**UNITED
        STATES**
 **SECURITIES
        AND EXCHANGE COMMISSION**
 **WASHINGTON,
        D.C. 20549**
 
 **AMENDMENT
          NO. 1 TO**
 **FORM
          10-Q/A**
  **x** **QUARTERLY
        REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE**
 **SECURITIES
        EXCHANGE ACT OF 1934**
  **For
        the quarterly period ended March 31, 2007**
 
 **OR**
 
 **o** **TRANSITION
        REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE**
 **SECURITIES
        EXCHANGE ACT OF 1934**
 
 **Commission
        File Number**
 **000-51981**
  
 **ASIA
        TIME CORPORATION**
 *(Exact
        name of small business issuer as specified in its charter)*
 
 **Delaware**
                *(State
                  or other jurisdiction of incorporation*
                *or
                  organization)*
              
              **N/A**
                *(I.R.S.
                  Employer Identification*
                *No.)***Room
                  1601-1604, 16/F., CRE Centre**
                **889
                  Cheung Sha Wan Road,**
                **Kowloon,
                  Hong Kong******
                *(Address
                  of principal executive offices)*
              
              **N/A**
                *(Zip
                  Code)*
 
 **(852)-23100101**
 *(Registrant’s
        telephone number, including area code)*
 
 Indicate
        by check mark whether the registrant (1) has filed all reports required to
        be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
        during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports), and (2) has been subject to
        such filing requirements for the past 90 days. Yes x No  o
  Indicate
        by check mark whether the registrant is a large accelerated filer, an
        accelerated filer, or a non-accelerated filer. See definition of “accelerated
        filer and large accelerated filer” in Rule 12b-2 of the Exchange
        Act.
 
 Large
        accelerated filer o Accelerated filer o Non-accelerated filer x
  
 Indicate
        by check mark whether the registrant is a shell company (as defined in Rule
        12b-2 of the Exchange Act).  Yes o No x
  There
        were 23,156,629 shares outstanding of registrant’s common stock, par value
        $.0001 per share, as of May 1, 2007.
  
 
  **EXPLANATORY
          NOTE**
 
 This
          Amendment No. 1 (this “Amendment”) on Form 10-Q/A, which amends and restates
          items identified below with respect to the Form 10-Q, filed by Asia Time
          Corporation (“we” or “the Company”) with the Securities and Exchange Commission
          (the “SEC”) on May 21, 2007 (the “Original Filing”) is being filed to reflect
          revisions to Financial Statements, Management’s Discussion And Analysis Of
          Financial Condition And Results Of Operation, and Controls and Procedures.
          This
          Form 10-Q/A only amends certain information in Item 1 (Financial Statements),
          Item 2 (Management’s Discussion And Analysis Of Financial Condition And Results
          Of Operation), and Item 4 (Controls and Procedures); however, the entire
          quarterly report is being re-filed for ease of reference. As a result of
          this
          Amendment, the certifications pursuant to Section 302 and Section 906 of
          the
          Sarbanes-Oxley Act of 2002, filed as exhibits to our 10-Q have been revised,
          re-executed and re-filed as of the date of this Amendment. Except for the
          foregoing amended and restated information, this Amendment continues to
          describe
          conditions as of the date of the Original Filing, and the disclosures contained
          herein have not been updated to reflect events, results or developments
          that
          have occurred after the Original Filing, or to modify or update those
          disclosures affected by subsequent events. Among other things, forward-looking
          statements made in the Original Filing have not been revised to reflect
          events,
          results or developments that have occurred or facts that have become known
          to us
          after the date of the Original Filing, and such forward-looking statements
          should be read in their historical context. This Amendment should be read
          in
          conjunction with the Company’s filings made with the SEC subsequent to the
          Original Filing, including any amendments to those
          filings.
  
  **ASIA
        TIME CORPORATION.**
 **FORM
        10-Q QUARTERLY REPORT**
 
 **TABLE
        OF CONTENTS**
 
 **Page**PART
                    I - FINANCIAL INFORMATION
                1ITEM
                    1.
                FINANCIAL
                    STATEMENTSCondensed
                    Consolidated Balance Sheet (Unaudited)
                2Condensed
                    Consolidated Income Statement (Unaudited)
                4Condensed
                    Consolidated Statement of Cash Flows (Unaudited)
                5Notes
                    to Condensed Consolidated Financial Statements (Unaudited)
                7ITEM
                    2.
                MANAGEMENT’S
                    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
                    OPERATION
                24ITEM
                    3.
                QUANTITATIVE
                    AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
                31ITEM
                    4.
                CONTROLS
                    AND PROCEDURES
                32PART
                    II - OTHER INFORMATIONITEM
                    1.
                LEGAL
                    PROCEEDINGS
                32ITEM
                    1A.
                RISK
                    FACTORS
                32ITEM
                    2.
                UNREGISTERED
                    SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
                32ITEM
                    3.
                DEFAULTS
                    UPON SENIOR SECURITIES
                32ITEM
                    4.
                SUBMISSION
                    OF MATTERS TO A VOTE OF SECURITY HOLDERS
                32ITEM
                    5.
                OTHER
                    INFORMATION
                33ITEM
                    6.
                EXHIBITS
                33SIGNATURES
                
                34
 
 
 
 **PART
        I - FINANCIAL INFORMATION**
 
 **ITEM
        1.**  **FINANCIAL
        STATEMENTS**
 
 The
          accompanying unaudited financial statements have been prepared in accordance
          with accounting principles generally accepted in the United States of America
          for interim financial information and with the instructions to Form 10-Q.
          Accordingly, they do not include all of the information and footnotes required
          by generally accepted accounting principles for complete financial statements.
          The accompanying unaudited financial statements reflect all adjustments
          that, in
          the opinion of management, are considered necessary for a fair presentation
          of
          the financial position, results of operations, and cash flows for the periods
          presented. The results of operations for such periods are not necessarily
          indicative of the results expected for the full fiscal year or for any
          future
          period. The accompanying unaudited financial statements should be read
          in
          conjunction with the audited financial statements of Asia Time Corporation
          included in the Form 10-K/A for the fiscal year ended December 31, 2006
          as filed
          with the Securities and Exchange Commission on September 26,
          2007.
 
 1
  ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 CONDENSED
        CONSOLIDATED BALANCE SHEET
 (Stated
        in US Dollars)
 
 
 ***As
                    of******March
                    31,***
                
                ***December
                    31,******2007***
                
                ***2006******(Unaudited)***
                
                ***(Audited)******$***
                
                ***$*****ASSETS**Current
                    Assets :Cash
                    and cash equivalents
                
                
                170,340
                
                
                316,621Restricted
                    cash
                
                
                4,604,317
                
                
                4,523,679Accounts
                    receivable
                
                
                13,839,068
                
                
                8,188,985Prepaid
                    expenses and other receivables - Note 10
                
                
                5,680,051
                
                
                2,101,133Tax
                    prepayment
                
                
                -
                
                
                767Inventories,
                    net - Note 11
                
                
                895,538
                
                
                6,620,361Prepaid
                    lease payments - Note 13
                
                
                17,079
                
                
                22,958Total
                    Current Assets
                
                
                25,206,393
                
                
                21,774,504Deferred
                    tax assets - Note 7
                
                
                13,969
                
                
                14,042Plant
                    and equipment, net - Note 12
                
                
                820,489
                
                
                890,258Leasehold
                    lands - Note 13
                
                
                890,740
                
                
                895,322Held-to-maturity
                    investments - Note 14
                
                
                299,654
                
                
                301,196Intangible
                    assets - Note 15
                
                
                305,158
                
                
                337,836Restricted
                    cash
                
                
                299,654
                
                
                257,301**TOTAL
                    ASSETS**
                
                
                27,836,057
                
                
                24,470,459**LIABILITIES
                    AND STOCKHOLDERS’ EQUITY****LIABILITIES**Current
                    Liabilities :Accounts
                    payable
                
                
                805,344
                
                
                770,360Other
                    payables and accrued liabilities - Note 16
                
                
                139,455
                
                
                190,358Income
                    tax payable
                
                
                1,737,662
                
                
                1,453,051Bank
                    borrowings - Note 17
                
                
                12,661,617
                
                
                13,205,167Total
                    Current Liabilities
                
                
                15,344,078
                
                
                15,618,936Deferred
                    tax liabilities - Note 7
                
                
                31,548
                
                
                31,711**TOTAL
                    LIABILITIES**
                
                
                15,375,626
                
                
                15,650,647
 
 
 2
  ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 CONDENSED
        CONSOLIDATED BALANCE SHEET (Cont’d)
 (Stated
        in US Dollars)
 
 
 ***As
                    of******March
                    31,***
                
                ***December
                    31,******2007***
                
                ***2006******(Unaudited)***
                
                ***(Audited)******$***
                
                ***$*****STOCKHOLDERS’
                    EQUITY**Preferred
                    stock - Note 18Par
                    value : 2007 - US$0.0001 (2006 - US$0.0001)Authorized:
                    2007 - 10,000,000 shares (2006 - 10,000,000)Issued
                    and outstanding: 2007 - 2,250,348 shares (2006 - none)
                
                
                225
                
                
                -Common
                    stock - Note 18Par
                    value : 2007 - US$0.0001 (2006 - US$0.0001)Authorized:
                    2007 - 100,000,000 shares (2006 - 100,000,000)Issued
                    and outstanding: 2007 - 23,156,629 shares (2006 -
                    3,702,209)
                
                
                2,316
                
                
                370Additional
                    paid-in capital
                
                
                2,970,386
                
                
                655,874Accumulated
                    other comprehensive income
                
                
                (44,607
                )
                
                7,470Retained
                    earnings
                
                
                9,532,111
                
                
                8,156,098**TOTAL
                    STOCKHOLDERS’ EQUITY**
                
                
                12,460,431
                
                
                8,819,812**TOTAL
                    LIABILITIES AND STOCKHOLDERS’ EQUITY**
                
                
                27,836,057
                
                
                24,470,459
 
 See
        notes
        to condensed consolidated financial statements
 3
  ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 CONDENSED
        CONSOLIDATED INCOME STATEMENT
 (Stated
        in US Dollars)
 
 ***Three
                    months ended March 31,******2007***
                
                ***2006******(Unaudited)***
                
                ***(Unaudited)******$***
                
                ***$***Net
                    sales
                
                
                21,118,142
                
                
                20,303,091Cost
                    of sales
                
                
                (18,255,983
                )
                
                (18,080,818
                )Gross
                    profit
                
                
                2,862,159
                
                
                2,222,273Other
                    income - Note 5
                
                
                48,497
                
                
                41,905Depreciation
                
                
                (65,431
                )
                
                (75,753
                )Administrative
                    and other operating expenses
                
                
                (434,843
                )
                
                (301,810
                )Income
                    from operations
                
                
                2,410,382
                
                
                1,886,615Professional
                    expenses related to Restructuring and Share Exchange
                
                
                (419,197
                )
                
                -Other
                    income - Note 5
                
                
                29,929
                
                
                42,913Interest
                    expenses - Note 6
                
                
                (239,429
                )
                
