MIRA INFORM REPORT

Report Date :

25.11.2011

IDENTIFICATION DETAILS

Name :	ZIBO QIXIANG TENGDA CHEMICAL CO., LTD.
Registered Office :	No.1 Jiaochang South Road Linzi District Zibo City, 255438
Country :	China
Financials (as on) :	31.12.2010
Date of Incorporation :	31.10.2007
Legal Form :	Public Independent
Line of Business :	Manufacture of other organic basic chemicals
No. of Employees :	507

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
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

Top of Form

Bottom of Form

Company name and address

Top of Form

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD.

No.1 Jiaochang South Road
Linzi District
Zibo City, 255438
China
Tel:	86-533-7544231
Fax:	86-533-7544432
Suggest Company URL

Employees:

507

Company Type:

Public Independent

Traded:

Shenzhen Stock Exchange:

002408

Incorporation Date:

31-Oct-2007

Auditor:

Grant Thornton

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2010
Reporting Currency:	Chinese Renminbi
Annual Sales:	348.6 ^1
Net Income:	62.0
Total Assets:	413.4 ^2
Market Value:	1,712.0
	(11-Nov-2011)

Business Description

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. is principally engaged in the research, development, production and distribution of fine chemicals. The Company mainly provides ethyl methyl ketone, methyl tertiary butyl ether (MTBE), isobutene and tertiary butyl alcohol, among others. The Company also offers ethyl methyl ketone side products, including mixed butanes, liquid gas, hydrogen, butylene, isobutyl ether, sec-butyl alcohol and heavy substances, as well as isobutene side products, including methanol and heavy components. As of December 31, 2010, the Company had one wholly owned subsidiary. For the six months ended 30 June 2011, ZIBO QIXIANG TENGDA CHEMICAL CO., LTD.'s revenues increased 39% to RMB1.46B. Net income for the period totaled RMB344.4M, up from RMB134.1M. Revenues reflect an increase due to stronger market demand. Net income also benefited from the presence of gain from financial income, as well as the decreased selling expense compared to the corresponding period of last year.

Industry

Industry	Chemical Manufacturing
ANZSIC 2006:	1812 - Basic Organic Chemical Manufacturing
NACE 2002:	2414 - Manufacture of other organic basic chemicals
NAICS 2002:	325193 - Ethyl Alcohol Manufacturing
UK SIC 2003:	2414 - Manufacture of other organic basic chemicals
US SIC 1987:	2869 - Industrial Organic Chemicals, Not Elsewhere Classified

Key Executives

Name	Title
Donghe Yu	General Manager, Director
Wuzhi Sun	Finance Director, Director
Hongxiu Zhou	Secretary of the Board, Deputy General Manager, Director
Dexu Chi	Deputy General Manager
Chengju Che	Chairman of the Board

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers / Acquisitions	1	ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. to Acquire Equity Shares and Assets	30-Dec-2010
Strategic Combinations	1	ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. to Set up Joint Venture	30-Dec-2010
Other Pre-Announcement	1	ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. Announces FY 2011 Q1 Net Profit Outlook	14-Apr-2011
Positive Earnings Pre-Announcement	2	ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. Revises FY 2011 H1 Net Profit Outlook	15-Jul-2011
Dividends	2	ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. Announces FY 2010 Dividend Payment Date	28-Apr-2011

* number of significant developments within the last 12 months

News

Title	Date
Qixiang Tengda to Withdraw CNY 137mn from Subsidiary SinoCast (159 Words)	19-Sep-2011
Qixiang Tengda to Withdraw CNY 137mn from Subsidiary SinoCast (159 Words)	19-Sep-2011
Qixiang Tengda to Withdraw CNY 137mn from Subsidiary SinoCast (159 Words)	19-Sep-2011
2011 H1 report: Zibo Qixiang Tengda Chemical (002408.SZ) Xinhua News Agency (CEIS) (China) (114 Words)	28-Aug-2011
PRICE OF BUTADIENE IN CHINA STABILIZING AFTER SHARP RISES Asia Pulse Businesswire (314 Words)	1-Aug-2011

Financial Summary

As of 30-Sep-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	9.97	2.18
Quick Ratio (MRQ)	9.49	1.35
Debt to Equity (MRQ)	0.0000	0.82
Net Profit Margin (TTM) %	20.66	10.56
Return on Assets (TTM) %	21.59	8.26
Return on Equity (TTM) %	23.20	22.07

Stock Snapshot

Traded: Shenzhen Stock Exchange: 002408

As of 11-Nov-2011

   Financials in: CNY

Recent Price	23.24	EPS	1.01
52 Week High	43.82	Price/Sales	4.60
52 Week Low	20.72	Dividend Rate	0.28
Avg. Volume (mil)	3.67	Price/Earnings	20.86
Market Value (mil)	10,857.91	Price/Book	4.20

	Price % Change	Rel S&P 500%
4 Week	-15.34%	-15.18%
13 Week	-23.45%	-14.39%
52 Week	-8.06%	20.77%
Year to Date	3.62%	23.90%

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.1 Jiaochang South Road
Linzi District
Zibo City, 255438
China

Tel:	86-533-7544231
Fax:	86-533-7544432

Suggest Company URL

Quote Symbol - Exchange
002408 - Shenzhen Stock Exchange
Sales CNY(mil):	2,359.6
Assets CNY(mil):	2,724.4
Employees:	507
Fiscal Year End:	31-Dec-2010

Industry:	Chemical Manufacturing

Incorporation Date:	31-Oct-2007
Company Type:	Public Independent
Quoted Status:	Quoted

Secretary of the Board, Deputy General Manager, Director:	Hongxiu Zhou

Company Web Links

Company Contact/E-mail

Home Page

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

Industry Codes

ANZSIC 2006 Codes:
1812	-	Basic Organic Chemical Manufacturing

NACE 2002 Codes:
2414	-	Manufacture of other organic basic chemicals

NAICS 2002 Codes:
325193	-	Ethyl Alcohol Manufacturing

US SIC 1987:
2869	-	Industrial Organic Chemicals, Not Elsewhere Classified

UK SIC 2003:
2414	-	Manufacture of other organic basic chemicals

Business Description

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. is principally engaged in the research, development, production and distribution of fine chemicals. The Company mainly provides ethyl methyl ketone, methyl tertiary butyl ether (MTBE), isobutene and tertiary butyl alcohol, among others. The Company also offers ethyl methyl ketone side products, including mixed butanes, liquid gas, hydrogen, butylene, isobutyl ether, sec-butyl alcohol and heavy substances, as well as isobutene side products, including methanol and heavy components. As of December 31, 2010, the Company had one wholly owned subsidiary. For the six months ended 30 June 2011, ZIBO QIXIANG TENGDA CHEMICAL CO., LTD.'s revenues increased 39% to RMB1.46B. Net income for the period totaled RMB344.4M, up from RMB134.1M. Revenues reflect an increase due to stronger market demand. Net income also benefited from the presence of gain from financial income, as well as the decreased selling expense compared to the corresponding period of last year.

Financial Data

Financials in:	CNY(mil)
Revenue:	2,359.6
Net Income:	420.0
Assets:	2,724.4
Long Term Debt:	0.0
Total Liabilities:	141.8
Working Capital:	2.1
Date of Financial Data:	31-Dec-2010

1 Year Growth

81.9%

142.0%

228.0%

ey Corporate Relationships

Auditor:	Grant Thornton
Auditor:	Grant Thornton

Executives Report

Board of Directors

Name	Title	Function
Chengju Che	Chairman of the Board	Chairman
Mr. Chengju Che has been Chairman of the Board in ZIBO QIXIANG TENGDA CHEMICAL CO.,LTD since October 2007. He was General Manager, Director or Chairman of the Board in three other companies.
Libin Bian	Director	Director/Board Member
Mr. Libin Bian has been serving as Director in Zibo Qixiang Tengda Chemical Co., Ltd. since December 2010. He is also serving as Manager in another company.
Yue Li	Independent Director	Director/Board Member
Mr. Yue Li is Independent Director in ZIBO QIXIANG TENGDA CHEMICAL CO.,LTD. He graduated in 1984 from University of Science and Technology of China with a Bachelor's degree in Geochemistry and in 1991 from Institute of Oceanology, Chinese Academy of Sciences with a Ph.D. in Ocean Geochemistry. Education PHD , Chinese Academy of Sciences B Geochemistry, University of Science and Technology of China
Yiqing Song	Director	Director/Board Member
Wuzhi Sun	Finance Director, Director	Director/Board Member
Mr. Wuzhi Sun has been Finance Director and Director in ZIBO QIXIANG TENGDA CHEMICAL CO.,LTD since October 2007. He was Finance Director and Director in another company.
Rui Wang	Independent Director	Director/Board Member
Ms. Rui Wang has been serving as Independent Director in Zibo Qixiang Tengda Chemical Co., Ltd. since Decembre 2010. She is also serving as Independent Director in Zibo Wanchang Science & Technology Co., Ltd. She used to serve as Independent Director in Baotou Tomorrow Technology Co., Ltd. She obtained her LLB's degree from Shandong University in 1990, and MBA's degree from Zhejiang University in 1999. Education MBA , Zhejiang University LLB , Shandong University
Donghe Yu	General Manager, Director	Director/Board Member
Mr. Donghe Yu has been General Manager and Director in ZIBO QIXIANG TENGDA CHEMICAL CO.,LTD since October 2007. He was General Manager and Director in another company.
Shulian Yu	Independent Director	Director/Board Member
Ms. Shulian Yu is Independent Director in ZIBO QIXIANG TENGDA CHEMICAL CO.,LTD. She is Professor of Accounting. She is also serving as Independent Director in Qinhuangdao Port Co., Ltd. and Wuxi Double Elephant Mirco Fibre Matrial Co., Ltd. She is Certified Public Accountant. She graduated in 1986 from Xiamen University with a Master's degree in Accounting. Education M Accounting, Xiamen University
Hongxiu Zhou	Secretary of the Board, Deputy General Manager, Director	Director/Board Member
Mr. Hongxiu Zhou is Secretary of the Board, Deputy General Manager and Director in ZIBO QIXIANG TENGDA CHEMICAL CO.,LTD. He was Director in three other companies.

