1 4 5 6 10 14 18 24 24 26 32 34 36 42 50 67 69 70 72 73 74 75 115 116

4 be be Beauty Shop FERRECARE32 13be Beauty ShopFERRECARE 42356,000 289,000

5 * * * M&C Corporate Services Limited PO Box 309 GT Ugland House South Church Street George Town Grand Cayman Cayman Islands 9 6 28 29 28 26 1 4-4A 919 ir@modernbeautysalon.com www.modernbeautysalon.com *

6

7

10 Spa Modern FitnessSoo YogaHEYMANbe homme be Beauty ShopFERRECARE be

11

12 Q-Med CIBTAC ITEC CIDESCO

13 BE BEAUTY SHOP FERRECARE be FERRECARE be Beauty ShopFERRECARE be Beauty Shop 32 10

14 591,000

15 Best of the Best for Executives 2010

18

19. 263,000289,000 9.9%. 430,800,000 661,800,00034.9% 510,200,000 19.6% 36 32 60.2%49.9%10.3 be FERRECARE

20 10 21,00027,000 beferrecare

21

24 42 46-8.7% 32 36-11.1% 10 10 356,000 392,000-9.2% 298,000 340,000-12.4% 58,000 52,000 +11.5% 289,000 263,000 +9.9% 262,000 242,000 +8.3% 27,000 21,000 +28.6% 1,599 1,781-10.2% 3632 298,000 262,000 242,0008.3%

25 BE 28,700,00043.7%20,000,0006.7% Deluxe Magic Essence 80be Beauty Shop 32,600,000 35,700,000 8.8% 27,00021,00028.6% 10 58,000

26 430,800,000661,800,000 34.9% 41,200,000 17,200,000 244.9 137.8 +77.7% 153.1 59.3 +158.2% 376.6 254.4 +48.0% 1.03 1.09-5.5% (%) (6.0 ) 2.8-8.8 (%) (15.9 ) 5.8-21.7 430.8 661.8-34.9% (510.2) (634.6) -19.6% (41.2) 17.2-339.5% 2.8 4.3-34.9% (5.70) 2.38-339.5% (%) (9.6) 2.6-12.2

27 430,800,000661,800,000 34.9% 259.4 60.2% 329.8 49.9% -21.3% 57.2 13.3% 150.3 22.7% -61.9% 75.9 17.6% 116.0 17.5% -34.6% 9.5 2.2% 45.7 6.9% -79.2% 28.8 6.7% 20.0 3.0% +44.0% 430.8 100.0% 661.8 100.0% -34.9% 231,000,00070,400,000 93,100,000 40,100,00021.3% 61.9% 34.6%

28 254.1 59.0% 332.9 50.3% 108.8 25.3% 111.5 16.8% 8.8 2.1% 28.2 4.3% 42.9 10.0% 40.7 6.2% 23.8 5.5% 29.9 4.5% (13.1) -3.1% 5.0 0.8% 71.4% 86.4% 23.7% 254,100,000 332,900,000 59.0%1,781 1,5991,4161832,700,000108,800,000 2.4% 42 356,000 392,000 46 9.2%

29 41,200,000 17,200,000 36,600,000 77,800,000 17,200,000 36,600,000 259,200,000 298,900,000 4 118,000,000 144,000,000190,000,000 118,000,000 72,000,000 72,000,000 244,900,000 137,800,000 11,200,000 27,100,000

30 153,100,000 59,300,000 137,900,000 15,200,000 254.4 265.0-4.0% 524.1 631.0-16.9% (391.1) (621.7) -37.1% (10.9) (20.1) -45.8% 0.1 0.2-50.0% 376.6 254.4 +48.0% 631,000,000 16.9% 524,100,000 254,400,000 48.0%376,600,000 1,500,000 120,700,000

31 7,200,000 9,400,000 13,000 137,900,000 190,000,000 8,820,000

32 1,5991,78142 1,450 1491,416183 254,100,000 332,900,000 161,600,000 BE BEAUTY SHOP be Beauty ShopBe Nail FERRECARE FERRECARE

