----

| Nevada                          |   | 20-2190950          |
|---------------------------------|--------|---------------------|
| (State or other jurisdiction of |   | (I.R.S. Employer    |
| incorporation or organization)  |   | Identification No.) |

| Large accelerated filer o |    | Accelerated filer o |    | Non-accelerated filer o |    | Smaller Reporting Company x |
|---------------------------|--------------|---------------------|--------------|-------------------------|--------------|-----------------------------|

----

----

| PART I      |         |                                                                                                               |         | 3  |
|-------------|--------------|--------------------------------------------------------------------------------------------------------------------|--------------|----|
| ITEM 1.     |         | Business                                                                                                           |         | 3  |
| ITEM 1A     |         | Risk Factors                                                                                                       |         | 13 |
| ITEM 1B.    |         | Unresolved Staff Comments                                                                                          |         | 14 |
| ITEM 2.     |         | Properties                                                                                                         |         | 14 |
| ITEM 3.     |         | Legal Proceedings                                                                                                  |         | 15 |
| ITEM 4.     |         | Submission of Matters to a Vote of Security Holders                                                                |         | 16 |
| PART II     |         |                                                                                                               |         | 16 |
| ITEM 5.     |         | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |         | 16 |
| ITEM 6.     |         | Selected Financial Data                                                                                            |         | 18 |
| ITEM 7.     |         | Management‘s Discussion and Analysis of Financial Condition and Results of Operations                        |         | 18 |
| ITEM 7A.    |         | Quantitative and Qualitative Disclosures about Market Risk.                                                        |         | 26 |
| ITEM 8.     |         | Financial Statements and Supplementary Data                                                                        |         | 26 |
| ITEM 9.     |         | Changes in and Disagreements with Accountants on Accounting and Financial Disclosures                              |         | 26 |
| ITEM 9A(T). |         | Controls and Procedures                                                                                            |         | 27 |
| ITEM 9B.    |         | Other Information                                                                                                  |         | 27 |
| PART III    |         |                                                                                                               |         | 28 |
| ITEM 10.    |         | Directors, Executive Officers, and Corporate Governance                                                            |         | 28 |
| ITEM 11.    |         | Executive Compensation                                                                                             |         | 33 |
| ITEM 12.    |         | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                     |         | 35 |
| ITEM 13.    |         | Certain Relationships and Related Transactions, and Director Independence                                          |         | 36 |
| ITEM 14.    |         | Principal Accountant Fees and Services                                                                             |         | 37 |
| PART IV     |         |                                                                                                               |         | 39 |
| ITEM 15.    |         | Exhibits and Financial Statement Schedules                                                                         |         | 39 |
| SIGNATURES  |    |                                                                                                               |    | 43 |

----

| ITEM 1. | Business |
|---------|----------|

----

----

| Product    |    | Dimentions (LxWxH) |    | Weight(kg) |    | PowerOutput(w) |    | EstimatedHoursRequiredPerCharging(1) |    | EstimatedMinutesof UsePerCharging(min)(2) |    | EstimatedTravelDistance PerCharging (km) |
|------------|--------------|-------------------------|--------------|------------|--------------|----------------|--------------|--------------------------------------|--------------|------------------------------------------------|--------------|----------------------------------------------------|
|       |         |                    |         |       |         |           |         |                                 |         |                                           |         |                                               |
| 6-DZM-10Ah |         | 151×99×98     |         | 4.2        |         | 60             |         | 10h                                  |         | 135-145                                        |         | 45-50                                              |
|       |         |                    |         |       |         |           |         |                                 |         |                                           |         |                                               |
| 6-DZM-12Ah |         | 151×99×102    |         | 4.3        |         | 72             |         | 10h                                  |         | 120-130                                        |         | 45-50                                              |
|       |         |                    |         |       |         |           |         |                                 |         |                                           |         |                                               |
| 6-DZM-16Ah |         | 151×99×118    |         | 5.6        |         | 96             |         | 10h                                  |         | 120-130                                        |         | 50-60                                              |
|       |         |                    |         |       |         |           |         |                                 |         |                                           |         |                                               |
| 6-DZM-17Ah |         | 181×76×166    |         | 6.3        |         | 102            |         | 10h                                  |         | 120-130                                        |         | 50-60                                              |
|       |         |                    |         |       |         |           |         |                                 |         |                                           |         |                                               |
| 6-DZM-20Ah |         | 181×76×170    |         | 7.0        |         | 120            |         | 10h                                  |         | 120-130                                        |         | 60-70                                              |
|       |         |                    |         |       |         |           |         |                                 |         |                                           |         |                                               |
| 8-DZM-18Ah |         | 250×100×128   |         | 9.0        |         | 144            |         | 10h                                  |         | 120-130                                        |         | 60-70                                              |
|       |         |                    |         |       |         |           |         |                                 |         |                                           |         |                                               |
| 8-DZM-20Ah |         | 250×100×128   |         | 9.05       |         | 160            |         | 10h                                  |         | 120-130                                        |         | 60-70                                              |
|       |         |                    |         |       |         |           |         |                                 |         |                                           |         |                                               |
| 6-DZM-24Ah |         | 175×165×125   |         | 9.5        |         | 144            |         | 10h                                  |         | 120-130                                        |         | 70-80                                              |
|       |         |                    |         |       |         |           |         |                                 |         |                                           |         |                                               |
| 6-DZM-25Ah |         | 250×78×118    |         | 8.85       |         | 150            |         | 10h                                  |         | 120-130                                        |         | 70-80                                              |

----

|            |                       |
|------------|-----------------------|
|       |                  |
| 6-DZM-10AH | 6-DZM-12AH            |
|       |                  |
|            |                       |
|       |                  |
| 6-DZM-16AH | 6-DZM-17AH            |
|       |                  |
|            |                       |
|       |                  |
| 6-DZM-20AH | 8-DZM-18AH/8-DZM-20AH |

----

|            |            |
|------------|------------|
|       |       |
| 6-DZM-24AH | 6-DZM-25AH |

| Battery Manufacturer        |   | Production Location |   | Revenues in 2009(approximate)US$(Million) |   |   | Market Share |   |
|----------------------------------|--------|--------------------------|--------|-----------------------------------------------------|--------|--------|-------------------|--------|
| Tianneng Power International     |   | Changxing, Zhejiang      |   |                                                | 376.97 |   |              |   | 22 | % |
| Zhejiang Chaowei Power Co., Ltd. |   | Changxing, Zhejiang      |   |                                                | 222.69 |   |              |   | 13 | % |
| CHISEN                           |   | Changxing, Zhejiang      |   |                                                | 109.02 |   |              |   | 6 | % |

----

----

----

|            |   | Purchases                                           |   |   |                                                | Accounts Payable |
|----------------------|--------|-----------------------------------------------------|--------|--------|-----------------------------------------------------|-----------------------|
| Major Suppliers |   | Fiscal year endedMarch 31, 2009 |   |   | Fiscal year endedMarch 31, 2008 |                  |   | Fiscal year endedMarch 31, 2009 |   | Fiscal year endedMarch 31, 2008 |
|                 |   |                                                |   |   |                                                |                  |   |   |   |   |   |   |
| Company A            |   |                                                | 19.44  | %      |                                                |                  | 8.56 | % |   | US$ | 1,539,000 |   | US$  | 403,000 |
|                 |   |                                                |   |   |                                                |                  |   |   |   |   |   |   |   |   |
| Company B            |   |                                                | 17.46  | %      |                                                |                  | 4.63 | % |   | US$  |  0 |   | US$ | 138,000 |
|                 |   |                                                |   |   |                                                |                  |   |   |   |   |   |   |   |   |
| Company C            |   |                                                | 11.99  | %      |                                                |                  | 23.32 | % |   | US$ |  85,000 |   | US$  | 692,000 |
|                 |   |                                                |   |   |                                                |                  |   |   |   |   |   |   |   |   |
| Company D            |   |                                                | 11.07  | %      |                                                |                  | 8.2 | % |   | US$  |  1,055,000 |   | US$  | 603,000 |
|                 |   |                                                |   |   |                                                |                  |   |   |   |   |   |   |   |   |
| Company E            |   |                                                | 7.69   | %      |                                                |                  | 0 | % |   | US$ |  0 |   | US$  | 0 |

----

|                 |   | Sales                                               |   |   | Accounts Receivable                            |   |
|----------------------|--------|-----------------------------------------------------|--------|--------|-----------------------------------------------------|--------|
| Major Customers |   | Fiscal year endedMarch 31, 2009 |   |   | Fiscal year endedMarch 31, 2008 |   |   | Fiscal year endedMarch 31, 2009 |   | Fiscal year endedMarch 31, 2008 |   |
|                 |   |                                                |   |   |                                                |   |   |   |   |   |   |
| Company X            |   |                                                | 47.40  | %      |                                                |   | 40.01 | % |   | US$ | 29,598,000 |   | US$ | 10,900,000 |   |
|                 |   |                                                |   |   |                                                |   |   |   |   |   |   |   |   |   |   |
| Company Y            |   |                                                | 6.34   | %      |                                                |   | 0.15 | % |   | US$ | 1,609,000 |   | US$ | 345,000 |   |
|                 |   |                                                |   |   |                                                |   |   |   |   |   |   |   |   |   |   |
| Company Z            |   |                                                | 3.25   | %      |                                                |   | 6.6 | % |   | US$ | 613,000 |   | US$ | 1,731,000 |   |

----

|   | · | National Inspection-Free Product Certification (2007-2010) |
|--------|--------|------------------------------------------------------------|

|   | · | China Foundation of Consumer Protection High Quality Product Certification |
|--------|--------|----------------------------------------------------------------------------|

|   | · | China Famous Trademark |
|--------|--------|------------------------|

|   | · | Huzhou Municipal Government High Quality Enterprise Certificate |
|--------|--------|-----------------------------------------------------------------|

|   | · | Zhejiang Famous Product Certification (December 2007) |
|--------|--------|-------------------------------------------------------|

|   | · | Zhejiang Clean Production Enterprise Certificate |
|--------|--------|--------------------------------------------------|

|   | · | Zhejiang Patent Demonstration Enterprise |
|--------|--------|------------------------------------------|

|   | · | Zhejiang Advanced Information Management Enterprise |
|--------|--------|-----------------------------------------------------|

|   | · | Zhejiang Top 100 Most Innovative Enterprise |
|--------|--------|---------------------------------------------|

|   | · | Zhejiang Famous Trademark Enterprise Certificate (February 2009) |
|--------|--------|------------------------------------------------------------------|

