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1、TSANN KUEN(CHINA)ENTERPRISE CO.,LTD.,Annual Report 2010,(Prepared under PRC GAAP),CONTENTS,I.COMPANY PROFILE.3II.SUMMARY OF FINANCIAL HIGHLIGHTS AND BUSINESS HIGHLIGHTS.5,(I).PROFIT REALIZED AS OF THE YEAR 2010.5,(II).MAJOR ACCOUNTING DATA AND FINANCIAL INDEXES.6,(III).FULLY DILUTED AND WEIGHTED AVE
2、RAGE EQUITY ON RETURN AND EPS.7,(IV).STATEMENT ON CHANGES OF SHAREHOLDERS EQUITY IN THE REPORT PERIOD.8,III.CHANGES IN SHARE CAPITAL AND PARTICULARS ABOUT SHAREHOLDERS.9,(I).CHANGES OF SHARES.9,(II).INTRODUCTION ABOUT ISSUING AND LISTING OF SHARES.9,(III).BRIEF INTRODUCTION OF SHAREHOLDERS.9,(IV).BR
3、IEF INTRODUCTION ABOUT THE CONTROLLING SHAREHOLDERS OF THE COMPANY.11,(V).DESCRIPTION OF THE ACTUAL CONTROLLER.11,IV.DIRECTORS,SUPERVISORS,SENIOR EXECUTIVES AND EMPLOYEES.12,(I).DIRECTORS,SUPERVISORS AND SENIOR EXECUTIVES.12,(II).INTRODUCTION OF EMPLOYEES.16,V.CORPORATE GOVERNANCE STRUCTURE.16,(I)CO
4、RPORATE GOVERNANCE.16,(II).PERFORMANCE OF INDEPENDENT DIRECTORS.19,(III).THE COMPANY WAS SEPARATED FROM THE CONTROLLING SHAREHOLDER IN BUSINESS,PERSONNEL ASSETS,ORGANIZATION AND FINANCING.20,(IV).ESTABLISHMENT AND PERFECTING OF INTERNAL CONTROL OF THE COMPANY.21,(V)THE PERFORMANCE APPRAISAL AND INCE
5、NTIVE MECHANISM OF SENIOR MANAGEMENT.24VI.BRIEF FOR SHAREHOLDERS GENERAL MEETING.24VII.REPORT OF THE BOARD OF DIRECTORS.25,(I)OPERATION RETROSPECT OF THE COMPANY IN THE REPORT PERIOD.25,(II)OUTLOOK OF THE COMPANY.33,(III)DEVELOPMENT TREND OF THE INDUSTRY AND OUTLOOK OF THE MARKET.34,(IV)CAPITAL EXPE
6、NDITURE PLAN.34,1,(V)THE MAIN RISK FACTORS OF DEVELOPMENT IN THE FU TURE.35,(VI)INVESTMENT OF THE COMPANY.36,(VII)THE ROUTINE WORK OF THE BOARD OF DIRECTORS.36,VIII.REPORT OF SUPERVISORY COMMITTEE.43IX.SIGNIFICANT EVENTS.44,(I)SIGNIFICANT LITIGATION OR ARBITRATION.44,(II)SHAREHOLDING OF OTHER LISTED
7、 COMPANIES.44,(III)PURCHASE ASSETS,SELLING ASSETS AND COMBINATION ITEMS.44,(IV)SIGNIFICANT PURCHASE OR DISPOSAL OF ASSETS AND ACQUISITION OR MERGE DURING THE,REPORT PERIOD.44,(V)SIGNIFICANT RELATED TRANSACTION.45,(VI)SIGNIFICANT GUARANTEE.46,(VII)DERIVATIVES INVESTMENTS 47,(VIII)EXECUTION OF THE COM
8、MITTED EVENTS BY THE SHAREHOLDERS HOLDING MORE THAN 5%,OF SHARES OF THE COMPANY.48,(IX)PROPOSAL ON REENGAGEMENT OF REANDA CERTIFIED PUBLIC ACCOUNTANTS.48,(X)OTHER EVENTS.48,(XI)RECEPTION OF INVESTIGATION AND INTERVIEW OF THE COMPANY IN THE REPORT PERIOD49,X.FINANCIAL REPORT(ACCOMPANYING).51,(I)AUDIT
9、 REPORT.51,(II)FINANCIAL STATEMENT.51,XI.DOCUMENT AVAILABLE FOR REFERENCE.51,2,I.,Important NotesThe Board of Directors,Supervisory Committee,and Directors,Supervisors as well asSenior Management Staffs of TSANN KUEN(CHINA)ENTERPRISE CO.,LTD.(hereinafterreferred to as the Company)warrant that this r
10、eport does not contain any false or misleadingstatements or omit any material facts and hereby accept,individually and collectively,responsibility for the truth,accuracy and completeness of the contents of this report.None of the Directors,Supervisors and Senior Management Staffs has ever declared t
11、hathe(she)was uncertain of or had any objection to the truthfulness,accuracy and integrity of theannual report.All directors attended the Board sessions,at which the Annual Report 2010 was examined.Reanda Certified Public Accountants produced a standard unqualified auditors report forthe Company.Mr.
