##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K/A
 (Amendment No. 1)
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended June 30, 2009
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number: 000-27129
 DUOYUAN PRINTING, INC.
 (fka ASIAN FINANCIAL, INC.)
 Wyoming
    
    91-1922225(State or other jurisdiction of incorporation or
    
    (I.R.S. Employerorganization)
    
    Identification No.)
 No. 3 Jinyuan Road
Daxing District Industrial Development Zone
Beijing, Peoples Republic of China
102600
 +86 10 6021 2222
  Title of class
    
    Name of each exchange on which registered
   
  o þ
  o þ
  þ o
  o o
 þ
  Large accelerated filer o

    
    Accelerated filer o
    
    Non-accelerated filer   þ
(Do not check if a smaller reporting company)
    
    Smaller reporting company o
  o þ




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##### Table of Contents



Explanatory Note




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TABLE OF CONTENTS  PART IVItem 15. Exhibits and Financial Statement SchedulesSIGNATURESEXHIBIT INDEXEX-23.1EX-31.1EX-31.2EX-32.1    Table of Contents  
 PART IV
 
 Item 15. Exhibits and Financial Statement Schedules.




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##### Table of Contents



SIGNATURES
  DUOYUAN PRINTING, INC.
(fka Asian Financial, Inc.)
(Registrant)Date: November 5, 2009
    By:
    /s/ Christopher Patrick HolbertChristopher Patrick HolbertChief Executive Officer

(principal executive officer)




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##### Table of Contents



EXHIBIT INDEX
 Number
    
    Description2.1
    
    Equity Transfer Agreement dated August 31, 2006 between Asian
Financial, Inc. and Duoyuan Investments Limited (Incorporated
by reference to Exhibit 2.1 to Current Report on Form 8-K (File
No. 000-27129) filed with the Securities and Exchange Commission
on September 6, 2006).3.1
    
    Articles of Incorporation, as amended of Asian Financial, Inc.
(Incorporated by reference to Exhibit 3.1 to Amendment No. 1 to
Registration Statement on Form S-1 (File No. 333-141507) filed
with the Securities and Exchange Commission on
July 5, 2007).3.2
    
    Amended and Restated Bylaws of Asian Financial, Inc.
(Incorporated by reference to Exhibit 3.2 to Amendment No. 4 to
Registration Statement on Form S-1 (File No. 333-141507) filed
with the Securities and Exchange Commission on February 11,
2008).4.1
    
    Securities Purchase Agreement dated October 24, 2006 between
Asian Financial, Inc. and certain Investors indentified therein
(Incorporated by reference to Exhibit 4.1 to Amendment No. 1 to
Registration Statement on Form S-1 (File No. 333-141507) filed
with the Securities and Exchange Commission on July 5, 2007).4.2
    
    Amendment to Securities Purchase Agreement dated November 28,
2007 between Asian Financial, Inc. and certain Investors
identified therein (Incorporated by reference to Exhibit 4.4 to
Amendment No. 4 to Registration Statement on Form S-1 (File No.
333-141507) filed with the Securities and Exchange Commission
on February 11, 2008).4.3
    
    Registration Rights Agreement, dated October 24, 2006, between
Asian Financial, Inc. and certain Investors identified therein
(Incorporated by reference to Exhibit 4.1 to Current Report on
Form 8-K (File No. 000-27129) filed with the Securities and
Exchange Commission on October 25, 2006).4.4
    
    Warrant issued to Roth Capital Partners, LLC dated November 2,
2006 (Incorporated by reference to Exhibit 4.2 to Amendment No.
4 to Registration Statement on Form S-1 (File No. 333-141507)
filed with the Securities and Exchange Commission on February
11, 2008).4.5
    
    Form of Warrant dated December 31, 2007 issued to certain
investors party to the Securities Purchase Agreement dated
October 24, 2006 (filed as exhibit 4.1 hereto) in satisfaction
of related party penalties in relation thereto (Incorporated by
reference to Exhibit 4.3 to Amendment No. 4 to Registration
Statement on Form S-1 (File No. 333-141507) filed with the
Securities and Exchange Commission on February 11, 2008)4.6
    
    Form of Certificate representing the common stock, par value
$0.001, of Asian Financial, Inc. (Incorporated by reference to
Exhibit 4.5 to Annual Report on Form 10-K (File No. 000-27129)
filed with the Securities and Exchange Commission on September
26, 2008).4.7
    
    Waiver Agreement dated November 18, 2008 (Incorporated by
reference to Exhibit 10.1 to Current Report on Form 8-K (File
No. 000-27129) filed with the Securities and Exchange Commission
on November 19, 2008).4.8
    
    Investor Warrants Proposal Letter, dated September 19, 2007
(Incorporated by reference to Exhibit 4.8 to Amendment No. 9 to
Registration Statement on Form S-1 (File No. 333-141507) filed
with the Securities and Exchange Commission on
July 10, 2009).4.9
    
    Form of Investor Warrants Proposal Supplemental Letter, dated
October 26, 2007 (Incorporated by reference to Exhibit 4.9 to
Amendment No. 9 to Registration Statement on Form S-1 (File No.
333-141507) filed with the Securities and Exchange Commission
on July 10, 2009).4.10
    
    Waiver Agreement, dated as of August 24, 2009, among Asian
Financial, Inc. and the Investors (Incorporated by reference to
Exhibit 10.1 to Current Report on Form 8-K (File No. 000-27129)
filed with the Securities and Exchange Commission on August 31,
2009).10.1
    
