MIRA INFORM REPORT

 

 

Report Date :           

03.10.2011

 

 

IDENTIFICATION DETAILS

 

Name :

XINXIANG CHEMICAL FIBER CO., LTD.

 

 

Registered Office :

1 Jinyuan Road, Fengquan District, Xinxiang, 453011

 

 

Country :

China

 

 

Financials (as on) :

31.12.2010

 

           

Date of Incorporation :

March 1993

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

manufacture and distribution of chemical fiber textile raw materials

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

China

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

Xinxiang Chemical Fiber Co., Ltd.

1 Jinyuan Road

Fengquan District

Xinxiang, 453011

China

Tel:       86-373-3978813

Fax:      86-373-3911359

Web:     www.bailu.com

  

 

Synthesis  

 

Employees:                  10,160

Company Type:            Public Independent

Traded:                         Shenzhen Stock Exchange:        000949

Incorporation Date:         Mar-1993

Auditor:                        Shenzhen Pengcheng Accounting Office 

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2010

Reporting Currency:       Chinese Renminbi

Annual Sales:               526.0  1

Net Income:                  21.6

Total Assets:                 677.4  2

Market Value:               645.1

(23-Sep-2011)

 

 

Business Description     

 

XINXIANG CHEMICAL FIBER CO., LTD is a China-based company principally engaged in manufacture and distribution of chemical fiber textile raw materials. The Company’s major products are viscose fibers, including viscose filament yarns and viscose staple fibers, as well as urethane elastic fibers, among others. During the year ended December 31, 2009, the Company produced approximately 120,295 tons of viscose fibers and 6,885 tons of urethane elastic fibers. It distributes its products in domestic and overseas markets. For the six months ended 30 June 2011, Xinxiang Chemical Fiber Company Limited's revenues totaled 2.19B. The Company's net income for the period totaled RMB55.3M. The company's revenues and net income are not comparable to the previous period due to the company had started to report consolidated financial statements from March 2011. The company is principally engaged in the development, design, production and sale of communication equipment, etc.

 

Industry

Industry            Chemicals - Plastics and Rubber

ANZSIC 2006:    1821 - Synthetic Resin and Synthetic Rubber Manufacturing

NACE 2002:      2470 - Manufacture of man-made fibres

NAICS 2002:     325221 - Cellulosic Organic Fiber Manufacturing

UK SIC 2003:    2470 - Manufacture of man-made fibres

US SIC 1987:    2823 - Cellulosic Manmade Fibers

 

           

Key Executives   

 

Name                           Title    

Changjin Shao               Vice Chairman of the Board, General Manager     

Wenxin Wang                Finance Director, Secretary, Deputy General Manager, Director    

Shufa Han                     Chief Engineer  

Deshun Song                 Deputy General Manager           

Shubin Xiao                   Manager-Investments    

 

 

Significant Developments  

 

Topic

#*

Most Recent Headline

Date

Negative Earnings Pre-Announcement

1

Xinxiang Chemical Fiber Co., Ltd. Announces FY 2010 Net Profit Outlook Below Analysts' Estimate

28-Jan-2011

Expansion / New Markets / New Units

1

Xinxiang Chemical Fiber Co., Ltd. to Set up Subsidiary

25-Dec-2010

Other Pre-Announcement

1

Xinxiang Chemical Fiber Co., Ltd. Announces FY 2011 Q1 Net Profit Outlook

14-Apr-2011

Equity Financing / Related

1

Xinxiang Chemical Fiber Co., Ltd. to Issue New Shares in Private Placement

10-Feb-2011

Debt Financing / Related

2

Xinxiang Chemical Fiber Co., Ltd. Finishes Issue of Short-term Financing Notes

24-Sep-2011

 

* number of significant developments within the last 12 months   

 

 

News

 

Title

Date

Xinxiang Chemical Fiber Co Ltd.
China Chemical Reporter (59 Words)

21-Feb-2011

 

 

Financial Summary    

 

As of 30-Jun-2011

Key Ratios

Company

Industry

Current Ratio (MRQ)

0.95

2.03

Quick Ratio (MRQ)

0.57

1.20

Debt to Equity (MRQ)

0.95

0.95

Sales 5 Year Growth

19.74

1.42

Net Profit Margin (TTM) %

3.25

4.60

Return on Assets (TTM) %

2.91

3.98

Return on Equity (TTM) %

7.27

12.15

 

 

 

 

 

Stock Snapshot    

 

 

Traded: Shenzhen Stock Exchange: 000949

 

As of 23-Sep-2011

   Financials in: CNY

Recent Price

4.97

 

EPS

0.18

52 Week High

7.62

 

Price/Sales

1.16

52 Week Low

4.28

 

Dividend Rate

0.05

Avg. Volume (mil)

11.97

 

Price/Earnings

36.81

Market Value (mil)

4,121.23

 

Price/Book

2.20

 

 

 

Beta

1.01

 

Price % Change

Rel S&P 500%

4 Week

-9.64%

-0.81%

13 Week

-13.97%

-2.07%

52 Week

4.72%

11.40%

Year to Date

6.09%

25.42%

 

 

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = CNY 6.768989

2 - Balance Sheet Item Exchange Rate: USD 1 = CNY 6.5897

 

 

Corporate Overview

 

Location

1 Jinyuan Road

Fengquan District

Xinxiang, 453011

China

Tel:       86-373-3978813

Fax:      86-373-3911359

Web:    www.bailu.com

           

Quote Symbol - Exchange

000949 - Shenzhen Stock Exchange

Sales CNY(mil):             3,560.3

Assets CNY(mil):           4,463.7

Employees:                   10,160

Fiscal Year End:            31-Dec-2010

Industry:                        Chemicals - Plastics and Rubber

Incorporation Date:         Mar-1993

Company Type:             Public Independent

Quoted Status:              Quoted

Finance Director,

Secretary,

Deputy General Manager,

Director:            Wenxin Wang

 

Company Web Links

·         Company Contact/E-mail

·         Corporate History/Profile

·         Home Page

·         News Releases

·         Products/Services

 

Contents

·         Industry Codes

·         Business Description

·         Brand/Trade Names

·         Financial Data

·         Market Data

·         Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

1812     -          Basic Organic Chemical Manufacturing

1821     -          Synthetic Resin and Synthetic Rubber Manufacturing

 

NACE 2002 Codes:

2470     -          Manufacture of man-made fibres

2414     -          Manufacture of other organic basic chemicals

2416     -          Manufacture of plastics in primary forms

 

NAICS 2002 Codes:

325199  -          All Other Basic Organic Chemical Manufacturing

325221  -          Cellulosic Organic Fiber Manufacturing

325211  -          Plastics Material and Resin Manufacturing

 

US SIC 1987:

2823     -          Cellulosic Manmade Fibers

2869     -          Industrial Organic Chemicals, Not Elsewhere Classified

2821     -          Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

 

UK SIC 2003:

2470     -          Manufacture of man-made fibres

2416     -          Manufacture of plastics in primary forms

2414     -          Manufacture of other organic basic chemicals

 

Business Description

XINXIANG CHEMICAL FIBER CO., LTD is a China-based company principally engaged in manufacture and distribution of chemical fiber textile raw materials. The Company’s major products are viscose fibers, including viscose filament yarns and viscose staple fibers, as well as urethane elastic fibers, among others. During the year ended December 31, 2009, the Company produced approximately 120,295 tons of viscose fibers and 6,885 tons of urethane elastic fibers. It distributes its products in domestic and overseas markets. For the six months ended 30 June 2011, Xinxiang Chemical Fiber Company Limited's revenues totaled 2.19B. The Company's net income for the period totaled RMB55.3M. The company's revenues and net income are not comparable to the previous period due to the company had started to report consolidated financial statements from March 2011. The company is principally engaged in the development, design, production and sale of communication equipment, etc.

 

More Business Descriptions

·         Manufacture of viscose filament, cotton and wool types, staple fibre; production of anhydrous sodium sulfate

·         Fiber, Yarn, and Thread Mills

 

Brand/Trade Names

Bailu

 

Financial Data

Financials in:

CNY(mil)

 

Revenue:

3,560.3

Net Income:

146.4

Assets:

4,463.7

Long Term Debt:

220.0

 

Total Liabilities:

2,589.9

 

Working Capital:

-0.2

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

46.8%

47.0%

16.0%

 

Market Data

Quote Symbol:

000949

Exchange:

Shenzhen Stock Exchange

Currency:

CNY

Stock Price:

5.0

Stock Price Date:

09-23-2011

52 Week Price Change %:

4.7

Market Value (mil):

4,121,231.0

 

SEDOL:

6172011

ISIN:

CNE0000010N4

 

Equity and Dept Distribution:

FY'01 BS/IS & FY'02 IS have been RES due to the change of accounting treatment. FY'01 BS/CF have been reclassified. 06/2006, Scrip Issue, 3.4 new shares for every 10 shares held, Shares Reform (Adj. factor: 1).FY'00 Qs are being RES due to accounting change. The Company didn't report 1998-2000 years non-tradable share. 4/2008, Scrip Issue, 2

 

Key Corporate Relationships

Auditor:

Shenzhen Pengcheng Accounting Office

Bank:

The Industrial and Commercial Bank of China

 

Auditor:

Shenzhen Pengcheng Accounting Office, Xinxiang Auditors

 

 

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Yulin Chen

 

Chairman of the Board

Chairman

 

Reuters Biography (Xinxiang Chemical Fiber Co., Ltd.)

Mr. Chen Yulin is Chairman of the Board in Xinxiang Chemical Fiber Co., Ltd. He is also Chairman of the Board and General Manager in the Company's major shareholder, as well as Director in a Beijing-based pharmaceutical company, where he used to serve as Chairman of the Board.

Changjin Shao

 

Vice Chairman of the Board, General Manager

Vice-Chairman

 

 

Reuters Biography (Xinxiang Chemical Fiber Co., Ltd.)

Mr. Shao Changjin is serving as Vice Chairman of the Board and General Manager in Xinxiang Chemical Fiber Co., Ltd. He used to serve as Deputy General Manager and Director in the Company.

Baoliang Jia

 

Deputy General Manager, Director

Director/Board Member

 

 

Reuters Biography (Xinxiang Chemical Fiber Co., Ltd.)

Mr. Jia Baoliang has been Deputy General Manager and Director in Xinxiang Chemical Fiber Co., Ltd. He used to be Assistant General Manager and Section Head-Equipment Power in the Company.

Yunsheng Li

 

Deputy General Manager, Director

Director/Board Member

 

 

Reuters Biography (Xinxiang Chemical Fiber Co., Ltd.)

Mr. Li Yunsheng has been Deputy General Manager and Director in Xinxiang Chemical Fiber Co., Ltd. since April 22, 2006. He used to be Deputy Chief Engineer in the Company.

Xian Shang

 

Independent Director

Director/Board Member

 

 

Reuters Biography (Xinxiang Chemical Fiber Co., Ltd.)

Ms. Shang Xian has been serving as Independent Director in Xinxiang Chemical Fiber Co., Ltd. since June 23, 2008. She obtained a Master's degree in Law from East China University of Political science and Law.



M Law, East China University of Political Science and Law

Wenxin Wang

 

Finance Director, Secretary, Deputy General Manager, Director

Director/Board Member

 

 

Reuters Biography (Xinxiang Chemical Fiber Co., Ltd.)

Mr. Wang Wenxin is Finance Director, Secretary of the Board, Deputy General Manager and Director in Xinxiang Chemical Fiber Co., Ltd. He is also Director in a local securities company. He holds a Master's Degree in Economics.

