|  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 ofincorporation or organization) |   | (IRS EmployerIdentification 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      |   | 12     |
|                                                                    |   |   |
| ITEM 4. CONTROLS AND PROCEDURES                                         |   | 13     |
|                                                                    |   |   |
| PART II OTHER INFORMATION                                               |   | 14     |
|                                                                    |   |   |
| ITEM 1. LEGAL PROCEEDINGS                                               |   | 14     |
|                                                                    |   |   |
| ITEM 1A. RISK FACTORS                                                   |   | 14     |
|                                                                    |   |   |
| ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS     |   | 14     |
|                                                                    |   |   |
| ITEM 3. DEFAULTS UPON SENIOR SECURITIES                                 |   | 14     |
|                                                                    |   |   |
| ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS              |   | 14     |
|                                                                    |   |   |
| ITEM 5. OTHER INFORMATION                                               |   | 14     |
|                                                                    |   |   |
| ITEM 6. EXHIBITS                                                        |   | 14     |
|                                                                    |   |   |
| SIGNATURES                                                              |   | 18     |
|                                                                    |   |   |
| 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       |
|                                                                                          |   |             |
| Unaudited Condensed Consolidated Balance Sheets                                               |   | F-2 – F-3  |
|                                                                                          |   |             |
| Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity          |   |   F-4       |
|                                                                                          |   |             |
| Unaudited Condensed Consolidated Statements of Cash Flows                                     |   |   F-5       |
|                                                                                          |   |             |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements            |   | F-6 – F-18 |

----

----

|                                              |   |   |   |   | Three months endedSeptember 30 |    |       | Six months endedSeptember 30 |   |
|---------------------------------------------------|--------|--------|--------|--------|-----------------------------------------------|---------|------------|---------------------------------------------|--------|
|                                              |   |   |   |   | 2009                                          |    |       | 2008                                        |   |   | 2009 |   |   | 2008 |   |
|                                              |   | Note   |   |   | US$’000                                 |    |       | US$’000                               |   |   | US$’000 |   |   | US$’000 |   |
| Operating revenues:                               |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |
| Net sales to third parties                        |   |   |   |   |                                          | 50,392  |       |                                        |   | 35,588 |   |   |   | 79,867 |   |   |   | 57,813 |   |
|                                              |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Cost of sales                                     |   |   |   |   |                                          | (41,708 | )          |                                        |   | (28,521 | ) |   |   | (65,813 | ) |   |   | (46,715 | ) |
|                                              |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Gross income                                      |   |   |   |   |                                          | 8,684   |       |                                        |   | 7,067 |   |   |   | 14,054 |   |   |   | 11,098 |   |
|                                              |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses:                               |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Sales, marketing and distribution            |   |   |   |   |                                          | (2,167  | )          |                                        |   | (1,337 | ) |   |   | (3,953 | ) |   |   | (2,442 | ) |
| General and administrative                        |   |   |   |   |                                          | (1,030  | )          |                                        |   | (982 | ) |   |   | (2,086 | ) |   |   | (1,594 | ) |
|                                              |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                  |   |   |   |   |                                          | 5,487   |       |                                        |   | 4,748 |   |   |   | 8,014 |   |   |   | 7,062 |   |
|                                              |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Other income, net                                 |   |   |   |   |                                          | 578     |       |                                        |   | 88 |   |   |   | 725 |   |   |   | 293 |   |
| Interest income                                   |   |   |   |   |                                          | -       |       |                                        |   | 142 |   |   |   | 55 |   |   |   | 149 |   |
| Interest expense                                  |   |   |   |   |                                          | (378    | )          |                                        |   | (246 | ) |   |   | (747 | ) |   |   | (533 | ) |
|                                              |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes                        |   |   |   |   |                                          | 5,687   |       |                                        |   | 4,732 |   |   |   | 8,048 |   |   |   | 6,971 |   |
|                                              |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Income taxes expenses                             |   |   | 4      |   |                                          |    | (770       | )                                           |   |   | (578 | ) |   |   | (1,125 | ) |   |   | (906 | ) |
|                                              |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                        |   |   |   |   |                                          |    | 4,917      |                                        |   |   | 4,154 |   |   |   | 6,923 |   |   |   | 6,065 |   |
|                                              |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Other comprehensive income                        |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment           |   |   |   |   |                                          |    | 24         |                                        |   |   | 38 |   |   |   | 24 |   |   |   | 264 |   |
|                                              |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income                              |   |   |   |   |                                          |    | 4,941      |                                        |   |   | 4,192 |   |   |   | 6,947 |   |   |   | 6,329 |   |
|                                              |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |                                          | Shares  |       |                                        | Shares |   |   | Shares |   |   | Shares |   |
|                                              |   |   |   |   |                                          |    |       |                                        |   |   | (As restated) |   |   |   |   |   |   |   | (As restated) |   |
| Earnings per share                                |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Weight average number of common stock outstanding |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|     - basic and diluted       |   |   | 3      |   |                                          |    | 50,000,000 |                                        |   |   | 35,000,000 |   |   |   | 50,000,000 |   |   |   | 35,000,000 |   |
|                                              |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |                                          | US$     |       |                                        | US$    |   |   | US$ |   |   | US$ |   |
|                                              |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income per share of common stock outstanding  |   |   |   |   |                                          |    |       |                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|     - basic and diluted       |   |   |   |   |                                          |    | 0.10       |                                        |   |   | 0.12 |   |   |   | 0.14 |   |   |   | 0.17 |   |