                (200,556
                )Income
                    before taxes
                
                
                1,781,685
                
                
                1,728,972Income
                    taxes - Note 7
                
                
                (405,672
                )
                
                (297,150
                )Net
                    income
                
                
                1,376,013
                
                
                1,431,822Earnings
                    per share of common stock (cents) - note 9-
                    Basic
                
                
                5.94
                
                
                6.18-
                    Diluted
                
                
                5.56
                
                
                6.18Weighted
                    average number of common stock - note 9-
                    Basic
                
                
                23,156,629
                
                
                23,156,629-
                    Diluted
                
                
                24,737,194
                
                
                23,156,629
  See
        notes
        to condensed consolidated financial statements
 4
  ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 CONDENSED
        CONSOLIDATED STATEMENT OF CASH FLOWS
 (Stated
        in US Dollars)
 
 ***Three
                    months ended March 31,******2007***
                
                ***2006******(Unaudited)***
                
                ***(Unaudited)******$***
                
                ***$*****Cash
                    flows from operating activities**Net
                    income
                
                
                1,376,013
                
                
                1,431,822Adjustments
                    to reconcile net income to net cash flowsprovided
                    by operating activities :Amortization
                    of intangible assets
                
                
                31,023
                
                
                38,720Amortization
                    of leasehold lands
                
                
                5,774
                
                
                2,023Depreciation
                
                
                65,431
                
                
                75,753Gain
                    on disposal of plant and equipment
                
                
                -
                
                
                (2,037
                )Income
                    taxes
                
                
                405,672
                
                
                297,150Professional
                    expenses related to Restructuring and Share Exchange
                
                
                419,197
                
                
                -Changes
                    in operating assets and liabilities :Accounts
                    receivable
                
                
                (5,705,639
                )
                
                (766,647
                )Prepaid
                    expenses and other receivables
                
                
                (3,573,152
                )
                
                (1,404,441
                )Inventories
                
                
                5,704,558
                
                
                232,620Accounts
                    payable
                
                
                39,021
                
                
                187,074Other
                    payables and accrued liabilities
                
                
                (63,519
                )
                
                (18,395
                )Income
                    tax payable
                
                
                (112,158
                )
                
                (33,989
                )Unearned
                    income
                
                
                -
                
                
                (1,238,248
                )Net
                    cash flows used in operating activities
                
                
                (1,407,779
                )
                
                (1,198,595
                )**Cash
                    flows from investing activities**Cash
                    acquired in connection with reverse acquisition
                
                
                3,193
                
                
                -Acquisition
                    of plant and equipment
                
                
                (64
                )
                
                (381,125
                )Proceeds
                    from disposal of plant and equipment
                
                
                -
                
                
                2,037Net
                    cash flows from / (used in) investing activities
                
                
                3,129
                
                
                (379,088
                )**Cash
                    flows from financing activities**Proceeds
                    from issuance of Series A convertible preferred stock
                
                
                2,641,683
                
                
                -Advance
                    from related parties
                
                
                (19,655
                )
                
                (1,069,745
                )Repayment
                    of short-term bank loans
                
                
                (321,849
                )
                
                (54,359
                )Net
                    advancement of other bank borrowings
                
                
                (86,461
                )
                
                3,945,192Increase
                    in restricted cash
                
                
                (147,822
                )
                
                (1,808,096
                )Decrease
                    in bank overdrafts
                
                
                (68,773
                )
                
                (109,056
                )Recapitalization
                    costs
                
                
                (739,390
                )
                
                -Net
                    cash flows provided by financing activities
                
                
                1,257,733
                
                
                903,936Net
                    decrease in cash and cash equivalents
                
                
                (146,917
                )
                
                (673,747
                )Effect
                    of foreign currency translation on cash and cash
                    equivalents
                
                
                636
                
                
                (266
                )Cash
                    and cash equivalents - beginning of period
                
                
                316,621
                
                
                780,090Cash
                    and cash equivalents - end of period
                
                
                170,340
                
                
                106,077
 
 5
 
 ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 CONDENSED
        CONSOLIDATED STATEMENT OF CASH FLOWS (Cont’d)
 (Stated
        in US Dollars)
 
 
 ***Three
                  months ended March 31,******2007***
              
              ***2006******(Unaudited)***
              
              ***(Unaudited)******$***
              
              ***$***Supplemental
                  disclosures for cash flow information :Cash
                  paid for :Interest
              
              
              239,429
              
              
              200,556Income
                  taxes
              
              
              112,158
              
              
              33,989
  See
        notes
        to condensed consolidated financial statements
 6
  ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 NOTES
        TO
        CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
        in US Dollars)
 
 **1.**
            **Change
                of company name** 
 Effective
        from January 23, 2007, the Company changed its name from SRKP 9, Inc. to
        Asia
        Time Corporation (the “Company”).
 
 **2.**
            **Corporation
                information****and
                reorganization** 
 Asia
        Time
        Corporation (the “Company”) (formerly SRKP 9, Inc.) was incorporated in the
        State of Delaware on January 3, 2006.
 
 Recapitalization
 
 The
        Company entered into an Exchange Agreement dated December 15, 2006 (the
“Exchange Agreement”) with Times Manufacture & E-Commerce Corporation
        Limited, a British Virgin Islands corporation (“Times Manufacture”) and Mr.
        Kwong Kai Shun, the sole shareholder of the 100% of the capital shares of
        Times
        Manufacture, (“Original Shareholder”). The closing of the Exchange Agreement
        occurred on January 23, 2007.
 
 The
          Company effectuated a 1.371188519-for-one stock reverse split in the course
          of
          the share exchange process such that there were 3,702,209 shares of common
          stock
          outstanding immediately prior to the closing of the Exchange Agreement.
          These
          financial statements give retroactive effect to this share
          split.
 
 At
        the
        closing of the Exchange Agreement, the Company acquired all of Times
        Manufacture’s capital shares (the “Times Manufacture Shares”) from the Original
        Shareholder, and the Original Shareholder transferred and contributed all
        of his
        Times Manufacture Shares to the Company. In exchange, the Company issued
        19,454,420 shares of its Common Stock to the Original Shareholder.
 
 The
          former stockholders of Times Manufacture acquired 84% of the Company’s issued
          and outstanding common stock as a result of completion of the share exchange
          transaction. Therefore, although Times Manufacture became the Company’s
          wholly-owned subsidiary, the transaction was accounted for as a recapitalization
          of the Company, whereby Times Manufacture is deemed to be the accounting
          acquirer and is deemed to have adopted the Company’s capital structure. Since
          the share exchange was accounted for as a reverse acquisition, the accompanying
          consolidated financial statements reflect the historical financial statements
          of
          Times Manufacture, the accounting acquirer, as adjusted for the effects
          of the
          exchange of shares on its equity accounts, the inclusion of net liabilities
          of
          the accounting subsidiary as of the date of the share exchange on their
          historical basis and the inclusion of the accounting subsidiary’s results of
          operations from that date. Although the Company is the legal acquirer,
          Times
          Manufacture will be treated as having acquired the Company for accounting
          purposes and all of the operations reported represent the historical financial
          statements of Times Manufacture.
 
 7
 ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 NOTES
        TO
        CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
        in US Dollars)
  **2.** **Corporation
          information**  **and
          reorganization**
 
 The
          net
          deficits of the Company at the completion date on January 23, 2007 are
          as
          follows:
 
 ***(Unaudited)******$****Current
                    assets*Cash
                    and cash equivalents
                
                
                3,193Prepaid
                    expenses
                
                
                25,00028,193*Current
                    liabilities*Advance
                    from related parties
                
                
                (33,000
                )Net
                    deficits acquired
                
                
                (4,807
                )
 
 
 **3.**
            **Description
                of business** 
 The
        Company and its subsidiaries (the “Group”) are engaged in trading of completed
        watches and watch components.
 
 Name
                    of company
                Place
                    and date of incorporation
                Issued
                    and fully paid capital
                Principal
                    activitiesTimes
                    Manufacture & E-Commerce Corporation Ltd
                British
                    Virgin Islands
                  March
                    21, 2002
                US$20,002
                  Ordinary
                Investment
                    holdingTimes
                    Manufacturing & E-Commerce Corporation Ltd (“TMEHK”)
                British
                    Virgin Islands
                  January
                    2, 2002
                US$20,000
                  Ordinary
                Investment
                    holdingBillion
                    Win International Enterprise Ltd (“BW”)
                Hong
                    Kong
                  March
                    5, 2001
                HK$5,000,000
                  Ordinary
                Trading
                    of watch componentsGoldcome
                    Industrial Ltd (“GI”)
                Hong
                    Kong
                  March
                    2, 2001
                HK$10,000
                  Ordinary
                Trading
                    of watch componentsCitibond
                    Industrial Ltd (“CI”)
                Hong
                    Kong
                  February
                    28, 2003
                HK$1,000
                  Ordinary
                Trading
                    of watch componentsMegamooch
                    International Ltd (“MI”)
                Hong
                    Kong
                  April
                    2, 2001
                HK$100
                  Ordinary
                Trading
                    of watches and watch componentsTME
                    Enterprise Ltd
                British
                    Virgin Islands
                  November
                    28, 2003
                US$2
                  Ordinary
                Investment
                    holdingCitibond
                    Design Ltd
                British
                    Virgin Islands
                  August
                    1, 2003
                US$2
                  Ordinary
                InactiveMegamooch
                    Online Ltd
                British
                    Virgin Islands
                  June
                    6, 2003
                US$2
                  Ordinary
                Trading
                    of watches and watch
                    components
 
 
 8
  ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 NOTES
        TO
        CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
        in US Dollars)
 
 **4.**
            **Summary
                of significant accounting
                policies** 
 Basis
        of presentation and consolidation
 
 The
        accompanying condensed consolidated financial statements of the Company and
        its
        subsidiaries have been prepared in accordance with generally accepted accounting
        principles in the United States of America for interim consolidated financial
        information. Accordingly, they do not include all the information and notes
        necessary for comprehensive consolidated financial statements.
 
 In
          the
          opinion of the management of the Company, all adjustments, which are of
          a normal
          recurring nature, necessary for a fair statement of the results for the
          three-month periods have been made. Results for the interim period presented
          are
          not necessarily indicative of the results that might be expected for the
          entire
          fiscal year. These condensed financial statements should be read in conjunction
          with the consolidated financial statements of Times Manufacture & E-Commerce
          Corporation Ltd and the notes for the year ended December 31,
          2006.
 
 The
        consolidated financial statements include the accounts of the Company and
        its
        subsidiaries. All significant inter-company accounts and transactions have
        been
        eliminated in consolidation.
 
 Use
        of
        estimates
 
 In
          preparing financial statements in conformity with accounting principles
          generally accepted in the United States of America, management makes estimates
          and assumptions that affect the reported amounts of assets and liabilities
          and
          disclosures of contingent assets and liabilities at the dates of the financial
          statements, as well as the reported amounts of revenues and expenses during
          the
          reporting periods. These accounts and estimates include, but are not limited
          to,
          the valuation of accounts receivable, inventories, deferred income taxes
          and the
          estimation on useful lives of plant and equipment and intangible assets.
          Actual
          results could differ from those estimates.
 