    Lease Agreement between Duoyuan Clean Water Technology
Industries (China) Co., Ltd. and Duoyuan Digital Printing
Technology Industry (China) Co. Ltd. (Incorporated by reference
to Exhibit 10.7 to Amendment No. 5 to Registration Statement on
Form S-1 (File No. 333-141507) filed with the Securities and
Exchange Commission on March 14, 2008).10.2
    
    English Summary of Form of Employment Agreement (Incorporated
by reference to Exhibit 10.8 to Amendment No. 4 to Registration
Statement on Form S-1 (File No. 333-141507) filed with the
Securities and Exchange Commission on February 11, 2008). 10.3
    
    Share Transfer Agreement, dated October 16, 2005, between
Beijing Huiyuan Duoyuan Digital Printing Technology Research
Institute and Duoyuan Digital Printing Technology Industry
(China) Co., Ltd. (Incorporated by reference to Exhibit 10.9 to
Amendment No. 4 to Registration Statement on Form S-1 (File No.
333-141507) filed with the Securities and Exchange Commission
on February 11, 2008).10.4
    
    Property Lease Agreement, dated December 25, 2002 between Duoyuan
Water Environmental Protection Technology Industry (China) Co. Ltd.
And Duoyuan Digital Printing Technology Industry (China) Co. Ltd.
(Incorporated by reference to Exhibit 10.12 to Amendment No. 1 to
Registration Statement on Form S-1 (File No. 333-141507) filed with
the Securities and Exchange Commission on July 5, 2007).10.5
    
    Property Lease Agreement, dated June 27, 2008, between Duoyuan
Information Terminal Manufacture (Langfang) Co., Ltd. and Duoyuan
Digital Press Technology Industries (China) Co., Ltd. (Incorporated
by reference to Exhibit 10.4 to




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##### Table of Contents



Number
    
    DescriptionAmendment No. 7 to Registration
Statement on Form S-1 (File No. 333-141507) filed with Securities
and Exchange Commission on March 27, 2009).10.6
    
    Letter of Trademark Use Authorization dated June 30, 2001, from
Duoyuan Water Environmental Protection Technology Industry (China)
Co., Ltd. to Duoyuan Technology Industry (China) Co., Ltd.
(Incorporated by reference to Exhibit 10.13 to Amendment No. 1 to
Registration Statement on Form S-1 (File No. 333-141507) filed with
the Securities and Exchange Commission on July 5, 2007).10.7
    
    Letter of Patent Use Authorization, dated June 30, 2001, from
Beijing Huiyuan Duoyuan Digital Printing Technology Research
Institute to Duoyuan Digital Technology Industry (China) Co. Ltd.
(Incorporated by reference to Exhibit 10.14 to Amendment No. 1 to
Registration Statement on Form S-1 (File No. 333-141507) filed with
the Securities and Exchange Commission on July 5, 2007).10.8
    
    Framework Agreement on Cooperation in Research and Development of
Stability Technology for Offset Printing Machines and New
Technologies, dated May 16, 2005, between Duoyuan Digital Printing
Technology Industry (China) Co. Ltd and Beijing Aeronautic
Manufacturing Technology Research Institute (Incorporated by
reference to Exhibit 10.15 to Amendment No. 1 to Registration
Statement on Form S-1 (File No. 333-141507) filed with the
Securities and Exchange Commission on July 5, 2007).10.9
    
    Offset Printing Machine Assembly Line Design Research and
Development Contract, dated March 11, 2002, between Duoyuan Digital
Printing Technology Industry (China) Co. Ltd and Beijing Printing
Machinery Research (Incorporated by reference to Exhibit 10.17 to
Amendment No. 1 to Registration Statement on Form S-1 (File No.
333-141507) filed with the Securities and Exchange Commission on
July 5, 2007).10.10
    
    Assignment of Patent Agreement dated December 26, 2002 between
Beijing Huiyuan Duoyuan Digital Technology Institute and Duoyuan
Digital Printing Technology Industries (China) Co. Ltd.
(Incorporated by reference to Exhibit 10.25 to Amendment No. 5 to
Registration Statement on Form S-1 (File No. 333-141507) filed with
the Securities and Exchange Commission on March 14, 2008).10.11
    
    Registered Trademark Usage License Agreement, dated October 2008,
between Duoyuan Digital Press Technology Industries (China) Co.,
Ltd. and Duoyuan Investments Limited. (Incorporated by reference to
Exhibit 10.8 to Amendment No. 7 to Registration Statement on Form
S-1 (File No. 333-141507) filed with Securities and Exchange
Commission on March 27,
2009).10.12
    
    Convertible Promissory Note covering the fiscal years ended December
31, 1995 through 1999 (Incorporated by reference to Exhibit 10.18 to
Amendment No. 4 to Registration Statement on Form S-1 (File No.
333-141507) filed with the Securities and Exchange Commission on
February 11, 2008).10.13
    
    Convertible Promissory Note covering the fiscal years ended December
31, 2003 through 2004 (Incorporated by reference to Exhibit 10.19 to
Amendment No. 4 to Registration Statement on Form S-1 (File No.
333-141507) filed with the Securities and Exchange Commission on
February 11, 2008).10.14
    
    Employment Agreement between Asian Financial, Inc. and Gene Michael
Bennett dated as of July 18, 2007 (Incorporated by reference to
Exhibit 10.22 to Amendment No. 5 to Registration Statement on Form
S-1 (File No. 333-141507) filed with the Securities and Exchange
Commission on March 14, 2008). 10.15
    
