MIRA INFORM REPORT

Report Date :

20.08.2012

IDENTIFICATION DETAILS

Name :	XIAN QIYUAN MECHANICAL AND ELECTRIC
Registered Office :	No. 98, Fengcheng Twelve Road, Economic and Technological Devlpmnt Zone Xi'an, 710018
Country :	China
Financials (as on) :	31.12.2011
Date of Incorporation :	28.03.2001
Legal Form :	Public Independent
line of business :	Manufacture of other general purpose machinery not elsewhere classified
No. of Employees :	612

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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 & address

XIAN QIYUAN MECHANICAL AND ELECTRIC

No. 98, Fengcheng Twelve Road

Economic and Technological Devlpmnt Zone

Xi'an, 710018

China

Tel: 86-29-86531385

Fax: 86-29-86531312

Website: www.sdricom.com

Synthesis

Employees: 612

Company Type: Public Independent

Traded: Shenzhen Stock Exchange: 300140

Incorporation Date: 28-Mar-2001

Auditor: Yatai CPA

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Chinese Renminbi

Annual Sales: 44.4 ¹

Net Income: 6.1

Total Assets: 140.0 ²

Market Value: 187.4

(03-Aug-2012)

Business Description

XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. is principally engaged in the design, development, manufacture, distribution and services of transformer equipment and components. The Company primarily provides transformer equipment, including iron core cutting equipment, coil winding equipment, insulating element processing equipment and oil tank equipment; electro-ceramics specialty equipment, including finishing machines and others, as well as transformer components, including finned transformers and others. The Company also provides enterprise resource planning (ERP) software. It distributes its products in domestic and overseas markets. For the six months ended 30 June 2011, XiAn Qiyuan Mechanical and Electric's revenues decreased 9% to RMB145.5M. The Company's net income for the period decreased 20% to RMB22.0M. Revenues reflect slightly decreased sales volume due to weak market demand for the company's products. Net income for the period also suffered from higher selling expense, higher impairment loss on assets and the presence of non-operating expense.

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	2469 - Other Specialised Machinery and Equipment Manufacturing
NACE 2002:	2924 - Manufacture of other general purpose machinery not elsewhere classified
NAICS 2002:	333298 - All Other Industrial Machinery Manufacturing
UK SIC 2003:	2924 - Manufacture of other general purpose machinery not elsewhere classified
US SIC 1987:	3559 - Special Industry Machinery, Not Elsewhere Classified

Key Executives

Name	Title
Qun Jiang	General Manager, Chief Engineer, Director
Fangjun Bian	Chief Financial Officer
Lijun Zhao	Secretary of the Board, Deputy General Manager
Xin'an Guo	Deputy General Manager
You'an Zhao	Chairman of the Board

Financial Summary

As of 31-Mar-2012 

Key Ratios	Company	Industry
Current Ratio (MRQ)	9.04	1.95
Quick Ratio (MRQ)	8.01	1.03
Debt to Equity (MRQ)	0.0036	0.45
Net Profit Margin (TTM) %	9.39	7.96
Return on Assets (TTM) %	2.89	8.48
Return on Equity (TTM) %	3.23	17.58

Stock Snapshot

Traded: Shenzhen Stock Exchange: 300140

As of 3-Aug-2012

   Financials in: CNY

Recent Price	9.78	EPS	0.34
52 Week High	23.54	Price/Sales	4.16
52 Week Low	9.09	Dividend Rate	0.15
Avg. Volume (mil)	1.95	Price/Earnings	54.76
Market Value (mil)	1,193.16	Price/Book	1.51

	Price % Change	Rel S&P 500%
4 Week	-21.32%	-16.00%
13 Week	-9.28%	5.69%
52 Week	-42.67%	-24.62%
Year to Date	-29.69%	-30.91%

1 - Profit & Loss Item Exchange Rate: USD 1 = CNY 6.46438
2 - Balance Sheet Item Exchange Rate: USD 1 = CNY 6.294

Corporate Overview

Location
No. 98, Fengcheng Twelve Road
Economic and Technological Devlpmnt Zone
Xi'an, 710018
China

Tel: 86-29-86531385

Fax: 86-29-86531312

Website:www.sdricom.com

Quote Symbol - Exchange

300140 - Shenzhen Stock Exchange

Sales CNY(mil): 287.1

Assets CNY(mil): 880.9

Employees: 612

Fiscal Year End: 31-Dec-2011

Industry: Miscellaneous Capital Goods

Incorporation Date: 28-Mar-2001

Company Type: Public Independent

Quoted Status: Quoted

Secretary of the Board, Deputy General Manager: Lijun Zhao

Industry Codes

ANZSIC 2006 Codes:
2469	-	Other Specialised Machinery and Equipment Manufacturing
2439	-	Other Electrical Equipment Manufacturing
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified
5420	-	Software Publishing

NACE 2002 Codes:
2924	-	Manufacture of other general purpose machinery not elsewhere classified
3162	-	Manufacture of other electrical equipment not elsewhere classified
7221	-	Publishing of software

NAICS 2002 Codes:
333999	-	All Other Miscellaneous General Purpose Machinery Manufacturing
333298	-	All Other Industrial Machinery Manufacturing
335999	-	All Other Miscellaneous Electrical Equipment and Component Manufacturing
511210	-	Software Publishers

US SIC 1987:
3569	-	General Industrial Machinery and Equipment, Not Elsewhere Classified
3559	-	Special Industry Machinery, Not Elsewhere Classified
3629	-	Electrical Industrial Apparatus, Not Elsewhere Classified
7372	-	Prepackaged Software

UK SIC 2003:
2924	-	Manufacture of other general purpose machinery not elsewhere classified
3162	-	Manufacture of other electrical equipment not elsewhere classified
7221	-	Publishing of software

Business Description

XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. is principally engaged in the design, development, manufacture, distribution and services of transformer equipment and components. The Company primarily provides transformer equipment, including iron core cutting equipment, coil winding equipment, insulating element processing equipment and oil tank equipment; electro-ceramics specialty equipment, including finishing machines and others, as well as transformer components, including finned transformers and others. The Company also provides enterprise resource planning (ERP) software. It distributes its products in domestic and overseas markets. For the six months ended 30 June 2011, XiAn Qiyuan Mechanical and Electric's revenues decreased 9% to RMB145.5M. The Company's net income for the period decreased 20% to RMB22.0M. Revenues reflect slightly decreased sales volume due to weak market demand for the company's products. Net income for the period also suffered from higher selling expense, higher impairment loss on assets and the presence of non-operating expense.

Financial Data

Financials in:	CNY(mil)	1 Year Growth
Revenue:	287.1	NA
Net Income:	39.7	-19.7%
Assets:	880.9	-0.4%
Long Term Debt:	0.0
Total Liabilities:	93.0
Date of Financial Data:	31-Dec-2011

Key Corporate Relationships

Auditor: Yatai CPA

Auditor: Yatai CPA

Board of Directors

Name	Title	Function
You'an Zhao	Chairman of the Board	Chairman
Biography: Mr. Zhao You'an is Chairman of the Board in XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. He holds a Master's degree. He used to be Vice President in China New Era Group Corporation, Deputy General Manager in China Energy Conservation and Environmental Protection Group, Chairman of the Board and General Manger in China New Era International Engineering Corporation, as well as Chairman of the Board in another technology development company. Age: 49
Xiaogeng Hao	Director	Director/Board Member
Biography: Mr. Hao Xiaogeng is Director in XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. He is also General Manager in China New Era International Engineering Corporation, and Chairman of the Board in two other engineering design companies and a technology development. He was General Manager of the Company, as well as Director and Deputy General Manager in China New Era International Engineering Corporation. Age: 47
Qun Jiang	General Manager, Chief Engineer, Director	Director/Board Member
Biography: Mr. Jiang Qun is General Manager, Chief Engineer and Director in XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. He was Head of Operation Development Department, Deputy General Manager and Executive Deputy General Manager in the Company, as well as Chairman of the Board in a software technology company. He holds an Executive Master of Business Administration (EMBA). Age: 52
Shikun Li	Director	Director/Board Member
Biography: Mr. Li Shikun is Director in XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. He is also General Manager and Chairman of the Board in a Xi'an-based road machinery company, where he was Chief Engineer and Executive Deputy General Manager. He holds a Master's degree. Age: 56
Tiejun Li	Independent Director	Director/Board Member
Biography: Mr. Li Tiejun is Independent Director in XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. He is also Chief Financial Officer in Xi'an Investment Holding Co., Ltd., as well as Independent Director in Shaanxi Fenghuo Electronics Co., Ltd. He was Independent Director in Guizhou Changcheng Electric Co., Ltd., as well as Deputy General Manager in another investment company. He is Professor in China Institute for Reform and Development. He is a Certified Public Accountant. Age: 42 Education: Shannxi Institute of Finance and Economics, M (Economics)
Jie Liu	Independent Director	Director/Board Member
Biography: Mr. Liu Jie is Independent Director in XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. He is also General Manager in a Shenyang-based transformer research company. He was Deputy Chief Engineer, General Manager and Chairman of the Board in a transformer company, as well as Deputy Chief Engineer, Vice Chairman of the Board and General Manager in an electric transmission and transformation equipment group company. He holds a Ph.D. Age: 49
Huicheng Mo	Independent Director	Director/Board Member
Biography: Mr. Mo Huicheng is Independent Director in XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. He is Guest Professor in Xi'an Jiaotong University and Harbin Institute of Technology. Age: 50
Hui Sun	Director	Director/Board Member
Biography: Ms. Sun Hui is Director in XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. She is also General Manager of Technology Management Department in China Energy Conservation and Environmental Protection Group. She was Deputy General Manager in China New Era International Engineering Corporation, as well as Chairman of the Board and General Manager in a design company. Age: 50
Xuecheng Wang	Director	Director/Board Member
Biography: Mr. Wang Xuecheng is Director in XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. He is also Deputy General Manager in a Xi'an-based road machinery company, where he used to be Chief Accounting Officer. Age: 50