 
 Restricted
        cash
 
 Deposits
        in banks for securities of bank overdrafts and borrowings that are restricted
        in
        use are classified as restricted cash.
 
 9
  ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 NOTES
        TO
        CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
        in US Dollars)
 
 **4.**
            **Summary
                of significant accounting policies
                (Cont’d)** 
 Accounts
        receivable
 
 Accounts
        receivable are stated at original amount less allowance made for doubtful
        receivables, if any, based on a review of all outstanding amounts at the
        period
        end. An allowance is also made when there is objective evidence that the
        Group
        will not be able to collect all amounts due according to original terms of
        receivables. Bad debts are written off when identified. The Group extends
        unsecured credit to customers in the normal course of business and believes
        all
        accounts receivable in excess of the allowances for doubtful receivables
        to be
        fully collectible. The Group does not accrue interest on trade accounts
        receivable.
 
 During
        the reporting period, the Group had no bad debt experienced and, accordingly,
        did not make any allowance for doubtful debts.
 
 Rebate
          receivable
 
 Rebate
          receivables are recognized as a reduction of cost of sales at fair value,
          less
          provision for impairment. A provision for impairment of rebate receivables
          is
          established when there is objective evidence that the company will not
          be able
          to collect all amounts due according to the original terms of receivables.
          The
          amount of provision is recognized in the income statement.
 
 Inventories
 
 Inventories
        are stated at the lower of cost or market. Cost is determined on a first-in,
        first-out basis and includes only purchase costs. There are no significant
        freight charges, inspection costs and warehousing costs incurred for any
        of the
        periods presented. In assessing the ultimate realization of inventories,
        the
        management makes judgments as to future demand requirements compared to current
        or committed inventory levels. The Group’s reserve requirements generally
        increase as the management projected demand requirements; decrease due to
        market
        conditions, product life cycle changes. During the reporting period, the
        Company
        did not make any allowance for slow-moving or defective
        inventories.
 
 Leasehold
        land
 
 Leasehold
        lands, representing upfront payment for land use rights, are capitalized
        at
        their acquisition cost and amortized using the straight-line method over
        the
        lease terms.
 
 10
  ASIA
          TIME
          CORPORATION
 (Formerly
          SRKP 9, Inc.)
 
 NOTES
          TO
          CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
          in US Dollars)
 
 **4.** **Summary
          of significant accounting policies (Cont’d)**
 
 Intangible
        assets
 
 Intangible
        assets with limited useful lives are stated at cost less accumulated
        amortization and accumulated impairment losses.
 
 Amortization
        of intangible assets is provided using the straight-line method over their
        estimated useful lives at the following annual rates :-
 
 Trademarks
              
              
              20
              %Websites
              
              
              20
              %
 
 
 Held-to-maturity
        investments
 
 The
        company’s policies for investments in debt and equity securities are as
        follows:
 
 Non-derivative
        financial assets with fixed or determinable payments and fixed maturities
        that
        the company has the positive ability and intention to hold to maturity are
        classified as held-to-maturity securities. Held-to-maturity securities are
        initially recognized in the balance sheet at fair value plus transaction
        costs.
        Subsequently, they are stated in the balance sheet at amortized cost using
        the
        effective interest method less any identified impairment losses.
 
 Investments
        are recognized / derecognized on the date the company commits to  purchase
        / sell the investments or they expire.
 
 
 Plant
        and equipment
 
 Plant
        and
        equipment are stated at cost less accumulated depreciation. Cost represents
        the
        purchase price of the asset and other costs incurred to bring the asset into
        its
        existing use. Maintenance, repairs and betterments, including replacement
        of
        minor items, are charged to expense; major additions to physical properties
        are
        capitalized.
 
 Depreciation
        of plant and equipment is provided using the straight-line method over their
        estimated useful lives at the following annual rates :-
 
 Buildings
              over
                  the unexpired lease termFurniture
                  and fixtures
              20
                  - 25%Office
                  equipment
              25
                  - 33%Machinery
                  and equipment
              25
                  - 33%Moulds
              33%Motor
                  vehicles
              25
                  - 33%
 
 Upon
        sale
        or disposition, the applicable amounts of asset cost and accumulated
        depreciation are removed from the accounts and the net amount less proceeds
        from
        disposal is charged or credited to income.
 
 11
 
 ASIA
          TIME
          CORPORATION
 (Formerly
          SRKP 9, Inc.)
 
 NOTES
          TO
          CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
          in US Dollars)
 
 **4.** **Summary
          of significant accounting policies (Cont’d)**
 
 Impairment
        of long-lived assets
 
 Long-lived
        assets are reviewed for impairment whenever events or changes in circumstances
        indicate that the carrying amount of the assets may not be recoverable. The
        Group recognizes impairment of long-lived assets in the event that the net
        book
        values of such assets exceed the future undiscounted cashflows attributable
        to
        such assets.
 
 No
        impairment of long-lived assets was recognized for any of the periods
        presented.
 
 
 Revenue
        recognition
 
 Revenue
        from sales of the Group’s products is recognized when the significant risks and
        rewards of ownership have been transferred to the buyer at the time of delivery
        and the sales price is fixed or determinable and collection is reasonably
        assured.
 
 
 Basic
        and diluted earnings per share
 
 The
        Company reports basic earnings or loss per share in accordance with SFAS
        No.
        128, “Earnings Per Share”. Basic earnings per share is computed using the
        weighted average number of shares outstanding during the periods presented.
        The
        weighted average number of shares of the Company represents the common stock
        outstanding during the years.
 
 
 Recent
        accounting pronouncements
 
 In
          July
          2006, the FASB issued FIN 48 “Accounting for Uncertainty in Income Taxes.” This
          interpretation requires that the Company recognize in our financial statements,
          the impact of a tax position, if that position is more likely than not
          of being
          sustained on audit, based on the technical merits of the position. The
          provisions of FIN 48 are effective as of the beginning of our 2007 fiscal
          year,
          with the cumulative effect of the change in accounting principle recorded
          as an
          adjustment to opening retained earnings, if any, adoption
          of FIN 48 did not have an effect on the Company’s results of operations or
          financial condition. The Company did not have any material unrecognized
          tax
          benefits as of January 1, 2007 or March 31,
          2007.
  12
  ASIA
          TIME
          CORPORATION
 (Formerly
          SRKP 9, Inc.)
 
 NOTES
          TO
          CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
          in US Dollars)
 
 **4.** **Summary
          of significant accounting policies (Cont’d)**
 
 Recent
          accounting pronouncements (Cont’d)
 
 In
          September 2006, the FASB issued SFAS No. 157 “Fair Value Measurement” (“SFAS
          157”). SFAS 157 defines fair value, establishes a framework for measuring fair
          value, and expands disclosures about fair value measurements. This Statement
          shall be effective for financial statements issued for fiscal years beginning
          after November 15, 2007, and interim periods within those fiscal years.
          Earlier
          application is encouraged, provided that the reporting entity has not yet
          issued
          financial statements for that fiscal year, including any financial statements
          for an interim period within that fiscal year. The provisions of this statement
          should be applied prospectively as of the beginning of the fiscal year
          in which
          this Statement is initially applied, except in some circumstances where
          the
          statement shall be applied retrospectively. The Company is currently evaluating
          the effect, if any, of SFAS 157 on its financial statements. Although
          the Company will continue to evaluate the provisions of SFAS No.157, management
          currently does not believe the adoption of SFAS No. 157 will have a
          material impact on its consolidated financial statements.
 
 In
          September 2006, the SEC issued SAB No. 108, which provides guidance on
          the
          process of quantifying financial statement misstatements. In SAB No. 108,
          the
          SEC staff establishes an approach that requires quantification of financial
          statement errors, under both the iron-curtain and the roll-over methods,
          based
          on the effects of the error on each of the Company’s financial statements and
          the related financial statement disclosures. SAB No. 108 is generally effective
          for annual financial statements in the first fiscal year ending after November
          15, 2006. The transaction provisions of SAB No.108 permits existing public
          companies to record the cumulative effect in the first year ending after
          November 15, 2006 by recording correcting adjustments to the carrying values
          of
          assets and liabilities as of the beginning of that year with the offsetting
          adjustment recorded to the opening balance of retained earnings. The adoption
          of
          SAB No. 10 has no material effect on our financial statements.
 
 On
          February 15, 2007, the FASB issued SFAS No. 159, “ The Fair Value Option for
          Financial Assets and Financial Liabilities - Including an Amendment of
          SFAS No.
          115.” The fair value option established by SFAS No. 159 permits all entities
          to
          choose to measure eligible items at fair value at specified election dates.
          A
          business entity will report unrealized gains and losses on items for which
          the
          fair value option has been elected in earnings (or another performance
          indicator
          if the business entity does not report earnings) at each subsequent reporting
          date. The fair value option: (a) may be applied instrument by instrument,
          with a
          few exceptions, such as investments otherwise accounted for by the equity
          method; (b) is irrevocable (unless a new election date occurs); and (c)
          is
          applied only to entire instruments and not to portions of instruments.
          SFAS No.
          159 is effective as of the beginning of an entity’s first fiscal year that
          begins after November 15, 2007. Early adoption is permitted as of the beginning
          of the previous fiscal year provided that the entity makes that choice
          in the
          first 120 days of that fiscal year and also elects to apply the provisions
          of
          SFAS. No.157. The Company does not early adopt this statement. Although
          the Company will continue to evaluate the provisions of SFAS No.159, management
          currently does not believe the adoption of SFAS No. 159 will have a
          material impact on its consolidated financial statements.
 
 13
 
 ASIA
          TIME
          CORPORATION
 (Formerly
          SRKP 9, Inc.)
 
 NOTES
          TO
          CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
          in US Dollars)
 
 **5.**
              **Other
                  income**
 
 ***Three
                    months ended March 31,******2007***
                
                ***2006******(Unaudited)***
                
                ***(Unaudited)******$***
                
                ***$****Operating
                    income*License
                    fee of intangible assets
                
                
                32,716
                
                
                41,905Rental
                    income
                
                
                15,781
                
                
                -48,497
                
                
                41,905*Non-operating
                    income*Bank
                    interest income
                
                
                29,002
                
                
                36,343Net
                    exchange gains
                
                
                927
                
                
                109Other
                    interest income
                
                
                -
                
                
                6,46129,929
                
                
                42,91378,426
                
                
                84,818
 
 
 **6.**
            **Interest
                expenses** 
 ***Three
                  months ended March 31,******2007***
              
              ***2006******(Unaudited)***
              
              ***(Unaudited)******$***
              
              ***$***Interest
                  on bank trust receipts
              
              
              219,502
              
              
              179,554Interest
                  on short-term bank loans
              
              
              9,583
              
              
              5,175Interest
                  on bank overdrafts
              
              
              10,344
              
              
              15,827239,429
              
              
              200,556
 
  14
  ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 NOTES
        TO
        CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
        in US Dollars)
 
 **7.**
            **Income
                taxes** 
 ***Three
                  months ended***
                ***March
                  31,******2007***
              
              ***2006******(Unaudited)***
              
              ***(Unaudited)******$***
              
              ***$***Hong
                  Kong profits taxCurrent
                  period
              
              
              405,672
              
              
              297,150
 
 The
        Company’s subsidiaries operating in Hong Kong are subject to profits tax of
        17.5% on the estimated assessable profits during the periods.
 
