MIRA INFORM REPORT

 

 

Report Date :

04.12.2012

 

IDENTIFICATION DETAILS

 

Name :

ZHEJIANG JIAXIN SILK CORPORATION,LTD.

 

 

Registered Office :

Silk Buiding, No.88 Zhongshan East Road, Jiaxing, 314000

 

 

Country :

China

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

29.03.1999

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

Subject is engaged in the research, development, production and distribution of silk products and garments

 

 

No. of Employees :

4598 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory  

 

 

Payment Behaviour :

No Complaints 

 

 

Litigation :

Clear 

 

 

NOTES:

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

 

ECGC Country Risk Classification List – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

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 & address 

 

ZheJiang Jiaxin Silk Corporation,Ltd.

Silk Buiding, No.88 Zhongshan East Road

Jiaxing, 314000

China

Tel:       86-573-82078789

Fax:      86-573-82084568

 Web:   www.jxsilk.cn

 

 

Synthesis     

 

Employees:                  4,598

Company Type:            Public Independent

Traded:                         Shenzhen Stock Exchange:        002404

Incorporation Date:         29-Mar-1999

Auditor:                         BDO China Shu Lun Pan CPAs  

Financials in:                 USSD (Millions)

Fiscal Year End:            31-Dec-2011

Reporting Currency:       Chinese Renminbi

Annual Sales:               254.7  1

Net Income:                  13.5

Total Assets:                245.0  2

Market Value:                295.6 (09-Nov-2012)

 

 

Business Description     

 

ZheJiang Jiaxin Silk Corp., Ltd. is principally engaged in the research, development, production and distribution of silk products and garments. The Company is also involved in the production of hardware products, printing and dyeing business, as well as the production and processing of silkworm cocoon products. The Company distributes its products in domestic markets and to overseas markets. For the nine months ended 30 September 2012, ZheJiang Jiaxin Silk Corporation,Ltd. revenues increased 6% to RMB1.32B. Net income increased 10% to RMB69.1M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from Non - Operating Income increase from RMB6.2M to RMB25.3M (income), Finance Expense decrease from RMB2.9M (expense) to RMB1.6M (income).

 

Industry             

Industry            Apparel and Accessories

ANZSIC 2006:    1351 - Clothing Manufacturing

NACE 2002:      1824 - Manufacture of other wearing apparel and accessories not elsewhere classified

NAICS 2002:     315221 - Men's and Boys' Cut and Sew Underwear and Nightwear Manufacturing

UK SIC 2003:    18249 - Manufacture of other wearing apparel and accessories not elsewhere classified

UK SIC 2007:    1419 - Manufacture of other wearing apparel and accessories n.e.c.

US SIC 1987:    2369 - Girls', Children's, and Infants' Outerwear, Not Elsewhere Classified

 

           

Key Executives   

 

ame

Title

Hong Xu

General Manager, Director

Yuqi Shen

Chief Financial Officer

Xiao Zheng

Secretary of the Board, Director

Jianping Feng

Deputy General Manager

Guojian Zhou

Chairman of the Board

 

 

Significant Developments  

 

Topic

#*

Most Recent Headline

Date

Strategic Combinations

1

ZheJiang Jiaxin Silk Corp Ltd to Set up Joint Venture

7-Apr-2012

Other Earnings Pre-Announcement

1

ZheJiang Jiaxin Silk Corp Ltd Announces FY 2012 Net Profit Outlook In Line With Analysts' Estimate

27-Oct-2012

Dividends

2

ZheJiang Jiaxin Silk Corp Ltd Announces FY 2011 Dividend Payment Date

10-May-2012

 

* number of significant developments within the last 12 months                 

 

 

Financial Summary

 

As of 30-Sep-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

3.41

2.75

Quick Ratio (MRQ)

2.27

1.45

Debt to Equity (MRQ)

0.02

0.52

Net Profit Margin (TTM) %

6.19

7.39

Return on Assets (TTM) %

7.11

7.59

Return on Equity (TTM) %

8.11

15.09

 

 

Stock Snapshot    

 

 

Traded: Shenzhen Stock Exchange: 002404

 

As of 9-Nov-2012

   Financials in: CNY

Recent Price

7.10

 

EPS

0.35

52 Week High

10.37

 

Price/Sales

1.12

52 Week Low

5.72

 

Dividend Rate

0.10

Avg. Volume (mil)

4.50

 

Price/Earnings

18.38

Market Value (mil)

1,848.31

 

Price/Book

1.60

 

Price % Change

Rel S&P 500%

4 Week

-3.01%

0.39%

13 Week

1.87%

12.61%

52 Week

-12.63%

9.54%

Year to Date

8.12%

15.39%

 

 

 

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

Silk Buiding, No.88 Zhongshan East Road

Jiaxing, 314000

China

Tel:       86-573-82078789

Fax:      86-573-82084568

Web:    www.jxsilk.cn

           

Quote Symbol - Exchange

002404 - Shenzhen Stock Exchange

Sales CNY(mil):             1,646.5

Assets CNY(mil):           1,542.0

Employees:                   4,598

Fiscal Year End:            31-Dec-2011

Industry:                        Apparel and Accessories

Incorporation Date:         29-Mar-1999

Company Type:             Public Independent

Quoted Status:              Quoted

 

Secretary of the Board, Director:

Xiao Zheng

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Home Page

News Releases

Products/Services

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

1351     -          Clothing Manufacturing

2292     -          Nut, Bolt, Screw and Rivet Manufacturing

1332     -          Rope, Cordage and Twine Manufacturing

1312     -          Natural Textile Manufacturing

 