Executives

Name	Title	Function
Qun Jiang	General Manager, Chief Engineer, Director	Division Head Executive
Biography: Mr. Jiang Qun is General Manager, Chief Engineer and Director in XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. He was Head of Operation Development Department, Deputy General Manager and Executive Deputy General Manager in the Company, as well as Chairman of the Board in a software technology company. He holds an Executive Master of Business Administration (EMBA). Age: 52
Lijun Zhao	Secretary of the Board, Deputy General Manager	Company Secretary
Biography: Mr. Zhao Lijun is Secretary of the Board and Deputy General Manager in XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. He was Head of Operation Development Department and Assistant General Manager in the Company. Age: 50
Fangjun Bian	Chief Financial Officer	Finance Executive
Biography: Mr. Bian Fangjun is Chief Financial Officer in XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. He was Manager of Finance Department in a Shaanxi-based company, as well as Head of Finance and Planning Department, Deputy Chief Accounting Officer and Head of Finance & Corporate Management in a chemical company. Age: 43
Xin'an Guo	Deputy General Manager	Other
Biography: Mr. Guo Xin'an is Deputy General Manager in XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. He was Head of Planning and Management Department and Assistant General Manager in the Company, Deputy General Manager and Director in a group company, and General Manager in an automobile company. Age: 45
Jinyang Qin	Deputy General Manager	Other
Biography: Mr. Qin Jinyang is Deputy General Manager in XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. He used to be General Manager in a Xi'an-based software technology company. Age: 49
Shusen Xu	Deputy General Manager	Other
Biography: Mr. Xu Shusen is Deputy General Manager in XI'AN QIYUAN MECHANICAL AND ELECTRICAL EQUIPMENT CO., LTD. He was Chief Engineer in a heavy-duty machinery factory and General Manager in another company. Age: 50

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	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	CNY
Exchange Rate (Period Average)	6.46438	6.768989	6.831007	6.950445	7.605973
Auditor	Yatai CPA	Asia (Group) Accounting Firm	Yatai CPA	Yatai CPA	Yatai CPA
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	44.4	44.7	38.7	34.8	21.5
Revenue	44.4	44.7	38.7	34.8	21.5
Total Revenue	44.4	44.7	38.7	34.8	21.5
Cost of Revenue	30.4	29.2	22.1	21.9	13.4
Excise Taxes Payments	0.3	0.3	0.3	0.2	0.1
Cost of Revenue, Total	30.7	29.5	22.5	22.1	13.5
Gross Profit	13.7	15.2	16.2	12.8	8.0
Selling/General/Administrative Expense	9.1	7.7	8.4	7.1	4.3
Total Selling/General/Administrative Expenses	9.1	7.7	8.4	7.1	4.3
Interest Expense - Operating	0.1	0.2	0.2	0.2	0.3
Interest Expense - Net Operating	0.1	0.2	0.2	0.2	0.3
Interest Income - Operating	-1.5	0.0	-0.1	-0.1	-0.1
Investment Income - Operating	-0.1	0.0	0.1	0.1	0.0
Interest/Investment Income - Operating	-1.6	0.0	0.0	0.0	0.0
Interest Expense (Income) - Net Operating Total	-1.5	0.1	0.2	0.2	0.3
Impairment-Assets Held for Use	0.3	0.2	0.0	-0.3	0.1
Unusual Expense (Income)	0.3	0.2	0.0	-0.3	0.1
Other Operating Expense	0.0	0.0	0.0	0.0	0.0
Other Operating Expenses, Total	0.0	0.0	0.0	0.0	0.0
Total Operating Expense	38.5	37.6	31.1	29.2	18.2
Operating Income	5.9	7.1	7.6	5.7	3.3
Gain (Loss) on Sale of Assets	0.0	0.3	0.0	0.0	0.0
Other Non-Operating Income (Expense)	1.2	1.0	0.6	0.6	0.2
Other, Net	1.2	1.0	0.6	0.6	0.2
Income Before Tax	7.1	8.5	8.2	6.2	3.5
Total Income Tax	1.0	1.2	1.1	0.5	0.4
Income After Tax	6.1	7.3	7.1	5.7	3.1
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	6.1	7.3	7.1	5.7	3.1
Net Income	6.1	7.3	7.1	5.7	3.1
Income Available to Common Excl Extraord Items	6.1	7.3	7.1	5.7	3.1
Income Available to Common Incl Extraord Items	6.1	7.3	7.1	5.7	3.1
Basic/Primary Weighted Average Shares	122.0	93.6	91.0	91.0	91.0
Basic EPS Excl Extraord Items	0.05	0.08	0.08	0.06	0.03
Basic/Primary EPS Incl Extraord Items	0.05	0.08	0.08	0.06	0.03
Dilution Adjustment	-	0.0	-	-	-
Diluted Net Income	6.1	7.3	7.1	5.7	3.1
Diluted Weighted Average Shares	122.0	93.6	91.0	91.0	91.0
Diluted EPS Excl Extraord Items	0.05	0.08	0.08	0.06	0.03
Diluted EPS Incl Extraord Items	0.05	0.08	0.08	0.06	0.03
Dividends per Share - Common Stock Primary Issue	0.02	0.04	0.00	0.00	0.00
Gross Dividends - Common Stock	2.8	4.5	0.0	0.0	0.0
Interest Expense, Supplemental	0.1	0.2	0.2	0.2	0.3
Depreciation, Supplemental	0.8	0.7	0.6	0.5	0.5
Total Special Items	0.3	-0.1	0.0	-0.3	0.1
Normalized Income Before Tax	7.4	8.3	8.2	5.9	3.6
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	1.0	1.1	1.1	0.5	0.4
Normalized Income After Tax	6.4	7.2	7.1	5.4	3.2
Normalized Inc. Avail to Com.	6.4	7.2	7.1	5.4	3.2
Basic Normalized EPS	0.05	0.08	0.08	0.06	0.03
Diluted Normalized EPS	0.05	0.08	0.08	0.06	0.03
Amort of Intangibles, Supplemental	0.1	0.1	0.2	0.2	0.1
Advertising Expense, Supplemental	-	-	0.0	0.0	0.0
Research & Development Exp, Supplemental	-	-	2.0	1.4	0.7
Normalized EBIT	4.6	7.5	7.8	5.6	3.7
Normalized EBITDA	5.5	8.3	8.6	6.3	4.3
Current Tax - Total	1.0	1.2	1.1	0.5	0.4
Current Tax - Total	1.0	1.2	1.1	0.5	0.4
Deferred Tax - Total	-0.1	0.0	0.0	0.0	0.0
Deferred Tax - Total	-0.1	0.0	0.0	0.0	0.0
Income Tax - Total	1.0	1.2	1.1	0.5	0.4

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	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	CNY
Exchange Rate	6.294	6.5897	6.827	6.823	7.3041
Auditor	Yatai CPA	Asia (Group) Accounting Firm	Yatai CPA	Yatai CPA	Yatai CPA
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	83.6	96.3	5.6	5.4	3.7
Cash and Short Term Investments	83.6	96.3	5.6	5.4	3.7
Accounts Receivable - Trade, Gross	17.9	12.6	9.1	8.0	6.5
Provision for Doubtful Accounts	-0.8	-0.5	-0.3	-0.3	-0.5
Trade Accounts Receivable - Net	17.1	12.1	8.8	7.7	6.0
Notes Receivable - Short Term	3.2	2.5	1.7	1.6	1.0
Other Receivables	0.5	0.3	0.2	0.3	0.2
Total Receivables, Net	20.8	14.9	10.7	9.6	7.2
Inventories - Finished Goods	2.5	1.0	1.6	0.7	0.8
Inventories - Work In Progress	4.8	4.1	5.1	5.6	2.9
Inventories - Raw Materials	6.4	4.1	3.2	2.8	2.5
Inventories - Other	0.0	0.0	0.0	0.0	0.0
Total Inventory	13.8	9.2	9.9	9.1	6.3
Prepaid Expenses	4.0	0.5	0.4	0.5	0.4
Total Current Assets	122.3	120.8	26.5	24.7	17.7
Buildings	10.6	10.1	9.7	9.5	7.1
Machinery/Equipment	5.2	4.7	4.0	3.2	2.8
Construction in Progress	3.9	0.1	-	-	-
Property/Plant/Equipment - Gross	19.7	14.9	13.8	12.7	9.9
Accumulated Depreciation	-4.2	-3.3	-2.5	-2.0	-1.5
Property/Plant/Equipment - Net	15.6	11.6	11.3	10.6	8.5
Intangibles, Net	1.9	1.8	2.0	2.2	2.2
Deferred Income Tax - Long Term Asset	0.2	0.2	0.1	0.1	0.1
Other Long Term Assets, Total	0.2	0.2	0.1	0.1	0.1
Total Assets	140.0	134.3	39.9	37.5	28.4
Accounts Payable	10.5	9.9	8.3	6.9	5.7
Accrued Expenses	0.6	0.4	0.3	0.2	0.1
Notes Payable/Short Term Debt	1.2	1.1	0.0	0.0	0.5
Current Portion - Long Term Debt/Capital Leases	-	1.5	0.9	2.1	1.4
Customer Advances	1.5	2.2	5.2	6.2	5.4
Income Taxes Payable	0.2	0.5	0.4	0.0	0.3
Other Current Liabilities	0.7	0.3	-	-	-
Other Current liabilities, Total	2.4	3.0	5.6	6.3	5.7
Total Current Liabilities	14.8	15.8	15.1	15.4	13.3
Long Term Debt	-	-	1.5	0.9	-
Total Long Term Debt	0.0	0.0	1.5	0.9	0.0
Total Debt	1.2	2.6	2.3	2.9	1.8
Minority Interest	-	0.1	0.1	0.1	0.1
Other Long Term Liabilities	-	0.2	0.5	0.2	0.2
Other Liabilities, Total	-	0.2	0.5	0.2	0.2
Total Liabilities	14.8	16.1	17.2	16.6	13.6
Common Stock	19.4	9.3	6.7	6.7	6.2
Common Stock	19.4	9.3	6.7	6.7	6.2
Additional Paid-In Capital	79.1	84.8	-	-	-
Retained Earnings (Accumulated Deficit)	26.7	24.1	16.1	14.3	8.6
Total Equity	125.2	118.2	22.7	21.0	14.8
Total Liabilities & Shareholders’ Equity	140.0	134.3	39.9	37.5	28.4
Shares Outstanding - Common Stock Primary Issue	122.0	122.0	91.0	91.0	91.0
Total Common Shares Outstanding	122.0	122.0	91.0	91.0	91.0
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	612	565	-	-	-
Number of Common Shareholders	11,476	8,798	-	-	-
Accumulated Intangible Amort, Suppl.	1.4	1.3	1.2	-	-
Deferred Revenue - Current	1.5	2.2	5.2	6.2	5.4
Total Long Term Debt, Supplemental	-	1.5	-	-	-
Long Term Debt Maturing within 1 Year	-	1.5	-	-	-
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	-	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	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	CNY
Exchange Rate (Period Average)	6.46438	6.768989	6.831007	6.950445	7.605973
Auditor	Yatai CPA	Asia (Group) Accounting Firm	Yatai CPA	Yatai CPA	Yatai CPA
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	32.0	31.9	35.6	33.2	20.9
Cash Payments	-29.1	-20.0	-21.7	-25.5	-15.1
Cash Taxes Paid	-3.3	-3.4	-3.6	-1.8	-1.2
Other Operating Cash Flow	-2.9	-4.3	-3.2	-3.0	-2.4
Changes in Working Capital	-2.9	-4.3	-3.2	-3.0	-2.4
Cash from Operating Activities	-3.3	4.2	7.1	2.9	2.1
Purchase of Fixed Assets	-7.2	-0.3	-0.9	-2.0	-1.0
Capital Expenditures	-7.2	-0.3	-0.9	-2.0	-1.0
Sale of Business	0.2	-	-	-	-
Sale of Fixed Assets	0.0	0.5	0.0	0.0	1.6
Other Investing Cash Flow Items, Total	0.2	0.5	0.0	0.0	1.6
Cash from Investing Activities	-7.0	0.1	-0.9	-2.0	0.6
Other Financing Cash Flow	-4.8	84.6	-5.4	-0.8	-0.9
Financing Cash Flow Items	-4.8	84.6	-5.4	-0.8	-0.9
Total Debt Issued	-	-	2.9	2.9	1.3
Total Debt Reduction	-1.5	-0.9	-3.5	-1.4	-4.6
Issuance (Retirement) of Debt, Net	-1.5	-0.9	-0.6	1.4	-3.3
Cash from Financing Activities	-6.4	83.7	-6.0	0.6	-4.2
Foreign Exchange Effects	0.0	0.0	0.0	-0.1	0.0
Net Change in Cash	-16.7	88.1	0.2	1.4	-1.4
Net Cash - Beginning Balance	98.1	5.6	5.4	3.9	5.0
Net Cash - Ending Balance	81.4	93.7	5.6	5.3	3.6
Depreciation	0.8	0.7	0.6	0.5	0.5

