<PAGE>
                                                                    Exhibit 99.1


                     ASIA AUTOMOTIVE ACQUISITION CORPORATION
                    (a corporation in the development stage)


                          INDEX TO FINANCIAL STATEMENTS

<Table>
<Caption>
                                                                                         PAGE
<S>                                                                                   <C>
Report of Independent Registered Public Accounting Firm                                  F-2
Financial Statements
Balance Sheet                                                                            F-3
Statements of Operations                                                                 F-4
Statements of Stockholders' Equity                                                       F-5
Statements of Cash Flows                                                                 F-6
Notes to Financial Statements                                                         F-7 - F-10
</Table>




<PAGE>


             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders
Asia Automotive Acquisition Corporation

         We have audited the accompanying balance sheet of Asia Automotive
Acquisition Corporation (a corporation in the development stage) (the "Company")
as of April 18, 2006 and the related statements of operations, stockholders'
equity and cash flows for the period from January 1, 2006 through April 18, 2006
and for the period from June 20, 2005 (date of inception) through April 18,
2006. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.

         We conducted our audit in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. The Company is not
required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Our audit included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.

         In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of the Company as of
April 18, 2006 and the results of its operations and its cash flows for the
period from January 1, 2006 through April 18, 2006 and for the period from June
20, 2005 (date of inception) through April 18, 2006 in conformity with
accounting principles generally accepted in the United States of America.



                                        /s/  Rothstein, Kass & Company, P.C.

Roseland, New Jersey
April 18, 2006


                                      F-2


<PAGE>


                     ASIA AUTOMOTIVE ACQUISITION CORPORATION
                    (a corporation in the development stage)

                                 BALANCE SHEET





                                                                  APRIL 18, 2006
<Table>
<Caption>


                                     ASSETS

<S>                                                                                               <C>
Cash                                                                                              $           1,106,889
Prepaid expenses                                                                                                 13,000
                                                                                                  ---------------------
   Total current assets                                                                           $           1,119,889
                                                                                                  =====================

OTHER ASSETS,

Cash and cash equivalents held in trust                                                                      37,418,000
                                                                                                  ---------------------

Total assets                                                                                      $          38,537,889
                                                                                                  ---------------------


                      LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accrued expenses                                                                                  $             335,838
Notes payable, stockholders                                                                                      45,250
                                                                                                  ---------------------
   Total current liabilities                                                                      $             381,088

Common stock, subject to possible conversion, 1,005,746 shares at conversion value                            7,479,858


Deferred underwriter's fee                                                                                      966,121




STOCKHOLDERS' EQUITY
Preferred stock--$0.0001 par value; 1,000,000 shares authorized; none issued or outstanding
Common stock--$0.0001 par value;  39,000,000 shares authorized; 6,380,250 issued and                              6,380
outstanding (including 1,005,746 shares subject to possible redemption)
Additional paid-in capital                                                                                   29,710,246
Deficit accumulated during the development stage                                                                (5,804)
                                                                                                  ---------------------
Total stockholders' equity                                                                                   29,710,822
                                                                                                  ---------------------
Total liabilities and stockholders' equity                                                        $          38,537,889
                                                                                                  =====================
</Table>



                 See accompanying notes to financial statements



                                      F-3

<PAGE>


                     ASIA AUTOMOTIVE ACQUISITION CORPORATION
                    (a corporation in the development stage)

                            STATEMENTS OF OPERATIONS
<Table>
<Caption>


                                                            JANUARY 1, 2006              JUNE 20, 2005
                                                          THRU APRIL 18, 2006         (DATE OF INCEPTION)
                                                                                            THROUGH
                                                                                         APRIL 18, 2006
<S>                                                       <C>                       <C>
Formation and operating costs                             $               178       $                  5,804
                                                          -------------------       ------------------------
Net loss for the period                                   $             (178)       $                (5,804)

Weighted average number of common shares outstanding                1,395,586                      1,365,605
                                                          -------------------       ------------------------
Net loss per share                                        $                -        $                      -
                                                          ===================       ========================
</Table>



                 See accompanying notes to financial statements


                                      F-4


<PAGE>


                     ASIA AUTOMOTIVE ACQUISITION CORPORATION
                    (a corporation in the development stage)

                       STATEMENTS OF STOCKHOLDERS' EQUITY

<Table>
<Caption>


                                          COMMON STOCK
                                  -----------------------------
                                                                                           DEFICIT
                                                                                         ACCUMULATED
                                                                        ADDITIONAL       DURING THE
                                                                         PAID-IN         DEVELOPMENT
                                       SHARES            AMOUNT          CAPITAL            STAGE                TOTAL
<S>                                 <C>             <C>                <C>               <C>               <C>
Balance--June 20,  2005                    --       $        --         $       --       $        --       $        --
(date of inception)

