MIRA INFORM REPORT

 

 

Report Date :

03.12.2012

 

IDENTIFICATION DETAILS

 

Name :

GUANGDONG KAIPING CHUNHUI CO., LTD.     

 

 

Registered Office :

No. 10, Changsha Port Road, Kaiping City, Jiangmen, 529300

 

 

Country :

China

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

1993

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Manufacture and Distribution of fiber products.

 

 

No. of Employees :

1,564

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

China

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

china - ECONOMIC OVERVIEW

 

Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.

 

Source : CIA

Company Name and Address

 

 

GUANGDONG KAIPING CHUNHUI CO., LTD.                 

 

No. 10, Changsha Port Road, Kaiping City

Jiangmen, 529300

China

 

Tel:                   86-750-2276949

Fax:                  86-750-2276959

Website:           www.my0976.com

 

Employees:                   1,564

Company Type:             Public Independent

Traded:                         Shenzhen Stock Exchange:        000976

 

Incorporation Date:         1993

Auditor:                         Jonten CPA

Financials in:                 USD (In Millions)

             

Fiscal Year End:            31-Dec-2011

Reporting Currency:       Chinese Renminbi

Annual Sales:                306.9  1

Net Income:                   (27.6)

Total Assets:                 183.0  2

Market Value:                380.9

                                    (09-Nov-2012)

 

 

Business Description     

 

 

Guangdong Kaiping Chunhui Co., Ltd. is principally engaged in the manufacture and distribution of fiber products. The Company's major products are terylene filaments, polyamide filaments, high viscosity slices, polyester slices, bottle-grade slices and chemical fiber products, among others. The Company distributes its products in domestic and overseas markets. Through its subsidiary, the Company is also involved in the research, development and distribution of document management software products. For the nine months ended 30 September 2012, Guangdong Kaiping Chunhui Co., Ltd. revenues totaled RMB958.2M. Net loss totaled to RMB67.8M. Revenues reflect market conditions.

 

 

Industry

 

Industry

Apparel and Accessories

ANZSIC 2006:

1312 - Natural Textile Manufacturing

NACE 2002:

171 - Preparation and spinning of textile fibres

NAICS 2002:

313113 - Thread Mills

UK SIC 2003:

171 - Preparation and spinning of textile fibres

UK SIC 2007:

1310 - Preparation and spinning of textile fibres

US SIC 1987:

2284 - Thread Mills

 

 

Key Executives

 

 

Name

Title

Haiyun Guan

General Manager, Director

Yanzhen Yu

Finance Director, Deputy General Manager

Weiqi Chen

Secretary of the Board, Deputy General Manager, Director

Huaxi Guan

Deputy General Manager

Zheng Chonghua

Chief Financial Officer

 

 

Significant Developments  

 

Topic

#*

Most Recent Headline

Date

Mergers & Acquisitions

1

Guangdong Kaiping Chunhui Co Ltd announces Capital Injection for Equity Acquisition

10-Aug-2012

Other Accounting

1

Guangdong Kaiping Chunhui Co., Ltd. Appoints Auditor

7-Dec-2011

Other Earnings Pre-Announcement

4

Guangdong Kaiping Chunhui Co Ltd Announces FY 2012 Q1 to Q3 Net Loss Outlook

13-Oct-2012

Dividends

1

Guangdong Kaiping Chunhui Co., Ltd. Announces No Dividend Payment for FY 2011

24-Apr-2012

 

 

* number of significant developments within the last 12 months

 

 

Financial Summary    

 

As of 30-Sep-2012

 

Key Ratios

Company

Industry

Current Ratio (MRQ)

0.72

2.75

Quick Ratio (MRQ)

0.42

1.45

Debt to Equity (MRQ)

0.67

0.52

Sales 5 Year Growth

-1.75

10.05

Net Profit Margin (TTM) %

-17.87

7.39

Return on Assets (TTM) %

-19.30

7.59

Return on Equity (TTM) %

-42.99

15.09

 

 

 

 

Stock Snapshot    

 

 

Traded: Shenzhen Stock Exchange: 000976

 

As of 9-Nov-2012

   Financials in: CNY

Recent Price

4.06

 

EPS

-0.04

52 Week High

5.73

 

Price/Sales

1.20

52 Week Low

2.96

 

Price/Book

4.58

Avg. Volume (mil)

18.85

 

Beta

0.80

Market Value (mil)

2,381.77

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

-4.47%

-1.12%

13 Week

-3.79%

6.36%

52 Week

-24.95%

-5.91%

Year to Date

-5.58%

0.77%

 

1 - Profit & Loss Item Exchange Rate: USD 1 = CNY 6.46438
2 - Balance Sheet Item Exchange Rate: USD 1 = CNY 6.294

 

 

Corporate Overview

 

Location
No. 10, Changsha Port Road, Kaiping City
Jiangmen, 529300
China

 

Tel:                   86-750-2276949

Fax:                  86-750-2276959

 

Website:           www.my0976.com

 

Quote Symbol – Exchange  000976 - Shenzhen Stock Exchange

Sales CNY(mil):             1,984.0

Assets CNY(mil):           1,152.1

Employees:                   1,564

Fiscal Year End:            31-Dec-2011

 

 

Industry:                        Apparel and Accessories

 

Incorporation Date:         1993

Company Type:             Public Independent

Quoted Status:              Quoted

 

Secretary of the Board, Deputy General Manager, Director: Weiqi Chen

 

 

Industry Code

 

ANZSIC 2006 Codes:

1312

-

Natural Textile Manufacturing

1899

-

Other Basic Chemical Product Manufacturing Not Elsewhere Classified

 

NACE 2002 Codes:

171

-

Preparation and spinning of textile fibres

2466

-

Manufacture of other chemical products not elsewhere classified

 

NAICS 2002 Codes:

313113

-

Thread Mills

325998

-

All Other Miscellaneous Chemical Product and Preparation Manufacturing

 

US SIC 1987:

2284

-

Thread Mills

2899

-

Chemicals and Chemical Preparations, Not Elsewhere Classified

 

UK SIC 2003:

171

-

Preparation and spinning of textile fibres

2466

-

Manufacture of other chemical products not elsewhere classified

 

UK SIC 2007:

1310

-

Preparation and spinning of textile fibres

2059

-

Manufacture of other chemical products n.e.c.

