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82 3 1 (02)2392-0628

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ITEQ Holding Ltd.() (ITEQ )
0 0 0 5,000,000 100.00 27,203
Ever Smart International Co., Ltd.(ESIC)
(ITEQ )
International Partners Ltd. (IPL)
(ITEQ )
Inspire Investments Ltd. ( IIL)
(ITEQ )
ITEQ Technology Co., Ltd. (ITEQ )
0 0 0 300,000 100.00 8,900
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0 0 0 300,000 100.00 223

()
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(%)
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86.03.01 1,570,640 0.71 1,339,481 0.60 0 0.00 ()
() ()





93.11.24 99,048 0.04 0 0.00 0 0.00 ()

90.09.19 651,528 0.29 0 0.00 0 0.00 ()
() EAGLE GREAT INVESTMENTS LIMITED

10

92.07.09 110,615 0.05 78 0.00 0 0.00

90.07.16 1,237,110 0.56 68,456 0.03 0 0.00 ()


95.06.30 93,154 0.04 0 0.00 0 0.00

91.01.14 144,051 0.07 22,437 0.01 0 0.00 ()
()
() () ()



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95.6.15 3 90.05 2,898,607 1.50 3,344,426 1.51 0 0.00 0 0.00
() EAGLE GREAT INVESTMENTS LIMITED

95.6.15 3 89.06.16 2,389,082 1.23 1,570,640 0.79 1,339,481 0.60 0 0.00
()

95.6.15 3 89.06.16 3,600,191 1.86 3,967,611 1.79 0 0.00 0 0.00
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() 95.6.15 3 91.10.22 2,609,136 1.35 3,446,278 1.56 0 0.00
() 95.6.15 3 91.10.22 2,609,136 1.35 3,446,278 1.56 0 0.00


95.6.15 3 89.06.16 604,971 0.31 567,526 0.26 4,354 0.00 0 0.00

95.6.15 3 94.06.16 1,910,538 0.99 2,105,519 0.95 0 0.00
95.6.15 3 91.10.22 0 0.00 0 0.00 0 0.00 0 0.00 ()
12

()
()
2.
1 2 3 4 5 6 7
( 2)



(1) (2) (3) (4)
(7)
2
()



( )
60 60 480 480 4,681 4,681 0 0 22.70 0 0 0 22.70 0 5,221 5,221 1.93 1.93 0 0 1,088 1,088
1 94 6 16 2 93 12 30 394 95 6 15 4 94 12 22.70 5 94 271,064
()
94 ()
2,000,000 9 9 2,000,000 5,000,000 0 0 5,000,000 10,000,000 0 0 10,000,000 50,000,000 0 0 50,000,000 0 0 9 9
14

2
()
24 24 240 240 2,006 2,006 2,270 2,270 0.84 0.84 0 0
194 95 6 15 2 94 271,064
94 ()
50,000,000 0 0
3 3 ()
15
(3)






14,090 26,527 2,339 2,339 950 823 22.70 18,682 950 823 22.70 18,682 36,064 48,501 13.30 17.89 2,450 2,450 1,200 1,200
194 95 6 15 2 94 12 22.70 3 94 271,064
94
50,000,000 0 0

16



950 823,000 22.70 18,682 19,632 7.24
194 95 6 15 2 94 12 22.70 3 94 271,064
3.
93 94
2,548 2,548 5,221 5,221 (%) 0.63 0.55 1.93 1.94 934 934 2,270 2,270 (%) 0.20 0.20 0.84 0.85 33,681 44,116 36,064 48,501 (%) 8.34 9.52 13.30 18.06 93 403,927 463,402
94 271,064 268,556



()
() () () ()

86.04 10 50,000,000 500,000,000 22,000,000 220,000,000
86.08 15 50,000,000 500,000,000 32,000,000 320,000,000 10,000,000 1
88.04 15 50,000,000 500,000,000 45,000,000 450,000,000 13,000,000 2
90.03 15 10
70,000,000 700,000,000 62,450,000 624,500,000 10,000,000 7,450,000
3
90.09 10 74,000,000 740,000,000 71,144,000 711,440,000 8,694,000 4
91.03 10 100,000,000 1,000,000,000 81,144,000 811,440,000 10,000,000 5
92.10 10 100,000,000 1,000,000,000 83,578,320 835,783,200 2,434,320 6
93.02 10 125,000,000 1,250,000,000 102,530,572 1,025,305,720 18,952,252
93.03 18 125,000,000 1,250,000,000 112,530,572 1,125,305,720 10,000,000 7
93.04 10 125,000,000 1,250,000,000 112,625,810 1,126,258,100 95,238
93.09 10 184,000,000 1,840,000,000 126,071,779 1,260,717,790 13,445,969 8
93.10 10 184,000,000 1,840,000,000 146,276,224 1,462,762,240 20,204,445
94.02 10 184,000,000 1,840,000,000 151,796,636 1,517,966,360 5,520,412
94.05 10 184,000,000 1,840,000,000 153,451,599 1,534,515,990 1,654,963
94.08 10 248,000,000 2,480,000,000 153,521,773 1,535,217,730 70,174
94.08 14.5
248,000,000 2,480,000,000 161,521,773 1,615,217,730 8,000,000 9
94.10 10 248,000,000 2,480,000,000 182,931,302 1,829,313,020 21,409,529 10
94.12 10 248,000,000 2,480,000,000 184,589,862 1,845,898,620 518,560 1,140,000



95.08 10 300,000,000 3,000,000,000 215,925,285 2,159,252,850 22,419,852 1 86 () 76179 2 88 4 12 (88)() 32318 3 89 10 26 (89)() 88295
90 02 05 (90)() 105835 4 90 8 8 (90)() 150371 5 91 1 9 (91)() 180171 6 92 7 29 () 0920134252 7 92 11 25 () 0920154649
92 12 11 () 0920158101 8 93 7 21 0930132397 9 94 5 20 0940117501 10 94 8 2 0940131480 11 95 5,515,704
18


1 7 66 17,761 6 17,842 () 19 4,646,982 32,592,969 179,847,466 4,047,787 221,335,133 (%) 0.00 2.10 14.73 81.25 1.83 100.00
2. 95 8 13 10
() () (%) 1 999 2,821 907,957 0.41
1,000 5,000 8,026 17,485,806 7.90 5,001 10,000 2,682 17,187,518 7.77
10,001 15,000 1,956 22,312,953 10.08 15,001 20,000 469 7,986,469 3.61 20,001 30,000 812 18,925,188 8.55 30,001 50,000 510 19,218,231 8.68 50,001 100,000 317 21,349,911 9.65
100,001 200,000 156 20,638,861 9.32 200,001 400,000 45 12,237,549 5.53 400,001 600,000 18 8,785,308 3.97 600,001 800,000 4 2,569,103 1.16 800,001 1,000,000 5 4,497,323 2.03
1,000,001 21 47,232,956 21.34 17,842 221,335,133 100.00
3. 95 8 13
() (%)
19

144,728 144,728 107,284 107,284 134,286 0
()
68,008 68,008
24,418 24,418 ( 2)
()
()
93,423 93,423
1 95 6 2 95 6 394
20
93 94 95

()
()
0 0 0 0 0 0
0 0 0 0 0 0 ( 3) () 174,056 0 (606,000) 0 0 0 114,792 0 (90,473) 0 (37,445) 0
( 2) ()
0 0 0 0 194,981 0
0 0 0 0 0 0
26,709 0 119,822 0 235,110 0
0 0 96,773 0 16,814 0
10,220 0 15,175 0 73,113 0
87,397 0 104,700 0 193,019 0
84,199 0 175,655 0 (149,239) 0
87,971 0 94,433 0 549,282
(5) 0 0 0 0 67,607 0
(80,500) 0 223,231 0 (148,680) 0
42,760 0 157,851 0 (91,529) 0
(4) 26,650 0 (17,650) 0 0 0 1 95 6 2 95 6 3 94 6 4 94 10 5 95 6
(2) (3)

93 94 95 331
29.50 25.95 26.00 16.50 13.50 19.90 22.48 18.69 23.12 14.93 14.65 15.35
(1) 15.44 147,837 178,741 193,228
3.09 1.52 0.71 2 2.73 0.5675 0.5199
1.18 1.05

3 4 7.27 12.30 5 39.61 35.95
6
3
4=/ 5=/ 6=/
() 1.
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2. 94 95 3 28 95
6 15 0.5199 1.05
22
()

()
(1)
21,397,960 21,397,960 0 5,349,492 5,349,492 0 6,686,863 6,686,863 0
() 95 8 16
1 2 92/2/2492/04/23 95/6/1695/8/15 () 10.0015.00 20.0027.00 1,424,000 550,000 () 16,303,100 12,898,353 1,424,000 0 0 550,000
0% 0.25%
()
() 95 8 16
92 6 26 1,000,000 100,000,000 1.35%
5 97 6 25



30%30%40%
70,000,000

24
( )

( )



()
92.07.14 92.07.18 6 5,000,000 (%)
6.16%
1.13%

( )
( )
( )


2,450,000 1.23% 1,225,000 10 12,250,000 0.55% 1,225,000 10 12,250,000 0.55%

(%)
(%)
958,831 17.56 1,134,756 19.69 2,842,202 52.05 3,391,646 58.86 1,649,199 30.20 1,205,545 20.92 10,285 0.19 30,554 0.53
5,460,517 100.00 5,762,501 100.00
(3)() (Low Dk) (Halogen-Free) (Rigid-Flex)(No Flow) Mass Lam
PCB 2005
IEK(2006/01)2005 PCB 400 2004 8.9% 2006 PCB 426
Prismark 2005 24% PCB
27
PCB A.
PCB 94 IC 2006 1 94 PCB
93
1,755 62% 6% 1,060 38% 19% 2,815 100% 10%
IEK(2006/02)
B.
93 94 IC 31,411 44,520 41.73% 32,280 34,420 6.63% 157,529 168,250 6.81% 22,500 23,200 3.11% 11,380 11,100 (2.46%) 255,100 281,490 10.34%
IEK(2006/02)
IEK(2006/02) PC MontorLCD TVPDP
2006 PCB LCD TV Semiconductior PCB 6.7% 2008 PCB 472
42,650 45,050 47,200
6.7% 5.6% 4.8% -
IEK(2006/02)
PCB PCB 94 95 1 LCDNB HDI PCB 9.3% HDI IC 93 97 PCB 8.7%
29

IA PCB HDI IC MP3 PCB (TPCA)()2003 45% 2008 40% 2003 2008 2003 2008 IC PCB 9.9%12.1% 12.3%
20032008 PCB
2003 2008 (%) (%)
(%)
16.49 5.0 17.21 3.8 0.8 13.11 3.9 14.13 3.1 1.5 43.05 12.9 47.04 10.5 1.8 4 51.66 15.5 58.40 13.0 2.5 6 42.38 12.7 47.41 10.5 2.3 816 43.14 13.0 56.99 12.7 5.7 18 11.59 3.5 15.75 3.5 6.3 33.42 10.0 53.58 11.9 9.9 30.25 9.7 53.52 11.9 12.1 48.03 14.4 85.88 19.1 12.3 333.11 100 449.91 100 6.2 TPCA
30
(3)
()

31



(4)
HDI (HLD)(Embedded)IC PCB
PCB NB PC PCB A.
(A) PCB
(RoHS) PCB PCB
(C)
33

3. (1)
(oz) 6 6
/ 2.5mil/2.5mil 3mil/3mil (ppm) 150 200 CPK1.67 CPK1.33 +/-5% +/-7% 20 16 Tg( C) 200 185 PCB Mass Lam 12 8 (%) 2.0 2.5
(2) 86
PCB PCB
34
()

()
()







90 91 92 25,195 42,088 60,157

1. (Halogen-free) Pilot-Run
2.
1. (Anti-CAF)
1. (IT140G)
93 94
145,907 89,279
Kyocera 4.ITI70
1.Tg 2.Tg3.
Tg 4.

