TODA INTERNATIONAL HOLDINGS INC. - FORM 8-K/A - EX-99.3 - March 31, 2011

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8-K/A - TODA INTERNATIONAL HOLDINGS INC.v216802_8ka.htm
EX-99.1(B) - TODA INTERNATIONAL HOLDINGS INC.v216802_ex99-1b.htm
Consolidated Statements of Operations and Other Comprehensive Income
  
For the year ended Dec 31, 2010
                    
In US dollars
                        
                         
   
Summit Growth
    
Victory Score Ltd
    
Pro Forma
    
Pro Forma
  
   
Corporation
          
adjustments
    
Consolidated
  
Revenue
                        
- Product sales
     -       37,396,515       -       37,396,515  
- Leasing sales
     -       2,234,237       -       2,234,237  
                                 
      -       39,630,752       -       39,630,752  
                                 
Costs of sales
                                
- Product sales
     -       (24,387,544 )     -       (24,387,544 )
                                 
Gross profit
     -       15,243,208       -       15,243,208  
                                 
Selling and distribution expenses
     -       (1,308,767 )     -       (1,308,767 )
Administrative and other expenses
     (7,748 )     (1,890,801 )     -       (1,898,549 )
                                 
Operating (loss)/income
     (7,748 )     12,043,640       -       12,035,892  
Other income
     -       958,053       -       958,053  
Interest expenses
     -       (381,564 )     -       (381,564 )
                                 
(Loss)/income before income taxes
     (7,748 )     12,620,129       -       12,612,381  
Income tax expenses
     -       (1,798,009 )     -       (1,798,009 )
                                 
Net (loss)/income
     (7,748 )     10,822,120       -       10,814,372  
                                 
Other comprehensive income:
                          
- Foreign currency translation adjustments
     -       587,775       -       587,775  
                                 
Total comprehensive (loss)/income
     (7,748 )     11,409,895       -       11,402,147  
                                 
Diuted EPS 8,242,704/27,780,000 US$    
0.410
                          
 
 
1.
Source: Unaudited financial statements of Summit Growth as of September 30, 2010 as filed in its Quarter Report on Form 10-Q filed with the SEC on November 17, 2010.
2.
Source:  Unaudited consolidated financial statements of Victor Score limited as of September 30, 2010.
(A)
32,839,910 ordinary shares and 104,571.95 preference shares were issued to former Victor Score shareholders.  Upon consummation of the proposed increase and share consolidation, the 104,571.95 preference shares currently outstanding shall be automatically converted into 10,457,195 ordinary shares and total common shares outstanding after the reverse merger is  45,102,805 (pre-split), 27,780,000 (post-split)
(B)
Elimination of summit growth's capital accounts and accumulated deficit as result of recapitalization, and reflection of payment of all liabilities of summit growth prior to closing.
 
 
 
 
 
Consolidated Balance Sheets
                            
As at Dec 31, 2010
                            
In US dollars
                            
   
Summit Growth
    
Victory Score Ltd
    
Pro Forma
        
Pro Forma
  
   
Corporation
          
adjustments
        
Consolidated
  
Asset
                            
Current Asset
                            
     Cash     1,218       3,650,370       (1,218 )
(B)
       3,650,370  
     Accounts receivable     -       11,825,238       -           11,825,238  
     Inventories     -       5,580,175       -           5,580,175  
     Due from owners     -       12,420       -           12,420  
     Prepaid expenses     -       5,521,916       -           5,521,916  
     Due from a related company     -       775,456       -           775,456  
     Tax receivable     -       -       -           -  
                                     
Total current assets
     1,218       27,365,575       (1,218 )         27,365,575  
                                     
Property, plant and equipment, net
     -       3,123,858       -           3,123,858  
Construction in progress
     -       1,368,351       -           1,368,351  
Land use right, net
     -       287,873       -           287,873  
Intangible asset
     -       4,248,422       -           4,248,422  
                                     
Total assets
     1,218       36,394,079       (1,218 )         36,394,079  
                                     
Liabilities and owners' equity
                                    
                                     
Current liabilities
                                    
     Bank loans     -       7,945,543       -           7,945,543  
     Accounts payable     2,742       3,706,251       (2,742 )         3,706,251  
     Accrued liabilities and other payables     -       216,565       -           216,565  
     Tax payable     -       1,316,676       -           1,316,676  
     Due to related companies     13,808               (13,808 )
(B)
       -  
     Due to owners     -               -           -  
                                     