 Deferred
        tax (assets) liabilities as of March 31, 2007 and December 31, 2006 are composed
        of the following:
 
 ***As
                  of******March
                  31,***
              
              ***December
                  31,******2007***
              
              ***2006******(Unaudited)***
              
              ***(Audited)******$***
              
              ***$***Temporary
                  difference on accelerated taxdepreciation
                  on plant and equipment
              
              
              17,579
              
              
              17,669Deferred
                  tax liabilities, net
              
              
              17,579
              
              
              17,669Recognized
                  in the balance sheet:Net
                  deferred tax assets
              
              
              (13,969
              )
              
              (14,042
              )Net
                  deferred tax liabilities
              
              
              31,548
              
              
              31,71117,579
              
              
              17,669
 
 
 **8.**
            **Comprehensive
                income** 
 
 ***Three
                    months ended***
                  ***March
                    31,******2007***
                
                ***2006******(Unaudited)***
                
                ***(Unaudited)******$***
                
                ***$***Net
                    income
                
                
                1,376,013
                
                
                1,431,822Foreign
                    currency translation adjustment
                
                
                (52,077
                )
                
                (4,067
                )Total
                    comprehensive income
                
                
                1,323,936
                
                
                1,427,755
 
  15
  ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 NOTES
        TO
        CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
        in US Dollars)
 
 **9.**
              **Earnings
                  per share**
 
 As
          per
          Note 18, the Company has placed 1,749,028 and 501,320 shares of Convertible
          preferred stock on January 23, 2007 and February 9, 2007 respectively.
          These
          2,250,348 shares of convertible preferred stock are issued at $1.29 and
          being
          eligible to be converted in the ratio of 1:1 into each share of common
          stock.
          The Earnings Per Share on a dilutive basis has been calculated with the
          assumption that all such convertible preferred stock have been fully converted
          into common stock on the day of issue resulting in 24,737,194 shares of
          common
          stock being outstanding as if in the periods presented that form the basis
          for
          the number of common stock being outstanding on a dilutive earnings per
          share
          calculation.
 
 
 **10.**
              **Prepaid
                  expenses and other
                  receivables**
 
 ***As
                    of******March
                    31,***
                
                ***December
                    31,******2007***
                
                ***2006******(Unaudited)***
                
                ***(Audited)******$***
                
                ***$***Rebate
                    receivable
                
                
                1,695,002
                
                
                -Interest
                    receivable
                
                
                -
                
                
                20,218Rental
                    receivable
                
                
                -
                
                
                46,314Other
                    receivable
                
                
                50,015
                
                
                -Purchase
                    deposits paid
                
                
                3,306,826
                
                
                1,530,372Sales
                    proceeds of intangible assets receivable
                
                
                299,501
                
                
                301,042Other
                    deposits and prepayments
                
                
                328,707
                
                
                203,1875,680,051
                
                
                2,101,133
 
 
 **11.**
              **Inventories**
 ***As
                    of******March
                    31,***
                
                ***December
                    31,******2007***
                
                ***2006******(Unaudited)***
                
                ***(Audited)******$***
                
                ***$***Merchandises,
                    at cost - completed watches
                
                
                762,191
                
                
                1,745,648Merchandises,
                    at cost - watch movements
                
                
                133,347
                
                
                4,874,713895,538
                
                
                6,620,361
   16
  ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 NOTES
        TO
        CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
        in US Dollars)
 
 **12.**
            **Plant
                and equipment** 
 ***As
                  of******March
                  31,***
              
              ***December
                  31,******2007***
              
              ***2006******(Unaudited)***
              
              ***(Audited)******$***
              
              ***$****Cost*Buildings
              
              
              241,109
              
              
              242,350Furniture
                  and fixtures
              
              
              490,406
              
              
              492,866Office
                  equipment
              
              
              145,164
              
              
              145,911Machinery
                  and equipment
              
              
              319,979
              
              
              321,626Moulds
              
              
              382,696
              
              
              384,665Motor
                  vehicles
              
              
              45,693
              
              
              45,9281,625,047
              
              
              1,633,346*Accumulated
                  depreciation*Buildings
              
              
              9,868
              
              
              8,441Furniture
                  and fixtures
              
              
              260,501
              
              
              237,508Office
                  equipment
              
              
              107,653
              
              
              100,612Machinery
                  and equipment
              
              
              108,995
              
              
              93,475Moulds
              
              
              289,716
              
              
              276,936Motor
                  vehicles
              
              
              27,825
              
              
              26,116804,558
              
              
              743,088*Net*Buildings
              
              
              231,241
              
              
              233,909Furniture
                  and fixtures
              
              
              229,905
              
              
              255,358Office
                  equipment
              
              
              37,511
              
              
              45,299Machinery
                  and equipment
              
              
              210,984
              
              
              228,151Moulds
              
              
              92,980
              
              
              107,729Motor
                  vehicles
              
              
              17,868
              
              
              19,812820,489
              
              
              890,258
 
 Depreciation
        expenses included in administrative and other operating expenses for the
        three
        months ended March 31, 2007 and March 31, 2006 are $65,431 (unaudited) and
        $75,753 (unaudited) respectively.
 
 As
        at
        March 31, 2007 and December 31, 2006, the carrying amount of buildings pledged
        as security for the Group’s banking facilities amounted to $231,241 (unaudited)
        and $233,909 (audited) respectively.
 
  17
  ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 NOTES
        TO
        CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
        in US Dollars)
 
 **13.**
            **Leasehold
                lands** 
 ***As
                    of******March
                    31,***
                
                ***December
                    31,******2007***
                
                ***2006******(Unaudited)***
                
                ***(Audited)******$***
                
                ***$****Cost*
                
                
                944,653
                
                
                949,514*Accumulated
                    amortization*
                
                
                36,834
                
                
                31,234*Net*
                
                
                907,819
                
                
                918,280Analyzed
                    for reporting purposes as:Current
                    asset
                
                
                17,079
                
                
                22,958Non-current
                    asset
                
                
                890,740
                
                
                895,322907,819
                
                
                918,280
 
 Amortization
        expenses included in administrative and other operating expenses for the
        three
        months ended March 31, 2007 and March 31, 2006 are $5,774 (unaudited) and
        $2,023
        (unaudited) respectively.
 
 As
          at
          March 31, 2007 and December 31, 2006, the carrying amount of leasehold
          lands
          pledged as security for the Group’s banking facilities amounted to $907,819
          (unaudited) and $918,280 (audited) respectively.
 
 
 **14.**
            **Held-to-maturity
                investments** 
 ***As
                  of******March
                  31,***
              
              ***December
                  31,******2007***
              
              ***2006******(Unaudited)***
              
              ***(Audited)******$***
              
              ***$***Hang
                  Seng Capital Guarantee Investment Fund-
                  30,000 units at $10 each, interest rate at 10.5% in 3.75
                  years*Cost*
              
              
              299,654
              
              
              301,196
 
 As
        at
        March 31, 2007 and December 31, 2006, the carrying amount of held-to-maturity
        investments pledged as security for the Group’s banking facilities amounted to
        $299,654 (unaudited) and $301,196 (audited) respectively.
  18
  ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 NOTES
        TO
        CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
        in US Dollars)
 
 **15.**
            **Intangible
                assets** 
 ***As
                  of******March
                  31,***
              
              ***December
                  31,******2007***
              
              ***2006******(Unaudited)***
              
              ***(Audited)******$***
              
              ***$****Cost*Trademarks
              
              
              199,667
              
              
              200,695Websites
              
              
              419,301
              
              
              421,459618,968
              
              
              622,154*Accumulated
                  amortization*Trademarks
              
              
              121,797
              
              
              112,389Websites
              
              
              192,013
              
              
              171,929313,810
              
              
              284,318*Net*Trademarks
              
              
              77,870
              
              
              88,306Websites
              
              
              227,288
              
              
              249,530305,158
              
              
              337,836
 
 Amortization
        expenses included in administrative and other operating expenses for the
        three
        months ended March 31, 2007 and March 31, 2006 are $ 31,023
        (unaudited) and
        $38,720 (unaudited) respectively.
 
 
 **16.**
            **Other
                payables and accrued liabilities** 
 ***As
                  of******March
                  31,***
              
              ***December
                  31,******2007***
              
              ***2006******(Unaudited)***
              
              ***(Audited)******$***
              
              ***$***Accrued
                  expenses
              
              
              130,496
              
              
              181,352Sales
                  deposits received
              
              
              8,959
              
              
              9,006139,455
              
              
              190,358
  19
  ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 NOTES
        TO
        CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
        in US Dollars)
 
 **17.**
                **Bank
                    borrowings**
 ***As
                    of******March
                    31,***
                
                ***December
                    31,******2007***
                
                ***2006******(Unaudited)***
                
                ***(Audited)******$***
                
                ***$***Secured:Bank
                    overdrafts repayable on demand
                
                
                480,280
                
                
                551,714Repayable
                    within one yearNon-recurring
                    bank loans
                
                
                1,141,262
                
                
                1,469,866Other
                    bank borrowings
                
                
                11,040,075
                
                
                11,183,58712,661,617
                
                
                13,205,167
 As
        of
        March 31, 2007, the above banking borrowings were secured by the
        following:
 
 (a)
              first
                  fixed legal charge over leasehold land and buildings with carrying
                  amounts
                  of $1,139,060 (note 12 and 13);
 
 (b)
              charge
                  over bank deposits of $4,903,971;
 
 (c)
              charge
                  over held-to-maturity investments of $299,654 (note
                  14);and
 
 (d)
              personal
                  guarantee executed by a director of the
                  Company;
 
 One
        of
        the subsidiaries, Billion Win International Enterprise Limited, should maintain
        a minimum net worth of $1,283,038.
 
 
 **18.** **Common
          stock and convertible preferred stock**
 
 ***Common
                    stock***
                
                ***Series
                    A***
                
                ***Additional***
                  ***paid
                    in******No.
                    of shares***
                
                ***Amount***
                
                ***No.
                    of shares***
                
                ***Amount***
                
                ***capital******$***
                
                
                
                ***$***
                
                ***$***Balance,
                    January 1, 2007
                
                
                3,702,209
                
                
                370
                
                
                -
                
                
                -
                
                
                655,874Recapitalization
                
                
                19,454,420
                
                
                1,946
                
                
                -
                
                
                -
                
                
                (9,946
                )Payment
                    to shareholders
                
                
                -
                
                
                -
                
                
                -
                
                
                -
                
                
                (317,000
                )Issuance
                    of Series A convertible preferred stock
                
                
                -
                
                
                -
                
                
                2,250,348
                
                
                225
                
                
                2,641,45823,156,629
                
                
                2,316
                
                
                2,250,348
                
                
                225
                
                
                2,970,386
 
  20
  ASIA
          TIME
          CORPORATION
 (Formerly
          SRKP 9, Inc.)
 
 NOTES
          TO
          CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
          in US Dollars)
 
 **18.** **Common
          stock and convertible preferred stock (continued)**
 
 The
        Company entered into two subscription agreements (the “Subscription Agreement”)
        with certain investors pursuant to which the Company sold an aggregate of
        2,250,348 shares of Series A Convertible Preferred Stock (“Series A Preferred
        Stock”) at $1.29 per share for an aggregate gross proceeds of $2,952,946
 
 At
        the
        initial closing of the Subscription Agreement on January 23, 2007, the Company
        sold an aggregate of 1,749,028 shares of Series A Preferred Stock. At the
        second
        and final closing of the Subscription Agreement on February 9, 2007, the
        Company
        sold an aggregate of 501,320 shares of Series A Preferred Stock.
 