----

| ITEM 1A | Risk Factors |
|---------|--------------|

----

| ITEM 1B. | Unresolved Staff Comments |
|----------|---------------------------|

| ITEM 2. | Properties |
|---------|------------|

| Address                                                                                                                      |   | Lessor                                           |   | Area(Squaremeters) |   | RentalAmountPer year(US$) |   | CommencementDate |   | TerminationDate   |   | Note                                                             |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|--------|--------------------|--------|--------------------------------|--------|------------------|--------|-------------------|--------|------------------------------------------------------------------|--------|
| No.8 Factory Building, Xiangyi Industrial Park, Economic Development Zone, Changxing, Zhejiang, China                        |   | Changxing Xiangyi Industrial Park Investment Co. |   | 6,200              |   | 68,867                         |   | August 1, 2008   |   | July 31, 2013     |   | The annual rent will increase by 5% yearly from August 1, 2009.  |   |
|                                                                                                                         |   |                                             |   |               |   |                           |   |             |   |              |   |                                                             |   |
| No.4 Factory Building, Xiangyi Industrial Park, Economic Development Zone, Changxing, Zhejiang, China                        |   | Changxing Xiangyi Industrial Park Investment Co. |   | 6,200              |   | 68,867                         |   | August 1, 2008   |   | July 31, 2013     |   | The annual rent will increase by 5% yearly from August 1, 2009.  |   |
|                                                                                                                         |   |                                             |   |               |   |                           |   |             |   |              |   |                                                             |   |
| The North Part of the No. 6 Factory Building, Xiangyi Industrial Park, Economic Development Zone, Changxing, Zhejiang, China |   | Changxing Xiangyi Industrial Park Investment Co. |   | 3,100              |   | 34,434                    |   | August 1, 2008   |   | July 31, 2013     |   | The annual rent will increase by 5% yearly from August 1, 2009.  |   |
|                                                                                                                         |   |                                             |   |               |   |                           |   |             |   |              |   |                                                             |   |
| No.1 Factory Building, Xiangyi Industrial Park, Economic Development Zone, Changxing, Zhejiang, China                        |   | Changxing Xiangyi Industrial Park Investment Co. |   | 6,200              |   | 70,386                         |   | January 1, 2009  |   | December 31, 2013 |   | The annual rent will increase by 5% yearly from January 1, 2010. |   |

----

| The North Part of the No. 2 Factory Building, Xiangyi Industrial Park, Economic Development Zone, Changxing, Zhejiang, China |   | Changxing Xiangyi Industrial Park Investment Co. |   | 3,100  |   | 35,193 |   | February 8, 2009  |   | February 7, 2014       |   |  The annual rent will increase by 5% yearly from February 8, 2010.  |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|--------|--------|--------|--------|--------|-------------------|--------|------------------------|--------|--------------------------------------------------------------------------|--------|
|                                                                                                                         |   |                                             |   |   |   |   |   |              |   |                   |   |                                                                     |   |
| The South Part of the No. 2 Factory Building, Xiangyi Industrial Park, Economic Development Zone, Changxing, Zhejiang, China |   | Changxing Xiangyi Industrial Park Investment Co. |   | 3,100  |   | 35,193 |   | February 1, 2009  |   |  January 31, 2014 |   |  The annual rent will increase by 5% yearly from February 1, 2010.  |   |
|                                                                                                                         |   |                                             |   |   |   |   |   |              |   |                   |   |                                                                     |   |
| The South Part of the No. 5 Factory Building, Xiangyi Industrial Park, Economic Development Zone, Changxing, Zhejiang, China |   | Changxing Xiangyi Industrial Park Investment Co. |   | 3,100  |   | 35,193 |   | February 16, 2009 |   | February 15, 2014      |   |  The annual rent will increase by 5% yearly from February 16, 2010. |   |
|                                                                                                                         |   |                                             |   |   |   |   |   |              |   |                   |   |                                                                     |   |
| No.7 Factory Building, Xiangyi Industrial Park, Economic Development Zone, Changxing, Zhejiang, China                        |   | Changxing Xiangyi Industrial Park Investment Co. |   | 6,200  |   | 70,386 |   | February 16, 2009 |   | February 15, 2014      |   | The annual rent will increase by 5% yearly from February 16, 2010.       |   |

| ITEM 3. | Legal Proceedings |
|---------|-------------------|

----

| ITEM 4. | Submission of Matters to a Vote of Security Holders |
|---------|-----------------------------------------------------|

| ITEM 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
|--------------|--------------------------------------------------------------------------------------------------------------------|

| Closing Bid Prices           |   | High (US$) |   |   | Low (US$) |   |
|----------------------------------------|--------|-----------------|--------|--------|----------------|--------|
| Calendar Year Ending December 31, 2009 |   |            |   |   |           |   |
|                                   |   |            |   |   |           |   |
| 1st Quarter                            |   |            | 1.70   |   |           |   | 0.925 |   |
|                                   |   |            |   |   |           |   |   |   |
| Calendar Year Ending December 31, 2008 |   |            |   |   |           |   |   |   |
|                                   |   |            |   |   |           |   |   |   |
| 4th Quarter                            |   |            | 3.30   |   |           |   | 1.05 |   |
|                                   |   |            |   |   |           |   |   |   |
| 4th Quarter (prior to 3 for 1 split)   |   |            | 0.10   |   |           |   | 0.10 |   |
|                                   |   |            |   |   |           |   |   |   |
| 3rd Quarter:                           |   |            | 0.10   |   |           |   | 0.10 |   |
|                                   |   |            |   |   |           |   |   |   |
| 2nd Quarter:                           |   |            | 0.10   |   |           |   | 0.10 |   |
|                                   |   |            |   |   |           |   |   |   |
| 1st Quarter:                           |   |            | 0.10   |   |           |   | 0.10 |   |
|                                   |   |            |   |   |           |   |   |   |
| Calendar Year Ended December 31, 2007  |   |            |   |   |           |   |   |   |
|                                   |   |            |   |   |           |   |   |   |
| 4th Quarter:                           |   | NONE            |   |   | NONE           |   |
|                                   |   |            |   |   |           |   |   |   |
| 3rd Quarter:                           |   | NONE            |   |   | NONE           |   |
|                                   |   |            |   |   |           |   |   |   |
| 2nd Quarter:                           |   | NONE            |   |   | NONE           |   |
|                                   |   |            |   |   |           |   |   |   |
| 1st Quarter:                           |   | NONE            |   |   | NONE           |   |
|                                   |   |            |   |   |           |   |   |   |
| Calendar Year Ended December 31, 2006  |   |            |   |   |           |   |   |   |
|                                   |   |            |   |   |           |   |   |   |
| 4th Quarter:                           |   | NONE            |   |   | NONE           |   |
|                                   |   |            |   |   |           |   |   |   |
| 3rd Quarter:                           |   | NONE            |   |   | NONE           |   |
|                                   |   |            |   |   |           |   |   |   |
| 2nd Quarter:                           |   | NONE            |   |   | NONE           |   |
|                                   |   |            |   |   |           |   |   |   |
| 1st Quarter:                           |   | NONE            |   |   | NONE           |   |

----

----

| ITEM 6. | Selected Financial Data |
|---------|-------------------------|

| ITEM 7. | Management‘s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

----

----

| Buildings                                | 20 years |
|------------------------------------------|----------|
| Furniture, fixtures and office equipment | 10 years |
| Motor vehicles                           | 5 years  |
| Plant and machinery                      | 10 years |

----

| (a) | assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

| (b) | income and expenses for each statement of operations are translated at average exchange rates; and |
|-----|----------------------------------------------------------------------------------------------------|

| (c) | all resulting exchange differences are recognized as a separate component of equity. |
|-----|--------------------------------------------------------------------------------------|

|                                          |   | Years ended March 31, |   |
|-----------------------------------------------|--------|--------------------------------------|--------|
|                                          |   | 2009                                 |   |   | 2008 |   |
|                                          |   | US$’000                        |   |   | US$’000 |   |
|                                          |   |                                 |   |   |   |   |
| Balance as of April 1,                        |   |                                 | 413    |   |   |   | 220 |   |
| Exchange realignment                          |   |                                 | 9      |   |   |   | - |   |
| Accrual for warranties issued during the year |   |                                 | 91     |   |   |   | 1,452 |   |
| Settlement made during the year               |   |                                 | (392   | ) |   |   | (1,259 | ) |
|                                          |   |                                 |   |   |   |   |   |   |
| Balance as of March 31,                       |   |                                 | 121    |   |   |   | 413 |   |

----

----

|                                |   | For The Years Ended March 31, |        |
|-------------------------------------|--------|--------------------------------------------------------|-------------|
|                                |   | 2009                                                   |        |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Revenues                            |   | $                                                      | 109,020,000 |   |   | $ | 65,387,000 |   |   |   | 100.00 | % |   |   | 100.00 | % |
| Cost of sales                       |   | $                                                      | 88,823,000  |   |   | $ | 51,964,000 |   |   |   | 81.47 | % |   |   | 79.47 | % |
| Gross income                        |   | $                                                      | 20,197,000  |   |   | $ | 13,423,000 |   |   |   | 18.53 | % |   |   | 20.53 | % |
| Sales, marketing and distribution   |   | $                                                      | 5,337,000   |   |   | $ | 4,878,000 |   |   |   | 4.90 | % |   |   | 7.46 | % |
| General and administrative expenses |   | $                                                      | 4,007,000   |   |   | $ | 1,650,000 |   |   |   | 3.68 | % |   |   | 2.52 | % |
| Operating income                    |   | $                                                      | 10,853,000  |   |   | $ | 6,895,000 |   |   |   | 9.96 | % |   |   | 10.54 | % |
| Other income, net                   |   | $                                                      | 758,000     |   |   | $ | 671,000 |   |   |   | 0.70 | % |   |   | 1.03 | % |
| Interest expenses, net              |   | $                                                      | 870,000     |   |   | $ | 753,000 |   |   |   | 0.80 | % |   |   | 1.15 | % |
| Income before income taxes          |   | $                                                      | 10,741,000  |   |   | $ | 6,813,000 |   |   |   | 9.85 | % |   |   | 10.42 | % |
| Income taxes expenses               |   | $                                                      | 1,861,000   |   |   |   | 112,000 |   |   |   | 1.71 | % |   |   | 0.17 | % |
| Net income                          |   | $                                                      | 8,880,000   |   |   | $ | 6,701,000 |   |   |   | 8.15 | % |   |   | 10.25 | % |
| Other comprehensive income          |   | $                                                      | 278,000     |   |   | $ | 731,000 |   |   |   | 0.25 | % |   |   | 1.12 | % |
| Comprehensive income                |   | $                                                      | 9,158,000   |   |   | $ | 7,432,000 |   |   |   | 8.40 | % |   |   | 11.37 | % |

|               |   | Years ended March 31, |        |
|--------------------|--------|--------------------------------------|-------------|
|               |   | 2009                                 |        |   | 2008 |   |
| Operating Revenues |   | US$                             | 109,020,000 |   | 100.00 | % |   | US$  | 65,387,000 |   | 100.00 | % |
| Cost of Sales      |   | US$                                  | 88,823,000  |   | 81.47 | % |   | US$ | 51,964,000 |   | 79.47 | % |
| Gross Income Rate  |   | US$                                  | 20,197,000  |   | 18.53 | % |   | US$ | 13,423,000 |   | 20.53 | % |

----

|                             | Years ended March 31, |
|----------------------------------|--------------------------------------|
|                             | 2009                                 |   |   | 2008 |
| Staff salaries and compensations | US$                        | 1,492,000 |   | US$ |   | 603,000 |
| Other taxes                      | US$                                  | 612,000 |   | US$ |   | 183,000 |
| Leases                           | US$                                  | 183,000 |   | US$ |   | 1,000 |
| Legal and professional fee       | US$                                  | 347,000 |   | US$ |   | 75,000 |
| Research and development         | US$                                  | 117,000 |   | US$ |   | 10,000 |
| Others                           | US$                                  | 1,256,000 |   | US$ |   | 778,000 |
|                             | US$                                  | 4,007,000 |   | US$ |   | 1,650,000 |

----

|                                                |   | Fiscal Years Ended March 31 |       |
|-----------------------------------------------------|--------|-------------------------------------------------|------------|
|                                                |   | 2009                                            |       |   | 2008 |   |
| Net cash provided by (used in) operating activities |   | $                                               | 11,289,000 |   |   | $ | (10,513,000 | ) |
| Net cash used in investing activities               |   | $                                               | (8,933,000 | ) |   | $ | (7,987,000 | ) |
| Net cash (used in) provided by financing activities |   | $                                               | (661,000   | ) |   | $ | 18,696,000 |   |
| Net increase in cash and cash equivalents           |   | $                                               | 1,695,000  |   |   | $ | 196,000 |   |
| Effect of exchange rate changes on cash             |   | $                                               | 139,000    |   |   | $ | (29,000 | ) |
| Cash and cash equivalents at beginning of year      |   | $                                               | 786,000    |   |   | $ | 619,000 |   |
| Cash and cash equivalents at end of year            |   | $                                               | 2,620,000  |   |   | $ | 786,000 |   |