    Separation Agreement and Release of All Claims effective December
20, 2007 between Asian Financial, Inc. and Gene Michael Bennett
(Incorporated by reference to Exhibit 99.1 to Current Report on Form
8-K (File No. 000-27129) filed with the Securities and Exchange
Commission on December 27, 2007). 10.16
    
    Maximum Amount Mortgage Contract dated July 28, 2007 among
Agriculture Bank of China Chongwen Sub-branch, Duoyuan Digital
Printing Technology (China) Co. Ltd., and Hunan Duoyuan Printing
Machine Co. Ltd. (Incorporated by reference to Exhibit 10.21 to
Amendment No. 4 to Registration Statement on Form S-1 (File No.
333-141507) filed with the Securities and Exchange Commission on
February 11, 2008).10.17
    
    Employment Agreement with William Milewski dated as of March 1, 2008
(Incorporated by reference to Exhibit 10.23 to Amendment No. 5 to
Registration Statement on Form S-1 (File No. 333-141507) filed with
the Securities and Exchange Commission on March 14, 2008). 10.18
    
    Termination of Letter of Patent Use Authorization, from Beijing
Huiyuan Duoyuan Digital Printing Technology Research Institute to
Duoyuan Digital Technology Industry (China) Co. Ltd. (see Exhibit
10.11) (Incorporated by reference to Exhibit 10.24 to Amendment No.
5 to Registration Statement on Form S-1 (File No. 333-141507) filed
with the Securities and Exchange Commission on March 14, 2008).10.19
    
    Separation Agreement and Release of All Claims effective May 21,
2008 between Asian Financial, Inc. and William Edward Milewski
(Incorporated by reference Exhibit 10.1 to the Current Report on
Form 8-K (File No. 000-27129) filed with the Securities and Exchange
Commission on May 27, 2008). 10.20
    
    Employment Agreement with William D. Suh dated as of September 30,
2008 (Incorporated by reference to Exhibit 10.1 to Current Report on
Form 8-K (File No. 000-27129) filed with the Securities and Exchange
Commission on October 1, 2008). 10.21
    
    English translation of Employment Agreement, dated as of December
26, 2007, between Duoyuan Digital Press Technology Industries
(China) Co., Ltd. and Wenhua Guo (Incorporated by reference to
Exhibit 10.18 to Amendment No. 8 to Registration Statement on Form
S-1 (File No. 333-141507) filed with the Securities and Exchange
Commission on June 12, 2009). 10.22
    
    English translation of Employment Agreement, dated as of December
26, 2007, between Duoyuan Digital Press Technology Industries
(China) Co., Ltd. and Baiyun Sun (Incorporated by reference to
Exhibit 10.19 to Amendment No.




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##### Table of Contents



Number
    
    Description8 to Registration Statement on Form
S-1 (File No. 333-141507) filed with the Securities and Exchange
Commission on June 12, 2009). 10.23
    
    English translation of Employment Agreement, dated as of December
26, 2007, between Duoyuan Digital Press Technology Industries
(China) Co., Ltd. and Xiqing Diao (Incorporated by reference to
Exhibit 10.20 to Amendment No. 8 to Registration Statement on Form
S-1 (File No. 333-141507) filed with the Securities and Exchange
Commission on June 12, 2009). 10.24
    
    English translation of Employment Agreement, dated as of December
26, 2007, between Duoyuan Digital Press Technology Industries
(China) Co., Ltd. and Wenzhong Liu (Incorporated by reference to
Exhibit 10.21 to Amendment No. 8 to Registration Statement on Form
S-1 (File No. 333-141507) filed with the Securities and Exchange
Commission on June 12, 2009).
10.25
    
    English translation of Employment Agreement, dated as of December
26, 2007, between Duoyuan Digital Press Technology Industries
(China) Co., Ltd. and Yubao Wei (Incorporated by reference to
Exhibit 10.22 to Amendment No. 8 to Registration Statement on Form
S-1 (File No. 333-141507) filed with the Securities and Exchange
Commission on June 12, 2009). 10.26
    
    English Translation of Loan Agreement, dated as of July 4, 2008,
between Duoyuan Digital Press Technology Industries (China) Co. Ltd.
and Agricultural Bank of China (Incorporated by reference to
Amendment No. 9 to Registration Statement on Form S-1 (File No.
333-141507) filed with the Securities and Exchange Commission on
July 10, 2009).10.27
    
    English Translation of Loan Agreement, dated as of July 11, 2008,
between Duoyuan Digital Press Technology Industries (China) Co. Ltd.
and Agricultural Bank of China (Incorporated by reference to
Amendment No. 9 to Registration Statement on Form S-1 (File No.
333-141507) filed with the Securities and Exchange Commission on
July 10, 2009).10.28
    
    English Translation of Loan Agreement, dated as of July 18, 2008,
between Duoyuan Digital Press Technology Industries (China) Co. Ltd.
and Agricultural Bank of China (Incorporated by reference to
Amendment No. 9 to Registration Statement on Form S-1 (File No.
333-141507) filed with the Securities and Exchange Commission on
July 10, 2009).10.29
    
    English Translation of Loan Agreement, dated as of July 25, 2008,
between Duoyuan Digital Press Technology Industries (China) Co. Ltd.
and Agricultural Bank of China (Incorporated by reference to
Amendment No. 9 to Registration Statement on Form S-1 (File No.
333-141507) filed with the Securities and Exchange Commission on
July 10, 2009).10.30
    
