GRACE CORPORATION

STATEMENTS OF FINANCIAL POSITION

December 31
2004 2003

ASSETS
Current Assets
Cash and Cash Equivalents 14,232,169.00 1,100,000.00
Financial Assets 2,545,000.00 1,150,000.00
Short-term Investments 6,500,000.00 -
Trade and Other Payables-Net 12,574,457.07 13,750,000.00
Merchandise Inventory 3,940,279.37 900,000.00
Prepayments 400,000.00 500,000.00
Total Current Assets 40,191,905.44 17,400,000.00

Noncurrent Assets
Property and equipment - net 76,484,679.97 61,180,000.00
Intangible assets - 1000000
Total Noncurrent Assets 76,484,679.97 62,180,000.00
Total Assets 116,676,585.41 79,580,000.00

LIABILITIES AND EQUITY

Current Liabilities
Trade and Other Payables 20,710,051.98 1,450,500.00
Notes Payable 15,206,500.00 21,000,000.00
Total Current Liabilities 35,916,551.98 22,450,500.00

Equity
Ordinary Share Capital 70,000,000.00 45,000,000.00
Subscribed Ordinary Share Capital 5,000,000.00 -
Subscription Receivable- Ordinary Share Capital 2,625,000.00 -
Premium in Excess of Par 5,250,000.00 3,500,000.00
Retained earnings 2,871,401.69 8,629,500.00
Total Equity 80,496,401.69 57,129,500.00
Total Liabilities and Equity 116,412,953.67 79,580,000.00
 GRACE CORPORATION
STATEMENTS OF COMPREHENSIVE INCOME

December 31
2004 2003
Revenues
Net Sales 110,710,751.07 53,439,000.00
110,710,751.07 53,439,000.00

Costs and Operating Expenses

Cost of Sales 56,997,534.38 34,785,500.00
Operating Expenses 44,531,214.77 9,688,500.00
Finance Cost 2,604,880.27 445,500.00
104,133,629.42 44,919,500.00

Other Income
Interest Income 97,209.86 110,000.00
Others-net 1,632,504.00 -
1,729,713.86 110,000.00

Income Before Income Tax 8,306,835.51 8,629,500.00

Provision for Income Tax 2,492,050.65 2,588,850.00

Net Income 5,814,784.86 6,040,650.00