Notes to the Consolidated Financial Statements - Uni-Asia Finance ...

Realising a
Sustainable Future
Annual Report 2009
Your Trusted Partner
in Alternative Investments

Contents
02 Corporate Profile
05 Chairman’s Message
10 Our Business
19 Corporate Developments for the Year
20 Milestones
21 Operations Review
25 Board of Directors
28 Key Management
31 Management Organisation
32 Financial Highlights
33 Corporate Governance Report
45 Independent Auditors’ Report
46 Balance Sheets
48 Consolidated Income Statement
49 Consolidated Statement of Comprehensive Income
50 Consolidated Statement of Changes in Equity
51 Consolidated Cash Flow Statement
53 Notes to the Consolidated Financial Statements
105 Statistics of Shareholdings
107 Notice of Annual General Meeting

Uni-Asia Finance Corporation is an alternative
investment company. Leveraging on our
specialised skills in structured finance, we not
only provide finance arrangement services for
ships, but also act as an investment manager
as well as an investor.
With long-term stability as our goal, we, at
Uni-Asia Finance Corporation, continue to strive
to create value by offering alternative investment
opportunities, built on and buoyed by a strong
asset mix and suite of strategies.
As we set our sights on a sustainable future, our
focus is on optimising our investment in and
management of quality properties and commercial
maritime vessels, while maintaining a prudent
operational approach.

2
Uni-Asia Finance Corporation Annual Report 2009
Corporate Profile
Understanding Uni-Asia Finance Corporation
Our current business focus is in two types of underlying assets – commercial
ships and real estate properties.
Our Business
We are primarily engaged in providing alternative investment opportunities for investors,
performing a variety of roles such as an asset manager, a hotel operator, a co-investor, a finance
arranger, and a fund manager.
Our Investment Focus
Our investment mix comprises commercial vessels and properties in Japan and China. Leveraging
on our background as a structured finance service provider, we have also been creating new types
of investment products: private property funds and private shipping funds.
Our Position
Our unique investment platform is backed by financial expertise coupled with asset operating
capabilities in hotel operations and ship management. Simultaneously, we are a one-stop financial
service provider that provides various financial products that are ship-related and property-related.
Our Strength
Our management team has extensive experience in the structured finance industry as well as in
the shipping and property industries. We have a good understanding of industry requirements and
possess a client-driven focus and an established investment strategy.
We provide integrated financial services in maritime investment and property investment. While
there may be competitors in each field, we believe that we are unique in terms of asset mix and
business focus.

Realising A Sustainable Future
3
Business Model
In our alternative investment platform, we are acting as a co-investor as well as the financial service provider.
Investors UAF as Investor Uni-Asia Finance (UAF) UAF as Investor
Investors
Investments
• Finance Arrangement
• Charter Brokerage
• Fund Initiation/Origination
• Fund Management
• Assets Management
• Hotel Operation
Investments
Commercial Vessels
Alternative Asset Investments
Properties
Containership Bulker Product Tanker
Office Residential Hotel
China
Japan
Corporate Organisation
Major group of companies are set out below:
Maritime Investment/
Management
Property Investment/
Management in China
Uni-Asia Finance Corporation*
(Hong Kong)
Alternative Assets investments
100%
Listed on SGX
Offshore Property
Investment Corporation
Investment Holding
100% 100% 80% 20%
44.8% 47.9% 100%
Uni-Asia Capital
(Singapore) Limited
(Singapore)
Fund Management
Uni Ships and
Management Limited
(Hong Kong)
Project Management
Uni-Asia Finance
Corporation (Japan)
(Japan)
Finance Arrangement
Capital Advisers
Co., Ltd.
(Japan)
Property Investment &
Management
Uni-Asia Capital
Company Limited
(Hong Kong)
Investment Holding
Maritime Investment/Management
Vista Hotel
Management Co., Ltd
(and other hotel
operating
companies)
(Japan)
Hotel Operation
100%
Uni-Asia Guangzhou
Property
Management
Company Limited
(PRC)
Property Investment &
Management
• Above is for illustrative purposes only. Some of the companies are omitted here.
• As at 31 December 2009
* Incorporated in Cayman Islands
Property Investment/
management in Japan and
Hotel Operation
Property Investment/
Management
in China

Enhancing
Our Investment
Platform

Realising A Sustainable Future
5
Chairman’s Message
“To capture upcoming business
opportunities in the midst of
economic recovery with less
reliance on external borrowings.”
Mr Kazuhiko Yoshida Chairman and CEO
Dear Shareholders,
The year ended 31 December 2009 (“FY2009”) was a year for
Uni-Asia Finance Corporation (the “Company” or collectively with
its subsidiaries, the “Group”) to weather the challenging business
environment caused by global financial crisis.
FY2009 started with an uncertainty and fear of a global
recession, purportedly to be the worst financial crisis since the
Great Depression of the 1930s. Businesses were cutting back
on capital expenditure and staffing, while consumer demand
decreased dramatically in the first half of the year. Governments
and central banks in many countries responded to the situation
with unprecedented fiscal and monetary stimulus packages to
sustain their economies.
Fortunately, faster recovery in emerging countries such as India
and China has propelled the world economy upward. However,
most of the advanced countries recorded negative GDP growth
in 2009 and the pace of recovery is said to be slower than in the
past recessions.
Our ship investment / management business was unavoidably
affected by the global financial crisis and recession. Because of
the lack of liquidity from the banks and stringent conditions
even if loans were available, raising funds from the banks to
finance vessel purchases, and arrangement of such financing
had been difficult throughout the year. Investors also had a
diminished appetite for ship investment due to uncertainty of
the maritime industry and this also slowed down our
business development.
Our property investment / management business in Japan also
remained subdued throughout the year under a depressed
Japanese economy, and with no signs of improvement yet.
Hotel operations were also heavily hit by the deteriorating
economic situation with less business trips due to budget
cuts and less overseas customers due to the global recession
and an appreciation of Japanese yen, which reduced our
hotel income.
To cope with the above challenging business environment,
the management team focused on establishing a lean cost
structure by reducing operating expenses including top
management’s benefits and relocating our Tokyo office.
We have successfully reduced our operating cost so as to
lower our breakeven point.
“Though our performance in 2009 is reflective of a challenging business outlook
in a global scale, our fervor to generate value by optimising our core investment
platform remains strong.”

Employing
Prudent
Measures

Realising A Sustainable Future
7
Chairman’s Message
In the meantime, we also practised prudent cash resource
management and reduced the external debt of Capital Advisers
by disposing some property assets. In addition, we successfully
exercised a private share placement to Yamasa Co., Ltd, by issuing
52,199,200 new shares at S$0.49, which resulted in S$25.3 million
in net proceeds. This equity fund raising exercise contributed
not only to the enhancement of our cash flow but also
strengthened our balance sheet.
Despite the above efforts, cost reduction could not make up
for the significant fall of the revenue which was more than
expected. This included loss on disposal of properties (US$1.8
million) and fair value adjustment loss on investment in hotel
and residential property funds (US$5.8 million), which reduced
investment returns. Furthermore, impairment of assets such
as hotel properties and account receivables coupled with
a provision on onerous contracts increased our expenses.
As a result, the Group, unfortunately incurred a net loss of
US$15.7 million for FY2009.
Strategic Direction
The external environment, though challenging, is something
that we will weather through. We will continue to seek business
developments in line with our current business model in order
to flexibly cope with continuous tough business environment.
While a number of indicators point to the start of an economic
recovery, such as a recovering stock market and export-led
growth by emerging countries, unemployment continues to
be at the high throughout Europe, US, and Japan. A recovery of
consumer spending and investment by private sector is yet to
be confirmed. Therefore, a return to pre-crisis condition is not
imminent due to the current slow pace of recovery. Assuming
a prolonged sluggish economy, we will try to focus on the
following three points:
1. To capture upcoming business opportunities in the
midst of economic recovery with less reliance on external
borrowings;
2. To continue prudent cash resource management; and
3. Stringent cost management for a more resilient cost
structure.
Ship investment / management
We expect that the maritime industry would continue to
suffer from a lower level of cargo traffic volume, though it
depends on vessel types. Among the various types of vessels,
we focus on dry bulk carriers, taking into consideration the
liquidity and current market situation. As at 31 December 2009,
the Company’s consolidated free cash balance was
approximately US$53 million. We believe that we would be
well positioned to capitalise on opportunities presented during
the current slowdown of the shipping industry and market.
Amongst other things, we are considering the launching of
a new opportunity-driven fund which invests in discounted
vessels, with a focus on small handy bulk carriers. We will also
look at some other opportunities to expand our maritime
investment/ management business in line with our business
model by making use of our strengthened cash position.
“Maintaining a lean cost structure and exercising prudence in management of our
cash resources remain vital to our overall strategy.”

Eyeing Growth
Opportunities

Realising A Sustainable Future
9
Chairman’s Message
As we foresee the continuous tight credit policy of financial
institutions, we will emphasise more on equity investment
with other investors, with less reliance on non-recourse
ship financing.
Property Investment / Management
The property market in Japan is still frozen. Lack of available
financing is making the sales-purchase transactions difficult
which is adversely affecting our property investment/
management business. Assuming this situation continues for
the time being, we will make efforts to maintain the resilient
operating cost structure. We will focus more on our fee business
which does not require additional investment and bank finance.
In order to improve the hotel performance, we had enhanced
its management structure so that we can pay more attention
to hotel operation and take necessary actions quickly to cope
with the changes in the market. Even though we expect the
hotel performance to improve in line with the recovery of the
economy in 2010, the market situation is still unstable. To survive
the tough business environment, we will undertake more
detailed marketing for each hotel.
China’s economy is now one of the driving forces pulling the
world economy back on track of recovery. Our first investment
in office units in Guangzhou is performing well, and we will
consider similar investment opportunities when available. We
have been looking at logistics-related business opportunities
in China, because we believe that we can leverage on our
experiences in financing services for transportation / property
sector. In 2009, we started to provide administrative advisory
services in respect of a warehouse project in China, where the
other party invests in and operates the warehouse facilities.
We are thus acting as a service provider without any equity
interest in the project. We may seek for another opportunity
to expand this sort of service function by using our existing
capabilities in ship / property asset management.
Confidence for the future
The outlook for the year 2010 is still uncertain, whether the world
economy will be back on trail of a self sustaining economic
recovery from recession or do we face prolonged sluggish
economic outlook with a double dip recession in the world
economy including Japan. In either case, we expect that there
will be some good chances to capture attractive investment
opportunities which will promote our future growth. Realising
opportunities for growth, we will move quickly by taking
advantage of our available cash resources. We will continue to
enhance our performance by prudent resources management
and appropriate resource allocation.
The Board and I are confident that our strategy and our existing
resources will enable us to overcome the current difficult
business environment and to attain future growth after the end
of the economic crisis. We believe that our contributions as an
alternative asset management company will continue to benefit
our customers with outstanding growth opportunities, and
create value for our shareholders.
Mr Kazuhiko Yoshida
Chairman and CEO
15 March 2010
“Signs of global economic recovery combined with potential income channels
from our existing wide business network open up new possibilities for Uni-Asia
Finance Corporation.”

10
Uni-Asia Finance Corporation Annual Report 2009
Our Business
Income Structure
With our alternative investment platform, we act as a co-investor as well as financial service provider. Our income sources from
these activities are categorised as: 1) fee income 2) investment returns and 3) hotel income. They are also classified as recurrent type
income and non-recurrent type income. We are going to increase the proportion of recurrent income to create a more stable income
structure on which we will seek for one-off income which is more opportunistic in nature.
Asset Management Business
Investment Business
Hotel Operation
Arrangement
& agency fee
Realised
gain
Non-recurrent
income
Try to realise
by taking
opportunities
Incentive fee
& Project
management fee
Fair value
adjustment
Asset
management
fee
Interest on
performance note
Administration fee
Brokerage
commission
Property
rental
Income from
hotel operation
Recurrent
income
Strengthen
as our
foundation

Realising A Sustainable Future
11
Various activities of both the maritime investment / management and property investment /management generate various income
streams in the form of fee income and investment returns. By providing an integrated service to our customer, we are thus taking
various profit opportunities from multiple source of income.
BuSiness Income and Our Activities
Maritime Investment
& Management
ACTIVITIES
Business Income
Property Investment &
Management/Hotel operation
ACTIVITIES
Ship finance arrangement/
agency work
Initiation/origination of
investment project
Arrangement &
Agency Fee
Project Management
Fee
Finance arrangement/
acquisition & disposal of properties
Broking vessel charter/
Broking vessel sale/purchase
Brokerage
Commission
Divestment arrangement of the vessel
under management
Incentive Fee
Hotel fund asset management
(improvement of hotel operation)
Private ship investment fund/
co-investment management
Chartering a vessel to third
parties
Asset Management &
Administration Fee
Charter
Income
Private property investment
fund management
Investment in shipping fund/
ship owning companies
Investment in ship owning companies
(dividends/disposal)
Fair valuation of investment in shipping
fund/ship owning companies
Bridge loan/shareholder’s loan to ship
investment fund & co-investment
Hotel Operation
Income
Interest on
Performance Note
Realised
Gain/(Loss)
Fair Value
Adjustment
Property
Rental
Interest
Income
Hotel operation by management/lease
contract with hotel owner
Investment in property fund
(dividends/disposal)
Fair valuation of investment in property
fund/property owning SPCs
Rental of hotel related facilities/
office unit in China to third parties

12
Uni-Asia Finance Corporation Annual Report 2009
Our Business
Maritime Investment/Management
Investment in ships
As part of our business model, we act as a co-investor, while
providing financial services in relation to ship investment. The
purpose of our investment is to aim for investment returns as a
stable income stream and also to demonstrate our confidence
and commitment to investors that we invite.
Our current vessel investment portfolio comprises
containerships, handy-size bulkers, and product tankers. As at
31 December 2009, the number of vessels we have invested
in (including vessels before delivery) is 11, comprising 4 handy
size dry bulk ships, 2 product tankers, and 5 containerships. This
number has fallen from 14 a year ago, which was caused by our
cancellation of the shipbuilding contracts of three handy size
bulkers of 33,400 DWT (two of them are through our whollyowned
subsidiaries) due to the shipbuilder’s financial difficulties.
One dry bulk vessel and one containership were delivered
in 2009 respectively. Among the 11 vessels, two vessels are
before delivery.
Type
Capacity
Type of
Investment
Vessel List
Charter Period
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Charterer
1 Bulker (1) 32,700 DWT Ship Investment
NYKGB
Fund
2 Bulker (1) 28,300 DWT Co-investment MOL
3 Bulker (2) 37,300 DWT Co-investment * Delivery
MOL
Scheduled
4 Bulker (3) 29,200 DWT Co-investment NYKGB
5 Product Tanker (4) 47,094 DWT Ship Investment
Fund
6 Product Tanker (4) 50,000 DWT Ship Investment
Fund
7 Container (5) 3,500 TEU Ship Investment
Fund
8 Container (5) 3,500 TEU Ship Investment
Fund
9 Container (5) 3,500 TEU Ship Investment
Fund
* Delivery
Scheduled
TORM
TORM
Evergreen
Evergreen
Evergreen
10 Container (5) 4,300 TEU Co-investment Evergreen
11 Container (5) 4,300 TEU Co-investment Evergreen
Legend:
Before Delivery
Charter Contract
Owner’s swap option for charter
contract between two tankers
Shipyards:
(1) Kanda
(2) Imabari
(3) Y-Nakanishi
(4) Onomichi
(5) Hyundai Mipo
Product Tanker
Containership
Bulker

Realising A Sustainable Future
13
Our maritime investment portfolio is classified as i) investment
with 100% ownership, ii) co-investment with other investors and
iii) investment in ship investment fund.
i) Investment in vessels with 100% ownership
This is a transitional stage of investment until we invite other
investors to join. When we find good investment opportunities,
we will acquire vessels using our own equity investment without
waiting for the establishment of a co-investment structure or ship
investment fund. It is necessary for us to take a quick action in
order to seize good opportunities that come our way. Fixing the
charter contract will be done at the same time or immediately
after the decision to acquire is made. This investment would
be later changed to a co-investment or investment in ship
investment fund to reduce our equity investment burden. In
2009, three vessels of such vessels were cancelled as explained
and our 100% investment in a 4,300 TEU containership was
changed to a co-investment with the entry of another investor.
As a result, there are no vessels with us as sole investor as at
31 December 2009.
ii) Co-investment with other investors
Under our co-investment activity, we invest in the vessel owning
company together with a few other investors. Our investment
portion is usually not more than 50%, and we can diversify
our investment portfolio by sharing the risk and reward of
the investment with other investors. As at 31 December 2009,
we have co-investment in 5 vessels among the total 11 vessels
that we are investing and managing. While we foresee the
continuous tight credit policy of financial institutions this year,
we will focus more on such equity investment with less
dependence on external borrowings. We will also consider to
take majority interest, if necessary.
iii)
Investment in private ship investment fund
The Akebono Fund was established in April 2007 by the Company
together with other sponsors, taking advantage of the Approved
Shipping Investment Enterprises status granted by Maritime &
Port Authority of Singapore (“MPA”) under the Maritime Finance
Incentive (“MFI”) scheme. Uni-Asia Capital (Singapore) Limited,
a wholly owned subsidiary of UAF, was granted the status of
Approved Shipping Investment Manager under MFI scheme,
and acts as a ship investment manager.
We are investing in 6 vessels through the Akebono fund. We had
also established Searex Fund I & II, which were both private ship
investment funds and they were already successfully closed by
disposing their vessel portfolio. We are considering launching
a new opportunity–driven ship investment fund, that invests in
discounted vessels, with a focus on small handy bulk carriers.
For future growth, we are also studying the possibilities of
investment in different types of vessels where our business
model is applied.

14
Uni-Asia Finance Corporation Annual Report 2009
Our Business
Management of ship investment
For the private ship investment fund mentioned above, Uni-Asia
Capital (Singapore) Limited acts as a ship investment manager
that provides management and administration services for
investors of the fund. We are also providing management and
administration services to other investors in the case of coinvestment.
The tonnage of vessels under our management had been
increasing steadily until 2008. However, due to the cancellation
of three dry bulk carriers and no new vessel investments
contracts entered in 2009, it has decreased to 460k dwt from
560k dwt in 2008.
600
500
400
Tonnage of vessels under management
Structured Finance arrangement
Our structured finance team provides integrated services to our
clients, including ship investment funds and co-investments that
we are involved in as an investor. In addition to financing solutions,
we also provide charter arrangement services customised to our
clients’ needs. These solutions do not normally involve the use of
our balance sheet capital to make loans and we typically act only
as the arranger and agent for the structured financing provided
by third-party financial institutions.
In 2009, ship financing banks, especially European banks which
had been providing ship financing aggressively until 2008,
were generally quiet. Those banks were heavily impaired by
the worsening global financial crisis. In addition, Basel II which
requires banks to set aside more capital, further limited the
capital for lending. Japanese banks were also taking conservative
credit policies to ship financing. Lending terms, even if funds
were available, became more stringent than before.
Our structured finance business was thus affected by this
market condition, and we recorded a lesser amount of financial
arrangement fee in 2009.
DWT ‘000
300
Value of structured finance arrangement
200
1200
100
1000
0
2004 2005 2006 2007 2008 2009
Note: Including vessels wholly owned by the Company and vessels
before delivery
US$ Million
800
600
400
200
0
2004 2005 2006 2007 2008 2009

Realising A Sustainable Future
15
Property Investment / Management in Japan
Similar to our maritime investment / management business,
Capital Advisers Co., Ltd, our 92.7% subsidiary acts as
co-investor while providing services as asset manager to show
our commitment to the property project. Our focus is on
i) residential properties and ii) hotel projects in Japan primarily.
Investment/Management of Residential
property
Our asset management portfolio of residential property consists
of large and medium-sized properties and small-sized properties
as below:
Assets under management (as at 31 Dec 2009)
(Residential property)
Asset Type
Number of
Buildings
Number of
Units
Large and Medium Sized 44 1,692
Small Sized 37 659
Residential Total 81 2,351
As for the large and medium sized residential properties,
Grosvenor Asia and our company jointly established an
investment partnership with another investor and our
investment started in 2000 followed by the establishment of the
GCAP fund in 2004. This fund is jointly managed by Grosvenor
and our subsidiary, Capital Advisers. Grosvenor Asia is a
subsidiary of the Grosvenor Group, which is an international
property development and investment group. We started to
negotiate with potential buyers for disposal of some of the
projects to fix the investment return.
We have also set up another residential fund in July 2005, called
“Stable Residential Fund” working jointly with Grosvenor Asia and
Diamond Realty Management Inc. (“DREAM”), a 100% subsidiary
of Mitsubishi Corporation, one of the major trading companies
in Japan, focusing on real estate investment fund business.
This fund also invests in medium to large-sized properties with
a relatively high and stable occupancy, located in the Tokyo
metropolitan area. The Fund’s average occupancy ratio stands at
around 90% as at 31 December 2009, having been affected by
the recession and fallen slightly from 92.5% a year ago. We are
making efforts to increase occupancy ratio so as to improve the
investment returns for investors.
The characteristics of properties under our small-sized
residential fund are that they are located in Tokyo metropolitan
area where population growth is expected and within walking
distance from train stations. The target customer group for these
properties is single working men and women in Tokyo area.
We have invested in a collection of small properties that
represents a well diversified portfolio. During 2009, we disposed
three small-sized residential properties, which had been solely
owned by us, to reduce our bank loan balance in line with the
deleveraging strategy of the Group. A number of properties
held by the fund had also been transferred to third parties in
2009, which resulted in a reduction of our asset management
portfolio.
Location of residential projects under management
(all residential types)
Sapporo-2
OSAKA-1
Nagoya-1
Tokyo-72
The property market in Japan including residential property
market, have been affected significantly by the global financial
crisis and following recession in Japan throughout the year.
Because of the diminished demand for property and lack of
financing, the sales-purchase transaction market has hovered
at a low level and not recovered. Our basic business model,
which is the continuous cycle of A) to develop property project
B) to act as asset manager for the developed project and C) to
dispose properties to third party, was heavily hit by the depressed
property market.

16
Uni-Asia Finance Corporation Annual Report 2009
Our Business
We could not increase our investment / asset management
portfolio because the market situation did not allow it. Rather,
we sold some of our residential properties in order to deleverage
and cope with the depressed financial market conditions.
No. of Unit
3000
2500
2000
1500
1000
500
Assets under management (residential property)
0
Jan-05 Jan-06 Jan-07 Jan-08 Jan-09
Note: Including Capital Advisers’ own investment projects
and properties under constructions
As at 31 December 2009, we were engaged as the asset
manager for 11 hotels, a reduction from 14 hotels a year ago.
The number of hotel rooms under our management also
decreased from FY2008.
No. of Room
3000
2500
2000
1500
1000
500
0
Assets under management (hotel property)
Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
Note: Including Capital Advisers’ own investment projects
and properties under constructions
The value of our investment was also affected and we needed to
recognise fair value adjustment loss on investment in residential
property funds in FY2009 (US$1.6 million).
Investment / management of Hotel Project
From 2001, Capital Advisers directed its attention to the asset
investment / management business in the hotel property sector.
The focus has been on investment in limited-service hotels.
Hotel Name
No.
of
Bldgs
No.
of
Rooms
Hotel
Operated
by CA
Group
CA’s
equity
investment
Skycourt Hotel Asakusa 1 96 N Y
Skycourt Hotel Asagaya 1 112 N Y
Toyocho Vista Hotel 1 144 Y Y
Hotel Vista Sapporo
Nakajimakohen
1 113 Y Y
Hotel Vista Shimizu 1 152 Y Y
Hotel Vista Premio Dojima 1 141 Y Y
Hotel Vista Atsugi 1 165 Y Y
Hotel Vista
Kumamoto Airport
Assets under management (hotel property)
(As at 31 Dec 2009)
1 139 Y Y
Hotel Vista Ebina 1 176 Y Y
Hotel Vista Grande Osaka 1 304 Y N
Hotel Vista Kyoto 1 215 Y Y
Total 11 1,757
The asset management fee of some of the hotels has also
decreased from FY2008. This is because our fees are usually
variable, depending on the performance of the hotel. Most of
the hotels we managed were adversely affected by the global
and domestic recession, which resulted in a decrease in the
number of business travellers as well as tourists from overseas
due to an appreciation of the Japanese Yen.
Our investments in hotel funds are evaluated based on the
performance of property owning SPCs, which recognise the hotel
as fixed assets. Our investments in hotel assets are thus subject
to an impairment test. We recognised fair value adjustment loss
on investment in hotel funds (US$4.2 million), which affected
our financial results for FY2009.
Note: Including Capital Advisers’ own investment project.

