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Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd Ch China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China T China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Trans China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Tech China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technolo China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technolog China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technol China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Techn China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Tec China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom T China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transco China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Trans China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Tra China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China T China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd Ch China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd C China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies L China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technolog China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technolo China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Techn China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Tech China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Te China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transco China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transc China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Tran China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China T China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd Chi China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd C China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Lt China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologi China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technolo China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Techno China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Tech China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Te China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom China Transcom Technologies Ltd China Transcom Technologies Ltd China Transc China Transcom Technologies Ltd China Transcom Technologies Ltd China Tran China Transcom Technologies Ltd China Transcom Technologies Ltd China Tr China Transcom Technologies Ltd China Transcom Technologies Ltd China China Transcom Technologies Ltd China Transcom Technologies Ltd Chin China Transcom Technologies Ltd China Transcom Technologies Ltd Ch China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies Ltd China Transcom Technologies China Transcom Technologies Ltd China Transcom Technologie China Transcom Technologies Ltd China Transcom Technolog China Transcom Technologies Ltd China Transcom Techno China Transcom Technologies Ltd China Transcom Techn China Transcom Technologies Ltd China Transcom Tec China Transcom Technologies Ltd China Transcom T China Transcom Technologies Ltd China Transcom China Transcom Technologies Ltd China Transco China Transcom Technologies Ltd China Trans China Transcom Technologies Ltd China Tra China Transcom Technologies Ltd China China Transcom Technologies Ltd Chin China Transcom Technologies Ltd Ch China Transcom Technologies Ltd C China Transcom Technologies Ltd China Transcom Technologies L China Transcom Technologie China Transcom Technolog China Transcom Technol China Transcom Techn China Transcom Tech China Transcom Te China Transcom China Transco China Trans China Tra China T China Chi C China Transcom Technologies Ltd Annual Report 2006 Global Reports LLC
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd
China Tran
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chnologies
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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Ltd C
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chnologies
Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
China Tran
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
China Tran
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
China Tran
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
China Tran
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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Ltd C
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chnologies
Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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Ltd C
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chnologies
Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
China Tran
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Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
China Tran
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chnologies
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
China Tran
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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chnologies
Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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chnologies
Ltd C
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chnologies
Ltd C
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chnologies
Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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Ltd C
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China Transcom Technologies LtdAnnual Report 2006
Global Reports LLC
Global Reports LLC
2 - 3 Chairman’s Statement
4 - 6 Board of Directors and Key Executives
7 - 8 Operations Review
9 Corporate Information
10 - 12 Corporate Governance
13 Attendance at Board and Committee Meetings
14 - 15 Property Portfolio
17 - 57 Financial Report
58 Statistics of Shareholdings
59 - 60 Notice of Annual General Meeting
Contents
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The financial year ended 31 December 2006 (“FY2006”) was a difficult year for us. We saw sharp drop in revenue of our traditional main products and a frustrating lack of result in our transition from a predominantly telecommunication product-based business model to one which has lesser reliance on these products, and a growing emphasis on our transportation communication products. However, this process, which was started in the financial year ended 31 December 2005 (“FY2005”), was necessary and we will continue the transition process. Industry-wide demand for telecommunication products was badly affected by the lack of investment and development by the telecommunication service providers as a result of a lack of new technology being introduced into the industry. The uncertain time frame for the issuance of 3G licences in China further added to the problem. Our revenue from this business segment was drastically affected as a result. We are pleased with the performance of our data network business segment. However, the good performance was due to engineering projects for our long distance digital imaging surveillance systems, which is a very niche demand. In general, the data network industry experienced product maturity and a lack of major product development.
Our setting up of a distribution network for our transportation communication products faced a frustrating lack of result. We have also yet to receive orders from car manufacturers although we have passed the technological and quality tests of three car manufacturers. These affected our product market penetration, resulting in non-performance of our transportation communication product segment for FY2006.
Our second year into the enhanced telecommunication service market in FY2006 saw steady growth in the business. Although the revenue was still not material, we are of the view that there is good potential in this business, especially when 3G technology is implemented in China.
Zheng XuemingChairman
Chairman’s Statement
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In FY2006, we also ventured into digital map and navigational services provided via the internet. It has always been our belief that the transportation industry in China has great potential, and this new venture was another of our foray into this industry. We will also be capitalizing on our capabilities and develop such systems for installation in automobiles. With the above, revenue for the Group decreased by 69.5% from RMB105.5 million in FY2005 to RMB32.2 million in FY2006. Profit after tax decreased by 96.7% from RMB19.1 million in FY2005 to RMB0.6 million in FY2006.
Looking ahead, it is our view that the telecommunication industry in China will not see major product development and investment until the arrival of 3G technology. General demand for telecommunication products will, therefore, remain extremely weak. It is still our belief that the automobile and transportation industry will continue to grow at a rapid rate. This is the reason why we have worked very hard over FY2006 to crystalise and finalise the deal on the proposed acquisition of Tianhai Electric (Group) Corporation (“TEC”), which is a very established player in the automobile industry, with extensive automobile electronic distribution network in China. We believe that this proposed merger will have synergy effect in producing new transportation products for the Group and, more importantly, enable us to tap into TEC’s extensive network to distribute our transportation products.
In view of the subdued results, after careful consideration, the Board does not recommend any dividend to be paid for the year ended 31 December 2006.
On behalf of the Board, I would like to express my sincere appreciation to our Management and staff for their hardwork and commitment to the Group. I would also like to express the Board’s gratitude to all our shareholders, customers, suppliers, bankers and business associates for their continuing support. I certainly look forward to another year of working together to build a stronger Group.
Zheng XuemingChairman
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is the Executive Chairman of our Company. He is responsible for the direction and strategic expansion of our Group. He co-founded Henan Snowcity Science and Technology Limited (“Henan Snowcity”) in 1994 and has been the executive chairman and managing director of Henan Snowcity since its incorporation. In October 2000, he stepped down as managing director but continues to be Henan Snowcity’s executive chairman to date. Prior to establishing our Group, he served with Henan Provincial Mechanical Equipment Import and Export Company as an assistant manager in 1988. He graduated with a Bachelor of Engineering degree in wireless technology from Zhengzhou Information Technology University in 1987. He has been the Vice-Chairman of the Industrial and Commercial Union of Zhengzhou Municipal New and High-Tech Industrial Development Zone of Henan province since March 2002.
is the Chief Executive Officer of our Company. He joined our Group as Henan Snowcity’s managing director in September 1999 and is currently responsible for the day-to-day management of our operations. As our Group Sales and Marketing Director, he is also responsible for the overall sales and marketing of our products and developing new business areas for our Group. From 1984 to 1994, he lectured on digital signal process at the People’s Liberation Army Electronic Technology College. Thereafter, he became the vice plant manager and general engineer of Beijing Haidian Jianxin Electronic Instrument and Equipment Plant from 1994 to 1996. From 1996 to 1999, he served as the general manager of Zhengzhou Tianjian Advanced Science and Technology Development Company. He graduated with a Bachelor of Wireless Communication Engineering degree in digital communication technology from the People’s Liberation Army Engineering Technological College (now known as the People’s Liberation Army Information Technology University) in 1984.
is our Group’s Vice President and Manufacturing Director. He oversees all the manufacturing activities of our Group and is in charge of the deployment of our production line, machinery and manpower in our production facility. He is also responsible for logistics, raw material planning and sourcing, production control and quality assurance. He is also responsible for ensuring that our Group achieves our production requirements and cost budgets. He joined us as Henan Snowcity’s chief engineer in 1994, and was later promoted to the position of vice president in 1999. He graduated with a Bachelor of Engineering degree in microwave communication technology from the People’s Liberation Army Engineering Technological College (now known as the People’s Liberation Army Information Technology University) in 1982.
is our Group’s R&D Director and Chief Technical Officer. He is responsible for the R&D of our Group’s products, as well as the R&D of new technologies and products. He joined us as Henan Snowcity’s deputy chief engineer in 1994, and was later promoted to the position of chief technical officer in August 2000. He graduated with a Bachelor of Engineering degree in electronic technology from Wuhan College of Water Resources and Hydro-electric Engineering in 1985.
Board of Directors
Mr Zheng Xueming
Mr Zhang Hong
Mr Zheng Xueshan
Mr Niu Chengwu
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was appointed as an Independent Director on 24 May 2004. Mr Ong is currently the Chairman of Cogent Financial Group Limited, an investment fund company. He is also the Vice Chairman of Provenance Capital Pte Ltd, an investment banking business. At the same time, he is also active in the oil industry through his directorship with Concord Energy Pte Ltd. Prior to joining the private sector; Mr Ong worked with the Economic Development Board of Singapore. Mr Ong graduated with a Bachelor of Commerce Degree (Banking and Finance) from University of Canberra in 1992 and a Masters of Economics Degree from Macquarie University, Australia in 1993.
was appointed as an Independent Director of our Company on 24 May 2004. He obtained his Bachelor of Science (Honours) degree in Mathematics from the University of Singapore (now known as National University of Singapore), and his Master of Arts degree in Mathematics from the University of Kansas. Mr Lam had been a teacher at Raffles Institution, a senior officer at the Economics Development Board, an administrative officer at the Ministry of Finance of Singapore, an assistant general manager at Intraco Ltd and the registrar and executive director of the Singapore Society of Accountants. He was appointed Head of Mission in Myanmar from 1988 to 1992. He was Singapore’s High Commissioner to India from January 1993 to June 1996 and High Commissioner to New Zealand from July 1996 to June 2000. He was Bhutan’s Honorary Consul in Singapore from 1983 to 1988. He was awarded the Public Service Medal in 1982 and made a Friend of Labour in 1983. Mr Lam is currently also an independent director of a few public listed companies in Singapore.
holds a Bachelor of Science degree from Zhongnan Finance and Economics University, a post-graduate accountancy degree from Tianjin University of Finance and Economics, and a Master of Business Administration degree from Leeds Business School in Great Britain. Prior to 1996, Mr Zheng was a Director in the Ministry of Finance in Henan Province. For the period 1996 to 1999, he was the Chief Executive Partner of Golden Bridge United Certified Public Accountants firm, which was the fifth CPA partnership authorized by China’s Ministry of Finance. Thereafter, from 1999 to 2001, he was the Senior Partner of Beijing Yuehua Certified Public Accountants firm, focusing on merger and acquisition, state-owned project restructuring and companies going for listing. Currently, Mr Zheng is the Chief Executive Officer of Richlink International Capital Co Ltd and has been involved in several Chinese enterprises’ listing in AIM, HKSE and OTCBB stock exchanges. He was frequently reported in the various Chinese media. He is also a member of the China Institution of Certified Public Accountant and Certified Public Tax Adviser in China, a Director of Returned and Overseas Chinese Scholars Association of All-China Youth Federation, Chief Financial Ad-viser for 2004’s China Economic Summit and 2004’s China International Finance Forum for Chinese Enterprises going public in overseas stock exchanges, and a candidate for 2004’s China Top Ten Business Innovators. Mr Zheng has numerous articles and publications to his credit. He has also been involved in many presentations and speaking engagements in various business and finance subjects.
Mr Ong Tiong Seng, Tony
Mr Zheng Jinqiao
Mr Lam Peck Heng
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is our Chief Financial Officer. He joined our Company on 1 April 2004 and his areas of responsibilities include managing the financial and accounting matters of our Group. He holds a Degree in Accountancy from the National University of Singapore and is a certified public accountant. Mr Ng has over 20 years of experience in audit and accounting work. He started his career as an audit graduate trainee with Peat, Marwick, Mitchell & Co (now known as KPMG) from April 1982 to June 1983. He then joined Great Pacific Finance Ltd as an assistant accountant from June 1983 to December 1985. In order to enhance his experience in audit, he joined Neptune Orient Lines Ltd (“NOL”) as an internal auditor in December 1985 and left NOL as a senior internal auditor in May 1988. For the period between May 1988 to February 1991, he was an accountant with Times Publishing Ltd (“TPL”), heading the accounts department of one of TPL’s printing companies. He was the finance manager of Craft Print Pte Ltd (now known as Craft Print International Ltd) from March 1991 to November 1993. For the period between December 1993 and March 2004, he was with Ho Bee Group, serving in one of its subsidiaries, HBM Print Ltd, as finance and administrative manager from December 1993 to March 1997 and financial controller from April 1997 to March 2000. He served in another of Ho Bee Group’s subsidiaries, HoBee Print Pte Ltd, as financial controller from April 2000 to June 2001 and general manager (operations) from July 2001 to March 2004.
is our Sales and Marketing Manager. He is primarily responsible for the sales and marketing activities of our Group in the northern and western areas in China. He joined our Group as Henan Snowcity’s sales manager in 1994, and was later promoted to the position of vice general marketing manager in August 2000. Prior to joining our Group, he was a sales manager with China Light Industry Foreign Trading Company, Henan branch from October 1985 to 1994. He graduated with a diploma in Sales and Marketing from China Broadcast Television University in 1988.
is our Sales and Marketing Manager. He is primarily responsible for the sales and marketing activities of our Group in the central and southern areas of China. He joined us as Henan Snowcity’s sales manager in 1994, and was promoted to the position of vice general sales manager in 1999. Prior to joining our Group in 1994, Mr Li worked as a supervisor and subsequently promoted to department head in Luoyang Steel Factory from 1985 to 1994. He graduated with a diploma in Management from Wuhan Steel University in 1985.
is our Finance Manager. He is responsible for the financial and accounting matters of our Group. He joined us as Henan Snowcity’s assistant finance manager in 2000 and was promoted to the position of finance manager in 2006. Before joining us, he was a financial controller with Huizhou MCTCO Group Machine Company from 1994 to 2000. He graduated with a diploma in Finance from China Broadcast Television University in 1986.
