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China Meihua Biological Techno (CMBP)

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Friday 31 May, 2013

China Meihua Biological Techno

Final Results


                    CHINA MEIHUA BIOLOGICAL TECHNOLOGY PLC                     

                       ("China Meihua" or the "Company")                       

                                ANNUAL RESULTS                                 

                      FOR THE YEAR ENDED 31 DECEMBER 2012                      

CHAIRMAN'S STATEMENT

I am pleased to present China Meihua Biological Technology plc's audited
results for the twelve months to the year end 31 December 2012.

China Meihua was admitted to the ISDX Markets in October 2008 as a distributor
of probiotics, lactase, yoghurt fermentation agents and other related products
under the 25 years exclusive distribution agreement with Harbin Meihua
Biotechnology Joint Stock Co., Limited ("Harbin Meihua"). On 1 March 2011,
China Meihua successfully acquired Ying Wei Limited (the new holding company of
Harbin Meihua Biological Technology Joint Stock Co. Limited). We believe that
the acquisition will enable China Meihua to further exploit the market in which
it operates; taking advantage of both synergy benefits and Harbin Meihua's
established reputation. We have seen the result in 2012 with increased turnover
by 11% as compared to 2011.

In the 12 month period to 31 December 2012, the Group's revenue was £848,748
(2011: £799,324) and its net loss for the year was £1,546,509 (2011: £608,004).
Although the revenue in the 12 month period has only increased by 6% comparing
to last year's, the gross profit has increased by more than 66% over the
period. However, with increased finance costs and administrative expenses, the
Group recorded a bigger net loss during this period. But the Group has
continued exploring opportunities to grow its market share and reach new
customers. A recently patented Bama longevity bacterium has been added to
yogurt fermentation agents and probiotics to produce several high-end new
products. A series of new flavoured yogurt fermentation agents will also be
released to the market soon. A new agreement with Beijing In&On Ltd to promote
the Group's products through new media has been signed which has already
generated positive results. It is expected that there will be a breakthrough
with the sales of the Group's existing and new products in 2013 to enhance its
revenue. The directors have been constantly negotiating with its creditors for
the refinancing of the loan facilities and are confident that the Group has the
adequate resources to continue in operation for the foreseeable future.

The annual general meeting of the Company will be held at No. 8-8, Shanghai
Street, Daoli District, Harbin, Heilongjiang Province, China on 28 June 2013.

Wenjuan Xiao

Chairman

For more information please contact:

Hongwei Zhang

China Meihua Biological Technology plc

0161 969 3540

Katy Mitchell

WH Ireland Limited

0161 832 2174

CHINA MEIHUA BIOLOGICAL TECHNOLOGY PLC

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2012

The directors present their report and financial statements for the year ended
31 December 2012.

Principal activities, trading review and future developments

The Group's principal activity continued to be the manufacturing and
distribution of probiotics, lactase, yoghurt fermentation agents and other
related products.

Further details regarding the future development and performance about the
Group can be found in the Chairman's Statement on page 3.

Business review including operational and financial issues

The Board examines a number of Key Performance Indicators in evaluating the
performance of the business. The most important of these are:

                                                                 2012      2011
                                                                               
Revenue                                                    £848,748    £799,324
                                                                               
Loss before interest, tax, depreciation and                  £682,815   £13,785
amortisation                                                                   
                                                                               
Number of employees                                               140       128

It is considered that the development of the Company and its position as at 31
December 2012 are fairly set out in the accompanying accounts.

Results and dividends

The Group recorded a loss after tax of £1,546,509 (2011: £608,004). Further
information on the result for the period is included within the Chairman's
Statement on page 3.

The directors do not recommend a dividend payment for the period.

Risks and uncertainties

There are a number of potential risks and uncertainties, which could have a
material impact on the Group's performance and could cause actual results to
differ materially from expected and historic results. The Board monitors risks
on an ongoing basis and implements appropriate procedures and processes to try
and mitigate the adverse consequences of such risks.

The business faces two principal risks.

Firstly, the Group may need to raise additional capital to fund its future
expansion. There can be no assurance that the Group will be able to obtain such
funding.

Secondly, the Group's operating subsidiaries' functional currency is Chinese
Yuan (`'RMB''), the fluctuations in RMB could have an adverse effect on the
Group's business and operating results.

Due to the nature of these risks, they cannot be mitigated.

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2012

Directors

The directors who have held office during the period are:

Executive Directors

Wenjuan Xiao

Fengxiang Lin

Wenyan Duan

Li Huang

Non-Executive Directors

Dr H Zhang

Directors' interests

The interests (all of which are beneficial unless otherwise stated), whether
direct or indirect, of the directors and their families in respect of the
issued share capital is disclosed under substantial shareholders on page 6.

The directors, other than Rupert Purser, an ex-director, do not hold any
options over shares in the Company. The Company has granted Rupert Purser an
option to subscribe 2 per cent of the issued share capital of the Company at
date of Admission to ISDX market. The options can be exercised at any time
during the period from the date of the second anniversary of Admission until
the final day of the fifth year following Admission. The exercise price is the
Admission price on first day of trading.

On 22 October 2010, Rupert Purser has resigned as the non executive director
but his share option still remains effective till its expiry date on 23 October
2013.

Employment policies

The Group pursues a policy of equal opportunities to all employees and
potential employees. The Group has continued its policy of giving fair
consideration to applications for employment made by disabled persons bearing
in mind the requirements for skills and aptitude for the job. In the areas of
planned employee training and career development, the Group strives to ensure
that disabled employees receive equal treatments, including opportunities for
promotion. Every effort is made to ensure that continuing employment and
opportunities are also provided for employees who become disabled. It is the
Group's policy to take views of employees into account in making decisions, and
wherever possible to encourage the involvement of employees in Group's
performance.

Payments to suppliers

The Group's policy for the year ended 31 December 2012 is for all suppliers to
fix terms of payment when agreeing the terms of each transaction and to abide
by the agreed terms of payment.

Going concern

During the year ended 31 December 2012, the Group made a loss of £1,546,509
(2011: £608,004) and had net liabilities of £3,209,199 at 31 December 2012
(2011: £1,733,380). The Group experienced great challenges in achieving the
expected sales volume and pricing, thus the Group did not reach its profitable
potential as high input costs affected profitability and cash position.

The current economic environment is difficult and the company has reported
operating losses for the last few years. The directors consider that the
outlook presents significant challenges in terms of profit margin and
administrative costs. In addition, the Group bank borrowings are expiring and
the directors have commenced discussion with few bankers and other financial
lenders for the renewal of loan facilities. It is likely that these discussions
will not be completed for some time. The directors are also pursuing
alternative sources of funding in case the loan facilities are not forthcoming,
but have not yet secured a commitment.

The directors have concluded that the combination of these circumstances
represents a material uncertainty that casts significant doubt upon the Group's
ability to continue as a going concern. Nevertheless after making enquiries and
considering the uncertainties described above, the directors and shareholders
have expressed their willingness to continue supporting the Group for the
foreseeable future. Moreover, the directors are of the opinion that the Group
will obtain its renewal loan facility without any impair on the basis the
market value of the land and buildings owned by the Group would be higher than
its carrying value (see note 12). For these reasons, the directors continue to
adopt the going concern basis of accounting in preparing the group financial
statements.

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2012

Annual general meeting

The Annual General Meeting of the Company will be held on 28 June 2013 at No
8-8 Shanghai Street, Daoli District, Harbin, P.R. China.

Substantial shareholders

As at 28 May 2013, the Company had been notified of the following beneficial
interest of 3% or more in its shares:

Name of holder                                   Number of         % of issued
                                                    shares       share capital
                                                                              
Wenjuan Xiao                                    35,885,430 **           56.84%
                                                                              
Fengxiang Lin                                    8,590,050              13.61%
                                                                              
Sunny Orient Limited                             6,300,000               9.98%
                                                                              
Yanli Wang                                       2,835,000               4.49%
                                                                              
Qingtong Wang                                    2,268,000               3.59%
                                                                              
Xiujie Zheng                                     2,268,000               3.59%
                                                                              
Tianxiang Xiao                                   2,268,000               3.59%
                                                                              
Wensheng Xiao                                    2,268,000               3.59%
                                                                              

** The 35,885,430 ordinary shares held by Wenjuan Xiao included 1,803,060
ordinary shares held by Ziquan Lin, spouse of Wenjuan Xiao.

Statement of directors' responsibilities

Company law requires the directors to prepare financial statements for each
financial year, which give a true and fair view of the state of affairs of the
Company and Group and of the profit or loss of the Group for that period. In
preparing those financial statements, the directors are required to:

  * select suitable accounting policies and then apply them consistently;
   
  * make judgments and estimates that are reasonable and prudent;
   
  * state whether applicable accounting standards have been followed, subject
    to any material departures disclosed and explained in the financial
    statements; and
   
  * prepare the financial statements on the going concern basis unless it is
    inappropriate to presume that the Company will continue in business.
   