Realising A Sustainable Future
17
Hotel operation
Capital Advisers, as an asset manager in hotel property investment, employs a team which is experienced in the hotel sector.
Capital Advisers is also involved in the hotel operation through its wholly owned subsidiary, Vista Hotel Management Co., Ltd
Hotel Vista Sapporo Nakajimakohen
Tokyo Area
Hotel Vista Kumamoto Airport
Hotel Vista Kyoto
• Asakusa Vista Hotel
• Toyocho Vista Hotel
• Hotel Vista Kamata
• Hotel Urbain Kamata
Annex
Kanagawa Prefecture
• Hotel Vista Hashimoto
• Hotel Vista Atsugi
• Hotel Vista Ebina
Osaka Area
Hotel Vista Shimizu
• Hotel Vista Grande Osaka
• Hotel Vista Premio Dojima
Hotel List (Operated by Capital Advisers)
Hotel Location Ownership Number
of Rooms
Business
Type*
Opening/
Acquisition
Original
Opening
Major
Customers
1 Asakusa Vista Hotel Asakusa, Tokyo J-REIT 136 Lease August-05 December-86 Tourist
2 Toyocho Vista Hotel Toyocho, Tokyo Private Fund 144 Operation August-05 July-92 Business traveller
3 Hotel Vista Kamata Kamata, Tokyo J-REIT 106 Lease June-06 May-91 Business traveller
4 Hotel Urbain Kamata Annex Kamata, Tokyo J-REIT 70 Lease June-06 May-04 Business traveller
5 Hotel Vista Sapporo Nakajimakohen Sapporo, Hokkaido Private Fund 113 Lease December-06 - Business traveller
6 Hotel Vista Shimizu Shimizu, Shizuoka Private Fund 152 Lease March-07 - Business traveller
7 Hotel Vista Premio Dojima Dojima, Osaka Private Fund 141 Operation August-07 August-90 Business traveller
8 Hotel Vista Hashimoto Hashimoto, Kanagawa J-REIT 99 Lease August-07 December-86 Business traveller
9 Hotel Vista Atsugi Atsugi, Kanagawa Private Fund 165 Operation September-07 - Business traveller
10 Hotel Vista Kumamoto Airport Kumamoto, Kumamoto Capital Advisers 139 Own/operation January-08 - Tourist
11 Hotel Vista Ebina Ebina, Kanagawa Private Fund 176 Lease October-08 - Business traveller
12 Hotel Vista Grande Osaka Soemoncho, Osaka Private Fund 304 Lease November-08 - Tourist
13 Hotel Vista Kyoto Kyoto, Kyoto Private Fund 215 Operation June-09 - Tourist
Total 1,960
* Business Type
Lease: Capital Advisers Group lease-in the hotel from the owner and operates
Operation: Capital Advisers Group operates the hotel under the operating contract.

18
Uni-Asia Finance Corporation Annual Report 2009
Our Business
In 2009, we pulled out of the operation of Oita Toyo Hotel
while Hotel Vista Kyoto opened under our operation. As at
31 December 2009, we are operating 13 hotels with our
target customers being mainly business travellers and tourists
who require quality hotel accomodation at reasonable rates.
Hotel operations were affected by economic recession due to
the travel budget cuts of the business travellers and tourists, both
domestic and overseas. Overall hotel occupancy rates indicated
a sharp slide since the end of 2008 and while moderate recovery
was seen toward the end of 2009, the average occupancy in
2009 was lower than that of 2008. With the enhancement of the
management team of Vista Hotel Management, we are trying to
be back on the recovery trail in terms of hotel performance.
New business
We have obtained two new asset management deals in
which we act as an asset manager for office building funds to
replace the existing asset manager. We just took over the asset
manager’s position without equity investment. Office property
is a new type of asset management portfolio for the company.
We will try to seize such new opportunities as asset manager of
the funds.
China Business
Leveraging on our finance arrangement business and distressed
asset fund management business in China, we started property
investment in China in January 2007. We acquired pre-sale 14
office units with gross floor area of 1,320 sqm of the China Shine
Plaza, a commercial development in the Tianhe commercial
district in Guangzhou through Uni-Asia Guangzhou Property
Management Co., Ltd, a wholly owned property investment
company. All of 14 units are now leased out to third parties and
the market value of our office property had appreciated after our
purchase to date.
In 2009, we had contracted a service agreement with one
of the largest trading houses in Japan, in which we provide
administrative advisory services for their investment in warehouse
facility in Shenzhen. This is the first time we provided such an
administration service in relation to an investment in China. We
will increasingly explore this sort of asset management related
business in China by making use of our assets management
experience in ship investment and property investment.
We have been widening our network in the field of property
investment in Hong Kong with the aim of seeking out good
investment opportunities. When some of these opportunities
are realised, it will be the first step for us to develop our asset
management business in Hong Kong.

Realising A Sustainable Future
19
Corporate Developments for the Year
January
• Delivery of one
container ship and
commencement
of a 10-year charter
hire contract with
Evergreen Group
February
• Release of full year
results for FY2008
April
• Receipt of refund of pre-delivery instalment
payments in relation to three bulk carriers
shipbuilding contracts. US$13.1 million
(JPY1.26 billion)
• Annual General Meeting for FY2008 at M Hotel
May
• Release of 2009 Q1
results
• Meeting of Akebono
Fund noteholders held
in Singapore
June
• Cancellation of three shipbuilding contracts caused
by shipbuilder’s court application due to its financial
problem
• Cancellation of charter contracts with PCL in relation to
the above cancellation of shipbuilding contracts
• Opening of Hotel Vista Kyoto under our operation
• Capital Advisers’ relocation as a measure of cost control
July
• Announcement
of cessation of
an Executive Vice
President
August
• Extraordinary General Meeting for a private share
placement
• Exercise of private placement to Yamasa. Co., Ltd.
(S$25.5 million)
• Yamasa became the largest shareholder of the company
with 19.53% interest (registered in the name of a nominee)
• Release of 2009 Q2 results
September
• Entering into loan
agreement by a ship
owning subsidiary
for purchase of a
bulk carrier
October
• Settlement of a litigation
case of Capital Advisers
by judicial settlement,
which is beneficial to us
November
• Delivery of a bulk carrier and commencement of a 4-year
charter hire contract with NYK group
• Meeting of Akebono Fund noteholders held in Singapore
• Organisation of clients seminar with Dr Eisuke Sakakibara
of Waseda University as Guest Speaker in Tokyo ”Japanese
economy under the new government”
• Release of 2009 Q3 results
• Shipping industry workshop for non-executive directors by
the external consultant
December
• Change in shareholders structure of a ship owning subsidiary (containership)
The company’s shareholding was reduced from 100% to 50%
• Change in shareholders structure of a ship owning subsidiary (bulk carrier)
The company’s shareholding was reduced from 80% to 45%
• Conclusion of service agreement with a Japanese trading house in relation to its
warehouse project in China

20
Uni-Asia Finance Corporation Annual Report 2009
Milestones
2009
2008
2007
2006
2005
2004
2003
2001
2000
1998
1997
• Issued 52,199,200 new shares and placed to Yamasa Co., Ltd. The paid-up
capital was increased from US$41,759.360 comprising 260,996,000 shares to
US$50,111,232 comprising 313,195,200 shares
• Increased equity interest in Capital Advisers to 92.7%
• Increased equity interest in Uni Ships and Management Limited to 100%
• Made a direct investment into office units in Guangzhou
• Launched our first Singapore ship investment fund under MFI scheme-
Akebono Fund
• Company was listed on the Main Board of the Singapore Exchange Securities
Trading Limited
• Wholly-owned subsidiary, Uni-Asia Capital (Singapore) Limited, was granted
Approved Ship Investment Manager status by the Maritime and Port Authority
of Singapore under Maritime Finance incentive("MFI") Scheme
• Launched container vessel fund, specialising in investment of container
vessels
• Launched private ship investment fund Searex 1 & II
• Established GCAP Fund, which is managed by Grosvenor Capital Advisers Fund
Management Co. Ltd, 50% JV between Grosvenor Asia and Capital Advisers
• Capital Advisers issued new shares to third parties. Our equity interest in Capital
Advisers was diluted to 44.8%
• Launched AAA Series II
• Launched Asian distressed assets investment fund AAA Series I
• Capital Advisers was established as a 100% subsidiary of the company
• Established an investment partnership with Grosvenor Asia to invest in
residential properties in Tokyo, through Capital Advisers
• Expanded into investment in alternative assets, such as distressed assets
• Reported as the top arranger of structured finance for the transportation sector
in Taiwan, and ranked 4 th in the category of Taiwan foreign currency loan and
bond arrangement by basis point (a financial magazine)
• Company was incorporated in the Cayman Islands with business presence
in Hong Kong. Our focus is on finance arrangement for companies in the
transportation sector

Realising A Sustainable Future
21
Operations Review
OVERVIEW
For the year ended 31 December 2009 (“FY2009”), the Group reported a net loss of US$15.7 million as compared to a net loss of
US$3.7 million in FY2008. Total income increased by 36% from US$40.5 million in FY2008 to US$55.1 million in FY2009.
The Group’s FY2009 results have included the consolidated income statement of a shipping subsidiary, Prosperity Containership
S.A. (“Prosperity”) from 13 January to 30 November 2009. Stripping off the effects of Prosperity during the year, the Group’s
performance was affected largely by revaluation losses from investments in Japanese hotel and residential properties, provision
made on onerous contracts related to the hotel operation, operating losses from Capital Advisers, lower fee income earned from
finance arrangement and the writeoff of deferred tax assets. The Group’s income is classified under fee income, hotel income,
investment returns, interest income and other income.
Fee Income
Breakdown of fee income
FY2009 FY2008 %
us$’000 US$’000 Change
Arrangement and agency fee 1,040 2,525 (59%)
Project management fee 722 – N/M
Brokerage commission 995 1,337 (26%)
Incentive fee 211 1,858 (89%)
Asset management & administration fee * 5,863 5,989 (2%)
Charter income 8,859 – N/M
17,690 11,709 51%
* Includes income earned by Capital Advisers Co., Ltd. (“Capital Advisers”) as the asset manager of hotels and residential projects of US$4.6 million for FY2009
(FY2008: US$4.6 million).

22
Uni-Asia Finance Corporation Annual Report 2009
Operations Review
Fee income increased by 51% from US$11.7 million in FY2008 to US$17.7 million in FY2009 due to charter income recognised from
the consolidation of the vessel owning subsidiary. A description of the Group fee income is summarised below:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
Arrangement and agency fee refers to income for the arrangement of syndicated loans or debt financing and for the Group’s
agency duty in finance arrangement transactions. Finance arrangement and agency fee dropped by 59% to US$1.0 million
in FY2009 due to the slowdown in finance arrangement activities and the completion of fewer transactions compared
to FY2008.
Project management fee refers to the income earned for the initiation/origination of an investment project and is a one-off fee
charged on the successful completion of the project. Project management fee totalled US$0.7 million in FY2009.
Brokerage commission refers to commission from brokering ship charters on behalf of ship-owners and the income is recurrent
for the duration of the charter period/agreement. Brokerage commission totalled close to US$1.0 million in FY2009.
Incentive fee is received when the assets managed by the Group are divested with a gain exceeding the hurdle rate and is
calculated based on a predetermined profit sharing ratio. There was no vessel disposal during the year. Incentive fee totalled
US$0.2 million in FY2009 compared to US$1.9 million in FY2008.
Asset management and administration fee is the fee for the administration and management of funds/ investments in shipping,
properties and distressed assets as well as for Capital Advisers as the asset manager of hotels and residential properties in Japan.
Asset management and administration fee totalled US$5.9 million in FY2009.
Charter income is the income received from chartering a vessel out to a third party. A container vessel was delivered in January
2009 and a charter income of US$8.9 million was recognised during the year when the shipping entity remained a subsidiary of
the Group.

Realising A Sustainable Future
23
HOTEL INCOME
Hotel income refers to all income related to Capital Advisers’ hotel business. Capital Advisers currently owns and/ or manages 14
limited service hotels in Japan with over 2,100 rooms. Hotel income totalled US$31.8 million. Hotel income would include hotel
operator fee and all income received from hotels owned and leased by the Group. Due to low occupancy and price competition,
Capital Advisers experienced losses from its hotel business.
INVESTMENT RETURNS
Breakdown of investment returns
FY2009 FY2008 %
us$’000 US$’000 Change
Interest on performance notes – shipping 620 5,595 (89%)
Interest on performance notes – distressed debt 87 25 248%
Realised gain on investment – shipping 11,056 - N/M
Realised gain on investment – hotel and residential 252 352 (28%)
Realised gain on investment – others 3 - N/M
Realised loss on disposal of properties for sale (1,861) - N/M
Property rental income 736 496 48%
Fair value adjustment on investment properties 252 405 (38%)
Fair value adjustment on investment – hotel and residential (5,982) (886) 575%
Fair value adjustment on investment – shipping 72 (2,794) 103%
Fair value adjustment on performance notes – hotel (25) (87) (71%)
Fair value adjustment on performance notes – shipping (171) 166 (203%)
Fair value adjustment on performance notes – distressed debt (262) (444) (41%)
Fair value adjustment on listed shares – hotel - (306) N/M
Fair value adjustment on listed shares – others (134) (75) 79%
Net gain / (loss) on forward currency contracts (1,041) 734 (242%)
Write down of properties for sale to net realisable value – residential - (2,762) N/M
3,602 419 760%
N/M: Not meaningful
Investment returns increased from US$0.4 million in FY2008 to US$3.6 million in FY2009 due primarily to the 50% interest disposal of
Prosperity in December 2009. Prosperity recognised net liabilities during the year due primarily to operating losses, fair value losses
on an interest rate hedge (charged to reserve) and translation losses from a yen loan. The Group de-recognised Prosperity’s net
liabilities of US$9.2 million and received sales proceeds of US$1.8 million, which resulted in a gain on disposal of US$11.0 million upon
the completion of the disposal. During the year, the Group also recognised interest on performance notes of US$0.7 million, negative
fair value adjustment of US$6.3 million arising primarily from revaluation of hotel and residential properties in Japan, realized losses
of US$1.9 million arising from our investments in properties in Japan, rental income of US$0.7 million and losses on forward currency
contracts of US$1.0 million during the year.

24
Uni-Asia Finance Corporation Annual Report 2009
Operations Review
GROUP EXPENSES
Employee benefits expenses dropped by 11% following the Group’s cost cutting programme. Capital Advisers’ staff cost represented
close to 75% of the Group’s employee benefits expense. Amortisation and depreciation grew by 212% to US$4.7 million due to the
consolidation of a then vessel owning entity when it was a subsidiary of the Group. Depreciation expenses from the two vessel
owning subsidiaries represented over 77% of the Group’s total depreciation charges during the year. Other expenses increased by
64% due to the consolidation of the vessel owning subsidiary, leading to an increase in vessel operation expenses and the expansion
of Capital Advisers’ hotel operation, leading to higher hotel operating expenses. Capital Advisers’ other expenses represented over
79% of the Group’s total other expenses. Hotel leases, hotel sub-operator fee and hotel operating expenses represented over 59%
of the Group’s other expenses. Impairment on goodwill arose from the loss the hotel management contract from Oita Toyo Hotel
during the year.
Finance cost – interest expenses rose by 1,211% from US$0.5 million to US$6.3 million as a result of the consolidation of the vessel
owning subsidiary during the year.
PROFITABILITY
Share of losses from our associated companies widened from US$0.01 million to US$0.2 million. During the year, management took
a prudent view to write off deferred tax assets of US$1.8 million due to uncertainty in the recognition of such Hong Kong taxable
income in the near term. As a result, tax expenses increased from a credit of US$0.5 million in FY2008 to an expense of US$1.8 million
in FY2009.
LOSS FOR THE YEAR
In summary, the Group’s net loss totalled US$15.7 million in FY2009 as compared to a net loss of US$3.7 million in FY2008.

Realising A Sustainable Future
25
Board of Directors
Mr. Kazuhiko Yoshida
Chairman and CEO
Mr. Kazuhiko Yoshida was appointed as Chairman of the Group
on 19 March 2008. He is concurrently the Chief Executive Officer,
Director and one of the founders who established the Company
in 1997. Mr. Yoshida is responsible for business development
and the overall management of the Group. He has over 27
years of experience in banking and credit analysis, specialising
in structured finance of maritime vessels and aircraft. Between
1986 and 1992, he was a senior manager in The Sumitomo
Trust and Banking Co., Ltd. following which, he was a director/
deputy general manager of Takugin International (Asia) Limited,
the offshore merchant banking arm of The Hokkaido Takushoku
Bank, Ltd. from 1992 to 1997. Takugin International (Asia) Limited
provided structured finance solutions for the aviation and
shipping industries, provided project financing for construction
of properties, including hotels and buildings and also provided
corporate financing to Chinese financial institutions and other
corporations. Mr. Yoshida is also currently a director of Capital
Advisers Co., Ltd, Uni-Asia Capital (Singapore) Limited, and
Uni-Asia Finance Corporation (Japan). Mr. Yoshida obtained a
bachelor’s degree in engineering from Hokkaido University in
Japan in 1976.
Mr. Michio Tanamoto
Chief Operating Officer
Mr. Michio Tanamoto is the Chief Operating Officer, Director
stationed in Singapore and one of the founders who established
the Company in 1997. Mr. Tanamoto is responsible for the
Group’s business development, corporate strategy, finance and
investor relations. He has over 29 years of experience in financial
sector based in Japan, Hong Kong and Singapore. In 1980,
Mr. Tanamoto joined The Hokkaido Takushoku Bank, Ltd.
and was the senior manager of Takugin International (Asia)
Limited in Hong Kong, the offshore merchant banking arm
of The Hokkaido Takushoku Bank, Ltd. between 1988 and
1993. Following which, Mr. Tanamoto was the deputy general
manager of the Singapore Branch of The Hokkaido Takushoku
Bank, Ltd. from 1995 to 1997. Mr. Tanamoto is also currently
the Managing Director of Uni-Asia Capital (Singapore) Limited
and a director of Capital Advisers Co., Ltd. and Uni-Asia Finance
Corporation (Japan). He obtained a bachelor’s degree in law
from Hitotsubashi University of Japan in 1980.

26
Uni-Asia Finance Corporation Annual Report 2009
Board of Directors
1 2 3
1. Mr. Ang Miah Khiang
Lead Independent Non-Executive Director
Mr. Ang Miah Khiang was appointed as our Independent
Director on 26 June 2007 and has been taking the position
of a Lead Independent Director since 19 March 2008.
Mr. Ang was last re-elected as Director at the Company’s
Annual General Meeting on 18 April 2008.
He spent the greater part of his career in the SME financing
business, having held the position of Managing Director of GE
Commercial Financing (Singapore) Ltd, formerly known as Heller
Financial (S) Ltd. He was also concurrently regional director
for GE related businesses in Asia Pacific. Mr. Ang is a Fellow of
the Institute of Certified Public Accountants of Singapore and
holds a Bachelor of Accountancy degree from the University of
Singapore. He is also an independent director of Asia Enterprises
Holding Ltd, Avaplas Ltd, and Heng Long International Ltd.
2. Mr. Ronnie Teo Heng Hock
Independent Non-Executive Director
Mr. Ronnie Teo Heng Hock was appointed as Independent
Director of the Company on 26 June 2007 and was last
re-elected as DIrector at the Company’s Annual General Meeting
on 24 April 2009. Mr. Teo is currently the Managing Director
of Financial Reengineering Pte Ltd, a management consulting
firm specialising in investment advisory services. Mr. Teo was
previously the Managing Director of DBS Asset Management
Ltd and the General Manager of DBS Finance Limited.
Mr. Teo holds a Bachelor of Social Sciences (Honours) degree in
Economics from the then-University of Singapore.
Mr. Teo is concurrently an independent director of Berger Paints
(S) Pte Ltd, Berger International Limited, Shanghai Asia Holdings
Ltd, and Yeoman 3-Rights Value Asia Fund. His directorship in
listed companies over the preceding three years includes an
independent director of Sunvic Chemical Holdings Ltd and
Behringer Corporation Ltd.
3. Mr. Rajan Menon
Independent Non-Executive Director
Mr. Rajan Menon was appointed as Independent
Non-Executive Director of the company in April 2008 and
was last re-elected as Director at the Company’s Annual
General Meeting on 24 April 2009. Mr. Menon’s 38 year
career in Singapore comprises public appointments like Senior
Deputy Registrar of Land Titles & Deed and Deputy Public
Prosecutor & State Counsel. He was also a Credit Manager
with The Hongkong And Shanghai Banking Corporation prior
to joining the Law Practice, KhattarWong in 1981, where he
was Managing Partner from 1999 to 2006 and is currently a
senior partner.
Mr. Menon is an Independent Director of Berger International
Limited, which is listed on the SGX-ST, and a Board Member
of Manulife (Singapore) Pte Ltd, Prochem Holdings Pte Ltd,
Chartered Institute of Arbitrators (Singapore) Limited, Special
Olympics Asia Pacific Ltd, Tangreat Investments and Quick
Investments Pte Ltd.
Mr. Menon graduated from the University of Singapore with
Bachelor of Laws (Honours) degree in 1971 and was admitted
as an Advocate & Solicitor of the Supreme Court of Singapore in
1973 and is a solicitor of the Supreme Court of England & Wales.
Mr. Menon is a Fellow of the Chartered Institute of Arbitrators,
United Kingdom; Singapore Institute of Arbitrators;
Malaysian Institute of Arbitrators and Singapore Institute
of Directors. He was conferred The Public Service Medal
of Singapore.

Realising A Sustainable Future
27
4 5
4. Mr. Rong-Jong Owng
Non-Executive Director
Mr. Rong-Jong Owng was appointed as Non-Executive
Director of the company in April 2008 and was last re-elected
as Director at the Company’s Annual General Meeting on
24 April 2009. In 1978, Mr. Owng joined the Evergreen Group
and he is currently the Chief Financial Officer of Evergreen
Group. Mr. Owng is responsible for all finance matters for the
group companies including Evergreen Marine Corporation,
Eva Airways Corporation, Evergreen International Storage and
Transport Corporation, and Evergreen Logistics Corporation. Mr.
Owng received his bachelor’s degree in accounting at the Tam
Kian University and a master’s degree in EMBA at the National
Taipei University in 2001.
5. Mr. Robert Van Jin Nien
Non-Executive Director
Mr. Robert Van Jin Nien was appointed as Non-Executive
Director of the Company in June 2006 and was last re-elected
as Director at the Company’s Annual General Meeting on
24 April 2009. Mr. Nien has extensive experience in property
and infrastructure projects in Hong Kong and the PRC Pearl
River Delta area. Between 1972 and 1976, he was a manager
at Citibank, N.A., following which he joined and, since 1980,
has been an executive director of Hopewell Holdings Limited,
which is listed on the main board of the Stock Exchange of Hong
Kong Limited. Mr. Nien holds a bachelor’s degree in economics
from the University of Pennsylvania and a master’s degree in
business administration from the Wharton Graduate School
of Business.
Mr. Paul Chang
Non-Executive Director (Retired)
Mr. Paul Chang was appointed as Non-Executive Director of the
company in April 2008 and resigned from his appointment on
18 January 2010. Mr. Chang was the head of shipping in HSH
Nordbank AG for all ship financing business in Asia Pacific
and chief executive of HSH Nordbank AG Hong Kong branch
since July 2008. Prior to joining HSH Nordbank AG, he was the
general manager of DVB Bank for North Asia since 1998. Before
specialising himself in ship financing, Mr. Chang has more
than 20 years of banking career with Standard Chartered Bank,
Scandinavian Banking PLC and Rabobank where he gained
extensive experience and exposure in corporate banking, trade
finance, project finance, asset-based financing, structured
finance and tax based financing schemes for a wide-range of
industries in the Asia Pacific region. Mr. Chang holds a MBA
(Marketing) degree from Leicester University from the UK.
Ms. Makiko Sano
Non-Executive Director (Retired)
Ms. Makiko Sano was appointed as non-Executive Director of
the company in October 2009 and resigned on 23 February
2010. She is currently an executive director of Yamasa Co., Ltd,
which is a privately held company in Japan. It is a manufacturer
of amusement related hardware and software, and an owner
of transportation related assets. Her directorship in Yamasa is in
the field of customer service and general affairs. She is also an
executive director of Yamasa Sangyo Co., Ltd, which is a group
company of Yamasa. Ms. Sano has vast knowledge of internal
control and compliance matters, with experiences as an internal
auditor of Yamasa Co., Ltd over 7 years. Ms. Sano obtained a
bachelor’s degree in Social Science from Waseda University.
She has also completed Waseda University Law School.

28
Uni-Asia Finance Corporation Annual Report 2009
Key Management
1 2 3
4
Mr. Kazuhiko Yoshida
Chairman and CEO
Mr. Michio Tanamoto
Chief Operating Officer
1. Mr. Kitaro Onishi
Managing Director
Mr. Kitaro Onishi was appointed as the Managing Director of
the Company on 10 March 2008. He is currently the President
of Capital Advisers Co., Ltd. and is responsible for property
investment business in Japan. Mr. Onishi has extensive
experience in property investment business and was an
investment banker. He worked for Goldman Sachs Group in the
USA as well as in Japan from August 1988 to April 1992. From
May 1992 to September 1998, he was with Kajima Corporation,
one of the biggest general construction companies in Japan. In
October 1998, he joined Credit Suisse Group as a director of the
Tokyo branch and was the representative of the Tokyo whollyowned
subsidiary of Credit Suisse. He left Credit Suisse Group
and joined Capital Advisers Co., Ltd. as President in May 2004 and
has been leading the property investment business of Capital
Advisers Co., Ltd. in Japan since then. Mr. Onishi graduated from
Waseda University in 1977.
2. Mr. Masaki FUkumori
Managing Director
Mr. Masaki Fukumori was appointed as the Managing Director on
10 March 2008. He is currently responsible for both the company’s
Structured Finance and Maritime Investment Departments.
Mr. Fukumori joined our Group in August 1997 and acted as
Head of our Structured Finance Department until he initiated
and has headed the Maritime Investment Department in 2002.
He has extensive experience in marketing and syndication in the
banking industry specialising in the shipping and aviation sectors
spanning over 25 years as well as ship investment and investment
management. Between 1985 and 1993, he was a marketing
manager at The Hokkaido Takushoku Bank, Ltd. after which, he
was a senior marketing manager at Takugin International (Asia)
Limited from 1993 to 1997. He is also currently a director of
Uni Ships and Management Limited, Akebono Capital Limited,
Rich Containerships S.A, and Sunrise Shipping S.A. Mr. Fukumori
holds a bachelor’s degree in business administration from
Yokohama National University obtained in 1985.
3. Mr. Masahiro Iwabuchi
Executive Vice-President
Mr. Masahiro Iwabuchi was appointed as Executive Vice-President
responsible for the Distressed Asset/Properties Investment
Department in April 1998. He has extensive experience in the
banking industry throughout Asia including Japan, Indonesia,
Singapore, Hong Kong and the PRC, having spent some 13 years
with The Hokkaido Takushoku Bank, Ltd. He is also currently a
director of AAA and Uni-Asia Guangzhou Property Management
Co., Ltd. He completed Licensing Examination for HKSI Specialist
Certificate (Asset Management, Corporate Finance, Derivatives
and Securities). Mr. Iwabuchi graduated with a bachelor’s
degree in economics from Hirosaki University of Japan in 1985.
In addition to Japanese, Mr. Iwabuchi speaks fluent Mandarin.
4. Mr. Kenji Fukuyado
Executive Vice-President
Mr. Kenji Fukuyado was appointed as Executive Vice-President
& Head of Maritime Finance Department in January 2010.
He joined our Group in 2001 and was the Managing Director
of Uni-Asia Finance Corporation (Japan) from May 2003 to
December 2005. He was transferred to our head office in
Hong Kong and became Head of Structure Finance Department
in January 2006. Mr. Fukuyado has nearly 20 years of experience
in the finance industry, including structured finance and
corporate finance. Between 1987 and 1998, he was a manager
at The Hokkaido Takushoku Bank, Ltd. in Japan and Hong Kong.
Mr. Fukuyado graduated with a bachelor’s degree in law from
Waseda University in 1987.

