深圳中冠纺织印染股份有限公司2009 年第一季度季度报告全文
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Shenzhen Victor Onward Textile Industrial Co., Ltd.
The First Quarterly Report 2009
§1 Important Notice
1.1. The Board of Directors , Supervisory Committee ,Directors , Supervisors, Senior Executives of the Company
guarantee that there are no significant omissions, fictitious or misleading statements carried in the Report and we
will accept individual and joint responsibilities for the truthfulness, accuracy and completeness of the Report.
1.2 Other directors attended the meeting on examining the Annual except for the following directors.
Name absent
director Title Reason of absence Name of entrusted
Jin Ligang Independent
Director
Mr. Jin Ligang did not attend this meeting for sake of
performing official duties and authorized independent
director Mr. Shen Songqin to attend the meeting and
exercise voting right on his behalf.
Shen Songqin
1.3 The financial report of the Company in this Quarterly report period has not been audited.
1.4. 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 Main accounting Highlights and financial indexes
Unit：RMB
At the end of the report period At the end of the last year
Increase/decrease of the end of
report period than that of the
end of the last year(%)
Total assets 190,711,044.00 192,923,851.00 -1.15%
Owner’s equity attributable to the
parent company 128,392,446.00 130,073,334.00 -1.29%
Stock capital 169,142,356.00 169,142,356.00 0.00%
Net assets per share attributable to the 0.76 0.77 -1.30%深圳中冠纺织印染股份有限公司2009 年第一季度季度报告全
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parent company
Amount of current period Amount of the same period in
last year Increase /decrease（％）
Total turnover 6,445,026.00 14,340,683.00 -55.06%
Net profit attributable to owners of
parent company -1,814,716.00 -1,323,573.00 37.11%
Net cash flow arising from operating
activities -624,750.00 6,870,357.00 -109.09%
Net cash flow per share arising from
operating activities 0.00 0.04 -100.00%
Basic earnings per share -0.01 -0.01 0.00%
Diluted earnings per share -0.01 -0.01 0.00%
Return on net assets -1.41% -0.83% -0.58%
Return on net assets after deducting
non-recurring gains and losses -1.42% -0.94% -0.48%
Items of non-current gains and losses Year begin to end of report
period
Other non-operating income and expenditure beside for the above items 2,119.00
Total 2,119.00
Explanation Items of non-current gains and losses：
Other Non-operating income :RMB 2339 and Other Non-operating expense :RMB 220.
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 in the end of the
report period 11,451
Share held by the top ten shareholders with unrestricted conditions
Name of shareholder Amount of unrestricted shares held Type of shares
STYLE－SSTYLE－SUCCESS LIMITED 24,466,029 Foreign shares placed in domestic
exchange
Shenzhen Textile (Group)Holdings Ltd 8,457,119 RMB common shares
Union Development Group Co., Ltd. 6,299,185 RMB common shares
Rich Crown Investment Co., Ltd. 6,114,556 Foreign shares placed in domestic
exchange
Shing Ying Chieh 5,087,061 Foreign shares placed in domestic
exchange
Yang Xiaohua 2,343,637 RMB common shares
Chen Weiyu 1,538,449 RMB common shares
TAIFOOK SECURITIES COMPANY
LIMITED-ACCOUNT CLIENT 1,337,583 Foreign shares placed in domestic
exchange
Huang Xiaoyun 768,888 RMB common shares
Shi Huirong 756,703 RMB common shares
§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.深圳中冠纺织印染
股份有限公司2009 年第一季度季度报告全文
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Unit：RMB
Items March 31,2009 December 31,2008 Amount of increased / Proportion increased/
Decreased Decreased
Account payable 4,550,597 6,175,741 1,625,144 -26.31%
Account receivable decreased by RMB 1.63 million and -26.31%, mainly due to the decrease in 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 2009 to March 2009,the company earned operating income of RMB 6.45 million on
accumulative basis,
which decreased by RMB 7.90 million and 55.06% year on year. Net profit is RMB -1.85 million. compare to
the data last year same
period, which loss decreased by RMB 0.48 million and 20.66%.
⑴Analysis of reason for decrease of operating income：
Due to continuous production suspense in the report year.
⑵The main reason for decreased of amount of loss：
Due to continuous production suspense and rectification in the report year.
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 -624,750 6,870,357 -7,495,107 -109.09%
Net cash flows from investing activities -34,347 0 -34,347
Net cash flows from financing activities 0 0 0
The influence of change in exchange rate
On cash and cash equivalents 16,280 -1,945,006 1,961,286 -100.84%
Net increase of cash and cash equivalents -642,817 4,925,351 5,568,168 -113.05%
⑴At the end of the report period, net increase in cash and cash equivalents at the end of the report
period decrease by RMB 7.5
million and 109.09% year on year Mainly due to decrease of funds recovered from disposal of inventory
assets in this
report period.