----

----

|                                          |   |   |   |   | As ofSeptember 30,2009 |   |    | As of March 31, 2009 |   |
|-----------------------------------------------|--------|--------|--------|--------|----------------------------------|--------|---------|------------------------------------------|--------|
|                                          |   | Note   |   |   | US$’000                    |   |    | US$’000                            |   |
| ASSETS                                        |   |   |   |   |                             |   |    |                                     |   |
|                                          |   |   |   |   |                             |   |    |                                     |   |
| Current assets:                               |   |   |   |   |                             |   |    |                                     |   |
| Cash and cash equivalents                     |   |   |   |   |                             | 7,418  |    |                                     |   | 2,620 |   |
| Restricted bank balances                      |   |   | 5      |   |                             |   | 23,693  |                                     |   |   | 13,878 |   |
| Other financial assets                        |   |   | 6      |   |                             |   | 5,077   |                                     |   |   | 1,314 |   |
| Accounts receivable, net                      |   |   |   |   |                             |   | 48,450  |                                     |   |   | 35,023 |   |
| Other receivables                             |   |   |   |   |                             |   | 1,124   |                                     |   |   | 842 |   |
| Prepayments                                   |   |   |   |   |                             |   | 2,144   |                                     |   |   | 862 |   |
| Due from related parties                      |   |   | 14(b)  |   |                             |   | 176     |                                     |   |   | 474 |   |
| Inventories                                   |   |   | 7      |   |                             |   | 21,673  |                                     |   |   | 17,135 |   |
|                                          |   |   |   |   |                             |   |    |                                     |   |   |   |   |
| Total current assets                          |   |   |   |   |                             |   | 109,755 |                                     |   |   | 72,148 |   |
|                                          |   |   |   |   |                             |   |    |                                     |   |   |   |   |
| Available-for-sale financial assets           |   |   | 8      |   |                             |   | 879     |                                     |   |   | 878 |   |
| Long-term land lease prepayments, net         |   |   |   |   |                             |   | 602     |                                     |   |   | 608 |   |
| Property, plant and equipment, net            |   |   | 9      |   |                             |   | 5,659   |                                     |   |   | 5,315 |   |
| Deposit for acquisition of land and buildings |   |   |   |   |                             |   | 1,463   |                                     |   |   | - |   |
|                                          |   |   |   |   |                             |   |    |                                     |   |   |   |   |
| Total assets                                  |   |   |   |   |                             |   | 118,358 |                                     |   |   | 78,949 |   |

----

----

|                                                              |   |   |   |   | As ofSeptember 30,2009 |   |    | As of March 31, 2009 |   |
|-------------------------------------------------------------------|--------|--------|--------|--------|----------------------------------|--------|---------|------------------------------------------|--------|
|                                                              |   | Note   |   |   | US$’000                    |   |    | US$’000                            |   |
|                                                              |   |   |   |   |                             |   |    |                                     |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                        |   |   |   |   |                             |   |    |                                     |   |
|                                                              |   |   |   |   |                             |   |    |                                     |   |
| Current liabilities:                                              |   |   |   |   |                             |   |    |                                     |   |
| Accounts payable                                                  |   |   |   |   |                             | 16,210 |    |                                     |   | 11,176 |   |
| Notes payable                                                     |   |   | 10     |   |                             |   | 35,685  |                                     |   |   | 23,343 |   |
| Accrued expenses and other liabilities                            |   |   |   |   |                             |   | 5,506   |                                     |   |   | 3,769 |   |
| Due to related parties                                            |   |   | 14(b)  |   |                             |   | 319     |                                     |   |   | 639 |   |
| Income taxes payable                                              |   |   |   |   |                             |   | 770     |                                     |   |   | 264 |   |
| Short-term bank borrowings                                        |   |   | 11     |   |                             |   | 33,638  |                                     |   |   | 20,451 |   |
|                                                              |   |   |   |   |                             |   |    |                                     |   |   |   |   |
| Total current liabilities                                         |   |   |   |   |                             |   | 92,128  |                                     |   |   | 59,642 |   |
|                                                              |   |   |   |   |                             |   |    |                                     |   |   |   |   |
| Government subsidies                                              |   |   | 12     |   |                             |   | 162     |                                     |   |   | 186 |   |
| Deferred tax liabilities                                          |   |   |   |   |                             |   | 460     |                                     |   |   | 460 |   |
|                                                              |   |   |   |   |                             |   |    |                                     |   |   |   |   |
| Total non-current liabilities                                     |   |   |   |   |                             |   | 622     |                                     |   |   | 646 |   |
|                                                              |   |   |   |   |                             |   |    |                                     |   |   |   |   |
| Total liabilities                                                 |   |   |   |   |                             |   | 92,750  |                                     |   |   | 60,288 |   |
|                                                              |   |   |   |   |                             |   |    |                                     |   |   |   |   |
| Commitments and contingencies                                     |   |   | 15     |   |                             |   |    |                                     |   |   | - |   |
|                                                              |   |   |   |   |                             |   |    |                                     |   |   |   |   |
| Stockholders’ equity:                                       |   |   |   |   |                             |   |    |                                     |   |   |   |   |
| Preferred stock, US$0.001 per value:                              |   |   |   |   |                             |   |    |                                     |   |   |   |   |
| 10,000,000 shares authorized and no shares issued and outstanding |   |   |   |   |                             |   | -       |                                     |   |   | - |   |
| Common stock, US$0.001 par value:                                 |   |   |   |   |                             |   |    |                                     |   |   |   |   |
| 100,000,000 shares authorized                                     |   |   |   |   |                             |   |    |                                     |   |   |   |   |
| 50,000,000 shares issued and outstanding                          |   |   | 1      |   |                             |   | 50      |                                     |   |   | 50 |   |
| Capital reserves                                                  |   |   |   |   |                             |   | 144     |                                     |   |   | 144 |   |
| Statutory reserves                                                |   |   |   |   |                             |   | 1,806   |                                     |   |   | 1,103 |   |
| Accumulated other comprehensive income                            |   |   |   |   |                             |   | 972     |                                     |   |   | 948 |   |
| Retained earnings                                                 |   |   |   |   |                             |   | 22,636  |                                     |   |   | 16,416 |   |
|                                                              |   |   |   |   |                             |   |    |                                     |   |   |   |   |
| Total stockholders’ equity                                  |   |   |   |   |                             |   | 25,608  |                                     |   |   | 18,661 |   |
|                                                              |   |   |   |   |                             |   |    |                                     |   |   |   |   |
| Total liabilities and stockholders’ equity                  |   |   |   |   |                             |   | 118,358 |                                     |   |   | 78,949 |   |