    English Translation of Loan Agreement, dated as of March 13, 2009,
between Duoyuan Digital Press Technology Industries (China) Co. Ltd.
and Agricultural Bank of China (Incorporated by reference to
Amendment No. 9 to Registration Statement on Form S-1 (File No.
333-141507) filed with the Securities and Exchange Commission on
July 10, 2009).14.1
    
    Code of Business Conduct and Ethics of Asian Financial, Inc.
(Incorporated by reference to Exhibit 14.1 to Annual Report on Form
10-K (File No. 000-27129) filed with the Securities and Exchange
Commission on September 14, 2009).21.1
    
    List of Subsidiaries (Incorporated by reference to Exhibit 21.1 to
Annual Report on Form 10-K (File No. 000-27129) filed with the
Securities and Exchange Commission on September 14, 2009).23.1
    
    Consent of Moore Stephens Wurth Frazer and Torbet, LLP.*31.1
    
    Chief Executive Officer Certification required by Rules 13a-14 and
15d-14 under the Securities Exchange Act of 1934, as amended.*31.2
    
    Chief Financial Officer Certification required by Rules 13a-14 and
15d-14 under the Securities Exchange Act of 1934, as amended.*32.1
    
    Chief Executive Officer and Chief Financial Officer Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of Sarbanes Oxley Act of 2002.*
 
 *
    
    Filed herewith.
    
    Management contract or compensatory plan or arrangement.




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ASIAN FINANCIAL, INC.
 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
 Contents
    
    PageReport of Independent Registered Public Accounting Firm
    
    
    F-2Consolidated Balance Sheets as of June 30, 2009 and 2008
    
    
    F-3Consolidated Statements of Income and Other Comprehensive Income for the Years Ended June 30, 2009, 2008 and 2007
    
    
    F-4Consolidated Statements of Shareholders Equity for the Years Ended June 30, 2009, 2008 and 2007
    
    
    F-5Consolidated Statements of Cash Flows for the Years Ended June 30, 2009, 2008 and 2007
    
    
    F-6Notes to Consolidated Financial Statements, June 30, 2009
    
    
    F-7
  F-1




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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     
 F-2




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ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 
 CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2009 AND 2008
 2009
    
    
    2008ASSETSCURRENT ASSETS:Cash
    
    $
    31,044,070
    
    
    $
    14,199,700Accounts receivable, net of allowance for
doubtful accounts of $1,401,689 and $1,178,328
as of June 30, 2009 and 2008, respectively
    
    
    37,259,616
    
    
    
    33,184,833Inventories
    
    
    25,883,242
    
    
    
    23,950,551Other receivables
    
    
    26,912
    
    
    
    682,084Total current assets
    
    
    94,213,840
    
    
    
    72,017,168PLANT AND EQUIPMENT, net
    
    
    43,123,153
    
    
    
    34,130,651OTHER ASSETS:Intangible assets, net
    
    
    3,939,476
    
    
    
    4,003,128Advances on equipment purchases
    
    
    7,274,677
    
    
    
    2,753,610Total other assets
    
    
    11,214,153
    
    
    
    6,756,738Total assets
    
    $
    148,551,146
    
    
    $
    112,904,557LIABILITIES AND SHAREHOLDERS EQUITYCURRENT LIABILITIES:Lines of credit
    
    $
    14,357,000
    
    
    $
    11,380,200Accounts payable
    
    
    756,116
    
    
    
    1,489,255Other liabilities
    
    
    2,251,419
    
    
    
    1,858,112Taxes payable
    
    
    1,512,727
    
    
    
    1,702,986Total current liabilities
    
    
    18,877,262
    
    
    
    16,430,553DERIVATIVE INSTRUMENT LIABILITIES
    
    
    1,180,477
    
    
    
    1,374,824MINORITY INTEREST
    
    
    1,761,712
    
    
    
    1,292,843COMMITMENTS AND CONTINGENCIESSHAREHOLDERS EQUITY:Preferred shares; $0.001 par value; 1,000,000
shares authorized; no shares issued and
outstanding as of June 30, 2009 and 2008
    
    
    
    
    
    
    Common shares; $0.001 par value; 100,000,000
shares authorized; 25,000,050 shares issued and
outstanding as of June 30, 2009 and 2008
    
    
    25,000
    
    
    
    25,000Additional paid-in capital
    
    
    27,263,040
    
    
    
    27,263,040Statutory reserves
    
    
    9,428,573
    
    
    
    6,000,090Retained earnings
    
    
    79,226,497
    
    
    
    50,058,176Accumulated other comprehensive income
    
    
    10,788,585
    
    
    
    10,460,031Total shareholders equity
    
    
    126,731,695
    
    
    
    93,806,337Total liabilities and shareholders equity
    
    $
    148,551,146
    
    
    $
    112,904,557
 The accompanying notes are integral part of the these consolidated financial statements.
 See report of independent registered public accounting firm.
 F-3




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ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
FOR THE YEARS ENDED JUNE 30, 2009, 2008 AND 2007
 2009
    
    
    2008
    
    
    2007REVENUE, net
    
    $
    106,590,583
    
    
    $
    89,627,677
    
    
    $
    67,811,867COST OF REVENUE
    
    
    50,334,043
    
    
    
    44,461,903
    
    
    
    37,693,679GROSS PROFIT
    
    
    56,256,540
    
    
    
    45,165,774
    
    
    
    30,118,188RESEARCH AND DEVELOPMENT EXPENSES
    
    
    1,768,050
    
    
    