12、Jian Derong,Chairman of the Board,and Mr.Chen Zongyi,Accounting Manager,jointly guaranteed that the financial statements enclosed in this annual report are true andcomplete.Company Profile,1.Name of the Company(Chinese):Name of the Company(English):Companys Name(Abbreviation):2.Legal Representative:
13、3.Secretary to the Board:Contact Address:Telephone:Fax.E-mail:4.Securities Affairs Representative:Contact Address:Telephone:,厦门灿坤实业股份有限公司TSANN KUEN(CHINA)ENTERPRISE CO.,LTD.TKCJian DerongLuo QingxingTSANN KUEN Industrial Park,Longchi DevelopmentZone,Zhangzhou,Fujian0596-62681030596-Sun MeimeiTSANN K
14、UEN Industrial Park,Longchi DevelopmentZone,Zhangzhou,Fujian0596-62681613,Fax.E-mail:5.Registered AddressPost Code of Registered AddressOffice AddressPost Code of Office AddressWebsiteE-mail6.Newspaper for Information DisclosureWebsite for Disclosing the Annual ReportPlace where the Annual Report is
15、 Preparedand Placed7.Stock Exchange Listed withShort Form of the stockStock Codes8.Initial Registration Date and PlaceRegistration Number of Business LicenseOrganization CodeRegistration number of taxationCertified Public Accountants Engaged bythe CompanyAuditors Office Address,0596-6268104mm_No.88
16、Xinglong Road,Huli Industrial Park,Xiamen,P.R.China361006TSANN KUEN Industrial Park,Longchi DevelopmentZone,Zhangzhou,FDomestic Overseas TSANN KUEN Industrial Park,Longchi DevelopmentZone,Zhangzhou,FujianShenzhen Stock ExchangeMin Tsann Kuen B200512On 1 Jan.1988 in Xiamen35020040000142061200217-0NTW
17、Zi350206612002170Reanda Certified Public Accountants Co.,Ltd.Rm.2008,1st Block East,2000 Zhubang,No.100Balizhuangxili,Chaoyang District,Beijing,P.R.China4,1,2,3,4,5,II.Summary of Financial Highlights and Business Highlights(I).Profit realized as of the year 2010Unit:RMB Yuan,No.,ItemOperating profit
18、Total profitNet profit attributable to listed companys shareholdersNet profit attributable to listed companys shareholders after deductingextraordinary gains and lossesNet cash flow from operating activities,Amount78,143,764.4591,742,317.2564,373,615.2859,082,048.54226,182,193.87,1.Items of extraord
19、inary gains and losses and amountUnit:RMB Yuan,ItemsNet profitAdd:gains and losses from disposal of non-current assets,including the part thatwithdrawn reserve for impairment of assets were offsetGains and losses from change in fair value of tradable financial assets and tradablefinancial liabilitie
20、s and investment income from disposal of tradable financialassets,tradable financial liabilities and available-for-sale financial assets except foreffective hedging business related to normal operation business of the CompanyGovernment subsidy measured into current gains and losses,while closely rel
21、atedwith the business of the Company,excluding the fixed-amount or fixed-proportiongovernment subsidy enjoyed according to the certain standardOther non-operating income and expense beside for the above-mentioned eachitemsSubtotalInfluence on enterprise income taxNet profit attributable to minority
22、shareholders after deducting extraordinary gainsand lossesNet profit attributable to shareholder of parent company after deductingextraordinary gains and losses5,Amount64,373,615.28(5,781,044.33)2,215,787.05(3,235,460.00)(854,117.26)(7,654,834.54)949,990.111,413,277.6959,082,048.54,Item,1,2,3,4,5,6,
23、7,8,9,2.Explanation on difference of net profit under IFRS and PRC GAAPThis financial statement was prepared under PRC GAAP,which was different from that under IFRS.As at 31 Dec.2010,the net profits attributable to the listed companies shareholders in statutoryfinancial report was RMB64,373,615.28 a
24、s well as the net assets of RMB 461,411,506.21.Both netprofit and net assets after deducting the shareholders equity should be adjusted,as pursuant to IFRS,as follow:Unit:RMB Yuan,Net profit as of the year2010,Net assets as at Dec.31,2010,Net profits attributable to listedshareholders pursuant to PR
