS Incl Extraord Items	0.05	0.05	0.04	0.04	0.05
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Total Special Items	0.2	0.3	0.0	0.1	0.0
Normalized Income Before Tax	10.6	11.0	8.8	6.2	6.5
Effect of Special Items on Income Taxes	0.0	0.1	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	2.7	2.7	2.3	0.8	1.0
Normalized Income After Tax	7.9	8.3	6.5	5.4	5.5
Normalized Inc. Avail to Com.	8.0	8.3	6.6	5.5	5.5
Basic Normalized EPS	0.05	0.05	0.04	0.05	0.05
Diluted Normalized EPS	0.05	0.05	0.04	0.05	0.05
Normalized EBIT	7.8	8.9	7.7	5.5	6.1
Normalized EBITDA	7.8	8.9	7.7	5.5	6.1

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
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate	6.5897	6.827	6.823	7.3041
Auditor	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	37.6	25.0	14.7	11.4
Cash and Short Term Investments	37.6	25.0	14.7	11.4
Accounts Receivable - Trade, Gross	9.6	6.1	4.2	4.2
Provision for Doubtful Accounts	-1.1	-1.0	-0.9	-0.8
Trade Accounts Receivable - Net	8.5	5.1	3.3	3.4
Notes Receivable - Short Term	9.9	5.1	1.8	3.0
Other Receivables	0.0	0.3	0.3	0.3
Total Receivables, Net	18.4	10.5	5.4	6.7
Inventories - Finished Goods	28.8	15.0	11.4	7.2
Inventories - Work In Progress	15.8	7.6	8.7	1.8
Inventories - Raw Materials	6.4	4.1	2.6	2.4
Total Inventory	51.0	26.8	22.8	11.3
Prepaid Expenses	2.5	5.6	0.9	0.4
Total Current Assets	109.6	67.9	43.8	29.8
Buildings	7.4	7.2	-	-
Machinery/Equipment	4.9	3.1	-	-
Construction in Progress	1.7	-	2.1	0.0
Property/Plant/Equipment - Gross	14.0	10.3	2.1	0.0
Accumulated Depreciation	-3.0	-2.0	-	-
Property/Plant/Equipment - Net	11.0	8.2	6.4	3.7
Goodwill, Net	0.0	0.0	0.0	-
Intangibles, Net	5.9	2.5	2.5	2.3
LT Investment - Affiliate Companies	-	-	-	0.5
LT Investments - Other	-	-	-	0.1
Long Term Investments	-	-	-	0.5
Deferred Income Tax - Long Term Asset	0.2	0.2	0.1	0.2
Other Long Term Assets, Total	0.2	0.2	0.1	0.2
Total Assets	126.7	78.9	52.9	36.6
Accounts Payable	5.3	3.3	2.5	1.8
Accrued Expenses	0.1	0.3	0.2	0.2
Notes Payable/Short Term Debt	2.4	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	-	-	0.7	-
Dividends Payable	-	-	-	2.9
Customer Advances	70.1	44.2	26.4	14.4
Income Taxes Payable	-3.5	-1.5	0.4	1.4
Other Current liabilities, Total	66.5	42.6	26.8	18.8
Total Current Liabilities	74.4	46.2	30.2	20.8
Long Term Debt	-	-	0.7	-
Total Long Term Debt	0.0	0.0	0.7	0.0
Total Debt	2.4	0.0	1.5	0.0
Deferred Income Tax - LT Liability	-	-	-	0.0
Deferred Income Tax	-	-	-	0.0
Minority Interest	0.4	0.7	0.6	-
Other Long Term Liabilities	1.8	1.7	0.3	0.2
Other Liabilities, Total	1.8	1.7	0.3	0.2
Total Liabilities	76.7	48.6	31.9	21.0
Common Stock	9.1	8.8	8.8	4.1
Common Stock	9.1	8.8	8.8	4.1
Additional Paid-In Capital	6.0	5.7	5.7	0.0
Retained Earnings (Accumulated Deficit)	34.9	15.8	6.5	11.5
Translation Adjustment	0.0	0.0	0.0	-
Other Equity, Total	0.0	0.0	0.0	-
Total Equity	50.0	30.3	21.0	15.6
Total Liabilities & Shareholders’ Equity	126.7	78.9	52.9	36.6
Shares Outstanding - Common Stock Primary Issue	120.0	120.0	120.0	60.0
Total Common Shares Outstanding	120.0	120.0	120.0	60.0
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0
Employees	684	466	349	273
Accumulated Intangible Amort, Suppl.	0.4	0.3	-	-
Deferred Revenue - Current	70.1	44.2	26.4	14.4

