|  ̈ | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|-----------------------------------------------------------------------------------|

|  ̈ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
|--------|-----------------------------------------------------------------|

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

| Large Accelerated Filer  ̈ | Accelerated Filer  ̈ | Non-Accelerated Filer  ̈ | Smaller Reporting Company  ̈ |
|--------------------------------|--------------------------|------------------------------|----------------------------------|

----

----

| PART I FINANCIAL INFORMATION                                            |   | 3      |
|-------------------------------------------------------------------------|--------|--------|
|                                                                    |   |   |
| ITEM 1. FINANCIAL STATEMENTS                                            |   | 3      |
|                                                                    |   |   |
| ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION |   | 5      |
|                                                                    |   |   |
| ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK      |   | 12     |
|                                                                    |   |   |
| ITEM 4. CONTROLS AND PROCEDURES                                         |   | 13     |
|                                                                    |   |   |
| PART II OTHER INFORMATION                                               |   | 13     |
|                                                                    |   |   |
| ITEM 1. LEGAL PROCEEDINGS                                               |   | 13     |
|                                                                    |   |   |
| ITEM 1A. RISK FACTORS                                                   |   | 13     |
|                                                                    |   |   |
| ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS     |   | 13     |
|                                                                    |   |   |
| ITEM 3. DEFAULTS UPON SENIOR SECURITIES                                 |   | 13     |
|                                                                    |   |   |
| ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS              |   | 13     |
|                                                                    |   |   |
| ITEM 5. OTHER INFORMATION                                               |   | 13     |
|                                                                    |   |   |
| ITEM 6. EXHIBITS                                                        |   | 14     |
|                                                                    |   |   |
| SIGNATURES                                                              |   | 17     |
|                                                                    |   |   |
| EXHIBIT 31.1                                                            |   |   |
|                                                                    |   |   |
| EXHIBIT 31.2                                                            |   |   |
|                                                                    |   |   |
| EXHIBIT 32.1                                                            |   |   |
|                                                                    |   |   |
| EXHIBIT 32.2                                                            |   |   |

----

|                                                                                          |   | Page                       |
|-----------------------------------------------------------------------------------------------|--------|----------------------------|
| Unaudited Condensed Consolidated Statements of Operations and Other Comprehensive Income |   | F-2                        |
|                                                                                          |   |                       |
| Unaudited Condensed Consolidated Balance Sheets                                               |   | F-3 – F-4            |
|                                                                                          |   |                       |
| Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity          |   | F-5                        |
|                                                                                          |   |                       |
| Unaudited Condensed Consolidated Statements of Cash Flows                                     |   | F-6 – F-7            |
|                                                                                          |   |                       |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements            |   | F-8 – F-20 |

----

----

| For the three months ended June 30, 2010 |
|------------------------------------------|

|                                                                                     |   | Page                 |
|------------------------------------------------------------------------------------------|--------|----------------------|
| Unaudited Condensed Consolidated Statements of Operations and Other Comprehensive Income |   | F-2                  |
|                                                                                     |   |                 |
| Unaudited Condensed Consolidated Balance Sheets                                          |   | F-3 – F-4      |
|                                                                                     |   |                 |
| Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity     |   | F-5                  |
|                                                                                     |   |                 |
| Unaudited Condensed Consolidated Statements of Cash Flows                                |   | F-6 – F-7 |
|                                                                                     |   |                 |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements       |   | F-8 – F-20     |

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

|                                                                    |   |   |   | Three months ended June 30, |       |
|-------------------------------------------------------------------------|--------|--------|--------|-------------------------------------------------|------------|
|                                                               |   |   |   | 2010                                            |       |   | 2009 |   |
|                                                               |   | Note   |   | US$’000                                   |       |   | US$’000 |   |
|                                                                    |   |   |   |                                            |       |   | As restated |   |
| Operating revenues:                                                |   |   |   |                                            |       |   |   |   |
| Net sales to third parties                                         |   |   |   |                                            | 50,429     |   |   |   | 29,475 |   |
|                                                                    |   |   |   |                                            |       |   |   |   |   |   |
| Cost of sales                                                           |   |   |   |                                            | (45,392    | ) |   |   | (24,348 | ) |
|                                                                    |   |   |   |                                            |       |   |   |   |   |   |
| Gross income                                                            |   |   |   |                                            | 5,037      |   |   |   | 5,127 |   |
|                                                                    |   |   |   |                                            |       |   |   |   |   |   |
| Operating expenses:                                                     |   |   |   |                                            |       |   |   |   |   |   |
| Sales, marketing and distribution                                       |   |   |   |                                            | (2,512     | ) |   |   | (1,787 | ) |
| General and administrative                                              |   |   |   |                                            | (684       | ) |   |   | (813 | ) |
|                                                                    |   |   |   |                                            |       |   |   |   |   |   |
| Operating income                                                        |   |   |   |                                            | 1,841      |   |   |   | 2,527 |   |
|                                                                    |   |   |   |                                            |       |   |   |   |   |   |
| Other income, net                                                       |   |   |   |                                            | 503        |   |   |   | 147 |   |
| Interest income                                                         |   |   |   |                                            | 96         |   |   |   | 55 |   |
| Interest expense                                                        |   |   |   |                                            | (685       | ) |   |   | (369 | ) |
|                                                                    |   |   |   |                                            |       |   |   |   |   |   |
| Income before income taxes                                              |   |   |   |                                            | 1,755      |   |   |   | 2,360 |   |
|                                                                    |   |   |   |                                            |       |   |   |   |   |   |
| Income taxes expenses                                                   |   | 4      |   |                                            | (249       | ) |   |   | (355 | ) |
|                                                                    |   |   |   |                                            |       |   |   |   |   |   |
| Net income                                                              |   |   |   |                                            | 1,506      |   |   |   | 2,005 |   |
|                                                                    |   |   |   |                                            |       |   |   |   |   |   |
| Other comprehensive income                                              |   |   |   |                                            |       |   |   |   |   |   |
| Foreign currency translation adjustment                                 |   |   |   |                                            | 121        |   |   |   | 1 |   |
|                                                                    |   |   |   |                                            |       |   |   |   |   |   |
| Comprehensive income                                                    |   |   |   |                                            | 1,627      |   |   | 2006 |   |
|                                                                    |   |   |   |                                            |       |   |   |   |   |   |
|                                                                    |   |   |   | Shares                                          |       |   | Shares |   |
|                                                                    |   |   |   |                                            |       |   |   |   |   |   |
| Earnings per share                                                      |   | 3      |   |                                            |       |   |   |   |   |   |
| Weighted average number of common stock outstanding - basic and diluted |   |   |   |                                            | 50,000,000 |   |   |   | 50,000,000 |   |
|                                                                    |   |   |   |                                            |       |   |   |   |   |   |
|                                                                    |   |   |   | US$                                             |       |   | US$ |   |
|                                                                    |   |   |   |                                            |       |   |   |   |   |   |
| Net income per share of common stock - basic and diluted                |   |   |   |                                            | 0.03       |   |   |   | 0.04 |   |