TPCAIPCJPCACPCA EPC PCB
ONE STOP SHOP
(2)



141,356 4.92 87,803 1.61 29,848 0.51
1,706,287 59.32 3,628,119 66.44 3,910,094 67.85
2,876,455 100.00 5,460,517 100.00 5,762,501 100.00
(2)

Prismark 2005 6,265
36


A.
PCB PCB PCB PCB 2003 PCB Prismark 2006 PCB 42,635 10,136 10,074 13,277 PCB PCB 200420.23%2006 23.77% PCB PCB 2006 PCB 238.56 PCB 55.95% 17.69% 2006 NB PCB IC 2005 21.23% 9.0%
PCB
2003 2004 2005 2006
5,407 5,385 5,127 5,127 4,455 4,319 3,973 4,021 5,543 7,765 8,930 10,136 8,954 9,691 9,594 10,074 8,952 11,231 11,870 13,277 33,311 38,391 39,494 42,635 Prismark(2005/8)
37

2003 2004 2005 2006 2006
18,217 20,955 22,554 23,856 5.77% IC 3,025 3,565 4,281 5,190 21.23% 4,803 5,919 6,919 7,542 9.00% 7,266 7,952 5,740 6,047 5.35% PCB 33,311 38,391 39,494 42,635 - Prismark(2005/8)
B.
2005 PCB 2006 LCD PCB IEK 2006 PCB 426.5 PCB IC 2006 PCB 2005 21.89% 22.38% MIC 2006 PC 2 2005 10.9 2006 NB 2005 22 7,251 IEK 2006 3G 9 10.9% HDI PCB
0
10,000
20,000
30,000
40,000
-10%
-5%
0%
5%
10%
15%
20%
31,432 33,345 36,700 39,980 42,650
-5.33% 6.09% 10.06% 8.94% 6.68%
17.14% 19.19% 20.80% 21.89% 22.38%
2002 2003 2004 2005 2006(e)
2006 3 IEK-ITIS
38
(3)

A.
B.(Low D.K)Green Laminate RCC Mass Lam


PCB


A.



41
(2)
93 94
5,460,517 5,762,501 670,596 469,786 12.28% 8.15% (33.63%)
(2)



(11,656) (17,477) (1,584) 29,288 (277,373) 119,556 28,183 68,701 (56,229) (43,598) (87,801) 40,821 5,419 (345,258) 58,481 (61,202) 138,810 5,419

1.


( % )
( % )

1 2,221,632 47.00 2,804,681 57.30 2 () 591,526 12.51 () 500,362 10.22 3 431,095 9.12 398,634 8.15 1,482,456 31.37 1,190,672 24.33 4,726,709 100.00 4,894,349 100.00
()
(2) 10%

330,624 310,309 1,333,709 351,270 344,192 1,506,335 109,158 105,467 2,881,969 122,489 104,399 2,626,270 13,800 12,874 1,560,698 7,495 7,426 1,073,997 453,582 428,650 5,776,376 481,254 456,017 5,206,602
PCB 94 93 93 94 8 High Tg Anti-CAF HDI 93
44

73,696 386,189 119,773 572,642 84,290 476,358 146,948 658,398 31,519 840,643 59,672 2,001,559 37,125 1,044,080 80,608 2,347,566 3,127 601,895 9,400 1,047,304 4,495 305,294 5,056 900,251 3,671 6,614 26,675 3,879
108,342 1,832,398 188,845 3,628,119 125,910 1,852,407 232,612 3,910,094
(1) 94 PCB
93 (2)
(3) 94
93

376 181 222
166 103 120
542 284 342
33.3 33.3 33.55
2.0 2.6 2.4
0.52% 1.06% 1.34% 2.79% 4.23% 4.29% 48.08% 53.17% 46.65% 40.42% 35.92% 42.63%
8.19% 5.62% 5.09%
45
()

1.91 7 11 0910522443 H3033-00 H3034-00 91 7 10 96 7 9
2.94 2 2 60057 H1371-01 H1372-01 94 2 2 99 2 1
3.94 10 14 0940604156 H3033-01 H3034-01 94 10 14 99 10 13
90 7 31 90 90587 ()

1. 200,000 2. 150,000 3. 40,000 4. 25,000

1.() 93 1 14 GA120586 95 2 10 GB161016
2. 93 11 24 FA080189
3. 93 1 14 HA170796 94 8 30 HA010600
4. 93 10 21 JB390208
2. 95 3 31

()

1 87.03.30 85 33
1 87.03.30 85 33
46
()

1 90.04.23 1,061 653
1 87.11.01 300 128
1 89.10.31 759 443
1 88.06.01 2,083 1,013
1 89.02.01 350 80 COD
1 89.10.31 994 396
1 89.10.31 335 133
1 89.11.30 73 30
1 90.07.31 200 94
1 89.10.31 1,303 519
1 88.11.12 90 0
1 88.12.24 130 0
1 91.04.30 143 0
1 89.02.01 143 33

1 89.12.30 1,057 132
1 91.5.31 120 5
1 91.10.31 450 56




1 92.7.31 60 34 C3
1 92.8.31 95 67
1 92.12.31 68 0 T1-
1 93.03.10 40 19

47
()
1 93.08.02 3,784 3,300
1 93.09.30 2,325 1,172 1 93.11.12 738 529 T1
1 93.11.30 260 207
T1 1 95.03.06 125 122 T5
1 93.12.31 295 265
T5
1 94.08.26 190 159
3.
94 11 ISO14001 OHSAS18001 (1)

(2)
(3)
4. (1) (2) (3)
5.
(4) “”
95 96
100 100 150 150 650 650
ISO14001OHSAS18001
6.(RoHS) 9445%
95116%40% RoHS71 9511 (1)() (RoHS)
0 0 2 2 0 0 194 194 0 0 47 47
(RoHS)100%

(RoHS)
0 0 3 3 0 0 99 99 0 0 72 72
(RoHS)100%

(3)() (RoHS)
0 0 2 2 3 3 41 47 2 3 39 44
(RoHS)100%
(2) A.
(B)
50
(3) 87 5
2% 94 7 1 6%
(4)

2. (1)
(2) (3)





2.




330,624 310,309 93.86% 1,333,709 351,270 344,192 97.99% 1,506,335 109,158 105,467 96.62% 2,881,969 122,489 104,399 85.23% 2,626,270 13,800 12,874 93.29% 1,560,698 7,495 7,426 99.08% 1,073,997 453,582 428,650 94.50% 5,776,376 481,254 456,017 94.76% 5,206,602
()
95 3 31




()
()
()

1,000 283 100 5.00 283 -
()


52


(%) (%) (%) ITEQ International Ltd. () 300 100.00 300 100.00
1,994 99.70 1 0.05 1,995 99.75 () 302 0.06 302 0.06 () 139 0.14 139 0.14 () 50 10.00 50 10.00 () 100 5.00 100 5.00 () 2 1.00 2 1.00 () 205 2.00 205 2.00
()


()

94/01/28~99/01/28 7
2
53


93.06 124,400 8,940 27,300 28,780 27,380 23,200 8,800
92.06 75,600 75,600


1. 92~95 1,144,463 168,974
2. 3,401
75,600


PCB 92
54
2.

92.07 100,000 100,000 — 100,000 100,000

(2)
9 2
100,000 100,000 100.00%

100.00%

180,000


93.09.30 100,000 60,000 20,000 20,000 93.06.30 40,000 20,000 20,000 93.09.30 40,000 12,000 24,000 4,000
180,000 92,000 64,000 24,000

2. 93~95 2.75 47,940
55




104.69%
93
4.93 (1) 936300930121685 500,000 500,000



94.06 130,000 17,500 50,000 38,000 24,500 94.06 370,000 277,000 31,000 31,000 31,000 500,000 294,500 81,000 69,000 55,500

1. 93~97 791,356 119,602
2. 10,203
56



106.13%
1.
2.
5.94 (1) 945200940117501 316,000
A.8,00014.5

946 230,000 230,000 9512 86,000 33,000 26,500 26,500
316,000 230,000 33,000 26,500 26,500

1. 3,234.8 2. 9597 1,331,460 202,300
57



1. 94 7 94
2.

16,416 252,772 28,73495

3.
91 92 93 94
40.51 37.64 48.90 59.28 / 155.63 197.70 258.98 415.90
144.32 147.30 170.29 212.92 119.04 116.16 151.72 185.43 1,713,287 2,876,455 5,460,517 5,762,501 371,482 443,808 670,596 469,786 1.03 1.73 3.09 1.52
()
(1)12,00021

ERP 96 3 14,000 6,000 6,000 2,000 RTO 96 12 16,000 3,400 2,520 2,520 2,520 2,520 2,520 96 9 50,000 9,000 10,000 11,000 14,000 6,000 95 9 272,000 272,000
352,000 290,400 18,520 15,520 16,520 8,520 2,520

2. RTO 730
3.
4. 10,260
1.
0%

60


228

2.
()
()
()
15 12,000
28 10% 1,200




ERP
TIPTOP ERP


RTO





63

(Kyoto Protocal,2005 2 16 ) 2008 2012
1990 5.2%


461




RTO
99% 75%



IEK-IT IS 2006 2 20062008
810%2008 7,500 20042008
10.2%2008 475 PCB
(3L-FCCL)
3L-FCCL 2L-FCCL


92 2,876,455 94 5,726,501
2004
2005 45%
92
92 2,055,481 94
65


95 3 914,909 94 37.99% 45.67%
2006



FED 2004 6 17
5.25% FED



95 ERP RTO 95
(2) ERP
66
(LEL) RTO 75% 7,300 93 94 - 18,123 20,761 94 1-5 10,346 15% RTO
RTO 99%
PCB PI Film
(Formulation) (Coationg) (Know-how)(Equipment)
67
A.
B. 272,000
10,260
95
( 1)
( 2)
5.89~6.06 95.04.2796.04.11 181,136.18 5,887 181,136.18 5,887 352
6.3742 94.06.2195.06.21 ( 3)
77,837.76 2,530 77,837.76 2,530 161
6.34~6.57 94.05.0595.05.05 ( 3)
154,212.85 5,013 154,212.85 5,013 324
6.216 95.04.1896.04.18 1,000,000 32,500 1,000,000 32,500 789
6.208 95.03.1596.03.14 1,000,000 32,500 1,000,000 32,500 2,018
2.10 94.08.0195.07.31
40,000 37,570 4,596
2.9463 94.01.2899.01.28 650,000 156,000 2,020
2,413,186.79 768,430 2,413,186.79 272,000 10,260 1 32.5 2 3
68
352,000 352,000 352,000 252,000
CB 100,000 ( 1) 270,504 270,504 270,504 270,504 ( 2)
3,367 2,053 583
218,224 212,637 212,637 216,637
230,647 213,885 213,885 225,885 1.24 1.26 1.26 1.25
95 ( 5) 1,926,626 2,278,626 2,278,626 2,026,626 95 ( 6) 3,426,755 3,071,388 3,072,702 3,326,172 95 ( 7) 5,353,381 5,350,014 5,351,328 5,352,798 35.99% 42.59% 42.58% 37.86% 1 94 2 0%2.87%(
) 1.75% 95 8 95 4
3 0%(94 560 ) 4 94 95
( 16,762 12,000 4 ) 95
5 94 1,926,626
695 94 2,804,251
7 95 95
252,000
69
95 1.25 1.24 42% 96

5.
70


ERP 96 3 14,000 6,000 6,000 2,000
RTO 96 12 16,000 3,400 2,520 2,520 2,520 2,520 2,520 96 9 50,000 9,000 10,000 11,000 14,000 6,000
95 9 272,000 272,000
352,000 290,400 18,520 15,520 16,520 8,520 2,520