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	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	CNY
Exchange Rate (Period Average)	6.46438	6.768989	6.831007	6.950445	7.605973
Auditor	Yatai CPA	Asia (Group) Accounting Firm	Yatai CPA	Yatai CPA	Yatai CPA
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
In Operating Income	44.4	44.7	38.7	34.8	21.5
Total Revenue	44.4	44.7	38.7	34.8	21.5
OperatingCost	30.4	29.2	22.1	21.9	13.4
Business Tax and Surcharges	0.3	0.3	0.3	0.2	0.1
General & Administrative Expenses	5.5	4.9	5.6	4.5	2.9
Selling Expense	3.6	2.8	2.8	2.6	1.4
Interest Expense	0.1	0.2	0.2	0.2	0.3
Interest Income	-1.5	0.0	-0.1	-0.1	-0.1
Foreign Exchange Gain/Loss	0.0	0.0	0.1	0.1	0.0
Commission Fees	0.0	0.0	0.0	0.0	0.0
Cash Discount Income	0.0	-	-	-	-
Impairment Loss on Assets	0.3	0.2	0.0	-0.3	0.1
Investment income	-0.1	-	-	-	-
Total Operating Expense	38.5	37.6	31.1	29.2	18.2
Gain on Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Gain on Sale of Intangible Assets	-	0.3	-	-	-
Non-operating income	1.2	1.0	0.6	0.6	0.2
Loss on Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Non-operating expenses	0.0	-	0.0	0.0	0.0
Net Income Before Taxes	7.1	8.5	8.2	6.2	3.5
Provision for Income Taxes	1.0	1.2	1.1	0.5	0.4
Net Income After Taxes	6.1	7.3	7.1	5.7	3.1
Minority Interest Income	0.0	0.0	0.0	0.0	0.0
Net Income Before Extra. Items	6.1	7.3	7.1	5.7	3.1
Net Income	6.1	7.3	7.1	5.7	3.1
Income Available to Com Excl ExtraOrd	6.1	7.3	7.1	5.7	3.1
Income Available to Com Incl ExtraOrd	6.1	7.3	7.1	5.7	3.1
Basic Weighted Average Shares	122.0	93.6	91.0	91.0	91.0
Basic EPS Excluding ExtraOrdinary Items	0.05	0.08	0.08	0.06	0.03
Basic EPS Including ExtraOrdinary Items	0.05	0.08	0.08	0.06	0.03
Dilution Adjustment	-	0.0	-	-	-
Diluted Net Income	6.1	7.3	7.1	5.7	3.1
Diluted Weighted Average Shares	122.0	93.6	91.0	91.0	91.0
Diluted EPS Excluding ExtraOrd Items	0.05	0.08	0.08	0.06	0.03
Diluted EPS Including ExtraOrd Items	0.05	0.08	0.08	0.06	0.03
DPS-A Share	0.02	0.04	0.00	0.00	0.00
Gross Dividends - Common Stock	2.8	4.5	0.0	0.0	0.0
Normalized Income Before Taxes	7.4	8.3	8.2	5.9	3.6
Inc Tax Ex Impact of Sp Items	1.0	1.1	1.1	0.5	0.4
Normalized Income After Taxes	6.4	7.2	7.1	5.4	3.2
Normalized Inc. Avail to Com.	6.4	7.2	7.1	5.4	3.2
Basic Normalized EPS	0.05	0.08	0.08	0.06	0.03
Diluted Normalized EPS	0.05	0.08	0.08	0.06	0.03
Interest Expense, Supplemental	0.1	0.2	0.2	0.2	0.3
Depreciation, Supplemental	0.8	0.7	0.6	0.5	0.5
Amort of Intangibles, Supplemental	0.1	0.1	0.2	0.2	0.1
Advertising Expense, Supplemental	-	-	0.0	0.0	0.0
Research & Development Exp, Supplemental	-	-	2.0	1.4	0.7
Current Tax	1.0	1.2	1.1	0.5	0.4
Current Tax - Total	1.0	1.2	1.1	0.5	0.4
Deferred Tax	-0.1	0.0	0.0	0.0	0.0
Deferred Tax - Total	-0.1	0.0	0.0	0.0	0.0
Income Tax - Total	1.0	1.2	1.1	0.5	0.4

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	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	CNY
Exchange Rate	6.294	6.5897	6.827	6.823	7.3041
Auditor	Yatai CPA	Asia (Group) Accounting Firm	Yatai CPA	Yatai CPA	Yatai CPA
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Cash Equivalent	83.6	96.3	5.6	5.4	3.7
Notes Receivable	3.2	2.5	1.7	1.6	1.0
Accounts Receivable (Gross)	17.9	12.6	9.1	8.0	6.5
Provision for Doubtful Accounts	-0.8	-0.5	-0.3	-0.3	-0.5
Payment in Advance	4.0	0.5	0.4	0.5	0.4
Other Receivables	0.5	0.3	0.2	0.3	0.2
Raw Material	6.4	4.1	3.2	2.8	2.5
Work-in-Process	4.8	4.1	5.1	5.6	2.9
Goods in Store	2.4	0.6	1.5	0.6	0.5
Products in Transit	0.1	0.3	0.1	0.2	0.3
Circulating Material	0.0	0.0	0.0	0.0	0.0
Other	-	-	0.0	0.0	0.0
Total Current Assets	122.3	120.8	26.5	24.7	17.7
Buildings & Structures	10.6	10.1	9.7	9.5	7.1
Machinery and Equipment	3.7	3.4	2.8	2.3	2.0
Transportation Equipment	0.5	0.4	0.4	0.3	0.3
Office Equipments/Other	1.0	0.9	0.9	0.6	0.5
Accumulated Depreciation	-4.2	-3.3	-2.5	-2.0	-1.5
Under-construction projects	3.9	0.1	-	-	-
Intangible assets	1.9	1.8	2.0	2.2	2.2
Deferred income tax assets	0.2	0.2	0.1	0.1	0.1
Total Assets	140.0	134.3	39.9	37.5	28.4
Notes Payable	1.2	1.1	-	0.0	0.5
Current Portion of LT Debt	-	1.5	0.9	2.1	1.4
Accounts Payable	10.5	9.9	8.3	6.9	5.7
Customer Advance	1.5	2.2	5.2	6.2	5.4
Accrued Payroll	0.4	0.3	0.3	0.1	0.0
Taxes payable	0.2	0.5	0.4	0.0	0.3
Other Creditors	0.2	0.1	0.1	0.0	0.0
Other Current Liabilities	0.7	0.3	-	-	-
Total Current Liabilities	14.8	15.8	15.1	15.4	13.3
Long Term Borrowing	-	-	1.5	0.9	-
Total Long Term Debt	-	-	1.5	0.9	-
Other Non-current Liabilities	-	0.2	0.5	0.2	0.2
Minority Interest	-	0.1	0.1	0.1	0.1
Total Liabilities	14.8	16.1	17.2	16.6	13.6
Capital Stock	19.4	9.3	6.7	6.7	6.2
Capital reserves	79.1	84.8	-	-	-
Surplus reserves	4.9	4.1	3.2	2.5	1.8
Undistributed Profit	21.8	20.0	12.8	11.8	6.7
Total Equity	125.2	118.2	22.7	21.0	14.8
Total Liabilities & Shareholders' Equity	140.0	134.3	39.9	37.5	28.4
S/O-A Share	122.0	122.0	91.0	91.0	91.0
Total Common Shares Outstanding	122.0	122.0	91.0	91.0	91.0
T/S-A Share	0.0	0.0	0.0	0.0	0.0
Customer Advance	1.5	2.2	5.2	6.2	5.4
Accumulated Intangible Amort, Suppl.	1.4	1.3	1.2	-	-
Full-Time Employees	612	565	-	-	-
Number of Common Shareholders	11,476	8,798	-	-	-
Current maturities	-	1.5	-	-	-
Total Long Term Debt, Supplemental	-	1.5	-	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	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	CNY
Exchange Rate (Period Average)	6.46438	6.768989	6.831007	6.950445	7.605973
Auditor	Yatai CPA	Asia (Group) Accounting Firm	Yatai CPA	Yatai CPA	Yatai CPA
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash from Sale of Goods & Services	32.0	31.9	35.6	33.2	20.9
Cash Paid for Goods and Services	-29.1	-20.0	-21.7	-25.5	-15.1
Refund of Taxes	0.1	0.2	0.1	0.2	0.3
Other Cash from Operating Activities	3.0	0.9	0.9	0.6	0.4
Cash paid for taxes and surcharges	-3.4	-3.6	-3.7	-2.0	-1.4
Cash paid for other operating activities	-5.9	-5.2	-4.1	-3.6	-2.9
Cash from Operating Activities	-3.3	4.2	7.1	2.9	2.1
Net cash from disposal of fixed assets,	0.0	0.5	0.0	0.0	1.6
Net cash received from disposal of subsi	0.2	-	-	-	-
Capital Expenditure	-7.2	-0.3	-0.9	-2.0	-1.0
Cash from Investing Activities	-7.0	0.1	-0.9	-2.0	0.6
Cash from Investors	-	85.6	-	-	-
Cash from Borrowings	-	-	2.9	2.9	1.3
Repayment of Borrowings	-1.5	-0.9	-3.5	-1.4	-4.6
Cash Paid for Dividend and Interest	-4.8	-0.3	-5.4	-0.8	-0.9
Cash paid for other financing activities	0.0	-0.7	-	-	-
Cash from Financing Activities	-6.4	83.7	-6.0	0.6	-4.2
Foreign Exchange Effects	0.0	0.0	0.0	-0.1	0.0
Net Change in Cash	-16.7	88.1	0.2	1.4	-1.4
Net Cash - Beginning Balance	98.1	5.6	5.4	3.9	5.0
Net Cash - Ending Balance	81.4	93.7	5.6	5.3	3.6
Depreciation	0.8	0.7	0.6	0.5	0.5
Amortization of Intangibles	0.1	0.1	0.2	0.2	0.1