----

| As of June 30, 2010 and March 31, 2010 |
|----------------------------------------|

|                             |   |   |   | As of June |    |   | As of March |   |
|---------------------------------------|--------|--------|--------|----------------------|---------|--------|-----------------------|--------|
|                             |   |   |   | 30, 2010        |    |   | 31, 2010         |   |
|                             |   | Note   |   | US$’000        |    |   | US$’000         |   |
|                                  |   |   |   |                 |    |   |                  |   |
| ASSETS                                |   |   |   |                 |    |   |                  |   |
|                             |   |   |   |                 |    |   |                  |   |
| Current assets:                       |   |   |   |                 |    |   |                  |   |
| Cash and cash equivalents             |   |   |   |                 | 2,996   |   |                  |   | 6,019 |   |
| Restricted bank balances              |   | 5      |   |                 | 22,611  |   |                  |   | 21,420 |   |
| Other financial assets                |   | 6      |   |                 | 7,705   |   |                  |   | 7,438 |   |
| Trade receivables, net                |   |   |   |                 | 55,489  |   |                  |   | 50,440 |   |
| Other receivables                     |   |   |   |                 | 883     |   |                  |   | 800 |   |
| Prepayments                           |   |   |   |                 | 2,699   |   |                  |   | 4,933 |   |
| Due from related parties              |   | 14(b)  |   |                 | 11      |   |                  |   | 8 |   |
| Inventories                           |   | 7      |   |                 | 35,118  |   |                  |   | 30,038 |   |
|                                  |   |   |   |                 |    |   |                  |   |   |   |
| Total current assets                  |   |   |   |                 | 127,512 |   |                  |   | 121,096 |   |
|                                  |   |   |   |                 |    |   |                  |   |   |   |
| Available-for-sale financial assets   |   | 8      |   |                 | 2,665   |   |                  |   | 882 |   |
| Long-term land lease prepayments, net |   |   |   |                 | 747     |   |                  |   | 749 |   |
| Property, plant and equipment, net    |   | 9      |   |                 | 11,117  |   |                  |   | 10,474 |   |
|                                  |   |   |   |                 |    |   |                  |   |   |   |
| Total assets                          |   |   |   |                 | 142,041 |   |                  |   | 133,201 |   |

----

| As of June 30, 2010 and March 31, 2010 |
|----------------------------------------|

|                                                                                                    |   |   |   | As of June |    |   | As of March |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------|--------|----------------------|---------|--------|-----------------------|--------|
|                                                                                                    |   |   |   | 30, 2010        |    |   | 31, 2010         |   |
|                                                                                                    |   | Note   |   | US$’000        |    |   | US$’000         |   |
|                                                                                                    |   |   |   |                 |    |   |                  |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                   |   |   |   |                 |    |   |                  |   |
|                                                                                                         |   |   |   |                 |    |   |                  |   |
| Current liabilities:                                                                                         |   |   |   |                 |    |   |                  |   |
| Trade payables                                                                                               |   |   |   |                 | 18,683  |   |                  |   | 14,923 |   |
| Notes payable                                                                                                |   | 10     |   |                 | 37,121  |   |                  |   | 35,504 |   |
| Accrued expenses and other accrued liabilities                                                               |   |   |   |                 | 5,148   |   |                  |   | 5,087 |   |
| Due to related parties                                                                                       |   | 14(b)  |   |                 | 3,495   |   |                  |   | 2,532 |   |
| Income taxes payable                                                                                         |   |   |   |                 | 123     |   |                  |   | 148 |   |
| Short-term bank borrowings                                                                                   |   | 11     |   |                 | 46,990  |   |                  |   | 46,141 |   |
|                                                                                                         |   |   |   |                 |    |   |                  |   |   |   |
| Total current liabilities                                                                                    |   |   |   |                 | 111,560 |   |                  |   | 104,335 |   |
|                                                                                                         |   |   |   |                 |    |   |                  |   |   |   |
| Government subsidies                                                                                         |   | 12     |   |                 | 127     |   |                  |   | 139 |   |
| Deferred tax liabilities                                                                                     |   | 4(c)   |   |                 | 460     |   |                  |   | 460 |   |
|                                                                                                         |   |   |   |                 |    |   |                  |   |   |   |
| Total non-current liabilities                                                                                |   |   |   |                 | 587     |   |                  |   | 599 |   |
|                                                                                                         |   |   |   |                 |    |   |                  |   |   |   |
| Total liabilities                                                                                            |   |   |   |                 | 112,147 |   |                  |   | 104,934 |   |
|                                                                                                         |   |   |   |                 |    |   |                  |   |   |   |
| Commitments and contingencies                                                                                |   | 15     |   |                 | -       |   |                  |   | - |   |
|                                                                                                         |   |   |   |                 |    |   |                  |   |   |   |
| Shareholders’ equity:                                                                                  |   |   |   |                 |    |   |                  |   |   |   |
| Preferred stock, US$0.001 par 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 shares issued and outstanding |   |   |   |                 | 50      |   |                  |   | 50 |   |
| Capital reserves                                                                                             |   |   |   |                 | 144     |   |                  |   | 144 |   |
| Statutory reserves                                                                                           |   |   |   |                 | 2,423   |   |                  |   | 2,239 |   |
| Accumulated other comprehensive income                                                                       |   |   |   |                 | 1,175   |   |                  |   | 1,054 |   |
| Retained earnings                                                                                            |   |   |   |                 | 26,102  |   |                  |   | 24,780 |   |
|                                                                                                         |   |   |   |                 |    |   |                  |   |   |   |
| Total shareholders’ equity                                                                             |   |   |   |                 | 29,894  |   |                  |   | 28,267 |   |
|                                                                                                         |   |   |   |                 |    |   |                  |   |   |   |
| Total liabilities and shareholders’ equity                                                             |   |   |   |                 | 142,041 |   |                  |   | 133,201 |   |