Realising A Sustainable Future
29
5 6 7
8
5. Ms. Clementine Ng
Chief Financial Officer
Ms. Clementine Ng joined our Company in February 2004 and
is the Chief Financial Officer of the Group. She has over 17 years’
experience in the financial industry, including fund management,
private equity and equity research. Ms. Ng started her career in
Hong Kong as a manager with the hedge fund group Gaiacorp
in 1992 and took on various responsibilities in the finance
industry prior to joining us, including her role as an investment
analyst at Amsteel Finance Corporation, an investment associate
with the direct investment arm of AIG Investment Corporation,
and a director at Kaizen Property Management Limited.
Ms. Ng graduated with a bachelor’s degree in commerce from
the University of British Columbia, Canada and holds a master’s
of business administration degree from the Judge Business
School, University of Cambridge, UK.
6. Mr. Matthew Yuen Wai Keung
Senior Vice President
Mr. Matthew Yuen Wai Keung joined our company in October
1997 and is Senior Vice President. As head of Structured Finance
Department, he is mainly responsible for fund raising for the
Group’s ship investment as well as third party clients. Prior to
this, Mr. Yuen worked in several international banks, specialising
in marketing and syndications. Mr. Yuen graduated from The
Chinese University of Hong Kong in 1987 with a second class
(upper) honours degree in Business Administration and received
his MBA from The Australian Graduate School of Management,
University of New South Wales in 1992. Mr. Yuen is a member of
the Association of Chartered Certified Accountants (ACCA).
7. Mr. Zac K. Hoshino
Senior Vice-President
Mr. Zac K. Hoshino joined our group in September 2007 and
acted as Co-Head of our Maritime Investment Department.
He is Senior Vice President responsible for all shipping related
matter and technical sector. He has extensive experience with
chartering, operating, and contracting in Japanese shipping
company for more than 25 years including Singapore and
Hong Kong representative between 2002 and 2007. He is also
the Managing Director of Uni Ships and Management Limited,
a director of Glory Bulkship S.A. and Prosperity Containership S.A.
Mr. Hoshino graduated with a bachelor’s degree in mercantile
marine science from Tokyo University of Mercantile Marine
obtained in 1984.
8. Mr. Makoto Tokozume
Senior Vice President
Mr. Tokozume joined our company in January 2008, and is now
in charge of investor relations and corporate planning. He is
now stationed in Singapore as a member of Uni-Asia Capital
(Singapore) Limited, 100% subsidiary of the company. He has
over 21 years of working experience in financial industry in
Japan and Singapore, having spent 11 years with The Hokkaido
Takushoku Bank, Ltd. and nine years with The Bank of Tokyo
-Mitsubishi Ltd. (currently The Bank of Tokyo-Mitsuibishi UFJ Ltd.).
He graduated from Keio University with a bachelor’s degree in
economics in 1986, and received his MBA from the University of
Hull, UK in 2000. Mr. Tokozume is registered as Certified Public
Accountant of USA.

30
Uni-Asia Finance Corporation Annual Report 2009
Key Management
9
9. Ms Kam Xiu Lin
Senior Assistant to Chairman and CEO
Ms. Kam Xiu Lin was appointed as Senior Assistant to chairman
and CEO responsible for the distressed asset investment
and property investment in PRC in December 1998. She has
extensive networks in PRC, especially in Guangdong, Beijing,
Shanghai and Hong Kong.
Ms. Kam started her banking career at The Hokkaido Takushoku
Bank, Ltd. in March 1985 and was appointed as a chief
representative of Guangzhou representative office of the bank
in 1994 and afterwards. She is also currently a director of
Uni-Asia Guangzhou Property Management Co., Ltd.

Realising A Sustainable Future
31
Management Organisation
Board of Directors
Management Committee
* Mr. Kazuhiko Yoshida
Mr. Michio Tanamoto
Mr. Masaki Fukumori
Mr. Kitaro Onishi
(Capital Advisers)
Mr. Hiromasa Yakushiji
(Capital Advisers)
Chairman & CEO
Mr. Kazuhiko Yoshida
* Chairman
Chief Operating Officer
Mr. Michio Tanamoto
Managing Director
Mr. Masaki Fukumori
Finance
Department (FD)
Chief Financial Officer
Ms. Clementine Ng
Managing Director
Mr. Kitaro Onishi
Maritime Investment
Department (MID)
Department Head
Mr. Kenji Fukuyado
Structured Finance
Department (SFD)
Department Head
Mr. Matthew Yuen Wai
Keung
Uni Ships and
Management Limited
Project Management
Head of Business
Mr. Zac K. Hoshino
Property Investment
Department (PID)
Department Head
Mr. Masahiro Iwabuchi
Capital Advisers
Group
Uni-Asia Capital
(Singapore) Limited
Uni-Asia Finance
Corporation (Japan)
(Maritime Investment
Department in
Singapore)
Ms. Yumiko Kanda

32
Uni-Asia Finance Corporation Annual Report 2009
Financial Highlights
Income Statement And Balance Sheet Items (US$’000)
Total Income
Total Assets
55,099
178,660
40,546
107,795
147,841
18,267 19,470 21,151
61,949
67,572
2005 2006 2007 2008 2009
2005 2006 2007 2008 2009
9,366
Operating Profit/(Loss)
9,985
11,083
Total Liabilities
84,919
43,402
(2,007)
11,993
7,806
11,583
(5,280)
2005 2006 2007 2008 2009
2005 2006 2007 2008 2009
Net Profit/(Loss)
Total Equity
9,439
11,433
12,416
96,212 93,741
104,439
(3,664) (3,055)
49,956
59,766
(15,683) (14,520)
2005 2006 2007 2008 2009
Net profit/(loss) for the year
Net profit/(loss) attributable to shareholders
2005 2006 2007 2008 2009
Year to Year Comparison
Total Cash (US$’000)
(Including deposit pledged as collateral)
Total Debt (US$’000)
Total Debt/Total Equity
41,245
66,418
58,891
34,818
0.63
0.33
2008 2009
2008 2009
2008 2009
Other Key Statistics
2008 2009
No. of shares* 260,996,000 313,195,200
Earning per share (US Cents) (1.17) (5.16)
NAV per share (US$) 0.36 0.33
*as at 31 Dec

Realising A Sustainable Future
33
Corporate Governance Report
Uni-Asia Finance Corporation (the “Company”) is committed to maintaining a high standard of corporate governance within the
Company and its subsidiaries (the “Group”). The board of directors of the Company (the “Board”) recognises the importance of good
corporate governance and the offering of high standards of accountability to the shareholders. This report outlines the Company’s
corporate governance processes and activities with specific reference to the Code of Corporate Governance 2005 (the “Code”).
The Board confirms that for the financial year ended 31 December 2009, the Company has adhered to the principles and guidelines
as set out in the Code, where applicable, and has specified and explained the deviation from the Code in this report.
Board Matters
Principle 1:
The Board’s Conduct
of its Affairs
Guideline1.3:
Delegation of
authority on certain
Board matters
Guideline 1.4:
Meetings of the
Board and Board
Committees
The Board oversees the business affairs of the Company and assumes responsibility for the Group’s overall
strategic plans, key operational initiatives, major funding and investment proposals, financial performance
reviews and corporate governance practices.
The Board is supported by the Audit Committee (“AC”), the Nominating Committee (“NC”) and the
Remuneration Committee (“RC”), each of whose members are drawn from members of the Board
(together “Board Committees” and each a “Board Committee”). Each of these Board Committees operate under
delegated authority from the Board.
The Board has held meetings for particular and specific matters as and when required. The Company’s Articles of
Association (the “Articles”) allow a Board meeting to be conducted by means of telephone and video conference
or similar communications equipment. The attendance of each Director at every Board and Board Committee
meeting held during the financial year ended 31 December 2009 (“FY2009”), is set out below:
ATTENDANCE AT BOARD & BOARD COMMITTEE MEETINGS
# No. of
Meetings
BOARD AUDIT REMUNERATION NOMINATING
Attendance
# No. of
Meetings
Attendance
No. of
Meetings
Attendance
No. of
Meetings
Kazuhiko Yoshida 6 6 – – – – 1 1
Michio Tanamoto 6 6 – – – – – –
Robert Van Jin Nien 6 6 6 6 1 1 – –
Ang Miah Khiang 6 6 6 6 1 1 1 1
Ronnie Teo Heng Hock 6 5 6 5 1 1 1 1
Rong-Jong Owng 6 3 6 4 – – – –
Paul Chang (1) 6 5 – – – – – –
Rajan Menon 6 6 6 5 1 1 1 1
Makiko Sano (2) (3) 1 1 – – – – – –
Attendance
(1) Resigned on 18 January 2010 (2) Appointed on 22 October 2009 (3) Resigned on 23 February 2010 # No. of meetings held whilst a Director
Guideline 1.5:
Matters requiring
board approval
Guideline 1.6:
Directors to receive
appropriate training
Guideline 1.7:
Formal letter to be
provided to directors,
setting out duties
and obligations
Board’s approval is required for matters likely to have a material impact on the Group’s operations as well as
matters other than in the ordinary course of business.
New directors, upon appointment, will be briefed on the business and organization structure of the Group to
ensure that they are familiar with the Group structure, its business and operations. The directors may participate
in seminars and/or discussion groups to keep abreast of the latest developments which are relevant to
the Group.
New directors, upon appointment, will also be briefed on their duties and obligations as directors. The Directors
are aware of the requirements in respect of disclosure of interests in securities, disclosure of conflicts of interest
in transactions involving the Company, prohibition on dealings in the Company’s securities and restrictions on
the disclosure of price-sensitive information. Directors are also informed of regulatory changes initiated by or
affecting the Company.

34
Uni-Asia Finance Corporation Annual Report 2009
Corporate Governance Report
Board Composition and Balance
Principles 2 & 4:
Board Members
Composition
and Balance
Guideline 2.3:
Appropriate size
of Board
The Board comprises 9 directors as at the end of FY2009 and 7 directors as at the date of this report. The Board
is of the view that its current size is appropriate, taking into account the nature and the scope of operations of
the Group.
Guideline 4.6:
Key Information
regarding Directors
The directors who held office during the year up to the date of this report are as follows:-
Executive Directors:
Kazuhiko Yoshida
Michio Tanamoto
(Chairman & Chief Executive Officer)
(Chief Operating Officer)
Non-Executive Directors:
Robert Van Jin Nien
Rong-Jong Owng
Paul Chang (Resigned on 18 January 2010)
Makiko Sano (Resigned on 23 February 2010)
Independent Non-Executive Directors:
Ang Miah Khiang
Ronnie Teo Heng Hock
Rajan Menon
The NC, which reviews the independence of each Director on an annual basis, adopts the Code’s definition of
what constitutes an independent director.
As a Group, the directors bring with them a broad range of expertise and experience in areas such as accounting,
legal, finance, business and management experience, industry knowledge, strategic planning experience
and customer-based experience and knowledge. The diversity of the directors’ experience allows for the
useful exchange of ideas and views. The profile of all Board members is set out in the section entitled ‘Board
of Directors’.
Guideline 2.5:
Roles of
Non-executive
directors
Guideline 2.1:
Independent
Directors to make up
at least one-third of
the Board
Guideline 2.6:
Meetings of
Non-executive
directors
The non-executive directors aim to assist in the development of proposals on strategy by constructively
challenging management. The non-executive directors would also review the performance of management
in meetings.
There is an independent element on the Board, with independent directors constituting one-third of
the Board.
Where warranted, the non-executive directors meet without the presence of management or executive
directors to review any matters that must be raised privately.

Realising A Sustainable Future
35
Corporate Governance Report
Chairman and Chief Executive Officer
Principle 3:
Chairman and Chief
Executive Officer
Commentary 3.3:
Lead Independent
Director
Mr Kazuhiko Yoshida currently fulfills the role of Chairman of the Board (the “Chairman”) and Chief Executive
Officer (the “CEO”) of the Company. Being one of the founders of the Group, Mr Yoshida plays an instrumental
role in developing the business of the Group and provides the Group with strong leadership and strategic
vision. All major decisions made by the Chairman and CEO are endorsed by the Board. As Chairman, he is
responsible for Board processes and ensures the integrity and effectiveness of the governance process of the
Board. He also ensures that the members of the Board receive accurate, timely and clear information, facilitates
the contribution of non-executive directors, encourages constructive relations between executive directors,
non-executive directors and management, ensures effective communication with shareholders and promotes
high standards of corporate governance. The Board believes that the independent non-executive directors
have demonstrated high commitment in their role as directors and have ensured that there is a good balance
of power and authority.
In addition, the Board has appointed Mr Ang Miah Khiang, an independent and non-executive director, as
the Lead Independent Director. Mr Ang will be available to address shareholders’ concerns when contact
through the normal channels via the Chairman and CEO or other management executive has failed to provide
satisfactory resolution or when such contact is inappropriate.
Board Committees
Nominating Committee (“NC”)
Guideline 4.1:
Nominating
Committee to
comprise at least
three directors,
majority of whom
is independent;
chairman not
associated with
a substantial
shareholder
Principle 4:
Nominating
Committee
The NC, regulated by a set of written terms of reference, comprises 4 members, a majority of whom, including
the Chairman, are independent non-executive directors. The members of the NC are as follows:
Mr Ronnie Teo Heng Hock
Mr Ang Miah Khiang
Mr Rajan Menon
Mr Kazuhiko Yoshida
(Chairman)
(Executive Director)
The Directors consider Mr Teo, Mr Ang and Mr Menon to be independent as they do not have any existing
business or professional relationships with the Group or its officers that could interfere, or be reasonably
perceived to interfere, with the exercise of the director’s independent business judgement with a view to the
best interests of the Company.
The principal functions of the NC stipulated in its terms of reference are summarized as follows:
(a)
Reviews and makes recommendations to the Board on all board appointments;
(b)
(c)
(d)
(e)
Reviews the Board structure, size and composition and makes recommendations to the Board with regards
to any adjustments that are deemed necessary;
Determines the independence of the Board;
Makes recommendations to the Board for the continuation of services of any director who has reached the
age of 60 (sixty) or otherwise;
Assesses the effectiveness of the Board and the academic and professional qualifications of each individual
director; and
(f ) Reviews and recommends directors retiring by rotation for re-election at each Annual General Meeting
(“AGM”).

36
Uni-Asia Finance Corporation Annual Report 2009
Corporate Governance Report
Guideline 4.2:
Re-nomination
and re-election of
directors
In accordance with the Company’s Articles of Association, one third, or if their number is not a multiple of three,
the number nearest to but not less than one-third of the directors are required to retire from office by rotation
at each AGM (provided that no director holding office as Executive Director whose term of office under a service
contract with the Company is a fixed term that is unexpired and continuing as at the time of the relevant
annual general meeting, shall be subject to retirement by rotation or be taken into account in determining the
number of directors to retire). All newly appointed directors will have to retire at the next AGM following their
appointments. The retiring directors are eligible to offer themselves for re-election. The NC had recommended
the re-election of the following directors who will be retiring at the forthcoming AGM:
1. Mr Ang Miah Khiang (Article 100)
2. Mr Rong-Jong Owng (Article 100)
The Board has accepted the NC’s recommendation and accordingly, the above-mentioned directors will be
offering themselves for re-election at the forthcoming AGM.
Each member of the NC has abstained from reviewing and approving his own re-election.
Guideline 4.3:
Independence of
Directors
Guideline 4.4:
Multiple board
representations
Guideline 4.5:
Description of
process of selection
and appointment of
new directors
Principle 5:
Board Performance
The NC has reviewed the independence of each director for FY2009 in accordance with the Code’s definition of
independence and is satisfied that one-third of the Board comprises independent non-executive directors.
Notwithstanding that some of the Directors have multiple board representations, the NC is satisfied that each
Director is able to carry out and has been adequately carrying out his duties as a director of the Company.
The search and nomination process for new directors (if the need to induct a new Board member arises) will be
through search companies, contacts and recommendations that go through the normal selection process for
the right candidate.
The NC is responsible for assessing the effectiveness of the Board as a whole and for assessing the contribution of
each individual Director. The NC is also responsible for deciding how the Board’s performance may be evaluated
and proposes objective performance criteria for the Board’s approval and implementing corporate governance
measures to achieve good stewardship of the Company.
The NC adopted a formal system of evaluating the Board as a whole every year. A Board performance evaluation
was carried out and the assessment parameters include evaluation of the Board’s composition, size and expertise,
timeliness of Board information as well as Board accountability and processes. The annual evaluation exercise
provides an opportunity to obtain constructive feedback from each director on whether the Board’s procedures
and processes had allowed him to discharge his duties effectively and to propose changes which may be made
to enhance the Board effectiveness as a whole.
Principle 6:
Access to
information
Guideline 6.1:
Board members to
be provided with
timely information
Guideline 6.2:
To include
background
and explanatory
information
The members of the Board are provided with adequate and timely information prior to Board meetings,
and on an on-going basis. The Board has separate and independent access to the Group’s senior management
and the Company Secretary at all times. Requests for information from the Board are dealt with promptly by
management. The Board is informed of all material events and transactions as and when they occur. Information
provided to the Board include explanatory background relating to matters to be brought before the Board,
budgets, forecasts and management accounts. In relation to budgets, any material variance between projections
and actual results are disclosed and explained.

Realising A Sustainable Future
37
Corporate Governance Report
Guideline 6.3:
Role of Company
Secretary
Guideline 6.5:
Procedure for board
to take independent
professional advice
at company’s cost
The Company Secretary provides corporate secretarial support to the Board and ensures adherence to Board
procedures and relevant rules and regulations which are applicable to the Company. The Company Secretary
also attends Board and Board Committee meetings to take minutes. Under the direction of the Chairman,
the Company Secretary, with the support of the management staff, ensures good information flows within
the Board and the Board Committees and between senior management and non-executive directors as well
as facilitates orientation and assists with professional development as required. The appointment and
replacement of the Company Secretary is a Board reserved matter.
The Board seeks independent professional advice as and when necessary to enable it to discharge its
responsibilities effectively. The directors, whether as a group or individually, may seek and obtain legal and other
independent professional advice, at the Company’s expense, concerning any aspect of the Group’s operations
or undertakings in order to fulfill their roles and responsibilities as directors.
Remuneration Committee (“RC”)
Principle 7:
Remuneration
Matters
Guideline 7.1:
RC to consist
entirely of NEDs;
majority, including
RC chairman, must
be independent
Guideline 7.2:
Duties of
Remuneration
Committee
Principle 8:
Level and Mix of
Remuneration
Guideline 8.1:
Package should
align executive
directors’ interests
with shareholders’
interest
The RC, regulated by a set of written terms of reference, comprises 4 members, all of whom are independent
non-executive directors, as follows:
Mr Rajan Menon (Chairman)
Mr Ang Miah Khiang
Mr Ronnie Teo Heng Hock
Mr Robert Van Jin Nien
The RC reviews and recommends to the Board the fees for independent non-executive directors subject
to shareholders’ approval at the AGM and all service contracts and terms of employment of the executive
directors and senior executives. Each member of the RC will abstain from reviewing and approving his
own remuneration.
The Company’s remuneration policy is to provide compensation packages at market rates which reward good
performance and attract, retain and motivate directors and managers. All aspects of remuneration, including
but not limited to directors’ fees, salaries, allowances, bonuses, options issued under the Uni-Asia Share Option
Scheme and benefits in kinds shall be covered by the RC.
The Company has entered into separate service agreements (“Service Agreements”) with the executive directors,
Mr Kazuhiko Yoshida and Mr Michio Tanamoto for an initial term of three years with effect from 7 August 2007.
The term of service shall be renewed and extended automatically on the expiry of such initial term for an
indefinite term, unless and until either party has given at least six months’ written notice of termination or unless
the employment is summarily terminated upon any breach by the employee.
Under the Service Agreements, the housing allowance of the executive directors is subject to annual review by
the Board after the first year of appointment.
Guideline 8.2:
Remuneration
to be based on
contribution, effort,
time spent and
responsibilities
Non-executive directors (“NEDs”) are remunerated under a framework of fixed fees for serving on the board and
board committees. Fees for NEDs are subject to the approval of shareholders at the AGM. Executive directors do
not receive directors’ fees.

38
Uni-Asia Finance Corporation Annual Report 2009
Corporate Governance Report
Principle 9:
Disclosure of
Remuneration
The remuneration of directors and key executives during FY2009 are as follows:
Executive Directors
S$250,001 to S$500,000
Breakdown of Remuneration in Percentage (%)
Salary Bonus Other
Benefits
Kazuhiko Yoshida Executive 43 – 57 – 100
Michio Tanamoto Executive 45 – 55 – 100
Non-Executive Directors
Below S$250,000:
Ang Miah Khiang Independent – – – 100 100
Ronnie Teo Heng Hock Independent – – – 100 100
Rajan Menon Independent – – – 100 100
Key Executives
S$250,001 to S$500,000
Kitaro Onishi 93 – 7 – 100
Masaki Fukumori 44 – 56 – 100
Masahiro Iwabuchi 98 – 2 – 100
Kenji Fukuyado 100 – – – 100
Clementine Ng 90 – 10 – 100
Mr Robert Van Jin Nien, Mr Rong-Jong Owng, Mr Paul Chang and Ms Makiko Sano did not receive any directors’
fees during FY2009 as they were nominee directors.
Except as disclosed in this report, 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 he is a
member or with a company in which he has a substantial financial interest.
There were no employees who are immediate family members of any director or the CEO and whose
remuneration exceed S$150,000 for the financial year ended 31 December 2009.
The Company has a share option scheme known as the Uni-Asia Share Option Scheme (the “Scheme”) which is
administered by the RC.
There were no options granted during the financial year to subscribe for unissued shares of the Company.
No shares have been issued during the financial year by virtue of the exercise of options to take up unissued
shares of the Company.
There were no unissued shares of the Company under option at the end of the financial year.
Fees
Total
Guideline 9.4:
Details of employee
share schemes
The Scheme will provide eligible participants with an opportunity to participate in the equity of the Company
as well as to motivate them to perform better through increased loyalty and dedication to the Company.
Executive, non-executive and independent directors and full-time employees of our Group are eligible to
participate in the Scheme. Directors who are controlling shareholders of the Company and their associates are
not eligible to participate in the Scheme.

Realising A Sustainable Future
39
Corporate Governance Report
The number of Options to be offered to a participant of the Scheme shall be determined by the RC, who shall
take into account criteria such as the rank, performance, years of service and potential for future development
of that participant.
The exercise price for each share in respect of which an option is exercisable shall be fixed at:
(a)
(b)
a price equal to the average of the last dealt prices for a share on the Singapore Exchange Securities Trading
Limited (“SGX-ST”) for the period of three consecutive market days immediately prior to the relevant date
of grant (“Market Price”) but in no event shall the exercise price per share be less than its par value (“Market
Price Options”); or
a price which is set at a discount to the Market Price, provided that the maximum discount shall not
exceed 20% of the Market Price but in no event shall the exercise price per share be less than its par value
(“Incentive Options”).
Each eligible participant who has been granted Market Price Options shall be entitled to exercise at any time
after the first anniversary of the date of grant of that option. Each eligible participant who has been granted
Incentive Options shall be entitled to exercise at any time after the second anniversary of the date of grant of
that option.
All options must be exercised before the expiry of 10 years from the date of grant in the case of employees and
before the expiry of five years in the case of non-executive directors and independent directors.
Special provisions dealing with the lapsing or permitting the earlier exercise of options under certain
circumstances include the termination of the participant’s employment or appointment in our Group.
The Scheme shall continue in operation for a maximum period of ten years commencing from 26 June 2007, being
the adoption date.
The nominal amount of the aggregate number of shares over which the RC may grant options on any date,
when aggregated with the nominal amount of the number of shares issued and issuable in respect of all options
granted under the Scheme and any other share option schemes of the Company, shall not exceed 15% of the
issued share capital of the Company on the day preceding the date of the relevant grant.
Accountability
Principle 10:
Accountability and
Audit
The Board provides shareholders with a detailed and balanced explanation and analysis of the Company’s
performance and prospects on a quarterly basis. The management provides the Board with management
accounts of the Group’s performance, position and prospects on a regular basis.
Audit Committee (“AC”)
Principle 11:
Audit Committee
Guideline 11.8:
Disclosure of Names
of Members of Audit
Committee and their
Activities
The AC, regulated by a set of written terms of reference, comprises 3 independent non-executive directors and
2 non-executive directors. The members of the AC are as follows:
Mr Ang Miah Khiang (Chairman)
Mr Ronnie Teo Heng Hock
Mr Robert Van Jin Nien
Mr Rong-Jong Owng
Mr Rajan Menon
The AC has full access to, and the co-operation of management and has full discretion to invite any director
or executive officer to attend its meetings and has been given adequate resources to enable it to discharge
its functions.