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per

share items (actual units)

Key Indicators USD (mil)
		Quarter Ending 31-Mar-2012		Quarter Ending Yr Ago					Annual Year End 31-Dec-2011		1 Year Growth	3 Year Growth		5 Year Growth
Total Revenue1		7.7		-26.89%					44.4		-5.10%	5.83%		-
Operating Income1		-1.0		-					5.9		-21.41%	-1.20%		-
Income Available to Common Excl Extraord Items1		-0.9		-					6.1		-19.68%	0.17%		-
Basic EPS Excl Extraord Items1		-0.01		-					0.05		-38.39%	-9.15%		-
Capital Expenditures2		1.1		855.10%					7.2		2,067.93%	48.92%		-
Cash from Operating Activities2		0.8		-					-3.3		-	-		-
Free Cash Flow		-0.3		-					-10.8		-	-		-
Total Assets3		137.3		-1.90%					140.0		-0.45%	50.94%		-
Total Liabilities3		13.3		-12.23%					14.8		-12.37%	-6.32%		-
Total Long Term Debt3		0.0		-					0.0		-	-		-
Employees3		-		-					612		8.32%	-		-
Total Common Shares Outstanding3		122.0		0.00%					122.0		0.00%	10.27%		-
1-ExchangeRate: CNY to USD Average for Period		6.309123		Â					6.464380		Â	Â		Â
2-ExchangeRate: CNY to USD Average for Period		6.309123		Â					6.464380		Â	Â		Â
3-ExchangeRate: CNY to USD Period End Date		6.303024		Â					6.294000		Â	Â		Â
Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009			31-Dec-2008				31-Dec-2007
Profitability
Gross Margin	30.83%	34.01%	41.95%			36.62%				37.30%
Operating Margin	13.23%	15.97%	19.64%			16.26%				15.23%
Pretax Margin	15.94%	18.91%	21.21%			17.90%				16.08%
Net Profit Margin	13.82%	16.33%	18.37%			16.30%				14.37%
Financial Strength
Current Ratio	8.27	7.65	1.75			1.60				1.33
Long Term Debt/Equity	0.00	0.00	0.06			0.04				0.00
Total Debt/Equity	0.01	0.02	0.10			0.14				0.12
Management Effectiveness
Return on Assets	4.47%	8.54%	18.40%			17.06%				-
Return on Equity	5.07%	10.58%	32.56%			31.44%				-
Efficiency
Receivables Turnover	2.51	3.54	3.81			4.09				-
Inventory Turnover	2.70	3.11	2.36			2.84				-
Asset Turnover	0.33	0.52	1.00			1.04				-
Market Valuation USD (mil)
P/E (TTM)					47.06		.	Enterprise Value2					106.6
Price/Sales (TTM)					4.43		.	Enterprise Value/Revenue (TTM)					2.49
Price/Book (MRQ)					1.53		.	Enterprise Value/EBITDA (TTM)					48.63
Market Cap as of 03-Aug-20121					187.4		.
1-ExchangeRate: CNY to USD on 3-Aug-2012					6.368462
2-ExchangeRate: CNY to USD on 31-Mar-2012					6.303024

Annual Ratios

Financials in: USD (mil)

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

		31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio		8.27	7.65	1.75	1.60	1.33
Quick/Acid Test Ratio		7.07	7.04	1.07	0.98	0.82
Working Capital1		107.5	105.0	11.4	9.3	4.3
Long Term Debt/Equity		0.00	0.00	0.06	0.04	0.00
Total Debt/Equity		0.01	0.02	0.10	0.14	0.12
Long Term Debt/Total Capital		0.00	0.00	0.06	0.04	0.00
Total Debt/Total Capital		0.01	0.02	0.09	0.12	0.11
Payout Ratio		46.13%	47.37%	0.00%	0.00%	0.00%
Effective Tax Rate		13.70%	13.61%	13.23%	8.72%	10.29%
Total Capital1		126.4	120.7	25.1	23.9	16.6
Efficiency
Asset Turnover		0.33	0.52	1.00	1.04	-
Inventory Turnover		2.70	3.11	2.36	2.84	-
Days In Inventory		135.26	117.24	154.55	128.38	-
Receivables Turnover		2.51	3.54	3.81	4.09	-
Days Receivables Outstanding		145.60	102.99	95.71	89.34	-
Revenue/Employee2		74,525	81,249	-	-	-
Operating Income/Employee2		9,859	12,979	-	-	-
EBITDA/Employee2		11,303	14,540	-	-	-
Profitability
Gross Margin		30.83%	34.01%	41.95%	36.62%	37.30%
Operating Margin		13.23%	15.97%	19.64%	16.26%	15.23%
EBITDA Margin		15.17%	17.90%	21.66%	18.22%	18.30%
EBIT Margin		13.23%	15.97%	19.64%	16.26%	15.23%
Pretax Margin		15.94%	18.91%	21.21%	17.90%	16.08%
Net Profit Margin		13.82%	16.33%	18.37%	16.30%	14.37%
COGS/Revenue		69.17%	65.99%	58.05%	63.38%	62.70%
SG&A Expense/Revenue		20.39%	17.23%	21.63%	20.48%	20.15%
Management Effectiveness
Return on Assets		4.47%	8.54%	18.40%	17.06%	-
Return on Equity		5.07%	10.58%	32.56%	31.44%	-
Valuation
Free Cash Flow/Share2		-0.09	0.03	0.07	0.01	0.01
Operating Cash Flow/Share 2		-0.03	0.04	0.08	0.03	0.02
1-ExchangeRate: CNY to USD Period End Date		6.294	6.5897	6.827	6.823	7.3041
2-ExchangeRate: CNY to USD Average for Period		6.294	6.5897	6.827	6.823	7.3041
Current Market Multiples
Market Cap/Earnings (TTM)	47.06
Market Cap/Equity (MRQ)	1.53
Market Cap/Revenue (TTM)	4.43
Market Cap/EBIT (TTM)	86.39
Market Cap/EBITDA (TTM)	86.39
Enterprise Value/Earnings (TTM)	26.49
Enterprise Value/Equity (MRQ)	0.86
Enterprise Value/Revenue (TTM)	2.49
Enterprise Value/EBIT (TTM)	48.63
Enterprise Value/EBITDA (TTM)	48.63