----

| For the three months ended June 30, 2010 |
|------------------------------------------|

|                                    |   | Common stock issued |       |   |          |   |   |            |   |   |              |   |   |             |   |   |                                      |   |
|-----------------------------------------|--------|-------------------------------|------------|--------|---------------|--------|--------|-----------------|--------|--------|-------------------|--------|--------|------------------|--------|--------|-------------------------------------------|--------|
|                               |   | Numberof shares          |       |   | Amount        |   |   | Capitalreserves |   |   | Statutoryreserves |   |   | Retainedearnings |   |   | Accumulatedothercomprehensive income |   |   | Total |   |
|                               |   |                          |       |   | US$’000 |   |   | US$’000   |   |   | US$’000     |   |   | US$’000    |   |   | US$’000                             |   |   | US$’000 |   |
|                               |   |                          |       |   |          |   |   |            |   |   |              |   |   |             |   |   |                                      |   |   |   |   |
| Balance as of April 1, 2010             |   |                          | 50,000,000 |   |          |   | 50     |            |   |   | 144               |   |   |             | 2,239  |   |                                      |   | 24,780 |   |   |   | 1,054 |   |   |   | 28,267 |   |
| Net income                              |   |                          | -          |   |          |   | -      |            |   |   | -                 |   |   |             | -      |   |                                      |   | 1,506 |   |   |   | - |   |   |   | 1,506 |   |
| Transfer to statutory reserves          |   |                          | -          |   |          |   | -      |            |   |   | -                 |   |   |             | 184    |   |                                      |   | (184 | ) |   |   | - |   |   |   | - |   |
| Foreign currency translation adjustment |   |                          | -          |   |          |   | -      |            |   |   | -                 |   |   |             | -      |   |                                      |   | - |   |   |   | 121 |   |   |   | 121 |   |
|                                    |   |                          |       |   |          |   |   |            |   |   |              |   |   |             |   |   |                                      |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of June 30, 2010             |   |                          | 50,000,000 |   |          |   | 50     |            |   |   | 144               |   |   |             | 2,423  |   |                                      |   | 26,102 |   |   |   | 1,175 |   |   |   | 29,894 |   |

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

|                                                                                   |   | Three months ended June 30, |   |
|----------------------------------------------------------------------------------------|--------|-------------------------------------------------|--------|
|                                                                              |   | 2010                                            |   |   | 2009 |   |
|                                                                              |   | US$’000                                   |   |   | US$’000 |   |
| Cash flows from operating activities                               |   |                                            |   |   |   |   |
| Net income                                                                             |   |                                            | 1,506  |   |   |   | 2,005 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                                            |   |   |   |   |   |   |
| Depreciation of property, plant and equipment                                          |   |                                            | 252    |   |   |   | 132 |   |
| Written-off of property, plant and equipment                                           |   |                                            | -      |   |   |   | 6 |   |
| Amortization of long-term land lease prepayments                                       |   |                                            | 4      |   |   |   | 3 |   |
| Exchange differences                                                                   |   |                                            | 7      |   |   |   | (1 | ) |
| Provision for warranty costs                                                           |   |                                            | 325    |   |   |   | 25 |   |
| Government grant recognized                                                            |   |                                            | (12    | ) |   |   | (12 | ) |
| Due from related parties                                                               |   |                                            | (3     | ) |   |   | (378 | ) |
| Changes in assets and liabilities:                                                     |   |                                            |   |   |   |   |   |   |
| Other financial assets                                                                 |   |                                            | (237   | ) |   |   | (822 | ) |
| Accounts receivables, net                                                              |   |                                            | (4,845 | ) |   |   | 89 |   |
| Other receivables                                                                      |   |                                            | (79    | ) |   |   | (206 | ) |
| Prepayment                                                                             |   |                                            | 2,254  |   |   |   | (1,289 | ) |
| Inventories                                                                            |   |                                            | (4,957 | ) |   |   | (4,630 | ) |
| Accounts payable                                                                       |   |                                            | 3,699  |   |   |   | (2,482 | ) |
| Notes payable                                                                          |   |                                            | 1,473  |   |   |   | 4,675 |   |
| Accrued expenses and other accrued liabilities                                         |   |                                            | (108   | ) |   |   | 2,846 |   |
| Due to related parties                                                                 |   |                                            | 951    |   |   |   | (320 | ) |
| Income taxes payable                                                                   |   |                                            | -      |   |   |   | 22 |   |
|                                                                                   |   |                                            |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                    |   |                                            | 230    |   |   |   | (337 | ) |
|                                                                                   |   |                                            |   |   |   |   |   |   |
| Cash flows from investing activities                                                   |   |                                            |   |   |   |   |   |   |
| Purchase of property, plant and equipment                                              |   |                                            | (1,056 | ) |   |   | (211 | ) |
| Investment in restricted bank balances, net                                            |   |                                            | (1,105 | ) |   |   | (4,675 | ) |
| Acquisition of available-for-sale financial assets                                     |   |                                            | (1,779 | ) |   |   | - |   |
|                                                                                   |   |                                            |   |   |   |   |   |   |
| Net cash used in investing activities                                                  |   |                                            | (3,940 | ) |   |   | (4,886 | ) |