    1,683,304
    
    
    
    1,045,543SELLING EXPENSES
    
    
    9,725,635
    
    
    
    8,704,958
    
    
    
    7,826,958GENERAL AND ADMINISTRATIVE EXPENSES
    
    
    4,473,655
    
    
    
    4,472,196
    
    
    
    3,078,851INCOME FROM OPERATIONS
    
    
    40,289,200
    
    
    
    30,305,316
    
    
    
    18,166,836LIQUIDATED DAMAGES, net of settlement
    
    
    
    
    
    
    235,492
    
    
    
    (2,119,428
    )CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS
    
    
    194,347
    
    
    
    73,112
    
    
    
    OTHER INCOME (EXPENSE), netNon-operating (expenses)
    
    
    (956,936
    )
    
    
    
    
    
    
    Interest expense
    
    
    (1,188,111
    )
    
    
    (729,934
    )
    
    
    (742,083
    )Interest income and other income
    
    
    175,781
    
    
    
    194,878
    
    
    
    721,349Other expense, net
    
    
    (1,969,266
    )
    
    
    (535,056
    )
    
    
    (20,734
    )INCOME BEFORE MINORITY INTEREST AND PROVISION FOR
INCOME TAXES
    
    
    38,514,281
    
    
    
    30,078,864
    
    
    
    16,026,674MINORITY INTEREST
    
    
    463,553
    
    
    
    381,633
    
    
    
    240,584INCOME BEFORE PROVISION FOR INCOME TAXES
    
    
    38,050,728
    
    
    
    29,697,231
    
    
    
    15,786,090PROVISION FOR INCOME TAXES
    
    
    5,453,924
    
    
    
    3,237,707
    
    
    
    1,806,943NET INCOME
    
    
    32,596,804
    
    
    
    26,459,524
    
    
    
    13,979,147OTHER COMPREHENSIVE INCOMEForeign currency translation gain
    
    
    328,554
    
    
    
    8,199,861
    
    
    
    1,834,313COMPREHENSIVE INCOME
    
    $
    32,925,358
    
    
    $
    34,659,385
    
    
    $
    15,813,460BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES
    
    
    25,000,050
    
    
    
    25,000,050
    
    
    
    23,041,021BASIC AND DILUTED EARNING PER SHARE
    
    $
    1.30
    
    
    $
    1.06
    
    
    $
    0.61
 The accompanying notes are integral part of the these consolidated financial statements.
 See report of independent registered public accounting firm.
 F-4




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ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
FOR THE YEARS ENDED JUNE 30, 2009, 2008 AND 2007
 AccumulatedCommon Shares
    
    
    Additional
    
    
    Retained earnings
    
    
    otherNumber of
    
    
    
    
    
    
    paid-in
    
    
    Statutory
    
    
    
    
    
    
    comprehensiveshares
    
    
    Amount
    
    
    capital
    
    
    reserves
    
    
    Unrestricted
    
    
    income
    
    
    TotalBALANCE, June 30, 2006
    
    
    17,562,388
    
    
    $
    17,562
    
    
    $
    5,992,339
    
    
    $
    1,871,198
    
    
    $
    13,748,397
    
    
    $
    425,857
    
    
    $
    22,055,353Shares due to reorganization on August 31, 2006
    
    
    1,305,040
    
    
    
    1,305
    
    
    
    (1,305
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Shares issued for cash, $1.43 per share
    
    
    6,132,622
    
    
    
    6,133
    
    
    
    21,272,006
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    21,278,139Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,979,147
    
    
    
    
    
    
    
    13,979,147Adjustment to statutory reserves
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,411,403
    
    
    
    (1,411,403
    )
    
    
    
    
    
    
    Foreign currency translation adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,834,313
    
    
    
    1,834,313BALANCE, June 30, 2007
    
    
    25,000,050
    
    
    $
    25,000
    
    
    $
    27,263,040
    
    
    $
    3,282,601
    
    
    $
    26,316,141
    
    
    $
    2,260,170
    
    
    $
    59,146,952Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    26,459,524
    
    
    
    
    
    
    
    26,459,524Adjustment to statutory reserves
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,717,489
    
    
    
    (2,717,489
    )
    
    
    
    
    
    
    Foreign currency translation adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,199,861
    
    
    
    8,199,861BALANCE, June 30, 2008
    
    
    25,000,050
    
    
    $
    25,000
    
    
    $
    27,263,040
    
    
    $
    6,000,090
    
    
    $
    50,058,176
    
    
    $
    10,460,031
    
    
    $
    93,806,337Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    32,596,804
    
    
    
    
    
    
    
    32,596,804Adjustment to statutory reserves
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,428,483
    
    
    
    (3,428,483
    )
    
    
    
    
    
    
    Foreign currency translation adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    328,554
    
    
    
    328,554BALANCE, June 30, 2009
    
    
    25,000,050
    
    
    $
    25,000
    
    
    $
    27,263,040
    
    
    $
    9,428,573
    
    
    $
    79,226,497
    
    
    $
    10,788,585
    
    
    $
    126,731,695
 The accompanying notes are integral part of the these consolidated financial statements.
 See report of independent registered public accounting firm.
 F-5




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30, 2009, 2008 AND 2007
 2009
    
    
    2008
    
    
    2007CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    32,596,804
    
    
    $
    26,459,524
    
    
    $
    13,979,147Adjustments to reconcile net income to net cash provided by
(used in) operating activities:Minority interest
    
    
    463,553
    
    
    
    381,633
    
    
    
