Jin Hao Dd E Book Supplement2 20100129

Contents

1 12 16 20 22 24 26 28 29 31 34 35 37 - 1 -

39 41 43 46 49 52 55 57 59 61 62 63 64 65 66

- 2 -

69 70 81 84 86 87 89 92 94 96 98 101 103

- 3 -

106 1 107 2 110 113 116 120 123 129

132

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135 5S 136 138

- 5 -

1

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355 20 3.6 3.6.1 3.6.2 3.6.3

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14 15 16 17 18 19

20 21 22

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11 12 13 14

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26

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27 28 29 30

31 32 33 34

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1

2

3 3.1 3.1.1 3.1.1.1 3.1.1.2 3.1.1.3 3.1.2 3.1.2.1

3.1.2.2 1

2 3.1.2.3

3.1.2.4

3.1.2.5 1

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4 3.1.2.6 1 2

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4 4.1 4.2 4.3 4.4

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1. 2 3 3.1 3.2 3.3 3.4 4. 1 ()3 4.1

5 6 7 8

4.3 4.3.1 4.3.2

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4.3.3 1 2 20% 3 7 4 5 6 4.3.5

9 9.1 9.2

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1 2 3

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4. 4.1 4.1.1 4.1.2 4.1.3 4.1.4 4.1.5 4.2

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1 DW100 13713 3,324.79 45,592,794.83 3.51% 15241 3,589.75 54,711,353.80 3.51%