Executives

Name	Title	Function
Donghe Yu	General Manager, Director	Division Head Executive
Mr. Donghe Yu has been General Manager and Director in ZIBO QIXIANG TENGDA CHEMICAL CO.,LTD since October 2007. He was General Manager and Director in another company.
Hongxiu Zhou	Secretary of the Board, Deputy General Manager, Director	Company Secretary
Reuters Biography (ZIBO QIXIANG TENGDA CHEMICAL CO., LTD.) Mr. Hongxiu Zhou is Secretary of the Board, Deputy General Manager and Director in ZIBO QIXIANG TENGDA CHEMICAL CO.,LTD. He was Director in three other companies.
Wuzhi Sun	Finance Director, Director	Finance Executive
Mr. Wuzhi Sun has been Finance Director and Director in ZIBO QIXIANG TENGDA CHEMICAL CO.,LTD since October 2007. He was Finance Director and Director in another company.
Dexu Chi	Deputy General Manager	Other
Mr. Dexu Chi has been Deputy General Manager in ZIBO QIXIANG TENGDA CHEMICAL CO.,LTD since October 2007. He holds a Master of Engineering. He was Head of R&D, Director, Head of Factory, Chief Engineer and Manager in four other companies.
Zhuqing Wang	Deputy General Manager	Other
Mr. Zhuqing Wang has been Deputy General Manager in ZIBO QIXIANG TENGDA CHEMICAL CO.,LTD since October 2007. He was Deputy Chief Engineer, Head of Engineering and Deputy General Manager in two other companies.

 Significant Developments

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. Revises FY 2011 H1 Net Profit Outlook

Jul 15, 2011

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. announced that it expects its net profit for the first half of fiscal year (FY) 2011 to increase by 150% to 160%, compared to that of the same period in FY 2010 (RMB 134,438,280.02). The Company previously announced that it expected the profit to increase by 120% to 150%. The Company cited the increased sale price of its main products as the main reason for the revision.

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. Announces FY 2010 Dividend Payment Date

Apr 28, 2011

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. announced that it will pay the cash dividend of RMB 4.5 per 10 shares (after tax), and use the additional paid-in capital to distribute eight new shares for every 10 shares to shareholders recorded on May 5, 2011. The Company's shares will be traded ex-dividend and ex-right on May 6, 2011.

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. Announces FY 2011 Q1 Net Profit Outlook

Apr 14, 2011

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. announced that it expects its net profit for the first quarter of fiscal year 2011 to grow by 75%-95%, compared to that of same period last year (RMB 73.2562 million). The Company cited the sale and price growth of its products as the main reason for this forecast.

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. Announces FY 2010 Dividend Payment

Mar 31, 2011

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. announced that it will use undistributed profits to pay the cash dividend of RMB 5 per 10 shares (before tax), and use additional paid-in capital to issue new shares to shareholders, with a ratio of every 10 shares to be given eight new shares.

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. Revises FY 2010 Net Profit Outlook

Jan 20, 2011

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. announced that it has raised its net profit outlook for fiscal year 2010 from an increase by 70-100% to an increase by 125-155%, compared with the profit same period last year (RMB 173,516,439.23). The Company cited the increase of product price as main reason for this amendment.

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. to Acquire Equity Shares and Assets

Dec 30, 2010

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. announced that it plans to acquire a 100% stake in a Zibo-based chemical industrial company from Zibo Qixiang Petrochemical Industry Group Co.,Ltd., at RMB 51,943,300. The Company will acquire a 70% stake in a Tianjin-based chemical industrial company from Mao Jinchi and Xia Junwei at RMB 32.30 million as well. The Company will also buy partial assets of another Zibo-based chemical industrial company at RMB 113,103,800.

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. to Set up Joint Venture

Dec 30, 2010

ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. announced that it will invest RMB 142.80 million to set up a joint venture with Harbin Boshi Automation Co.,Ltd., with each to hold a 51% and a 49% stake. The joint venture will be with a registered capital of RMB 280 million, and be engaged in the research, development and production of special rubber. After establishment, the joint venture will invest in a project with annual production capacity of 50,000 tons of one kind of rubber.

Qixiang Tengda to Withdraw CNY 137mn from Subsidiary

SinoCast: 19 September 2011
[What follows is the full text of the news story.]

ZIBO, Sep 19, 2011 (SinoCast Daily Business Beat via COMTEX) -- Zibo Qixiang Tengda Chemical Co., Ltd.(SZSE: 002408) announced on September 18 that it would withdraw CNY 137 million investment from its joint-ventured subsidiary, Zibo Qixiang Boshi Rubber Co., ltd.

The company and HARBIN Boshi Automation Co.,Ltd. set up Qixiang Boshi Rubber in March 2010 aiming to build the 50,000-ton rare earth polybutadiene rubber project. Qixiang Tengda Chemical provided CNY 143 million, holding a 51% stake. After the withdrawal, Qixiang Boshi Rubber's registered capital reduces to CNY 143 million from original CNY 280 million. Besides, HARBIN Boshi Automation withdrew all its investment.

According to Qixiang Tengda Chemical, the company would add investment in Qixiang Boshi Rubber to safeguard smoothly development of a rare earth polybutadiene rubber project. Plus, the company would support construction and production of the project through buying the using right of "rare earth polybutadiene rubber production technologies".

Source: www.yicai.com (September 19, 2011)

PRICE OF BUTADIENE IN CHINA STABILIZING AFTER SHARP RISES

Asia Pulse Businesswire: 01 August 2011
[What follows is the full text of the news story.]

BEIJING, Aug 1Asia Pulse - The price of butadiene in China has started to hold steady recently following sharp rises in June. Industry sources believe it will be unlikely for the price of the product to go back to the previous bottom of 20,000 yuan(US$3,108) per metric ton (tonne) and instead would stay at around 30,000 yuan per tonne.

The butadiene price has advanced over 85 per cent since the beginning of this year.

Sun Wenwen, an analyst for Chem99.com said that the bullishness of the butadiene market was due to relative short supply and large demand.

In H1, besides some plants closed down for maintenance, several large butadiene plants closed down for mechanic failure or fire. Meanwhile, butadiene was in great demand on the international market.

Yet when the price of butadiene reached the level of 30,000 yuan per tonne, domestic downstream users began to reduce rubber production, which in turn restrained the demand for the chemical PetroChina (SSE:601857; SEHK:00857) and Sinopec (SSE:600028; SEHK:0386) yield 90 per cent of the butadiene output in China. By 2010, China's annual output of butadiene was 2.53 million tonnes, increasing 0.37 million tonnes year on year. The figure is expected to reach 3.35 million tonnes by 2014. Even if this is achieved, the compound annual growth would still be under 8 per cent.

Meanwhile, China's butadiene consumption during this period is expected to increase at an annual rate of 10 per cent, still outgrowing production. An analyst for Galaxy Futures said because demand exceeded supply, the butadiene market would remain prosperous until 2014. Some listed manufacturing companies of the chemical would benefit from this, such as Liaoning Huajin Tongda Chemical Co.Ltd (SSZ:000059), Zibo Qixiang Tengda Chemical Co. Ltd (SSZ:002408) and Sinopec Shanghai Petrochemical Co. Ltd (SSE:600688).

