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10. Interests in affiliates | 12 Months Ended
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Dec. 31, 2012
Notes to Financial Statements |
Interests in affiliates |
10 | Interests in affiliates Investments in affiliates are accounted for using the equity method of accounting. The Group acquired 20% equity interests in Zhejiang Tianlan Environmental Protection Technology Co. Ltd, (“Tianlan”), a company incorporated in the PRC for a total consideration of US$4,648,000 in 2007. In 2010, Tianlan increased its share capital and the Group further invested US$262,000 in order to maintain the share holding of 20% in Tianlan. In 2011, Tianlan increased its share capital and the Group further invested US$435,000 in order to maintain the share holding of 20% in Tianlan. A summary of the financial information of the affiliate, Zhejiang Tianlan Environmental Protection Technology Co. Ltd, is set forth below:
|  | 2012 |  |  | 2011 |
Balance Sheet: |  | US$’000 |  |  | US$’000 |
Current assets |  |  | 57,431 |  |  |  | 49,064 |
Non-current assets |  |  | 9,605 |  |  |  | 10,322 |
Total assets |  |  | 67,036 |  |  |  | 59,386 |
Total liabilities |  |  | (42,889 | ) |  |  | (35,154 | )
Total shareholders’ equity |  |  | 24,147 |  |  |  | 24,232 |
|  | 2012 |  |  | 2011 |
Operating results: |  | US$’000 |  |  | US$’000 |
Net sales |  |  | 44,543 |  |  |  | 45,966 |
Operating profits |  |  | 616 |  |  |  | 6,899 |
Net (loss)/profits |  |  | (196 | ) |  |  | 6,407 |
| The Group acquired 20% of the equity interests in Zhejiang Jia Huan Electronic Co. Ltd., (“Jia Huan”), a company incorporated in the PRC, for approximately US$2,610,000 in 2008. Jia Huan has been in the environmental protection business since 1969 and is based in Jin Hua, Zhejiang. A summary of the financial information of the affiliate, Zhejiang Jia Huan Electronic Co. Ltd, is set forth below:
|  | 2012 |  |  | 2011 |
Balance Sheet: |  | US$’000 |  |  | US$’000 |
Current assets |  |  | 17,371 |  |  |  | 16,645 |
Non-current assets |  |  | 5,650 |  |  |  | 5,402 |
Total assets |  |  | 23,021 |  |  |  | 22,047 |
Total liabilities |  |  | (9,893 | ) |  |  | (9,295 | )
Total shareholders’ equity |  |  | 13,128 |  |  |  | 12,752 |
|  | 2012 |  |  | 2011 |
Operating results: |  | US$’000 |  |  | US$’000 |
Net sales |  |  | 12,631 |  |  |  | 8,151 |
Operating profits/(losses) |  |  | 74 |  |  |  | (903 | )
Net profits/(losses) |  |  | 243 |  |  |  | (749 | )

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- Definition Tabular disclosure of investments in and advances to affiliates. Does not include the tabular disclosure of the disaggregation of investments in and advances to affiliates across legal entities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611322-123010 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 14 -Article 12 + Details
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