    240,584Depreciation
    
    
    2,826,707
    
    
    
    2,239,063
    
    
    
    882,842Amortization
    
    
    80,115
    
    
    
    75,297
    
    
    
    70,047Loss on fixed assets disposal
    
    
    
    
    
    
    1,458
    
    
    
    Bad debt expense
    
    
    218,516
    
    
    
    589,901
    
    
    
    322,305Change in fair value of derivative instruments
    
    
    (194,347
    )
    
    
    (73,112
    )
    
    
    Liquidated damages penalty
    
    
    
    
    
    
    706,476
    
    
    
    2,119,428Gain from settlement of liquidated damages
    
    
    
    
    
    
    (941,968
    )
    
    
    Transaction gain
    
    
    (63,357
    )
    
    
    
    
    
    
    Write-off of deferred expenses
    
    
    661,250
    
    
    
    
    
    
    
    Changes in operating assets and liabilitiesAccounts receivable
    
    
    (4,156,829
    )
    
    
    (9,740,414
    )
    
    
    (9,452,582
    )Inventories
    
    
    (2,036,858
    )
    
    
    (1,566,856
    )
    
    
    (2,440,076
    )Other receivables
    
    
    (5,992
    )
    
    
    51,706
    
    
    
    71,457Other receivables  related parties
    
    
    
    
    
    
    
    
    
    
    913,154Deferred expense
    
    
    
    
    
    
    (661,250
    )
    
    
    Other assets
    
    
    
    
    
    
    42,230
    
    
    
    (43,198
    )Accounts payable
    
    
    (739,264
    )
    
    
    (1,287,681
    )
    
    
    (10,935,839
    )Customer deposits
    
    
    
    
    
    
    
    
    
    
    (19,265
    )Other payables
    
    
    
    
    
    
    (104,471
    )
    
    
    (341,354
    )Other payables  related parties
    
    
    
    
    
    
    (386,960
    )
    
    
    (455,164
    )Other liabilities
    
    
    388,655
    
    
    
    538,634
    
    
    
    312,551Taxes payable
    
    
    (197,261
    )
    
    
    477,886
    
    
    
    576,025Net cash provided by (used in) operating activities
    
    
    29,841,692
    
    
    
    16,801,096
    
    
    
    (4,199,938
    )CASH FLOWS FROM INVESTING ACTIVITIES:Purchase of equipment
    
    
    (11,678,852
    )
    
    
    (7,925,596
    )
    
    
    (13,314,596
    )Advances on equipment purchases
    
    
    (4,509,743
    )
    
    
    (2,598,661
    )
    
    
    2,233,885Net cash used in investing activities
    
    
    (16,188,595
    )
    
    
    (10,524,257
    )
    
    
    (11,080,711
    )CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from private placement
    
    
    
    
    
    
    
    
    
    
    21,278,139Proceeds from lines of credit
    
    
    14,363,400
    
    
    
    10,739,820
    
    
    
    15,050,400Payments for lines of credit
    
    
    (11,434,400
    )
    
    
    (13,493,620
    )
    
    
    (15,060,400
    )Payments to settle liquidated damages
    
    
    
    
    
    
    (436,000
    )
    
    
    Restricted cash
    
    
    
    
    
    
    2,097,490
    
    
    
    (2,097,490
    )Net cash provided by (used in) financing activities
    
    
    2,929,000
    
    
    
    (1,092,310
    )
    
    
    19,170,649EFFECT OF EXCHANGE RATE CHANGES ON CASH
    
    
    262,273
    
    
    
    1,198,810
    
    
    
    186,650INCREASE IN CASH
    
    
    16,844,370
    
    
    
    6,383,339
    
    
    
    4,076,650CASH, beginning of year
    
    
    14,199,700
    
    
    
    7,816,361
    
    
    
    3,739,711CASH, end of year
    
    $
    31,044,070
    
    
    $
    14,199,700
    
    
    $
    7,816,361
 The accompanying notes are integral part of the these consolidated financial statements.
 See report of independent registered public accounting firm.
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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 1Organization background and principal activities
 Asian Financial, Inc. (AFI)
   Duoyuan Digital Press Technology Industries (China) Co., Ltd. (Duoyuan China)
 Langfang Duoyuan Digital Technology Co., Ltd. (Langfang Duoyuan)
 Hunan Duoyuan Printing Machinery Co., Ltd. (Hunan Duoyuan)
 See report of independent registered public accounting firm.
 F-7




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 2Summary of significant accounting policies
 The reporting entity and principles of consolidation
  Basis of presentation
  Use of estimates
  Foreign currency translation
     Comprehensive income
  See report of independent registered public accounting firm.
 F-8




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 2Summary of significant accounting policies  (continued)
  Revenue recognition
  o
    
    Persuasive evidence of an arrangement exists. (The Company
considers its sales contracts to be persuasive evidence of
an arrangement.)o
    
    Product is shipped or services have been rendered.o
    
    The sellers price to the buyer is fixed or determinable.o
    
    Collectability of payment is reasonably assured.
      See report of independent registered public accounting firm.
 F-9




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 2Summary of significant accounting policies  (continued)
   Accounts receivable
   June 30,
    
    
    June 30,2009
    
    
    2008Balance, beginning of period
    
    $
    1,178,328
    
    
    $
    498,648Provision for bad debts
    
    
    218,516
    
    
    
    589,901Foreign currency translation adjustments
    
    
    4,845
    
    
    