33

34 www.modernbeautysalon.com 60% 2.8

35 723,520,000 4,000 0.1 4.992 0.69 919 0919.HK 919 HK 28 26 (852) 2980 1333 (852) 2810 8185 www.modernbeautysalon.com 9 6 ir@modernbeautysalon.com (852) 2302 6116 (852) 2757 3453 www.modernbeautysalon.com

36 (MCSE)CheckPoint Turbolinux Southwestern University School of Law North Dakota State Board of Accountancy

37 (CPA) (CMA)(CFM) 229 1229 1041 2326 8043

38 33 8200993 10411139 2326 Marriott Harbour View Hotel-Hong Kong

39 13.51B(1) 200,000

40 13.51B(1) 130 20,000

41 15,000 15,000

42 A.2.1 3.10(2

43 17 12/17 15/17 12/12 10/12 12/17 0/5 11/12 11/12 1/15 3/4 4/5 4/5 12/12 13/13 11/12

44 3641 3.13

45

46 1/1 1/1 1/1 1/1 1/1 2/2 3/3 2/2

47 1,250 402 2/2 2/2 2/2 5/5 5/5 4/5

48 3.10(2)

49

50 18 6 69 2.8 2.8 2573 314,000,000 314,000,000 116

51 16 24 591,000 200,000

52 130

53 32 JF (Singapore) GroupJF Holdings (S) Pte Limited JF (Singapore) Group JF (Singapore) Group 100%JF (Singapore) Group JF (Singapore) Group JF Holdings (S) Pte Limited (i)(ii) (iii)(iv)(v) JF (Singapore) Group

54 XV XV78 352 1 2 650,000 1,350,000 2,000,000 0.28% 479,768,000 479,768,000 66.31% 3 185,000 500,000 685,000 0.09% 200,000 200,000 0.03%

55 1. 2. 723,520,000 3. Silver Compass 100 100% Holdings Corp. Silver Hendon 100 100% Enterprises Corp. Silver Compass Holdings Corp. Silver Hendon Enterprises Corp.367,200,000 100,800,000 XV XV78 352

56 XV23 336 1 2 468,000,000 468,000,000 64.68% 3 4,368,000 4,368,000 0.60% 7,400,000 7,400,000 1.02% 650,000 1,350,000 2,000,000 0.28% 4 650,000 1,350,000 2,000,000 0.28% 479,768,000 479,768,000 66.31% 5 Silver Compass 367,200,000 367,200,000 50.75% Holdings Corp. 6 Silver Hendon 100,800,000 100,800,000 13.93% Enterprises Corp. 6

57 1. 2. 723,520,000 3. 4. 5. 6. Silver Compass Holdings Corp. Silver Hendon Enterprises Corp. XV23 336 15,640,000 1.33 (A)

58 (B) (e) 1.00 (C) 10% 30% (D) 12 1% (E) (i)(ii) (iii)

59 (F) 337,500 337,500 1.33 0.05% 472,500 472,500 1.33 0.07% 540,000 540,000 1.33 0.07% 375,000 (375,000) 1.33 525,000 (525,000) 1.33 600,000 (600,000) 1.33 125,000 125,000 1.33 0.02% 175,000 175,000 1.33 0.02% 200,000 200,000 1.33 0.03%

60 50,000 50,000 1.33 0.01% 70,000 70,000 1.33 0.01% 80,000 80,000 1.33 0.01% 25,000 (25,000) 1.33 35,000 (35,000) 1.33 40,000 (40,000) 1.33 25,000 (25,000) 1.33 35,000 (35,000) 1.33 40,000 (40,000) 1.33 2,192,000 (50,000) (460,000) 1,682,500 1.33 0.23% 3,069,500 (70,000) (644,000) 2,355,500 1.33 0.33% 3,508,000 (80,000) (736,000) 2,692,000 1.33 0.37% 12,320,000 (3,540,000) 8,780,000 723,520,000 26

