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Has received government subsidies on the accounting treatment of announcement

Publish Date 2018-09-28
Company on June 29, 2013 announcement that received by the controlling shareholder of Wafangdian Bearing Group Co., Ltd. (hereinafter referred to as "ZWZ") pass the discount capital 4,723,200 yuan. Such subsidies allocated to the Municipal Finance Bureau Wafangdian ZWZ's "high-end equipment manufacturing bearings transformation projects," because some of the projects under the project implemented by the Company and the Company's bank borrowings of $ 90 million included in this , ZWZ will belong to the Company's bank borrowings under the discount capital 4,723,200 yuan allocated to the company. See detailed announcement June 29, 2013 Company "Securities Times", "Hong Kong Commercial Daily" and CHINF disclosure "Wafangdian Bearing Company Limited's announcement on access to government subsidies" (Notice No.: 2013 Player - 18).

According to the company annual audit institutions Shinewing CPA advice, the company will discount capital sum is recognized as government grants and are credited to deferred income until the inspection is completed delivery of the underlying assets, in accordance with the relevant assets' estimated useful lives, the deferred income equally in equity. Preliminary estimates for 2013 annual profit and loss impact of approximately $ 200,000, the final profit or loss for the year of 2013 the amount of the audited annual report will prevail.



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