 Each
        share of the Company’s Series A Preferred Stock is convertible into shares of
        common stock at a conversion price equal to the share purchase price, subject
        to
        adjustments.
 
 However,
          if the Company at any time prior to the first trading day on which the
          common
          stock is quoted on the American Stock Exchange, the Nasdaq Capital Market,
          the
          Nasdaq Global Market or the New York Stock Exchange (each a “Trading Market”)
          sells or issues any shares of common stock in one or a series of transactions
          at
          an effective price less than such conversion price where the aggregate
          gross
          proceeds to the Company are at least $1.0 million, then the aforementioned
          conversion price shall be reduced to such effective price. Each share of
          Series A Convertible Preferred Stock shall automatically convert into
          shares of common stock if (i) the closing price of the common stock on the
          Trading Market for any 10 consecutive trading day period exceeds $3.00
          per
          share, (ii) the shares of common stock underlying the Series A
          Convertible Preferred Stock are subject to an effective registration statement,
          and (iii) the daily trading volume of the common stock on a Trading Market
          exceeds 25,000 shares per day for 10 out of 20 prior trading days.
 
 If
          the
          Company pays a stock dividend on the shares of common stock, subdivide
          outstanding shares of common stock into a larger number of shares, combine,
          through a reverse stock split, outstanding shares of the common stock into
          a
          smaller number of shares or issues, in the event of a reclassification
          of shares
          of the common stock, any shares of the capital stock, then the conversion
          price
          of the Series A Preferred Stock will be adjusted as follows: the conversion
          price will be multiplied by a fraction, of which (i) the numerator will
          be the
          number of shares of common stock outstanding immediately before one of
          the
          events described above and (ii) the denominator will be the number of shares
          of
          common stock outstanding immediately after such event.
 
 Holders
          of the Series A Convertible Preferred Stock have the right to one vote
          per share
          of common stock issuable upon conversion of the shares underlying any shares
          of
          Preferred Stock outstanding as of the record date for purposes of determining
          which holders have the right to vote with respect to any matters brought
          to a
          vote before the Company’s holders of common stock.
 
 21
 
 ASIA
          TIME
          CORPORATION
 (Formerly
          SRKP 9, Inc.)
 
 NOTES
          TO
          CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
          in US Dollars)
 
 **18.** **Common
              stock and convertible preferred stock
              (continued)**
 
 In
          the
          event of any liquidation, dissolution or winding up of our company, the
          holders
          of the Series A Convertible Preferred Stock are entitled to receive in
          preference to the holders of common stock an amount per share of $1.29
          plus any
          accrued but unpaid dividends. If the Company’s assets are insufficient to pay
          the above amounts in full, then all of the Company’s assets will be ratably
          distributed among the holders of the Series A Convertible Preferred Stock
          in
          accordance with the respective amounts that would be payable on such shares
          if
          all amounts payable were paid in full.
 
 There
          are
          no additional specific dividend rights or redemption rights of holders
          of the
          Series A Convertible Preferred Stock.
 
 If
          the
          Company redeems or acquired any shares of the Series A Convertible Preferred
          Stock are converted, those shares will resume the status of authorized
          but
          unissued shares of preferred stock and will no longer be designated as
          Series A
          Convertible Preferred Stock.
 
 As
          long
          as any shares of Series A Convertible Preferred Stock are outstanding,
          the
          Company cannot alter or adversely change the powers, preference or rights
          given
          to the Series A Convertible Preferred Stock holders, without the affirmative
          vote of those holders.
 
 
 **19.** **Pension
          plans**
 
 The
        Group
        participates in a defined contribution pension scheme under the Mandatory
        Provident Fund Schemes Ordinance “MPF Scheme” for all its eligible employees in
        Hong Kong.
 
 The
        MPF
        Scheme is available to all employees aged 18 to 64 with at least 60 days
        of
        service in the employment in Hong Kong. Contributions are made by the Group’s
        subsidiary operating in Hong Kong at 5% of the participants’ relevant income
        with a ceiling of HK$20,000. The participants are entitled to 100% of the
        Group’s contributions together with accrued returns irrespective of their length
        of service with the Group, but the benefits are required by law to be preserved
        until the retirement age of 65. The only obligation of the Group with respect
        to
        MPF Scheme is to make the required contributions under the plan.
 
 The
        assets of the schemes are controlled by trustees and held separately from
        those
        of the Group. Total pension cost was $4,900 and $4,718 for the three months
        ended March 31, 2007 and 2006 respectively.
  22
  ASIA
        TIME
        CORPORATION
 (Formerly
        SRKP 9, Inc.)
 
 NOTES
        TO
        CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Stated
        in US Dollars)
 
 **20.** **Segment
          Information**
 
 For
        management purposes, the Group is currently organized into two major principal
        activities - trading of watch movements (components) and trading of completed
        watches. These principal activities are the basis on which the Group reports
        its
        primary segment information.
 
 **Three
                    months ended**
                  **March
                    31, 2007**
                
                **Watch
                    Movements**
                  **(unaudited)**
                
                **Completed
                    Watches**
                  **(unaudited)**
                
                **Total**
                  **(unaudited)*****$***
                
                ***$***
                
                ***$***Sales
                
                
                19,224,066
                
                
                1,894,076
                
                
                21,118,142Cost
                    of sales
                
                
                (17,279,130
                )
                
                (976,853
                )
                
                (18,255,983
                )Segment
                    result
                
                
                1,944,936
                
                
                917,223
                
                
                2,862,159**Three
                    months ended**
                  **March
                    31, 2006**
                
                **Watch
                    Movements****(unaudited**)****
                
                **Completed
                    Watches****(unaudited**)****
                
                **Total****(unaudited**)*******$***
                
                ***$***
                
                ***$***Sales
                
                
                18,184,751
                
                
                2,118,340
                
                
                20,303,091Cost
                    of sales
                
                
                (16,965,800
                )
                
                (1,115,018
                )
                
                (18,080,818
                )Segment
                    result
                
                
                1,218,951
                
                
                1,003,322
                
                
                2,222,273
 
 The
        Group’s operations are primarily in Hong Kong and China and the Group’s sales,
        gross profit and total assets attributable to other geographical areas are
        less
        than **** 10%
        of
        the Group’s corresponding consolidated totals for the three months ended March
        31, 2007 and 2006. Consequently, no segment information by geographical areas
        is
        presented.
 
 23
  **ITEM
        2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
        OPERATION**
 
 **Forward-Looking
        Statements**
 
 *The
        following discussion should be read in conjunction with our consolidated
        financial statements and related notes included elsewhere in this quarterly
        report. This quarterly report contains forward-looking statements. The words
        “anticipated,” “believe,” “expect, “plan,” “intend,” “seek,” “estimate,”
“project,” “could,” “may,” and similar expressions are intended to identify
        forward-looking statements. These statements include, among others, information
        regarding future operations, future capital expenditures, and future net
        cash
        flow. Such statements reflect our management’s current views with respect to
        future events and financial performance and involve risks and uncertainties,
        including, without limitation, general economic and business conditions,
        changes
        in foreign, political, social, and economic conditions, regulatory initiatives
        and compliance with governmental regulations, the ability to achieve further
        market penetration and additional customers, and various other matters, many
        of
        which are beyond our control. Should one or more of these risks or uncertainties
        occur, or should underlying assumptions prove to be incorrect, actual results
        may vary materially and adversely from those anticipated, believed, estimated
        or
        otherwise indicated. Consequently, all of the forward-looking statements
        made in
        this quarterly report are qualified by these cautionary statements and there
        can
        be no assurance of the actual results or developments.*
 
 **Overview**
 
 We
        are a
        distributor of watch movements components used in the manufacture and assembly
        of watches to a wide variety of timepiece manufacturers. There are two
        categories of watch movements, quartz and mechanical. The main parts of an
        analog quartz watch movement are the battery; the oscillator, a piece of
        quartz
        that vibrates in response to the electric current; the integrated circuit,
        which
        divides the oscillations into seconds; the stepping motor, which drives the
        gear
        train; and the gear train itself, which makes the watch’s hands move. A digital
        watch movement has the same timing components as an analog quartz movement
        but
        has no stepping motor or gear train. To a lesser extent we also distribute
        complete analog-quartz and automatic watches with pricing between $20.00
        to
        $50.00. Manufacturing for these watches is currently outsourced to third
        party
        factories in China.
 
 Our
        core
        customer base consists primarily of large wholesalers, online retailers and
        small and medium-sized watch manufacturers that produce watches primarily
        for
        sale to customers in Hong Kong and China. To a lesser extent, we design watches
        for manufacturers and exporters of watches and manufacture and distribute
        complete watches primarily to online retailers and internet
        marketers.
 
 We
        are
        mainly engaged in watch movement distribution business in Hong Kong and China
        which accounted for approximately 90% of our revenue for the year ended December
        31, 2006 and the three months ended March 31, 2007. We have distribution
        centers
        and strategically located sales offices throughout Hong Kong and the People’s
        Republic of China (“China” or “PRC”). We distribute more than 350 products from
        over 30 vendors, including such market leaders as Citizen Group, Seiko
        Corporation and ETA SA Manufacture Horlogere Suisse, to a base of over 300
        customers primarily through our direct sales force. To enhance our ability
        to
        distribute watch movements we provide a variety of value-added services,
        including automated inventory management services; integration, design and
        development, management, and extended and post-sale support
        services.
 
 **Corporate
        Structure**
 
 We
        were
        incorporated in the State of Delaware on January 3, 2006. We were originally
        organized as a “blank check” shell company to investigate and acquire a target
        company or business seeking the perceived advantages of being a publicly
        held
        corporation. On January 23, 2007, we closed a share exchange transaction
        pursuant to which we (i) issued 19,454,420 shares of our common stock to
        acquire
        100% equity ownership of Times Manufacture & E-Commerce Corporation Limited,
        a British Virgin Islands corporation (“Times Manufacture”), which has eight
        wholly-owned subsidiaries, (ii) assumed the operations of Times Manufacture
        and
        its subsidiaries, and (iii) changed our name from SRKP 9, Inc. to Asia Time
        Corporation. Times Manufacture also paid an aggregate of $350,000 to the
        stockholders of SRKP 9, Inc. Times Manufacture was founded in January 2002
        and
        is based in Hong Kong.
 
