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

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

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

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

----

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| PART I FINANCIAL INFORMATION                                            |   |   F-i |
|-------------------------------------------------------------------------|--------|------------|
|                                                                    |   |       |
| ITEM 1. FINANCIAL STATEMENTS                                            |   |   F-i |
|                                                                    |   |       |
| ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION |   |   3   |
|                                                                    |   |       |
| ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK      |   |   18  |
|                                                                    |   |       |
| ITEM 4. CONTROLS AND PROCEDURES                                         |   |   19  |
|                                                                    |   |       |
| PART II OTHER INFORMATION                                               |   |   19  |
|                                                                    |   |       |
| ITEM 1. LEGAL PROCEEDINGS                                               |   |   19  |
|                                                                    |   |       |
| ITEM 1A. RISK FACTORS                                                   |   |   19  |
|                                                                    |   |       |
| ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS     |   |   20  |
|                                                                    |   |       |
| ITEM 3. DEFAULTS UPON SENIOR SECURITIES                                 |   |   20  |
|                                                                    |   |       |
| ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS              |   |   20  |
|                                                                    |   |       |
| ITEM 5. OTHER INFORMATION                                               |   |   20  |
|                                                                    |   |       |
| ITEM 6. EXHIBITS                                                        |   |   21  |
|                                                                    |   |       |
| SIGNATURES                                                              |   |   25  |
|                                                                    |   |       |
| EXHIBIT 31.1                                                            |   |       |
|                                                                    |   |       |
| EXHIBIT 31.2                                                            |   |       |
|                                                                    |   |       |
| EXHIBIT 32.1                                                            |   |       |
|                                                                    |   |       |
| EXHIBIT 32.2                                                            |   |       |

----

|                                                                                     |   | Page                    |
|------------------------------------------------------------------------------------------|--------|-------------------------|
|                                                                                     |   |                    |
| Unaudited Condensed Consolidated Statements of Operations and Other Comprehensive Income |   | F- 1 – F- 2       |
|                                                                                     |   |                    |
| Unaudited Condensed Consolidated Balance Sheets                                          |   | F- 3 – F- 4  |
|                                                                                     |   |                    |
| Unaudited Condensed Consolidated Statements of Changes in Shareholders’ 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- 28 |

----

----

|                                    |   |   |   |   | Three months endedDecember 31, |    |   | Nine months endedDecember 31, |   |
|-----------------------------------------|--------|--------|--------|--------|-----------------------------------------------|---------|--------|----------------------------------------------|--------|
|                                    |   |   |   |   | 2008                                          |    |   | 2007                                         |   |   | 2008 |   |   | 2007 |   |
|                                    |   | Note   |   |   | US$’000                                 |    |   | US$’000                                |   |   | US$’000 |   |   | US$’000 |   |
| Operating revenues:                     |   |   |   |   |                                          |    |   |                                         |   |   |   |   |   |   |   |
|                                    |   |   |   |   |                                          |    |   |                                         |   |   |   |   |   |   |   |
| Net sales to third parties              |   |   |   |   |                                          | 23,421  |   |                                         |   | 17,338 |   |   |   | 81,234 |   |   |   | 44,535 |   |
|                                    |   |   |   |   |                                          |    |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Cost of sales                           |   |   |   |   |                                          | (18,998 | )      |                                         |   | (14,050 | ) |   |   | (65,713 | ) |   |   | (36,403 | ) |
|                                    |   |   |   |   |                                          |    |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Gross income                            |   |   |   |   |                                          | 4,423   |   |                                         |   | 3,288 |   |   |   | 15,521 |   |   |   | 8,132 |   |
|                                    |   |   |   |   |                                          |    |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses:                     |   |   |   |   |                                          |    |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |   |   |   |                                          |    |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Sales, marketing and distribution       |   |   |   |   |                                          | (1,328  | )      |                                         |   | (1,163 | ) |   |   | (3,770 | ) |   |   | (2,772 | ) |
| General and administrative              |   |   |   |   |                                          | (1,006  | )      |                                         |   | (479 | ) |   |   | (2,600 | ) |   |   | (1,090 | ) |
|                                    |   |   |   |   |                                          |    |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                        |   |   |   |   |                                          | 2,089   |   |                                         |   | 1,646 |   |   |   | 9,151 |   |   |   | 4,270 |   |
|                                    |   |   |   |   |                                          |    |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Other income, net                       |   |   |   |   |                                          | 70      |   |                                         |   | 248 |   |   |   | 363 |   |   |   | 498 |   |
| Interest income                         |   |   |   |   |                                          | 24      |   |                                         |   | 4 |   |   |   | 173 |   |   |   | 11 |   |
| Interest expense                        |   |   |   |   |                                          | (243    | )      |                                         |   | (117 | ) |   |   | (776 | ) |   |   | (426 | ) |
|                                    |   |   |   |   |                                          |    |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes              |   |   |   |   |                                          | 1,940   |   |                                         |   | 1,781 |   |   |   | 8,911 |   |   |   | 4,353 |   |
|                                    |   |   |   |   |                                          |    |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Income taxes expenses                   |   | 4      |   |   |                                          | (315    | )      |                                         |   | - |   |   |   | (1,594 | ) |   |   | - |   |
|                                    |   |   |   |   |                                          |    |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                              |   |   |   |   |                                          |    | 1,625  |                                         |   |   | 1,781 |   |   |   | 7,317 |   |   |   | 4,353 |   |
|                                    |   |   |   |   |                                          |    |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Other comprehensive (loss) income       |   |   |   |   |                                          |    |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment |   |   |   |   |                                          |    | (6     | )                                            |   |   | 163 |   |   |   | 258 |   |   |   | 258 |   |
|                                    |   |   |   |   |                                          |    |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income                    |   |   |   |   |                                          |    | 1,619  |                                         |   |   | 1,944 |   |   |   | 7,575 |   |   |   | 4,611 |   |

----

----

|                                              |   | Shares |       |   | Shares        |   |       | Shares |   |   | Shares              |   |
|---------------------------------------------------|--------|--------|------------|--------|---------------|--------|------------|--------|--------|--------|---------------------|--------|
|                                              |   |   |       |   | (As restated) |   |       |   |   |   |  (As restated) |   |
| Earnings per share                                |   |   |       |   |          |   |       |   |   |   |                |   |
| Weight average number of common stock outstanding |   |   |       |   |          |   |       |   |   |   |                |   |
| - basic and diluted                               |   |   | 43,152,174 |   |          |   | 35,000,000 |   |   |   | 37,727,273          |   |   |   | 35,000,000 |   |

|                                 |   | US$    |   |   | US$    |   |   | US$    |   |   | US$    |   |
|--------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income per share of common stock |   |   |   |   |   |   |   |   |   |   |   |   |
| - basic and diluted                  |   |   | 0.04   |   |   |   | 0.05   |   |   |   | 0.19   |   |   |   | 0.12 |   |