 

 

Business Description

 

Guangdong Kaiping Chunhui Co., Ltd. is principally engaged in the manufacture and distribution of fiber products. The Company's major products are terylene filaments, polyamide filaments, high viscosity slices, polyester slices, bottle-grade slices and chemical fiber products, among others. The Company distributes its products in domestic and overseas markets. Through its subsidiary, the Company is also involved in the research, development and distribution of document management software products. For the nine months ended 30 September 2012, Guangdong Kaiping Chunhui Co., Ltd. revenues totaled RMB958.2M. Net loss totaled to RMB67.8M. Revenues reflect market conditions.

 

 

More Business Descriptions

Manufacture and processing of silk and chemical based fibres and polyester fibre filament

Guangdong Kaiping Chunhui Co., Ltd. (Guangdong Kaiping) is a manufacturer and producer of chemical fibre and polyester chips, based in China. The company manufactures nylon yarns, polyester yarn, bottle grade chips; carbonated soft drinks (CSD) bottle grade chips, high I.V. chips, film grade chips, and hot-fill bottle grade chips. Polyester yarn and chips are sold under the brand name Chunhui.Guangdong Kaiping’s product line is categorized into three segments, namely, Polyester Fibres, Nylon 6 Fibres and Chips, and Polyester Chips. Through the Polyester Fibres segment, the company manufactures and sells different types of polyester fibres such as semi-dull polyester drawn textured yarn, semi-dull polyester drawn textured, semi-dull polyester drawn textured, distinctive semi-dull polyester texturized yarn and polyester pre-oriented yarn. These polyester fibres are widely used for weaving and knitting business suit, jeans, over clothes, slap-up fabrics, outwear and decorative fabric materials, sportswear and underwear as well as used for producing DTY.Through the Nylon 6 Fibres and Chips segment, the company produces varied types of nylon fibres and chips with wide characteristics and purpose. Its product portfolio comprised of semi-dull nylon 6 textured yarn(normal dpf), semi-dull nylon 6 textured yarn(slight intermingled hi-count DTY), nylon 6 DTY twin twisted, nylon 6 FDY, nylon 6 pre-printed yarn and nylon 6 chips. These products are widely used as the raw material for bead fabrics, feedstock for knitting, socks, strap weaving, for weaving liner for the business suits, and waterproof fabrics. These products are also used for producing range of other products which include nylon 6, POY, FDY, DTY, and staple fibres.In the Polyester Chips segment, the company is engaged in manufacturing and selling various types of polyester chips such as semi-dull polyester chips, full-dull polyester chips, bright home-polyester chips, bright home-polyester chips high speed film grade, high viscosity polyester chips, bright co-polyester chips, water bottle grade polyester chips, oil bottle grade polyester chips, CSD bottle grade polyester chips and hot fill bottle grade polyester chips. These chip have usage such as filament and staple spinning, bi-oriented drawn polyester film, high-speed bi-oriented drawn polyester film, industrial fibre, meridian tire cord, sewing thread, embroidering thread, mineral water bottle, drug bottle as well as carbonated soft drinks (CSD) bottles and hot fill beverages bottle.Guangdong Kaiping's research and development activities include the development of new innovative products. Few products which have been developed by the company include full dull polyester chips, composite polyester filament and range of several other fibres with wide usage across several industries.Guangdong Kaiping markets its products to several other provinces in China such as Fujian, Jiangsu, Zhejiang, Jiangxi, Shandong and Guangxi.

Guangdong Kaiping Chunhui Co., Ltd. (Guangdong Kaiping) is a chemical fibre products manufacturing company, based in China. The company manufactures varied types of chemical fibre, polyester chips, polyester yarn, terylene fibres, polyamide fibres polyester slices nylon 6 fibres and chips. The products manufactured are widely used in knitting, weaving, and jean fabric markets and used as a designated material for wrapping the spandex. Guangdong Kaiping markets its Polyester yarn and chips through the brand name Chunhui in Guangdong market and several other provinces which include Fujian, Jiangsu, Zhejiang, Jiangxi, Shandong, and Guangxi. It exports its products to the international market. Guangdong Kaiping is headquartered in Kaiping city, Guangdong, China.The company reported revenues of (Renminbi) CNY 1,984.05 million during the fiscal year ended December 2011, a decrease of 5.92% from 2010. The operating loss of the company was CNY 181.97 million during the fiscal year 2011, as against an operating income of CNY 66.70 million during 2010. The net loss of the company was CNY 178.67 million during the fiscal year 2011, as against a net profit of CNY 66.83 million during 2010.

Fiber, Yarn, and Thread Mills

 

 

 

Financial Data

 

Financials in:

CNY(mil)

1 Year Growth

Revenue:

1,984.0

-5.9%

Net Income:

-178.7

NA

Assets:

1,152.1

-35.2%

Long Term Debt:

0.0

 

Total Liabilities:

632.5

 

Working Capital:

-0.3

 

Date of Financial Data:

31-Dec-2011

 

 

 

Market Data

 

 

Quote Symbol:

000976

Exchange:

Shenzhen Stock Exchange

Currency:

CNY

Stock Price:

4.1

Stock Price Date:

11-09-2012

52 Week Price Change %:

-25.0

Market Value (mil):

2,381,770.0

SEDOL:

6248622

ISIN:

CNE0000012S9

Equity and Dept Distribution:

05/2006, Scrip Issue, 8.944 new shares for every 10 shares held, Shares Reform (Adj. factor: 1). FY'00 fincls. are reclassified. FY'02 fincls. are restated. FY'03 Qs are restated. 07/2000, Scrip Issue, 8 new shares for every 10 shares held. FY'09 Q2 C/F is CLA. FY'09 Ann I/S and B/S are RES, C/F is CLA. FY'09 Q4 12M I/S is being RES.

 

 

 

Key Corporate Relationships

 

Auditor: Jonten CPA

Auditor: Jonten CPA, Shenzhen Pengcheng

 

 

Competitors Report

 

CompanyName

Location

Employees

Ownership

Guangdong Xinhui Meida Nylon Co., Ltd.