40
Uni-Asia Finance Corporation Annual Report 2009
Corporate Governance Report
The AC performs the following functions:
(a)
(b)
(c)
(d)
(e)
Reviews the annual and quarterly financial statements of the Company and the Group before submission
to the Board for adoption;
Reviews with the internal and external auditors, their audit plans and audit reports;
Reviews the cooperation given by the Company’s officers to the external auditors;
Reviews interested person transactions and transactions falling within the scope of Chapter 10 of the SGX-
ST Listing Manual (“Listing Manual”);
Nominates and reviews the appointment or re-appointment of external auditors and considers matters
relating to the resignation or dismissal of external auditors;
(f ) Reviews the independence of the external auditors annually;
(g)
(h)
Undertake such other reviews and projects as may be requested by the Board and report to the Board its
findings from time to time on matters arising and requiring the attention of the AC; and
Generally to undertake such other functions and duties as may be required by statute or the Listing Manual,
and by such amendments made thereto from time to time.
Apart from the above functions, the AC will commission and review the findings of internal investigations into
matters where there is suspicion of fraud or irregularity, or failure of internal controls or infringement of any
Singapore law, rule or regulation, which has or is likely to have a material impact on the operating results and/
or financial position.
In the event that a member of the AC is interested in any matter being considered by the AC, he will abstain
from reviewing that particular transaction or voting on that particular resolution.
Annually, the AC meets with the internal and external auditors without the presence of management.
The Company’s Whistle-Blowing programme serves to encourage and to provide a channel for staff of the
Group to report and to raise, in good faith and in confidence, their concerns about possible improprieties
in matters of financial reporting or other matters. To facilitate independent investigation of such matters and
appropriate follow up actions, all whistle blowing reports are directed to the AC via a dedicated email address.
The Whistle-Blowing programme is communicated to all staff.
In performing its functions, the AC:
(i)
(ii)
(iii)
(iv)
has met with the internal and external auditors, without the presence of management, at least once a year;
has explicit authority to investigate any matter within its terms of reference;
has had full access to and cooperation from management and has full discretion to invite any director and
executive officer to attend its meetings; and
has been given reasonable resources to enable it to discharge its functions properly.
The executive management of the Company attends all meetings of the AC on invitation.
The AC noted that the external auditors of the Company had not rendered any non-audit services for the year
ended 31 December 2009 and is satisfied with the independence and objectivity of the external auditors. The AC
had therefore recommended to the Board that the auditors, Ernst & Young, be nominated for re-appointment as
auditors at the forthcoming AGM of the Company.
The auditors, Ernst & Young, have indicated their willingness to accept re-appointment.

Realising A Sustainable Future
41
Corporate Governance Report
Internal Controls
Principle 12:
Internal Controls
The Group’s system of internal controls is designed to manage rather than eliminate the risk of failure to achieve
business objectives. It can only provide reasonable and not absolute assurance against material misstatement
or loss. During the year, the AC, on behalf of the Board, had reviewed the effectiveness of the Group’s material
internal controls, including financial, operational and compliance controls, and risk management policies and
systems. The process used by the AC to review the effectiveness of the system of internal controls and risk
management includes:-
(i)
(ii)
(iii)
(iv)
discussions with management on risks identified by management;
the audit processes;
the review of internal and external audit plans; and
the review of significant issues arising from internal and external audits.
The Board is responsible for ensuring that management maintains a sound system of internal controls to
safeguard shareholders’ investment and the Group’s assets. The Board believes that in the absence of any
evidence to the contrary and from due enquiry, the system of internal controls that has been maintained by the
Group’s management and that was in place throughout the financial year and up to the date of this report is
adequate to meet the needs of the Group in its current business environment.
Any material non-compliance and internal control weaknesses noted during the internal audit and the
recommendations thereof are reported to the AC as part of the review of the Group’s internal control system.
Risk Management
Guideline 12.2:
Internal Controls,
including financial
operational and
compliance
controls and Risk
Management
The Company has not put in place a Risk Management Committee. However, management have in place a
financial risk management policy and regularly reviews the Company’s business and operational activities to
identify areas of significant business risks as well as appropriate measures to control and mitigate these risks.
Management reviews all significant control policies and procedures and highlights all significant matters to the
directors and AC. Details of the Group’s financial risk management policy are set out in Note 33 “Financial Risk
Management” of the Notes to the Consolidated Financial Statements.
Internal Audit
Principle 13:
Internal Audit
The Group has outsourced its internal audit function to external audit professionals. Capital Advisers Co., Ltd.
(“CA”), a subsidiary in Japan, has an internal auditor performing the internal audit role in CA in accordance with
Japan’s regulatory requirements. The AC has initiated steps to undertake a high level review of the internal
audit process in CA by a co-sourcing arrangement between the internal auditor of CA and the external audit
professionals. Both parties report directly to the AC. The AC reviews and approves the annual audit plan and
resources to ensure that the internal auditors have the necessary resources to adequately perform their duties.
Communication with Shareholders
Principle 14:
Communication with
Shareholders
Principle 15:
Communication with
Shareholders
In line with continuous disclosure obligations, the Company is committed to regular and proactive
communication with its shareholders. It is the Board’s policy that shareholders be informed of all major
developments within the Group.
Price-sensitive information and results are released to the public through SGXNET on a timely basis in accordance
with the requirements of the SGX-ST. The Company does not practice selective disclosure.
All shareholders of the Company receive the annual report and notice of AGM within the mandatory notice
period. The notice will also be advertised in the newspapers. Shareholders are encouraged to participate at
the Company’s general meetings. The Board (including the Chairman of the respective Board Committees),
management, as well as the external auditors will be available at the forthcoming AGM to address any
questions that shareholders may have. Shareholders are encouraged to attend the AGM to stay informed of the
Company’s strategy and goals. The AGM is the principal forum for dialogue with shareholders.

42
Uni-Asia Finance Corporation Annual Report 2009
Corporate Governance Report
Dealings In Securities
Listing Rule 1207,
Sub-Rule (18) on
Dealings in
Securities
The Company has adopted an internal policy to govern the conduct of securities transactions by its directors
and employees. All directors and officers of the Company and its subsidiaries who have access to price sensitive
information are required to refrain from dealing in the Company’s securities at all times as provided under the
provisions of the Securities and Futures Act (Chapter 289 of Singapore).
Material Contracts
The directors and officers have been informed not to deal in the Company’s shares whilst in possession of
price sensitive information and during the periods commencing two weeks prior to the announcement of the
Company’s financial statements for each of the first three quarters of its financial year and one month before
the announcement of the Company’s full year results and ending on the date of the announcement of the
relevant results.
Directors and officers are required to observe insider trading provisions under the Securities and Futures Act
(Chapter 289 of Singapore) at all times even when dealing in the Company’s securities within the permitted
periods. Directors of the Company are required to report all dealings to the Company Secretary.
Listing Rule 1207,
Sub-Rule (8) on
Material Contracts
Save for the service agreements entered into with Mr Kazuhiko Yoshida and Mr Michio Tanamoto which are
still subsisting as at the end of FY2009, there are no material contracts involving the interests of the CEO,
the Directors or controlling shareholders entered into by the Group which are still subsisting as at the end of
the financial year or entered into during the financial year.
Interested Person Transactions
Listing Rule 1207,
Sub-Rule (16) on
Interested Person
Transactions
During the financial year, there were no interested person transactions entered into by the Group, as defined
under the Listing Manual.
Prior to entry by the Company into an interested person transaction, the Board and the AC will review such a
transaction to ensure that the relevant rules under Chapter 9 of the Listing Manual are complied with.
Directors’ Interests In Shares And Debentures
Listing Rule 1207,
Sub-Rule (7) on
Statement of Direct
and Deemed Interest
of each Director
The directors of the Company holding office at the end of the financial year had no interests in the share capital
and debentures of the Company and related corporations as recorded in the register of directors’ shareholdings
kept by the Company except as follows:
D direct Interest deemed Interest
Name of director and holdings at Holdings Holdings at Holdings
company in which beginning of at end of beginning of at end of
interests are held the year the year the year the year
01/01/2009 31/12/2009 01/01/2009 31/12/2009
The Company
Kazuhiko Yoshida – – 11,937,500 11,937,500
Michio Tanamoto – – 11,937,500 11,937,500
There have been no changes in the above directors’ interest in shares of the Company as at 21 January 2010.

Realising A Sustainable Future
43
Corporate Governance Report
Use of Placement Proceeds
Listing Rule 1207,
Sub-Rule (19)
Disclosure of Use
of Proceeds
A status report on the use of placement proceeds raised from the additional issue of securities to Yamasa Co., Ltd
during FY2009 is as follows:
Placement Proceeds
US$’ million
Amount raised 17.80
Less: Placement expenses (0.10)
Net Placement Proceeds 17.70
As at the date of this report, none of the net placement proceeds have been utilised.

Financial Contents
45 Independent auditors’ report
46 Balance sheets
48 Consolidated income statement
49 Consolidated statement of comprehensive income
50 Consolidated statement of changes in equity
51 Consolidated cash flow statement
53 Notes to the consolidated financial statements

Realising A Sustainable Future
45
Independent Auditors’ Report
To the shareholders of Uni-Asia Finance Corporation
(Incorporated in the Cayman Islands with limited liability)
We have audited the financial statements of Uni-Asia Finance Corporation (the “Company”) and its subsidiaries (together, the “Group”)
set out on pages 46 to 104 which comprise the consolidated and Company balance sheets as at 31 December 2009, and the
consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in
equity and the consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other
explanatory notes.
Management’s responsibility for the financial statements
The management of the Company are responsible for the preparation and the true and fair presentation of these financial statements
in accordance with International Financial Reporting Standards. This responsibility includes designing, implementing and maintaining
internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material
misstatement, 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. Our report is made solely to you,
as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents
of this report.
We conducted our audit in accordance with International 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 from
material misstatement.
An audit involves 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 auditors consider internal control relevant
to the entity’s preparation and true 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 control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates
made by management, 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 financial statements give a true and fair view of the state of affairs of the Company and of the Group as at
31 December 2009 and of the Group’s loss and cash flows for the year then ended in accordance with International Financial
Reporting Standards.
Ernst & Young
Certified Public Accountants
Hong Kong
15 March 2010

46
Uni-Asia Finance Corporation Annual Report 2009
Balance Sheets
Year ended 31 December 2009
Group
Company
Notes 2009 2008 2009 2008
US$’000 US$’000 US$’000 US$’000
ASSETS
Non-current assets
Investment properties 5 4,335 4,082 – –
Intangible assets 6 104 534 – –
Property, plant and equipment 7 22,897 27,395 35 83
Loans receivable 8 3,750 – 3,500 –
Loans to subsidiaries 32(e) – – 7,049 15,832
Investments 9 41,881 46,005 30,260 27,935
Investments in subsidiaries 32 – – 1,537 15,721
Investments in associates 10 77 240 – –
Rental deposit 2,316 3,113 – –
Deferred tax assets 24(b) 40 1,623 – 1,280
Deposits for purchase of vessels – 37,347 – 4,042
Total non-current assets 75,400 120,339 42,381 64,893
Current assets
Properties for sale 11 – 9,013 – –
Investments 9 643 280 – –
Loans to subsidiaries 32(e) – – 11,556 12,795
Derivative financial instruments 12 – 773 – 773
Accounts receivable 13 3,965 4,905 483 39
Amount due from subsidiaries 32(f ) – – 3,104 11,729
Prepayments, deposits and other receivables 1,385 1,812 346 433
Tax recoverable 30 293 – –
Deposits pledged as collateral 14 13,100 12,448 12,485 12,400
Cash and bank balances 15 53,318 28,797 43,814 13,689
Total current assets 72,441 58,321 71,788 51,858
Total assets 147,841 178,660 114,169 116,751

Realising A Sustainable Future
47
Balance Sheets (continued)
Year ended 31 December 2009
Group
Company
Notes 2009 2008 2009 2008
US$’000 US$’000 US$’000 US$’000
EQUITY
Equity attributable to owners of the parent
Share capital 16 50,111 41,759 50,111 41,759
Share premium 16 30,732 21,402 30,732 21,402
Retained earnings 19,812 34,332 22,021 36,376
Fair value reserve (57) 322 – –
Hedging reserve – (10,201) – –
Exchange reserve 3,841 4,940 – 609
Total attributable to owners of the parent 104,439 92,554 102,864 100,146
Non-controlling interests – 1,187 – –
Total equity 104,439 93,741 102,864 100,146
LIABILITIES
Non-current liabilities
Borrowings 17 600 13,718 – –
Finance lease obligations 34(d) 11 228 – –
Due to Tokumei Kumiai investors 35(a) 613 2,055 – –
Retirement benefit allowance 240 656 – –
Derivative financial instruments 12 – 7,850 – –
Other payables 821 – – –
Total non-current liabilities 2,285 24,507 – –
Current liabilities
Borrowings 17 34,218 45,173 10,772 16,055
Finance lease obligations 34(d) 9 100 – –
Accounts payable 18 2,614 3,080 – 2
Amount due to subsidiaries 32(f ) – – – 2
Other payables and accruals 4,100 6,821 533 546
Derivative financial instruments 12 – 5,103 – –
Income tax payable 176 135 – –
Total current liabilities 41,117 60,412 11,305 16,605
Total equity and liabilities 147,841 178,660 114,169 116,751

48
Uni-Asia Finance Corporation Annual Report 2009
Consolidated Income Statement
Year ended 31 December 2009
Notes 2009 2008
US$’000 US$’000
Fee income 19 17,690 11,709
Hotel income 31,782 26,496
Investment returns 20 3,602 419
Interest income 21 1,549 1,330
Other income 476 592
Total income 55,099 40,546
Employee benefits expense 22 (16,597) (18,737)
Amortization and depreciation (4,687) (1,502)
Other expenses 23 (36,326) (22,198)
Impairment of property, plant and equipment (2,166) –
Loss on disposal of property, plant and equipment (192) (116)
Impairment of goodwill (411) –
(60,379) (42,553)
Operating loss (5,280) (2,007)
Finance costs - interest expense 21 (9,766) (1,369)
Finance costs - others (69) (460)
Share of results of associates (157) (15)
Loss/ (profit) allocation to Tokumei Kumiai investors 1,383 (276 )
Loss before tax (13,889) (4,127)
Tax (expense)/ credit 24 (1,794) 463
Loss for the year (15,683) (3,664)
Loss attributable to:
Owners of the parent (14,520) (3,055)
Non-controlling interests (1,163) (609)
(15,683) (3,664)
Loss per share attributable to the equity holders
of the company during the year (US cents per share):
- basic and diluted 27 (5.16) (1.17)

Realising A Sustainable Future
49
Consolidated Statement of Comprehensive Income
Year ended 31 December 2009
2009 2008
US$’000 US$’000
Loss for the year (15,683) (3,664)
Other comprehensive income/ (expense) for the year, after tax:
Exchange differences on translation of foreign operations (1,129) 4,462
Fair value gain/ (loss) of cash flow hedges 4,891 (10,201)
Fair value gain/ (loss) of available-for-sale financial assets (68) –
Impairment of property, plant and equipment (316) –
Other comprehensive income/ (expense) for the year, net of tax 3,378 (5,739)
Total comprehensive expense for the year, net of tax (12,305) (9,403)
Total comprehensive expense attributable to:
Owners of the parent (11,107) (9,017)
Non-controlling interests (1,198) (386)
(12,305) (9,403)

50
Uni-Asia Finance Corporation Annual Report 2009
Consolidated Statement of Changes in Equity
Year ended 31 December 2009
total
attributable Nonshare
Share Retained Fair value Hedging Exchange to equity of controlling Total
Notes capital premium earnings reserve reserve reserve the parent interests equity
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Balance at 1 January 2009 41,759 21,402 34,332 322 (10,201) 4,940 92,554 1,187 93,741
Loss for the year – – (14,520) – – – (14,520) (1,163) (15,683)
Other comprehensive income/ (expense) – – – (379) 4,891 (1,099) 3,413 (35) 3,378
Total comprehensive income/ (expense) – – (14,520) (379) 4,891 (1,099) (11,107) (1,198) (12,305)
Issuance of shares 16 8,352 9,330 – – – – 17,682 – 17,682
Deemed disposal of subsidiaries – – – – 5,310 – 5,310 11 5,321
Balance at 31 December 2009 50,111 30,732 19,812 (57) – 3,841 104,439 – 104,439
Balance at 1 January 2008 39,709 13,353 42,455 (6) – 701 96,212 – 96,212
Loss for the year – – (3,055) – – – (3,055) (609) (3,664)
Other comprehensive income/ (expense) – – – – (10,201) 4,239 (5,962) 223 (5,739)
Total comprehensive income/ (expense) – – (3,055) – (10,201) 4,239 (9,017) (386) (9,403)
Issuance of shares 16, 29 2,050 8,049 – – – – 10,099 – 10,099
Acquisition of subsidiaries 29 – – – 328 – – 328 1,557 1,885
Deconsolidation of subsidiaries 31 – – – – – – – 16 16
Dividends paid in respect of 2007 26 – – (5,068) – – – (5,068) – (5,068)
Balance at 31 December 2008 41,759 21,402 34,332 322 (10,201) 4,940 92,554 1,187 93,741

Realising A Sustainable Future
51
Consolidated Cash Flow Statement
Year ended 31 December 2009
Notes 2009 2008
US$’000 US$’000
Cash flows from operating activities
Loss before tax (13,889) (4,127)
Adjustments for:
Investment returns 20 (3,602) (419)
Impairment of goodwill 411 –
Amortization and depreciation 4,687 1,502
Realization of negative goodwill arising on acquisition of subsidiaries – (118)
Gain on deconsolidation of subsidiaries 31 (2) –
Impairment of property, plant and equipment 2,166 –
Loss on disposal of property, plant and equipment 192 116
Provision for onerous contracts 1,844 –
Interest income 21 (1,549) (1,330)
Finance costs - interest expense 21 9,766 1,369
Finance costs - others 69 460
Share of results of associates 157 15
(Loss)/ profit allocation to Tokumei Kumiai investors (1,383) 276
Net foreign exchange loss 3,793 211
2,660 (2,045)
Change in working capital:
Net change in properties for sale (244) (6,077)
Net change in accounts receivable 1,213 339
Net change in prepayments, deposits and other receivables 654 492
Net change in retirement benefit allowance (399) 188
Net change in accounts payable (398) (1,050)
Net change in other payables and accruals (2,911) (2,668)
Cash generated from/ (used in) operations 575 (10,821)
Interest received on bank balances 223 1,117
Tax reimbursed/ (paid) 88 (738)
Net cash generated from/ (used in) operating activities 886 (10,442)

52
Uni-Asia Finance Corporation Annual Report 2009
Consolidated Cash Flow Statement (continued)
Year ended 31 December 2009
Notes 2009 2008
US$’000 US$’000
Cash flows from investing activities
Acquisition of subsidiaries 29 – 10,747
Deemed disposal of subsidiaries 30 (4,661) –
Deconsolidation of subsidiaries 31 (73) (210)
Purchase of investments (929) (11,050)
Purchase of investment properties – (8)
Proceeds from sale of investments 4,454 2,479
Redemption to Tokumei Kumiai investors – (868)
Deposits refunded/ (paid) for purchase of vessels 13,357 (29,531)
Purchase of property, plant and equipment (72,094) (334)
Proceeds from disposal of property, plant and equipment 9 1
Proceeds from sale of properties for sale 6,989 –
Loans advanced (250) –
Loans repaid – 6,500
Interest received from syndicated loans 1,342 241
Net increase in deposits pledged as collateral (2,441) (6,987)
Proceeds from interest on investments 836 6,046
Settlement of forward currency contracts (307) –
Dividends received from an associate – 19
Proceeds from property rental 684 589
Net cash used in investing activities (53,084) (22,366)
Cash flows from financing activities
Proceeds from issuing shares 16 17,772 –
Placement expenses 16 (90) –
New borrowings 89,899 48,585
Repayment of borrowings (28,491) (35,522)
Interest paid on borrowings (2,561) (1,450)
Payment of lease obligation (72) –
Dividends paid – (5,275)
Net cash generated from financing activities 76,457 6,338
Net increase/ (decrease) in cash and cash equivalents 24,259 (26,470)
Movements in cash and cash equivalents:
Cash and cash equivalents at beginning of the year 28,797 50,800
Net increase/ (decrease) in cash and cash equivalents 24,259 (26,470)
Effects of exchange rate changes 262 4,467
Cash and cash equivalents at end of the year 15 53,318 28,797

Realising A Sustainable Future
53
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
1. GENERAL INFORMATION
The principal activities of Uni-Asia Finance Corporation (the “Company”) and its subsidiaries (together, the “Group”) are finance
arrangement and investment management of alternative assets including primarily shipping and real estates in Japan
and China.
The Company is an exempted company incorporated in the Cayman Islands on 17 March 1997 with limited liability and it shares
are listed on the Stock Exchange of Singapore.
2.1 BASIS OF PREPARATION
These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued
by the International Accounting Standards Board (“IASB”). They have been prepared under the historical cost convention, except
for investment properties, derivative financial instruments, financial assets at fair value through profit or loss and investments,
which have been measured at fair value. These financial statements are presented in United States dollars and all values are
rounded to the nearest thousand except when otherwise indicated.
Basis of consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiaries (collectively referred
to as the “Group”) for the year ended 31 December 2009. The results of subsidiaries are consolidated from the date of acquisition,
being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.
All income, expenses and unrealized gains and losses resulting from intercompany transactions and intercompany balances
within the Group are eliminated on consolidation in full.
The acquisition of subsidiaries during the year has been accounted for using the purchase method of accounting. This method
involves allocating the cost of the business combinations to the fair value of the identifiable assets acquired, and liabilities and
contingent liabilities assumed at the date of acquisition. The cost of the acquisition is measured at the aggregate of the fair value
of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly
attributable to the acquisition.
Non-controlling interests represent the interests of outside shareholders not held by the Group in the results and net assets of
the Company’s subsidiaries.
Comparative figures
Certain comparative figures have been reclassified to conform to the current year’s presentation.
2.2 CHANGES IN ACCOUNTING POLICY AND DISCLOSURES
The Group has adopted the following new and revised IFRSs for the first time for the current year’s financial statements.
IFRS 1 and IAS 27 Amendments
IFRS 7 Amendments
IFRS 8
IAS 1 (Revised)
IAS 23 (Revised)
IFRIC-Interpretation 16
Amendments to IFRS 1 First-time Adoption of IFRSs and IAS 27 Consolidated and Separate
Financial Statements - Cost of an Investment in a Subsidiary, Jointly Controlled Entity
or Associate
Amendments to IFRS 7 Financial Instruments: Disclosures - Improving Disclosures about
Financial Instruments
IFRS 8 Operating Segments
Presentation of Financial Statements
Borrowing Costs
Hedges of a Net Investment in a Foreign Operation
The adoption of these new and revised IFRSs has had no significant financial effect on these financial statements.
In the first year of application of IFRS 7 Amendments, comparative information is not required.

54
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
2.3 IMPACT OF ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS
The Group has not applied the following new and revised IFRSs that have been issued but are not yet effective, in these
financial statements.
IFRS 3 (Revised) Business Combinations 1
IFRS 9 Financial Instruments 3
IAS 27 (Revised) Consolidated and Separate Financial Statements 1
IAS 39 Amendment
Amendment to IAS 39 Financial Instruments: Recognition and Measurement - Eligible
Hedged Items 1
IFRIC Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments 2
Apart from the above, the IASB has also issued Improvements to IFRSs* which sets out amendments to a number of IFRSs
primarily with a view to removing inconsistencies and clarify wording.
1
Effective for annual periods beginning on or after 1 July 2009
2
Effective for annual periods beginning on or after 1 July 2010
3
Effective for annual periods beginning on or after 1 January 2013
* Improvements to IFRSs contain amendments to IFRS2, IFRS 5, IFRS 8, IAS 1, IAS 7, IAS17, IAS36, IAS 38, IAS 39, IFRIC Interpretation 9
and IFRIC Interpretation 16.
The Group is in the process of making an assessment of the impact of these new and revised IFRSs upon initial application.
So far, the Group considers that these new and revised IFRSs are unlikely to have a significant impact on the Group’s results of
operations and financial position.
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a)
Subsidiaries
Subsidiaries are all entities (including special purpose entities) over which the Group has the power to govern the financial
and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence
and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the
Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group.
They are de-consolidated from the date that control ceases.
(b)
Associates
Associates are all entities, over which the Group has significant influence but not control, generally accompanying a
shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity
method of accounting and are initially recognized at cost.
The Group’s share of its associates’ post-acquisition profits or losses is recognized in the income statement, and its share of
post-acquisition movements in equity is recognized in equity. The cumulative post-acquisition movements are adjusted
against the carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds its
interests in the associates, including any other unsecured receivables, the Group does not recognize further losses, unless it
has incurred obligations or made payments on behalf of the associate.
Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interests
in the associates. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the
asset transferred. The accounting policies of associates have been changed where necessary to ensure consistency with the
policies adopted by the Group.
Investments held by venture capital or similar entities are excluded from the scope of IAS 28 where those investments are
designated, upon initial recognition, as at fair value through profit or loss and are accounted for in accordance with IAS 39.
Certain investments of the Group have applied this scope exemption with changes in fair value recognized in profit or loss
in the period of change.

Realising A Sustainable Future
55
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(c)
Revenue and other income recognition
Arrangement fee is recognized on delivery and upon completion of the transaction or service when all obligations associated
with the transaction are completed and when the amount of revenue can be measured reliably.
Agency fee and brokerage commission are recognized when pre-agreed duties and functions of acting as an agent has
been rendered.
Project management fee, asset management fee, administration fee, incentive fee and charter income are recognized when
pre-agreed terms and services has been rendered.
Hotel income is recognized on a basis that reflects the timing, nature and value when the relevant services are provided.
Rental income is recognized on a straight-line basis over the leases terms.
Interest income is recognized using the effective interest basis.
Dividend income is recognized when the right to receive payment is established.
(d)
Goodwill
Goodwill is initially measured at cost being the excess of the cost of the business combination over the Group’s share in the
net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities. If the cost of acquisition is less than the
fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment
testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash
generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.
Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill
associated with the operation disposed of is included in the carrying amount of the operation when determining the gain
or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of
the operation disposed of and the portion of the cash-generating unit retained.
(e)
Impairment of non-financial assets other than goodwill
Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than properties
for sale, deferred tax assets, financial assets, investment properties and goodwill), the asset’s recoverable amount is estimated.
An asset’s recoverable amount is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs to
sell, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent
of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating
unit to which the asset belongs.
An impairment loss is recognized only if the carrying amount of an asset exceeds its recoverable amount. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to
the income statement in the period in which it arises.