2 DW110 3188 3,341.88 10,653,914.52 0.82% 3545 3,606.40 12,784,697.42 0.82%

3 DW125 3448 3,948.72 13,615,179.49 1.05% 3838 4,256.96 16,338,215.39 1.05%

4 GS DW125-2 6090 4,235.04 25,791,367.54 1.99% 6768 4,572.94 30,949,641.05 1.99%

5 DW125-3 6140 5,068.38 31,119,829.02 2.40% 6881 5,427.09 37,343,794.82 2.40%

6 GN DW125-4 6590 4,316.24 28,444,017.07 2.19% 7328 4,657.86 34,132,820.48 2.19%

7 CG DW125-5 7180 3,273.50 23,503,760.67 1.81% 8010 3,521.16 28,204,512.80 1.81%

8 DW125-6 6750 5,085.47 34,326,923.06 2.64% 7507 5,487.19 41,192,307.67 2.64%

9 CM DW150-3 7060 5,102.56 36,024,102.59 2.78% 7854 5,504.06 43,228,923.11 2.78%

10 DW150-2 7180 6,367.52 45,718,803.42 3.52% 8616 6,367.52 54,862,564.10 3.52%

67339 294,790,692.21 22.71% 75588 353,748,830.64 22.71%

11 JH100 45921 3,205.13 147,182,692.22 11.34% 51023 3,461.56 176,619,230.66 11.34%

12 JH110 46440 3,282.05 152,418,461.77 11.74% 51941 3,521.34 182,902,154.12 11.74%

13 JH125 34543 3,869.08 133,649,705.76 10.30% 38452 4,170.91 160,379,646.91 10.30%

14 JH125GY 26058 3,632.48 94,655,128.15 7.29% 28953 3,923.12 113,586,153.78 7.29%

15 GS JH125-2 31347 4,145.30 129,942,692.37 10.01% 34883 4,470.12 155,931,230.84 10.01%

16 GN JH125-4 27831 3,119.72 86,824,847.23 6.69% 30940 3,367.48 104,189,816.68 6.69%

17 CG JH125-5 44314 3,195.23 141,593,509.71 10.91% 49452 3,435.90 169,912,211.75 10.91%

18 JH150-3 120 3,759.03 451,083.60 0.03% 134 4,039.55 541,300.32 0.03%

19 JH150-4 65 3,155.12 205,083.00 0.02% 72 3,418.05 246,099.60 0.02%

20 JH150 460 3,117.84 1,434,206.34 0.11% 514 3,348.34 1,721,047.61 0.11%

21 47058 2,280.41 107,311,560.32 8.27% 52410 2,504.26 131,248,026.23 8.43%

22 6,427.63 0.00% 7,713.16 0.00%

23 9,946,372.85 0.77% 6,749,955.48 0.43%

304157 1,005,621,770.95 77.48% 338774 1,204,034,587.14 77.29%

371496 1,300,412,463.16 100.19% 414362 1,557,783,417.78 100.00%

1 JHH060 28 30,769.23 861,538.47 7.22% 840 30,769.23 25,846,153.85 5.69%

2 JHY090 28 35,042.74 981,196.58 8.23% 800 35,042.74 28,034,188.03 6.18%

3 JHY120C 25 38,461.54 961,538.46 8.06% 1000 38,461.54 38,461,538.46 8.47%

4 JHY150C 32 41,025.64 1,312,820.51 11.01% 800 41,025.64 32,820,512.82 7.23%

5 JHJ020 65 37,435.90 2,433,333.34 20.40% 1000 37,435.90 37,435,897.44 8.25%

6 JHJ040 80 62,222.22 4,977,777.78 41.74% 1000 62,222.22 62,222,222.22 13.71%

258 11,528,205.14 96.66% 5440 224,820,512.82 49.52%

7 JHJ020 4 37,435.90 149,743.58 1.26% 1800 37,435.90 67,384,620.00 14.84%

8 JHJ040 4 62,222.22 248,888.89 2.09% 2600 62,222.22 161,777,772.00 35.64%

8 398,632.47 3.34% 4400 229,162,392.00 50.48%

266 11,926,837.61 100.00% 9840 453,982,904.82 100.00%

1,312,339,300.77 2,011,766,322.60

2009 2010

2009-2010

Jinhao Motorcycle Company Limited

Consolidated Financial Statements

December 31, 2008, 2007 and 2006

(Expressed in US dollars)


Table of Contents December 31, 2008, 2007 and 2006

Page

Auditors Report 1

Consolidated Financial Statements

Statements of Income and Comprehensive Income 2

Balance sheets 3

Statements of Changes in Shareholders Equity 4

Statements of Cash Flows 5

Notes to Financial Statements 6 - 29


1

Consolidated Statements of Income and Comprehensive Income For the years ended December 31, 2008, 2007 and 2006 (Expressed in US dollars) 2008 2007 2006

Sales (notes 3 and 24) $156,350,516 $84,980,084 $ 57,693,577 Cost of sales (notes 3 and 24) 134,468,783 70,751,525 47,868,716 Gross profit 21,881,733 14,228,559 9,824,861 Other revenues (note 3) 119,524 83,337 78,508 Selling expenses (note 3) (2,908,958) (1,470,699) (1,717,934) Research expenses (notes 3 and 14) (719,663) (201,425) (291,596) General and administrative expenses (note 3) (664,215) (566,331) (583,866) Operating income (note 3) 17,708,421 12,073,441 7,309,973 Finance income (note 4) 8,313 193 577 Finance costs (note 4) 596,686 530,922 375,069 Income before income tax 17,120,048 11,542,712 6,935,481

Income tax expense (recovery) - deferred (note 5) 10,857 144,039 (192,585) Net income for the year 17,109,191 11,398,673 7,128,066

Other comprehensive income: Unrealized gains on translating financial

statements to reporting currency 4,073,681 3,753,378 1,416,452

Comprehensive income $ 21,182,872 $ 15,152,051 $ 8,544,518

Earnings per share: Basic and diluted $ 1,711 $ 1,140 $ 713

Weighted average number of common shares outstanding: Basic and diluted 10,000 10,000 10,000

The accompanying notes are an integral part of these consolidated financial statements.


2

Consolidated Balance Sheets As at December 31, 2008, 2007 and 2006 (Expressed in US dollars) 2008 2007 2006 Assets Current assets

Cash (note 6) $ 1,846,092 $ 486,159 $ 244,251 Trade receivable (notes 7 and 24) 26,581,661 19,358,990 12,581,350 Due from related party (note 8) 645,640 - - Prepayments, deposits and other receivables (note 9) 1,789,143 1,979,950 1,205,754

Inventories (note 10) 12,211,296 11,014,311 8,588,240 43,073,832 32,829,410 22,619,595 Prepayments, deposits and other receivables (note 9) 908,101 849,330 961,017 Plant and equipment (note 11) 25,219,074 26,846,542 26,505,572 Construction in progress (note 12) 14,407,633 8,342,759 7,798,092 Land use right (note 13) 916,532 909,167 898,372 Development costs (note 14) 10,356,552 - - Deferred income tax asset (note 5) 3,261,005 3,060,296 3,000,880 $ 98,142,729 $ 72, 847,504 $ 61,783,528 Liabilities Current liabilities

Bank loans (note 17) $ 5,569,806 $ - $ - Trade payable (notes 15 and 24) 1,203,352 2,102,976 5,504,581 Due to related party (note 8) 937 242,086 384,685 Customer deposits 723,286 2,747,566 6,311,818