(XIC) nt

01-08 2004

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 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	Grant Thornton	Grant Thornton	Grant Thornton	Grant Thornton
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	348.6	189.9	160.5	118.5
Revenue	348.6	189.9	160.5	118.5
Total Revenue	348.6	189.9	160.5	118.5
Cost of Revenue	260.2	146.6	122.4	91.8
Excise Taxes Payments	2.5	1.1	0.8	0.7
Cost of Revenue, Total	262.7	147.7	123.2	92.6
Gross Profit	85.9	42.2	37.3	25.9
Selling/General/Administrative Expense	11.8	6.7	6.7	4.6
Total Selling/General/Administrative Expenses	11.8	6.7	6.7	4.6
Interest Expense - Operating	0.9	2.2	2.6	0.1
Interest Expense - Net Operating	0.9	2.2	2.6	0.1
Interest Income - Operating	-2.2	-0.1	-0.2	-0.1
Investment Income - Operating	0.2	0.0	0.0	0.0
Interest/Investment Income - Operating	-1.9	0.0	-0.1	0.0
Interest Expense (Income) - Net Operating Total	-1.0	2.1	2.5	0.1
Impairment-Assets Held for Use	0.5	-0.5	0.4	-0.2
Unusual Expense (Income)	0.5	-0.5	0.4	-0.2
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	274.1	156.1	132.8	97.0
Operating Income	74.5	33.8	27.7	21.5
Gain (Loss) on Sale of Assets	0.0	0.0	0.0	-0.1
Other Non-Operating Income (Expense)	0.6	-0.3	-0.1	-0.1
Other, Net	0.6	-0.3	-0.1	-0.1
Income Before Tax	75.0	33.6	27.6	21.3
Total Income Tax	13.0	8.2	7.0	2.9
Income After Tax	62.0	25.4	20.7	18.4
Net Income Before Extraord Items	62.0	25.4	20.7	18.4
Net Income	62.0	25.4	20.7	18.4
Income Available to Common Excl Extraord Items	62.0	25.4	20.7	18.4
Income Available to Common Incl Extraord Items	62.0	25.4	20.7	18.4
Basic/Primary Weighted Average Shares	418.5	350.2	350.2	317.8
Basic EPS Excl Extraord Items	0.15	0.07	0.06	0.06
Basic/Primary EPS Incl Extraord Items	0.15	0.07	0.06	0.06
Diluted Net Income	62.0	25.4	20.7	18.4
Diluted Weighted Average Shares	418.5	350.2	350.2	317.8
Diluted EPS Excl Extraord Items	0.15	0.07	0.06	0.06
Diluted EPS Incl Extraord Items	0.15	0.07	0.06	0.06
Dividends per Share - Common Stock Primary Issue	0.04	0.00	0.00	0.00
Gross Dividends - Common Stock	20.7	0.0	0.0	0.0
Interest Expense, Supplemental	0.9	2.2	2.6	0.1
Depreciation, Supplemental	8.8	9.6	4.1	2.2
Total Special Items	0.6	-0.5	0.4	-0.1
Normalized Income Before Tax	75.6	33.1	28.1	21.2
Effect of Special Items on Income Taxes	0.1	-0.1	0.1	0.0
Inc Tax Ex Impact of Sp Items	13.1	8.0	7.1	2.9
Normalized Income After Tax	62.5	25.0	21.0	18.3
Normalized Inc. Avail to Com.	62.5	25.0	21.0	18.3
Basic Normalized EPS	0.15	0.07	0.06	0.06
Diluted Normalized EPS	0.15	0.07	0.06	0.06
Amort of Intangibles, Supplemental	0.2	0.2	0.2	0.2
Normalized EBIT	74.0	35.5	30.7	21.4
Normalized EBITDA	83.0	45.2	34.9	23.7
Current Tax - Domestic	13.0	8.1	7.1	2.7
Current Tax - Total	13.0	8.1	7.1	2.7
Deferred Tax - Domestic	0.0	0.0	-0.1	0.1
Deferred Tax - Total	0.0	0.0	-0.1	0.1
Income Tax - Total	13.0	8.2	7.0	2.9

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 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate	6.5897	6.827	6.823	7.3041
Auditor	Grant Thornton	Grant Thornton	Grant Thornton	Grant Thornton
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	285.7	25.5	24.3	10.5
Cash and Short Term Investments	285.7	25.5	24.3	10.5
Accounts Receivable - Trade, Gross	13.6	2.9	8.8	6.6
Provision for Doubtful Accounts	-0.9	-0.3	-0.5	-0.4
Trade Accounts Receivable - Net	12.7	2.6	8.3	6.2
Notes Receivable - Short Term	10.3	4.5	3.4	15.0
Other Receivables	1.9	0.5	0.3	0.2
Total Receivables, Net	25.0	7.6	12.0	21.4
Inventories - Finished Goods	9.1	8.3	6.3	3.7
Inventories - Raw Materials	3.5	4.6	2.5	0.3
Total Inventory	12.6	12.8	8.8	4.1
Prepaid Expenses	18.4	4.8	1.8	9.9
Total Current Assets	341.7	50.8	46.8	45.9
Buildings	6.5	7.1	7.1	-
Machinery/Equipment	97.4	86.4	83.7	-
Construction in Progress	1.2	0.9	0.1	3.7
Property/Plant/Equipment - Gross	105.1	94.5	90.9	3.7
Accumulated Depreciation	-36.2	-26.5	-16.9	-
Property/Plant/Equipment - Net	68.9	68.0	74.0	15.5
Intangibles, Net	2.6	2.7	2.8	2.8
Deferred Income Tax - Long Term Asset	0.2	0.2	0.2	0.1
Other Long Term Assets, Total	0.2	0.2	0.2	0.1
Total Assets	413.4	121.7	123.9	64.2
Accounts Payable	5.3	10.1	15.7	1.1
Accrued Expenses	1.5	0.6	0.5	4.4
Notes Payable/Short Term Debt	0.0	36.3	48.4	13.7
Dividends Payable	-	-	-	0.8
Customer Advances	5.1	1.4	1.8	1.1
Income Taxes Payable	9.7	2.9	0.5	0.3
Other Current liabilities, Total	14.8	4.3	2.3	2.3
Total Current Liabilities	21.5	51.3	66.9	21.5
Total Long Term Debt	0.0	0.0	0.0	0.0
Total Debt	0.0	36.3	48.4	13.7
Total Liabilities	21.5	51.3	66.9	21.5
Common Stock	39.4	28.5	28.5	16.6
Common Stock	39.4	28.5	28.5	16.6
Additional Paid-In Capital	272.7	12.1	12.1	21.3
Retained Earnings (Accumulated Deficit)	79.8	29.8	16.3	4.8
Total Equity	391.9	70.4	57.0	42.7
Total Liabilities & Shareholders’ Equity	413.4	121.7	123.9	64.2
Shares Outstanding - Common Stock Primary Issue	467.2	350.2	350.2	218.9
Total Common Shares Outstanding	467.2	350.2	350.2	218.9
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0
Employees	507	383	-	-
Number of Common Shareholders	26,934	-	-	-
Accumulated Intangible Amort, Suppl.	1.3	1.0	0.9	-
Deferred Revenue - Current	5.1	1.4	1.8	1.1

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 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	Grant Thornton	Grant Thornton	Grant Thornton	Grant Thornton
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	309.9	181.6	148.9	94.2
Cash Payments	-224.6	-125.2	-111.2	-88.5
Cash Taxes Paid	-30.3	-16.6	-14.5	-9.5
Other Operating Cash Flow	-4.9	-4.0	-3.9	7.5
Changes in Working Capital	-4.9	-4.0	-3.9	7.5
Cash from Operating Activities	50.2	35.7	19.3	3.7
Purchase of Fixed Assets	-6.9	-8.4	-22.5	-11.9
Capital Expenditures	-6.9	-8.4	-22.5	-11.9
Acquisition of Business	-	-	-	-2.6
Sale of Fixed Assets	0.0	-	-	0.0
Purchase of Investments	0.0	-	-	-
Other Investing Cash Flow	0.3	0.1	0.2	0.1
Other Investing Cash Flow Items, Total	0.3	0.1	0.2	-2.5
Cash from Investing Activities	-6.6	-8.3	-22.3	-14.4
Other Financing Cash Flow	245.7	-14.2	-17.3	-1.0
Financing Cash Flow Items	245.7	-14.2	-17.3	-1.0
Total Debt Issued	23.6	40.7	61.9	13.1
Total Debt Reduction	-60.3	-52.7	-28.8	-3.9
Issuance (Retirement) of Debt, Net	-36.6	-12.0	33.1	9.2
Cash from Financing Activities	209.0	-26.2	15.8	8.2
Foreign Exchange Effects	-0.2	0.0	0.0	0.0
Net Change in Cash	252.5	1.2	12.8	-2.5
Net Cash - Beginning Balance	25.7	24.3	11.1	12.6
Net Cash - Ending Balance	278.2	25.5	23.8	10.1
Depreciation	8.8	9.6	4.1	2.2

