EX-99.2 3 v053503_ex99-2.htm
 
INDEX TO FINANCIAL STATEMENTS

NT HOLDING CORP.
(PRO-FORMA FINANCIAL STATEMENTS)


 PRO-FORMA CONSOLIDATED BALANCE SHEET
F-1
 (UNAUDITED), DECEMBER 31, 2005
  
   
 PRO-FORMA STATEMENT OF OPERATIONS
F-2
 (UNAUDITED)FOR THE YEAR
  
 ENDED DECEMBER 31, 2005.
  
   
 PRO-FORMA CONSOLIDATED BALANCE SHEET
F-3
 (UNAUDITED), JUNE 30, 2006
  
   
 PRO-FORMA STATEMENT OF OPERATIONS
F-4
 (UNAUDITED) FOR THE PERIOD
  
 ENDED JUNE 30, 2006.
  
   
 NOTES TO UNAUDITED PRO-FORMA
F-5
 CONSOLIDATED FINANCIAL STATEMENTS.
  
 
 
NT HOLDING CORP.

PRO-FORMA CONSOLIDATED BALANCE SHEET (UNAUDITED)

DECEMBER 31, 2005

   
NT Holding
  
American
  
Shanxi
          
   
Corp.
  
Asia
  
Jinhai
  
Consolidation
  
Consolidated
  
   
US $
  
US $
  
US $
  
Journal
  
US $
  
   
(audited)
  
(unaudited)
  
(audited)
          
                       
Current Assets
                      
   Cash and cash equivalents
    
97,169
   
-
   
329,139
         
426,308
 
   Inventories
   
45,205
   
-
   
1,790,046
         
1,835,251
 
   Prepayments and other receiavables
    
-
   
1,000,000
   
428,742
         
1,428,742
 
     
142,374
   
1,000,000
   
2,547,927
         
3,690,301
 
                                 
   Investment in subsidiaries
    
1,000,000
   
2,000,000
   
-
   
(3,000,000
)
  
-
 
                                 
   Property, plant and equipment
    
-
   
-
   
6,573,275
   
(874,643
)
  
5,698,632
 
                                 
   Construction in progress
    
409,104
   
-
   
7,613,233
   
(1,013,020
)
  
7,009,317
 
                                 
TOTAL ASSETS
    
1,551,478
   
3,000,000
   
16,734,435
         
16,398,250
 
                                 
Current Liabilities
                                
   Accounts payables
    
-
   
-
   
1,277,772
         
1,277,772
 
   Accurals and other payables
    
1,888,744
   
2,000,000
   
607,838
         
4,496,582
 
   Tax payable
    
-
   
-
   
274,923
         
274,923
 
   Deferred income
                
3,046,775
         
3,046,775
 
   Due to a director
    
-
   
-
   
1,840,988
         
1,840,988
 
   Short-term loan
    
-
   
-
   
2,685,874
         
2,685,874
 
     
1,888,744
   
2,000,000
   
9,734,170
         
13,622,914
 
                                 
   Long term debt
          
-
   
297,398
         
297,398
 
                                 
TOTAL LIABILTIES
    
1,888,744
   
2,000,000
   
10,031,568
         
13,920,312
 
                                 
   Minority Interest
    
-
   
-
   
-
   
2,815,204
   
2,815,204
 
                                 
Shareholders' Equity
                                
Common Stock: par value USD0.001
                                
100,000,0000 authorised
                                
25,839,000 shares issued and outstanding
    
25,839
   
1,000,000
   
7,806,691
   
(8,806,691
)
  
25,839
 
Addition paid-in capital
    
859,061
   
-
   
-
   
-
   
859,061
 
Retained earnings
    
(1,139,221
)
  
-
   
(1,069,790
)
  
1,069,790
   
(1,139,221
)
Accumulated other comprehensive loss
    
(82,945
)
  
-
   
(34,034
)
  
34,034
   
(82,945
)
                                 
TOTAL SHAREHOLDERS' EQUITY
    
(337,266
)
  
1,000,000
   
6,702,867
         
(337,266
)
                                 
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
    
1,551,478
   
3,000,000
   
16,734,435
         
16,398,250
 
                                 


See notes to unaudited pro-forma consolidated financial statements
 
F-1
NT HOLDING CORP.