Other payables and accrued liabilities (note 16) 1,040,364 731,029 542,540 8,537,745 5,823,657 12,743,624 Bank loans (note 17) - 3,701,368 3,459,720 8,537,745 9,525,025 16,203,344

Shareholders Equity Share capital (note 18) 1,283 1,283 - Additional paid in capital (note 19) 56,324,294 51,854,661 49,265,700 Statutory reserves (note 20) 6,194,547 3,628,043 1,918,049 Retained earnings (deficit) 16,667,826 2,125,139 (7,563,540)

Accumulated other comprehensive income 10,417,034 5,713,353 1,959,975

89,604,984 63,322,479 45,580,184

$ 98,142,729 $ 72,847,504 $ 61,783,528

Commitment (note 21) Subsequent events (note 25) The accompanying notes are an integral part of these consolidated financial statements. Approved by the Board of Directors


3

Signed: Signed:


4

Consolidated Statements of Shareholders Equity For the years ended December 31, 2008, 2007 and 2006 (Expressed in US Dollars)

Number of shares

Share Capital

Additional paid in capital

Statutory Surplus Reserve

Fund

Retained Earnings (Deficit)

Accumulated Other

Comprehensive Income

Shareholders Equity Total

Balance, December 31, 2005 10,000 $ - $49,265,700 $ 846,833 $(13,620,390) $ 543,523 $ 37,035,666 Net income - - - 7,128,066 - 7,128,066 Transfer to statutory reserves - - 1,071,216 (1,071,216) - - Other comprehensive income foreign translation adjustments - - - - 1,416,452 1,416,452 Balance, December 31, 2006 10,000 - 49,265,700 1,918,049 (7,563,540) 1,959,975 45,580,184

Incorporation of the holding company 1,283 - - - - 1,283 Additional shareholders contribution - 2,588,961 - - - 2,588,961 Net income - - - 11,398,673 - 11,398,673 Transfer to statutory reserves - - 1,709,994 (1,709,994) - - Other comprehensive income foreign translation adjustments - - - - 3,753,378 3,753,378 Balance, December 31, 2007 10,000 1,283 51,854,661 3,628,043 2,125,139 5,713,353 63,322,479

Additional shareholders contribution - 4,469,633 - - - 4,469,633 Net income - - - 17,109,191 - 17,109,191 Transfer to statutory reserves - - 2,566,504 (2,566,504) - - Other comprehensive income foreign translation adjustments - - - - 4,703,681 4,703,681 Balance, December 31, 2008 10,000 $ $1,283 $56,324,294 $ 6,194,547 $ 16,667,826 $10,417,034 $89,604,984



5

Consolidated Statements of Cash Flows For the years ended December 31, 2008, 2007 and 2006 (Expressed in US dollars) 2008 2007 2006

Cash flow from operating activities: Net income for the year $17,109,191 $11,398,673 $ 7,128,066 Items not affecting cash: Gain on disposition of plant and equipment (119,524) - - Depreciation and amortization 3,596,449 3,117,304 2,312,105 Deferred income tax 10,857 144,039 (192,585) Changes in non-cash working capital items: Trade receivable (5,777,063) (5,657,522) (7,032,662) Prepayments, deposits and other receivables 321,908 (490,253) (775,664) Inventory (426,987) (1,751,493) (1,539,042) Due from related party (888,178) - - Trade payable (1,026,311) (3,631,167) 2,837,042 Due to related party 937 (162,535) 376,569 Customer deposits (2,174,501) (3,841,235) 3,998,138 Other payables and accrued liabilities 254,087 144,432 42,888

10,880,865 (727,757) 7,395,279 Cash flow from investing activities: Purchase of plant and equipment - (1,618,931) (6,225,038) Purchase of construction in progress (5,388,687) - (4,170,766) Development costs on electric car project (10,169,923) - - Notes receivable collected - - 1,300,127

(15,558,610) (1,618,931) (9,336,101) Cash flow from financing activities: Additional shareholders contribution 4,396,884 2,564,334 - Proceeds from bank loans 14,825,050 - 1,881,515 Repayment of bank loans (13,241,792) - - 5,980,142 2,564,334 1,881,515 Foreign exchange (loss) gain on cash held in foreign currency 57,536 26,262 8,773

Increase (decrease) in cash 1,359,933 241,908 (50,534) Cash, beginning of year 486,159 244,251 294,785

Cash, end of year $ 1,846,092 $ 486,159 $ 244,251

The interest and finance charges paid during the year ended December 31, 2008 was $596,686 (2007 $530,922; 2006 $375,069). Total tax paid during the year ended December 31, 2008 was $ Nil (2007 $ Nil; 2006 $ Nil).