Jiangmen, China

3,520

Public

Jiangsu Sanfangxiang Industry Co.Ltd,

Wuxi, China

1,411

Pub

 

 

Board of Directors

 

 

Name

Title

Function

Zhenying Fang

 

Chairman of the Board

Chairman

Biography:

Mr. Fang Zhenying has been serving as Chairman of the Board in Guangdong Kaiping Chunhui Co., Ltd. since September 16, 2011. He used to be General Manager in a Kaiping-based aluminum group company.

Age: 46

Wei Luo

 

Chairman

Chairman

 

Biography:

Mr. Luo has is chairman of the company since 2002. Prior to this, he served as the chairman and a general manager of Guangdong Kaiping Polyester Enterprise Group. Mr. Lou also served Guangdong Kaiping Chunhui Co., Ltd.

Age: 44

Weiqi Chen

 

Secretary of the Board, Deputy General Manager, Director

Director/Board Member

 

Biography:

Mr. Chen Weiqi serves as Secretary of the Board, Deputy General Manager and Director in Guangdong Kaiping Chunhui Co., Ltd. He was Head of the Board's Office and Representative of Securities Affairs in the Company.

Age: 44

Ruijun Feng

 

Director

Director/Board Member

 

Haiyun Guan

 

General Manager, Director

Director/Board Member

 

Biography:

Mr. Guan Haiyun has been General Manager and Director in Guangdong Kaiping Chunhui Co., Ltd. since 2005. He was Head and Deputy Head of Factory in the Company's 3rd Factory.

Age: 43

Junrong Liang

 

Director

Director/Board Member

 

Biography:

Mr. Liang Junrong serves as Director in Guangdong Kaiping Chunhui Co., Ltd. He is also Head of General Manager's office, Secretary of the Board in another Guangdong-based company.

Age: 54

Yanming Liao

 

Director

Director/Board Member

 

Age: 52

Qixiang Lin

 

Independent Director

Director/Board Member

 

Age: 52

Heng Liu

 

Independent Director

Director/Board Member

 

Biography:

Mr. Liu Heng has been Independent Director in Guangdong Kaiping Chunhui Co., Ltd. since September 17, 2008. He is Professor of Sun Yat-sen University, China. He is also Independent Director in two other companies. He was Independent Director in Dongguan Development (Holdings) Co., Ltd. and Guangdong Fenghua Adv. Tech. (Hldg) Co.

Age: 48

Jinxiong Qi

 

Director

Director/Board Member

 

Jun Yun Wu

 

Director

Director/Board Member

 

Wujun Yun

 

Independent Director

Director/Board Member

 

Biography:

Mr. Yun Wujun has been Independent Director in Guangdong Kaiping Chunhui Co., Ltd. since September 17, 2008. He is also Chief Economist of Guangdong Provincial Expressway Develop. and Independent Director in a Guiyang-based investment company. Previously, he was Head of Audit Section of Guangdong-based company.

Age: 57

Ting Zhang

 

Director

Director/Board Member

 

Biography:

Mr. Zhang Ting has been serving as Director in Guangdong Kaiping Chunhui Co., Ltd. since May 21, 2010. He is also serving as General Manager in a Shenzhen-based investment company. He used to work in China Construction Bank, Huizhou Branch.

Age: 41

 

 

 

Executives

 

 

Name

Title

Function

Haiyun Guan

 

General Manager, Director

Division Head Executive

Biography:

Mr. Guan Haiyun has been General Manager and Director in Guangdong Kaiping Chunhui Co., Ltd. since 2005. He was Head and Deputy Head of Factory in the Company's 3rd Factory.

Age: 43

Weiqi Chen

 

Secretary of the Board, Deputy General Manager, Director

Company Secretary

 

Biography:

Mr. Chen Weiqi serves as Secretary of the Board, Deputy General Manager and Director in Guangdong Kaiping Chunhui Co., Ltd. He was Head of the Board's Office and Representative of Securities Affairs in the Company.

Age: 44

Zheng Chonghua

 

Chief Financial Officer

Finance Executive

 

Age: 45

Yanzhen Yu

 

Finance Director, Deputy General Manager

Finance Executive

 

Biography:

Mr. Yu Yanzhen serves as Finance Director and Deputy General Manager in Guangdong Kaiping Chunhui Co., Ltd. He used to be Deputy Head of Finance in a rubber factory, Assistant General Manager and Head of Finance in another Kaiping-based group company.

Age: 44

Wu Qi An

 

Director

Other

 

Age: 43

Huaxi Guan

 

Deputy General Manager

Other

 

Biography:

Mr. Guan Huaxi has been Deputy General Manager in Guangdong Kaiping Chunhui Co., Ltd. since September 25, 2002. Prior to his current position, he assumed a number of positions: Director, Deputy Head of No.2 Terylene Factory, Head of No.2 Terylene Factory and Head of No.3 Terylene Factory in the Company.

Age: 58

Zhi Yong Yang

 

Director

Other

 

Miaorong Zhu

 

Deputy General Manager

Other

 

Biography:

Ms. Zhu Miaorong has been Deputy General Manager in Guangdong Kaiping Chunhui Co., Ltd. since October 24, 2007. She used to be Deputy Head of Factory in the Company, and Deputy General Manager in another Guangdong-based company.

Age: 47

Tan Ziliang

 

Director

Other

 

Age: 50

 

 

 Significant Developments

 

 

 

 

Guangdong Kaiping Chunhui Co Ltd Announces FY 2012 Q1 to Q3 Net Loss Outlook

Oct 13, 2012


Guangdong Kaiping Chunhui Co Ltd announced that it expects its net profit for the first three quarters of fiscal year (FY) 2012 to be RMB -68 million, compared to the net profit of the same period in FY 2011 (RMB 930,000). The Company cited the lower selling price and the increased cost as the main reason for the forecast.

 

Guangdong Kaiping Chunhui Co Ltd announces Capital Injection for Equity Acquisition

Aug 10, 2012


Guangdong Kaiping Chunhui Co Ltd announced that it will inject RMB 40 million into a Yunnan-based rare earth comprehensive recycle and utilization company, to acquire an 80% stake. The target company is mainly engaged in the purchase of rare earth, non-ferrous metals and precious metals.