Issuance of common stock            1,349,000             1,349             23,651                              25,000
to existing stockholders

Sale of 5,031,250 units             5,031,250             5,031         37,166,353                          37,171,384
on April 18, 2006 at a
price of $7.44 per unit,
net of underwriter's
discount, offering
expenses and deferred
underwriter's fee
(including 1,005,746
shares subject to
possible conversion)

Sale of option on April                                                        100                                 100
18, 2006 at a price of
$100 for 350,000 units


Proceeds subject to                                                    (7,479,858)                          (7,479,858)
possible conversion
1,005,746 shares

Net loss for the period                                                                     (5,804)             (5,804)
                                  -------------------------------------------------------------------------------------
Balance--April 18, 2006             6,380,250       $     6,380         29,710,246       $   (5,804)        29,710,822
                                  =====================================================================================

</Table>



                 See accompanying notes to financial statements


                                      F-5


<PAGE>



                     ASIA AUTOMOTIVE ACQUISITION CORPORATION
                    (a corporation in the development stage)

                            STATEMENTS OF CASH FLOWS

<Table>
<Caption>




                                                                       JANUARY 1, 2006        JUNE 20, 2005
                                                                            THROUGH        (DATE OF INCEPTION)
                                                                                                 THROUGH
                                                                        APRIL 18, 2006       APRIL 18, 2006
                                                                      ------------------   -------------------

CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                   <C>                  <C>
     Net loss                                                         $             (178)  $            (5,804)
     Adjustments to reconcile net loss to net cash used in
     operating activities:
        Changes in:
           Prepaid expenses                                                      (13,000)              (13,000)
                                                                      ------------------   -------------------
               Net cash used in operating activities                             (13,178)              (18,804)

                                                                      ------------------   -------------------


NET CASH USED IN INVESTING ACTIVITY:
     Cash held in trust fund                                                 (37,418,000)          (37,418,000)
                                                                      ------------------   -------------------



CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable                                                       20,250               45,250
Proceeds from sale of common stock                                                                      25,000

Sale of option                                                                       100                   100

Gross proceeds of public offering                                             40,250,000            40,250,000
Payments of deferred offering costs                                           (1,747,026)            1,776,657

                                                                      ------------------   -------------------
               Net cash provided by financing activities                      38,523,324            38,543,693

                                                                      ------------------   -------------------
Net increase in cash                                                           1,092,146   $         1,106,889

                                                                      ------------------   -------------------
Cash -- beginning of period                                                       14,743

Cash -- end of period                                                 $        1,106,889             1,106,889
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITY:
Accrued offering costs                                                $          335,838   $           571,307
Deferred underwriter's fee                                            $        1,207,500   $         1,207,500
                                                                      ==================   ===================
</Table>



                 See accompanying notes to financial statements



                                      F-7

<PAGE>



                     ASIA AUTOMOTIVE ACQUISITION CORPORATION
                    (a corporation in the development stage)

                          NOTES TO FINANCIAL STATEMENTS


1. ORGANIZATION AND BUSINESS OPERATIONS

         Asia Automotive Acquisition Corporation (the "Company") was
incorporated in Delaware on June 20, 2005 as a blank check company formed to
acquire, through merger, capital stock exchange, asset acquisition or other
similar business combination, a business in the automotive supplier industry.

         At April 18, 2006, the Company had not yet commenced any operations.
All activity through April 18, 2006 relates to the Company's formation, and
initial public offering described below. The Company has selected December 31 as
its fiscal year-end.

         The registration statement for the Company's initial public offering
(the "Public Offering") was declared effective on April 11, 2006. The Company
consummated the Public Offering on April 18, 2006 and received net proceeds of
$38,198,000. The Company's management has broad discretion with respect to the
specific application of the net proceeds of the Public Offering (the "Offering")
(as described in Note 3), although substantially all of the net proceeds of the
Offerings are intended to be generally applied toward consummating a business
combination with a target company. As used herein, a "target business" shall
include an operating business in the security industry and a "business
combination" shall mean the acquisition by the Company of a target business.

         Of the proceeds of the Offering, $37,418,000 is being held in a trust
account ("Trust Account") and invested until the earlier of (i) the consummation
of the first business combination or (ii) the distribution of the Trust Account
as described below. The amount in the Trust Account includes $ 1,207,500 of
contingent underwriting compensation, which will be paid to the underwriters if
a business combination is consummated, but which will be forfeited in part if
public stockholders elect to have their shares redeemed for cash if a business
combination is not consummated. Deferred underwriter's fee is reflected on the
balance sheet at $966,121, an additonal $241,379 is included in common stock,
subject to possible conversion, for a total of $1,207,500. The remaining
proceeds may be used to pay for business, legal and accounting due diligence on
prospective acquisitions and continuing general and administrative expenses.

