深圳中冠纺织印染股份有限公司2010 年第三季度季度报告全文
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Shenzhen Victor Onward Textile Industrial Co., Ltd.
Quarterly Report for the Third Quarter of 2010 (Full text)
§1 Important Notice
1.1 The Board of Directors and the directors of the Company hereby warrant that there are no
misstatement, misleading representation or important omissions in this report and shall assume
joint and several liability for the authenticity, accuracy and completeness of the contents
hereof.
1.2 The Third quarterly financial report of the Company is not audited .
1.3 Mr. Hu Yongfeng, board chairman and General Manager of the Company, Mr.Zhang Jinliang,
Deputy General Manager of the Company, Mr. Ren Chengzheng , Manager of Financial Dept
represent and warrant the financial report in this quarterly report is true and complete.
§2 Basic Information
2.1 Highlights of Accounting Data and Financial Indicators
Unit：RMB
2010.9.30 2009.12.31 Increase /decrease（％）
Total assets（RMB） 197,161,531.00 201,318,234.00 -2.06%
Owner’s equity attributable to
shareholders of the listed company
（RMB）
146,013,177.00 143,058,948.00 2.07%
Stock capital（shares） 169,142,356.00 169,142,356.00 0.00%
Net assets per share attributable to
shareholders of the listed company
（yuan/shares）
0.86 0.85 1.18%
July-September 2010
Increase/decrease in
the report period
compared with the
same period of the
last year(%)
January-September
2010
Increase/decrease in
the report period
compared with the
same period of the
last year(%)
Total turnover(RMB) 2,240,956.00 -70.86% 7,521,544.00 -62.72%
Net profit attributable to
shareholders of the listed company
（RMB）
962,978.00 -4.11% 6,375,682.00 -2,537.16%
Net cash flow arising from operating - - 571,375.00 -113.39%深圳中冠纺织印染股份有限公司2010 年第三季度季度报告全文
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activities（RMB）
Net cash flow per share arising from
operating activities（yuan/shares） - - 0.00 -111.26%
Basic earnings per share
（yuan/shares） 0.01 42.86% 0.04 -1,340.77%
Diluted earnings per share
（yuan/shares） 0.01 42.86% 0.04 -1,340.77%
Weighted average return on equity
（%） 0.64% -0.13% 4.34% 4.54%
Weighted average Return on net
assets after deducting non-recurring
gains and losses（%）
0.55% 0.00% 4.25% 4.69%
Items of non-current gains and losses Year begin to end of report period Notes
Gains and losses from changes in fair value of the held tradable
financial assets and liabilities, and investment income from disposal of
tradable financial assets and liabilities and available-for-sale financial
assets, excluding the effective hedging businesses related with the
normal operation of the Company.