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

|                                                 |   | Three months ended June 30, |   |
|------------------------------------------------------|--------|-------------------------------------------------|--------|
|                                            |   | 2010                                            |   |   | 2009 |   |
|                                            |   | US$’000                                   |   |   | US$’000 |   |
| Cash flows from financing activities  |   |                                            |   |   |   |   |
| Proceeds from bills financing                        |   |                                            | -      |   |   |   | 5,844 |   |
| Proceeds from short-term bank loans                  |   |                                            | 6,334  |   |   |   | 13,587 |   |
| Repayment of short-term bank loans                   |   |                                            | (5,671 | ) |   |   | (7,743 | ) |
|                                                 |   |                                            |   |   |   |   |   |   |
| Net cash provided by financing activities            |   |                                            | 663    |   |   |   | 11,688 |   |
|                                                 |   |                                            |   |   |   |   |   |   |
| Net (decrease) increase in cash and cash equivalents |   |                                            | (3,047 | ) |   |   | 6,465 |   |
|                                                 |   |                                            |   |   |   |   |   |   |
| Cash and cash equivalents, beginning of period       |   |                                            | 6,019  |   |   |   | 2,620 |   |
| Effect on exchange rate changes                      |   |                                            | 24     |   |   |   | - |   |
|                                                 |   |                                            |   |   |   |   |   |   |
| Cash and cash equivalents, end of period             |   |                                            | 2,996  |   |   |   | 9,085 |   |
|                                                 |   |                                            |   |   |   |   |   |   |
| Supplemental disclosure of cash flow information     |   |                                            |   |   |   |   |   |   |
| Interest received                                    |   |                                            | 96     |   |   |   | - |   |
| Interest paid                                        |   |                                            | 685    |   |   |   | 369 |   |
| Tax paid                                             |   |                                            | 274    |   |   |   | 264 |   |

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

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

| Name                                                                     |   | Place anddate 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’s Republic ofChina (“PRC”)February 25, 2002 |   |                                                                                                              | 100    | %                         | Manufacture and sales ofsealed lead-acid batteryproducts |
|                                                                     |   |                                                                              |   |                                                                                                              |   |                      |   |
| Chisen Technology Holdings Corporation (“Chisen Technology”) |   | Nevada, United StatesMay 18, 2009                                            |   |                                                                                                              | 100    | %                         | Inactive |

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

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

| 2. | PREPRATION OF INTERIM FINANCIAL STATEMENTS |
|----|--------------------------------------------|

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

| 2. | PREPRATION OF INTERIM FINANCIAL STATEMENTS (CONTINUED) |
|----|--------------------------------------------------------|

| 3. | EARNINGS PER SHARE |
|----|--------------------|

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

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

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

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

|                              |   | Three months ended June 30, |   |
|-----------------------------------|--------|-------------------------------------------------|--------|
|                         |   | 2010                                            |   |   | 2009 |   |
|                         |   | US$’000                                   |   |   | US$’000 |   |
|                         |   |                                            |   |   |   |   |
| Current taxes arising in the PRC: |   |                                            |   |   |   |   |   |   |
| For the period                    |   |                                            | 249    |   |   |   | 355 |   |

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

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

|   | (b) | Reconciliation from the expected income tax expenses calculated with reference to the statutory tax rate in the PRC of 25%  (2009: 25%)  is as follows: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                        |   | Three months ended June 30, |   |
|---------------------------------------------|--------|-------------------------------------------------|--------|
|                                   |   | 2010                                            |   |   | 2009 |   |
|                                   |   | US$’000                                   |   |   | US$’000 |   |
|                                   |   |                                            |   |   |   |   |
| Expected income tax expenses |   |                                            | 571    |   |   |   | 590 |   |
| Effect on tax incentives / holiday          |   |                                            | (203   | ) |   |   | (332 | ) |
| Non-deductible items                        |   |                                            | -      |   |   |   | 73 |   |
| Non-taxable income                          |   |                                            | (165   | ) |   |   | - |   |
| Others                                      |   |                                            | 46     |   |   |   | 24 |   |
|                                        |   |                                            |   |   |   |   |   |   |
| Income tax expenses                         |   |                                            | 249    |   |   |   | 355 |   |

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

|                                                     |   | As of June 30, |   |   | As of March 31, |   |
|---------------------------------------------------------------|--------|-------------------------------|--------|--------|--------------------------------|--------|
|                                                     |   | 2010                          |   |   | 2010                           |   |
|                                                     |   | US$’000                 |   |   | US$’000                  |   |
|                                                     |   |                          |   |   |                           |   |   |   |
| Withholding tax on undistributed earnings of a PRC subsidiary |   |                          | 460    |   |                           |   | 460 |   |