----

----

|                                    |   | Common stock issued |       |   |          |   |   |            |   |   |              |   |   |                                      |   |   |             |   |
|-----------------------------------------|--------|---------------------|------------|--------|---------------|--------|--------|-----------------|--------|--------|-------------------|--------|--------|-------------------------------------------|--------|--------|------------------|--------|
|                                    |   | Numberof shares     |       |   | Amount        |   |   | Capitalreserves |   |   | Statutoryreserves |   |   | Accumulatedothercomprehensive income |   |   | Retainedearnings |   |   | Total |   |
|                                    |   |                |       |   | US$’000 |   |   | US$’000   |   |   | US$’000     |   |   | US$’000                             |   |   | US$’000    |   |   | US$’000 |   |
|                                    |   |                |       |   |          |   |   |            |   |   |              |   |   |                                      |   |   |             |   |   |   |   |
| Balance as of April 1, 2009             |   |                | 50,000,000 |   |          |   | 50     |            |   |   | 144               |   |   |                                      | 1,103  |   |             |   | 948 |   |   |   | 16,416 |   |   |   | 18,661 |   |
| Net income                              |   |                | -          |   |          |   | -      |            |   |   | -                 |   |   |                                      | -      |   |             |   | - |   |   |   | 6,923 |   |   |   | 6,923 |   |
| Transfer to statutory reserves          |   |                | -          |   |          |   | -      |            |   |   | -                 |   |   |                                      | 703    |   |             |   | - |   |   |   | (703 | ) |   |   | - |   |
| Foreign currency translation adjustment |   |                | -          |   |          |   | -      |            |   |   | -                 |   |   |                                      | -      |   |             |   | 24 |   |   |   | - |   |   |   | 24 |   |
|                                    |   |                |       |   |          |   |   |            |   |   |              |   |   |                                      |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of September 30, 2009        |   |                | 50,000,000 |   |          |   | 50     |            |   |   | 144               |   |   |                                      | 1,806  |   |             |   | 972 |   |   |   | 22,636 |   |   |   | 25,608 |   |

----

----

|                                                                              |   | Six months ended September 30, |    |
|-----------------------------------------------------------------------------------|--------|----------------------------------------------------|---------|
|                                                                              |   | 2009                                               |    |   | 2008 |   |
|                                                                              |   | US$’000                                      |    |   | US$’000 |   |
| Cash flows from operating activities                                              |   |                                               |    |   |   |   |
| Net income                                                                        |   |                                               | 6,923   |   |   |   | 6,065 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                                               |    |   |   |   |   |   |
| Depreciation of property, plant and equipment                                     |   |                                               | 270     |   |   |   | 205 |   |
| Written-off of property, plant and equipment                                      |   |                                               | 6       |   |   |   | 47 |   |
| Amortization of long-term land lease prepayments                                  |   |                                               | 6       |   |   |   | 6 |   |
| Exchange differences                                                              |   |                                               | 147     |   |   |   | 184 |   |
| Provision for warranty costs                                                      |   |                                               | 44      |   |   |   | (305 | ) |
| Government grant recognized                                                       |   |                                               | (24     | ) |   |   | (24 | ) |
| Changes in assets and liabilities:                                                |   |                                               |    |   |   |   |   |   |
| Other financial assets                                                            |   |                                               | (3,761  | ) |   |   | 3,230 |   |
| Accounts receivable, net                                                          |   |                                               | (13,386 | ) |   |   | (12,965 | ) |
| Other receivables                                                                 |   |                                               | (281    | ) |   |   | 118 |   |
| Prepayment                                                                        |   |                                               | (1,281  | ) |   |   | 159 |   |
| Due from related parties                                                          |   |                                               | 299     |   |   |   | 798 |   |
| Inventories                                                                       |   |                                               | (4,518  | ) |   |   | (2,299 | ) |
| Accounts payable                                                                  |   |                                               | 5,020   |   |   |   | 3,008 |   |
| Notes payable                                                                     |   |                                               | 12,314  |   |   |   | 13,129 |   |
| Accrued expenses and other liabilities                                            |   |                                               | 1,732   |   |   |   | 705 |   |
| Due to related parties                                                            |   |                                               | (321    | ) |   |   | (1,367 | ) |
| Income taxes payable                                                              |   |                                               | 507     |   |   |   | 460 |   |
|                                                                              |   |                                               |    |   |   |   |   |   |
| Net cash provided by operating activities                                         |   |                                               | 3,696   |   |   |   | 11,154 |   |
|                                                                              |   |                                               |    |   |   |   |   |   |
| Cash flows from investing activities                                              |   |                                               |    |   |   |   |   |   |
| Purchase of property, plant and equipment                                         |   |                                               | (657    | ) |   |   | (801 | ) |
| Additions of long-term land lease prepayments                                     |   |                                               | -       |   |   |   | (113 | ) |
| Investment in restricted bank balances, net                                       |   |                                               | (9,798  | ) |   |   | - |   |
| Deposit paid for acquisition of land and buildings                                |   |                                               | (1,463  | ) |   |   | - |   |
|                                                                              |   |                                               |    |   |   |   |   |   |
| Net cash used in investing activities                                             |   |                                               | (11,918 | ) |   |   | (914 | ) |
|                                                                              |   |                                               |    |   |   |   |   |   |
| Cash flows from financing activities                                              |   |                                               |    |   |   |   |   |   |
| Proceeds from short-term bank loans                                               |   |                                               | 23,839  |   |   |   | 4,376 |   |
| Repayment of short-term bank loans                                                |   |                                               | (10,676 | ) |   |   | - |   |
| Proceeds from bills financing, net                                                |   |                                               | -       |   |   |   | (11,670 | ) |
|                                                                              |   |                                               |    |   |   |   |   |   |
| Net cash provided by (used in) financing activities                               |   |                                               | 13,163  |   |   |   | (7,294 | ) |
|                                                                              |   |                                               |    |   |   |   |   |   |
| Net increase in cash and cash equivalents                                         |   |                                               | 4,941   |   |   |   | 2,946 |   |
|                                                                              |   |                                               |    |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                    |   |                                               | 2,620   |   |   |   | 786 |   |
| Effect on exchange rate changes                                                   |   |                                               | (143    | ) |   |   | (131 | ) |
|                                                                              |   |                                               |    |   |   |   |   |   |
| Cash and cash equivalents, end of period                                          |   |                                               | 7,418   |   |   |   | 3,601 |   |
|                                                                              |   |                                               |    |   |   |   |   |   |
| Supplemental disclosure of cash flow information                                  |   |                                               |    |   |   |   |   |   |
| Interest paid                                                                     |   |                                               | 704     |   |   |   | 711 |   |
| Tax paid                                                                          |   |                                               | 550     |   |   |   | 451 |   |
|                                                                              |   |                                               |    |   |   |   |   |   |
| Non-cash investing activity                                                       |   |                                               |    |   |   |   |   |   |
| Purchase of property, plant and equipment recorded as payable to contractors      |   |                                               | 43      |   |   |   | 133 |   |