 

Guangdong Kaiping Chunhui Co., Ltd. Announces FY 2012 H1 Net Loss Outlook

Jul 14, 2012


Guangdong Kaiping Chunhui Co., Ltd. announced that it expects its net profit for the first half of fiscal year (FY) 2012 to be approximately RMB -50 million, compared to the net profit in FY 2011 (RMB 8.64 million). The Company cited the decreased sales price and increased labor costs and electricity costs as the main reason for the forecast.

 

Guangdong Kaiping Chunhui Co., Ltd. Announces No Dividend Payment for FY 2011

Apr 24, 2012


Guangdong Kaiping Chunhui Co., Ltd. announced that it will pay no dividend to shareholders for fiscal year 2011.

 

Guangdong Kaiping Chunhui Co., Ltd. Announces FY 2012 Q1 Net Loss Outlook

Apr 13, 2012


Guangdong Kaiping Chunhui Co., Ltd. announced that it expects its net profit for the first quarter of fiscal year (FY) 2012 to be RMB -18 million, compared to the net profit of the same period in FY 2011 (RMB 22.62 million). The Company cited the decreased sale price and increased costs as the main reasons for the forecast.

 

Guangdong Kaiping Chunhui Co., Ltd. Announces FY 2011 Net Loss Outlook

Jan 31, 2012


Guangdong Kaiping Chunhui Co., Ltd. announced that it expects a net loss for fiscal year (FY) 2011 to be approximately RMB 140 million to RMB 200 million, compared to net profit of FY 2010 (RMB 66,820,000). The Company cited the higher materials price and the increased labor cost as the main reason for this forecast.

 

Guangdong Kaiping Chunhui Co., Ltd. Appoints Auditor

Dec 07, 2011


Guangdong Kaiping Chunhui Co., Ltd. announced that it appointed Zhongtianyun Certified Public Accountants as its auditor for fiscal year 2011.

 

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Restated Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

Jonten CPA

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Ascenda CPA

Tianjian Huazheng Zhongzhou (Beijing) CPA

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

306.9

311.5

235.0

276.5

297.9

Revenue

306.9

311.5

235.0

276.5

297.9

Total Revenue

306.9

311.5

235.0

276.5

297.9

 

 

 

 

 

 

    Cost of Revenue

298.7

289.7

232.2

292.6

287.2

    Excise Taxes Payments

0.8

0.8

0.4

0.3

0.1

Cost of Revenue, Total

299.5

290.5

232.6

293.0

287.2

Gross Profit

7.4

21.0

2.4

-16.4

10.7

 

 

 

 

 

 

    Selling/General/Administrative Expense

8.1

7.3

6.5

7.4

4.5

Total Selling/General/Administrative Expenses

8.1

7.3

6.5

7.4

4.5

        Interest Expense - Operating

4.2

4.4

4.6

7.2

5.0

    Interest Expense - Net Operating

4.2

4.4

4.6

7.2

5.0

        Interest Income - Operating

-1.2

-1.0

-1.0

-1.4

-0.6

        Investment Income - Operating

-0.8

-0.9

-0.5

-1.1

-1.0

    Interest/Investment Income - Operating

-1.9

-2.0

-1.5

-2.5

-1.6

Interest Expense (Income) - Net Operating Total

2.3

2.4

3.1

4.8

3.4

    Impairment-Assets Held for Use

23.7

0.3

3.4

10.4

0.6

Unusual Expense (Income)

23.7

0.3

3.4

10.4

0.6

    Other Operating Expense

1.4

1.2

1.0

1.8

0.5

Other Operating Expenses, Total

1.4

1.2

1.0

1.8

0.5

Total Operating Expense

335.1

301.7

246.6

317.3

296.2

 

 

 

 

 

 

Operating Income

-28.1

9.9

-11.6

-40.7

1.7

 

 

 

 

 

 

Gain (Loss) on Sale of Assets

0.0

-

0.0

0.0

-

    Other Non-Operating Income (Expense)

0.5

0.0

0.0

0.0

0.0

Other, Net

0.5

0.0

0.0

0.0

0.0

Income Before Tax

-27.6

9.9

-11.6

-40.7

1.7

 

 

 

 

 

 

Total Income Tax

0.0

0.0

0.0

0.0

0.0

Income After Tax

-27.6

9.9

-11.6

-40.7

1.7

 

 

 

 

 

 

Net Income Before Extraord Items

-27.6

9.9

-11.6

-40.7

1.7

Net Income

-27.6

9.9

-11.6

-40.7

1.7

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-27.6

9.9

-11.6

-40.7

1.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-27.6

9.9

-11.6

-40.7

1.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

586.6

586.6

586.6

586.6

586.6

Basic EPS Excl Extraord Items

-0.05

0.02

-0.02

-0.07

0.00

Basic/Primary EPS Incl Extraord Items

-0.05

0.02

-0.02

-0.07

0.00

Dilution Adjustment

0.0

-

0.0

0.0

-

Diluted Net Income

-27.6

9.9

-11.6

-40.7

1.7

Diluted Weighted Average Shares

586.6

586.6

586.6

586.6

586.6

Diluted EPS Excl Extraord Items

-0.05

0.02

-0.02

-0.07

0.00

Diluted EPS Incl Extraord Items

-0.05

0.02

-0.02

-0.07

0.00

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

4.2

4.4

4.6

7.2

5.0

Depreciation, Supplemental

11.9

11.6

11.5

11.2

10.3

Total Special Items

23.7

0.3

3.4

10.4

0.6

Normalized Income Before Tax

-4.0

10.1

-8.2

-30.3

2.3

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.0

0.0

Normalized Income After Tax

-4.0

10.1

-8.2

-30.3

2.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-4.0

10.1

-8.2

-30.3

2.3

 

 

 

 

 

 

Basic Normalized EPS

-0.01

0.02

-0.01

-0.05

0.00

Diluted Normalized EPS

-0.01

0.02

-0.01

-0.05

0.00

Amort of Intangibles, Supplemental

0.2

0.2

0.2

0.2

0.2

Advertising Expense, Supplemental

-

0.0

0.0

-

-

Normalized EBIT

-2.1

12.5

-5.2

-25.6

5.7

Normalized EBITDA

10.0

24.4

6.6

-14.1

16.2

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Restated Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2008