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

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

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

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

|                                |   | As of June 30, |   |   | As of March 31, |   |
|------------------------------------------|--------|-------------------------------|--------|--------|--------------------------------|--------|
|                                |   | 2010                          |   |   | 2010                           |   |
|                                |   | US$’000                 |   |   | US$’000                  |   |
|                                |   |                          |   |   |                           |   |
| Raw materials                       |   |                          | 3,529  |   |                           |   | 7,186 |   |
| Work-in-progress and semi-finished goods |   |                          | 19,990 |   |                           |   | 13,482 |   |
| Finished goods                           |   |                          | 11,599 |   |                           |   | 9,370 |   |
|                                     |   |                          |   |   |                           |   |   |   |
|                                     |   |                          | 35,118 |   |                           |   | 30,038 |   |

| 8. | AVAILABLE-FOR-SALE FINANCIAL ASSETS |
|----|-------------------------------------|

| 9. | PROPERTY, PLANT AND EQUIPMENT, NET |
|----|------------------------------------|

|                                |   | As of June 30, |   |   | As of March 31, |   |
|------------------------------------------|--------|-------------------------------|--------|--------|--------------------------------|--------|
|                                |   | 2010                          |   |   | 2010                           |   |
|                                |   | US$’000                 |   |   | US$’000                  |   |
|                                |   |                          |   |   |                           |   |
| Buildings                                |   |                          | 5,491  |   |                           |   | 5,468 |   |
| Leasehold improvements                   |   |                          | 659    |   |                           |   | 495 |   |
| Plant and machinery                      |   |                          | 4,674  |   |                           |   | 4,071 |   |
| Motor vehicles                           |   |                          | 978    |   |                           |   | 974 |   |
| Furniture, fixtures and office equipment |   |                          | 1,529  |   |                           |   | 1,419 |   |
| Construction-in-progress                 |   |                          | -      |   |                           |   | - |   |
|                                     |   |                          |   |   |                           |   |   |   |
|                                     |   |                          | 13,331 |   |                           |   | 12,427 |   |
|                                     |   |                          |   |   |                           |   |   |   |
| Accumulated depreciation                 |   |                          | (2,214 | )      |                           |   | (1,953 | ) |
|                                     |   |                          |   |   |                           |   |   |   |
|                                     |   |                          | 11,117 |   |                           |   | 10,474 |   |

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

| 10. | NOTES PAYABLE |
|-----|---------------|

|                                                                               |   | As of June 30, |   |   | As of March 31, |   |
|-----------------------------------------------------------------------------------------|--------|-------------------------------|--------|--------|--------------------------------|--------|
|                                                                               |   | 2010                          |   |   | 2010                           |   |
|                                                                               |   | US$’000                 |   |   | US$’000                  |   |
|                                                                               |   |                          |   |   |                           |   |
| Corporate and personal guarantees issued by related parties (Note 14(d)) |   |                          | 14,804 |   |                           |   | 14,377 |   |
| Corporate guarantees issued by third parties                                            |   |                          | 1,473  |   |                           |   | 1,467 |   |

| 11. | SHORT-TERM BANK BORROWINGS |
|-----|----------------------------|

|             |   |    |   | As of June 30, |   |   | As of March 31, |   |
|-----------------------|--------|--------------|--------|-------------------------------|--------|--------|--------------------------------|--------|
|             |   | Note         |   | 2010                          |   |   | 2010                           |   |
|             |   |    |   | US$’000                 |   |   | US$’000                  |   |
|             |   |    |   |                          |   |   |                           |   |
| Short-term bank loans |   | (i)          |   |                          | 43,307 |   |                           |   | 42,473 |   |
| Bills financing       |   | (ii)         |   |                          | 3,683  |   |                           |   | 3,668 |   |
|                  |   |         |   |                          |   |   |                           |   |   |   |
|                  |   |         |   |                          | 46,990 |   |                           |   | 46,141 |   |

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

|                        |   | As of June 30, |   |   | As of March 31, |   |
|----------------------------------|--------|-------------------------------|--------|--------|--------------------------------|--------|
|                        |   | 2010                          |   |   | 2010                           |   |
|                        |   | US$’000                 |   |   | US$’000                  |   |
|                        |   |                          |   |   |                           |   |
| Land lease prepayments |   |                          | 597    |   |                           |   | 598 |   |
| Buildings                        |   |                          | 1,570  |   |                           |   | 2,018 |   |
|                             |   |                          |   |   |                           |   |   |   |
|                             |   |                          | 2,167  |   |                           |   | 2,616 |   |

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

| 11. | SHORT-TERM BANK BORROWINGS (CONTINUED) |
|-----|----------------------------------------|

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

|                                                                                               |   |                          |   |   |                           |   |
|----------------------------------------------------------------------------------------------------|--------|-------------------------------|--------|--------|--------------------------------|--------|
|                                                                                          |   | As of June 30, |   |   | As of March 31, |   |
|                                                                                          |   | 2010                          |   |   | 2009                           |   |
|                                                                                          |   | US$’000                 |   |   | US$’000                  |   |
|                                                                                          |   |                          |   |   |                           |   |
| Corporate and personal guarantees issued by related parties (Note 14(d))                 |   |                          | 31,376 |   |                           |   | 30,589 |   |
| Corporate guarantees issued by third parties                                                       |   |                          | 1,473  |   |                           |   | 1,467 |   |
| Corporate and personal guarantees issued by related parties and a third party jointly (Note 14(d)) |   |                          | 8,838  |   |                           |   | 8,802 |   |

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

| 12. | GOVERNMENT SUBSIDIES |
|-----|----------------------|

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

| 13. | FAIR VALUE MEASUREMENT |
|-----|------------------------|

|   | Level 1: | Observable inputs, such as unadjusted quoted market prices in active markets for the identical asset or liabilities. |
|--------|----------|----------------------------------------------------------------------------------------------------------------------|

|   | Level 2: | Inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. |
|--------|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level 3: | Unobservable inputs reflecting the entity’s own assumptions in measuring the asset or liability at fair value. |
|--------|----------|----------------------------------------------------------------------------------------------------------------------|

| 14. | 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. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------|

