NIV (Huizhou) Audio & Video Tech Co Ltd

SAIC FILING FOR 2009

FINANCIAL STATEMENTS

BALANCE SHEET

Exchange rate: 6.83

Y (000) US$ (000)

Cash & bank 34,315 5,024

Short-term investments - -
Inventory 30,111 4,409
Accounts receivable 144,615 21,173
Advances to supplies 424,221 62,111
Other receivables 68,532 10,034
Subsidies receivable 6,153 901
Prepaid expense - -
Other current assets - -
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------------------ ---
Current assets 707,947 103,653
Long-term investments - -
Fixed assets 339,331 49,682
Projects under construction 4,201 615
Project materials - -
Intangible assets 16,336 2,392
Other assets - -
---------------
------------------ ---
Total assets 1,067,815
=========== 156,342
==
Short term loans 299,870 43,905
Notes payable 88,593 12,971
Accounts payable 342,402 50,132
Advances from customers 11,514 1,686
Salaries and welfare payable 7,415 1,086
Taxes payable 17,855 2,614
Other accounts payable 39,381 5,766
Other unpayable 13 2
Accrued expenses 576 84
Other current liabilities - -
---------------
----------------- --
Current liabilities 807,619 118,246
Long term liabilities - -
---------------
------------------ ---
Total liabilities 807,619 118,246
Shareholders equity 260,196 38,096
---------------
------------------ ---
Total liabilities & equities 1,067,815
=========== 156,342
==
INCOME STATEMENT

Exchange rate: 6.83

Y (000) US$ (000)

Turnover (anuual sales) 1,180,988 172,912

Cost of goods sold - 1,023,435 - 149,844

Taxes and additional of main operation - -

Other operating profits 1,543 226

Sales expense - 43,700 - 6,398

Management expense - 54,592 - 7,993

Finance expense - 4,288 - 628

Investment income 15 2

Subsidy income 3,939 577

Non-operating income 64 9

Non-operating expense - 200 - 29

Profit before tax 60,334 8,834

Less: profit tax - 9,052 - 1,325

Net profit 51,282 7,508