PRO-FORMA STATEMENT OF OPERATIONS (UNAUDITED)

FOR THE YEAR ENDED DECEMBER 31, 2005

       
Amercian
 
Shanxi
          
   
NT
  
Asia
  
Jinhai
  
Consolidation
  
Consolidated
  
   
US $
  
US $
  
US $
  
Journal
  
US $
  
   
(audited)
  
(unaudited)
  
(audited)
          
                       
Revenue
    
-
   
-
   
12,277,641
   
(12,277,641
)
  
-
 
                                 
Administrative expenses
    
(1,157,946
)
  
-
   
(11,118,809
)
  
11,118,809
   
(1,157,946
)
                                 
Operating income
    
(1,157,946
)
  
-
   
1,158,832
         
(1,157,946
)
                                 
Other income
    
413
   
-
   
126,765
   
(126,765
)
  
413
 
                                 
General and administrative expenses
    
-
   
-
   
(150,884
)
  
150,884
   
-
 
                                 
Provision for taxation
    
-
   
-
   
-
         
-
 
                                 
Income from operations
    
(1,157,533
)
  
-
   
1,134,713
         
(1,157,533
)
                                 
Finance cost
    
-
   
-
   
(305,648
)
  
305,648
   
-
 
                                     
Income before taxation
    
(1,157,533
)
  
-
   
829,065
         
(1,157,533
)
                                 
Taxation
    
-
   
-
   
(273,592
)
  
273,592
   
-
 
                                 
Income before minority interests
    
(1,157,533
)
  
-
   
555,473
         
(1,157,533
)
                                 
Minority interest in subsidiary loss
    
18,312
   
-
   
-
   
-
   
18,312
 
                                 
Net loss
    
(1,139,221
)
  
-
   
555,473
   
(555,473
)
  
(1,139,221
)
                                 
 
See notes to unaudited pro-forma consolidated financial statements
 
F-2

NT HOLDING CORP.

PRO-FORMA CONSOLIDATED BALANCE SHEET (UNAUDITED)

JUNE 30, 2006

   
NT Holding
  
American
  
Shanxi
          
   
Corp.
  
Asia
  
Jinhai
  
Consolidation
  
Consolidated
  
   
US $
  
US $
  
US $
  
Journal
  
US $
  
   
(unaudited)
  
(unaudited)
  
(unaudited)
          
                       
Current Assets
                      
   Cash and cash equivalents
    
7,316
   
-
   
611,376
         
618,692
 
   Inventories
   
-
   
-
   
3,688,130
         
3,688,130
 
   Prepayments and other receiavables
    
800,000
   
1,000,000
   
2,923,752
         
4,723,752
 
     
807,316
   
1,000,000
   
7,223,258
         
9,030,574
 
                                 
   Investment in subsidiaries
    
1,000,000
   
2,000,000
   
-
   
(3,000,000
)
  
-
 
                                 
   Property, plant and equipment
    
-
   
-
   
6,293,197
   
(1,420,597
)
  
4,872,600
 
                                 
   Construction in progress
    
-
   
-
   
8,022,541
   
(1,810,971
)
  
6,211,570
 
                                 
TOTAL ASSETS
    
1,807,316
   
3,000,000
   
21,538,996
         
20,114,744
 
                                 
Current Liabilities
                                
   Accounts payables
    
-
   
-
   
2,072,218
         
2,072,218
 
   Accurals and other payables
    
1,001,850
   
2,000,000
   
1,204,907
         
4,206,757
 
   Tax payable
    
-
   
-
   
364,273
         
364,273
 
   Deferred income
    
-
   
-
   
3,909,951
         
3,909,951
 
   Due to a director
    
150,000
   
-
   
2,119,259
         
2,269,259
 
   Short-term loan
    
-
   
-
   
2,548,277
         
2,548,277
 
     
1,151,850
   
2,000,000
   
12,218,885
         
15,370,735
 
                                 
   Long term debt
          
-
   
300,166
         
300,166
 
                                 
TOTAL LIABILTIES
    
1,151,850
   
2,000,000
   
12,519,051
         
15,670,901
 
                                 
   Minority Interest
    
-
   
-
   
-
   
3,788,377
   
3,788,377
 
                                 
Shareholders' Equity
                                
Common Stock: par value USD0.001
                                
100,000,0000 authorised
                                
25,839,000 shares issued and outstanding
    
25,839
   
1,000,000
   
18,587,361
   
(19,587,361
)
  
25,839
 
Addition paid-in capital
    
859,061
   
-
   
(8,880,985
)
  
8,880,985
   
859,061
 
Retained earnings
    
(229,711
)
  
-
   
(815,425
)
  
815,425
   
(229,711
)
Accumulated other comprehensive loss
    
277
   
-
   
128,994
   
(128,994
)
  
277
 
                                 
TOTAL SHAREHOLDERS' EQUITY
    
655,466
   
1,000,000
   
9,019,945
         
655,466
 
                                 
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
    
1,807,316
   
3,000,000
   
21,538,996
         
20,114,744
 
                                 
 
See notes to unaudited pro-forma consolidated financial statements

F-3

NT HOLDING CORP.