    89,779Balance, end of period
    
    $
    1,401,689
    
    
    $
    1,178,328
 Inventories
  Intangible assets
   Plant and equipment
  See report of independent registered public accounting firm.
 F-10




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 2Summary of significant accounting policies  (continued)
  Estimated Useful LifeBuildings
    
    30 YearsOffice equipment
    
    3-10 YearsMotor vehicles
    
    4-10 YearsMachinery and equipment
    
    5-10 Years
   Advances on equipment purchases
  Concentration of risk
     See report of independent registered public accounting firm.
 F-11




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 2Summary of significant accounting policies  (continued)
  Liquidated damages
  Financial instruments
  o
    
    Level 1 inputs to the valuation methodology which are quoted prices (unadjusted) for identical assets or
liabilities in active markets.o
    
    Level 2 inputs to the valuation methodology that includes quoted prices for similar assets and liabilities
in active markets, and inputs that are observable for the asset or liability, either directly or
indirectly, substantially for the full term of the financial instrument.o
    
    Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.
    See report of independent registered public accounting firm.
 F-12




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 2Summary of significant accounting policies  (continued)
 Fair Value
    
    Fair Value Measurementas of
    
    at June 30, 2009June 30, 2009
    
    using Fair Value HierarchyLiabilities
    
    
    
    
    
    Level 1
    
    Level 2
    
    Level 3Warrant liability
    
    $
    1,180,477
    
    
    
    
    
    
    
    
    
    
    $
    1,180,477
   Income taxes
    See report of independent registered public accounting firm.
 F-13




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 2Summary of significant accounting policies  (continued)
 China income tax
    a.
    
    The new standard EIT rate of 25% replaced the 33% rate currently
applicable to both DES and FIEs, except for High Tech companies who
pay a reduced rate of 15%;b.
    
    Companies established before March 16, 2007, will continue to enjoy
tax holiday treatment approved by local government for a grace period
of either for the next five years or until the tax holiday term is
completed, whichever is sooner. These companies will pay the standard
tax rate as defined in point a above when the grace period expires.
      See report of independent registered public accounting firm.
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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 2Summary of significant accounting policies  (continued)
     Year Ended June 30,2009
    
    2008
    
    2007U.S. statutory rates
    
    
    34
    %
    
    
    34
    %
    
    
    34
    %Foreign income not recognized in the U.S.
    
    
    -34
    
    
    
    -34
    
    
    
    -34China income taxes
    
    
    25
    
    
    
    33
    
    
    
    33China income tax exemption
    
    
    -11.2
    
    
    
    -22.3
    
    
    
    -23.2Other (a)
    
    
    0.5
    
    
    
    0.2
    
    
    
    1.6Effective income tax rates
    
    
    14.3
    %
    
    
    10.9
    %
    
    
    11.4
    %
  (a)
    
    The 0.5%, 0.2%, and 1.6% represent $1,399,143, $423,888 and $2,720,474
of expenses incurred by the Company that are not subject to China
income tax for the years ended June 30, 2009, 2008 and 2007,
respectively.
 Value added tax
   Shipping and handling
  See report of independent registered public accounting firm.
 F-15




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 2Summary of significant accounting policies  (continued)
 Advertising costs
  Research and development costs
  Recent accounting pronouncements
    See report of independent registered public accounting firm.
 F-16




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 2Summary of significant accounting policies  (continued)
       See report of independent registered public accounting firm.
 F-17




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 2Summary of significant accounting policies  (continued)
    TM TM
 See report of independent registered public accounting firm.
 F-18




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 2Summary of significant accounting policies  (continued)
  Reclassifications and correction
  Note 3Earnings per share
   2009
    
    
    2008
    
    
    2007For the years ended June 30, 2009, 2008 and 2007Net income for earnings per share
    
    $
    32,596,804
    
    
    $
    26,459,524
    
    
    $
    13,979,147Weighted average shares used in basic computationBasic and Diluted
    
    
    25,000,050
    
    
    
    25,000,050
    
    
    
    23,041,021Earnings per share:Basic and Diluted
    
    $
    1.30
    
    
    $
    1.06
    
    
    $
    0.61
  Note 4Supplemental disclosure of cash flow information
   Note 5Inventories
  See report of independent registered public accounting firm.
 F-19




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 5Inventories  (continued)
 June 30,
    
    
    June 30,2009
    
    
    2008Raw materials
    
    $
    6,494,433
    
    
    $
    7,282,772Work-in-process
    
    
    13,125,837
    
    
    
    10,984,027Finished goods
    
    
    6,262,972
    
    
    
    5,683,752Totals
    
    $
    25,883,242
    
    
    $
    23,950,551
 Note 6Plant and equipment
  June 30,
    
    
    June 30,2009
    
    
    2008Buildings
    
    $
    13,699,189
    
    
    $
    13,643,084Office equipment
    
    
    928,051
    
    
    
    924,251Motor vehicles
    
    
    382,372
    
    
    
    322,447Plant and machinery
    
    
    32,008,907
    
    
    
    20,305,152Construction-in-progress
    
    
    4,286,527
    
    
    
    4,268,971Total
    
    
    51,305,046
    
    
    
    39,463,905Less: accumulated depreciation
    
    
    (8,181,893
    )
    
    
    (5,333,254
    )Plant and equipment, net
    
    $
    43,123,153
    
    
    $
    34,130,651
   Note 7Intangible assets
  June 30,
    
    
    June 30,2009
    
    
    2008Intangible  land use rights
    
    $
    4,457,876
    
    
    $
    4,439,619Less: accumulated amortization
    
    
    (518,400
    )
    