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.294

6.5897

6.827

6.823

7.3041

Auditor

Jonten CPA

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Ascenda CPA

Tianjian Huazheng Zhongzhou (Beijing) CPA

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

47.1

87.7

56.1

45.2

41.6

Cash and Short Term Investments

47.1

87.7

56.1

45.2

41.6

        Accounts Receivable - Trade, Gross

1.5

4.3

3.5

2.5

3.9

        Provision for Doubtful Accounts

-0.3

-0.5

-0.4

-0.3

-0.2

    Trade Accounts Receivable - Net

1.2

3.8

3.1

2.2

3.6

    Notes Receivable - Short Term

9.1

7.5

2.8

2.1

12.3

    Other Receivables

0.1

0.1

0.1

0.6

0.6

Total Receivables, Net

10.4

11.5

6.0

4.9

16.6

    Inventories - Finished Goods

12.0

17.7

21.0

33.5

43.6

    Inventories - Work In Progress

2.4

2.2

1.5

1.9

2.0

    Inventories - Raw Materials

8.2

19.2

14.5

14.9

24.2

    Inventories - Other

-

-

-

-13.1

-2.4

Total Inventory

22.6

39.1

37.0

37.1

67.3

Prepaid Expenses

0.1

0.2

0.2

1.2

0.8

Total Current Assets

80.3

138.5

99.3

88.6

126.4

 

 

 

 

 

 

        Buildings

45.4

43.0

41.4

41.5

38.4

        Machinery/Equipment

334.1

320.0

308.5

308.4

287.7

        Construction in Progress

-

-

-

0.1

0.3

    Property/Plant/Equipment - Gross

379.5

362.9

350.0

350.1

326.3

    Accumulated Depreciation

-288.8

-245.2

-225.3

-213.2

-188.5

Property/Plant/Equipment - Net

90.6

117.7

124.7

136.9

137.8

    Intangibles - Gross

11.1

11.1

10.8

10.7

10.0

    Accumulated Intangible Amortization

-2.3

-2.1

-1.8

-1.6

-1.3

Intangibles, Net

8.8

9.0

9.0

9.1

8.7

    LT Investment - Affiliate Companies

0.0

1.2

0.7

0.7

0.7

    LT Investments - Other

3.3

3.3

3.0

3.1

3.0

Long Term Investments

3.3

4.5

3.8

3.8

3.7

    Other Long Term Assets

-

-

-

-

0.0

Other Long Term Assets, Total

-

-

-

-

0.0

Total Assets

183.0

269.6

236.8

238.4

276.6

 

 

 

 

 

 

Accounts Payable

30.6

53.9

42.6

31.6

41.0

Accrued Expenses

3.4

5.4

3.4

3.4

2.9

Notes Payable/Short Term Debt

60.9

98.8

94.0

89.9

92.8

    Dividends Payable

0.2

0.2

0.2

0.2

0.2

    Customer Advances

3.5

3.4

2.9

4.4

2.8

    Income Taxes Payable

1.9

2.0

1.2

3.3

-0.6

Other Current liabilities, Total

5.6

5.5

4.2

7.9

2.4

Total Current Liabilities

100.5

163.7

144.3

132.7

139.1

 

 

 

 

 

 

Total Long Term Debt

0.0

0.0

0.0

0.0

0.0

Total Debt

60.9

98.8

94.0

89.9

92.8

 

 

 

 

 

 

Total Liabilities

100.5

163.7

144.3

132.7

139.1

 

 

 

 

 

 

    Common Stock

93.2

89.0

85.9

86.0

80.3

Common Stock

93.2

89.0

85.9

86.0

80.3

Additional Paid-In Capital

57.0

54.4

52.5

52.6

49.1

Retained Earnings (Accumulated Deficit)

-67.6

-37.5

-46.0

-32.9

8.1

Total Equity

82.5

106.0

92.5

105.7

137.5

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

183.0

269.6

236.8

238.4

276.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

586.6

586.6

586.6

586.6

586.6

Total Common Shares Outstanding

586.6

586.6

586.6

586.6

586.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

1,562

1,965

1,957

1,865

2,029

Number of Common Shareholders

59,272

58,208

90,180

102,361

80,428

Accumulated Intangible Amort, Suppl.

2.3

2.1

1.8

1.6

1.3

Deferred Revenue - Current

3.5

3.4

2.9

4.4

2.8

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

Jonten CPA

Shenzhen Pengcheng Accounting Office

Shenzhen Pengcheng Accounting Office

Ascenda CPA

Tianjian Huazheng Zhongzhou (Beijing) CPA

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Cash Receipts

356.8

352.8

268.0

292.4

347.2

Cash Payments

-345.3

-328.5

-255.0

-267.1

-341.8

Cash Taxes Paid

-6.1

-5.8

-4.6

-1.2

-1.3

    Other Operating Cash Flow

-1.7

-2.3

-2.8

-3.2

-2.2

Changes in Working Capital

-1.7

-2.3

-2.8

-3.2

-2.2

Cash from Operating Activities

3.7

16.2

5.6

20.9

1.9

 

 

 

 

 

 

    Purchase of Fixed Assets

-2.6

-0.4

-0.2

-0.5

-0.9

Capital Expenditures

-2.6

-0.4

-0.2

-0.5

-0.9

    Sale of Fixed Assets

1.1

0.0

0.0

-

-

    Sale/Maturity of Investment

3.6

2.0

0.1

-

0.7

    Purchase of Investments

-3.6

-0.4

-0.1

-

-0.7

    Other Investing Cash Flow

0.0

0.0

0.0

-

0.2

Other Investing Cash Flow Items, Total

1.2

1.6

0.0

-

0.2

Cash from Investing Activities

-1.5

1.2

-0.2

-0.5

-0.7

 

 

 

 

 

 