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 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	Grant Thornton	Grant Thornton	Grant Thornton	Grant Thornton
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	348.6	189.9	160.5	118.5
Total Revenue	348.6	189.9	160.5	118.5
Cost of Sales	260.2	146.6	122.4	91.8
Business Tax and Surcharges	2.5	1.1	0.8	0.7
General & Administrative Expenses	6.1	2.5	3.2	2.6
Selling Expense	5.7	4.2	3.5	2.0
Interest Expense	0.9	2.2	2.6	0.1
Interest Income	-2.2	-0.1	-0.2	-0.1
Foreign Exchange Loss	0.2	0.0	0.0	0.0
Foreign Exchange Gain	0.0	-	-	-
Commission Fees	0.0	0.0	0.0	0.0
Impairment Loss on Assets	0.5	-0.5	0.4	-0.2
Total Operating Expense	274.1	156.1	132.8	97.0
Gain on Sales of Fixed Asset	0.0	-	-	-
Non - Operating Income	0.6	0.0	-	0.0
Loss on Sales of Fixed Asset	0.0	0.0	0.0	-0.1
Non - Operating Expense	0.0	-0.3	-0.1	-0.1
Net Income Before Taxes	75.0	33.6	27.6	21.3
Provision for Income Taxes	13.0	8.2	7.0	2.9
Net Income After Taxes	62.0	25.4	20.7	18.4
Net Income Before Extra. Items	62.0	25.4	20.7	18.4
Net Income	62.0	25.4	20.7	18.4
Income Available to Com Excl ExtraOrd	62.0	25.4	20.7	18.4
Income Available to Com Incl ExtraOrd	62.0	25.4	20.7	18.4
Basic Weighted Average Shares	418.5	350.2	350.2	317.8
Basic EPS Excluding ExtraOrdinary Items	0.15	0.07	0.06	0.06
Basic EPS Including ExtraOrdinary Items	0.15	0.07	0.06	0.06
Diluted Net Income	62.0	25.4	20.7	18.4
Diluted Weighted Average Shares	418.5	350.2	350.2	317.8
Diluted EPS Excluding ExtraOrd Items	0.15	0.07	0.06	0.06
Diluted EPS Including ExtraOrd Items	0.15	0.07	0.06	0.06
DPS-A Share	0.04	0.00	0.00	0.00
Gross Dividends - Common Stock	20.7	0.0	0.0	0.0
Normalized Income Before Taxes	75.6	33.1	28.1	21.2
Inc Tax Ex Impact of Sp Items	13.1	8.0	7.1	2.9
Normalized Income After Taxes	62.5	25.0	21.0	18.3
Normalized Inc. Avail to Com.	62.5	25.0	21.0	18.3
Basic Normalized EPS	0.15	0.07	0.06	0.06
Diluted Normalized EPS	0.15	0.07	0.06	0.06
Interest Expense, Supplemental	0.9	2.2	2.6	0.1
Depreciation, Supplemental	8.8	9.6	4.1	2.2
Amort of Intangibles, Supplemental	0.2	0.2	0.2	0.2
Current Tax	13.0	8.1	7.1	2.7
Current Tax - Total	13.0	8.1	7.1	2.7
Deferred Tax	0.0	0.0	-0.1	0.1
Deferred Tax - Total	0.0	0.0	-0.1	0.1
Income Tax - Total	13.0	8.2	7.0	2.9

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 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate	6.5897	6.827	6.823	7.3041
Auditor	Grant Thornton	Grant Thornton	Grant Thornton	Grant Thornton
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Cash Equivalent	285.7	25.5	24.3	10.5
Notes Receivable	10.3	4.5	3.4	15.0
Accounts Receivable, Gross	13.6	2.9	8.8	6.6
Provision for Doubtful Account	-0.9	-0.3	-0.5	-0.4
Interest Receivable	1.9	-	-	-
Payment in Advance	18.4	4.8	1.8	9.9
Other Receivables	0.0	0.5	0.3	0.2
Raw Material	3.5	4.6	2.5	0.3
Goods in Store	9.1	8.3	6.3	3.7
Total Current Assets	341.7	50.8	46.8	45.9
Buildings & Structures	6.5	7.1	7.1	-
Transportation Equipment	1.0	0.9	0.6	-
Special Equipment	54.7	56.0	54.2	-
General Equipment	41.3	29.1	28.5	-
Other Equipment	0.5	0.4	0.4	-
Accumulated Depreciation	-36.2	-26.5	-16.9	-
Fixed Assets, Net	-	-	-	11.7
Construction in Progress	1.1	0.9	-	3.1
Construction Materials	0.1	-	0.1	0.6
Intangible Assets, Net	2.6	2.7	2.8	2.8
Deferred Tax Assets	0.2	0.2	0.2	0.1
Total Assets	413.4	121.7	123.9	64.2
Short Term Borrowing	0.0	36.3	48.4	13.7
Accounts Payable	5.3	10.1	15.7	1.1
Customer Advance	5.1	1.4	1.8	1.1
Accrued Payroll	1.2	0.3	0.3	0.3
Tax Payable	9.7	2.9	0.5	0.3
Dividend Payable	-	-	-	0.8
Other Creditors	0.2	0.2	0.2	4.1
Total Current Liabilities	21.5	51.3	66.9	21.5
Total Liabilities	21.5	51.3	66.9	21.5
Capital Stock	39.4	28.5	28.5	16.6
Paid in Capital	272.7	12.1	12.1	21.3
Surplus Reserve	8.1	4.2	2.7	0.5
Undistributed Profit	71.7	25.6	13.6	4.3
Total Equity	391.9	70.4	57.0	42.7
Total Liabilities & Shareholders' Equity	413.4	121.7	123.9	64.2
S/O-A Share	467.2	350.2	350.2	218.9
Total Common Shares Outstanding	467.2	350.2	350.2	218.9
T/S-A Share	0.0	0.0	0.0	0.0
Customer Advance	5.1	1.4	1.8	1.1
Accumulated Intangible Amort, Suppl.	1.3	1.0	0.9	-
Number of Common Shareholders	26,934	-	-	-
Full-Time Employees	507	383	-	-

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 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	Grant Thornton	Grant Thornton	Grant Thornton	Grant Thornton
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash from Sale of Goods & Services	309.9	181.6	148.9	94.2
Cash Paid for Goods and Services	-224.6	-125.2	-111.2	-88.5
Refund of Taxes	0.1	-	-	2.7
Other Cash from Operating Activities	0.8	0.0	0.1	10.3
All Taxes Paid	-30.4	-16.6	-14.5	-12.3
Other Cash Paid for Operating Activities	-5.6	-4.1	-4.0	-2.8
Cash from Operating Activities	50.2	35.7	19.3	3.7
Sale of FA/Intangibles/Other Assets	0.0	-	-	0.0
Other Cash from Investing Activities	0.3	0.1	0.2	0.1
Capital Expenditure	-6.9	-8.4	-22.5	-11.9
Cash Paid for Acquisition of Subsidiary	-	-	-	-2.6
Cash Paid for Purchase of Investments	0.0	-	-	-
Cash from Investing Activities	-6.6	-8.3	-22.3	-14.4
Cash from Investors	264.3	-	-	4.9
Cash from Borrowings	23.6	40.7	61.9	13.1
Other Cash from Financing Activities	-	-	-	2.9
Repayment of Borrowings	-60.3	-52.7	-28.8	-3.9
Cash Paid for Dividend and Interest	-15.3	-14.2	-13.2	-8.8
Other Cash Paid for Financing Activities	-3.3	0.0	-4.1	-0.1
Cash from Financing Activities	209.0	-26.2	15.8	8.2
Foreign Exchange Effects	-0.2	0.0	0.0	0.0
Net Change in Cash	252.5	1.2	12.8	-2.5
Depreciation	8.8	9.6	4.1	2.2
Amortization of Intangibles	0.2	0.2	0.2	0.2
Net Cash - Beginning Balance	25.7	24.3	11.1	12.6
Net Cash - Ending Balance	278.2	25.5	23.8	10.1

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	104.7	22.34%	348.6	81.86%	37.82%	-
Operating Income1	20.1	-8.66%	74.5	118.28%	45.57%	-
Income Available to Common Excl Extraord Items1	16.9	-13.57%	62.0	142.05%	44.21%	-
Basic EPS Excl Extraord Items1	0.04	-13.55%	0.15	102.56%	31.58%	-
Capital Expenditures2	65.0	551.35%	6.9	-18.37%	-19.71%	-
Cash from Operating Activities2	26.3	33,559.02%	50.2	39.36%	129.33%	-
Free Cash Flow	-39.3	-	44.5	57.09%	-	-
Total Assets3	500.2	28.83%	413.4	227.97%	79.76%	-
Total Liabilities3	50.0	398.14%	21.5	-59.51%	-3.30%	-
Total Long Term Debt3	0.0	-	0.0	-	-	-
Employees3	-	-	507	32.38%	-	-
Total Common Shares Outstanding3	467.2	0.00%	467.2	33.41%	28.76%	-
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	24.63%	22.21%	23.26%	21.88%
Operating Margin	21.38%	17.81%	17.27%	18.14%
Pretax Margin	21.52%	17.67%	17.21%	17.96%
Net Profit Margin	17.80%	13.37%	12.88%	15.54%
Financial Strength
Current Ratio	15.88	0.99	0.70	2.14
Long Term Debt/Equity	0.00	0.00	0.00	0.00
Total Debt/Equity	0.00	0.52	0.85	0.32
Management Effectiveness
Return on Assets	23.63%	20.71%	21.86%	-
Return on Equity	27.42%	39.93%	40.99%	-
Efficiency
Receivables Turnover	21.78	19.37	9.37	-
Inventory Turnover	20.87	13.68	19.11	-
Asset Turnover	1.33	1.55	1.70	-