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	272.9	276.7	286.3	37.6	33.5
Cash and Short Term Investments	272.9	276.7	286.3	37.6	33.5
Trade Accounts Receivable - Net	13.5	11.9	8.3	8.5	6.9
Notes Receivable - Short Term	3.8	6.8	8.8	9.9	7.9
Other Receivables	3.8	2.5	1.0	0.0	0.0
Total Receivables, Net	21.1	21.2	18.1	18.4	14.8
Total Inventory	55.7	54.7	51.5	51.0	45.5
Prepaid Expenses	3.1	3.0	2.8	2.5	2.1
Total Current Assets	352.8	355.6	358.6	109.6	96.0
Construction in Progress	10.1	2.8	1.7	1.7	0.0
Property/Plant/Equipment - Gross	10.1	2.8	1.7	1.7	0.0
Property/Plant/Equipment - Net	19.8	12.4	11.2	11.0	9.2
Goodwill, Net	0.0	0.0	0.0	0.0	0.0
Intangibles, Net	10.5	6.0	5.9	5.9	5.8
Deferred Income Tax - Long Term Asset	0.5	0.5	0.4	0.2	0.2
Other Long Term Assets, Total	0.5	0.5	0.4	0.2	0.2
Total Assets	383.6	374.5	376.2	126.7	111.2
Accounts Payable	5.9	7.6	5.2	5.3	6.2
Accrued Expenses	0.2	0.2	0.1	0.1	0.3
Notes Payable/Short Term Debt	2.5	2.5	2.4	2.4	0.0
Customer Advances	62.6	63.7	71.0	70.1	61.5
Income Taxes Payable	-0.5	-0.9	-1.8	-3.5	-3.2
Other Current liabilities, Total	62.0	62.8	69.1	66.5	58.3
Total Current Liabilities	70.7	73.1	76.9	74.4	64.9
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	2.5	2.5	2.4	2.4	0.0
Minority Interest	0.3	0.4	0.3	0.4	0.7
Other Long Term Liabilities	2.2	2.2	2.2	1.8	1.8
Other Liabilities, Total	2.2	2.2	2.2	1.8	1.8
Total Liabilities	73.2	75.7	79.5	76.7	67.4
Common Stock	25.1	24.8	12.2	9.1	9.0
Common Stock	25.1	24.8	12.2	9.1	9.0
Additional Paid-In Capital	244.0	241.0	242.8	6.0	5.9
Retained Earnings (Accumulated Deficit)	41.3	33.1	41.7	34.9	29.0
Translation Adjustment	0.0	0.0	0.0	0.0	0.0
Other Equity, Total	0.0	0.0	0.0	0.0	0.0
Total Equity	310.4	298.8	296.7	50.0	43.9
Total Liabilities & Shareholders’ Equity	383.6	374.5	376.2	126.7	111.2
Shares Outstanding - Common Stock Primary Issue	160.0	160.0	160.0	120.0	120.0
Total Common Shares Outstanding	160.0	160.0	160.0	120.0	120.0
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	-	-	-	684	-
Number of Common Shareholders	5,101	-	-	-	-
Accumulated Intangible Amort, Suppl.	-	-	-	0.4	-
Deferred Revenue - Current	62.6	63.7	71.0	70.1	61.5