Yongmao Ye

 

Independent Director

Director/Board Member

 

 



Chemical Engineering, Beijing Chemical Fiber Industrial Institute

Mao Yong Ye

 

Director

Director/Board Member

 

 

Fusheng Zhang

 

Independent Director

Director/Board Member

 

 

Xuexin Zhu

 

Director

Director/Board Member

 

 

Reuters Biography (Xinxiang Chemical Fiber Co., Ltd.)

Mr. Zhu Xuexin has been serving as Director in Xinxiang Chemical Fiber Co., Ltd. since June 23, 2008. He is also serving as Assistant General Manager in the Company, where he used to be Head-Corporate Administration.

 

Executives

 

Name

Title

Function

 

Changjin Shao

 

Vice Chairman of the Board, General Manager

Division Head Executive

 

Reuters Biography (Xinxiang Chemical Fiber Co., Ltd.)

Mr. Shao Changjin is serving as Vice Chairman of the Board and General Manager in Xinxiang Chemical Fiber Co., Ltd. He used to serve as Deputy General Manager and Director in the Company.

Wenxin Wang

 

Finance Director, Secretary, Deputy General Manager, Director

Company Secretary

 

 

Reuters Biography (Xinxiang Chemical Fiber Co., Ltd.)

Mr. Wang Wenxin is Finance Director, Secretary of the Board, Deputy General Manager and Director in Xinxiang Chemical Fiber Co., Ltd. He is also Director in a local securities company. He holds a Master's Degree in Economics.

Shubin Xiao

 

Manager-Investments

Investment Executive

 

 

Shufa Han

 

Chief Engineer

Engineering/Technical Executive

 

 

Reuters Biography (Xinxiang Chemical Fiber Co., Ltd.)

Mr. Han Shufa is Chief Engineer in Xinxiang Chemical Fiber Co., Ltd. He used to be Deputy Chief Engineer and Section Head-Production Technology in the Company.

Deshun Song

 

Deputy General Manager

Other

 

 

Reuters Biography (Xinxiang Chemical Fiber Co., Ltd.)

Mr. Song Deshun has been Deputy General Manager in Xinxiang Chemical Fiber Co., Ltd. since April 2006. He is also Director in the Company's largest shareholder, where he used to be Deputy Chief Engineer.

Chunlei Zhang

 

Deputy General Manager

Other

 

 

Reuters Biography (Xinxiang Chemical Fiber Co., Ltd.)

Mr. Zhang Chunlei is serving as Deputy General Manager in Xinxiang Chemical Fiber Co., Ltd. He is also Director in the major shareholder of the Company.

 

 

Significant Developments

 

Xinxiang Chemical Fiber Co., Ltd. Finishes Issue of Short-term Financing Notes Sep 24, 2011

 

Xinxiang Chemical Fiber Co., Ltd. announced that it finished issue of RMB 500 million worth of short-term financing notes, with a term of up to 365 days. China Merchants Bank served as main underwriter.

 

Xinxiang Chemical Fiber Co., Ltd. Announces FY 2010 Dividend Payment Date Jul 05, 2011

 

Xinxiang Chemical Fiber Co., Ltd. announced that it will pay the cash dividend of RMB 0.34 per 10 shares (after tax) and stock dividend of two shares per 10 shares to shareholders recorded on July 11, 2011. The Company's shares will be traded ex-dividend and ex-right on July 12, 2011.

 

Xinxiang Chemical Fiber Co., Ltd. Announces FY 2010 Dividend Payment Apr 27, 2011

 

Xinxiang Chemical Fiber Co., Ltd. announced that it will pay a cash dividend of RMB 0.6 per 10 shares (pre-tax), and distribute two new shares for every 10 shares as stock dividends to shareholders for fiscal year 2010. The Company will also use additional paid-in capital to distribute one new shares for every 10 shares.

 

Xinxiang Chemical Fiber Co., Ltd. Announces FY 2011 Q1 Net Profit Outlook Apr 14, 2011

 

Xinxiang Chemical Fiber Co., Ltd. announced that it announced that it expects its net profit for the first quarter of fiscal year (FY) 2011 to be approximately RMB 95 million to RMB 98 million, compared to that of the same period in FY 2010 (RMB 43,486,500). The Company cited the increased sale price of its products as the main reason for the forecast.

 

Xinxiang Chemical Fiber Co., Ltd. to Issue New Shares in Private Placement Feb 10, 2011

 

Xinxiang Chemical Fiber Co., Ltd. announced that it plans to issue 60-130 million A shares of common stock, at a price of down to RMB 5.44 per share in private placement. The Company expects to raise up to RMB 600 million from the issue.

 

Xinxiang Chemical Fiber Co., Ltd. Announces FY 2010 Net Profit Outlook Below Analysts' Estimate Jan 28, 2011

 

Xinxiang Chemical Fiber Co., Ltd. announced that it expects its net profit for fiscal year (FY) 2010 to be RMB 140 million to RMB 160 million, compared to that of FY 2009 (RMB 99,615,000). The Company cited the increased price of fiber and its income tax preference as the main reasons for the forecast. According to Reuters research, analysts expect the Company's net profit for FY 2010 to be RMB 303.93 million.

 

Xinxiang Chemical Fiber Co., Ltd. to Issue Short-term Financing Notes Jan 25, 2011

 

Xinxiang Chemical Fiber Co., Ltd. announced that it will issue up to RMB 500 million worth of short-term financing notes, with a term of up to 365 days.

 

Xinxiang Chemical Fiber Co., Ltd. Receives Subsidy Jan 04, 2011

 

Xinxiang Chemical Fiber Co., Ltd. announced that it has received a subsidy of RMB 20 million from the Financial Bureau of Xinxiang City, for the Company's one fiber project.

 

Xinxiang Chemical Fiber Co., Ltd. to Set up Subsidiary Dec 25, 2010

 

Xinxiang Chemical Fiber Co., Ltd. announced that it will set up a wholly owned subsidiary, which will be with a registered capital of RMB 100 million and be engaged in the business related to new type fiber.

 

Xinxiang Chemical Fiber Co., Ltd. Receives Subsidy Dec 11, 2010

 

Xinxiang Chemical Fiber Co., Ltd. announced that it has received a government subsidy of RMB 1.24 million for the development and extension of the Company's export business. The Company also received a subsidy of RMB 7.35 million for its energy saving transformation project.

 

 

Press Clippings

 

Xinxiang Chemical Fiber Co Ltd.

 

China Chemical Reporter: 21 February 2011

[What follows is the full text of the news story.]

Xinxiang Chemical Fiber Co Ltd. (SH: 000949) announced on Feb 9, 2011 an issue of new shares raising funds amounting to RMB600 million. News from a company insider said a total of RMB500 million would be spent on a viscose continuous spinning fiber project with 12 000t/a of capacity, while the rest of the funds contribute to credit repayment.

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Restated Normal 
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.768989

6.831007

6.950445

7.605973

7.972372

Auditor

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

526.0

355.1

293.7

345.7

266.0

Revenue

526.0

355.1

293.7

345.7

266.0

Total Revenue

526.0

355.1

293.7

345.7

266.0

 

 

 

 

 

 

    Cost of Revenue

459.3

303.8

307.2

271.7

228.9

    Excise Taxes Payments

1.9

2.0

0.9

1.6

1.1

Cost of Revenue, Total

461.2

305.7

308.1

273.3

230.0

Gross Profit

64.8

49.3

-14.4

72.4

36.0

 

 

 

 

 

 

    Selling/General/Administrative Expense

21.9

16.0

20.1

14.9

13.6

Total Selling/General/Administrative Expenses

21.9

16.0

20.1

14.9

13.6

        Interest Expense - Operating

14.1

11.3

15.9

11.4

9.9

    Interest Expense - Net Operating

14.1

11.3

15.9

11.4

9.9

        Interest Income - Operating

-1.2

-1.5

-1.1

-0.6

-0.8

        Investment Income - Operating

1.5

0.1

0.8

1.5

0.3

    Interest/Investment Income - Operating

0.3

-1.3

-0.3

0.9

-0.5

Interest Expense (Income) - Net Operating Total

14.4

10.0

15.5

12.3

9.4

    Impairment-Assets Held for Use

0.3

-0.3

5.6

0.1

-1.0

Unusual Expense (Income)

0.3

-0.3

5.6

0.1

-1.0

    Other Operating Expense

1.8

1.1

0.8

0.4

0.2

Other Operating Expenses, Total

1.8

1.1

0.8

0.4

0.2

Total Operating Expense

499.4

332.5

350.1

301.0

252.2

 

 

 

 

 

 

Operating Income

26.5

22.6

-56.4

44.8

13.8

 

 

 

 

 

 

Gain (Loss) on Sale of Assets

-0.2

0.6

-0.1

0.0

-

    Other Non-Operating Income (Expense)

0.4

1.0

2.3

0.6

-0.1

Other, Net

0.4

1.0

2.3

0.6

-0.1

Income Before Tax

26.8

24.2

-54.2

45.3

13.7

 

 

 

 

 

 

Total Income Tax

5.1

9.6

-13.0

11.0

4.6

Income After Tax

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Net Income Before Extraord Items

21.6

14.6

-41.3

34.3

9.1

Net Income

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

807.9

765.3

765.3

765.3

765.3

Basic EPS Excl Extraord Items

0.03

0.02

-0.05

0.04

0.01

Basic/Primary EPS Incl Extraord Items

0.03

0.02

-0.05

0.04

0.01

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

21.6

14.6

-41.3

34.3

9.1

Diluted Weighted Average Shares

807.9

765.3

765.3

765.3

765.3

Diluted EPS Excl Extraord Items

0.03

0.02

-0.05

0.04

0.01

Diluted EPS Incl Extraord Items

0.03

0.02

-0.05

0.04

0.01

Dividends per Share - Common Stock Primary Issue

0.01

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

5.7

0.0

0.0

1.9

0.0

Interest Expense, Supplemental

14.1

11.3

15.9

11.4

9.9

Interest Capitalized, Supplemental

-0.5

-0.9

-1.1

-

-

Depreciation, Supplemental

31.0

28.8

28.3

24.0

23.2

Total Special Items

0.4

-0.9

5.7

0.1

-1.0

Normalized Income Before Tax

27.2

23.2

-48.5

45.4

12.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.1

-0.4

2.0

0.0

-0.3

Inc Tax Ex Impact of Sp Items

5.2

9.2

-11.0

11.1

4.2

Normalized Income After Tax

22.0

14.0

-37.6

34.3

8.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

22.0

14.0

-37.6

34.3

8.4

 

 

 

 

 

 

Basic Normalized EPS

0.03

0.02

-0.05

0.04

0.01

Diluted Normalized EPS

0.03

0.02

-0.05

0.04

0.01

Amort of Intangibles, Supplemental

0.2

0.2

0.2

0.2

0.0

Rental Expenses

0.1

0.1

-

-

-

Advertising Expense, Supplemental

0.0

0.0

-

-

-

Research & Development Exp, Supplemental

0.4

0.2

0.3

0.2

0.4

Normalized EBIT

41.1

32.2

-35.3

57.1

22.2

Normalized EBITDA

72.4

61.2

-6.9

81.2

45.4

    Current Tax - Total

0.5

0.3

0.6

15.5

4.2

Current Tax - Total

0.5

0.3

0.6

15.5

4.2

    Deferred Tax - Total

4.7

9.3

-13.6

0.1

0.4

Deferred Tax - Total

4.7

9.3

-13.6

0.1

0.4

    Other Tax

-

-

-

-4.6

0.0

Income Tax - Total

5.1

9.6

-13.0

11.0

4.6

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Restated Normal 
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.5897