----

| ITEM 7A. | Quantitative and Qualitative Disclosures about Market Risk. |
|----------|-------------------------------------------------------------|

| ITEM 8. | Financial Statements and Supplementary Data |
|---------|---------------------------------------------|

| ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosures |
|---------|---------------------------------------------------------------------------------------|

----

| ITEM 9A(T). | Controls and Procedures |
|-------------|-------------------------|

| ITEM 9B. | Other Information |
|----------|-------------------|

----

| ITEM 10. | Directors, Executive Officers, and Corporate Governance |
|----------|---------------------------------------------------------|

| Name           |   | Age |   | Position(s)                                                    |
|----------------|--------|-----|--------|----------------------------------------------------------------|
| Xu Kecheng     |   | 47  |   | Chairman of the Board, Chief Executive Officer & President |
| He Zhiwei      |   | 43  |   | Chief Financial Officer and Director                           |
| Fei Wenmei     |   | 47  |   | Corporate Secretary                                            |
| Zhu Zhongli    |   | 46  |   | Vice-President of Sales                                        |
| Lou Shourong   |   | 45  |   | Vice-President                                                 |
| Liu Chuanjie   |   | 32  |   | Treasurer and Director                                         |
| Dong Quanfeng  |   | 45  |   | Independent Director                                           |
| Jiang Yanfu    |   | 66  |   | Independent Director                                           |
| Gong Xiaoyan   |   | 63  |   | Independent Director                                           |
| Yun Hon Man    |   | 41  |   | Independent Director                                           |
| Gui Changqing  |   | 71  |   | Significant Employee                                           |
| Wang Huanxiang |   | 33  |   | Significant Employee                                           |
| Lin Zugeng     |   | 75  |   | Significant Employee                                           |
| Huang Wen      |   | 30  |   | Significant Employee                                           |

----

----

----

----

| l | Audit Committee – The purpose of the Audit Committee is to provide assistance to our Board of Directors in fulfilling their oversight responsibilities relating to our consolidated financial statements and financial reporting process and internal controls in consultation with our independent registered public accountants and internal auditors. The Audit Committee is also responsible for ensuring that the independent registered public accountants submit a formal written statement to us regarding relationships and services which may affect the auditor’s objectivity and independence.  The Board appointed Yun Hon Man, Gong Xiaoyan, Dong Quanfeng and Jiang Yanfu to serve as members of the Audit Committee,with Yun Hon Man serving as Chairman, commencing on January 15, 2009.  Our Audit Committee financial expert is Yun Hon Man, an independent director. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| l | Compensation Committee – The purpose of the Compensation Committee is to review and make recommendations to our Board of Directors regarding all forms of compensation to be provided to our executive officers and directors, including stock compensation and loans, and all bonus and stock compensation to all employees.  The Board appointed Jiang Yanfu, Dong Quanfeng, Yun Hon Man and Gong Xiaoyan to serve as members of the Compensation Committee, with Jiang Yanfu serving as Chairman, commencing on January 15, 2009. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| l | Corporate Governance and Nominating Committee – The purpose of the Nominating Committee is to review the composition and evaluate the performance of the Board, recommend persons for election to the Board and evaluate director compensation.  The Nominating Committee is also responsible for reviewing the composition of committees of the Board and recommending persons to be members of such committees, and maintaining compliance of committee membership with applicable regulatory requirements.  We have not adopted procedures by which security holders may recommend nominees to our Board of Directors.  The Board appointed Gong Xiaoyan, Dong Quanfeng, Yun Hon Man and Jiang Yanfu to serve asmembers of the Corporate Governance and Nominating Committee, with Gong Xiaoyan serving as Chairman, commencing on January 15, 2009. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| l | Strategy and Steering Committee – The Board appointed Xu Kecheng, He Zhiwei and Wang Chunyan to serve as members of the Strategy and Steering Committee, with Xu Kecheng serving as Chairman. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ITEM 11. | Executive Compensation |
|----------|------------------------|

| Name And Principal Function(a) |   | Year(b) |   | Salary(US$)(c) |   |   | Bonus(US$)(d) |   |   | StockAwards(US$)(e) |   |   | OptionAwards(US$)(f) |   |   | Non-EquityIncentivePlanCompensation(US$)(g) |   |   | Non-qualifiedDeferredCompensationEarnings(US$)(h) |   |   | All OtherCompensation(US$)(i) |   |   | Total(US$)(j) |   |
|-----------------------------------------------|--------|---------|--------|----------------|--------|--------|---------------|--------|--------|---------------------|--------|--------|----------------------|--------|--------|---------------------------------------------|--------|--------|---------------------------------------------------|--------|--------|------------------------------------|--------|--------|---------------|--------|
| Xu Kecheng, President &                   |   | 2009    |   |           | 9,356  |   |          |   | -0-    |                |   |   | -0-                  |   |   |                                        | -0-    |   |                                              |   | -0-    |                               |   |   | -0-           |   |   |   | -0- |   |   |   | 9,356 |   |
| CEO (1)                                       |   | 2008    |   |           | 6,855  |   |          |   | -0-    |                |   |   | -0-                  |   |   |                                        | -0-    |   |                                              |   | -0-    |                               |   |   | -0-           |   |   |   | -0- |   |   |   | 6,855 |   |
|                                          |   |    |   |           |   |   |          |   |   |                |   |   |                 |   |   |                                        |   |   |                                              |   |   |                               |   |   |          |   |   |   |   |   |   |   |   |   |
| He Zhiwei, Chief Financial                    |   | 2009    |   |           | 80,051 |   |          |   | -0-    |                |   |   | -0-                  |   |   |                                        | -0-    |   |                                              |   | -0-    |                               |   |   | -0-           |   |   |   | -0- |   |   |   | 80,051 |   |
| Officer (2)                                   |   | 2008    |   |           | -0-    |   |          |   | -0-    |                |   |   | -0-                  |   |   |                                        | -0-    |   |                                              |   | -0-    |                               |   |   | -0-           |   |   |   | -0- |   |   |   | -0- |   |
|                                          |   |    |   |           |   |   |          |   |   |                |   |   |                 |   |   |                                        |   |   |                                              |   |   |                               |   |   |          |   |   |   |   |   |   |   |   |   |
| Lou Shourong, Vice-                           |   | 2009    |   |           | 8,257  |   |          |   | -0-    |                |   |   | -0-                  |   |   |                                        | -0-    |   |                                              |   | -0-    |                               |   |   | -0-           |   |   |   | -0- |   |   |   | 8,257 |   |
| President (3)                                 |   | 2008    |   |           | 6,273  |   |          |   | -0-    |                |   |   | -0-                  |   |   |                                        | -0-    |   |                                              |   | -0-    |                               |   |   | -0-           |   |   |   | -0- |   |   |   | 6,273 |   |
|                                          |   |    |   |           |   |   |          |   |   |                |   |   |                 |   |   |                                        |   |   |                                              |   |   |                               |   |   |          |   |   |   |   |   |   |   |   |   |
| Liu Chuanjie, Treasurer (4)                   |   | 2009    |   |           | 7,900  |   |          |   | -0-    |                |   |   | -0-                  |   |   |                                        | -0-    |   |                                              |   | -0-    |                               |   |   | -0-           |   |   |   | -0- |   |   |   | 7,900 |   |
|                                          |   | 2008    |   |           | 6,405  |   |          |   | -0-    |                |   |   | -0-                  |   |   |                                        | -0-    |   |                                              |   | -0-    |                               |   |   | -0-           |   |   |   | -0- |   |   |   | 6,405 |   |
|                                          |   |    |   |           |   |   |          |   |   |                |   |   |                 |   |   |                                        |   |   |                                              |   |   |                               |   |   |          |   |   |   |   |   |   |   |   |   |
| Don Peay, Former Principal          |   | 2009    |   |           | -0-    |   |          |   | -0-    |                |   |   | -0-                  |   |   |                                        | -0-    |   |                                              |   | -0-    |                               |   |   | -0-           |   |   |   | -0- |   |   |   | -0- |   |
| Executive Officer (5)                         |   | 2008    |   |           | -0-    |   |          |   | -0-    |                |   |   | -0-                  |   |   |                                        | -0-    |   |                                              |   | -0-    |                               |   |   | -0-           |   |   |   | -0- |   |   |   | -0- |   |
|                                          |   |    |   |           |   |   |          |   |   |                |   |   |                 |   |   |                                        |   |   |                                              |   |   |                               |   |   |          |   |   |   |   |   |   |   |   |   |
| Mathew Evans, Former                          |   | 2009    |   |           | -0-    |   |          |   | -0-    |                |   |   | -0-                  |   |   |                                        | -0-    |   |                                              |   | -0-    |                               |   |   | -0-           |   |   |   | -0- |   |   |   | -0- |   |
| Principal Executive Officer (6)               |   | 2008    |   |           | -0-    |   |          |   | -0-    |                |   |   | -0-                  |   |   |                                        | -0-    |   |                                              |   | -0-    |                               |   |   | -0-           |   |   |   | -0- |   |   |   | -0- |   |

| (1) | Xu Kecheng has served as the Registrant’s Chief Executive Officer and President effective as of the closing date of the Exchange.  Mr. Xu also served (and continues to serve) as President of CCEC during the fiscal years ended March 31, 2009 and 2008.  Mr. Xu’s compensation for 2008 reflects his services as President of CCEC and his compensation during the year ended March 31, 2009 reflects his services as CEO and President of the Registrant and President of CCEC, combined. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | He Zhiwei has served as the Registrant’s Chief Financial Officer effective as of the closing date of the Exhange. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

----

| (3) | Lou Shourong has served as the Registrant’s Vice-President effective as of the closing date of the Exchange.  Mr. Lou also served (and continues to serve) as a Deputy General Manager of CCEC during the fiscal years ended March 31, 2009 and 2008.  Mr. Lou’s compensation for 2008 reflects his services as Deputy General Manger of CCEC and his compensation for the year ended March 31, 2009 reflects his services as Vice-President of the Registrant and Deputy General Manager of CCEC, combined. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Liu Chuanjie has served as the Registrant’s Treasurer effective as of the closing date of the Exchange.  Mr. Liu also serviced (and continues to serve) as Controller and Director of Finance of CCEC during the fiscal years ended March 31, 2009 and 2008.  Mr. Liu’s compensation for 2008 reflects his services as Controller and Director of Finance of CCEC and his compensation for the year ended March 31, 2009 reflects his services as Treasurer of the Registrant and Controller and Director of CCEC, combined. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Mr. Peay was the Sole Officer and Director of World Trophy from World Trophy’s inception through June 13, 2008. |
|-----|-----------------------------------------------------------------------------------------------------------------------|

| (6) | Mr. Evans was the Sole Officer and Director of World Trophy from World Trophy’s inception through June 13, 2008. |
|-----|------------------------------------------------------------------------------------------------------------------------|