Key Executives
Mr Ng Tah Wee
Mr Wang Desheng
Mr Li Yi
Mr Gu Chunlin
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We are an ISO9001:2000 accredited designer and manufacturer of a wide range of telecommunication, data network and transportation communication products in China. Our range of products may be broadly categorized into three main groups as follows:
1. Telecommunication products including wireless public and office telephones, components for CDMA/GSM networks, and special purpose components for HJD-04 digital telephone exchange.
2. Data network products including optical transmission equipment, broadband products and long-distance digital imaging surveillance system.
3. Transportation communication products including GPS-based transportation communication products, tyre monitoring system and highway emergency telephone systems.
We also provide enhanced telecommunication services, which was started in FY2005. The services include internet, fixed line and mobile phone Interactive Voice Response (IVR) services, providing audio, entertainment and business services. When China has 3G capability, we will tap onto this 3G technology to provide better and faster visual entertainment and business services.
In line with our view that the automobile and automobile related industries have great potentials, in FY2006, we ventured into digital maps and navigational services via the internet. These services include digital maps, GPS vehicle positioning and road navigation services. Our digital maps cover more than 1,000 cities in China with accurate road details, high speed online browse and enquiry functions. We are also capable of vehicle navigation software and map development.
Operations Review
Telecommunication products
FY2006 continued to see sharp decline in demand for telecommunication products due to the lack of new technology being introduced into China’s telecommunication industry. This resulted in a lack of investment by telecommunication service providers in the industry. The much anticipated 3G technology, which was expected to bring about another high developmental growth, has been delayed again and again by the Chinese Government. This uncertain time frame for the issuance of the 3G licences affected the investment intention of service providers. Without any major investment by the service providers, all telecommunication product suppliers suffered and could only wait in anticipation. We were similarly affected by this industry problem.
The Chinese Government’s “New Countryside Construction” plan, including construction of transmission network, electrical network, communication and television infrastructure, was not implemented in the second half of FY2006 as was anticipated.
The above factors seriously affected our revenue from this business segment, with revenue from our telecommunication products declining sharply from RMB55.7 million in FY2005 to RMB0.8 in FY2006. Similarly, profit from operations from our telecommunication products decreased from RMB11.9 million in FY2005 to RMB0.3 million in FY2006.
Data network products
Our data network products showed a surprising growth in FY2006 over FY2005, although the industry experienced product maturity and a lack of major product development. This growth was due to engineering projects for our long distance digital imaging surveillance systems.
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Our revenue from this business segment increased by 56.8% from RMB15.4 million in FY2005 to RMB24.1 million in FY2006.
Profit from operations from our data network products increased from RMB4.1 million in FY2005 to RMB4.7 million in FY2006. The profit did not increase proportionately with the increase in revenue because of allocation of group fixed costs, some of which would not move in tandem with revenue.
Transportation communication products
In FY2006, we experienced a frustrating lack of result in our setting up of a viable distribution network and market penetration of our transportation communication products. We discovered that the establishment of a comprehensive distribution network in China is a very slow process and requires much time to promote our products. This was not able to match our plan to push the products into the market. These are major reasons for our proposed acquisition of Tianhai Electric (Group) Corporation (“TEC”), which is a very established player in the automobile industry.
Although our transportation communication products have passed the technological and quality tests of Yu Tong, Zhengzhou Nissan and Ha Fei car manufacturers, who are very satisfied with our product capabilities and quality, they have yet to place orders.
Revenue from our transportation communication products decreased by 89.2% from RMB33.7 million in FY2005 to RMB3.6 million in FY2006. The sharp decrease in revenue resulted in a loss from operations of RMB0.2 million in FY2006. Profit from operations was RMB12.8 million in FY2005.
This business segment will continue to be our main focus for FY2007. It is still our view that the transportation industry in China will continue to experience high growth and this should benefit transportation related products. With our proposed acquisition of TEC, we will be able to capitalize on our synergy to introduce new products and tap into the vast distribution network of TEC. We will also promote our products as an accessory package to vehicle manufacturers so that our products can penetrate into China’s vehicle market, which TEC will also be able to help, and be quickly recognized as a standard car accessory.
Enhanced telecommunication services FY2006 was our second year of operation for this service. Revenue was RMB2.0 million for FY2006 and profit from operations was RMB0.2 million.
In this business segment, we are making an early entry and laying the foundation to capture the expected demand for such services when China has 3G capability. Digital map and navigational services
In our first year of operation in FY2006, revenue from this business segment was RMB1.6 million, with a profit from operations of RMB0.2 million.
Moving forward, we will be developing navigational system to be installed in automobiles.
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Board of Directors
Zheng Xueming (Chairman)Zhang Hong (Chief Executive Officer)Zheng Xueshan (Executive Director)Niu Chengwu (Executive Director)Ong Tiong Seng (Independent Director)Lam Peck Heng (Independent Director)Zheng Jinqiao (Independent Director)
Audit Committee
Zheng Jinqiao (Chairman)Ong Tiong SengLam Peck Heng
Nominating Committee
Lam Peck Heng (Chairman)Ong Tiong SengZheng Xueming
Remuneration Committee
Ong Tiong Seng (Chairman)Zheng JinqiaoZhang Hong
Company Secretary
Ng Tah Wee
Bermuda Resident Representative
Appleby Corporate Services (Bermuda) LtdCanon’s Court22 Victoria StreetHamilton HM12Bermuda
Corporate Information
Registered Office
Canon’s Court22 Victoria StreetHamilton HM12Bermuda
Singapore Share Registrar and Share Transfer Agent
B.A.C.S Private Limited63 Cantonment RoadSingapore 089758
Bermuda Share Registrar
Reid Management Limited41a Cedar AvenueArgyle HouseHamilton HM12Bermuda
Auditors
Horwath First Trust(Formerly known as First Trust Partnership)7 Temasek Boulevard #11-01Suntec Tower OneSingapore 038987
Partner-in-charge: Goh Sia(With effect from financial year ended 31 December 2006)
Company Registration Number
34300
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This report describes China Transcom Technologies Limited’s (the “Company”) corporate governance practices with specific reference to the Code of Corporate Governance (the “Code”) issued by the Corporate Governance Committee.
BOARD MATTERSThe Board’s conduct of its affairsThe Board oversees the business affairs of the Company, sets the overall strategy and supervises the Management. The following matters require Board approval: 1. Approval of corporate strategies. 2. Material acquisition and disposal of assets. 3. Major investment and funding. 4. Interested party transactions. 5. Corporate and financial restructuring. 6. Other transactions of a material price sensitive nature requiring announcement.
Board composition and balanceThe Board comprises of seven members, three of whom are independent non-executive directors. The independent non-executive directors are Mr Zheng Jinqiao, Mr Lam Peck Heng and Mr Ong Tiong Seng.
The Board observes the definition of “independence” provided in the Code.
Each director has been appointed on the strength of his knowledge, experience and potential to contribute to the proper guidance of the Company and its business.
Chairman and Chief Executive OfficerThe roles of the Chairman and Chief Executive Officer are undertaken by two different personnel who are not related to each other, and each has his own responsibilities. The Chairman is Mr Zheng Xueming and the Chief Executive Officer is Mr Zhang Hong.
Board membershipThe Nominating Committee comprises two independent non-executive directors, Mr Lam Peck Heng (Committee Chairman) and Mr Ong Tiong Seng, and one executive director, Mr Zheng Xueming.
The Nominating Committee makes recommendation to the Board on all board appointments.
According to the Bye-laws of the Company, not less than one third of the Board must retire at each Annual General Meeting by rotation, including the Chairman and Chief Executive Officer, and have to submit themselves for re-nomination and election as directors.
In evaluating a director’s performance for the purpose of re-nomination, the Nominating Committee takes into consideration factors such as attendance, preparedness and participation.
Board performanceThe Company believes that the Board’s performance is ultimately reflected in the performance of the Company. The Board is charged with two key responsibilities: setting strategic directions and ensuring that the Management is effective.
The Company is of the opinion that the financial indicators (share price performance, return on assets, return on equity, return on investment, economic value added and profitability on capital employed) set out in the Code as guides for the evaluation of directors are more of a measure of management’s performance and are less applicable to directors. The financial indicators do not fully measure the long term wealth and value of the Company.
Informal reviews of the Board’s performance are undertaken on a continual basis by the Nominating Committee with inputs from the other board members.
Corporate Governance
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Access to informationDirectors are given full access to the Management and Company Secretary. The Company supports the Directors, either individually or as a group, if they require professional advice in furtherance of their duties to the Company.
The Company Secretary attends all board and committee meetings, and ensures that board procedures and applicable rules and regulations are complied with.
REMUNERATION MATTERSProcedures for developing remuneration policiesThe Remuneration Committee comprises two independent non-executive directors, Mr Ong Tiong Seng (Committee Chairman) and Mr Zheng Jinqiao, and one executive director, Mr Zhang Hong.
The roles of the Remuneration Committee are as follows:
1. To offer an independent perspective to assist the Board in reviewing the annual remuneration framework for Directors. 2. To recommend to the Board, in consultation with the Chairman of the Board, for approval of the specific remuneration packages for the Chief Executive Officer, each Executive Director and any relative of a Director and/or substantial shareholder who is employed in a managerial position by the Company, if any.
Level and mix of remunerationIn deliberating remuneration packages for executive directors, the Remuneration Committee takes into consideration industry practices, Company’s and individual director’s performances. As all executive directors are also substantial shareholders of the Company, their interests are certainly in line with the interests of shareholders.
Non-executive directors are paid a fee which also takes into consideration market practices and norms. Non- executive directors’ fees are to be approved by shareholders at Annual General Meeting.
Disclosure on remunerationDirectors’ remuneration paid in the financial year ended 31 December 2006 are as follows:
Directors Salary Fee
Below S$250,000:
Zheng Xueming 100% -Zhang Hong 100% -Zheng Xueshan 100% -Niu Chengwu 100% -Ong Tiong Seng - 100%Lam Peck Heng - 100%Zheng Jinqiao - 100%
Remuneration of top five executives who are not also directors of the Company
Number of executives
Below S$250,000 5
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ACCOUNTABILITY AND AUDITAccountabilityThe Board is accountable to the shareholders and the Management is accountable to the Board. The Board currently provides shareholders with the Company’s performance, position and prospects on a bi-annual basis via announcement to the SGX-ST. The Directors have separate and independent access to all levels of key personnel in the Company.
Audit Committee and Internal controlsThe Audit Committee comprises three members, all of whom are independent non-executive directors, Mr Zheng Jinqiao (Committee Chairman), Mr Lam Peck Heng and Mr Ong Tiong Seng.
The roles of the Audit Committee are as follows: 1. Review the scope and result of external audit and its cost effectiveness. 2. Review independence and objectivity of the external auditors. 3. Ensure that a review of effectiveness of the Company’s material internal controls, including financial, operational and compliance control, and risk management is conducted at least annually. 4. Ensure that the internal audit function is adequately resourced and has appropriate standing within the Company. 5. Ensure, at least annually, the adequacy of internal audit function. 6. Review interested party transactions and Company’s procedure to identify, report and seek required approval for interested party transactions.
