MIRA INFORM REPORT

 

 

Report Date :

01.11.2012

 

IDENTIFICATION DETAILS

 

Name :

JUNMA TYRE CORD COMPANY LIMITED

 

 

Registered Office :

80 Hedong Road Chenghang, Jiangsu Province Yangshe Town Suzhou, 215617

 

 

Country :

China

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

12.06.1998

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Manufacturing and trading of chemical fibre and materials.

 

 

No. of Employees :

2,147

 

RATING & COMMENTS

 

MIRAs Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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 and address

 

Top of Form

Bottom of Form

Junma Tyre Cord Company Limited

 

80 Hedong Road

Chenghang, Jiangsu Province

Yangshe Town

Suzhou, 215617

China

 

Tel:

86-512-58291688

Fax:

86-512-58292308

 

www.junmachina.com

 

Employees:

2,147

Company Type:

Public Independent

Traded:

Singapore Exchange Securities Trading:

5TF

Incorporation Date:

12-Jun-1998

Auditor:

Baker Tilly TFW LLP

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Dec-2011

Reporting Currency:

Chinese Renminbi

Annual Sales:

453.0  1

Net Income:

(26.2)

Total Assets:

614.9  2

Market Value:

2.8

 

(23-May-2012)

 

Business Description  

 

 

Junma Tyre Cord Company Limited is engaged in manufacturing and trading of chemical fibre and materials. It is principally engaged in the production and sale of Nylon 6 industrial yarn and Nylon 6 dipped tyre cords to customers in the People’s Republic of China and abroad for use in the manufacture of bias-ply tyres. The Company operates in two segments: Chemical fibre, which is engaged in the manufacture and sale of chemical fibre and materials, and Steel yarn, which is engaged in the manufacture and sale of steel yarn and materials. Its 55%-owned subsidiary, Zhangjiagang Junma Steel Tyre Cord Company Ltd (STC), is engaged in the production of steel tyre cords. As of December 31, 2010, the plant had the capacity to produce 60,000 tons of steel tyre cords per year. During the year ended December 31, 2010, the Company acquired an additional 40% interest in its subsidiary, STC. On April 16, 2010, the Company set up another wholly owned subsidiary, Junma Tyre Cord (Hong Kong) Company Ltd. For the fiscal year ended 31 December 2010, Junma Tyre Cord Company Limited's revenues increased 34% to RMB3.19B. Net income increased less than 1% to RMB77.7M. Revenues reflect an increase in income from chemical fibre segment and higher income from steel yarn segment. Net income was partially offset by an increase in cost of sales, higher distribution expenses, increased other operating expenses and a rise in finance costs.

 

Industry  

 

Industry

Chemicals - Plastics and Rubber

ANZSIC 2006:

1821 - Synthetic Resin and Synthetic Rubber Manufacturing

NACE 2002:

2470 - Manufacture of man-made fibres

NAICS 2002:

325221 - Cellulosic Organic Fiber Manufacturing

UK SIC 2003:

2470 - Manufacture of man-made fibres

US SIC 1987:

2823 - Cellulosic Manmade Fibers

 

  Key Executives

 

 

Name

Title

Shulin Gu

Financial Controller

Bin Pan

Joint Company Secretary

Zhirong Hou

Group Internal Auditor

Jianchun Ji

Deputy General Manager

Hong Tan Lay

Secretary

 

Significant Developments  

 

Topic

#*

Most Recent Headline

Date

Dividends

2

Junma Tyre Cord Company Limited Does Not Declare Dividend

4-Nov-2011

* number of significant developments within the last 12 months

 

 

News  

 

Title

Date

Top Global Limited and Junma Tyre Cord Company Limited appoints CNP Compliance Pte Ltd as Continuing Sponsor
Mondaq Business Briefing (110 Words)

21-Feb-2012

Top Global Limited and Junma Tyre Cord Company Limited appoints CNP Compliance Pte Ltd as Continuing Sponsor
Mondaq Business Briefing (110 Words)

6-Feb-2012

 

Financial Summary  

 

As of 31-Mar-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

0.84

2.03

Quick Ratio (MRQ)

0.63

1.20

Debt to Equity (MRQ)

11.90

0.95

Sales 5 Year Growth

9.10

1.42

Net Profit Margin (TTM) %

-9.67

4.60

Return on Assets (TTM) %

-7.37

3.98

Return on Equity (TTM) %

-67.91

12.15

 

 

 

 


Stock Snapshot  

 

Traded: Singapore Exchange Securities Trading: 5TF

 

As of 23-May-2012

   Financials in: SGD

Recent Price

0.32

 

EPS

-0.47

52 Week High

0.48

 

Price/Sales

0.03

52 Week Low

0.30

 