6.827

6.823

7.3041

7.8051

Auditor

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

88.0

87.1

61.0

37.9

43.1

    Short Term Investments

-

-

-

-

0.0

Cash and Short Term Investments

88.0

87.1

61.0

37.9

43.1

        Accounts Receivable - Trade, Gross

23.1

17.6

14.0

17.6

13.4

        Provision for Doubtful Accounts

-0.5

-0.3

-0.6

-0.2

-0.2

    Trade Accounts Receivable - Net

22.6

17.3

13.4

17.4

13.2

    Notes Receivable - Short Term

27.9

5.4

1.5

6.8

7.2

    Other Receivables

0.5

0.3

0.2

0.2

0.3

Total Receivables, Net

51.0

23.1

15.1

24.4

20.7

    Inventories - Finished Goods

50.2

31.8

35.5

37.7

13.9

    Inventories - Work In Progress

6.9

6.4

4.3

4.7

3.1

    Inventories - Raw Materials

43.3

27.8

11.8

33.9

21.2

    Inventories - Other

2.8

1.1

0.3

0.2

0.1

Total Inventory

103.1

67.2

51.9

76.5

38.4

Prepaid Expenses

52.9

32.8

13.5

30.4

5.3

Total Current Assets

295.0

210.1

141.5

169.3

107.5

 

 

 

 

 

 

        Buildings

128.0

113.4

109.8

98.4

82.5

        Machinery/Equipment

452.3

405.7

387.6

357.7

315.9

        Construction in Progress

30.4

20.1

26.9

12.3

6.2

    Property/Plant/Equipment - Gross

610.7

539.2

524.3

468.3

404.6

    Accumulated Depreciation

-242.9

-204.5

-186.3

-147.7

-115.0

Property/Plant/Equipment - Net

367.8

334.7

338.1

320.6

289.6

Intangibles, Net

6.7

6.8

7.2

6.9

6.5

    LT Investment - Affiliate Companies

2.8

2.7

1.6

1.5

1.4

Long Term Investments

2.8

2.7

1.6

1.5

1.4

Note Receivable - Long Term

4.8

4.7

-

-

-

    Deferred Income Tax - Long Term Asset

0.2

4.8

14.0

0.2

0.3

Other Long Term Assets, Total

0.2

4.8

14.0

0.2

0.3

Total Assets

677.4

563.7

502.4

498.5

405.4

 

 

 

 

 

 

Accounts Payable

70.2

45.0

47.0

43.0

17.8

Accrued Expenses

8.0

6.5

3.2

4.0

2.3

Notes Payable/Short Term Debt

232.6

249.1

211.7

188.8

171.2

Current Portion - Long Term Debt/Capital Leases

13.7

13.2

19.1

12.3

17.9

    Customer Advances

8.0

4.5

3.8

7.2

5.9

    Income Taxes Payable

-1.8

-6.8

0.7

-0.4

4.3

    Other Current Liabilities

1.8

1.4

1.2

1.4

0.3

Other Current liabilities, Total

8.1

-0.9

5.7

8.2

10.5

Total Current Liabilities

332.6

313.0

286.5

256.4

219.8

 

 

 

 

 

 

    Long Term Debt

33.4

16.1

22.0

20.5

11.5

Total Long Term Debt

33.4

16.1

22.0

20.5

11.5

Total Debt

279.6

278.4

252.7

221.7

200.7

 

 

 

 

 

 

    Other Long Term Liabilities

27.0

26.2

-

-

-

Other Liabilities, Total

27.0

26.2

-

-

-

Total Liabilities

393.0

355.3

308.5

276.9

231.4

 

 

 

 

 

 

    Common Stock

96.8

86.2

86.3

67.2

62.9

Common Stock

96.8

86.2

86.3

67.2

62.9

Additional Paid-In Capital

95.8

55.1

55.1

50.7

47.5

Retained Earnings (Accumulated Deficit)

91.7

67.1

52.5

103.8

63.7

Total Equity

284.4

208.4

193.9

221.6

174.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

677.4

563.7

502.4

498.5

405.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

829.2

765.3

765.3

765.3

765.3

Total Common Shares Outstanding

829.2

765.3

765.3

765.3

765.3

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

-

-

Employees

10,160

8,626

8,526

8,623

8,407

Number of Common Shareholders

72,246

79,726

86,012

78,014

46,494

Accumulated Intangible Amort, Suppl.

0.8

0.6

0.4

-

-

Deferred Revenue - Current

8.0

4.5

3.8

7.2

5.9

Total Long Term Debt, Supplemental

13.7

13.2

19.1

12.3

-

Long Term Debt Maturing within 1 Year

13.7

13.2

19.1

12.3

-

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

0.0

-

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.768989

6.831007

6.950445

7.605973

7.972372

Auditor

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Cash Receipts

426.6

309.5

291.6

358.3

265.3

Cash Payments

-441.4

-274.9

-205.1

-313.0

-238.6

Cash Taxes Paid

0.2

-14.1

-13.1

-32.0

-13.8

    Other Operating Cash Flow

-1.9

-1.1

-0.5

-3.9

-6.5

Changes in Working Capital

-1.9

-1.1

-0.5

-3.9

-6.5

Cash from Operating Activities

-16.6

19.3

72.9

9.5

6.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-30.1

-15.9

-11.2

-30.2

-8.1

Capital Expenditures

-30.1

-15.9

-11.2

-30.2

-8.1

    Sale of Fixed Assets

1.1

0.0

0.1

0.0

0.0

    Other Investing Cash Flow

-

-

-

-

0.0

Other Investing Cash Flow Items, Total

1.1

0.0

0.1

0.0

0.0

Cash from Investing Activities

-29.0

-15.9

-11.2

-30.2

-8.1

 

 

 

 

 

 

    Other Financing Cash Flow

25.4

10.8

-14.2

-10.4

-8.6

Financing Cash Flow Items

25.4

10.8

-14.2

-10.4

-8.6

    Total Debt Issued

205.6

173.8

136.7

184.8

136.6

    Total Debt Reduction

-174.2

-155.6

-182.1

-156.4

-132.0

Issuance (Retirement) of Debt, Net

31.5

18.2

-45.4

28.4

4.6

Cash from Financing Activities

56.9

29.0

-59.5

18.0

-4.0

 

 

 

 

 

 

Foreign Exchange Effects

-0.6

0.0

-0.3

-0.1

-

Net Change in Cash

10.7

32.4

1.9

-2.8

-5.7

 

 

 

 

 

 

Net Cash - Beginning Balance

60.0

27.1

24.7

25.4

29.9

Net Cash - Ending Balance

70.7

59.5

26.6

22.6

24.3

Depreciation

31.0

28.8

28.3

24.0

23.2

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Restated Normal 
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.768989

6.831007

6.950445

7.605973

7.972372

Auditor

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales from Principal Activities

526.0

355.1

293.7

345.7

266.0

Total Revenue

526.0

355.1

293.7

345.7

266.0

 

 

 

 

 

 

    Cost of Sales from Principal Activities

459.3

303.8

307.2

271.7

228.9

    Business Tax and Surcharge

1.9

2.0

0.9

1.6

1.1

    Selling Expenses

4.9

3.4

2.3

3.0

1.7

    General and Administrative Expenses

17.0

12.6

17.8

11.9

11.9

    Interest Expenses

14.1

11.3

15.9

11.4

10.4

    Interest Income

-1.2

-1.5

-1.1

-0.6

-0.8

    Government Interest Discount

-

-

-

0.0

-0.5

    Foreign Exchange Loss

1.5

0.1

0.8

1.5

0.3

    Commission Fees

1.8

1.1

0.8

0.4

-

    Other Financial Expenses

-

-

-

-

0.2

    Impairment Loss on Assets

0.3

-0.3

5.6

0.1

-1.0

Total Operating Expense

499.4

332.5

350.1

301.0

252.2

 

 

 

 

 

 

    Gain on Disposal of Fixed Assets

0.0

-

0.0

0.0

-

    Gain on Disposal of Intangible

0.4

0.9

-

-

-

    Non -Operating Income

0.4

1.0

2.4

0.6

0.0

    Loss on Disposal of Fixed Assets

-0.6

-0.3

-0.1

0.0

-

    Non - Operating Expense

0.0

0.0

0.0

0.0

-0.1

Net Income Before Taxes

26.8

24.2

-54.2

45.3

13.7

 

 

 

 

 

 

Provision for Income Taxes

5.1

9.6

-13.0

11.0

4.6

Net Income After Taxes

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Net Income Before Extra. Items

21.6

14.6

-41.3

34.3

9.1

Net Income

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Basic Weighted Average Shares

807.9

765.3

765.3

765.3

765.3

Basic EPS Excluding ExtraOrdinary Items

0.03

0.02

-0.05

0.04

0.01

Basic EPS Including ExtraOrdinary Items

0.03

0.02

-0.05

0.04

0.01

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

21.6

14.6

-41.3

34.3

9.1

Diluted Weighted Average Shares

807.9

765.3

765.3

765.3

765.3

Diluted EPS Excluding ExtraOrd Items

0.03

0.02

-0.05

0.04

0.01

Diluted EPS Including ExtraOrd Items

0.03

0.02

-0.05

0.04

0.01

DPS-A Share

0.01

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

5.7

0.0

0.0

1.9

0.0

Normalized Income Before Taxes

27.2

23.2

-48.5

45.4

12.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

5.2

9.2

-11.0

11.1

4.2

Normalized Income After Taxes

22.0

14.0

-37.6

34.3

8.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

22.0

14.0

-37.6

34.3

8.4

 

 

 

 

 

 

Basic Normalized EPS

0.03

0.02

-0.05

0.04

0.01

Diluted Normalized EPS

0.03

0.02

-0.05

0.04

0.01

Interest Expense

14.1

11.3

15.9

11.4

10.4

Interest Capitalized

-0.5

-0.9

-1.1

-

-

Advertising Expense, Supplemental

0.0

0.0

-

-

-

Rental Expense, Supplemental

0.1

0.1

-

-

-

Research and Development

0.4

0.2

0.3

0.2

0.4

Government Interest Discount

-

-

-

0.0

-0.5

Depreciation, Supplemental

31.0

28.8

28.3

24.0

23.2

Amort of Intangibles

0.2

0.2

0.2

0.2

0.0

    Current Tax

0.5

0.3

0.6

15.5

4.2

Current Tax - Total

0.5

0.3

0.6

15.5

4.2

    Deferred Tax

4.7

9.3

-13.6

0.1

0.4

Deferred Tax - Total

4.7

9.3

-13.6

0.1

0.4

    Others

-

-

-

-4.6

0.0

Income Tax - Total

5.1

9.6

-13.0

11.0

4.6

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Restated Normal 
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.5897

6.827

6.823

7.3041

7.8051

Auditor

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and Cash Equivalent

88.0

87.1

61.0

37.9

43.1

    Short Term Investment

-

-

-

-

0.0

    Notes Receivable

27.9

5.4

1.5

6.8

7.2

    Accounts Receivable, Gross

23.1

17.6

14.0

17.6

13.4

    Provision for Doubtful Accounts

-0.5

-0.3

-0.6

-0.2

-0.2

    Other Receivable

0.5

0.3

0.2

0.2

0.3

    Payment in Advance

52.9

32.8

13.5

30.4

5.3

    Raw Material

43.3

27.8

11.8

33.9

21.2

    Work in Process

5.3

3.4

1.7

3.5

2.0

    Finished Products/Goods in Store

50.2

31.8

35.5

37.7

13.9

    Low Value Consumable

0.0

0.0

0.0

-

-

    Packaging Materials

0.5

0.2

0.3

-

-

    Semi-finished Products

1.5

3.0

2.6

1.3

1.1

    Subcontracted Material

2.3

0.9

0.1

-

-

    Trial Production

-

-

-

0.0

0.0

    Other Inventory

0.0

0.0

0.0

0.3

0.1

    Provision/Allowance for Inventory

-

-

-

0.0

0.0

Total Current Assets

295.0

210.1

141.5

169.3

107.5

 