----

----

| Name                                                                     | Place anddate ofestablishment /incorporation                        |   | Percentage ofeffective equityinterest / votingright attributableto the Company |   | Principal activities |
|--------------------------------------------------------------------------|------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------|--------|---------------------------|
|                                                                     |                                                                               |   |                                                                                                              |   |                      |
| Fast More Limited (“Fast More”)                              | Hong KongDecember 17, 2007                                                         |   |                                                                                                              | 100    | %                         | Investment holding  |
|                                                                     |                                                                               |   |                                                                                                              |   |                      |   |
| Changxing Chisen BatteryCo., Limited (“Changxing Chisen”) *  | Zhejiang,the People’s Republic of China (“PRC”)February 25, 2002 |   |                                                                                                              | 100    | %                         | Manufacture and sales of sealed lead-acid battery products |
|                                                                     |                                                                               |   |                                                                                                              |   |                      |   |
| Chisen Technology Holdings Corporation (“Chisen Technology”) | Nevada, United StatesMay 18, 2009                                                  |   |                                                                                                              | 100    | %                         | Inactive |

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

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|   | The consolidated financial statements include the financial information of Chisen Electric and its subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|                              |   | Three months endedSeptember 30 |   | Six months endedSeptember 30 |
|-----------------------------------|--------|-----------------------------------------------|--------|---------------------------------------------|
|                              |   | 2009                                          |   | 2008                                        |   | 2009 |   | 2008 |
|                              |   | US$’000                                 |   | US$’000                               |   | US$’000 |   | US$’000 |
|                              |   |                                          |   |                                        |   |   |   |   |
| Current taxes arising in the PRC: |   |                                          |   |                                        |   |   |   |   |
| - For the period                  |   | 770                                           |   | 578                                         |   | 1,125 |   | 906 |

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|   | (a) | (continued) |
|--------|-----|-------------|

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

|                               |   | Three months ended September 30 |   |   | Six months endedSeptember 30 |   |
|------------------------------------|--------|-----------------------------------------------------|--------|--------|---------------------------------------------|--------|
|                               |   | 2009                                                |   |   | 2008                                        |   |   | 2009 |   |   | 2008 |   |
|                               |   | US$’000                                       |   |   | US$’000                               |   |   | US$’000 |   |   | US$’000 |   |
|                               |   |                                                |   |   |                                        |   |   |   |   |   |   |   |
| Expected income tax expenses       |   |                                                | 1,422  |   |                                        |   | 1,183 |   |   |   | 2,012 |   |   |   | 1,742 |   |
| Effect on tax incentives / holiday |   |                                                | (761   | )      |                                        |   | (616 | ) |   |   | (1,092 | ) |   |   | (904 | ) |
| Non-deductible items               |   |                                                | 99     |   |                                        |   | 47 |   |   |   | 172 |   |   |   | 66 |   |
| Others                             |   |                                                | 10     |   |                                        |   | (36 | ) |   |   | 33 |   |   |   | 2 |   |
|                               |   |                                                |   |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Income tax expenses                |   |                                                | 770    |   |                                        |   | 578 |   |   |   | 1,125 |   |   |   | 906 |   |

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

|                                                        |   | As of September 30, 2009 |   |   | As of March 31, 2009 |   |
|-------------------------------------------------------------|--------|----------------------------------------------|--------|--------|------------------------------------------|--------|
| Inventories consisted of the following: |   | US$’000                                |   |   | US$’000                            |   |
|                                                        |   |                                         |   |   |                                     |   |
| Raw materials                                               |   |                                         | 5,384  |   |                                     |   | 4,269 |   |
| Work-in-progress and semi-finished goods                    |   |                                         | 8,966  |   |                                     |   | 9,370 |   |
| Finished goods                                              |   |                                         | 7,323  |   |                                     |   | 3,496 |   |
|                                                        |   |                                         |   |   |                                     |   |   |   |
|                                                        |   |                                         | 21,673 |   |                                     |   | 17,135 |   |

|   | Available-for-sale financial assets as of September 30, 2009 and March 31, 2009 represented investment in unlisted equity securities and are recorded at cost. The management has estimated that the recoverable amount of the assets exceed their carrying value. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                    |   | As of September 30, 2009 |   |   | As of March 31, 2009 |   |
|---------------------------------------------------------|--------|----------------------------------------------|--------|--------|------------------------------------------|--------|
| Property, plant and equipment is summarized as follows: |   | US$’000                                |   |   | US$’000                            |   |
|                                                    |   |                                         |   |   |                                     |   |
| Buildings                                               |   |                                         | 2,661  |   |                                     |   | 2,632 |   |
| Plant and machinery                                     |   |                                         | 2,828  |   |                                     |   | 2,386 |   |
| Motor vehicles                                          |   |                                         | 801    |   |                                     |   | 807 |   |
| Furniture, fixtures and office equipment                |   |                                         | 558    |   |                                     |   | 427 |   |
| Construction-in-progress                                |   |                                         | 383    |   |                                     |   | 365 |   |
|                                                    |   |                                         |   |   |                                     |   |   |   |
|                                                    |   |                                         | 7,231  |   |                                     |   | 6,617 |   |
|                                                    |   |                                         |   |   |                                     |   |   |   |
| Accumulated depreciation                                |   |                                         | (1,572 | )      |                                     |   | (1,302 | ) |
|                                                    |   |                                         |   |   |                                     |   |   |   |
|                                                    |   |                                         | 5,659  |   |                                     |   | 5,315 |   |

