China Shenghuo Announces Restated Results For Full Year 2007 & First Quarter 2008, Reports Results For Second & Third Qu...(Company's ability toestablish and mainta...),Health

Date:11/20/2008

Company's ability to establish and maintain a strong brand; the Company's continued ability to obtain and maintain all certificates, permits and licenses required to open and operate retail specialty counters to offer its cosmetic products and conduct business in China; protection of the Company's intellectual property rights; market acceptance of the Company's products; changes in the laws of the People's Republic of China that affect the Company's operations; cost to the Company of complying with current and future governmental regulations; the impact of any changes in governmental regulations on the Company's operations; general economic conditions; and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    China Shenghuo Pharmaceutical Holdings, Inc.
    Consolidated Balance Sheets
    (Unaudited)

                                                    June 30,      December 31,
                                                      2008            2007
    ASSETS:                                                       As Restated
    Current Assets:

     Cash and cash equivalents                      $744,575       $2,800,641

     Accounts and notes receivable, less
      allowance for doubtful
      accounts of $6,466,649 and $3,218,661,
      respectively                                 9,227,579       10,567,672

     Employee advances, less allowance for
      doubtful accounts of
      $784,500 and $729,995, respectively          8,874,047        8,249,806

     Advances to suppliers                           681,391          669,858

     Inventory, net of reserve for obsolescence
      of $166,872 and $136,359, respectively       3,969
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SOURCE China Shenghuo Pharmaceutical Holdings, Inc.
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