    Other Financing Cash Flow

-5.6

-4.7

-5.1

-7.8

-5.5

Financing Cash Flow Items

-5.6

-4.7

-5.1

-7.8

-5.5

    Total Debt Issued

56.8

85.2

82.0

100.6

75.2

    Total Debt Reduction

-64.1

-83.8

-78.5

-105.5

-83.6

Issuance (Retirement) of Debt, Net

-7.3

1.4

3.5

-4.9

-8.5

Cash from Financing Activities

-12.9

-3.4

-1.7

-12.7

-13.9

 

 

 

 

 

 

Foreign Exchange Effects

-0.1

0.9

0.6

1.1

0.8

Net Change in Cash

-10.8

14.9

4.2

8.8

-11.9

 

 

 

 

 

 

Net Cash - Beginning Balance

35.9

19.4

15.0

5.9

17.2

Net Cash - Ending Balance

25.1

34.3

19.2

14.7

5.4

Depreciation

11.9

11.6

11.5

11.2

10.3

 

 

Annual Income Statement

 

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Restated Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

Jonten CPA

Shenzhen Pengcheng Accounting Office

Ascenda CPA

Ascenda CPA

Tianjian Huazheng Zhongzhou (Beijing) CPA

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    In Operating Income

306.9

311.5

235.0

276.5

297.9

Total Revenue

306.9

311.5

235.0

276.5

297.9

 

 

 

 

 

 

    Cost of Sales

298.7

289.7

232.2

292.6

287.2

    Business Tax and Surcharges

0.8

0.8

0.4

0.3

0.1

    Selling Expense

1.3

2.0

1.7

2.0

1.5

    General and Administrative Expenses

6.8

5.3

4.8

5.4

3.0

    Interest Expense

4.2

4.4

4.6

7.2

5.0

    Interest Income

-1.2

-1.0

-1.0

-1.4

-0.6

    Foreign Exchange Gain/Loss

0.1

-0.9

-0.6

-1.1

-0.8

    Other Finance Interest

-

0.0

-

-

-

    Commission Fees

1.4

1.2

1.0

-

-

    Commission Fees and Other Costs

-

-

-

1.8

0.5

    Impairment Loss on Assets

23.7

0.3

3.4

10.4

0.6

    Investment Income

-0.9

0.0

0.0

-

-0.2

Total Operating Expense

335.1

301.7

246.6

317.3

296.2

 

 

 

 

 

 

    Gain on Sale of Fixed Assets

0.1

-

0.0

-

-

    Non-Operating Income

0.5

0.1

0.1

0.0

0.0

    Loss on Sale of Fixed Assets

-0.1

-

0.0

0.0

-

    Non - Operating Expense

0.0

-0.1

0.0

0.0

0.0

Net Income Before Taxes

-27.6

9.9

-11.6

-40.7

1.7

 

 

 

 

 

 

Provision for Income Taxes

0.0

0.0

0.0

0.0

0.0

Net Income After Taxes

-27.6

9.9

-11.6

-40.7

1.7

 

 

 

 

 

 

Net Income Before Extra. Items

-27.6

9.9

-11.6

-40.7

1.7

Net Income

-27.6

9.9

-11.6

-40.7

1.7

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-27.6

9.9

-11.6

-40.7

1.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-27.6

9.9

-11.6

-40.7

1.7

 

 

 

 

 

 

Basic Weighted Average Shares

586.6

586.6

586.6

586.6

586.6

Basic EPS Excluding ExtraOrdinary Items

-0.05

0.02

-0.02

-0.07

0.00

Basic EPS Including ExtraOrdinary Items

-0.05

0.02

-0.02

-0.07

0.00

Dilution Adjustment

0.0

-

0.0

0.0

-

Diluted Net Income

-27.6

9.9

-11.6

-40.7

1.7

Diluted Weighted Average Shares

586.6

586.6

586.6

586.6

586.6

Diluted EPS Excluding ExtraOrd Items

-0.05

0.02

-0.02

-0.07

0.00

Diluted EPS Including ExtraOrd Items

-0.05

0.02

-0.02

-0.07

0.00

DPS-A Share

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

-4.0

10.1

-8.2

-30.3

2.3

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.0

0.0

Normalized Income After Taxes

-4.0

10.1

-8.2

-30.3

2.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-4.0

10.1

-8.2

-30.3

2.3

 

 

 

 

 

 

Basic Normalized EPS

-0.01

0.02

-0.01

-0.05

0.00

Diluted Normalized EPS

-0.01

0.02

-0.01

-0.05

0.00

Interest Expense

4.2

4.4

4.6

7.2

5.0

Depreciation, Supplemental

11.9

11.6

11.5

11.2

10.3

Amort of Intangibles

0.2

0.2

0.2

0.2

0.2

Advertising Expense, Supplemental

-

0.0

0.0

-

-

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Restated Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2008

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.294

6.5897

6.827

6.823

7.3041

Auditor

Jonten CPA

Shenzhen Pengcheng Accounting Office

Ascenda CPA

Ascenda CPA

Tianjian Huazheng Zhongzhou (Beijing) CPA

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash/Equivalents

47.1

87.7

56.1

45.2

41.6

    Note Receivable

9.1

7.5

2.8

2.1

12.3

    Accounts Receivable, Gross

1.5

4.3

3.5

2.5

3.9

    Provision for Doubtful Accounts

-0.3

-0.5

-0.4

-0.3

-0.2

    Payment in Advance

0.1

0.2

0.2

1.2

0.8

    Interest Receivable

0.1

0.0

0.0

-

-

    Other Receivable

0.1

0.1

0.0

0.6

0.6

    Raw Material

8.2

19.2

14.5

14.9

24.2

    Work-in-Process

2.4

2.2

1.5

1.9

2.0

    Products in Transit

0.0

1.6

2.6

0.2

10.2

    Finished Products/Goods in Store

12.0

16.1

18.4

33.3

33.4

    Provision/Allowance for Inventory

-

-

-

-13.1

-2.4

Total Current Assets

80.3

138.5

99.3

88.6

126.4

 

 

 

 

 

 

