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10. Interests in affiliates | 12 Months Ended
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Dec. 31, 2015
Notes to Financial Statements |
Interests in affiliates | Investments in affiliates are accounted for using the equity method of accounting. The Company is holding 20% equity interests in Zhejiang Tianlan Environmental Protection Technology Co. Ltd. (“Blue Sky”), a company incorporated in the PRC, with total cost of investment US$5,540,000. Blue Sky provides a comprehensive service for design, general contract, equipment manufacturing, installation, testing and operation management of the treatment of waste gases emitted from various boilers and industrial furnaces of power plants, steel works and chemical plants since 2000. Blue Sky has recently received approval from the National Equities Exchange and Quotations (“NEEQ”) to list its shares on the New Third Board in the People’s Republic of China (“PRC”) on November 17, 2015. A summary of the financial information of the affiliate, Zhejiang Tianlan Environmental Protection Technology Co. Ltd, is set forth below:
|  | 2015 |  |  | 2014 |
Balance Sheet: |  | US$’000 |  |  | US$’000 |
Current assets |  |  | 57,432 |  |  |  | 61,708 |
Non-current assets |  |  | 26,587 |  |  |  | 28,287 |
Total assets |  |  | 84,019 |  |  |  | 89,995 |
Total liabilities |  |  | (58,149 | ) |  |  | (64,572 | )
Total shareholders’ equity |  |  | 25,870 |  |  |  | 25,423 |
|  | 2015 |  |  | 2014 |
Operating results: |  | US$’000 |  |  | US$’000 |
Net sales |  |  | 66,899 |  |  |  | 64,131 |
Operating income |  |  | 4,260 |  |  |  | 2,637 |
Net income |  |  | 3,458 |  |  |  | 2,266 |
The Company is holding 20% equity interests in Zhejiang Jia Huan Electronic Co. Ltd. (“Jia Huan”), a company incorporated in the PRC, with total cost of investment US$2,486,000. Jia Huan provides a comprehensive service for environmental protection business since 1969 and is based in Jin Hua, Zhejiang. A summary of the financial information of the affiliate, Zhejiang Jia Huan Electronic Co. Ltd, is set forth below:
|  | 2015 |  |  | 2014 |
Balance Sheet: |  | US$’000 |  |  | US$’000 |
Current assets |  |  | 22,693 |  |  |  | 21,264 |
Non-current assets |  |  | 4,717 |  |  |  | 5,288 |
Total assets |  |  | 27,410 |  |  |  | 26,552 |
Total liabilities |  |  | (13,627 | ) |  |  | (12,675 | )
Total shareholders’ equity |  |  | 13,783 |  |  |  | 13,877 |
|  | 2015 |  |  | 2014 |
Operating results: |  | US$’000 |  |  | US$’000 |
Net sales |  |  | 18,481 |  |  |  | 16,162 |
Operating income |  |  | 1,316 |  |  |  | 1,024 |
Net income |  |  | 788 |  |  |  | 762 |

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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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