The directors confirm that they have complied with the above requirements in
preparing these financial statements.

The directors are responsible for keeping proper accounting records, which
disclose with reasonable accuracy at any time the financial position of the
Company and the Group to enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for safeguarding
the assets of the Company and the Group and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

The directors have confirmed that:

  * so far as the directors are aware, there is no relevant audit information
    of which the Company's auditors are unaware, and
   
  * they have taken all the steps they ought to have taken as directors in
    order to make themselves aware of any relevant audit information and to
    establish that the Company's auditors are aware of that information.
   
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2012

Auditors

A resolution proposing the reappointment of UHY Hacker Young as auditors of the
Company and authorising the Board to determine their remuneration will be put
to the Annual General Meeting.

By order of the Board

W Xiao

Director

31 May 2013




INDEPENDENT AUDITORS' REPORT
TO THE SHAREHOLDERS OF CHINA MEIHUA BIOLOGICAL TECHNOLOGY PLC

We have audited the financial statements of China Meihua Biological Plc for the
year ended 31 December 2012, which comprise the Consolidated income statement,
the Consolidated and Parent Company balance sheets, the Consolidated and Parent
Company statements of changes in equity, the Consolidated and Parent Company
cash flow statements and the related notes. The financial reporting framework
that has been applied in their preparation is applicable law and International
Financial Reporting Standards (IFRSs) as adopted by the European Union.

This report is made solely to the Company's members, as a body, in accordance
with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been
undertaken so that we might state to the Company's members those matters we are
required to state to them in an auditor's report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company and the Company's members as a body, for our
audit work, for this report, or for the opinions we have formed.

Respective responsibilities of Directors and Auditors

As explained more fully in the Statement of responsibilities of those charged
with governance, set out on page 6, the directors are responsible for the
preparation of the financial statements and for being satisfied that they give
a true and fair view. Our responsibility is to audit the financial statements
in accordance with relevant legal and regulatory requirements and International
Standards on Auditing (UK and Ireland). Those standards require us to comply
with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.

Scope of the audit of the financial statements

A description of the scope of an audit of financial statements is provided on
the APB's website at www.frc.org.uk/apb/scope/private.cfm.

Qualified opinion on financial statements

The Group's financing arrangement of RMB25 million is expiring and the amount
outstanding is payable on 20 August 2013. The Group may be unable to
re-negotiate or obtain the replacement financing in time as described in note
1.3. This situation indicates the existence of a material uncertainty that may
cast significant doubt on the Group's ability to continue as a going concern
and therefore the Group may be unable to realise its assets and discharge its
liabilities in the normal course of business. The financial statements (and
notes thereto) do not fully disclose this fact. In addition, this matter means
that we have been unable to obtain sufficient evidence that the directors are
justified in adopting the going concern basis in preparing these financial
statements.

Opinion on financial statements

In our opinion, except for the possible effects of the matter described in the
Basis for Qualified Opinion paragraph:

  * the financial statements give a true and fair view of the state of the
    Group's and of the Parent Company's affairs as at 31 December 2012 and of
    the Group's loss for the year then ended;
   
  * the Group financial statements have been properly prepared in accordance
    with IFRSs as adopted by the European Union;
   
  * the Parent company financial statements have been properly prepared in
    accordance with IFRSs as adopted by the European Union and as applied with
    the provisions of the Companies Act 2006;and
   
  * the financial statements have been prepared in accordance with the
    requirements of the Companies Act 2006.
   



INDEPENDENT AUDITORS' REPORT
TO THE SHAREHOLDERS OF CHINA MEIHUA BIOLOGICAL TECHNOLOGY PLC

Opinion on other matters prescribed by the Companies Act 2006

In our opinion the information given in the Directors' Report for the financial
year for which the financial statements are prepared is consistent with the
financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the
Companies Act 2006 requires us to report to you if, in our opinion:

  * adequate accounting records have not been kept by the Parent Company, or
    returns adequate for our audit have not been received from branches not
    visited by us; or
   
  * the Parent Company financial statements are not in agreement with the
    accounting records and returns; or
   
  * certain disclosures of directors' remuneration specified by law are not
    made; or
   
  * we have not received all the information and explanations we require for
    our audit.
   
Julie Wilson

Senior Statutory Auditor

For and on behalf of UHY Hacker Young

Chartered Accountants

Statutory Auditors

Quadrant House

4 Thomas More Square

London

E1W 1YW

31 May 2013

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2012

                                             Notes           2012          2011
                                                                               
                                                                £             £
                                                                               
Revenue                                        3          848,748       799,324
                                                                               
Cost of sales                                           (578,013)     (636,733)
                                                                               
Gross profit / (loss)                                     270,735       162,591
                                                                               
Other operating income                                          -         8,121
                                                                               
Other gains and losses                         4                -     2,126,646
                                                                               
Royalty fees                                   5                -       (5,535)
                                                                               
Distribution costs                                      (226,209)     (227,054)
                                                                               
Administrative expenses                                 (982,091)     (739,451)
                                                                               
Impairment loss                                                 -   (1,629,942)
                                                                               
Operating Loss                                          (937,565)     (304,624)
                                                                               
Interest income                                               350           463
                                                                               
Finance costs                                           (609,294)     (303,843)
                                                                               
Loss before tax                                6      (1,546,509)     (608,004)
                                                                               
Income tax expense                             9                -             -
                                                                               
Loss for the period                                   (1,546,509)     (608,004)
                                                                               
Other comprehensive income                                                     
                                                                               
Exchange difference arising on translation                 70,690       150,959
of foreign operations                                                          
                                                                               
Total comprehensive income for the year               (1,475,819)     (457,045)
                                                                               
Loss attributable to:                                                          
                                                                               
Owners of the parent                                  (1,483,538)     (575,723)
                                                                               
Non-controlling interest                                 (62,971)      (32,281)
                                                                               
                                                      (1,546,509)     (608,004)
                                                                               
Total comprehensive income attributable to:                                    
                                                                               
Owners of the parent                                  (1,409,904)     (440,802)
                                                                               
Non-controlling interest                                 (65,915)      (16,243)
                                                                               
                                                      (1,475,819)     (457,045)
                                                                               
Loss per share                                 10        Pence            Pence
                                                                               
Basic and diluted                                          (2.35)        (1.07)
                                                                               

The notes on pages 15 to 33 form part of these financial statements.

All amounts are derived from continuing operations.

CONSOLIDATED AND PARENT COMPANY BALANCE SHEET

AT 31 DECEMBER 2012

                        Notes           2012          2011          2012        2011
                                                                                    
                                           £             £             £           £
                                                                                    
                                       Group         Group       Company     Company
                                                                                    
Non-current assets                                                                  
                                                                                    
Intangible assets        11          454,504       498,698             -           -
                                                                                    
Property, plant and      12        3,194,195     3,266,218             -           -
equipment                                                                           
                                                                                    
Investment in            13                -             -         2,705     693,597
subsidiary                                                                          
                                                                                    
                                   3,648,699     3,764,916         2,705     693,597
                                                                                    
Current assets                                                                      
                                                                                    
Inventories              14          634,350       456,105             -           -
                                                                                    
Trade and other          15        1,368,412     1,293,185        68,718      84,322
receivables                                                                         
                                                                                    
Cash and cash            16        1,480,565       167,475         1,254          48
equivalents                                                                         
                                                                                    
                                   3,483,327     1,916,765        69,972      84,370
                                                                                    
Total assets                       7,132,026     5,681,681        72,677     777,967
                                                                                    
Current liabilities                                                                 
                                                                                    
Borrowings               22      (5,866,950)   (2,629,169)             -           -
                                                                                    
Trade and other          17      (3,790,283)   (3,488,435)     (789,782)   (727,712)
payables                                                                            
                                                                                    
                                 (9,657,233)   (6,117,604)     (789,782)   (727,712)
                                                                                    
Non-current liabilities                                                             
                                                                                    
Borrowing                22        (336,894)     (932,725)             -           -
                                                                                    
Deferred income          23        (347,098)     (364,732)             -           -
                                                                                    
                                   (683,992)   (1,297,457)             -           -
                                                                                    
Total liabilities               (10,341,225)   (7,415,061)     (789,782)   (727,712)
                                                                                    
Net liabilities                 (3,209,199)    (1,733,380)     (717,105)      50,255
                                                                                    
Equity                                                                              
                                                                                    
Share capital            19          631,364       631,364       631,364     631,364
                                                                                    
Share premium                         28,636        28,636        28,636      28,636
                                                                                    
Translation reserves                 148,781        75,147             -           -
                                                                                    
Retained earnings                (4,166,479)   (2,682,941)   (1,377,105)   (609,745)
                                                                                    
                                (3,357,698)    (1,947,794)     (717,105)      50,255
                                                                                    
Non-controlling          21          148,499       214,414             -           -
interest                                                                            
                                                                                    
Total equity                    (3,209,199)    (1,733,380)     (717,105)      50,255
                                                                                    

The notes on pages 15 to 33 form part of these financial statements.