    Long Term Equity Investment

0.0

1.2

0.7

0.7

0.7

    Investment in Real Estate

3.3

3.3

3.0

3.1

3.0

    Buildings & Structures

45.4

43.0

41.4

41.5

38.4

    Specialized Equipment

311.4

299.5

288.8

289.0

269.9

    General Equipment

12.2

11.6

11.2

11.2

10.3

    Electrical Equipment

6.0

4.8

4.6

4.6

4.2

    Transportation Equipment

1.5

1.4

1.3

1.3

1.1

    Communication Equipment

1.5

1.5

1.4

1.3

1.2

    Measuring & Testing Equipment

0.4

0.4

0.4

0.4

0.4

    Other Equipment

1.0

0.8

0.8

0.6

0.5

    Accumulated Depreciation

-242.0

-222.3

-203.1

-191.9

-168.6

    Provision for Impairment of Fixed Assets

-46.8

-23.0

-22.2

-21.3

-19.9

    Construction in Progress

-

-

-

0.1

0.3

    Intangible Assets, Gross

11.1

11.1

10.8

10.7

10.0

    Accumulated Intangible Amortization

-2.3

-2.1

-1.8

-1.6

-1.3

    Adjustment

-

-

-

-

0.0

Total Assets

183.0

269.6

236.8

238.4

276.6

 

 

 

 

 

 

    ST Borrowing

42.0

75.9

71.9

68.5

68.6

    Notes Payable

18.8

22.9

22.1

21.4

24.3

    Accounts Payable

30.6

53.9

42.6

31.6

41.0

    Customer Advance

3.5

3.4

2.9

4.4

2.8

    Accrued Payroll

1.0

1.2

0.8

0.1

0.1

    Tax Payable

1.9

2.0

1.2

3.3

-0.6

    Dividend Payable

0.2

0.2

0.2

0.2

0.2

    Interest Payable

0.1

0.1

0.1

0.2

0.1

    Other Creditors

2.3

4.2

2.5

3.1

2.7

Total Current Liabilities

100.5

163.7

144.3

132.7

139.1

 

 

 

 

 

 

Total Liabilities

100.5

163.7

144.3

132.7

139.1

 

 

 

 

 

 

    Share Capital

93.2

89.0

85.9

86.0

80.3

    Paid-In Capital

57.0

54.4

52.5

52.6

49.1

    Surplus Reserve

12.6

12.0

11.6

11.6

10.8

    Retained Earning

-80.2

-49.5

-57.6

-44.4

-2.8

Total Equity

82.5

106.0

92.5

105.7

137.5

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

183.0

269.6

236.8

238.4

276.6

 

 

 

 

 

 

    S/O-A Share

586.6

586.6

586.6

586.6

586.6

Total Common Shares Outstanding

586.6

586.6

586.6

586.6

586.6

T/S-A Share

0.0

0.0

0.0

0.0

0.0

Customer Advance

3.5

3.4

2.9

4.4

2.8

Accumulated Intangible Amortization

2.3

2.1

1.8

1.6

1.3

Full-Time Employees

1,562

1,965

1,957

1,865

2,029

Number of Common Shareholders

59,272

58,208

90,180

102,361

80,428

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

Jonten CPA

Shenzhen Pengcheng Accounting Office

Ascenda CPA

Ascenda CPA

Tianjian Huazheng Zhongzhou (Beijing) CPA

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash Receipts from Sale of Goods

356.8

352.8

268.0

292.4

347.2

    Cash Payments for Goods and Service

-345.3

-328.5

-255.0

-267.1

-341.8

    Tax Refund Received

0.3

0.3

0.3

-

0.2

    Other Cash from Operating Activities

2.1

1.5

1.5

1.2

0.6

    Cash Taxes Paid

-6.3

-6.1

-4.9

-1.2

-1.5

    Other Cash Paid for Operating Activities

-3.8

-3.8

-4.3

-4.4

-2.8

Cash from Operating Activities

3.7

16.2

5.6

20.9

1.9

 

 

 

 

 

 

    Sale/Maturity/Redemption of Investment

3.6

2.0

0.1

-

0.7

    Cash from Return on Investment

0.0

0.0

0.0

-

0.2

    Sale of FA/Intangibles/Other Assets

1.1

0.0

0.0

-

-

    Capital Expenditures

-2.6

-0.4

-0.2

-0.5

-0.9

    Purchase of Investments

-3.6

-0.4

-0.1

-

-0.7

Cash from Investing Activities

-1.5

1.2

-0.2

-0.5

-0.7

 

 

 

 

 

 

    Cash from Borrowings

56.8

85.2

82.0

100.6

75.2

    Repayment of Borrowings

-64.1

-83.8

-78.5

-105.5

-83.6

    Cash Paid for Dividend and Interest

-4.2

-4.0

-4.6

-6.8

-5.0

    Other Cash Paid for Financing Activities

-1.4

-0.7

-0.5

-1.0

-0.5

Cash from Financing Activities

-12.9

-3.4

-1.7

-12.7

-13.9

 

 

 

 

 

 

Foreign Exchange Effects

-0.1

0.9

0.6

1.1

0.8

Net Change in Cash

-10.8

14.9

4.2

8.8

-11.9

 

 

 

 

 

 

Net Cash - Beginning Balance

35.9

19.4

15.0

5.9

17.2

Net Cash - Ending Balance

25.1

34.3

19.2

14.7

5.4

    Depreciation

11.9

11.6

11.5

11.2

10.3

    Amortization of Intangibles

0.2

0.2

0.2

0.2

0.2

 

 

Financial Health

 

Financials in: USD (mil) 

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

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Sep-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

50.6

-39.58%

306.9

-5.92%

1.06%

-1.75%

Operating Income1 (?)

-1.9

-

-28.1

-

-

-

Income Available to Common Excl Extraord Items1 (?)

-1.9

-

-27.6

-

-

-

Basic EPS Excl Extraord Items1 (?)

0.00

-

-0.05

-

-

-

Capital Expenditures2 (?)

0.5

-78.87%

2.6

556.73%

71.95%

11.57%

Cash from Operating Activities2 (?)

-12.7

-

3.7

-78.01%

-45.09%

-24.88%

Free Cash Flow (?)

-13.3

-

1.1

-93.47%

-63.37%

-40.13%

Total Assets3 (?)

160.4

-34.85%

183.0

-35.16%

-10.87%

-10.14%

Total Liabilities3 (?)

88.7

-34.42%

100.5

-41.35%

-11.28%

-8.30%

Total Long Term Debt3 (?)