----

----

|                                           |   |   |         |   | As ofDecember 31,2008 |   |   | As ofMarch 31,2008 |   |
|------------------------------------------------|--------|--------|--------------|--------|---------------------------------|--------|--------|------------------------------|--------|
|                                           |   | Note   |         |   | US$’000                   |   |   | US$’000(As restated)   |   |
|                                           |   |   |         |   |                            |   |   |                         |   |
| ASSETS                                         |   |   |         |   |                            |   |   |                         |   |
|                                           |   |   |         |   |                            |   |   |                         |   |
| Current assets:                                |   |   |         |   |                            |   |   |                         |   |
|                                           |   |   |         |   |                            |   |   |                         |   |
| Cash and cash equivalents                      |   |   |         |   |                            | 5,976  |   |                         |   | 786 |   |
| Restricted bank balances                       |   |   | 5            |   |                            |   | 10,942 |                         |   |   | 6,408 |   |
| Other financial assets                         |   |   | 6            |   |                            |   | 1,054  |                         |   |   | 5,035 |   |
| Accounts receivable, net                       |   |   |         |   |                            |   | 27,413 |                         |   |   | 15,476 |   |
| Other receivables                              |   |   |         |   |                            |   | 384    |                         |   |   | 453 |   |
| Prepayment                                     |   |   |         |   |                            |   | 2,211  |                         |   |   | 333 |   |
| Due from related parties                       |   |   | 13(b)        |   |                            |   | 277    |                         |   |   | 1,242 |   |
| Inventories                                    |   |   | 7            |   |                            |   | 19,141 |                         |   |   | 12,293 |   |
|                                           |   |   |         |   |                            |   |   |                         |   |   |   |   |
| Total current assets                           |   |   |         |   |                            |   | 67,398 |                         |   |   | 42,026 |   |
|                                           |   |   |         |   |                            |   |   |                         |   |   |   |   |
| Available-for-sale financial assets            |   |   |         |   |                            |   | 877    |                         |   |   | 856 |   |
| Long-term land lease prepayments, net          |   |   |         |   |                            |   | 611    |                         |   |   | 496 |   |
| Property, plant and equipment, net             |   |   | 8            |   |                            |   | 4,710  |                         |   |   | 4,102 |   |
|                                           |   |   |         |   |                            |   |   |                         |   |   |   |   |
| Total assets                                   |   |   |         |   |                            |   | 73,596 |                         |   |   | 47,480 |   |
|                                           |   |   |         |   |                            |   |   |                         |   |   |   |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY     |   |   |         |   |                            |   |   |                         |   |   |   |   |
|                                           |   |   |         |   |                            |   |   |                         |   |   |   |   |
| Current liabilities:                           |   |   |         |   |                            |   |   |                         |   |   |   |   |
|                                           |   |   |         |   |                            |   |   |                         |   |   |   |   |
| Accounts payable                               |   |   |         |   |                            |   | 10,436 |                         |   |   | 6,070 |   |
| Notes payable                                  |   |   | 9            |   |                            |   | 21,884 |                         |   |   | - |   |
| Accrued expenses and other accrued liabilities |   |   |         |   |                            |   | 3,565  |                         |   |   | 3,389 |   |
| Due to related parties                         |   |   | 13(b)        |   |                            |   | 2,249  |                         |   |   | 6,812 |   |
| Income taxes payable                           |   |   |         |   |                            |   | 222    |                         |   |   | 118 |   |
| Bank borrowings and other loans                |   |   | 10           |   |                            |   | 17,508 |                         |   |   | 21,361 |   |
|                                           |   |   |         |   |                            |   | 55,864 |                         |   |   | 37,750 |   |
| Total current liabilities                      |   |   |         |   |                            |   |   |                         |   |   |   |   |
|                                           |   |   |         |   |                            |   |   |                         |   |   |   |   |
| Non-current liabilities:                       |   |   |         |   |                            |   |   |                         |   |   |   |   |
| Deferred tax liabilities                       |   |   | 4(c)         |   |                            |   | 457    |                         |   |   | - |   |
| Government subsidies                           |   |   | 11           |   |                            |   | 197    |                         |   |   | 227 |   |
|                                           |   |   |    |   |                            |   | 654    |                         |   |   | 227 |   |
|                                           |   |   |         |   |                            |   |   |                         |   |   |   |   |
| Total liabilities                              |   |   |         |   |                            |   | 56,518 |                         |   |   | 37,977 |   |

----

----

|                                                                                                                                        |   |   |   |   | As ofDecember 31,2008 |   | As ofMarch 31,2008 |                       |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|---------------------------------|--------|------------------------------|----------------------------|
|                                                                                                                                        |   | Note   |   |   | US$’000                   |   |                         | US$’000(As restated) |   |
|                                                                                                                                        |   |   |   |   |                            |   |                         |                       |   |
| Commitments and contingencies                                                                                                               |   |   | 14     |   |                            |   | -                            |                       |   |   | - |   |
|                                                                                                                                        |   |   |   |   |                            |   |                         |                       |   |   |   |   |
| Shareholders’ equity:                                                                                                                 |   |   |   |   |                            |   |                         |                       |   |   |   |   |
|                                                                                                                                        |   |   |   |   |                            |   |                         |                       |   |   |   |   |
| Preferred stock, US$0.001 per value each:10,000,000 shares authorized and no shares issued and outstanding                                  |   |   |   |   |                            |   | -                            |                       |   |   | - |   |
| Common stock, US$0.001 par value each:100,000,000 shares authorized50,000,000 (At March 31, 2008: 35,000,000) shares issued and outstanding |   |   | 1      |   |                            |   |  50                     |                       |   |   |  35 |   |
| Additional paid-in capital                                                                                                                  |   |   |   |   |                            |   | 144                          |                       |   |   | 159 |   |
| Statutory reserves                                                                                                                          |   |   | 12     |   |                            |   | 921                          |                       |   |   | 71 |   |
| Accumulated other comprehensive income                                                                                                      |   |   |   |   |                            |   | 928                          |                       |   |   | 670 |   |
| Retained earnings                                                                                                                           |   |   |   |   |                            |   | 15,035                       |                       |   |   | 8,568 |   |
|                                                                                                                                        |   |   |   |   |                            |   |                         |                       |   |   |   |   |
| Total shareholders’ equity                                                                                                            |   |   |   |   |                            |   | 17,078                       |                       |   |   | 9,503 |   |
|                                                                                                                                        |   |   |   |   |                            |   |                         |                       |   |   |   |   |
| Total liabilities and shareholders’ equity                                                                                            |   |   |   |   |                            |   | 73,596                       |                       |   |   | 47,480 |   |