----

----

|                                                                     |   | As of September 30, 2009 |   |   | As of March 31, 2009 |   |
|--------------------------------------------------------------------------|--------|----------------------------------------------|--------|--------|------------------------------------------|--------|
|                                                                     |   | US$’000                                |   |   | US$’000                            |   |
|                                                                     |   |                                         |   |   |                                     |   |
| Corporate and personal guarantees issued by related parties (Note 14(d)) |   |                                         | 10,969 |   |                                     |   | 8,034 |   |
| Corporate guarantees issued by third parties                             |   |                                         | 2,925  |   |                                     |   | 2,922 |   |

|            |   | As of September 30, 2009 |   |   | As of March 31, 2009 |   |
|-----------------|--------|------------------------------------|--------|--------|--------------------------------|--------|
|            |   | US$’000                      |   |   | US$’000                  |   |
|            |   |                               |   |   |                           |   |
| Land use rights |   |                               | 603    |   |                           |   | 608 |   |
| Buildings       |   |                               | 2,009  |   |                           |   | 2,069 |   |
|            |   |                               |   |   |                           |   |   |   |
|            |   |                               | 2,612  |   |                           |   | 2,677 |   |

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|                                                                     |   | As ofSeptember 30, 2009 |   |   | As ofMarch 31, 2009 |   |
|--------------------------------------------------------------------------|--------|------------------------------|--------|--------|--------------------------|--------|
|                                                                     |   | US$’000                |   |   | US$’000            |   |
|                                                                     |   |                         |   |   |                     |   |
| Corporate and personal guarantees issued by related parties (Note 14(d)) |   |                         | 29,250 |   |                     |   | 16,069 |   |
| Corporate guarantees issued by third parties                             |   |                         | 2,779  |   |                     |   | 4,381 |   |

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

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

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

|                      |   | As ofSeptember 30,2009 |   |   | As ofMarch 31,2009 |   |
|---------------------------|--------|------------------------|--------|--------|--------------------|--------|
|                      |   | US$’000          |   |   | US$’000      |   |
| Due from related parties: |   |                   |   |   |               |   |
| Ms. Zhou Fang Qin         |   |                   | 87     |   |               |   | 195 |   |
| Chisen Glass              |   |                   | 88     |   |               |   | 278 |   |
| Xinguangyuan              |   |                   | 1      |   |               |   | 1 |   |
|                      |   |                   |   |   |               |   |   |   |
|                      |   |                   | 176    |   |               |   | 474 |   |
|                      |   |                   |   |   |               |   |   |   |
| Due to related parties:   |   |                   |   |   |               |   |   |   |
| Mr. Xu Keyong             |   |                   | 24     |   |               |   | 24 |   |
| Ai Ge Organism            |   |                   | 292    |   |               |   | 602 |   |
| Nuo Wan Te Ke             |   |                   | 3      |   |               |   | 13 |   |
|                      |   |                   |   |   |               |   |   |   |
|                      |   |                   | 319    |   |               |   | 639 |   |

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| Name ofrelated party |   | Nature oftransactions                             |   | Three months ended September 30 |   |   | Six months endedSeptember 30 |   |
|--------------------------------|--------|--------------------------------------------------------|--------|-----------------------------------------------------|--------|--------|---------------------------------------------|--------|
|                           |   |                                                   |   | 2009                                                |   |   | 2008                                        |   |   | 2009 |   |   | 2008 |   |
|                           |   |                                                   |   | US$’000                                       |   |   | US$’000                               |   |   | US$’000 |   |   | US$’000 |   |
|                           |   |                                                   |   |                                                |   |   |                                        |   |   |   |   |   |   |   |
| Chisen Glass                   |   | Acquisition of motor vehicle                           |   |                                                | -      |   |                                        |   | - |   |   |   | - |   |   |   | 160 |   |
| Ruilang Electronic             |   | Deposit paid for acquisition and land buildings (Note) |   |                                                | 1,462  |   |                                        |   | - |   |   |   | 1,462 |   |   |   | - |   |

|   | .. | As of September 30, 2009, US$10,676,000 of the Company’s short-term bank loans was collateralized by a guarantee provided by Chisen Glass. |
|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | .. | As of September 30, 2009, US$2,486,000 of the Company’s short-term bank loans was collateralized by land use rights owned by Ruilang Electronic. |
|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | .. | As of September 30, 2009, Chisen Glass, Mr. Xu Kecheng and Ms. Zhou Fang Qin provided guarantees, in the aggregate, amounting to US$5,850,000 to secure the notes payable of the Company. |
|--------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | .. | As of September 30, 2009, Xinguangyuan and Mr. Xu Kecheng provided guarantees, in aggregate, amounting to US$5,850,000 and US$2,925,000 to secure the short-term bank loans and notes payable of the Company, respectively. |
|--------|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | .. | As of September 30, 2009, Xinguangyuan provided guarantees, in aggregate, amounting to US$1,463,000 and US$2,194,000 to secure the short-term bank loans and notes payable of the Company, respectively. |
|--------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | .. | As of September 30, 2009, Xinguangyuan, Mr. Xu Kecheng and a third party provided guarantees, in aggregate, amounting to US$8,775,000 to secure the short-term bank loans of the Company. |
|--------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|                |   | As ofSeptember 30, 2009 |   |   | As ofMarch 31, 2009 |   |
|---------------------|--------|----------------------------------------|--------|--------|------------------------------------|--------|
|                |   | US$’000                          |   |   | US$’000                      |   |
|                |   |                                   |   |   |                               |   |
| Within one year     |   |                                   | 443    |   |                               |   | 185 |   |
| One to two years    |   |                                   | 465    |   |                               |   | 205 |   |
| Two to three years  |   |                                   | 488    |   |                               |   | 202 |   |
| Three to four years |   |                                   | 475    |   |                               |   | 212 |   |
| Four to five years  |   |                                   | 99     |   |                               |   | 54 |   |
|                |   |                                   |   |   |                               |   |   |   |
| Total               |   |                                   | 1,970  |   |                               |   | 858 |   |