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
Period Length	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	98.8	63.2	46.7	28.1
Cash Payments	-69.7	-36.1	-33.1	-20.7
Cash Taxes Paid	-6.9	-5.7	-3.3	-1.9
Other Operating Cash Flow	-4.7	-3.9	-2.2	-1.2
Changes in Working Capital	-4.7	-3.9	-2.2	-1.2
Cash from Operating Activities	17.5	17.4	8.1	4.2
Purchase of Fixed Assets	-3.7	-5.9	-3.0	-1.3
Capital Expenditures	-3.7	-5.9	-3.0	-1.3
Sale of Fixed Assets	-	0.1	0.0	-
Sale/Maturity of Investment	-	-	0.1	1.3
Purchase of Investments	0.0	-	-	-1.0
Other Investing Cash Flow	-	1.5	1.7	-
Other Investing Cash Flow Items, Total	0.0	1.5	1.8	0.4
Cash from Investing Activities	-3.7	-4.4	-1.2	-1.0
Other Financing Cash Flow	-3.3	-2.1	-6.5	-0.5
Financing Cash Flow Items	-3.3	-2.1	-6.5	-0.5
Total Debt Issued	2.4	-	1.4	-
Total Debt Reduction	-	-1.5	-	-
Issuance (Retirement) of Debt, Net	2.4	-1.5	1.4	-
Cash from Financing Activities	-1.0	-3.5	-5.1	-0.5
Foreign Exchange Effects	-0.2	-0.1	0.0	-0.1
Net Change in Cash	12.6	9.4	1.8	2.7
Net Cash - Beginning Balance	23.6	14.0	11.9	8.2
Net Cash - Ending Balance	36.2	23.4	13.7	10.9
Depreciation	0.9	0.7	0.6	0.4

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	78.4	51.4	29.1	98.8	74.4
Cash Payments	-52.0	-35.0	-16.9	-69.7	-52.5
Cash Taxes Paid	-10.5	-6.3	-2.7	-6.9	-5.5
Other Operating Cash Flow	-4.1	-3.8	-1.7	-4.7	-3.5
Changes in Working Capital	-4.1	-3.8	-1.7	-4.7	-3.5
Cash from Operating Activities	11.8	6.3	7.7	17.5	12.9
Purchase of Fixed Assets	-13.7	-1.2	-0.1	-3.7	-1.5
Capital Expenditures	-13.7	-1.2	-0.1	-3.7	-1.5
Sale of Fixed Assets	0.0	0.0	-	-	-
Purchase of Investments	0.0	-	-	0.0	-
Other Investing Cash Flow	-	0.4	0.4	-	-
Other Investing Cash Flow Items, Total	0.0	0.4	0.4	0.0	-
Cash from Investing Activities	-13.7	-0.8	0.3	-3.7	-1.5
Other Financing Cash Flow	231.7	230.2	238.5	-3.3	-3.0
Financing Cash Flow Items	231.7	230.2	238.5	-3.3	-3.0
Total Debt Issued	-	-	-	2.4	-
Issuance (Retirement) of Debt, Net	-	-	-	2.4	-
Cash from Financing Activities	231.7	230.2	238.5	-1.0	-3.0
Foreign Exchange Effects	0.0	0.0	0.0	-0.2	-0.1
Net Change in Cash	229.9	235.7	246.5	12.6	8.3
Net Cash - Beginning Balance	37.7	37.4	37.2	23.6	23.5
Net Cash - Ending Balance	267.5	273.1	283.7	36.2	31.7
Depreciation	-	0.5	-	0.9	-