----

----

|                                                              |   |                          |       |   |          |   |   |          |   |   |          |   |   | Accumulated   |   |   |          |   |   |          |   |
|------------------------------------------------------------------------|--------|-------------------------------|------------|--------|---------------|--------|--------|---------------|--------|--------|---------------|--------|--------|---------------|--------|--------|---------------|--------|--------|---------------|--------|
|                                                              |   | Common stock issued |       |   | Additional    |   |   |          |   |   | other         |   |   |          |   |   |          |   |
|                                                              |   | Number                        |       |   |          |   |   | paid-in       |   |   | Statutory     |   |   | comprehensive |   |   | Retained      |   |   |          |   |
|                                                              |   | of shares                |       |   | Amount        |   |   | capital       |   |   | reserves      |   |   | income        |   |   | earnings      |   |   | Total         |   |
|                                                                   |   |                          |       |   | US$’000 |   |   | US$’000 |   |   | US$’000 |   |   | US$’000 |   |   | US$’000 |   |   | US$’000 |   |
|                                                                   |   |                          |       |   |          |   |   |          |   |   |          |   |   |          |   |   |          |   |   |          |   |
| Balance as of April 1, 2007 (As restated) (Note 15)                    |   |                          | 35,000,000 |   |          |   | 35     |          |   |   | 159           |   |   |          | -      |   |          |   | 61     |          |   |   | 1,938 |   |   |   | 2,193 |   |
| Net income                                                             |   |                          | -          |   |          |   | -      |          |   |   | -             |   |   |          | -      |   |          |   | -      |          |   |   | 6,701 |   |   |   | 6,701 |   |
| Transfer to statutory reserves                                         |   |                          | -          |   |          |   | -      |          |   |   |          |   |   |          | 71     |   |          |   |   |          |   |   | (71 | ) |   |   | - |   |
| Foreign currency translation adjustment                                |   |                          | -          |   |          |   | -      |          |   |   | -             |   |   |          | -      |   |          |   | 609    |          |   |   | - |   |   |   | 609 |   |
|                                                                   |   |                          |       |   |          |   |   |          |   |   |          |   |   |          |   |   |          |   |   |          |   |   |   |   |   |   |   |   |
| Balance as of March 31, 2008 and April 1, 2008 (As restated) (Note 15) |   |                          | 35,000,000 |   |          |   | 35     |          |   |   | 159           |   |   |          | 71     |   |          |   | 670    |          |   |   | 8,568 |   |   |   | 9,503 |   |
| Net income                                                             |   |                          | -          |   |          |   | -      |          |   |   | -             |   |   |          | -      |   |          |   | -      |          |   |   | 7317 |   |   |   | 7317 |   |
| Recapitalization upon reverse acquisition                              |   |                          | 15,000,000 |   |          |   | 15     |          |   |   | (15           | )      |   |          | -      |   |          |   | -      |          |   |   | - |   |   |   | - |   |
| Transfer to statutory reserves                                         |   |                          | -          |   |          |   | -      |          |   |   | -             |   |   |          | 850    |   |          |   |   |          |   |   | (850 | ) |   |   | - |   |
| Foreign currency translation adjustment                                |   |                          | -          |   |          |   | -      |          |   |   | -             |   |   |          | -      |   |          |   | 258    |          |   |   | - |   |   |   | 258 |   |
|                                                                   |   |                          |       |   |          |   |   |          |   |   |          |   |   |          |   |   |          |   |   |          |   |   |   |   |   |   |   |   |
| Balance as of December 31, 2008                                        |   |                          | 50,000,000 |   |          |   | 50     |          |   |   | 144           |   |   |          | 921    |   |          |   | 928    |          |   |   | 15,035 |   |   |   | 17,078 |   |

----

----

|                                                                              |   | Nine months ended December 31, |    |
|-----------------------------------------------------------------------------------|--------|-----------------------------------------------|---------|
|                                                                              |   | 2008                                          |    |   | 2007 |   |
|                                                                              |   | US$’000                                 |    |   | US$’000 |   |
| Cash flows from operating activities                                              |   |                                          |    |   |   |   |
| Net income                                                                        |   |                                          | 7,317   |   |   |   | 4,353 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                                          |    |   |   |   |   |   |
| Depreciation of property, plant and equipment                                     |   |                                          | 328     |   |   |   | 181 |   |
| Written off of property, plant and equipment                                      |   |                                          | 10      |   |   |   | - |   |
| Amortization of long-term land lease prepayments                                  |   |                                          | 43      |   |   |   | 7 |   |
| Exchange differences                                                              |   |                                          | (333    | ) |   |   | 175 |   |
| Provision for warranty costs                                                      |   |                                          | (305    | ) |   |   | (123 | ) |
| Government grant recognized                                                       |   |                                          | (35     | ) |   |   | - |   |
| Investment income from available-for-sale financial assets                        |   |                                          | -       |   |   |   | (79 | ) |
| Deferred taxation                                                                 |   |                                          | 457     |   |   |   | - |   |
| Changes in assets and liabilities:                                                |   |                                          |    |   |   |   |   |   |
| Other financial assets                                                            |   |                                          | 4,105   |   |   |   | 328 |   |
| Accounts receivable, net                                                          |   |                                          | (11,557 | ) |   |   | (5,415 | ) |
| Other receivables                                                                 |   |                                          | 80      |   |   |   | (147 | ) |
| Prepayment                                                                        |   |                                          | (1,869  | ) |   |   | (337 | ) |
| Inventories, net                                                                  |   |                                          | (6,546  | ) |   |   | (4,440 | ) |
| Accounts payable                                                                  |   |                                          | 4,217   |   |   |   | 2,232 |   |
| Notes payable                                                                     |   |                                          | 21,884  |   |   |   | (136 | ) |
| Accrued expenses and other accrued liabilities                                    |   |                                          | 428     |   |   |   | 66 |   |
| Income taxes payable                                                              |   |                                          | 104     |   |   |   | - |   |
|                                                                              |   |                                          |    |   |   |   |   |   |
| Net cash provided by (used in) operating activities                               |   |                                          | 18,328  |   |   |   | (3,335 | ) |
|                                                                              |   |                                          |    |   |   |   |   |   |
| Cash flows from investing activities                                              |   |                                          |    |   |   |   |   |   |
|                                                                              |   |                                          |    |   |   |   |   |   |
| Acquisition of available-for-sale financial assets                                |   |                                          | -       |   |   |   | (740 | ) |
| Purchase of property, plant and equipment                                         |   |                                          | (911    | ) |   |   | (828 | ) |
| Additions of long-term land lease prepayments                                     |   |                                          | (113    | ) |   |   | (67 | ) |
| Investment in restricted bank balances, net                                       |   |                                          | (4,377  | ) |   |   | (2,598 | ) |
|                                                                              |   |                                          |    |   |   |   |   |   |
| Net cash used in investing activities                                             |   |                                          | (5,401  | ) |   |   | (4,233 | ) |
|                                                                              |   |                                          |    |   |   |   |   |   |
| Cash flows from financing activities                                              |   |                                          |    |   |   |   |   |   |
|                                                                              |   |                                          |    |   |   |   |   |   |
| Advanced from related parties, net                                                |   |                                          | (3,735  | ) |   |   | (931 | ) |
| Proceeds from short-term bank loans                                               |   |                                          | 17,508  |   |   |   | 15,039 |   |
| Repayment of short-term bank loans                                                |   |                                          | (21,885 | ) |   |   | (4,785 | ) |
|                                                                              |   |                                          |    |   |   |   |   |   |
| Net cash (used in) provided by financing activities                               |   |                                          | (8,112  | ) |   |   | 9,323 |   |
|                                                                              |   |                                          |    |   |   |   |   |   |
| Net increase in cash and cash equivalents                                         |   |                                          | 4,815   |   |   |   | 1,755 |   |
|                                                                              |   |                                          |    |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                    |   |                                          | 786     |   |   |   | 719 |   |
| Effect on exchange rate changes                                                   |   |                                          | 375     |   |   |   | - |   |
|                                                                              |   |                                          |    |   |   |   |   |   |
| Cash and cash equivalents, end of period                                          |   |                                          | 5,976   |   |   |   | 2,474 |   |

----

----

|                                                                         |   | Nine months endedDecember 31, |   |
|------------------------------------------------------------------------------|--------|----------------------------------------------|--------|
|                                                                         |   | 2008                                         |   |   | 2007 |   |
|                                                                         |   | US$’000                                |   |   | US$’000 |   |
|                                                                         |   |                                         |   |   |   |   |
| Supplemental disclosure of cash flow information                             |   |                                         |   |   |   |   |
| Interest received                                                            |   |                                         | 712    |   |   |   | 424 |   |
| Interest paid                                                                |   |                                         | 173    |   |   |   | 11 |   |
| Tax paid                                                                     |   |                                         | 1,037  |   |   |   | - |   |
|                                                                         |   |                                         |   |   |   |   |   |   |
| Non-cash investing activity                                                  |   |                                         |   |   |   |   |   |   |
| Purchase of property, plant and equipment recorded as payable to contractors |   |                                         | 31     |   |   |   | 44 |   |