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

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|                                            |   | Three months ended September 30 |   |   | Six months endedSeptember 30 |   |
|-------------------------------------------------|--------|-----------------------------------------------------|--------|--------|---------------------------------------------|--------|
|                                            |   | 2009                                                |   |   | 2008                                        |   |   | 2009 |   |   | 2008 |   |
|                                            |   | US$’000                                       |   |   | US$’000                               |   |   | US$’000 |   |   | US$’000 |   |
|                                            |   |                                                |   |   |                                        |   |   |   |   |   |   |   |
| Beginning balance                               |   |                                                | 147    |   |                                        |   | 291 |   |   |   | 121 |   |   |   | 413 |   |
| Exchange realignment                            |   |                                                | -      |   |                                        |   | 1 |   |   |   | 1 |   |   |   | 1 |   |
| Accrual for warranties issued during the period |   |                                                | 65     |   |                                        |   | 151 |   |   |   | 105 |   |   |   | 421 |   |
| Utilised during the period                      |   |                                                | (20    | )      |                                        |   | (329 | ) |   |   | (35 | ) |   |   | (721 | ) |
|                                            |   |                                                |   |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Closing balance                                 |   |                                                | 192    |   |                                        |   | 114 |   |   |   | 192 |   |   |   | 114 |   |

|   | In accordance with the provision of the FASB Accounting Standards Codification topic 855 issued by the FASB, the Company has evaluated all events or transactions that occurred after September 30, 2009 up through November 14, 2009 , the date the Company issued these unaudited condensed consolidated financial statements. During this period the Company did not have any material subsequent events that impacted the Company’s unaudited condensed consolidated financial statements. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                    |   | Three months ended September 30, 2008 |       |
|-------------------------------------------------------------------------|--------|--------------------------------------------|------------|
|                                                                    |   | As previously                         |       |   | As |   |
| Earnings per share                                            |   | reported                                   |       |   | restated |   |
| Weighted average number of common stock outstanding - basic and diluted |   |                                       | 50,000,000 |   |   |   | 35,000,000 |   |
|                                                                    |   |                                       |       |   |   |   |   |   |
| Net income per share of common stock - basic and diluted                |   |                                       | 0.08       |   |   |   | 0.12 |   |

|                                                                    |   | Nine months ended September, 2008 |       |
|-------------------------------------------------------------------------|--------|-----------------------------------|------------|
|                                                                    |   | As previously                |       |   | As |   |
| Earnings per share                                            |   | reported                          |       |   | restated |   |
| Weighted average number of common stock outstanding - basic and diluted |   |                              | 50,000,000 |   |   |   | 35,000,000 |   |
|                                                                    |   |                              |       |   |   |   |   |   |
| Net income per share of common stock - basic and diluted                |   |                              | 0.12       |   |   |   | 0.17 |   |

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

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

|       |   |       |
|------------|--------|------------|
|            |   |            |
|       |   |       |
| 6-DZM-16AH |   | 6-DZM-17AH |

----

|            |   |                       |
|------------|--------|-----------------------|
|       |   |                  |
| 6-DZM-20AH |   | 8-DZM-18AH/8-DZM-20AH |
|       |   |                  |
|            |   |                       |
| 6-DZM-24AH |   | 6-DZM-25AH            |

----

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

----

|                                                        |   | For The Six (6) Months Ended September 30 (Unaudited) |       |
|-------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------|------------|
|                                                        |   |                                                                                          |       |
|                                                        |   | 2009                                                                                          |       |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Revenues                                                    |   | $                                                                                             | 79,867,000 |   |   | $ | 57,813,000 |   |   |   | 100.00 | % |   |   | 100.00 | % |
| Cost of sales                                               |   | $                                                                                             | 65,813,000 |   |   | $ | 46,715,000 |   |   |   | 82.40 | % |   |   | 80.80 | % |
| Gross income                                                |   | $                                                                                             | 14,054,000 |   |   | $ | 11,098,000 |   |   |   | 17.60 | % |   |   | 19.20 | % |
| Sales, marketing and distribution                           |   | $                                                                                             | 3,953,000  |   |   | $ | 2,442,000 |   |   |   | 4.95 | % |   |   | 4.22 | % |
| General and administrative expenses                         |   | $                                                                                             | 2,086,000  |   |   | $ | 1,594,000 |   |   |   | 2.61 | % |   |   | 2.76 | % |
| Operating income                                            |   | $                                                                                             | 8,015,000  |   |   | $ | 7,062,000 |   |   |   | 10.04 | % |   |   | 12.22 | % |
| Other income, net                                           |   | $                                                                                             | 725,000    |   |   | $ | 293,000 |   |   |   | 0.91 | % |   |   | 0.51 | % |
| Interest Income                                             |   | $                                                                                             | 55,000     |   |   | $ | 149,000 |   |   |   | 0.07 | % |   |   | 0.26 | % |
| Net Income from Operations before Interest and Tax Expenses |   | $                                                                                             | 8,794,000  |   |   | $ | 7,504,000 |   |   |   | 11.01 | % |   |   | 12.98 | % |
| Interest expenses                                           |   | $                                                                                             | 692,000    |   |   | $ | 384,000 |   |   |   | 0.87 | % |   |   | 0.66 | % |
| Income before income taxes                                  |   | $                                                                                             | 8,048,000  |   |   | $ | 6,971,000 |   |   |   | 10.08 | % |   |   | 12.06 | % |
| Income taxes expenses                                       |   | $                                                                                             | 1,125,000  |   |   | $ | 906,000 |   |   |   | 1.41 | % |   |   | 1.57 | % |
| Net income                                                  |   | $                                                                                             | 6,923,000  |   |   | $ | 6,065,000 |   |   |   | 8.67 | % |   |   | 10.49 | % |
| Other comprehensive income                                  |   | $                                                                                             | 24,000     |   |   | $ | 264,000 |   |   |   | 0.03 | % |   |   | 0.46 | % |
| Comprehensive income                                        |   | $                                                                                             | 6,947,000  |   |   | $ | 6,329,000 |   |   |   | 8.70 | % |   |   | 10.95 | % |