0.0

-

0.0

-

-

-

Employees3 (?)

-

-

1562

-20.51%

-5.74%

-3.51%

Total Common Shares Outstanding3 (?)

586.6

0.00%

586.6

0.00%

0.00%

0.00%

1-ExchangeRate: CNY to USD Average for Period

6.356223

 

6.464380

 

 

 

2-ExchangeRate: CNY to USD Average for Period

6.330851

 

6.464380

 

 

 

3-ExchangeRate: CNY to USD Period End Date

6.306923

 

6.294000

 

 

 

Key Ratios

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

 

 

 

 

Profitability

 

 

 

 

Gross Margin (?)

2.42%

6.74%

1.03%

-5.94%

3.59%

 

 

 

 

Operating Margin (?)

-9.17%

3.16%

-4.96%

-14.72%

0.57%

 

 

 

 

Pretax Margin (?)

-9.01%

3.17%

-4.94%

-14.73%

0.58%

 

 

 

 

Net Profit Margin (?)

-9.01%

3.17%

-4.94%

-14.73%

0.58%

 

 

 

 

Financial Strength

 

 

 

 

Current Ratio (?)

0.80

0.85

0.69

0.67

0.91

 

 

 

 

Long Term Debt/Equity (?)

0.00

0.00

0.00

0.00

0.00

 

 

 

 

Total Debt/Equity (?)

0.74

0.93

1.02

0.85

0.68

 

 

 

 

Management Effectiveness

 

 

 

 

Return on Assets (?)

-12.20%

3.94%

-4.89%

-15.52%

0.66%

 

 

 

 

Return on Equity (?)

-29.34%

10.05%

-11.72%

-32.81%

1.31%

 

 

 

 

Efficiency

 

 

 

 

Receivables Turnover (?)

28.10

36.26

43.11

24.80

17.11

 

 

 

 

Inventory Turnover (?)

9.68

7.71

6.28

5.46

5.31

 

 

 

 

Asset Turnover (?)

1.35

1.24

0.99

1.05

1.14

 

 

 

 

Market Valuation USD (mil)

 

 

Enterprise Value2 (?)

396.9

.

Price/Sales (TTM) (?)

1.72

 

 

Enterprise Value/Revenue (TTM) (?)

1.81

.

Price/Book (MRQ) (?)

5.27

 

 

Market Cap as of 09-Nov-20121 (?)

380.9

.

 

 

 

 

1-ExchangeRate: CNY to USD on 9-Nov-2012

6.252597

 

 

 

 

 

2-ExchangeRate: CNY to USD on 30-Sep-2012

6.306923

 

 

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

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

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Financial Strength

Current Ratio (?)

0.80

0.85

0.69

0.67

0.91

Quick/Acid Test Ratio (?)

0.57

0.61

0.43

0.38

0.42

Working Capital1 (?)

-20.2

-25.2

-45.0

-44.2

-12.7

Long Term Debt/Equity (?)

0.00

0.00

0.00

0.00

0.00

Total Debt/Equity (?)

0.74

0.93

1.02

0.85

0.68

Long Term Debt/Total Capital (?)

0.00

0.00

0.00

0.00

0.00

Total Debt/Total Capital (?)

0.42

0.48

0.50

0.46

0.40

Payout Ratio (?)

0.00%

0.00%

0.00%

0.00%

0.00%

Effective Tax Rate (?)

-

0.00%

-

-

0.00%

Total Capital1 (?)

143.4

204.7

186.5

195.6

230.3

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

1.35

1.24

0.99

1.05

1.14

Inventory Turnover (?)

9.68

7.71

6.28

5.46

5.31

Days In Inventory (?)

37.70

47.37

58.13

66.80

68.73

Receivables Turnover (?)

28.10

36.26

43.11

24.80

17.11

Days Receivables Outstanding (?)

12.99

10.07

8.47

14.72

21.33

Revenue/Employee2 (?)

201,811

162,856

120,144

151,050

152,897

Operating Income/Employee2 (?)

-18,509

5,151

-5,954

-22,241

877

EBITDA/Employee2 (?)

-10,534

11,333

32

-15,985

6,252

 

 

 

 

 

 

Profitability

Gross Margin (?)

2.42%

6.74%

1.03%

-5.94%

3.59%

Operating Margin (?)

-9.17%

3.16%

-4.96%

-14.72%

0.57%

EBITDA Margin (?)

-5.22%

6.96%

0.03%

-10.58%

4.09%

EBIT Margin (?)

-9.17%

3.16%

-4.96%

-14.72%

0.57%

Pretax Margin (?)

-9.01%

3.17%

-4.94%

-14.73%

0.58%

Net Profit Margin (?)

-9.01%

3.17%

-4.94%

-14.73%

0.58%

COGS/Revenue (?)

97.58%

93.26%

98.97%

105.94%

96.41%

SG&A Expense/Revenue (?)

2.65%

2.34%

2.79%

2.67%

1.50%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

-12.20%

3.94%

-4.89%

-15.52%

0.66%

Return on Equity (?)

-29.34%

10.05%

-11.72%

-32.81%

1.31%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

0.00

0.03

0.01

0.04

0.00

Operating Cash Flow/Share 2 (?)

0.01

0.03

0.01

0.04

0.00

1-ExchangeRate: CNY to USD Period End Date

6.294

6.5897

6.827

6.823

7.3041

2-ExchangeRate: CNY to USD Average for Period

6.294

6.5897

6.827

6.823

7.3041

Current Market Multiples

Market Cap/Earnings (TTM) (?)

-9.63

Market Cap/Equity (MRQ) (?)

5.27

Market Cap/Revenue (TTM) (?)

1.72

Market Cap/EBIT (TTM) (?)

-10.55

Market Cap/EBITDA (TTM) (?)

-10.55

Enterprise Value/Earnings (TTM) (?)

-10.12

Enterprise Value/Equity (MRQ) (?)

5.54

Enterprise Value/Revenue (TTM) (?)

1.81

Enterprise Value/EBIT (TTM) (?)

-11.09

Enterprise Value/EBITDA (TTM) (?)

-11.09

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.52

UK Pound

1

Rs.87.48

Euro

1

Rs.70.89

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.