         The Company, after signing a definitive agreement for the acquisition
of a target business, will submit such transaction for stockholder approval. In
the event that public stockholders owning a majority of the outstanding stock
sold in the Offerings vote against the business combination and elect to have
the Company redeem their shares for cash, including all of the officers and
directors of the Company ("Initial Stockholders"), have agreed to vote their
1,349,000 founding shares of common stock in accordance with the vote of the
majority in interest of all other stockholders of the Company with respect to
any business combination and to vote any shares they acquire in the aftermarket
in favor of the business combination. After consummation of the Company's first
business combination, all of these voting safeguards will no longer be
applicable.

         With respect to the first business combination which is approved and
consummated, any holder of shares sold in the Public Offering, other than the
Initial Stockholders and their nominees (the "Public Stockholders") who voted
against the business combination may demand that the Company redeem his or

                                      F-7

<PAGE>

her shares. The per share redemption price will equal $ 7.40 per share plus
interest earned thereon in the Trust Account. Accordingly, Public Stockholders
holding 19.99% of the aggregate number of shares sold in this offering and the
private placement may seek redemption of their shares in the event of a business
combination.

         The Company's Certificate of Incorporation provides for mandatory
liquidation of the Company, without stockholder approval, in the event that the
Company does not consummate a business combination within 18 months from the
date of consummation of the Public Offering, or 24 months from the consummation
of the Public Offering if certain extension criteria have been satisfied. The
Initial Stockholders have waived their right to liquidation distributions with
respect to the shares of common stock included in such units. Accordingly, in
the event of such a liquidation, the amount in the Trust Account will be
distributed to the holders of the shares sold in the Public Offering.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Common stock:

         On December 14, 2005, the Company effected a stock split in the form of
a dividend of .094 shares of common stock for each outstanding share of common
stock. Additionally, on January 23, 2006, the Company effected a stock split in
the form of a dividend of .233 shares of common stock for each outstanding share
of common stock. All references in the accompanying financial statements to the
number of shares of common stock and loss per share have been retroactively
restated to reflect these transactions.

Loss per common share:

         Loss per share is computed by dividing net loss by the weighted-average
number of shares of common stock outstanding during the period.

Use of estimates:

         The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
contingent assets and contingent liabilities at the date of the financial
statements and the reported amounts of expenses during the reporting period.
Actual results could differ from those estimates.

Cash and cash equivalents:

         The Company considers all highly liquid investments purchased with an
original maturity of three months or less to be cash equivalents.

3. ACCRUED EXPENSES

         Accrued expenses consist approximately of the following: $165,000 in
legal fees, $40,000 in accounting fees, $72,000 in printing fees, and $59,000 in
other accrued expenses.

4. THE OFFERING

         On April 18, 2006, the Company sold 5,031,250 units to the public at a
price of $8.00 per unit. Each unit consists of one share of the Company's common
stock, $0.001 par value, and one redeemable common stock purchase warrant
("warrant"). Each warrant entitles the holder to purchase from the Company one
share of common stock at an exercise price of $5.00 commencing the later of the
completion of a business combination with a target business or April 10, 2007
and expiring April 11, 2012. The underwriters exercised the full exercise of an
over-allotment option with respect to 656,250 units on April 18, 2006 and were
issued such units on April 18, 2006. The warrants are redeemable at a price of
$.01 per warrant upon 30 days notice after the warrants become exercisable, only
in the event that the last sale price of the common


                                      F-8

<PAGE>


stock is at least $10.00 per share for any 20 trading days within a 30 trading
day period ending three business days before we send the notice of redemption.

5. NOTES PAYABLE, STOCKHOLDERS

         The Company issued separate $5,000 unsecured promissory notes to four
of the Company's officers and directors and an affiliate of several of the
Initial Stockholders, Asia Development Capital LLC, ("ADC") on July 11, 2005.
The notes bear interest at the rate of 4% per annum and were originally intended
to be payable on the earlier of March 31, 2006 or the consummation of the
Offering. Due to the later than anticipated close of the offering the notes will
be payable on April 30, 2006. Due to the short-term nature of the note, the fair
value of the note approximates its carrying amount. In March 2006, ADC advanced
the Company an additional $20,250, which will be payable on April 30, 2006.

6. COMMITMENTS AND RELATED PARTY TRANSACTIONS

         The Company presently occupies office space provided by ADC, an
affiliate and stockholder of the Company. ADC has agreed that, until the Company
consummates a Business Combination, it will make such office space, as well as
certain office and secretarial services, available to the Company, as may be
required by the Company from time to time. The Company has agreed to pay such
affiliate $7,500 per month for such services commencing on the effective date of
the Offering, April 18, 2006.