----

| ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
|----------|------------------------------------------------------------------------------------------------|

| Name and Address of Beneficial Owner(1)                                |   | Amount ofDirectOwnershipAfterExchange |       |   | Amount ofIndirectOwnershipAfter Exchange |   |       | Total BeneficialOwnershipAfter Exchange |   |   | Percentageof Class(2) |   |
|-------------------------------------------------------------------------------------------------|--------|--------------------------------------------|------------|--------|----------------------------------------------------|--------|------------|---------------------------------------------------|--------|--------|----------------------------|--------|
| Xu Kecheng, Chairman of the Board, Chief Executive Officer & President                      |   |                                       | 0          |   |                                               |   | 32,900,000 | (3)                                               |   |   | 32,900,000                 | (3)    |   |   | 65.8 | % |
| He Zhiwei, Chief Financial Officer and Director                                                 |   |                                       | 0          |   |                                               |   | 0          |                                              |   |   | 0                          |   |   |   | 0 | % |
| Fei Wenmei, Corporate Secretary                                                                 |   |                                       | 0          |   |                                               |   | 0          |                                              |   |   | 0                          |   |   |   | 0 | % |
| Liu Chuanjie Treasurer and Director                                                             |   |                                       | 0          |   |                                               |   | 0          |                                              |   |   | 0                          |   |   |   | 0 | % |
| Zhu Zhongli, Vice-President of Sales                                                            |   |                                       | 0          |   |                                               |   | 0          |                                              |   |   | 0                          |   |   |   | 0 | % |
| Lou Shourong, Vice President                                                                    |   |                                       | 0          |   |                                               |   | 0          |                                              |   |   | 0                          |   |   |   | 0 | % |
| Dong Quanfeng, Director                                                                         |   |                                       | 0          |   |                                               |   | 0          |                                              |   |   | 0                          |   |   |   | 0 | % |
| Jiang Yanfu, Director                                                                           |   |                                       | 0          |   |                                               |   | 0          |                                              |   |   | 0                          |   |   |   | 0 | % |
| Gong Xiaoyan, Director                                                                          |   |                                       | 0          |   |                                               |   | 0          |                                              |   |   | 0                          |   |   |   | 0 | % |
| Yun Hon Man, Director                                                                           |   |                                       | 0          |   |                                               |   | 0          |                                              |   |   | 0                          |   |   |   | 0 | % |
| ALL DIRECTORS AND OFFICERS AS A GROUP (9 PERSONS):                                              |   |                                       | 0          |   |                                               |   | 32,900,000 |                                              |   |   | 32,900,000                 |   |   |   | 65.8 | % |
| Cheer Gold Development LimitedLevel 5 Development Bank of Samoa BuildingBeach Road, Apia, Samoa |   |                                       | 32,900,000 |   |                                               |   | 0          |                                              |   |   | 32,900,000                 |   |   |   | 65.8 | % |

| (1) | Unless otherwise noted, each beneficial owner has the same address as the Registrant. |
|-----|---------------------------------------------------------------------------------------|

| (2) | Applicable percentage of ownership is based on 50,000,000 shares of our Common Stock outstanding as of June 28, 2009 (post 3-for-1 dividend distribution of the Common Stock on November 4, 2008), together with securities exercisable or convertible into shares of Common Stock within sixty (60) days of June 28, 2009 for each stockholder. Beneficial ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities. Shares of Common Stock are deemed to be beneficially owned by the person holding such securities for the purpose of computing the percentage of ownership of such person, but are not treated as outstanding for the purpose of computing the percentage ownership of any other person. Note that affiliates aresubject to Rule 144 and Insider trading regulations - percentage computation is for form purposes only. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Xu Kecheng may be considered to beneficially own 32,900,000 shares by virtue of his 100% ownership in Wisejoin Group Limited, which owns and controls 100% of Cheer Gold, which directly beneficially owns 32,900,000 shares of Common Stock. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ITEM 13. | Certain Relationships and Related Transactions, and Director Independence |
|----------|---------------------------------------------------------------------------|

----

| ITEM 14. | Principal Accountant Fees and Services |
|----------|----------------------------------------|

----

----

| ITEM 15. | Exhibits and Financial Statement Schedules |
|----------|--------------------------------------------|

|   | (a) | Financial Statements and Schedules |
|--------|-----|------------------------------------|

|   | (b) | Exhibits |
|--------|-----|----------|

| EXHIBIT NO. |   | DESCRIPTION                                                                                                                                                                  |   | LOCATION                                                                                                                                              |
|------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1              |   | Share Exchange Agreement, dated November 12, 2008, by and among World Trophy Outfitters, Inc., Fast More Limited, Cheer Gold Development Ltd. and Floster Investment Limited |   | Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008                 |
|             |   |                                                                                                                                                                         |   |                                                                                                                                                  |
| 3.1              |   | Articles of Incorporation of World Trophy Outfitters, Inc.                                                                                                                   |   | Incorporated by reference to Exhibit 3(i).1 to the Registrant’s Registration Statement on Form SB-2 as filed with the SEC on September 23, 2005 |
|             |   |                                                                                                                                                                         |   |                                                                                                                                                  |
| 3.2              |   | Certificate of Amendment to Articles of Incorporation of Chisen Electric Corporation (name change)                                                                           |   | Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009                  |
|             |   |                                                                                                                                                                         |   |                                                                                                                                                  |
| 3.3              |   | Amended and Restated Bylaws of Chisen Electric Corporation                                                                                                                   |   | Incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009                  |
|             |   |                                                                                                                                                                         |   |                                                                                                                                                  |
| 3.4              |   | Certificate of Incorporation of Fast More Limited, dated December 17, 2007                                                                                                   |   | Incorporated by reference to Exhibit 3.3 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008                 |
|             |   |                                                                                                                                                                         |   |                                                                                                                                                  |
| 3.5              |   | Memorandum and Articles of Association of Fast More Limited, dated as of December 17, 2007                                                                                   |   | Incorporated by reference to Exhibit 3.4 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008                 |
|             |   |                                                                                                                                                                         |   |                                                                                                                                                  |
| 3.6              |   | Certificate of Incorporation of Changxing Chisen Electric Co., Ltd.                                                                                                          |   | Incorporated by reference to Exhibit 3.5 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008                 |
|             |   |                                                                                                                                                                         |   |                                                                                                                                                  |
| 3.7              |   | Articles of Associations of Changxing Chisen Electric Co., Ltd.                                                                                                              |   | Incorporated by reference to Exhibit 3.6 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008                 |
|             |   |                                                                                                                                                                         |   |                                                                                                                                                  |
| 10.1             |   | Agreement on Establishment of Changxing Chisen Physical Chemistry Power Research and Development Center, dated April 30, 2008                                                |   | Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008                |
|             |   |                                                                                                                                                                         |   |                                                                                                                                                  |
| 10.2             |   | Form of Labor Contract                                                                                                                                                       |   | Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008                |

----

| 10.3   |   | Lease Agreement, dated March 30, 2008, by and between Changxing Chisen Electric Co., Ltd. and Changxing Xiangyi Industrial Park Investment Co., Ltd.                        |   | Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.4   |   | Contract For Loan on Guarantee, by and among Zhejiang Changxing Agricultural Cooperative Bank, Changxing Chisen Electric Co., Ltd. and Zhejiang Chisen Galss Co., Ltd.      |   | Incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.5   |   | Renminbi Loan Contract, dated January 11, 2008, by and between Changxing Chisen Electric Co., Ltd. and China Construction Bank Corporation (Changxing Branch)               |   | Incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.6   |   | Renminbi Loan Contract, dated April 11, 2008, by and between Changxing Chisen Electric Co., Ltd. and China Construction Bank Corporation (Changxing Branch)                 |   | Incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.7   |   | Renminbi Loan Contract, dated March 31, 2008, by and between Changxing Chisen Electric Co., Ltd. and Bank of China (Hong Kong) Limited Shanghan Branch                      |   | Incorporated by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.8   |   | Loan Contract (Short Term), dated August 15, 2008, by and between Changxing Chisen Electric Co., Ltd. and Bank of China Changxing Branch                                    |   | Incorporated by reference to Exhibit 10.8 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.9   |   | Acceptance Agreement, dated August 25, 2008, by and between Changxing Chisen Electric Co., Ltd. and Industrial Bank Co., Ltd. Hangzhou Branch                               |   | Incorporated by reference to Exhibit 10.9 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.10  |   | Acceptance Agreement of Commercial Bill, dated September 18, 2008, by and between Changxing Chisen Electric Co., Ltd. and China Bank Co., Ltd. Changxing Branch             |   | Incorporated by reference to Exhibit 10.10 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.11  |   | Acceptance Agreement of Commercial Bill, dated July 29, 2008, by and between Changxing Chisen Electric Co., Ltd. and China Construction Bank Changxing Branch Co., Ltd.     |   | Incorporated by reference to Exhibit 10.11 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.12  |   | Acceptance Agreement of Commercial Bill, dated September 9, 2008, by and between Changxing Chisen Electric Co., Ltd. and China Construction Bank Changxing Branch Co., Ltd. |   | Incorporated by reference to Exhibit 10.12 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.13  |   | Components Purchase Contract, effective as of January 1, 2008, by and between Changxing Chisen Electric Co., Ltd. and Jiansu Xinri Electric Bicycle Co., Ltd.               |   | Incorporated by reference to Exhibit 10.13 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.14  |   | Supply Contract, dated April 22, 2008, by and between Changxing Chisen Electric Co., Ltd. and Jiangsu Yadea Science & Technology Development Co., Ltd.                  |   | Incorporated by reference to Exhibit 10.14 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |

----

| 10.15      |   | Sales Contract of Battery, dated November 10, 2007, by and between Changxing Chisen Electric Co., Ltd. and Hu Qinzhong, Yancheng Office                  |   | Incorporated by reference to Exhibit 10.15 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|
|       |   |                                                                                                                                                     |   |                                                                                                                                    |
| 10.16      |   | Sales Contract of Battery, dated February 17, 2008, by and between Changxing Chisen Electric Co., Ltd. and Song Chunwei                                  |   | Incorporated by reference to Exhibit 10.16 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|       |   |                                                                                                                                                     |   |                                                                                                                                    |
| 14.1       |   | Code of Ethics                                                                                                                                           |   | Incorporated by reference to Exhibit 14.1 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009   |
|       |   |                                                                                                                                                     |   |                                                                                                                                    |
| 17         |   | Resignation of Mathew Evans, dated November 12, 2008                                                                                                     |   | Incorporated by reference to Exhibit 17 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008    |
|       |   |                                                                                                                                                     |   |                                                                                                                                    |
| 21         |   | List of Subsidiaries of World Trophy Outfitters, Inc.                                                                                                    |   | Incorporated by reference to Exhibit 21 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008    |
|       |   |                                                                                                                                                     |   |                                                                                                                                    |
| 31.1       |   | Certifications of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                  |   | Provided herewith                                                                                                                       |
|       |   |                                                                                                                                                     |   |                                                                                                                                    |
| 31.2       |   | Certifications of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                  |   | Provided herewith                                                                                                                       |
|       |   |                                                                                                                                                     |   |                                                                                                                                    |
| 32.1       |   | Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act Of 2002                                   |   | Provided herewith                                                                                                                       |
|       |   |                                                                                                                                                     |   |                                                                                                                                    |
| 32.2       |   | Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act Of 2002                                   |   | Provided herewith                                                                                                                       |
|       |   |                                                                                                                                                     |   |                                                                                                                                    |
| 99.1       |   | Audited Consolidated Financial Statements of Fast More Limited and its Subsidiary for the Fiscal Years Ended March 31, 2008 and 2007                     |   | Incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|       |   |                                                                                                                                                     |   |                                                                                                                                    |
| 99.2       |   | Unaudited Condensed and Consolidated Financial Statements of Fast More Limited and its Subsidiary for the Three (3) Months Ended June 30, 2008 and 2007  |   | Incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|       |   |                                                                                                                                                     |   |                                                                                                                                    |
| 99.3       |   | Unaudited Pro Forma Financial Statements of Fast More Limited for the three (3) month period ended June 30, 2008 and the two years ended March 31, 2008. |   | Incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|       |   |                                                                                                                                                     |   |                                                                                                                                    |
| 99.4  |   | Audit Committee Charter, dated January 15, 2009                                                                                                          |   | Incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009   |