156,277.00
Other non-business income and expenses besides the above items 860.00
Total 157,137.00 -
2.2 Total number of shareholders in the end of the report period and shares held by the top ten shareholders with
unrestricted conditions
Unit：Shares
Total number of shareholders at the end of report
period 10,538
Share held by the top ten shareholders with unrestricted conditions
Name of the shareholder Number of Unconditional shares held at
the period-end Type of shares
Union Holding Co., Ltd. 43,141,032 RMB common shares
STYLE-SUCCESS LIMITED 24,466,029 Foreign shares placed in domestic
exchange
Shenzhen Textile (Group)Holdings Co., Ltd 10,182,894 RMB common shares
Rich Crown Investment Co., Ltd. 6,114,556 Foreign shares placed in domestic
exchange
Union Development Group Co., Ltd. 5,821,089 RMB common shares
BOCI SECURITIES LIMITED 2,528,567 Foreign shares placed in domestic
exchange
Shing Ying Chieh 1,879,129 Foreign shares placed in domestic
exchange
Liuzhou Jiali Real Estate Development Co., Ltd. 1,565,600 RMB common shares
Shanghai (Hongkang)Wanguo Securities Co.,
Ltd. 1,401,870 Foreign shares placed in domestic
exchange
Shifu Securities Co., Ltd. 1,168,970 Foreign shares placed in domestic
exchange深圳中冠纺织印染股份有限公司2010 年第三季度季度报告全文
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§3 Significant Events
3.1 Particular about large-margin change of main accounting statement item and financial index and its reason.
1.Analysis of the reason for big change of the items of balance sheet of the Company as of the end of the report period. Unit: RMB
Items September 30,2010 December 31, 2009 Amount of increased / Proportion increased/
Decreased Decreased (%)
Trading financial assets 115,822 171,221 -55,399 -32.36%
Accounts receivable 822,885 2,398,250 -1,575,365 -65.69%
Prepayments 5,960 942,126 -936,166 -99.37%
Other account receivable 671,945 1,227,246 -555,301 -45.25%
Account payable 1,079,794 4,101,084 -3,021,290 -73.67%
Advance payment 3,124,691 4,555,433 -1,430,742 -31.41%
Tradable financial assets decreased by RMB 50,000 and 32.36% mainly due to sell the new shares
won in IPO subscription.
Accounts receivable, payment in advance, other receivables, accounts payable and advance collections respectively decreased mainly
due to decrease of business.
2.Analysis of the reason for big change of the items of profit statement as of the end of the report period.
In the period from January 2010 to September 2010,the company earned operating income of RMB 7.52 million on accumulative
basis, which decreased by RMB12.66 million and 62.72% year on year. Net profit is RMB 6.3 million. compare to the data last year
same period, Accomplished turning losses into profits.
⑴Analysis of reason for decrease of operating income：
It was affected by continuous production suspense and rectification.
⑵The main reason for decreased of amount of loss：
Zhejiang Union Hangzhou Bay Ventures Co., Ltd., an affiliated company, made profit in current
period.
3.Analysis of the reason for big change of the items of cash flow statement of the Company in the report period.
Unit：RMB
Items This period Same period of last year Amount of Proportion
increased/decreased Increased/ decreased
Net cash flows arising form
Operating activities 571,375 -4,268,199 4,839,574 -133.39%
Net cash flows from
investing activities -112,351 -728,230 615,879 -84.57%
Net cash flows from
financing activities -3.000.000 0 -3.000.000
The influence of change
in exchange rate 609,156 -36,159 -572,997 1584.66%
Net increase of cash and
cash equivalents -3,150,132 -5,032,588 1,882,456 -37.41%
⑴At the end of the report period, Net cash flows from operating activities increased by RMB 4.84 million
year on year；
⑵At the end of the report period, Net cash flows from investing activities decreased by RMB 0.62 million year on year;
⑶At the end of the report period, Net cash flows from financing activities decreased by RMB 3 million year on year;
⑷At the end of the report period, the influence of change in exchange rate on cash and cash equivalents decreased by RMB 0.57
million year on year;
⑸At the end of the report period, net increase in cash and cash equivalents increased by RMB1.88 million year on year.深圳中冠纺织印染股份有限公司2010 年第三季度季度报告全文
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3.2 The progress of significant events and influence, as well as the analysis and explanation on resolving proposal.
□applicable √ not applicable
3.2.1 Non-standard Opinion
□applicable √ not applicable
3.2.2 The Company provided funds to its controlling shareholder or related parties and provided guarantees in
violation of established procedures.
□applicable √ not applicable
3.2.3 Signing and performance of significant contracts for daily operation
□applicable √ not applicable
3.2.4 Other
□applicable √ not applicable
3.3 The fulfillment of the commitment made by the Company , shareholders and the actual controller
□applicable √ not applicable
3.4 Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year and
explanation of reason.