NACE 2002 Codes:

1824     -          Manufacture of other wearing apparel and accessories not elsewhere classified

1722     -          Woollen-type weaving

1822     -          Manufacture of other outerwear

1754     -          Manufacture of other textiles not elsewhere classified

1823     -          Manufacture of underwear

2874     -          Manufacture of fasteners, screw machine products, chains and springs

 

NAICS 2002 Codes:

315221  -          Men's and Boys' Cut and Sew Underwear and Nightwear Manufacturing

313210  -          Broadwoven Fabric Mills

314999  -          All Other Miscellaneous Textile Product Mills

332722  -          Bolt, Nut, Screw, Rivet, and Washer Manufacturing

315231  -          Women's and Girls' Cut and Sew Lingerie, Loungewear, and Nightwear Manufacturing

315239  -          Women's and Girls' Cut and Sew Other Outerwear Manufacturing

 

US SIC 1987:

2369     -          Girls', Children's, and Infants' Outerwear, Not Elsewhere Classified

2231     -          Broadwoven Fabric Mills, Wool (Including Dyeing and Finishing)

2339     -          Women's, Misses', and Juniors' Outerwear, Not Elsewhere Classified

2299     -          Textile goods, Not Elsewhere Classified

2341     -          Women's, Misses', Children's, and Infants' Underwear and Nightwear

3452     -          Bolts, Nuts, Screws, Rivets, and Washers

 

UK SIC 2003:

18249   -          Manufacture of other wearing apparel and accessories not elsewhere classified

18222   -          Manufacture of other women's outerwear

18232   -          Manufacture of women's underwear

1722     -          Woollen-type weaving

2874     -          Manufacture of fasteners, screw machine products, chains and springs

17549   -          Manufacture of other textiles not elsewhere classified

 

UK SIC 2007:

1419     -          Manufacture of other wearing apparel and accessories n.e.c.

14132   -          Manufacture of women's outerwear, other than leather clothes and workwear

2594     -          Manufacture of fasteners and screw machine products

14142   -          Manufacture of women's underwear

1396     -          Manufacture of other technical and industrial textiles

1320     -          Weaving of textiles

 

Business Description

ZheJiang Jiaxin Silk Corp., Ltd. is principally engaged in the research, development, production and distribution of silk products and garments. The Company is also involved in the production of hardware products, printing and dyeing business, as well as the production and processing of silkworm cocoon products. The Company distributes its products in domestic markets and to overseas markets. For the nine months ended 30 September 2012, ZheJiang Jiaxin Silk Corporation,Ltd. revenues increased 6% to RMB1.32B. Net income increased 10% to RMB69.1M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from Non - Operating Income increase from RMB6.2M to RMB25.3M (income), Finance Expense decrease from RMB2.9M (expense) to RMB1.6M (income).

 

More Business Descriptions

Silk Fabric & Garment Mfr

 

Financial Data

Financials in:

CNY(mil)

 

Revenue:

1,646.5

Net Income:

87.2

Assets:

1,542.0

Long Term Debt:

0.0

 

Total Liabilities:

387.0

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

1.4%

14.4%

6.4%

 

Key Corporate Relationships

Auditor:

BDO China Shu Lun Pan CPAs

 

Auditor:

BDO China Shu Lun Pan CPAs

 

 

 

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Guojian Zhou

 

Chairman of the Board

Chairman

 

Biography:

Mr. Zhou Guojian has been Chairman of the Board in ZheJiang Jiaxin Silk Corp Ltd. since April 2005. He was General Manager in the Company. He is also Chairman of the Board and Director in other ten companies. He used to be Head of Factory in a Zhejiang-based clothing factory, as well as Chairman of the Board and General Manager in a Zhejiang-based silk group company.

 

Age: 55

 

Xikang Tong

 

Vice Chairman of the Board

Vice-Chairman

 

 

Biography:

Mr. Tong Xikang is Vice Chairman of the Board in ZheJiang Jiaxin Silk Corp Ltd. He is also Chief Financial Officer and Director in a Zhejiang-based international company, as well as General Manager in a Zhejiang-based investment company.

 

Age: 49

 

Gaosheng Cai

 

Independent Director

Director/Board Member

 

 

Biography:

Mr. Cai Gaosheng is Independent Director in ZheJiang Jiaxin Silk Corp Ltd. He is also Chairman of the Board in a Guangdong-based silk textile group company. He used to be Deputy General Manager, General Manager and Chairman of the Board in a Guangdong-based silk group company.

 

Age: 61

 

Qun Gu

 

Director

Director/Board Member

 

 

Biography:

Ms. Gu Qun is Director in ZheJiang Jiaxin Silk Corp Ltd. She is also Manager of Business in the Company. She is also Director in a Zhejiang-based industry development company.

 

Age: 47

 

Shuo Han

 

Deputy General Manager, Director

Director/Board Member

 

 

Biography:

Mr. Han Shuo is Deputy General Manager and Director in ZheJiang Jiaxin Silk Corp Ltd. He is also Chairman of the Board and Director in 13 other companies. He used to be Assistant General Manager and Finance Manager in a Zhejiang-based silk group company.

 

Age: 51

 

Dong Kong

 

Independent Director

Director/Board Member

 

 

Biography:

Mr. Kong Dong is Independent Director in ZheJiang Jiaxin Silk Corp Ltd. He is also Independent Director in a Zhejiang-based petrochemical company and a Zhejiang-based industry group company. He holds a Ph.D in Management Philosophy. He is Professor in Management.