----

| 99.5   |   | Compensation Committee Charter, dated January 15, 2009                        |   | Incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009 |
|--------|--------|-------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                          |   |                                                                                                                                  |
| 99.6   |   | Corporate Governance and Nominating Committee Charter, dated January 15, 2009 |   | Incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009 |

----

|                    | CHISEN ELECTRIC CORPORATION |
|-------------------------|-----------------------------|
| Date: February 28, 2011 |                        |   |   |
|                    |                        |   |   |
|                    | By:                         | /s/      Xu Kecheng |
|                    |                        | Name: | Xu Kecheng |
|                    |                        | Titles:    | Chairman of the Board, Chief Executive Officer, President, Principal ExecutiveOfficer |
|                    |                        |   |   |
|                    |                        | /s/      Liu Chuanjie |
|                    |                        | Name: | Liu Chuanjie |
|                    |                        | Titles: | Chief Financial Officer and Principal Financial and Accounting Officer |

| Signatures          |   | Title                                             |   | Date              |
|---------------------|--------|---------------------------------------------------|--------|-------------------|
|                |   |                                              |   |              |
| /s/ Xu Kecheng      |   | Chairman of the Board, Chief Executive Officer,   |   |              |
| Name: Xu Kecheng    |   | President, Principal Executive Officer            |   | February 28, 2011 |
|                |   |                                              |   |              |
| /s/ Liu Chuanjie    |   | Chief Financial Officer, Principal Accounting and |   |              |
| Name: Liu Chuanjie  |   | Chief Financial Officer, Treasurer and Director   |   | February 28, 2011 |
|                |   |                                              |   |              |
| /s/ Dong Quanfeng   |   |                                              |   |              |
| Name: Dong Quanfeng |   | Director                                          |   | February 28, 2011 |
|                |   |                                              |   |              |
| /s/ Yun Hon Man     |   |                                              |   |              |
| Name: Yun Hon Man   |   | Director                                          |   | February 28, 2011 |

----

----

----

|                                                            | Page                       |
|----------------------------------------------------------------------|----------------------------|
|                                                                 |                       |
| Report of Independent Registered Public Accounting Firm              | F-2                        |
|                                                                 |                       |
| Consolidated Statements of Operations and Other Comprehensive Income | F-3                        |
|                                                                 |                       |
| Consolidated Balance Sheets                                          | F-4 – F-5  |
|                                                                 |                       |
| Consolidated Statements of Changes in Shareholders’ Equity     | F-6                        |
|                                                                 |                       |
| Consolidated Statements of Cash Flows                                | F-7 – F-8  |
|                                                                 |                       |
| Notes to and Forming Part of Consolidated Financial Statements       | F-9 – F-30 |

----

----

----

|                                                                  |   |   |   |   | Years ended March 31, |       |
|-----------------------------------------------------------------------|--------|--------|--------|--------|--------------------------------------|------------|
|                                                             |   |   |   |   | 2009                                 |       |   | 2008 |   |
|                                                             |   | Note   |   |   | US$’000                        |       |   | US$’000 |   |
| Operating revenues:                                              |   |   |   |   |                                 |       |   |   |   |
| Net sales to third parties                                            |   |   |   |   |                                 | 109,020    |   |   |   | 65,387 |   |
|                                                                  |   |   |   |   |                                 |       |   |   |   |   |   |
| Cost of sales                                                         |   |   |   |   |                                 | (88,823    | ) |   |   | (51,964 | ) |
|                                                                  |   |   |   |   |                                 |       |   |   |   |   |   |
| Gross income                                                          |   |   |   |   |                                 | 20,197     |   |   |   | 13,423 |   |
|                                                                  |   |   |   |   |                                 |       |   |   |   |   |   |
| Operating expenses:                                                   |   |   |   |   |                                 |       |   |   |   |   |   |
| Sales, marketing and distribution                                     |   |   |   |   |                                 | (5,337     | ) |   |   | (4,878 | ) |
| General and administrative                                            |   |   |   |   |                                 | (4,007     | ) |   |   | (1,650 | ) |
|                                                                  |   |   |   |   |                                 |       |   |   |   |   |   |
| Operating income                                                      |   |   |   |   |                                 | 10,853     |   |   |   | 6,895 |   |
|                                                                  |   |   |   |   |                                 |       |   |   |   |   |   |
| Other income, net                                                     |   |   |   |   |                                 | 758        |   |   |   | 671 |   |
| Interest income                                                       |   |   |   |   |                                 | 362        |   |   |   | 62 |   |
| Interest expense                                                      |   |   |   |   |                                 | (1,232     | ) |   |   | (815 | ) |
|                                                                  |   |   |   |   |                                 |       |   |   |   |   |   |
| Income before income taxes                                            |   |   |   |   |                                 | 10,741     |   |   |   | 6,813 |   |
|                                                                  |   |   |   |   |                                 |       |   |   |   |   |   |
| Income taxes expenses                                                 |   | 4      |   |   |                                 | (1,861     | ) |   |   | (112 | ) |
|                                                                  |   |   |   |   |                                 |       |   |   |   |   |   |
| Net income                                                            |   |   |   |   |                                 | 8,880      |   |   |   | 6,701 |   |
|                                                                  |   |   |   |   |                                 |       |   |   |   |   |   |
| Other comprehensive income                                            |   |   |   |   |                                 |       |   |   |   |   |   |
| Foreign currency translation adjustment                               |   |   |   |   |                                 | 278        |   |   |   | 731 |   |
|                                                                  |   |   |   |   |                                 |       |   |   |   |   |   |
| Comprehensive income                                                  |   |   |   |   |                                 | 9,158      |   |   |   | 7,432 |   |
|                                                                  |   |   |   |   |                                 |       |   |   |   |   |   |
|                                                                  |   |   |   |   | Shares                               |       |   | Shares |   |
|                                                                  |   |   |   |   |                                 |       |   |   | (As restated) |   |
| Earnings per share                                                    |   |   |   |   |                                 |       |   |   |   |   |   |
| Weight average number of common stock outstanding - basic and diluted |   |   |   |   |                                 | 40,753,425 |   |   |   | 35,000,000 |   |
|                                                                  |   |   |   |   |                                 |       |   |   |   |   |   |
|                                                                  |   |   |   |   | US$                                  |       |   | US$ |   |
|                                                                  |   |   |   |   |                                 |       |   |   | (As restated) |   |
| Net income per share of common stock - basic and diluted              |   |   |   |   |                                 | 0.22       |   |   |   | 0.19 |   |

----

----

|                                           |   |   |   |   | As of March 31, |   |
|------------------------------------------------|--------|--------|--------|--------|--------------------------------|--------|
|                                           |   |   |   |   | 2009                           |   |   | 2008 |   |
|                                           |   | Note   |   |   | US$’000                  |   |   | US$’000(As restated) |   |
| ASSETS                                         |   |   |   |   |                           |   |   |   |   |
|                                           |   |   |   |   |                           |   |   |   |   |
| Current assets:                                |   |   |   |   |                           |   |   |   |   |
| Cash and cash equivalents                      |   |   |   |   |                           | 2,620  |   |   |   | 786 |   |
| Restricted bank balances                       |   | 5      |   |   |                           | 13,878 |   |   |   | 6,408 |   |
| Other financial assets                         |   | 6      |   |   |                           | 1,314  |   |   |   | 5,035 |   |
| Accounts receivable, net                       |   |   |   |   |                           | 35,023 |   |   |   | 15,476 |   |
| Other receivables                              |   |   |   |   |                           | 842    |   |   |   | 453 |   |
| Prepayments                                    |   |   |   |   |                           | 862    |   |   |   | 333 |   |
| Due from related parties                       |   | 13(b)  |   |   |                           | 474    |   |   |   | 1,242 |   |
| Inventories                                    |   | 7      |   |   |                           | 17,135 |   |   |   | 12,293 |   |
|                                           |   |   |   |   |                           |   |   |   |   |   |   |
| Total current assets                           |   |   |   |   |                           | 72,148 |   |   |   | 42,026 |   |
|                                           |   |   |   |   |                           |   |   |   |   |   |   |
| Available-for-sale financial assets            |   |   |   |   |                           | 878    |   |   |   | 856 |   |
| Long-term land lease prepayments, net          |   |   |   |   |                           | 608    |   |   |   | 496 |   |
| Property, plant and equipment, net             |   | 8      |   |   |                           | 5,315  |   |   |   | 4,102 |   |
|                                           |   |   |   |   |                           |   |   |   |   |   |   |
| Total assets                                   |   |   |   |   |                           | 78,949 |   |   |   | 47,480 |   |
|                                           |   |   |   |   |                           |   |   |   |   |   |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY     |   |   |   |   |                           |   |   |   |   |   |   |
|                                           |   |   |   |   |                           |   |   |   |   |   |   |
| Current liabilities:                           |   |   |   |   |                           |   |   |   |   |   |   |
| Accounts payable                               |   |   |   |   |                           | 11,176 |   |   |   | 6,070 |   |
| Notes payable                                  |   | 9      |   |   |                           | 23,343 |   |   |   | - |   |
| Accrued expenses and other accrued liabilities |   |   |   |   |                           | 3,769  |   |   |   | 3,389 |   |
| Due to related parties                         |   | 13(b)  |   |   |                           | 639    |   |   |   | 6,812 |   |
| Income taxes payable                           |   |   |   |   |                           | 264    |   |   |   | 118 |   |
| Short-term bank borrowings                     |   | 10     |   |   |                           | 20,451 |   |   |   | 21,361 |   |
|                                           |   |   |   |   |                           |   |   |   |   |   |   |
| Total current liabilities                      |   |   |   |   |                           | 59,642 |   |   |   | 37,750 |   |
|                                           |   |   |   |   |                           |   |   |   |   |   |   |
| Government subsidies                           |   | 11     |   |   |                           | 186    |   |   |   | 227 |   |
| Deferred tax liabilities                       |   | 4(c)   |   |   |                           | 460    |   |   |   | - |   |
|                                           |   |   |   |   |                           |   |   |   |   |   |   |
| Total non-current liabilities                  |   |   |   |   |                           | 646    |   |   |   | 227 |   |
|                                           |   |   |   |   |                           |   |   |   |   |   |   |
| Total liabilities                              |   |   |   |   |                           | 60,288 |   |   |   | 37,977 |   |