Annual Income Statement

Standardized

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	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	CNY
Exchange Rate (Period Average)	6.46438	6.768989	6.831007	6.950445	7.605973
Auditor	Yatai CPA	Asia (Group) Accounting Firm	Yatai CPA	Yatai CPA	Yatai CPA
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	44.4	44.7	38.7	34.8	21.5
Revenue	44.4	44.7	38.7	34.8	21.5
Total Revenue	44.4	44.7	38.7	34.8	21.5
Cost of Revenue	30.4	29.2	22.1	21.9	13.4
Excise Taxes Payments	0.3	0.3	0.3	0.2	0.1
Cost of Revenue, Total	30.7	29.5	22.5	22.1	13.5
Gross Profit	13.7	15.2	16.2	12.8	8.0
Selling/General/Administrative Expense	9.1	7.7	8.4	7.1	4.3
Total Selling/General/Administrative Expenses	9.1	7.7	8.4	7.1	4.3
Interest Expense - Operating	0.1	0.2	0.2	0.2	0.3
Interest Expense - Net Operating	0.1	0.2	0.2	0.2	0.3
Interest Income - Operating	-1.5	0.0	-0.1	-0.1	-0.1
Investment Income - Operating	-0.1	0.0	0.1	0.1	0.0
Interest/Investment Income - Operating	-1.6	0.0	0.0	0.0	0.0
Interest Expense (Income) - Net Operating Total	-1.5	0.1	0.2	0.2	0.3
Impairment-Assets Held for Use	0.3	0.2	0.0	-0.3	0.1
Unusual Expense (Income)	0.3	0.2	0.0	-0.3	0.1
Other Operating Expense	0.0	0.0	0.0	0.0	0.0
Other Operating Expenses, Total	0.0	0.0	0.0	0.0	0.0
Total Operating Expense	38.5	37.6	31.1	29.2	18.2
Operating Income	5.9	7.1	7.6	5.7	3.3
Gain (Loss) on Sale of Assets	0.0	0.3	0.0	0.0	0.0
Other Non-Operating Income (Expense)	1.2	1.0	0.6	0.6	0.2
Other, Net	1.2	1.0	0.6	0.6	0.2
Income Before Tax	7.1	8.5	8.2	6.2	3.5
Total Income Tax	1.0	1.2	1.1	0.5	0.4
Income After Tax	6.1	7.3	7.1	5.7	3.1
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	6.1	7.3	7.1	5.7	3.1
Net Income	6.1	7.3	7.1	5.7	3.1
Income Available to Common Excl Extraord Items	6.1	7.3	7.1	5.7	3.1
Income Available to Common Incl Extraord Items	6.1	7.3	7.1	5.7	3.1
Basic/Primary Weighted Average Shares	122.0	93.6	91.0	91.0	91.0
Basic EPS Excl Extraord Items	0.05	0.08	0.08	0.06	0.03
Basic/Primary EPS Incl Extraord Items	0.05	0.08	0.08	0.06	0.03
Dilution Adjustment	-	0.0	-	-	-
Diluted Net Income	6.1	7.3	7.1	5.7	3.1
Diluted Weighted Average Shares	122.0	93.6	91.0	91.0	91.0
Diluted EPS Excl Extraord Items	0.05	0.08	0.08	0.06	0.03
Diluted EPS Incl Extraord Items	0.05	0.08	0.08	0.06	0.03
Dividends per Share - Common Stock Primary Issue	0.02	0.04	0.00	0.00	0.00
Gross Dividends - Common Stock	2.8	4.5	0.0	0.0	0.0
Interest Expense, Supplemental	0.1	0.2	0.2	0.2	0.3
Depreciation, Supplemental	0.8	0.7	0.6	0.5	0.5
Total Special Items	0.3	-0.1	0.0	-0.3	0.1
Normalized Income Before Tax	7.4	8.3	8.2	5.9	3.6
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	1.0	1.1	1.1	0.5	0.4
Normalized Income After Tax	6.4	7.2	7.1	5.4	3.2
Normalized Inc. Avail to Com.	6.4	7.2	7.1	5.4	3.2
Basic Normalized EPS	0.05	0.08	0.08	0.06	0.03
Diluted Normalized EPS	0.05	0.08	0.08	0.06	0.03
Amort of Intangibles, Supplemental	0.1	0.1	0.2	0.2	0.1
Advertising Expense, Supplemental	-	-	0.0	0.0	0.0
Research & Development Exp, Supplemental	-	-	2.0	1.4	0.7
Normalized EBIT	4.6	7.5	7.8	5.6	3.7
Normalized EBITDA	5.5	8.3	8.6	6.3	4.3
Current Tax - Total	1.0	1.2	1.1	0.5	0.4
Current Tax - Total	1.0	1.2	1.1	0.5	0.4
Deferred Tax - Total	-0.1	0.0	0.0	0.0	0.0
Deferred Tax - Total	-0.1	0.0	0.0	0.0	0.0
Income Tax - Total	1.0	1.2	1.1	0.5	0.4

Interim Income Statement

Standardized

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.309123	6.359548	6.417282	6.501206	6.583076
Net Sales	7.7	11.3	10.9	12.2	10.1
Revenue	7.7	11.3	10.9	12.2	10.1
Total Revenue	7.7	11.3	10.9	12.2	10.1
Cost of Revenue	6.1	8.0	7.1	8.3	7.1
Excise Taxes Payments	0.1	0.1	0.1	0.1	0.1
Cost of Revenue, Total	6.1	8.0	7.1	8.4	7.2
Gross Profit	1.6	3.3	3.7	3.7	2.9
Selling/General/Administrative Expense	2.8	3.0	2.2	2.0	1.9
Total Selling/General/Administrative Expenses	2.8	3.0	2.2	2.0	1.9
Investment Income - Operating	-	-0.1	-	-	-
Interest/Investment Income - Operating	-	-0.1	-	-	-
Interest Expense (Income) - Net Operating	-0.3	-0.8	-0.2	-0.2	-0.3
Interest Expense (Income) - Net Operating Total	-0.3	-0.9	-0.2	-0.2	-0.3
Impairment-Assets Held for Use	0.0	0.1	0.1	0.1	0.0
Unusual Expense (Income)	0.0	0.1	0.1	0.1	0.0
Other Operating Expense	-	-	-	-0.1	-
Other Operating Expenses, Total	-	-	-	-0.1	-
Total Operating Expense	8.7	10.2	9.2	10.3	8.8
Operating Income	-1.0	1.1	1.6	1.9	1.3
Other Non-Operating Income (Expense)	0.1	0.0	0.4	0.5	0.3
Other, Net	0.1	0.0	0.4	0.5	0.3
Income Before Tax	-0.9	1.1	2.0	2.4	1.6
Total Income Tax	0.0	0.2	0.2	0.3	0.3
Income After Tax	-0.9	1.0	1.8	2.1	1.3
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	-0.9	1.0	1.8	2.1	1.3
Net Income	-0.9	1.0	1.8	2.1	1.3
Income Available to Common Excl Extraord Items	-0.9	1.0	1.8	2.1	1.3
Income Available to Common Incl Extraord Items	-0.9	1.0	1.8	2.1	1.3
Basic/Primary Weighted Average Shares	122.0	122.0	122.0	122.0	122.0
Basic EPS Excl Extraord Items	-0.01	0.01	0.01	0.02	0.01
Basic/Primary EPS Incl Extraord Items	-0.01	0.01	0.01	0.02	0.01
Dilution Adjustment	0.0	0.0	-	0.0	0.0
Diluted Net Income	-0.9	1.0	1.8	2.1	1.3
Diluted Weighted Average Shares	122.0	122.0	122.0	122.0	122.0
Diluted EPS Excl Extraord Items	-0.01	0.01	0.01	0.02	0.01
Diluted EPS Incl Extraord Items	-0.01	0.01	0.01	0.02	0.01
Dividends per Share - Common Stock Primary Issue	0.00	0.02	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	2.9	0.0	0.0	0.0
Total Special Items	0.0	0.1	0.1	0.1	0.0
Normalized Income Before Tax	-0.9	1.2	2.1	2.4	1.6
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	0.0	0.2	0.3	0.3	0.3
Normalized Income After Tax	-0.9	1.0	1.9	2.1	1.3
Normalized Inc. Avail to Com.	-0.9	1.0	1.9	2.1	1.3
Basic Normalized EPS	-0.01	0.01	0.02	0.02	0.01
Diluted Normalized EPS	-0.01	0.01	0.02	0.02	0.01
Normalized EBIT	-1.2	0.3	1.6	1.7	1.0
Normalized EBITDA	-1.2	0.3	1.6	1.7	1.0

Annual Balance Sheet

Standardized

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	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	CNY
Exchange Rate	6.294	6.5897	6.827	6.823	7.3041
Auditor	Yatai CPA	Asia (Group) Accounting Firm	Yatai CPA	Yatai CPA	Yatai CPA
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	83.6	96.3	5.6	5.4	3.7
Cash and Short Term Investments	83.6	96.3	5.6	5.4	3.7
Accounts Receivable - Trade, Gross	17.9	12.6	9.1	8.0	6.5
Provision for Doubtful Accounts	-0.8	-0.5	-0.3	-0.3	-0.5
Trade Accounts Receivable - Net	17.1	12.1	8.8	7.7	6.0
Notes Receivable - Short Term	3.2	2.5	1.7	1.6	1.0
Other Receivables	0.5	0.3	0.2	0.3	0.2
Total Receivables, Net	20.8	14.9	10.7	9.6	7.2
Inventories - Finished Goods	2.5	1.0	1.6	0.7	0.8
Inventories - Work In Progress	4.8	4.1	5.1	5.6	2.9
Inventories - Raw Materials	6.4	4.1	3.2	2.8	2.5
Inventories - Other	0.0	0.0	0.0	0.0	0.0
Total Inventory	13.8	9.2	9.9	9.1	6.3
Prepaid Expenses	4.0	0.5	0.4	0.5	0.4
Total Current Assets	122.3	120.8	26.5	24.7	17.7
Buildings	10.6	10.1	9.7	9.5	7.1
Machinery/Equipment	5.2	4.7	4.0	3.2	2.8
Construction in Progress	3.9	0.1	-	-	-
Property/Plant/Equipment - Gross	19.7	14.9	13.8	12.7	9.9
Accumulated Depreciation	-4.2	-3.3	-2.5	-2.0	-1.5
Property/Plant/Equipment - Net	15.6	11.6	11.3	10.6	8.5
Intangibles, Net	1.9	1.8	2.0	2.2	2.2
Deferred Income Tax - Long Term Asset	0.2	0.2	0.1	0.1	0.1
Other Long Term Assets, Total	0.2	0.2	0.1	0.1	0.1
Total Assets	140.0	134.3	39.9	37.5	28.4
Accounts Payable	10.5	9.9	8.3	6.9	5.7
Accrued Expenses	0.6	0.4	0.3	0.2	0.1
Notes Payable/Short Term Debt	1.2	1.1	0.0	0.0	0.5
Current Portion - Long Term Debt/Capital Leases	-	1.5	0.9	2.1	1.4
Customer Advances	1.5	2.2	5.2	6.2	5.4
Income Taxes Payable	0.2	0.5	0.4	0.0	0.3
Other Current Liabilities	0.7	0.3	-	-	-
Other Current liabilities, Total	2.4	3.0	5.6	6.3	5.7
Total Current Liabilities	14.8	15.8	15.1	15.4	13.3
Long Term Debt	-	-	1.5	0.9	-
Total Long Term Debt	0.0	0.0	1.5	0.9	0.0
Total Debt	1.2	2.6	2.3	2.9	1.8
Minority Interest	-	0.1	0.1	0.1	0.1
Other Long Term Liabilities	-	0.2	0.5	0.2	0.2
Other Liabilities, Total	-	0.2	0.5	0.2	0.2
Total Liabilities	14.8	16.1	17.2	16.6	13.6
Common Stock	19.4	9.3	6.7	6.7	6.2
Common Stock	19.4	9.3	6.7	6.7	6.2
Additional Paid-In Capital	79.1	84.8	-	-	-
Retained Earnings (Accumulated Deficit)	26.7	24.1	16.1	14.3	8.6
Total Equity	125.2	118.2	22.7	21.0	14.8
Total Liabilities & Shareholders’ Equity	140.0	134.3	39.9	37.5	28.4
Shares Outstanding - Common Stock Primary Issue	122.0	122.0	91.0	91.0	91.0
Total Common Shares Outstanding	122.0	122.0	91.0	91.0	91.0
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	612	565	-	-	-
Number of Common Shareholders	11,476	8,798	-	-	-
Accumulated Intangible Amort, Suppl.	1.4	1.3	1.2	-	-
Deferred Revenue - Current	1.5	2.2	5.2	6.2	5.4
Total Long Term Debt, Supplemental	-	1.5	-	-	-
Long Term Debt Maturing within 1 Year	-	1.5	-	-	-
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	-	-	-