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
Period Length	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	71.0	45.1	31.1	22.0
Total Revenue	71.0	45.1	31.1	22.0
Cost of Sales	36.7	24.8	18.5	13.7
Business Tax and Surcharges	0.3	0.3	0.1	0.1
Selling Expense	3.7	2.7	1.9	1.2
General & Administrative Expenses	7.1	4.6	3.1	1.3
Interest Expense	0.0	0.1	0.1	-
Interest Income	-0.3	-0.2	-0.2	-0.2
Foreign Exchange Gain/Loss	0.2	0.1	0.0	0.1
Other Finance Cost	0.0	0.0	0.0	0.0
Impairment Loss on Assets	0.0	0.2	-0.2	0.1
Investment Income	-	0.0	-0.3	-0.7
Total Operating Expense	47.7	32.6	23.0	15.6
Gain on Sale of Assets	-	43.9	0.0	-
Non - Operating Income	1.5	0.8	0.8	0.4
Loss on Sale of Assets	-	-	-	0.0
Non - Operating Expense	-0.1	0.0	-0.1	0.0
Net Income Before Taxes	24.7	57.2	8.8	6.8
Provision for Income Taxes	3.6	1.8	1.2	0.7
Net Income After Taxes	21.1	55.4	7.6	6.0
Minority Interest	0.0	-0.4	0.1	0.0
Net Income Before Extra. Items	21.1	55.0	7.7	6.0
Net Income	21.1	55.0	7.7	6.0
Income Available to Com Excl ExtraOrd	21.1	55.0	7.7	6.0
Income Available to Com Incl ExtraOrd	21.1	55.0	7.7	6.0
Basic Weighted Average Shares	120.0	120.0	120.0	119.4
Basic EPS Excluding ExtraOrdinary Items	0.18	0.46	0.06	0.05
Basic EPS Including ExtraOrdinary Items	0.18	0.46	0.06	0.05
Diluted Net Income	21.1	55.0	7.7	6.0
Diluted Weighted Average Shares	120.0	120.0	120.0	119.4
Diluted EPS Excluding ExtraOrd Items	0.18	0.46	0.06	0.05
Diluted EPS Including ExtraOrd Items	0.18	0.46	0.06	0.05
DPS-A Share	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	24.7	13.4	8.6	6.8
Inc Tax Ex Impact of Sp Items	3.6	0.4	1.2	0.7
Normalized Income After Taxes	21.1	13.0	7.5	6.1
Normalized Inc. Avail to Com.	21.1	12.6	7.5	6.1
Basic Normalized EPS	0.18	0.10	0.06	0.05
Diluted Normalized EPS	0.18	0.10	0.06	0.05
Interest Expense, Supplemental	0.0	0.1	0.1	-
Research & Development Exp, Supplemental	3.7	2.4	1.2	0.7
Rental Expense, Supplemental	0.0	0.0	0.0	0.0
Depreciation, Supplemental	0.9	0.7	0.6	0.4
Amort of Intangibles, Supplemental	0.1	0.1	0.1	0.0
Current Tax	-	1.9	1.2	0.7
Current Tax - Total	-	1.9	1.2	0.7
Deferred Tax	-	-0.1	0.0	0.0
Deferred Tax - Total	-	-0.1	0.0	0.0
Income Tax - Total	-	1.8	1.2	0.7

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
Net Sales	27.3	24.0	17.1	18.8	17.0
Total Revenue	27.3	24.0	17.1	18.8	17.0
Cost of Sales	13.9	12.7	8.4	10.0	8.6
Business Tax and Surcharges	0.1	0.1	0.1	0.0	0.0
Selling Expense	1.3	0.8	0.9	1.0	1.0
General & Administrative Expenses	3.0	2.7	2.2	1.6	1.8
Finance Expense	-1.9	-1.0	0.0	-0.3	0.2
Impairment Loss on Assets	0.3	0.0	0.1	0.0	0.1
Total Operating Expense	16.8	15.2	11.7	12.3	11.7
Non - Operating Income	0.2	0.1	0.8	0.1	0.6
Non - Operating Expense	0.0	0.0	-0.1	-	0.0
Net Income Before Taxes	10.7	8.8	6.1	6.5	5.9
Provision for Income Taxes	2.6	2.3	0.8	1.0	0.9
Net Income After Taxes	8.1	6.5	5.4	5.5	5.0
Minority Interest	0.0	0.1	0.0	0.0	-0.1
Net Income Before Extra. Items	8.1	6.6	5.4	5.6	5.0
Net Income	8.1	6.6	5.4	5.6	5.0
Income Available to Com Excl ExtraOrd	8.1	6.6	5.4	5.6	5.0
Income Available to Com Incl ExtraOrd	8.1	6.6	5.4	5.6	5.0
Basic Weighted Average Shares	160.0	146.6	120.0	120.0	120.0
Basic EPS Excluding ExtraOrdinary Items	0.05	0.04	0.04	0.05	0.04
Basic EPS Including ExtraOrdinary Items	0.05	0.04	0.04	0.05	0.04
Diluted Net Income	8.1	6.6	5.4	5.6	5.0
Diluted Weighted Average Shares	160.0	146.6	120.0	120.0	120.0
Diluted EPS Excluding ExtraOrd Items	0.05	0.04	0.04	0.05	0.04
Diluted EPS Including ExtraOrd Items	0.05	0.04	0.04	0.05	0.04
DPS-A Share	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	11.0	8.8	6.2	6.5	6.0
Inc Tax Ex Impact of Sp Items	2.7	2.3	0.8	1.0	0.9
Normalized Income After Taxes	8.3	6.5	5.4	5.5	5.1
Normalized Inc. Avail to Com.	8.3	6.6	5.5	5.5	5.0
Basic Normalized EPS	0.05	0.04	0.05	0.05	0.04
Diluted Normalized EPS	0.05	0.04	0.05	0.05	0.04