----

----

|                                                                                                       |   |   |   |   | As of March 31, |   |
|------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------------------------------|--------|
|                                                                                                       |   |   |   |   | 2009                           |   |   | 2008 |   |
|                                                                                                       |   | Note   |   |   | US$’000                  |   |   | US$’000(As restated) |   |
|                                                                                                       |   |   |   |   |                           |   |   |   |   |
| Commitments and contingencies                                                                              |   | 14     |   |   |                           | -      |   |   |   | - |   |
|                                                                                                       |   |   |   |   |                           |   |   |   |   |   |   |
| Shareholders’ equity:                                                                                |   |   |   |   |                           |   |   |   |   |   |   |
| Preferred stock, US$0.001 per value each:10,000,000 shares authorized and no shares issued and outstanding |   |   |   |   |                           | -      |   |   |   | - |   |
| Common stock, US$0.001 par value each:100,000,000 shares authorized                                        |   |   |   |   |                           |   |   |   |   |   |   |
| 50,000,000 (2008: 35,000,000) shares issued and outstanding                                                |   | 1      |   |   |                           | 50     |   |   |   | 35 |   |
| Capital reserves                                                                                           |   |   |   |   |                           | 144    |   |   |   | 159 |   |
| Statutory reserves                                                                                         |   | 12     |   |   |                           | 1,103  |   |   |   | 71 |   |
| Accumulated other comprehensive income                                                                     |   |   |   |   |                           | 948    |   |   |   | 670 |   |
| Retained earnings                                                                                          |   |   |   |   |                           | 16,416 |   |   |   | 8,568 |   |
|                                                                                                       |   |   |   |   |                           |   |   |   |   |   |   |
| Total shareholders’ equity                                                                           |   |   |   |   |                           | 18,661 |   |   |   | 9,503 |   |
|                                                                                                       |   |   |   |   |                           |   |   |   |   |   |   |
| Total liabilities and shareholders’ equity                                                           |   |   |   |   |                           | 78,949 |   |   |   | 47,480 |   |

----

----

|                                            |   |                          |       |   |          |   |   |          |   |   | Accumulated   |   |   |          |   |   |          |   |
|------------------------------------------------------|--------|-------------------------------|------------|--------|---------------|--------|--------|---------------|--------|--------|---------------|--------|--------|---------------|--------|--------|---------------|--------|
|                                                 |   | Common stock issued |       |   |          |   |   |          |   |   | Other         |   |   |          |   |   |          |   |
|                                            |   | Number                        |       |   |          |   |   | Capital       |   |   | Statutory     |   |   | Comprehensive |   |   | Retained      |   |   |   |   |
|                                            |   | of shares                |       |   | Amount        |   |   | reserves      |   |   | reserves      |   |   | income        |   |   | earnings      |   |   | Total |   |
|                                            |   |                          |       |   | US$’000 |   |   | US$’000 |   |   | US$’000 |   |   | US$’000 |   |   | US$’000 |   |   | US$’000 |   |
|                                            |   |                          |       |   |          |   |   |          |   |   |          |   |   |          |   |   |          |   |   |   |   |
| Balance as of April 1, 2007 (As restated) (Note 15)  |   |                          | 35,000,000 |   |          |   | 35     |          |   |   | 159           |   |   |          | -      |   |          |   | 61 |   |   |   | 1,938 |   |   |   | 2,193 |   |
| Net income                                           |   |                          | -          |   |          |   | -      |          |   |   | -             |   |   |          | -      |   |          |   | - |   |   |   | 6,701 |   |   |   | 6,701 |   |
| Transfer to statutory reserves                       |   |                          | -          |   |          |   | -      |          |   |   | -             |   |   |          | 71     |   |          |   | - |   |   |   | (71 | ) |   |   | - |   |
| Foreign currency translation adjustment              |   |                          | -          |   |          |   | -      |          |   |   | -             |   |   |          | -      |   |          |   | 609 |   |   |   | - |   |   |   | 609 |   |
| Balance as of March 31, 2008 (As restated) (Note 15) |   |                          | 35,000,000 |   |          |   | 35     |          |   |   | 159           |   |   |          | 71     |   |          |   | 670 |   |   |   | 8,568 |   |   |   | 9,503 |   |
|                                                 |   |                          |       |   |          |   |   |          |   |   |          |   |   |          |   |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of April 1, 2008 (As restated) (Note 15)  |   |                          | 35,000,000 |   |          |   | 35     |          |   |   | 159           |   |   |          | 71     |   |          |   | 670 |   |   |   | 8,568 |   |   |   | 9,503 |   |
| Recapitalization upon reverse acquisition            |   |                          | 15,000,000 |   |          |   | 15     |          |   |   | (15           | )      |   |          | -      |   |          |   | - |   |   |   | - |   |   |   | - |   |
| Net income                                           |   |                          | -          |   |          |   | -      |          |   |   | -             |   |   |          | -      |   |          |   | - |   |   |   | 8,880 |   |   |   | 8,880 |   |
| Transfer to statutory reserves                       |   |                          | -          |   |          |   | -      |          |   |   | -             |   |   |          | 1,032  |   |          |   | - |   |   |   | (1,032 | ) |   |   | - |   |
| Foreign currency translation adjustment              |   |                          | -          |   |          |   | -      |          |   |   | -             |   |   |          | -      |   |          |   | 278 |   |   |   | - |   |   |   | 278 |   |
| Balance as of March 31, 2009                         |   |                          | 50,000,000 |   |          |   | 50     |          |   |   | 144           |   |   |          | 1,103  |   |          |   | 948 |   |   |   | 16,416 |   |   |   | 18,661 |   |

----

----

|                                                                          |   | Years ended March 31, |    |
|-------------------------------------------------------------------------------|--------|--------------------------------------|---------|
|                                                                     |   | 2009                                 |    |   | 2008 |   |
|                                                                     |   | US$’000                        |    |   | US$’000 |   |
| Cash flows from operating activities                                |   |                                 |    |   |   |   |
| Net income                                                                    |   |                                 | 8,880   |   |   |   | 6,701 |   |
| Adjustments to reconcile net income to net cash used in operating activities: |   |                                 |    |   |   |   |   |   |
| Depreciation of property, plant and equipment                                 |   |                                 | 451     |   |   |   | 258 |   |
| Written-off of property, plant and equipment                                  |   |                                 | 44      |   |   |   | - |   |
| Amortization of long-term land lease prepayments                              |   |                                 | 13      |   |   |   | 10 |   |
| Exchange differences                                                          |   |                                 | (84     | ) |   |   | 500 |   |
| Written back of provision for doubtful debts                                  |   |                                 | -       |   |   |   | (16 | ) |
| Provision for warranty costs                                                  |   |                                 | (302    | ) |   |   | 161 |   |
| Government grant recognized                                                   |   |                                 | (47     | ) |   |   | (4 | ) |
| Investment income from available-for-sale financial assets                    |   |                                 | (131    | ) |   |   | (202 | ) |
| Deferred taxation                                                             |   |                                 | 460     |   |   |   |   |   |
| Changes in assets and liabilities:                                            |   |                                 |    |   |   |   |   |   |
| Other financial assets                                                        |   |                                 | 3,851   |   |   |   | (4,491 | ) |
| Accounts receivable, net                                                      |   |                                 | (19,148 | ) |   |   | (7,841 | ) |
| Other receivables                                                             |   |                                 | (377    | ) |   |   | (188 | ) |
| Prepayment                                                                    |   |                                 | (520    | ) |   |   | (44 | ) |
| Inventories                                                                   |   |                                 | (4,524  | ) |   |   | (6,825 | ) |
| Accounts payable                                                              |   |                                 | 4,949   |   |   |   | 2,893 |   |
| Notes payable                                                                 |   |                                 | 23,343  |   |   |   | (142 | ) |
| Accrued expenses and other accrued liabilities                                |   |                                 | 637     |   |   |   | 947 |   |
| Due to related parties                                                        |   |                                 | (6,348  | ) |   |   | (2,342 | ) |
| Income taxes payable                                                          |   |                                 | 142     |   |   |   | 112 |   |
|                                                                          |   |                                 |    |   |   |   |   |   |
| Net cash provided by (used in) operating activities                           |   |                                 | 11,289  |   |   |   | (10,513 | ) |
|                                                                          |   |                                 |    |   |   |   |   |   |
| Cash flows from investing activities                                          |   |                                 |    |   |   |   |   |   |
| Acquisition of available-for-sale financial assets                            |   |                                 | -       |   |   |   | (770 | ) |
| Purchase of property, plant and equipment                                     |   |                                 | (1,647  | ) |   |   | (1,021 | ) |
| Additions of long-term land lease prepayments                                 |   |                                 | (113    | ) |   |   | (70 | ) |
| Investment in restricted bank balances, net                                   |   |                                 | (7,304  | ) |   |   | (6,266 | ) |
| Dividend received from available-for-sale financial assets                    |   |                                 | 131     |   |   |   | 121 |   |
| Increase in capital reserve                                                   |   |                                 | -       |   |   |   | 19 |   |
|                                                                          |   |                                 |    |   |   |   |   |   |
| Net cash used in investing activities                                         |   |                                 | (8,933  | ) |   |   | (7,987 | ) |
|                                                                          |   |                                 |    |   |   |   |   |   |
| Cash flows from financing activities                                          |   |                                 |    |   |   |   |   |   |
| Advanced from related parties, net                                            |   |                                 | 800     |   |   |   | (579 | ) |
| Proceeds from short-term bank loans                                           |   |                                 | 20,451  |   |   |   | 16,082 |   |
| Repayment of short-term bank loans                                            |   |                                 | (21,912 | ) |   |   | (9,673 | ) |
| Proceeds from bills financing, net                                            |   |                                 | -       |   |   |   | 12,816 |   |
| Proceed from issuance of common stock                                         |   |                                 | -       |   |   |   | 50 |   |
|                                                                          |   |                                 |    |   |   |   |   |   |
| Net cash (used in) provided by financing activities                           |   |                                 | (661    | ) |   |   | 18,696 |   |
|                                                                          |   |                                 |    |   |   |   |   |   |
| Net increase in cash and cash equivalents                                     |   |                                 | 1,695   |   |   |   | 196 |   |
|                                                                          |   |                                 |    |   |   |   |   |   |
| Cash and cash equivalents, beginning of year                                  |   |                                 | 786     |   |   |   | 619 |   |
| Effect on exchange rate changes                                               |   |                                 | 139     |   |   |   | (29 | ) |
|                                                                          |   |                                 |    |   |   |   |   |   |
| Cash and cash equivalents, end of year                                        |   |                                 | 2,620   |   |   |   | 786 |   |

----

| Chisen Electric Corporation                 |
|---------------------------------------------|
|                                        |
| Consolidated Statements of Cash Flows       |
| For the years ended March 31, 2009 and 2008 |

|                                                                         |   | Years ended March 31, |   |
|------------------------------------------------------------------------------|--------|--------------------------------------|--------|
|                                                                         |   | 2009                                 |   |   | 2008 |   |
|                                                                         |   | US$’000                        |   |   | US$’000 |   |
|                                                                         |   |                                 |   |   |   |   |
| Supplemental disclosure of cash flow information                             |   |                                 |   |   |   |   |
| Interest received                                                            |   |                                 | 261    |   |   |   | 62 |   |
| Interest paid                                                                |   |                                 | 1,160  |   |   |   | 815 |   |
| Tax paid                                                                     |   |                                 | 1,264  |   |   |   | - |   |
|                                                                         |   |                                 |   |   |   |   |   |   |
| Non-cash investing activity                                                  |   |                                 |   |   |   |   |   |   |
| Purchase of property, plant and equipment recorded as payable to contractors |   |                                 | 211    |   |   |   | 248 |   |

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 1. | ORGANIZATION AND PRINCIPAL ACTIVITIES |
|----|---------------------------------------|

| Name                                                                     |   | Place and date ofestablishment /incorporation                |   | Percentage ofeffective equityinterest / votingright attributableto the Company |   | Principal activities |
|--------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------|--------|---------------------------|
|                                                                     |   |                                                                             |   |                                                                                                              |   |                      |
| Fast More Limited (“Fast More”)                              |   | Hong KongDecember 17, 2007                                                       |   |                                                                                                              | 100    | %                         | Investment holding |
|                                                                     |   |                                                                             |   |                                                                                                              |   |                      |   |
| Changxing Chisen Battery Co., Limited (“Changxing Chisen”) * |   | Zhejiang,the People’sRepublic of China(“PRC”)February 25, 2002 |   |                                                                                                              | 100    | %                         | Manufacture and sales ofsealed lead-acid batteryproducts |

|   | * | This is a direct translation of the name in Chinese for identification purpose only and is not the official name in English. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------|