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

| 14. | RELATED PARTY TRANSACTIONS (CONTINUED) |
|-----|----------------------------------------|

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

|                                |   | As of June 30, |   |   | As of March 31, |   |
|------------------------------------------|--------|-------------------------------|--------|--------|--------------------------------|--------|
|                                |   | 2010                          |   |   | 2010                           |   |
|                                |   | US$’000                 |   |   | US$’000                  |   |
| Due from related parties: |   |                          |   |   |                           |   |
| Ms. Zhou Fang Qin                        |   |                          | 11     |   |                           |   | 8 |   |
|                                     |   |                          |   |   |                           |   |   |   |
| Due to related parties:                  |   |                          |   |   |                           |   |   |   |
| Mr. Xu Keyong                            |   |                          | 25     |   |                           |   | 25 |   |
| Chisen Glass                             |   |                          | 666    |   |                           |   | 110 |   |
| Ruilang Electronic                       |   |                          | 2,490  |   |                           |   | 2,102 |   |
| Ai Ge Organism                           |   |                          | 293    |   |                           |   | 292 |   |
| Nuo Wan Te Ke                            |   |                          | 3      |   |                           |   | 3 |   |
| Xinguangyuan                             |   |                          | 18     |   |                           |   | - |   |
|                                     |   |                          |   |   |                           |   |   |   |
|                                     |   |                          | 3,495  |   |                           |   | 2,532 |   |

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

| Name of relatedparty |   | Nature of transactions |   | Three months ended June 30, |   |
|--------------------------------|--------|----------------------------------|--------|-------------------------------------------------|--------|
|                      |   |                        |   | 2010                                            |   |   | 2009 |   |
|                      |   |                        |   | US$’000                                   |   |   | US$’000 |   |
|                      |   |                        |   |                                            |   |   |   |   |
| Ruilang Electronic             |   | Purchase of raw materials        |   |                                            | 1,933  |   |   |   | - |   |
|                           |   |                             |   |                                            |   |   |   |   |   |   |
| Chisen Glass                   |   | Purchase of raw materials        |   |                                            | 660    |   |   |   | - |   |

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

| 14. | RELATED PARTY TRANSACTIONS (CONTINUED) |
|-----|----------------------------------------|

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

|   |   |  ̇As of June 30, 2010, Chisen Glass provided guarantees, in aggregate, amounting to US$5,892,000, US$810,000 and US$442,000 to secure the short-term bank loans, notes payable and bill financing of the Company, respectively. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |  ̇As of June 30, 2010, US$4,419,000 of the Company’s short-term bank loans was collateralized by land use rights owned by Ruilang Electronic and guaranteed by Mr. Xu Kecheng and Ms. Zhou Fang Qin. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |  ̇As of June 30, 2010,  Xinguangyuan, Mr. Xu Kecheng and a third party provided guarantees, in aggregate, amounting to US$8,838,000 to secure the short-term bank loans of the Company. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |  ̇As of June 30, 2010, Xinguangyuan and Mr. Xu Kecheng provided guarantees, in aggregate, amounting to US$11,784,000 and US$5,892,000 to secure the short-term bank loans and notes payable of the Company, respectively. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |  ̇As of June 30, 2010, Chisen Glass, Mr. Xu Kecheng and Ms. Zhou Fang Qin provided guarantees, in the aggregate, amounting to US$9,281,000, US$4,420,000 and US$1,473,000 to secure the short-term bank loans, notes payable and bills financing of the Company, respectively. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |  ̇As of June 30, 2010, Xinguangyuan provided guarantees, in aggregate, amounting to US$3,682,000 to secure the notes payable of the Company. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

| 15.  | COMMITMENTS AND CONTINGENCIES |
|-----------|-------------------------------|

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

|                      |   |                          |   |   |                           |   |
|---------------------------|--------|-------------------------------|--------|--------|--------------------------------|--------|
|                 |   | As of June 30, |   |   | As of March 31, |   |
|                 |   | 2010                          |   |   | 2010                           |   |
|                 |   | US$’000                 |   |   | US$’000                  |   |
|                 |   |                          |   |   |                           |   |
| Within one year |   |                          | 609    |   |                           |   | 599 |   |
| One to two years          |   |                          | 640    |   |                           |   | 630 |   |
| Two to three years        |   |                          | 672    |   |                           |   | 661 |   |
| Three to four years       |   |                          | 362    |   |                           |   | 489 |   |
| Four to five years        |   |                          | 72     |   |                           |   | 115 |   |
|                      |   |                          |   |   |                           |   |   |   |
| Total                     |   |                          | 2,355  |   |                           |   | 2,494 |   |

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

| 16. | PROVISION FOR WARRANTY |
|-----|------------------------|

|                                            |   | Three months ended June 30, |   |
|-------------------------------------------------|--------|-------------------------------------------------|--------|
|                                       |   | 2010                                            |   |   | 2009 |   |
|                                       |   | US$’000                                   |   |   | US$’000 |   |
|                                       |   |                                            |   |   |   |   |
| Balance as of April 1,           |   |                                            | 226    |   |   |   | 121 |   |
| Exchange realignment                            |   |                                            | 1      |   |   |   | 1 |   |
| Accrual for warranties issued during the period |   |                                            | 324    |   |   |   | 40 |   |
| Settlement made during the period               |   |                                            | (268   | ) |   |   | (15 | ) |
|                                            |   |                                            |   |   |   |   |   |   |
| Balance as of June 30,                          |   |                                            | 283    |   |   |   | 147 |   |

----

| For the three months ended June 30, 2010 and 2009 |
|---------------------------------------------------|

| 17. | RETIREMENT PLAN COSTS |
|-----|-----------------------|

| 18. | SEGMENTAL INFORMATION |
|-----|-----------------------|

| 19. | RESTATEMENT OF FINANCIAL STATEMENTS |
|-----|-------------------------------------|

|                       |   | Three months ended June 30, 2009 |   |
|----------------------------|--------|-----------------------------------------------------------|--------|
|                       |   | As previouslyreported                                |   |   | Asrestated |   |
|                       |   | US$’000                                             |   |   | US$’000 |   |
|                       |   |                                                      |   |   |   |   |
| Cost of sales              |   |                                                      | 24,105 |   |   |   | 24,348 |   |
| Gross income               |   |                                                      | 5,370  |   |   |   | 5,127 |   |
| General and administrative |   |                                                      | (1,056 | ) |   |   | (813 | ) |