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
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate	6.5897	6.827	6.823	7.3041
Auditor	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Cash Equivalent	37.6	25.0	14.7	11.4
Notes Receivable	9.9	5.1	1.8	3.0
Accounts Receivable, Gross	9.6	6.1	4.2	4.2
Provision for Doubtful Accounts	-1.1	-1.0	-0.9	-0.8
Payment in Advance	2.5	5.6	0.9	0.4
Other Receivables	0.0	0.3	0.3	0.3
Raw Material	6.4	4.1	2.6	2.4
Work-in-Process	15.8	7.6	8.7	1.8
Stored Goods	-	-	0.2	0.7
Products in Transit	28.8	15.0	11.2	6.5
Total Current Assets	109.6	67.9	43.8	29.8
Financial Assets - Available for Sale	-	-	-	0.1
Long Term Equity Investment	-	-	-	0.5
Fixed Assets, Net	-	-	4.3	3.7
Buildings & Structures	7.4	7.2	-	-
Machinery and Equipment	3.5	2.0	-	-
Transportation Equipment	0.7	0.5	-	-
General Equipment	0.7	0.6	-	-
Accumulated Depreciation	-3.0	-2.0	-	-
Construction in Progress	1.7	-	2.1	0.0
Intangible Assets, Net	5.9	2.5	2.5	2.3
Goodwill, Net	0.0	0.0	0.0	-
Deferred Tax Assets	0.2	0.2	0.1	0.2
Total Assets	126.7	78.9	52.9	36.6
Short Term Borrowing	2.4	-	-	-
Accounts Payable	5.3	3.3	2.5	1.8
Customer Advance	70.1	44.2	26.4	14.4
Accrued Payroll	0.1	0.1	0.1	0.0
Tax Payable	-3.5	-1.5	0.4	1.4
Dividend Payable	-	-	-	2.9
Other Creditors	0.0	0.2	0.2	0.2
Current Portion of LT Debt	-	-	0.7	-
Total Current Liabilities	74.4	46.2	30.2	20.8
Long Term Borrowing	-	-	0.7	-
Total Long Term Debt	-	-	0.7	-
Estimated Liabilities	0.4	0.2	0.2	0.1
Deferred Income Tax Liabilities	-	-	-	0.0
Other Non-current Liabilities	1.5	1.5	0.2	0.1
Minority Interest	0.4	0.7	0.6	-
Total Liabilities	76.7	48.6	31.9	21.0
Capital Stock	9.1	8.8	8.8	4.1
Paid in Capital	6.0	5.7	5.7	0.0
Surplus Reserve	4.2	1.9	0.8	1.9
Undistributed Profit	30.7	13.9	5.7	9.6
Translation Adjustments	0.0	0.0	0.0	-
Total Equity	50.0	30.3	21.0	15.6
Total Liabilities & Shareholders' Equity	126.7	78.9	52.9	36.6
S/O-A Share	120.0	120.0	120.0	60.0
Total Common Shares Outstanding	120.0	120.0	120.0	60.0
T/S-A Share	0.0	0.0	0.0	0.0
Customer Advance	70.1	44.2	26.4	14.4
Accumulated Intangible Amort, Suppl.	0.4	0.3	-	-
Full-Time Employees	684	466	349	273