 

 

 

 

 

    Long Term Receivables

4.8

4.7

-

-

-

    Long Term Equity Investment

2.8

2.7

1.6

1.5

1.4

    Buildings & Structures

128.0

113.4

109.8

98.4

82.5

    Machinery and Equipment

445.4

398.5

379.5

350.2

310.6

    Transportation Equipment

2.0

2.2

2.2

2.0

1.5

    Electronic Equipment

4.9

5.0

4.8

4.4

2.8

    Other Equipment

-

-

1.1

1.0

1.0

    Accumulated Depreciation

-241.4

-203.0

-184.8

-146.3

-113.7

    Prov. for Impairment of Fixed Assets

-1.5

-1.4

-1.5

-1.4

-1.3

    Construction in Progress

30.2

19.1

26.6

12.1

6.2

    Construction Material

0.2

0.9

0.3

0.2

0.1

    Net Intangible Assets

6.7

6.8

7.2

6.9

6.5

    Deferred Income Tax

0.2

4.8

14.0

0.2

0.3

Total Assets

677.4

563.7

502.4

498.5

405.4

 

 

 

 

 

 

    Short Term Borrowings

167.7

146.8

117.0

157.9

121.4

    Notes Payable

64.9

102.4

94.7

30.9

49.8

    Accounts Payable

70.2

45.0

47.0

43.0

17.8

    Customer Advance

8.0

4.5

3.8

7.2

5.9

    Accrued Payroll

6.3

4.9

1.8

2.8

1.3

    Taxes Payable

-1.8

-6.8

0.7

-0.4

4.3

    Other Creditors

1.7

1.7

1.3

1.2

1.0

    Current Portion of Long Term Debt

13.7

13.2

19.1

12.3

17.9

    Other Current Liab.

1.8

1.4

1.2

1.4

0.3

Total Current Liabilities

332.6

313.0

286.5

256.4

219.8

 

 

 

 

 

 

    Long Term Borrowings

33.4

16.1

22.0

20.5

11.5

Total Long Term Debt

33.4

16.1

22.0

20.5

11.5

 

 

 

 

 

 

    Long Term Payables

23.3

27.7

-

-

-

    Other Non-current Liabilities

3.7

-1.5

-

-

-

Total Liabilities

393.0

355.3

308.5

276.9

231.4

 

 

 

 

 

 

    Capital Stock

96.8

86.2

86.3

67.2

62.9

    Paid-In Capital

95.8

55.1

55.1

50.7

47.5

    Surplus Reserve

27.0

26.1

26.1

24.4

19.5

    Undistributed Profit

64.7

41.0

26.4

79.4

44.3

Total Equity

284.4

208.4

193.9

221.6

174.0

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

677.4

563.7

502.4

498.5

405.4

 

 

 

 

 

 

    S/O-A Share

829.2

765.3

765.3

765.3

765.3

Total Common Shares Outstanding

829.2

765.3

765.3

765.3

765.3

T/S-A Share

0.0

0.0

0.0

-

-

Customer Advance

8.0

4.5

3.8

7.2

5.9

Accumulated Intangible Amort.

0.8

0.6

0.4

-

-

Full-Time Employees

10,160

8,626

8,526

8,623

8,407

Number of Common Shareholders

72,246

79,726

86,012

78,014

46,494

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.768989

6.831007

6.950445

7.605973

7.972372

Auditor

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash from Sale of Goods and Services

426.6

309.5

291.6

358.3

265.3

    Cash Paid for Goods and Services

-441.4

-274.9

-205.1

-313.0

-238.6

    Refund of Taxes

5.8

0.0

1.5

0.0

1.2

    Other Cash Receipts Related to Operating

7.5

5.2

4.5

2.0

0.9

    Cash Paid for Taxes

-5.7

-14.1

-14.6

-32.0

-15.0

    Other Cash Paid for Operating Activities

-9.4

-6.4

-5.0

-5.9

-7.4

Cash from Operating Activities

-16.6

19.3

72.9

9.5

6.4

 

 

 

 

 

 

    Disposal of Fixed and Intangible Assets

1.1

0.0

0.1

0.0

0.0

    Other Cash from Investing Activities

-

-

-

-

0.0

    Capital Expenditure

-30.1

-15.9

-11.2

-30.2

-8.1

Cash from Investing Activities

-29.0

-15.9

-11.2

-30.2

-8.1

 

 

 

 

 

 

    Cash from Investors

44.5

0.0

-

-

-

    Cash from Borrowings

205.6

173.8

136.7

184.8

136.6

    Other Cash from Financing Activities

0.0

22.5

-

-

-

    Repayment of Borrowings

-174.2

-155.6

-182.1

-156.4

-132.0

    Cash Paid for Dividends and Interest

-12.2

-10.0

-14.2

-10.4

-8.6

    Other Cash Paid for Financing Activities

-6.9

-1.6

-

-

-

Cash from Financing Activities

56.9

29.0

-59.5

18.0

-4.0

 

 

 

 

 

 

Foreign Exchange Effects

-0.6

0.0

-0.3

-0.1

-

Net Change in Cash

10.7

32.4

1.9

-2.8

-5.7

 

 

 

 

 

 

Net Cash - Beginning Balance

60.0

27.1

24.7

25.4

29.9

Net Cash - Ending Balance

70.7

59.5

26.6

22.6

24.3

    Depreciation

31.0

28.8

28.3

24.0

23.2

    Amortization of Intangibles

0.2

0.2

0.2

0.2

0.0

 

 Financial Health

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

151.5

36.25%

526.0

46.78%

10.63%

19.74%

Operating Income1

-7.3

-

26.5

16.59%

-19.19%

53.17%

Income Available to Common Excl Extraord Items1

-6.4

-

21.6

47.02%

-17.48%

78.12%

Basic EPS Excl Extraord Items1

-0.01

-

0.03

39.25%

-18.95%

76.12%

Capital Expenditures2

30.2

178.95%

30.1

87.42%

-3.96%

-7.34%

Cash from Operating Activities2

52.9

-

-16.6

-

-

-

Free Cash Flow

23.0

-

-48.0

-

-

-

Total Assets3

712.9

-1.33%

677.4

15.99%

7.02%

6.22%

Total Liabilities3

414.4

-7.02%

393.0

6.76%

8.59%

5.06%

Total Long Term Debt3

59.4

60.00%

33.4

100.00%

13.62%

8.14%

Employees3

-

-

10160

17.78%

5.62%

6.70%

Total Common Shares Outstanding3

829.2

0.00%

829.2

8.35%

2.71%

-5.19%

1-ExchangeRate: CNY to USD Average for Period

6.501206

 

6.768989

 

 

 

2-ExchangeRate: CNY to USD Average for Period

6.541904

 

6.768989

 

 

 

3-ExchangeRate: CNY to USD Period End Date

6.464000

 

6.589700

 

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin

12.32%

13.90%

-4.90%

20.94%

13.52%

Operating Margin

5.05%

6.35%

-19.21%

12.95%

5.18%

Pretax Margin

5.09%

6.81%

-18.46%

13.10%

5.16%

Net Profit Margin

4.11%

4.11%

-14.05%

9.91%

3.43%

Financial Strength

Current Ratio

0.89

0.67

0.49

0.66

0.49

Long Term Debt/Equity

0.12

0.08

0.11

0.09

0.07

Total Debt/Equity

0.98

1.34

1.30

1.00

1.15

Management Effectiveness

Return on Assets

3.52%

2.74%

-8.11%

7.66%

2.25%

Return on Equity

8.89%

7.26%

-19.50%

17.51%

5.52%

Efficiency

Receivables Turnover

14.41

18.60

14.49

15.45

19.69

Inventory Turnover

5.49

5.14

4.69

4.84

5.09

Asset Turnover

0.86

0.67

0.58

0.77

0.66

Market Valuation USD (mil)

P/E (TTM)

30.49

.

Enterprise Value2

820.0

Price/Sales (TTM)

0.99

.

Enterprise Value/Revenue (TTM)

1.27

Price/Book (MRQ)

2.14

.

Enterprise Value/EBITDA (TTM)

17.88

Market Cap as of 23-Sep-20111

645.1

.

 

 

1-ExchangeRate: CNY to USD on 23-Sep-2011

6.388900

 

 

 

2-ExchangeRate: CNY to USD on 30-Jun-2011

6.464000

 

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Financial Strength

Current Ratio

0.89

0.67

0.49

0.66

0.49

Quick/Acid Test Ratio

0.42

0.35

0.27

0.24

0.29

Working Capital1

-37.6

-102.9

-145.0

-87.1

-112.3

Long Term Debt/Equity

0.12

0.08

0.11

0.09

0.07

Total Debt/Equity

0.98

1.34

1.30

1.00

1.15

Long Term Debt/Total Capital

0.06

0.03

0.05

0.05

0.03

Total Debt/Total Capital

0.50

0.57

0.57

0.50

0.54

Payout Ratio

25.43%

0.00%

0.00%

5.64%

0.00%

Effective Tax Rate

19.22%

39.71%

-

24.37%

33.48%

Total Capital1

564.0

486.8

446.6

443.3

374.7

 

 

 

 

 

 

Efficiency

Asset Turnover

0.86

0.67

0.58

0.77

0.66

Inventory Turnover

5.49

5.14

4.69

4.84

5.09

Days In Inventory

66.53

71.05

77.86

75.37

71.66

Receivables Turnover

14.41

18.60

14.49

15.45

19.69

Days Receivables Outstanding

25.32

19.63

25.19

23.62

18.53

Revenue/Employee2

53,177

41,189

35,091

41,752

32,314

Operating Income/Employee2

2,684

2,617

-6,742

5,407

1,674

EBITDA/Employee2

5,842

5,981

-3,343

8,319

4,495

 

 

 

 

 

 

Profitability

Gross Margin

12.32%

13.90%

-4.90%

20.94%

13.52%

Operating Margin

5.05%

6.35%

-19.21%

12.95%

5.18%

EBITDA Margin

10.99%

14.52%

-9.53%

19.92%

13.91%

EBIT Margin

5.05%

6.35%

-19.21%

12.95%

5.18%

Pretax Margin

5.09%

6.81%

-18.46%

13.10%

5.16%

Net Profit Margin

4.11%

4.11%

-14.05%

9.91%

3.43%

COGS/Revenue

87.68%

86.10%

104.90%

79.06%

86.48%

SG&A Expense/Revenue

4.16%

4.50%

6.85%

4.30%

5.10%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

3.52%

2.74%

-8.11%

7.66%

2.25%

Return on Equity

8.89%

7.26%

-19.50%

17.51%

5.52%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-0.06

0.00

0.08

-0.03

0.00

Operating Cash Flow/Share 2

-0.02

0.03

0.10

0.01

0.01

1-ExchangeRate: CNY to USD Period End Date

6.5897

6.827

6.823

7.3041

7.8051

2-ExchangeRate: CNY to USD Average for Period

6.5897

6.827

6.823

7.3041

7.8051

 

Current Market Multiples

Market Cap/Earnings (TTM)

30.49

Market Cap/Equity (MRQ)

2.14

Market Cap/Revenue (TTM)

0.99

Market Cap/EBIT (TTM)

13.90

Market Cap/EBITDA (TTM)

13.90

Enterprise Value/Earnings (TTM)

39.22

Enterprise Value/Equity (MRQ)

2.75

Enterprise Value/Revenue (TTM)

1.27

Enterprise Value/EBIT (TTM)

17.88

Enterprise Value/EBITDA (TTM)

17.88

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Restated Normal 
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.768989