Market Valuation USD (mil)
P/E (TTM)	17.70	.	Enterprise Value2	1,479.3
Price/Sales (TTM)	3.66	.	Enterprise Value/Revenue (TTM)	3.19
Price/Book (MRQ)	3.78	.	Enterprise Value/EBITDA (TTM)	12.99
Market Cap as of 11-Nov-20111	1,712.0	.
1-ExchangeRate: CNY to USD on 11-Nov-2011	6.342400
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	15.88	0.99	0.70	2.14
Quick/Acid Test Ratio	14.44	0.65	0.54	1.49
Working Capital1	320.2	-0.5	-20.1	24.4
Long Term Debt/Equity	0.00	0.00	0.00	0.00
Total Debt/Equity	0.00	0.52	0.85	0.32
Long Term Debt/Total Capital	0.00	0.00	0.00	0.00
Total Debt/Total Capital	0.00	0.34	0.46	0.24
Payout Ratio	27.68%	0.00%	0.00%	0.00%
Effective Tax Rate	17.30%	24.33%	25.19%	13.51%
Total Capital1	391.9	106.7	105.3	56.4
Efficiency
Asset Turnover	1.33	1.55	1.70	-
Inventory Turnover	20.87	13.68	19.11	-
Days In Inventory	17.49	26.67	19.10	-
Receivables Turnover	21.78	19.37	9.37	-
Days Receivables Outstanding	16.76	18.84	38.96	-
Revenue/Employee2	706,255	496,217	-	-
Operating Income/Employee2	150,964	88,371	-	-
EBITDA/Employee2	169,084	113,910	-	-
Profitability
Gross Margin	24.63%	22.21%	23.26%	21.88%
Operating Margin	21.38%	17.81%	17.27%	18.14%
EBITDA Margin	23.94%	22.96%	19.90%	20.15%
EBIT Margin	21.38%	17.81%	17.27%	18.14%
Pretax Margin	21.52%	17.67%	17.21%	17.96%
Net Profit Margin	17.80%	13.37%	12.88%	15.54%
COGS/Revenue	75.37%	77.79%	76.74%	78.12%
SG&A Expense/Revenue	3.38%	3.53%	4.15%	3.85%
Management Effectiveness
Return on Assets	23.63%	20.71%	21.86%	-
Return on Equity	27.42%	39.93%	40.99%	-
Valuation
Free Cash Flow/Share2	0.10	0.08	-0.01	-0.04
Operating Cash Flow/Share 2	0.11	0.10	0.06	0.02
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)	17.70
Market Cap/Equity (MRQ)	3.78
Market Cap/Revenue (TTM)	3.66
Market Cap/EBIT (TTM)	14.93
Market Cap/EBITDA (TTM)	14.93
Enterprise Value/Earnings (TTM)	15.40
Enterprise Value/Equity (MRQ)	3.29
Enterprise Value/Revenue (TTM)	3.19
Enterprise Value/EBIT (TTM)	12.99
Enterprise Value/EBITDA (TTM)	12.99

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 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	Grant Thornton	Grant Thornton	Grant Thornton	Grant Thornton
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	348.6	189.9	160.5	118.5
Revenue	348.6	189.9	160.5	118.5
Total Revenue	348.6	189.9	160.5	118.5
Cost of Revenue	260.2	146.6	122.4	91.8
Excise Taxes Payments	2.5	1.1	0.8	0.7
Cost of Revenue, Total	262.7	147.7	123.2	92.6
Gross Profit	85.9	42.2	37.3	25.9
Selling/General/Administrative Expense	11.8	6.7	6.7	4.6
Total Selling/General/Administrative Expenses	11.8	6.7	6.7	4.6
Interest Expense - Operating	0.9	2.2	2.6	0.1
Interest Expense - Net Operating	0.9	2.2	2.6	0.1
Interest Income - Operating	-2.2	-0.1	-0.2	-0.1
Investment Income - Operating	0.2	0.0	0.0	0.0
Interest/Investment Income - Operating	-1.9	0.0	-0.1	0.0
Interest Expense (Income) - Net Operating Total	-1.0	2.1	2.5	0.1
Impairment-Assets Held for Use	0.5	-0.5	0.4	-0.2
Unusual Expense (Income)	0.5	-0.5	0.4	-0.2
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	274.1	156.1	132.8	97.0
Operating Income	74.5	33.8	27.7	21.5
Gain (Loss) on Sale of Assets	0.0	0.0	0.0	-0.1
Other Non-Operating Income (Expense)	0.6	-0.3	-0.1	-0.1
Other, Net	0.6	-0.3	-0.1	-0.1
Income Before Tax	75.0	33.6	27.6	21.3
Total Income Tax	13.0	8.2	7.0	2.9
Income After Tax	62.0	25.4	20.7	18.4
Net Income Before Extraord Items	62.0	25.4	20.7	18.4
Net Income	62.0	25.4	20.7	18.4
Income Available to Common Excl Extraord Items	62.0	25.4	20.7	18.4
Income Available to Common Incl Extraord Items	62.0	25.4	20.7	18.4
Basic/Primary Weighted Average Shares	418.5	350.2	350.2	317.8
Basic EPS Excl Extraord Items	0.15	0.07	0.06	0.06
Basic/Primary EPS Incl Extraord Items	0.15	0.07	0.06	0.06
Diluted Net Income	62.0	25.4	20.7	18.4
Diluted Weighted Average Shares	418.5	350.2	350.2	317.8
Diluted EPS Excl Extraord Items	0.15	0.07	0.06	0.06
Diluted EPS Incl Extraord Items	0.15	0.07	0.06	0.06
Dividends per Share - Common Stock Primary Issue	0.04	0.00	0.00	0.00
Gross Dividends - Common Stock	20.7	0.0	0.0	0.0
Interest Expense, Supplemental	0.9	2.2	2.6	0.1
Depreciation, Supplemental	8.8	9.6	4.1	2.2
Total Special Items	0.6	-0.5	0.4	-0.1
Normalized Income Before Tax	75.6	33.1	28.1	21.2
Effect of Special Items on Income Taxes	0.1	-0.1	0.1	0.0
Inc Tax Ex Impact of Sp Items	13.1	8.0	7.1	2.9
Normalized Income After Tax	62.5	25.0	21.0	18.3
Normalized Inc. Avail to Com.	62.5	25.0	21.0	18.3
Basic Normalized EPS	0.15	0.07	0.06	0.06
Diluted Normalized EPS	0.15	0.07	0.06	0.06
Amort of Intangibles, Supplemental	0.2	0.2	0.2	0.2
Normalized EBIT	74.0	35.5	30.7	21.4
Normalized EBITDA	83.0	45.2	34.9	23.7
Current Tax - Domestic	13.0	8.1	7.1	2.7
Current Tax - Total	13.0	8.1	7.1	2.7
Deferred Tax - Domestic	0.0	0.0	-0.1	0.1
Deferred Tax - Total	0.0	0.0	-0.1	0.1
Income Tax - Total	13.0	8.2	7.0	2.9

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	Reclassified Normal 30-Sep-2011
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.417282	6.501206	6.583076	6.655995	6.770018
Net Sales	104.7	129.4	94.6	124.3	81.1
Revenue	104.7	129.4	94.6	124.3	81.1
Total Revenue	104.7	129.4	94.6	124.3	81.1
Cost of Revenue	80.7	86.7	66.8	89.5	56.6
Excise Taxes Payments	0.7	0.7	0.6	1.1	0.6
Cost of Revenue, Total	81.4	87.5	67.4	90.6	57.2
Gross Profit	23.3	42.0	27.2	33.7	24.0
Selling/General/Administrative Expense	3.9	3.5	2.2	5.4	2.6
Total Selling/General/Administrative Expenses	3.9	3.5	2.2	5.4	2.6
Interest Expense (Income) - Net Operating	-0.8	-1.7	-1.3	-1.4	0.0
Interest Expense (Income) - Net Operating Total	-0.8	-1.7	-1.3	-1.4	0.0
Impairment-Assets Held for Use	0.1	0.5	0.0	-0.6	0.5
Unusual Expense (Income)	0.1	0.5	0.0	-0.6	0.5
Total Operating Expense	84.6	89.7	68.4	93.9	60.3
Operating Income	20.1	39.7	26.2	30.3	20.8
Other Non-Operating Income (Expense)	0.0	-0.5	0.1	0.4	0.2
Other, Net	0.0	-0.5	0.1	0.4	0.2
Income Before Tax	20.1	39.2	26.3	30.7	21.0
Total Income Tax	3.2	7.8	5.1	6.6	2.1
Income After Tax	16.8	31.4	21.2	24.1	18.9
Minority Interest	0.0	0.1	0.0	-	-0.4
Net Income Before Extraord Items	16.9	31.5	21.3	24.1	18.5
Net Income	16.9	31.5	21.3	24.1	18.5
Income Available to Common Excl Extraord Items	16.9	31.5	21.3	24.1	18.5
Income Available to Common Incl Extraord Items	16.9	31.5	21.3	24.1	18.5
Basic/Primary Weighted Average Shares	467.2	467.2	467.2	467.2	467.2
Basic EPS Excl Extraord Items	0.04	0.07	0.05	0.05	0.04
Basic/Primary EPS Incl Extraord Items	0.04	0.07	0.05	0.05	0.04
Diluted Net Income	16.9	31.5	21.3	24.1	18.5
Diluted Weighted Average Shares	467.2	467.2	467.2	467.2	467.2
Diluted EPS Excl Extraord Items	0.04	0.07	0.05	0.05	0.04
Diluted EPS Incl Extraord Items	0.04	0.07	0.05	0.05	0.04
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.04	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	19.5	0.0
Total Special Items	0.1	0.5	0.0	-0.6	0.5
Normalized Income Before Tax	20.1	39.7	26.3	30.1	21.5
Effect of Special Items on Income Taxes	0.0	0.1	0.0	-0.1	0.1
Inc Tax Ex Impact of Sp Items	3.2	7.9	5.1	6.5	2.1
Normalized Income After Tax	16.9	31.8	21.3	23.6	19.4
Normalized Inc. Avail to Com.	16.9	31.9	21.3	23.6	19.0
Basic Normalized EPS	0.04	0.07	0.05	0.05	0.04
Diluted Normalized EPS	0.04	0.07	0.05	0.05	0.04
Normalized EBIT	19.3	38.4	25.0	28.3	21.4
Normalized EBITDA	19.3	38.4	25.0	28.3	21.4