□applicable √ not applicable
3.5 Major events needs to be explained
3.5.1 Investment in securities
√applicable □not applicable
Unit：RMB
No Stock type Stock code Stock
abbreviation
Initial
investment
amount(Yuan
)
Amount held
(shares)
Book values at
the end of
period(RMB)
Percentage of
total
investment in
this stock at
the end or
period(%)
Profit and loss
during the report
period(RMB)
1 Stock 604 Shenzhen
Invest 69,750.00 24,000 59,063.00 50.88% -10,687.00
2 Stock 300128 Jinfu New
Material 0.00 500 17,500.00 15.07% 0.00
3 Stock 002485 Sinoer 0.00 500 13,300.00 11.46% 0.00
4 Stock 178 Sasa Int’l 9,052.00 2,000 10,932.00 9.42% 1,880.00
5 Stock 560 Chukong Ship 6,709.00 6,000 9,844.00 8.48% 3,135.00
6 Stock 002486 Challenge 0.00 500 5,450.00 4.69% 0.00深圳中冠纺织印染股份有限公司2010 年第三季度季度报告全文
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7 Stock 002328 Xinpeng 9,690.00 0 0.00 0.00% 2,332.00
8 Stock 601117 China National
chemical 76,020.00 0 0.00 0.00% 2,052.00
Other securities investment held at the end of the period 0.00 - 0.00 0.00% 0.00
Gain and loss from investment in securities already sold
in the report period - - - - 157,515.00
Total 171,221.00 - 116,089.00 100% 156,227.00
Explanation Investment in securities ：
.
3.5.2 Reception of investigations , communications , or interviews
Reception Place Mode Object Discussion issue and offered
information
July 8, 2010 Office of board secretary
of the Company Telephone Investor
Inquiry about the reason of quit of the
director and board secretary of the
Company
August 27, 2010 Office of board secretary
of the Company Telephone Investor
Inquiry about the Company's
whether the Company has any
plan for reorganization
3.6 Particulars about derivatives investment
□applicable √ not applicable
3.6.1 Particulars about the positions of derivatives investment at the end of report period.
□applicable √ not applicable
§4 Appendix
4.1 Balance sheet
Prepared by：Shenzhen Victor Onward Textile Industrial Co., Ltd. September 30, 2010 Unit：RMB
Year-end balance Year-beginning balance
Items Consolidated Parent company Consolidated Parent company
Current asset：
Monetary fund 52,955,494.00 24,265,670.00 56,105,626.00 24,960,502.00
Settlement provision
Outgoing call loan
Trading financial assets 115,822.00 35,984.00 171,221.00 85,725.00
Bill receivable
Account receivable 822,885.00 2,398,250.00 488,528.00
Prepayments 5,960.00 942,126.00
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance深圳中冠纺织印染股份有限公司2010 年第三季度季度报告全文
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contracts receivable
Interest receivable 5,480.00
Dividend receivable
Other account receivable 671,945.00 79,073,368.00 1,227,246.00 81,416,712.00
Repurchasing of financial
assets
Inventories 896,308.00 435,974.00 856,553.00 444,557.00
Non-current asset due in 1
year
Other current asset
Total of current assets 55,468,414.00 103,810,996.00 61,706,502.00 107,396,024.00
Non-current assets：
Loans and payment on
other’s behalf disbursed
Disposable financial asset 394,425.00 309,399.00
Expired investment in
possess
Long-term receivable
Long term share equity
investment
74,469,994.00 40,519,477.00 68,427,751.00 41,317,197.00
Property investment 41,093,953.00 6,198,402.00 44,445,185.00 6,595,088.00
Fixed assets 18,219,734.00 14,576,170.00 18,772,745.00 14,867,709.00
Construction in progress
Engineering material
Fixed asset disposal -9,644.00 -9,644.00
Production physical assets
Gas & petrol
Intangible assets 2,092,961.00 2,092,961.00 2,117,958.00 2,117,958.00
R & D petrol
Goodwill 5,431,694.00 5,538,694.00
Long-germ expenses to be
amortized
Differed income tax asset
Other non-current asset
Total of non-current assets 141,693,117.00 63,377,366.00 139,611,732.00 64,897,952.00
Total of assets 197,161,531.00 167,188,362.00 201,318,234.00 172,293,976.00