⑵In the report period, Net cash flows from investing activities at the end of the report period decreased
by RMB 0.03 million year on
year.
⑶At the End of the report period, There were neither net cash flows from financing activities nor this
item in the same
period of previous year.
⑷At he End of the report period, The influence of change in exchange rate on cash and cash equivalents at
the end of the report period
increased by 1.96 million and Decreased by 100.84% year on year, Mainly due to fluctuation of RMB.
3.2 The progress of significant events and influence, as well as the analysis and explanation on resolving
proposal.
√ applicable □ not applicable
Since March 2007, Shenzhen Victor Onward Textile Industrial Co., Ltd. stopped production and dismissed most
of
workers. The company currently only had some agent import and export business and house leasing business.
Except that Shenzhen East Asia Victor Onward Textile Printing and Dyeing Co., Ltd. is still operating
normally,
other 5 subsidiaries controlled by the Company have stopped operation or are maintaining daily operation by
house
property lease. It plans to invest in Nanjing East Asia Textile Printing and Dyeing Co., Ltd. with part of
machinery and equipment in 2007, Due to the reason on the side of the other party of joint venture and
change
of industry prospect. The investment plan was delayed.
The company mainly made efforts to promote the transfer of printing and dyeing mill project, the company
will strengthen construction
direction coordination work，in order to carry out the transfer project as soon as possible.深圳中冠纺织印染
股份有限公司2009 年第一季度季度报告全文
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3.3 The fulfillment of the commitment made by the Company , shareholders and the actual controller
√ applicable □ not applicable
Items Commitment Status of fulfillment of commitment
Promise in share holding structure
reform
All shareholders holding
non-negotiable shares
unanimously promised to
abide by laws and regulations
and perform statutory
obligation of commitment.
At present, this commitment is under fulfillment.
fulfillment.
Promise of share sale
restriction
Union Holding Co., Ltd., the
largest shareholder of the
Company , made special
commitment during the Company
‘s share holding structure reform:
the original non-negotiable shares
shall not be listed and sold through
Shenzhen Stock Exchange within
36 months after the date of
execution of share holding
structure reform .
At present, this commitment is under fulfillment
Commitment of share conditional
subscription No No
Commitments made in Acquisition Report
or Reports on Change in interests No No
Commitments made in issuing No No
Other commitments(Including
supplementary commitments) No No
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
Forenotice of earnings Loss
Year beginning to end of next
report period
Same period of the
previous year Increase or decrease%
Estimated amount of
accumulative net
profit(RMB’0000)
-350.00 -430.00 Decrease 80
Basic earnings per shares
(Yuan/share) -0.02 -0.03 Increase 0.01
Notes to forenotice of earnings
The accumulative net profit of the Company for the period from the beginning of the
year to the end of the next report period is estimated to be negative Due to main
business suspense, income decreased and disposal of materials in stock .The amount of
loss is about RMB 2.8 million-3.5 million.
3.5 Major events needs to be explained
3.5.1 Investment in securities
√applicable □not applicable
Unit：（RMB）深圳中冠纺织印染股份有限公司2009 年第一季度季度报告全文
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No Stock type Stock code Stock
abbreviation
Initial
investment
amount(Yuan)
Holding
quantity(Shar
e)
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
priod(RMB)
1 Hong
Kong H 178 Shasha
International 5,974.00 2,000.00 4,251.00 8.66% 900.00
2 Hong
Kong H 560 Chukong
Dhipping 9,046.00 6,000.00 3,969.00 8.09% -158.00
3 Hong
Kong H 604 Shenzhen
Holding 125,403.00 24,000.00 40,856.00 83.25% 11,636.00
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 - - - - 0.00
Total 140,423.00 - 49,076.00 100% 12,378.00
Explanation Investment in securities ：
The above stocks were held by Victor Onward Printing & Dyeing (Hong Kong) Co., Ltd., a wholly-owned
subsidiary of the Company.