56
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(e)
Impairment of non-financial assets other than goodwill (continued)
An assessment is made at the end of each reporting period as to whether there is any indication that previously recognized
impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is
estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a
change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the
carrying amount that would have been determined (net of any depreciation or amortization) had no impairment loss been
recognized for the asset in prior years. A reversal of such an impairment loss is credited to the income statement in the
period in which it arises, unless the asset is carried at a revalued amount, in which case the reversal of the impairment loss
is accounted for in accordance with the relevant accounting policy for that revalued asset.
(f ) Related parties
A party is considered to be related to the Group if:
(a)
(b)
(c)
(d)
(e)
the party, directly or indirectly through one or more intermediaries, (i) controls, is controlled by, or is under common
control with, the Group; (ii) has an interest in the Group that gives it significant influence over the Group; or (iii) has joint
control over the Group;
the party is an associate;
the party is a jointly-controlled entity;
the party is a member of the key management personnel of the Group or its parent;
the party is a close member of the family of any individual referred to in (a) or (d); or
(f ) the party is an entity that is controlled, jointly controlled or significantly influenced by or for which significant voting
power in such entity resides with, directly or indirectly, any individual referred to in (d) or (e).
(g)
Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and any impairment losses.
Historical cost includes expenditure that is directly attributable to the acquisition of the items. Vessel repairs and surveys
costs are charged as expenses as they are incurred. Dry-docking costs of a vessel are capitalized and depreciated over the
period to the next estimated dry-docking date. An impairment loss is recognized for the amount by which the carrying
amount exceeds its recoverable amount. The recoverable amount is the higher of the fair value less costs to sell and value
in use.
Freehold land in hotel properties has unlimited useful life and therefore is not depreciated.
Leasehold improvements are depreciated over the remaining period of the lease while all other fixed assets are depreciated
at the following rates on a straight-line basis, which is deemed sufficient to write off their costs to their residual values
over their estimated useful lives: office equipment at 33 1/3%, hotel properties 2.6%, vessels 5%-5.6%, motor vehicles 8.8%
and furniture and fixtures at 25% per annum. An element of the cost of the vessel is attributed at acquisition to its service
potential reflecting its maintained condition. This cost is depreciated over the period to the next dry-docking. Costs incurred
on subsequent dry docking of vessel are capitalized and depreciated on a straight-line basis over the estimated period until
the next dry-docking. Gain and losses on disposals are determined by comparing proceeds with carrying amounts and are
included in the income statement.

Realising A Sustainable Future
57
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(h)
Investment properties
Investment properties include those portions of office buildings that are held for long-term rental yields and/ or for
capital appreciation and land under operating leases that are held for long-term capital appreciation or for a currently
indeterminate use.
Investment properties are initially recognized at cost and subsequently carried at fair value. Changes in fair values are
recognized in the income statement.
Investment properties are subject to renovations or improvements at regular intervals. The cost of major renovations
and improvements is capitalized as additions and the carrying amounts of the replaced components are written off to
the income statement. The cost of maintenance, repairs and minor improvement is charged to the income statement
when incurred.
On disposal of an investment property, the difference between the disposal proceeds and the carrying amount is recognized
in the income statement.
(i)
Intangible assets (other than goodwill)
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a
business combination is the fair value as at the date of acquisition.
The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are
amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible
asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life
are reviewed at least at each financial year end.
Trademark and licenses
Purchased trademark and licenses are stated at cost less any impairment losses and are amortized on the straight-line basis
over their estimate useful lives of 3 to 10 years.
(j)
Properties for sale
Properties for sale are classified as held for sale if their carrying amounts will be recovered principally through a sale
transaction rather than through continuing use. For this to be the case, the asset must be available for immediate sale
in its present condition subject only to terms that are usual and customary for the sale of such assets or disposal groups
and its sale must be highly probable. Properties for sale are measured at the lower of their carrying amounts and net
realizable value.
(k)
Financial assets
The Group classifies its financial assets in the following categories: at fair value through profit or loss, loans and
receivables, and available-for-sale financial assets. The classification depends on the purpose for which the financial assets
were acquired.
When financial assets are recognized initially, they are measured at fair value, plus, in the case of financial assets not fair value
through profit or loss, directly attributable transaction costs.

58
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(k)
Financial assets (continued)
(i)
Financial assets at fair value through profit or loss
This category has two sub-categories: financial assets held for trading and those designated at fair value through profit
or loss at inception. A financial asset is classified in this category if acquired principally for the purpose of selling in the
short term or if so designated by management. Derivatives are also categorized as ‘held for trading’ unless they are
designated as hedges. Assets in this category are classified as current assets if they are either held for trading or are
expected to be realized within 12 months from the end of the reporting period.
For investments that meet the definition under IAS 28 “Associate” (“IAS 28”), the Group has applied the scope exemption
where investments held by venture capital or similar entities are excluded from the scope of IAS 28 where those
investments are designated, upon initial recognition, as at fair value through profit or loss and are accounted for in
accordance with IAS 39 “Financial instruments: Recognition and Measurement”.
Subsequent to initial recognition, financial assets at fair value through profit or loss are measured at fair value. Any gains
or losses arising from changes in fair value of the financial assets are recognized in profit or loss. Net gains or net losses
on financial assets at fair value through profit or loss include exchange differences, interest and dividend income.
(ii)
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in
an active market. After initial measurement, such assets are subsequently measured at amortized cost using effective
interest method less any impairment. Amortized cost is calculated taking into account any discount or premium on
acquisition and includes fees or costs that are an integral part of the effective interest rate. The effective rate amortization
is included in finance income in the income statement. The loss arising from impairment is recognized in the income
statement in finance costs or other operating expenses.
(iii)
Available-for-sale financial investments
Available-for-sale financial investments are non-derivative financial assets in listed and unlisted equity and debt
securities. Equity investments classified as available-for-sale are those which are neither classified as held for trading
nor designated at fair value through profit or loss. Debt securities in this category are those which are intended to be
held for an indefinite period of time and which may be sold in response to needs for liquidity or in response to changes
in the market conditions.
After initial recognition, available-for-sale financial investments are subsequently measured at fair value, with
unrealized gains or losses recognized as other comprehensive income in the fair value reserve until the investment
is derecognized, at which time the cumulative gains or losses is recognized in the income statement in investment
returns, or until the investment is determined to be impaired, at which the cumulative gain or loss is recognized in the
income statement and removed from the fair value reserve. Interest and dividends earned are reported as investment
returns and are recognized in the income statement as investment returns in accordance with the policies.
When the fair value of unlisted equity securities cannot be reliably measured because (a) the variability in the range of
reasonable fair value estimates is significant for that investment or (b) the probabilities of the various estimates within
the range cannot be reasonably assessed and used in estimating fair value, such securities are stated at cost less any
impairment losses.
Purchases and sales of investments are recognized at trade date - the date on which the Group commits to purchase or
sell the asset. Investments are initially recognized at fair value plus transaction costs for all financial assets not carried at fair
value through profit or loss. Financial assets carried at fair value through profit or loss, are initially recognized at fair value and
transaction costs are expensed in the income statement.

Realising A Sustainable Future
59
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(k)
Financial assets (continued)
Fair values for unquoted securities are estimated by the management. In determining fair valuation, the management
makes use of market-based information and fair valuation models such as discounted cash flow models. In many instances
the management also relies on financial data of investees and on estimates provided by the management of the investee
companies as to the effect of future developments.
Performance notes are investments with income and maturity values which fluctuate based on the distributions received
from underlying assets, which are generally investments in property development companies, distressed loans or
shipping companies.
Fair values of performance notes or other collective investment schemes are determined by the Group’s interest in the fair
values of each scheme’s underlying assets.
Although the management uses their best judgment in estimating the fair value of investments, there are inherent
limitations in any estimation techniques. Future confirming events will also affect the estimates of fair value and the effect
of such events on the estimates of fair value, including the ultimate liquidation of investments, could be material to these
consolidated financial statements.
Derecognition of financial assets
A financial asset is derecognized when:
•
•
•
the right to receive cash flows from the asset have expired;
the Group has transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a “pass-through” arrangement;
and either (a) the Group has transferred substantially a the risks and rewards of the asset, or (b) the Group has neither
transferred nor retained substantially all the risks and rewards of the assets, but has transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement,
and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the
asset, the asset is recognized to the extent of the Group’s continuing involvement in the asset. In that case, the Group also
recognized an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the
right and obligations that the Group has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original
carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.
Impairment of financial assets
Loans and receivables
The Group assesses at the end of each reporting period whether there is any objective evidence that a financial asset or a
group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if,
there is objective evidence of impairment as a result of one or more events that has occurred after the initial recognition
of the assets (an incurred “loss event”) and that loss event has an impact on the estimated future cash flows of the financial
asset or the group of financial assets that can be reliably estimated. Evidence of impairment may include indications that
a debtor or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal
payments, the probability that they will enter bankruptcy or other financial reorganization and observable data indicating
that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions
that correlate with defaults.

60
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(k)
Financial assets (continued)
Impairment of financial assets (continued)
Loans and receivables (continued)
For loans and receivables, the Group first assesses individually whether objective evidence of impairment exists for financial
assets that are individually significant, or collectively for financial assets that are not individually significant. If the Group
determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant
or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them
for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be,
recognized are not included in a collective assessment of impairment.
If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the difference
between the assets’ carrying amount and the present value of estimated future cash flows (excluding future credit losses
that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s
original effective interest rate (i.e., the effective interest rate computed at initial recognition). If a loan has a variable interest
rate, the discount rate for measuring any impairment loss is the current effective interest rate.
The carrying amount of the asset is reduced either directly or through the use of an allowance account and the amount of
the loss is recognized in the income statement. Interest income continues to be accrued on the reduced carrying amount
and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment
loss. Loans and receivables together with any associated allowance are written off when there is no realistic prospect of
future recovery or other criteria for writing off amounts charged to the allowance account against the carrying amount of
impaired financial assets.
If, in subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring
after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the
allowance account. If a future write-off is later recovered, the recovery is credited to the income statement.
Available-for-sale financial investments
For the available-for-sale financial investments, the Group assesses at the end of each reporting period whether there is
objective evidence that an investment or a group of investments is impaired.
If an available-for-sale asset is impaired, an amount comprising the difference between its costs (net of any principal payment
and amortization) and its current fair value, less any impairment loss previously recognized in the income statement, is
removed from other comprehensive income and recognized in the income statement.
In the case of equity investments classified as available-for-sale, objective evidence would include a significant or prolonged
decline in fair value of an investment below its cost. The determination of what is “significant” or “prolonged” requires
judgment. “Significant” is evaluated against the original cost of the investment and “prolonged” against the period in which
the fair value has been below its original cost. Where there is evidence of impairment, the cumulative loss – measured as
the difference between the acquisition cost and the current fair value, less any impairment loss that investment previously
recognized in the income statement – is removed from other comprehensive income and recognized in the income
statement. Impairment losses on equity instruments classified as available-for-sale are not reversed through the income
statement. Increase in their fair value after impairment are recognized directly in other comprehensive income.

Realising A Sustainable Future
61
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(l)
Financial liabilities at amortized cost (including interest-bearing loans and borrowings)
Financial liabilities including accounts and other payables, and interest-bearing loans and borrowings are initially stated at
fair value less directly attributable transaction costs and are subsequently measured at amortized cost, using the effective
interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The related
interest expense is recognized within “Finance costs” in the income statement.
Gains and losses are recognized in the income statement when the liabilities are derecognized as well as through the
amortization process.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability
for at least 12 months after the balance sheet date.
Derecognition of financial liabilities
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the
terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of
the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is
recognized in the income statement.
(m) Cash and bank balances
For the purpose of the consolidated cash flow statement, cash flow from operating activities includes fee income and/ or
other income derived from the Group’s finance arrangement and investment management activities which are the principal
activities of the Group.
Cash and cash equivalents include cash in hand, bank balances and short term bank deposits with an original maturity of
less than three months.
(n)
Income tax
Income tax comprises current and deferred tax. Income tax relating to items recognized outside income statement is
recognized outside income statement, either in other comprehensive income or directly in equity.
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered
from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted
by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in
which the group operates.
Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between
the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognized for all taxable temporary differences, except:
•
•
where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a
business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or
loss; and
in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint
ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the
temporary differences will not reverse in the foreseeable future.

62
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(n)
Income tax (continued)
Deferred tax assets are recognized for all deductible temporary differences, carry-forward of unused tax credits and unused
tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary
differences, and the carry-forward of unused tax credits and unused tax losses can be utilized, except:
•
•
where the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither
the accounting profit nor taxable profit or loss; and
in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in
joint ventures, deferred tax assets are only recognized to the extent that it is probable that the temporary differences
will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can
be utilized.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it
is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized.
Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent
that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to
be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is
realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the
end of the reporting period.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against
current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
(o)
Employee benefits
Pension obligations
Group companies have various defined contribution pension schemes in accordance with the local conditions and practices
in the countries in which they operate. A defined contribution plan is a pension plan under which the Group pays fixed
contributions into a separate entity (a fund) and will have no legal or constructive obligations to pay further contributions
if the fund does not hold sufficient assets to pay all employees benefits relating to employee services in the current and
prior periods.
For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans
on a mandatory, contractual or voluntary basis.
Once the contributions have been paid, the Group has no further payment obligations. The regular contributions constitute
net periodic costs for the year in which they are due and as such are included in staff costs.
Bonus scheme
The Group pays out bonus to employees based on the overall corporate performance, the department being able to achieve
the annual budget and the employee’s performance and contribution to the Group.

Realising A Sustainable Future
63
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(p)
Derivative financial instruments and hedging accounting
The Group uses derivative financial instruments such as forward currency contracts and interest rate swaps to hedge its
foreign currency and interest rate risk, respectively. Such derivative financial instruments are initially recognized at fair value
on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are
carried as assets when the fair value is positive and as liabilities when the fair value is negative.
Any gains or losses arising from changes in fair value of derivatives are taken directly to the income statement, except for the
effective portion of cash flow hedges, which is recognized in other comprehensive income.
For the purpose of hedge accounting, hedges are classified as:
•
•
fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an
unrecognized firm commitment (except for foreign currency risk); or
cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk
associated with a recognized asset or liability or a highly probable forecast transaction, or a foreign currency risk in an
unrecognized firm commitment.
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which
the Group wishes to apply hedge accounting, the risk management objective and its strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk
being hedged and how the Group will assess the hedging instrument’s effectiveness of changes in the hedging instrument’s
fair value in offsetting the exposure to changes in the hedged item’s fair value or cash flows attributable to the hedged risk.
Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed
on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods
for which they were designated.
Hedges which meet the strict criteria for hedge accounting are accounted for as follows:
Fair value hedges
The change in the fair value of an interest rate hedging derivative is recognized in the income statement in finance costs.
The change in the fair value of the hedged item attributable to the risk hedged is recorded as a part of the carrying amount
of the hedged item and is also recognized in the income statement in finance costs.
For fair value hedges relating to items carried at amortized cost, the adjustment to carrying value is amortized through
the income statement over the remaining term to maturity. Effective interest rate amortization may begin as soon as
an adjustment exists and shall begin no later than when the hedged item ceases to be adjusted for changes in its fair
value attributable to the risk being hedged. If the hedged item is derecognized, the unamortized fair value is recognized
immediately in the income statement.
When an unrecognized firm commitment is designated as a hedged item, the subsequent cumulative change in the fair
value of the firm commitment attributable to the hedged risk is recognized as an asset or liability with a corresponding gain
or loss recognized in the income statement. The changes in the fair value of the hedging instrument are also recognized in
the income statement.

64
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(p)
Derivative financial instruments and hedging accounting (continued)
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognized directly in other comprehensive income in
the hedging reserve, while any ineffective portion is recognized immediately in the income statement in finance costs.
Amounts recognized in other comprehensive income are transferred to the income statement when the hedged transaction
affects profit or loss, such as when hedged financial income or financial expense is recognized or when a forecast sale
occurs. Where the hedged item is the cost of a nonfinancial asset or non-financial liability, the amounts recognized in other
comprehensive income are transferred to the initial carrying amount of the non-financial asset or non-financial liability.
If the forecast transaction or firm commitment is no longer expected to occur, the cumulative gain or loss previously
recognized in equity are transferred to the income statement. If the hedging instrument expires or is sold, terminated or
exercised without replacement or rollover, or if its designation as a hedge is revoked, the amounts previously recognized in
other comprehensive income remain in other comprehensive income until the forecast transaction or firm commitment
affects profit or loss.
(q)
Foreign currency translation
The consolidated financial statements are presented in United States Dollars, which is the Company’s functional and
presentation currency. Each entity in the Group determines its own functional currency. Foreign currency transactions
recorded by the entities in the Group are initially recorded using their respective functional currency rates ruling at
the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the
functional currency of exchange ruling at the end of the reporting period. Non-monetary items that are measured in
terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.
Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when
fair value was determined.
The functional currencies of certain overseas subsidiaries are currencies other than the United States Dollar. As at the
end of the reporting period, the assets and liabilities of these entities are translated into the presentation currency of the
Company at the exchange rates ruling at the end of the reporting period and their income statements are translated into
United States Dollars at the average exchange rates for the year. The resulting exchange differences are recognized in other
comprehensive income and accumulated in the exchange reserve. On disposal of a foreign operation, the component of
other comprehensive income relating to that particular foreign operation is recognized in the income statement.
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of
assets and liabilities arising on acquisition are treated as assets and liabilities of the foreign operation and are translated at
the closing rate.
For the purpose of the consolidated cash flow statement, the cash flows of overseas subsidiaries are translated into United
States Dollars at the exchange rates ruling at the dates of the cash flows. Frequently recurring cash flows of overseas
subsidiaries which arise throughout the year are translated into United States Dollars at the average exchange rates for
the year.

Realising A Sustainable Future
65
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(r)
Leases
Leases that transfer substantially all the rewards and risks of ownership of assets to the Group, other than legal title,
are accounted for as finance leases. At the inception of a finance lease, the cost of the leased asset is capitalized at the present
value of the minimum lease payments and recorded together with the obligation, excluding the interest element, to reflect
the purchase and financing. Assets held under capitalized finance leases are included in property, plant and equipment,
and depreciated over the shorter of the lease terms and the estimated useful lives of the assets. The finance costs of such
leases are charged to the income statement so as to provide a constant periodic rate of charge over the lease terms.
Assets acquired through hire purchase contracts of a financing nature are accounted for as finance leases, but are depreciated
over their estimated useful lives.
Leases where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as
operating leases. Where the Group is the lessor, assets leased by the Group under operating leases are included in
non-current assets, and rentals receivable under the operating leases are credited to the income statement on the
straight-line basis over the lease terms. Where the Group is the lessee, rentals payable under the operating leases are charged
to the income statement on the straight-line basis over the lease terms.
(s)
Dividends distributions
Dividends distributions to the Company’s shareholders are recognized as a liability in the Group’s financial statements in the
period in which dividends are approved by shareholders.
(t)
Provision
A provision is recognized when a present obligation (legal or constructive) has arisen as a result of a past event and it is
probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be
made of the amount of the obligation.
When the effect of discounting is material, the amount recognized for a provision is the present value at the end of the
reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounting
present value amount arising from the passage of time is included in finance costs in the income statement.
(u)
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, i.e. assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are capitalized as part of the cost of
those assets. The capitalization of such borrowing costs ceases when the assets are substantially ready for their intended
use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs capitalized. All other borrowing costs are in the period in which
they are incurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing
of funds.

66
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
3. SEGMENT INFORMATION
Management monitors the results of its operating segments separately for the purpose of making decisions about resources
allocation and performance assessment. Segment performance is evaluated based on reportable segment profit/ (loss) before
tax from continuing operations. The adjusted profit/ (loss) before tax except that interest income, finance costs and corporate
expenses are managed on a group basis and are grouped as others.
Operating segments
At 31 December 2009, the Group is organized on a worldwide basis into four main operating segments (activities): (1) structured
finance; (2) maritime investment/ management; (3) distressed assets investment; (4) hotel property investment/ management;
and (5) others (head office and corporate treasury functions).
The segment results for the year ended 31 December 2009 are as follows:
hotel/
Maritime Distressed Property
structured investment/ assets investment/
finance management investment management Others Eliminations Group
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Total income
External customers (252) 23,669 (148) 30,017 1,813 – 55,099
Inter-segment – – – – 362 (362) –
(252) 23,669 (148) 30,017 2,175 (362) 55,099
Results
Depreciation and
amortization (46) (3,626) – (1,015) – – (4,687)
Impairment of property,
plant and equipment – – – (2,166) – – (2,166)
Impairment of goodwill – – – (411) – – (411)
Finance costs - interest
expenses – (8,525) – (1,310) (293) 362 (9,766)
Finance costs - others – (43) – (26) – – (69)
Share of results of
associates – – – (157) – – (157)
Loss allocation to
Tokumei Kumiai
investors – – – 1,383 – – 1,383
(Loss)/ profit before tax (2,342) 2,864 (158) (16,134) 1,881 – (13,889)
Other segment items are
as follows:
Capital expenditure 3 98,653 - 367 - - 99,023

Realising A Sustainable Future
67
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
3. SEGMENT INFORMATION (continued)
Operating segments (continued)
The segment results for the year ended 31 December 2008 are as follows:
hotel/
Maritime Distressed Property
structured investment/ assets investment/
finance management investment management Others Eliminations Group
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Total income
External customers 2,842 6,919 (252) 29,512 1,525 – 40,546
Inter-segment – – – – 227 (227) –
2,842 6,919 (252) 29,512 1,752 (227) 40,546
Results
Depreciation and
amortization (105) (147) – (1,250) – – (1,502)
Finance costs - interest
expenses – – – (1,388) (208) 227 (1,369)
Finance costs - others – (158) – (302) – – (460)
Share of results of
associates – (4) – (11) – – (15)
Profit allocation to
Tokumei Kumiai
investors – – – (276) – – (276)
(Loss)/ profit before tax 343 3,839 (256) (9,597) 1,544 - (4,127)
Other segment items are
as follows:
Capital expenditure 22 26 – 1,285 – – 1,333

68
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
3. SEGMENT INFORMATION (continued)
Operating segments (continued)
The segment assets and liabilities as at 31 December 2009 are as follows:
hotel/
Maritime Distressed Property
structured investment/ assets investment/
finance management investment management Others Eliminations Group
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Segment assets 1,031 32,054 283 47,862 - – 81,230
Investments in associates – – – 77 - – 77
Unallocated assets
Loans receivables – – – – 14,628 (14,628) –
Deferred tax assets – – – – 40 – 40
Prepayment, deposits
and other receivables – – – – 76 – 76
Deposits pledged as
collateral – – – – 13,100 – 13,100
Cash and bank
balances – – – – 53,318 – 53,318
Total assets 1,031 32,054 283 47,939 81,162 (14,628) 147,841
Segment liabilities 174 551 – 45,960 – (14,628) 32,057
Unallocated liabilities
Borrowings – – – – 10,772 – 10,772
Other payables and
accruals – – – – 397 – 397
Income tax payable – – – – 176 – 176
Total liabilities 174 551 – 45,960 11, 345 (14,628) 43,402

Realising A Sustainable Future
69
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
3. SEGMENT INFORMATION (continued)
Operating segments (continued)
The segment assets and liabilities as at 31 December 2008 are as follows:
hotel/
Maritime Distressed Property
structured investment/ assets investment/
finance management investment management Others Eliminations Group
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Segment assets 1,474 59,817 403 73,204 – – 134,898
Investments in associates – – – 240 – – 240
Unallocated assets
Loan receivables – – – – 11,805 (11,805) –
Deferred tax assets – – – – 1,623 – 1,623
Investments – – – – 280 – 280
Accounts receivables – – – - 1 – 1
Prepayment, deposits
and other receivables – – – - 80 – 80
Tax recoverable – – – - 293 – 293
Deposits pledged as
collateral – – – - 12,448 – 12,448
Cash and bank balances – – – - 28,797 – 28,797
Total assets 1,474 59,817 403 73,444 55,327 (11,805) 178,660
Segment liabilities 302 22, 849 – 56,681 – (11,805) 68,027
Unallocated liabilities
Borrowings – – – – 16,055 – 16, 055
Other payables and
accruals – – – – 702 – 702
Income tax payable – – – – 135 – 135
Total liabilities 302 22,849 – 56,681 16,892 (11,805) 84,919
Segment assets consist primarily of investment properties, property, plant and equipment, receivables, investments, deposits for
purchase of vessels and properties for sale.
Capital expenditure represents capital additions to property, plant and equipment (note 7).
Geographical information
The Group’s four business segments operate in three main geographical areas, even though they are managed on a
worldwide basis.
Global - the Global segment represents activities with assets or customers with no fixed location, which include structured
finance and maritime (ship) investment/ management.
Asia (ex-Japan) - the Asia (ex-Japan) segment represents activities with assets or customers located in Asia (ex-Japan),
which include structured finance, maritime investment/ management, distressed assets investment and hotel/ property
investment/ management.