61 3.13 22% 49% 5%17% 5% 5% A. 2.5%14A.34 11-13 1-5 9 13-27 31-35 11-13 1,680,000 1,680,000140,000

62 14A.46 297/303 307/313 297/303 307/313 9,600,000 4,800,000800,000 14A.46 B. 14A.33 46 46 336,000 84,000

63 6 6 960,000 456,774 C. 190,000,000 114,000,000

64 (i) 911 3132B33B41 78610 L8 L10 L14 L15 (ii) 1 518 (iii) 31 39 4 2-3 G11 (iv) 1 33131 132DD1 D14 (v) 56 6064 86156 6064 86 112 (vi) 47 (vii) 78-84A (viii) 31 39 4 401 404A 404B 405 (i) (vii) (i) (vii) 8,820,000 (vii)

65 (i) (ii) (iii) 1. 2. 3. 4. 10%

66 47 48

67 獨立核數師報告 獨立核數師報告 致現代美容控股有限公司股東 於 開曼群島 註冊成立 的有限公司 本核數師 以下簡稱 我們 已審核列載於第69頁至第114頁現代美容控股有限公司 貴公司 及其附屬公司 統 稱 貴集團 的綜合財務報表 此綜 合財務報表包括於二零一 零年三月三十一日的綜合及 公司財務狀況表與截 至該日止年度的綜合全面收益表 綜合權益變動表和綜合現金流量表 以及主要會計政策概要及其他附註解 釋 董事就財務報表須承擔的責任 董事須負責根據香港會計師公會頒佈的香港財務報告準則及按照香港 公司條例 的披露規定編製及真實而公平 地列報該等財務報表 這責任包括設計 實施及維持與編製及真實而公平地列報財務報表相關的內部控制 以 使財務報表不存在由於欺詐或錯誤而導致的重大錯誤陳述 選擇和應用適當的會計政策 及按情況下作出合理 的會計估計 核數師的責任 我們的責任是根據我們的審核對該等財務報表作出意見 並僅向整體股東作出報告 除此以外 本報告不應用 作其他用途 我們不會就本報告的內容向任何其他人士負上或承擔任何責任 我們已根據香港會計師公會頒佈 的香港審計準則進行審核 這些準則要求我們遵守道德規範 並規劃及執行審核 以合理確定此等財務報表是 否不存有任何重大錯誤陳述 審核涉及執行程序以獲取有關財務報表所載金額及披露資料的審核憑證 所選定的程序取決於核數師的判斷 包括評估由於欺詐或錯誤而導致財務報表存有重大錯誤陳述的風險 在評估該等風險時 核數師考慮與該公司 編製及真實而公平地列報財務報表相關的內部控制 以設計適當的審核程序 但並非為對公司的內部控制的效 能發表意見 審核亦包括評估董事所採用的會計政策的合適性及所作的會計估計的合理性 以及評估財務報表 的整體列報方式 我們相信 我們所獲得的審核憑證是充足和適當地為我們的審核意見提供基礎

68

69 7 430,750 661,795 8 5,928 11,392 (15,319) (20,258) (8,839) (28,177) (18,242) (21,907) (23,775) (29,914) 9 (254,108) (332,923) (42,864) (40,736) (108,777) (111,465) (53,618) (69,499) (88,864) 18,308 267 3,907 10 (2,387) 29(a) 36,592 (54,392) 22,215 11 13,147 (4,990) 12 (41,245) 17,225 200 362 (41,045) 17,587 14 20,259 31,111 15 (5.70) 2.38 2.37

70 16 75,444 127,897 17 122,374 113,681 19 24,037 21,578 20 26,190 9,701 248,045 272,857 21 6,492 9,403 17 3,241 2,203 19 171,372 138,180 5,566 39,866 22 7,155 9,412 23 244,905 137,826 438,731 336,890 686,776 609,747 24 72,352 72,352 25 186,847 226,560 259,199 298,912