2. RTO 730
3.
4. 10,260
95

1 2 3 4 5 6 7 8 9 10 11 12
1 306,243 168,390 218,051 273,531 283,315 441,981 628,475 450,231 433,880 361,186 250,636 222,672 2
318,079 514,955 729,984 443,937 578,634 755,678 583,097 557,011 577,353 596,317 610,461 610,699 6,876,204 0 0 0 0 0 30,000 0 0 0 0 0 0 30,000 1,354 1,287 1,004 7,728 4,884 737 1,047 750 723 602 418 371 20,905 319,433 516,241 730,988 451,665 583,518 786,415 584,144 557,761 578,076 596,919 610,878 611,071 6,927,109
3 460,804 507,741 653,264 405,405 303,447 480,751 617,316 572,240 586,527 636,455 599,177 550,862 6,373,990 21,051 22,690 22,366 22,550 22,475 22,500 23,500 23,500 23,500 23,500 23,500 23,500 274,632 29,017 16,732 16,777 14,734 17,025 17,300 17,510 17,620 19,160 19,600 17,840 17,400 220,715 14,783 0 0 0 127,020 0 0 0 0 0 0 0 141,803 1,222 1,327 613 5,869 1,613 0 0 12,000 6,400 4,440 7,240 6,840 47,564 3,453 4,639 5,804 5,310 1,045 5,121 5,248 5,340 5,430 5,470 5,353 5,076 57,289 530,330 553,129 698,824 453,868 472,625 525,672 663,574 630,700 641,017 689,465 653,110 603,678 7,115,992
4 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 5=3+4 730,330 753,129 898,824 653,868 672,625 725,672 863,574 830,700 841,017 889,465 853,110 803,678 () 6=1+2-5 (104,654) (68,498) 50,215 71,328 194,208 502,724 349,045 177,292 170,939 68,640 8,404 30,064 7
0 0 0 0 0 0 0 0 252,000 0 0 0 252,000 0 0 0 0 0 0 0 100,000 0 0 0 0 100,000 0 0 0 0 0 30,000 0 0 0 0 0 0 30,000 0 0 0 0 0 2,360 11,000 11,000 0 0 0 0 24,360 73,044 111,132 57,089 14,408 78,410 266,785 112,618 80,206 10,247 104,714 102,475 80,000 1,083,441 0 24,583 33,773 2,421 30,637 308,674 200,432 112,618 272,000 10,247 88,207 102,475 1,178,380 0 0 0 0 0 0 0 0 0 112,471 0 0 112,471 73,044 86,549 23,316 11,987 47,773 (74,249) (98,814) 56,588 (9,753) (18,004) 14,268 (22,475)
8=1+2-3+7 168,390 218,051 273,531 283,315 441,981 628,475 450,231 433,880 361,186 250,636 222,672 207,589
72

1 2 3 4 5 6 7 8 9 10 11 12
1 207,589 235,908 359,945 441,352 509,888 492,680 514,382 538,659 568,800 209,584 245,752 272,069 : 2
606,159 673,698 647,001 705,801 633,565 631,177 622,522 639,179 649,378 658,137 660,413 646,565 7,773,595 0 0 0 0 0 30,000 0 0 0 0 0 0 30,000 346 393 600 736 850 821 857 898 948 349 410 453 7,661 : 606,505 674,091 647,601 706,537 634,415 661,998 623,379 640,077 650,326 658,486 660,823 647,018 7,811,256
: 3 537,580 488,295 481,614 533,091 563,737 556,777 554,414 560,094 570,601 571,763 576,094 572,288 6,566,348 21,092 23,173 21,212 25,000 25,500 25,500 25,500 25,500 25,500 25,500 25,500 25,500 294,477 16,874 38,040 22,848 16,690 16,850 16,300 17,510 17,620 19,160 19,600 17,840 17,400 236,732 3,840 2,840 5,640 12,040 4,440 3,240 840 840 6,840 840 840 840 43,080 5,100 1,700 7,500 5,976 6,036 6,029 6,228 6,372 6,512 6,575 6,392 6,140 70,560 584,486 554,048 538,814 592,797 616,563 607,846 604,492 610,426 628,613 624,278 626,666 622,168 7,211,197
4 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 5=3+4 834,486 804,048 788,814 842,797 866,563 857,846 854,492 860,426 878,613 874,278 876,666 872,168 () 6=1+2-5 (20,392) 105,951 218,732 305,092 277,740 296,832 283,269 318,310 340,513 (6,208) 29,909 46,919 7
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 30,000 0 0 0 0 0 0 30,000 0 0 0 0 0 0 0 0 0 0 0 0 0 86,300 90,294 112,914 87,710 90,650 88,200 93,590 94,080 100,940 102,900 95,060 93,100 1,135,738 80,000 86,300 140,294 132,914 125,710 90,650 88,200 93,590 94,080 100,940 102,900 95,060 1,230,638 0 0 0 0 0 0 0 0 387,789 0 0 0 387,789 6,300 3,994 (27,380) (45,204) (35,060) (32,450) 5,390 490 (380,929) 1,960 (7,840) (1,960) (512,689)
8=1+2-3+7 235,908 359,945 441,352 509,888 492,680 514,382 538,659 568,800 209,584 245,752 272,069 294,959
73
PCB PCB922,876,455 945,762,501 92 2,055,471944,894,34994 1172066 71
955 28%95 306,243 6,927,0197,115,992 200,00024,360 112,471219,472 956 932,780 9596

FED 956
74
4.
94 95
1,328,587 1,639,590 115,927 121,011 0.32 0.71


()

()


()
() (1)
×(2)(3)×

2()
77
()(1)


2()
() () () 80%
()
78

1. 1.75%
() ( )







90 91 92 93 94
95 3 31
()
624,642 1,157,656 1,979,188 2,800,276 2,265,720 2,436,306
51,927 163,257 368,863 642,883 1,366,605 1,473,543
1,072,318 1,019,928 1,073,357 1,154,505 879,139 862,743

79,845 51,565 45,655 38,400 219,413 201,989
1,828,732 2,392,406 3,467,063 4,636,064 4,730,877 4,974,581
712,378 802,137 1,343,662 1,644,401 1,064,097 1,172,503
717,798 825,719 1,357,582 1,745,109
322,463 620,535 817,116 722,946 852,046 820,662
3,790 116 1,335 1,712 10,483 10,187
1,038,631 1,422,788 2,162,113 2,369,059 1,926,626 2,003,352
1,044,051 1,446,370 2,176,033 2,469,767
711,440 811,440 1,025,306 1,517,966 1,914,654 1,935,054
71,010 71,010 82,577 345,927 438,697 451,995
73,596 149,539 249,874 505,421 461,682 598,934
68,176 101,614 101,494 190,618

(327) (615) (5,351) (49,068) 4,784 (2,488)
(1,141) (1,141)

790,101 969,618 1,304,950 2,267,005 2,804,251 2,971,229
784,681 946,036 1,291,030 2,166,297 9094 95 3 31

82
()
90 91 92 93 94
95 3 31
1,346,573 1,713,287 2,876,455 5,460,517 5,762,501 1,639,590 218,113 371,482 443,808 670,596 469,786 121,564 64,754 146,353 188,635 334,520 169,977 62,129 35,564 31,367 41,548 216,274 218,837 116,218 70,281 75,425 47,953 136,692 116,310 25,332
30,037 102,295 182,230 414,102 270,504 153,015
34,046 81,693 148,260 403,927 271,064 137,251

(2,605)
34,046 81,693 148,260 403,927 271,064 137,251 () 0.50 1.03 1.73 3.09 1.52 0.71 9094 95 3 31


90 91 92 93 94
2.
91 92
83
()
( 1)(1)
90 91 92 93 94
95 3 31
57 59 62 51 41 41







() 0.74 0.72 0.83 1.18 1.22 0.33
(%) 4 6 6 11 7 3
(%) 5 9 13 23 11 5
9 18 18 22 9 3 (%) 4 13 18 27 14 8
(%) 3 5 5 7 5 8




(%) 3 3 (2) (2) 0.55 ( 2)
(%) ( 2) 1.9 1.7 3.54 72.17 75.23
(%) 2 1 (2) (2) 11.48 ( 2)
1.98 1.51 1.71 1.29 1.58 2.22


(3)
84
(5)93
(7) 93
(8) 93
(9)
(10)
(11)
(12)
(13)
(14)
(15)
1.
(3)=

(2)=365
(3)=
(4)()
(2)=
(3)=
+
++

- 121,400 2.57 35,392 0.76 86,008 243.02
245,477 5.19 293,469 6.33 (47,992) (16.35)


532,797 11.26 791,860 17.08 (259,063) (32.72)
219,413 4.64 38,400 0.83 181,013 471.39
20,000 0.42 283,772 6.12 (263,772) (92.95) 94
177,885 3.76 322,733 6.96 (144,848) (44.88)
461,943 9.76 671,020 14.47 (209,077) (31.16)
- 212,713 4.50 70,930 1.53 141,783 199.89


1,914,654 40.47 1,517,966 32.74 396,688 26.13
- 438,632 9.27 345,794 7.46 92,838 26.85
101,168 2.14 51,666 1.11 49,502 95.81 93
277,730 5.87 411,364 8.87 (133,634) (32.49) 94
5,292,589 91.85 4,786,855 87.66 505,734 10.57
469,912 8.15 673,662 12.34 (203,750) (30.25)
469,786 8.15 670,596 12.28 (200,810) (29.95)
167,977 2.92 334,520 6.13 (166,543) (49.79)
33,771 0.59 0 0 33,771 100.00 94
8,545 0.15 72,075 1.32 (63,530) (88.14)
270,504 4.69 414,102 7.58 (143,598) (34.68)
271,064 4.70 403,927 7.40 (132,863) (32.89)
87
()
()
()

94 93
% 2,265,720 2,800,276 (534,556) (19) 1,366,605 642,883 723,722 113 879,139 1,154,505 (275,366) (24) 219,413 38,400 181,013 471
4,730,877 4,636,064 94,813 2 1,064,097 1,644,401 (580,304) (35) 862,529 724,658 137,871 18
1,926,626 2,369,059 (442,433) (19) 1,914,654 1,517,966 396,688 26 461,682 505,421 (43,739) (9)
2,804,251 2,267,005 537,246 24 ()
1. 2. 3. 100,000 4.
5.
94 93 () (%)
5,840,971 5,572,321 268,650 5 9,461 9,805 (344) (4)
69,009 101,999 (32,990) (32) 5,762,501 5,460,517 301,984 6 5,292,589 4,786,855 505,734 11 469,912 673,662 (203,750) (30) 126 3,066 (2,940) (96) 469,786 670,596 (200,810) (30) 301,809 336,076 (34,267) (10) 167,977 334,520 (166,543) (50) 218,837 216,274 2,563 1 116,310 136,692 (20,382) (15) 270,504 414,102 (143,598) (35) () (560) 10,175 (10,735) (106) 271,064 403,927 (132,863) (33) 1.
(1) (2)
(3) (4)
2.
89
()
1. (1) (2)94ESCI 30%
0.55 100 72.17 3.54 1,939 11.48 100
94 93
3.
90
()






0920123784
0920123784

92




1100 $ 226,744 5 $ 86,602 3 2100 $ 283,772 6 $ 197,366 6 1120 337,734 7 95,305 3 2120 322,733 7 372,454 11 1130 2140 671,020 14 335,814 10
- - 11,561 - 2150 70,930 2 202,566 6 1140 1,724,264 37 952,153 27 2170 72,058 2 90,634 2 1150 2270
10,774 - 156,210 5 168,662 4 102,288 3 1160 30,383 1 113,748 3 2280 55,226 1 42,540 1 1180 77,253 2 218,577 6 21XX 1,644,401 36 1,343,662 39 1190 35,392 1 40,335 1 1210 293,469 6 267,150 8 2410 160,420 3 101,012 3 1280 64,263 1 37,547 1 11XX 2,800,276 60 1,979,188 57 2420 562,526 12 716,104 20
28XX 1,712 - 1,335 - 142101 621,440 13 338,682 10 142102 21,443 1 30,181 1 2XXX 2,369,059 51 2,162,113 62 14XX 642,883 14 368,863 11
3110 10
184,000 151,797 1501 253,716 6 253,716 7 125,000 1521 246,509 5 222,107 6 102,531 1,517,966 33 1,025,306 30 1531 791,860 17 675,386 20 3210 345,794 7 82,444 2 1551 9,634 - 9,583 - 3220 133 - 133 - 1561 8,479 - 8,374 - 3310 42,391 1 27,565 1 1681 187,460 4 132,256 4 3320 51,666 1 48,450 1 15X1 1,497,658 32 1,301,422 37 3350 411,364 9 173,859 5 15X9 ( 368,045 ) ( 8 ) ( 283,212 ) ( 8 ) 3410 ( 52,100 ) ( 1 ) ( 46,315 ) ( 1 )
1,129,613 24 1,018,210 29 3420 ( 49,068 ) ( 1 ) ( 5,351 ) - 1670 24,892 1 55,147 2 3510 94 ( 1,141 ) - ( 1,141 ) - 15XX 1,154,505 25 1,073,357 31 3XXX 2,267,005 49 1,304,950 38
18XX 38,400 1 45,655 1
1XXX $ 4,636,064 100 $ 3,467,063 100 $ 4,636,064 100 $ 3,467,063 100