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 1. | ORGANIZATION AND PRINCIPAL ACTIVITIES (CONTINUED) |
|----|---------------------------------------------------|

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|----|--------------------------------------------|

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
|----|--------------------------------------------------------|

|   | Income taxes |
|--------|--------------|

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
|----|--------------------------------------------------------|

| Buildings                                | 20 years |
|------------------------------------------|----------|
| Furniture, fixtures and office equipment | 10 years |
| Motor vehicles                           | 5 years  |
| Plant and machinery                      | 10 years |

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
|----|--------------------------------------------------------|

|   | (a) | assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | income and expenses for each statement of operations are translated at average exchange rates; |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (c) | all resulting exchange differences are recognized as a separate component of equity. |
|--------|-----|--------------------------------------------------------------------------------------|

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
|----|--------------------------------------------------------|

|                                          |   | Years ended March 31, |   |
|-----------------------------------------------|--------|--------------------------------------|--------|
|                                          |   | 2009                                 |   |   | 2008 |   |
|                                          |   | US$’000                        |   |   | US$’000 |   |
|                                          |   |                                 |   |   |   |   |
| Balance as of April 1,                        |   |                                 | 413    |   |   |   | 220 |   |
| Exchange realignment                          |   |                                 | 9      |   |   |   | - |   |
| Accrual for warranties issued during the year |   |                                 | 91     |   |   |   | 1,452 |   |
| Settlement made during the year               |   |                                 | (392   | ) |   |   | (1,259 | ) |
|                                          |   |                                 |   |   |   |   |   |   |
| Balance as of March 31,                       |   |                                 | 121    |   |   |   | 413 |   |

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
|----|--------------------------------------------------------|

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
|----|--------------------------------------------------------|

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 3. | OPERATING RISKS |
|----|-----------------|

|   | (a) | Concentration of major customers and suppliers |
|--------|-----|------------------------------------------------|

|                                                                             |   | Years ended March 31, |       |
|----------------------------------------------------------------------------------|--------|-----------------------|------------|
|                                                                             |   | 2009                  |       |   | 2008 |   |
| Major customers with revenues of more than 10% of the Company’s sales      |   |                  |       |   |   |   |
| Sales to major customers                                                         |   | US$                   | 51,676,000 |   |   | US$ | 26,161,000 |   |
| Percentage of sales                                                              |   |                  | 47         | % |   |   | 40 | % |
| Number                                                                           |   |                  | 1          |   |   |   | 1 |   |
|                                                                             |   |                  |       |   |   |   |   |   |
| Major suppliers with purchases of more than 10% of the Company’s purchases |   |                  |       |   |   |   |   |   |
| Purchases from major suppliers                                                   |   | US$                   | 47,415,000 |   |   | US$ | 33,595,000 |   |
| Percentage of purchases                                                          |   |                  | 60         | % |   |   | 58 | % |
| Number                                                                           |   |                  | 4          |   |   |   | 3 |   |

|   | (b) | Country risks |
|--------|-----|---------------|

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 3. | OPERATING RISKS (CONTINUED) |
|----|-----------------------------|

|   | (c) | Cash and time deposits |
|--------|-----|------------------------|

| 4. | INCOME TAXES |
|----|--------------|

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 4. | INCOME TAXES (CONTINUED) |
|----|--------------------------|

|   | (a) | Income tax expenses are comprised of the following: |
|--------|-----|-----------------------------------------------------|

|                               |   | Years ended March 31, |   |
|------------------------------------|--------|--------------------------------------|--------|
|                               |   | 2009                                 |   |   | 2008 |   |
|                               |   | US$’000                        |   |   | US$’000 |   |
|                               |   |                                 |   |   |   |   |
| Current taxes arising in the PRC:  |   |                                 |   |   |   |   |
| For the year                       |   |                                 | 1,401  |   |   |   | 112 |   |
|                               |   |                                 |   |   |   |   |   |   |
| Deferred taxes arising in the PRC: |   |                                 |   |   |   |   |   |   |
| For the year                       |   |                                 | 460    |   |   |   | - |   |
|                               |   |                                 |   |   |   |   |   |   |
|                               |   |                                 | 1,861  |   |   |   | 112 |   |

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 4. | INCOME TAXES (CONTINUED) |
|----|--------------------------|

|   | (a) | (Continued) |
|--------|-----|-------------|

|   | (b) | Reconciliation from the expected income tax expenses calculated with reference to the statutory tax rate in the PRC of 25% (2008: 31%) is as follows: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|                               |   | Years ended March 31, |   |
|------------------------------------|--------|--------------------------------------|--------|
|                               |   | 2009                                 |   |   | 2008 |   |
|                               |   | US$’000                        |   |   | US$’000 |   |
|                               |   |                                 |   |   |   |   |
| Expected income tax expenses       |   |                                 | 2,693  |   |   |   | 2,075 |   |
| Effect on tax incentives / holiday |   |                                 | (1,319 | ) |   |   | (1,968 | ) |
| Non-deductible items               |   |                                 | 217    |   |   |   | 118 |   |
| Withholding tax                    |   |                                 | 481    |   |   |   | - |   |
| Others                             |   |                                 | (211   | ) |   |   | (113 | ) |
|                               |   |                                 |   |   |   |   |   |   |
| Income tax expenses                |   |                                 | 1,861  |   |   |   | 112 |   |

|   | (c) | Components of net deferred tax liabilities were as follows: |
|--------|-----|-------------------------------------------------------------|

|            |   | Years ended March 31, |   |
|-----------------|--------|-----------------------|--------|
|            |   | 2009                  |   |   | 2008 |   |
|            |   | US$’000         |   |   | US$’000 |   |
|            |   |                  |   |   |   |   |
| Withholding tax |   |                  | 460    |   |   |   | - |   |

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 5. | RESTRICTED BANK BALANCES |
|----|--------------------------|

| 6. | OTHER FINANCIAL ASSETS |
|----|------------------------|

| 7.  | INVENTORIES |
|----------|-------------|

|                                     |   | As of March 31, |   |
|------------------------------------------|--------|--------------------------------|--------|
|                                     |   | 2009                           |   |   | 2008 |   |
|                                     |   | US$’000                  |   |   | US$’000 |   |
|                                     |   |                           |   |   |   |   |
| Raw materials                            |   |                           | 4,269  |   |   |   | 2,577 |   |
| Work-in-progress and semi-finished goods |   |                           | 9,370  |   |   |   | 3,502 |   |
| Finished goods                           |   |                           | 3,496  |   |   |   | 6,214 |   |
|                                     |   |                           |   |   |   |   |   |   |
|                                     |   |                           | 17,135 |   |   |   | 12,293 |   |

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 8.  | PROPERTY, PLANT AND EQUIPMENT, NET |
|----------|------------------------------------|

|                                     |   | As of March 31, |   |
|------------------------------------------|--------|--------------------------------|--------|
|                                     |   | 2009                           |   |   | 2008 |   |
|                                     |   | US$’000                  |   |   | US$’000 |   |
|                                     |   |                           |   |   |   |   |
| Buildings                                |   |                           | 2,632  |   |   |   | 2,213 |   |
| Plant and machinery                      |   |                           | 2,386  |   |   |   | 1,545 |   |
| Motor vehicles                           |   |                           | 807    |   |   |   | 598 |   |
| Furniture, fixtures and office equipment |   |                           | 427    |   |   |   | 215 |   |
| Construction-in-progress                 |   |                           | 365    |   |   |   | 362 |   |
|                                     |   |                           |   |   |   |   |   |   |
|                                     |   |                           | 6,617  |   |   |   | 4,933 |   |
|                                     |   |                           |   |   |   |   |   |   |
| Accumulated depreciation                 |   |                           | (1,302 | ) |   |   | (831 | ) |
|                                     |   |                           |   |   |   |   |   |   |
|                                     |   |                           | 5,315  |   |   |   | 4,102 |   |

| 9.  | NOTES PAYABLE |
|----------|---------------|

|                                                                     |   | As of March 31, |   |
|--------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                     |   | 2009                           |   |   | 2008 |   |
|                                                                     |   | US$’000                  |   |   | US$’000 |   |
|                                                                     |   |                           |   |   |   |   |
| Corporate and personal guarantees issued by related parties (Note 13(d)) |   |                           | 8,034  |   |   |   | - |   |
| Corporate guarantees issued by third parties                             |   |                           | 2,922  |   |   |   | - |   |

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 10. | SHORT-TERM BANK BORROWINGS |
|-----|----------------------------|

|                  |   |   | As of March 31, |   |
|-----------------------|--------|--------|--------------------------------|--------|
|                  | Note   |   | 2009                           |   |   | 2008 |   |
|                  |   |   | US$’000                  |   |   | US$’000 |   |
|                  |   |   |                           |   |   |   |   |
| Short-term bank loans | (i)    |   |                           | 20,451 |   |   |   | 8,544 |   |
| Bills financing       | (ii)   |   |                           | -      |   |   |   | 12,817 |   |
|                  |   |   |                           |   |   |   |   |   |   |
|                  |   |   |                           | 20,451 |   |   |   | 21,361 |   |

|   | (i) | Short-term bank loans |
|--------|-----|-----------------------|

|            |   | As of March 31, |   |
|-----------------|--------|--------------------------------|--------|
|            |   | 2009                           |   |   | 2008 |   |
|            |   | US$’000                  |   |   | US$’000 |   |
|            |   |                           |   |   |   |   |
| Land use rights |   |                           | 608    |   |   |   | 119 |   |
| Buildings       |   |                           | 2,069  |   |   |   | 595 |   |
|            |   |                           |   |   |   |   |   |   |
|            |   |                           | 2,677  |   |   |   | 714 |   |

|                                                                     |   | As of March 31, |   |
|--------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                     |   | 2009                           |   |   | 2008 |   |
|                                                                     |   | US$’000                  |   |   | US$’000 |   |
|                                                                     |   |                           |   |   |   |   |
| Corporate and personal guarantees issued by related parties (Note 13(d)) |   |                           | 16,069 |   |   |   | 8,544 |   |
| Corporate guarantees issued by unrelated parties                         |   |                           | 4,381  |   |   |   | - |   |

|   | (ii) | Bills financing |
|--------|------|-----------------|

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 11. | GOVERNMENT SUBSIDIES |
|-----|----------------------|

|   | During the year ended March 31, 2008, the Company received a government grant of approximately US$231,000 for the purpose of subsidising its acquisition of property, plant and equipment, of which approximately US$47,000 was credited to the statement of operations for the year ended March 31, 2009. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | DISTRIBUTION OF INCOME |
|-----|------------------------|

|   | As stipulated by the relevant laws and regulations for Sino-foreign joint enterprises in the PRC, Changxing Chisen is required to maintain certain statutory reserves, which include a general reserve fund, an enterprise expansion fund and a staff welfare and incentive bonus fund. The statutory reserves are to be appropriated from statutory net income as stipulated by statute or by the board of directors of respective subsidiaries and recorded as a component of shareholders' equity. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | However, upon completion of the Reorganization as detailed in Note 1, Changxing Chisen became wholly owned foreign-invested enterprises when all of their equity interest have been acquired by the Company and are required by relevant laws and regulation to transfer at least 10% of their after-tax profit determined in accordance with the PRC accounting rules and regulations to a statutory surplus reserve until such reserve balance reaches 50% of Changxing Chisen’s registered capital. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | For the year ended March 31, 2008, the Company transferred US$71,000 to the statutory reserve. The reserve balance had already reached 50% of Changxing Chisen’s registered capital as at March 31, 2008. On December 31, 2008, Changxing Chisen’s registered capital was increased to US$ 7,273,000 as a result of the capital injection by Fast More. Accordingly, the Company transferred US$1,032,000 out of the after-tax profit to the statutory reserve for the year ended March 31, 2009. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The statutory surplus reserve can only be utilized to offset prior years' losses or for capitalization as paid-in capital. No distribution of the remaining reserves shall be made other than upon liquidation of Changxing Chisen. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 13. | RELATED PARTY TRANSACTIONS |
|-----|----------------------------|

