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10. Interests in affiliates

12 Months Ended

Dec. 31, 2013

Notes to Financial Statements

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:

		2013				2012
Balance Sheet:		US$’000				US$’000
Current assets			55,742				57,431
Non-current assets			9,733				9,605
Total assets			65,475				67,036
Total liabilities			(40,672	)			(42,889	)
Total shareholders’ equity			24,803				24,147

		2013				2012
Operating results:		US$’000				US$’000
Net sales			61,997				44,543
Operating profits/(loss)			833				(326	)
Net profits/(loss)			1,248				(196	)

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:

		2013				2012
Balance Sheet:		US$’000				US$’000
Current assets			20,556				17,371
Non-current assets			5,635				5,650
Total assets			26,191				23,021
Total liabilities			(12,623	)			(9,893	)
Total shareholders’ equity			13,568				13,128

		2013				2012
Operating results:		US$’000				US$’000
Net sales			14,672				12,631
Operating profits			545				428
Net profits			377				243

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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

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