Interim Balance Sheet

Standardized

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate	6.303024	6.294	6.3859	6.464	6.5485
Cash & Equivalents	83.2	83.6	88.0	88.3	94.2
Cash and Short Term Investments	83.2	83.6	88.0	88.3	94.2
Trade Accounts Receivable - Net	15.8	17.1	15.3	15.0	12.4
Notes Receivable - Short Term	1.8	3.2	2.9	5.3	2.9
Other Receivables	0.6	0.5	0.7	0.6	0.6
Total Receivables, Net	18.3	20.8	18.9	20.9	15.9
Total Inventory	13.6	13.8	13.0	10.3	10.6
Prepaid Expenses	4.7	4.0	1.2	1.3	0.6
Total Current Assets	119.8	122.3	121.0	120.9	121.3
Construction in Progress	4.0	3.9	2.6	1.7	0.1
Property/Plant/Equipment - Gross	4.0	3.9	2.6	1.7	0.1
Property/Plant/Equipment - Net	15.4	15.6	14.2	13.3	11.6
Intangibles, Net	1.9	1.9	1.8	1.8	1.8
Deferred Income Tax - Long Term Asset	0.2	0.2	0.2	0.1	0.1
Other Long Term Assets, Total	0.2	0.2	0.2	0.1	0.1
Total Assets	137.3	140.0	137.2	136.1	134.8
Accounts Payable	9.1	10.5	8.9	9.5	8.0
Accrued Expenses	0.6	0.6	0.6	0.7	0.7
Notes Payable/Short Term Debt	0.4	1.2	1.7	0.9	0.8
Current Portion - Long Term Debt/Capital Leases	-	-	-	1.5	1.5
Customer Advances	2.2	1.5	2.8	3.1	2.6
Income Taxes Payable	0.2	0.2	0.4	0.8	0.7
Other Current Liabilities	0.7	0.7	0.0	-	-
Other Current liabilities, Total	3.1	2.4	3.3	3.9	3.2
Total Current Liabilities	13.3	14.8	14.4	16.6	14.2
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	0.4	1.2	1.7	2.5	2.3
Minority Interest	-	-	0.1	0.1	0.1
Other Long Term Liabilities	-	-	0.4	0.2	0.2
Other Liabilities, Total	-	-	0.4	0.2	0.2
Total Liabilities	13.3	14.8	14.8	16.9	14.5
Common Stock	19.4	19.4	19.1	18.9	9.3
Common Stock	19.4	19.4	19.1	18.9	9.3
Additional Paid-In Capital	79.0	79.1	77.9	77.0	85.3
Retained Earnings (Accumulated Deficit)	25.8	26.7	25.4	23.3	25.6
Total Equity	124.1	125.2	122.4	119.1	120.2
Total Liabilities & Shareholders’ Equity	137.3	140.0	137.2	136.1	134.8
Shares Outstanding - Common Stock Primary Issue	122.0	122.0	122.0	122.0	122.0
Total Common Shares Outstanding	122.0	122.0	122.0	122.0	122.0
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	-	612	-	-	-
Number of Common Shareholders	10,165	11,476	10,548	7,372	6,957
Accumulated Intangible Amort, Suppl.	-	1.4	-	1.4	-
Deferred Revenue - Current	2.2	1.5	2.8	3.1	2.6

Annual Cash Flows

Standardized

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	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	CNY
Exchange Rate (Period Average)	6.46438	6.768989	6.831007	6.950445	7.605973
Auditor	Yatai CPA	Asia (Group) Accounting Firm	Yatai CPA	Yatai CPA	Yatai CPA
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	32.0	31.9	35.6	33.2	20.9
Cash Payments	-29.1	-20.0	-21.7	-25.5	-15.1
Cash Taxes Paid	-3.3	-3.4	-3.6	-1.8	-1.2
Other Operating Cash Flow	-2.9	-4.3	-3.2	-3.0	-2.4
Changes in Working Capital	-2.9	-4.3	-3.2	-3.0	-2.4
Cash from Operating Activities	-3.3	4.2	7.1	2.9	2.1
Purchase of Fixed Assets	-7.2	-0.3	-0.9	-2.0	-1.0
Capital Expenditures	-7.2	-0.3	-0.9	-2.0	-1.0
Sale of Business	0.2	-	-	-	-
Sale of Fixed Assets	0.0	0.5	0.0	0.0	1.6
Other Investing Cash Flow Items, Total	0.2	0.5	0.0	0.0	1.6
Cash from Investing Activities	-7.0	0.1	-0.9	-2.0	0.6
Other Financing Cash Flow	-4.8	84.6	-5.4	-0.8	-0.9
Financing Cash Flow Items	-4.8	84.6	-5.4	-0.8	-0.9
Total Debt Issued	-	-	2.9	2.9	1.3
Total Debt Reduction	-1.5	-0.9	-3.5	-1.4	-4.6
Issuance (Retirement) of Debt, Net	-1.5	-0.9	-0.6	1.4	-3.3
Cash from Financing Activities	-6.4	83.7	-6.0	0.6	-4.2
Foreign Exchange Effects	0.0	0.0	0.0	-0.1	0.0
Net Change in Cash	-16.7	88.1	0.2	1.4	-1.4
Net Cash - Beginning Balance	98.1	5.6	5.4	3.9	5.0
Net Cash - Ending Balance	81.4	93.7	5.6	5.3	3.6
Depreciation	0.8	0.7	0.6	0.5	0.5

Interim Cash Flows

Standardized

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.309123	6.46438	6.500043	6.541904	6.583076
Cash Receipts	8.6	32.0	26.4	16.5	8.9
Cash Payments	-6.1	-29.1	-23.1	-16.4	-9.7
Cash Taxes Paid	-0.1	-3.3	-2.5	-1.6	-0.5
Other Operating Cash Flow	-1.5	-2.9	-3.1	-1.9	-1.2
Changes in Working Capital	-1.5	-2.9	-3.1	-1.9	-1.2
Cash from Operating Activities	0.8	-3.3	-2.3	-3.4	-2.5
Purchase of Fixed Assets	-1.1	-7.2	-2.6	-1.6	-0.1
Capital Expenditures	-1.1	-7.2	-2.6	-1.6	-0.1
Sale of Business	-	0.2	-	-	-
Sale of Fixed Assets	0.0	0.0	0.0	0.0	-
Sale/Maturity of Investment	-0.1	-	-	-	-
Other Investing Cash Flow	-	-	0.0	-	-
Other Investing Cash Flow Items, Total	-0.1	0.2	0.0	0.0	-
Cash from Investing Activities	-1.2	-7.0	-2.6	-1.6	-0.1
Other Financing Cash Flow	-	-4.8	-4.8	-4.7	0.0
Financing Cash Flow Items	-	-4.8	-4.8	-4.7	0.0
Total Debt Reduction	-	-1.5	-1.5	-	-
Issuance (Retirement) of Debt, Net	-	-1.5	-1.5	-	-
Cash from Financing Activities	-	-6.4	-6.3	-4.7	0.0
Foreign Exchange Effects	0.0	0.0	0.0	0.0	0.0
Net Change in Cash	-0.3	-16.7	-11.2	-9.7	-2.7
Net Cash - Beginning Balance	83.4	98.1	97.6	97.0	96.4
Net Cash - Ending Balance	83.1	81.4	86.4	87.3	93.7
Depreciation	-	0.8	-	0.4	-

Financials in: USD (mil)

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

Annual Income Statement

As Reported

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	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	CNY
Exchange Rate (Period Average)	6.46438	6.768989	6.831007	6.950445	7.605973
Auditor	Yatai CPA	Asia (Group) Accounting Firm	Yatai CPA	Yatai CPA	Yatai CPA
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
In Operating Income	44.4	44.7	38.7	34.8	21.5
Total Revenue	44.4	44.7	38.7	34.8	21.5
OperatingCost	30.4	29.2	22.1	21.9	13.4
Business Tax and Surcharges	0.3	0.3	0.3	0.2	0.1
General & Administrative Expenses	5.5	4.9	5.6	4.5	2.9
Selling Expense	3.6	2.8	2.8	2.6	1.4
Interest Expense	0.1	0.2	0.2	0.2	0.3
Interest Income	-1.5	0.0	-0.1	-0.1	-0.1
Foreign Exchange Gain/Loss	0.0	0.0	0.1	0.1	0.0
Commission Fees	0.0	0.0	0.0	0.0	0.0
Cash Discount Income	0.0	-	-	-	-
Impairment Loss on Assets	0.3	0.2	0.0	-0.3	0.1
Investment income	-0.1	-	-	-	-
Total Operating Expense	38.5	37.6	31.1	29.2	18.2
Gain on Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Gain on Sale of Intangible Assets	-	0.3	-	-	-
Non-operating income	1.2	1.0	0.6	0.6	0.2
Loss on Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Non-operating expenses	0.0	-	0.0	0.0	0.0
Net Income Before Taxes	7.1	8.5	8.2	6.2	3.5
Provision for Income Taxes	1.0	1.2	1.1	0.5	0.4
Net Income After Taxes	6.1	7.3	7.1	5.7	3.1
Minority Interest Income	0.0	0.0	0.0	0.0	0.0
Net Income Before Extra. Items	6.1	7.3	7.1	5.7	3.1
Net Income	6.1	7.3	7.1	5.7	3.1
Income Available to Com Excl ExtraOrd	6.1	7.3	7.1	5.7	3.1
Income Available to Com Incl ExtraOrd	6.1	7.3	7.1	5.7	3.1
Basic Weighted Average Shares	122.0	93.6	91.0	91.0	91.0
Basic EPS Excluding ExtraOrdinary Items	0.05	0.08	0.08	0.06	0.03
Basic EPS Including ExtraOrdinary Items	0.05	0.08	0.08	0.06	0.03
Dilution Adjustment	-	0.0	-	-	-
Diluted Net Income	6.1	7.3	7.1	5.7	3.1
Diluted Weighted Average Shares	122.0	93.6	91.0	91.0	91.0
Diluted EPS Excluding ExtraOrd Items	0.05	0.08	0.08	0.06	0.03
Diluted EPS Including ExtraOrd Items	0.05	0.08	0.08	0.06	0.03
DPS-A Share	0.02	0.04	0.00	0.00	0.00
Gross Dividends - Common Stock	2.8	4.5	0.0	0.0	0.0
Normalized Income Before Taxes	7.4	8.3	8.2	5.9	3.6
Inc Tax Ex Impact of Sp Items	1.0	1.1	1.1	0.5	0.4
Normalized Income After Taxes	6.4	7.2	7.1	5.4	3.2
Normalized Inc. Avail to Com.	6.4	7.2	7.1	5.4	3.2
Basic Normalized EPS	0.05	0.08	0.08	0.06	0.03
Diluted Normalized EPS	0.05	0.08	0.08	0.06	0.03
Interest Expense, Supplemental	0.1	0.2	0.2	0.2	0.3
Depreciation, Supplemental	0.8	0.7	0.6	0.5	0.5
Amort of Intangibles, Supplemental	0.1	0.1	0.2	0.2	0.1
Advertising Expense, Supplemental	-	-	0.0	0.0	0.0
Research & Development Exp, Supplemental	-	-	2.0	1.4	0.7
Current Tax	1.0	1.2	1.1	0.5	0.4
Current Tax - Total	1.0	1.2	1.1	0.5	0.4
Deferred Tax	-0.1	0.0	0.0	0.0	0.0
Deferred Tax - Total	-0.1	0.0	0.0	0.0	0.0
Income Tax - Total	1.0	1.2	1.1	0.5	0.4