Notes to Consolidated Financial Statements


6

December 31, 2008, 2007 and 2006 (Expressed in US dollars)

1. Nature of Operations

Jinhao Motorcycle Company Limited (the Company or Jinhao), through its operating subsidiary Guangdong Jinhao Motorcycle Co., Ltd (Guangdong Jinhao), is engaged in the production and sale of motorcycles, electric vehicles, agricultural machineries, engines and related parts in the Peoples Republic of China (PRC). The Company was incorporated by Mr. Man Hoo Tsoi in Hong Kong (HK) on September 4, 2007 as a holding company. Guangdong Jinhao was incorporated on March 24, 2003 and has been directly and indirectly controlled by the same shareholder of the Company (through entities under common control by the same shareholder: U-Harbour Co., Ltd (U-Harbour), Jinhao New Energy (Zhaoqing) Development Co., Ltd (New Energy) and Zhaoqing Haoyan Industrial Co., Ltd (Haoyan) since that date.

2. Significant Accounting policies

(a) Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

(b) Basis of preparation The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities have been measured at fair value.

The consolidated financial statements were authorized for issue by the Board of Directors on January 30, 2010.

(c) Basis of consolidation Subsidiaries are entities controlled by the Company. Control exists when the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date of that control ceases.

The consolidated financial statements include the accounts of the Company, its 75% owned subsidiary - Guangdong Jinhao and its 100% owned subsidiary - New Energy. New Energy has beneficial interest in the remaining 25% investment in Guangdong Jinhao through a management services agreement entered into with Haoyan, the legal owner of that interest and as a result, 100% of Guangdong Jinhao has been consolidated. All intercompany balances and transactions have been eliminated upon consolidation.

The financial statements of the Company have been prepared applying the continuity of interests method of accounting. Continuity of interests accounting reflects the operating substance of the transactions, despite the change in the legal structure, and results in financial information of the Company being presented as if it had legally owned 100% of Guangdong Jinhao since March 24, 2003.

Notes to Consolidated Financial Statements


7

December 31, 2008, 2007 and 2006 (Expressed in US dollars)

2. Significant Accounting Policies (continued) (d) Use of estimates and judgements

The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and future period affected.

Judgments made by management in the application of IFRS that have significant effect on the consolidated financial statements and major sources of estimation uncertainty include impairment assessment of development costs on electric car (note 14), bad debt allowance for trade receivable (note 7 and 22) and useful life of plant and equipment, land use right and development costs on electric car (note 2).

(e) Revenue Revenue is measured at the fair value of the consideration received or receivable provided it is probable that the economic benefits will flow to the Company and the revenue and costs, if applicable, can be measured reliably.

(i) Sales of products The Company exports motorcycles to foreign wholesalers through certain export agents (note 24) and sells to PRC domestic wholesalers. The Company recognizes revenues on the sale of products, net of discounts and sales returns, when products are delivered to customers or when delivered to export agents and carriers for export sales, which is when title and risks and rewards of ownership pass to the customers. Revenue is recognized when collectability of the resulting receivable is reasonably assured.

For both export and domestic sales, the Company makes no warranty other than right of return being typically up to 3 months. According to the historical information, the amount of sales return is at minimum.

Revenue excludes value added tax and other sales tax. The excise tax related to the sales of product is included in cost of sales.

(ii) Interest income Interest income is recognised on a time proportion basis taking into account the principal outstanding and the effective interest rate applicable.


8

Notes to Consolidated Financial Statements December 31, 2008, 2007 and 2006 (Expressed in US dollars)

2. Significant Accounting Policies (continued) (f) Foreign currency (i) Functional and presentation currency

The functional currency of the Company is Renminbi (RMB) which is the currency of the primary economic environment in which the Company operates. The Company adopted US dollars (USD) as its presentation currency in the preparation of consolidated financial statements.

(ii) Foreign currency transactions Transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transaction. Foreign currency denominated monetary assets and liabilities are remeasured into the functional currency at the exchange rate prevailing on the balance sheet date. Exchange differences are recognized in the statement of income. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of the initial transaction.

(iii) Translation from functional currency to presentation currency For the purpose of consolidation, the assets and liabilities are translated into USD at the exchange rate prevailing on the balance sheet date and the income and expenses at the average exchange rates for the period. The exchange differences arising from the translation are classified as equity and recognized as other comprehensive income under equity.