The Audit Committee wishes to report that there were no interested person transactions to be reported for the financial year ended 31 December 2006.
Internal auditThe Company has outsourced the internal audit function to Paul Wan & Co, Certified Public Accountants, Singapore. In view of the proposed acquisition of Tianhai Electric (Group) Corporation, which will result in changes to the internal controls, review of the Company’s material internal controls during the financial year ended 31 December 2006 has been deferred until completion of the proposed acquisition. The Internal Auditors report to the chairman of the Audit Committee.
The primary functions of the internal audit are as follows:1. Review internal control, including financial, operational and compliance control and risk management.2. Review business processes and determine whether they are conducted efficiently and effectively.3. Ensure interested party transactions are identified, reported and required approval sought.
COMMUNICATION WITH SHAREHOLDERSThe Company believes in regular and timely communication with investors. The Company is open to meetings with investors and analysts.
The Company encourages shareholders to attend the Company’s general meetings. Board members and key management personnel, as well as the external auditors, will be present to address queries from shareholders.
DEALINGS IN SECURITIESIn compliance with the Best Practices Guide, Directors and employees of the Company have been advised not to deal in the Company’s securities on short term considerations or when they are in possession of unpublished price-sensitive information. Dealings in the Company’s securities during the period commencing one month before any announcement of the Company’s financial statements and ending on the date of the announcements of the results is prohibited.
OTHER INFORMATION REQUIRED BY THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITEDSave for the service agreements with each of our Executive Directors, no material contracts to which the Company or its subsidiaries is a party and which involve interests of the Chief Executive Officer, each Director or controlling shareholders subsisted at the end of the financial year or have been entered into since the end of the previous financial year.
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Attendance at Board and Committee Meetings
The attendance of each Director at Board meetings and Board committee meetings during the financial year ended 31 December 2006 was as follows:
Board Audit Committee Nominating Committee Remuneration Committee Directors Attended Held Attended Held Attended Held Attended Held
Zheng Xueming 13 14 - - 1 1 - - Zhang Hong 14 14 - - - - 1 1 Zheng Xueshan 12 14 - - - - - - Niu Chengwu 14 14 - - - - - - Ong Tiong Seng 13 14 1 2 1 1 1 1 Lam Peck Heng 14 14 2 2 1 1 - - Zheng Jinqiao 14 14 2 2 - - 1 1
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MAJOR PROPERTIESAs at 31 December 2006
Property Portfolio
Description/Location
1. Floors 10 to 12, Jinguo Commercial Building, Wenhua Road, Jinshi district, Zhengzhou
2. Floors 10 and 11, Guanhutun Xiaoqu, Jinshui district, Zhengzhou
3. Unit D, 5th floor, Block 1, Minghong New Town, Weisan North Road, Jinshui district, Zhengzhou
4. 2nd floor, Apartment 3, Block 8, Taoyuan Mansion, Qijia Town, Changping district, Beijing
5. 11-storey building (comprising 1 basement and 10 floors above ground level) located at 3, Jianxue Street, Zhengzhou
6. 4 units located at East Apartment 1, Block 9, Tongle Garden, Dongfeng Road, Jinshui district, Zhengzhou
7. 5 units located at Apartment 2, Block 2, Tongle Garden, Dongfeng Road, Jinshui district, Zhengzhou
8. 7 units located at Apartment 3, Block 2, Tongle Garden, Dongfeng Road, Jinshui district, Zhengzhou
Expiry dateof tenure
Expires on 1 November 2049
Expires on 1 October 2047
Expires on 1 January 2049
Expires on 1 January 2049
Expires on 9 August 2050
Expires on 2 September 2072
Expires on 2 September 2072
Expires on 2 September 2072
ConstructionArea(a) (sq m)
2,730
1,663
89
131
8,000
438
489
695
Occupancy/use
Unoccupied(b)
Office
Accommodation for executives
Unoccupied(c)
Office
Staff quarters(d)
Staff quarters(d)
Staff quarters(d)
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Notes:
(a) Construction area of a unit refers to the sum of its lettable area and its proportionate share of the common area.
(b) This property is currently unoccupied. We intend to use part of the property and rent out the rest.
(c) This property is currently unoccupied as we intend to sell this property. In the meantime, it is used by employees on business trip in Beijing.
(d) We provide free accommodation (save for utilities which are paid by the respective employee) to our employees as an employee benefit and in order to attract skilled personnel. We may consider disposing off some or all units of these staff quarters in the future. We may offer these units to our employees and/or unrelated third parties.
Our Group currently leases the following property:
Description/Location
Landed factory, located at 10 Dongqing Street, National New and High-Tech Industrial Development Zone in Zhengzhou, Henan province
Expiry dateof tenure
Expires on 8 May 2010
ApproximateBuilt-up area (sq m)
3,532
Occupancy/use
Production facility
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Global Reports LLC
Financial year ended 31 December 2006
CONTENTS18 - 20 Directors’ report 21 Statement by Directors 22 - 23 Auditors’ Report 24 - 28 Financial Statements 29 - 57 Notes to the Financial Statements
Financial Report
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18
Directors’ ReportFOR THE YEAR ENDED 31 DECEMBER 2006(Amounts in Chinese Renminbi unless otherwise stated)
The directors present their report to the members together with the audited consolidated financial statements of China Transcom Technologies Limited (the “Company”) and its subsidiaries (collectively, the “Group”) for the financial year ended 31 December 2006 and the balance sheet of the Company as at 31 December 2006. The Company is incorporated in Bermuda and listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”). This report is not prepared pursuant to the laws and regulations of Bermuda or to Section 201 of the Companies Act of Singapore but has been prepared for the information of the Company’s shareholders.
DirectorsThe directors of the Company in office at the date of this report are:
Zheng Xueming (Chairman)Zhang Hong (Chief Executive Officer)Zheng Xueshan (Executive Director)Niu Chengwu (Executive Director)Ong Tiong Seng (Independent Director)Lam Peck Heng (Independent Director) Zheng Jinqiao (Independent Director)
Arrangements to enable directors to acquire benefits by means of the acquisition of shares and debenturesNeither at the end of nor at any time during the financial year was the Company a party to any arrangement whose object is to enable the directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.
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Directors’ interests in shares or debentures
The interests of the directors who held office at the end of the financial year in the share capital or debentures of the Company or related corporations, according to the register kept by the Company were as follows:
Shareholdings registered in Shareholdings in which a director name of director or nominee is deemed to have an interest
At 1 January At 31 December At 1 January At 31 December 2006 2006 2006 2006
The Company Ordinary shares Zheng Xueshan - - 17,280,000 17,280,000Zheng Xueming - - 17,280,000 17,280,000Zhang Hong - - 16,896,000 16,896,000Niu Chengwu - - 17,280,000 17,280,000
Subsidiary - Henan Snowcity Science & Technology Limited Paid up capital of RMB 56,600,000 Zheng Xueshan RMB 1,890,000 RMB 1,890,000 45,846,000 45,846,000 (3.34%) (3.34%) Zheng Xueming RMB 939,560 RMB 939,560 45,846,000 45,846,000 (1.66%) (1.66%)
Zhang Hong - - 45,846,000 45,846,000Niu Cheng Wu - - 45,846,000 45,846,000 Except as disclosed above, no other director who held office at the end of the financial year had an interest in any shares or debentures of the Company or related corporations either at the beginning of the financial year or the end of the financial year. There were no changes in any of the abovementioned interests between the end of the financial year and 21 January 2007.
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Directors’ contractual benefitsSince the end of the previous financial year, no director has received or become entitled to receive a benefit by reason of a contract made by the Company or a related corporation with the director or with a firm of which the director is a member, or with a company in which the director has a substantial financial interest.
Share optionsThe Snowcity Employee Share Option Scheme (“the Scheme”) was approved by the members of the Company on 24 May 2004. The Scheme provides an opportunity for employees of the Company and its subsidiaries, other than non-executive directors, controlling shareholders of the Company and their associates, to participate in the equity of the Company.
The Scheme is administered by the Remuneration Committee comprising the following members, namely Mr. Ong Tiong Seng (Chairman), Mr. Zheng Jinqiao and Mr. Zhang Hong, who are not participants of the Scheme. It shall continue to be in force at the discretion of the Committee for a period of 10 years from 24 May 2004. However, the period may be extended with the approval of members at a general meeting of the Company and of any relevant authorities which may then be required.
During the financial year, there were:
- no options granted by the Company or its subsidiaries to any person to take up unissued shares in the Company or its subsidiaries;- no shares issued by virtue of any exercise of option to take up unissued shares of the Company or its subsidiaries; and- no unissued shares of the Company or its subsidiaries under option
Audit committeeAt the date of this report, the Audit Committee (“AC”) comprises three Independent Directors, Mr. Zheng Jinqiao (Chairman), Mr Ong Tiong Seng and Mr Lam Peck Heng.
The nature and extent of the functions performed by the AC are detailed in the Corporate Governance Report set out in the Annual Report of the Company.
The AC has recommended to the Board of Directors that the auditors, Messrs Horwath First Trust, be nominated for re-appointment as external auditors at the forthcoming Annual General Meeting of the Company.
AuditorsMessrs Horwath First Trust (formerly known as First Trust Partnership) has expressed their willingness to accept re-appointment as auditors of the Company.
On behalf of the Board of Directors
Zheng Xueming Zhang HongDirector Director
12 March 2007
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In the opinion of the directors:
(a) the balance sheet of the Company and the consolidated financial statements of the Group as set out on pages 24 to 57 are drawn up so as to give a true and fair view of the state of affairs of the Company and of the Group as at 31 December 2006 and of the results, changes in equity and cash flows of the Group for the financial year then ended, and
(b) at the date of this statement there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due.
On behalf of the Board of Directors
Zheng Xueming Zhang HongDirector Director
12 March 2007
Statement by Directors
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Auditors’ Report
Independent Auditors’ Report to the Members of China Transcom Technologies Limited
We have audited the accompanying financial statements of China Transcom Technologies Limited (the “Company”) and its subsidiaries (the “Group”) set out on pages 24 to 57 which comprise the balance sheets of the Group and the Company as at 31 December 2006, the consolidated statement of profit and loss, consolidated statement of changes in equity and consolidated statement of cash flow of the Group for the financial year then ended, and a summary of significant accounting policies and other explanatory notes.
Directors’ responsibility for the financial statements
The Company’s directors are responsible for the preparation and fair presentation of these financial statements in accordance with Singapore Financial Reporting Standards. This responsibility includes designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatements, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatements.
An audit includes performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the appropriateness of accounting policies and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion the consolidated financial statements of the Group and the balance sheet of the Company are properly drawn up in accordance with the Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Group and the Company as at 31 December 2006 and of the results, changes in equity and cash flows of the Group for the financial year then ended.
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Without qualifying our opinion, we draw attention to the following matters:
(i) The revenue, net profit and net cash flows from operating activities of the Group for the financial year ended 31 December 2006 have decreased substantially from those of financial year ended 31 December 2005. As noted by the directors of the Company in several announcements on the SGXNet, this was due mainly to weak investment and development for the issue of 3G licences in the PRC. Further, the Group’s operations in transportation communications products are also affected by the longer than expected timeframe to set up a distribution network to distribute its transportation communication products.
(ii) In view of the above and as disclosed in Note 38 to the financial statements, the Company has on 26 January 2007 entered into a conditional sale and purchase agreement to acquire the entire equity interest in Tianhai Electric (Group) Corporation and its group of companies (“TEC Group”) for an aggregate consideration of S$39.7 million, to be satisfied in full by the issuance of 397 million new shares of US$0.02 each in the share capital of the Company at the issue price of S$0.10 each (“Proposed Acquisition”). Further details of the Proposed Acquisition are described in the Company’s announcements dated 26 January 2007 and 21 February 2007 on the SGXNet.
As at the date of this report, the Proposed Acquisition has yet to be completed and the ultimate financial outcome of the Proposed Acquisition is not presently determinable.
The above conditions and/or events indicate the existence of a material uncertainty which may cast significant doubt about the Group’s and the Company’s ability to continue as going concerns.