3.5.2 Reception of investigations , communications , or interviews
Reception Place Mode Object Discussion issue and offered
information
January 21,2009 Office of board secretary
of the Company Telephone Individual
shareholder
To learn about the Company’s operating
status
February 4,2009 Office of board secretary
of the Company Telephone Individual
shareholder
To learn about the Company’s operating
status. To learn about the progress of
investment projects
March 25,2009 Office of board secretary
of the Company Telephone Individual
shareholder
To learn about whether the Company
has a reorganization plan
3.5.3 Explanation of other significant events
□ applicable √not applicable
§4 Appendix
4.1 Balance sheet
Prepared by：Shenzhen Victor Onward Textile Industrial Co., Ltd. March 31, 2009 Unit：RMB
Year-end balance Year-beginning balance
Items Consolidated Parent company Consolidated Parent company
Current asset：
Monetary fund 60,725,611.00 30,423,233.00 61,368,428.00 30,750,018.00
Settlement provision
Outgoing call loan
Trading financial assets 49,076.00 36,687.00深圳中冠纺织印染股份有限公司2009 年第一季度季度报告全文
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Bill receivable 850,000.00
Account receivable 3,023,378.00 484,827.00 2,746,095.00 714,042.00
Prepayments 1,823,900.00 1,815,897.00
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance
contracts receivable
Interest receivable 91,100.00 91,087.00
Dividend receivable
Other account receivable 886,978.00 82,160,949.00 614,673.00 82,236,725.00
Repurchasing of financial
assets
Inventories 3,827,948.00 2,626,073.00 3,510,747.00 2,625,685.00
Non-current asset due in 1
year
Other current asset
Total of current assets 70,427,991.00 115,695,082.00 71,033,614.00 116,326,470.00
Non-current assets：
Loans and payment on
other’s behalf disbursed
Disposable financial asset 189,769.00 207,255.00
Expired investment in
possess
Long-term receivable
Long term share equity
investment
46,642,295.00 39,980,751.00 47,184,759.00 39,974,858.00
Property investment 47,714,888.00 6,881,680.00 48,165,784.00 6,972,363.00
Fixed assets 22,140,924.00 18,442,280.00 22,737,791.00 18,441,088.00
Construction in progress
Engineering material
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets
R & D petrol
Goodwill 3,595,177.00 3,594,648.00
Long-germ expenses to be
amortized
Differed income tax asset
Other non-current asset
Total of non-current assets 120,283,053.00 65,304,711.00 121,890,237.00 65,388,309.00
Total of assets 190,711,044.00 180,999,793.00 192,923,851.00 181,714,779.00
Current liabilities
Short-term loans深圳中冠纺织印染股份有限公司2009 年第一季度季度报告全文
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Loan from Central Bank
Deposit received and hold
for others
Call loan received
Trade off financial
liabilities
Bill payable
Account payable 4,550,597.00 951,071.00 6,175,741.00 1,867,796.00
Advance account received 5,281,205.00 2,464,931.00 5,281,103.00 2,464,838.00
Selling of repurchased
financial assets
Fees and commissions
receivable
Employees’ wage payable 655,974.00 598,241.00 599,884.00 560,676.00
Tax payable 5,397,460.00 3,962,180.00 4,551,693.00 3,864,340.00
Interest payable
Dividend payable
Other account payable 30,332,512.00 663,609.00 30,064,983.00 720,894.00
Reinsurance fee payable
Insurance contract
provision
Entrusted trading of
securities
Entrusted selling of
securities
Non-current liability due in
1 year
Other current liability 2,460,019.00 1,137,087.00 2,460,041.00 1,137,304.00
Total of current liability 48,677,767.00 9,777,119.00 49,133,445.00 10,615,848.00
Non-current liabilities：
Long-term loan 1,640,050.00 1,674,164.00
Bond payable
Long-term payable 9,233,581.00 9,232,220.00
Special payable 910,418.00 910,418.00 910,284.00 910,284.00
Expected liabilities
Differed income tax liability 1,016,099.00 3,519,875.00 1,015,950.00 3,519,356.00
Other non-current
liabilities
Total of non-current
liabilities
12,800,148.00 4,430,293.00 12,832,618.00 4,429,640.00
Total of liability 61,477,915.00 14,207,412.00 61,966,063.00 15,045,488.00
Owners’ equity
Share capital 169,142,356.00 169,142,356.00 169,142,356.00 169,142,356.00
Capital reserves 39,177,114.00 31,606,598.00 39,194,631.00 31,606,598.00深圳中冠纺织印染股份有限公司2009 年第
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Less：Shares in stock
Surplus reserves 26,309,287.00 26,309,287.00 26,309,287.00 26,309,287.00
Common risk provision
Undistributed profit -117,625,233.00 -68,320,153.00 -115,810,517.00 -68,418,602.00
Different of foreign currency
translation 11,388,922.00 8,054,293.00 11,237,577.00 8,029,652.00
Total of owner’s equity belong to
the parent company 128,392,446.00 166,792,381.00 130,073,334.00 166,669,291.00
Minor shareholders’ equity 840,683.00 884,454.00