 With
        respect to this discussion, the terms “we” and “our” refer to Asia Time
        Corporation, its 100%-owned subsidiary Times Manufacture Times Manufacture
        and
        its subsidiaries, Times Manufacturing & E-Commerce Corporation Ltd., TME
        Enterprise Ltd., Citibond Design Ltd. and Megamooch Online Ltd., each of
        which
        is a British Virgin Islands corporation, and the Hong Kong corporate
        subsidiaries Billion Win International Enterprise Ltd., Goldcome Industrial
        Ltd., Citibond Industrial Ltd., and Megamooch International Ltd. Times
        Manufacture was founded in March 2002 and is based in Hong Kong.
 
 24
 In
          2005,
          we re-aligned the structure and business functions of our subsidiaries
          to
          clearly define the scopes our business objectives in order to strengthen
          our
          ability to effectively conduct our business operations. Billion Win
          International Enterprise Limited, or Billion Win, is our central sourcing
          component. Billion Win, which is held indirectly through Times Manufacture,
          procures and imports watch movements and distributes them to suppliers,
          volume
          users in China, and two of our subsidiaries, Goldcome Industrial Limited,
          or
          Goldcome, and Citibond Industrial Limited, or Citibond. Goldcome mainly
          focuses
          it distributions to wholesalers and large manufacturers and Citibond focuses
          on
          distributions to small to medium size manufacturers. Megamooch International
          Limited is a complete watch distributor and exporter targeting overseas
          buyers.
          Another two subsidiaries, TME Enterprise Ltd. and Citibond Design Ltd.,
          are
          responsible for complete watch design for manufacturers and exporters and
          handles large volume watch movement transactions between buyers and sellers
          solely on a commission basis. Megamooch Online Ltd. operations are focused
          on
          complete watch marketing and distribution, with manufacturing being outsourced,
          and its concentrates on overseas markets.
 
 **Watch
        Movement Segment**
 
 Presently,
          Hong Kong does not generally have watch movement manufacturing. Watch movements
          are largely imported from Japan and Switzerland. The revenue for the watch
          movement segment of our business for the three months ended March 31, 2007
          was
          $19.2 million, with a gross profit $2.00 million, a 5.7% and 59.5% increase respectively,
          compared to $18.2 million revenue and $1.2 million gross profit for the three
          months ended
          March 31, 2006. The gross profit margin increased to 10.1% for the three
          months
          ended March 31, 2007 from 6.7% for the same
          period in 2006,
          primarily due to more diversified products being promoted to customers
          and what
          our management believes to be an increase in market demand. We
          provide a wide product spectrum of products carrying all three major brands
          as
          well as middle-low end China movements. We believe this enables us to provide
          a
          convenient one-stop provider for our customers and getting higher sales
          per
          customer. We
          began
          to target small to medium manufacturers in mid-2005 and our customer base
          has
          expanded to more than 300 watch manufacturers. In addition, we have extended
          our
          credit period from an average to 15 days to 30 days to major customers
          that have
          maintained a history of timely settlement of receivables. We believe that
          this
          extension lead to an increase of purchase orders from those customers.
          We review
          the credit status of each customer and periodically adjust the credit period
          to
          specific customers in an attempt to maximize business with each customer
          without
          suffering significant credit risk.
 
 **Complete
        Watch Segment**
 
 Revenue
        of our complete watch segment was $1.9 million for the three months ended
        March
        31, 2007, a 10.6% decrease compared to the same period in 2006 in which revenue
        was $2.1 million. This segment contributed approximately 9.0% of our revenue
        for
        the three months ended March 31, 2007, as compared to 10.4% of revenue for
        the
        period ended March 31, 2006. Our main market positioning in China is on the
        middle-class adult, daily, sporty and classy design.
 
 **Recent
        Events**
  ***Completion
        of the Share Exchange***
  On
        December 15, 2006, we entered into a share exchange agreement with the sole
        shareholder of Times Manufacture. Pursuant to the share exchange agreement
        (the
        "Exchange Agreement") we agreed to issue shares of our common stock in exchange
        for all of the issued and outstanding securities of Times Manufacture (the
        "Share Exchange"). The Share Exchange closed on January 23, 2007.
  Upon
        the
        closing of the Share Exchange and pursuant to the terms of the Exchange
        Agreement, we issued an aggregate of 19,454,420 shares of our common stock
        to
        the sole shareholder of Times Manufacture in exchange for all of the issued
        and
        outstanding securities of Times Manufacture. Times Manufacture also paid
        an
        aggregate of $350,000 to the stockholders of SRKP 9, Inc. In addition, prior
        to
        the closing of the Share Exchange and the Private Placement, as described
        below,
        we effectuated a 1.371188519-for-one stock dividend such that there were
        3,702,209 shares of common stock outstanding immediately prior to the Share
        Exchange and Private Placement. We issued no fractional shares in connection
        with the Share Exchange.
  25
 Pursuant
        to the terms of the Share Exchange, we agreed to register a total of 3,702,209
        shares of common stock held by our shareholders immediately prior to the
        Share
        Exchange. Of these shares held by our shareholders, 1,703,017 shares would
        be
        covered by the registration statement filed in connection with the Private
        Placement (described below) and 1,999,192 shares will be included in a
        subsequent registration statement filed by us no later August 24, 2007, which
        is
        six months and 10 days after the date on which we filed the registration
        statement to register the shares issued in the Private Placement.
  ***The
        Private Placement***
  On
        January 23, 2007, concurrently with the close of the Share Exchange, we
        conducted an initial closing of a private placement transaction pursuant
        to
        which we sold an aggregate of 1,749,028 shares of Series A Convertible Preferred
        Stock at $1.29 per share. On February 9, 2007, we conducted a second and
        final
        closing of the private placement pursuant to which we sold 501,320 shares
        of
        Series A Convertible Preferred Stock at $1.29 per share. Accordingly, a total
        of
        2,250,348 shares of Series A Convertible Preferred Stock were sold in the
        private placement for an aggregate gross proceeds of $2,902,946 (the "Private
        Placement"). Of the gross proceeds, $50,000 is represented by a subscription
        receivable from one investor. WestPark Capital, Inc. ("WestPark") acted as
        the
        placement agent for the Private Placement. For its services as placement
        agent,
        WestPark received an aggregate fee of approximately $261,265, which consisted
        of
        a commission equal to 9.0% of the gross proceeds from the financing. After
        commissions and expenses, we received net proceeds of approximately $1.9
        million
        in the Private Placement.
  Pursuant
        to Subscription Agreements entered into with the investors in the Private
        Placement, each share of the Series A Convertible Preferred Stock is convertible
        into shares of common stock at a conversion price equal to the per share
        purchase price. However, if we, at any time prior to the first trading day
        on
        which our common stock is quoted on the American Stock Exchange, Nasdaq Capital
        Market, Nasdaq Global Market or New York Stock Exchange (each a "Trading
        Market") sell or issue any shares of common stock in one or a series of
        transactions at an effective price less than such conversion price where
        the
        aggregate gross proceeds to us are at least $1.0 million, then the
        aforementioned conversion price shall be reduced to such effective price.
        Each
        share of the Series A Convertible Preferred Stock shall automatically convert
        into shares of common stock if (i) the closing price of our common stock on
        the Trading Market for any 10 consecutive trading day period exceeds $3.00
        per
        share, (ii) the shares of common stock underlying the Series A Convertible
        Preferred Stock are subject to an effective registration statement, and
        (iii) the daily trading volume of the common stock on a Trading Market
        exceeds 25,000 shares per day for 10 out of 20 prior trading days. Upon
        liquidation, the holders of the Series A Convertible Preferred Stock shall
        receive $1.29 per share of the Series A Convertible Preferred Stock then
        held
        prior to any other distribution or payment made to holders of the common
        stock.
  We
        agreed
        to and did file a registration statement covering the common stock underlying
        the Series A Convertible Preferred Stock sold in the Private Placement within
        30
        days of the closing of the Share Exchange pursuant to the subscription agreement
        with each investor. The investors in the Private Placement also entered into
        a
        lock up agreement pursuant to which they agreed not to sell their shares
        until
        our common stock begins to be traded on either the New York Stock Exchange,
        American Stock Exchange, NASDAQ Global Market or NASDAQ Capital Market after
        which the one-ninth of their shares will automatically be released from the
        lock
        up on a monthly basis.
  Some
        of
        the controlling shareholders, control persons of WestPark were also, prior
        to
        the completion of the Share Exchange, shareholders and/or control persons
        of our
        company, including Richard Rappaport, who is the Chief Executive Officer
        of
        WestPark and was the President and a significant shareholder of our company
        prior to the Share Exchange, Anthony C. Pintsopoulos, who is the Chief Financial
        Officer of WestPark and an officer, director and significant shareholder
        of our
        company prior to the Share Exchange and Kevin DePrimio and Jason Stern, each
        employees of WestPark and shareholders of our company prior to the Share
        Exchange. Each of Messrs. Rappaport and Pintsopoulos resigned from all of
        their
        executive and director positions with our company upon the closing of the
        Share
        Exchange. Affiliates of WestPark who own shares of our common stock have
        agreed
        to a lock-up whereby they shall not sell an aggregate of 1,528,933 shares
        of
        common stock held by them until that date which is nine months from the day
        that
        our common stock begins to be traded on either the New York Stock Exchange,
        American Stock Exchange, NASDAQ Global Market, NASDAQ Capital Market, the
        OTC
        Bulletin Board or the Pink Sheets.
  26
 ***Critical
        Accounting Policies and Estimates***
 
 Financial
        Reporting Release No. 60 recommends that all companies include a discussion
        of
        critical accounting policies used in the preparation of their financial
        statements. The Securities and Exchange Commission (“SEC”) defines critical
        accounting policies as those that are, in management's view, most important
        to
        the portrayal of our financial condition and results of operations and those
        that require significant judgments and estimates.
 
 The
        preparation of these consolidated financial statements requires our management
        to make estimates and assumptions that affect the reported amounts of assets,
        liabilities, revenues and expenses, as well as the disclosure of contingent
        assets and liabilities at the date of our financial statements. We base our
        estimates on historical experience, actuarial valuations and various other
        factors that we believe to be reasonable under the circumstances, the results
        of
        which form the basis for making judgments about the carrying value of assets
        and
        liabilities that are not readily apparent from other sources. Some of those
        judgments can be subjective and complex and, consequently, actual results
        may
        differ from these estimates under different assumptions or conditions. While
        for
        any given estimate or assumption made by our management there may be other
        estimates or assumptions that are reasonable, we believe that, given the
        current
        facts and circumstances, it is unlikely that applying any such other reasonable
        estimate or assumption would materially impact the financial statements.
        The
        accounting principles we utilized in preparing our consolidated financial
        statements conform in all material respects to generally accepted accounting
        principles in the United States of America.
 