----

----

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

| Name                                                                     |         | Place anddate ofestablishment /incorporation                      |         | Percentage ofeffective equityinterest / votingrightattributable tothe Company |         | Principal activities                                 |
|--------------------------------------------------------------------------|--------------|----------------------------------------------------------------------------------|--------------|-------------------------------------------------------------------------------------------------------------|--------------|-----------------------------------------------------------|
|                                                                     |         |                                                                             |         |                                                                                                        |         |                                                      |
| Fast More Limited (“Fast More”)                              |         | Hong Kong December 17, 2007                                                 |         | 100%                                                                                                        |         | Investment holding                                   |
|                                                                     |         |                                                                             |         |                                                                                                        |         |                                                      |
| Changxing Chisen Battery Co., Limited (“Changxing Chisen”) * |    | Zhejiang,the People’sRepublic ofChina (“PRC”)February 25, 2002 |    | 100%                                                                                                        |    | Manufacture andsales of sealed lead-acid battery products |

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

----

----

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

----

----

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

----

----

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

----

----

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

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

----

----

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

----

----

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

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

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

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

|                                            |   | Three months endedDecember 31, |   |   | Nine months endedDecember 31, |   |
|-------------------------------------------------|--------|-----------------------------------------------|--------|--------|----------------------------------------------|--------|
|                                            |   | 2008                                          |   |   | 2007                                         |   |   | 2008 |   |   | 2007 |   |
|                                            |   | US$’000                                 |   |   | US$’000                                |   |   | US$’000 |   |   | US$’000 |   |
|                                            |   |                                          |   |   |                                         |   |   |   |   |   |   |   |
| Beginning balance                               |   |                                          | 114    |   |                                         |   | 479 |   |   |   | 413 |   |   |   | 220 |   |
|                                            |   |                                          |   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Accrual for warranties issued during the period |   |                                          | 36     |   |                                         |   | 38 |   |   |   | 172 |   |   |   | 405 |   |
|                                            |   |                                          |   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Settlement made during the period               |   |                                          | (42    | )      |                                         |   | (175 | ) |   |   | (477 | ) |   |   | (283 | ) |
|                                            |   |                                          |   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Closing balance                                 |   |                                          | 108    |   |                                         |   | 342 |   |   |   | 108 |   |   |   | 342 |   |

----

----

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

----

----

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

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

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

|                                                                             |   | Three months endedDecember 31, |       |   | Nine months endedDecember 31, |   |
|----------------------------------------------------------------------------------|--------|-----------------------------------------------|------------|--------|----------------------------------------------|--------|
|                                                                             |   | 2008                                          |       |   | 2007                                         |   |   | 2008 |   |   | 2007 |   |
|                                                                             |   |                                          |       |   |                                         |   |   |   |   |   |   |   |
| Major customers with revenues of more than 10% of the Company’s sales      |   |                                          |       |   |                                         |   |   |   |   |   |   |   |
|                                                                             |   |                                          |       |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Sales to major customers                                                         |   | US$                                           | 11,495,000 |   |                                         | US$    | 10,767,000 |   |   | US$ | 44,580,000 |   |   | US$ | 24,828,000 |   |
|                                                                             |   |                                          |       |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Percentage of sales                                                              |   |                                          | 49         | %      |                                         |   | 62 | % |   |   | 55 | % |   |   | 56 | % |
|                                                                             |   |                                          |       |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Number                                                                           |   |                                          | 1          |   |                                         |   | 1 |   |   |   | 1 |   |   |   | 2 |   |
|                                                                             |   |                                          |       |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Major suppliers with purchases of more than 10% of the Company’s purchases |   |                                          |       |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             |   |                                          |       |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Purchases from major suppliers                                                   |   | US$                                           | 5,790,000  |   |                                         | US$    | 9,030,000 |   |   | US$ | 22,563,000 |   |   | US$ | 16,790,000 |   |
|                                                                             |   |                                          |       |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Percentage of purchases                                                          |   |                                          | 29         | %      |                                         |   | 85 | % |   |   | 29 | % |   |   | 39 | % |
|                                                                             |   |                                          |       |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Number                                                                           |   |                                          | 2          |   |                                         |   | 5 |   |   |   | 2 |   |   |   | 3 |   |

----

----

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

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

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

----

----

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

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

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

----

----

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

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

|                               |   | Three months endedDecember 31, |   |   | Nine months endedDecember 31, |   |
|------------------------------------|--------|-----------------------------------------------|--------|--------|----------------------------------------------|--------|
|                               |   | 2008                                          |   |   | 2007                                         |   |   | 2008 |   |   | 2007 |   |
|                               |   | US$’000                                 |   |   | US$’000                                |   |   | US$’000 |   |   | US$’000 |   |
|                               |   |                                          |   |   |                                         |   |   |   |   |   |   |   |
| Current taxes arising in the PRC:  |   |                                          |   |   |                                         |   |   |   |   |   |   |   |
|                               |   |                                          |   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| For the period                     |   |                                          | 232    |   |                                         |   | - |   |   |   | 1,137 |   |   |   | - |   |
|                               |   |                                          |   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Deferred taxes arising in the PRC: |   |                                          |   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
|                               |   |                                          |   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| For the period                     |   |                                          | 83     |   |                                         |   | - |   |   |   | 457 |   |   |   | - |   |
|                               |   |                                          |   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
|                               |   |                                          | 315    |   |                                         |   | - |   |   |   | 1,594 |   |   |   | - |   |

----

----

| 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% (2007: 33%) is as follows: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|                               |   | Three months endedDecember 31, |   |   | Nine months endedDecember 31, |   |
|------------------------------------|--------|-----------------------------------------------|--------|--------|----------------------------------------------|--------|
|                               |   | 2008                                          |   |   | 2007                                         |   |   | 2008 |   |   | 2007 |   |
|                               |   | US$’000                                 |   |   | US$’000                                |   |   | US$’000 |   |   | US$’000 |   |
|                               |   |                                          |   |   |                                         |   |   |   |   |   |   |   |
| Expected income tax expenses       |   |                                          | 483    |   |                                         |   | 553 |   |   |   | 2,235 |   |   |   | 1,440 |   |
|                               |   |                                          |   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Effect on tax incentives / holiday |   |                                          | (235   | )      |                                         |   | (553 | ) |   |   | (1,103 | ) |   |   | (1,440 | ) |
|                               |   |                                          |   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Non-deductible items               |   |                                          | 55     |   |                                         |   | - |   |   |   | 117 |   |   |   | - |   |
|                               |   |                                          |   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Withholding tax                    |   |                                          | 83     |   |                                         |   |   |   |   |   | 457 |   |   |   |   |   |
|                               |   |                                          |   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Others                             |   |                                          | (71    | )      |                                         |   | - |   |   |   | (112 | ) |   |   | - |   |
|                               |   |                                          |   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Income tax expenses                |   |                                          | 315    |   |                                         |   | - |   |   |   | 1,594 |   |   |   | - |   |