4110
$5,572,321 102 $2,963,826 103
4190 111,804 2 87,371 3
4000 5,460,517 100 2,876,455 100
5000 4,786,855 88 2,432,647 84
673,662 12 443,808 16
5920 3,066 - - -
5910 670,596 12 443,808 16
6000 336,076 6 255,173 9
6900 334,520 6 188,635 7
7110 2,075 - 4,176 - 7160 - - 16,307 1 7220 16,816 - 8,798 - 7120
183,728 4 9,018 - 7480 13,655 - 3,249 - 7100
216,274 4 41,548 1

94


7510
$ 40,295 1 $ 40,525 2
7560 72,075 1 - - 7880 24,322 1 7,428 - 7500
136,692 3 47,953 2
7900 414,102 7 182,230 6
8110 10,175 - 33,970 1
9600 $ 403,927 7 $ 148,260 5
9950
$ 3.17 $ 3.09 $ 1.90 $ 1.55 $ 2.97 $ 2.90 $ 1.80 $ 1.46



81,144 $ 811,440 $ 71,010 $ 19,396 $ - $ 130,143 $ 149,539 ( $ 61,756 ) ( $ 615 ) $ - $ 969,618
- - - 8,169 - ( 8,169 ) - - - - - - - - - 48,450 ( 48,450 ) - - - - - - - - - - ( 5,882 ) ( 5,882 ) - - - ( 5,882 ) - - - - - ( 1,471 ) ( 1,471 ) - - - ( 1,471 ) 0.2 - - - - - ( 16,229 ) ( 16,229 ) - - - ( 16,229 ) 0.3 2,434 24,343 - - - ( 24,343 ) ( 24,343 ) - - - -
83,578 835,783 71,010 27,565 48,450 25,599 101,614 ( 61,756 ) ( 615 ) - 946,036
1,424 - - - - - - - - - ( 16,303 ) ( 16,303 )
18,953 189,523 11,434 - - - - - - - 200,957
1,330 - - 133 - - - - - - 15,162 15,295
- - - - - - - 11,312 - - 11,312
- - - - - - - 4,129 - - 4,129
- - - - - - - - ( 4,736 ) - ( 4,736 )
10,000 100,000 80,000 - - - - - - - 180,000
- - - 14,826 - ( 14,826 ) - - - - - - - - - 3,216 ( 3,216 ) - - - - - 1,067 10,675 - - - ( 10,675 ) ( 10,675 ) - - - - - - - - - ( 2,667 ) ( 2,667 ) - - - ( 2,667 ) 1.1 12,379 123,785 - - - ( 123,785 ) ( 123,785 ) - - - - 0.1 - - - - - ( 11,253 ) ( 11,253 ) - - - ( 11,253 )
125,977 1,259,766 162,577 42,391 51,666 7,437 101,494 ( 46,315 ) ( 5,351 ) ( 1,141 ) 1,471,030
25,820 258,200 183,350 - - - - - - - 441,550
- - - - - - - ( 6,688 ) - - ( 6,688 )
- - - - - - - 903 - - 903
- - - - - - - - ( 43,717 ) - ( 43,717 )




$ 403,927 $ 148,260 ( 16,228 ) 13,339 94,381 82,710 7,623 ( 2,559 ) ( 325 ) 3,311 ( 183,728 ) ( 9,018 ) 2,050 - 7,581 1,200 958 1,968 2,590 2,052
( 242,429 ) ( 10,768 ) 11,561 30,423 ( 779,409 ) ( 543,715 ) 145,436 ( 103,240 ) 141,324 ( 122,826 ) 4,943 ( 9,122 ) ( 33,900 ) ( 69,372 ) ( 6,618 ) 2,365 ( 49,721 ) 138,140 335,206 156,768 ( 131,636 ) 191,286 ( 18,576 ) 44,933 15,169 32,213 ( 289,821 ) ( 21,652 )
( 141,844 ) ( 185,883 ) 83,779 ( 24,158 ) ( 181,511 ) ( 136,081 ) 6,020 1,864 527 ( 7,907 )
( 233,029 ) ( 352,165 )

97


$ 86,406 ( $ 84,183 ) - ( 9,924 ) ( 2,481 ) ( 1,114 ) 500,000 300,000 189 ( 116 ) ( 311,202 ) ( 88,865 ) 224,000 257,840 180,000 - - ( 5,882 ) ( 2,667 ) ( 1,471 ) ( 11,253 ) ( 16,229 ) - ( 16,303 ) - 15,295
662,992 349,048








$ 118 $ 100 2,630 385 59,972 42,560 64,024 43,557 100,000 -
$226,744 $ 86,602

53 $ 2,313 205 837 1 32
$ 3,182
$ 1,738,875 $ 960,537 ( 9,578 ) ( 3,026 )
( 5,033 ) ( 5,358 ) 1,724,264 952,153
10,774 156,210 $ 1,735,038 $ 1,108,363



1.8-2.9 $ 133,182 $ 119,664 $ 13,518 $ 498,000 4 $ 6,420 $ 2,589 $ 3,831 $ 37,231 1.63-1.78 52,207 41,653 10,554 100,000 3.9 3,998 3,578 420 30,000
$ 62,625 $ 47,820 $ 14,805 $ 167,231
( )



$180,300 $198,822 22,165 17,214 103,504 56,033
305,969 272,069 ( 12,500 ) ( 4,919 )
$293,469 $267,150




$ 36,519 99 $ 35,517 99 ITEQ International Ltd. 584,921 100 - - Ever Smart International
Co., Ltd.ESIC - - 243,458 70 ITEQ Technology Co.,
Ltd. - - 54,658 100 ITEQ Manufacturing
Servcies, Inc. - 31 5,049 31 621,440 338,682

104




$ 13,143 - $ 13,143 - 5,000 - 5,000 - 49,725 1 49,725 1
67,868 67,868
- 2 2,050 2 500 1 500 1 500 10 500 10 1,000 5 1,000 5
2,000 4,050 69,868 71,918
$ 642,883 $ 368,863

19,443 26,131
ITEQ Manufacturing
Services, Inc.


$ 99 $ 1,125 ESIC 13,621 14,969 ITEQ Technology Co., Ltd. ( 4,814 ) ( 5,287 ) ITEQ Manufacturing
Services, Inc. ( 5,049 ) ( 1,789 ) ITEQ International Co.Ltd. 179,871 -
$183,728 $ 9,018


Ltd. ITEQ Holding Ltd. ITEQ Holding Ltd. ITEQ
Technology Co., Ltd. ESIC
ITEQ
International Ltd.


$ 23,712 $ 17,348 237,375 182,315 5,245 5,381 5,873 4,908 95,840 73,260
$368,045 $283,212



$ 5,104 $ 6,576 1,084 3,207 4,252 4,620 25,437 29,307 2,523 1,945
$ 38,400 $ 45,655


1.79-3.76% 3.75% $ 73,772 $ 2,572
2% 2.4-3.25% 70,000 144,794
1.7-2% 2.75% 140,000 50,000
$283,772 $197,366


$100,000 $100,000 - 1,000 60,100 - 320 12
$160,420 $101,012

200,000



19.1

439,900 25,724
3.45-3.96% 2.7-3.95% $507,188 $807,840
2.6427-3.325% 224,000 -
- 10,552 731,188 818,392

700,000
110,000 1,300,000
650,000
100%
200% 1,600,000



( )

$ 14,922 $ 11,083 7,123 3,662 216 177 $ 22,261 $ 14,922
( )
$ 7,166 $ 5,222 526 579 ( 567 ) ( 459 ) 186 186 $ 7,311 $ 5,528
()


$ 884 $ 741 12,076 10,157 12,960 10,898 6,601 5,280 19,561 16,178
( 22,261 ) ( 14,922 ) ( 2,700 ) 1,256 ( 5,121 ) ( 5,307 ) 9,077 5,119
$ 1,256 $ 1,068
( )
3.25% 3.25% 2.50% 2.50% 3.25% 3.25%


110





$ 14,826 $ 8,169 $ - $ - 3,216 48,450 - - 10,675 - - - - 5,882 - - 2,667 1,471 - - 11,253 16,229 0.1 0.2 123,785 24,343 1.1 0.3



441,550
650 200,957 1,957
25,820 18,953






94 - - 94
- 1,424 ( 1,330 ) 94







$ 160,232 $ 65,035 $ 225,267 $ 145,721 $ 66,393 $ 212,114 13,112 4,734 17,,846 10,727 4,010 14,737 4,470 2,841 7,311 2,596 2,932 5,528 19,996 9,412 29,408 6,546 4,918 11,464
$ 197,810 $ 82,022 $ 279,832 $ 165,590 $ 78,253 $ 243,843 $ 85,365 $ 6,071 $ 91,436 $ 75,144 $ 4,846 $ 79,990 $ 2,194 $ 751 $ 2,945 $ 1,083 $ 1,637 $ 2,720

( )

25%
$103,526 $ 45,548
( 43,336 ) ( 1,430 ) 15,407 923 ( 4,559 ) ( 4,393 ) ( 35,519 ) ( 20,631 ) 10% - 614
$ 35,519 $ 20,631
( )
$ 35,519 $ 20,631 ( 16,228 ) 13,339 ( 9,116 ) - $ 10,175 $ 33,970
( )
$ 10,832 ( $ 2,058 ) - 110

113



$ 3,125 $ 1,230 513 467 1,258 828 767 - 30,000 25,820
$ 46,495 $ 26,397
( )


$ 29,195 $ 14,748 40,689 40,689
( )

$ 1,415 $ 229






- - 523 1,968 1,476 5,830



( )




115






99% ITEQ International Ltd. 100% ITEQ Holding Ltd. 100% Ever Smart International Co., Ltd.
ESIC 70%
100%

70% International Partners Ltd.IPL 70% 70% 100% Inspire Inverstment Ltd (IIL) 100%

ESIC IPL
( )


1.
$ 266,395 5 $ 239,436 8 98,758 2 93,662 3 - 45,294 2
$ 365,153 7 $ 378,392 13


602,067 13 - - $ 2,823,699 60 $ 676,957 28
3.
$ - - $ 500 1
$ - - $ 11,561 100 6.
$ - - $ 102,548 65 10,774 100 10,333 7 IIL - - 6,175 4 - - 37,154 24
$ 10,774 100 $ 156,210 100 7.
ESIC $ 13,868 18 $ 96,189 45 - - 55,291 25 ITEQ Technology 9,344 12 58,973 27 IPL - - 3,778 1 IIL 54,041 70 4,220 2 - - 126 -
$ 77,253 100 $ 218,577 100 8.
$ - - $ 489 - 9.
ITEQ International
12. ESIC
748


$ - $ 13,289 627,891 667,434 30,383 113,748
2,661 3,075


105,483 41,667
45,172 115,088

( )


$ 2,491,575 $ 2,491,575 $ 1,679,111 $ 1,679,111 642,883 645,955 368,863 364,720

2,175,059 2,175,059 2,024,443 2,024,443 160,420 186,057 101,012 102,522
118



2.