Horwath First TrustCertified Public Accountants
Singapore12 March 2007
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Financial Statements
BALANCE SHEETSAS AT 31 DECEMBER 2006(Amounts in thousands of Chinese Renminbi (“RMB”)) Group Company Note 2006 2005 2006 2005 RMB 000 RMB 000 RMB 000 RMB 000Share capital and reserves Share capital 3 23,740 23,740 23,740 23,740Share premium 4 36,831 36,882 36,831 36,882Contributed surplus 5 73,242 73,242 73,242 73,242Statutory reserves 6 7,929 7,870 - - Revenue reserves (Accumulated losses) 7 33,487 32,974 (2,466) (1,241) 175,229 174,708 131,347 132,623Minority interests 25,430 25,366 - -
TOTAL EQUITY 200,659 200,074 131,347 132,623
Non-current assets Property, plant and equipment 8 61,268 63,891 3 10Subsidiaries 9 - - 89,798 89,798Available-for-sale financial asset 10 - 741 - - Intangible assets 11 8,138 724 - - Development costs 12 19,444 - - - Prepayments 13 40,000 - - -
Current assets Inventories 14 25,411 23,846 - - Contracts in-progress 15 2,509 925 - - Trade receivables 16 41,056 133,280 - - Other receivables, deposits and prepayments 17 10,669 23,339 364 9Loans to subsidiaries (non-trade) 18 - - 41,600 41,503Due from a minority shareholder (non-trade) 18 - 1,390 - - Due from related parties (non-trade) 18 1,067 535 - - Fixed deposits 19 40,000 50,000 - - Cash and bank balances 58,165 86,784 822 2,576 178,877 320,099 42,786 44,088 TOTAL ASSETS 307,727 385,455 132,587 133,896 Current liabilities Trade payables 20 44,469 84,566 - - Other payables and accruals 21 12,973 11,024 264 168Due to a subsidiary (non-trade) 18 - - 976 1,105Due to directors (non-trade) 18 3,900 4,000 - - Bank loans 22 25,000 82,000 - - Provision for tax 3,426 3,791 - - 89,768 185,381 1,240 1,273 Non-current liabilities Bank loans 22 17,300 - - -
TOTAL LIABILITIES 107,068 185,381 1,240 1,273
NET ASSETS 200,659 200,074 131,347 132,623
The accompanying notes are an integral part of the financial statements.
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CONSOLIDATED STATEMENTS OF PROFIT AND LOSS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2006(Amounts in thousands of Chinese Renminbi (“RMB”)) Group Note 2006 2005 RMB 000 RMB 000 Revenue 23 32,208 105,544 Cost of sales (15,911) (56,292) Gross profit 16,297 49,252 Other operating income 24 4,998 6,270Distribution and selling expenses (3,153) (5,942)Administrative expenses (9,980) (13,171)Other operating expenses 25 (3,011) (7,348) Profit from operations 27 5,151 29,061 Financial expenses, net 29 (4,436) (6,338) Profit before tax 715 22,723Income tax 30 (79) (3,608) Net profit for the year 636 19,115 Attributable to: Equity holders of the Company 572 16,244Minority interests 64 2,871 636 19,115
Earnings per share (RMB cents) 31 Basic 0.4 11.4 Diluted 0.4 11.4
The accompanying notes are an integral part of the financial statements.
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Financial Statements
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITYFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2006(Amounts in thousands of Chinese Renminbi (“RMB”)) Minority Total Attributable to equity holders of the Company interests equity Share Share Contributed Statutory Revenue capital premium surplus reserves reserves RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 Balance as at 31 December 2004 23,740 36,882 73,242 4,695 21,752 22,495 182,806 Profit for the year - - - - 16,244 2,871 19,115Dividends (Note 32) - - - - (1,847) - (1,847)Transfer to reserves - - - 3,175 (3,175) - - Balance as at 31 December 2005 23,740 36,882 73,242 7,870 32,974 25,366 200,074 Profit for the year - - - - 572 64 636Transfer to reserves - - - 59 (59) - -Payment of initial public offering processing fee - (51) - - - - (51)
Balance as at 31 December 2006 23,740 36,831 73,242 7,929 33,487 25,430 200,659
The accompanying notes are an integral part of the financial statements.
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The accompanying notes are an integral part of the financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2006(Amounts in thousands of Chinese Renminbi (“RMB”)) Group Note 2006 2005 RMB 000 RMB 000 Cash flows from operating activities Net profit before tax and minority interests 715 22,723Adjustments: Depreciation of property, plant and equipment 2,848 2,386 Amortisation of intangible assets 2,043 820 Interest income (828) (1,792) Interest expense 4,982 7,576 Loss on disposal of property, plant and equipment - 14 Profit on disposal of available-for-sale financial asset (279) - Operating profit before working capital changes 9,481 31,727 Inventories (1,565) (1,236) Contracts work-in-progress (1,584) (26) Trade receivables 92,224 32,064 Other receivables, deposits and prepayments 13,090 8,785 Due from a minority shareholder (non-trade) 1,390 (1,390) Due from related parties (non-trade) (532) (535) Trade payables (40,097) 39,449 Other payables and accruals 1,949 (2,252) Due to directors (non-trade) (100) 4,000 Cash from operations 74,256 110,586Interest income received 828 1,792Interest paid (4,982) (7,576)Income taxes paid (444) (9,801) Net cash from operating activities 69,658 95,001 Cash flows from investing activities Purchase of property, plant and equipment (225) (4,440)Purchase of intangible assets (9,457) - Proceeds from disposal of property, plant and equipment - 22Proceeds from disposal of available-for-sale asset (Note A) 600 - Payment of initial public offering processing fee (51) - Prepayments for satellite maps (40,000) -Development costs (19,444) - Net cash used in investing activities (68,577) (4,418)
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Financial Statements
The accompanying notes are an integral part of the financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2006(Amounts in thousands of Chinese Renminbi (“RMB”)) Group Note 2006 2005 RMB 000 RMB 000 Cash flows from financing activities Repayment of bank term loans (82,000) (54,000)Proceeds from bank term loans 42,300 57,000Fixed deposits released (pledged) 30,000 (30,000)Dividend paid - (1,847) Net cash used in financing activities (9,700) (28,847) Net (decrease) increase in cash and cash equivalents (8,619) 61,736Cash and cash equivalents at beginning of year 33 106,784 45,048 Cash and cash equivalents at end of year 33 98,165 106,784
Note A
During the financial year ended 31 December 2006, the Group disposed of its entire equity interest of approximately RMB741,000 in the available-for-sale financial asset to a third party, on a willing buyer willing seller basis, for a purchase consideration amounting to RMB 1,020,000, of which cash receipts amounting to RMB600,000 were received during the financial year ended 31 December 2006. The remaining balance of RMB420,000 was included as “Other receivables, deposits and prepayments” as at 31 December 2006.
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China Transcom
Technologies | Annual Report 06
29
NOTES TO THE FINANCIAL STATEMENTSFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2006(Amounts in thousands of Chinese Renminbi (“RMB”) unless otherwise stated)
These notes are an integral part of and should be read in conjunction with the accompanying financial statements.
1. GENERAL The Company is a public limited company domiciled and incorporated in Bermuda and listed on the Mainboard of the Singapore Stock Exchange. The address of the Company’s registered office is Canon Court, 22 Victoria Street, Hamilton HM12, Bermuda. The principal place of business is No. 3, Jianxue Street, Snowcity Mansion, Zhengzhou, People’s Republic of China (“PRC”) 450002.
The principal activity of the Company is that of investment holding. The principal activities of its subsidiaries are shown in Note 9 to the financial statements.
The financial statements of the Company and the consolidated financial statements of the Group for the financial year ended 31 December 2006 were authorised for issue by the Board of Directors on 12 March 2007.
2. SIGNIFICANT ACCOUNTING POLICIES Basis of preparation The financial statements, which are expressed in Chinese Renminbi, are prepared in accordance with the historical cost convention, except as disclosed in the accounting policies below and are drawn up in accordance with the Singapore Financial Reporting Standards (“FRS”).
The Group’s principal operations are conducted in the PRC, and accordingly the financial statements are presented in Chinese Renminbi (“RMB”), being the measurement and presentation currency of the Group. All values are rounded to the nearest thousands (“RMB 000”) unless otherwise indicated.
In the current financial year, the Group has adopted all the new and revised FRS and Interpretations of FRS (“INT FRS”) issued by the Council on Corporate Disclosure and Governance that are relevant to its operations and effective for annual periods beginning on or after 1 January 2006.
The new or revised FRS and INT FRS which are relevant to the Group’s operations are as follows:
FRS 19 (Amendment) Employee Benefits FRS 21 (Amendment) The Effects of Changes in Foreign Exchange Rates FRS 32 (Amendment) Financial Instruments: Disclosure and Presentation FRS 39 (Amendment) Financial Instruments: Recognition and Measurement FRS 101 (Amendment) First-time Adoption of Financial Reporting Statements INT FRS 104 Determining whether an Arrangement contains a Lease
The adoption of these new or revised FRS and INT FRS has no material effect on the financial statements.
Notes To The Financial Statements
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Notes To The Financial Statements
2. SIGNIFICANT ACCOUNTING POLICIES (Continued) New accounting standards and interpretations not yet effective
The Group has not applied the following FRS and INT FRS that have been issued but not yet effective: Effective date (Annual periods beginning on or after) FRS 1 Amendment to FRS 1 (revised) Presentation of financial statements (Capital Disclosures) 1 January 2007 FRS 40 Investment Property 1 January 2007 FRS 107 Financial Instruments: Disclosures 1 January 2007 INT FRS 107 Applying the Restatement Approach under FRS 29 Financial Reporting in Hyperinflationary Economies 1 March 2006 INT FRS 108 Scope of FRS 102 Share-based Payment 1 May 2006 INT FRS 109 Reassessment of Embedded Derivatives 1 June 2006 INT FRS 110 Interim Financial Reporting and Impairment 1 November 2006
The directors do not anticipate that the adoption of these standards and interpretations in future periods will have a material impact on the consolidated financial statements of the Group.
The preparation of the combined financial statements in conformity with FRS requires management to exercise its judgment in the process of applying the Group’s accounting policies. It also requires the use of accounting estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and assumptions that affect the reported amounts of revenues and expenses during the financial year. Although these estimates are based on management’s best knowledge of current events and actions, actual results may ultimately differ from those estimates. Critical accounting estimates and assumptions used that are significant to the financial statements and areas involving a higher degree of judgment or complexity, are disclosed in this Note.
Basis of consolidation The consolidated financial statements comprise 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 entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed during the year are consolidated for the periods from or to the effective date of acquisition or disposal. All intercompany balances, transactions and unrealised profit or loss on intercompany transactions are eliminated on consolidation. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with those used by other members of the Group.
Minority interest is that part of the net results of operations and of net assets of a subsidiary attributable to interests which are not owned directly or indirectly by the Group. It is measured at the minorities’ share of the fair value of the subsidiaries’ identifiable assets and liabilities at the date of acquisition by the Group and the minorities’ share of changes in equity since the date of acquisition, except when the losses applicable to the minority in a subsidiary exceed the minority interest in the equity of that subsidiary. In such cases, the excess and further losses applicable to the minority are attributed to the equity holders of the Company, unless the minority has a binding obligation to, and is able to, make good the losses. When that subsidiary subsequently reports profits, the profits applicable to the minority are attributed to the equity holders of the Company until the minority’s share of losses is fully recovered by the equity holders of the Company.
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China Transcom
Technologies | Annual Report 06
31
2. SIGNIFICANT ACCOUNTING POLICIES (Continued) Basis of consolidation (Continued)
In the Company’s financial statements, investments in subsidiaries are carried at cost less any impairment in net recoverable value that has been recognised in the statement of profit and loss. On disposal of investments in subsidiaries, the differences between net disposal proceeds and the carrying amount of the investments is taken to the statement of profit and loss.
Subsidiaries A subsidiary is a Company, in which the Group, directly or indirectly, holds more than half of the issued share capital, or controls more than half of the voting power, or controls the composition of the board of directors.
Investment in subsidiary is stated in the financial statements of the Company at cost less impairment loss, if any.
An assessment of investments in subsidiaries is performed when there is indication that the investment has been impaired or the impairment losses required in the prior year no longer exists.
Related parties Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party, or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities.
Property, plant and equipment and depreciation Land and buildings are initially recorded at cost.
Freehold land is subsequently stated at fair value less accumulated impairment losses. Building and leasehold land are subsequently stated at fair value less accumulated depreciation and accumulated impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the balance sheet date.
Any revaluation increase arising on the revaluation of such land and buildings is credited to the property revaluation reserve, except to the extent that it reverses a revaluation decrease for the same asset previously recognised in profit or loss, in which case the increase is credited to profit or loss to the extent of the decrease previously charged to the statement of profit and loss. A decrease in carrying amount arising on the revaluation of such land and buildings is charged to profit or loss to the extent that it exceeds the balance, if any, held in the property revaluation reserve relating to a previous revaluation of that asset.