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 Equivalent	276.7	286.3	37.6	33.5	29.4
Notes Receivable	6.8	8.8	9.9	7.9	6.7
Accounts Receivable, Net	11.9	8.3	8.5	6.9	7.0
Payment in Advance	3.0	2.8	2.5	2.1	1.8
Interest Receivable	2.4	0.9	-	-	-
Other Receivables	0.1	0.1	0.0	0.0	0.0
Inventory, Net	54.7	51.5	51.0	45.5	39.0
Total Current Assets	355.6	358.6	109.6	96.0	84.0
Fixed Assets, Net	9.7	9.6	9.3	9.2	8.7
Construction in Progress	2.8	1.7	1.7	0.0	0.0
Intangible Assets, Net	6.0	5.9	5.9	5.8	5.8
Goodwill, Net	0.0	0.0	0.0	0.0	0.0
Deferred Tax Assets	0.5	0.4	0.2	0.2	0.2
Total Assets	374.5	376.2	126.7	111.2	98.8
Short Term Borrowing	2.5	2.4	2.4	-	-
Accounts Payable	7.6	5.2	5.3	6.2	5.6
Customer Advance	63.7	71.0	70.1	61.5	55.6
Accrued Payroll	0.1	0.1	0.1	0.1	0.1
Tax Payable	-0.9	-1.8	-3.5	-3.2	-2.9
Other Creditors	0.1	0.0	0.0	0.2	0.2
Total Current Liabilities	73.1	76.9	74.4	64.9	58.6
Estimated Liabilities	0.4	0.4	0.4	0.3	0.3
Other Non-current Liabilities	1.8	1.8	1.5	1.5	1.5
Minority Interest	0.4	0.3	0.4	0.7	0.8
Total Liabilities	75.7	79.5	76.7	67.4	61.1
Capital Stock	24.8	12.2	9.1	9.0	8.8
Paid in Capital	241.0	242.8	6.0	5.9	5.8
Surplus Reserve	4.3	4.2	4.2	1.9	1.9
Undistributed Profit	28.8	37.5	30.7	27.1	21.1
Translation Adjustments	0.0	0.0	0.0	0.0	0.0
Total Equity	298.8	296.7	50.0	43.9	37.7
Total Liabilities & Shareholders' Equity	374.5	376.2	126.7	111.2	98.8
S/O-A Share	160.0	160.0	120.0	120.0	120.0
Total Common Shares Outstanding	160.0	160.0	120.0	120.0	120.0
T/S-A Share	0.0	0.0	0.0	0.0	0.0
Customer Advance	63.7	71.0	70.1	61.5	55.6
Accumulated Intangible Amort, Suppl.	-	-	0.4	-	0.3
Full-Time Employees	-	-	684	-	633

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
Period Length	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2010
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs	BDO China Shu Lun Pan CPAs
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash from Sale of Goods & Services	98.8	63.2	46.7	28.1
Cash Paid for Goods and Services	-69.7	-36.1	-33.1	-20.7
Refund of Taxes	-	0.3	-	0.1
Other Cash from Operating Activities	2.1	0.9	1.3	0.9
All Taxes Paid	-6.9	-6.0	-3.3	-2.0
Other Cash Paid for Operating Activities	-6.8	-4.8	-3.5	-2.1
Cash from Operating Activities	17.5	17.4	8.1	4.2
Sale/Maturity/Redemption of Investments	-	-	0.1	1.3
Cash from Return on Investments	-	-	0.2	-
Sale of FA/Intangibles/Other Assets	-	0.1	0.0	-
Other Cash from Investing Activities	-	1.5	1.6	-
Capital Expenditure	-3.7	-5.9	-3.0	-1.3
Cash Paid for Purchase of Investments	0.0	-	-	-1.0
Cash from Investing Activities	-3.7	-4.4	-1.2	-1.0
Cash from Investors	-	-	0.1	-
Cash from Borrowings	2.4	-	1.4	-
Repayment of Borrowings	-	-1.5	-	-
Cash Paid for Dividend and Interest	-3.4	-2.1	-6.6	-0.5
Other Cash from Financing Activities	0.1	-	-	-
Cash from Financing Activities	-1.0	-3.5	-5.1	-0.5
Foreign Exchange Effects	-0.2	-0.1	0.0	-0.1
Net Change in Cash	12.6	9.4	1.8	2.7
Net Cash - Beginning Balance	23.6	14.0	11.9	8.2
Net Cash - Ending Balance	36.2	23.4	13.7	10.9
Depreciation	0.9	0.7	0.6	0.4
Amortization of Intangibles	0.1	0.1	0.1	0.0