 *Accounting
        for the impairment of long-lived assets*
 
 The
        long-lived assets held and used by us are reviewed for impairment whenever
        events or changes in circumstances indicate that the carrying amount of assets
        may not be recoverable. It is reasonably possible that these assets could
        become
        impaired as a result of technology or other industry changes. Determination
        of
        recoverability of assets to be held and used is by comparing the carrying
        amount
        of an asset to future net undiscounted cash flows to be generated by the
        assets.
 
 If
        such
        assets are considered to be impaired, the impairment to be recognized is
        measured by the amount by which the carrying amount of the assets exceeds
        the
        fair value of the assets. Assets to be disposed of are reported at the lower
        of
        the carrying amount of fair value less costs to sell.
 
 *Inventories*
 
 Our
        inventories are stated at the lower of cost and net realizable value. Cost
        is
        determined using the first-in, first-out (FIFO) method. It excludes borrowing
        costs. Net realizable value is the estimated selling price in the ordinary
        course of business, less applicable variable selling expenses.
 
 We
        evaluate our inventories for excess, obsolescence or other factors rendering
        inventories as unsellable at normal gross profit margins. Write-downs are
        recorded so that inventories reflect the approximate market value and take
        into
        account our contractual provisions with our suppliers governing price
        protections and stock rotations. Due to the large number of transactions
        and
        complexity of managing the process around price protections and stock rotations,
        estimates are made regarding the valuation of inventory at market
        value.
 
 In
        addition, assumptions about future demand, market conditions and decisions
        to
        discontinue certain product lines can impact the decision to write-down
        inventories. If assumptions about future demand change and/or actual market
        conditions are different than those projected by management, additional
        write-downs of inventories may be required. In any case, actual results may
        be
        different than those estimated.
 
 *Trade
        receivables*
 
 Trade
        and
        other receivables are recognized initially at fair value and subsequently
        measured at amortized cost using the effective interest method, less provision
        for impairment. A provision for impairment of trade and other receivables
        is
        established when there is objective evidence that we will not be able to
        collect
        all amounts due according to the original terms of receivables. The amount
        of
        the provision is the difference between the asset’s carrying amount and the
        present value of estimated future cash flows, discounted at the effective
        interest rate. The amount of the provision is recognized in the income
        statement.
 
 27
 *Foreign
        currency translation*
 
 Our
        consolidated financial statements are presented in United States dollars.
        Our
        functional currency is the Hong Kong Dollar (HKD). Our consolidated financial
        statements are translated into United States dollars from HKD at period-end
        exchange rates as to assets and liabilities and average exchange rates as
        to
        revenues and expenses. Capital accounts are translated at their historical
        exchange rates when the capital transactions occurred.
 
 *Revenue
        recognition*
 
 Sales
        of
        goods are recognized when a company has delivered goods to the customer,
        the
        customer has accepted the goods and collectibility of the related receivables
        is
        reasonably assured. Commission income is recognized in the accounting period
        in
        which the services are rendered, by reference to completion of the specific
        transaction assessed on the basis of the actual service provided as a proportion
        of the total services to be provided. Interest income is recognized on a
        time-proportion basis using the effective interest method. When a receivable
        is
        impaired, we reduce the carrying amount to our recoverable amount, being
        the
        estimated future cash flow discounted at original effective interest rate
        of the
        instrument, and continue unwinding the discount as interest income. Dividend
        income and insurance claims are recognized when the right to receive payment
        is
        established.
 
 *Deferred
        income tax*
 
 Deferred
        income tax is provided in full, using the liability method, on temporary
        differences arising between the tax bases of assets and liabilities and their
        carrying amounts in the consolidated financial statements. However, if the
        deferred income tax arises from initial recognition of an asset or liability
        in
        a transaction other than a business combination that at the time of the
        transaction affects neither accounting nor taxable profit or loss, it is
        not
        accounted for. Deferred income tax is determined using tax rates (and laws)
        that
        have been enacted or substantially enacted by the balance sheet date and
        are
        expected to apply when the related deferred income tax assets is realized
        or the
        deferred income tax liability is settled.
 
 Deferred
        income tax assets are recognized to the extent that it is probable that future
        taxable profit will be available against which the temporary differences
        can be
        utilized.
 
 *Income
        taxes*
 
 We
        account for income tax using an asset and liability approach and allow for
        recognition of deferred tax benefits in future years. Under the asset and
        liability approach, deferred taxes are provided for the net tax effects of
        temporary differences between the carrying amounts of assets and liabilities
        for
        financial reporting purposes and the amounts used for income tax purposes.
        A
        valuation allowance is provided for deferred tax assets if it is more likely
        than not these items will either expire before we are able to realize its
        benefits, or that future realization is uncertain.
  28
  **Results
        of Operations**
 
 The
        following table sets forth certain items in our statement of operations as
        a
        percentage of net sales for the periods shown:
 **Three
                      Months Ended March 31,****2007**
                  
                  **2006**Net
                      sales
                  
                  
                  100.0
                  %
                  
                  100
                  %Cost
                      of sales
                  
                  
                  86.45
                  %
                  
                  89.05
                  %Gross
                      profit
                  
                  
                  13.55
                  %
                  
                  10.95
                  %Other
                      Income
                  
                  
                  0.23
                  %
                  
                  0.21
                  %Depreciation
                  
                  
                  0.30
                  %
                  
                  0.37
                  %Administrative
                      and other operating expenses
                  
                  
                  2.06
                  %
                  
                  1.49
                  %Income
                      from operations
                  
                  
                  11.42
                  %
                  
                  9.30
                  %Professional
                      expenses related to Restructuring and Share Exchange
                  
                  
                  1.99
                  %
                  
                  ---Other
                      Income
                  
                  
                  0.14
                  %
                  
                  0.21
                  %Interest
                      expense
                  
                  
                  1.13
                  %
                  
                  0.99
                  %Income
                      before taxes
                  
                  
                  8.44
                  %
                  
                  8.52
                  %Income
                      taxes
                  
                  
                  1.92
                  %
                  
                  1.46
                  %Net
                      income
                  
                  
                  6.52
                  %
                  
                  7.06
                  %
  ***Comparison
        of the three months ended March 31, 2007 with the three months ended
        March 31, 2006***
 
 Net
        sales
        for the three months end March 31, 2007 was $21.1 million as compared to
        $20.3 million for the same period in 2006, an increase of $0.8 million, or
        4.0%. This increase was due to the improved sales of watch movements, which
        was
        $19.2 million for the three months ended March 31, 2007, accounting for 91.0%
        of
        our total sales for the period, an increase of 5.7% as compared to
        $18.2 million of the same period in 2006. The increase was primarily
        attributed to the increase in sales in middle to high-end movements, which
        had a
        higher price and profit margin. However, the volume of movements decreased
        in
        this period, which slowed the sales growth. Movements had decreased from
        25.9
        million pieces to 21.3 million pieces in the comparable periods in 2006 and
        2007
        respectively. Sales of completed watches for the three months ended March
        31,
        2007, was $1.9 million as compared to $2.1 million for the same period in
        2006, a decrease of 10.6%. The decrease was due to the decrease in sales
        volume,
        largely in low-end items, from 0.28 million pieces to 0.21 million pieces
        in the
        comparable periods in 2007 and 2006 respectively.
 
 Cost
        of
        sales for the three months ended March 31, 2007 was $18.3 million, or 86.5%
        of
        net sales, as compared to $18.1 million for the same period in 2006, or
        89.1% of net sales. The decrease in cost of sales as a percentage of net
        sales
        was largely attributable to the improved economies of scale.
 
 Gross
        profit for the three months ended March 31, 2007 was $2.9 million, or 13.6%
        of net sales, compared to $2.2 million, or 11.0% of net sales for the same
        period in 2006. The increase in our gross profit margin was primarily attributed
        to the increase in sales of higher-margin products as a result of
        diversification of products and economies of scale. Gross profit margins
        are
        usually a factor of product mix and demand for product. The gross profit
        of
        watch movements as a percentage of net sales had jumped from 6.7% for the
        period
        ended March 31, 2006 as compared to 10.1% of net sales for same period in
        2007.
        There was only a slight increase of gross profit for complete watch for the
        period end March 31, 2007 of 48.4% of net sales as compared to 47.3% of the
        same
        period in 2006 as the product mix had no significant change.
 
 Administrative
          and other operating expenses were $0.43 million, or 2.1% of net sales for
          the three months ended March 31, 2007, as compared to $0.30 million, or
          1.5% of net sales for comparable period in 2006. The slight increase as
          a
          percentage of net sales was primarily attributable to more new recruits
          and
          upgraded staff benefits. This stabilized the senior management teams for
          serving
          the company. Management considers these expenses as a percentage of net
          sales to
          be a key performance indicator in managing our business.
 
 During
          the three months ended March 31, 2007, we incurred $0.42 million in professional
          expenses related to the restructuring and share exchange, as compared to
          no such
          expenses in the comparable period in 2006.
 
 29
 Interest
        expense for the three months ended March 31, 2007 was $0.24 million, or 1.1%
        of
        net sales, as compared to $0.2 million for the same period in 2006, or 1.0%
        of net sales. This increase was primarily attributable to the increase in
        bank
        interest rates in the three months ended March 31, 2006 and the comparable
        period in 2007. Further increases in borrowing rates would further increase
        our
        interest expense, which would have a negative effect on our results of
        operations.
 
 Net
          income for the three months ended March 31, 2007 was $1.38 million, or
          6.5% of
          net sales, as compared to $1.43 million, or 7.0% of the net sales for the
          comparable period in 2006.
 
 **Liquidity
        and Capital Resources**
 
 To
        provide liquidity and flexibility in funding our operations, we borrow amounts
        under bank facilities and other external sources of financing. As of March
        31,
        2007 we had general banking facilities amounted to $12.7 million for overdraft,
        letter of credit, trust receipt, invoice financing and export loans granted
        by
        nine banks. The amount decreased by $1.1 million compared to $13.8 million
        as at
        March 31, 2006. Interest on the facilities ranged from minus 2.0 to 0.75%
        over
        the Bank’s Best Lending Rate of Hong Kong (Prime Rate) or Hong Kong Inter Bank
        Offered Rate (HIBOR). These banking facilities were secured by the leasehold
        properties, time deposits and held-to maturity investments of the group and
        personal guarantees executed by our Chairman of the Board.
 
 On
          January 23, 2007, concurrently with the close of the Share Exchange, we
          conducted an initial closing of a private placement transaction pursuant
          to
          which we sold an aggregate of 1,749,028 shares of Series A Convertible
          Preferred
          Stock at $1.29 per share. On February 9, 2007, we conducted a second and
          final
          closing of the private placement pursuant to which we sold 501,320 shares
          of
          Series A Convertible Preferred Stock at $1.29 per share. Accordingly, a
          total of
          2,250,348 shares of Series A Convertible Preferred Stock were sold in the
          private placement for an aggregate gross proceeds of $2,902,946 (the “Private
          Placement”). Of the gross proceeds, $50,000 is represented by a subscription
          receivable from one investor. WestPark Capital, Inc. (“WestPark”) acted as the
          placement agent for the Private Placement. For its services as placement
          agent,
          WestPark received an aggregate fee of approximately $261,265, which consisted
          of
          a commission equal to 9.0% of the gross proceeds from the financing. After
          commissions and expenses, we received net proceeds of approximately $2.3
          million
          in the Private Placement.
 