EUR 2,300 ( $ 1,275 ) $ - HKD 34,669 2,636 2,636
USD 11,000 8,515 8,515 300,000 ( 2,621 ) -
119


EUR 820 ( $ 1,797 ) $ - EUR 500 ( 1,576 ) -
USD 450 27 27 USD 2,000 ( USD 6 ) - EUR 10,000 ( USD 2,101 ) -
USD 2,000 ( USD 218 ) -
242,000
121
(2)



( )
$ 3,092,930 $ 1,345,366 447,386 219,565 87,803 141,356
$ 3,628,119 $ 1,706,287
( )



ITEQ International Ltd. 100% 0.001 $ 584,921 100 $ 588,968 99% 1,994 36,519 99 36,629 ITEQ Manufacturing 200 - 31 - Services, Inc. 1,369 49,725 1 15,945 402 13,143 - 2,184 129 5,000 - 1,313 205 - 2 - 50 500 1 184 50 500 10 447 100 1,000 5 285
0.3 4 - 4 495 8,302 - 5,770 66 1,666 - 594 3 111 - 28
ITEQ International Ltd. ITEQ Holding Ltd. 0.001 18,574 100 18,574
ITEQ Holding Ltd. - ESIC 7,000 11,269 70 11,269 ITEQ Technology Co., Ltd. 600 7,212 100 7,212 IPL - - 100 ( 9 ) IIL 10 9 100 9
ESIC - 16,342 100 16,342 - 23 100 23
ITEQ Technology - 7,242 100 7,242
IPL Topworth - 400 - 400









100%

124






$ 19,940 $ 19,940 1,994 99.70% $ 36,519 $ 99 $ 99 ITEQ Manufacturing
Services, Inc..
6,920 200 200 31% - ( 16,286 ) ( 5,049 )
ITEQ International Ltd. 13,000 - 0.001 100% 584,921 183,918 179,871 Ever Smart International
Co., Ltd.
- 1,800 - - - - ( 4,814 )
ITEQ International Ltd.
ITEQ Holding Ltd.
3,000 - 0.001 100% 18,574 5,503 5,503
ITEQ Holding Ltd. Ever Smart International Co., Ltd.ESIC

7,000 - 7,000 70% 11,269 5,932 3,801
ITEQ Technology Co., Ltd.
6,000 - 600 100% 7,212 1,569 1,707
IPL
IIL
6 - 10 100% 9 ( 1 ) 3
Ever Smart International Co., Ltd.ESIC

7,000 7,000 - 100% 16,342 5,936 5,936

2 2 - 100% 23 ( 2 ) ( 2 )
IPL - 10 - - - ( 34 ) ( 26 ) ITEQ Technology

6,000 1,800 - 100% 7,242 1,587 1,587
IIL - 10 - - - ( 1 ) ( 4 )
ITEQ International Ltd. ITEQ International Ltd. ITEQ Holding Ltd. ITEQ
Holding Ltd. ITEQ Technology Co., Ltd. ESIC
4,047









10,000 7,000 $ - $ - 7,000 70% 3,801 11,439 $ -


6,000 1,800 4,200 - 6,000 100% 1,587 7,242 -



13,000 18,000 $906,802


2001.11.20
$ 1,517,916 $ 906,802 - - -
-
(91) 91043034 ESIC 3,010 (92) 92012054 ESIC
800 (92) 092002451 ESIC 3,190
(93) 093023106 ESIC 5,000 (91) 91023405 100% ITEQ
TECHNOLOGY. 300 (92) 092021565 ITEQ TECHNOLOGY
2,700 (93) 093022375 ITEQ TECHNOLOGY 3,000

126





0920123784
0920123784

127




1100 $ 306,243 6 $ 226,744 5 2100 $ 20,000 - $ 283,772 6 1120 165,154 4 337,734 7 2120 177,885 4 322,733 7 1140 1,356,828 29 1,724,264 37 2140 461,943 10 671,020 14 1150 2150 212,713 5 70,930 2
3,321 - 10,774 - 2170 70,177 2 72,058 2 1160 2,000 - 30,383 1 2270 1180 18,160 - 77,253 2 54,000 1 168,662 4 1190 121,400 3 35,392 1 2280 1210 245,477 5 293,469 6 67,379 1 55,226 1 1280 47,137 1 64,263 1 21XX 1,064,097 23 1,644,401 36 11XX 2,265,720 48 2,800,276 60
2410 194,046 4 160,420 3
142101 1,363,199 29 621,440 13 2420 658,000 14 562,526 12 142102 3,406 - 21,443 1 14XX 1,366,605 29 642,883 14 28XX 10,483 - 1,712 -
2XXX 1,926,626 41 2,369,059 51
1501 253,716 6 253,716 6 1521 246,509 5 246,509 5 3110 10 1531 532,797 11 791,860 17 248,000 1551 5,652 - 9,634 - 191,465 1561 7,426 - 8,479 - 184,000 151,797 1681 153,129 3 187,460 4 1,914,654 40 1,517,966 33 15X1 1,199,229 25 1,497,658 32 3210 438,632 9 345,794 7 15X9 ( 322,943 ) ( 7 ) ( 368,045 ) ( 8 ) 3220 65 - 133 -
876,286 18 1,129,613 24 3310 82,784 2 42,391 1 1670 2,853 - 24,892 1 3320 101,168 2 51,666 1 15XX 879,139 18 1,154,505 25 3350 277,730 6 411,364 9
3410 ( 15,566 ) - ( 52,100 ) ( 1 ) 18XX 219,413 5 38,400 1 3420 4,784 - ( 49,068 ) ( 1 )
3510 94 - - ( 1,141 ) - 3XXX 2,804,251 59 2,267,005 49
1XXX $ 4,730,877 100 $ 4,636,064 100 $ 4,730,877 100 $ 4,636,064 100

128


4110 $5,840,971 101 $5,572,321 102
4190 78,470 1 111,804 2
4000 5,762,501 100 5,460,517 100
5000 5,292,589 92 4,786,855 88
469,912 8 673,662 12
5920 ( 3,192 ) - ( 3,066 ) -
5930 3,066 - - -
469,786 8 670,596 12
6000 301,809 5 336,076 6
6900 167,977 3 334,520 6
7110 3,210 - 2,075 - 7220 13,656 - 16,816 - 7120
193,154 4 183,728 4 7480 8,817 - 13,655 - 7100
218,837 4 216,274 4

129


7510
7540 33,771 1 - -
7560 8,545 - 72,075 1 7880 13,785 - 24,322 1 7500
116,310 2 136,692 3
7900 270,504 5 414,102 7
8110 560 - ( 10,175 ) -
9600 $ 271,064 5 $ 403,927 7
9950
$ 1.51 $ 1.52 $ 2.80 $ 2.73 $ 1.45 $ 1.45 $ 2.62 $ 2.55

130




102,531 $ 1,025,306 $ 82,577 $ 27,565 $ 48,450 $ 173,859 $ 249,874 ( $ 46,315 ) ( $ 5,351 ) ( $ 1,141 ) $ 1,304,950
10,000 100,000 80,000 - - - - - - - 180,000
- - - 14,826 - ( 14,826 ) - - - - - - - - - 3,216 ( 3,216 ) - - - - - 1,067 10,675 - - - ( 10,675 ) ( 10,675 ) - - - - - - - - - ( 2,667 ) ( 2,667 ) - - - ( 2,667 ) 1.1 12,379 123,785 - - - ( 123,785 ) ( 123,785 ) - - - - 0.1 - - - - - ( 11,253 ) ( 11,253 ) - - - ( 11,253 )
125,977 1,259,766 162,577 42,391 51,666 7,437 101,494 ( 46,315 ) ( 5,351 ) ( 1,141 ) 1,471,030
25,820 258,200 183,350 - - - - - - - 441,550
- - - - - - - ( 6,688 ) - - ( 6,688 )
- - - - - - - 903 - - 903
- - - - - - - - ( 43,717 ) - ( 43,717 )
8,000 80,000 36,000 - - - - - - - 116,000
- - - 40,393 - ( 40,393 ) - - - - - - - - - 49,502 ( 49,502 ) - - - - - 2,261 22,610 - - - ( 22,610 ) ( 22,610 ) - - - - - - - - - ( 2,513 ) ( 2,513 ) - - - ( 2,513 ) - - - - - ( 6,281 ) ( 6,281 ) - - - ( 6,281 ) 0.57 - - - - - ( 91,914 ) ( 91,914 ) - - - ( 91,914 ) 1.18 19,148 191,485 - - - ( 191,485 ) ( 191,485 ) - - - -
181,206 1,812,061 381,927 82,784 101,168 6,666 190,618 ( 52,100 ) ( 49,068 ) ( 1,141 ) 2,282,297
8,139 81,393 56,838 - - - - - - - 138,231
2,120 21,200 - - - - - - - - 21,200
- - - - - - - 32,859 - - 32,859
- - - - - - - 3,675 - - 3,675
- - - - - - - - 53,852 - 53,852

131




$ 271,064 $ 403,927 ( 6,332 ) ( 16,228 ) ( 193,154 ) ( 183,728 ) 105,303 94,381 62,830 7,623 33,771 - 6,959 1,499 ( 5,033 ) ( 325 ) 1,856 958 1,688 7,581 717 2,050 311 - ( 1,648 ) 1,091
172,580 ( 242,429 ) - 11,561 309,639 ( 779,409 ) 7,453 145,436 59,093 141,324 ( 86,008 ) 4,943 46,304 ( 33,900 ) 1,275 ( 6,618 ) ( 144,848 ) ( 49,721 ) ( 209,077 ) 335,206 141,783 ( 131,636 ) ( 1,881 ) ( 18,576 ) 8,871 15,169 583,516 ( 289,821 )
( 338,238 ) ( 141,844 ) 28,383 83,779 ( 65,249 ) ( 181,511 )

132

$ 15,929 $ - 167 - 42,588 6,020 ( 115,852 ) 527
( 432,272 ) ( 233,029 )
( 263,772 ) 86,406 21,200 - 3,689 ( 2,481 ) 200,000 500,000 ( 1,247,188 ) ( 311,202 ) 1,198,000 224,000 116,000 180,000 ( 2,513 ) - ( 6,281 ) ( 2,667 ) ( 91,914 ) ( 11,253 ) 1,073 - ( 39 ) 189
( 71,745 ) 662,992

133















$ 172 $ 118 6,273 2,630 35,771 59,972 230,777 64,024 33,250 100,000
$306,243 $226,744

143 53 $ 5,573 $ 2,313
2,770 205 11,738 837
2 1 66 32
$ 17,377 $ 3,182
$ 1,429,236 $ 1,738,875 ( 72,408 ) ( 9,578 ) - ( 5,033 )
1,356,828 1,724,264 3,321 10,774
$ 1,360,149 $ 1,735,038



1.84-4.05 $ 908,345 $ 908,345 $ - $ 679,690 2.54-4.6 204,484 166,304 38,180 323,832 5.08 116,679 116,679 - 165,940 2.52-4.8 251,892 177,992 73,900 265,504
$1,481,400 $1,369,320 $ 112,080 $1,434,966



$179,391 $180,300 2,756 22,165 77,518 103,504
259,665 305,969 ( 14,188 ) ( 12,500 )
$245,477 $293,469




ITEQ International Ltd. $ 1,326,911 100 $ 584,921 100 36,288 99 36,519 99 ITEQ Manufacturing
Servcies, Inc. - - - 31 1,363,199 621,440

13,143 - 13,143 - 5,000 - 5,000 - 24 - 49,725 1
18,167 67,868
500 10 500 10 283 5 1,000 5
22 1 500 1 - 2 - 2
805 2,000 18,972 69,868
$ 1,366,605 $ 642,883




ITEQ International Ltd. $197,307 $179,871 ( 3,906 ) 99 ITEQ Manufacturing
Services, Inc. ( 247 ) ( 5,049 ) Ever Smart International
Co., LtdESIC - 13,621 ITEQ Technology Co., Ltd - ( 4,814 )
$193,154 $183,728
100% ITEQ Holding Ltd. ITEQ Holding
ITEQ International 100% ESIC
ITEQ Holding 70%
5,250 ITEQ Holding ESIC 30%
100% International Partners Ltd.
IPLITEQ Holding 100%ITEQ Technology Co.,
Ltd. ITEQ Technology ITEQ Holding
100% Inspire Investments Limited IIL ITEQ
Holding 100% ESIC
ITEQ Technology

Great ITEQ Holding 60 Eagle
Great
Eagle Great
152,840
9,469 162,309
3,600 118,260
ESIC ITEQ Technology Eagle Great
IPL IIL




$ 31,137 $ 23,712 197,961 237,375 2,402 5,245 5,929 5,873 85,514 95,840
$322,943 $368,045



$108,794 $ 4,252 48,263 - 47,620 25,437 11,442 5,104 122 1,084 3,172 2,523
$219,413 $ 38,400

1.9% 1.7-2% $ 20,000 $140,000
1.79-3.76% - 73,772
2% - 70,000 $ 20,000 $283,772

IIL 968,090 880,380
IPL IIL 409,059 301,245
143

$100,000 $100,000 3,500 60,100 119,500 - 1,046 320
224,046 160,420 ( 30,000 ) -



19.1

496,500


144
2.87% 3.45-3.96% $650,000 $507,188
2.80% 2.64- 3.33% 32,000 224,000
682,000 731,188 ( 24,000 ) ( 168,662 )
$658,000 $562,526