         The Company has engaged Rodman & Renshaw, the representative of the
underwriters, on a non-exclusive basis, as the Company's agent for the
solicitation of the exercise of the warrants. To the extent not inconsistent
with the guidelines of the NASD and the rules and regulations of the SEC, the
Company has agreed to pay the representative for bona fide services rendered a
commission equal to 2.5% of the exercise price for each warrant exercised more
than one year after the date of this prospectus if the exercise was solicited by
the underwriters. In addition to soliciting, either orally or in writing, the
exercise of the warrants, the representative's services may also include
disseminating information, either orally or in writing, to warrant holders about
the Company or the market for our securities, and assisting in the processing of
the exercise of the warrants. No compensation will be paid to the representative
upon the exercise of the warrants if:

     o   the market price of the underlying shares of common stock is lower than
         the exercise price;

     o   the holder of the warrants has not confirmed in writing that the
         underwriters solicited the exercise;

     o   the warrants are held in a discretionary account;

     o   the warrants are exercised in an unsolicited transaction; or

     o   the arrangement to pay the commission is not disclosed in the
         prospectus provided to warrant holders at the time of exercise.

         The Company has sold to Rodman & Renshaw, LLC (the "Representative" of
the underwriters), for $100, as additional compensation, an option to purchase
up to a total of 350,000 units at a per-unit price of $10.00. The units issuable
upon exercise of this option are also identical to those offered by the Offering
except that the warrants included in the option have an exercise price of $6.65
(133% of the exercise price of the warrants included in the units sold in the
offering.) The Company will pay the underwriters in the Offering an underwriting
discount of 7% of the gross proceeds of this Offering (of which 3% is deferred
until the consummation of a business combination).

         The sale of the option will be accounted for as an equity transaction.
Accordingly, there will be no net impact on the Company's financial position or
results of operations, except for the recording of the $100 proceeds from the
sale. The Company has determined, based upon a Black-Scholes model, that the
fair value of the option on the date of sale would be approximately $3.10 per
unit, or $1,086,001 total, using an expected life of five years, volatility of
45.47% and a risk-free interest rate of 4.39%.


                                      F-9

<PAGE>


         The volatility calculation of 45.47% is based on the 365-day average
volatility of a representative sample of ten (10) companies with market
capitalizations under $500 million that management believes to be engaged in the
business of auto component parts (the "Sample Companies"). Because the Company
does not have a trading history, the Company needed to estimate the potential
volatility of its common stock price, which will depend on a number of factors
which cannot be ascertained at this time. The Company referred to the 365-day
average volatility of the Sample Companies because management believes that the
average volatility of such companies is a reasonable benchmark to use in
estimating the expected volatility of the Company's common stock post-business
combination. Although an expected life of five years was taken into account for
purposes of assigning a fair value to the option, if the Company does not
consummate a business combination within the prescribed time period and
liquidates, the option would become worthless.

         Pursuant to letter agreements with the Company and the Representative,
the Initial Stockholders have waived their right to receive distributions with
respect to their founding shares upon the Company's liquidation.

         Certain of the Company's officers, directors, or their designees have
agreed with the Representative that consummation of the Offering and during the
45 trading day period commencing on the later of the date that the securities
comprising the units begin separate trading or sixty days following the
consummation of the Offering, that they will purchase up to 320,000 warrants in
the public marketplace at prices not to exceed $1.40 per Warrant.

         The Initial Stockholders will be entitled to registration rights with
respect to their founding shares pursuant to an agreement to be signed prior to
or on the effective date of the Offering. The holders of the majority of these
shares are entitled to make up to two demands that the Company register these
shares at any time commencing three months prior to the third anniversary of the
effective date of the Offering. In addition, the Initial Stockholders have
certain "piggy-back" registration rights on registration statements filed
subsequent to the third anniversary of the effective date of the Offering.

         On February 8, 2006, five stockholders entered into five separate
letter agreements with the representatives of the underwriters pursuant to which
they agreed to purchase in aggregate up to $2,000,000 in warrants at prices not
to exceed $1.40 per warrant during the 45 day trading period commencing on the
later of the date separate trading of the Warrants has commenced or 60 calendar
days following the consummation of the Offering. These entities have agreed that
any warrants purchased by them pursuant to this agreement will not be sold or
transferred until after completed a business combination.

7. PREFERRED STOCK

         The Company is authorized to issue 1,000,000 shares of preferred stock
with such designations, voting and other rights and preferences as may be
determined from time to time by the Board of Directors.






                                      F-10