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 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate	6.5897	6.827	6.823	7.3041
Auditor	Grant Thornton	Grant Thornton	Grant Thornton	Grant Thornton
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	285.7	25.5	24.3	10.5
Cash and Short Term Investments	285.7	25.5	24.3	10.5
Accounts Receivable - Trade, Gross	13.6	2.9	8.8	6.6
Provision for Doubtful Accounts	-0.9	-0.3	-0.5	-0.4
Trade Accounts Receivable - Net	12.7	2.6	8.3	6.2
Notes Receivable - Short Term	10.3	4.5	3.4	15.0
Other Receivables	1.9	0.5	0.3	0.2
Total Receivables, Net	25.0	7.6	12.0	21.4
Inventories - Finished Goods	9.1	8.3	6.3	3.7
Inventories - Raw Materials	3.5	4.6	2.5	0.3
Total Inventory	12.6	12.8	8.8	4.1
Prepaid Expenses	18.4	4.8	1.8	9.9
Total Current Assets	341.7	50.8	46.8	45.9
Buildings	6.5	7.1	7.1	-
Machinery/Equipment	97.4	86.4	83.7	-
Construction in Progress	1.2	0.9	0.1	3.7
Property/Plant/Equipment - Gross	105.1	94.5	90.9	3.7
Accumulated Depreciation	-36.2	-26.5	-16.9	-
Property/Plant/Equipment - Net	68.9	68.0	74.0	15.5
Intangibles, Net	2.6	2.7	2.8	2.8
Deferred Income Tax - Long Term Asset	0.2	0.2	0.2	0.1
Other Long Term Assets, Total	0.2	0.2	0.2	0.1
Total Assets	413.4	121.7	123.9	64.2
Accounts Payable	5.3	10.1	15.7	1.1
Accrued Expenses	1.5	0.6	0.5	4.4
Notes Payable/Short Term Debt	0.0	36.3	48.4	13.7
Dividends Payable	-	-	-	0.8
Customer Advances	5.1	1.4	1.8	1.1
Income Taxes Payable	9.7	2.9	0.5	0.3
Other Current liabilities, Total	14.8	4.3	2.3	2.3
Total Current Liabilities	21.5	51.3	66.9	21.5
Total Long Term Debt	0.0	0.0	0.0	0.0
Total Debt	0.0	36.3	48.4	13.7
Total Liabilities	21.5	51.3	66.9	21.5
Common Stock	39.4	28.5	28.5	16.6
Common Stock	39.4	28.5	28.5	16.6
Additional Paid-In Capital	272.7	12.1	12.1	21.3
Retained Earnings (Accumulated Deficit)	79.8	29.8	16.3	4.8
Total Equity	391.9	70.4	57.0	42.7
Total Liabilities & Shareholders’ Equity	413.4	121.7	123.9	64.2
Shares Outstanding - Common Stock Primary Issue	467.2	350.2	350.2	218.9
Total Common Shares Outstanding	467.2	350.2	350.2	218.9
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0
Employees	507	383	-	-
Number of Common Shareholders	26,934	-	-	-
Accumulated Intangible Amort, Suppl.	1.3	1.0	0.9	-
Deferred Revenue - Current	5.1	1.4	1.8	1.1

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	Restated Normal 31-Mar-2011	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	233.1	253.8	259.7	286.4	228.3
Cash and Short Term Investments	233.1	253.8	259.7	286.4	228.3
Trade Accounts Receivable - Net	28.1	21.2	13.2	14.2	26.7
Notes Receivable - Short Term	37.5	22.6	10.1	11.7	16.6
Other Receivables	0.4	0.1	3.2	1.9	0.5
Total Receivables, Net	66.1	43.9	26.4	27.8	43.7
Total Inventory	18.5	28.9	23.2	13.6	21.1
Prepaid Expenses	60.5	41.4	33.8	18.6	10.8
Total Current Assets	378.1	368.0	343.1	346.3	303.9
Construction in Progress	4.4	1.5	2.1	1.2	1.1
Property/Plant/Equipment - Gross	4.4	1.5	2.1	1.2	1.1
Property/Plant/Equipment - Net	103.8	102.0	83.4	70.0	63.6
Intangibles, Net	17.1	17.1	17.2	2.8	2.6
Deferred Income Tax - Long Term Asset	1.1	1.0	0.3	0.3	0.4
Other Long Term Assets, Total	1.1	1.0	0.3	0.3	0.4
Total Assets	500.2	488.0	444.0	419.3	370.5
Accounts Payable	23.3	25.9	8.0	6.4	2.5
Accrued Expenses	3.2	0.4	0.3	3.0	0.3
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Customer Advances	6.5	9.9	6.0	5.1	3.5
Income Taxes Payable	4.9	10.6	6.3	9.7	3.3
Other Current liabilities, Total	11.4	20.5	12.3	14.9	6.8
Total Current Liabilities	37.9	46.8	20.5	24.3	9.6
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	0.0	0.0	0.0	0.0	0.0
Minority Interest	12.1	12.0	11.9	-	-
Total Liabilities	50.0	58.7	32.4	24.3	9.6
Common Stock	73.2	72.3	39.6	39.4	38.8
Common Stock	73.2	72.3	39.6	39.4	38.8
Additional Paid-In Capital	244.1	241.2	267.0	275.9	266.7
Retained Earnings (Accumulated Deficit)	132.9	115.9	105.0	79.8	55.5
Total Equity	450.2	429.3	411.6	395.1	361.0
Total Liabilities & Shareholders’ Equity	500.2	488.0	444.0	419.3	370.5
Shares Outstanding - Common Stock Primary Issue	467.2	467.2	467.2	467.2	467.2
Total Common Shares Outstanding	467.2	467.2	467.2	467.2	467.2
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Number of Common Shareholders	39,325	32,725	23,905	26,934	21,584
Accumulated Intangible Amort, Suppl.	-	1.8	-	1.3	-
Deferred Revenue - Current	6.5	9.9	6.0	5.1	3.5

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 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	Grant Thornton	Grant Thornton	Grant Thornton	Grant Thornton
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	309.9	181.6	148.9	94.2
Cash Payments	-224.6	-125.2	-111.2	-88.5
Cash Taxes Paid	-30.3	-16.6	-14.5	-9.5
Other Operating Cash Flow	-4.9	-4.0	-3.9	7.5
Changes in Working Capital	-4.9	-4.0	-3.9	7.5
Cash from Operating Activities	50.2	35.7	19.3	3.7
Purchase of Fixed Assets	-6.9	-8.4	-22.5	-11.9
Capital Expenditures	-6.9	-8.4	-22.5	-11.9
Acquisition of Business	-	-	-	-2.6
Sale of Fixed Assets	0.0	-	-	0.0
Purchase of Investments	0.0	-	-	-
Other Investing Cash Flow	0.3	0.1	0.2	0.1
Other Investing Cash Flow Items, Total	0.3	0.1	0.2	-2.5
Cash from Investing Activities	-6.6	-8.3	-22.3	-14.4
Other Financing Cash Flow	245.7	-14.2	-17.3	-1.0
Financing Cash Flow Items	245.7	-14.2	-17.3	-1.0
Total Debt Issued	23.6	40.7	61.9	13.1
Total Debt Reduction	-60.3	-52.7	-28.8	-3.9
Issuance (Retirement) of Debt, Net	-36.6	-12.0	33.1	9.2
Cash from Financing Activities	209.0	-26.2	15.8	8.2
Foreign Exchange Effects	-0.2	0.0	0.0	0.0
Net Change in Cash	252.5	1.2	12.8	-2.5
Net Cash - Beginning Balance	25.7	24.3	11.1	12.6
Net Cash - Ending Balance	278.2	25.5	23.8	10.1
Depreciation	8.8	9.6	4.1	2.2