The financial statements were approved by the Board of Directors and authorised
for issue on 31 May 2013.

Wenjuan Xiao

Director

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2012

                Share    Share  Translation     Retained  Minority        Total
                       premium     reserves     earnings  Interest             
              capital                                                          
                                                                               
                    £        £            £            £         £            £
                                                                               
Balance at 31  50,000        -     (59,774)  (2,107,218)         -  (2,116,992)
December 2010                                                                  
                                                                               
Comprehensive                                                                  
income                                                                         
                                                                               
Loss for the        -        -            -    (575,723)  (32,281)    (608,004)
year                                                                           
                                                                               
Other                                                                          
comprehensive                                                                  
income                                                                         
                                                                               
Currency            -        -      134,921            -    16,038      150,959
translation                                                                    
differences                                                                    
                                                                               
Total               -        -      134,921    (575,723)  (16,243)    (457,045)
comprehensive                                                                  
income                                                                         
                                                                               
Transactions                                                                   
with owners                                                                    
                                                                               
Issue of      581,364   28,636            -            -         -      610,000
share                                                                          
                                                                               
Acquisition         -        -            -            -   230,657      230,657
of                                                                             
subsidiaries                                                                   
                                                                               
Total         581,364   28,636            -            -   230,657      840,657
transactions                                                                   
with owners                                                                    
                                                                               
Balance at 31 631,364   28,636       75,147  (2,682,941)   214,414  (1,733,380)
December 2011                                                                  

Comprehensive                                                                  
income                                                                         
                                                                               
Loss for the year        -       -        -  (1,483,538)  (62,971)  (1,546,509)
                                                                               
Other                                                                          
comprehensive                                                                  
income                                                                         
                                                                               
Currency                 -       -   73,634            -   (2,944)       70,690
translation                                                                    
differences                                                                    
                                                                               
Total                    -       -   73,634  (1,483,538)  (65,915)  (1,475,819)
comprehensive                                                                  
income                                                                         
                                                                               
Balance at 31      631,364  28,636  148,781  (4,166,479)   148,499  (3,209,199)
December 2012                                                                  

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2012

                                        Share    Share   Retained      Total
                                      capital  premium   earnings           
                                                                            
                                            £        £          £          £
                                                                            
Balance at 31 December 2010            50,000        -  (478,650)  (428,650)
                                                                            
Comprehensive income                                                        
                                                                            
Loss for the year                           -        -  (131,095)  (131,095)
                                                                            
Total comprehensive income                  -           (131,095)  (131,095)
                                                                            
Transactions with owners                                                    
                                                                            
Issue of share                        581,364   28,636          -    610,000
                                                                            
Total transactions with owners        581,364   28,636          -    610,000
                                                                            
Balance at 31 December 2011           631,364   28,636  (609,745)     50,255

Comprehensive income                                                         
                                                                             
Loss for the year                           -       -    (767,360)  (767,360)
                                                                             
Total comprehensive income                  -            (767,360)  (767,360)
                                                                             
Balance at 31 December 2012           631,364  28,636  (1,377,105)  (717,105)

CONSOLIDATED AND PARENT COMPANY CASH FLOW STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012

                                       Group                    Company       
                                                                              
                                 2012        2011           2012       2011   
                                                                              
                                   £           £             £          £     
                                                                              
Cash flows from operating                                                     
activities                                                                    
                                                                              
Loss on ordinary activities     (937,565)   (304,624)     (767,360)  (131,095)
before interest and taxation                                                  
                                                                              
Adjustments for:                                                              
                                                                              
Amortisation of intangible         31,723     109,067             -          -
assets                                                                        
                                                                              
Depreciation of property,         223,026     182,113             -          -
plant and equipment                                                           
                                                                              
Goodwill negative                       - (2,126,646)             -          -
                                                                              
Impairment loss                         -   1,629,942             -          -
                                                                              
Permanent diminution                    -           -       690,892          -
                                                                              
                                (682,816)   (510,148)      (76,468)  (131,095)
                                                                              
Changes in working capital:                                                   
                                                                              
Inventories                     (189,859)   (136,991)             -          -
                                                                              
Trade and other receivables     (121,226)   1,905,275        15,604   (57,464)
                                                                              
Trade and other payables          437,568 (1,610,078)        62,070    154,506
                                                                              
Cash from/(used in)             (556,333)   (351,942)         1,206   (34,053)
operations                                                                    
                                                                              
Income taxes paid                       -          -              -         - 
                                                                              
Net cash from/(used in)         (556,333)   (351,942)         1,206   (34,053)
operating activities                                                          
                                                                              
Cash flows from investing                                                     
activities                                                                    
                                                                              
Purchase of property, plant     (261,403)    (22,195)             -          -
and equipment                                                                 
                                                                              
Interest received                     350         463             -          -
                                                                              
Net cash outflow arising from           -   (510,452)             -  (510,452)
acquisition                                                                   
                                                                              
Net cash used in investing      (261,053)   (532,184)             -  (510,452)
activities                                                                    
                                                                              
Cash flows from financing                                                     
activities                                                                    
                                                                              
Proceeds from share capital             -     547,000             -    547,000
                                                                              
Financial costs                 (507,211)   (303,843)             -          -
                                                                              
Borrowings (Net)                2,641,950     639,753             -          -
                                                                              
Loan repayment from                     -           -             -          -
subsidiary                                                                    
                                                                              
Net cash from financing         2,134,739     882,910             -    547,000
activities                                                                    
                                                                              
Net change in cash and cash     1,317,353       1,216         1,206    (2,495)
equivalents                                                                   
                                                                              
Cash and cash equivalents at      167,475      15,300            48      2,543
beginning of year                                                             
                                                                              
Exchange effect                   (4,263)     150,959             -          -
                                                                              
Cash and cash equivalents at    1,480,565     167,475         1,254         48
end of year                                                                   

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012

  * SIGNIFICANT ACCOUNTING POLICIES
   
 1. General information
   
China Meihua Biological Technology Plc is a company incorporated in England and
Wales under the Companies Act 2006. The address of the registered office is
given on page 1. The nature of the Group's operations and its principal
activities are set out in the Directors' Report on page 4. These financial
statements are presented in pounds sterling.

The principal activity of the company is that of an investment holding company.
The principal activities of its subsidiaries are set out in note 13.

On 25 February 2011, the company and its subsidiary Harbin Yinghua Biological
Technology Co., Limited (`'Harbin Yinghua'') executed an assignment (the
"Assignment") with Ying Wei Limited ("Ying Wei") and Sunny Orient Limited
("Sunny Orient"), the parent company of Ying Wei. Both Ying Wei and Sunny
Orient are incorporated in BVI. Pursuant to which Harbin Yinghua assigned to
Ying Wei all its rights and obligations under the option agreement dated 23
October 2008 that made between Harbin Yinghua and the shareholders of Harbin
Meihua Biotechnology Joint Stock Co., Limited (`'Harbin Meihua'') to acquire
the 95% of the entire share capital of Harbin Meihua for a consideration of £1.
The Assignment also provides that Sunny Orient will immediately transfer Ying
Wei (the new holding company of Harbin Meihua) back to the company. Sunny
Orient is owned and controlled by Lili Yang, the spouse of Dr. Hongwei Zhang, a
non executive director of the company.

On 1 March 2011, the company acquired the entire share capital of Ying Wei for
a total consideration of £580,000. The consideration was settled by issuing
6,300,000 new ordinary shares of the company at £0.01 per share and £517,000 in
cash. In the same period, the company issued 51,700,000 new ordinary shares at
£0.01 per share to the existing shareholders raising £517,000 in cash. The
company also further issued 136,364 new ordinary shares at £0.22 per share
raising £30,000 for working capital.

1.2 Statement of compliance and basis of preparation

These financial statements have been prepared in accordance with International
Financial Reporting Standards adopted by the European Union ("IFRS"), IFRIC
interpretations and the AIM Rules.

The financial statements have been prepared on the historical costs basis
except for the revaluation of certain non-current assets and financial
instruments as required.

At the date of authorisation of these financial statements, the Group has not
adopted the following standards and interpretations as they are either not
effective of not applicable to the Group's business.