6.831007

6.950445

7.605973

7.972372

Auditor

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

526.0

355.1

293.7

345.7

266.0

Revenue

526.0

355.1

293.7

345.7

266.0

Total Revenue

526.0

355.1

293.7

345.7

266.0

 

 

 

 

 

 

    Cost of Revenue

459.3

303.8

307.2

271.7

228.9

    Excise Taxes Payments

1.9

2.0

0.9

1.6

1.1

Cost of Revenue, Total

461.2

305.7

308.1

273.3

230.0

Gross Profit

64.8

49.3

-14.4

72.4

36.0

 

 

 

 

 

 

    Selling/General/Administrative Expense

21.9

16.0

20.1

14.9

13.6

Total Selling/General/Administrative Expenses

21.9

16.0

20.1

14.9

13.6

        Interest Expense - Operating

14.1

11.3

15.9

11.4

9.9

    Interest Expense - Net Operating

14.1

11.3

15.9

11.4

9.9

        Interest Income - Operating

-1.2

-1.5

-1.1

-0.6

-0.8

        Investment Income - Operating

1.5

0.1

0.8

1.5

0.3

    Interest/Investment Income - Operating

0.3

-1.3

-0.3

0.9

-0.5

Interest Expense (Income) - Net Operating Total

14.4

10.0

15.5

12.3

9.4

    Impairment-Assets Held for Use

0.3

-0.3

5.6

0.1

-1.0

Unusual Expense (Income)

0.3

-0.3

5.6

0.1

-1.0

    Other Operating Expense

1.8

1.1

0.8

0.4

0.2

Other Operating Expenses, Total

1.8

1.1

0.8

0.4

0.2

Total Operating Expense

499.4

332.5

350.1

301.0

252.2

 

 

 

 

 

 

Operating Income

26.5

22.6

-56.4

44.8

13.8

 

 

 

 

 

 

Gain (Loss) on Sale of Assets

-0.2

0.6

-0.1

0.0

-

    Other Non-Operating Income (Expense)

0.4

1.0

2.3

0.6

-0.1

Other, Net

0.4

1.0

2.3

0.6

-0.1

Income Before Tax

26.8

24.2

-54.2

45.3

13.7

 

 

 

 

 

 

Total Income Tax

5.1

9.6

-13.0

11.0

4.6

Income After Tax

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Net Income Before Extraord Items

21.6

14.6

-41.3

34.3

9.1

Net Income

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

807.9

765.3

765.3

765.3

765.3

Basic EPS Excl Extraord Items

0.03

0.02

-0.05

0.04

0.01

Basic/Primary EPS Incl Extraord Items

0.03

0.02

-0.05

0.04

0.01

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

21.6

14.6

-41.3

34.3

9.1

Diluted Weighted Average Shares

807.9

765.3

765.3

765.3

765.3

Diluted EPS Excl Extraord Items

0.03

0.02

-0.05

0.04

0.01

Diluted EPS Incl Extraord Items

0.03

0.02

-0.05

0.04

0.01

Dividends per Share - Common Stock Primary Issue

0.01

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

5.7

0.0

0.0

1.9

0.0

Interest Expense, Supplemental

14.1

11.3

15.9

11.4

9.9

Interest Capitalized, Supplemental

-0.5

-0.9

-1.1

-

-

Depreciation, Supplemental

31.0

28.8

28.3

24.0

23.2

Total Special Items

0.4

-0.9

5.7

0.1

-1.0

Normalized Income Before Tax

27.2

23.2

-48.5

45.4

12.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.1

-0.4

2.0

0.0

-0.3

Inc Tax Ex Impact of Sp Items

5.2

9.2

-11.0

11.1

4.2

Normalized Income After Tax

22.0

14.0

-37.6

34.3

8.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

22.0

14.0

-37.6

34.3

8.4

 

 

 

 

 

 

Basic Normalized EPS

0.03

0.02

-0.05

0.04

0.01

Diluted Normalized EPS

0.03

0.02

-0.05

0.04

0.01

Amort of Intangibles, Supplemental

0.2

0.2

0.2

0.2

0.0

Rental Expenses

0.1

0.1

-

-

-

Advertising Expense, Supplemental

0.0

0.0

-

-

-

Research & Development Exp, Supplemental

0.4

0.2

0.3

0.2

0.4

Normalized EBIT

41.1

32.2

-35.3

57.1

22.2

Normalized EBITDA

72.4

61.2

-6.9

81.2

45.4

    Current Tax - Total

0.5

0.3

0.6

15.5

4.2

Current Tax - Total

0.5

0.3

0.6

15.5

4.2

    Deferred Tax - Total

4.7

9.3

-13.6

0.1

0.4

Deferred Tax - Total

4.7

9.3

-13.6

0.1

0.4

    Other Tax

-

-

-

-4.6

0.0

Income Tax - Total

5.1

9.6

-13.0

11.0

4.6

 

Interim Income Statement

Standardized

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.501206

6.583076

6.655995

6.770018

6.824215

 

 

 

 

 

 

    Net Sales

151.5

182.9

155.3

138.3

105.9

Revenue

151.5

182.9

155.3

138.3

105.9

Total Revenue

151.5

182.9

155.3

138.3

105.9

 

 

 

 

 

 

    Cost of Revenue

137.0

150.8

127.5

128.8

92.8

    Excise Taxes Payments

1.3

0.6

0.5

0.8

0.5

Cost of Revenue, Total

138.3

151.4

128.1

129.6

93.3

Gross Profit

13.2

31.4

27.2

8.7

12.6

 

 

 

 

 

 

    Selling/General/Administrative Expense

2.8

8.2

7.5

4.4

4.4

Total Selling/General/Administrative Expenses

2.8

8.2

7.5

4.4

4.4

        Investment Income - Operating

-0.3

0.0

0.0

-

-

    Interest/Investment Income - Operating

-0.3

0.0

0.0

-

-

    Interest Expense (Income) - Net Operating

5.4

5.6

4.3

4.0

4.1

Interest Expense (Income) - Net Operating Total

5.1

5.5

4.3

4.0

4.1

    Impairment-Assets Held for Use

12.6

0.4

-0.3

0.1

-0.1

Unusual Expense (Income)

12.6

0.4

-0.3

0.1

-0.1

Total Operating Expense

158.8

165.6

139.7

138.2

101.8

 

 

 

 

 

 

Operating Income

-7.3

17.3

15.6

0.1

4.1

 

 

 

 

 

 

    Other Non-Operating Income (Expense)

0.1

0.0

-0.3

0.1

-0.1

Other, Net

0.1

0.0

-0.3

0.1

-0.1

Income Before Tax

-7.2

17.3

15.3

0.1

4.0

 

 

 

 

 

 

Total Income Tax

-0.9

2.6

3.5

0.0

0.6

Income After Tax

-6.4

14.7

11.9

0.1

3.4

 

 

 

 

 

 

Net Income Before Extraord Items

-6.4

14.7

11.9

0.1

3.4

Net Income

-6.4

14.7

11.9

0.1

3.4

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-6.4

14.7

11.9

0.1

3.4

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-6.4

14.7

11.9

0.1

3.4

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

829.2

829.2

829.2

829.2

786.6

Basic EPS Excl Extraord Items

-0.01

0.02

0.01

0.00

0.00

Basic/Primary EPS Incl Extraord Items

-0.01

0.02

0.01

0.00

0.00

Dilution Adjustment

0.0

-

-

-

-

Diluted Net Income

-6.4

14.7

11.9

0.1

3.4

Diluted Weighted Average Shares

829.2

829.2

829.2

829.2

786.6

Diluted EPS Excl Extraord Items

-0.01

0.02

0.01

0.00

0.00

Diluted EPS Incl Extraord Items

-0.01

0.02

0.01

0.00

0.00

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.01

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

5.7

0.0

0.0

Total Special Items

12.6

0.4

-0.3

0.1

-0.1

Normalized Income Before Tax

5.4

17.7

15.1

0.3

3.9

 

 

 

 

 

 

Effect of Special Items on Income Taxes

4.4

0.1

-0.1

0.0

0.0

Inc Tax Ex Impact of Sp Items

3.6

2.7

3.4

0.0

0.6

Normalized Income After Tax

1.8

15.1

11.7

0.2

3.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1.8

15.1

11.7

0.2

3.3

 

 

 

 

 

 

Basic Normalized EPS

0.00

0.02

0.01

0.00

0.00

Diluted Normalized EPS

0.00

0.02

0.01

0.00

0.00

Normalized EBIT

10.4

23.2

19.7

4.3

8.2

Normalized EBITDA

10.4

23.2

19.7

4.3

8.2

 

 

 

Annual Balance Sheet

 

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Restated Normal 
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.5897

6.827

6.823

7.3041

7.8051

Auditor

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

88.0

87.1

61.0

37.9

43.1

    Short Term Investments

-

-

-

-

0.0

Cash and Short Term Investments

88.0

87.1

61.0

37.9

43.1

        Accounts Receivable - Trade, Gross

23.1

17.6

14.0

17.6

13.4

        Provision for Doubtful Accounts

-0.5

-0.3

-0.6

-0.2

-0.2

    Trade Accounts Receivable - Net

22.6

17.3

13.4

17.4

13.2

    Notes Receivable - Short Term

27.9

5.4

1.5

6.8

7.2

    Other Receivables

0.5

0.3

0.2

0.2

0.3

Total Receivables, Net

51.0

23.1

15.1

24.4

20.7

    Inventories - Finished Goods

50.2

31.8

35.5

37.7

13.9

    Inventories - Work In Progress

6.9

6.4

4.3

4.7

3.1

    Inventories - Raw Materials

43.3

27.8

11.8

33.9

21.2

    Inventories - Other

2.8

1.1

0.3

0.2

0.1

Total Inventory

103.1

67.2

51.9

76.5

38.4

Prepaid Expenses

52.9

32.8

13.5

30.4

5.3

Total Current Assets

295.0

210.1

141.5

169.3

107.5

 

 

 

 

 

 

        Buildings

128.0

113.4

109.8

98.4

82.5

        Machinery/Equipment

452.3

405.7

387.6

357.7

315.9

        Construction in Progress

30.4

20.1

26.9

12.3

6.2

    Property/Plant/Equipment - Gross

610.7

539.2

524.3

468.3

404.6

    Accumulated Depreciation

-242.9

-204.5

-186.3

-147.7

-115.0

Property/Plant/Equipment - Net

367.8

334.7

338.1

320.6

289.6

Intangibles, Net

6.7

6.8

7.2

6.9

6.5

    LT Investment - Affiliate Companies

2.8

2.7

1.6

1.5

1.4

Long Term Investments

2.8

2.7

1.6

1.5

1.4

Note Receivable - Long Term

4.8

4.7

-

-

-

    Deferred Income Tax - Long Term Asset

0.2

4.8

14.0

0.2

0.3

Other Long Term Assets, Total

0.2

4.8

14.0

0.2

0.3

Total Assets

677.4

563.7

502.4

498.5

405.4

 

 

 

 

 

 

Accounts Payable

70.2

45.0

47.0

43.0

17.8

Accrued Expenses

8.0

6.5

3.2

4.0

2.3

Notes Payable/Short Term Debt

232.6

249.1

211.7

188.8

171.2

Current Portion - Long Term Debt/Capital Leases

13.7

13.2

19.1

12.3

17.9

    Customer Advances

8.0

4.5

3.8

7.2

5.9

    Income Taxes Payable

-1.8

-6.8

0.7

-0.4

4.3

    Other Current Liabilities

1.8

1.4

1.2

1.4

0.3

Other Current liabilities, Total

8.1

-0.9

5.7

8.2

10.5

Total Current Liabilities

332.6

313.0

286.5

256.4

219.8

 

 

 

 

 

 

    Long Term Debt

33.4

16.1

22.0

20.5

11.5

Total Long Term Debt

33.4

16.1

22.0

20.5

11.5

Total Debt

279.6

278.4

252.7

221.7

200.7

 

 

 

 

 

 

    Other Long Term Liabilities

27.0

26.2

-

-

-

Other Liabilities, Total

27.0

26.2

-

-

-

Total Liabilities

393.0

355.3

308.5

276.9

231.4

 

 

 

 

 

 

    Common Stock

96.8

86.2

86.3

67.2

62.9

Common Stock

96.8

86.2

86.3

67.2

62.9

Additional Paid-In Capital

95.8

55.1

55.1

50.7

47.5

Retained Earnings (Accumulated Deficit)

91.7

67.1

52.5

103.8

63.7

Total Equity

284.4

208.4

193.9

221.6

174.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

677.4

563.7

502.4

498.5

405.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

829.2

765.3

765.3

765.3

765.3

Total Common Shares Outstanding

829.2

765.3

765.3

765.3

765.3

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

-

-

Employees

10,160

8,626

8,526

8,623

8,407

Number of Common Shareholders

72,246

79,726

86,012

78,014

46,494

Accumulated Intangible Amort, Suppl.