----

----

|                                                        |   | For The Three (3) Months Ended September  30 (Unaudited) |       |
|-------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------|------------|
|                                                        |   |                                                                                             |       |
|                                                        |   | 2009                                                                                             |       |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Revenues                                                    |   | $                                                                                                | 50,392,000 |   |   | $ | 35,588,000 |   |   |   | 100.00 | % |   |   | 100.00 | % |
| Cost of sales                                               |   | $                                                                                                | 41,708,000 |   |   | $ | 28,521,000 |   |   |   | 82.77 | % |   |   | 80.14 | % |
| Gross income                                                |   | $                                                                                                | 8,684,000  |   |   | $ | 7,067,000 |   |   |   | 17.23 | % |   |   | 19.86 | % |
| Sales, marketing and distribution                           |   | $                                                                                                | 2,167,000  |   |   | $ | 1,337,000 |   |   |   | 4.30 | % |   |   | 3.76 | % |
| General and administrative expenses                         |   | $                                                                                                | 1,030,000  |   |   | $ | 982,000 |   |   |   | 2.04 | % |   |   | 2.76 | % |
| Operating income                                            |   | $                                                                                                | 5,487,000  |   |   | $ | 4,748,000 |   |   |   | 10.89 | % |   |   | 13.34 | % |
| Other income, net                                           |   | $                                                                                                | 578,000    |   |   | $ | 88,000 |   |   |   | 1.15 | % |   |   | 0.25 | % |
| Interest Income                                             |   | $                                                                                                | 0          |   |   | $ | 142,000 |   |   |   | 0 | % |   |   | 0.40 | % |
| Net Income from Operations before Interest and Tax Expenses |   | $                                                                                                | 6,065,000  |   |   | $ | 4,978,000 |   |   |   | 12.04 | % |   |   | 13.99 | % |
| Interest expenses                                           |   | $                                                                                                | 378,000    |   |   | $ | 246,000 |   |   |   | 0.75 | % |   |   | 0.69 | % |
| Income before income taxes                                  |   | $                                                                                                | 5,687,000  |   |   | $ | 4,732,000 |   |   |   | 11.29 | % |   |   | 13.30 | % |
| Income taxes expenses                                       |   | $                                                                                                | 770,000    |   |   | $ | 578,000 |   |   |   | 1.53 | % |   |   | 1.62 | % |
| Net income                                                  |   | $                                                                                                | 4,917,000  |   |   | $ | 4,154,000 |   |   |   | 9.76 | % |   |   | 11.67 | % |
| Other comprehensive income                                  |   | $                                                                                                | 24,000     |   |   | $ | 38,000 |   |   |   | 0.05 | % |   |   | 0.11 | % |
| Comprehensive income                                        |   | $                                                                                                | 4,941,000  |   |   | $ | 4,192,000 |   |   |   | 9.81 | % |   |   | 11.78 | % |

----

----

|                                                                       |   | Six (6) Months Ended September 30(Unaudited) |         |
|----------------------------------------------------------------------------|--------|-------------------------------------------------------------|--------------|
|                                                                       |   | 2009                                                        |         |   | 2008 |   |
| Net cash  provided by operating activities                       |   | $                                                           | 3,410,000    |   |   | $ | 10,892,000 |   |
| Net cash used in investing activities                                      |   | $                                                           | (11,918,000) |   |   | $ | (914,000) |   |
| Net cash provided by(used  in)financing activities |   | $                                                           | 13,163,000   |   |   | $ | (7,294,000) |   |
| Net increase  in cash and cash equivalents                       |   | $                                                           | 4,655,000    |   |   | $ | 2,684,000 |   |
| Effect of exchange rate changes on cash                                    |   | $                                                           | 143,000      |   |   | $ | 131,000 |   |
| Cash and cash equivalents at beginning of period                           |   | $                                                           | 2,620,000    |   |   | $ | 786,000 |   |
| Cash and cash equivalents at end of period                                 |   | $                                                           | 7,418,000    |   |   | $ | 3,601,000 |   |

----

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

| Bank indebtedness (US$)         |   | September 30, 2009 |   |   | March 31, 2009 |   |
|---------------------------------|--------|-------------------------|--------|--------|--------------------------|--------|
| Short-term bank borrowings      |   | US$33,638,000           |   |   | US$20,451,000            |   |
| Notes payable (within (1) year) |   | US$35,685,000           |   |   | US$23,343,000            |   |
| Total                           |   | US$69,323,000           |   |   | US$43,794,000            |   |

| Purchase Obligations (US$)                    |   | September 30, 2009 |   |   | March 31, 2009 |       |
|-----------------------------------------------|--------|-------------------------|--------|--------|--------------------------|------------|
| Purchase of machineries (within one (1) year) |   |                    | 0      |   |                     | US$423,000 |   |
| Purchase of land and buildings                |   | US$1,462,000            |   |   |                     | 0          |   |
| Total                                         |   | US$1,462,000            |   |   | US$423,000               |       |
|                                          |   |                    |   |   |                     |       |   |   |

| Operating Lease Obligations (US$) |   | September 30, 2009 |    |   | March 31, 2009 |   |
|-----------------------------------|--------|-------------------------|---------|--------|--------------------------|--------|
| Within one (1) year               |   |  US$443,000        |    |   |  US$185,000         |   |
| 1-3 years                         |   |  US$953,000        |    |   |  US$407,000         |   |
| 3-5 years                         |   |  US$574,000        |    |   |  US$266,000         |   |
| Over five (5) years               |   |                    |  - |   |                     |   |  - |   |
| Total                             |   | US$1,970,000            |    |   |  US$858,000         |   |

----

| EXHIBITNO. |   | 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                  |

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| 3.3    |   | Amended and Restated Bylaws of Chisen Electric Corporation |   | Incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009 |
|--------|--------|------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                       |   |                                                                                                                                 |

| 3.4    |   | Certificate of Incorporation of Fast More Limited, dated December 17, 2007                                                                                             |   | Incorporated by reference to Exhibit 3.3 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                   |   |                                                                                                                                   |
| 3.5    |   | Memorandum and Articles of Association of Fast More Limited, dated as of December 17, 2007                                                                             |   | Incorporated by reference to Exhibit 3.4 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                   |   |                                                                                                                                   |
| 3.6    |   | Certificate of Incorporation of Changxing Chisen Electric Co., Ltd.                                                                                                    |   | Incorporated by reference to Exhibit 3.5 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                   |   |                                                                                                                                   |
| 3.7    |   | Articles of Associations of Changxing Chisen Electric Co., Ltd.                                                                                                        |   | Incorporated by reference to Exhibit 3.6 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                   |   |                                                                                                                                   |
| 10.1   |   | Agreement on Establishment of Changxing Chisen Physical Chemistry Power Research and Development Center, dated April 30, 2008                                          |   | Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|   |   |                                                                                                                                                                   |   |                                                                                                                                   |
| 10.2   |   | Form of Labor Contract                                                                                                                                                 |   | Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
| 10.3   |   | Lease Agreement, dated March 30, 2008, by and between Changxing Chisen Electric Co., Ltd. and Changxing Xiangyi Industrial Park Investment Co., Ltd.                   |   | Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|   |   |                                                                                                                                                                   |   |                                                                                                                                   |
| 10.4   |   | Contract For Loan on Guarantee, by and among Zhejiang Changxing Agricultural Cooperative Bank, Changxing Chisen Electric Co., Ltd. and Zhejiang Chisen Galss Co., Ltd. |   | Incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|   |   |                                                                                                                                                                   |   |                                                                                                                                   |
| 10.5   |   | Renminbi Loan Contract, dated January 11, 2008, by and between Changxing Chisen Electric Co., Ltd. and China Construction Bank Corporation (Changxing Branch)          |   | Incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |

| 10.6   |   | Renminbi Loan Contract, dated April 11, 2008, by and between Changxing Chisen Electric Co., Ltd. and China Construction Bank Corporation (Changxing Branch) |   | Incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                        |   |                                                                                                                                   |
| 10.7   |   | Renminbi Loan Contract, dated March 31, 2008, by and between Changxing Chisen Electric Co., Ltd. and Bank of China (Hong Kong) Limited Shanghan Branch      |   | Incorporated by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|   |   |                                                                                                                                                        |   |                                                                                                                                   |
| 10.8   |   | Loan Contract (Short Term), dated August 15, 2008, by and between Changxing Chisen Electric Co., Ltd. and Bank of China Changxing Branch                    |   | Incorporated by reference to Exhibit 10.8 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |

----

| 10.9   |   | Acceptance Agreement, dated August 25, 2008, by and between Changxing Chisen Electric Co., Ltd. and Industrial Bank Co., Ltd. Hangzhou Branch                               |   | Incorporated by reference to Exhibit 10.9 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.10  |   | Acceptance Agreement of Commercial Bill, dated September 18, 2008, by and between Changxing Chisen Electric Co., Ltd. and China Bank Co., Ltd. Changxing Branch             |   | Incorporated by reference to Exhibit 10.10 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.11  |   | Acceptance Agreement of Commercial Bill, dated July 29, 2008, by and between Changxing Chisen Electric Co., Ltd. and China Construction Bank Changxing Branch Co., Ltd.     |   | Incorporated by reference to Exhibit 10.11 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.12  |   | Acceptance Agreement of Commercial Bill, dated September 9, 2008, by and between Changxing Chisen Electric Co., Ltd. and China Construction Bank Changxing Branch Co., Ltd. |   | Incorporated by reference to Exhibit 10.12 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.13  |   | Components Purchase Contract, effective as of January 1, 2008, by and between Changxing Chisen Electric Co., Ltd. and Jiansu Xinri Electric Bicycle Co., Ltd.               |   | Incorporated by reference to Exhibit 10.13 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.14  |   | Supply Contract, dated April 22, 2008, by and between Changxing Chisen Electric Co., Ltd. and Jiangsu Yadea Science & Technology Development Co., Ltd.                  |   | Incorporated by reference to Exhibit 10.14 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.15  |   | Sales Contract of Battery, dated November 10, 2007, by and between Changxing Chisen Electric Co., Ltd. and Hu Qinzhong, Yancheng Office                                     |   | Incorporated by reference to Exhibit 10.15 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 10.16  |   | Sales Contract of Battery, dated February 17, 2008, by and between Changxing Chisen Electric Co., Ltd. and Song Chunwei                                                     |   | Incorporated by reference to Exhibit 10.16 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|   |   |                                                                                                                                                                        |   |                                                                                                                                    |
| 14.1   |   | Code of Ethics                                                                                                                                                              |   | Incorporated by reference to Exhibit 14.1 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009   |

| 17     |   | Resignation of Mathew Evans, dated November 12, 2008                                                                   |   | Incorporated by reference to Exhibit 17 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                   |   |                                                                                                                                 |
| 21     |   | List of Subsidiaries of World Trophy Outfitters, Inc.                                                                  |   | Provided herewith                                                                                                                    |
|   |   |                                                                                                                   |   |                                                                                                                                 |
| 31.1   |   | Certifications of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                |   | Provided herewith                                                                                                                    |
|   |   |                                                                                                                   |   |                                                                                                                                 |
| 31.2   |   | Certifications of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                |   | Provided herewith                                                                                                                    |
|   |   |                                                                                                                   |   |                                                                                                                                 |
| 32.1   |   | Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act Of 2002 |   | Provided herewith                                                                                                                    |
|   |   |                                                                                                                   |   |                                                                                                                                 |
| 32.2   |   | Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act Of 2002 |   | Provided herewith                                                                                                                    |

----

| 99.1       |   | Audited Consolidated Financial Statements of Fast More Limited and its Subsidiary for the Fiscal Years Ended March 31, 2008 and 2007                     |   | Incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------|
|       |   |                                                                                                                                                     |   |                                                                                                                                   |
|  99.2 |   | Unaudited Condensed and Consolidated Financial Statements of Fast More Limited and its Subsidiary for the Three (3) Months Ended June 30, 2008 and 2007  |   | Incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|       |   |                                                                                                                                                     |   |                                                                                                                                   |
| 99.3       |   | Unaudited Pro Forma Financial Statements of Fast More Limited for the three (3) month period ended June 30, 2008 and the two years ended March 31, 2008. |   | Incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |
|       |   |                                                                                                                                                     |   |                                                                                                                                   |
| 99.4  |   | Audit Committee Charter, dated January 15, 2009                                                                                                          |   | Incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009  |
|       |   |                                                                                                                                                     |   |                                                                                                                                   |
| 99.5       |   | Compensation Committee Charter, dated January 15, 2009                                                                                                   |   | Incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009  |
|       |   |                                                                                                                                                     |   |                                                                                                                                   |
| 99.6       |   | Corporate Governance and Nominating Committee Charter, dated January 15, 2009                                                                            |   | Incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009  |

----

|                         |   |                                        |
|------------------------------|--------|---------------------------------------------|
| 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        |

----