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 from Sale of Goods & Services	51.4	29.1	98.8	74.4	48.3
Cash Paid for Goods and Services	-35.0	-16.9	-69.7	-52.5	-33.6
Refund of Taxes	0.0	-	-	-	-
Other Cash from Operating Activities	0.9	0.2	2.1	1.1	1.0
All Taxes Paid	-6.3	-2.7	-6.9	-5.5	-4.0
Other Cash Paid for Operating Activities	-4.7	-1.9	-6.8	-4.7	-3.0
Cash from Operating Activities	6.3	7.7	17.5	12.9	8.7
Sale of FA/Intangibles/Other Assets	0.0	-	-	-	-
Other Cash from Investing Activities	0.4	0.4	-	-	-
Capital Expenditure	-1.2	-0.1	-3.7	-1.5	-0.9
Cash Paid for Purchase of Investments	-	-	0.0	-	-
Cash from Investing Activities	-0.8	0.3	-3.7	-1.5	-0.9
Cash from Investors	240.1	238.6	-	-	-
Cash from Borrowings	-	-	2.4	-	-
Other Cash from Financing Activities	-	-	0.1	0.1	-
Cash Paid for Dividend and Interest	-9.9	0.0	-3.4	-3.1	-3.1
Cash from Financing Activities	230.2	238.5	-1.0	-3.0	-3.1
Foreign Exchange Effects	0.0	0.0	-0.2	-0.1	-0.4
Net Change in Cash	235.7	246.5	12.6	8.3	4.3
Net Cash - Beginning Balance	37.4	37.2	23.6	23.5	23.4
Net Cash - Ending Balance	273.1	283.7	36.2	31.7	27.7
Depreciation	0.5	-	0.9	-	0.4
Amortization of Intangibles	0.1	-	0.1	-	0.1

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-09		31-Dec-08		31-Dec-07
China	36.6	81.4 %	24.5	79 %	18.1	82.3 %
Asia	5.1	11.3 %	4.5	14.6 %	2.4	10.9 %
Europe	1.1	2.5 %	1.5	4.8 %	0.8	3.6 %
South America	1.1	2.4 %	-	-	-	-
North America	1.1	2.4 %	0.5	1.5 %	0.7	3.2 %
Segment Total	45.0	100 %	31.1	100 %	22.0	100 %
Consolidated Total	45.0	100 %	31.1	100 %	22.0	100 %
Exchange Rate: CNY to USD	6.831007		6.950445		7.605973
Total Revenue   USD (mil)
	31-Dec-09		31-Dec-08		31-Dec-07
China	36.6	81.4 %	24.5	79 %	18.1	82.3 %
Asia	5.1	11.3 %	4.5	14.6 %	2.4	10.9 %
Europe	1.1	2.5 %	1.5	4.8 %	0.8	3.6 %
South America	1.1	2.4 %	-	-	-	-
North America	1.1	2.4 %	0.5	1.5 %	0.7	3.2 %
Segment Total	45.0	100 %	31.1	100 %	22.0	100 %
Consolidated Total	45.0	100 %	31.1	100 %	22.0	100 %
Exchange Rate: CNY to USD	6.831007		6.950445		7.605973

Cost of Revenue   USD (mil)
	31-Dec-09		31-Dec-08		31-Dec-07
China	21.2	85.3 %	15.0	81 %	11.4	83.4 %
Asia	2.3	9.4 %	2.5	13.6 %	1.3	9.8 %
Europe	0.4	1.8 %	0.8	4.1 %	0.5	4 %
South America	0.5	1.9 %	-	-	-	-
North America	0.4	1.7 %	0.2	1.3 %	0.4	2.8 %
Segment Total	24.8	100 %	18.5	100 %	13.7	100 %
Consolidated Total	24.8	100 %	18.5	100 %	13.7	100 %
Exchange Rate: CNY to USD	6.831007		6.950445		7.605973

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	30-Jun-10
China	30.6	87.2 %
Asia	2.2	6.2 %
Europe	2.3	6.4 %
North America	0.0	0.1 %
Segment Total	35.1	100 %
Consolidated Total	35.1	100 %
Exchange Rate: CNY to USD	6.825839
Total Revenue   USD (mil)
	30-Jun-10
China	30.6	87.2 %
Asia	2.2	6.2 %
Europe	2.3	6.4 %
North America	0.0	0.1 %
Segment Total	35.1	100 %
Consolidated Total	35.1	100 %
Exchange Rate: CNY to USD	6.825839

Cost of Revenue   USD (mil)
	30-Jun-10
China	16.5	90 %
Asia	0.9	4.9 %
Europe	0.9	5.1 %
North America	0.0	0 %
Segment Total	18.3	100 %
Consolidated Total	18.3	100 %
Exchange Rate: CNY to USD	6.825839

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.72
UK Pound	1	Rs.82.70
Euro	1	Rs.68.90

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.