Interim Income Statement

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.309123	6.359548	6.417282	6.501206	6.583076
In Operating Income	7.7	11.3	10.9	12.2	10.1
Total Revenue	7.7	11.3	10.9	12.2	10.1
OperatingCost	6.1	8.0	7.1	8.3	7.1
Business taxes and surcharges	0.1	0.1	0.1	0.1	0.1
Administrative expenses	1.8	1.7	1.3	1.3	1.2
Marketing expenses	1.0	1.3	0.9	0.7	0.7
Financial expenses	-0.3	-0.8	-0.2	-0.2	-0.3
Assets depreciation loss	0.0	0.1	0.1	0.1	0.0
Adjustment	-	-	-	-0.1	-
Investment income	-	-0.1	-	-	-
Total Operating Expense	8.7	10.2	9.2	10.3	8.8
Non-operating income	0.1	0.1	0.4	0.5	0.3
Non-operating expenses	0.0	0.0	0.0	0.0	0.0
Net Income Before Taxes	-0.9	1.1	2.0	2.4	1.6
Provision for Income Taxes	0.0	0.2	0.2	0.3	0.3
Net Income After Taxes	-0.9	1.0	1.8	2.1	1.3
Minority Interest Income	0.0	0.0	0.0	0.0	0.0
Net Income Before Extra. Items	-0.9	1.0	1.8	2.1	1.3
Net Income	-0.9	1.0	1.8	2.1	1.3
Income Available to Com Excl ExtraOrd	-0.9	1.0	1.8	2.1	1.3
Income Available to Com Incl ExtraOrd	-0.9	1.0	1.8	2.1	1.3
Basic Weighted Average Shares	122.0	122.0	122.0	122.0	122.0
Basic EPS Excluding ExtraOrdinary Items	-0.01	0.01	0.01	0.02	0.01
Basic EPS Including ExtraOrdinary Items	-0.01	0.01	0.01	0.02	0.01
Dilution Adjustment	0.0	0.0	-	0.0	0.0
Diluted Net Income	-0.9	1.0	1.8	2.1	1.3
Diluted Weighted Average Shares	122.0	122.0	122.0	122.0	122.0
Diluted EPS Excluding ExtraOrd Items	-0.01	0.01	0.01	0.02	0.01
Diluted EPS Including ExtraOrd Items	-0.01	0.01	0.01	0.02	0.01
DPS-A Share	0.00	0.02	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	2.9	0.0	0.0	0.0
Normalized Income Before Taxes	-0.9	1.2	2.1	2.4	1.6
Inc Tax Ex Impact of Sp Items	0.0	0.2	0.3	0.3	0.3
Normalized Income After Taxes	-0.9	1.0	1.9	2.1	1.3
Normalized Inc. Avail to Com.	-0.9	1.0	1.9	2.1	1.3
Basic Normalized EPS	-0.01	0.01	0.02	0.02	0.01
Diluted Normalized EPS	-0.01	0.01	0.02	0.02	0.01

Annual Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	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	CNY
Exchange Rate	6.294	6.5897	6.827	6.823	7.3041
Auditor	Yatai CPA	Asia (Group) Accounting Firm	Yatai CPA	Yatai CPA	Yatai CPA
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Cash Equivalent	83.6	96.3	5.6	5.4	3.7
Notes Receivable	3.2	2.5	1.7	1.6	1.0
Accounts Receivable (Gross)	17.9	12.6	9.1	8.0	6.5
Provision for Doubtful Accounts	-0.8	-0.5	-0.3	-0.3	-0.5
Payment in Advance	4.0	0.5	0.4	0.5	0.4
Other Receivables	0.5	0.3	0.2	0.3	0.2
Raw Material	6.4	4.1	3.2	2.8	2.5
Work-in-Process	4.8	4.1	5.1	5.6	2.9
Goods in Store	2.4	0.6	1.5	0.6	0.5
Products in Transit	0.1	0.3	0.1	0.2	0.3
Circulating Material	0.0	0.0	0.0	0.0	0.0
Other	-	-	0.0	0.0	0.0
Total Current Assets	122.3	120.8	26.5	24.7	17.7
Buildings & Structures	10.6	10.1	9.7	9.5	7.1
Machinery and Equipment	3.7	3.4	2.8	2.3	2.0
Transportation Equipment	0.5	0.4	0.4	0.3	0.3
Office Equipments/Other	1.0	0.9	0.9	0.6	0.5
Accumulated Depreciation	-4.2	-3.3	-2.5	-2.0	-1.5
Under-construction projects	3.9	0.1	-	-	-
Intangible assets	1.9	1.8	2.0	2.2	2.2
Deferred income tax assets	0.2	0.2	0.1	0.1	0.1
Total Assets	140.0	134.3	39.9	37.5	28.4
Notes Payable	1.2	1.1	-	0.0	0.5
Current Portion of LT Debt	-	1.5	0.9	2.1	1.4
Accounts Payable	10.5	9.9	8.3	6.9	5.7
Customer Advance	1.5	2.2	5.2	6.2	5.4
Accrued Payroll	0.4	0.3	0.3	0.1	0.0
Taxes payable	0.2	0.5	0.4	0.0	0.3
Other Creditors	0.2	0.1	0.1	0.0	0.0
Other Current Liabilities	0.7	0.3	-	-	-
Total Current Liabilities	14.8	15.8	15.1	15.4	13.3
Long Term Borrowing	-	-	1.5	0.9	-
Total Long Term Debt	-	-	1.5	0.9	-
Other Non-current Liabilities	-	0.2	0.5	0.2	0.2
Minority Interest	-	0.1	0.1	0.1	0.1
Total Liabilities	14.8	16.1	17.2	16.6	13.6
Capital Stock	19.4	9.3	6.7	6.7	6.2
Capital reserves	79.1	84.8	-	-	-
Surplus reserves	4.9	4.1	3.2	2.5	1.8
Undistributed Profit	21.8	20.0	12.8	11.8	6.7
Total Equity	125.2	118.2	22.7	21.0	14.8
Total Liabilities & Shareholders' Equity	140.0	134.3	39.9	37.5	28.4
S/O-A Share	122.0	122.0	91.0	91.0	91.0
Total Common Shares Outstanding	122.0	122.0	91.0	91.0	91.0
T/S-A Share	0.0	0.0	0.0	0.0	0.0
Customer Advance	1.5	2.2	5.2	6.2	5.4
Accumulated Intangible Amort, Suppl.	1.4	1.3	1.2	-	-
Full-Time Employees	612	565	-	-	-
Number of Common Shareholders	11,476	8,798	-	-	-
Current maturities	-	1.5	-	-	-
Total Long Term Debt, Supplemental	-	1.5	-	-	-

Interim Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate	6.303024	6.294	6.3859	6.464	6.5485
Cash and Cash Equivalent	83.2	83.6	88.0	88.3	94.2
Notes Receivable	1.8	3.2	2.9	5.3	2.9
Accounts receivable	15.8	17.1	15.3	15.0	12.4
Payment in Advance	4.7	4.0	1.2	1.3	0.6
Interest Receivable	0.2	-	0.3	0.2	0.2
Other Receivables	0.4	0.5	0.4	0.5	0.4
Inventory	13.6	13.8	13.0	10.3	10.6
Total Current Assets	119.8	122.3	121.0	120.9	121.3
Fixed assets	11.5	11.7	11.7	11.6	11.5
Under-construction projects	4.0	3.9	2.6	1.7	0.1
Intangible assets	1.9	1.9	1.8	1.8	1.8
Deferred income tax assets	0.2	0.2	0.2	0.1	0.1
Total Assets	137.3	140.0	137.2	136.1	134.8
Notes Payable	0.4	1.2	1.7	0.9	0.8
Accounts Payable	9.1	10.5	8.9	9.5	8.0
Customer Advance	2.2	1.5	2.8	3.1	2.6
Accrued Payroll	0.4	0.4	0.4	0.6	0.5
Taxes payable	0.2	0.2	0.4	0.8	0.7
Other Creditors	0.2	0.2	0.2	0.2	0.2
Current Portion of LT Debt	-	-	-	1.5	1.5
Other Current Liabilities	0.7	0.7	0.0	-	-
Total Current Liabilities	13.3	14.8	14.4	16.6	14.2
Other Non-current Liabilities	-	-	0.4	0.2	0.2
Minority Interest	-	-	0.1	0.1	0.1
Total Liabilities	13.3	14.8	14.8	16.9	14.5
Capital Stock	19.4	19.4	19.1	18.9	9.3
Capital reserves	79.0	79.1	77.9	77.0	85.3
Surplus reserves	4.9	4.9	4.2	4.2	4.1
Undistributed Profit	20.9	21.8	21.1	19.1	21.5
Total Equity	124.1	125.2	122.4	119.1	120.2
Total Liabilities & Shareholders' Equity	137.3	140.0	137.2	136.1	134.8
S/O-A Share	122.0	122.0	122.0	122.0	122.0
Total Common Shares Outstanding	122.0	122.0	122.0	122.0	122.0
T/S-A Share	0.0	0.0	0.0	0.0	0.0
Customer Advance	2.2	1.5	2.8	3.1	2.6
Accumulated Intangible Amort, Suppl.	-	1.4	-	1.4	-
Full-Time Employees	-	612	-	-	-
Number of Common Shareholders	10,165	11,476	10,548	7,372	6,957