0.8

0.6

0.4

-

-

Deferred Revenue - Current

8.0

4.5

3.8

7.2

5.9

Total Long Term Debt, Supplemental

13.7

13.2

19.1

12.3

-

Long Term Debt Maturing within 1 Year

13.7

13.2

19.1

12.3

-

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

0.0

-

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Reclassified Normal 
31-Mar-2011

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.464

6.5485

6.5897

6.6912

6.7814

 

 

 

 

 

 

    Cash & Equivalents

102.2

120.9

88.0

109.6

115.0

Cash and Short Term Investments

102.2

120.9

88.0

109.6

115.0

    Trade Accounts Receivable - Net

32.1

50.0

22.6

33.5

28.8

    Notes Receivable - Short Term

4.9

13.2

27.9

18.0

13.7

    Other Receivables

0.6

0.5

0.5

0.3

0.3

Total Receivables, Net

37.6

63.7

51.0

51.8

42.8

Total Inventory

125.0

123.7

103.1

81.3

105.7

Prepaid Expenses

48.9

61.7

52.9

42.0

63.3

Total Current Assets

313.8

370.0

295.0

284.7

326.8

 

 

 

 

 

 

        Construction in Progress

51.1

36.1

35.4

16.1

43.6

        Other Property/Plant/Equipment

-

-

-

0.4

0.2

    Property/Plant/Equipment - Gross

51.1

36.1

35.4

16.4

43.8

Property/Plant/Equipment - Net

382.1

368.2

367.8

352.5

344.8

Intangibles, Net

6.8

6.7

6.7

6.7

6.6

    LT Investment - Affiliate Companies

3.1

2.8

2.8

2.7

2.7

Long Term Investments

3.1

2.8

2.8

2.7

2.7

Note Receivable - Long Term

4.9

4.9

4.8

4.8

4.7

    Deferred Income Tax - Long Term Asset

2.1

0.2

0.2

3.1

3.1

Other Long Term Assets, Total

2.1

0.2

0.2

3.1

3.1

Total Assets

712.9

752.9

677.4

654.5

688.7

 

 

 

 

 

 

Accounts Payable

83.5

134.9

70.2

60.3

75.9

Accrued Expenses

5.8

11.4

8.0

6.8

5.9

Notes Payable/Short Term Debt

222.1

220.1

232.6

232.3

257.5

Current Portion - Long Term Debt/Capital Leases

3.1

3.1

13.7

13.5

13.3

    Customer Advances

12.8

12.3

8.0

14.9

9.3

    Income Taxes Payable

-1.2

1.2

-1.8

0.3

1.0

    Other Payables

2.2

-

-

-

-

    Other Current Liabilities

2.3

1.8

1.8

1.4

1.4

Other Current liabilities, Total

16.1

15.3

8.1

16.6

11.8

Total Current Liabilities

330.7

384.8

332.6

329.4

364.4

 

 

 

 

 

 

    Long Term Debt

59.4

41.2

33.4

32.9

35.4

Total Long Term Debt

59.4

41.2

33.4

32.9

35.4

Total Debt

284.6

264.4

279.6

278.7

306.2

 

 

 

 

 

 

    Other Long Term Liabilities

24.3

25.9

27.0

24.7

25.0

Other Liabilities, Total

24.3

25.9

27.0

24.7

25.0

Total Liabilities

414.4

451.9

393.0

387.0

424.8

 

 

 

 

 

 

    Common Stock

98.7

97.4

96.8

95.3

94.1

Common Stock

98.7

97.4

96.8

95.3

94.1

Additional Paid-In Capital

97.7

96.5

95.8

93.7

92.4

Retained Earnings (Accumulated Deficit)

102.0

107.1

91.7

78.5

77.3

Total Equity

298.4

300.9

284.4

267.5

263.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

712.9

752.9

677.4

654.5

688.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

829.2

829.2

829.2

829.2

829.2

Total Common Shares Outstanding

829.2

829.2

829.2

829.2

829.2

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Number of Common Shareholders

65,954

64,145

72,246

74,052

73,791

Accumulated Intangible Amort, Suppl.

0.9

-

0.8

-

0.7

Deferred Revenue - Current

12.8

12.3

8.0

14.9

9.3

Total Long Term Debt, Supplemental

-

3.1

-

13.5

13.3

Long Term Debt Maturing within 1 Year

-

3.1

-

13.5

13.3

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

-

0.0

0.0

 

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.768989

6.831007

6.950445

7.605973

7.972372

Auditor

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Cash Receipts

426.6

309.5

291.6

358.3

265.3

Cash Payments

-441.4

-274.9

-205.1

-313.0

-238.6

Cash Taxes Paid

0.2

-14.1

-13.1

-32.0

-13.8

    Other Operating Cash Flow

-1.9

-1.1

-0.5

-3.9

-6.5

Changes in Working Capital

-1.9

-1.1

-0.5

-3.9

-6.5

Cash from Operating Activities

-16.6

19.3

72.9

9.5

6.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-30.1

-15.9

-11.2

-30.2

-8.1

Capital Expenditures

-30.1

-15.9

-11.2

-30.2

-8.1

    Sale of Fixed Assets

1.1

0.0

0.1

0.0

0.0

    Other Investing Cash Flow

-

-

-

-

0.0

Other Investing Cash Flow Items, Total

1.1

0.0

0.1

0.0

0.0

Cash from Investing Activities

-29.0

-15.9

-11.2

-30.2

-8.1

 

 

 

 

 

 

    Other Financing Cash Flow

25.4

10.8

-14.2

-10.4

-8.6

Financing Cash Flow Items

25.4

10.8

-14.2

-10.4

-8.6

    Total Debt Issued

205.6

173.8

136.7

184.8

136.6

    Total Debt Reduction

-174.2

-155.6

-182.1

-156.4

-132.0

Issuance (Retirement) of Debt, Net

31.5

18.2

-45.4

28.4

4.6

Cash from Financing Activities

56.9

29.0

-59.5

18.0

-4.0

 

 

 

 

 

 

Foreign Exchange Effects

-0.6

0.0

-0.3

-0.1

-

Net Change in Cash

10.7

32.4

1.9

-2.8

-5.7

 

 

 

 

 

 

Net Cash - Beginning Balance

60.0

27.1

24.7

25.4

29.9

Net Cash - Ending Balance

70.7

59.5

26.6

22.6

24.3

Depreciation

31.0

28.8

28.3

24.0

23.2

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

6 Months

3 Months

12 Months

9 Months

6 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.541904

6.583076

6.768989

6.807123

6.825839

 

 

 

 

 

 

Cash Receipts

255.9

121.4

426.6

292.6

148.4

Cash Payments

-193.9

-61.7

-441.4

-298.4

-180.5

Cash Taxes Paid

-4.4

-2.1

0.2

0.3

3.1

    Other Operating Cash Flow

-4.7

-1.5

-1.9

-3.2

-2.0

Changes in Working Capital

-4.7

-1.5

-1.9

-3.2

-2.0

Cash from Operating Activities

52.9

56.1

-16.6

-8.6

-31.0

 

 

 

 

 

 

    Purchase of Fixed Assets

-30.2

-8.5

-30.1

-26.1

-10.4

Capital Expenditures

-30.2

-8.5

-30.1

-26.1

-10.4

    Sale of Fixed Assets

0.0

-

1.1

0.8

1.0

    Other Investing Cash Flow

0.0

0.0

0.0

0.0

-

Other Investing Cash Flow Items, Total

0.0

0.0

1.1

0.8

1.0

Cash from Investing Activities

-30.1

-8.5

-29.0

-25.3

-9.3

 

 

 

 

 

 

    Other Financing Cash Flow

-10.8

-5.1

25.4

29.8

34.7

Financing Cash Flow Items

-10.8

-5.1

25.4

29.8

34.7

    Total Debt Issued

132.2

37.1

205.6

171.4

136.4

    Total Debt Reduction

-133.9

-54.2

-174.2

-142.2

-94.9

Issuance (Retirement) of Debt, Net

-1.7

-17.1

31.5

29.2

41.5

Cash from Financing Activities

-12.4

-22.2

56.9

59.0

76.1

 

 

 

 

 

 

Foreign Exchange Effects

-0.6

-0.1

-0.6

-0.4

-0.2

Net Change in Cash

9.7

25.3

10.7

24.7

35.7

 

 

 

 

 

 

Net Cash - Beginning Balance

73.2

72.7

60.0

59.7

59.5

Net Cash - Ending Balance

82.8

98.0

70.7

84.4

95.2

Depreciation

16.8

-

31.0

-

15.2

Annual Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Restated Normal 
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.768989

6.831007

6.950445

7.605973

7.972372

Auditor

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales from Principal Activities

526.0

355.1

293.7

345.7

266.0

Total Revenue

526.0

355.1

293.7

345.7

266.0

 

 

 

 

 

 

    Cost of Sales from Principal Activities

459.3

303.8

307.2

271.7

228.9

    Business Tax and Surcharge

1.9

2.0

0.9

1.6

1.1

    Selling Expenses

4.9

3.4

2.3

3.0

1.7

    General and Administrative Expenses

17.0

12.6

17.8

11.9

11.9

    Interest Expenses

14.1

11.3

15.9

11.4

10.4

    Interest Income

-1.2

-1.5

-1.1

-0.6

-0.8

    Government Interest Discount

-

-

-

0.0

-0.5

    Foreign Exchange Loss

1.5

0.1

0.8

1.5

0.3

    Commission Fees

1.8

1.1

0.8

0.4

-

    Other Financial Expenses

-

-

-

-

0.2

    Impairment Loss on Assets

0.3

-0.3

5.6

0.1

-1.0

Total Operating Expense

499.4

332.5

350.1

301.0

252.2

 

 

 

 

 

 

    Gain on Disposal of Fixed Assets

0.0

-

0.0

0.0

-

    Gain on Disposal of Intangible

0.4

0.9

-

-

-

    Non -Operating Income

0.4

1.0

2.4

0.6

0.0

    Loss on Disposal of Fixed Assets

-0.6

-0.3

-0.1

0.0

-

    Non - Operating Expense

0.0

0.0

0.0

0.0

-0.1

Net Income Before Taxes

26.8

24.2

-54.2

45.3

13.7

 

 

 

 

 

 

Provision for Income Taxes

5.1

9.6

-13.0

11.0

4.6

Net Income After Taxes

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Net Income Before Extra. Items

21.6

14.6

-41.3

34.3

9.1

Net Income

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

21.6

14.6

-41.3

34.3

9.1

 

 

 

 

 

 