Depreciation on revalued buildings is charged to statement of profit or loss. On subsequent sale or retirement of a revalued property, the attributable revaluation surplus remaining in the property revaluation reserve is transferred directly to retained earnings.
Construction in progress includes all cost of construction and other direct costs. No depreciation is provided on construction in progress until such time as it is completed and ready for use. Construction in progress is reclassified to the appropriate category of property, plant and equipment when complete and ready to use.
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Notes To The Financial Statements
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
Property, plant and equipment and depreciation (Continued)
Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. The cost of the asset comprises its purchase price and any directly attributable cost of bringing the asset to its working condition and location for its intended use.
Property, plant and equipment are depreciated using the straight-line method to write-off the cost of the property, plant and equipment less estimated residual value over their estimated useful lives. The estimated useful lives and residual values have been taken as follows: - Estimated Estimated residual Useful lives (Years) value as a percentage of cost
Leasehold land and buildings 35 5% Leasehold staff accommodations 35 5% Machinery 5 -10 5% Office equipment 5 5% Motor vehicles 5-10 5%
Fully depreciated assets are retained in the financial statements until they are no longer in use.
The useful life and depreciation method are reviewed periodically to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from items of property, plant and equipment. An assessment of the carrying value of property, plant and equipment is made when there are indications that the assets have been impaired or the impairment losses recognised in prior years no longer exist.
The gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amounts of the asset and is recognised in the statement of profit and loss.
Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair values at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of intangible assets are assessed to be either finite or indefinite.
Intangible assets with finite lives are amortised on a straight-line basis over the estimated economic useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method of an intangible asset with a finite useful life are reviewed at least at each financial year-end. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit and loss through the “amortisation expenses” line item. Where the economic benefits cease to exist, the entire cost relating to the intangible is written off directly to the statement of profit and loss.
Intangible assets with indefinite useful lives are tested for impairment annually or more frequently if the events or changes in circumstances indicate that the carrying value may be impaired either individually or at the cash-generating unit level. Such intangibles are not amortised. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the useful life assessment continues to be supportable.
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China Transcom
Technologies | Annual Report 06
33
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
Research and development costs Research and development expenses incurred on individual projects are expensed to the statement of profit and loss as incurred unless the project’s future recoverability can be foreseen with reasonable assurance.
An intangible asset arising from development expenditure on an individual project is recognised only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the assets, how the asset will generate future economic benefits, the availability of resources to complete and the ability to measure reliably the expenditure during the development.
The carrying value of development costs is reviewed for impairment annually when the asset is not yet in use or more frequently when an indication of impairment arises during the reporting year. Upon completion, the development costs is amortised over the estimated useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired.
Impairment of non-financial assets An assessment is made at each balance sheet date of whether there is any indication of impairment of any asset, or whether there is any indication that an impairment loss previously recognised for an asset in prior years may no longer exist or may have decreased. If any such indication exists, the asset’s recoverable amount is estimated. An asset’s recoverable amount is calculated as the higher of the asset’s value in use or its net selling price. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
An impairment loss is recognised only if the carrying amount of an asset exceeds its recoverable amount. An impairment loss is charged to the statement of profit and loss in the period in which it arises, unless the relevant asset is carried at a revalued amount in which case the impairment loss is treated as a revaluation decrease.
A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount of an asset, however not to an amount higher than the carrying amount that would have been determined (net of any depreciation) had no impairment loss been recognised for the asset in prior years.
A reversal of an impairment loss is credited to the statement of profit and loss in the period in which it arises, 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.
Inventories Inventories are valued at the lower of cost and net realisable value. Raw materials comprise purchase cost accounted for on a weighted average basis. Work-in-progress and finished goods comprise cost of raw materials, direct labour and an attributable proportion of manufacturing overheads.
Net realisable value is the estimated normal selling price, less estimated costs to completion and costs to be incurred for selling and distribution.
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Notes To The Financial Statements
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
Contracts in-progress When the outcome of a contract can be estimated reliably, revenue from supply and installation projects is recognised by reference to the recoverable costs incurred during the period, measured by the proportion of costs incurred to date relative to the estimated total costs of the contract. When the outcome of a contract cannot be estimated reliably, revenue is recognised only to the extent of contract costs incurred that is probable to be recoverable.
When the outcome of a contract can be estimated reliably, contract costs are recognised as expense by reference to the stage of completion of the contract activity at the balance sheet date. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. When the outcome of a contract cannot be estimated reliably, contract costs are recognised as an expense in the period in which they are incurred.
The aggregate of costs incurred and the profit/loss recognised on each contract is compared against the progress billings up the financial year end. Where costs incurred and recognised profit (less recognised losses) exceed progress billings, the balance is shown as construction contract work-in-progress. Where progress billings exceeds costs incurred and recognised profit (less recognised losses), the excess is shown as excess of progress billings over costs incurred.
Trade and other receivables Trade and other receivables including loans to subsidiaries and amounts due from minority shareholder and related parties, are classified and accounted for as loans and receivables under FRS 39 and are recognised and carried at fair value and subsequently measured at amortised cost using the effective interest rate method less impairment losses on any uncollectible amounts.
Allowance for impairment of receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to original terms of receivables. The impairment charge is the difference between the asset’s carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. Bad debts are written off when identified.
Trade and other payables Trade and other payables, which generally are on normal credit terms, are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method.
Payables to a subsidiary and directors are carried at cost.
Provisions A provision is recognised when there is a present obligation, legal or constructive, as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed regularly and adjusted to reflect the current best estimate. Where the effect of the time value of money is material, the amount of provision is the present value of the expenditures expected to be required to settle the obligation.
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China Transcom
Technologies | Annual Report 06
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2. SIGNIFICANT ACCOUNTING POLICIES (Continued) Bank term loans Bank term loans are initially recorded at fair value, net of transaction costs incurred and subsequently accounted for at amortised costs using the effective interest method.
Bank term loans which are due to be settled within twelve months after the balance sheet date are included in current bank term loans in the balance sheet even though the original term was for a period longer than twelve months and an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the balance sheet date and before the financial statements are authorised for issue. Bank term loans due to be settled more than twelve months after the balance sheet date are included in non-current term loans in the balance sheet.
Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:
Revenue from sale of goods is recognised on the transfer of risks and rewards of ownership, which generally coincides with the time when the goods are delivered to customers and title has passed. It is recorded net of returns, trade allowances and duties and taxes and after eliminating sales within the Group.
Revenue from supply and installation projects is recognised by reference to the stage of completion based on completion of physical proportion of the work activity. The percentage of completion for a given project is determined after considering the relationship of the cost of work done to-date to total contract cost for the project.
Interest income is recognised on a time proportion basis, taking into account the principal amounts outstanding and the effective interest rates applicable.
Rental income from operating leases is recognised on a straight-line basis over the lease term. Dividend income is recognised when the right to receive payment is established.
Operating leases Leases where the lessor effectively retains substantially all the risks and rewards of ownership of the leased item are classified as operating leases. Operating lease payments are recognised as an expense in the statement of profit and loss on a straight-line basis over the lease term.
Government grants Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and all terms and conditions relating to the grants have been complied with. When the grant relates to an expense item, it is recognised in the statement of profit and loss over the periods necessary to match them on a systematic basis to the costs, which it is intended to compensate. Government grants relating to the purchase of property, plant and equipment are included in the balance sheet as deferred income and are credited to the statement of profit and loss on a straight-line basis over the expected lives of the related assets.
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Notes To The Financial Statements
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
Borrowing costs
Borrowing costs are expensed in the period in which they are incurred.
Employees’ benefits (i) Retirement benefits The Group participates in the national schemes as defined by the laws of the countries in which it has operations.
PRC The subsidiaries, incorporated and operating in the PRC, are required to provide certain retirement plan contribution to their employees under the existing PRC regulations. Contributions are provided at rates stipulated by the PRC regulations and are managed by government agencies, which are responsible for administering these amounts for the subsidiaries’ employees.
Obligations for contributions to defined contribution retirement plans are recognised as an expense in the statement of profit and loss as and when they are incurred.
(ii) Employee leave entitlement Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability as a result of services rendered by employees up to the balance sheet date.
Dividends Interim dividends are recorded in the financial year in which they are declared payable. Final dividends are recorded in the financial year in which the dividends are approved by the shareholders.
Income tax (i) Current tax Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of profit and loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are not taxable or tax deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted in the countries where the subsidiaries operate by the balance sheet date.
(ii) Deferred tax Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability 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 taxable profits will be available against which deductible temporary differences can be utilised.
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China Transcom
Technologies | Annual Report 06
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2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
Income tax (Continued) (ii) Deferred tax (Continued) Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable 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 realised. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with 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.
(iii) Value-added-tax (“VAT”) The Group’s sales of goods in the PRC are subjected to VAT at the applicable tax rate of 17% for PRC domestic sales. Input tax on purchases can be deducted from output VAT. The net amount of VAT recoverable from, or payable to, the taxation authority is included as part of “Trade receivables” or “Trade payables” in the balance sheet. The Group’s export sales are not subject to VAT.
Cash and cash equivalents Cash and cash equivalents are carried at fair value.
For the purpose of the consolidated cash flows statement, cash and cash equivalent comprises cash on hand and in banks, excluding fixed cash deposits pledged for period of more than three months. Cash and cash equivalents are short term, highly liquid investments readily convertible to known amounts of cash and subjected to an insignificant risk of changes in value and have a short maturity of generally within three months when acquired.
Financial instruments Financial assets and financial liabilities are recognised on the Group’s balance sheet when the Group becomes a party to the contractual provisions of the instrument.
The Group’s financial assets are cash and cash equivalents, trade receivables and other receivables (including loans to subsidiaries and amounts due from minority shareholder and related parties). Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Significant financial liabilities comprising trade and other payables (including amounts due to a subsidiary and directors) and bank loans are stated at their fair values. The accounting policies on recognition and measurement of these items are disclosed in the respective accounting policies found in this Note.
Equity instruments are recorded at the fair value of the consideration received. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
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Notes To The Financial Statements
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
Available-for-sale financial assets The Group’s investments in equity securities and certain debt securities are classified as available-for-sale financial assets. Subsequent to initial recognition, they are measured at fair value and changes therein, other than for impairment losses, and foreign exchange gains and losses on available-for-sale monetary items, are recognised directly in equity. When and investment is derecognised, the cumulative gain or loss in equity is transferred to the statement of profit and loss.
Functional and foreign currency Functional currency and presentation currency
The individual financial statements of each group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). The consolidated financial statements of the Group and the balance sheet of the Company are presented in Renminbi, which is the functional currency of the Company, and the presentation currency for the consolidated financial statements.
Foreign currency transactions and balances
Transactions in foreign currencies are measured in the respective functional currencies of the Company and its subsidiaries and are recorded on initial recognition in the functional currencies at exchange rates approximating those ruling at transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate of exchange ruling at balance sheet date. Non monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Non-monetary items measured at fair value in foreign currencies are translated using the exchange rates at the date when the fair value is determined.
Exchange differences arising on the settlement of monetary items, and on retranslation of monetary items are included in profit or loss for the year. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included in profit or loss for the year except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised directly in equity. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in equity.
For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group’s foreign operations (including comparatives) are expressed in RMB, using exchange rates prevailing on the balance sheet date. Income and expense items (including comparatives) are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are classified as equity and transferred to the Group’s translation reserve. Such translation differences are recognised in profit or loss in the period in which the foreign operation is disposed of.
On consolidation, exchange differences arising from the translation of the net investment in foreign entities (including monetary items that, in substance, form part of the net investment in foreign entities), and of borrowings and other currency instruments designated as hedges of such investments, are taken to the foreign currency translation reserve.
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China Transcom
Technologies | Annual Report 06
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2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
Segment information A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment that is subject to risks and returns that are different from those of segments operating in other economic environments.
For management purposes, the Group is organised into 5 main product lines, which is the basis on which the Group reports its primary segment information.
Significant accounting estimates and judgements Estimates and assumptions concerning the future are made in the preparation of the combined financial statements. They affect the application of the Group’s accounting policies, reported amounts of assets, liabilities and income and expenses, and disclosures made. They are assessed on an on-going basis and are based on experience and relevant factors, including expectations of future events that are believed to be reasonable under the circumstances.
