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AND SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENTS

SEPTEMBER 30,
2008 2007
Cash flows from operating activities:
Net income $7,577,272 $7,076,949
Adjustments to reconcile net income
to net cash used in operating
activities:
Stock based compensation -- 51,484
Minority interest 990,578 885,469
Depreciation and amortization 470,198 259,542
(Increase) decrease in current
assets:
Accounts receivable (22,235,689) (17,070,111)
Inventories (6,146,191) (4,033,019)
Advances to suppliers 7,994,813 7,717,799
Prepayments and other receivable (740,955) (89,244)
Due from shareholders -- 22,507
Increase (decrease) in current
liabilities:
Accounts payable 3,256,144 (157,478)
Taxes payable 714,935 1,096,563
Accrued expenses and other payables 171,714 1,050,860
Net cash used in operating activities (7,947,183) (3,188,679)

Cash flows from investing activities:
Acquisition of property & equipment (1,299,156) (1,459,705)
Construction in progress (877,800) (3,009)
Restricted cash 11,415 --
Net cash used in investing activities (2,165,541) (1,462,714)

Cash flows from financing activities:
Amount held in escrow account -- (2,000,000)
Issuance of shares for cash -- 13,484,478
Net cash provided by financing
activities -- 11,484,478

Net (decrease) in cash and cash
equivalents (10,112,724) (6,833,085)

Effect of exchange rate change on
cash and cash equivalents 3,536,977 428,879

Cash and cash equivalents, beginning
of year 11,841,221 6,430,009

Cash and cash equivalents, end of
year 5,265,474 13,691,973

Supplement disclosure of cash flow
information:
Income taxes paid 3,362,504 3,595,008

Noncash Investment and Financing
Activity:
Offset of amounts due to/from
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