700,000
110,000 1,300,000

200%
170% 200%
1,600,000
1,300,000


145
200% 1,700,000

( )

$ 22,261 $ 14,922 5,286 7,123 370 216 $ 27,917 $ 22,261
( )
$ 3,858 $ 7,166 636 526 ( 960 ) ( 567 ) ( 175 ) 186 ( 84 ) - $ 3,275 $ 7,311
146
()


$ - $ 884 13,284 12,076 13,284 12,960 5,952 6,601 19,236 19,561
( 27,917 ) ( 22,261 ) ( 8,681 ) ( 2,700 ) ( 4,920 ) ( 5,121 ) 12,846 9,077
( $ 755 ) $ 1,256
( ) $ - $ 1,100
( )
3.25% 3.25% 2.50% 2.50% 3.25% 3.25%







$ 40,393 $ 14,826 $ - $ - 49,502 3,216 - - 22,610 10,675 - - 2,513 - - - 6,281 2,667 - - 91,914 11,253 0.57 0.1 191,485 123,785 1.18 1.1

2.91 1.65
2,261
1.04%
10,000 8,000 18 14.5

1,131 441,550 650
8,139 25,820








5,000 $10.00 5,000 $10.81 - - 2,120 - - - - - 2,880 5,000 2,880 5,000


94 - 94 -
94 - - 94







$125,805 $ 60,462 $ - $186,267 $160,232 $ 65,035 $ - $225,267 9,450 4,163 - 13,613 13,112 4,734 - 17,,846 4,093 3,151 - 7,244 4,470 2,841 - 7,311 5,255 1,741 - 6,996 19,996 9,412 - 29,408
$144,603 $ 69,517 $ - $214,120 $197,810 $ 82,022 $ - $279,832 $ 84,601 $ 7,306 $ 7,968 $ 99,875 $ 85,365 $ 6,071 $ - $ 91,436 $ 1,870 $ 3,304 $ 254 $ 5,428 $ 2,194 $ 751 $ - $ 2,945

( )

25%
$ 67,626 $103,526
( 39,755 ) ( 43,336 ) 5,147 15,407 ( 1,600 ) ( 4,559 ) ( 15,709 ) ( 35,519 )
$ 15,709 $ 35,519
( )
$ 15,709 $ 35,519 ( 6,332 ) ( 16,228 ) ( 9,937 ) ( 9,116 ) ( $ 560 ) $ 10,175
151


$ 14,108 $ - 3,547 3,125 798 767 10 513 - 1,258 ( 1,579 ) 10,832 ( 2,183 ) - 15,943 30,000
$ 30,644 $ 46,495
$ 47,620 $ 25,437
( )


$ 68,463 $ 47,943 13,000 13,000
( )

$ 691 $ 1,415





- - 2,507 301 226 1,691 1,528 1,146 5,140





153

( )






99% ITEQ International 100% ITEQ Holding 100% ESIC 100% ITEQ Technology 100% 100% IPL 100% 100% 100% IIL 100% Eagle Great 60%
60%
100%
( )


$ - - $ 266,395 5 39,588 1 98,758 2
$ 39,588 1 $ 365,153 7


500,362 10 591,526 13 $ 3,305,043 68 $ 2,813,158 60
3
( 8,521 ) - ( 66,072 ) ( 2 )
( $ 129,711 ) ( 2 ) ( $ 316,731 ) ( 7 )
$ 3,321 100 $ 10,774 100 5
ESIC $ 15,237 84 $ 13,868 18 IPL 2,923 16 - - ITEQ Technology - - 9,344 12 IIL - - 54,041 70
$ 18,160 100 $ 77,253 100 6
IPL $ 200,371 94 $ 70,930 100 IIL 12,342 6 - -
$ 212,713 100 $ 70,930 100 7
ITEQ Technology $ 18,932 28 $ - - ITEQ International 3,243 5 3,129 6 ESIC 2,632 4 - - 676 1 - -
$ 25,483 38 $ 3,129 6
197

10,332
$800,354 $627,891 2,000 30,383
108,794 4,252

( )


$ 2,081,901 $ 2,081,901 $ 2,491,575 $ 2,491,575 1,366,605 1,324,848 642,883 645,955

1,694,242 1,694,242 2,175,059 2,175,059 194,046 185,235 160,420 186,057
156







USD 20,500 $ 8,413 $ 8,513 HKD 56,000 2,825 2,978
157


EUR 2,300 ( $ 1,275 ) $ - HKD 34,669 2,636 2,636
USD 11,000 8,515 8,515 300,000 ( 2,621 ) -

912,337
158
1.
2.
3.

(3)
(4)
( )
$ 3,601,991 $ 3,092,930 278,255 447,386 29,848 87,803
$ 3,910,094 $ 3,628,119
( )



ITEQ International 100% 300 $ 1,326,911 100 $ 1,285,122 99% 1,994 36,288 99 36,398 402 13,143 - 1,557 139 5,000 - 1,037 1 24 - 7 50 500 10 403 100 283 5 283 2 22 1 41 205 - 2 -
1 31 - 6 0.4 4 - 30 0.04 1 - 0.4
ITEQ International ITEQ Holding 100% 5,000 39,120 100 39,120
ITEQ Holding ESIC 100% 10,000 21,349 100 21,074 ITEQ Technology 100% 300 12,528 100 12,528 IPL 100% 10 960 100 941 IIL 100% 10 618 100 618 Eagle Great 60% 0.06 3,348 60 3,348 Mega Crown 100% 300 223 100 223
ESIC 100% - 21,350 100 21,350 100% - 21 100 21
ITEQ Technology 100% - 12,593 100 12,593
Eagle Great 100% - 5,591 100 5,591
Mega Crown Commerciale Internazinonale elettronica S.R.L.
223 18 50
161







ITEQ International
- $ - $ - $ - 300 $ 1,326,911
ITEQ International
ITEQ Holding 5,000 18,574 - 20,546

- - - - 5,000 39,120
ITEQ Holding ESIC 7,000 11,269 3,000 10,080


- - - 3,355

- 3,355
491,078 197,307 53,605
13,753 6,076 717
5,250 300 4,040 490
3,600 252
3,600 245
162








100%




163









IPL $200,371 $ - $ - $ -
IPL 460,642 - - -
IPL 250,193 - - -
164






$ 19,940 $ 19,940 1,994 99.7 $ 36,288 ( $ 3,917 ) ( $ 3,906 ) ITEQ Manufacturing
Services, Inc.
6,920 6,920 - - - - ( 247 )
ITEQ International 26,970 13,000 300 100 1,326,911 195,522 197,307 ITEQ International ITEQ Holding
26,753 13,000 5,000 100 39,120 6,076 6,076
ITEQ Holding ESIC
12,550 7,000 10,000 100 21,349 4,190 4,040
ITEQ Technology Co., Ltd.

8,900 6,000 300 100 12,528 2,189 2,189
IPL 500 10 10 100 960 486 480 IIL 1,000 10 10 100 618 ( 381 ) ( 381 ) Eagle Great
3,600 - 0.06 60 3,348 ( 421 ) ( 252 )
Mega Crown 223 - 300 100 223 - - ESIC
10,300 7,000 - 100 21,350 4,218 4,218

2 2 - 100 21 ( 3 ) ( 3 )
ITEQ Technology
8,900 6,000 - 100 12,593 2,225 2,225
Eagle Great

1,785







10,300 7,000 5,550 - 12,550 100% 4,218 21,350 -


8,900 6,000 2,900 - 8,900 100% 2,225 12,593 -


6,000 - 3,600 - 3,600 60% ( 245 ) 3,355 -



25,050 25,500 $1,121,700


2001.11.20
$ 1,914,654 $ 1,121,700 - - -
-
(91) 91043034 ESIC 3,010 (92) 92012054 ESIC
800 (92) 092002451 ESIC 3,190 (94) 094001763
ITEQ INTERNATIONAL 5,250 (94) 094006303 ITEQ INTERNATIONAL
300 (94) 094033643 ESIC 450 (94) 094004398
ITEQ INTERNATIONAL 600 3,000 ( ) (91) 91023405 100%
ITEQ TECHNOLOGY. 300 (92) 092021565 ITEQ TECHNOLOGY
2,700 (93) 093022375 ITEQ TECHNOLOGY 3,000 (94)
094026799 ITEQ TECHNOLOGY 2,900
166



0920123784
0920123784

167





1100 $ 473,945 7 $ 347,373 6 2100 $ 545,544 8 $ 567,436 10 1120 190,159 3 337,735 5 2120 177,885 2 322,733 5 1140 1,943,658 27 1,854,751 31 2140 2,296,455 33 1,486,291 25 1150 2170 94,589 1 75,514 1
3,321 - 10,774 - 2270 1160 22,818 - 64,192 1 54,000 1 168,662 3 1190 138,533 2 41,859 1 2280 162,305 2 257,060 4 1210 1,115,892 16 702,316 12 21XX 3,330,778 47 2,877,696 48 1280 274,226 4 199,288 3 11XX 4,162,552 59 3,558,288 59 2410 194,046 3 160,420 3
2420 658,000 9 562,526 9 142101 - - 36,519 1 142102 10,778 - 34,127 - 2888 434 - 1,712 - 14XX 10,778 - 70,646 1
2XXX 4,183,258 59 3,602,354 60
1501 253,716 3 253,716 4 3110 10 1521 467,631 7 380,103 6 248,000 191,465 1531 1,792,661 25 1,455,239 24 184,000 1571 112,825 2 19,523 1 151,797 1,914,654 27 1,517,966 25 1551 22,107 - 21,784 1 3210 438,632 6 345,794 6 1681 194,451 3 260,037 4 3220 65 - 133 - 15X1 2,843,391 40 2,390,402 40 3310 82,784 1 42,391 1 15X9 ( 498,302 ) ( 7 ) ( 441,871 ) ( 7 ) 3320 101,168 2 51,666 1
2,345,089 33 1,948,531 33 3350 277,730 4 411,364 7 1670 222,899 3 376,202 6 3410 ( 15,566 ) - ( 52,100 ) ( 1 ) 15XX 2,567,988 36 2,324,733 39 3420 4,784 - ( 49,068 ) ( 1 )
3510 94 - - ( 1,141 ) - 2,804,251 40 2,267,005 38 3610 73,422 1 153,098 2
1820 111,175 1 4,752 - 3XXX 2,877,673 41 2,420,103 40 1890 53,733 1 - - 1810 48,263 1 - - 1860 47,718 1 25,437 - 1880 58,724 1 38,601 1 18XX 319,613 5 68,790 1
1XXX $ 7,060,931 100 $ 6,022,457 100 $ 7,060,931 100 $ 6,022,457 100


168




4110
$7,332,108 102 $5,811,514 102
4190 169,805 2 112,670 2
4000 7,162,303 100 5,698,844 100
5000 6,230,033 87 4,631,574 81
5910 932,270 13 1,067,270 19
6000 555,788 8 493,957 9
6900 376,482 5 573,313 10
7110 5,064 - 3,138 - 7160 2,777 - - - 7220 23,261 - 25,853 1 7480 35,707 1 23,569 - 7100
66,809 1 52,560 1
7510
7520 247 - 4,950 -
7560 - - 72,143 1

169

7660 $ 35,857 1 $ - - 7880 30,807 - 29,177 1 7500
156,071 2 152,296 3
7900 287,220 4 473,577 8
8110 ( 18,664 ) - ( 10,175 ) -
9600 $ 268,556 4 $ 463,402 8
9601 $ 271,064 4 $ 403,927 7 9602 ( 2,508 ) - 59,475 1
$ 268,556 4 $ 463,402 8
9950
$ 1.52 $ 1.52 $ 2.80 $ 2.73 $ 1.45 $ 1.45 $ 2.62 $ 2.55