  * Amendments to IFRS 7 Financial Instruments: Disclosures
   
  * IAS 27 Separate Financial Statements (2011)
   
  * IAS 28 Investments in Associates and Joint Ventures (2011)
   
  * IFRS 9 Financial Instruments
   
  * IFRS 10 Consolidated Financial Statements
   
  * IFRS 12 Disclosure of Interests in Other Entities
   
  * IFRS 13 Fair Value Measurement
   
  * Amendments to IAS 19 Employee Benefits
   
  * Amendments to IAS 1 Presentation of Items of Other Comprehensive Income
   
  * Amendments to IFRS 7 Disclosures - Offsetting Financial Assets and
    Financial Liabilities
   
  * Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities
   
  * Annual improvements to IFRSs (2009 - 2011)
   
The management does not anticipate that the adoption of the above IFRS
(including consequential amendments) and interpretations will result in any
material impact to the financial statements in the period of initial
application.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012

1.3 Going concern

During the year, the Group made a loss of £1,546,509 (2011: £608,004) and had
net liabilities of £3,209,199 at 31 December 2012 (2011: £1,733,380). The Group
experienced great challenge in achieving the expected sales volume and pricing,
thus the Group did not reach its profitable potential as high input costs
affected profitability and cash position.

The current economic environment is difficult and the company has reported
operating losses for the last few years. The directors consider that the
outlook presents significant challenges in terms of profit margin and
administrative costs. In addition, the Group bank borrowings are expiring and
the directors have commenced discussion with few bankers and other financial
lenders for the renewal of loan facilities. It is likely that these discussions
will not be completed for some time. The directors are also pursuing
alternative sources of funding in case the loan facilities are not forthcoming,
but have not yet secured a commitment.

The directors have concluded that the combination of these circumstances
represents a material uncertainty that casts significant doubt upon the Group's
ability to continue as a going concern. Nevertheless after making enquiries and
considering the uncertainties described above, the directors and shareholders
have expressed their willingness to continue supporting the Group for the
foreseeable future. Moreover, the directors are of the opinion that the Group
will obtain its renewal loan facility without any impair on the basis the
market value of the land and buildings owned by the Group would be higher than
its carrying value (see note 12). For these reasons, the directors continue to
adopt the going concern basis of accounting in preparing the group financial
statements.

1.4 Basis of consolidation

The consolidated financial statements incorporate the financial statements of
the Company and entities controlled by the Company (its subsidiaries). Control
is achieved where the Company has the power to govern the financial and
operating policies of an investee entity so as to obtain benefits from its
activities.

Non-controlling interests in the net assets of consolidated subsidiaries are
identified separately from the Group's equity therein. Minority interests
consist of the amount of those interests at the date of the original business
combination (see below) and the minority's share of changes in equity since the
date of the combination. Losses applicable to the minority in excess of the
minority's interest in the subsidiary's equity are allocated against the
interests of the Group except to the extent that the minority has a binding
obligation and is able to make an additional investment to cover the losses.

The results of subsidiaries acquired or disposed of during the period are
included in the consolidated income statement from the effective date of
acquisition or up to the effective date of disposal, as appropriate.

Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with those used by
the Group.

All intra-group transactions, balances, income and expenses are eliminated on
consolidation.

1.5 Business combinations

The acquisition of subsidiaries is accounted for using the acquisition method
of accounting. The consideration transferred in a business combination is
measured at the aggregate of the fair values, at the date of exchange, of
assets given, liabilities incurred or assumed, and equity instruments issued by
the Group in exchange for control of the acquire. Acquisition related costs are
generally recognised in profit or loss. The acquiree's identifiable assets,
liabilities and contingent liabilities that meet the conditions for recognition
under IFRS 3: Business Combinations are recognised at their fair value at the
acquisition date, except for non-current assets (or disposal groups) that are
classified as held for sale in accordance with IFRS 5: Non-Current Assets Held
for Sale and Discontinued Operations, which are recognised and measured at fair
value less costs to sell.

Goodwill arising on acquisition is recognised as an asset and initially
measured as the excess of the consideration transferred over the Group's
interest in the net fair value of the identifiable assets, liabilities and
contingent liabilities recognised. If, after reassessment, the Group's interest
in the net fair value of the acquiree's identifiable assets, liabilities and
contingent liabilities exceed the consideration transferred, the excess is
recognised immediately in the profit and loss as a bargain purchase.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012- continued

Non-controlling interests that are present ownership interest and entitle their
holders to a proportionate share of the entity's net assets in the event of
liquidation may be initially measured either at fair value or at the non-
controlling interests' proportionate share of the recognised amounts of the
acquiree's identifiable net assets. The choice of measurement basis is made on
a transaction-by-transaction basis. Other types of non-controlling interests
are measured at fair value, when applicable, on the basis specified in another
IFRS.

1.6 Revenue recognition

Revenue is measured at the fair value of the consideration received or
receivable and represents amounts receivable for goods and services provided in
the normal course of business, net of discounts, VAT and other sales related
taxes.

Sales of goods are recognised when goods are delivered and title has passed.

Sales of services are recognised in the accounting periods in which the
services are rendered, by reference to stage of completion of the specific
project assessed on the basis of the actual service provided as a proportion of
the total services to be provided as at the balance sheet date.

1.7 Segment reporting

Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker is responsible for allocating resources and assessing
performance of the operating segments.

1.8 Foreign currencies

The Group-operating subsidiary's financial statements were drawn up in Chinese
Yuan (RMB), the main functional currency for the Group. Therefore the financial
information in the financial statements has been translated from RMB to pound
sterling at the relevant exchange rates for reporting in the United Kingdom.

Functional and presentational currency

Items included in the financial information of each of the Group's entities are
measured using the currency of the primary economic environment in which the
entity operates (`the functional currency'). The consolidated financial
information is presented in Sterling (`£'), which is the Company's
presentational currency.

Transactions and balances

Foreign currency transactions are translated into the functional currency using
the exchange rates prevailing at the dates of transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from
the translation at period end exchange rates of the monetary assets and
liabilities denominated in foreign currencies are recognised in the income
statement.

Group companies

The results and financial position of all the Group entities (none of which has
the currency of a hyperinflationary economy) that have a functional currency
different from the presentational currency are translated into the
presentational currency as follows:

  * assets and liabilities for each balance sheet presented are translated at
    the closing rate at the date of that balance sheet;
   
  * income and expenses for each income statement are translated at average
    exchange rates (unless this average is not a reasonable approximation of
    the cumulative effect of the rates prevailing on the transaction dates, in
    which case income and expenses are translated at the rate on the dates of
    the transactions); and
   
  * all resulting exchange differences are recognised as a separate component
    of equity.
   
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012- continued

The presentational currency of the Group is Pounds Sterling and therefore the
financial statements have been translated from RMB to £ at the following
exchange rates:

Closing rate £1: RMB 10.07 (2011: £1: RMB 9.82);

Average rate £1: RMB 10.00 (2011: £1: RMB 10.35)

1.9 Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or
production of qualifying assets, which are assets that necessarily take a
substantial period of time to get ready for their intended use or sale, are
added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale. Investment income earned on
the temporary investment of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs eligible for
capitalisation.

All other borrowing costs are recognised in profit or loss in the period in
which they are incurred.

1.10 Taxation

The tax expense represents the sum of the tax currently payable and deferred
tax.

The tax currently payable is based on taxable profit for the period. Taxable
profit differs from net profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible. The
Group's liability for current tax is calculated using tax rates that have been
enacted or substantively enacted by the balance sheet date, and any adjustment
to tax payable in respect of previous periods.

Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax rates used in the computation of taxable
profit, and is accounted for using the balance sheet method. Deferred tax
liabilities are generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that
future taxable profits will be available against which the asset can be
utilised. Such assets and liabilities are not recognised if the temporary
difference arises from the initial recognition of goodwill or from the initial
recognition (other than in a business combination) of other assets and
liabilities in a transaction that affects neither the tax profit nor the
accounting profit.

The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be
recovered.

Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised. Deferred tax is
charged or credited in the income statement, except when it relates to items
charged or credited directly to equity, in which case it is recognised in
equity.

Deferred tax assets and liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax liabilities
and when they relate to income taxes levied by the same taxation authority and
the Group intends to settle its current tax assets and liabilities on a net
basis.

1.11 Property, plant and equipment

Property, plant and equipment are stated in the balance sheet at cost less any
subsequent accumulated depreciation and any recognised impairment loss.

Cost includes purchase price and all directly attributable costs of bringing
the asset to its present location and condition necessary to operate as
intended.

Depreciation is provided at rates calculated to write off the cost less
estimated residual value of each asset over its estimated useful economic life
as follows:

Leasehold land and building over the lease period

Plant and machinery 5 - 20 years

Fixtures, fittings and equipment 5 - 8 years

Motor vehicles 5 - 15 years

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012- continued

An asset's carrying amount is written down immediately to its recoverable
amount if the asset's carrying amount is greater than its estimated recoverable
amount (refer note 1.12).