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	Restated Normal 30-Sep-2011
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.500043	6.541904	6.583076	6.768989	6.807123
Cash Receipts	267.1	187.0	68.6	309.9	174.3
Cash Payments	-196.3	-140.7	-49.7	-224.6	-152.7
Cash Taxes Paid	-39.3	-24.3	-12.9	-30.3	-17.2
Other Operating Cash Flow	-5.1	-3.9	-0.8	-4.9	-4.3
Changes in Working Capital	-5.1	-3.9	-0.8	-4.9	-4.3
Cash from Operating Activities	26.3	18.1	5.3	50.2	0.1
Purchase of Fixed Assets	-65.0	-33.1	-25.8	-6.9	-9.5
Capital Expenditures	-65.0	-33.1	-25.8	-6.9	-9.5
Sale of Fixed Assets	0.1	0.0	0.0	0.0	0.0
Purchase of Investments	-8.0	-7.9	-7.9	0.0	-
Other Investing Cash Flow	-	-	0.0	0.3	-
Other Investing Cash Flow Items, Total	-7.9	-7.9	-7.9	0.3	0.0
Cash from Investing Activities	-72.9	-41.0	-33.7	-6.6	-9.5
Other Financing Cash Flow	-14.5	-14.7	0.1	245.7	244.5
Financing Cash Flow Items	-14.5	-14.7	0.1	245.7	244.5
Total Debt Issued	-	-	-	23.6	23.5
Total Debt Reduction	-	-	-	-60.3	-59.9
Issuance (Retirement) of Debt, Net	-	-	-	-36.6	-36.4
Cash from Financing Activities	-14.5	-14.7	0.1	209.0	208.1
Foreign Exchange Effects	-0.3	-0.1	0.0	-0.2	0.0
Net Change in Cash	-61.3	-37.6	-28.4	252.5	198.6
Net Cash - Beginning Balance	290.3	288.4	286.6	25.7	26.2
Net Cash - Ending Balance	229.0	250.8	258.3	278.2	224.8
Depreciation	-	5.3	-	8.8	-

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 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	Grant Thornton	Grant Thornton	Grant Thornton	Grant Thornton
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	348.6	189.9	160.5	118.5
Total Revenue	348.6	189.9	160.5	118.5
Cost of Sales	260.2	146.6	122.4	91.8
Business Tax and Surcharges	2.5	1.1	0.8	0.7
General & Administrative Expenses	6.1	2.5	3.2	2.6
Selling Expense	5.7	4.2	3.5	2.0
Interest Expense	0.9	2.2	2.6	0.1
Interest Income	-2.2	-0.1	-0.2	-0.1
Foreign Exchange Loss	0.2	0.0	0.0	0.0
Foreign Exchange Gain	0.0	-	-	-
Commission Fees	0.0	0.0	0.0	0.0
Impairment Loss on Assets	0.5	-0.5	0.4	-0.2
Total Operating Expense	274.1	156.1	132.8	97.0
Gain on Sales of Fixed Asset	0.0	-	-	-
Non - Operating Income	0.6	0.0	-	0.0
Loss on Sales of Fixed Asset	0.0	0.0	0.0	-0.1
Non - Operating Expense	0.0	-0.3	-0.1	-0.1
Net Income Before Taxes	75.0	33.6	27.6	21.3
Provision for Income Taxes	13.0	8.2	7.0	2.9
Net Income After Taxes	62.0	25.4	20.7	18.4
Net Income Before Extra. Items	62.0	25.4	20.7	18.4
Net Income	62.0	25.4	20.7	18.4
Income Available to Com Excl ExtraOrd	62.0	25.4	20.7	18.4
Income Available to Com Incl ExtraOrd	62.0	25.4	20.7	18.4
Basic Weighted Average Shares	418.5	350.2	350.2	317.8
Basic EPS Excluding ExtraOrdinary Items	0.15	0.07	0.06	0.06
Basic EPS Including ExtraOrdinary Items	0.15	0.07	0.06	0.06
Diluted Net Income	62.0	25.4	20.7	18.4
Diluted Weighted Average Shares	418.5	350.2	350.2	317.8
Diluted EPS Excluding ExtraOrd Items	0.15	0.07	0.06	0.06
Diluted EPS Including ExtraOrd Items	0.15	0.07	0.06	0.06
DPS-A Share	0.04	0.00	0.00	0.00
Gross Dividends - Common Stock	20.7	0.0	0.0	0.0
Normalized Income Before Taxes	75.6	33.1	28.1	21.2
Inc Tax Ex Impact of Sp Items	13.1	8.0	7.1	2.9
Normalized Income After Taxes	62.5	25.0	21.0	18.3
Normalized Inc. Avail to Com.	62.5	25.0	21.0	18.3
Basic Normalized EPS	0.15	0.07	0.06	0.06
Diluted Normalized EPS	0.15	0.07	0.06	0.06
Interest Expense, Supplemental	0.9	2.2	2.6	0.1
Depreciation, Supplemental	8.8	9.6	4.1	2.2
Amort of Intangibles, Supplemental	0.2	0.2	0.2	0.2
Current Tax	13.0	8.1	7.1	2.7
Current Tax - Total	13.0	8.1	7.1	2.7
Deferred Tax	0.0	0.0	-0.1	0.1
Deferred Tax - Total	0.0	0.0	-0.1	0.1
Income Tax - Total	13.0	8.2	7.0	2.9

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	Reclassified Normal 30-Jun-2011
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.501206	6.583076	6.655995	6.770018	6.824215
Net Sales	129.4	94.6	124.3	77.4	78.7
Total Revenue	129.4	94.6	124.3	77.4	78.7
Cost of Sales	86.7	66.8	89.5	53.6	63.7
Business Tax and Surcharges	0.7	0.6	1.1	0.5	0.5
Selling Expense	1.2	1.2	1.5	1.5	1.5
General & Administrative Expenses	2.3	1.0	3.9	0.9	0.8
Finance Expense	-1.7	-1.3	-1.4	0.0	0.0
Impairment Loss on Assets	0.5	0.0	-0.6	0.5	0.6
Total Operating Expense	89.7	68.4	93.9	57.1	67.0
Non - Operating Income	0.1	0.1	0.4	0.2	0.0
Non - Operating Expense	-0.6	0.0	0.0	0.0	0.0
Net Income Before Taxes	39.2	26.3	30.7	20.4	11.6
Provision for Income Taxes	7.8	5.1	6.6	1.9	2.3
Net Income After Taxes	31.4	21.2	24.1	18.5	9.3
Consolidation Effect	-0.1	-	-	-	-0.6
Minority Interest	0.1	0.0	-	-	0.2
Net Income Before Extra. Items	31.4	21.3	24.1	18.5	9.0
Net Income	31.4	21.3	24.1	18.5	9.0
Income Available to Com Excl ExtraOrd	31.4	21.3	24.1	18.5	9.0
Income Available to Com Incl ExtraOrd	31.4	21.3	24.1	18.5	9.0
Basic Weighted Average Shares	467.2	467.2	467.2	467.2	396.7
Basic EPS Excluding ExtraOrdinary Items	0.07	0.05	0.05	0.04	0.02
Basic EPS Including ExtraOrdinary Items	0.07	0.05	0.05	0.04	0.02
Diluted Net Income	31.4	21.3	24.1	18.5	9.0
Diluted Weighted Average Shares	467.2	467.2	467.2	467.2	396.7
Diluted EPS Excluding ExtraOrd Items	0.07	0.05	0.05	0.04	0.02
Diluted EPS Including ExtraOrd Items	0.07	0.05	0.05	0.04	0.02
DPS-A Share	0.00	0.00	0.04	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	19.5	0.0	0.0
Normalized Income Before Taxes	39.7	26.3	30.1	21.0	12.2
Inc Tax Ex Impact of Sp Items	7.9	5.1	6.5	2.0	2.4
Normalized Income After Taxes	31.8	21.3	23.6	19.0	9.8
Normalized Inc. Avail to Com.	31.8	21.3	23.6	19.0	9.4
Basic Normalized EPS	0.07	0.05	0.05	0.04	0.02
Diluted Normalized EPS	0.07	0.05	0.05	0.04	0.02