71 20 1,055 27 48,629 53,556 28 376,565 254,414 2,383 1,810 427,577 309,780 427,577 310,835 686,776 609,747 11,154 27,110 259,199 299,967

72 18 101,076 101,076 18 223,626 276,730 23 61,199 8,182 284,825 284,912 385,901 385,988 24 72,352 72,352 25 313,548 313,634 385,900 385,986 1 2 1 2 385,901 385,988 284,824 284,910 385,900 385,986

73 72,352 146,875 2,053 (53,982) 1,684 205,697 374,679 362 17,225 17,587 1,427 1,427 (232) 232 (63,670) (63,670 ) (31,111) (31,111 ) 1,195 362 (77,324) (75,767 ) 72,352 146,875 3,248 (53,982) 2,046 128,373 298,912 200 (41,245) (41,045 ) 1,332 1,332 (1,316 ) 1,316 16 200 (39,929) (39,713 ) 72,352 146,875 3,264 (53,982) 2,246 88,444 259,199

74 (54,392) 22,215 39,074 38,532 3,790 2,204 (267) (3,907) 2,387 1,332 1,427 (36,592) 1,472 1,561 (43,196) 62,032 2,911 3,180 (54,980) (61,534) (4,886) 6,067 122,068 (10,777) 21,917 (1,032) 267 3,907 (2,387) 32,176 (61,919) 51,973 (59,044) (21,217) (59,265) (114,767) 29(a) 70,580 62 822 2,257 (148) (63,085) (58,591) 29(b)(i) 118,000 (94,781) 118,000 (94,781) 106,888 (212,416) 191 431 137,826 349,811 23 244,905 137,826

75 1 M&C Corporate Services Limited PO Box 309 GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands 96 18 Silver Compass Holdings CorpSCHC 51%14% 35% Silver Hendon Enterprises CorporationSHEC SCHC SHECSCHC 2. a. 1 (the cash flow statement) (the statement of cash flows) 1 1

76 2. b. 8 14 14 88 86 3. 4 (a)

77 3. (a) (b) (i) (ii) (iii)

78 3. (c) 4 4 3 3 (d) (e) (f)

79 3. (f) (g) (h) (i) (j)

80 3. (k) (l) (m) (n) (i) (ii)

81 3. (n) (iii) 5% 1,000 (iv) (o) (p)

82 3. (p) (q)

83 3. (r) (i) (ii) (iii) (iv) (v) (i) (iv) (vi) (iv) (v) (iv) (v) (vii) (s)

84 3. (t) (u) 4.

85 4. 5. (a)

86 5. (b) (c) (d) 75 1,890,000 1,104,000 (e) 447,469 306,996 48,629 53,556 (f)

87 6. 3

88 6. 402,016 28,734 430,750 11,756 11,756 (81,817) 11,838 (69,979) 153,080 153,080 41,591 698 42,289 652,856 2,164 655,020 422,018 3,176 425,194 641,793 20,002 661,795 16,054 16,054 27,203 13,363 40,566 57,788 57,788 39,532 274 39,806 517,195 7,505 524,700 304,403 3,567 307,970

89 6. (69,979) 40,566 5,928 11,392 267 3,907 (2,387) 36,592 (24,813) (33,650) 13,147 (4,990) (41,245) 17,225 655,020 524,700 35,480 26,190 9,701 5,566 39,866 686,776 609,747 425,194 307,970 1,055 2,383 1,810 427,577 310,835 153,080 57,788 1,477 153,080 59,265 42,289 39,806 575 930 42,864 40,736

90 6. 398,139 626,046 192,923 234,050 32,611 35,749 4,895 7,528 430,750 661,795 197,818 241,578 7. 391,095 621,686 10,921 20,107 402,016 641,793 28,734 20,002 430,750 661,795 8. 375 731 955 1,350 2,652 1,944 6,385 2,259 669 5,928 11,392