25、C GAAP,companys,64,373,615.28,461,411,506.21,Adjustment pursuant to IFRSAdjustment due to the adoption of swap exchange,rates in the calculation of fixed assets acquired before1994Offset the depreciation this year of the added value of,(1,264,821.60),fixed assets of which value is estimated to incre
26、ase in1993Subtotal,271,686.19(993,135.41),(1,418,805.66)(1,418,805.66),Net profits attributable toshareholders pursuant to IFRS,listed,companies,63,380,479.87,459,992,700.55,(II).Major accounting data and financial indexes,Special case/YearOperating incomeTotal profitNet profit attributable tolisted
27、 companys,UnitRMB YuanRMB YuanRMB Yuan,20103,334,396,248.7391,742,317.2564,373,615.28,20092,749,406,200.9064,556,409.2152,759,688.10,20084,043,631,270.3257,551,126.0442,536,200.29,2010200921.28%42.11%22.01%,shareholdersNet profit attributable to,listed,companys,shareholders after deducting,RMB Yuan,
28、59,082,048.54,38,824,465.74,17,596,190.42,52.18%,extraordinary gains andlosses,Total assetsShareholders equity(except minority interests)Net cash flow arising fromoperating activities,RMB YuanRMB YuanRMB Yuan,1,985,108,875.38461,411,506.21226,182,193.87,2,117,764,266.23396,565,377.00304,860,856.66,2
29、,236,370,415.83343,776,758.97333,456,414.61,-6.26%16.35%-25.81%,Net cash flow per share,arising,from operating,RMB Yuan,0.2033,0.2741,0.2998,-25.83%,activitiesNet assets per share,attributable,to,listed,RMB Yuan,0.4148,0.3565,0.3091,16.35%,companys shareholders,10,Net assets per share afteradjustmen
30、t,RMB Yuan,0.4095,0.3553,0.3083,15.25%,6,Special case/Year,Unit,2010,2009,2008,20102009,11,Basic earnings per share,RMB Yuan,0.06,0.05,0.04,20.00%,Earnings per share after,12,deducting,extraordinary,RMB Yuan,0.05,0.03,0.02,52.15%,gains and losses,13,Return on net assets,DilutedWeighted,13.95%15.01%,
31、13.30%14.25%,12.37%13.15%,0.65%0.76%,(III).Fully diluted and weighted average equity on return and EPS,Return on equity（%）,Return on equity（%）,Profit in the report period,Fully,Weighted,Fully,Weighted average,Net profit attributable to Companys shareholders holding,diluted,average,diluted,13.95%,15.
32、01%,0.06,0.06,ordinary shareNet profit attributable to Companys shareholders holding,12.80%,13.78%,0.05,0.05,ordinary share after deducting extraordinary gains and losses7,(IV).Statement on changes of shareholders equity in the report periodUnit:RMB YuanAmount this yearShareholders equity attributab
33、le to parent company,Items,Share capital,Capital reserve,Less:treasurystock,Specialreserves,Surplusreserve,General riskreserve,Retained profit,Converteddifference inforeign currency,Minorityinterests,Total Shareholdersequity,statements,I.Balance at the end of previous year,1,112,350,077.00,125,213,9
34、90.83,(840,347,470.50),(651,220.33),357,114,141.46,753,679,518.46,Plus(I):changes of accounting policies(II)Correction of accounting errors in prioryearsOther,II.Balance at the beginning of this yearIII.Increase/decrease for year 2010,1,112,350,077.00,125,213,990.83(178,785.91),(840,347,470.50)64,37
35、3,615.28,(651,220.33)651,299.84,357,114,141.4619,977,684.68,753,679,518.4684,823,813.89,(I)Net profit(II)Other comprehensive gains,(205,085.71),64,373,615.28,651,299.84,23,050,073.39,87,423,688.67446,214.13,Subtotal of(I)and(II),(205,085.71),64,373,615.28,651,299.84,23,050,073.39,87,869,902.80,(III)
36、Input by the shareholders and reducedcapital1.Capital input by shareholders2.Amount of share payment included in theowners equity3.Other(IV)Profit distribution for the year 20091.Withdrawing surplus reserve2.Withdrawal of general risk reserve3.Distribution to shareholders4.Other(V)Internal settlemen
37、t and transfer ofshareholders equity1.Transfer of capital reserve to capital2.Transfer of surplus reserve to capital3.Surplus reserve makes up for the loss4.Others(VI)Special reserve1.Withdrawing in this year2.Expenditure in this year,(832,080.00)(832,080.00)(2,613,904.66)(2,613,904.66),(832,080.00)