Basic Weighted Average Shares

807.9

765.3

765.3

765.3

765.3

Basic EPS Excluding ExtraOrdinary Items

0.03

0.02

-0.05

0.04

0.01

Basic EPS Including ExtraOrdinary Items

0.03

0.02

-0.05

0.04

0.01

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

21.6

14.6

-41.3

34.3

9.1

Diluted Weighted Average Shares

807.9

765.3

765.3

765.3

765.3

Diluted EPS Excluding ExtraOrd Items

0.03

0.02

-0.05

0.04

0.01

Diluted EPS Including ExtraOrd Items

0.03

0.02

-0.05

0.04

0.01

DPS-A Share

0.01

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

5.7

0.0

0.0

1.9

0.0

Normalized Income Before Taxes

27.2

23.2

-48.5

45.4

12.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

5.2

9.2

-11.0

11.1

4.2

Normalized Income After Taxes

22.0

14.0

-37.6

34.3

8.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

22.0

14.0

-37.6

34.3

8.4

Basic Normalized EPS

0.03

0.02

-0.05

0.04

0.01

Diluted Normalized EPS

0.03

0.02

-0.05

0.04

0.01

Interest Expense

14.1

11.3

15.9

11.4

10.4

Interest Capitalized

-0.5

-0.9

-1.1

-

-

Advertising Expense, Supplemental

0.0

0.0

-

-

-

Rental Expense, Supplemental

0.1

0.1

-

-

-

Research and Development

0.4

0.2

0.3

0.2

0.4

Government Interest Discount

-

-

-

0.0

-0.5

Depreciation, Supplemental

31.0

28.8

28.3

24.0

23.2

Amort of Intangibles

0.2

0.2

0.2

0.2

0.0

    Current Tax

0.5

0.3

0.6

15.5

4.2

Current Tax - Total

0.5

0.3

0.6

15.5

4.2

    Deferred Tax

4.7

9.3

-13.6

0.1

0.4

Deferred Tax - Total

4.7

9.3

-13.6

0.1

0.4

    Others

-

-

-

-4.6

0.0

Income Tax - Total

5.1

9.6

-13.0

11.0

4.6

 

Interim Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.501206

6.583076

6.655995

6.770018

6.824215

 

 

 

 

 

 

    In Operating Income

151.5

182.9

155.3

138.3

105.9

Total Revenue

151.5

182.9

155.3

138.3

105.9

 

 

 

 

 

 

    Cost of Sales from Principal Activities

137.0

150.8

127.5

128.8

92.8

    Business Tax and Surcharge

1.3

0.6

0.5

0.8

0.5

    Selling Expense

1.4

1.5

2.0

0.6

1.5

    General and Administrative Expenses

1.4

6.7

5.6

3.8

3.0

    Financial Expenses

5.4

5.6

4.3

4.0

4.1

    Impairment of Fixed Assets

12.6

0.4

-0.3

0.1

-0.1

    Investment Income

-0.3

0.0

0.0

-

-

Total Operating Expense

158.8

165.6

139.7

138.2

101.8

 

 

 

 

 

 

    Non-Operating Income

0.1

0.0

0.3

0.1

-0.1

    Non-Operating Expenses

0.0

0.0

-0.6

0.0

0.0

Net Income Before Taxes

-7.2

17.3

15.3

0.1

4.0

 

 

 

 

 

 

Provision for Income Taxes

-0.9

2.6

3.5

0.0

0.6

Net Income After Taxes

-6.4

14.7

11.9

0.1

3.4

 

 

 

 

 

 

Net Income Before Extra. Items

-6.4

14.7

11.9

0.1

3.4

Net Income

-6.4

14.7

11.9

0.1

3.4

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-6.4

14.7

11.9

0.1

3.4

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-6.4

14.7

11.9

0.1

3.4

 

 

 

 

 

 

Basic Weighted Average Shares

829.2

829.2

829.2

829.2

786.6

Basic EPS Excluding ExtraOrdinary Items

-0.01

0.02

0.01

0.00

0.00

Basic EPS Including ExtraOrdinary Items

-0.01

0.02

0.01

0.00

0.00

Dilution Adjustment

0.0

-

-

-

-

Diluted Net Income

-6.4

14.7

11.9

0.1

3.4

Diluted Weighted Average Shares

829.2

829.2

829.2

829.2

786.6

Diluted EPS Excluding ExtraOrd Items

-0.01

0.02

0.01

0.00

0.00

Diluted EPS Including ExtraOrd Items

-0.01

0.02

0.01

0.00

0.00

DPS-A Share

0.00

0.00

0.01

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

5.7

0.0

0.0

Normalized Income Before Taxes

5.4

17.7

15.1

0.3

3.9

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

3.6

2.7

3.4

0.0

0.6

Normalized Income After Taxes

1.8

15.1

11.7

0.2

3.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1.8

15.1

11.7

0.2

3.3

 

 

 

 

 

 

Basic Normalized EPS

0.00

0.02

0.01

0.00

0.00

Diluted Normalized EPS

0.00

0.02

0.01

0.00

0.00

 

 

Annual Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Restated Normal 
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.5897

6.827

6.823

7.3041

7.8051

Auditor

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and Cash Equivalent

88.0

87.1

61.0

37.9

43.1

    Short Term Investment

-

-

-

-

0.0

    Notes Receivable

27.9

5.4

1.5

6.8

7.2

    Accounts Receivable, Gross

23.1

17.6

14.0

17.6

13.4

    Provision for Doubtful Accounts

-0.5

-0.3

-0.6

-0.2

-0.2

    Other Receivable

0.5

0.3

0.2

0.2

0.3

    Payment in Advance

52.9

32.8

13.5

30.4

5.3

    Raw Material

43.3

27.8

11.8

33.9

21.2

    Work in Process

5.3

3.4

1.7

3.5

2.0

    Finished Products/Goods in Store

50.2

31.8

35.5

37.7

13.9

    Low Value Consumable

0.0

0.0

0.0

-

-

    Packaging Materials

0.5

0.2

0.3

-

-

    Semi-finished Products

1.5

3.0

2.6

1.3

1.1

    Subcontracted Material

2.3

0.9

0.1

-

-

    Trial Production

-

-

-

0.0

0.0

    Other Inventory

0.0

0.0

0.0

0.3

0.1

    Provision/Allowance for Inventory

-

-

-

0.0

0.0

Total Current Assets

295.0

210.1

141.5

169.3

107.5

 

 

 

 

 

 

    Long Term Receivables

4.8

4.7

-

-

-

    Long Term Equity Investment

2.8

2.7

1.6

1.5

1.4

    Buildings & Structures

128.0

113.4

109.8

98.4

82.5

    Machinery and Equipment

445.4

398.5

379.5

350.2

310.6

    Transportation Equipment

2.0

2.2

2.2

2.0

1.5

    Electronic Equipment

4.9

5.0

4.8

4.4

2.8

    Other Equipment

-

-

1.1

1.0

1.0

    Accumulated Depreciation

-241.4

-203.0

-184.8

-146.3

-113.7

    Prov. for Impairment of Fixed Assets

-1.5

-1.4

-1.5

-1.4

-1.3

    Construction in Progress

30.2

19.1

26.6

12.1

6.2

    Construction Material

0.2

0.9

0.3

0.2

0.1

    Net Intangible Assets

6.7

6.8

7.2

6.9

6.5

    Deferred Income Tax

0.2

4.8

14.0

0.2

0.3

Total Assets

677.4

563.7

502.4

498.5

405.4

 

 

 

 

 

 

    Short Term Borrowings

167.7

146.8

117.0

157.9

121.4

    Notes Payable

64.9

102.4

94.7

30.9

49.8

    Accounts Payable

70.2

45.0

47.0

43.0

17.8

    Customer Advance

8.0

4.5

3.8

7.2

5.9

    Accrued Payroll

6.3

4.9

1.8

2.8

1.3

    Taxes Payable

-1.8

-6.8

0.7

-0.4

4.3

    Other Creditors

1.7

1.7

1.3

1.2

1.0

    Current Portion of Long Term Debt

13.7

13.2

19.1

12.3

17.9

    Other Current Liab.

1.8

1.4

1.2

1.4

0.3

Total Current Liabilities

332.6

313.0

286.5

256.4

219.8

 

 

 

 

 

 

    Long Term Borrowings

33.4

16.1

22.0

20.5

11.5

Total Long Term Debt

33.4

16.1

22.0

20.5

11.5

 

 

 

 

 

 

    Long Term Payables

23.3

27.7

-

-

-

    Other Non-current Liabilities

3.7

-1.5

-

-

-

Total Liabilities

393.0

355.3

308.5

276.9

231.4

 

 

 

 

 

 

    Capital Stock

96.8

86.2

86.3

67.2

62.9

    Paid-In Capital

95.8

55.1

55.1

50.7

47.5

    Surplus Reserve

27.0

26.1

26.1

24.4

19.5

    Undistributed Profit

64.7

41.0

26.4

79.4

44.3

Total Equity

284.4

208.4

193.9

221.6

174.0

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

677.4

563.7

502.4

498.5

405.4

 

 

 

 

 

 

    S/O-A Share

829.2

765.3

765.3

765.3

765.3

Total Common Shares Outstanding

829.2

765.3

765.3

765.3

765.3

T/S-A Share

0.0

0.0

0.0

-

-

Customer Advance

8.0

4.5

3.8

7.2

5.9

Accumulated Intangible Amort.

0.8

0.6

0.4

-

-

Full-Time Employees

10,160

8,626

8,526

8,623

8,407

Number of Common Shareholders

72,246

79,726

86,012

78,014

46,494

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Reclassified Normal 
31-Mar-2011

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.464

6.5485

6.5897

6.6912

6.7814

 

 

 

 

 

 

    Cash and Cash Equivalent

102.2

120.9

88.0

109.6

115.0

    Notes Receivable

4.9

13.2

27.9

18.0

13.7

    Net Accounts Receivable

32.1

50.0

22.6

33.5

28.8

    Payment in Advance

48.9

61.7

52.9

42.0

63.3

    Other Receivable

0.6

0.5

0.5

0.3

0.3

    Total Inventory

125.0

123.7

103.1

81.3

105.7

Total Current Assets

313.8

370.0

295.0

284.7

326.8

 

 

 

 

 

 

    Long Term Receivables

4.9

4.9

4.8

4.8

4.7

    Long Term Equity Investment

3.1

2.8

2.8

2.7

2.7

    Total Fixed Assets, Net

331.0

332.1

332.4

336.1

301.0

    Construction in Progress

50.9

35.6

35.2

15.9

42.6

    Construction Material

0.2

0.5

0.2

0.2

1.0

    Fixed Assets Pending Disposal

-

-

-

0.4

0.2

    Net Intangible Assets

6.8

6.7

6.7

6.7

6.6

    Deferred Tax Assets

2.1

0.2

0.2

3.1

3.1

Total Assets

712.9

752.9

677.4

654.5

688.7

 

 

 

 

 

 

    Short Term Borrowings

154.6

154.5

167.7

163.0

170.3

    Notes Payable

67.5

65.5

64.9

69.3

87.2

    Accounts Payable

83.5

134.9

70.2

60.3

75.9

    Customer Advance

12.8

12.3

8.0

14.9

9.3

    Accrued Payroll

5.8

8.9

6.3

5.8

4.6

    Taxes Payable

-1.2

1.2

-1.8

0.3

1.0

    Other Payables

2.2

-

-

-

-

    Other Creditors

-

2.5

1.7

1.0

1.4

    Current Portion of Long Term Debt

3.1

3.1

13.7

13.5

13.3

    Other Current Liabilities

2.3

1.8

1.8

1.4

1.4

Total Current Liabilities

330.7

384.8

332.6

329.4

364.4

 

 

 

 

 

 

    Long Term Borrowings

59.4

41.2

33.4

32.9

35.4

Total Long Term Debt

59.4

41.2

33.4

32.9

35.4

 

 

 

 

 

 

    Long Term Payables

20.9

22.1

23.3

24.3

25.3

    Special payables

0.0

-

-

-

-

    Other Non-current Liabilities

3.4

3.8

3.7

0.3

-0.3

Total Liabilities

414.4

451.9

393.0

387.0

424.8

 

 

 

 

 

 

    Paid-up capital

98.7

97.4

96.8

95.3

94.1

    Paid-In Capital

97.7

96.5

95.8

93.7

92.4

    Surplus Reserve

27.5

27.2

27.0

26.6

26.3

    Undistributed Profit

74.5

79.9

64.7

51.9

51.1

Total Equity

298.4

300.9

284.4

267.5

263.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

712.9

752.9

677.4

654.5

688.7

 

 

 

 

 

 

    S/O-A Share

829.2

829.2

829.2

829.2

829.2

Total Common Shares Outstanding

829.2

829.2

829.2

829.2

829.2

T/S-A Share

0.0

0.0

0.0

0.0

0.0

Customer Advance

12.8

12.3

8.0

14.9

9.3

Accumulated Intangible Amort.