----

----

| 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     |                                 |   |   | 10                                             | h      |   |                                               | 135-145 |   |   |   | 45-50 |   |
|       |   |                    |   |       |   |   |           |   |   |                                 |   |   |                                           |   |   |                                               |    |   |   |   |   |   |
| 6-DZM-12Ah |   | 151×99×102    |   |       | 4.3    |   |           |   | 72     |                                 |   |   | 10                                             | h      |   |                                               | 120-130 |   |   |   | 45-50 |   |
|       |   |                    |   |       |   |   |           |   |   |                                 |   |   |                                           |   |   |                                               |    |   |   |   |   |   |
| 6-DZM-16Ah |   | 151×99×118    |   |       | 5.6    |   |           |   | 96     |                                 |   |   | 10                                             | h      |   |                                               | 120-130 |   |   |   | 50-60 |   |
|       |   |                    |   |       |   |   |           |   |   |                                 |   |   |                                           |   |   |                                               |    |   |   |   |   |   |
| 6-DZM-17Ah |   | 181×76×166    |   |       | 6.3    |   |           |   | 102    |                                 |   |   | 10                                             | h      |   |                                               | 120-130 |   |   |   | 50-60 |   |
|       |   |                    |   |       |   |   |           |   |   |                                 |   |   |                                           |   |   |                                               |    |   |   |   |   |   |
| 6-DZM-20Ah |   | 181×76×170    |   |       | 7.0    |   |           |   | 120    |                                 |   |   | 10                                             | h      |   |                                               | 120-130 |   |   |   | 60-70 |   |
|       |   |                    |   |       |   |   |           |   |   |                                 |   |   |                                           |   |   |                                               |    |   |   |   |   |   |
| 8-DZM-16Ah |   | 200×100×118   |   |       | 7.4    |   |           |   | 128    |                                 |   |   | 10                                             | h      |   |                                               | 120-130 |   |   |   | 60-70 |   |
|       |   |                    |   |       |   |   |           |   |   |                                 |   |   |                                           |   |   |                                               |    |   |   |   |   |   |
| 8-DZM-18Ah |   | 250×100×128   |   |       | 9.0    |   |           |   | 144    |                                 |   |   | 10                                             | h      |   |                                               | 120-130 |   |   |   | 60-70 |   |
|       |   |                    |   |       |   |   |           |   |   |                                 |   |   |                                           |   |   |                                               |    |   |   |   |   |   |
| 8-DZM-20Ah |   | 250×100×128   |   |       | 9.05   |   |           |   | 160    |                                 |   |   | 10                                             | h      |   |                                               | 120-130 |   |   |   | 60-70 |   |
|       |   |                    |   |       |   |   |           |   |   |                                 |   |   |                                           |   |   |                                               |    |   |   |   |   |   |
| 6-DZM-24Ah |   | 175×165×125   |   |       | 9.5    |   |           |   | 144    |                                 |   |   | 10                                             | h      |   |                                               | 120-130 |   |   |   | 70-80 |   |
|       |   |                    |   |       |   |   |           |   |   |                                 |   |   |                                           |   |   |                                               |    |   |   |   |   |   |
| 6-DZM-25Ah |   | 250×78×118    |   |       | 8.85   |   |           |   | 150    |                                 |   |   | 10                                             | h      |   |                                               | 120-130 |   |   |   | 70-80 |   |

----

| Battery Manufacturer                 |   | Production Location |   | Revenues in 2010(approximate)US$(Million) |   |   | Market Share |   |
|-------------------------------------------|--------|--------------------------|--------|-----------------------------------------------------|--------|--------|-------------------|--------|
| Chaowei Power Holdings Limited            |   | Changxing, Zhejiang      |   |                                                | 338.31 |   |              |   | 22.6 | % |
| Tianneng Power International Limited |   | Changxing, Zhejiang      |   |                                                | 330.83 |   |              |   | 22.1 | % |
| CHISEN ELECTRIC CORPORATION               |   | Changxing, Zhejiang      |   |                                                | 177.19 |   |              |   | 11.8 | % |

----

----

|                                                                   |   | For The Three Months Ended June 30 (Unaudited) |       |
|------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|------------|
|                                                                   |   | 2010                                                                              |       |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| Revenues                                                               |   | $                                                                                 | 50,429,000 |   |   | $ | 29,475,000 |   |   |   | 100.00 | % |   |   | 100.00 | % |
| Cost of sales                                                          |   | $                                                                                 | 45,392,000 |   |   | $ | 24,348,000 |   |   |   | 90.01 | % |   |   | 82.61 | % |
| Gross income                                                           |   | $                                                                                 | 5,037,000  |   |   | $ | 5,127,000 |   |   |   | 9.99 | % |   |   | 18.22 | % |
| Sales, marketing and distribution                                      |   | $                                                                                 | 2,512,000  |   |   | $ | 1,787,000 |   |   |   | 4.98 | % |   |   | 6.06 | % |
| General and administrative expenses                                    |   | $                                                                                 | 684,000    |   |   | $ | 813,000 |   |   |   | 1.36 | % |   |   | 2.76 | % |
| Operating income                                                       |   | $                                                                                 | 1,841,000  |   |   | $ | 2,527,000 |   |   |   | 3.65 | % |   |   | 8.57 | % |
| Other income, net                                                      |   | $                                                                                 | 503,000    |   |   | $ | 147,000 |   |   |   | 1.00 | % |   |   | 0.50 | % |
| Interest income                                                        |   | $                                                                                 | 96,000     |   |   | $ | 55,000 |   |   |   | 0.19 | % |   |   | 0.19 | % |
| Net income from operations before interest and tax  expenses |   | $                                                                                 | 2,440,000  |   |   | $ | 2,729,000 |   |   |   | 4.84 | % |   |   | 9.26 | % |
| Interest expenses                                                      |   | $                                                                                 | 685,000    |   |   | $ | 369,000 |   |   |   | 1.36 | % |   |   | 1.25 | % |
| Income before income taxes                                             |   | $                                                                                 | 1,755,000  |   |   | $ | 2,360,000 |   |   |   | 3.48 | % |   |   | 8.01 | % |
| Income taxes expenses                                                  |   | $                                                                                 | 249,000    |   |   | $ | 355,000 |   |   |   | 0.49 | % |   |   | 1.20 | % |
| Net income                                                             |   | $                                                                                 | 1,506,000  |   |   | $ | 2,005,000 |   |   |   | 2.99 | % |   |   | 6.80 | % |
| Other comprehensive income                                             |   | $                                                                                 | 121,000    |   |   | $ | 1,000 |   |   |   | 0.24 | % |   |   | 0.00 | % |
| Comprehensive income                                                   |   | $                                                                                 | 1,627,000  |   |   | $ | 2,006,000 |   |   |   | 3.23 | % |   |   | 6.81 | % |