38、(832,080.00)(2,613,904.66)(2,613,904.66),(VII)Others,26,299.80,373,595.95,399,895.75,IV.Balance at the end of this year,1,112,350,077.00,125,035,204.92,(775,973,855.22),79.51,377,091,826.14,838,503,332.35,8,III.Changes in Share Capital and Particulars about Shareholders(I).Changes of sharesUnit：shar
39、e,Prior to the change,Increase/decrease of this change(+,-),Subsequent to this change,Quantity,Proportio Issuance of Bonusn new share Share,Capitalization of public Otherreserve,Subtotal,Quantity,proportion,I.Unlisted shares1.Sponsors shares,Including:,State-owned,sharesShares held by domesticcorpor
40、ationsShares held by foreigncorporationsOthers2.Shares placed bycorporations3.Employee shares4.Preference shares orothers,II.Listed shares,1,112,350,077,100%,1,112,350,077,100%,1.RMB ordinary shares,2.Domestically listedforeign shares,1,112,350,077,100%,1,112,350,077,100%,3.Overseas listed foreignsh
41、ares4.Others,III.Total shares,1,112,350,077,100%,1,112,350,077,100%,(II).Introduction about issuing and listing of shares:As approved by China Securities Regulatory Commission with the Notice on Approvalof the Unlisted Foreign Shares of the Company for Listing and Circulating(ZJGS Zi2006 No.266 docu
42、ment),the unlisted foreign shares of the Company totaling to700,476,830 shares(accounting for 62.97%of total share capital)were conversed intotradable B shares on 29 Nov.2006.Furthermore,the said shares could be listed for tradein B Shares Market of Shenzhen Stock Exchange since 29 Nov.2007.Hereto,a
43、ll sharesof the Company are circulation shares.For details,please refer to the Public Notice onListing and Circulating of Unlisted Foreign Shares published on Securities Times,TaKung Pao(HK)and http:/on 27 Nov.2007.(III).Brief introduction of shareholders1.Number of the shareholders:The total number
44、 of the Companys shareholders by the end of the reporting period was31,867.9,1,0,0,3,0,0,4,0,0,5,0,0,0,0,No,2.Shares held by the top ten shareholders:,No.,Name of shareholder,Attribute ofshareholder,Proportionin totalshare,Quality ofshares held,Quality ofnon-tradableshares held,Quality ofsharespledg
45、ed orfrozen,FORDCHEELIMITED,DEVELOPMENT Foreigncorporation,29.10%,323,643,179,2,EUPA INDUSTRY ForeignCORPORATION LIMITED corporationFILLMANINVESTMENTS ForeignLIMITEDcorporationForeignTIMMERTON CO INCcorporationDomesticCHEN YONG QUANperson,natural,13.83%2.49%1.30%0.90%,153,802,30627,729,57514,505,644
46、10,002,383,0,0,6,LI YI JUN,Domesticperson,natural,0.77%,8,606,659,0,0,7,SHANGHAI HONGKONG ForeignWANGUO SECURITIES corporation,0.60%,6,725,002,0,0,89,CHEN LI JUANCHEN YONG QING,ForeignpersonForeignperson,naturalnatural,0.55%0.53%,6,076,7465,889,589,00,00,10,CSC SECURITIES(HK)LTD,Foreigncorporation,0
47、.44%,4,915,379,3.Shares held by top ten tradable shareholders:,Name of shareholder1 FORDCHEE DEVELOPMENT LIMITED2 EUPA INDUSTRY CORPORATION LIMITED3 FILLMAN INVESTMENTS LIMITED4 TIMMERTON CO INC5 CHEN YONG QUAN6 LI YI JUN7 SHANGHAI HONGKONG WANGUO SECURITIES8 CHEN LI JUAN9 CHEN YONG QING10 CSC SECUR
48、ITIES(HK)LTD,Number of tradable shares held323,643,179153,802,30627,729,57514,505,64410,002,3838,606,6596,725,0026,076,7465,889,5894,915,379,Type of sharesB shareB shareB shareB shareB shareB shareB shareB shareB shareB share,The top three shareholders are the controlling,shareholders.Tsai Shuhui is
49、 a spouse of,Wu Tsann,Kuen,the actual controller of the Company.The,Explanation on related relationship and action-in-concertamong above mentioned shareholders,Company was not aware that whether there were anyrelated relationships between other shareholdersholding tradable shares and whether or not
50、the other,shareholders holding tradable shares belonged to theaction-in-concert people specified in The Regulationsfor Information Disclosure on the Change of SharesHeld by the Shareholders of the Listed Companies.10,(IV).Brief introduction about the controlling shareholders of the Company,Name of s