(g) Borrowing costs Borrowing costs are expensed as incurred.

(h) Income tax Income tax expense comprises current and deferred tax. Income tax expense is recognized in profit and loss except to the extent that it relates to items recognized in equity, in which case it is directly recognized in equity.

Current tax is determined based on the taxable income of each taxable entity and tax rules applicable for respective tax jurisdictions using tax rates enacted or substantively enacted at the balance sheet date.

Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts of assets and liabilities and their respective tax bases, and unutilized business losses and tax credits. Such deferred tax assets and liabilities are computed separately for each taxable entity and for each taxable jurisdiction. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the deductible temporary differences, unused losses and tax credits that could be utilized, except:


9


2. Significant Accounting Policies (continued) (i) when the deferred income tax asset relating to the deductible temporary difference arises from the

initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or

(ii) when the deductible temporary difference is associated with investments in subsidiaries, in which case a deferred tax asset is only recognized to the extent that it is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.

Deferred tax liabilities are recognized for taxable temporary differences except:

(i) when the deferred income tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting profit or loss nor taxable profit or loss; or

(ii) when the taxable temporary difference is associated with investments in subsidiaries, and the timing or the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.

The amount of deferred tax assets and liabilities are measured based on the tax rate that are expected to apply in the period when the assets are realized or the liabilities are settled, based on the tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Deferred assets and liabilities are not discounted.

The carrying amount of a deferred tax asset is reviewed at each balance sheet date and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the related tax benefit to be utilized. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority.

(i) Earnings per share Basic earnings per share has been computed by dividing net income by the weighted average number of shares outstanding during the year. Diluted earnings per share has been computed using the weighted average number of shares and weighted average number of shares outstanding for the effects of all dilutive potential shares. The basic and diluted earnings per share are same because the Company does not have options or other stock compensation that would impact the calculation of diluted earnings per share.


10


2. Significant Accounting Policies (continued) (j) Plant and equipment

(i) Recognition and measurement Items of plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditures that are directly attributable to bring the asset to its working condition and location for its intended use.

(ii) Depreciation Items of plant and equipment are depreciated on a straight line basis, with 5%-10% residual value, over their expected useful lives as follows:

Buildings 20 years

Equipment and machinery 5-8 years

Motor vehicles and office equipment 8 years

The residual value, the useful life and the depreciation method applied to an asset are reassessed at least annually.

(k) Construction in progress (CIP) Construction in progress represents buildings, plant and machinery and other fixed assets under construction or installation, and is initially recognized in the balance sheet at cost less impairment losses, and is not depreciated. Cost comprises cost of purchase, construction, installation and testing. The construction in progress is reclassified to the appropriate category of property, plant and equipment when completed and ready for use.

(l) Land use right Land use right is stated at cost less accumulated amortization and impairment losses. Land use right is amortized using the straight-line basis over 20 years.

(m) Development costs (i) Research activities Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognised in profit or loss as incurred.

(ii) Development activities Development activities involve a plan or design for the production of electric cars. Development expenditure is capitalized only if development costs can be measured reliably, the electric car is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell electric cars.


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2. Significant Accounting Policies (continued) (m) Development costs (continued)

(ii)Development activities (continued) The expenditure capitalized includes the cost of materials, direct labour, overhead costs that are directly attributable to the development of electric cars for its intended use. Other development expenditure is recognised in profit or loss as incurred.

Development costs are stated at cost less accumulated amortization and impairment losses. The development costs will be amortized over an expected estimated useful life of 10 years using the straight-line method when the Company starts the fully production of electric car. The Company expects to produce and sell electric cars in 2010.

Development costs are assessed for impairment whenever there is an indication that they may be impaired. The amortization period and the amortization method are reviewed at least at each balance sheet date.

(n)Impairment (i) Non-financial assets The carrying amounts of the Companys non-financial assets, other than deferred tax assets and inventories, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists then the assets recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash-generating unit). An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognized in prior periods are assessed at each balance sheet date for any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the assets carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognised.

(ii) Financial assets A financial asset is assessed at each balance sheet date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence


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indicates that one or more events have had a negative effect on the estimated future cash flows of the asset.


2. Significant Accounting Policies (continued) (n) Impairment (continued)

(ii) Financial assets (continued) An impairment loss in respect of a financial asset measured at the amortised cost is calculated as the difference between its carrying amount, and the present value of estimated future cash flows discounted at the original effective interest rate.