 Pursuant
        to Subscription Agreements entered into with the investors in the Private
        Placement, each share of the Series A Convertible Preferred Stock is convertible
        into shares of common stock at a conversion price equal to the per share
        purchase price. However, if we, at any time prior to the first trading day
        on
        which our common stock is quoted on the American Stock Exchange, Nasdaq Capital
        Market, Nasdaq Global Market or New York Stock Exchange (each a “Trading
        Market”) sell or issue any shares of common stock in one or a series of
        transactions at an effective price less than such conversion price where
        the
        aggregate gross proceeds to us are at least $1.0 million, then the
        aforementioned conversion price shall be reduced to such effective price.
        Each
        share of the Series A Convertible Preferred Stock shall automatically convert
        into shares of common stock if (i) the closing price of our common stock on
        the Trading Market for any 10 consecutive trading day period exceeds $3.00
        per
        share, (ii) the shares of common stock underlying the Series A Convertible
        Preferred Stock are subject to an effective registration statement, and
        (iii) the daily trading volume of the common stock on a Trading Market
        exceeds 25,000 shares per day for 10 out of 20 prior trading days. Upon
        liquidation, the holders of the Series A Convertible Preferred Stock shall
        receive $1.29 per share of the Series A Convertible Preferred Stock then
        held
        prior to any other distribution or payment made to holders of the common
        stock.
 
 We
          agreed
          to file, and did file, a registration statement covering the common stock
          underlying the Series A Convertible Preferred Stock sold in the Private
          Placement within 30 days of the closing of the Share Exchange pursuant
          to the
          subscription agreement with each investor.
 
 For
          the
          three months ended March 31, 2007, net cash used by operating activities
          was
          approximately $1.4 million, as compared to net cash used in operating activities
          of $1.2 million for the comparable period in 2006. The increase in net
          cash used
          by operating activities is primarily attributable to an increase in professional
          expenses related to restructuring and to the Share Exchange. The net cash
          used
          by operating activities in the three months ended March 31, 2007 is also
          attributable to increase in purchase deposits paid by $3.6 million comparable
          to
          the year ended December 31, 2006. The purpose of purchase deposits was
          to keep
          costs of goods sold at lower market prices to avoid buying price increases
          in
          hot seasons.
 
 30
 Net
          cash
          provided by financing activities was $1.3 million for the three months
          ended
          March 31, 2007 and $0.9 million for the comparable period in 2006. The
          increase in net cash provided by financing activities was attributable
          to an
          issuance of equity securities of $2.6 million and a decrease of approximately
          $1.0 million in advances to related parties in the three months ended March
          31,
          2007 as compared to the same period in 2006.
 
 In
        the
        three months ended March 31 2007 and the same period in 2006 our inventory
        turnover was 19 and 13.6 times, respectively. The average days outstanding
        of
        our accounts receivable at March 31, 2007 were 56 days, as compared to 32
        days
        at March 31, 2006. Inventory turnover and average days outstanding are key
        operating measures that management relies on to monitor our
        business.
 
 In
          an
          attempt to reduce our reliance on third-party watch movement manufacturers,
          we
          have plans to manufacture our own brands of quartz movements and mechanical
          movements in-house. To manufacture our own brands of quartz and mechanical
          movements in-house, we would need to acquire watch movement facilities
          in China
          and invest in new equipment and research and development. We expect that
          up to
          $5.5 million will be required to obtain the equipment and facilities to
          manufacture branded proprietary watch movements. Our plan to acquire
          manufacturing facilities and equipment to manufacture our own brand of
          quartz
          and mechanical movements in-house will not take place until after the completion
          of our proposed initial public offering, the proceeds of which will give
          us a portion of the required capital. We will be required to raise the
          appropriate amount of capital needed for our future operations from future
          equity sales or through debt financings. Failure to obtain funding when
          needed
          may force us to delay, reduce, or eliminate our plans to manufacture our
          own
          watch movement parts. We may not be able to obtain additional financial
          resources when necessary or on terms favorable to us, if at all, and any
          available additional financing may not be adequate. Moreover, new equity
          securities issued in financings, including any shares of Series A Convertible
          Preferred Stock or any new series of preferred stock authorized by our
          Board of
          Directors, may have greater rights, preferences or privileges than our
          existing
          common stock. To the extent stock is issued or options and warrants are
          exercised, holders of our common stock will experience further
          dilution.
 
 We
        currently have no solid plans for significant capital expenditure in the
        next 12
        months. Based on our current plans, we believe that cash on hand, cash flow
        from
        operations and funds available under our bank facilities will be sufficient
        to
        fund our capital needs for the next 12 months. However, our ability to maintain
        sufficient liquidity depends partially on our ability to achieve anticipated
        levels of revenue, while continuing to control costs. If we did not have
        sufficient available cash, we would have to seek additional debt or equity
        financing through other external sources, which may not be available on
        acceptable terms, or at all. Failure to maintain financing arrangements on
        acceptable terms would have a material adverse effect on our business, results
        of operations and financial condition.
 
 **Off-Balance
        Sheet Arrangements**
 
 We
          do not
          have any off-balance sheet debt, nor do we have any transactions, arrangements
          or relationships with any special purpose entities.
 
 **ITEM
        3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET
        RISK**
 
 *Credit
        Risk.* **** We
        are
        exposed to credit risk from our cash at bank, fixed deposits and contract
        receivables. The credit risk on cash at bank and fixed deposits is limited
        because the counterparts are recognized financial institutions. Contract
        receivables are subject to credit evaluations. As we are getting more new
        customers and offering credit terms, financial efficiency, we believe that
        cash
        flow and controlling bad debt and late payment become more and more important.
        We carry out thorough research through public filing records available on
        our
        new customers, coupled with the employment of business intelligence information
        provider, before extending any credit to new customers. Different levels
        of
        credit periods and credit limits are granted to different customers according
        to
        their size, financial position, business position and payment history, among
        other factors, in order to offer the right credit terms to our customers
        to
        enhance competitiveness yet manage the risk. We have not recorded bad debt
        since
        inception.
 
 *Foreign
        Currency Risk.* **** The
        functional currency of our company is the Hong Kong Dollar (HKD). In the
        future,
        we expect Renminbi (RMB) also to be a functional currency. Substantially
        all of
        our operations are conducted in the PRC. Our sales and purchases are conducted
        within the PRC in HKD and in the future will include RMB. Conversion of RMB
        into
        foreign currencies is regulated by the People’s Bank of China through a unified
        floating exchange rate system. Although the PRC government has stated its
        intention to support the value of the RMB, there can be no assurance that
        such
        exchange rate will not again become volatile or that the RMB will not devalue
        significantly against the U.S. Dollar. Exchange rate fluctuations may adversely
        affect the value, in U.S. Dollar terms, of our net assets and income derived
        from its operations in the PRC. In addition, the RMB is not freely convertible
        into foreign currency and all foreign exchange transactions must take place
        through authorized institutions.
  31
 *Country
        Risk.* **** The
        substantial portion of our business, assets and operations are located and
        conducted in Hong Kong and China. While these economies have experienced
        significant growth in the past twenty years, growth has been uneven, both
        geographically and among various sectors of the economy. The Chinese government
        has implemented various measures to encourage economic growth and guide the
        allocation of resources. Some of these measures benefit the overall economy
        of
        Hong Kong and China, but may also have a negative effect on us. For example,
        our
        operating results and financial condition may be adversely affected by
        government control over capital investments or changes in tax regulations
        applicable to us. If there are any changes in any policies by the Chinese
        government and our business is negatively affected as a result, then our
        financial results, including our ability to generate revenues and profits,
        will
        also be negatively affected.
 
 **ITEM
        4.  CONTROLS AND PROCEDURES**
 
 *(a)
        Evaluation of disclosure controls and procedures*
  As
        of
        March 31, 2007, our management, with the participation of our Chief Executive
        Officer, or “CEO,” and Chief Financial Officer, or “CFO,” performed an
        evaluation of the effectiveness and the operation of our disclosure controls
        and
        procedures as defined in Rules 13a-15(e) or 15d-15(e) under the Securities
        Exchange Act of 1934, as amended, or the “Exchange Act.” Based on that
        evaluation, the CEO and CFO concluded that our disclosure controls and
        procedures were effective as of March 31, 2007.
  *(b)
        Changes in internal control over financial reporting*
  Upon
          the
          closing of the Share Exchange on January 23, 2007, the internal control
          over
          financial reporting utilized by Times Manufacture prior to the Share Exchange
          became the internal control over financial reporting of our company. Upon
          closing of the Share Exchange, we (i) became the 100% parent of Times
          Manufacture and its eight wholly-owned subsidiaries, (ii) assumed the operations
          of Times Manufacture and its subsidiaries, and (iii) changed our name from
          SRKP
          9, Inc. to Asia Time Corporation. Following the Share Exchange the sole
          business
          conducted by our company became the business conducted by Times Manufacture,
          and
          the officers and directors of Times Manufacture became the officers and
          directors of our company. Based on the evaluation of our management as
          required
          by paragraph (d) of Rule 13a-15 or 15d-15 of the Exchange Act, these changes
          will materially affect, or are reasonably likely to materially affect,
          our
          internal controls over financial reporting.
 
 
 **PART
        II-OTHER INFORMATION**
 
 **ITEM
        1.**  **LEGAL
        PROCEEDINGS**
 
 We
        are
        not currently a party to any material legal proceedings.
 
 **ITEM
        1A. RISK FACTORS**
 
 There
          have been no material changes from the risk factors disclosed in the “Risk
          Factors” section of our annual report on Form 10-K, as amended, for the year
          ended December 31, 2006.
 
 **ITEM
        2.**  **UNREGISTERED
        SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**
 
 None.
 
 **ITEM
        3.**  **DEFAULTS
        UPON SENIOR SECURITIES**
 None.
 
 **ITEM
        4.**  **SUBMISSION
        OF MATTERS TO A VOTE OF SECURITY HOLDERS**
 
 None.
 
 32
 **ITEM
        5.**  **OTHER
        INFORMATION**
 
 None.
 
 **ITEM
        6.**  **EXHIBITS**
  (a)
        Exhibits
 
 31.1
              Certification
                  of Principal Executive Officer and Principal Financial and Accounting
                  Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of
                  200232.1
              Certification
                  of Principal Executive Officer and Principal Financial and Accounting
                  Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
 
  33
  
 **SIGNATURES**
 
 In
        accordance with the requirements of the Exchange Act, the registrant has
        duly
        caused this report to be signed on its behalf by the undersigned, thereunto
        duly
        authorized.
 
 **ASIA
                    TIME CORPORATION**
                  (Registrant)September
                    26, 2007
                By:
                /s/ Kwong
                    Kai ShunKwong
                    Kai ShunChief
                    Executive Officer, Chief Financial Officer and Chairman of the
                    Board
  
 34