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10. Interests in affiliates | 12 Months Ended
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Dec. 31, 2014
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$435,000 in order to maintain the share holding of 20% in Tianlan. A summary of the financial information of the affiliate, Zhejiang Tianlan Environmental Protection Technology Co. Ltd, is set forth below:
|  | 2014 |  |  | 2013 |
Balance Sheet: |  | US$’000 |  |  | US$’000 |
Current assets |  |  | 61,708 |  |  |  | 55,742 |
Non-current assets |  |  | 28,287 |  |  |  | 9,733 |
Total assets |  |  | 89,995 |  |  |  | 65,475 |
Total liabilities |  |  | (64,572 | ) |  |  | (40,672 | )
|  |  | ----------- |  |  |  | ----------- |
Total shareholders’ equity |  |  | 25,423 |  |  |  | 24,803 |
|  | 2014 |  |  | 2013 |
Operating results: |  | US$’000 |  |  | US$’000 |
Net sales |  |  | 64,131 |  |  |  | 61,997 |
Operating income |  |  | 2,637 |  |  |  | 833 |
Net income |  |  | 2,266 |  |  |  | 1,248 |
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$2,610,000 in 2008. Jia Huan has been in the environmental protection business since 1969 and is based in Jin Hua, Zhejiang. A summary of the financial information of the affiliate, Zhejiang Jia Huan Electronic Co. Ltd, is set forth below:
|  | 2014 |  |  | 2013 |
Balance Sheet: |  | US$’000 |  |  | US$’000 |
Current assets |  |  | 21,264 |  |  |  | 20,556 |
Non-current assets |  |  | 5,288 |  |  |  | 5,635 |
Total assets |  |  | 26,552 |  |  |  | 26,191 |
Total liabilities |  |  | (12,675 | ) |  |  | (12,623 | )
Total shareholders’ equity |  |  | 13,877 |  |  |  | 13,568 |
|  | 2014 |  |  | 2013 |
Operating results: |  | US$’000 |  |  | US$’000 |
Net sales |  |  | 16,162 |  |  |  | 14,672 |
Operating income |  |  | 1,024 |  |  |  | 545 |
Net income |  |  | 762 |  |  |  | 377 |

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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=50485924&loc=d3e611322-123010 + Details
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