Individually significant financial assets are tested for impairment on individual basis. The remaining financial assets are assessed collectively in groups that share similar credit risk characteristics.

All impairment losses are recognised in profit or loss.

An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortized cost, the reversal is recognised in profit or loss.

(o) Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined on the weighted average basis and, in the case of work in progress and finished goods, comprises direct materials, direct labour, and an appropriate proportion of overheads. Net realizable value is based on the estimated selling price in the ordinary course of business less any further costs expected to be incurred to completion and disposal.

(p) Trade and other receivables Trade and other receivables are initially recognised at fair value and thereafter stated at amortized cost less allowance for doubtful debts. An allowance for doubtful debts is made when there is objective evidence that the Company will not be able to collect the debts. Bad debts are written off when identified.

(q) Interest-bearing borrowings Interest-bearing borrowings are recognized initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortized cost with any difference between the amount initially recognized and redemption value being recognized in profit or loss over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

(r) Cash Cash comprise cash at bank and on hand which are subject to an insignificant risk of changes in value.


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2. Significant Accounting Policies (continued) (s) Financial instruments

(i) Classification, initial recognition and measurement Financial instruments are initially measured at fair value when the Company becomes a party to their contractual arrangements. Transaction costs are included in the initial measurement of financial instruments, with the exception of financial instruments classified as fair value through profit or loss. The subsequent measurement of financial instruments is in accordance with the category in which they are classified.

The Company classifies its financial assets in the following categories: loans and receivables, available-for-sale, held-to-maturity and at fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. Financial liabilities are classified into financial liabilities at fair value through profit or loss and other financial liabilities.

Financial assets and financial liabilities at fair value through profit or loss.

Financial instruments at fair value through profit or loss consist of items classified as held for trading. These are measured at fair value with changes in fair value recognized in the statements of operations.

The Company has classified its cash as at fair value through profit or loss.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and which are not classified as financial assets at fair value through profit or loss or financial assets available-for-sale. Subsequently, these are measured at amortized cost using the effective interest method less any impairment losses.

The Company has classified its trade receivable, other receivables and due from related party as loans and receivables.

Other financial liabilities

All financial liabilities, other than those at fair value through profit or loss, are classified as non-trading financial liabilities and are measured at amortized cost using the effective interest method.

The Company has classified bank loans, trade payable, due to related parties and other payables and accrued liabilities as other liabilities.

Available-for-sale financial assets

Available-for-sale financial assets are measured at fair value, with any gains and losses recognised directly in equity along with the associated deferred taxation. Any foreign currency translation gains or losses or interest revenue, measured on an effective-yield basis, are recognised in profit or loss.


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2. Significant Accounting policies (continued)

(t) Financial instruments (continued) (i) Classification, initial recognition and measurement (continued)

The Company does not have any financial instruments classified as available-for-sale.

Financial assets and financial liabilities are offset and the net amount reported in the consolidated balance sheet if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

(ii)Fair value of financial instruments The fair value of financial instruments that are traded in active markets at each reporting date is

determined by reference to quoted market prices or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs.

For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. Such techniques may include using recent arms length market transactions; reference to the current fair value of another instrument that is substantially the same; discounted cash flow analysis or other valuation models.

(r) New accounting pronouncements The Company has not yet adopted certain new standards, amendments and interpretations to existing standards, which have been published but are only effective for the accounting periods beginning on or after 1 January 2009 or later periods. These new standards and their effective dates for the Company's annual accounting periods are listed below:

In November 2006, IASB issued IFRS 8, Operating segments which is applicable for annual periods beginning or after January 1, 2009. This standard requires an entity to adopt the management approach to reporting on the financial performance of its operating segments. Since the Company currently only has one operating segment, the adoption of the standard will not have any significant impact on the presentation of the Companys consolidated financial statements.

In March 2007, IASB issued amendments to IFRS 23, Borrowing costs which is applicable for annual periods beginning on or after January 1, 2009. The amendments remove the option of immediately recognizing borrowing costs related to qualified asset as expense. The adoption of the amendments will have no effect on the reported results. It will, however, results in capitalized borrowing costs related to qualified assets in 2009.

In June 2007, IASB issued IFRIC 13, Customer loyalty programmes which is applicable for annual periods beginning or after July 1, 2008. The standard address how companies that grant their customers loyalty awards credits (often described as points) when buying goods or services should account for their obli

Jin Hao Dd E Book Supplement2 20100129

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