70
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
3. SEGMENT INFORMATION (continued)
Geographical information (continued)
Japan – the Japan segment represents activities with assets or customers located in Japan, which include structured finance,
maritime investment/ management and hotel/ property investment/ management.
2009 2008
US$’000 US$’000
Income from external customers
Global 24,177 7,919
Asia (ex-Japan) (606) 1,178
Japan 29,715 29,967
Unallocated 1,813 1,482
55,099 40,546
Revenue from one major customer amounted to US$8,687k, arising from fee income generated from maritime
investment/ management segment in 2009. There was no single customer that generated revenue which amounted to
10 per cent or more of the Group’s revenue in 2008.
2009 2008
US$’000 US$’000
Non-current assets
Global 27,675 59,100
Asia (ex-Japan) 4,639 4,591
Japan 39,297 55,025
Unallocated 3,789 1,623
75,400 120,339
Income and total assets attributable to business segments are based on the country in which the customer is located.
Income generated from non-core businesses and assets not attributable to business segments are disclosed as unallocated.
There are no sales between the segments. Total assets and capital expenditure are where the assets are located.
4. Significant Accounting Judgments and Estimates
Estimates are continually evaluated and are based on historical experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances.
The preparation of the Group’s financial statements requires management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the
reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a
material adjustment to the carrying amounts of the assets or liabilities affected in the future.
Judgments
In the process of applying the Group’s accounting policies, management has made the following judgments, apart from those
involving estimations, which have the most significant effect on the amounts recognized in the financial statements:
Operating lease commitments - Group as lessor
The Group has entered into commercial property leases on its investment properties. The Group has determined, based on an
evaluation of the terms and conditions of the arrangements, that it retains all the significant risks and rewards of ownership of
these properties which are leased out on operating leases.

Realising A Sustainable Future
71
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
4. Significant Accounting Judgments and Estimates (continued)
Judgments (continued)
Classification of investment properties
The Group determines whether a property qualifies as an investment property and has developed criteria in making that
judgment. Investment property is a property held to earn rentals and/ or for capital appreciation. Therefore, the Group considers
whether a property generates cash flows largely independently of the other assets held by the Group.
Estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year, are discussed below:
Estimation of fair value of investment properties
The Group uses management’s valuation in the fair valuation of investment properties. In the case of an internal valuation, the
discounted cash flow method is used which makes reference to the estimated or actual market rental values and equivalent
yields. The carrying amount of investment properties at 31 December 2009 was US$4,335k (2008: US$4,082k).
Estimated impairment of goodwill
The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value in use of
the cash-generating units to which the goodwill is allocated. Estimating the value in use requires the Group to make an estimate
of the expected future cash flows from the cash-generating units and also to choose a suitable discount rate in order to calculate
the present value of those cash flows. More details are given in note 6.
Estimate impairment of property, plant and equipment
The Group uses management’s valuation to estimate the value in use of the properties. The valuations are based on the direct
capitalization method and discounted cash flow method that makes reference to the estimated market rental values and
equivalent yields.
Estimation of fair value of investments
The Group uses both external valuation reports and management’s valuation in the fair valuation of investments. Investments
in shipping are revaluated by accredited independent valuers while investments in hotel, residential and distressed debt are
revaluated by management. The valuations are based on the discounted cash flow method that makes reference to the estimated
or actual market rental values and equivalent yields.
Deferred tax assets
Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax
assets that can be recognized, based upon the likely timing and level of future taxable profits together with future tax planning
strategies. The carrying value of deferred tax assets relating to recognized tax losses at 31 December 2009 was US$1k (2008:
US$1,315k). The amount of unrecognized tax losses at 31 December 2009 was US$7,501k (2008: US$1,209k). Further details are
contained in note 24.

72
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
4. Significant Accounting Judgments and Estimates (continued)
Estimation uncertainty (continued)
Fair value of derivatives and other financial instruments
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives)
is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on
market conditions existing at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used
for long term debt. Other techniques, such as estimated discounted cash flows or comparison of key valuation parameters,
are used to determine fair value for the remaining financial instruments. The fair value of interest rate swaps is calculated as
the present value of the estimated future cash flows. The fair value of forward foreign exchange contracts is determined using
quoted forward exchange rates at the balance sheet date.
5. INVESTMENT PROPERTIES
Group
Note 2009 2008
US$’000 US$’000
At 1 January 4,082 3,426
Additions – 8
Fair value gain 20 252 405
Currency translation differences 1 243
At 31 December 4,335 4,082
The investment properties are leased to third parties under operating leases, further summary details of which are included
in note 34(c).
The Group uses management’s valuation in the fair valuation of investment properties. Discounted cash flow method is used
which makes reference to the estimated or actual market rental values and equivalent yields. There has not been any independent
valuation performed.
As at 31 December 2009, all the Group’s investment properties (2008: Nil) are pledged to secure the Group’s bank facility.
The following amounts are recognized in profit and loss:
Group
2009 2008
US$’000 US$’000
Rental income 286 196
Direct operating expenses arising from investment properties that generated rental income 3 31
Direct operating expenses arising from investment properties that did not generate rental income 77 62
Further particulars of the Group’s investment properties are detailed below:
Unexpired
Location Use Tenure lease term
Room 701, 712-717, 719-725, 7/F, China Shine Plaza, 9 Lin He Xi Road, Offices Leasehold 46 years
Tianhe District, Guangzhou, PRC

Realising A Sustainable Future
73
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
6. INTANGIBLE ASSETS
other
intangible
Group Goodwill assets Total
US$’000 US$’000 US$’000
Cost
At 1 January 2009 423 181 604
Addition – 26 26
Disposal – (16) (16)
Currency translation differences (12) (5) (17)
At 31 December 2009 411 186 597
Accumulated amortization and impairment
At 1 January 2009 – 70 70
Amortization – 30 30
Impairment 411 – 411
Disposal – (16) (16)
Currency translation differences – (2) (2)
At 31 December 2009 411 82 493
Net book value
At 31 December 2009 – 104 104
Cost
At 1 January 2008 – – –
Acquisition of subsidiaries 29 343 249 592
Disposal – (127) (127)
Currency translation differences 80 59 139
At 31 December 2008 423 181 604
Accumulated amortization and impairment
At 1 January 2008 – – –
Acquisition of subsidiaries 29 – 45 45
Amortization – 47 47
Disposal – (40) (40)
Currency translation differences – 18 18
At 31 December 2008 – 70 70
Net book value
At 31 December 2008 43 111 534

74
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
6. INTANGIBLE ASSETS (continued)
Goodwill impairment testing
Goodwill acquired through business combinations was allocated to the hotel/ property investment/ management
cash-generating unit (the “CGU”) within the business segment identified by the Group. The recoverable amounts of the CGU are
determined based on a value in use calculation. The calculation uses cash flow projections for 2009 based on financial budgets
approved by management covering a five-year period and a discount rate of 2.005% (2008: 6%).
Impairment loss of US$411k has been recognized in respect of goodwill as at 31 December 2009 (2008:Nil).
7. PROPERTY, PLANT AND EQUIPMENT
office
equipment,
hotel furniture Motor
Group Note properties Vessels and fixtures vehicles Total
US$’000 US$’000 US$’000 US$’000 US$’000
Cost
At 1 January 2009 26,582 – 4,901 21 31,504
Additions 7 98,647 369 – 99,023
Disposals – – (1,447) (14) (1,461)
Deemed disposal of subsidiaries 30 – (98,647) – – (98,647)
Currency translation differences (676) – (98) (1) (775)
At 31 December 2009 25,913 – 3,725 6 29,644
Accumulated depreciation
and impairment
At 1 January 2009 522 – 3,568 19 4,109
Charge 674 3,577 405 1 4,657
Disposals – – (832) (14) (846)
Deemed disposal of subsidiaries 30 – (3,577) – – (3,577)
Impairment 2,482 – – – 2,482
Currency translation differences (13) – (65) – (78)
At 31 December 2009 3,665 – 3,076 6 6,747
Net book value
At 31 December 2009, at cost 22,248 – 649 – 22,897

Realising A Sustainable Future
75
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
7. PROPERTY, PLANT AND EQUIPMENT (continued)
office
equipment,
hotel furniture Motor
Group Note properties and fixtures vehicles Total
US$’000 US$’000 US$’000 US$’000
Cost
At 1 January 2008 – 1,116 – 1,116
Additions 213 1,120 – 1,333
Acquisition of subsidiaries 29 13,480 2,459 17 15,956
Transfer from properties for sale 9,819 – – 9,819
Disposals – (299) – (299)
Written off – (76) – (76)
Currency translation differences 3,070 581 4 3,655
At 31 December 2008 26,582 4,901 21 31,504
Accumulated depreciation
At 1 January 2008 – 695 – 695
Charge 430 1,024 1 1,455
Acquisition of subsidiaries 29 – 1,605 14 1,619
Disposals – (166) – (166)
Written off – (75) – (75)
Currency translation differences 92 485 4 581
At 31 December 2008 522 3,568 19 4,109
Net book value
At 31 December 2008, at cost 26,060 1,333 2 27,395
Land and buildings included in the hotel properties are freehold.
As at 31 December 2009, certain of the Group’s hotel properties with a carrying amount of US$22,160k (2008: US$15,650k)
were pledged to secure the Group’s bank borrowings of US$22,415k (2008: US$12,136k) (note 17).
The carrying amount of the office equipment, furniture and fixtures included an amount of US$20k (2008: US$304k) in respect of
assets held under finance leases.
During the financial year, subsidiaries of the Group within the hotel/ property investment/ management segment carried
out review of the recoverable amounts of the hotel properties. An impairment loss of US$2,482k (2008: Nil), representing the
write-down of these hotel properties to the recoverable amount was recognized in the consolidated income statement
of US$2,166k (2008: Nil) and the statement of comprehensive income of US$316k (2008: Nil) for the financial year ended
31 December 2009. The recoverable amount of the hotel properties was based on the value in use and the discount rates used
were from 4.53% to 5.50%.

76
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
7. PROPERTY, PLANT AND EQUIPMENT (continued)
Company
office
equipment,
furniture and
fixtures
US$’000
Cost
At 1 January 2009 906
Additions 12
Disposals (13)
Written off (7)
At 31 December 2009 898
Accumulated depreciation
At 1 January 2009 823
Charge 60
Disposals (13)
Written off (7)
At 31 December 2009 863
Net book value
At 31 December 2009, at cost 35
Cost
At 1 January 2008 950
Additions 33
Disposals (1)
Written off (76)
At 31 December 2008 906
Accumulated depreciation
At 1 January 2008 632
Charge 267
Disposals (1)
Written off (75)
At 31 December 2008 823
Net book value
At 31 December 2008, at cost 83

Realising A Sustainable Future
77
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
8. LOANS RECEIVABLE
Group
Company
2009 2008 2009 2008
US$’000 US$’000 US$’000 US$’000
Repayable between one and five years
Interest rate at 6% p.a. 3,500 – 3,500 –
Interest rate at 5% p.a. 250 – – –
The carrying amount of the loans approximates to their fair values.
3,750 – 3,500 –
Included in the Group’s loans receivable balance are receivables from related parties as disclosed in note 35(a).
9. INVESTMENTS
Current
Non-current
Group 2009 2008 2009 2008
US$’000 US$’000 US$’000 US$’000
Financial assets at fair value through profit or loss
Unlisted shares - hotel – – 4,140 8,340
Unlisted shares - residential – – 9,659 15,297
Unlisted shares - shipping – – 10,986 4,819
Unlisted performance notes - hotel – – – 25
Unlisted performance notes - shipping – – 16,654 16,826
Unlisted performance notes - distressed debt – – 282 389
Listed shares - others 643 280 – –
Redeemable convertible bonds – – – 74
643 280 41,721 45,770
Available-for-sale financial assets
Listed shares - hotel – – 160 235
643 280 41,881 46,005
Current
Non-current
Company 2009 2008 2009 2008
US$’000 US$’000 US$’000 US$’000
Financial assets at fair value through profit or loss
Unlisted shares - residential – – 2,338 5,901
Unlisted shares - shipping – – 10,986 4,819
Unlisted performance notes - shipping – – 16,654 16,826
Unlisted performance notes - distressed debt – – 282 389
– – 30,260 27,935
Fair values for unlisted shares are estimated by the management with reference to market-based information and fair valuation
models such as discounted cash flow models.
Fair values of unlisted performance notes are determined by the Group’s interest in the fair values of each scheme’s
underlying assets.

78
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
9. INVESTMENTS (continued)
Distressed debt performance notes are redeemed semi-annually, in whole or in part, based on net cash recovered from underlying
assets funded by the original note’s issuance. The remaining performance notes are redeemed at their principal amounts on such
other date as may be agreed to by the subscribers of the performance notes.
Shipping performance notes are redeemed semi-annually, in whole or in part, based on the net cash inflow from the operation or
the disposal of underlying assets. There are no maturity dates for the shipping performance notes invested by the Group.
There are no significant restrictions on the ability of investments to transfer funds to the Group in the form of cash dividends,
repayment of loans or advances.
At 31 December 2009, the Company has pledged the interest in share capital of investments of US$4,000k (2008: US$3,500k) as
security for investees’ bank loans and for entering into interest rate swap agreements.
10. INVESTMENTS IN ASSOCIATES
Summary of associates’ assets, liabilities and results are as follows:
2009 2008
US$’000 US$’000
Assets 204 1,216
Liabilities (23) (700)
Revenue 10 1,887
(Loss)/ profit for the year (29) 88
Particulars of associates are as follows:
proportion
principal
Country of of ownership interest activities and
Name incorporation 2009 2008 place of operations
YK Grosvenor Japan 50% 50% Project management,
Capital Advisers
accounting and
Fund Management *
administration, Japan
YK Grosvenor Japan 20% 20% Project management,
Diamond Capital *
accounting and
administration, Japan
* Not required to be audited under the laws of the country of incorporation.
11. PROPERTIES FOR SALE
As at 31 December 2008, the freehold land included in properties for sale was US$4,503k.
As at 31 December 2008, the Group has pledged properties for sale amounting to US$3,387k to secure the Group’s bank
borrowings of US$2,703k (note 17).
All the properties for sale were sold in 2009.

Realising A Sustainable Future
79
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
12. DERIVATIVE FINANCIAL INSTRUMENTS
Current
Non-current
Group 2009 2008 2009 2008
US$’000 US$’000 US$’000 US$’000
Forward currency contracts (a) – 773 – –
Financial assets – 773 – –
Forward currency contract for cash flow hedge purpose (a) – (3,913) – –
Interest rate swap contracts for cash flow hedge purpose (b) – (1,190) – (7,850)
Financial liabilities – (5,103) – (7,850)
Current
Non-current
Company 2009 2008 2009 2008
US$’000 US$’000 US$’000 US$’000
Forward currency contracts – 773 – –
Financial assets – 773 – –
The carrying amounts of the forward currency contracts and interest rate swaps are the same as their fair values.
(a)
Forward currency contracts
At 31 December 2008, the Group held a forward currency contract designated as hedge in respect of a Japanese Yen loan
amounting to JPY4,823 million for the purchase of a vessel in 2009. The terms of the forward currency contract have been
negotiated to match with the terms of the commitment. The cash flow hedge was assessed to be highly effective and a
net loss of US$3,913k was included in the hedging reserve as at 31 December 2008. The forward currency contract expired
during the year.
In addition, the Group has entered into a forward currency contract to manage its exchange rate exposures which did
not meet the criteria for hedge accounting during the year (2008: two forward currency contracts). The forward currency
contracts expired during the year. Movement of the non-hedging currency derivatives are as follows:
Group
Note 2009 2008
US$’000 US$’000
At 1 January 773 –
Net (loss)/ gain on forward currency contracts 20 (1,041) 734
Settlement of forward currency contracts 307 –
Currency translation difference (39) 39
At 31 December – 773
(b)
Interest rate swap contracts
In 2008, the Group entered into two twelve year interest rate swap contracts (callable at year 10) with a view to swap the
interest payments of bank borrowings from a floating to fixed basis. The interest rate swap contracts were entered into by
a subsidiary of the Group in respect of a loan to be drawn in 2009. The cash flow hedge was assessed to be highly effective
and a net loss of US$6,288k was included in the hedging reserve as at 31 December 2008. The contracts were transferred
out of the Group upon deemed disposal of a subsidiary (note 30).

80
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
13. ACCOUNTS RECEIVABLE
Group
Company
2009 2008 2009 2008
US$’000 US$’000 US$’000 US$’000
Accounts receivable 5,056 4,987 483 39
Provision for impairment (1,091) (82) – –
3,965 4,905 483 39
In general, the Group normally grants a credit period of 30 days to its customers. The Group seeks to maintain strict control over
its outstanding receivables and has a credit control department to minimize credit risk. Overdue balances are reviewed regularly
by senior management. In view of the aforementioned and the fact that the Group’s accounts receivable relate to a large number
of diversified customers, there is no significant concentration of credit risk. Accounts receivable are non-interest bearing.
An aged analysis of the accounts receivable as at the balance sheet date that past due but not impaired, is as follows:
Group
2009 2008
US$’000 US$’000
31 days to 60 days 14 105
Over 61 days 199 435
The movements in provision for impairment of accounts receivable are as follows:
213 540
Group
Note 2009 2008
US$’000 US$’000
At 1 January 82 –
Impairment losses recognized 23 1,006 71
Currency translation differences 3 11
At 31 December 1,091 82
The impairment of accounts receivable is individually determined to be impaired. The individually impaired accounts receivable
relate to customers that were in financial difficulties. The Group does not hold any collateral or other credit enhancements over
these balances.
Included in the Group’s accounts receivables balance are receivables from related parties as disclosed in note 35(a).
14. DEPOSITS PLEDGED AS COLLATERAL
As at 31 December 2009, the Group and the Company had deposits pledged as collateral against Japanese Yen denominated
revolving bank loan facilities. The aggregate amount of the deposits pledged shall not at any time be less than 110% of the
outstanding amount under the revolving JPY loan facility. The carrying amounts of the pledged deposits approximate to their
fair values.

Realising A Sustainable Future
81
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
15. CASH AND BANK BALANCES
Group
Company
2009 2008 2009 2008
US$’000 US$’000 US$’000 US$’000
Cash at banks and in hand 35,059 14,295 28,310 2,008
Short term time deposits 18,259 14,502 15,504 11,681
Cash and cash equivalents 53,318 28,797 43,814 13,689
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short term time deposits are made for varying
periods of between one day and three months depending on the immediate cash requirements of the Group and the Company,
and earn interest at the respective short term time deposit rates. The carrying amounts of the cash and cash equivalents
approximate to their fair values.
16. SHARE CAPITAL AND SHARE PrEMIUM
Number of shares share capital share premium
2009 2008 2009 2008 2009 2008
‘000 ‘000 US$’000 US$’000 US$’000 US$’000
Authorized:
Ordinary shares of US$0.16 each 750,000 750,000 120,000 120,000
Issued and fully paid:
At 1 January 260,996 248,182 41,759 39,709 21,402 13,353
Issued for acquisition of
subsidiaries – 12,814 – 2,050 – 8,049
Issued for private placement 52,199 – 8,352 – 9,330 –
At 31 December 313,195 260,996 50,111 41,759 30,732 21,402
On 4 January 2008, the Company entered into a swap agreement with the shareholders of Capital Advisers Co.,
Ltd. (“Capital Advisers”) to acquire an additional 47.9% equity interests in Capital Advisers, with the exchange of 12,814,000 newly
issued shares.
On 7 August 2009, the company issued an additional 52,199,200 ordinary shares through a private placement. Pursuant to
the issuance of the additional shares, the number of issued shares increased from 260,996,000 to 313,195,200.
17. BORROWINGS
Current
Non-current
Group 2009 2008 2009 2008
US$’000 US$’000 US$’000 US$’000
Repayable per terms of revolving loan facilities
- Secured 33,186 28,302 – 2,942
- Unsecured 1,032 16,871 600 10,776
34,218 45,173 600 13,718

82
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
17. BORROWINGS (continued)
Current
Non-current
Company 2009 2008 2009 2008
US$’000 US$’000 US$’000 US$’000
Repayable per terms of revolving loan facilities
- Secured 10,772 11,055 – –
- Unsecured – 5,000 – –
10,772 16,055 – –
The effective annual interest rates of the bank borrowings range from approximately 0.845% to 5.5% (2008: from approximately
0.9475% to 4.5%).
As at 31 December 2008, in addition to the information disclosed elsewhere in the notes to the consolidated financial statements,
the Group has pledged a rental deposit of US$951k to secure the Group’s bank borrowing of US$938k.
18. ACCOUNTS PAYABLE
The accounts payable are non-interest-bearing and are normally settled on 30-day terms.
19. FEE INCOME
2009 2008
US$’000 US$’000
Arrangement and agency fee 1,040 2,525
Project management fee 722 –
Brokerage commission 995 1,337
Incentive fee 211 1,858
Asset management and administration fee 5,863 5,989
Charter income 8,859 –
17,690 11,709

Realising A Sustainable Future
83
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
20. INVESTMENT RETURNS
Note 2009 2008
US$’000 US$’000
Interest on performance notes - shipping 35(a) 620 5,595
Interest on performance notes - distressed debt 35(a) 87 25
Realized gain on investment - shipping 35(a) 11,056 –
Realized gain on investment - hotel and residential 35(a) 252 352
Realized gain on investment - others 3 –
Realized loss on disposal of properties for sale (1,861) –
Property rental income 736 496
Fair value adjustment on investment properties 5 252 405
Fair value adjustment on investment - hotel and residential (5,982) (886)
Fair value adjustment on investment - shipping 72 (2,794)
Fair value adjustment on performance notes - hotel and residential (25) (87)
Fair value adjustment on performance notes - shipping (171) 166
Fair value adjustment on performance notes - distressed debt (262) (444)
Fair value adjustment on listed shares - hotel – (306)
Fair value adjustment on listed shares - others (134) (75)
Net (loss)/ gain on forward currency contracts 12 (1,041) 734
Write-down of properties for sale to net realizable value - residential – (2,762)
21. INTEREST INCOME AND EXPENSE
3,602 419
Note 2009 2008
US$’000 US$’000
Interest income from:
- cash and cash equivalents 174 1,124
- bridging loans 35(a) 1,375 206
1,549 1,330
Interest expense on:
- borrowings 9,755 1,255
- finance lease obligations 11 14
22. EMPLOYEE BENEFITS EXPENSE
9,766 1,369
2009 2008
US$’000 US$’000
Salaries (including directors’ remuneration) 15,469 17,123
Pension scheme contributions 87 184
Staff residences, other welfare and allowances 1,041 1430
16,597 18,737

84
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
23. OTHER EXPENSES
The following items have been included in arriving at other expenses:
Note 2009 2008
US$’000 US$’000
Operating lease expenses 1,737 1,495
Hotel leases 9,712 6,316
Hotel sub-operator fee 846 686
Hotel operating expenses 10,584 7,110
Provision for onerous contracts 1,844 –
Investment properties operating expenses 3 31
Vessel operating expenses 1,202 –
Bad debt expenses 210 126
Impairment of accounts receivable 13 1,006 71
Travelling 264 1,205
Entertainment 123 233
Communication 221 270
Agency fee 1,835 1,191
Professional services fees 1,248 2,121
Non-audit fee paid to auditors of the Group 23 –
Non-audit fee paid to other auditors 25 53
Tax and public dues 248 314
Net foreign exchange loss 3,793 211
Miscellaneous 1,402 765
24. TAX
36,326 22,198
The Group’s taxes on assessable profits have been calculated at tax rates prevailing in the countries in which the Group operates,
based on existing legislation, interpretations and practices in respect thereof.
(a)
Income tax
Note 2009 2008
US$’000 US$’000
Current tax 221 331
Deferred tax 24(b) 1,573 (794)
Total tax expense/ (credit) for the year 1,794 (463)

Realising A Sustainable Future
85
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
24. TAX (continued)
(a)
Income tax (continued)
A reconciliation between tax expense/ (credit) of the Group applicable to loss before tax using applicable rates and the tax
credit for the year is as follows:
2009 2008
US$’000 US$’000
Loss before tax (13,889) (4,127)
Tax at domestic rates applicable to individual group entities (5,716) (2,481)
Tax effects of:
- change in tax rate – 61
- expenses not deductible for the tax purposes 7,476 3,051
- income not subject to tax (6,363) (1,559)
- utilization of previously unrecognized tax losses (935) (13)
- deferred tax assets not recognized 7,501 1,209
- partial tax exemption and tax relief (34) (39)
- overprovision in respect of previous year (130) (714)
- other (5) 22
Tax expense/ (credit) for the year at the Group’s effective rate of (13%) (2008: 11%) 1,794 (463)
(b)
Deferred taxation
The movements in deferred tax assets and liabilities during the year are as follows:
Deferred tax assets
Group
Company
Notes Provision Tax losses Total Tax losses
US$’000 US$’000 US$’000 US$’000
At 1 January 2008 – 1,062 1,062 1,062
Credit/ (charge) to the
income statement for the year 24(a) (192) 237 45 218
Credit to equity for the year 22 – 22 –
Acquisition of subsidiaries 29 407 11 418 –
Currency translation differences 71 5 76 –
At 31 December 2008 and 1 January 2009 308 1,315 1,623 1,280
Credit/ (charge) to the income
statement for the year 24(a) (260) (1,313) (1,573) (1,280)
Currency translation differences (9) (1) (10) –
At 31 December 2009 39 1 40 –

86
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
24. TAX (continued)
(b)
Deferred taxation (continued)
Deferred tax liabilities
Undistributed
Group Note profits of associate
US$’000
At 1 January 2008 (749)
Charge to the income statement for the year 24(a) 749
At 31 December 2008, 1 January 2009 and 31 December 2009 –
The above associate, Capital Advisers, became a subsidiary of the Group in 2008.
25. PROFIT/ (LOSS) ATTRIBUTABLE TO OWNERS OF THE PARENT
The consolidated loss attributable to owners of the parent for the year ended 31 December 2009 includes a loss of
US$14,355k (2008: profit of US$3,478k) which has been dealt with in the financial statements of the Company (note 28(b)).
26. DIVIDENDS
The dividends paid in 2008 were US$5,068k (SG cents 2.75 per share). The directors of the Company do not recommend any final
dividend in respect of the current financial year.
27. LOSS PER SHARE
(a)
Basic
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average
number of ordinary shares in issue during the year.
(b)
Diluted
Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume
conversion of all dilutive ordinary shares during the year. The Group has one category of potential ordinary shares:
share options issued in 2004 by Capital Advisers. These share options are not considered to have any dilutive effect on loss
per share.
2009 2008
Loss attributable to owners of the parent (US$’000) (14,520) (3,055)
Weighted average number of ordinary shares in issue (‘000) 281,447 260,891
Loss per share (US cents per share) - basic and diluted (5.16) (1.17)

Realising A Sustainable Future
87
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
28. RESERVES
(a)
Group
The amounts of the Group’s reserves and the movements therein for the current and prior years are presented in the
consolidated statement of changes in equity on page 50 of the financial statements.
(b)
Company
share Share Retained Exchange Total
Notes capital premium earnings reserve equity
US$’000 US$’000 US$’000 US$’000 US$’000
Balance at 1 January 2009 41,759 21,402 36,376 609 100,146
Loss for the year 25 – – (14,355) – (14,355)
Other comprehensive income – – – (609 ) (609)
Total comprehensive income – – (14,355) (609) (14,964)
Issuance of shares 16 8,352 9,330 – – 17,682
Balance at 31 December 2009 50,111 30,732 22,021 – 102,864
Balance at 1 January 2008 39,709 13,353 37,966 – 91,028
Profit for the year 25 – – 3,478 – 3,478
Other comprehensive income – – – 609 609
Total comprehensive income – – 3,478 609 4,087
Issuance of shares 16 2,050 8,049 – – 10,099
Dividends paid in respect of 2007 26 – – (5,068) – (5,068)
Balance at 31 December 2008 41,759 21,402 36,376 609 100,146
29. ACQUISITION OF SUBSIDIARIES
On 4 January 2008, the Group acquired additional shares of Capital Advisers via a share swap thereby increasing the Group’s
total share ownership in Capital Advisers from 44.8% to 92.7%. Based on the share price of the Company of SG$1.13 per share on
4 January 2008, the date of acquisition, total consideration of the 47.9% equity interest in Capital Advisers amounted to
US$10,099k and share premium was increased by US$8,049k accordingly.
On 3 November 2008, the Group acquired additional shares of Uni Ships and Management Limited (“Uni Ships”) thereby increasing
the Group’s total share ownership in Uni Ships from 30% to 100%.
Hence, Capital Advisers and Uni Ships were consolidated in 2008.

