Cash Flow Statement
For the year ended February 20 2007
				UNIT:USD
Items		Notes
Operating activities
	Calls and premiums received			32,083,734.70
	Claims recoveries from 3rd party			156,960.25
	Guarantee returned			3,447,660.84
	Co-insured recoveries			778,667.18
	Interest received & exchange profit			573,851.92
	Other income			152,404.68
Subtotal			A	37,193,279.57
	Claims paid			13,389,560.80
	Co-insurance premiums paid			13,901,576.68
	Operating expenses paid			2,997,754.77
	Loss prevention paid			43,611.14
	Guarantee paid			-
	Brokerage paid			439,242.50
	Bank charges & exchange loss			31,146.61
	Others expenses paid			661,617.84
Subtotal			B	31,464,510.34
Net cash flow from operating activities			A-B=C	5,728,769.23
Investing activities
	Sale of investments			-
	Investment income received			4,142,393.97
	Other investing income			-
Subtotal			D	4,142,393.97
	Purchase of fixed assets			3,459,287.03
	Cash paid to acquire equity investments			-
	Other investing activities			-
Subtotal			E	3,459,287.03
Net cash flow from investing activities			D-E=F	683,106.94
Financing activities
	Proceeds from borrowings			53,224,472.92
Subtotal			G	53,224,472.92
	Cash repayments of amounts borrowed			49,865,646.96
	Cash payments of interest expenses			897,988.00
Subtotal			H	50,763,634.96
Net cash flow from financing activities			G-H=I	2,460,837.96
The influence of floating exchange rate on cash and cash equivalents			J	335,473.69
Net increase in cash and cash equivalents			C+F+I+J	9,208,187.82
Cash and cash equivalents at beginning of period				28,468,931.05
Cash and cash equivalents at end of period				19,260,743.23