|   | (a) | Names and relationship of related parties: |
|--------|-----|--------------------------------------------|

| Name of related party                                                      |   | Existing relationships with the Company     |
|-------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------|
|                                                                                      |   |                                                            |
| Mr. Xu Kecheng                                                                            |   | Director and controlling stockholder of Chisen Electric         |
|                                                                                      |   |                                                            |
| Zhejiang Chisen Glass Company Limited (“Chisen Glass”)*                       |   | A company controlled by a close family member of Mr. Xu Kecheng |
|                                                                                      |   |                                                            |
| Mr. Xu Keyong                                                                             |   | A close family member of Mr. Xu Kecheng                         |
|                                                                                      |   |                                                            |
| Ms. Zhou Fang Qin                                                                         |   | Spouse of Mr. Xu Kecheng                                        |
|                                                                                      |   |                                                            |
| Changxing Chisen Xinguangyuan Company Limited (“Xinguangyuan”)*               |   | A company controlled by a close family member of Mr. Xu Kecheng |
|                                                                                      |   |                                                            |
| Zhejiang Ai Ge Organism Products Company Limited (“Ai Ge Organism”)*          |   | A company controlled by Mr. Xu Kecheng                          |
|                                                                                      |   |                                                            |
| Zhejiang Changxing Nuo Wan Te Ke Glass Company Limited (“Nuo Wan Te Ke”)*     |   | A company controlled by a close family member of Mr. Xu Kecheng |
|                                                                                      |   |                                                            |
| Zhejiang Changxing Ruilang Electronic Company Limited (“Ruilang Electronic”)* |   | A company controlled by a close family member of Mr. Xu Kecheng |

|   | * | These are direct translations of the name in Chinese for identification purpose only and are not official names in English. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------|

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 13. | RELATED PARTY TRANSACTIONS (CONTINUED) |
|-----|----------------------------------------|

|   | (b)  | Summary of balances with related parties: |
|--------|-----------|-------------------------------------------|

|                      |   | As of March 31, |   |
|---------------------------|--------|--------------------------------|--------|
|                      |   | 2009                           |   |   | 2008 |   |
|                      |   | US$’000                  |   |   | US$’000 |   |
| Due from related parties: |   |                           |   |   |   |   |
| Ms. Zhou Fang Qin         |   |                           | 195    |   |   |   | 167 |   |
| Chisen Glass              |   |                           | 278    |   |   |   | 178 |   |
| Ruilang Electronic        |   |                           | -      |   |   |   | 897 |   |
| Xinguangyuan              |   |                           | 1      |   |   |   | - |   |
|                      |   |                           |   |   |   |   |   |   |
|                      |   |                           | 474    |   |   |   | 1,242 |   |
|                      |   |                           |   |   |   |   |   |   |
| Due to related parties:   |   |                           |   |   |   |   |   |   |
| Mr. Xu Kecheng            |   |                           | -      |   |   |   | 5,127 |   |
| Mr. Xu Keyong             |   |                           | 24     |   |   |   | 24 |   |
| Xinguangyuan              |   |                           | -      |   |   |   | 912 |   |
| Ai Ge Organism            |   |                           | 602    |   |   |   | 586 |   |
| Nuo Wan Te Ke             |   |                           | 13     |   |   |   | 163 |   |
|                      |   |                           |   |   |   |   |   |   |
|                      |   |                           | 639    |   |   |   | 6,812 |   |

|   | (c) | Summary of related party transactions: |
|--------|-----|----------------------------------------|

| Name of relatedparty |   | Nature of transactions                    |   | Years ended March 31, |   |
|--------------------------------|--------|-----------------------------------------------------|--------|--------------------------------------|--------|
|                           |   |                                                |   | 2009                                 |   |   | 2008 |   |
|                           |   |                                                |   | US$’000                        |   |   | US$’000 |   |
|                           |   |                                                |   |                                 |   |   |   |   |
| Chisen Glass                   |   | Purchase of glass products                          |   |                                 | -      |   |   |   | 801 |   |
|                           |   | Acquisition of motor vehicle                        |   |                                 | 160    |   |   |   | - |   |
|                           |   | Acquisition of available-for-sales financial assets |   |                                 | -      |   |   |   | 427 |   |
|                           |   |                                                |   |                                 |   |   |   |   |   |   |
| Nuo Wan Te Ke                  |   | Purchase of glass products                          |   |                                 | -      |   |   |   | 1,089 |   |

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 13. | RELATED PARTY TRANSACTIONS (CONTINUED) |
|-----|----------------------------------------|

|   | (d)  | Other arrangements: |
|--------|-----------|---------------------|

|   | . | As of March 31, 2009, US$4,821,000 of the Company’s short-term bank loans was collateralized by a guarantee provided by Chisen Glass. |
|--------|----------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | . | As of March 31, 2009, US$2,483,000 of the Company’s short-term bank loans was collateralized by land use rights owned by Ruilang Electronic. |
|--------|----------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | . | As of March 31, 2009, Chisen Glass, Mr. Xu Kecheng and Ms. Zhou Fang Qin provided guarantees, in the aggregate, amounting to US$3,652,000 to secure the notes payable of the Company. |
|--------|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | . | As of March 31, 2009, Xinguangyuan and Mr. Xu Kecheng provided guarantees, in aggregate, amounting to US$8,765,000 and US$4,382,000 to secure the short-term bank loans and notes payable of the Company, respectively. |
|--------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | COMMITMENTS AND CONTINGENCIES |
|-----|-------------------------------|

|   | (a) | Operating lease commitments |
|--------|-----|-----------------------------|

|                |   | As of March 31, |   |
|---------------------|--------|--------------------------------|--------|
|                |   | 2009                           |   |   | 2008 |   |
|                |   | US$’000                  |   |   | US$’000 |   |
|                |   |                           |   |   |   |   |
| Within one year     |   |                           | 185    |   |   |   | 74 |   |
| One to two years    |   |                           | 205    |   |   |   | 74 |   |
| Two to three years  |   |                           | 202    |   |   |   | 74 |   |
| Three to four years |   |                           | 212    |   |   |   | - |   |
| Four to five years  |   |                           | 54     |   |   |   | - |   |
|                |   |                           |   |   |   |   |   |   |
| Total               |   |                           | 858    |   |   |   | 222 |   |

|   | (b) | Capital commitments |
|--------|-----|---------------------|

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

| 15. | RESTATEMENT OF FINANCIAL STATEMENTS   |
|-----|-------------------------------------------------|

|   | (a) | The Company’s previously issued consolidated financial statements for the year ended March 31, 2009 have been restated to correct an accounting error in relation to the Share Exchange Transaction as detailed in Note 1 above. The table below shows the effect of restatements: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                       |   | As previously reported |       |
|----------------------------------------------------------------------------|--------|----------------------------------|------------|
| Consolidated balance sheet and statement of changes in |   | Number of                   |       |   | Amount |   |   | Capital |   |
| shareholders’ equity                                            |   | Shares                           |       |   |   |   |   | reserves |   |
|                                                                       |   |                             |       |   | US$’000 |   |   | US$’000 |   |
|                                                                       |   |                             |       |   |   |   |   |   |   |   |   |   |
| Balance as of April 1, 2007 and March 31, 2008                             |   |                             | 50,000,000 |   |   |   | 50 |   |   |   | 144 |   |

|                                                                  |   | As restated |       |
|----------------------------------------------------------------------------|--------|------------------|------------|
| Consolidated balance sheet and statement of changes in |   | Number of   |       |   | Amount |   |   | Capital |   |
| shareholders’ equity                                            |   | Shares           |       |   |   |   |   | reserves |   |
|                                                                       |   |             |       |   | US$’000 |   |   | US$’000 |   |
|                                                                       |   |             |       |   |   |   |   |   |   |
| Balance as of April 1, 2007 and March 31, 2008                             |   |             | 35,000,000 |   |   |   | 35 |   |   |   | 159 |   |

|                                                |   | As previously reported |       |
|----------------------------------------------------------|--------|----------------------------------|------------|
| Consolidated statement of changes in |   | Number of                   |       |   | Amount |   |   | Capital |   |
| shareholders’ equity                          |   | Shares                           |       |   |   |   |   | reserves |   |
|                                                     |   |                             |       |   | US$’000 |   |   | US$’000 |   |
|                                                     |   |                             |       |   |   |   |   |   |   |
| Balance as of April 1, 2008 and March 31, 2009           |   |                             | 50,000,000 |   |   |   | 50 |   |   |   | 144 |   |

|                                                |   | As restated |       |
|----------------------------------------------------------|--------|------------------|------------|
| Consolidated statement of changes in |   | Number of   |       |   | Amount |   |   | Capital |   |
| shareholders’ equity                          |   | Shares           |       |   |   |   |   | reserves |   |
|                                                |   |             |       |   | US$’000 |   |   | US$’000 |   |
|                                                |   |             |       |   |   |   |   |   |   |
| Balance as of April 1, 2008                              |   |             | 35,000,000 |   |   |   | 35 |   |   |   | 159 |   |
| Recapitalization upon reverse acquisition                |   |             | 15,000,000 |   |   |   | 15 |   |   |   | (15 | ) |
|                                                     |   |             |       |   |   |   |   |   |   |   |   |   |
| Balance as of March 31, 2009                             |   |             | 50,000,000 |   |   |   | 50 |   |   |   | 144 |   |

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Notes to and Forming Part of Consolidated Financial Statements |
| For the years ended March 31, 2009 and 2008                    |

|                                                               |   | Year ended March 31, 2008 |       |
|-------------------------------------------------------------------------|--------|-----------------------------------------------|------------|
|                                                               |   | As previously                            |       |   | As |   |
| Earnings per share                                            |   | Reported                                      |       |   | restated |   |
|                                                                    |   |                                          |       |   |   |   |
| Weighted average number of common stock outstanding - basic and diluted |   |                                          | 50,000,000 |   |   |   | 35,000,000 |   |
|                                                                    |   |                                          |       |   |   |   |   |   |
|                                                                    |   |                                          |  US$  |   |   |   |  US$ |   |
| Net income per share of common stock - basic and diluted                |   |                                          | 0.13       |   |   |   | 0.19 |   |

|                                                               |   | Year ended March 31, 2009 |       |
|-------------------------------------------------------------------------|--------|-----------------------------------------------|------------|
|                                                               |   | As previously                            |       |   | As |   |
| Earnings per share                                            |   | Reported                                      |       |   | restated |   |
|                                                                    |   |                                          |       |   |   |   |
| Weighted average number of common stock outstanding - basic and diluted |   |                                          | 50,000,000 |   |   |   | 40,753,425 |   |
|                                                                    |   |                                          |       |   |   |   |   |   |
|                                                                    |   |                                          |  US$  |   |   |   |  US$ |   |
| Net income per share of common stock - basic and diluted                |   |                                          | 0.18       |   |   |   | 0.22 |   |

| 16. | APPROVAL OF FINANCIAL STATEMENTS |
|-----|----------------------------------|

----