Cash Flow Statement
For the year ended February 20 2005
				UNIT:USD
Items		Notes
Operating activities
	Calls and premiums received			23,058,312.84
	Claims recoveries from 3rd party			3,875.72
	Reinsurance recoveries			1,349,853.01
	Interest received & exchange profit			638,080.45
	Other income			-
Subtotal			A	25,050,122.02
	Claims paid			10,595,431.15
	Reinsurance premiums paid			8,924,656.03
	Operating expenses paid			1,411,582.86
	Loss prevention paid			28,768.21
	Guarantee paid			425,622.51
	Bank charges & exchange loss			27,121.45
	Others expenses paid			354,862.54
Subtotal			B	21,768,044.75
Net cash flow from operating activities			A-B=C	3,282,077.27
Investing activities				-
	Sale of investments			4,147,262.86
	Investment income received			316,411.16
	Other investing income			-
Subtotal			D	4,463,674.02
	Purchase of fixed assets			24,805.17
	Cash paid To acquire equity investments			552,390.82
	Other investing activities			-
Subtotal			E	577,195.99
Net cash flow from investing activities			D-E=F	3,886,478.03
Financing activities				-
	Proceeds from borrowings			8,790,954.66
Subtotal			G	8,790,954.66
	Cash repayments of amounts borrowed			6,822,752.59
	Cash payments of interest expenses			-
Subtotal			H	6,822,752.59
Net cash flow from financing activities			G-H=I	1,968,202.07
Net increase in cash and cash equivalents			I+F+C=J	9,136,757.37
Cash and cash equivalents at beginning of period				8,303,067.86
Cash and cash equivalents at end of period				17,439,825.23
				-