BHDTP Hi_Tee_George_1.8.03

Chrysanthemum 2003-2007 P/L RMB

Profit & Loss Statement 2003---2007

20032004200520062007BCT Market size *36703990436047905290* to be confirmed

JV Market Share 1%5%10%12%12%JV Market Size 37200436575635CMT Market Size 617070908270973011520JV Market Share 1%5%10%12%12%JV Market Size 6235582711681382ADT Market Size 285356445557696JV Market Share

05%20%33%33%0

18

89

184

230

Sales 20032004200520062007合计

Total Qty

2087021472204623676795.1807ODT sub-total 110

130120120120

45.3

Val (wo Tax)1359453000No reduction, price already low

BJZ3420 25Tons

Qty 205060606058.12

Val (wo Tax)1162.42818.823281.1063182.6733087.193

3% reduction every year, price already 20% lower than local competitor BJZ3480 30Tons

Qty 101000070.94

Val (wo Tax)709709000No reduction, price already low

BJZ3530 32Tons

Qty 205060606092.31

Val (wo Tax)184644775211505549033% reduction every year, price already 30% lower than local competitor articulated truck 25Tons

Qty 01889184230

119.6

Val (wo Tax)02130.37510119.2819827.4723545.12

5% reduction every year, price is 50% of the import Bulk cement truck (28)A

Qty 3720043657563529.47

Val (wo Tax)1081.5495879.26512848.9216939.3618707.56

No reduction, price is comparable with competitors, but offer

Bulk cement truck (28)B

Qty 00000better technology, faster turnaround time

47.01

Val (wo Tax)00000concrete truck mixer (12)

Qty 62355827116813827% reduction to capture higher markets 68.00

Val (wo Tax)419622419486396386370319

Current price is 20% lower than competitor

water tanker Qty 00000Val (wo Tax)00000J-truck Qty 00000Val (wo Tax)0

0000Spare parts 1000

11001210.01331.01464.1Total sales 1145739254

80099

108868

120562

S$ million

25.45922

87.23106

177.998241.9284267.9165

Cost of sales

A Production Material 每辆材料,运费陈本BJZ3364J 20 tons 29.29879293000BJZ3364Q 22 tons 35.251058353000BJZ3420 25 ton 37.9575918412142

2078

2016

3% reduction every year BJZ3480 30 ton 55.7557557000BJZ3530 32 ton 64.8129631433658354834423% reduction every year Articulated Truck 25 Tons 85.1201516720214111167575% reduction every year BMT (28 m 3 )248814692

10050

12984

14052

2% reduction every year BMT (28 m 3 ) - luxury 24.70

0000Con Mixer Truck (12 m 3

)43.0942659148193353245923527403% reduction every year

Spare parts 600660726798.6878.46# Direct Labour

14141381810641144(B) Sub-total direct wages 1223.529155637132518091945逐年递增5%

CPF, Insurance, etc 39.50%62253526718772Training & unions Funds 3.50%422466368AWS /Bonus 多一个月

1053110151162Assumption

# Indirect labor 8383164213229Total Salary

2000149208433591636逐年递增5%

CPF, Insurance, etc 39.50%5983172234252Training&unions Funds 3.50%47152122AWS/ Bonus 多一个月

917364953Rental

162

216

311

626

641

Heating

18.08

2939576870Water electricity 6384121146149Tools & replacement 881621231k per worker

Transport (material)

1%

43196400544603

Component Import 3.300%

88489110715151740Travel expenses 912121212Depreciation

118170*********Safty Related Expenses 4481111500 per employee Disposable Material 4

4

8

11

11

500 per employee Export related expenses Not considered Production equipment repair 881621231k per employee Office Expenses 4481111500 per employee

R&D

200393801108912062nd year onwards 1% of sales

IP Amortization

160

160

160

160

160

Tooling amortization allowance other

10% of Value Added Tax 57.3

204.7

399.7

513.8

536.4

增值税的10%

Gross profit

Depreciation 021********Water/electricity/telephone 07.510101010# Sales/marketing/servicec 2530405060Salary - Sales/Marketing 1685.71386181101121CPF & others 39.50%1124324048Training & Unions Funds 3.50%12344AWS/Bonus 多一个月257810

Rental -sales office 4

10

15

20

30

5万元一个办事

处，每年递增

Export - Transportation 0

Trasportation 25

3040506010K per person per year

Export cleanance 0Advertisement 0.50%43196400544603Entertainment 0.50%43196400544603Travel expenses 20003672.096.0120.0144.02k per person per month

Exhibition 0.50%43196400544603commision

0.50%

43

196

400

544

603

Type Approval expenses 0.50%43196400544603legal consultant

2K 2.4 2.4 2.4 2.4 2.4New products Conference

20.0

20.0

20.0

20.0

20.0

设计单位、政府、客户联谊

建筑金额5%，2007年8%其中预计66%入制造费用

铰接车和半挂混凝土车 按照

原材料10%的33%

Management Cost

# Staff4145505560

Salary6044223326363399435

CPF, Insurance etc39.50%66129143158172

Training/ Union Funds 3.50%611131415

AWS/Bonus多一个月1427303336

Telephone Expenses1824242424

Depreciation62106106106106

Office Expense1827303336500 per person per month Travel / Transportation31546066721k per person per month

JV Start up Expense Amort4040404040

Insurance0.10%

Repair

Entertainment0.543196400544603

Audit 0.11214161922US$ 15 k Increase 15% per year ISO 900020k1111110K rmb per year

Legal fees 5666665k per month

Rental8411116032333034%入管理费用

Heating18.081520293536

Water/electcity162130363720%入管理费用

Fire Exercise11111

Tax312243336

00000

Prov. For bad Debt0.50%43196400544603

Environment Protection Expense912121212

guards/security152020202012 个人（翻三班）和5条警犬

interest00000 other income00000

00000

00000

Cum Profit681.7966270.921179523229746515

petitor petitor