Total of owners’ equity 129,233,129.00 166,792,381.00 130,957,788.00 166,669,291.00
Total of liabilities and owners’
equity 190,711,044.00 180,999,793.00 192,923,851.00 181,714,779.00
4.2 Profit statement
Prepared by：Shenzhen Victor Onward Textile Industrial Co., Ltd. January-March 2009 Unit：RMB
Report period Same period of the previous year
Items Consolidated Parent company Consolidated Parent company
I.Total operating income 6,445,026.00 2,527,972.00 14,340,683.00 5,917,144.00
Including：Operating income 6,445,026.00 2,527,972.00 14,340,683.00 5,917,144.00
Interest income
Insurance gained
Commission charge and
commission income
II.Total operating cost 7,756,674.00 2,429,523.00 16,242,177.00 5,316,313.00
Including：Operating cost 4,404,659.00 1,472,917.00 12,208,985.00 6,149,248.00
Interest expense
Commission chare 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 799,222.00 1,032,294.00
Administration
expenses 2,276,214.00 1,211,719.00 3,160,446.00 1,427,960.00
Financial expenses 276,579.00 -255,113.00 -159,548.00 -2,260,895.00
Losses of devaluation of assets
Add ：Changing income of fair
value 12,378.00 -53,259.00
Investment income -549,183.00 -218,700.00 188,555.00
Including：Investment income
on affiliate company and joint深圳中冠纺织印染股份有限公司2009 年第一季度季度报告全文
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venture
Exchange income
III. Operating profit -1,848,453.00 98,449.00 -2,173,453.00 789,386.00
Add ：Non-operating income 2,339.00
Less：Non-operating expense 220.00 13,950.00 13,754.00
Including :Disposal loss of
non-current assets
IV. Total profit -1,846,334.00 98,449.00 -2,187,403.00 775,632.00
Less：Income tax 139,614.00 139,614.00
V. Net profit -1,846,334.00 98,449.00 -2,327,017.00 636,018.00
Net profit attributable to
owner’s equity of parent company -1,814,716.00 -1,323,573.00
Minority shareholders’ gains and
losses 331,618.00 -1,003,444.00
VI. Earnings per share
（i）Basic earnings per share -0.01 -0.01
（ii）Diluted earnings per share -0.01 -0.01
4.3 Cash flow statement
Prepared by：Shenzhen Victor Onward Textile Industrial Co., Ltd. January-March 2009 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 5,963,391.00 2,092,610.00 17,747,988.00 13,624,420.00
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
Net cash received from
reinsurance business
Net increase of client
deposit and investment
Net increase of trade
financial asset disposal
186,668.00 186,668.00
Cash received as interest,
processing fee and
commission
Net increase of
inter-bank fund received
Net increase of深圳中冠纺织印染股份有限公司2009 年第一季度季度报告全文
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repurchasing business
Tax returned 541,172.00 283,836.00 2,599,096.00 186,860.00
Other cash received from
business operation
2,047,725.00 1,067,280.00 1,515,661.00 1,422,624.00
Sub-total of cash inflow 8,552,288.00 3,443,726.00 22,049,413.00 15,420,572.00
Cash paid for purchasing
of merchandise and services 4,208,776.00 2,504,075.00 12,059,433.00 5,088,799.00
Net increase of client trade
and advance
Net increase of savings
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
966,398.00 430,303.00 1,140,179.00 538,763.00
Taxes paid 393,816.00 174,716.00 509,897.00 171,668.00
Other cash paid for
business activities
3,608,048.00 675,354.00 1,469,547.00 731,995.00
Sub-total of cash
outflow from business
activities
9,177,038.00 3,784,448.00 15,179,056.00 6,531,225.00
Cash flow generated by
business operation, net
-624,750.00 -340,722.00 6,870,357.00 8,889,347.00
II.Cash flow generated by
investing
Cash received from
investment retrieving
Cash received as
investment gains
Net cash retrieved from
disposal of fixed assets,
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
Cash paid for construction of
fixed assets, intangible assets
and other long-term assets
34,347.00深圳中冠纺织印染股份有限公司2009 年第一季度季度报告全文
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Cash paid as investment
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
34,347.00
Net cash flow generated
by investment
-34,347.00
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
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
Net cash flow generated by
financing
IV.Influence of exchange rate
alternation on cash and cash
equivalents
16,280.00 13,937.00 -1,945,006.00 -1,323,013.00
V.Net increase of cash and
cash equivalents
-642,817.00 -326,785.00 4,925,351.00 7,566,334.00
Add: balance of cash and
cash equivalents at the
beginning of term
61,368,428.00 30,750,018.00 52,656,852.00 31,467,687.00
VI .Balance of cash and cash
equivalents at the end of term 60,725,611.00 30,423,233.00 57,582,203.00 39,034,021.00深圳中冠纺织印染股份有
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4.4 Auditor’ report
Auditor’s opinions: Not audited