 

Age: 43

 

Kaijun Shen

 

Independent Director

Director/Board Member

 

 

Biography:

Mr. Shen Kaijun has been Independent Director in ZheJiang Jiaxin Silk Corp Ltd. since June 2007. He is also Chairman of the Board in a Jiaxing-based engineering consultation company, as well as Independent Directorin a chemical industry company. He is Certified Public Accountant and Certified Tax Agent.

 

Age: 45

 

Education:

Hangzhou Dianzi University, B (Accounting)

 

Hong Xu

 

General Manager, Director

Director/Board Member

 

 

Biography:

Mr. Xu Hong is General Manager and Director in ZheJiang Jiaxin Silk Corp Ltd. He was Deputy General Manager in the Company. He is also Chairman of the Board and Director in other seven companies. He used to be Assistant General Manager and Deputy General Manager in a Zhejiang-based silk group company.

 

Age: 45

 

Xiao Zheng

 

Secretary of the Board, Director

Director/Board Member

 

 

Biography:

Ms. Zheng Xiao is Secretary of the Board and Director in ZheJiang Jiaxin Silk Corp Ltd. She was Manager-Investment Audit Division and Manager-Investment Management Division in the Company. She is also Director in 18 other companies. She is Certified Public Accountant (Inactive).

 

Age: 44

 

 

 

 

Executives

 

Name

Title

Function

 

Hong Xu

 

General Manager, Director

Division Head Executive

 

Biography:

Mr. Xu Hong is General Manager and Director in ZheJiang Jiaxin Silk Corp Ltd. He was Deputy General Manager in the Company. He is also Chairman of the Board and Director in other seven companies. He used to be Assistant General Manager and Deputy General Manager in a Zhejiang-based silk group company.

 

Age: 45

 

Xiao Zheng

 

Secretary of the Board, Director

Company Secretary

 

 

Biography:

Ms. Zheng Xiao is Secretary of the Board and Director in ZheJiang Jiaxin Silk Corp Ltd. She was Manager-Investment Audit Division and Manager-Investment Management Division in the Company. She is also Director in 18 other companies. She is Certified Public Accountant (Inactive).

 

Age: 44

 

Yuqi Shen

 

Chief Financial Officer

Finance Executive

 

 

Biography:

Ms. Shen Yuqi is Chief Financial Officer in ZheJiang Jiaxin Silk Corp Ltd. She was Finance Manager in the Company. She is also Director in other three companies.

 

Age: 46

 

Jianping Feng

 

Deputy General Manager

Other

 

 

Biography:

Ms. Feng Jianping is Deputy General Manager in ZheJiang Jiaxin Silk Corp Ltd. She was Assistant General Manager in the Company. She is also Chairman of the Board in a Jiaxing-based company. She used to be Deputy General Manager in a Zhejiang-based silk import and export company. She holds Master of Business Administration.

 

Age: 47

 

 

 

 

 

Significant Developments

 

ZheJiang Jiaxin Silk Corp Ltd Announces FY 2012 Net Profit Outlook In Line With Analysts' Estimate Oct 27, 2012

 

ZheJiang Jiaxin Silk Corp Ltd announced that it expects its net profit for fiscal year (FY) 2012 to be RMB 87.21 million to RMB 113.36 million or to increase by 0% to 30%, compared to the net profit of FY 2011 (RMB 87,204,903.12). The Company cited the increased export and the completion of storehouse removing as the main reason for the forecast. According to I/B/E/S Estimates, analysts expect the Company's net profit for fiscal year 2012 to be RMB 96.95 million.


ZheJiang Jiaxin Silk Corp Ltd Announces FY 2011 Dividend Payment Date May 10, 2012

 

ZheJiang Jiaxin Silk Corp Ltd announced that it will pay a cash dividend of RMB 2.7 per 10 shares (after tax) and use additional paid-in capital to distribute five new shares for every 10 shares, to shareholders of record on May 15, 2012. The Company's shares will trade ex-right and ex-dividend on May 16, 2012.

 

ZheJiang Jiaxin Silk Corp Ltd to Set up Joint Venture Apr 07, 2012

 

ZheJiang Jiaxin Silk Corp Ltd announced that it will invest RMB 60 million to set up a joint venture in Jiaxing City, Zhejiang Province, with 10 other investors including a Zhejiang-based silk company, and the Company will hold a 30% stake in the target company. The joint venture will be with a registered capital of RMB 200 million and be engaged in the micro-loans, small business development, management, financial consulting services, repo-style asset transfer business, cooperation business of insurance agents, leasing agents, fund agent.

 

ZheJiang Jiaxin Silk Corp Ltd Announces FY 2011 Dividend Payment Mar 28, 2012

 

ZheJiang Jiaxin Silk Corp Ltd announced that it will use undistributed profits to pay a cash dividend of RMB 3 (pre-tax), and use additional paid-in capital to distribute five new shares for every 10 shares, to shareholders 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

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2009

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

BDO China Shu Lun Pan CPAs

BDO China Shu Lun Pan CPAs

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

254.7

239.8

210.6

217.2

227.8

Revenue

254.7

239.8

210.6

217.2

227.8

Total Revenue

254.7

239.8

210.6

217.2

227.8

 

 

 

 

 

 

    Cost of Revenue

205.1

194.1

169.1

179.6

189.8

    Excise Taxes Payments

1.1

0.4

0.4

0.4

0.8

Cost of Revenue, Total

206.2

194.4

169.5

180.0

190.6

Gross Profit

48.6

45.4

41.1

37.2

37.2

 

 

 

 

 

 