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 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate	6.5897	6.827	6.823	7.3041
Auditor	Grant Thornton	Grant Thornton	Grant Thornton	Grant Thornton
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Cash Equivalent	285.7	25.5	24.3	10.5
Notes Receivable	10.3	4.5	3.4	15.0
Accounts Receivable, Gross	13.6	2.9	8.8	6.6
Provision for Doubtful Account	-0.9	-0.3	-0.5	-0.4
Interest Receivable	1.9	-	-	-
Payment in Advance	18.4	4.8	1.8	9.9
Other Receivables	0.0	0.5	0.3	0.2
Raw Material	3.5	4.6	2.5	0.3
Goods in Store	9.1	8.3	6.3	3.7
Total Current Assets	341.7	50.8	46.8	45.9
Buildings & Structures	6.5	7.1	7.1	-
Transportation Equipment	1.0	0.9	0.6	-
Special Equipment	54.7	56.0	54.2	-
General Equipment	41.3	29.1	28.5	-
Other Equipment	0.5	0.4	0.4	-
Accumulated Depreciation	-36.2	-26.5	-16.9	-
Fixed Assets, Net	-	-	-	11.7
Construction in Progress	1.1	0.9	-	3.1
Construction Materials	0.1	-	0.1	0.6
Intangible Assets, Net	2.6	2.7	2.8	2.8
Deferred Tax Assets	0.2	0.2	0.2	0.1
Total Assets	413.4	121.7	123.9	64.2
Short Term Borrowing	0.0	36.3	48.4	13.7
Accounts Payable	5.3	10.1	15.7	1.1
Customer Advance	5.1	1.4	1.8	1.1
Accrued Payroll	1.2	0.3	0.3	0.3
Tax Payable	9.7	2.9	0.5	0.3
Dividend Payable	-	-	-	0.8
Other Creditors	0.2	0.2	0.2	4.1
Total Current Liabilities	21.5	51.3	66.9	21.5
Total Liabilities	21.5	51.3	66.9	21.5
Capital Stock	39.4	28.5	28.5	16.6
Paid in Capital	272.7	12.1	12.1	21.3
Surplus Reserve	8.1	4.2	2.7	0.5
Undistributed Profit	71.7	25.6	13.6	4.3
Total Equity	391.9	70.4	57.0	42.7
Total Liabilities & Shareholders' Equity	413.4	121.7	123.9	64.2
S/O-A Share	467.2	350.2	350.2	218.9
Total Common Shares Outstanding	467.2	350.2	350.2	218.9
T/S-A Share	0.0	0.0	0.0	0.0
Customer Advance	5.1	1.4	1.8	1.1
Accumulated Intangible Amort, Suppl.	1.3	1.0	0.9	-
Number of Common Shareholders	26,934	-	-	-
Full-Time Employees	507	383	-	-

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	Restated Normal 31-Mar-2011	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	253.8	259.7	286.4	228.3	230.0
Notes Receivable	22.6	10.1	11.7	16.6	16.6
Accounts Receivable, Net	21.2	13.2	14.2	26.7	15.8
Payment in Advance	41.4	33.8	18.6	10.8	5.5
Other Receivables	0.1	0.0	0.0	0.0	0.0
Inventory, Net	28.9	23.2	13.6	21.1	15.7
Interest Receivable	-	3.2	1.9	0.5	0.5
Total Current Assets	368.0	343.1	346.3	303.9	284.0
Fixed Assets, Net	100.5	81.4	68.8	62.5	63.6
Construction in Progress	1.5	2.0	1.1	1.1	0.9
Intangible Assets, Net	17.1	17.2	2.8	2.6	2.6
Deferred Tax Assets	1.0	0.3	0.3	0.4	0.3
Construction Materials	-	0.1	0.1	-	-
Total Assets	488.0	444.0	419.3	370.5	351.5
Notes Payable	-	-	-	-	2.9
Accounts Payable	25.9	8.0	6.4	2.5	4.8
Customer Advance	9.9	6.0	5.1	3.5	2.2
Accrued Payroll	0.1	0.0	1.2	0.1	0.0
Tax Payable	10.6	6.3	9.7	3.3	3.7
Other Creditors	0.3	0.3	1.8	0.2	0.2
Total Current Liabilities	46.8	20.5	24.3	9.6	13.9
Minority Interest	12.0	11.9	-	-	-
Total Liabilities	58.7	32.4	24.3	9.6	13.9
Capital Stock	72.3	39.6	39.4	38.8	38.3
Paid in Capital	241.2	267.0	275.9	266.7	263.1
Surplus Reserve	8.3	8.6	8.1	4.3	4.3
Special Reserve	1.3	0.5	-	0.8	0.7
Undistributed Profit	106.3	95.8	71.7	50.3	31.2
Total Equity	429.3	411.6	395.1	361.0	337.6
Total Liabilities & Shareholders' Equity	488.0	444.0	419.3	370.5	351.5
S/O-A Share	467.2	467.2	467.2	467.2	467.2
Total Common Shares Outstanding	467.2	467.2	467.2	467.2	467.2
T/S-A Share	0.0	0.0	0.0	0.0	0.0
Customer Advance	9.9	6.0	5.1	3.5	2.2
Accumulated Intangible Amort, Suppl.	1.8	-	1.3	-	1.1
Number of Common Shareholders	32,725	23,905	26,934	21,584	49,294

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 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.768989	6.831007	6.950445	7.605973
Auditor	Grant Thornton	Grant Thornton	Grant Thornton	Grant Thornton
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash from Sale of Goods & Services	309.9	181.6	148.9	94.2
Cash Paid for Goods and Services	-224.6	-125.2	-111.2	-88.5
Refund of Taxes	0.1	-	-	2.7
Other Cash from Operating Activities	0.8	0.0	0.1	10.3
All Taxes Paid	-30.4	-16.6	-14.5	-12.3
Other Cash Paid for Operating Activities	-5.6	-4.1	-4.0	-2.8
Cash from Operating Activities	50.2	35.7	19.3	3.7
Sale of FA/Intangibles/Other Assets	0.0	-	-	0.0
Other Cash from Investing Activities	0.3	0.1	0.2	0.1
Capital Expenditure	-6.9	-8.4	-22.5	-11.9
Cash Paid for Acquisition of Subsidiary	-	-	-	-2.6
Cash Paid for Purchase of Investments	0.0	-	-	-
Cash from Investing Activities	-6.6	-8.3	-22.3	-14.4
Cash from Investors	264.3	-	-	4.9
Cash from Borrowings	23.6	40.7	61.9	13.1
Other Cash from Financing Activities	-	-	-	2.9
Repayment of Borrowings	-60.3	-52.7	-28.8	-3.9
Cash Paid for Dividend and Interest	-15.3	-14.2	-13.2	-8.8
Other Cash Paid for Financing Activities	-3.3	0.0	-4.1	-0.1
Cash from Financing Activities	209.0	-26.2	15.8	8.2
Foreign Exchange Effects	-0.2	0.0	0.0	0.0
Net Change in Cash	252.5	1.2	12.8	-2.5
Depreciation	8.8	9.6	4.1	2.2
Amortization of Intangibles	0.2	0.2	0.2	0.2
Net Cash - Beginning Balance	25.7	24.3	11.1	12.6
Net Cash - Ending Balance	278.2	25.5	23.8	10.1

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	Restated Normal 30-Jun-2011
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	187.0	68.6	309.9	164.5	109.6
Cash Paid for Goods and Services	-140.7	-49.7	-224.6	-143.6	-94.0
Other Cash from Operating Activities	0.2	1.0	0.8	0.1	0.1
All Taxes Paid	-24.3	-12.9	-30.4	-16.5	-11.4
Other Cash Paid for Operating Activities	-4.1	-1.8	-5.6	-4.3	-2.6
Refund of Taxes	-	-	0.1	-	-
Cash from Operating Activities	18.1	5.3	50.2	0.2	1.7
Sale of FA/Intangibles/Other Assets	0.0	0.0	0.0	0.0	0.0
Other Cash from Investing Activities	-	-	0.3	-	-
Capital Expenditure	-33.1	-25.8	-6.9	-9.3	-6.5
Cash Paid for Purchase of Investments	-7.9	-7.9	0.0	-	-
Other Cash Paid for Investing Activities	-	0.0	-	-	-
Cash from Investing Activities	-41.0	-33.7	-6.6	-9.3	-6.5
Cash from Investors	-	-	264.3	262.7	262.0
Cash from Borrowings	-	-	23.6	23.5	23.4
Other Cash from Financing Activities	5.1	0.1	-	0.2	0.1
Repayment of Borrowings	-	-	-60.3	-59.9	-59.8
Cash Paid for Dividend and Interest	-19.8	-	-15.3	-15.2	-15.2
Other Cash Paid for Financing Activities	-	-	-3.3	-3.1	-3.1
Cash from Financing Activities	-14.7	0.1	209.0	208.1	207.4
Foreign Exchange Effects	-0.1	0.0	-0.2	0.0	0.0
Net Change in Cash	-37.6	-28.4	252.5	198.9	202.6
Depreciation	5.3	-	8.8	-	4.9
Amortization of Intangibles	0.5	-	0.2	-	0.1
Net Cash - Beginning Balance	288.4	286.6	25.7	25.6	26.1
Net Cash - Ending Balance	250.8	258.3	278.2	224.4	228.8

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-10		31-Dec-09
China	330.7	95 %	177.5	93.6 %
Other Foreign	17.4	5 %	12.1	6.4 %
Segment Total	348.0	100 %	189.6	100 %
Consolidated Total	348.0	100 %	189.6	100 %
Exchange Rate: CNY to USD	6.768989		6.831007
Total Revenue   USD (mil)
	31-Dec-10		31-Dec-09
China	330.7	95 %	177.5	93.6 %
Other Foreign	17.4	5 %	12.1	6.4 %
Segment Total	348.0	100 %	189.6	100 %
Consolidated Total	348.0	100 %	189.6	100 %
Exchange Rate: CNY to USD	6.768989		6.831007

Cost of Revenue   USD (mil)
	31-Dec-10		31-Dec-09
China	246.2	94.6 %	137.2	93.6 %
Other Foreign	14.0	5.4 %	9.4	6.4 %
Segment Total	260.2	100 %	146.6	100 %
Consolidated Total	260.2	100 %	146.6	100 %
Exchange Rate: CNY to USD	6.768989		6.831007

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.25
UK Pound	1	Rs.81.23
Euro	1	Rs.69.82

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

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