The key assumptions concerning the future and other key sources of estimation uncertainty that may have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:
Impairment of trade receivables
Impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to original terms of receivables. An assessment is made at each balance sheet date of whether there is any indication of impairment of any asset, or whether there is any indication that an impairment loss previously recognised for an asset in prior years may no longer exist or may have decreased. Where the actual results differ from the amounts that were initially assessed, such differences will result in a material adjustment to the carrying amounts within the next financial year.
Depreciation of leasehold land and buildings
The depreciable costs of leasehold land and buildings are depreciated on a straight-line basis over the estimated useful life of the asset. Management estimates the useful lives of leasehold land and buildings to be 35 years and the residual value to be 5% of the asset. The carrying amount of the Group’s leasehold land and buildings as at 31 December 2006 was approximately RMB 53,722,000. Changes in the physical condition of the buildings could impact the economic useful life and residual value of the asset. As at 31 December 2006, there are no indications that the remaining economic useful life of the buildings is significantly lower than the remaining useful life.
Depreciation of machinery
The depreciable cost of machinery used for the manufacture of telecommunication products are depreciated on a straight-line basis over the estimated useful lives of the assets. Management estimates the useful lives of the production lines to be 5-10 years and the residual value to be 5% of the cost of these assets. These are common life expectancies and residual value applied in the industry. The carrying amount of the Group’s machinery as at 31 December 2006 was approximately RMB 2,073,000. Changes in the expected level of usage and technological developments could impact the economic useful lives and residual values of these assets. Therefore, future depreciation charges could be revised.
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Notes To The Financial Statements
3. SHARE CAPITAL
Group and Company 2006 2005 US$ 000 US$ 000 Authorised - 300,000,000 ordinary shares of US$0.02 each 6,000 6,000 Issued and fully paid - 143,000,000 ordinary shares of US$0.02 each fully paid (amounting to US$2,860,000) 23,740 23,740 At the end of the financial year, no options were granted to directors and eligible executives and no ordinary shares were issued by virtue of the exercise of options granted to directors and eligible executives under the Snowcity Employee Share Option Scheme.
4. SHARE PREMIUM Under Bermuda Company Law, share premium can be utilised only for bonus issue of shares, or writing off of preliminary expenses of the Company, writing off commissions and discounts on issues of shares and debentures of the Company and providing for premium payable on redemption of shares and debentures of the Company.
5. CONTRIBUTED SURPLUS The contributed surplus represents the excess of the combined net assets value of the subsidiaries acquired over the nominal value of the paid up capital of the Company issued in exchange thereof.
The Bermuda Company Law provides that a Company shall not declare or pay a dividend or make a distribution out of contributed surplus. If there are reasonable grounds for believing that (a) the company is, or would after the payment be, unable to pay its liabilities as they become due; or (b) the realisable value of the Company’s assets would thereby be less than the aggregate of its liabilities and its issued share capital.
6. STATUTORY RESERVES
Statutory reserve funds comprise:
Percentage of contribution from profit after tax Group and Company 2006 2005 RMB 000 RMB 000 (a) Statutory reserve fund 10% 5,286 5,247 (b) Staff welfare fund 5% 2,643 2,623 15% 7,929 7,870
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6. STATUTORY RESERVES (Continued)
These non-distributable reserves represent amounts set aside in compliance with the local laws in the PRC where the subsidiaries operate. The subsidiaries are considered a foreign investment enterprises and the percentage of appropriation from the net profit after tax to the various reserves funds are determined by the Board of Directors of the subsidiaries.
(a) In accordance with the Foreign Enterprise Law of the PRC, the subsidiaries, a wholly foreign-owned enterprise (“WFOE”) must make contributions to a statutory reserve fund (“SRF”). At least 10 per cent of the statutory after tax profits as determined in accordance with the applicable PRC accounting standards and regulations must be allocated to the SRF. If the cumulative total of the SRF reaches 50% of an enterprise’s registered capital, the enterprise will not be required to make any further contribution. The SRF is not available for dividend distribution to the shareholders.
(b) The PRC subsidiaries have appropriated 5% of its profit after tax to the statutory staff welfare reserve fund on a voluntary basis as allowed by their respective Articles of Association. The statutory staff welfare reserve fund would be used for the collective welfare of the employees.
7. REVENUE RESERVES (ACCUMULATED LOSSES)
Company 2006 2005 RMB 000 RMB 000 Balance at beginning of the year (1,241) 525 Net (loss) profit for the year (1,225) 81 Dividends paid - (1,847) Balance at end of the year (2,466) (1,241)
8. PROPERTY, PLANT AND EQUIPMENT
Leasehold Building Leasehold land and under staff Office Motor Group buildings construction accommodations Machinery equipment vehicles Total RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 Cost At 1.1.2005 17,330 39,693 2,215 3,920 2,792 6,192 72,142 Additions 2,557 - - 1,483 400 - 4,440 Disposals - - - (12) - (74) (86) Transfers 39,693 (39,693) - - - - - At 31.12.2005 and 1.1.2006 59,580 - 2,215 5,391 3,192 6,118 76,496 Additions - - - 88 137 - 225 Disposals - - - - - - - At 31.12.2006 59,580 - 2,215 5,479 3,329 6,118 76,721
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Notes To The Financial Statements
8. PROPERTY, PLANT AND EQUIPMENT (Continued)
Leasehold Building Leasehold land and under staff Office Motor Group buildings construction accommodations Machinery equipment vehicles Total RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000
Accumulated depreciation At 1.1.2005 3,063 - 113 2,294 1,523 3,276 10,269 Charge for the year 1,159 - 69 641 176 341 2,386 Disposals - - - (12) - (38) (50) At 31.12.2005 and 1.1.2006 4,222 - 182 2,923 1,699 3,579 12,605 Charge for the year 1,636 - 69 483 332 328 2,848 Disposals -
At 31.12.2006 5,858 - 251 3,406 2,031 3,907 15,453 Net book value
At 31.12.2006 53,722 - 1,964 2,073 1,298 2,211 61,268 At 1.1.2006 and 31.12.2005 55,358 - 2,033 2,468 1,493 2,539 63,891 At 1.1.2005 14,267 39,693 2,102 1,626 1,269 2,916 61,873
Included in leasehold land and buildings are leasehold buildings with net book value of approximately RMB 53,157,000 (2005: RMB 13,211,000) which have been pledged as security for certain bank loans as disclosed in Note 22.
Company Office equipment RMB 000
Cost, representing balance at 1.1.05 and 31.12.2006 20 Accumulated depreciation As at 1.1.2005 3 Charge for the year 7 As at 1.1.2006 10 Charge for the year 7 As at 31.12.2006 17 Net book value As at 31.12.2006 3 As at 31.12.2005 and 1.1.2006 10 As at 1.1.2005 17
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9. SUBSIDIARIES
Company 2006 2005 RMB 000 RMB 000
Unquoted equity shares at cost 89,798 89,798
Country of incorporation Effective and place of equity held by Principal activities business the Group Cost of investment 2006 2005 2006 2005 % % RMB 000 RMB 000 Held by the Company Most Faithful Holdings Investment holding British Virgin 100 100 46,695 46,695 Limited (1) Islands Sino Victory Technology Investment holding British Virgin 100 100 43,103 43,103 Limited (1) Islands
Held by the subsidiaries Zhengzhou Tengyue Manufacture and sale of PRC 100 100 - - Software Technology computer software and Co., Ltd (2) network equipment, and provision of direct after-sales service; investment holding Henan Tengyue Provision of enhanced PRC 100 100 - - Interconnection telecommunication Information services Service Co., Ltd (3) Zhengzhou Yuntian Sales of computer software, PRC 100 100 - - Information telecommunications products Technology and electronic products and Co., Ltd (3) provision of after-sales service; investment holding Beijing Snowcity Trading of PRC 100 100 - - Information telecommunications Technology Co., Ltd (3) equipment Shenzhen Ai Bo Investment holding PRC 100 100 - - Chuang Ye Investment Co., Ltd (3) Henan Snowcity Manufacture and supply of PRC 81 81 - - Science & Technology telecommunications equipment Limited (4) and integrated systems 89,798 89,798
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Notes To The Financial Statements
9. SUBSIDIARIES (Continued)
Notes: 1. Not required to be audited under the laws of the country of incorporation
2. Audited by Henan Jinyi Lianhe (河南金毅联合会计事务所有限公司), a firm of Certified Public Accountants in the PRC for local statutory purposes.
3. Exempted from audit under the requirements of PRC regulations.
4. Audited by Horwath First Trust (a member of the Institute of Certified Public Accountants of Singapore) for the purpose of the reporting requirements under the Singapore Exchange Securities Trading Limited Listing Manual.
10. AVAILABLE FOR SALE FINANCIAL ASSET
Group 2006 2005 RMB 000 RMB 000 Unquoted equity shares, at cost - 741 Pursuant to a directors’ resolution dated 5 May 2006, the subsidiary disposed of its entire equity interest in the available-for-sale financial asset to a third party, on a willing buyer willing seller basis, for a purchase consideration amounting to RMB 1,020,000.
11. INTANGIBLE ASSETS Intangible assets represent technology proprietary rights acquired by the Group for use in operations.
Group RMB 000 Cost At 1.1.2005 14,287 Additions - At 31.12.2005 and 1.1.2006 14,287 Additions 9,457 At 31.12.2006 23,744 Accumulated amortisation At 1.1.2005 12,743 Amortisation for the year 820
At 31.12.2005 and 1.1.2006 13,563 Amortisation for the year 2,043 As at 31.12.2006 15,606 Net book value At 31.12.2006 8,138 At 31.12.2005 and 1.1.2006 724 At 1.1.2005 1,544
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12. DEVELOPMENT COSTS On 12 July 2006, the subsidiary purchased 3 satellite maps, totalling to approximately RMB 19,444,000. As at 31 December 2006, these satellite maps have not been completed and thus, not ready for use. Accordingly, no amortisation has been charged to the statement of profit and loss, in accordance with the accounting policy as set out in Note 2.
13. PREPAYMENTS On 21 August 2006, the subsidiary purchased 6 satellite maps from a third party, amounting to approximately RMB43,723,000. As at 31 December 2006, these satellite maps have not been transferred to the subsidiary, and prepayments amounting to RMB 40,000,000 have been paid according to the terms of the contracts.
14. INVENTORIES
Group 2006 2005 RMB 000 RMB 000
Finished goods at cost 16,704 16,796 Work-in-progress at cost 8,783 7,197 Raw materials at cost 5,977 5,480
31,464 29,473 Less: Allowance for inventory obsolescence (6,053) (5,627) 25,411 23,846
Movements in allowance for impairment inventory obsolescence during the year are as follows:
Group 2006 2005 RMB 000 RMB 000 At beginning of year 5,627 5,627 Allowance for the year 426 - At end of financial year 6,053 5,627 15. CONTRACTS-IN-PROGRESS
Group 2006 2005 RMB 000 RMB 000
Cost incurred to date 2,509 925 Add: Attributable profits - -
2,509 925
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Notes To The Financial Statements
16. TRADE RECEIVABLES
Group 2006 2005 RMB 000 RMB 000 Trade receivables 54,461 141,623 Notes receivable - 5,062 Allowance for impairment of receivables (13,405) (13,405) 41,056 133,280 Movements in allowance for impairment of trade receivables during the year are as follows:
Group 2006 2005 RMB 000 RMB 000 At beginning of year 13,405 8,802 Allowance for the year - 4,603 At end of financial year 13,405 13,405
The entire amount of trade receivables are denominated in Chinese Renminbi.
17. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS
Group Company 2006 2005 2006 2005 RMB 000 RMB 000 RMB 000 RMB 000 Other receivables 5,728 14,300 - - Less: Allowance for impairment of other receivables (901) (368) - - 4,827 13,932 - - Deposits 5 4,000 - - Prepayments 364 132 364 9 Advances paid to suppliers 5,473 5,275 - - 10,669 23,339 364 9
Movements in allowance for impairment of other receivables during the year are as follows:
Group 2006 2005 RMB 000 RMB 000 At beginning of year 368 830 Allowance (written back) for the year 533 (462) At end of financial year 901 368
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17. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS (Continued) Other receivables, deposits and prepayments were denominated in the following currencies:
Group Company 2006 2005 2006 2005 RMB 000 RMB 000 RMB 000 RMB 000 Chinese Renminbi 10,335 23,330 - - Singapore dollar 364 9 364 9 10,669 23,339 364 9
18. LOANS TO SUBSIDIARIES / DUE FROM A MINORITY SHAREHOLDER / DUE FROM RELATED PARTIES / DUE TO A SUBSIDIARY / DUE TO DIRECTORS (NON-TRADE) These balances are unsecured, interest-free and repayable on demand.