91 9. 242,269 317,519 10,507 12,823 1,154 26 1,332 1,427 254,108 332,923 6,964 146 12 7,122 527 54 12 593 816 22 12 850 (i) 452 7 459 (i) 449 7 456 (ii) 80 80 (iii) 60 60 (iii) 60 60 (iv) 106 11 5 122 (iv) 126 11 5 142 (vi) 491 162 6 659 (vii) 57 2 59 (viii) 120 6 126 (ix) 120 6 126 (x) 120 6 126 560 9,988 406 86 11,040

92 9. (v) 10,092 146 8 10,246 9,569 146 12 9,727 620 54 12 686 994 22 12 1,028 (vi) 1,658 162 12 1,832 (vii) 372 12 384 (viii) 180 9 189 (ix) 169 8 177 (x) 169 8 177 (xi) 15 1 16 (xii) 15 1 16 548 23,305 530 95 24,478 (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii)

93 9. 1,493 832 24 12 86 1,603 844 1,000,000 2 1 10. 2,387

94 11. 5,260 8,430 (1,109) (1,065) 4,151 7,365 20 (17,298) (2,375) (13,147) 4,990 16.5%16.5% 25% (54,392) 22,215 16.5% (8,975) 3,665 (7,687) (594) 3,210 236 (1,109) (1,065) (2) 1,652 1,411 2,092 (61) (236) (694) (13,147) 4,990

95 12. 1,912 2,763 39,074 38,532 112,567 113,669 1,472 1,561 13. 1,418,000 203,592,000 14. 4.3 31,111 2.8 20,259 20,259 31,111 2.8 20,259,000 15. (a) 41,245,000( 17,225,000) 723,520,000723,520,000 (b) 17,225,000725,884,559 723,520,000 2,364,559

96 16. 40,257 108,814 79,400 6,817 7,048 7,877 250,213 42,138 8,780 264 6,607 1,476 59,265 (4,032) (1,611) (2,367) (111) (8,121) 66 24 2 2 94 40,257 146,986 86,593 7,083 11,288 9,244 301,451 9,818 13,266 1,927 22 25,033 (36,024) (29,671) (5,142) (1,060) (1,891) (73,788) (40,257) (40,257) 73 32 2 6 113 9,818 124,301 58,881 1,965 10,228 7,359 212,552 1,882 62,642 60,096 5,503 5,613 5,021 140,757 884 25,019 8,510 432 2,063 1,624 38,532 (1,651) (1,609) (2,367) (111) (5,738) 2 1 3 2,766 86,012 66,998 5,935 5,309 6,534 173,554 545 25,517 8,634 418 2,502 1,458 39,074 (35,210) (29,669) (5,142) (342) (1,891) (72,254) (3,311) (3,311) 29 13 1 2 45 76,348 45,976 1,212 7,469 6,103 137,108 9,818 47,953 12,905 753 2,759 1,256 75,444 37,491 60,974 19,595 1,148 5,979 2,710 127,897

97 17. 115,884 118,088 128,047 (3,790) (2,204) (114,526) 125,615 115,884 (3,241) (2,203) 122,374 113,681 125,615 72,965 42,919 125,615 115,884

98 18. 101,076 101,076 1,000 100% 1 1,000 100% 1 10,000 100% 1 11 100% 10,000 100% 1

99 18. 2 100% 1 Koladen 100 100% Enterprises Inc. 1 1,000 100% 1 10,000 100% 1 10,000 100% 1 1,000 100% 1 1,000 100% 1 2 100% 1

100 18. 450,000 100% 0.1 50,000 0.1 10,000 100% 1 11 100% 11 100% 100% 10,000,000 100% 10,000,000

101 18. 100% 1,250,000

102 19. 24,037 21,578 148,525 91,197 22,847 46,467 32(b) 516 171,372 138,180 195,409 159,758 150 150 0 30 26,196 29,155 31 60 13,556 29,249 61 90 14,859 27,255 91 150 5,360 5,538 150 88,554 148,525 91,197 86,249,000 12,222,000