PRO-FORMA STATEMENT OF OPERATIONS (UNAUDITED)

FOR THE PERIOD ENDED JUNE 30, 2006

       
Amercian
 
Shanxi
          
   
NT
  
Asia
  
Jinhai
  
Consolidation
  
Consolidated
  
   
US $
  
US $
  
US $
  
Journal
  
US $
  
   
(unaudited)
  
(unaudited)
  
(unaudited)
          
                       
Revenue
    
-
   
-
   
10,875,024
   
(10,875,024
)
  
-
 
                                 
Administrative expenses
    
(29,204
)
  
-
   
(10,080,334
)
  
10,080,334
   
(29,204
)
                                 
Operating income
    
(29,204
)
  
-
   
794,690
         
(29,204
)
                                 
Other income
    
-
   
-
   
12,345
   
(12,345
)
  
-
 
                                 
General and administrative expenses
    
-
   
-
   
(158,863
)
  
158,863
   
-
 
                                 
Provision for taxation
    
-
   
-
   
-
         
-
 
                                 
Income from operations
    
(29,204
)
  
-
   
648,172
         
(29,204
)
                                 
Finance cost
    
-
   
-
   
(266,659
)
  
266,659
   
-
 
                         
Income before taxation
    
(29,204
)
  
-
   
381,513
         
(29,204
)
                                 
Taxation
    
-
   
-
   
(127,148
)
  
127,148
   
-
 
                         
Loss before extraordinary item
    
(29,204
)
  
-
   
254,365
         
(29,204
)
                                 
Gain on disposal of subsidiary
    
938,714
   
-
   
-
   
-
   
938,714
 
                                 
Net loss
    
909,510
   
-
   
254,365
   
(254,365
)
  
909,510
 
                                 
Foreign currency translation adjustment
    
(1,011
)
  
-
   
163,028
   
(163,028
)
  
(1,011
)
                                 
Comprehensive income
    
908,499
   
-
   
417,393
   
(417,393
)
  
908,499
 
                                 
 
See notes to unaudited pro-forma consolidated financial statements
 
F-4
NT HOLDING CORP.

NOTES TO UNAUDITED PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION

The unaudited pro-forma consolidated financial statements include the accounts of NT Holding Corp. (“NT”), American Asia Metallurgical Industry Ltd (“AAMI”) and Shanxi Jinhai Metal Group Limited (“Shanxi Jinhai”). NT acquired 58% of the issued and outstanding shares of PT Borneo through AAMI at USD2,000,000 as the consideration.

On March 12, 2006, the Company entered into a definitive agreement with Shanxi Jinhai Metal Group Limited ("Jinhai") in which the Company and Jinhai form a Sino foreign joint venture company in China under the name of "American - Asia Metallurgical Industry Limited"("AAMI"). The Company will have a 70% interest in AAMI and Jinhai will have a 30% interest in AAMI. On June 5, 2006, the Ministry of Foreign Trade and Economic Cooperation (“MOFTEC”) of the People’s Republic of China (“China”) issued a “Certificate of Approval for the Establishment of Enterprises with Foreign Investment in the People’s Republic of China” to authorize and approve the Company’s formation and ownership of AAMI. The terms of the Acquisition were amended on June 27, 2006 and the transaction took the form of an acquisition by the Company through AAMI, not a joint venture as was originally contemplated in the agreement. On June 30, 2006, the Acquisition was completed and closed. Such acquisition was accounted for in the financial statements of the Company under purchase accounting. The balance sheets of AAMI and Jinhai as of June 30, 2006 were consolidated into the balance sheet of NTHH and no profit and loss of AAMI or Jinhai was consolidated into the statement of operations of NTHH for the current quarter and for the period ended June 30, 2006.

NT is the registrant, a Nevada company incorporated on April 11, 1984. NT has a fiscal year end of December 31. The balance sheet date used for the pro forma consolidation is December 31. During the six months ended June 30, 2006, PT Borneo had no operations.

The company is a limited liability company incorporated in the People’s Republic of China (“PRC”). The principal activities of the company are trading of coke, metal and related machinery.

Shanxi Jinhai's audited statement of operations for the year ended December 31, 2005 is included in the pro-forma consolidated statement of operations for the year ended December 31, 2005, and its unaudited statement of operations for the six months ended June 30, 2006 is included in the pro-forma consolidated statement of operations for the six months ended June 30, 2006.

2. CONSOLIDATING ENTRIES

The consolidating entries on the pro-forma consolidated balance sheet to eliminate investments in subsidiary accounts. The consolidating entries on the pro-forma consolidated statement of operations for the year ended December 31, 2005 and six months ended June 30, 2006 eliminate the effect of Shanxi Jinhai.
 
F-5