170





102,531 $ 1,025,306 $ 82,577 $ 27,565 $ 48,450 $ 173,859 $ 249,874 ( $ 46,315 ) ( $ 5,351 ) ( $ 1,141 ) $ 1,304,950 $ 106,674 $ 1,411,624
10,000 100,000 80,000 - - - - - - - 180,000 - 180,000
- - - 14,826 - ( 14,826 ) - - - - - - - - - - - 3,216 ( 3,216 ) - - - - - - - 1,067 10,675 - - - ( 10,675 ) ( 10,675 ) - - - - - - - - - - - ( 2,667 ) ( 2,667 ) - - - ( 2,667 ) - ( 2,667 ) 1.1 12,379 123,785 - - - ( 123,785 ) ( 123,785 ) - - - - - - 0.1 - - - - - ( 11,253 ) ( 11,253 ) - - - ( 11,253 ) - ( 11,253 )
125,977 1,259,766 162,577 42,391 51,666 7,437 101,494 ( 46,315 ) ( 5,351 ) ( 1,141 ) 1,471,030 106,674 1,577,704
25,820 258,200 183,350 - - - - - - - 441,550 - 441,550
- - - - - - - ( 6,688 ) - - ( 6,688 ) - ( 6,688 )
- - - - - - - 903 - - 903 - 903
- - - - - 403,927 403,927 - - - 403,927 59,475 463,402
151,797 1,517,966 345,927 42,391 51,666 411,364 505,421 ( 52,100 ) ( 49,068 ) ( 1,141 ) 2,267,005 153,098 2,420,103
8,000 80,000 36,000 - - - - - - - 116,000 - 116,000
- - - 40,393 - ( 40,393 ) - - - - - - - - - - - 49,502 ( 49,502 ) - - - - - - - - - - - - ( 2,513 ) ( 2,513 ) - - - ( 2,513 ) - ( 2,513 ) 2,261 22,610 - - - ( 22,610 ) ( 22,610 ) - - - - - - - - - - - ( 6,281 ) ( 6,281 ) - - - ( 6,281 ) - ( 6,281 ) 0.57 - - - - - ( 91,914 ) ( 91,914 ) - - - ( 91,914 ) - ( 91,914 ) 1.18 19,148 191,485 - - - ( 191,485 ) ( 191,485 ) - - - - - -
181,206 1,812,061 381,927 82,784 101,168 6,666 190,618 ( 52,100 ) ( 49,068 ) ( 1,141 ) 2,282,297 153,098 2,435,395
8,319 81,393 56,838 - - - - - - - 138,231 - 138,231
2,120 21,200 - - - - - - - - 21,200 - 21,200
94 - - ( 68 ) - - - - - - 1,141 1,073 - 1,073
- - - - - - - - - - - 78,840 78,840
- - - - - - - 32,859 - - 32,859 - 32,859
- - - - - - - 3,675 - - 3,675 - 3,675
- - - - - 271,064 271,064 - - - 271,064 ( 2,508 ) 268,556
191,645 $ 1,914,654 $ 438,697 $ 82,784 $ 101,168 $ 277,730 $ 461,682 ( $ 15,566 ) $ 4,784 $ - $ 2,804,251 $ 73,422 $ 2,877,673


171





$ 268,556 $ 463,402 ( 6,186 ) ( 16,228 ) 200,935 157,852 717 2,050 64,903 7,623 35,857 - ( 5,033 ) ( 325 ) 247 4,950 3,559 7,581 1,856 958 ( 1,211 ) 3,095
147,576 ( 242,430 ) - 11,561 ( 148,777 ) ( 906,917 ) 7,453 102,106 ( 96,674 ) ( 1,524 ) - 126 ( 417,135 ) ( 222,062 ) ( 91,032 ) 48,581 ( 144,848 ) ( 49,721 ) 810,164 621,321 19,075 ( 110,124 ) ( 94,475 ) 214,519 555,527 96,394
( 155,835 ) - ( 7,336 ) ( 12,684 ) 41,374 49,556 ( 104,542 ) 4,051 ( 573,593 ) ( 723,450 ) 42,588 6,020 167 -

172

$ 36,123 $ - ( 81,793 ) ( 13,681 )
( 802,847 ) ( 690,188 )
( 21,892 ) 277,461 200,000 500,000 1,198,000 224,000 ( 1,247,188 ) ( 311,202 ) 246 ( 4,212 ) 116,000 180,000 ( 2,513 ) - ( 6,281 ) ( 2,667 ) ( 91,914 ) ( 12,594 ) 21,200 - 1,073 - 78,840 -
245,571 850,786
$ 54,000 $ 168,662 $ 53,852 $ 43,717 $ 56,232 $ - $ 137,100 $ 440,900

173





100% ITEQ Holding Ltd. ITEQ
Holding ITEQ International 100%
ESIC ITEQ Holding 70%
5,250 ITEQ Holding
ESIC 30% 100%
International Partners Ltd. IPL ITEQ Holding 100% ITEQ
Technology Co., Ltd ITEQ TechnologyITEQ
Holding 100% Inspire Investments Limited IIL
ITEQ Holding 100%
ITEQ International ITEQ Holding Eagle Great
Investments LtdEagle Great ITEQ Holding
60% ESIC ESIC 100%
ESIC 100% ITEQ Technology

174
IIL




100% 99%
100%
100%

100%
Great












( $ 18,160 ) ITEQ International
212,713 ITEQ International
( 3,305,043 ) ITEQ International
25,483 ITEQ International ITEQ ( 212,713 )
International 18,160 3,305,043 ( 25,483 )

181


( $ 77,253 ) ITEQ International
70,930 ITEQ International
( 2,823,669 ) ITEQ International
ITEQ ( 70,930 ) International 77,253
2,823,669


$ 421 $ 359 6,274 2,630 48,250 100,000 56,976 59,972 362,024 184,412
$473,945 $347,373



7,447 15,542 $ 30,314 $ 59,547
2,795 91,804 - 4 20 - 2,770
25 11,738 786 2
205 66 837 143
53 5,573 2,313 $139,515 $ 63,483
182
$ 2,018,139 $ 1,869,362 ( 74,481 ) ( 9,578 ) - ( 5,033 )
1,943,658 1,854,751 3,321 10,774 $ 1,946,979 $ 1,865,525






2.54-4.6 $ 204,484 $ 166,304 $ 38,180 $ 323,832 5.08 116,679 116,679 - 165,940 1.84-4.05 908,345 908,345 - 679,690 2.52-4.8 251,892 177,992 73,900 265,504 4.82 52,771 51,281 1,490 98,550
$ 1,534,171 $ 1,420,601 $ 113,570 $ 1,533,516 1.8-2.9 $ 133,182 $ 119,664 $ 13,518 $ 498,000



$ 518,641 $ 342,156 60,389 57,665 552,921 314,995
1,131,951 714,816 ( 16,059 ) ( 12,500 )
$ 1,115,892 $ 702,316
183




$ - - $ 36,519 99 ITEQ Manufacturing
Services, Inc. - - - 31 - 36,519

13,143 - 13,143 - 5,031 - 5,000 - 24 - 49,725 1 4 - - -
18,202 67,868
Commerciale Internazinonale elettronica S.R.L 7,336 18 - -
500 10 500 10 283 5 1,000 5 22 1 500 1 1 - - - - 2 - 2
8,142 2,000
Topworth - 12,684 26,344 82,552
$ 10,778 $ 70,646
184



$ - $ 99 ITEQ Manufacturing




$ 43,390 $ 28,468 334,887 296,493 14,350 9,420 6,563 7,020 99,112 100,470
$498,302 $441,871



$111,175 $ 4,752 53,733 - 48,263 - 47,718 25,437 24,634 13,967 11,442 7,351 11,112 9,116 5,316 4,736 6,220 3,431
$319,613 $ 68,790
5.15-5.62% 1.79-4.01% $ 74,513 $182,776
3.38-4.99% 2-5.84% 174,105 244,660
1.97-5.48% 1.7-2% 296,926 140,000
$545,544 $567,436
IIL 968,090 880,380
IPL IIL 409,059 301,245


$100,000 $100,000 3,500 60,100 119,500 - 1,046 320
224,046 160,420 ( 30,000 ) -



19.1




80,500
2.87% 3.45-3.96% $650,000 $507,188
2.80% 2.64-3.33% 32,000 224,000
682,000 731,188 ( 24,000 ) ( 168,662 )
$658,000 $562,526

2,000,000
700,000
187
1,300,000
110,000 1,300,000

650,000
100% /
200%
170% 200%
1,600,000

25,000
200% 175%
200% 1,700,000




()

$ 22,261 $ 14,922 5,286 7,123 370 216 $ 27,917 $ 22,261
()
$ 3,858 $ 7,166 636 526 ( 960 ) ( 567 ) ( 175 ) 186 ( 84 ) - $ 3,275 $ 7,311
()


$ - $ 884 13,284 12,076 13,284 12,960 5,952 6,601 19,236 19,561
( 27,917 ) ( 22,261 ) ( 8,681 ) ( 2,700 ) ( 4,920 ) ( 5,121 ) 12,846 9,077
( $ 755 ) $ 1,256
189
()
3.25% 3.25% 2.50% 2.50% 3.25% 3.25%




191



$ 40,393 $ 14,826 $ - $ - 49,502 3,216 - - 22,610 10,675 - - 2,513 - - - 6,281 2,667 - - 91,914 11,253 0.57 0.1 191,485 123,785 1.18 1.1

2.91 1.65
1.04%
10,000 8,000 18 14.5

8,139 25,820

192





5,000 $ 10 5,000 $10.81 - - 2,120 - - - - - 2,880 5,000 2,880 5,000


94 - 94 -
94 - - 94

193






$ 174,309 $ 144,584 $ - $ 318,893 $ 184,260 $ 86,172 $ - $ 270,432 9,736 5,103 - 14,839 13,531 5,432 - 18,963 4,369 4,608 - 8,977 4,470 2,841 - 7,311 20,712 12,407 - 33,119 26,840 25,045 - 51,885
$ 209,126 $ 166,702 $ - $ 375,828 $ 229,101 $ 119,490 $ - $ 348,591 $ 173,812 $ 12,440 $ 7,968 $ 194,220 $ 138,545 $ 15,420 $ - $ 153,965 $ 1,870 $ 4,591 $ 254 $ 6,715 $ 2,194 $ 1,693 $ - $ 3,887


1.
25% $ 66,743 $103,526
( 38,727 ) ( 43,336 ) 5,002 15,407 ( 1,600 ) ( 4,559 ) ( 15,709 ) ( 35,519 )
$ 15,709 $ 35,519
2.
$ 15,709 $ 35,519 ( 6,186 ) ( 16,228 ) ( 9,698 ) ( 9,116 ) ( $ 175 ) $ 10,175
3.

$ 14,108 $ - 3,547 3,125 798 767 10 513

194

$ - $ 1,258 ( 1,579 ) 10,832
( 2,183 ) - 15,943 30,000
$ 30,644 $ 46,495
$ 47,718 $ 25,437
4.


$ 68,463 $ 47,943 13,000 13,000
98 98
5.

$ 691 $ 1,415 $ 2,918

5.80% 6.31% 20.65%







$ 271,770 $ 271,064 178,741 $ 1.52 $ 1.52
- - 2,507 301 226 1,691 1,528 1,146 5,140


- - 2,935 1,415 1,061 7,530

196

()





$ - - $ 266,395 4 39,588 1 98,758 2
$ 39,588 1 $ 365,153 6

197

$ 935,128 $ 809,810 22,818 64,192
108,794 4,752 4,463 -


509,594 110,044
8,418 45,172



()


$ 2,883,609 $ 2,883,609 $ 2,661,437 $ 2,661,437 10,778 5,022 70,646 69,671

4,152,490 4,152,490 3,379,749 3,379,749 194,046 185,235 160,420 186,057
198


1.