103 19. 10,717,000 0 30 7,670 31 60 645 61 90 115 91 150 52 150 2,235 10,717 148,447 91,136 78 61 148,525 91,197 20. (209) 6,477 6,268 11 (846) 1,179 2,042 2,375 3 3 (1,055) 7,659 2,042 8,646 11 2,923 14,375 17,298 1,055 (833) 222 2 22 24 9,751 16,439 26,190

104 20. 26,190 9,701 (1,055) 26,190 8,646 126,985,000 38,873,000 87,997,000 8,170,000 38,988,000 30,703,000 18,341,000 18,368,000 21. 22. 0.045 23. 214,046 73,026 30,859 64,800 244,905 137,826

105 23. 219,104 58,863 103 56,227 25,698 22,736 244,905 137,826 24. 0.1 10,000,000,000 1,000,000 0.1 723,520,000 72,352 25% 25%

106 25. (a) (b) 146,875 2,053 47,076 7,392 203,396 1,427 1,427 (232) 232 203,592 203,592 (63,670) (63,670) (31,111) (31,111) 146,875 3,248 47,076 116,435 313,634 1,332 1,332 (1,316) 1,316 (1,418) (1,418) 146,875 3,264 47,076 116,333 313,548

107 25. (c) (i) (ii) 3(o) (iii) Koladen Enterprises Inc.KEI SCHC SHEC539,999,925 53,982,000 (iv) (v) 3(b)(iii)

108 26. 15,640,000 1.33 5760 3,550,000 200,000 (1,700,000) 2,050,000 450,000 450,000 6,970,000 (200,000) (490,000) 6,280,000 1,350,000 (1,350,000) 12,320,000 (3,540,000) 8,780,000 4,900,000 (1,350,000) 3,550,000 750,000 (300,000) 450,000 7,550,000 (580,000) 6,970,000 1,350,000 1,350,000 13,200,000 (880,000) 12,320,000 11,847,300 1.331.33 50% 10.38% 4.13%

109 27. 409 918 45,632 52,638 32(b) 2,588 48,629 53,556 409 918 391 904 18 14 409 918

110 28. 270,234 170,602 78,570 43,883 27,761 39,929 376,565 254,414 254,414 265,028 524,084 631,016 (391,095) (621,686) (10,921) (20,107) 83 163 376,565 254,414 29. (a) (i) (ii) 5 190,000,000

111 29. (a) (iii) 36,946 114,526 833 2,233 1,106 1,420 (302) (1,055) (143,724) (2,560) 9,423 143,985 36,592 190,000 72,000 29(b(i)) 118,000 190,000 72,000 (1,420) 70,580 (b) (i) (ii) 118,000,000 13,280,000 3,816,000

112 30. (a) 101,023 95,630 105,102 108,456 503 1,399 206,628 205,485 33 (b) 119,520 1,537 1,151 1,537 120,671 31.

113 32. (a) (i) 960 457 336 408 396 87 1,680 1,680 9,600 4,800 2,530 368 15,957 7,345 (ii) 480 960 (iii) 605 551 58 435 663 986 (iv) 591

114 32. (b) 161B 516 516 (c) 10,000,000 (d) 560 548 9,988 23,305 86 95 406 530 11,040 24,478 33.

115 10 50 5

116 430,750 661,795 786,002 614,064 498,265 (54,392) 22,215 273,833 210,468 143,477 13,147 (4,990) (47,060) (33,050) (20,966) (41,245) 17,225 226,773 177,418 122,511 248,045 272,857 259,731 124,149 163,639 438,731 336,890 453,634 661,148 685,818 686,776 609,747 713,365 785,297 849,457 (1,055) (209) (79) (50) (427,577) (309,780) (338,477) (475,731) (564,135) (427,577) (310,835) (338,686) (475,810) (564,185) 259,199 298,912 374,679 309,487 285,272