Current liabilities
Short-term loans
Loan from Central Bank
Deposit received and hold
for others
Call loan received
Trade off financial
liabilities深圳中冠纺织印染股份有限公司2010 年第三季度季度报告全文
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Bill payable
Account payable 1,079,794.00 115,894.00 4,101,084.00 1,793,753.00
Advance account received 3,124,691.00 3,072,728.00 4,555,433.00 3,448,961.00
Selling of repurchased
financial assets
Fees and commissions
receivable
Employees’ wage payable 564,877.00 513,835.00 559,967.00 559,967.00
Tax payable 2,866,179.00 1,732,177.00 2,519,063.00 1,192,456.00
Interest payable
Dividend payable
Other account payable 27,729,631.00 657,451.00 30,926,067.00 652,984.00
Reinsurance fee payable
Insurance contract
provision
Entrusted trading of
securities
Entrusted selling of
securities
Non-current liability due in
1 year
Other current liability 3,047,424.00 1,164,142.00 2,460,013.00 1,139,376.00
Total of current liability 38,412,596.00 7,256,227.00 45,121,627.00 8,787,497.00
Non-current liabilities：
Long-term loan 1,404,593.00 1,534,300.00
Bond payable
Long-term payable 9,039,494.00 9,217,564.00
Special payable 891,281.00 891,292.00 908,839.00 908,839.00
Expected liabilities
Differed income tax liability 950,151.00 4,211,690.00 968,868.00 4,294,606.00
Other non-current
liabilities
Total of non-current
liabilities
12,285,519.00 5,102,982.00 12,629,571.00 5,203,445.00
Total of liability 50,698,115.00 12,359,209.00 57,751,198.00 13,990,942.00
Owners’ equity
Share capital 169,142,356.00 169,142,356.00 169,142,356.00 169,142,356.00
Capital reserves 39,388,107.00 31,606,598.00 39,297,104.00 31,606,598.00
Less：Shares in stock
Special reserve
Surplus reserves 26,704,791.00 26,309,287.00 26,704,791.00 26,309,287.00
Common risk provision
Undistributed profit -96,392,259.00 -76,949,212.00 -102,767,941.00 -76,527,638.00
Different of foreign currency 7,170,182.00 4,720,124.00 10,682,638.00 7,772,431.00深圳中冠纺织印染股份有限公司2010 年第三季度季度报告全文
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translation
Total of owner’s equity belong to
the parent company 146,013,177.00 154,829,153.00 143,058,948.00 158,303,034.00
Minor shareholders’ equity 450,239.00 508,088.00
Total of owners’ equity 146,463,416.00 154,829,153.00 143,567,036.00 158,303,034.00
Total of liabilities and owners’
equity 197,161,531.00 167,188,362.00 201,318,234.00 172,293,976.00
4.2 Profit statement of the report period
Prepared by：Shenzhen Victor Onward Textile Industrial Co., Ltd. July-September 2010 Unit：RMB
Report period Same period of the previous year
Items Consolidated Parent company Consolidated Parent company
I. Total operating income 2,240,956.00 389,295.00 7,689,102.00 4,324,818.00
Including：Operating income 2,240,956.00 389,295.00 7,689,102.00 4,324,818.00
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 2,571,862.00 456,440.00 11,463,834.00 7,178,926.00
including：operating cost 828,142.00 120,033.00 8,624,640.00 6,280,972.00
Interest expense
Commission charge and
commission expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal of
insurance contract reserve
Bonus expense of guarantee slip
Reinsurance expense
Operating tax and extras
Sales expenses 150,448.00 527,547.00
Administration expenses 1,819,441.00 1,001,525.00 1,992,855.00 1,013,690.00
Financial expenses -226,169.00 -665,118.00 318,792.00 -115,736.00
Losses of devaluation of assets
Add：changing income of fair
value 13,640.00 -3,887.00
Investment income 1,248,941.00 45,965.00 4,686,384.00 266,599.00
Including：Investment income on
affiliated company and joint
venture
Exchange income
III.Operating profit 931,675.00 -21,180.00 907,765.00 -2,587,509.00
Add：non-operating income 190.00 190.00 21,884.00 21,532.00
less：non-operating expense 791.00 -1.00 3,137.00