19. FIXED DEPOSITS Fixed deposits of RMB 40,000,000 (2005: 50,000,000) have an average maturity period of 180 days (2005: 180 days) and bears interest income at effective rate of 2.52% (2005: 0.72% to 2.07%) per annum.
As at the end of the previous financial year, fixed cash deposits amounting to RMB30,000,000 were pledged to a bank to secure certain trade related financing facilities as disclosed in Note 20. The fixed deposits were released during the current financial year.
20. TRADE PAYABLES
Group 2006 2005 RMB 000 RMB 000 Trade payable 19,208 28,509 Notes payable (Note A) 20,000 50,000 Value added tax payable 5,261 6,057 44,469 84,566
Note A As at the end of the previous financial year, notes payable were secured by pledged fixed cash deposits amounting to RMB30,000,000 (Note 19). The fixed deposits were released during the current financial year.
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Notes To The Financial Statements
21. OTHER PAYABLES AND ACCRUALS
Group Company 2006 2005 2006 2005 RMB 000 RMB 000 RMB 000 RMB 000 Accrued expenses 7,040 7,024 264 168 Advances from customers 2,352 2,525 - - Other payables 3,581 1,475 - - 12,973 11,024 264 168
Other payables and accruals denominated in various currencies are as follow: Group Company 2006 2005 2006 2005 RMB 000 RMB 000 RMB 000 RMB 000 Chinese Renminbi 12,327 10,856 - - Singapore dollars 646 168 264 168 12,973 11,024 264 168
22. BANK LOANS
Details of bank term loans (current portion) are as follows:
As at 31 As at 31 Interest rates December 2006 December 2005 per annum Security Mortgage / Guarantee RMB 000 RMB 000 (i) 15,000 7,000 5.74% - 6.34% Leasehold property (ii) - 20,000 5.58% Leasehold property and guarantee by a third party (iii) 10,000 30,000 5.36% - 6.70% Corporate guarantee by a third party (iv) - 25,000 7.24% - 7.61% Corporate guarantee by a minority shareholder 25,000 82,000 Details of bank term loan (non-current portion) are as follows:
As at 31 As at 31 Interest rates December 2006 December 2005 per annum Guarantee RMB 000 RMB 000 (vi) 17,300 - 7.96% (Note A) Corporate guarantee by a minority shareholder
Note A Interest rate is subjected to yearly revision at the discretion of the bank to reflect prevailing market rates. This loan is repayable on 22 January 2008.
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23. REVENUE
Group 2006 2005 RMB 000 RMB 000 Sale of goods 11,835 91,929 Supply and installation of goods 20,373 13,615 32,208 105,544
24. OTHER OPERATING INCOME
Group 2006 2005 RMB 000 RMB 000 Government grants 3,730 3,855 Sundry income 486 1,056 Sale of raw materials 172 101 Rental income 242 66 Profit on disposal of available-for-sale financial asset 279 - Write-back of allowance for impairment of other receivables - 462 Others 89 730 4,998 6,270
25. OTHER OPERATING EXPENSES
Group 2006 2005 RMB 000 RMB 000 Amortisation of intangible assets 2,043 820 Allowance for impairment of trade receivables - 4,603 Allowance for impairment of other receivables 533 - Allowance for inventory obsolescence 425 - Bad debts written-off (non-trade) - 1,766 Loss on disposal of property, plant and equipment - 14 Others 10 145 3,011 7,348
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Notes To The Financial Statements
26. PERSONNEL EXPENSES
Group 2006 2005 RMB 000 RMB 000 Wages, salaries and bonuses 4,423 7,723 Pension contributions 429 470 Other staff costs 252 1,074
5,104 9,267
27. PROFIT FROM OPERATIONS This is determined after charging (crediting) the following:
Group 2006 2005 RMB 000 RMB 000 Amortisation of intangible assets 2,043 820 Allowance for impairment of trade receivables - 4,603 Allowance (write-back) for impairment of other receivables 533 (462) Allowance for inventory obsolescence 425 - Bad debts written off (non-trade) - 1,766 Depreciation of property, plant and equipment 2,848 2,386 Directors’ remuneration - directors of subsidiaries 652 604 Directors’ fees - directors of the Company 425 345 Foreign exchange (gain) loss (89) 143 Loss on disposal of property, plant and equipment - 14 Non-audit fees paid to auditors of the Company - - Operating lease expenses 595 422 Personnel expenses (Note 26) (1) 5,104 9,267 Profit on disposal of available-for-sale financial asset (279) - Research and development costs 540 1,375
(1) This includes the amount shown as directors’ remuneration.
28. DIRECTORS’ REMUNERATION Number of directors of the Company in remuneration bands*: Group 2006 2005 RMB 000 RMB 000 S$500,000 and above - - S$250,000 to S$499,000 - - Below S$250,000 7 7 7 7 * Including directors’ fees
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29. FINANCIAL EXPENSES, NET
Group 2006 2005 RMB 000 RMB 000 Finance interest: Interest income on bank balances (828) (1,792) Foreign exchange gain, net (89) -
(917) (1,792) Finance costs: Interest expense on bank loans 4,982 7,576 Foreign exchange loss, net - 143 Bank charges 371 411 4,436 6,338
30. INCOME TAX The Group’s current tax charge varies from the amount arrived at by applying the concessionary income tax rates of PRC on profit before tax mainly due to certain non-deductible items added back for tax purposes. The applicable tax rate used in the tax reconciliation is 15%, being the concessionary tax rate granted to its principal subsidiary, Henan Snowcity Science & Technology Limited.
Group 2006 2005 RMB 000 RMB 000 Profit before tax 715 22,723 Tax based on concessionary rate of 15% 107 3,408 Add: Deferred tax asset not recognised - 251 Less: Certain income not taxable - (33) Effect of differences in tax rate (28) (18)
79 3,608
No deferred tax has been provided, as the Group did not have any significant temporary differences which gave rise to a deferred tax liability at the balance sheet date. The potential deferred tax assets arising from unutilised tax losses have not been recognised in the financial statements in accordance with the Group’s accounting policy.
Henan Snowcity Science & Technology Limited (“Snowcity”) In accordance with the Income Tax Law of the People’s Republic of China for New and High Technology Enterprises and various approval documents issued by the Tax Bureau of the PRC, Snowcity, being awarded the “High Technology Enterprise” status enjoys a concessionary tax rate of 15%, as compared to the statutory tax rate for PRC companies of 33%. The concessionary income tax status is valid for 1 year and is subjected to yearly renewal.
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Notes To The Financial Statements
31. EARNINGS PER SHARE
Earnings per share is calculated by dividing the Group’s profit after tax and minority interests and after transfers to statutory reserves by the weighted average number of shares in issue during the financial year of 143,000,000 (2005: 143,000,000) shares.
As no options to take up unissued shares have been granted to eligible employees under the Share Option Scheme, and there are no other dilutive potential ordinary shares issued and / or granted, the fully diluted earnings per share is the same as the basic earnings per share.
32. DIVIDENDS
Group 2006 2005 RMB 000 RMB 000 Final tax exempt dividend paid in respect of the financial year ended 31 December 2004 of S$0.00255 cents per share - 1,847
33. CASH AND CASH EQUIVALENTS
Group 2006 2005 RMB 000 RMB 000 Cash and bank balances 58,165 86,784 Fixed deposits (Note 19) 40,000 20,000
Cash and cash equivalents as stated in statement of cash flows 98,165 106,784 Pledged fixed cash deposits (Note 19) - 30,000 Cash and bank balances as stated in balance sheet 98,165 136,784 Cash and cash equivalents denominated in various currencies are as follow:
Group 2006 2005 RMB 000 RMB 000 Chinese Renminbi 97,312 134,193 Singapore dollars 822 2,576 United States dollars 31 15 98,165 136,784
As at 31 December 2006, the Group had cash and bank balances denominated in Renminbi (“RMB”) amounting to approximately RMB 97,312,000 (2005: RMB 134,193,000). The RMB is not freely convertible into foreign currencies. Under the People’s Republic of China’s Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for foreign currencies through banks that are authorised to conduct foreign exchange.
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34. RELATED PARTY INFORMATION Some of the arrangements with related parties (as defined in Note 2 above) and the effects of these bases determined between the parties are reflected elsewhere in this report. The balances due from related parties are unsecured, interest-free and repayable on demand. Transactions between the Company and its subsidiaries, which are related companies of the Company, have been eliminated on consolidation and are not disclosed in this note.
Details of significant transactions are disclosed below.
Group 2006 2005 RMB 000 RMB 000 Expenses paid on behalf of minority shareholder - 1,390 Expenses paid on behalf of a related party 532 535 Remuneration to key management personnels (1) 1,077 949 Professional fees paid to a related party - 25
(1) The remuneration to key management personnels relates to short-term employee benefits.
35. COMMITMENTS (a) Non-cancellable operating lease commitments
The Group has operating lease commitments in respect of the factory premise payable as follows:
Group 2006 2005 RMB 000 RMB 000 Future minimum lease payments - not later than 1 year 522 381 - 2 years through 5 years 890 1,272 1,412 1,653
Lease terms do not contain restrictions on the Group’s activities concerning dividends, additional debt or further leasing.
(b) Capital expenditure commitments
Group 2006 2005 RMB 000 RMB 000 Capital expenditure not provided for in the financial statements - commitments in respect of purchase of network technological rights by a subsidiary - 9,457
- commitments in respect of purchase of satellite maps by a subsidiary 3,723 -
3,723 9,457
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Notes To The Financial Statements
36. SEGMENT INFORMATION
(a) Business segments The Group’s primary format for reporting segment information is business segments, with each segment representing a strategic business segment that offers different product lines.
Segment assets and liabilities cannot be directly attributable to individual business segments and it is not practicable to allocate them to the business segments. Accordingly, it is not meaningful to disclose a ssets, liabilities and capital expenditure by business segments.
(b) Geographical segments All assets and operations of the Group are attributable to a single geographical region, which is the PRC.
Enhanced Telecom- Data Transportation telecom- munication network communication munication Map products products products services services Others Total RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 Year ended 31 December 2006
Revenue 844 24,106 3,622 1,988 1,619 29 32,208
Segment results Profit (loss) from operations 271 4,671 (152) 187 167 7 5,151 Financial expenses, net (4,436)
Profit before tax 715 Income tax (79)
Profit after tax 636
Capital expenditure 9,682 Depreciation and amortisation 4,891
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36. SEGMENT INFORMATION (Continued)
Enhanced Telecom- Data Transportation telecom- munication network communication munication Map products products products services services Others Total RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 Year ended 31 December 2005
Revenue 55,688 15,377 33,652 - - 827 105,544
Segment results Profit from operations 11,917 4,130 12,787 - - 227 29,061 Financial expenses, net (6,338)
Profit before tax 22,723 Income tax (3,608)
Profit after tax 19,115
Capital expenditure 4,440 Depreciation and amortisation 3,206
37. FINANCIAL INSTRUMENTS Financial risk management objectives and policies
The main risks arising from the Group’s financial instruments are foreign currency risk, interest rate risk, fair value and cash flow interest rate risk, credit risk and liquidity risk. The Group does not have a formal risk management policies and guidelines, however, the Board of Directors reviews and agrees policies for managing each of these risks and they are summarised below.
It is the Group’s policy not to trade in derivative contracts.
Foreign currency risk As the Group’s transactions are primarily denominated in RMB, it is subject to minimal foreign exchange exposure. The Group has bank balances denominated in USD and accordingly, the Group’s balance sheets can be affected by movements in the USD/ RMB exchange rates.
Currently, the PRC government imposes control over foreign currencies. RMB, the official currency in the PRC, is not freely convertible. Enterprises operating in the PRC can enter into exchange transactions through the People’s Bank of China or other authorised financial institutions.
The Group has not entered into any derivative instruments for hedging or trading purposes.
Interest rate risk The Group obtains additional financing through short-term bank loans. The Group’s policy is to obtain the most favourable interest rates available without increasing its foreign currency exposure.
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Notes To The Financial Statements
37. FINANCIAL INSTRUMENTS (Continued)
The Group constantly monitors its interest rate risk and does not utilise forward contracts or other arrangements for trading or speculative purposes. As at 31 December 2006, there were no such arrangements, interest rate swap contracts or other derivative instruments outstanding.