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

|            |   | As ofDecember 31, |   | As ofMarch 31, |   |
|-----------------|--------|-----------------------------|--------|--------------------------|--------|
|            |   | 2008                        |   | 2007                     |   |
|            |   |                        |   |                     |   |
|            |   | US$’000               |   | US$’000            |   |
|            |   |                        |   |                     |   |
| Withholding tax |   | 457                         |   | -                        |   |

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

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

----

----

| 7. | INVENTORIES, NET |
|----|------------------|

|                                     |   | As ofDecember 31, |   |   | As ofMarch 31, |   |
|------------------------------------------|--------|-----------------------------|--------|--------|--------------------------|--------|
|                                     |   | 2008                        |   |   | 2008                     |   |
|                                     |   | US$’000               |   |   | US$’000            |   |
|                                     |   |                        |   |   |                     |   |
| Raw materials                            |   |                        | 2,664  |   |                     |   | 1,283 |   |
| Work-in-progress and semi-finished goods |   |                        | 10,707 |   |                     |   | 4,796 |   |
| Finished goods                           |   |                        | 5,770  |   |                     |   | 6,214 |   |
|                                     |   |                        |   |   |                     |   |   |   |
|                                     |   |                        | 19,141 |   |                     |   | 12,293 |   |

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

|                                     |   | As ofDecember 31, |   |   | As ofMarch 31, |   |
|------------------------------------------|--------|-----------------------------|--------|--------|--------------------------|--------|
|                                     |   | 2008                        |   |   | 2008                     |   |
|                                     |   | US$’000               |   |   | US$’000            |   |
|                                     |   |                        |   |   |                     |   |
| Buildings                                |   |                        | 2,619  |   |                     |   | 2,213 |   |
| Plant and machinery                      |   |                        | 2,089  |   |                     |   | 1,545 |   |
| Motor vehicles                           |   |                        | 780    |   |                     |   | 598 |   |
| Furniture, fixtures and office equipment |   |                        | 351    |   |                     |   | 215 |   |
| Construction-in-progress                 |   |                        | 48     |   |                     |   | 362 |   |
|                                     |   |                        |   |   |                     |   |   |   |
|                                     |   |                        | 5,887  |   |                     |   | 4,933 |   |
|                                     |   |                        |   |   |                     |   |   |   |
| Accumulated depreciation                 |   |                        | (1,177 | )      |                     |   | (831 | ) |
|                                     |   |                        |   |   |                     |   |   |   |
|                                     |   |                        | 4,710  |   |                     |   | 4,102 |   |

----

----

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

| 10. | BANK BORROWINGS AND OTHER LOANS |
|-----|---------------------------------|

|                               |   |   |   | As ofDecember 31, |   |   | As ofMarch 31, |   |
|------------------------------------|--------|--------|--------|-----------------------------|--------|--------|--------------------------|--------|
|                               |   | Note   |   | 2008                        |   |   | 2008                     |   |
|                               |   |   |   | US$’000               |   |   | US$’000            |   |
|                               |   |   |   |                        |   |   |                     |   |
| Short-term bank loans              |   | (i)    |   |                        | 16,049 |   |                     |   | 8,544 |   |
| Bills financing                    |   |   |   |                        | -      |   |                     |   | 12,817 |   |
| Short-term loan from a third party |   | (ii)   |   |                        | 1,459  |   |                     |   | - |   |
|                               |   |   |   |                        |   |   |                     |   |   |   |
|                               |   |   |   |                        | 17,508 |   |                     |   | 21,361 |   |

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

|            |   | (Unaudited)                 |   |   |                     |   |
|-----------------|--------|-----------------------------|--------|--------|--------------------------|--------|
|            |   | As ofDecember 31, |   |   | As ofMarch 31, |   |
|            |   | 2008                        |   |   | 2008                     |   |
|            |   | US$’000               |   |   | US$’000            |   |
|            |   |                        |   |   |                     |   |
| Land use rights |   |                        | 611    |   |                     |   | 119 |   |
| Buildings       |   |                        | 2,143  |   |                     |   | 595 |   |
|            |   |                        |   |   |                     |   |   |   |
|            |   |                        | 2,754  |   |                     |   | 714 |   |

----

----

| 10. | BANK BORROWINGS AND OTHER LOANS (CONTINUED) |
|-----|---------------------------------------------|

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

|   | (ii) | Short-term loan from a third party |
|--------|------|------------------------------------|

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

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

----

----

| 12. | DISTRIBUTION OF INCOME (CONTINUED) |
|-----|------------------------------------|

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

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

|                                                                                      |   | Existing relationships with the Company                                   |
|-------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------|
|                                                                                      |   |                                                                                          |
| Mr. Xu Ke Cheng                                                                           |   | A beneficial ownerof the Company with substantial interest and a director of Changxing Chisen |
|                                                                                      |   |                                                                                          |
| Zhejiang Chisen Glass Company Limited (“Chisen Glass”)*                       |   | A company controlled by a close family member of the directors of Changxing Chisen            |
|                                                                                      |   |                                                                                          |
| Mr. Xu Ke Yong                                                                            |   | A close family member of the directors of Changxing Chisen                                    |
|                                                                                      |   |                                                                                          |
| Ms. Zhou Fang Qin                                                                         |   | Spouse of a director of Changxing Chisen                                                      |
|                                                                                      |   |                                                                                          |
| Changxing Chisen Xinguangyuan Company Limited (“Xinguangyuan”)*               |   | A company controlled by a beneficial owner of the Company with substantial interest           |
|                                                                                      |   |                                                                                          |
| Zhejiang Ai Ge Organism Products Company Limited (“Ai Ge Organism”)*          |   | A company controlled by a director of Changxing Chisen                                        |
|                                                                                      |   |                                                                                          |
| Zhejiang Changxing Ruilang Electronic Company Limited (“Ruilang Electronic”)* |   | A company controlled by a director of Changxing Chisen                                        |
|                                                                                      |   |                                                                                          |
| Zhejiang Changxing Nuo Wan Te Ke Glass Company Limited (“Nuo Wan Te Ke”)*     |   | A Company controlled by a close family member of the directors of Changxing Chisen            |

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

----

----

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

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

|                      |   |   |   | As ofDecember 31, |   |   | As ofMarch 31, |   |
|---------------------------|--------|--------|--------|-----------------------------|--------|--------|--------------------------|--------|
|                      |   |   |   | 2008                        |   |   | 2008                     |   |
|                      |   | Note   |   | US$’000               |   |   | US$’000            |   |
| Due from related parties: |   |   |   |                        |   |   |                     |   |
| Ms. Zhou Fang Qin         |   |   |   |                        | -      |   |                     |   | 167 |   |
| Chisen Glass              |   |   |   |                        | 277    |   |                     |   | 178 |   |
| Ruilang electronic        |   |   |   |                        | -      |   |                     |   | 897 |   |
|                      |   |   |   |                        |   |   |                     |   |   |   |
|                      |   |   |   |                        | 277    |   |                     |   | 1,242 |   |