Including：disposal loss of
non-current assets深圳中冠纺织印染股份有限公司2010 年第三季度季度报告全文
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IV. Total profit 931,074.00 -20,989.00 926,512.00 -2,565,977.00
Less：expense of income tax
V. Net profit 931,074.00 -20,989.00 926,512.00 -2,565,977.00
Net profit attributable to
owner’s equity of parent company 962,978.00 -20,989.00 1,004,274.00 -2,565,977.00
Minority shareholders’ gains
and losses -31,904.00 -77,762.00
VI. Earnings per share
（i）basic earnings per share 0.01 0.007
（ii）Diluted earnings per share 0.01 0.007
VII. Other composite income -1,320,527.00 -1,443,228.00
VIII. Total composite income -389,453.00 -1,464,217.00 926,512.00 -2,565,977.00
Total comprehensive income
attributable to owners of parent
Company
-389,453.00 -1,464,217.00 1,004,274.00 -2,565,977.00
Total comprehensive income
attributable to minority
shareholders
-77,762.00
4.3 Profit statement from Year-begin to period-end
Prepared by：Shenzhen Victor Onward Textile Industrial Co., Ltd. January-September 2010 Unit：RMB
Report period Same period of the previous year
Items Consolidated Parent company Consolidated Parent company
I. Total operating income 7,521,544.00 916,884.00 20,176,605.00 9,089,273.00
Including：Operating income 7,521,544.00 916,884.00 20,176,605.00 9,089,273.00
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 9,249,256.00 1,491,258.00 27,700,013.00 13,486,060.00
including：operating cost 3,188,566.00 -172,062.00 20,238,958.00 10,391,552.00
Interest expense
Commission charge and
commission expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal of
insurance contract reserve
Bonus expense of guarantee slip
Reinsurance expense
Operating tax and extras
Sales expenses 527,740.00 1,675,268.00
Administration expenses 6,116,880.00 3,707,223.00 5,053,897.00 3,875,293.00
Financial expenses -583,930.00 -2,043,903.00 731,890.00 -780,785.00
Losses of devaluation of assets
Add：changing income of fair -4,046.00 38,946.00深圳中冠纺织印染股份有限公司2010 年第三季度季度报告全文
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value
Investment income 8,028,643.00 152,808.00 7,015,371.00 266,599.00
Including：Investment income on
affiliated company and joint
venture
Exchange income
III.Operating profit 6,296,885.00 -421,566.00 -469,091.00 -4,130,188.00
Add：non-operating income 190.00 190.00 48,482.00 45,791.00
less：non-operating expense 1,050.00 198.00 10,982.00
Including：disposal loss of
non-current assets
IV. Total profit 6,296,025.00 -421,574.00 -431,591.00 -4,084,397.00
Less：expense of income tax
V. Net profit 6,296,025.00 -421,574.00 -431,591.00 -4,084,397.00
Net profit attributable to
owner’s equity of parent company 6,375,682.00 -421,574.00 -261,603.00 -4,084,397.00
Minority shareholders’ gains
and losses -79,657.00 -169,988.00
VI. Earnings per share
（i）basic earnings per share 0.04 -0.003
（ii）Diluted earnings per share 0.04 -0.003
VII. Other composite income -3,356,229.00 -2,899,475.00
VIII. Total composite income 2,939,796.00 -3,321,049.00 -431,591.00 -4,084,397.00
Total comprehensive income
attributable to owners of parent
Company
2,927,399.00 -3,321,049.00 -261,603.00 -4,084,397.00
Total comprehensive income
attributable to minority
shareholders
12,397.00 -169,988.00
4.4 Cash flow statement from Year-begin to period-end
Prepared by：Shenzhen Victor Onward Textile Industrial Co., Ltd. January-September 2010 Unit：RMB
Report period Same period of the previous year
Items Consolidated Parent company Consolidated Parent company
I. Cash flows from operating
activities
Cash received from sales of
goods or rending of services 8,673,135.00 3,006,903.00 22,036,000.00 11,013,978.00
Net increase of customer
deposits and capital kept for
brother company
Net increase of loans
from central bank
Net increase of inter-bank