    Selling/General/Administrative Expense

31.1

27.6

24.1

20.6

19.5

Total Selling/General/Administrative Expenses

31.1

27.6

24.1

20.6

19.5

        Interest Expense - Operating

0.1

0.8

2.2

3.6

3.2

    Interest Expense - Net Operating

0.1

0.8

2.2

3.6

3.2

        Interest Income - Operating

-1.8

-0.3

-0.2

-0.2

-0.7

        Investment Income - Operating

-0.3

0.3

0.1

0.4

1.5

    Interest/Investment Income - Operating

-2.1

-0.1

-0.1

0.2

0.9

Interest Expense (Income) - Net Operating Total

-2.1

0.8

2.1

3.8

4.0

    Impairment-Assets Held for Use

0.3

0.7

0.2

0.4

-0.6

Unusual Expense (Income)

0.3

0.7

0.2

0.4

-0.6

    Other Operating Expense

0.5

0.5

0.5

0.6

0.7

Other Operating Expenses, Total

0.5

0.5

0.5

0.6

0.7

Total Operating Expense

236.0

224.0

196.4

205.4

214.2

 

 

 

 

 

 

Operating Income

18.7

15.8

14.3

11.8

13.6

 

 

 

 

 

 

Gain (Loss) on Sale of Assets

-0.2

0.8

0.0

0.0

0.3

    Other Non-Operating Income (Expense)

2.5

0.6

0.6

0.6

0.2

Other, Net

2.5

0.6

0.6

0.6

0.2

Income Before Tax

21.0

17.3

14.9

12.4

14.0

 

 

 

 

 

 

Total Income Tax

4.5

3.2

3.1

2.5

3.3

Income After Tax

16.5

14.0

11.8

9.9

10.7

 

 

 

 

 

 

    Minority Interest

-3.0

-2.8

-2.4

-1.9

-2.5

Net Income Before Extraord Items

13.5

11.3

9.4

8.0

8.3

Net Income

13.5

11.3

9.4

8.0

8.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

13.5

11.3

9.4

8.0

8.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

13.5

11.3

9.4

8.0

8.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

260.3

233.1

195.0

195.0

195.0

Basic EPS Excl Extraord Items

0.05

0.05

0.05

0.04

0.04

Basic/Primary EPS Incl Extraord Items

0.05

0.05

0.05

0.04

0.04

Diluted Net Income

13.5

11.3

9.4

8.0

8.3

Diluted Weighted Average Shares

260.3

233.1

195.0

195.0

195.0

Diluted EPS Excl Extraord Items

0.05

0.05

0.05

0.04

0.04

Diluted EPS Incl Extraord Items

0.05

0.05

0.05

0.04

0.04

Dividends per Share - Common Stock Primary Issue

0.03

0.04

0.00

0.00

0.00

Gross Dividends - Common Stock

8.1

9.9

0.0

0.0

0.0

Interest Expense, Supplemental

0.1

0.8

2.2

0.2

0.7

Depreciation, Supplemental

5.5

4.7

4.4

4.0

3.5

Total Special Items

0.5

-0.1

0.2

0.4

-0.8

Normalized Income Before Tax

21.5

17.1

15.0

12.8

13.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.1

0.0

0.0

0.1

-0.2

Inc Tax Ex Impact of Sp Items

4.6

3.2

3.1

2.6

3.1

Normalized Income After Tax

16.9

13.9

11.9

10.2

10.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

13.9

11.1

9.5

8.3

7.6

 

 

 

 

 

 

Basic Normalized EPS

0.05

0.05

0.05

0.04

0.04

Diluted Normalized EPS

0.05

0.05

0.05

0.04

0.04

Amort of Intangibles, Supplemental

0.3

0.3

0.3

0.2

0.1

Research & Development Exp, Supplemental

3.7

1.8

1.2

-

-

Normalized EBIT

17.0

17.3

16.6

16.0

17.1

Normalized EBITDA

22.9

22.2

21.2

20.2

20.7

    Current Tax - Total

4.2

3.2

3.1

2.7

2.8

Current Tax - Total

4.2

3.2

3.1

2.7

2.8

    Deferred Tax - Total

0.3

0.0

0.0

-0.2

0.6

Deferred Tax - Total

0.3

0.0

0.0

-0.2

0.6

Income Tax - Total

4.5

3.2

3.1

2.5

3.3

 

 

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

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2009

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

BDO China Shu Lun Pan CPAs

BDO China Shu Lun Pan CPAs

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

69.4

77.0

13.7

12.8

11.1

    Short Term Investments

1.1

0.7

-

-

-

Cash and Short Term Investments

70.5

77.7

13.7

12.8

11.1

        Accounts Receivable - Trade, Gross

33.9

32.0

26.9

31.2

28.9

        Provision for Doubtful Accounts

-1.8

-2.0

-1.7

-1.7

-1.6

    Trade Accounts Receivable - Net

32.1

30.0

25.3

29.5

27.3

    Notes Receivable - Short Term

0.3

0.5

0.1

0.1

0.1

    Other Receivables

6.7

5.2

5.2

5.0

6.4

Total Receivables, Net

39.1

35.7

30.6

34.6

33.8

    Inventories - Finished Goods

17.1

12.6

10.0

10.4

9.4

    Inventories - Work In Progress

8.6

6.3

3.0

2.4

3.3

    Inventories - Raw Materials

4.3

5.4

4.4

3.3

3.1

    Inventories - Other

1.7

2.0

1.2

0.8

0.5

Total Inventory

31.7

26.3

18.6

16.9

16.3

Prepaid Expenses

12.5

4.0

2.0

7.9

7.0

Total Current Assets

153.8

143.7

64.9

72.1

68.2

 

 

 

 

 

 

        Buildings

50.8

46.4

44.9

38.3

-

        Machinery/Equipment

47.6

36.7

32.5

29.4

-

        Construction in Progress

14.2

11.5

0.4

4.5

1.8

    Property/Plant/Equipment - Gross

112.6

94.6

77.7

72.2

1.8

    Accumulated Depreciation

-40.7

-35.1

-30.2

-26.0

-

Property/Plant/Equipment - Net

71.9

59.5

47.5

46.1

41.5

Intangibles, Net

13.3

11.8

11.7

12.0

6.0

    LT Investment - Affiliate Companies

2.1

0.9

1.0

1.0

1.7

    LT Investments - Other

2.9

3.1

4.4

2.2

6.8

Long Term Investments

5.0

4.0

5.3

3.2

8.6

    Deferred Charges

0.4

0.2

0.3

0.5

0.4

    Deferred Income Tax - Long Term Asset

0.5

0.7

0.6

0.6

0.4

Other Long Term Assets, Total

0.9

0.9

0.9

1.0

0.8

Total Assets

245.0

219.9

130.4

134.5

125.1

 

 

 

 

 

 

Accounts Payable

29.2

27.9

26.1

22.9

18.5

Accrued Expenses

4.4

2.7

1.9

3.4

4.4

Notes Payable/Short Term Debt

0.0

0.0

30.8

46.8

42.5

    Dividends Payable

1.7

0.5

-

0.0

1.2

    Customer Advances

3.0

2.9

2.5

3.1

4.6

    Income Taxes Payable

1.3

1.5

2.3

1.8

2.0

Other Current liabilities, Total

6.1

4.8

4.8

4.9

7.8

Total Current Liabilities

39.7

35.4

63.6

78.1

73.2

 

 

 

 

 

 

Total Long Term Debt

0.0

0.0

0.0

0.0

0.0

Total Debt

0.0

0.0

30.8

46.8

42.5

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.7

0.7

0.9

0.4

1.5

Deferred Income Tax

0.7

0.7

0.9

0.4

1.5

Minority Interest

16.9

13.6

11.6

9.8

8.7

    Other Long Term Liabilities

4.2

1.9

0.3

0.3

0.0

Other Liabilities, Total

4.2

1.9

0.3

0.3

0.0

Total Liabilities

61.5

51.5

76.4

88.5

83.5

 

 

 

 

 

 

    Common Stock

27.6

20.3

14.6

14.7

13.7

Common Stock

27.6

20.3

14.6

14.7

13.7

Additional Paid-In Capital

105.7

107.2

7.2

5.6

8.8

Retained Earnings (Accumulated Deficit)

50.3

40.9

32.2

25.7

19.2

Total Equity

183.5

168.3

54.0

45.9

41.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

245.0

219.9

130.4

134.5

125.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

260.3

260.3

195.0

195.0

195.0

Total Common Shares Outstanding

260.3

260.3

195.0

195.0

195.0

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

4,224

4,015

3,603

4,086

3,622

Number of Common Shareholders

20,247

18,764

-

-

-

Accumulated Intangible Amort, Suppl.

2.1

1.6

1.3

1.0

-

Deferred Revenue - Current

3.0

2.9

2.5

3.1

4.6

 

 

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

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2009

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

BDO China Shu Lun Pan CPAs

BDO China Shu Lun Pan CPAs

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Cash Receipts

270.0

246.7

218.7

219.4

234.1

Cash Payments

-248.3

-238.4

-190.3

-207.1

-217.4

Cash Taxes Paid

9.4

11.2

10.1

5.9

5.4

    Other Operating Cash Flow

-10.8

-10.7

-10.5

-5.4

0.7

Changes in Working Capital

-10.8

-10.7

-10.5

-5.4

0.7

Cash from Operating Activities

20.2

8.8

28.1

12.8

22.8

 

 

 

 

 

 

    Purchase of Fixed Assets

-27.3

-14.5

-4.9

-6.2

-8.8

Capital Expenditures

-27.3

-14.5

-4.9

-6.2

-8.8

    Acquisition of Business

-0.3

-

-

-

-

    Sale of Business

0.0

-

-

0.1

1.9

    Sale of Fixed Assets

0.1

0.2

0.1

0.0

0.9

    Sale/Maturity of Investment

47.8

-

0.0

0.3

1.4

    Purchase of Investments

-1.7

-59.8

-0.1

-0.3

-0.7

    Other Investing Cash Flow

0.6

0.2

0.0

-0.3

0.0

Other Investing Cash Flow Items, Total

46.5

-59.3

0.0

-0.2

3.6

Cash from Investing Activities

19.2

-73.8

-4.9

-6.4

-5.1

 

 

 

 

 

 

    Other Financing Cash Flow

-4.1

98.1

-5.8

-7.3

-7.5

Financing Cash Flow Items

-4.1

98.1

-5.8

-7.3

-7.5

    Total Debt Issued

14.6

24.3

72.3

118.5

90.1

    Total Debt Reduction

-14.6

-55.4

-88.0

-117.5

-94.5

Issuance (Retirement) of Debt, Net

0.0

-31.0

-15.7

1.0

-4.4

Cash from Financing Activities

-4.1

67.1

-21.5

-6.3

-11.9

 

 

 

 

 

 

Net Change in Cash

35.2

2.1

1.7

0.0

5.8

 

 

 

 

 

 

Net Cash - Beginning Balance

16.6

13.7

11.9

11.7

4.9

Net Cash - Ending Balance

51.8

15.9

13.6

11.7

10.7

Depreciation

5.5

4.7

4.4

4.0

3.5

 

 

 

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 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2009

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

BDO China Shu Lun Pan CPAs

BDO China Shu Lun Pan CPAs

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

254.7

239.8

210.6

217.2

227.8

Total Revenue

254.7

239.8

210.6

217.2

227.8

 

 

 

 

 

 

    Cost of Sales

205.1

194.1

169.1

179.6

189.8

    Business Tax and Surcharges

1.1

0.4

0.4

0.4

0.8

    Selling Expense

11.2

11.2

10.1

8.7

9.0

    General & Administrative Expenses

19.9

16.4

14.0

11.9

10.4

    Interest Expense

0.1

0.8

2.2

3.6

3.2

    Interest Income

-1.8

-0.3

-0.2

-0.2

-0.7

    Foreign Exchange Gain/Loss

1.6

1.1

0.1

1.1

1.5

    Other Financial Expense

0.5

0.5

0.5

0.6

0.7

    Impairment Loss on Assets

0.3

0.7

0.2

0.4

-0.6

    Gain/Loss from Change in Fair Value

-0.4

-0.7

-

-

-

    Investment Income

-1.5

-0.2

0.0

-0.7

0.0

Total Operating Expense

236.0

224.0

196.4

205.4

214.2

 

 

 

 

 

 

    Gain on Sale of Fixed Assets

0.0

0.8

0.0

0.0

0.3

    Non - Operating Income

2.6

0.7

0.7

0.8

0.3

    Loss on Sale of Intangible Assets

-0.2

-

-

-

-

    Loss on Sale of Fixed Assets

-0.1

0.0

0.0

0.0

-0.1

    Non - Operating Expense

-0.1

-0.1

-0.1

-0.2

-0.1

Net Income Before Taxes

21.0

17.3

14.9

12.4

14.0

 

 

 

 

 

 

Provision for Income Taxes

4.5

3.2

3.1

2.5

3.3

Net Income After Taxes

16.5

14.0

11.8

9.9

10.7

 

 

 

 

 

 

    Minority Interest Income

-3.0

-2.8

-2.4

-1.9

-2.5

Net Income Before Extra. Items

13.5

11.3

9.4

8.0

8.3

Net Income

13.5

11.3

9.4

8.0

8.3

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

13.5

11.3

9.4

8.0

8.3

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

13.5

11.3

9.4

8.0

8.3

 

 

 

 

 

 

Basic Weighted Average Shares

260.3

233.1

195.0

195.0

195.0

Basic EPS Excluding ExtraOrdinary Items

0.05

0.05

0.05

0.04

0.04

Basic EPS Including ExtraOrdinary Items

0.05

0.05

0.05

0.04

0.04

Diluted Net Income

13.5

11.3

9.4

8.0

8.3

Diluted Weighted Average Shares

260.3

233.1

195.0

195.0

195.0

Diluted EPS Excluding ExtraOrd Items

0.05

0.05

0.05

0.04

0.04

Diluted EPS Including ExtraOrd Items

0.05

0.05

0.05

0.04

0.04

DPS-A Share

0.03

0.04

0.00

0.00

0.00

Gross Dividends - Common Stock

8.1

9.9

0.0

0.0

0.0

Normalized Income Before Taxes

21.5

17.1

15.0

12.8

13.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

4.6

3.2

3.1

2.6

3.1

Normalized Income After Taxes

16.9

13.9

11.9

10.2

10.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

13.9

11.1

9.5

8.3

7.6

 

 

 

 

 

 

Basic Normalized EPS

0.05

0.05

0.05

0.04

0.04

Diluted Normalized EPS

0.05

0.05

0.05

0.04

0.04

Interest Expense, Supplemental

0.1

0.8

2.2

0.2

0.7

Depreciation, Supplemental

5.5

4.7

4.4

4.0

3.5

Amort of Intangibles, Supplemental

0.3

0.3

0.3

0.2

0.1

Research & Development Exp, Supplemental

3.7

1.8

1.2

-

-

    Current Tax

4.2

3.2

3.1

2.7

2.8

Current Tax - Total

4.2

3.2

3.1

2.7

2.8

    Deferred Tax

0.3

0.0

0.0

-0.2

0.6

Deferred Tax - Total

0.3

0.0

0.0

-0.2

0.6

Income Tax - Total

4.5

3.2

3.1

2.5

3.3

 

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

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2009

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

BDO China Shu Lun Pan CPAs

BDO China Shu Lun Pan CPAs

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and Cash Equivalent

69.4

77.0

13.7

12.8

11.1

    Financial Assets - Trading

1.1

0.7

-

-

-

    Notes Receivable

0.3

0.5

0.1

0.1

0.1

    Accounts Receivable, Gross

33.9

32.0

26.9

31.2

28.9

    Provision for Doubtful Accounts

-1.8

-2.0

-1.7

-1.7

-1.6

    Prepayments

12.5

4.0

2.0

7.9

7.0

    Other Receivables

6.7

5.2

5.2

5.0

6.4

    Raw Materials

4.3

5.4

4.4

3.3

3.1

    Subcontracted Material

1.7

2.0

1.2

0.8

0.5

    Production Cost

8.6

6.3

3.0

2.4

3.3

    Goods in Store

17.1

12.6

10.0

10.4

9.4

Total Current Assets

153.8

143.7

64.9

72.1

68.2

 

 

 

 

 

 

    Financial Assets - Available for Sale

2.9

3.1

4.4

2.2

6.8

    Long-term equity investment

2.1

0.9

1.0

1.0

1.7

    Fixed assets

-

-

-

-

39.7

    Buildings and Structures

48.6

44.4

43.0

36.5

-

    Machinery and Equipment

38.4

28.2

25.1

22.4

-

    Office & Electronic Equipment

5.2

4.7

4.0

3.9

-

    Transportation Equipment

3.9

3.8

3.3

3.1

-

    Simply Equipped House

2.2

2.0

1.9

1.8

-

    Accumulated Depreciation

-40.7

-35.1

-30.2

-26.0

-

    Under-construction projects

14.2

11.5

0.4

4.5

1.8

    Intangible assets

13.3

11.8

11.7

12.0

6.0

    Long Term Prepaid Expense

0.4

0.2

0.3

0.5

0.4

    Deferred Tax Assets

0.5

0.7

0.6

0.6

0.4

Total Assets

245.0

219.9

130.4

134.5

125.1

 

 

 

 

 

 

    Short Term Borrowing

-

-

30.8

46.5

42.5

    Notes Payable

-

-

0.0

0.3

0.0

    Accounts Payable

29.2

27.9

26.1

22.9

18.5

    Customer Advance

3.0

2.9

2.5

3.1

4.6

    Staff remuneration payables

0.7

0.1

0.1

0.1

0.8

    Tax Payable

1.3

1.5

2.3

1.8

2.0

    Interest Payable

-

-

0.0

0.1

0.1

    Dividend Payable

1.7

0.5

-

0.0

1.2

    Other Creditors

3.7

2.6

1.7

3.2

3.5

Total Current Liabilities

39.7

35.4

63.6

78.1

73.2

 

 

 

 

 

 

    Special Payables

-

-

0.3

0.3

0.0

    Deferred Income Tax Liabilities

0.7

0.7

0.9

0.4

1.5

    Other Non-current Liabilities

4.2

1.9

-

-

-

    Minority Interest

16.9

13.6

11.6

9.8

8.7

Total Liabilities

61.5

51.5

76.4

88.5

83.5

 

 

 

 

 

 

    Capital Stock

27.6

20.3

14.6

14.7

13.7

    Capital reserves

105.7

107.2

7.2

5.6

8.8

    Surplus reserves

7.9

5.9

5.1

4.5

3.6

    Undistributed Profit

42.3

34.9

27.0

21.2

15.6

Total Equity

183.5

168.3

54.0

45.9

41.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

245.0

219.9

130.4

134.5

125.1

 

 

 

 

 

 

    S/O-A Share

260.3

260.3

195.0

195.0

195.0

Total Common Shares Outstanding

260.3

260.3

195.0

195.0

195.0

T/S-A Share

0.0

0.0

0.0

0.0

0.0

Customer Advance

3.0

2.9

2.5

3.1

4.6

Accumulated Intangible Amort, Suppl.

2.1

1.6

1.3

1.0

-

Full-Time Employees

4,224

4,015

3,603

4,086

3,622

Number of Common Shareholders

20,247

18,764

-

-

-

 

 

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

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2009

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

BDO China Shu Lun Pan CPAs

BDO China Shu Lun Pan CPAs

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash from Sale of Goods & Services

270.0

246.7

218.7

219.4

234.1

    Cash Paid for Goods and Services

-248.3

-238.4

-190.3

-207.1

-217.4

    Refund of Taxes

20.9

19.2

17.7

14.0

14.7

    Other cash received concerning operating

6.9

6.8

1.6

9.9

42.3

    All Taxes Paid

-11.5

-8.1

-7.6

-8.1

-9.3

    Cash paid for other operating activities

-17.8

-17.4

-12.1

-15.3

-41.6

Cash from Operating Activities

20.2

8.8

28.1

12.8

22.8

 

 

 

 

 

 

    Cash received from disposal of investmen

47.8

-

0.0

0.3

1.4

    Cash from Return on Investments

1.6

0.2

0.2

0.5

0.0

    Sale of FA/Intangibles/Other Assets

0.1

0.2

0.1

0.0

0.9

    Net cash received from disposal of subsi

0.0

-

-

0.1

1.9

    Net cash paid for acquisition of subsidi

-0.3

-

-

-

-

    Cash paid for purchase and construction

-27.3

-14.5

-4.9

-6.2

-8.8

    Cash paid for acquisition of investments

-1.7

-59.8

-0.1

-0.3

-0.7

    Cash paid for other investing activities

-1.0

-

-0.2

-0.8

0.0

Cash from Investing Activities

19.2

-73.8

-4.9

-6.4

-5.1

 

 

 

 

 

 

    Cash from Investors

3.9

104.7

-

-

0.4

    Cash from Borrowings

14.6

24.3

72.3

118.5

90.1

    Repayment of Borrowings

-14.6

-55.4

-88.0

-117.5

-94.5

    Cash paid for dividend and profit distri

-8.0

-5.3

-5.8

-7.3

-7.9

    Cash paid for other financing activities

0.0

-1.3

-

-

-

Cash from Financing Activities

-4.1

67.1

-21.5

-6.3

-11.9

 

 

 

 

 

 

Net Change in Cash

35.2

2.1

1.7

0.0

5.8

 

 

 

 

 

 

    Depreciation

5.5

4.7

4.4

4.0

3.5

    Amortization of Intangibles

0.3

0.3

0.3

0.2

0.1

Net Cash - Beginning Balance

16.6

13.7

11.9

11.7

4.9

Net Cash - Ending Balance

51.8

15.9

13.6

11.7

10.7

 

 

 

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

75.1

16.55%

254.7

1.42%

2.94%

-

Operating Income1

5.7

7.90%

18.7

12.81%

13.90%

-

Income Available to Common Excl Extraord Items1

4.2

30.24%

13.5

14.40%

16.26%

-

Basic EPS Excl Extraord Items1

0.02

30.14%

0.05

2.45%

5.59%

-

Capital Expenditures2

15.7

3.19%

27.3

80.58%

59.67%

-

Cash from Operating Activities2

-5.4

-

20.2

117.92%

13.69%

-

Free Cash Flow

-21.1

-

-7.3

-

-

-

Total Assets3

246.8

8.40%

245.0

6.43%

18.89%

-

Total Liabilities3

59.2

22.31%

61.5

14.02%

-13.80%

-

Total Long Term Debt3

0.0

-

0.0

-

-

-

Employees3

-

-

4224

5.21%

1.11%

-

Total Common Shares Outstanding3

260.3

0.00%

260.3

0.00%

10.11%

-

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-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

 

Deferred Charges3

0.4

0.2

0.3

0.5

0.4

 

3-ExchangeRate: CNY to USD Period End Date

6.294000

6.589700

6.827000

6.823000

7.304100

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

19.06%

18.92%

19.53%

17.12%

16.33%

Operating Margin

7.35%

6.61%

6.77%

5.42%

5.97%

Pretax Margin

8.23%

7.19%

7.05%

5.70%

6.16%

Net Profit Margin

5.30%

4.70%

4.46%

3.68%

3.63%

Financial Strength

Current Ratio

3.87

4.06

1.02

0.92

0.93

Long Term Debt/Equity

0.00

0.00

0.00

0.00

0.00

Total Debt/Equity

0.00

0.00

0.57

1.02

1.02

Management Effectiveness

Return on Assets

7.13%

8.13%

8.90%

7.50%

-

Return on Equity

7.70%

10.31%

18.82%

17.98%

-

Efficiency

Receivables Turnover

6.84

7.31

6.47

6.25

-

Inventory Turnover

7.15

8.76

9.55

10.66

-

Asset Turnover

1.10

1.39

1.59

1.65

-

Market Valuation USD (mil)

P/E (TTM)

19.71

.

Enterprise Value2

268.0

Price/Sales (TTM)

1.07

.

Enterprise Value/Revenue (TTM)

0.98

Price/Book (MRQ)

1.56

.

Enterprise Value/EBITDA (TTM)

18.07

Market Cap as of 09-Nov-20121

295.6

.

 

 

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

3.87

4.06

1.02

0.92

0.93

Quick/Acid Test Ratio

2.76

3.20

0.70

0.61

0.61

Working Capital1

114.1

108.3

1.3

-5.9

-5.0

Long Term Debt/Equity

0.00

0.00

0.00

0.00

0.00

Total Debt/Equity

0.00

0.00

0.57

1.02

1.02

Long Term Debt/Total Capital

0.00

0.00

0.00

0.00

0.00

Total Debt/Total Capital

0.00

0.00

0.36

0.50

0.51

Payout Ratio

59.70%

78.41%

0.00%

0.00%

0.00%

Effective Tax Rate

21.30%

18.59%

20.74%

20.24%

23.64%

Total Capital1

183.5

168.3

84.8

92.8

84.1

 

 

 

 

 

 

Efficiency

Asset Turnover

1.10

1.39

1.59

1.65

-

Inventory Turnover

7.15

8.76

9.55

10.66

-

Days In Inventory

51.06

41.69

38.22

34.23

-

Receivables Turnover

6.84

7.31

6.47

6.25

-

Days Receivables Outstanding

53.32

49.94

56.45

58.39

-

Revenue/Employee2

61,933

61,359

58,499

54,148

65,492

Operating Income/Employee2

4,550

4,053

3,959

2,937

3,909

EBITDA/Employee2

5,978

5,320

5,260

3,987

4,942

 

 

 

 

 

 

Profitability

Gross Margin

19.06%

18.92%

19.53%

17.12%

16.33%

Operating Margin

7.35%

6.61%

6.77%

5.42%

5.97%

EBITDA Margin

9.65%

8.67%

8.99%

7.36%

7.55%

EBIT Margin

7.35%

6.61%

6.77%

5.42%

5.97%

Pretax Margin

8.23%

7.19%

7.05%

5.70%

6.16%

Net Profit Margin

5.30%

4.70%

4.46%

3.68%

3.63%

COGS/Revenue

80.94%

81.08%

80.47%

82.88%

83.67%

SG&A Expense/Revenue

12.19%

11.50%

11.43%

9.49%

8.55%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

7.13%

8.13%

8.90%

7.50%

-

Return on Equity

7.70%

10.31%

18.82%

17.98%

-

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-0.03

-0.02

0.12

0.03

0.07

Operating Cash Flow/Share 2

0.08

0.03

0.14

0.07

0.12

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)

19.71

Market Cap/Equity (MRQ)

1.56

Market Cap/Revenue (TTM)

1.07

Market Cap/EBIT (TTM)

19.75

Market Cap/EBITDA (TTM)

19.75

Enterprise Value/Earnings (TTM)

18.03

Enterprise Value/Equity (MRQ)

1.43

Enterprise Value/Revenue (TTM)

0.98

Enterprise Value/EBIT (TTM)

18.07

Enterprise Value/EBITDA (TTM)

18.07

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.56

UK Pound

1

Rs.87.46

Euro

1

Rs.71.08

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.