0.9

-

0.8

-

0.7

Number of Shareholders

65,954

64,145

72,246

74,052

73,791

 

 

 

Annual Cash Flows

 

As Reported

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.768989

6.831007

6.950445

7.605973

7.972372

Auditor

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash from Sale of Goods and Services

426.6

309.5

291.6

358.3

265.3

    Cash Paid for Goods and Services

-441.4

-274.9

-205.1

-313.0

-238.6

    Refund of Taxes

5.8

0.0

1.5

0.0

1.2

    Other Cash Receipts Related to Operating

7.5

5.2

4.5

2.0

0.9

    Cash Paid for Taxes

-5.7

-14.1

-14.6

-32.0

-15.0

    Other Cash Paid for Operating Activities

-9.4

-6.4

-5.0

-5.9

-7.4

Cash from Operating Activities

-16.6

19.3

72.9

9.5

6.4

 

 

 

 

 

 

    Disposal of Fixed and Intangible Assets

1.1

0.0

0.1

0.0

0.0

    Other Cash from Investing Activities

-

-

-

-

0.0

    Capital Expenditure

-30.1

-15.9

-11.2

-30.2

-8.1

Cash from Investing Activities

-29.0

-15.9

-11.2

-30.2

-8.1

 

 

 

 

 

 

    Cash from Investors

44.5

0.0

-

-

-

    Cash from Borrowings

205.6

173.8

136.7

184.8

136.6

    Other Cash from Financing Activities

0.0

22.5

-

-

-

    Repayment of Borrowings

-174.2

-155.6

-182.1

-156.4

-132.0

    Cash Paid for Dividends and Interest

-12.2

-10.0

-14.2

-10.4

-8.6

    Other Cash Paid for Financing Activities

-6.9

-1.6

-

-

-

Cash from Financing Activities

56.9

29.0

-59.5

18.0

-4.0

 

 

 

 

 

 

Foreign Exchange Effects

-0.6

0.0

-0.3

-0.1

-

Net Change in Cash

10.7

32.4

1.9

-2.8

-5.7

 

 

 

 

 

 

Net Cash - Beginning Balance

60.0

27.1

24.7

25.4

29.9

Net Cash - Ending Balance

70.7

59.5

26.6

22.6

24.3

    Depreciation

31.0

28.8

28.3

24.0

23.2

    Amortization of Intangibles

0.2

0.2

0.2

0.2

0.0

 

Interim Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

6 Months

3 Months

12 Months

9 Months

6 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.541904

6.583076

6.768989

6.807123

6.825839

 

 

 

 

 

 

    Cash from Sale of Goods and Services

255.9

121.4

426.6

292.6

148.4

    Cash Paid for Goods and Services

-193.9

-61.7

-441.4

-298.4

-180.5

    Refund of Taxes

3.3

2.1

5.8

5.8

5.7

    Other Cash Receipts Related to Operating

0.6

0.4

7.5

3.3

1.9

    Cash Paid for Taxes

-7.7

-4.2

-5.7

-5.5

-2.6

    Other Cash Paid for Operating Activities

-5.4

-1.9

-9.4

-6.5

-3.9

Cash from Operating Activities

52.9

56.1

-16.6

-8.6

-31.0

 

 

 

 

 

 

    Sale of Fixed/Intangible/Other Assets

0.0

-

1.1

0.8

1.0

    Cash from Return on Investments

0.0

0.0

0.0

0.0

-

    Capital Expenditure

-30.2

-8.5

-30.1

-26.1

-10.4

Cash from Investing Activities

-30.1

-8.5

-29.0

-25.3

-9.3

 

 

 

 

 

 

    Cash from Borrowings

132.2

37.1

205.6

171.4

136.4

    Cash from Investors

0.0

-

44.5

44.2

44.1

    Other Cash from Financing Activities

-

-

0.0

-

-

    Repayment of Borrowings

-133.9

-54.2

-174.2

-142.2

-94.9

    Cash Paid for Dividends and Interest

-7.3

-3.4

-12.2

-9.3

-6.0

    Other Cash Paid for Financing Activities

-3.5

-1.7

-6.9

-5.1

-3.5

Cash from Financing Activities

-12.4

-22.2

56.9

59.0

76.1

 

 

 

 

 

 

Foreign Exchange Effects

-0.6

-0.1

-0.6

-0.4

-0.2

Net Change in Cash

9.7

25.3

10.7

24.7

35.7

 

 

 

 

 

 

Net Cash - Beginning Balance

73.2

72.7

60.0

59.7

59.5

Net Cash - Ending Balance

82.8

98.0

70.7

84.4

95.2

    Depreciation

16.8

-

31.0

-

15.2

    Amortization of Intangibles

0.1

-

0.2

-

0.1

 

 

Geographic Segments

 

Financials in: As Reported (mil)

 

Annual                                                                                                                                   

 

 

 

 

External Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

China

371.6

72 %

251.9

72.3 %

224.6

78 %

233.8

68.7 %

201.5

77.8 %

Other Foreign

144.2

28 %

96.5

27.7 %

63.2

22 %

106.3

31.3 %

57.7

22.2 %

Segment Total

515.7

100 %

348.4

100 %

287.7

100 %

340.1

100 %

259.1

100 %

Consolidated Total

515.7

100 %

348.4

100 %

287.7

100 %

340.1

100 %

259.1

100 %

Exchange Rate: CNY to USD

6.768989

 

6.831007

 

6.950445

 

7.605973

 

7.972372

 

Total Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

China

371.6

72 %

251.9

72.3 %

224.6

78 %

233.8

68.7 %

201.5

77.8 %

Other Foreign

144.2

28 %

96.5

27.7 %

63.2

22 %

106.3

31.3 %

57.7

22.2 %

Segment Total

515.7

100 %

348.4

100 %

287.7

100 %

340.1

100 %

259.1

100 %

Consolidated Total

515.7

100 %

348.4

100 %

287.7

100 %

340.1

100 %

259.1

100 %

Exchange Rate: CNY to USD

6.768989

 

6.831007

 

6.950445

 

7.605973

 

7.972372

 

 

Cost of Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-06

China

320.8

70.7 %

218.2

72.8 %

239.2

78.7 %

177.7

79.3 %

Other Foreign

133.3

29.3 %

81.3

27.2 %

64.7

21.3 %

46.3

20.7 %

Segment Total

454.1

100 %

299.5

100 %

303.9

100 %

224.0

100 %

Consolidated Total

454.1

100 %

299.5

100 %

303.9

100 %

224.0

100 %

Exchange Rate: CNY to USD

6.768989

 

6.831007

 

6.950445

 

7.972372

 

Gross Profit   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-06

China

50.7

82.3 %

33.7

69 %

-14.6

90.3 %

23.8

67.7 %

Other Foreign

10.9

17.7 %

15.2

31 %

-1.6

9.7 %

11.4

32.3 %

Segment Total

61.6

100 %

48.9

100 %

-16.2

100 %

35.1

100 %

Consolidated Total

61.6

100 %

48.9

100 %

-16.2

100 %

35.1

100 %

Exchange Rate: CNY to USD

6.768989

 

6.831007

 

6.950445

 

7.972372

 

 

Gross Margin (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-06

China

13.7

-

13.4

-

-6.5

-

11.8

-

Other Foreign

7.6

-

15.7

-

-2.5

-

19.7

-

Segment Total

12.0

-

14.0

-

-5.6

-

13.6

-

Consolidated Total

12.0

-

14.0

-

-5.6

-

13.6

-

 

 

Geographic Segments

 

Financials in: As Reported (mil)

 

Interim

 

 

External Revenue   USD (mil)

 

30-Jun-11

31-Dec-10

30-Jun-10

31-Dec-09

30-Jun-09

China

213.7

65.3 %

371.6

72 %

158.1

69.2 %

141.6

71.3 %

110.4

73.6 %

Other Foreign

113.8

34.7 %

144.2

28 %

70.5

30.8 %

57.0

28.7 %

39.5

26.4 %

Segment Total

327.5

100 %

515.7

100 %

228.6

100 %

198.6

100 %

149.9

100 %

Consolidated Total

327.5

100 %

515.7

100 %

228.6

100 %

198.6

100 %

149.9

100 %

Exchange Rate: CNY to USD

6.541904

 

6.768989

 

6.825839

 

6.829140

 

6.832907

 

Total Revenue   USD (mil)

 

30-Jun-11

31-Dec-10

30-Jun-10

31-Dec-09

30-Jun-09

China

213.7

65.3 %

371.6

72 %

158.1

69.2 %

141.6

71.3 %

110.4

73.6 %

Other Foreign

113.8

34.7 %

144.2

28 %

70.5

30.8 %

57.0

28.7 %

39.5

26.4 %

Segment Total

327.5

100 %

515.7

100 %

228.6

100 %

198.6

100 %

149.9

100 %

Consolidated Total

327.5

100 %

515.7

100 %

228.6

100 %

198.6

100 %

149.9

100 %

Exchange Rate: CNY to USD

6.541904

 

6.768989

 

6.825839

 

6.829140

 

6.832907

 

 

Cost of Revenue   USD (mil)

 

30-Jun-11

31-Dec-10

30-Jun-10

China

188.2

66.1 %

320.8

70.7 %

133.9

66.6 %

Other Foreign

96.7

33.9 %

133.3

29.3 %

67.1

33.4 %

Segment Total

284.9

100 %

454.1

100 %

201.1

100 %

Consolidated Total

284.9

100 %

454.1

100 %

201.1

100 %

Exchange Rate: CNY to USD

6.541904

 

6.768989

 

6.825839

 

Gross Profit   USD (mil)

 

30-Jun-11

31-Dec-10

30-Jun-10

China

25.5

59.8 %

50.7

82.3 %

24.2

87.8 %

Other Foreign

17.1

40.2 %

10.9

17.7 %

3.4

12.2 %

Segment Total

42.6

100 %

61.6

100 %

27.6

100 %

Consolidated Total

42.6

100 %

61.6

100 %

27.6

100 %

Exchange Rate: CNY to USD

6.541904

 

6.768989

 

6.825839

 

 

Gross Margin (%)  

 

30-Jun-11

31-Dec-10

30-Jun-10

China

11.9

-

13.7

-

15.3

-

Other Foreign

15.0

-

7.6

-

4.8

-

Segment Total

13.0

-

12.0

-

12.1

-

Consolidated Total

13.0

-

12.0

-

12.1

-

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.93

UK Pound

1

Rs.76.52

Euro

1

Rs.66.65

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.