Annual Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	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	CNY
Exchange Rate (Period Average)	6.46438	6.768989	6.831007	6.950445	7.605973
Auditor	Yatai CPA	Asia (Group) Accounting Firm	Yatai CPA	Yatai CPA	Yatai CPA
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash from Sale of Goods & Services	32.0	31.9	35.6	33.2	20.9
Cash Paid for Goods and Services	-29.1	-20.0	-21.7	-25.5	-15.1
Refund of Taxes	0.1	0.2	0.1	0.2	0.3
Other Cash from Operating Activities	3.0	0.9	0.9	0.6	0.4
Cash paid for taxes and surcharges	-3.4	-3.6	-3.7	-2.0	-1.4
Cash paid for other operating activities	-5.9	-5.2	-4.1	-3.6	-2.9
Cash from Operating Activities	-3.3	4.2	7.1	2.9	2.1
Net cash from disposal of fixed assets,	0.0	0.5	0.0	0.0	1.6
Net cash received from disposal of subsi	0.2	-	-	-	-
Capital Expenditure	-7.2	-0.3	-0.9	-2.0	-1.0
Cash from Investing Activities	-7.0	0.1	-0.9	-2.0	0.6
Cash from Investors	-	85.6	-	-	-
Cash from Borrowings	-	-	2.9	2.9	1.3
Repayment of Borrowings	-1.5	-0.9	-3.5	-1.4	-4.6
Cash Paid for Dividend and Interest	-4.8	-0.3	-5.4	-0.8	-0.9
Cash paid for other financing activities	0.0	-0.7	-	-	-
Cash from Financing Activities	-6.4	83.7	-6.0	0.6	-4.2
Foreign Exchange Effects	0.0	0.0	0.0	-0.1	0.0
Net Change in Cash	-16.7	88.1	0.2	1.4	-1.4
Net Cash - Beginning Balance	98.1	5.6	5.4	3.9	5.0
Net Cash - Ending Balance	81.4	93.7	5.6	5.3	3.6
Depreciation	0.8	0.7	0.6	0.5	0.5
Amortization of Intangibles	0.1	0.1	0.2	0.2	0.1

Interim Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	CNY	CNY	CNY	CNY	CNY
Exchange Rate (Period Average)	6.309123	6.46438	6.500043	6.541904	6.583076
Cash from Sale of Goods & Services	8.6	32.0	26.4	16.5	8.9
Cash Paid for Goods and Services	-6.1	-29.1	-23.1	-16.4	-9.7
Refund of Taxes	0.2	0.1	0.1	0.1	0.1
Other Cash from Operating Activities	0.1	3.0	1.6	1.0	0.2
Cash paid for taxes and surcharges	-0.3	-3.4	-2.5	-1.6	-0.6
Cash paid for other operating activities	-1.6	-5.9	-4.8	-2.9	-1.4
Cash from Operating Activities	0.8	-3.3	-2.3	-3.4	-2.5
Net cash from disposal of fixed assets,	0.0	0.0	0.0	0.0	-
Net cash received from disposal of subsi	-	0.2	-	-	-
Capital Expenditure	-1.1	-7.2	-2.6	-1.6	-0.1
Other Cash Paid for Investing Activities	-	-	0.0	-	-
Cash received from disposal of investmen	-0.1	-	-	-	-
Cash from Investing Activities	-1.2	-7.0	-2.6	-1.6	-0.1
Repayment of Borrowings	-	-1.5	-1.5	-	-
Cash Paid for Dividend and Interest	-	-4.8	-4.8	-4.7	0.0
Other Cash Paid for Financing Activities	-	0.0	0.0	0.0	-
Cash from Financing Activities	-	-6.4	-6.3	-4.7	0.0
Foreign Exchange Effects	0.0	0.0	0.0	0.0	0.0
Net Change in Cash	-0.3	-16.7	-11.2	-9.7	-2.7
Net Cash - Beginning Balance	83.4	98.1	97.6	97.0	96.4
Net Cash - Ending Balance	83.1	81.4	86.4	87.3	93.7
Depreciation	-	0.8	-	0.4	-
Amortization of Intangibles	-	0.1	-	0.0	-

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
China	36.6	84.5 %	36.3	83 %	30.8	81.4 %	23.0	66.9 %	15.5	72.7 %
Other Foreign	6.7	15.5 %	7.4	17 %	7.0	18.6 %	11.4	33.1 %	5.8	27.3 %
Segment Total	43.3	100 %	43.7	100 %	37.9	100 %	34.3	100 %	21.3	100 %
Consolidated Total	43.3	100 %	43.7	100 %	37.9	100 %	34.3	100 %	21.3	100 %
Exchange Rate: CNY to USD	6.464380		6.768989		6.831007		6.950445		7.605973
Total Revenue   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
China	36.6	84.5 %	36.3	83 %	30.8	81.4 %	23.0	66.9 %	15.5	72.7 %
Other Foreign	6.7	15.5 %	7.4	17 %	7.0	18.6 %	11.4	33.1 %	5.8	27.3 %
Segment Total	43.3	100 %	43.7	100 %	37.9	100 %	34.3	100 %	21.3	100 %
Consolidated Total	43.3	100 %	43.7	100 %	37.9	100 %	34.3	100 %	21.3	100 %
Exchange Rate: CNY to USD	6.464380		6.768989		6.831007		6.950445		7.605973

Cost of Revenue   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
China	26.0	86.8 %	24.5	85.7 %	18.1	83.4 %	15.4	71.2 %	10.1	76.2 %
Other Foreign	3.9	13.2 %	4.1	14.3 %	3.6	16.6 %	6.2	28.8 %	3.2	23.8 %
Segment Total	29.9	100 %	28.6	100 %	21.7	100 %	21.6	100 %	13.3	100 %
Consolidated Total	29.9	100 %	28.6	100 %	21.7	100 %	21.6	100 %	13.3	100 %
Exchange Rate: CNY to USD	6.464380		6.768989		6.831007		6.950445		7.605973
Gross Profit   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
China	10.6	79.1 %	11.7	77.9 %	12.7	78.7 %	7.6	59.7 %	5.3	66.8 %
Other Foreign	2.8	20.9 %	3.3	22.1 %	3.5	21.3 %	5.1	40.3 %	2.7	33.2 %
Segment Total	13.4	100 %	15.1	100 %	16.2	100 %	12.7	100 %	8.0	100 %
Consolidated Total	13.4	100 %	15.1	100 %	16.2	100 %	12.7	100 %	8.0	100 %
Exchange Rate: CNY to USD	6.464380		6.768989		6.831007		6.950445		7.605973

Gross Margin (%)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
China	29.0	-	32.4	-	41.3	-	33.1	-	34.5	-
Other Foreign	41.5	-	44.8	-	49.0	-	45.2	-	45.6	-
Segment Total	30.9	-	34.5	-	42.8	-	37.1	-	37.6	-
Consolidated Total	30.9	-	34.5	-	42.8	-	37.1	-	37.6	-

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	31-Dec-11		30-Jun-11		31-Dec-10		30-Jun-10
China	16.9	78.2 %	19.6	90.6 %	17.7	85.3 %	18.5	80.9 %
Other Foreign	4.7	21.8 %	2.0	9.4 %	3.1	14.7 %	4.4	19.1 %
Segment Total	21.7	100 %	21.6	100 %	20.8	100 %	22.9	100 %
Consolidated Total	21.7	100 %	21.6	100 %	20.8	100 %	22.9	100 %
Exchange Rate: CNY to USD	6.388429		6.541904		6.713124		6.825839
Total Revenue   USD (mil)
	31-Dec-11		30-Jun-11		31-Dec-10		30-Jun-10
China	16.9	78.2 %	19.6	90.6 %	17.7	85.3 %	18.5	80.9 %
Other Foreign	4.7	21.8 %	2.0	9.4 %	3.1	14.7 %	4.4	19.1 %
Segment Total	21.7	100 %	21.6	100 %	20.8	100 %	22.9	100 %
Consolidated Total	21.7	100 %	21.6	100 %	20.8	100 %	22.9	100 %
Exchange Rate: CNY to USD	6.388429		6.541904		6.713124		6.825839

Cost of Revenue   USD (mil)
	31-Dec-11		30-Jun-11		31-Dec-10		30-Jun-10
China	12.2	82 %	13.8	91.6 %	12.6	88.6 %	11.9	82.8 %
Other Foreign	2.7	18 %	1.3	8.4 %	1.6	11.4 %	2.5	17.2 %
Segment Total	14.9	100 %	15.0	100 %	14.2	100 %	14.4	100 %
Consolidated Total	14.9	100 %	15.0	100 %	14.2	100 %	14.4	100 %
Exchange Rate: CNY to USD	6.388429		6.541904		6.713124		6.825839
Gross Profit   USD (mil)
	31-Dec-11		30-Jun-11		31-Dec-10		30-Jun-10
China	4.8	70.1 %	5.8	88.4 %	5.1	78.1 %	6.6	77.7 %
Other Foreign	2.0	29.9 %	0.8	11.6 %	1.4	21.9 %	1.9	22.3 %
Segment Total	6.8	100 %	6.5	100 %	6.6	100 %	8.5	100 %
Consolidated Total	6.8	100 %	6.5	100 %	6.6	100 %	8.5	100 %
Exchange Rate: CNY to USD	6.388429		6.541904		6.713124		6.825839

Gross Margin (%)
	31-Dec-11		30-Jun-11		31-Dec-10		30-Jun-10
China	28.3	-	29.5	-	29.0	-	35.5	-
Other Foreign	43.3	-	37.4	-	47.0	-	43.4	-
Segment Total	31.6	-	30.2	-	31.7	-	37.0	-
Consolidated Total	31.6	-	30.2	-	31.7	-	37.0	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.70
UK Pound	1	Rs.87.55
Euro	1	Rs.68.85

INFORMATION DETAILS

Report Prepared by :

MNL

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.