Gains and losses on disposals are determined by comparing the disposal proceeds
with the carrying amount and are included in the income statement.

1.12 Impairment of tangible fixed assets and intangible assets

At each balance sheet date, the Group reviews the carrying amounts of its
tangible assets to determine whether there is any indication that those assets
have suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent
of the impairment loss (if any). Where the asset does not generate cash flows
that are independent from other assets, the Group estimates the recoverable
amount of the cash-generating unit to which the asset belongs. An intangible
asset with an indefinite useful life is tested for impairment annually and
whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in
use. In assessing value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the
asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to
be less than its carrying amount, the carrying amount of the asset
(cash-generating unit) is reduced to its recoverable amount. An impairment loss
is recognised as an expense immediately, unless the relevant asset is carried
at a revalued amount, in which case the impairment loss is treated as a
revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the
asset (cash-generating unit) is increased to the revised estimate of its
recoverable amount, but so that the increased carrying amount does not exceed
the carrying amount that would have been determined had no impairment loss been
recognised for the asset (cash-generating unit) in prior years. A reversal of
an impairment loss is recognised as income immediately, unless the relevant
asset is carried at a revalued amount, in which case the reversal of the
impairment loss is treated as a revaluation increase.

1.13 Intangible assets

Internally-generated intangible assets - research and development expenditure

Expenditure on research activities is recognised as an expense in the period in
which it is incurred.

An internally generated intangible asset arising from development of technical
know-how is recognised only if all of the following conditions are met:

  * the technical feasibility of completing the intangible asset so that it
    will be available for use or sale.
   
  * its intention to complete the intangible assets and use or sell it.
   
  * its ability to use or sell the intangible asset.
   
  * it is probable that the assets created will generate future economic
    benefits.
   
  * the availability of adequate technical, financial and other resources to
    complete the development and to use or sell the intangible asset.
   
  * the development cost of the asset can be measured reliably.
   
Internally generated intangible assets are amortised on a straight line basis
over their estimated useful lives. Where no internally generated intangible
asset can be recognised, development expenditure is charged to income statement
in the period in which it is incurred.

Amortisation is provided at rates calculated to write off the cost less
estimated residual value of each intangible asset over its estimated useful
economic life of up to twenty years and this is charged to income statement.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012- continued

Technical know-how

An intangible shall be recognised only if:

  * It is probable that the expected future economic benefits that are
    attributable to the assets will flow to the entity; and
   
  * The cost of the asset can be measured reliably.
   
Technical know-how is measured at fair value and is amortised on straight-line
basis over their estimated useful life of twenty years.

1.14 Investment in subsidiaries

Investments in subsidiaries are stated at cost less provision for permanent
diminution in value.

1.15 Inventories

Inventories are measured at the lower of cost and net realisable value.

Net realisable value is the estimated selling price in the ordinary course of
business less the estimated costs of completion and the estimated costs
necessary to make the sale. Cost includes all costs of purchase, costs of
conversion and other costs incurred in bringing the inventories to their
present location and condition. The cost of inventories and work in progress,
other than those for which specific identification of costs are appropriate, is
assigned by using the first-in, first-out (FIFO basis). When the inventories
and work in progress are sold, the carrying amount of those inventories and
work in progress are recognised as an expense in the same period as the
revenue.

The amount of any write-down of inventories and work in progress to net
realisable value are recognised as an expense in the period the write-down or
loss occurs. The amount of any reversal of a write-down of inventories and work
in progress are recognised as a reduction in the amount of inventories and work
in progress recognised as an expense in the period in which the reversal
occurs.

1.16 Financial instruments

Financial instruments are recognised in the Group's balance sheet when the
Group becomes a party to the contractual provisions of the instrument.

Trade receivables

Trade receivables are measured at initial recognition at fair value, and are
subsequently measured at amortised cost using the effective interest rate
method. Appropriate allowances for estimated irrecoverable amounts are
recognised in profit or loss when there is objective evidence that the asset is
impaired. The allowance recognised is measured as the difference between the
asset's carrying amount and the present value of estimated future cash flows
discounted at the effective interest rate computed at initial recognition.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and demand deposits, and other
short-term highly liquid investments that are readily convertible to a known
amount of cash and are subject to an insignificant risk of changes in value and
have an original maturity of three months or less.

Financial liabilities and equity

Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into. An equity instrument is
any contract that evidences a residual interest in the assets of the Group
after deducting all of its liabilities.

Trade payables

Trade payables are initially measured at fair value, and are subsequently
measured at amortised cost, using the effective interest rate method.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012- continued

Borrowings

Borrowings are recognised initially at the proceeds received and subsequently
measured at amortised cost. Any difference between net proceeds and redemption
value is recognised in the income statement over period of the borrowings using
effective interest method. Borrowings are classified as current liabilities
unless the Group has an unconditional right to defer settlement for at least 12
months from the balance sheet date.

Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received,
net of direct issue costs.

1.17 Government grants

Government grants are recognised as income over the periods necessary to match
them with the related costs which they are intended to compensate; and are
recognised only when there is reasonable assurance that:

 a. the company will comply with the conditions attached to them; and
   
 b. the grants will be received.
   
Government grants related to asset is recognised by deducting the grant from
the assets carrying value and it is amortised over the remaining useful life of
the asset.

Under Chinese law, the grant of RMB 18,609,850 is required to be treated as a
special reserve and would be included in equity, and not as a reduction in the
cost.

1.18 Share-based payments

The Group issues equity-settled share-based payments to certain employees and
directors, which are measured at fair value at the date of grant.

The fair value determined at the grant date of the equity-settled share-based
payments is expensed on a straight-line basis over the vesting period, based on
the Group's estimate of shares that will eventually vest and adjusted for the
effect of non market-based vesting conditions. At each balance sheet date, the
Group revises its estimate of the number of equity instruments expected to
vest. The impact of the revision of the original estimates, if any, is
recognised in profit and loss over the remaining vesting period, with a
corresponding adjustment to the equity-settled employee benefits reserve.

Equity-settled share-based payment transactions with other parties are measured
at fair value of the goods or services received, except where the fair value
cannot be estimated reliably, in which case they are measured at the fair value
of the equity instruments granted, measured at the date the entity obtains the
goods or the counterparty render the service.

For cash-settled share-based payments, a liability equal to the portion of the
goods or services received is recognised at the current fair value determined
at each balance date.

Fair value is measured by use of Black Scholes model. The expected life used in
the model has been adjusted, based on management's best estimate, the effects
of non-transferability, exercise restriction, and behavioural consideration.

  * 1.19 Critical accounting estimates and judgements
   
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The Group makes estimates and assumptions concerning the future. The resulting
accounting estimates and assumptions will, by definition, seldom equal the
related actual results. The estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are discussed below.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012- continued

Intangible assets - Impairment review

The Group assesses the impairment of intangible assets subject to amortisation
or depreciation whenever events or changes in circumstances suggest that the
carrying amount of the asset may not be recoverable or may have been impaired.
The Group amortise the intangible assets, using the straight-line method, over
their estimated useful lives. The estimated useful life reflects management's
estimate of the period that the Group intends to derive future economic
benefits from the use of the Group's intangible assets. Factors that may
trigger an impairment review include the following:

 i. Significant underperformance relative to historical or projected operating
    results.
   
ii. Significant changes in the manner of the use of the assets or the overall
    business strategy.
   
iii. Significant negative industry or macro-economic trends.
   
The key assumptions used in the value in use calculations for the technical
know-how included with intangible assets are revenue growth rates, estimated
useful life and appropriate discount rates.

Management has assessed the net present value and thereby impairment on variety
of bases and assumptions. The impairment test are particularly sensitive to
changes in the key assumptions and changes to the assumptions could result in
impairment; however all of the varying bases indicate a net present value in
excess of the carrying value of the intangible assets.

The key assumptions in the value in use calculations are as follows:

Revenue Growth Rate 5%

Discount Factor 6%

Estimated useful life 16 years

A decrease of 10% in the key assumptions rates would result in the request for
an impairment of the intangible asset.

Depreciation of property, plant and equipment

The Group depreciates the property, plant and equipment, using the
straight-line method, over their estimated useful lives after taking into
account of their estimated residual values. The estimated useful life reflects
management's estimate of the period that the Group intends to derive future
economic benefits from the use of the Group's property, plant and equipment.
The residual value reflects management's estimated amount that the Group would
currently obtain from the disposal of the asset, after deducting the estimated
costs of disposal, as if the asset were already of the age and in the condition
expected at the end of its useful life. Changes in the expected level of usage
and technological developments could affect the economics, useful lives and the
residual values of these assets which could then consequentially impact future
depreciation charges. The carrying amounts of the Group's property, plant and
equipment as at 31 December 2012 was £3.2 million (2011: £3.3 million).