----

----

|                                                 |   | Three Months Ended June 30 (Unaudited) |       |
|------------------------------------------------------|--------|-----------------------------------------------------------------|------------|
|                                                 |   | 2010                                                            |       |   | 2009 |   |
| Net cash provided by (used in) operating activities  |   | $                                                               | 230,000    |   |   | $ | (337,000 | ) |
| Net cash used in investing activities                |   | $                                                               | (3,940,000 | ) |   | $ | (4,886,000 | ) |
| Net cash provided by financing activities            |   | $                                                               | 663,000    |   |   | $ | 11,688,000 |   |
| Net (decrease) increase in cash and cash equivalents |   | $                                                               | (3,047,000 | ) |   | $ | 6,465,000 |   |
| Effect of exchange rate changes on cash              |   | $                                                               | 24,000     |   |   | $ | - |   |
| Cash and cash equivalents at beginning of period     |   | $                                                               | 6,019,000  |   |   | $ | 2,620,000 |   |
| Cash and cash equivalents at end of period           |   | $                                                               | 2,996,000  |   |   | $ | 9,085,000 |   |

----

|                                                                                     |   | Payments Due By Period |   |
|------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|
| Contractual Obligations (US$)                                                  |   | Total                                 |   |   | Less than1 year |   |   | 1-3years |   |   | 3-5years |   |   | More than5 years |   |
| Bank Indebtedness                                                                        |   | (SEE TABLE BELOW)                     |   |
| Other Indebtedness                                                                       |   |                                  | 0      |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Capital Lease Obligations                                                                |   |                                  | 0      |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Operating Lease Obligations                                                              |   | (SEE TABLE BELOW)                     |   |
| Purchase Obligations                                                                     |   | (SEE TABLE BELOW)                     |   |
| Other Long-Term Liabilities Reflected on the Company’s Balance Sheet under US GAAP |   |                                  | 0      |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Total:                                                                                   |   |                                  | 0      |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |

| Bank indebtedness (US$) |   | June 30, 2010 |       |   | March 31, 2010 |   |
|-----------------------------------|--------|-------------------------|------------|--------|--------------------------|--------|
| Short-term bank borrowings        |   | US$                     | 46,990,000 |   |                     | US$    | 46,141,000 |   |
| Notes payable (within (1) year)   |   | US$                     | 37,121,000 |   |                     | US$    | 35,504,000 |   |
| Total                             |   | US$                     | 84,111,000 |   |                     | US$    | 81,645,000 |   |

| Purchase Obligations (US$)        |   | June 30, 2010 |   |   | March 31, 2010 |   |
|---------------------------------------------|--------|-------------------------|--------|--------|--------------------------|--------|
| Purchase of machinery (within one (1) year) |   | US$                     | 84,000 |   |                     | US$    | 84,000 |   |
| Total                                       |   | US$                     | 84,000 |   |                     | US$    | 84,000 |   |

| Operating Lease Obligations (US$) |   | June 30, 2010 |      |   | March 31, 2010 |   |
|--------------------------------------------------|--------|-------------------------|-----------|--------|--------------------------|--------|
| Within one (1) year                              |   | US$                     | 609,000   |   |                     | US$    | 599,000 |   |
| 1-3 years                                        |   | US$                     | 1,312,000 |   |                     | US$    | 1,291,000 |   |
| 3-5 years                                        |   | US$                     | 434,000   |   |                     | US$    | 604,000 |   |
| Over five (5) years                              |   | US$                     | 0         |   |                     | US$    | 0 |   |
| Total                                            |   | US$                     | 2,355,000 |   |                     | US$    | 2,494,000 |   |

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| 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 Glass 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                |

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| 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  |   | Cooperation Agreement, dated April 20, 2008, by and between Changxing Chisen Electric Co., Ltd. and Xiamen University                                                       |   | Included by reference to Exhibit 10.11 to the Company’s Annual Report on Form 10-K as filed with the SEC on June 28, 2010         |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 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                                                                                                                                                        |   | Included by reference to Exhibit 21 to the Company’s Annual Report on Form 10-K as filed with the SEC on June 28, 2010            |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 31.1   |   | Certifications of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                     |   | Provided herewith                                                                                                                       |

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| 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  |

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| Date: February 28, 2011 | By:    | /s/ Xu Kecheng                                                          |   |
|------------------------------|--------|-------------------------------------------------------------------------|--------|
|                         |   | Name: Xu Kecheng                                                        |   |
|                         |   | Its: President, Chief Executive Officer and Principal Executive Officer |   |

| Date: February 28, 2011 | By:    | /s/ Liu Chuanjie                                                         |   |
|------------------------------|--------|--------------------------------------------------------------------------|--------|
|                         |   | Name: Liu Chuanjie                                                       |   |
|                         |   | Its: Chief Financial Officer, Principal Financial and Accounting Officer |   |

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