|                    |   |   |   | As ofDecember 31, |   |   | As ofMarch 31, |   |
|-------------------------|--------|--------|--------|-----------------------------|--------|--------|--------------------------|--------|
|                    |   |   |   | 2008                        |   |   | 2008                     |   |
|                    |   |   |   | US$’000               |   |   | US$’000            |   |
| Due to related parties: |   |   |   |                        |   |   |                     |   |
| Mr. Xu Ke Cheng         |   | (ii)   |   |                        | 1,604  |   |                     |   | 5,127 |   |
| Mr. Xu Ke Yong          |   |   |   |                        | 25     |   |                     |   | 24 |   |
| Ms. Zhou Fang Qin       |   |   |   |                        | 6      |   |                     |   | - |   |
| Ruilang electronic      |   |   |   |                        | -      |   |                     |   | 163 |   |
| Xinguangyuan            |   |   |   |                        | -      |   |                     |   | 912 |   |
| Ai Ge Organism          |   |   |   |                        | 601    |   |                     |   | - |   |
| Nuo Wan Te Ke           |   |   |   |                        | 13     |   |                     |   | 586 |   |
|                    |   |   |   |                        |   |   |                     |   |   |   |
|                    |   |   |   |                        | 2,249  |   |                     |   | 6,812 |   |

|   | (i) | Except for the amount due to Mr. Xu Ke Cheng as disclosed in Note (ii) below, all amounts due from / to related parties represent unsecured advances which are interest-free and repayable on demand. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | As at December 31, 2008, the amount due to Mr. Xu Ke Cheng is unsecured, interest-free and repayable within on demand. As at December 31, 2007, the amount due to Mr. Xu Ke Cheng is unsecured, interest-free and repayable on or before December 31, 2008. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

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

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

| Name ofrelatedparty     |   | Nature oftransactions                          |   | Three months endedDecember 31, |   |   | Nine months endedDecember 31, |   |
|------------------------------|--------|-----------------------------------------------------|--------|-----------------------------------------------|--------|--------|----------------------------------------------|--------|
|                         |   |                                                |   | 2008                                          |   |   | 2007                                         |   |   | 2008 |   |   | 2007 |   |
|                         |   |                                                |   | US$’000                                 |   |   | US$’000                                |   |   | US$’000 |   |   | US$’000 |   |
|                         |   |                                                |   |                                          |   |   |                                         |   |   |   |   |   |   |   |
| Chisen Glass            |   | Purchase of glass products                          |   |                                          | -      |   |                                         |   | - |   |   |   | - |   |   |   | 174 |   |
|                         |   | Acquisition of motor vehicle                        |   |                                          | -      |   |                                         |   | - |   |   |   | 160 |   |   |   | - |   |
|                         |   | Acquisition of available-for-sales financial assets |   |                                          | -      |   |                                         |   | - |   |   |   | - |   |   |   | 393 |   |
| Nuo Wan Te Ke |   | Purchase of glass products                          |   |                                          | -      |   |                                         |   | - |   |   |   | - |   |   |   | 1,074 |   |

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

|   | . | As of December 31, 2008, US$8,754,000 of the Company’s short-term bank loans was secured by a guarantee provided by Xinguangyuan and Mr. Xu Ke Cheng. |
|--------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | . | As of December 31, 2008, Xinguangyuan and Mr. Xu Ke Cheng provided guarantees, in aggregate, amounting to US$5,835,000 in addition to the restricted bank balances of the Company to secure the bill financing of the Company. |
|--------|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | . | As of December 31, 2008, US$4,815,000 of the Company’s short-term bank loans was secured by a guarantee provided by Chisen Glass. |
|--------|----------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | . | As of December 31, 2008, US$2,480,000 of the Company’s short-term bank loans was secured by land use right owned by Ruilang electronic. |
|--------|----------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | . | As of December 31, 2008, Chisen Glass, Mr. Xu Ke Cheng and Ms. Zhou Fang Qin provided guarantees, in aggregate, amounting to US$10,213,000 in addition to the restricted bank balances and the land use rights and buildings of the Company to secure the notes payable of the Company. |
|--------|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | . | As of December 31, 2008, Xinguangyuan provided guarantees, in aggregate, amounting to US$2,918,000 in addition to the restricted bank balances and the land use rights and buildings of the Company to secure the notes payable of the Company. |
|--------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

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

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

|   | . | As of December 31, 2008, Chisen Glass and Mr. Xu Ke Cheng provided guarantees, in aggregate, amounting to US$2,918,000 in addition to the restricted bank balances of the Company to secure the notes payable of the Company. |
|--------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|               |   | US$’000 |   |
|--------------------|--------|---------------|--------|
|               |   |          |   |
| Within one year    |   |          | 183    |   |
| One to two year    |   |          | 189    |   |
| Two to three year  |   |          | 199    |   |
| Three to four year |   |          | 208    |   |
| Four to five year  |   |          | 125    |   |
| Above five year    |   |          | -      |   |
|               |   |          |   |   |
|               |   |          | 904    |   |

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

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

|   | (a) | The Company’s previously issued consolidated financial statements for the period ended December 31, 2008 have been restated to correct an accounting error in relation to the Share Exchange Transaction as detailed in Note 1 above. The table below shows the effect of restatements: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

----

|                                                                    |   | Three months ended December 31, 2007 |       |
|-------------------------------------------------------------------------|--------|---------------------------------------------------------------|------------|
|                                                               |   | As previously                                            |       |   | As restated |   |
| Earnings per share                                            |   | reported                                                      |       |   |   |   |
| Weighted average number of common stock outstanding - basic and diluted |   |                                                          | 50,000,000 |   |   |   | 35,000,000 |   |
|                                                                    |   |                                                          |       |   |   |   |   |   |
| Net income per share of common stock - basic and diluted                |   |                                                          | 0.04       |   |   |   | 0.05 |   |

|                                                                         |   | Three months ended December 31, 2008 |       |
|------------------------------------------------------------------------------|--------|---------------------------------------------------------------|------------|
|                                                                    |   | As previously                                            |       |   | As restated |   |
| Earnings per share                                                 |   | reported                                                      |       |   |   |   |
| Weighted average number of common stock outstanding - basic and diluted |   |                                                          | 50,000,000 |   |   |   | 43,152,174 |   |
|                                                                         |   |                                                          |       |   |   |   |   |   |
| Net income per share of common stock - basic and diluted                     |   |                                                          | 0.03       |   |   |   | 0.04 |   |

|                                                                    |   | Nine months ended December 31, 2007 |       |
|-------------------------------------------------------------------------|--------|--------------------------------------------------------------|------------|
|                                                               |   | As previously                                           |       |   | As restated |   |
| Earnings per share                                            |   | reported                                                     |       |   |   |   |
| Weighted average number of common stock outstanding - basic and diluted |   |                                                         | 50,000,000 |   |   |   | 35,000,000 |   |
|                                                                    |   |                                                         |       |   |   |   |   |   |
| Net income per share of common stock - basic and diluted                |   |                                                         | 0.09       |   |   |   | 0.12 |   |

|                                                                    |   | Nine months ended December 31, 2008 |       |
|-------------------------------------------------------------------------|--------|--------------------------------------------------------------|------------|
|                                                               |   | As previously                                           |       |   | As restated |   |
| Earnings per share                                            |   | reported                                                     |       |   |   |   |
| Weighted average number of common stock outstanding - basic and diluted |   |                                                         | 50,000,000 |   |   |   | 37,727,273 |   |
|                                                                    |   |                                                         |       |   |   |   |   |   |
| Net income per share of common stock - basic and diluted                |   |                                                         | 0.15       |   |   |   | 0.19 |   |