Net realisable value of inventories

Net realisable value of inventories is the estimated selling price in the
ordinary course of business, less estimated costs of completion and selling
expenses. These estimates are based on the current market condition and the
historical experience of manufacturing and selling products of similar nature.
It could change significantly as a result of changes in customer demand and
competitor actions in response to severe industry cycle. Management reassesses
these estimates at each balance sheet date. The carrying amount of the Group's
inventories as at 31 December 2012 was £634,350 (2011: £456,105).

2 LOSS FOR PARENT COMPANY

The loss after tax for the period included in the accounts of the Company
amounts to £767,360 (2011: £131,095) and has been included in the Group's
statement of comprehensive income. As allowed by the provisions of Section 408
of the Companies Act 2006, the Company has not published its own separate
statement of comprehensive income.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012- continued

3 SEGMENT INFORMATION

Management has determined there is only a single operating segment, which is
the manufacture, sales, marketing and distribution of probiotics, lactase,
yoghurt fermentation agents and other related products, which are mainly
undertaken in P. R. China.

4 OTHER GAINS AND LOSSES

Other gains and losses represent negative goodwill arising on the acquisition
of Ying Wei Group. This is a bargain purchase where prior to the acquisition,
Harbin Meihua was a loss making company. As a result of this, the purchase
price was discounted.

5 ROYALTY FEES

Royalty fees payable represent 10% of revenue paid to Harbin Meihua under the
term of the Distribution Agreement signed, which was superseded by the
execution of Assignment on note 1.1.

6 LOSS BEFORE TAX

Loss from operations has been arrived at after            2012         2011
charging:                                                                  
                                                                           
                                                             £            £
                                                                           
Staff costs (see note 7)                               689,384      662,560
                                                                           
Foreign exchange difference                           (12,162)       23,741
                                                                           
Depreciation                                           223,026      182,113
                                                                           
Amortisation                                            31,723      109,067
                                                                           
Impairment loss                                              -    1,629,942
                                                                           
Research costs                                          77,964       22,617
                                                                           
Operating lease rentals - property, plant and                -            -
equipment                                                                  

The analysis of auditors' remuneration is as follows:

                                                          2012         2011
                                                                           
                                                             £            £
                                                                           
Fees payable to the Company's auditor for the                              
                                                                           
audit of the Company's annual accounts                   6,000        6,000
                                                                           
Fees payable to the Company's auditor for the                              
                                                                           
audit of the Company's subsidiaries pursuant to         15,000       15,000
legislation                                                                
                                                                           
Total audit fees                                        21,000       21,000

7 STAFF COSTS

The average monthly number of employees (including        2012         2011
directors) was:                                                            
                                                                           
                                                        Number       Number
                                                                           
Office and management                                        7            7
                                                                           
Sales and marketing                                         24           21
                                                                           
Production                                                  65           62
                                                                           
Research & development                                      10           10
                                                                           
Administration                                              34           28
                                                                           
                                                           140          128
                                                                           
Their aggregate remuneration comprised:                      £            £
                                                                           
Wages and salaries                                     639,703      632,113
                                                                           
Social security cost                                    49,681       30,447
                                                                           
                                                       689,384      662,560

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012 - continued

8 DIRECTORS' EMOLUMENTS

                                                          2012         2011
                                                                           
                                                             £            £
                                                                           
Emoluments for qualifying services                      73,843       72,155
                                                                           
                                                        73,843       72,155

9 INCOME TAX EXPENSE

                                                           2012        2011
                                                                           
                                                              £           £
                                                                           
Current tax charge                                                         
                                                                           
Tax charge for the year                                       -           -
                                                                           
Deferred tax (note 18)                                        -           -
                                                                           
                                                              -           -
                                                                           
Current tax reconciliation                                                 
                                                                           
Loss before taxation                                (1,483,538)   (608,004)
                                                                           
Current tax charge at rate of 25%                     (370,885)   (152,001)
                                                                           
Factor affecting income tax charge:                                        
                                                                           
Unrelieved tax losses carried forward                   370,885     152,001
                                                                           
                                                              -           -

The ultimate parent company is regarded as tax resident for the tax purposes in
the UK. It has estimated losses of £507,997 (2011: £431,529) available for
carry forward against future profits.

Ying Wei is regarded as resident for the tax purposes in BVI. There are no
applicable taxes in BVI for the company.

A company is deemed to be resident in PRC if it is established in PRC or its
effective management is in PRC. Residents are taxed on their worldwide income.
Non residents are taxed on PRC source income and income effectively connected
with their establishments in PRC.

The Group's operating subsidiary in P. R. China Domestic is subject to income
tax of 25%. It has estimated losses of RMB 43,265,000 (2011: RMB 29,950,000)
available for carry forward against future profits.

10 EARNING PER SHARE

Basic loss per share is calculated by dividing the loss attributable to equity
shareholders of the company by the weighted average number of ordinary shares
in issue during the year.

Diluted loss per share is calculated by adjusting the weighted average number
of ordinary shares outstanding to assume conversion of all dilutive potential
ordinary shares. There are no dilutive potential ordinary shares in the
company.

                                                          2012          2011
                                                                            
Earnings                                                     £             £
                                                                            
Earnings for the purposes of basic earnings        (1,483,538)     (575,723)
per share being net profit attributable to                                  
equity holders of the parent                                                
                                                                            
Number of shares                                                            
                                                                            
Weighted average number of ordinary shares          63,136,364    53,738,979
for the purposes of basic and diluted                                       
earnings per share                                                          
                                                                            
Earnings per share                                                          
                                                                            
Basic and diluted (pence)                               (2.35)        (1.07)
                                                                            

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012 - continued

11 INTANGIBLE ASSETS

                                     Technical    Development         Total
                                                        costs              
                                      know-how                             
                                                                           
Cost                                         £              £             £
                                                                           
At 1 January 2010 and                        -              -             -
2011                                                                       
                                                                           
Acquisition of                       1,883,340        201,854     2,085,194
subsidiaries                                                               
                                                                           
Exchange differences                   192,515         18,628       211,143
                                                                           
At 31 December 2011                  2,075,855        220,482     2,296,337
                                                                           
At 1 January 2012                    2,075,855        220,482     2,296,337
                                                                           
Exchange differences                  (98,823)        (8,586)     (107,409)
                                                                           
At 31 December 2012                  1,977,032        211,896     2,188,928
                                                                           
Amortisation                                                               
                                                                           
At 1 January 2010 & 2011                     -              -             -
                                                                           
Impairment loss                      1,629,942              -     1,629,942
                                                                           
Current year charge                     99,123          9,944       109,067
                                                                           
Exchange differences                    54,813          3,817        58,630
                                                                           
At 31 December 2011                  1,783,878         13,761     1,797,639
                                                                           
At 1 January 2012                    1,783,878         13,761     1,797,639
                                                                           
Current year charge                     19,107         12,616        31,723
                                                                           
Exchange differences                  (91,525)        (3,413)      (94,938)
                                                                           
At 31 December 2012                  1,711,460         22,964     1,734,424
                                                                           
Carrying amount                                                            
                                                                           
At 31 December 2012                    265,572        188,932       454,504
                                                                           
At 31 December 2011                    291,977        206,721       498,698

The technical know-how represents `'Kluyveromyces fragilis'' lactase production
know-how transferred from the director, Xiao Wenjuan.

Development costs represent expenditure incurred in respect of development of
the lactase above.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012- continued

12 PROPERTY, PLANT AND EQUIPMENT

             Assets under      Land   Building  Plant and     Motor   Fixtures      Total
                                                           vehicles        and           
             construction                       machinery            equipment           
                                                                                         
Cost                    £         £          £          £         £          £          £
                                                                                         
At 1 January            -         -          -          -         -      2,751      2,751
2011                                                                                     
                                                                                         
Acquisition        14,431   409,185  1,762,331    862,305    84,099     32,980  3,165,331
of                                                                                       
subsidiaries                                                                             
                                                                                         
Additions           7,279         -          -      9,896         -      5,020     22,195
                                                                                         
Exchange            1,512    36,143    170,256    117,729    13,653      8,740    348,033
differences                                                                              
                                                                                         
At 31              23,222   445,328  1,932,587    989,930    97,752     49,491  3,538,310
December                                                                                 
2011                                                                                     
                                                                                         
At 1 January       23,222   445,328  1,932,587    989,930    97,752     49,491  3,538,310
2012                                                                                     
                                                                                         
Additions             853         -    222,332     23,572    14,129        517    261,403
                                                                                         
Transfer         (23,156)         -     23,156          -         -          -          -
                                                                                         
Disposal                -         -          -          -         -      (920)      (920)
                                                                                         