loans from other financial
bodies
Cash received against
original insurance contract深圳中冠纺织印染股份有限公司2010 年第三季度季度报告全文
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Net cash received from
reinsurance business
Net increase of client
deposit and investment
Net increase of trade
financial asset disposal
387,311.00 387,311.00 269,561.00 269,561.00
Cash received as interest,
processing fee and
commission
Net increase of inter-bank
fund received
Net increase of repurchasing
business
Tax returned 186,324.00 105,246.00 1,631,073.00 705,985.00
Other cash received from
business operation
1,367,117.00 873,610.00 3,759,390.00 1,637,053.00
Sub-total of cash inflow 10,613,887.00 4,373,070.00 27,696,024.00 13,626,577.00
Cash paid for purchasing
of merchandise and services 2,478,077.00 1,478,077.00 14,598,112.00 8,391,793.00
Net increase of client
trade and advance
Net increase of savings n
central bank and brother
company
Cash paid for original
contract claim
Cash paid for interest,
processing fee and
commission
Cash paid for policy
dividend
Cash paid to staffs or paid
for staffs
2,382,223.00 1,388,134.00 2,639,951.00 1,419,427.00
Taxes paid 1,473,844.00 640,531.00 6,415,072.00 5,663,505.00
Other cash paid for business
activities
3,708,368.00 1,506,483.00 8,311,088.00 2,017,456.00
Sub-total of cash outflow
from business activities
10,042,512.00 5,013,225.00 31,964,223.00 17,492,181.00
Cash flow generated by
business operation, net
571,375.00 -640,155.00 -4,268,199.00 -3,865,604.00
II. Cash flow generated by
investing
Cash received from
investment retrieving
Cash received as investment
gains
3,348.00 1,776.00
Net cash retrieved from
disposal of fixed assets,
9,739.00 9,739.00 61,532.00 52,368.00深圳中冠纺织印染股份有限公司2010 年第三季度季度报告全文
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intangible assets, and other
long-term assets
Net cash received from
disposal of subsidiaries or
other operational units
Other investment-related
cash received
Sub-total of cash inflow due
to investment activities
13,087.00 9,739.00 63,308.00 52,368.00
Cash paid for construction
of fixed assets, intangible
assets and other long-term
assets
125,438.00 91,538.00
Cash paid as investment 700,000.00 700,000.00
Net increase of loan
against pledge
Net cash received from
subsidiaries and other
operational units
Other cash paid for
investment activities
Sub-total of cash outflow
due to investment activities
125,438.00 791,538.00 700,000.00
Net cash flow generated by
investment
-112,351.00 9,739.00 -728,230.00 -647,632.00
III. Cash flow generated by
financing
Cash received as investment
Incl: Cash received as
investment from minor
shareholders
Cash received as loans
Cash received from bond
placing
Other financing –related
ash received
Sub-total of cash inflow
from financing activities
Cash to repay debts 3,000,000.00
Cash paid as dividend,
profit, or interests
Incl: Dividend and profit
paid by subsidiaries to minor
shareholders
Other cash paid for
financing activities
Sub-total of cash outflow
due to financing activities
3,000,000.00
Net cash flow generated by -3,000,000.00深圳中冠纺织印染股份有限公司2010 年第三季度季度报告全文
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financing
IV.Influence of exchange rate
alternation on cash and cash
equivalents
-609,156.00 -64,416.00 -36,159.00 17,194.00
V.Net increase of cash and
cash equivalents
-3,150,132.00 -694,832.00 -5,032,588.00 -4,496,042.00
Add: balance of cash and
cash equivalents at the
beginning of term
56,105,626.00 24,960,502.00 61,368,428.00 30,750,018.00
VI. Balance of cash and cash
equivalents at the end of term 52,955,494.00 24,265,670.00 56,335,840.00 26,253,976.00
4.5 Auditor’ report
Auditor’s opinions: Not audited
The Board of Directors of Shenzhen Victor Onward Textile Industrial Co., Ltd.
October 25, 2010