----

----

----

| Product    |   | Dimentions (LxWxH) |   | Weight(kg) |   | PowerOutput(w) |   | EstimatedHoursRequiredPerCharging(1) |   | EstimatedMinutesof UsePerCharging(min)(2) |   | EstimatedTravelDistance PerCharging (km) |
|------------|--------|-------------------------|--------|------------|--------|----------------|--------|--------------------------------------|--------|------------------------------------------------|--------|----------------------------------------------------|
|       |   |                    |   |       |   |           |   |                                 |   |                                           |   |                                               |
| 6-DZM-10Ah |   | 151×99×98     |   | 4.2        |   | 60             |   | 10h                                  |   | 135-145                                        |   | 45-50                                              |
|       |   |                    |   |       |   |           |   |                                 |   |                                           |   |                                               |
| 6-DZM-12Ah |   | 151×99×102    |   | 4.3        |   | 72             |   | 10h                                  |   | 120-130                                        |   | 45-50                                              |
|       |   |                    |   |       |   |           |   |                                 |   |                                           |   |                                               |
| 6-DZM-16Ah |   | 151×99×118    |   | 5.6        |   | 96             |   | 10h                                  |   | 120-130                                        |   | 50-60                                              |
|       |   |                    |   |       |   |           |   |                                 |   |                                           |   |                                               |
| 8-DZM-16Ah |   | 200×100×118   |   | 7.4        |   | 128            |   | 10h                                  |   | 120-130                                        |   | 50-60                                              |
|       |   |                    |   |       |   |           |   |                                 |   |                                           |   |                                               |
| 6-DZM-17Ah |   | 181×76×166    |   | 6.3        |   | 102            |   | 10h                                  |   | 120-130                                        |   | 50-60                                              |
|       |   |                    |   |       |   |           |   |                                 |   |                                           |   |                                               |
| 6-DZM-20Ah |   | 181×76×170    |   | 7.0        |   | 120            |   | 10h                                  |   | 120-130                                        |   | 60-70                                              |
|       |   |                    |   |       |   |           |   |                                 |   |                                           |   |                                               |
| 8-DZM-18Ah |   | 250×100×128   |   | 9.0        |   | 144            |   | 10h                                  |   | 120-130                                        |   | 60-70                                              |
|       |   |                    |   |       |   |           |   |                                 |   |                                           |   |                                               |
| 8-DZM-20Ah |   | 250×100×128   |   | 9.05       |   | 160            |   | 10h                                  |   | 120-130                                        |   | 60-70                                              |

|            |   |            |
|------------|--------|------------|
|       |   |       |
| 6-DZM-10AH |   | 6-DZM-12AH |

----

|       |   |       |
|------------|--------|------------|
|            |   |            |
|       |   |       |
| 6-DZM-16AH |   | 6-DZM-17AH |
|       |   |       |
|            |   |            |
|       |   |       |
| 6-DZM-20AH |   | 8-DZM-18AH |

----

| Battery Manufacturer            |    | Production Location |      | Output in 2007(approximate) |     | Market Share |   |
|--------------------------------------|--------------|--------------------------|--------------------------|---------------------------------------|--------------------|-------------------|--------|
| Tianneng Power International         |         | Changxing, Zhejiang      |                     |                                  | 16,500,000         |              | 16.5   | %  |
| Zhejiang Chaowei Power Co., Ltd.     |         | Changxing, Zhejiang      |                     |                                  | 12,500,000         |              | 12.5   | % |
| CHISEN                               |         | Changxing, Zhejiang      |                     |                                  | 5,260,000          |              | 5.26   | % |
| Zhenjiang Zhenlong Battery Co., Ltd. |         | Changxing, Zhejiang      |                     |                                  | 3,000,000          |              | 3      | % |

----

----

----

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

----

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

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

|   | · | all resulting exchange differences are recognised as a separate component of equity. |
|--------|--------|--------------------------------------------------------------------------------------|

----

|                                            |   | Three (3) Month Period Ended December31, |   |
|-------------------------------------------------|--------|-------------------------------------------------------------------|--------|
|                                            |   | 2008                                                              |   |   | 2007 |   |
|                                            |   | US$’000                                                     |   |   | US$’000 |   |
| Balance as of October 1,                        |   |                                                              | 114    |   |   |   | 479 |   |
| Accrual for warranties issued during the period |   |                                                              | 36     |   |   |   | 38 |   |
| Settlement made during the period               |   |                                                              | (42    | ) |   |   | (175 | ) |
| Balance as of December 31,                      |   |                                                              | 108    |   |   |   | 342 |   |

|                                          |   | Nine (9) Month PeriodEnded December 31, |   |
|-----------------------------------------------|--------|------------------------------------------------------------------|--------|
|                                          |   | 2008                                                             |   |   | 2007 |   |
|                                          |   | US$’000                                                    |   |   | US$’000 |   |
| Balance as of April 1,                        |   |                                                             | 413    |   |   |   | 220 |   |
| Accrual for warranties issued during the year |   |                                                             | 172    |   |   |   | 405 |   |
| Settlement made during the year               |   |                                                             | (477   | ) |   |   | (283 | ) |
| Balance as of December 31,                    |   |                                                             | 108    |   |   |   | 342 |   |

----

|                                |   | For The Three (3) Months Ended December 31 |       |
|-------------------------------------|--------|-------------------------------------------------------------------------------|------------|
|                                |   | 2008                                                                          |       |   | 2007 |   |   | 2008 |   |   | 2007 |   |
| Revenues                            |   | $                                                                             | 23,421,000 |   |   | $ | 17,338,000 |   |   |   | 100.00 | % |   |   | 100.00 | % |
| Cost of sales                       |   | $                                                                             | 18,998,000 |   |   | $ | 14,050,000 |   |   |   | 81.12 | % |   |   | 81.04 | % |
| Gross income                        |   | $                                                                             | 4,423,000  |   |   | $ | 3,288,000 |   |   |   | 18.88 | % |   |   | 18.96 | % |
| Sales, marketing and distribution   |   | $                                                                             | 1,328,000  |   |   | $ | 1,163,000 |   |   |   | 5.67 | % |   |   | 6.71 | % |
| General and administrative expenses |   | $                                                                             | 1,006,000  |   |   | $ | 479,000 |   |   |   | 4.30 | % |   |   | 2.76 | % |
| Operating income                    |   | $                                                                             | 2,089,000  |   |   | $ | 1,646,000 |   |   |   | 8.92 | % |   |   | 9.49 | % |
| Other income (expenses), net        |   | $                                                                             | 70,000     |   |   | $ | 248,000 |   |   |   | 0.30 | % |   |   | 1.43 | % |
| Interest expenses, net              |   | $                                                                             | 219,000    |   |   | $ | 113,000 |   |   |   | 0.94 | % |   |   | 0.65 | % |
| Income before income taxes          |   | $                                                                             | 1,940,000  |   |   | $ | 1,781,000 |   |   |   | 8.28 | % |   |   | 10.27 | % |
| Income taxes expenses               |   | $                                                                             | 315,000    |   |   |   | - |   |   |   | 1.34 | % |   |   | - |   |
| Net income                          |   | $                                                                             | 1,625,000  |   |   | $ | 1,781,000 |   |   |   | 6.94 | % |   |   | 10.27 | % |
| Other comprehensive (loss) income   |   | $                                                                             | -6,000     |   |   | $ | 163,000 |   |   |   | 0.03 | % |   |   | 0.94 | % |
| Comprehensive income                |   | $                                                                             | 1,619,000  |   |   | $ | 1,944,000 |   |   |   | 6.91 | % |   |   | 11.21 | % |