Exchange            (431)  (15,787)   (88,603)   (74,725)   (9,571)    (6,922)  (196,039)
differences                                                                              
                                                                                         
At 31                 488   429,541  2,089,472    938,777   102,310     42,166  3,602,754
December 201                                                                             
2                                                                                        
                                                                                         
Accumulated                                                                              
depreciation                                                                             
                                                                                         
At 1 January            -         -          -          -         -        862        862
2011                                                                                     
                                                                                         
Charge for              -     7,644     42,342    105,710    16,045     10,372    182,113
the year                                                                                 
                                                                                         
Exchange                -     4,981     23,270     46,414     8,039      6,413     89,117
differences                                                                              
                                                                                         
At 31                   -    12,625     65,612    152,124    24,084     17,647    272,092
December                                                                                 
2011                                                                                     
                                                                                         
At 1 January            -    12,625     65,612    152,124    24,084     17,647    272,092
2012                                                                                     
                                                                                         
Charge for              -     9,495     56,925    125,239    20,324     11,043    223,026
the year                                                                                 
                                                                                         
Disposal                -         -          -          -         -      (920)      (920)
                                                                                         
Exchange                -   (4,837)   (22,502)   (44,375)   (7,739)    (6,186)   (85,639)
differences                                                                              
                                                                                         
At 31                   -    17,283    100,035    232,988    36,669     21,584    408,559
December 201                                                                             
2                                                                                        
                                                                                         
Carrying                                                                                 
amount                                                                                   
                                                                                         
At 31                 488   412,258  1,989,437    705,789    65,641     20,582  3,194,195
December 201                                                                             
2                                                                                        
                                                                                         
At 31              23,222   432,703  1,866,975    837,806    73,668     31,844  3,266,218
December                                                                                 
2011                                                                                     

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012 - continued

13 INVESTMENTS IN SUBSIDIARIES

                                                               Company         
                                                                               
                                                             2012          2011
                                                                               
Investment costs                                                £             £
                                                                               
As at 1 January                                           113,597       113,597
                                                                               
Additions                                                 580,000       580,000
                                                                               
As at 31 December                                         693,597       693,597
                                                                               
Permanent diminution                                                           
                                                                               
From 1 January                                                  -             -
                                                                               
Charge for the year                                     (690,892)             -
                                                                               
As at 31 December                                       (690,892)             -
                                                                               
Carrying value                                                                 
                                                                               
As at 31 December                                           2,705       693,597

Details of the Company's subsidiaries at 31 December 2012 are as follows:

Name of                     Place of   Proportion      Proportion     Nature of
                                                                       business
subsidiary             incorporation of ownership of voting power              
                                                             held              
                                 (or     interest                              
                       registration)                            %              
                                                %                              
                       and operation                                           
                                                                               
Harbin Yinghua           P. R. China          100             100        Sales,
Biological                                                        marketing and
                                                                   distribution
Technology Co.,                                                                
Limited                                                                        
                                                                               
Ying Wei Limited         P. R. China          100             100    Investment
                                                                        holding
                                                                               
Held by subsidiaries:                                                          
                                                                               
Harbin Meihua            P. R. China           95              95  Manufacture,
Biological                                                               sales,
                                                                  marketing and
Technology Co.,                                                    distribution
Limited                                                                        

14 INVENTORIES

                                      Group       Group     Company     Company
                                                                               
                                       2012        2011        2012        2011
                                                                               
                                          £           £           £           £
                                                                               
Raw materials                       196,913     116,740           -           -
                                                                               
Finished goods for re-sale          437,437     339,365           -           -
                                                                               
                                    634,350     456,105           -           -

Included above amount of £387,000 (2011: £316,717) is development of living
organism which represents agricultural activity. The company has departed from
using fair value under IAS 41 because fair value cannot be reliably measured.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012 - continued

15 TRADE AND OTHER RECEIVALBES

                                        Group        Group     Company    Company
                                                                                 
                                         2012         2011        2012       2011
                                                                                 
                                            £            £           £          £
                                                                                 
Trade receivables                      26,838       63,423           -          -
                                                                                 
Amount due from subsidiary                  -            -      37,299     38,273
undertakings                                                                     
                                                                                 
Amount due from connected              23,457       11,587           -          -
party                                                                            
                                                                                 
Other receivables                   1,137,674      880,850      31,419     34,112
                                                                                 
Prepayments and accrued               180,443      337,325           -     11,937
income                                                                           
                                                                                 
                                    1,368,412    1,293,185      68,718     84,322

Included in other receivables is of £842,325 (2011: £432,749) due from the
directors of the Company (refer note 25).

The directors consider that the carrying amount of trade and other receivables
approximates their fair value.

16 CASH AND CASH EQUIVALENTS

Cash and cash equivalents were denominated in the following currencies:

                                     Group       Group      Company      Company
                                                                                
                                      2012        2011         2012         2011
                                                                                
                                         £           £            £            £
                                                                                
Great Britain Pounds                 1,254          48        1,254           48
                                                                                
Hong Kong Dollars                       24       1,061            -            -
                                                                                
Renminbi                         1,479,287     166,366            -            -
                                                                                
                                 1,480,565     167,475        1,254           48

Bank balances and cash comprise cash held by the Group and short-term bank
deposits with an original maturity of three months or less. The carrying amount
of these assets approximates their fair value.

17 TRADE AND OTHER PAYABLES

                                      Group        Group     Company     Company
                                                                                
                                       2012         2011        2012        2011
                                                                                
                                          £            £           £           £
                                                                                
Trade creditors                     130,844      119,522       9,282      33,162
                                                                                
Amount due to subsidiary                  -            -     575,385     551,313
undertaking                                                                     
                                                                                
Amount due to related company     1,687,187    1,767,484           -           -
                                                                                
Taxation and social security         24,598       16,005           -           -
                                                                                
Other payables                    1,431,979    1,221,196           -           -
                                                                                
Accruals and deferred income        515,675      364,228     205,115     143,237
                                                                                
                                  3,790,283    3,488,435     789,782     727,712

Included in other payables is of £Nil (2011: £Nil) total amount owed to the
directors of the Company (refer note 25).

The directors consider that the carrying amount of trade payables approximates
to their fair value.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012 - continued

18 DEFERRED TAX


There were no deferred tax liabilities recognised by the Group.

A deferred tax asset of approximately £1.2m (2011: £0.75m) has not been
recognized in respect of timing differences relating to losses not utilized and
carried forward at the year end as there is insufficient evidence that the
amount will be recovered in future years.

19 SHARE CAPITAL

                                      2012        2012           2011        2011
                                                                                 
                                    Number           £         Number           £
                                                                                 
Ordinary shares of £0.01 each                                                    
                                                                                 
- brought forward               63,136,364     631,364      5,000,000      50,000
                                                                                 
- share issue                            -           -     58,136,364     581,364
                                                                                 
                                63,136,364     631,364     63,136,364     631,364
                                                                                 
Authorised                     500,000,000   5,000,000    500,000,000   5,000,000
                                                                                 

As at 31 December 2012, the Company had granted an option over ordinary shares
as follows:-

Date of grant            Exercise Vesting period     Expiry date No. of options
                            price                                              
                                                                               
4 September 2008              20p    immediately 23 October 2013        100,000
                                                                               

20 OPERATING LEASE ARRANGEMENTS

At the balance sheet date, the Group had outstanding commitments for future
minimum lease payments under non-cancellable operating leases, which fall due
as follows:

                                                             2012          2011
                                                                               
                                                                £             £
                                                                               
Land and buildings                                                             
                                                                               
After five years                                                -             -
                                                                               

Operating lease payments represent rentals payable by the Group for certain of
its office properties, motor vehicles, office furniture and equipments.

21 NON-CONTROLLING INTEREST

                                                             2012          2011
                                                                               
                                                                £             £
                                                                               
At 1 January/On acquisition                               214,414       230,657
                                                                               
Loss for the year                                        (62,971)      (32,281)
                                                                               
Exchange difference                                       (2,944)        16,038
                                                                               
At 31 December                                            148,499       214,414

The non-controlling interest of the group is mainly owned by Wenjuan Xiao,
Fengxiang Lin and Ziquan Lin. Both Wenjuan Xiao and Fengxiang Lin are directors
of the Company and Ziquan Lin is the spouse of Wenjuan Xiao.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012 - continued

22 BORROWINGS

                                     Group                      Company        
                                                                               
                                  2012          2011          2012         2011
                                                                               
                                   RMB           RMB           RMB          RMB
                                                                               
Bank borrowing               5,033,357     2,017,053             -            -
                                                                               
Other borrowing              1,170,487     1,544,841             -            -
                                                                               
Total borrowing              6,203,844     3,561,894             -            -

The borrowings are repayable                                                  
as follow:                                                                    
                                                                              
On demand or within one year  5,866,950    2,629,169             -           -
                                                                              
Between one and two years        82,438      357,438             -           -
                                                                              
Between two to five years       223,818      334,594             -           -
                                                                              
Over five years                  30,638      240,693             -           -
                                                                              
                              6,203,844    3,561,894             -           -

The above borrowings are secured by:

 1. Leasehold land and building at Qunli Developing Zone, 22 Km Airport Road,
    Daoli District;
   
 2. Leasehold property at 8-8 Shanghai Street, Daoli District;
   
 3. Personal property of Fengxiang Lin; and
   
 4. Personal property of Wenjuan Xiao.
   
The average interest rate paid is 8% (2011: 6%)

The other borrowings consist of collateral bank loans secured by the personal
properties of Fengxiang Lin and Wenjuan Xiao. Full details of the transactions
with directors are disclosed in note 25.

The bank loans are arranged at fixed interest rates and expose the company to
fair value interest rate risk. The directors consider that the carrying amount
of the borrowings approximate to their fair value.

23 DEFERRED INCOME

Deferred income represents the fair value of government grant attributable to
land at 22km Airport Road, Daoli District. This amount is released to income
statement over the period of 50 years.

24 ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Wenjuan Xiao by virtue of her shareholding in
the Company.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012 - continued

25 RELATED PARTY TRANSACTIONS - continued

Transactions between the Company and its subsidiaries, which are related
parties of the Company, have been eliminated on consolidation and are not
disclosed in this note. Details of transactions between the Group and other
related parties are disclosed below:

 1. On 10 October 2008, a Distribution Agreement of 25 year has been signed
    between Harbin Yinghua Biological Technology Co., Limited ("Harbin
    Yinghua") and Harbin Meihua Biotechnology Joint Stock Co., Limited ("Harbin
    Meihua"). Pursuant to which Harbin Yinghua is appointed as the exclusive
    distributor for all the Harbin Meihua's products. The cost payable to
    Harbin Meihua is equal to the cost of the products manufactured, the
    administrative expenses and financial expenses of Harbin Meihua. In
    addition to the cost, a royalty fee of 10 percent of the revenue in Harbin
    Yinghua is payable to Harbin Meihua. Harbin Meihua is a company in which
    the directors, Wenjuan Xiao and Fengxiang Lin have material interest.
   
The above was superseded by the execution of the Assignment on note 1.1.

 2. During the period, the costs and royalty fee paid to Harbin Meihua amounted
    to £440,064 (2011: £130,805) and £nil (2011: £5,534) respectively. As at
    balance sheet date, the amount due from Harbin Meihua is £575,385 (2011: £
    551,313).
   
As at balance sheet date, the transaction balance with the company directors as
follow:

                                                             2012          2011
                                                                               
                                                                £             £
                                                                               
Included in other receivables:                                                 
                                                                               
Wenjuan Xiao                                              671,927        83,791
                                                                               
FengXiang Lin                                             172,508       351,278
                                                                               
Wenyan Duan                                               (2,110)       (2,320)
                                                                               
Amount due from/(to) the director                         842,325       432,749
                                                                               
Included in other borrowing:                                                   
                                                                               
Wenjuan Xiao                                            (674,143)     (336,859)
                                                                               
FengXiang Lin                                           (172,776)     (827,342)
                                                                               
Wenyan Duan                                                     -             -
                                                                               
                                                        (846,919)   (1,164,201)
                                                                               
Net amount due from/ (to):                                                     
                                                                               
Wenjuan Xiao                                              (2,216)     (253,068)
                                                                               
FengXiang Lin                                               (268)     (476,064)
                                                                               
Wenyan Duan                                               (2,110)       (2,320)
                                                                               
                                                          (4,594)     (731,452)
                                                                               

Sunny Orient Limited

At the balance sheet date, the amount due from Sunny Orient Limited ("Sunny
Orient") is £1,687,187 (2011: £1,767,484). Sunny Orient is a related company
owned by Lili Yang, the wife of Dr. Hongwei Zhang, a non-executive director of
the company. The amount due is unsecured loan and interest free.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012 - continued

26 FINANCIAL INSTRUMENTS

The Group's and the Company's principal financial instruments comprise cash and
cash equivalents, trade and other receivables and trade and other payable. The
Group's and the Company's accounting policies and method adopted, including the
criteria for recognition, the basis on which income and expenses are recognised
in respect of each class of financial assets, financial liability and equity
instrument are set out in Note 1. The Group and the Company do not use
financial instruments for speculative purposes.

The principal financial instruments used by the Group and the Company, from
which financial instrument risk arises, are as follows:

                                        Group                  Company        
                                                                              
                                  2012        2011        2012        2011    
                                                                              
                                    £           £           £           £     
                                                                              
Trade and other receivables      1,368,412   1,293,185      68,718      84,322
                                                                              
Cash and cash equivalents        1,480,565     167,475       1,254          48
                                                                              
Trade and other payables       (3,790,283) (3,488,435)   (789,782)   (727,712)
                                                                              
                                 (941,304) (2,027,775)   (719,810)   (643,342)

There are no investments held to maturity or financial assets available for
sale. There are no fair value adjustments to assets or liabilities through
profit and loss. There are no financial assets that are either past due or
impaired.

Credit risk management

The Group's credit risk is primarily attributable to its trade receivables and
the amount due from directors. The Group has adopted a policy of only dealing
with creditworthy counterparties and obtaining sufficient collateral where
appropriate, as a means of mitigating the risk of financial loss from defaults.
The amounts presented in the balance sheet are net of allowances for doubtful
receivables, estimated by the Group's management based on prior experience and
their assessment of the current economic environment. Moreover, the net effect
of the transaction with the directors does not impose any credit risk (see note
25).

The Group does not have any significant credit risk exposure to any single
counterparty or any company of counterparties having similar characteristics.

Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash.
Management monitors forecasts of the Company's liquidity reserve, comprising
cash and cash equivalents, on the basis of expected cash flow. Each Group
company is mainly financed by equity, self-generated cash flows and loans from
related party. At 31 December 2012, the Group held cash and cash equivalents of
£1,480,565 (2011: £167,475).

Interest rate risk

The Group's policy is to fund its operations through the use of retained
earnings and equity.

The Group's exposure to changes in interest rates relates primarily to cash at
bank. Cash is held either on current or short term deposits at floating rate of
interest determined by the relevant bank's prevailing base rate. The Group
seeks to obtain a favourable interest rate on its cash balances through the use
of premium accounts.

Fair values

There is no significant difference between the carrying amounts shown in the
balance sheet and the fair values of the Group's financial instruments. For
current trade and other receivables/payables with a remaining life of less than
one year, the nominal amount is deemed to reflect fair value.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2012 - continued

Foreign currency risk management

The Group undertakes certain transactions denominated in foreign currencies,
hence exposures to exchange rate fluctuations arise.

The carrying amounts of the Group's foreign currency denominated monetary
assets and monetary liabilities at the reporting date are as follows:

                                                 Liabilities              Assets
                                                                                
                                              2012      2011      2012      2011
                                                 £         £         £         £
                                                                                
RMB                                      7,445,089 5,987,411 2,816,281 1,973,809
                                                                                

Chinese Yuan ("RMB") is not a freely convertible currency. Therefore the
payment of dividends by the Group may be restricted by currency restrictions
enforced by the P. R. China government.

The following table details the Group's sensitivity to a five percent decrease
in Sterling against the RMB. The sensitivity analysis includes only outstanding
foreign currency denominated monetary items and adjusts their translation at
the period end for a 5 per cent change in foreign currency rates.

Change in currency rate (- 5%)                                              RMB
                                                                               
                                                                currency impact
                                                                               
                                                                 2012      2011
                                                                               
                                                                    £         £
                                                                               
Profit or loss                                              243,621   211,242  
                                                                               
Other equity in other                                       (220,419) (191,124)
comprehensive income                                                           

A five percent strengthening of Sterling against the RMB at 31 December 2012
would have an equal and opposite effect to the amounts shown above, on the
basis all other variables remain constant.

Capital risk management

The Group manages its capital to ensure that entities in the Group will be able
to continue as a going concern while attempting to maximise the return to
stakeholders through the optimisation of the equity balance. In order to
maintain or achieve an optimal capital structure, the Group may issue new
shares.

The capital structure of the Group consists of cash and cash equivalents and
equity attributable to equity holders of the parent, comprising issued capital,
reserves and retained earnings.

The Board reviews the capital structure on an annual basis.

                                       1                                       

UHY Hacker Young LLP

Quadrant House

4 Thomas More Square

London E1W 1YW

Hacker Young

Chartered Accountants

UHY Hacker Young LLP

Quadrant House

4 Thomas More Square

London E1W 1YW

Hacker Young

Chartered Accountants

a d v e r t i s e m e n t