    
    (436,491
    )Total
    
    $
    3,939,476
    
    
    $
    4,003,128
  Note 8Related party transactions
  See report of independent registered public accounting firm.
 F-20




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 8Related party transactions  (continued)
  Note 9Lines of credit
  June 30,
    
    
    June 30,2009
    
    
    2008Loan from Bank of
Agriculture, Chongwen
branch due March 12, 2010,
interest rate of 5.841% per
annum, interest only paid
quarterly, secured by land
use rights and buildings
    
    $
    1,465,000
    
    
    $
    Loan from Bank of
Agriculture, Chongwen
branch due March 13, 2009 ,
interest rate of 8.570% per
annum, interest only paid
quarterly, secured by land
use rights and buildings
    
    
    
    
    
    
    1,459,000Loan from Bank of
Agriculture, Chongwen
branch due July 3, 2009,
interest rate of 8.217% per
annum, interest only paid
quarterly, secured by land
use rights and buildings
    
    
    2,930,000
    
    
    
    Loan from Bank of
Agriculture, Chongwen
branch due July 10, 2009,
interest rate of 8.217% per
annum, interest only paid
quarterly, secured by land
use rights and buildings
    
    
    2,930,000
    
    
    
    2,918,000Loan from Bank of
Agriculture, Chongwen
branch due July 17, 2009,
interest rate of 8.217% per
annum, interest only paid
quarterly, secured by land
use rights and buildings
    
    
    4,102,000
    
    
    
    4,085,200Loan from Bank of
Agriculture, Chongwen
branch due July 24, 2009,
interest rate of 8.217% per
annum, interest only paid
quarterly, secured by land
use rights and buildings
    
    
    2,930,000
    
    
    
    2,918,000Total
    
    $
    14,357,000
    
    
    $
    11,380,200
   Note 10Taxes payable
  See report of independent registered public accounting firm.
 F-21




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 10Taxes payable  (continued)
   June 30,
    
    
    June 30,2009
    
    
    2008VAT (credit) payable
    
    $
    (313,382
    )
    
    $
    359,725Income tax payable
    
    
    1,740,765
    
    
    
    1,253,988Others
    
    
    85,344
    
    
    
    89,273Total taxes payable
    
    $
    1,512,727
    
    
    $
    1,702,986
   U.S.
    
    
    China
    
    
    TotalDeferred tax assets (liabilities):Net operating loss carryforwards
    
    $
    973,323
    
    
    $
    
    
    
    $
    973,323Deferred tax assets, net
    
    
    973,323
    
    
    
    
    
    
    
    973,323Valuation allowance
    
    
    (973,323
    )
    
    
    
    
    
    
    (973,323
    )Net deferred tax assets
    
    $
    
    
    
    $
    
    
    
    $
    
  U.S.
    
    
    China
    
    
    TotalDeferred tax assets (liabilities):Net operating loss carryforwards
    
    $
    428,545
    
    
    $
    
    
    
    $
    428,545Deferred tax assets, net
    
    
    428,545
    
    
    
    
    
    
    
    428,545Valuation allowance
    
    
    (428,545
    )
    
    
    
    
    
    
    (428,545
    )Net deferred tax assets
    
    $
    
    
    
    $
    
    
    
    $
    
 Note 11Statutory reserves and dividends
  See report of independent registered public accounting firm.
 F-22




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 11Statutory reserves and dividends  (continued)
 Statutory surplus reserve fund
    Enterprise fund
  Note 12Operating leases
    Years ending June 30,
    
    Amount2010
    
    $
    200,0392011
    
    
    33,696Thereafter
    
    
    
 Note 13Retirement plan
  See report of independent registered public accounting firm.
 F-23




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 14Shareholders equity
    AmountBalance, June 30, 2007
    
    $
    Value of warrant liability on grant date
    
    
    1,447,936Change in fair value of derivative instruments
    
    
    (73,112
    )Balance, June 30, 2008
    
    
    1,374,824Change in fair value of derivative instruments
    
    
    (194,347
    )Balance, June 30, 2009
    
    $
    1,180,477
  See report of independent registered public accounting firm.
 F-24




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 14Shareholders equity  (continued)
  Liquidated damages expense accrued at June 30, 2007
    
    $
    2,119,428Settlement payments with warrants and cash payments
    
    
    (1,883,936
    )Net gain from reversal of liquidated damages expense at June 30, 2008
    
    $
    235,492
   Weighted
    
    AverageWarrants
    
    Warrants
    
    Average
    
    RemainingOutstanding
    
    Exercisable
    
    Exercise Price
    
    Contractual LifeBalance, June 30, 2007
    
    
    650,547
    
    
    
    
    
    
    $
    4.23
    
    
    
    Granted
    
    
    576,425
    
    
    
    576,425
    
    
    
    5.76
    
    
    
    5.00Forfeited
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Exercised
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance, June 30, 2008
    
    
    1,226,972
    
    
    
    1,226,972
    
    
    $
    4.95
    
    
    
    5.00Granted
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Forfeited
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Exercised
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance, June 30, 2009
    
    
    1,226,972
    
    
    
    1,226,972
    
    
    $
    4.95
    
    
    
    4.25
  See report of independent registered public accounting firm.
 F-25




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##### Table of Contents



ASIAN FINANCIAL, INC. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JUNE 30, 2009
 Note 15Commitments and contingencies
   Litigation
  Note 16Subsequent events
       See report of independent registered public accounting firm.
 F-26