Total liabilities
     16,550       13,185,035       (16,550 )         13,185,035  
                                     
Owners' equity
                                    
     Share capital     341       50,000       (44,568 )
(B)
(A)
     5,773  
     Additional paid-in capital     9,717       3,034,380       34,510  
(B)
(A)
     3,077,268  
     Retained earnings     (25,390 )     19,127,131       25,390  
(B)
       19,127,131  
     Accumulated other comprehensive income     -       997,533       -           997,533  
                                     
Total owners' equity
     (15,332 )     23,209,044       15,332           23,207,705  
                                     
                                     
Total liabilities and owners' equity
     1,218       36,394,079       (1,218 )         36,392,740  
 
 
1.
Source:   Unaudited financial statements of Summit Growth as of September 30, 2010 as filed in its Quarter Report on Form 10-Q filed with the SEC on November 17, 2010.
2.
Source:  Unaudited consolidated financial statements of Victor Score limited as of September 30, 2010.
(A)
32,839,910 ordinary shares and 104,571.95 preference shares were issued to former Victor Score shareholders.  Upon consummation of the proposed increase and share consolidation, the 104,571.95 preference shares currently outstanding shall be automatically converted into 10,457,195 ordinary shares and total common shares outstanding after the reverse merger is  45,102,805 (pre-split), 27,780,000 (post-split)
(B)
Elimination of summit growth's capital accounts and accumulated deficit as result of recapitalization, and reflection of payment of all liabilities of summit growth prior to closing.
 
 
 
 
 
Consolidated Statements of Operations and Other Comprehensive Income
  
For the year ended December 31, 2009
              
In US dollars
                        
                         
   
Summit Growth
    
Victory Score Ltd
    
Pro Forma
    
Pro Forma
  
   
Corporation
          
adjustments
    
Consolidated
  
   
 
    
 
    
 
  
Revenue
                        
- Product sales
     -       23,293,443       -       23,293,443  
- Leasing sales
     -       732,687       -       732,687  
                                 
      -       24,026,130       -       24,026,130  
                                 
Costs of sales
                                
- Product sales
     -       (17,034,864 )     -       (17,034,864 )
                                 
Gross profit
     -       6,991,266       -       6,991,266  
                                 
Selling and distribution expenses
     -       (504,007 )     -       (504,007 )
Administrative and other expenses
     (3,243 )     (772,456 )     -       (775,699 )
                                 
Operating (loss)/income
     (3,243 )     5,714,803       -       5,711,560  
Other income
     -       124,843       -       124,843  
Interest expenses
     -       (497,721 )     -       (497,721 )
                                 
(Loss)/income before income taxes
     (3,243 )     5,341,925       -       5,338,682  
Income tax expenses
     -       (693,820 )     -       (693,820 )
                                 
Net (loss)/income
     (3,243 )     4,648,105       -       4,644,862  
                                 
Other comprehensive income:
                          
- Foreign currency translation adjustments
     -       (4,337 )     -       (4,337 )
                                 
Total comprehensive (loss)/income
     (3,243 )     4,643,768       -       4,640,525  
                                 
Diluted EPS 4,640,525/27,780,000 US$    
0.167
                          
 
 
1.
 Source:   Unaudited financial statements of Summit Growth as of December 30, 2009 as filed in its Quarter Report on Form 10-Q filed with the SEC  and audited financial statements of Summit Growth as of June 30, 2009 as filed in its Quarter Report on Form 10-K filed with the SEC
2.
Source:  Audited consolidated financial statements of Victor Score limited as of Dec 31, 2009
(A)
32,839,910 ordinary shares and 104,571.95 preference shares were issued to former Victor Score shareholders.  Upon consummation of the proposed increase and share consolidation, the 104,571.95 preference shares currently outstanding shall be automatically converted into 10,457,195 ordinary shares and total common shares outstanding after the reverse merger is  45,102,805 (pre-split), 27,780,000 (post-split)
(B)
Elimination of summit growth's capital accounts and accumulated deficit as result of recapitalization, and reflection of payment of all liabilities of summit growth prior to closing.

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