Price/Book

0.42

Avg. Volume (mil)

0.0028

 

Beta

-0.01

Market Value (mil)

17.60

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

-8.57%

-0.41%

13 Week

-13.51%

-5.70%

52 Week

-28.89%

-18.14%

Year to Date

-8.57%

-11.87%

 

 

 

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
80 Hedong Road
Chenghang, Jiangsu Province
Yangshe Town
Suzhou, 215617
China

 

Tel:

86-512-58291688

Fax:

86-512-58292308

 

www.junmachina.com

Quote Symbol - Exchange

5TF - Singapore Exchange Securities Trading

Sales CNY(mil):

2,928.4

Assets CNY(mil):

3,869.9

Employees:

2,147

Fiscal Year End:

31-Dec-2011

 

Industry:

Chemicals - Plastics and Rubber

Incorporation Date:

12-Jun-1998

Company Type:

Public Independent

Quoted Status:

Quoted

 

Joint Company Secretary:

Bin Pan

 

Company Web Links

Home Page

 

 

Contents

Industry Codes

Business Description

Financial Data

Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

1312

-

Natural Textile Manufacturing

2090

-

Other Non-Metallic Mineral Product Manufacturing

1821

-

Synthetic Resin and Synthetic Rubber Manufacturing

1829

-

Other Basic Polymer Manufacturing

 

NACE 2002 Codes:

171

-

Preparation and spinning of textile fibres

2681

-

Production of abrasive products

2470

-

Manufacture of man-made fibres

 

NAICS 2002 Codes:

313112

-

Yarn Texturing, Throwing, and Twisting Mills

327910

-

Abrasive Product Manufacturing

325221

-

Cellulosic Organic Fiber Manufacturing

325222

-

Noncellulosic Organic Fiber Manufacturing

 

US SIC 1987:

2282

-

Yarn Texturizing, Throwing, Twisting, and Winding Mills

3291

-

Abrasive Products

2823

-

Cellulosic Manmade Fibers

2824

-

Manmade Organic Fibers, Except Cellulosic

 

UK SIC 2003:

171

-

Preparation and spinning of textile fibres

2681

-

Production of abrasive products

2470

-

Manufacture of man-made fibres

 

 

Business Description

Junma Tyre Cord Company Limited is engaged in manufacturing and trading of chemical fibre and materials. It is principally engaged in the production and sale of Nylon 6 industrial yarn and Nylon 6 dipped tyre cords to customers in the People’s Republic of China and abroad for use in the manufacture of bias-ply tyres. The Company operates in two segments: Chemical fibre, which is engaged in the manufacture and sale of chemical fibre and materials, and Steel yarn, which is engaged in the manufacture and sale of steel yarn and materials. Its 55%-owned subsidiary, Zhangjiagang Junma Steel Tyre Cord Company Ltd (STC), is engaged in the production of steel tyre cords. As of December 31, 2010, the plant had the capacity to produce 60,000 tons of steel tyre cords per year. During the year ended December 31, 2010, the Company acquired an additional 40% interest in its subsidiary, STC. On April 16, 2010, the Company set up another wholly owned subsidiary, Junma Tyre Cord (Hong Kong) Company Ltd. For the fiscal year ended 31 December 2010, Junma Tyre Cord Company Limited's revenues increased 34% to RMB3.19B. Net income increased less than 1% to RMB77.7M. Revenues reflect an increase in income from chemical fibre segment and higher income from steel yarn segment. Net income was partially offset by an increase in cost of sales, higher distribution expenses, increased other operating expenses and a rise in finance costs.

 

 

More Business Descriptions

Manufacture of tyre cord and industrial yarn

 

Junma is the China based manufacturer and trader of chemical fiber and materials. The company is engaged in the production of Nylon 6 industrial yarn and Nylon 6 dipped tire cords, steel yarn and materials. The company offers its products through two main business units, namely Chemical fiber and Steel yarn. The Chemical fiber unit manufactures and sales chemical fiber and materials, while the Steel yarn unit is involved in the manufacture and sale of steel yarn and materials. Junma's subsidiary Zhangjiagang Junma Steel Tyre Cord Company Ltd (STC), is engaged in the production of steel tire cord. As of December 31, 2009, STC had the capacity to produce 60,000 tons of steel tyre cords. STC’s production facilities are located at Jiangqiao, Chenghang, Yangshe Town, Zhangjiagang City, and Jiangsu Province. Junma offers Steel Cord with the 3x 0.20+6x0.35HT high tenacity specification and high adhesion. The company offers polyester yarn for long distance ocean transportation, non-woven fabrics for medical and hygiene industry. Junma specializes in the production 930dtex-2100dtex and other specifications of nylon 6 dipped tire cord fabric. