MIRA
INFORM REPORT
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Report Date : |
03.12.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI DRAGON CORPORATION |
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Registered Office : |
No.584, F4, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
30.06.1992 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Subject is engaged in the production and distribution of
textile products and apparels. |
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No. of Employees : |
3,149 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
SHANGHAI DRAGON CORPORATION
No.584, F4, A Section
Zhizaoju Road
Shanghai, 200023
China
Tel: 86-21-34061116
Fax: 86-21-54666630
Website: www.shanghaidragon.com.cn
Employees: 3,149
Company Type: Public
Subsidiary
Corporate Family: 5 Companies
Ultimate Parent: Shangtex
Holding (Group) Corporation
Traded:
Incorporation Date: 30-Jun-1992
Auditor: BDO China Shu Lun
Pan CPAs
Financials in: USD
(In Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Chinese
Renminbi
Net Income: 7.1
Market Value: 342.1
(23-Nov-2012)
Business Description
Shanghai Dragon Corporation is principally engaged in the
production and distribution of textile products and apparels. The Company's core
business is the operation of its textile brands and international trading. The
Company operates in four business segments: knitting, home textile, apparel,
and international trade. The Company's major products are knitted products,
household textile products, apparels and accessories, as well as printed and
dyed products. It provides its products under brands named Threegun, Mum and
Phoenix, among others, which covers knitting underwear, beddings, towels,
blankets and apparels. The Company also involves in real estate development and
sales. It distributes its products primarily in domestic market. For the nine
months ended 30 September 2012, Shanghai Dragon Corporation revenues increased
10% to RMB3.48B. Net income increased 15% to RMB37.7M. Revenues reflect an
increase in demand for the Company's products and services due to favorable
market conditions. Net income benefited from Investment Income increase of 9%
to RMB9.5M (income), Assets depreciation loss decrease of 65% to RMB305K
(expense).
Industry
|
Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executive
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Name |
Title |
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General Manager, Director |
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Chief Financial Officer, Director |
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Deputy General Manager, Secretary of the Board |
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Deputy General Manager |
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Chairman of the Board |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
1 |
Shanghai Dragon
Corporation Announces No Dividend Payment for FY 2011 |
30-Mar-2012 |
* number of significant developments within the last 12 months
News
|
Title |
Date |
|
'Asian
Wave' Reality Show Hits the Region |
10-Sep-2012 |
|
your letter
Our readers have their say on a particular topic with this letter of the week |
18-Jul-2012 |
|
China Mobile
Games and Entertainment Group CMGE and Shanghai Dragon TV Formed a Strategic
Cooperation in the New Media |
17-May-2012 |
|
China
Mobile Games and Entertainment Group (CMGE) and Shanghai Dragon TV Formed a
Strategic Cooperation in the New Media |
11-May-2012 |
|
CMGE,
Dragon TV to Co-release New Game Community |
4-May-2012 |
Financial Summary
As of 30-Sep-2012
|
Key Ratios |
Company |
Industry |
|
Current Ratio (MRQ) |
1.70 |
2.75 |
|
Quick Ratio (MRQ) |
0.95 |
1.45 |
|
Debt to Equity (MRQ) |
0.29 |
0.52 |
|
Sales 5 Year Growth |
4.71 |
10.05 |
|
Net Profit Margin (TTM) % |
1.06 |
7.39 |
|
Return on Assets (TTM) % |
1.94 |
7.59 |
|
Return on Equity (TTM) % |
3.47 |
15.09 |
Stock Snapshot
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Traded: |
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As of
23-Nov-2012 Financials in: CNY |
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1 - Profit & Loss Item Exchange Rate: USD 1 = CNY 6.46438
2 - Balance Sheet Item Exchange Rate:
USD 1 = CNY 6.294
Location
No.584, F4, A Section
Zhizaoju Road
Shanghai, 200023
China
Tel: 86-21-34061116
Fax: 86-21-54666630
Website: www.shanghaidragon.com.cn
Quote Symbol –
Exchange 600630 - Shanghai
Stock Exchange
Sales CNY(mil): 4,527.8
Assets CNY(mil): 2,558.6
Employees: 3,149
Fiscal Year End: 31-Dec-2011
Industry: Apparel
and Accessories
Incorporation
Date: 30-Jun-1992
Company Type: Public
Subsidiary
Quoted Status: Quoted
Deputy General Manager, Secretary of the Board: Feng
Chen
Industry Code
|
ANZSIC 2006 Codes: |
||
|
1340 |
- |
Knitted Product Manufacturing |
|
3019 |
- |
Other Residential Building Construction |
|
3731 |
- |
Furniture and Floor Covering Wholesaling |
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NACE 2002 Codes: |
||
|
1823 |
- |
Manufacture of underwear |
|
1772 |
- |
Manufacture of knitted and crocheted pullovers, cardigans and similar articles |
|
5147 |
- |
Wholesale of other household goods |
|
1754 |
- |
Manufacture of other textiles not elsewhere classified |
|
4521 |
- |
General construction of buildings and civil engineering works |
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NAICS 2002 Codes: |
||
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315192 |
- |
Underwear and Nightwear Knitting Mills |
|
315191 |
- |
Outerwear Knitting Mills |
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313249 |
- |
Other Knit Fabric and Lace Mills |
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423220 |
- |
Home Furnishing Merchant Wholesalers |
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236116 |
- |
New Multifamily Housing Construction (except Operative Builders) |
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US SIC 1987: |
||
|
2254 |
- |
Knit Underwear and Nightwear Mills |
|
2259 |
- |
Knitting Mills, Not Elsewhere Classified |
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5023 |
- |
Home furnishings |
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1522 |
- |
General Contractors-Residential Buildings, Other Than Single-Family |
|
2253 |
- |
Knit Outerwear Mills |
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UK SIC 2003: |
||
|
1823 |
- |
Manufacture of underwear |
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45212 |
- |
Construction of domestic buildings |
|
17549 |
- |
Manufacture of other textiles not elsewhere classified |
|
5147 |
- |
Wholesale of other household goods |
|
1772 |
- |
Manufacture of knitted and crocheted pullovers, cardigans and similar articles |
|
UK SIC 2007: |
||
|
1414 |
- |
Manufacture of underwear |
|
1396 |
- |
Manufacture of other technical and industrial textiles |
|
4649 |
- |
Wholesale of other household goods |
|
41202 |
- |
Construction of domestic buildings |
|
1439 |
- |
Manufacture of other knitted and crocheted apparel |
Shanghai Dragon Corporation is principally engaged in the production
and distribution of textile products and apparels. The Company's core business
is the operation of its textile brands and international trading. The Company
operates in four business segments: knitting, home textile, apparel, and
international trade. The Company's major products are knitted products,
household textile products, apparels and accessories, as well as printed and
dyed products. It provides its products under brands named Threegun, Mum and
Phoenix, among others, which covers knitting underwear, beddings, towels,
blankets and apparels. The Company also involves in real estate development and
sales. It distributes its products primarily in domestic market. For the nine
months ended 30 September 2012, Shanghai Dragon Corporation revenues increased
10% to RMB3.48B. Net income increased 15% to RMB37.7M. Revenues reflect an
increase in demand for the Company's products and services due to favorable
market conditions. Net income benefited from Investment Income increase of 9%
to RMB9.5M (income), Assets depreciation loss decrease of 65% to RMB305K
(expense).
More Business Descriptions
Holding company with interests in pharmaceuticals, science
and technology, finance, textiles and media
Source: Graham & Whiteside
Happiness Queen
Minguang Phoenix
Mum Conch
threegun
Financial Data
|
Financials in: |
CNY(mil) |
1 Year Growth |
|
Revenue: |
4,527.8 |
28.2% |
|
Net Income: |
46.2 |
-19.8% |
|
Assets: |
2,558.6 |
-0.8% |
|
Long Term Debt: |
0.0 |
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Total Liabilities: |
1,095.9 |
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Working Capital: |
0.7 |
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Date of Financial Data: |
31-Dec-2011 |
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Market
Data
|
Quote Symbol: |
600630 |
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Exchange: |
Shanghai Stock
Exchange |
|
Currency: |
CNY |
|
Stock Price: |
5.0 |
|
Stock Price Date: |
11-23-2012 |
|
52 Week Price
Change %: |
-20.6 |
|
Market Value
(mil): |
2,132,805.0 |
|
SEDOL: |
6817022 |
|
ISIN: |
CNE000000792 |
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Equity and Dept
Distribution: |
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|
03/2001, Rights
Issue, 3 new shares for every 10 shares held @ RMB 8.8. FY'02 B/S was reclassified. |
|
Company Percentage
Owned Country
Shanghai Conch Apparel Company Ltd 100% PEOPLE'S
REPUBLIC OF CHINA
Major Shareholders
Shanghai Textile Holding (Group) Corp
Auditor: BDO China Shu Lun Pan CPAs
Auditor: Lixin Changjiang, BDO China Shu Lun Pan CPAs
Corporate
Structure News
Total Corporate Family Members: 5
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Shanghai |
China |
Textiles - Non Apparel |
|
165,000 |
|
|
Subsidiary |
Shanghai |
China |
Apparel and Accessories |
700.4 |
3,149 |
|
|
Subsidiary |
Shanghai |
China |
Apparel and Accessories |
|
|
|
|
Subsidiary |
Shanghai |
China |
Apparel and Accessories |
1,028.0 |
2,141 |
|
|
Subsidiary |
Shanghai |
China |
Apparel and Accessories |
244.2 |
790 |
Board of Directors
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Chairman of the Board |
Chairman |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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General Manager, Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Chief Financial Officer, Director |
Director/Board Member |
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Executives
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General Manager, Director |
Division Head Executive |
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Deputy General Manager, Secretary of the Board |
Company Secretary |
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Chief Financial Officer, Director |
Finance Executive |
Reuters |
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Deputy General Manager |
Other |
Reuters |
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Significant Developments
Shanghai Dragon Corporation Announces No Dividend Payment for FY 2011
Mar 30, 2012
Shanghai Dragon Corporation announced that it will pay no dividend to
shareholders for fiscal year 2011.
News
|
'Asian
Wave' Reality Show Hits the Region |
10-Sep-2012 |
|
your letter
Our readers have their say on a particular topic with this letter of the week |
18-Jul-2012 |
|
China
Mobile Games and Entertainment Group CMGE and Shanghai Dragon TV Formed a
Strategic Cooperation in the New Media |
17-May-2012 |
|
China
Mobile Games and Entertainment Group (CMGE) and Shanghai Dragon TV Formed a Strategic
Cooperation in the New Media |
11-May-2012 |
|
CMGE,
Dragon TV to Co-release New Game Community |
04-May-2012 |
Articles
|
CMGE and
Shanghai Dragon TV Link to Introduce Maidongmenglifang |
19-May-2012 |
|
CMGE and
Shanghai Dragon TV Form a Strategic Cooperation in the New Media |
16-May-2012 |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
7.605973 |
|
Auditor |
BDO China Shu
Lun Pan CPAs |
BDO China Shu Lun
Pan CPAs |
BDO China Shu
Lun Pan CPAs |
Shu Lun Pan
Certified Public Accountants Co., Ltd. |
Shu Lun Pan
Certified Public Accountants Co., Ltd. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
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|
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|
|
|
Net Sales |
700.4 |
521.7 |
435.1 |
529.0 |
499.0 |
|
Revenue |
700.4 |
521.7 |
435.1 |
529.0 |
499.0 |
|
Total Revenue |
700.4 |
521.7 |
435.1 |
529.0 |
499.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
589.5 |
432.8 |
355.7 |
444.3 |
438.3 |
|
Excise Taxes Payments |
2.4 |
1.8 |
2.0 |
1.6 |
1.3 |
|
Cost of Revenue, Total |
591.9 |
434.6 |
357.7 |
445.9 |
439.6 |
|
Gross Profit |
108.5 |
87.1 |
77.5 |
83.1 |
59.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
103.1 |
92.6 |
80.1 |
83.0 |
61.0 |
|
Total Selling/General/Administrative Expenses |
103.1 |
92.6 |
80.1 |
83.0 |
61.0 |
|
Interest Expense -
Operating |
4.1 |
4.8 |
7.9 |
10.9 |
10.0 |
|
Interest Expense - Net Operating |
4.1 |
4.8 |
7.9 |
10.9 |
10.0 |
|
Interest Income -
Operating |
-0.5 |
-0.7 |
-1.0 |
-1.8 |
-1.5 |
|
Investment Income -
Operating |
-4.1 |
-17.2 |
-28.9 |
-0.3 |
-3.9 |
|
Interest/Investment Income - Operating |
-4.6 |
-17.9 |
-30.0 |
-2.1 |
-5.4 |
|
Interest Expense (Income) - Net Operating Total |
-0.5 |
-13.1 |
-22.0 |
8.8 |
4.5 |
|
Impairment-Assets Held for Use |
1.3 |
3.3 |
11.6 |
0.9 |
9.2 |
|
Unusual Expense (Income) |
1.3 |
3.3 |
11.6 |
0.9 |
9.2 |
|
Other Operating Expense |
0.5 |
0.6 |
0.4 |
0.5 |
0.7 |
|
Other Operating Expenses, Total |
0.5 |
0.6 |
0.4 |
0.5 |
0.7 |
|
Total Operating Expense |
696.3 |
518.0 |
427.8 |
539.1 |
515.1 |
|
|
|
|
|
|
|
|
Operating Income |
4.1 |
3.7 |
7.3 |
-10.1 |
-16.0 |
|
|
|
|
|
|
|
|
Gain (Loss) on Sale of Assets |
2.9 |
4.0 |
0.1 |
-0.1 |
4.1 |
|
Other Non-Operating Income (Expense) |
2.5 |
2.1 |
1.7 |
19.3 |
17.8 |
|
Other, Net |
2.5 |
2.1 |
1.7 |
19.3 |
17.8 |
|
Income Before Tax |
9.6 |
9.8 |
9.2 |
9.1 |
5.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
2.4 |
1.3 |
3.0 |
6.1 |
3.4 |
|
Income After Tax |
7.2 |
8.5 |
6.2 |
2.9 |
2.4 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.1 |
0.0 |
0.1 |
|
Net Income Before Extraord Items |
7.1 |
8.5 |
6.3 |
2.9 |
2.5 |
|
Net Income |
7.1 |
8.5 |
6.3 |
2.9 |
2.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
7.1 |
8.5 |
6.3 |
2.9 |
2.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
7.1 |
8.5 |
6.3 |
2.9 |
2.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
424.9 |
424.9 |
424.9 |
424.9 |
424.9 |
|
Basic EPS Excl Extraord Items |
0.02 |
0.02 |
0.01 |
0.01 |
0.01 |
|
Basic/Primary EPS Incl Extraord Items |
0.02 |
0.02 |
0.01 |
0.01 |
0.01 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
- |
|
Diluted Net Income |
7.1 |
8.5 |
6.3 |
2.9 |
2.5 |
|
Diluted Weighted Average Shares |
424.9 |
424.9 |
424.9 |
424.9 |
424.9 |
|
Diluted EPS Excl Extraord Items |
0.02 |
0.02 |
0.01 |
0.01 |
0.01 |
|
Diluted EPS Incl Extraord Items |
0.02 |
0.02 |
0.01 |
0.01 |
0.01 |
|
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 |
4.1 |
4.8 |
7.9 |
10.9 |
10.0 |
|
Depreciation, Supplemental |
7.3 |
6.7 |
8.4 |
8.3 |
7.5 |
|
Total Special Items |
-1.6 |
-0.7 |
11.5 |
1.0 |
5.1 |
|
Normalized Income Before Tax |
7.9 |
9.1 |
20.7 |
10.1 |
11.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.4 |
-0.1 |
3.7 |
0.4 |
3.0 |
|
Inc Tax Ex Impact of Sp Items |
2.0 |
1.2 |
6.7 |
6.5 |
6.4 |
|
Normalized Income After Tax |
5.9 |
7.9 |
14.0 |
3.6 |
4.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
5.9 |
7.9 |
14.1 |
3.6 |
4.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.01 |
0.02 |
0.03 |
0.01 |
0.01 |
|
Diluted Normalized EPS |
0.01 |
0.02 |
0.03 |
0.01 |
0.01 |
|
Amort of Intangibles, Supplemental |
0.6 |
0.6 |
0.6 |
0.6 |
0.7 |
|
Rental Expenses |
7.8 |
7.8 |
6.1 |
- |
- |
|
Research & Development Exp, Supplemental |
2.6 |
2.8 |
2.4 |
- |
- |
|
Normalized EBIT |
4.9 |
-6.1 |
-3.1 |
-0.4 |
-2.3 |
|
Normalized EBITDA |
12.8 |
1.2 |
5.9 |
8.5 |
5.8 |
|
Current Tax - Total |
2.3 |
1.3 |
2.9 |
6.1 |
3.5 |
|
Current Tax - Total |
2.3 |
1.3 |
2.9 |
6.1 |
3.5 |
|
Deferred Tax - Total |
0.1 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Deferred Tax - Total |
0.1 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Income Tax - Total |
2.4 |
1.3 |
3.0 |
6.1 |
3.4 |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate |
6.294 |
6.5897 |
6.827 |
6.823 |
7.3041 |
|
Auditor |
BDO China Shu
Lun Pan CPAs |
BDO China Shu
Lun Pan CPAs |
BDO China Shu
Lun Pan CPAs |
Shu Lun Pan
Certified Public Accountants Co., Ltd. |
Shu Lun Pan
Certified Public Accountants Co., Ltd. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
34.9 |
50.5 |
48.2 |
35.2 |
40.4 |
|
Cash and Short Term Investments |
34.9 |
50.5 |
48.2 |
35.2 |
40.4 |
|
Accounts Receivable -
Trade, Gross |
60.2 |
55.8 |
61.3 |
62.6 |
63.6 |
|
Provision for Doubtful
Accounts |
-16.0 |
-15.8 |
-15.6 |
-16.7 |
-15.4 |
|
Trade Accounts Receivable - Net |
44.2 |
40.0 |
45.7 |
46.0 |
48.1 |
|
Notes Receivable - Short Term |
0.2 |
0.7 |
0.8 |
0.4 |
0.8 |
|
Other Receivables |
25.8 |
21.9 |
13.4 |
19.6 |
23.7 |
|
Total Receivables, Net |
70.2 |
62.6 |
60.0 |
65.9 |
72.5 |
|
Inventories - Finished Goods |
94.5 |
87.7 |
88.0 |
125.7 |
119.5 |
|
Inventories - Work In Progress |
14.6 |
15.3 |
14.6 |
18.5 |
21.8 |
|
Inventories - Raw Materials |
4.0 |
4.0 |
3.5 |
5.6 |
6.2 |
|
Inventories - Other |
2.6 |
1.5 |
1.4 |
-12.6 |
-14.8 |
|
Total Inventory |
115.7 |
108.5 |
107.5 |
137.3 |
132.8 |
|
Prepaid Expenses |
62.1 |
46.2 |
22.7 |
27.6 |
21.4 |
|
Total Current Assets |
282.9 |
267.8 |
238.4 |
266.1 |
267.1 |
|
|
|
|
|
|
|
|
Buildings |
71.8 |
67.3 |
63.9 |
65.2 |
62.4 |
|
Machinery/Equipment |
66.9 |
65.4 |
65.3 |
77.9 |
77.1 |
|
Construction in
Progress |
2.3 |
1.2 |
9.3 |
10.7 |
5.2 |
|
Other
Property/Plant/Equipment |
5.0 |
4.7 |
4.5 |
4.4 |
4.1 |
|
Property/Plant/Equipment - Gross |
145.9 |
138.7 |
142.9 |
158.2 |
148.8 |
|
Accumulated Depreciation |
-63.8 |
-56.6 |
-53.8 |
-56.0 |
-50.6 |
|
Property/Plant/Equipment - Net |
82.1 |
82.0 |
89.1 |
102.2 |
98.2 |
|
Intangibles - Gross |
13.8 |
15.6 |
14.0 |
17.0 |
15.9 |
|
Accumulated Intangible Amortization |
-4.3 |
-3.9 |
-3.1 |
-3.9 |
-3.1 |
|
Intangibles, Net |
9.5 |
11.8 |
10.9 |
13.2 |
12.9 |
|
LT Investment - Affiliate Companies |
25.3 |
22.9 |
21.0 |
26.1 |
23.8 |
|
LT Investments - Other |
6.7 |
6.8 |
6.8 |
11.7 |
17.3 |
|
Long Term Investments |
32.0 |
29.6 |
27.8 |
37.8 |
41.1 |
|
Deferred Charges |
- |
- |
- |
0.3 |
0.3 |
|
Deferred Income Tax - Long Term Asset |
0.1 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Other Long Term Assets, Total |
0.1 |
0.2 |
0.2 |
0.6 |
0.6 |
|
Total Assets |
406.5 |
391.4 |
366.4 |
419.8 |
419.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
31.4 |
38.5 |
36.8 |
38.9 |
35.5 |
|
Accrued Expenses |
10.9 |
11.6 |
12.3 |
13.3 |
26.5 |
|
Notes Payable/Short Term Debt |
81.4 |
56.6 |
94.2 |
142.1 |
150.0 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
- |
0.3 |
0.3 |
0.3 |
|
Dividends Payable |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Customer Advances |
46.3 |
32.8 |
12.7 |
17.8 |
14.8 |
|
Income Taxes Payable |
3.7 |
4.2 |
8.3 |
7.4 |
4.4 |
|
Other Current Liabilities |
- |
30.4 |
- |
- |
- |
|
Other Current liabilities, Total |
50.2 |
67.6 |
21.2 |
25.4 |
19.4 |
|
Total Current Liabilities |
173.9 |
174.2 |
164.8 |
219.9 |
231.7 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
81.4 |
56.6 |
94.5 |
142.3 |
150.3 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.1 |
0.2 |
0.2 |
0.7 |
2.0 |
|
Deferred Income Tax |
0.1 |
0.2 |
0.2 |
0.7 |
2.0 |
|
Minority Interest |
0.1 |
1.8 |
1.8 |
4.4 |
4.3 |
|
Other Long Term Liabilities |
- |
0.2 |
0.4 |
- |
- |
|
Other Liabilities, Total |
- |
0.2 |
0.4 |
- |
- |
|
Total Liabilities |
174.1 |
176.4 |
167.2 |
225.1 |
237.9 |
|
|
|
|
|
|
|
|
Common Stock |
67.5 |
64.5 |
62.2 |
62.3 |
58.2 |
|
Common Stock |
67.5 |
64.5 |
62.2 |
62.3 |
58.2 |
|
Additional Paid-In Capital |
148.3 |
141.7 |
136.9 |
138.9 |
134.1 |
|
Retained Earnings (Accumulated Deficit) |
16.6 |
8.8 |
0.1 |
-6.4 |
-10.3 |
|
Translation Adjustment |
- |
- |
- |
- |
0.0 |
|
Other Equity, Total |
- |
- |
- |
- |
0.0 |
|
Total Equity |
232.4 |
215.0 |
199.2 |
194.7 |
181.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
406.5 |
391.4 |
366.4 |
419.8 |
419.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
424.9 |
424.9 |
424.9 |
424.9 |
424.9 |
|
Total Common Shares Outstanding |
424.9 |
424.9 |
424.9 |
424.9 |
424.9 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
3,149 |
3,549 |
4,022 |
4,057 |
3,024 |
|
Number of Common Shareholders |
79,880 |
88,622 |
108,208 |
124,314 |
82,952 |
|
Accumulated Intangible Amort, Suppl. |
4.3 |
3.9 |
3.1 |
3.9 |
3.1 |
|
Deferred Revenue - Current |
46.3 |
32.8 |
12.7 |
17.8 |
14.8 |
|
Total Long Term Debt, Supplemental |
- |
- |
0.3 |
0.3 |
- |
|
Long Term Debt Maturing within 1 Year |
- |
- |
0.3 |
0.3 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
0.0 |
0.0 |
- |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
7.605973 |
|
Auditor |
BDO China Shu
Lun Pan CPAs |
BDO China Shu
Lun Pan CPAs |
BDO China Shu
Lun Pan CPAs |
Shu Lun Pan
Certified Public Accountants Co., Ltd. |
Shu Lun Pan
Certified Public Accountants Co., Ltd. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts |
769.1 |
605.1 |
462.2 |
573.8 |
549.2 |
|
Cash Payments |
-752.0 |
-563.5 |
-415.1 |
-534.0 |
-515.0 |
|
Cash Taxes Paid |
24.1 |
-0.6 |
5.1 |
2.3 |
14.8 |
|
Other Operating Cash Flow |
-47.5 |
-37.4 |
-30.7 |
-34.9 |
-25.8 |
|
Changes in Working Capital |
-47.5 |
-37.4 |
-30.7 |
-34.9 |
-25.8 |
|
Cash from Operating Activities |
-6.2 |
3.7 |
21.5 |
7.2 |
23.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-3.9 |
-3.9 |
-6.4 |
-10.4 |
-12.4 |
|
Capital Expenditures |
-3.9 |
-3.9 |
-6.4 |
-10.4 |
-12.4 |
|
Sale of Business |
- |
16.0 |
35.1 |
0.2 |
0.1 |
|
Sale of Fixed Assets |
5.6 |
4.3 |
3.0 |
19.7 |
9.8 |
|
Sale/Maturity of Investment |
- |
- |
8.9 |
0.7 |
7.8 |
|
Purchase of Investments |
- |
- |
- |
-0.5 |
-0.4 |
|
Other Investing Cash Flow |
0.6 |
1.2 |
2.1 |
2.4 |
3.7 |
|
Other Investing Cash Flow Items, Total |
6.3 |
21.6 |
49.1 |
22.4 |
21.1 |
|
Cash from Investing Activities |
2.3 |
17.7 |
42.7 |
12.1 |
8.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.3 |
-11.6 |
-10.4 |
-10.9 |
-12.3 |
|
Financing Cash Flow Items |
0.3 |
-11.6 |
-10.4 |
-10.9 |
-12.3 |
|
Long Term Debt Issued |
- |
29.5 |
- |
- |
- |
|
Long Term Debt, Net |
- |
29.5 |
- |
- |
- |
|
Total Debt Issued |
113.5 |
130.6 |
153.9 |
167.8 |
205.3 |
|
Total Debt Reduction |
-121.7 |
-172.5 |
-198.2 |
-184.8 |
-227.2 |
|
Issuance (Retirement) of Debt, Net |
-8.1 |
-12.4 |
-44.3 |
-17.0 |
-21.9 |
|
Cash from Financing Activities |
-7.9 |
-24.0 |
-54.7 |
-27.9 |
-34.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
-0.1 |
-0.1 |
-0.2 |
-0.3 |
|
Net Change in Cash |
-11.6 |
-2.7 |
9.3 |
-8.9 |
-2.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
42.6 |
43.4 |
33.7 |
42.0 |
41.1 |
|
Net Cash - Ending Balance |
31.0 |
40.7 |
43.0 |
33.1 |
38.4 |
|
Depreciation |
7.3 |
6.7 |
8.4 |
8.3 |
7.5 |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
7.605973 |
|
Auditor |
BDO China Shu
Lun Pan CPAs |
BDO China Shu
Lun Pan CPAs |
BDO China Shu
Lun Pan CPAs |
Shu Lun Pan
Certified Public Accountants Co., Ltd. |
Lixin Changjiang
CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales from
Principal Activities |
700.4 |
521.7 |
435.1 |
529.0 |
499.0 |
|
Total Revenue |
700.4 |
521.7 |
435.1 |
529.0 |
499.0 |
|
|
|
|
|
|
|
|
Cost of Sales from
Principal Activities |
589.5 |
432.8 |
355.7 |
444.3 |
438.3 |
|
Business Tax and
Surcharges |
2.4 |
1.8 |
2.0 |
1.6 |
1.3 |
|
Selling Expenses |
66.7 |
53.2 |
47.5 |
40.4 |
31.2 |
|
General and
Administrative Expenses |
36.3 |
39.5 |
32.6 |
42.6 |
29.8 |
|
Interest Expense |
4.1 |
4.8 |
7.9 |
10.9 |
10.0 |
|
Interest Income |
-0.5 |
-0.7 |
-1.0 |
-1.8 |
-1.5 |
|
Foreign Exchange
Loss |
- |
- |
0.2 |
0.6 |
1.0 |
|
Foreign Exchange
Gain |
-1.7 |
-0.1 |
- |
- |
- |
|
Other Finance Cost |
0.5 |
0.6 |
0.4 |
0.5 |
0.7 |
|
Impairment Loss on
Assets |
1.3 |
3.3 |
11.6 |
0.9 |
9.2 |
|
Investment Income |
-2.4 |
-17.1 |
-29.2 |
-0.9 |
-4.9 |
|
Total Operating
Expense |
696.3 |
518.0 |
427.8 |
539.1 |
515.1 |
|
|
|
|
|
|
|
|
Gain on Sale of
Fixed Assets |
1.6 |
4.2 |
0.8 |
0.8 |
4.2 |
|
Gain on Sale of
Intangible Assets |
1.5 |
- |
- |
- |
- |
|
Non-Operating
Income |
2.6 |
2.3 |
1.9 |
19.6 |
18.2 |
|
Loss on Sale of
Fixed Assets |
-0.1 |
-0.2 |
-0.7 |
-0.9 |
-0.1 |
|
Non-Operating
Expense |
-0.1 |
-0.1 |
-0.2 |
-0.3 |
-0.5 |
|
Net Income
Before Taxes |
9.6 |
9.8 |
9.2 |
9.1 |
5.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
2.4 |
1.3 |
3.0 |
6.1 |
3.4 |
|
Net Income After
Taxes |
7.2 |
8.5 |
6.2 |
2.9 |
2.4 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.1 |
0.0 |
0.1 |
|
Net Income
Before Extra. Items |
7.1 |
8.5 |
6.3 |
2.9 |
2.5 |
|
Net Income |
7.1 |
8.5 |
6.3 |
2.9 |
2.5 |
|
|
|
|
|
|
|
|
Income Available
to Com Excl ExtraOrd |
7.1 |
8.5 |
6.3 |
2.9 |
2.5 |
|
|
|
|
|
|
|
|
Income Available
to Com Incl ExtraOrd |
7.1 |
8.5 |
6.3 |
2.9 |
2.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
424.9 |
424.9 |
424.9 |
424.9 |
424.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.02 |
0.02 |
0.01 |
0.01 |
0.01 |
|
Basic EPS Including ExtraOrdinary Items |
0.02 |
0.02 |
0.01 |
0.01 |
0.01 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
- |
|
Diluted Net Income |
7.1 |
8.5 |
6.3 |
2.9 |
2.5 |
|
Diluted Weighted Average Shares |
424.9 |
424.9 |
424.9 |
424.9 |
424.9 |
|
Diluted EPS Excluding ExtraOrd Items |
0.02 |
0.02 |
0.01 |
0.01 |
0.01 |
|
Diluted EPS Including ExtraOrd Items |
0.02 |
0.02 |
0.01 |
0.01 |
0.01 |
|
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 |
7.9 |
9.1 |
20.7 |
10.1 |
11.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
2.0 |
1.2 |
6.7 |
6.5 |
6.4 |
|
Normalized Income
After Taxes |
5.9 |
7.9 |
14.0 |
3.6 |
4.5 |
|
|
|
|
|
|
|
|
Normalized Inc.
Avail to Com. |
5.9 |
7.9 |
14.1 |
3.6 |
4.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.01 |
0.02 |
0.03 |
0.01 |
0.01 |
|
Diluted Normalized EPS |
0.01 |
0.02 |
0.03 |
0.01 |
0.01 |
|
Interest Expense, Supplemental |
4.1 |
4.8 |
7.9 |
10.9 |
10.0 |
|
Depreciation, Supplemental |
7.3 |
6.7 |
8.4 |
8.3 |
7.5 |
|
Amort of Intangibles, Supplemental |
0.6 |
0.6 |
0.6 |
0.6 |
0.7 |
|
Rental Expense, Supplemental |
7.8 |
7.8 |
6.1 |
- |
- |
|
Research & Development Exp,
Supplemental |
2.6 |
2.8 |
2.4 |
- |
- |
|
Current Tax |
2.3 |
1.3 |
2.9 |
6.1 |
3.5 |
|
Current Tax - Total |
2.3 |
1.3 |
2.9 |
6.1 |
3.5 |
|
Deferred Tax |
0.1 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Deferred Tax - Total |
0.1 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Income Tax - Total |
2.4 |
1.3 |
3.0 |
6.1 |
3.4 |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate |
6.294 |
6.5897 |
6.827 |
6.823 |
7.3041 |
|
Auditor |
BDO China Shu
Lun Pan CPAs |
BDO China Shu
Lun Pan CPAs |
BDO China Shu
Lun Pan CPAs |
Shu Lun Pan
Certified Public Accountants Co., Ltd. |
Lixin Changjiang
CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash
Equivalent |
34.9 |
50.5 |
48.2 |
35.2 |
40.4 |
|
Notes Receivable |
0.2 |
0.7 |
0.8 |
0.4 |
0.8 |
|
Dividend Receivable |
- |
- |
- |
0.5 |
1.7 |
|
Interest
Receivables |
- |
- |
- |
- |
0.0 |
|
Accounts
Receivable (Gross) |
60.2 |
55.8 |
61.3 |
62.6 |
63.6 |
|
Provision for
Doubtful Accounts |
-16.0 |
-15.8 |
-15.6 |
-16.7 |
-15.4 |
|
Payment in Advance |
62.1 |
46.2 |
22.7 |
27.6 |
21.4 |
|
Other Receivables |
25.8 |
21.9 |
13.4 |
19.1 |
22.0 |
|
Materials in
Transit |
- |
- |
- |
0.0 |
0.0 |
|
Raw Materials |
4.0 |
4.0 |
3.5 |
5.6 |
6.2 |
|
Work-in-Progress |
14.6 |
15.3 |
14.6 |
18.5 |
21.8 |
|
Finished
Products/Goods in Store |
86.2 |
81.9 |
83.2 |
116.8 |
107.3 |
|
Circulating
Material |
- |
- |
0.3 |
0.0 |
0.4 |
|
Development Cost |
- |
- |
- |
0.0 |
0.6 |
|
Subcontracted
Material |
2.6 |
1.5 |
1.1 |
2.0 |
0.4 |
|
Products in
Transit |
8.3 |
5.8 |
4.8 |
9.0 |
12.2 |
|
Materials in
Transit |
0.0 |
- |
- |
- |
- |
|
Other |
- |
- |
0.0 |
0.1 |
0.1 |
|
Provision/Allowance
for Inventory |
- |
- |
- |
-14.7 |
-16.2 |
|
Total Current
Assets |
282.9 |
267.8 |
238.4 |
266.1 |
267.1 |
|
|
|
|
|
|
|
|
Financial Assets
for Sale |
0.2 |
0.2 |
0.2 |
4.8 |
10.6 |
|
Long Term Equity
Investment |
25.3 |
22.9 |
21.0 |
26.1 |
23.8 |
|
Real Estate
Investment |
6.5 |
6.5 |
6.6 |
6.9 |
6.7 |
|
Buildings &
Structures |
71.8 |
67.3 |
63.9 |
65.2 |
62.4 |
|
Machinery and
Equipment |
51.0 |
49.7 |
49.0 |
60.5 |
60.8 |
|
Transportation
Equipment |
6.1 |
6.1 |
6.2 |
7.0 |
6.2 |
|
Electric Equipment |
8.7 |
8.6 |
9.1 |
9.2 |
8.9 |
|
Fixed Asset
Decoration |
5.0 |
4.7 |
4.5 |
4.4 |
4.1 |
|
Other Equipment |
1.1 |
1.1 |
1.0 |
1.2 |
1.1 |
|
Accumulated
Depreciation |
-62.8 |
-55.7 |
-52.8 |
-54.8 |
-48.8 |
|
Provision for
Impairment of Fixed Assets |
-1.0 |
-1.0 |
-1.1 |
-1.2 |
-1.8 |
|
Construction in
Progress |
2.3 |
1.2 |
9.3 |
10.7 |
5.2 |
|
Development
Cost |
- |
0.0 |
- |
0.0 |
- |
|
Intangible Assets,
Gross |
13.8 |
15.6 |
14.0 |
17.0 |
15.9 |
|
Accumulated
Intangible Amortization |
-4.3 |
-3.9 |
-3.1 |
-3.8 |
-3.0 |
|
Provision for
Impairment of Intangible |
- |
- |
- |
-0.1 |
-0.1 |
|
Long Term Prepaid
Expense |
- |
- |
- |
0.3 |
0.3 |
|
Deferred Income
Tax Assets |
0.1 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Total Assets |
406.5 |
391.4 |
366.4 |
419.8 |
419.9 |
|
|
|
|
|
|
|
|
Short Term
Borrowings |
77.5 |
51.7 |
91.5 |
135.9 |
143.1 |
|
Notes Payable |
3.8 |
4.9 |
2.7 |
6.2 |
6.9 |
|
Accounts Payable |
31.4 |
38.5 |
36.8 |
38.9 |
35.5 |
|
Customer Advance |
46.3 |
32.8 |
12.7 |
17.8 |
14.8 |
|
Accrued Payroll |
2.1 |
2.1 |
0.8 |
2.2 |
3.9 |
|
Taxes Payable |
3.7 |
4.2 |
8.3 |
7.4 |
4.4 |
|
Interest Payable |
0.1 |
0.2 |
0.0 |
0.1 |
0.1 |
|
Dividends Payable |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Other Creditors |
8.7 |
9.4 |
11.4 |
11.0 |
22.5 |
|
Current Portion of
Long Term Debt |
- |
- |
0.3 |
0.3 |
0.3 |
|
Other Current
Liabilities |
- |
30.4 |
- |
- |
- |
|
Total Current
Liabilities |
173.9 |
174.2 |
164.8 |
219.9 |
231.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax
Liabilities |
0.1 |
0.2 |
0.2 |
0.7 |
2.0 |
|
Other Non-current
Liabilities |
- |
0.2 |
0.4 |
- |
- |
|
Minority Interest |
0.1 |
1.8 |
1.8 |
4.4 |
4.3 |
|
Total
Liabilities |
174.1 |
176.4 |
167.2 |
225.1 |
237.9 |
|
|
|
|
|
|
|
|
Capital Stock |
67.5 |
64.5 |
62.2 |
62.3 |
58.2 |
|
Paid In Capital |
148.3 |
141.7 |
136.9 |
138.9 |
134.1 |
|
Surplus Reserve |
1.6 |
1.5 |
1.4 |
1.4 |
1.4 |
|
Undistributed
Profit |
15.0 |
7.3 |
-1.4 |
-7.9 |
-11.7 |
|
Translation Adjustments |
- |
- |
- |
- |
0.0 |
|
Total Equity |
232.4 |
215.0 |
199.2 |
194.7 |
181.9 |
|
|
|
|
|
|
|
|
Total
Liabilities & Shareholders' Equity |
406.5 |
391.4 |
366.4 |
419.8 |
419.9 |
|
|
|
|
|
|
|
|
S/O-A Share |
424.9 |
424.9 |
424.9 |
424.9 |
424.9 |
|
Total Common
Shares Outstanding |
424.9 |
424.9 |
424.9 |
424.9 |
424.9 |
|
T/S-A Share |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advance |
46.3 |
32.8 |
12.7 |
17.8 |
14.8 |
|
Accumulated Intangible Amortization |
4.3 |
3.9 |
3.1 |
3.8 |
3.0 |
|
Provision for Impairment of Intangibles |
- |
- |
- |
0.1 |
0.1 |
|
Full-Time Employees |
3,149 |
3,549 |
4,022 |
4,057 |
3,024 |
|
Shareholders |
79,880 |
88,622 |
108,208 |
124,314 |
82,952 |
|
Current maturities |
- |
- |
0.3 |
0.3 |
- |
|
Total Long Term Debt, Supplemental |
- |
- |
0.3 |
0.3 |
- |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
7.605973 |
|
Auditor |
BDO China Shu
Lun Pan CPAs |
BDO China Shu
Lun Pan CPAs |
BDO China Shu
Lun Pan CPAs |
Shu Lun Pan
Certified Public Accountants Co., Ltd. |
Lixin Changjiang
CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Recd fr Sale
of Gds & Svc Rendered |
769.1 |
605.1 |
462.2 |
573.8 |
549.2 |
|
Cash Paid for
Goods and Services |
-752.0 |
-563.5 |
-415.1 |
-534.0 |
-515.0 |
|
Tax Refund
Received |
48.9 |
23.1 |
24.6 |
21.8 |
29.6 |
|
Other Cash
Receipts Rel to Operating Act |
10.1 |
11.2 |
17.5 |
14.0 |
33.9 |
|
Cash Taxes Paid |
-24.8 |
-23.7 |
-19.6 |
-19.5 |
-14.8 |
|
Other Cash Payment
Rel to Operating Act |
-57.5 |
-48.6 |
-48.2 |
-48.9 |
-59.8 |
|
Cash from
Operating Activities |
-6.2 |
3.7 |
21.5 |
7.2 |
23.1 |
|
|
|
|
|
|
|
|
Sale/Maturity/Redemption
of Investment |
- |
- |
8.9 |
0.7 |
7.8 |
|
Cash from Return
on Investments |
0.9 |
2.7 |
1.7 |
1.3 |
3.0 |
|
Sale of Fixed,
Intangible & other Assets |
5.6 |
4.3 |
3.0 |
19.7 |
9.8 |
|
Sale of
Subsidiaries |
- |
16.0 |
35.1 |
0.2 |
0.1 |
|
Other Cash
Receipts from Investing Act |
1.4 |
- |
0.4 |
1.0 |
0.7 |
|
Acquire Fixed,
Intangible & other Assets |
-3.9 |
-3.9 |
-6.4 |
-10.4 |
-12.4 |
|
Cash Paid for
Investments |
- |
- |
- |
-0.5 |
-0.4 |
|
Other Cash Paid for
Investing Activities |
-1.7 |
-1.4 |
- |
- |
- |
|
Cash from
Investing Activities |
2.3 |
17.7 |
42.7 |
12.1 |
8.7 |
|
|
|
|
|
|
|
|
Cash from
Investors |
- |
- |
- |
- |
0.0 |
|
Cash from
Borrowings |
113.5 |
130.6 |
153.9 |
167.8 |
205.3 |
|
Cash from Issuance
of Bonds |
- |
29.5 |
- |
- |
- |
|
Other Cash from
Financing Activities |
7.1 |
- |
- |
- |
- |
|
Repayment of
Borrowings |
-121.7 |
-172.5 |
-198.2 |
-184.8 |
-227.2 |
|
Cash Paid for
Dividend and Interest |
-4.2 |
-4.6 |
-7.9 |
-10.9 |
-11.0 |
|
Other Cash Paid
for Financing Activities |
-2.7 |
-6.9 |
-2.5 |
- |
-1.4 |
|
Cash from
Financing Activities |
-7.9 |
-24.0 |
-54.7 |
-27.9 |
-34.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
-0.1 |
-0.1 |
-0.2 |
-0.3 |
|
Net Change in
Cash |
-11.6 |
-2.7 |
9.3 |
-8.9 |
-2.7 |
|
|
|
|
|
|
|
|
Depreciation |
7.3 |
6.7 |
8.4 |
8.3 |
7.5 |
|
Amortization of
Intangibles |
0.6 |
0.6 |
0.6 |
0.6 |
0.7 |
|
Beginning Balance |
42.6 |
43.4 |
33.7 |
42.0 |
41.1 |
|
Ending Balance |
31.0 |
40.7 |
43.0 |
33.1 |
38.4 |
Financial
Health
|
|
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
Key Indicators USD (mil) |
||||||
|
 |
Quarter |
Quarter |
Annual |
1 Year |
3 Year |
5 Year |
|
Total Revenue1 (?) |
183.0 |
2.64% |
700.4 |
28.21% |
7.18% |
4.71% |
|
Operating Income1 (?) |
1.8 |
74.53% |
4.1 |
8.22% |
- |
- |
|
Income Available to Common Excl Extraord Items1 (?) |
2.0 |
18.08% |
7.1 |
-19.79% |
31.59% |
- |
|
Basic EPS Excl Extraord Items1 (?) |
0.00 |
17.69% |
0.02 |
-19.79% |
31.55% |
- |
|
Capital Expenditures2 (?) |
0.9 |
-59.80% |
3.9 |
-2.83% |
-29.27% |
-13.53% |
|
Cash from Operating Activities2 (?) |
13.6 |
1,702.66% |
-6.2 |
- |
- |
- |
|
Free Cash Flow
(?) |
12.7 |
- |
-10.4 |
- |
- |
- |
|
Total Assets3 (?) |
422.7 |
2.36% |
406.5 |
-0.81% |
-3.69% |
-4.53% |
|
Total Liabilities3 (?) |
184.8 |
0.90% |
174.1 |
-5.73% |
-10.64% |
-10.98% |
|
Total Long Term Debt3 (?) |
0.0 |
- |
0.0 |
- |
- |
- |
|
Employees3 (?) |
- |
- |
3149 |
-11.27% |
-8.10% |
-1.64% |
|
Total Common Shares Outstanding3 (?) |
424.9 |
0.00% |
424.9 |
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 |
 |
 |
 |
|
Utility Industry Specific USD (mil) |
||||||
|
 |
31-Dec-2008 |
31-Dec-2007 |
|
|
|
|
|
Deferred Charges3 (?) |
0.3 |
0.3 |
|
|
|
|
|
3-ExchangeRate: CNY to USD Period End Date |
6.823000 |
7.304100 |
|
|
|
|
|
Key Ratios |
|||||
|
 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Profitability |
|||||
|
Gross Margin (?) |
15.49% |
16.69% |
17.80% |
15.71% |
11.90% |
|
Operating Margin (?) |
0.59% |
0.70% |
1.68% |
-1.91% |
-3.21% |
|
Pretax Margin (?) |
1.37% |
1.88% |
2.11% |
1.71% |
1.17% |
|
Net Profit Margin (?) |
1.02% |
1.63% |
1.44% |
0.55% |
0.50% |
|
Financial Strength |
|||||
|
Current Ratio (?) |
1.63 |
1.54 |
1.45 |
1.21 |
1.15 |
|
Long Term Debt/Equity (?) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Debt/Equity (?) |
0.35 |
0.26 |
0.47 |
0.73 |
0.83 |
|
Management Effectiveness |
|||||
|
Return on Assets (?) |
1.80% |
2.27% |
1.58% |
0.68% |
0.58% |
|
Return on Equity (?) |
3.21% |
4.14% |
3.19% |
1.52% |
1.45% |
|
Efficiency |
|||||
|
Receivables Turnover (?) |
10.60 |
8.60 |
6.92 |
7.51 |
7.18 |
|
Inventory Turnover (?) |
5.30 |
4.06 |
2.92 |
3.25 |
3.22 |
|
Asset Turnover (?) |
1.76 |
1.39 |
1.11 |
1.24 |
1.21 |
|
Market Valuation USD (mil) |
||||
|
P/E (TTM) (?) |
41.70 |
. |
|
358.9 |
|
Price/Sales (TTM) (?) |
0.44 |
. |
|
0.47 |
|
Price/Book (MRQ) (?) |
1.42 |
. |
|
65.69 |
|
Market Cap as of 23-Nov-20121 (?) |
342.1 |
. |
|
|
|
1-ExchangeRate: CNY to USD on 23-Nov-2012 |
6.235149 |
|
|
|
|
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 (?) |
1.63 |
1.54 |
1.45 |
1.21 |
1.15 |
|
Quick/Acid Test Ratio (?) |
0.60 |
0.65 |
0.66 |
0.46 |
0.49 |
|
Working Capital1 (?) |
109.0 |
93.7 |
73.6 |
46.1 |
35.4 |
|
Long Term Debt/Equity (?) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Debt/Equity (?) |
0.35 |
0.26 |
0.47 |
0.73 |
0.83 |
|
Long Term Debt/Total Capital (?) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Debt/Total Capital (?) |
0.26 |
0.21 |
0.32 |
0.42 |
0.45 |
|
Payout Ratio (?) |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
|
Effective Tax Rate (?) |
25.17% |
13.33% |
32.24% |
67.78% |
58.88% |
|
Total Capital1 (?) |
313.7 |
271.6 |
293.6 |
337.0 |
332.2 |
|
|
|
|
|
|
|
|
Efficiency |
|||||
|
Asset Turnover (?) |
1.76 |
1.39 |
1.11 |
1.24 |
1.21 |
|
Inventory Turnover (?) |
5.30 |
4.06 |
2.92 |
3.25 |
3.22 |
|
Days In Inventory (?) |
68.85 |
89.89 |
124.82 |
112.28 |
113.48 |
|
Receivables Turnover (?) |
10.60 |
8.60 |
6.92 |
7.51 |
7.18 |
|
Days Receivables Outstanding (?) |
34.43 |
42.46 |
52.75 |
48.62 |
50.80 |
|
Revenue/Employee2 (?) |
228,447 |
151,000 |
108,245 |
132,839 |
171,847 |
|
Operating Income/Employee2 (?) |
1,353 |
1,059 |
1,823 |
-2,537 |
-5,513 |
|
EBITDA/Employee2 (?) |
3,924 |
3,170 |
4,079 |
-306 |
-2,708 |
|
|
|
|
|
|
|
|
Profitability |
|||||
|
Gross Margin (?) |
15.49% |
16.69% |
17.80% |
15.71% |
11.90% |
|
Operating Margin (?) |
0.59% |
0.70% |
1.68% |
-1.91% |
-3.21% |
|
EBITDA Margin (?) |
1.72% |
2.10% |
3.77% |
-0.23% |
-1.58% |
|
EBIT Margin (?) |
0.59% |
0.70% |
1.68% |
-1.91% |
-3.21% |
|
Pretax Margin (?) |
1.37% |
1.88% |
2.11% |
1.71% |
1.17% |
|
Net Profit Margin (?) |
1.02% |
1.63% |
1.44% |
0.55% |
0.50% |
|
COGS/Revenue (?) |
84.51% |
83.31% |
82.20% |
84.29% |
88.10% |
|
SG&A Expense/Revenue (?) |
14.71% |
17.76% |
18.42% |
15.69% |
12.22% |
|
|
|
|
|
|
|
|
Management Effectiveness |
|||||
|
Return on Assets (?) |
1.80% |
2.27% |
1.58% |
0.68% |
0.58% |
|
Return on Equity (?) |
3.21% |
4.14% |
3.19% |
1.52% |
1.45% |
|
|
|
|
|
|
|
|
Valuation |
|||||
|
Free Cash Flow/Share2 (?) |
-0.02 |
0.00 |
0.04 |
-0.01 |
0.03 |
|
Operating Cash Flow/Share 2 (?) |
-0.01 |
0.01 |
0.05 |
0.02 |
0.06 |
|
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) (?) |
41.70 |
|
Market Cap/Equity (MRQ) (?) |
1.42 |
|
Market Cap/Revenue (TTM) (?) |
0.44 |
|
Market Cap/EBIT (TTM) (?) |
61.89 |
|
Market Cap/EBITDA (TTM) (?) |
61.89 |
|
|
44.26 |
|
|
1.51 |
|
|
0.47 |
|
|
65.69 |
|
|
65.69 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.52 |
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.