88
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
29. ACQUISITION OF SUBSIDIARIES (continued)
The fair values of the identifiable assets and liabilities of Capital Advisers and Uni Ships as at the dates of acquisition were
as follows:
2008 2008
Fair value
recognized on Carrying
Notes acquisition value
US$’000 US$’000
Intangible assets 6 547 547
Property, plant and equipment 7 14,337 13,730
Investments 15,922 15,922
Investments in associates 205 205
Rental deposit 2,558 2,558
Deferred tax assets 24(b) 418 418
Properties for sale 12,890 12,890
Accounts receivable 4,049 4,049
Cash and bank balances 10,837 10,837
Other assets 1,650 1,650
Borrowings (31,598) (31,598)
Accounts payable (3,221) (3,221)
Other liabilities (7,141) (7,141)
Net identifiable assets 21,453 20,846
Non-controlling interest (1,557)
Realization of negative goodwill arising on acquisition of subsidiaries (118)
Reclassification from the Group’s investments in associates (9,589)
10,189
Satisfied by:
Shares 10,099
Cash 90
Total consideration 10,189
2008
US$’000
Net cash inflow arising on acquisition:
Cash and bank balances acquired 10,837
Cash consideration paid on acquisition (90)
30. DEEMED DISPOSAL OF SUBSIDIARIES
10,747
On 30 November 2009, the Group disposed of the shares in Prosperity Containership S.A. (“Prosperity”) at the par value of the
shares and received a partial refund of its initial investment in Prosperity in the amount of US$1.75 million by way of cash from
Prosperity. Accordingly, the Group’s effective equity interest in Prosperity was reduced from 100% to 50%.
On 11 December 2009, Glory Bulkship S.A. (“Glory”) increased paid-in capital from US$1,000 to US$1,000,000 by cancelling the
current issued shares and newly issuing 100 shares of US$10,000. The Group’s investment in Glory increased by US$449,200 from
US$800 to US$450,000, but percentage of equity interest was reduced from 80% to 45%. Thereafter, Prosperity and Glory became
investments of the Group.

Realising A Sustainable Future
89
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
30. DEEMED DISPOSAL OF SUBSIDIARIES (continued)
The net liabilities of Prosperity and Glory at the date of disposal were as follows:
2009
US$’000
Net assets disposed of:
Property, plant and equipment 95,070
Other assets 168
Deposits pledged as collateral 1,791
Cash and bank balances 5,962
Borrowings (98,544)
Derivative financial instruments (8,062)
Other liabilities (5,726)
Net liabilities disposed of (9,341)
Non-controlling interests 11
(9,330)
Gain on deemed disposal of subsidiaries 11,056
Total consideration 1,726
Satisfied by:
Cash 1,301
Investments 425
Net cash outflow arising on disposal:
Cash and bank balances disposed of (5,962)
Cash consideration received on disposal 1,301
31. DECONSOLIDATION OF SUBSIDIARIES
1,726
(4,661)
2009 2008
US$’000 US$’000
Accounts and other receivables 192 15
Loans receivables 662 –
Other assets 110 –
Cash and bank balances 73 210
Borrowings – (76)
Other payables and accruals – (165)
Net identifiable assets/ (liabilities) 1,037 (16)
Redemption of shares (1,039) –
Non-controlling interests – 16
Gain on deconsolidation of subsidiaries (2) –
Net cash outflow arising from deconsolidation
Cash and bank balances disposed of (73) (210)

90
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
32. INVESTMENTS IN SUBSIDIARIES
Company
2009 2008
US$’000 US$’000
Shares, at cost 11,636 15,721
Provision for impairment (10,099) –
1,537 15,721
(a)
Details of principal investments in subsidiaries
Details of the principal subsidiaries within the Group at the date of this report are as follows:
2009 2008
proportion of Proportion of Principal activities
Country/ place of ownership ownership and place
Name incorporation interest interest of operation
Directly held:
Uni-Asia Capital Singapore 100% 100% Ship chartering
(Singapore) Limited (i)
arrangement, Singapore
Off-Shore Property British Virgin 100% 100% Holding and investment
Investment Corporation (vi) Islands company, BVI
Uni-Asia Capital Company Hong Kong 100% 100% Property investment,
Limited (ii)
Hong Kong
Prosperity Containership Panama 50% 100% Shipping holding,
S.A. (ii) (vii)
Panama
Uni Delight Ltd. (v) (vi) Marshall Island – 100% Dissolved on
2 November 2009
Uni Elegance Ltd. (v) (vi) Marshall Island – 100% Dissolved on
2 November 2009
Uni Ships and Management Hong Kong 100% 100% Project management,
Limited (ii)
accounting and
administration services,
Hong Kong
Glory Bulkship S.A. (vi) (vii) Panama 45% 80% Shipping holding, Panama
Directly and indirectly held:
Capital Advisers Co., Ltd. (iv) Japan 92.7% 92.7% Property investment and
management, Japan

Realising A Sustainable Future
91
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
32. INVESTMENTS IN SUBSIDIARIES (continued)
(a)
Details of principal investments in subsidiaries (continued)
2009 2008
proportion of Proportion of Principal activities
Country/ place of ownership ownership and place
Name incorporation interest interest of operation
Indirectly held:
Uni-Asia Finance Japan 100% 100% Corporate finance
Corporation (Japan) (vi)
services, Japan
Uni-Asia Guangzhou Property PRC 100% 100% Property investment,
Management Company Limited (iii)
China
(Sun Vista Co., Ltd.) (vi) Japan 92.7% 92.7% Hotel management and
operator, Japan
Sun Vista Oita Co., Ltd. (vi) Japan 92.7% 92.7% Under Liquidation
Sun Vista Sapporo Co., Ltd. (vi) Japan 92.7% 92.7% Hotel management, Japan
Sun Vista East Co., Ltd. (vi) Japan 92.7% 92.7% Hotel management and
operator, Japan
Sun Vista West Co., Ltd. (vi) Japan 92.7% 92.7% Hotel operator, Japan
Vista Hotel Management Co., Ltd. (vi) Japan 92.7% 92.7% Hotel management, Japan
Japan 92.7% 92.7% Hotel investment holding,
(Vista Yugen Kaisha) (vi)
Japan
Japan 92.7% 92.7% Hotel investment holding,
(MGH Co., Ltd.) (vi)
Japan
Yugen Kaisha Atsugi Hotel (iv) (v) Japan 46.5% 44.2% Hotel management, Japan
Yugen Kaisha CA Development II (vi) Japan – 92.7% Dissolved on
21 December 2009
Tristar Asset Management Co., Ltd. (vi) Japan – 92.7% Dissolved on
19 March 2009

92
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
32. INVESTMENTS IN SUBSIDIARIES (continued)
(a)
Details of principal investments in subsidiaries (continued)
(i) Audited by Ernst & Young, Singapore
(ii) Audited by Ernst & Young, Hong Kong
(iii) Audited by , PRC
(iv) Audited by Ernst & Young ShinNihon LLC
(v) The members of the board of directors of the company are employees or directors of the Group, which is deemed as
having control from an accounting perspective and thus, the company is consolidated in the Group accounts.
(vi) Not required to be audited under the laws of the country of incorporation
(vii) During the year, the company became investments of the Group (note 30).
The above table lists the subsidiaries of the Company which, in the opinion of the directors, principally affected the results
for the year or formed a substantial portion of the net assets of the Group. To give details of other subsidiaries would,
in the opinion of the directors, result in particulars of excessive length.
(b) During 2008, the Group acquired additional equity interests in Capital Advisers and Uni Ships (note 29).
(c) During 2009, the Group disposed of partial equity interests in Prosperity and Glory (note 30).
(d)
(e)
The Group has pledged the interest in share capital of a subsidiary of US$10k to secure bank borrowings granted to the
subsidiary and swap agreements in relation to the bank borrowings in 2008. The subsidiary was disposed of during the year
(note 30).
The loans to subsidiaries are unsecured, interest-free or interest bearing from 2.15% to 3% (2008: 2.15% to 7%) and have fixed
terms of repayment or repayable on demand. The carrying amounts of the loans approximate to their fair values.
(f ) The amounts due from/ to subsidiaries are unsecured, interest-free and have no fixed terms of repayment. The carrying
amounts approximate to their fair values.
(g)
Investments in subsidiaries engaged in hotel/ property investment/ management in Japan have been impaired
by US$10,099k (2008: Nil) to reflect the recoverability of investments.
33. FINANCIAL RISK MANAGEMENT
The Group is exposed to market risk (foreign exchange risk, interest rate risk and price risk), credit risk and liquidity risk from
its finance arrangement and alternative investment management activities in shipping and real estate in Japan and China.
The Group also has mismatched Japanese Yen denominated and RMB denominated assets and liabilities.
It is the management’s intention to wherever possible or desired hedge investments that are not denominated in US$.
All hedging transactions are subject to Management Committee review and an approval process as stated in our Company’s
standard operating procedure (SOP) for investments.
Forward rate agreements are used to manage the Group’s own exposures to foreign exchange and interest rate risks as part of its
asset and liability management process. The Group uses financial instruments such as currency forwards, interest rate swaps and
foreign currency borrowings to hedge certain financial risk exposures. Financial instruments currently traded or held include cash
and cash equivalents, investments, loans and receivables and borrowings.

Realising A Sustainable Future
93
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
33. FINANCIAL RISK MANAGEMENT (continued)
(i)
Market risk
Market risk is the risk that the value of a financial instrument and investment will fluctuate as a result of changes in market
prices, whether those changes are caused by factors specific to the individual financial instrument or factors affecting all
financial instruments traded in or indexed to a market. The Group is exposed to market risk on financial instruments and
investments that are valued at market prices which primarily consist of investments in shipping, properties and hotels, loans,
properties for sale and marketable securities.
•
Foreign exchange risk
Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments
in foreign operations when the future commercial transaction or recognized assets or liabilities are denominated in a
currency other than the entity’s functional currency. Our foreign exchange exposures give rise to market risk associated
with exchange rate movements against the US$, our functional and reporting currency.
The Group has certain investments in Japan and China, whose net assets or capital value are exposed to foreign
exchange risk. The Group’s investments in Japan and China are currently not hedged. However, currency exposure
arising from the Group’s JPY loan to the Japanese subsidiary is managed partly through JPY-denominated borrowings.
The Group may use forward currency contracts to partly hedge its JPY loan exposure from a shipping subsidiary.
The Group has regional offices and presence in Hong Kong, Singapore, Japan and China. The Group’s income is denominated
mostly in US$ and JPY while its operating expenses are mainly denominated in HK$, US$, SG$, JPY and RMB.
The table below summarizes the Group’s exposure to foreign exchange risk. (Amounts shown are in US$’000 equivalent)
As at 31 December 2009
US$ JPY Others Total
Assets
Investments 27,922 13,959 643 42,524
Loans receivables 3,725 25 – 3,750
Accounts receivables 680 3,224 61 3,965
Deposits pledged as collateral 11,311 614 1,175 13,100
Cash and bank balances 26,917 6,403 19,998 53,318
70,555 24,225 21,877 116,657
Liabilities
Borrowings – (34,818) – (34,818)
Accounts payable (166) (2,448) – (2,614)
Other payables and accruals (129) (3,409) (562) (4,100)
(295 ) (40,675) (562) (41,532)
Net financial assets/ (liabilities) 70,260 (16,450) 21,315 75,125
Commitments (3,950) (15,696) (1,664) (21,310)
Currency exposure 66,310 (32,146) 19,651 53,815

94
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
33. FINANCIAL RISK MANAGEMENT (continued)
(i)
Market risk (continued)
•
Foreign exchange risk (continued)
The table below summarizes the Group’s exposure to foreign exchange risk. (Amounts shown are in US$’000 equivalent)
As at 31 December 2008
US$ JPY Others Total
Assets
Investments 22,034 23,897 354 46,285
Deposits for purchase of vessels 25,786 11,561 – 37,347
Properties for sale – 9,013 – 9,013
Accounts receivables 451 4,445 9 4,905
Deposits pledged as collateral 11,230 48 1,170 12,448
Cash and bank balances 15,094 11,775 1,928 28,797
74,595 60,739 3,461 138,795
Liabilities
Borrowings (14,101) (44,790) – (58,891)
Derivative financial instruments (5,570) (7,383) – (12,953)
Accounts payable (411) (2,669) – (3,080)
Other payables and accruals (343) (5,955) (523) (6,821)
(20,425) (60,797) (523) (81,745)
Net financial assets/ (liabilities) 54,170 (58) 2,938 57,050
Commitments (79,850) (149,554) (2,070) (231,474)
Currency exposure (25,680) (149,612) 868 (174,424)
Assuming a 5% change in US$ against the JPY (2008: 5%) with all other variables including tax rate being held constant,
the effects arising from the net financial asset/ liability position will be as follows:
2009 2008
L loss after tax Loss after tax
US$’000 US$’000
US$ against JPY
- strengthened 783 292
- weakened (783) (292)

Realising A Sustainable Future
95
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
33. FINANCIAL RISK MANAGEMENT (continued)
(i)
Market risk (continued)
•
Interest rate risk
Interest rate risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market interest
rates and the cash flow risks associated with the variability of cash flows from floating rate financial instruments.
The Group is exposed to interest rate risk primarily from interest rate re-pricing differences between customers’
loans, borrowings, cash and cash equivalents and shareholders’ capital.
The Group’s cash balances are kept in interest bearing current accounts and on term deposits to maximize the level
of return while maintaining an adequate level of liquidity. The Group’s borrowings at variable rates are denominated
in US$ and JPY.
The Group may manage its interest rate risk through the use of interest rate swaps. These are commitments to exchange
one set of cash flows for another. Swaps result in an economic exchange of currencies or interest rates (for example,
fixed rate for floating rate) or a combination of all these (i.e. cross-currency interest rate swaps).
As at 31 December 2009, if US$ market interest rates had been 100 basis point higher/ lower with other variables
held constant, loss after tax for the year would have been US382k (2008: US$122k) higher/ lower, mainly as a result of
higher/ lower net interest income earned on floating rate financial instruments.
As at 31 December 2009, if JPY market interest rates had been 40 basis point higher/ lower with other variables held
constant, loss after tax for the year would have been US$111k (2008: US$132k) higher/ lower, mainly as a result of
higher/ lower net interest expense incurred on floating rate financial instruments.
•
Price risk
The Group is exposed to price risk on the shipping, hotel and property investments because the investments are
classified on the consolidated balance sheet at fair value through profit or loss or at the lower of carrying value or
recoverable amount. The Group seeks to manage such risk exposure by keeping a balanced portfolio, performing
due diligence procedures, conducting routine analysis and updates on the market and investing through specialized
fund structures. The Group maintains a diversified investment portfolio in shipping, properties and other alternative
asset classes.
In case of ship investment in funds which represented 59% (2008: 37%) of the shipping portfolio size, in most case,
we are limited to a negative fair value loss equivalent to the initial investment amount.
In the case of investment into hotels through the specialized fund structures which represented 9% (2008: 15%) of
the hotel portfolio size, we are limited to a negative fair value loss equivalent to the outstanding investment amount.
An impairment loss of US$2,482k (2008: Nil) was recognized in 2009 for hotel properties classified as property,
plant and equipment. As at 31 December 2009, the carrying value of hotel properties amounted to US$22,248k
(2008: US$26,060k).
In the case of investment into residential properties through specialized fund structures which represented
30% (2008: 48%) of the residential portfolio, we are limited to a negative fair value loss equivalent to the outstanding
investment amount.
If prices for shipping investments change by 1% (2008: 1%) with all other variables including tax rate being held
constant, the loss after tax will be changed by US$1,648k (2008: US$1,088k).
If prices for residential properties investments change by 1% (2008: 1%) with all other variables including tax rate being
held constant, the loss after tax will be changed by US$260k (2008: US$397k).

96
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
33. FINANCIAL RISK MANAGEMENT (continued)
(ii)
Credit risk
Credit risk is the risk of loss resulting from the failure of counterparties to meet the terms of their obligations under a financial
instrument or customer contract. The Group is exposed to credit risk from accounts receivable and loan receivables, deposits
with banks and financial institutions, foreign exchange transactions, other financial instruments, and counterparty default
risk from investing activities. The Group seeks to minimize these risks by performing detailed reviews of loan counterparties
or asset issuers and by either selling on participated loans to other parties or entering into offsetting loans payable when
management wishes to preserve the Group’s liquidity.
The Group deals only with customers of good credit standing and the loans are currently extended only to investee or
related companies. Lastly, the business of hotel operation is conducted largely on cash basis. Under special circumstances,
credit may be offered to corporate account holders but this represents a very marginal part of hotel business.
The bank balances and pledged deposits are deposited with creditworthy banks with no recent history of default.
As the Group does not hold any collateral, the maximum exposure to credit risk for each class of financial instruments is the
carrying amount of that class of financial instruments presented on the balance sheet, except as follows:
2009 2008
million million
Corporate guarantees provided to ship manufacturers JPY3,752 JPY3,752
Corporate guarantees provided to bank/ lender US$16 US$8
(iii)
Liquidity risk
The Group manages liquidity risk by maintaining sufficient cash and marketable securities and the availability of funding
through an adequate amount of committed credit facilities and the ability to close out market positions in order to meet
our normal operating commitment and capital investment requirement. The table below analyses the maturity profile
of the Group’s financial assets and liabilities (including derivative financial liabilities) based on contractual undiscounted
cash flows.
less than 3 3-12 1-5 Over 5
months months years years
US$’000 US$’000 US$’000 US$’000
At 31 December 2009
Financial assets
Investments 346 3,282 25,648 13,325
Loans receivable 56 167 4,268 –
Accounts and other receivables 4,394 34 2,476 108
Deposits pledged as collateral 11,785 1,315 – –
Cash and bank balances 53,325 – – –
69,906 4,798 32,392 13,433
Financial liabilities
Interest bearing borrowings (11,161) (23,804) (609) –
Finance lease obligation (2) (7) (12) –
Due to Tokumei Kumiai investors – – (613) –
Retirement benefit allowance – – – (240)
Accounts and other payables (4,351) (80) (197) –
(15,514) (23,891) (1,431) (240)

Realising A Sustainable Future
97
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
33. FINANCIAL RISK MANAGEMENT (continued)
(iii)
Liquidity risk (continued)
less than 3 3-12 1-5 Over 5
months months years years
US$’000 US$’000 US$’000 US$’000
At 31 December 2008
Financial assets
Investments 192 280 35,332 10,721
Accounts and other receivables 6,954 650 2,116 110
Derivative financial instruments 773 – – –
Deposits pledged as collateral 12,464 48 – –
Cash and bank balances 28,824 – – –
49,207 978 37,448 10,831
Financial liabilities
Interest bearing borrowings (8,140) (38,155) (5,171) (9,899)
Finance lease obligation (27) (83) (220) (32)
Due to Tokumei Kumiai investors – – (2,055) –
Retirement benefit allowance – – – (656)
Derivative financial instruments (3,913) (1,190) (4,123) (3,727)
Accounts and other payables (9,038) – – –
(21,118) (39,428) (11,569) (14,314)
(iv)
Capital management
In the near term, the Group’s objective when managing capital is to maintain an optimal capital structure in order to expand
the size of our investment portfolio. In order to maintain or achieve an optimal capital structure, the Group may adjust
the amount of dividend payment, return capital to shareholders, issue new shares, buy back issued shares, obtain new
borrowings or sell investments to reduce borrowings. The Group conducts regular cashflow analysis to determine the
capital requirement of each department and the cashflow and financial position of all business activities in order to closely
monitor the cashflow and capital structure of the Group.
The Group can monitor capital using the gearing ratio, which is net debt divided by total equity.

98
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
33. FINANCIAL RISK MANAGEMENT (continued)
(v)
Fair value estimation
•
Fair value
The carrying amounts of each category of financial instruments, which approximate to their fair values, as at the end
of the reporting period are as follows:
Financial assets
2009
Financial
assets at fair Availableloans
and value through for-sale
Notes receivables profit or loss financial assets
US$’000 US$’000 US$’000
Investments - listed (a) – 643 160
Investments - unlisted (b) – 41,721 –
Loans receivable (b) 3,750 – –
Accounts receivable (c) 3,965 – –
Prepayments, deposits and other receivables (c) 1,385 – –
Deposits pledged as collateral (c) 13,100 – –
Cash and bank balances (c) 53,318 – –
Total 75,518 42,364 160
2008
Financial
assets at fair Availableloans
and value through for-sale
Notes receivables profit or loss financial assets
US$’000 US$’000 US$’000
Investments - listed (a) – 280 235
Investments - unlisted (b) – 45,770 –
Derivative financial instruments (b) – 773 –
Accounts receivable (c) 4,905 – –
Prepayments, deposits and other receivables (c) 1,812 – –
Deposits pledged as collateral (c) 12,448 – –
Cash and bank balances (c) 28,797 – –
Total 47,962 46,823 235

Realising A Sustainable Future
99
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
33. FINANCIAL RISK MANAGEMENT (continued)
(v)
Fair value estimation (continued)
•
Fair value (continued)
Financial liabilities
2009 2008
Financial
Financial Financial liabilities at fair
liabilities at liabilities at value through
Notes amortized costs amortized costs profit or loss
US$’000 US$’000 US$’000
Interest bearing borrowings (b) 34,818 58,891 –
Finance lease obligations (b) 20 328 –
Accounts and other payables (c) 4,628 9,038 –
Derivative financial instruments (b) – – 12,953
Total 39,466 68,257 12,953
Note:
The following methods and assumptions were used to estimate the fair values:
(a)
(b)
(c)
Fair value of listed investments is based on price quotations at the reporting date.
Fair value is estimated by discounting future cash flows using rates currently available for debt on similar terms,
credit risk and remaining maturities.
The carrying amounts approximate to their fair values due to short-term maturities of these instruments.
•
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments
by valuation technique:
Level 1:
Level 2:
Level 3:
quoted (unadjusted) prices in active markets for identical assets or liabilities
other techniques for which all inputs which have a significant effect on the recorded fair value are observable,
either directly or indirectly
techniques which use inputs which have a significant effect on the recorded fair value that are not based on
observable market data.

100
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
33. FINANCIAL RISK MANAGEMENT (continued)
(v)
Fair value estimation (continued)
•
Fair value hierarchy (continued)
Analysis of financial instruments carried at fair value by level of fair value hierarchy as at the end of the reporting period
are as follows:
2009
L level 1 Level 2 Level 3 Total
US$’000 US$’000 US$’000 US$’000
Financial assets at fair value through profit or loss
Unlisted shares – 10,986 13,799 24,785
Unlisted performance notes – 16,654 282 16,936
Listed shares 643 – – 643
Available-for-sale financial assets
Listed shares 160 – – 160
The movements in fair value measurements in Level 3 during the year are as follows:
US$’000
Financial assets at fair value through profit or loss
At 1 January 2009 24,125
Fair value adjustment recognized in the income statement (6,269)
Purchases 808
Disposals (3,482)
Currency translation differences (1,101)
At 31 December 2009 14,081
During the year ended 31 December 2009, there were no transfers of fair value measurements between Level 1 and
Level 2 and no transfer into or out of Level 3.
•
Impact of changes to key assumptions on fair value of Level 3 financial instruments
Fair value of Level 3 investments in hotel and residential had been determined using a valuation technique based on
assumptions of certain occupancy rate and room rate that are not supported by observable market prices or data.
The valuation requires management to make estimates about expected future cash flows of the financial instruments
which are discounted at current market rates.
If occupancy rate changes by 1% with all other variables including tax rate being held constant, the loss/ profit after
tax will be changes by US$275k.
If room rate changes by 1% with all other variables including tax rate being held constant, the loss/ profit after tax will
be changes by US$254k.

