Balance Sheet
February 20 2005
					Unit:USD
				TotaL			P&I			FDD
Items			Notes	2004/2005	2003/2004		2004/2005	2003/2004		2004/2005	2003/2004
Assets
	Cash balance			17,439,825.23	8,303,067.86		17,439,825.23	8,303,067.86
	Guarantee			6,946,012.53	6,545,644.74		6,946,012.53	6,545,644.74
	Calls and premiums receivable			2,621,596.08	3,457,762.99		2,617,376.24	3,455,661.94		4,219.84	2,101.05
	Reinsurance recoveries receivable			430,268.21	1,291,577.14		430,268.21	1,291,577.14
	Sundry debtors		3	1,490,088.55	2,313,041.70		1,490,088.55	2,317,288.17			(4246.47)
	Total current assets			28,927,790.60	21,911,094.43		28,923,570.76	21,913,239.85		4219.84	(2145.42)
	Long-term investments		4	112,432,179.93	107,836,868.28		112,208,312.99	107,650,473.30		223,866.94	186,394.98
	Total long-term investments			112,432,179.93	107,836,868.28		112,208,312.99	107,650,473.30		223,866.94	186,394.98
	Fixed assets			2,851,479.74	2,848,268.00		2,851,479.74	2,848,268.00
	Less: Accumulated depreciation			350,837.91	302,197.06		350,837.91	302,197.06
	Net fixed assets			2,500,641.83	2,546,070.94		2,500,641.83	2,546,070.94
Total assets		A		143,860,612.36	132,294,033.65		143,632,525.58	132,109,784.09		228,086.78	184,249.56
Liabilities
	Short-term loans			3,262,248.54	8,336,253.04		3,262,248.54	8,336,253.04
	Liabilities provision		8	40,131,773.64	48,941,597.00		40,025,556.64	48,885,597.00		106,217.00	56,000.00
	Sundry creditors			5,308,024.22	1,248,292.90		5,311,791.61	1,248,292.90		(3,767.39)
	Guarantee payable			-	-		-	-
Total liabilities		B		48,702,046.40	58,526,142.94		48,599,596.79	58,470,142.94		102,449.61	56,000.00
Reserves		C		95,158,565.96	73,767,890.71		95,032,928.79	73,639,641.15		125,637.17	128,249.56
Total liabilities & reserves		D=B+C		143,860,612.36	132,294,033.65		143,632,525.58	132,109,784.09		228,086.78	184,249.56