Replies to post #37 on China Metro-Rural Holdings Ltd fka CNR

[littlejohn]

OK,

here is the rest of the info to tally equity...the 03-31-09 equity numbers from the 2009 10K are much better in the latest 6-K filing...The minority interest shows lower...Since the 10K filing posted last June the company made some changes and moved the listing domicile to Bermuda...and changed accountants...not sure which made more difference...

Been looking more at that equity change since 03-31-09 than individual numbers within the picture...LJ


CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

30 September 2009


30 September 2009 31 March 2009
Notes HK$’000 HK$’000
(unaudited) (audited)
Non-current liabilities
Interest-bearing bank loans 14 22,600 101,700
Deferred tax liabilities 100,445 102,192

Total non-current liabilities 123,045 203,892

Net assets 1,280,950 1,262,421

Equity
Equity attributable to shareholders of the Company
Issued capital 15 122,474 122,474
Reserves 1,015,344 991,254

1,137,818 1,113,728
Minority interests 143,132 148,693

Total equity 1,280,950 1,262,421


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[littlejohn]

Shareholder Equity rose when the minority interest amount dropped...Looks like the minority interest may have been reduced when the company moved their domicile registration from Nevada to the British Virgin Islands last year...

tidbit...minority interest used to be shown in the liability section of filings but now shows up in the equity section...

An attempt at a simple breakdown from 03-31-09 to 09-31-09...

......... 000's HK..........000's US......000's HK........000's US
......... 03-31-09..........03-31-09......09-30-09.........09-30-09

Equity... $404,950 ....... $51,916 .... $1,137,818 ..... $146,323

minority
interest . $600,843 ....... $77,032 ...... $143,132 ...... $18,278

total
equity .. $1,005,793 ..... $128,948 ..... $1,280,950 ... $164,730

(used .1286 for some conversion of HK to US which may fluctuate)

Using about 6,383,000 outstanding shares for equity per share...

.................. 03-31-09 ...... 09-30-09

US figures ....... $51,916K ...... $146,323K

Equity per share ... $8.12 ........ $22.92

Just as a rough guide and looking at a glance it appeared to be a better valuation for equity...Company also posted a profit for 09-30-09 ending period as a rebound from the prior year's quarterly performance...

Don't know how everything breaks down and only a simple attempt at a logical estimation of trying to determine value...LJ