Realising A Sustainable Future
101
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
34. COMMITMENTS
(a)
Capital commitments
Capital expenditure contracted for at the balance sheet date but not recognized in the financial statements of the Group
and the Company are as follows:
Group
Company
2009 2008 2009 2008
US$’000 US$’000 US$’000 US$’000
Capital commitments in respect of
vessels under construction – 201,010 – 41,703
(b)
Operating lease commitments - the Group as lessee
The Group leases certain of its office and hotel properties and office equipments under operating lease arrangements.
Terms for the leases for properties range from three to six years and those for office equipments range between two and
five years.
At the balance sheet date, the Group and the Company had total future minimum lease payments under non-cancellable
operating leases falling due as follows:
Premises and office equipment
Group
Company
2009 2008 2009 2008
US$’000 US$’000 US$’000 US$’000
Within one year 1,832 1,947 878 1,055
Later than one year and not later than five years 709 925 40 786
Hotel properties
2,541 2,872 918 1,841
Within one year 7,351 8,331 – –
Later than one year and not later than five years 7,448 14,983 – –
14,799 23,314 – –

102
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
34. COMMITMENTS (continued)
(c)
Operating lease commitments - the Group as lessor
The Group has entered into commercial property leases on its investment properties and leases certain of its vessels under
construction under operating lease arrangements. These noncancellable leases have remaining lease terms of two years.
Future minimum rentals receivable under non-cancellable operating leases at the balance sheet date are as follows:
Rental income from investment properties
Group
2009 2008
US$’000 US$’000
Within one year 217 285
Later than one year and not later than five years 70 255
287 540
Future minimum chartering income receivable under non-cancellable operating leases at the balance sheet date are
as follows:
Chartering income from vessels under construction
Group
2009 2008
US$’000 US$’000
Within one year – 9,350
Later than one year and not later than five years – 83,676
Over five years – 58,223
– 151,249
(d)
Finance lease commitments
The Group has finance leases for certain items of hotel properties and office equipment, furniture and fixtures. These leases
have terms for renewal but no purchase options and escalation clauses.
Future minimum lease payments under finance leases together with the present value of net minimum lease payments are
as follows:
Group
Minimum lease
present value of
payments
payments
2009 2008 2009 2008
US$’000 US$’000 US$’000 US$’000
Within one year 9 113 9 100
Later than one year and not later than five years 11 249 11 228
Total minimum lease payments 20 362 20 328
Less: Amount representing finance charges (34) –
Present value of minimum lease payments 20 328 20 328

Realising A Sustainable Future
103
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
34. COMMITMENTS (continued)
(e)
Investment commitments
Group and Company
2009 2008
US$’000 US$’000
Performance notes 3,950 3,950
Performance notes represent the outstanding balance of the maximum commitment to Akebono Fund in the subscription
agreements dated 17 April 2007.
35. RELATED PARTY TRANSACTIONS
(a)
In addition to the information disclosed elsewhere in the financial statements, the following transactions took place between
the Group and related parties in the normal course of business and on arm’s length basis:
2009 2008
Other
Other
Investee related Investee related
associates companies companies Associates companies companies
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Income Statement
Fee income
Arrangement and agency fee – 710 108 – 1,186 130
Project management fee – 710 12 – – –
Brokerage commission – 486 – 220 62 –
Incentive fee – 125 – – 1,766 –
Asset management and
administration fee – 3,710 – – 3,743 –
Hotel income – 2,974 – – – –
Investment returns
Interest on performance notes
- shipping – 620 – – 5,595 –
Interest on performance notes
- distressed debt – 87 – – 25 –
Realized gain on investment
- shipping – 11,056 – – – –
Realized gain on investment
- hotel and residential – 252 – 94 258 –
Interest income from participation
in bridging loan – 1,375 – – 206 –
Balance Sheet
Loans receivable – 3,750 – – – –
Accounts receivable – 2,601 16 – 1,995 35
Due to Tokumei Kumiai investors – – 613 – – 2,055

104
Uni-Asia Finance Corporation Annual Report 2009
Notes to the Consolidated Financial Statements
Year ended 31 December 2009
35. RELATED PARTY TRANSACTIONS (continued)
(b)
Key Management Personnel Compensation
2009 2008
US$’000 US$’000
Short term benefits 1,262 2,357
Employer’s contribution to defined contribution plans 14 103
Other welfare and allowances 401 827
1,677 3,287
Included in the above is total compensation to directors of the Group amounting to US$561k (2008: US$917k).
36. CONTINGENT LIABILITIES
2009 2008
US$’000 US$’000
At the balance sheet date, there were contingent liabilities in respect of
- performance guarantee to a builder for the due performance by an investment 40,335 41,395
- guarantee for bank loan provided to investments 16,000 8,000
56,335 49,395
Capital Advisers was served a complaint dated 14 November 2008 to the Tokyo District Court by Kabushikikaisha
Land (“seller”) in relation to a sales and purchase agreement dated 13 July 2007 (“S&P agreement”), pursuant to which
Capital Advisers had cancelled the S&P agreement on May 2008 in accordance with the agreement release clause.
Two lawsuits have been filed against Capital Advisers requesting for punitive damages of JPY294 million from the seller and
JPY10.5 million from the broker.
On 8 October 2009 and 24 December 2009, Capital Advisers accepted the court’s recommendation for judicial settlement
to pay the broker JPY200k and the seller JPY2 million, respectively, for the waiver and withdrawal of all their claims against
Capital Advisers.
37. APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements were approved and authorized for issue by the board of directors on
15 March 2010.

Realising A Sustainable Future
105
Statistics of Shareholdings
As at 8 March 2010
SHARE CAPITAL
Number of Issued Shares: 313,195,200
Share Capital:
US$50,111,232
Class of Shares:
Ordinary Shares
Voting Rights:
On show of hands - one vote
On a poll - one vote for every ordinary share
TWENTY LARGEST SHAREHOLDERS AS AT 8 MARCH 2010
No. of
% of
Name of Shareholder shares Shareholdings
1 DBS VICKERS SECURITIES (S) PTE LTD 69,421,950 22.17
2 EVERGREEN INTERNATIONAL S.A. 31,250,000 9.98
3 YAMASHIRO MOTOKUNI 27,812,000 8.88
4 FASTWIN INVESTMENT LIMITED 12,500,000 3.99
5 HSH NORDBANK AG 12,500,000 3.99
6 FOUNDERS CORPORATION 11,937,500 3.81
7 MITSUI & CO., LTD 8,968,750 2.86
8 OCBC SECURITIES PRIVATE LTD 7,569,000 2.42
9 EXENO YAMAMIZU CORPORATION 5,125,000 1.64
10 UOB KAY HIAN PTE LTD 3,768,000 1.20
11 CITIBANK NOMINEES SINGAPORE PTE LTD 3,350,000 1.07
12 PHILLIP SECURITIES PTE LTD 3,166,000 1.01
13 FUKUMORI MASAKI 1,887,500 0.60
14 YEO SENG BUCK 1,822,000 0.58
15 PROSPECT INVESTMENT PTE LTD 1,152,000 0.37
16 CIMB-GK SECURITIES PTE. LTD. 1,044,000 0.33
17 WONG YUN HEY 1,000,000 0.32
18 KIM ENG SECURITIES PTE. LTD. 933,000 0.30
19 LIM & TAN SECURITIES PTE LTD 854,000 0.27
20 NOMURA SINGAPORE LIMITED 838,000 0.27
Total 206,898,700 66.06
Distribution of Shareholders by Size of Shareholdings As at 8 March 2010
No. of % of No. % of
Size of Shareholdings shareholders Shareholders of Shares Shareholdings
1 - 999 2 0.04 750 0.00
1,000 - 10,000 2,535 55.61 16,309,000 5.21
10,001 - 1,000,000 2,006 44.00 93,611,750 29.89
1,000,001 - and above 16 0.35 203,273,700 64.90
Grand Total 4,559 100.00 313,195,200 100.00

106
Uni-Asia Finance Corporation Annual Report 2009
Statistics of Shareholdings
As at 8 March 2010
SUBSTANTIAL SHAREHOLDERS as at 8 March 2010
as shown in the Company’s Register of Substantial Shareholders
shareholding registered Other shareholdings in which
Name of in name of substantial shareholders
Substantial Shareholders substantial shareholders are deemed to have an interest
No. of % of issued No. of % of issued
shares Shares Shares Shares
Yamasa Co., Ltd – – 61,167,950 (1) 19.53%
Evergreen International S.A. 31,250,000 9.98% – –
Yamashiro Motokuni 27,612,000 (2) 8.82% – –
Notes:
(1)
Shares registered in the name of DBS Vickers Securities (Singapore) Pte Ltd.
(2)
The number of shares took into account the following trades:-
(i) Sale of 100,000 shares on 5 March 2010
(ii) Sale of 100,000 shares on 8 March 2010
Public Shareholdings
Based on the information available to the Company as at 8 March 2010, approximately 56.90% of the total number of issued shares of
the Company is held by the public and thereof, Rule 723 of the Listing Manual issued by the Singapore Exchange Securities Trading
Limited is complied with.

Realising A Sustainable Future
107
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the Annual General Meeting of Uni-Asia Finance Corporation (the “Company”) will be held at Anson III,
Level 2, M Hotel Singapore, 81 Anson Road Singapore 079908 on Tuesday, April 27, 2010 at 2.00 p.m. for the following purposes:
AS ORDINARY BUSINESS
1. To receive and adopt the Audited Financial Statements of the Company for the year ended December 31, 2009 together with
the Auditors’ Report thereon. (Resolution 1)
2. To re-elect the following Directors retiring pursuant to the Company’s Articles of Association:
Mr Ang Miah Khiang (Retiring under Article 100) (Resolution 2)
Mr Rong-Jong Owng (Retiring under Article 100) (Resolution 3)
Mr Ang Miah Khiang will upon re-election as Director of the Company, remain as Member of the Audit Committee and will be considered
independent for the purposes of Rule 704(8) of the Listing Manual of the Singapore Exchange Securities Trading Limited.
3. To approve the payment of Directors’ fees of S$155,000 for the year ended December 31, 2009 (2008: S$140,342).
(Resolution 4)
4. To re-appoint Messrs Ernst & Young as the Company’s Auditors and to authorise the Directors to fix their remuneration.
(Resolution 5)
5. To transact any other ordinary business which may properly be transacted at an Annual General Meeting.
AS SPECIAL BUSINESS
To consider and if thought fit, to pass the following resolutions as Ordinary Resolutions, with or without any modifications:
6(i). Authority to allot and issue shares
“That pursuant to the Listing Manual of the Singapore Exchange Securities Trading Limited (“SGX-ST”) and the Company’s
Articles of Association, authority be and is hereby given to the directors to:
(A) (i) issue shares in the capital of the Company (“shares”) whether by way of rights, bonus or otherwise, and /or
(ii)
make or grant offers, agreements or options (collectively “Instruments”) that might or would require shares to be
issued, including but not limited to the creation and issue of (as well as adjustments to) warrants, debentures or other
instruments convertible into shares,
at any time and upon such terms and conditions and for such purposes and to such persons as the Directors may in their
absolute discretion deem fit; and
(B)
(notwithstanding the authority conferred by this Resolution may have ceased to be in force) issue shares in pursuance of
any Instrument made or granted by the Directors while this Resolution was in force,
provided that:
(a)
the aggregate number of shares to be issued pursuant to this Resolution (including shares to be issued in pursuance of
Instruments made or granted pursuant to this Resolution):
(i)
by way of renounceable rights issues on a pro rata basis to shareholders of the Company (“Renounceable Rights
Issues”) shall not exceed one hundred per centum (100%) of the total number of issued shares in the capital of the
Company excluding treasury shares (as calculated in accordance with sub-paragraph (c) below); and

108
Uni-Asia Finance Corporation Annual Report 2009
Notice of Annual General Meeting
(ii) otherwise than by way of Renounceable Rights Issues (“Other Share Issues”) shall not exceed fifty per centum (50%)
of the total number of issued shares (excluding treasury shares) of the Company (as calculated in accordance with
sub-paragraph (c) below), of which the aggregate number of shares to be issued other than on a pro rata basis to
shareholders of the Company (including shares to be issued pursuance of Instruments made or granted pursuant to
this Resolution) does not exceed twenty per centum (20%) of the total number of issued shares (excluding treasury
shares) of the Company (as calculated in accordance with sub-paragraph (c) below);
(b)
(c)
the Renounceable Rights Issues and Other Share Issues shall not, in aggregate, exceed one hundred per centum (100%) of
the total number of issued shares (excuding treasury shares) of the Company (as calculated in accordance with paragraph
(c) below);
(subject to such manner of calculation as may be prescribed by the SGX-ST) for the purpose of determining the aggregate
number of shares that may be issued under sub-paragraph (a) above, the total number of issued shares (excluding treasury
shares) shall be based on the total number of issued shares (excluding treasury shares) of the Company at the time this
Resolution is passed, after adjusting for:
(i)
(ii)
(iii)
new shares arising from the conversion or exercise of any convertible securities;
new shares arising from exercising share options or vesting of share awards outstanding or subsisting at the time this
Resolution is passed, provided the options or awards were granted in compliance with the provisions of the Listing
Manual of the SGX-ST; and
any subsequent bonus issue, consolidation or subdivision of shares;
(d)
(e)
in exercising the authority conferred by this Resolution, the Company shall comply with the provisions of the Listing
Manual of the SGX-ST for the time being in force (unless such compliance has been waived by the SGX-ST) and the Articles
of Association for the time being of the Company; and
(unless revoked or varied by the Company in general meeting) the authority conferred by this Resolution shall continue
in force (i) 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; or (ii) in the case of shares to be
issued in pursuance of the Instruments, made or granted pursuant to this Resolution, until the issuance of such shares in
accordance with the terms of the Instruments.” (Resolution 6)
In the event that Resolution 6 above is not passed by Ordinary Resolution, in the alternative, to consider and if thought fit, to
pass the following resolution, with or without any modifications:
“That pursuant to the Listing Manual of the Singapore Exchange Securities Trading Limited (“SGX-ST”) and the Company’s
Articles of Association, authority be and is hereby given to the directors to:
(A) (i) issue shares in the capital of the Company (“shares”) whether by way of rights, bonus or otherwise, and /or
(ii)
make or grant offers, agreements or options (collectively “Instruments”) that might or would require shares to be
issued, including but not limited to the creation and issue of (as well as adjustments to) warrants, debentures or other
instruments convertible into shares,
at any time and upon such terms and conditions and for such purposes and to such persons as the Directors may in their
absolute discretion deem fit; and

Realising A Sustainable Future
109
Notice of Annual General Meeting
(B)
(notwithstanding the authority conferred by this Resolution may have ceased to be in force) issue shares in pursuance of
any Instrument made or granted by the Directors while this Resolution was in force,
provided that:
(a)
(b)
the aggregate number of shares to be issued pursuant to this Resolution (including shares to be issued pursuance of
Instruments made or granted pursuant to this Resolution) does not exceed fifty per centum (50%) of the total number
of issued shares (excluding treasury shares) of the Company (as calculated in accordance with sub-paragraph (b) below),
of which the aggregate number of shares to be issued other than on a pro rata basis to shareholders of the Company
(including shares to be issued pursuance of Instruments made or granted pursuant to this Resolution) does not exceed
twenty per centum (20%) of the total number of issued shares (excluding treasury shares) of the Company (as calculated
in accordance with sub-paragraph (b) below);
(subject to such manner of calculation as may be prescribed by the SGX-ST) for the purpose of determining the aggregate
number of shares that may be issued under sub-paragraph (a) above, the total number of issued shares (excluding treasury
shares) shall be based on the total number of issued shares (excluding treasury shares) of the Company at the time this
Resolution is passed, after adjusting for:-
(i)
(ii)
(iii)
new shares arising from the conversion or exercise of any convertible securities;
new shares arising from exercising share options or vesting of share awards outstanding or subsisting at the time this
Resolution is passed, provided the options or awards were granted in compliance with the provisions of the Listing
Manual of the SGX-ST; and
any subsequent bonus issue, consolidation or subdivision of shares;
(c)
(d)
in exercising the authority conferred by this Resolution, the Company shall comply with the provisions of the Listing
Manual of the SGX-ST for the time being in force (unless such compliance has been waived by the SGX-ST) and the Articles
of Association for the time being of the Company; and
(unless revoked or varied by the Company in general meeting) the authority conferred by this Resolution shall continue
in force (i) 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; or (ii) in the case of shares to be
issued in pursuance of the Instruments, made or granted pursuant to this Resolution, until the issuance of such shares in
accordance with the terms of the Instruments.” (Resolution 6A)
6(ii). Authority to offer and grant options and to allot and issue shares under the Uni-Asia Share Option Scheme
“That approval be and is hereby given to the Directors to:
(a)
(b)
offer and grant options in accordance with the Uni-Asia Share Option Scheme (the “Scheme”) and the Memorandum and
Articles of Association of the Company; and
allot and issue such number of ordinary shares (the “Scheme Shares”) as may be required to be issued pursuant to the
exercise of options under the Scheme provided always that the aggregate number of Scheme Shares over which options
granted when added to the number of shares issued and issuable in respect of all options granted under the Scheme shall
not exceed fifteen per centum (15%) of the issued shares in the Company from time to time.” (Resolution 7)

110
Uni-Asia Finance Corporation Annual Report 2009
Notice of Annual General Meeting
7. Increase in discount limit to not more than 20% for non pro rata share issue
“That, contingent on the passing of Resolution 6 or Resolution 6A, as the case may be, above, authority be and is hereby given
to the Directors of the Company to fix the issue price for shares and/or Instruments that are to be issued by way of placement
pursuant to the twenty per centum (20%) sub-limit for Other Share Issues on a non pro rata basis referred to in Resolution 6 or
Resolution 6A, as the case may be, above, at a discount exceeding ten per centum (10%) but not more than twenty per centum
(20%) of the price as determined in accordance with the Listing Manual of the SGX-ST.” (Resolution 8)
By Order of the Board
Joanna Lim Lan Sim
Company Secretary
Singapore, 5 April 2010
Statement Pursuant to Article 44 of the Company’s Articles of Association
The effect of the resolutions under the heading “Special Business” in this Notice of the Annual General Meeting are:
(i)
The Ordinary Resolution 6 proposed in item 6(i) above, if passed, will empower the Directors to issue shares in the capital of
the Company and to make or grant instruments (such as warrants or debentures) convertible into shares, and to issue shares in
pursuance of such instruments, up to a number not exceeding (i) 100% for Renounceable Rights Issues and (ii) 50% for Other
Share Issues, of which up to 20% may be issued other than on a pro rata basis to shareholders, provided that the total number
of shares which may be issued pursuant to (i) and (ii) shall not exceed 100% of the issued shares in the capital of the Company
excluding treasury shares. The aggregate number of shares which may be issued shall be based on the total number of issued
shares in the capital of the Company (excluding treasury shares) at the time that Ordinary Resolution 6 is passed, after adjusting
for (a) new shares arising from the conversion or exercise of any convertible securities or share options or vesting of share
awards which are outstanding or subsisting at the time that Ordinary Resolution 6 is passed, and (b) any subsequent bonus
issue or consolidation or subdivision of shares.
The authority for 100% Renounceable Rights Issues is proposed pursuant to one of the new measures introduced by the
Singapore Exchange Limited (“SGX”) in consultation with the Monetary Authority of Singapore (“MAS”), which took effect on
20 February 2009 to accelerate and facilitate listed issuers’ fund raising efforts.
In the event that Ordinary Resolution 6 above is not passed, the Directors will immediately propose for the shareholders’
consideration the adoption of Ordinary Resolution 6A, which, if passed, will empower the Directors to issue shares and
convertible securities in the Company. The number of shares and convertible securities that the Directors may issue under this
Resolution would not exceed 50% of the total number of issued shares (excluding treasury shares) of the Company at the time
of the passing of this Resolution. For issue of shares and convertible securities other than on a pro rata basis to all shareholders,
the aggregate number of shares and convertible securities to be issued shall not exceed 20% of the total number of issued
shares (excluding treasury shares) of the Company. The aggregate number of shares which may be issued shall be based on
the total number of issued shares (excluding treasury shares) of the Company at the time that Ordinary Resolution 6A is passed,
after adjusting for (a) new shares arising from the conversion or exercise of any convertible securities or share options or vesting
of share awards which are outstanding or subsisting at the time that Ordinary Resolution 6A is passed, and (b) any subsequent
bonus issue or consolidation or subdivision of shares.

Realising A Sustainable Future
111
Notice of Annual General Meeting
(ii)
(iii)
The Ordinary Resolution 7 proposed in item 6(ii) above, if passed, will empower the Directors of the Company to grant options
and issue shares pursuant to the Uni-Asia Share Option Scheme which was approved at the Extraordinary General Meeting of
the Company on 26 June 2007.
The Ordinary Resolution 8 proposed in item 7 above, if passed, will authorise the Directors of the Company to fix the issue price
for shares that are issued by way of placement pursuant to the 20% sub-limit for Other Share Issues on a non pro rata basis
referred to in Resolution 6 or Resolution 6A, as the case may be, above at a discount exceeding 10% but not more than 20% of
the price as determined in accordance with the Listing Manual of the SGX-ST (the “Maximum Pricing Discount”).
Notes:
The authority to set the Maximum Pricing Discount is proposed pursuant to one of the new measures introduced by the
SGX in consultation with the MAS, which took effect on 20 February 2009 to accelerate and facilitate the fund raising efforts of
listed issuers.
1. A member of the Company entitled to attend and vote at a meeting of the Company who is the holder of two or more shares
shall be entitled to appoint not more than two proxies to attend and vote in his/her stead. A proxy need not be a member of
the Company.
2. The instrument appointing a proxy or proxies must be deposited at the office of the Company’s Share Transfer Agent in
Singapore, Tricor Barbinder Share Registration Services at 8 Cross Street, #11-00 PWC Building, Singapore 048424 not less than
forty-eight (48) hours before the time appointed for the Annual General Meeting.
3. The instrument appointing a proxy or proxies must be under the hand of the appointor or of his attorney duly authorised in
writing. Where the instrument appointing a proxy or proxies is executed by a corporation, it must be executed either under its
seal or under the hand of an officer or attorney duly authorised.
4. A corporation which is a member may authorise by resolution of its directors or other governing body such person as it thinks
fit to act as its representative at the Annual General Meeting.

This page has been intentionally left blank

Corporate Information
BOARD OF DIRECTORS
Kazuhiko Yoshida
(Executive Director)
Michio Tanamoto
(Executive Director)
Ang Miah Khiang
(Lead Independent Non-Executive
Director)
Ronnie Teo Heng Hock
(Independent Non-Executive Director)
Rajan Menon
(Independent Non-Executive Director)
Robert Van Jin Nien
(Non-Executive Director)
Paul Chang #
(Non-Executive Director)
Rong-Jong Owng
(Non-Executive Director)
Makiko Sano*^
(Non-Executive Director)
#
Resigned on 18 January 2010
*
Appointed on 22 October 2009
^ Resigned on 23 February 2010
Audit Committee
Ang Miah Khiang (Chairman)
Ronnie Teo Heng Hock
Rajan Menon
Robert Van Jin Nien
Rong-Jong Owng
Remuneration Committee
Rajan Menon (Chairman)
Ang Miah Khiang
Ronnie Teo Heng Hock
Robert Van Jin Nien
Nominating Committee
Ronnie Teo Heng Hock (Chairman)
Ang Miah Khiang
Rajan Menon
Kazuhiko Yoshida
PRINCIPAL PLACES OF BUSINESS
Hong Kong
Suite A, 26th Floor
Admiralty Centre Tower 1,
18 Harcourt Road, Admiralty,
Hong Kong
Tel: (852) 2528 5016
Fax: (852) 2528 5020
Singapore
8 Shenton Way
#37-04
Singapore 068811
Tel: (65) 6438 1800
Fax: (65) 6438 1500
Japan
Nipponkoa Ginza Building 3F,
7-13-10 Ginza, Chuo-ku,
Tokyo, Japan 104-0061
Tel: (81) 3 6278 5611
Fax: (81) 3 6278 5614
Capital Advisers Co., Ltd
Nipponkoa Ginza Building 3F,
7-13-10 Ginza, Chuo-ku,
Tokyo, Japan 104-0061,
Tel: (81) 3 5962 8600
Fax: (81) 3 5962 8610
JOINT COMPANY SECRETARIES
Joanna Lim Lan Sim, ACIS
Chan Wan Mei
Company Registration
No. CR-72229
REGISTERED OFFICE
Ugland House
P.O. Box 309
Grand Cayman
Cayman Islands
British West Indies
AUDITORS
Ernst & Young
18th Floor
Two International Finance Centre
8 Finance Street, Central
Hong Kong
Partner-in-charge: Agnes Tso
(Appointed in 2008)
SHARE REGISTRAR AND
SINGAPORE SHARE TRANSFER
AGENT
Tricor Barbinder Share
Registration Service
8 Cross Street #11-00
PWC Building
Singapore 048424
PRINCIPAL BANKERS
Mizuho Corporate Bank, Ltd.
Hong Kong Branch
17/F, Two Pacific Place
88 Queensway
Hong Kong
The Hong Kong and Shanghai Banking
Corporation Limited
Pacific Place Branch
Two Pacific Place
88 Queensway
Hong Kong
Hang Seng Bank Limited
83 Des Voeux Road, Central
Hong Kong
DBS Bank Ltd
6 Shenton Way
DBS Building Tower One
Singapore 068809

UNI-ASIA FINANCE CORPORATION
Suite A, 26th Floor Admiralty Centre Tower 1, 18 Harcourt Road, Admiralty, Hong Kong