The following table sets out the carrying amount, by maturity, of the Group’s financial instruments, that are exposed to interest rate risk:
Group 2006 2005 RMB 000 RMB 000 Within one year Fixed rate: Fixed deposits 40,000 - Cash and bank balances 58,165 86,784 Bank loans - 20,000 Floating rate: Bank loans 25,000 62,000 Fixed deposits - 50,000
More than one year Floating rate: Bank loans 17,300 -
Interest in financial instruments subject to floating interest rates is repriced regularly. Interests on financial instruments at fixed rates are fixed until the maturity of the instruments. The other financial instruments of the Group that are not included in the above table are not subject to interest rate risks.
Liquidity risk The Group monitors and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group’s operations.
Credit risk The carrying amounts of cash and cash equivalents, trade and other receivables represent the Group’s maximum exposure to credit risk in relation to financial assets. No other financial assets carry a significant exposure to credit risk.
Cash and cash equivalents are placed with reputable financial institutions. Therefore, credit risk arises mainly from the inability of its customers to make payments when due. The amounts presented in the balance sheet are net of allowances for impairment of receivables, estimated by management based on prior experience and the current economic environment.
The Group trades only with recognised and creditworthy third parties. It is the Group’s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the Group’s exposure to bad debts is not significant.
Concentration of credit risk exists when changes in economic, industry or geographical factors similarly affect group of counterparties whose aggregate credit exposure is significant in relation to the Group’s total credit exposure. As at 31 December 2006, approximately 63% (2005: 71%) of gross trade debts were related to the top 5 customers of the Group.
Fair values The fair values of the financial assets and financial liabilities reported on the balance sheet are not materially different from their respective carrying amounts.
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38. SUBSEQUENT EVENTS
On 27 July 2006, the Company entered into memoranda of understanding with:
(i) Henan Tianhai Electric (Group) Corporation (“Tianhai”) on the proposed strategic restructuring of Tianhai from a collective enterprise to a limited liability company, established under the PRC laws, of which the entire registered capital of Tianhai will then be held indirectly by Tianhai Electric (Group) Corporation (“TEC Group”), a company incorporated in the British Virgin Island; and
(ii) Mr. Wang Laisheng and Mr. Li Delin, representatives of the shareholders of Tianhai, (collectively “Warrantors”), relating to the proposed acquisition of TEC Group.
Subsequent to the year-end, the following events took place:
(a) As set out in the Company’s announcement on 26 January 2007, the Company entered into a conditional sale and purchase agreement (“Agreement”) with Zoro Express International Ltd (“Zoro”) and Shine Sound Investments Ltd (“Shine Sound”) as vendors (collectively “Vendors”) and the Warrantors, for the proposed acquisition (“Proposed Acquisition”) by the Company, indirectly through the acquisition of an aggregate of 50,000 shares of US$100 each in the share capital of TEC Group (“Sale Shares”), representing the entire issued and paid-up share capital of TEC Group, for an aggregate consideration of S$39,700,000 (“Consideration”).
The Consideration is to be satisfied in full by the issue to the Vendors and/or their nominee(s) of an aggregate of 397,000,000 new shares of US$0.02 each in the share capital of the Company (“Consideration Shares”) at the issue price of S$0.10 each. The Consideration for the Proposed Acquisition was arrived at on a willing buyer and willing seller basis, taking into account, inter-alia, the unaudited management accounts of TEC Group, the future earnings potential of TEC Group’s business and the synergy that is expected to arise from the combination of the two group’s businesses.
The Consideration will be satisfied entirely by the allotment and issue to the Vendors and/or their nominee(s) of the Consideration Shares. An aggregate of 223,114,000 and 173,886,000 Consideration Shares will be issued to Zoro and Shine Sound, respectively. The issue of the Consideration Shares is subject to the approval of shareholders of the Company at a special general meeting to be convened.
The Company intends to apply to the Singapore Exchange Securities Trading Limited (“SGX-ST”) for the listing and quotation of the Consideration Shares on the SGX-ST. Further details of the Proposed Acquisition are described in the Company’s announcement dated 26 January 2007 on the SGXNet.
(b) On 21 February 2007, the Company entered into a supplementary agreement with the Vendors and Warrantors (“Supplementary Agreement”). Under the Supplementary Agreement, the Company, the Vendors and the Warrantors agree that the Sale Shares shall be sold and purchased on the basis that the Company shall be entitled to all rights, benefits, dividends and entitlements attaching to the Sale Shares as at 1 January 2007, instead of the date of completion of the Proposed Acquisition as provided for in the Agreement. Further details of the Proposed Acquisition are described in the Company’s announcement dated 21 February 2007 on the SGXNet.
The Proposed Acquisition will be subjected to all relevant regulatory approvals, including the shareholders and SGX-ST.
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Statistics of Shareholdings
STATISTICS OF SHAREHOLDINGS AS AT 27 MARCH 2007 ISSUED AND FULLY PAID-UP CAPITAL NO. OF SHARES: 143,000,000 Shares CLASS OF SHARES: Ordinary Shares VOTING RIGHTS: 1 Vote per Share
SIZE OF NO. OF % NO. OF SHARES % SHAREHOLDINGS SHAREHOLDERS
1,000 - 10,000 348 59.18 1,712,000 1.2010,001 - 1,000,000 222 37.76 20,349,000 14.231,000,001 & ABOVE 18 3.06 120,939,000 84.57
TOTAL 588 100.00 143,000,000 100.00
TOP TWENTY SHAREHOLDERS NO. OF SHARES % GOLD CONCEPT TECHNOLOGIES LTD 17,280,000 12.08GOLDEN LION WORLDWIDE INC 17,280,000 12.08GREAT WORLD VENTURES INC 17,280,000 12.08MAXCOMM GROUP CORPORATION 16,896,000 11.82HSBC (SINGAPORE) NOMINEES PTE LTD 7,541,000 5.27GRAND GUANG HOLDING LIMITED 6,612,000 4.62CHINA CORE LIMITED 6,547,000 4.58UOB KAY HIAN PTE LTD 5,946,000 4.16NATURE SHINE LTD 5,760,000 4.03STAR WORLD DEVELOPMENT LIMITED 4,000,000 2.80LU DUNHUA 3,106,000 2.17LI MING 2,684,000 1.88HILLSTAR DEVELOPMENT LIMITED 2,472,000 1.73QUANTUM ASSET MANAGEMENT PTE LTD 2,000,000 1.40INAWATY JUNUS 1,750,000 1.22CIMB-GK SECURITIES PTE. LTD. 1,370,000 0.96CHUA SIEW CHENG 1,350,000 0.94KIM ENG SECURITIES PTE. LTD. 1,065,000 0.75TANG KOK ONN SIMON 1,000,000 0.70CITIBANK NOMINEES SINGAPORE PTE LTD 864,000 0.61
TOTAL 122,803,000 85.88
SUBSTANTIAL SHAREHOLDERS NO. OF SHARES %
GOLD CONCEPT TECHNOLOGIES LTD 17,280,000 12.08GOLDEN LION WORLDWIDE INC 17,280,000 12.08GREAT WORLD VENTURES INC 17,280,000 12.08MAXCOMM GROUP CORPORATION 16,896,000 11.82HSBC (SINGAPORE) NOMINEES PTE LTD 7,541,000 5.27
SHAREHOLDING HELD IN THE HANDS OF PUBLIC Based on the information available to the Company as at 27 March 2007, 35.9% of the issued ordinary shares of the Company is held by the public and therefore Rule 723 of the Listing Manual is complied with.
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NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at Room 1003, Level 10, NTUC Centre, No. 1 Marina Boulevard, Singapore 018989 on 27 April 2007 at 10.30 a.m. to transact the following businesses:
ORDINARY BUSINESS:1. To receive and adopt the Audited Accounts for the financial year ended 31 December 2006 together with the reports of the Directors and the Auditors thereon. (Resolution 1)
2. To re-elect the following Directors who retire by rotation in accordance with Bye-Law 104 of the Company’s Bye-Laws, and who, being eligible, offer themselves for re-election:
(a) Mr Zheng Xueming (Resolution 2) (b) Mr Zhang Hong (Resolution 3) (c) Mr Zheng Xueshan (Resolution 4)
3. To approve the payment of directors’ fees of S$85,000 for Non-executive Directors for the financial year ending 31 December 2007 and to pay the directors’ fees in arrears on a quarterly basis over the financial year 2007. (Resolution 5)
4. To re-appoint Horwath First Trust (formerly known as First Trust Partnership) as the Company’s Auditors and to authorize the Directors to fix their remuneration. (Resolution 6)
SPECIAL BUSINESS:
To consider and, if thought fit, to pass with or without modification, the following resolutions as Ordinary Resolutions:
5. “That pursuant to the listing rules of the Singapore Exchange Securities Trading Limited, authority be and is hereby given to the Directors of the Company to allot and issue shares and convertible securities in the Company (whether by way of rights, bonus or otherwise) at any time and from time to time thereafter to such persons and upon such terms and conditions and for such purposes as the Directors may in their absolute discretion deem fit, provided always that the aggregate number of shares and convertible securities to be issued pursuant to this resolution does not exceed 50% of the issued share capital of the Company as at the date of the passing of this resolution, of which the aggregate number of shares and convertible securities to be issued other than on a pro rata basis to shareholders of the Company does not exceed 20% of the issued share capital of the Company as at the date of the passing of this resolution, and for the purpose of this resolution, the issued share capital shall be the Company’s issued share capital at the time this resolution is passed (after adjusting for new shares arising from the conversion or exercise of convertible securities or share options or vesting of share awards which are outstanding or subsisting at the time this resolution is passed and any subsequent consolidation or subdivision of the Company’s shares), and unless revoked or varied by the Company in general meeting, such authority shall continue in force until the conclusion of the next annual general meeting of the Company or the date by which the next annual general meeting of the Company is required by law to be held, whichever is the earlier.” (Resolution 7)
6. “That authority be and is hereby given to the Directors of the Company to offer and grant options in accordance with the provisions of the Snowcity Employee Share Option Scheme (the “Scheme”) and to allot and issue from time to time such number of shares in the Company as may be required to be issued pursuant to the exercise of the options under the Scheme, provided always that the aggregate number of shares to be issued pursuant to the Scheme shall not exceed 15% of the issued share capital of the Company at any time and from time to time.” (Resolution 8)
Notice of Annual General Meeting
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7. To transact any other business that may be transacted at an Annual General Meeting.
By Order of the Board
Ng Tah WeeCompany Secretary
12 April 2007
Note1. If a member being a depositor whose name appears in the Depository Register (as defined in the Bye-Laws of the Company) wishes to attend and vote at the Annual General Meeting, then he/it should complete the Proxy Form and deposit the duly completed Proxy Form at the office of the Company’s Singapore Share Transfer Agent, B.A.C.S. Private Limited at 63 Cantonment Road, Singapore 089758 not less than 48 hours before the time appointed for the Annual General Meeting.
2. If a depositor wishes to appoint a proxy/proxies, then the Proxy Form must be deposited at the office of the Company’s Singapore Share Transfer Agent, B.A.C.S. Private Limited at 63 Cantonment Road, Singapore 089758 not less than 48 hours before the time appointed for the Annual General Meeting.
EXPLANATORY NOTES:
Ordinary Resolution 5The proposed Ordinary Resolution 5, if passed, will authorize the Company to pay directors’ fees of S$85,000 for the financial year ending 31 December 2007 to Non-executive Directors on a quarterly basis in arrears. This manner of payment is in line with payment of any remuneration.
Ordinary Resolution 7The proposed Ordinary Resolution 7, if passed, will empower the Directors from the date of the above Meeting until the date of the next Annual General Meeting, to allot and issue shares and convertible securities in the Company up to an amount not exceeding, in total, 50% of the issued share capital of the Company at the time of passing this resolution, of which up to 20% may be issued other than on a pro rata basis to shareholders.
Ordinary Resolution 8The proposed Ordinary Resolution 8, if passed, will empower the Directors to offer and grant options in accordance with the provisions of the Snowcity Employee Share Option Scheme and to allot and issue shares thereunder.
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China Transcom
Technologies | Annual Report 06
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China Transcom Technologies LtdHeadquarter: Snowcity Mansion,
3 Jianxue Street, Zhengzhou, Henan, ChinaTel: 86-371-63915107 • Fax: 86-371-63932085
Website: www.snow-city.com • Email: [email protected]
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