/


USD$20,500 $ 8,413 $ 8,513 HKD 56,000 2,825 2,978
199


EUR$ 2,300 ( $ 1,275 ) $ - HKD 34,669 2,636 2,636
USD 11,000 8,515 8,515 300,000 ( 2,621 ) -

912,337
200

500,362 58% 10%
1,785
2% 0% 126
(3)
1,100
11,091 66
10,332
202

()

()

$1,399,802 $5,762,501 $ $7,162,303
3,307,303 - ( 3,307,303 ) -
$4,707,105 $5,762,501 ( $ 3,307,303 ) $7,162,303 $ 207,067 $ 166,771 $ 2,644 $ 376,482 66,809 ( 156,071 ) $ 287,220 $3,885,096 $3,165,057 $7,050,153 10,778 $7,060,931

$ 238,327 $5,460,517 $ - $5,698,844
2,829,061 - ( 2,829,061 ) -
$3,067,388 $5,460,517 ( $ 2,829,061 ) $5,698,844 $ 241,101 $ 334,520 ( $ 2,308 ) $ 573,313 52,560 ( 152,296 ) $ 473,577 $2,039,929 $3,911,882 $5,951,811 70,646 $6,022,457
()
$ 5,001,793 $ 3,332,123 278,255 447,386 29,848 87,803
$ 5,309,896 $ 3,867,312



ITEQ International 100% 300 $ 1,326,911 100 $ 1,285,122 99% 1,994 36,288 99 36,398 402 13,143 - 1,557 139 5,000 - 1,037 1 24 - 7 50 500 10 403 100 283 5 283 2 22 1 41 205 - 2 -
1 31 - 6 0.4 4 - 30 0.04 1 - 0.4
ITEQ International ITEQ Holding 100% 5,000 39,120 100 39,120
ITEQ Holding ESIC 100% 10,000 21,349 100 21,074 ITEQ Technology 100% 300 12,528 100 12,528 IPL 100% 10 960 100 941 IIL 100% 10 618 100 618 Eagle Great 60% 0.06 3,348 60 3,348 Mega Crown 100% 300 223 100 223
ESIC 100% - 21,350 100 21,350 100% - 21 100 21
ITEQ Technology 100% - 12,593 100 12,593
Eagle Great 100% - 5,591 100 5,591
Mega Crown Commerciale Internazonale
elettronica S.R.L 223 18 50
205







ITEQ International
- $ - $ - $ - 300 $ 1,326,911
ITEQ Holding 5,000 18,574 - 20,546

- - - - 5,000 39,120
ITEQ Holding ESIC 7,000 11,269 3,000 10,080


- - - 3,355

- 3,355
491,078 197,307 53,605
13,753 6,076 717
5,250 300 4,040 490
3,600 252
3,600 245








100%











IPL $200,371 $ - $ - $ -
IPL 460,642 - - -
IPL 250,193 - - - IIL 519,053 - - - IIL 168,645 - - -






$ 19,940 $ 19,940 1,994 99.7 $ 36,288 ( $ 3,917 ) ( $ 3,906 ) ITEQ Manufacturing
Services, Inc..
6,920 6,920 - - - - ( 247 )
ITEQ International 26,970 13,000 300 100 1,326,911 195,522 197,307 ITEQ International ITEQ Holding
26,753 13,000 5,000 100 39,120 6,076 6,076
ITEQ Holding ESIC
12,550 7,000 10,000 100 21,349 4,190 4,040
ITEQ Technology Co., Ltd

8,900 6,000 300 100 12,528 2,189 2,189
IPL 500 10 10 100 960 486 480 IIL 1,000 10 10 100 618 ( 381 ) ( 381 ) Eagle Great
3,600 - 0.06 60 3,348 ( 421 ) ( 252 )
Mega Crown 223 - 300 100 223 - - ESIC

10,300 7,000 - 100 21,350 4,218 4,218

2 2 - 100 21 ( 3 ) ( 3 )
ITEQ Technology

8,900 6,000 - 100 12,593 2,225 2,225
Eagle Great

3,600 - - 100 5,591 ( 409 ) ( 409 )
1,785







10,300 7,000 5,550 $ - 12,550 100% 4,218 21,350 $ -


8,900 6,000 2,900 - 8,900 100% 2,225 12,593 -


6,000 - 3,600 - 3,600 60% ( 245 ) 3,355 -



25,050 25,500 $ 1,121,700

2001.11.20
$ 1,914,654 $ 1,121,700 - - -
-
(91) 91043034 ESIC 3,010 (92) 92012054 ESIC
800 (92) 092002451 ESIC 3,190 (94) 094001763
ITEQ INTERNATIONAL 5,250 (94) 094006303 ITEQ INTERNATIONAL
300 (94) 094033643 ESIC 450 (94) 094004398
ITEQ INTERNATIONAL 600 3,000 ( ) (91) 91023405
100% ITEQ TECHNOLOGY. 300 (92) 092021565 ITEQ TECHNOLOGY
2,700 (93) 093022375 ITEQ TECHNOLOGY 3,000
(94) 094026799 ITEQ TECHNOLOGY 2,900
210







0 IIL 1 $ 12,342 0.17% 1 IIL 2 12,342 0.17% 0 ESIC 1 15,237 0.22% 2 ESIC 2 15,237 0.22% 0 IPL 1 200,371 2.83% 3 IPL 2 200,371 2.83% 0 ITEQ Technology 1 18,932 0.27% 4 ITEQ Technology 2 18,932 0.27% 0 1 2,804,681 38.25% 5 2 2,804,681 38.25% 0 1 10,417 0.15% 5 2 10,417 0.15% 0 1 500,362 6.82% 6 2 500,362 6.82% 1 IIL 3 687,693 9.71% 6 IIL 3 687,693 9.71% 1 IIL 3 29,407 0.42% 6 IIL 3 29,407 0.42% 1 IIL ITEQ Technology 3 62,643 0.88% 4 ITEQ Technology IIL 3 62,643 0.88% 1 IIL IPL 3 39,542 0.56% 3 IPL IIL 3 39,542 0.56% 1 IIL IPL 3 43,560 0.59% 3 IPL IIL 3 43,560 0.59% 1 IIL 3 668,560 9.12% 6 IIL 3 668,560 9.12% 1 IIL 3 736,543 10.05% 6 IIL 3 736,543 10.05% 3 IPL 3 2,715,087 37.03% 5 IPL 3 2,715,087 37.03%

211




3 IPL 3 $ 250,193 3.53% 5 IPL 3 250,193 3.53% 3 IPL 3 45,094 0.64% 5 IPL 3 45,094 0.64% 3 IPL 3 460,642 6.50% 5 IPL 3 460,642 6.50% 3 IPL 3 1,952,492 26.63% 5 IPL 3 1,952,492 26.63%



240
226

213

()
()




()
()
()


215
()
()
() () SONY Green Parnter ()

()
()
() () () ()

()94 1.
94 13,970 ITEQ International, Ltd.

Ever Smart International Co., Ltd. (ESIC) 5,250 300 () 2,900 () 3,600 Inspire Investments Ltd. (IIL) 990 International Partners Ltd. (IPL) 490 MOM.INT.EL 223 ITEQ Technology Co., Ltd.() 217
13,970
2.
(1)ESIC 91 ESIC
70% 91 969,618 93 2,267,005 94 2 ITEQ International, LtdESIC (Autobest Finance LtdUniversal Investment Ltd ) 30% 100%
ESIC 30% 3,000,000 1.75 (PriceWaterHouseCoopers) ESIC ESIC30% 4.71 5.26 1.57 1.7533
(2)IIL IPL
217
ITEQ International, Ltd IIL IPL IIL IPL () IIL IPL () IIL IPL ( 93 12,337 41,487 94 21,043 55,700 ) 94 IIL IPL
(3)()() PCB PCB
ITEQ International, Ltd.() PCB () PCB 94 300 2,900

() 390,440 750,232 222,943
46,687 35,970 4,980 192,894 420,773 165,182
() 9,623 18,945 10,755

PCB (ML) PCB ML PP() CCL() ML ML PCB PCB ()
218
ML 60% PCB () 95 ML ()
(4)COM.INT.EL
94 COM.INT.EL ( ITEQ MANUFACTURING SERVICES.INC ) 18% MEGA CROWN
3. 94
13,970 4,040 9,930 583,516 94,399
()95 95
141,803

200
141,803
95 1 5 14,783 127,020 95 306,243 94 583,516 1 5 431 1,837 45 400
45
219
2005 3 1,200 1,500 300 15 45 PCB
94
() - 2,752 - 15,610 - 17,645 - 5,992 - 14,130 - 211 - 37,818 - 8,278 - 35,677 - 13,320 - 1,407 152,840
() ML ML 92 ML 72,494 31,058 7,880 23,178
ML ML ML ML () 31,058 60% 95
220

ML 92 93 94
47,427 243,293 106,473 397,193 7,446 35,416 6,119 48,981
94 ESIC30% 90 (EVER SMART INTERNATIONAL
CO.,LTDESIC) 100%91 ESIC 40% 91 ESIC 1 ESIC 3,000,000
ESIC

Autobest Finance Ltd. 1,000,000 10% Universal Investment Ltd. 1,000,000 10% 500,000 5% 500,000 5% 3,000,000 30%
94 2 1.75 ESIC 30% 3,000,000 5,250 167,055
(PriceWaterHouseCoopers) 93 12 16 ESIC ESIC30% 4.71 5.26 1.57 1.7533 93 ESIC 93 1.61 1.09 94 1 1.36
?
OBU(IIL IPL) () OBU(IIL IPL) OBU(IIL IPL) IIL IPL
95 IIL IPL 486,446 454,602 IIL IPL95 19,993 45,553 94 44,340 149,165 45.09% 30.54% 95 () ()
()
93 390,440 192,894 94 750,232 420,773 95 222,943 165,182
100% IIL IPL IIL IPL () 94 95 IIL IPL

IPL 2,221,632 2,804,681 822,541 IIL 591,526 500,362 238,422

() ERP 14,000 ERP

( ) 95 15,839 1,901 (15,839 ÷2×5 ×4 ×12 ) 0.8%
() RTO
(LEL) RTO 75% 7,300 93 94 - 18,123 20,761 94 1-5 10,346 15% RTO
()
223

LED PCB LED CPU LED PCB PCB Metal Core PCB LED 95 3 Metal Core PCB
LED 2,000
LED
224
PIDA 2005 2005 3.5 2008 8 31.7 2005 LED 21 NBLCD Monitor LCD TV LED 70
76,800
20,000
RTO
225

95328
94 01 01 94 12 31
()

1.2.3. 4.5.


950328







228


() 10 398 () ()
()
()
()

12,000,000
267 10% 1,200,000 28-1 10% 1,200,000 9,600,000 49.5973
21
229





() 3,000,000,000 2,214,409,890120,000,000 2,334,409,890
() 10% 1,200,000 10% 1,200,000
()


94 1.52 0.5199 1.05 1
() 95 3 31

15.35

92 93 94 95 3 31
1,979,188 2,800,276 2,265,720 2,436,306
368,863 642,883 1,366,605 1,473,543
1,073,357 1,154,505 879,139 862,743
45,655 38,400 219,413 201,989
3,467,063 4,636,064 4,730,877 4,974,581
1,343,662 1,644,401 1,064,097 1,172,503
817,116 722,946 852,046 820,662
1,335 1,712 10,483 10,187
2,162,113 2,369,059 1,926,626 2,003,352
1,304,950 2,267,005 2,804,251 2,971,229
2.
92 93 94 95
2,876,455 5,460,517 5,762,501 1,639,590
2,432,647 4,786,855 5,292,589 1,518,579
( 1) 443,808 670,596 469,786 121,564
255,173 336,076 301,809 59,435
188,635 334,520 167,977 62,129
41,548 216,274 218,837 116,218
47,953 136,692 116,310 25,332
182,230 414,102 270,504 153,015
148,260 403,927 271,064 137,251 ()( 2) 1.73 3.09 1.52 0.71
1()
2

95 8 8
95.8.7 95.8.3~95.8.7 95.8.1~95.8.7 22.9 22.79 22.46
22.46 21 93.50%
()
(1)
233
(2)

() 81 ( ) 80%
(3)
234

A.S0
S0ertpS0u(1–p)S0d ertpu(1–p)d … … … … … … … … … … … … … … … … … … … … … .
B.Brownian MotionWeiner Process Ito's LemmaTVar(ST)
Var(ST)S0 2e2rt(eσ2t–1)
Var(ST)E(ST 2)–[E(ST)]2
S0 2e2rt(eσ2t–1)[pS0
2u2(1–p)S2d2]–{S0[pu(1–p)d]}2 … … … (2)
C.combine Cox Ross & Rubinstein
u1/d . … … … … … … … … … … … … … … … … … … … … … … … … .(3)
D.123
ueσ√tde-σ√tp(a–d)/(u–d)q1–p aert S0 STT r t p q(1–p)
σ
235
a.
DttDt0
RΣRtn
265
udt=0S0t=1 2 3 4… t
t=0 t=1 t=2 t=3 t=4
S0 S0u S0u2 S0u3 …
S0d2 S0ud2=S0d …

236
XijCVij =100,000 / Xij Qij =Sij* CVij EijijEijQij i CBijEi-1j CBi-1jCB0
112,88