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Replies To The SGX Queries
In respond to the queries raised by Singapore Exchange Limited ("SGX"), the Company wishes to clarify as follows:-
1) Ageing schedule of the outstanding trade receivables based on the invoice date;
As at 30 April 2007, the remaining balance of outstanding trade receivables of RMB68 million as at 31 December 2006 is RMB 51.7 million which are outstanding less than a year based on the invoice date. Approximately 57% of those trade receivables is due more than six months and the remaining 43% trade receivables is due less than six months.
2) Board's confirmation on whether the provision for doubtful debts is adequate.
After an evaluation of the group's outstanding trade receivable as at 30 April 2007, the Board of Directors confirmed that as of 30 April 2007, the existing provision for doubtful debts of the group is adequate.
By Order of the Board
William Chan Shut Li
21 May 2007