----

|               |   | For The Three (3) Months Ended December 31 |       |
|--------------------|--------|-------------------------------------------------------------------------------|------------|
|               |   | 2008                                                                          |       |   | 2007 |   |
| Operating Revenues |   | US$                                                                 | 23,421,000 |   |   |   | 100.00 | % |   | US$   | 17,338,000 |   |   |   | 100.00 | % |
| Cost of Sales      |   | US$                                                                           | 18,998,000 |   |   |   | 81.12 | % |   | US$ | 14,050,000 |   |   |   | 81.04 | % |
| Gross Income Rate  |   | US$                                                                           | 4,423,000  |   |   |   | 18.88 | % |   | US$ | 3,288,000 |   |   |   | 18.96 | % |

----

|                                |   | For The Nine (9) Months Ended December 31 |       |
|-------------------------------------|--------|------------------------------------------------------------------------------|------------|
|                                |   | 2008                                                                         |       |   | 2007 |   |   | 2008 |   |   | 2007 |   |
| Revenues                            |   | $                                                                            | 81,234,000 |   |   | $ | 44,535,000 |   |   |   | 100.00 | % |   |   | 100.00 | % |
| Cost of sales                       |   | $                                                                            | 65,713,000 |   |   | $ | 36,403,000 |   |   |   | 80.89 | % |   |   | 81.74 | % |
| Gross income                        |   | $                                                                            | 15,521,000 |   |   | $ | 8,132,000 |   |   |   | 19.11 | % |   |   | 18.26 | % |
| Sales, marketing and distribution   |   | $                                                                            | 3,770,000  |   |   | $ | 2,772,000 |   |   |   | 4.64 | % |   |   | 6.22 | % |
| General and administrative expenses |   | $                                                                            | 2,600,000  |   |   | $ | 1,090,000 |   |   |   | 3.20 | % |   |   | 2.45 | % |
| Operating income                    |   | $                                                                            | 9,151,000  |   |   | $ | 4,270,000 |   |   |   | 11.26 | % |   |   | 9.59 | % |
| Other income (expenses), net        |   | $                                                                            | 363,000    |   |   | $ | 498,000 |   |   |   | 0.45 | % |   |   | 1.12 | % |
| Interest expenses, net              |   | $                                                                            | 603,000    |   |   | $ | 415,000 |   |   |   | 0.74 | % |   |   | 0.94 | % |
| Income before income taxes          |   | $                                                                            | 8,911,000  |   |   | $ | 4,353,000 |   |   |   | 10.97 | % |   |   | 9.77 | % |
| Income taxes expenses               |   | $                                                                            | 1,594,000  |   |   |   | - |   |   |   | 1.96 | % |   |   | - |   |
| Net income                          |   | $                                                                            | 7,317,000  |   |   | $ | 4,353,000 |   |   |   | 9.00 | % |   |   | 9.77 | % |
| Other comprehensive income          |   | $                                                                            | 258,000    |   |   | $ | 258,000 |   |   |   | 0.32 | % |   |   | 0.58 | % |
| Comprehensive income                |   | $                                                                            | 7,575,000  |   |   | $ | 4,611,000 |   |   |   | 9.32 | % |   |   | 10.35 | % |

----

|               |   | For The Nine (9) Months Ended December 31 |       |
|--------------------|--------|------------------------------------------------------------------------------|------------|
|               |   | 2008                                                                         |       |   | 2007 |   |
| Operating Revenues |   | US$                                                                | 81,234,000 |   |   |   | 100.00 | % |   | US$   | 44,535,000 |   |   |   | 100.00 | % |
| Cost of Sales      |   | US$                                                                          | 65,713,000 |   |   |   | 80.89 | % |   | US$ | 36,403,000 |   |   |   | 81.74 | % |
| Gross Income Rate  |   | US$                                                                          | 15,521,000 |   |   |   | 19.11 | % |   | US$ | 8,132,000 |   |   |   | 18.26 | % |

----

|                                                           |   | Nine (9) Months Ended December 31 |       |
|----------------------------------------------------------------|--------|------------------------------------------------------------|------------|
|                                                           |   | 2008                                                       |       |   | 2007 |   |
| Net cash provided by (used in) operating activities            |   | $                                                          | 18,328,000 |   |   | $ | (3,335,000 | ) |
| Net cash used in investing activities                          |   | $                                                          | (5,401,000 | ) |   | $ | (4,233,000 | ) |
| Net cash (used in) provided by  financing activities |   | $                                                          | (8,112,000 | ) |   | $ | 9,323,000 |   |
| Net increase in cash and cash equivalents                      |   | $                                                          | 4,815,000  |   |   | $ | 1,755,000 |   |
| Effect of exchange rate changes on cash                        |   | $                                                          | 375,000    |   |   | $ | 0 |   |
| Cash and cash equivalents at beginning of period               |   | $                                                          | 786,000    |   |   | $ | 719,000 |   |
| Cash and cash equivalents at end of period                     |   | $                                                          | 5,976,000  |   |   | $ | 2,474,000 |   |

----

|                                                                                     |   | 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                                                                       |   | (SEE TABLE BELOW)      |
| 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$)         |   | December31, 2008 |       |   | March31, 2008 |            |
|---------------------------------|--------|-----------------------|------------|--------|--------------------|-----------------|
| Short-term bank borrowings      |   | US$         | 16,049,000 |   |               | US$   | 21,361,000 |   |
| Notes payable (within (1) year) |   | US$                   | 21,884,000 |   |               | US$             | 0 |   |
| Total                           |   | US$                   | 37,933,000 |   |               | US$             | 21,361,000 |   |

----

| Other indebtedness (US$)                    |   | December31, 2008 |      |   | March31, 2008 |            |
|---------------------------------------------|--------|-----------------------|-----------|--------|--------------------|-----------------|
| Loan from a related party (within (1) year) |   | US$         | 0         |   |               | US$   | 5,127,000 |   |
| Loan from a related party (1-3 years)       |   | US$                   | 0         |   |               | US$             | 0 |   |
| Loan from a third party (within (1) year)   |   | US$                   | 1,459,000 |   |               | US$             | 0 |   |
| Loan from a third party ( 1-3 years)        |   | US$                   | 0         |   |               | US$             | 0 |   |
| Total                                       |   | US$                   | 1,459,000 |   |               | US$             | 5,127,000 |   |

| Purchase Obligations (US$)                    |   | December31, 2008 |   |   | March31, 2008 |            |
|-----------------------------------------------|--------|-----------------------|--------|--------|--------------------|-----------------|
| Purchase of machineries (within one (1) year) |   | US$         | 0      |   |               | US$   | 26,000 |   |
| Total                                         |   | US$                   | 0      |   |               | US$             | 26,000 |   |

| Operating Lease Obligations (US$) |   | December31, 2008 |    |   | March31, 2008 |            |
|-----------------------------------|--------|-----------------------|---------|--------|--------------------|-----------------|
| Within one (1) year               |   | US$         | 183,000 |   |               | US$   | 74,000 |   |
| 1-3 years                         |   | US$                   | 388,000 |   |               | US$             | 148,000 |   |
| 3-5 years                         |   | US$                   | 333,000 |   |               | US$             | 0 |   |
| Over five (5) years               |   | US$                   | 0       |   |               | US$             | 0 |   |
| Total                             |   | US$                   | 904,000 |   |               | US$             | 222,000 |   |

----

----

|   | (a) |  Exhibits: |
|--------|-----|-----------------|

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

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

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

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| 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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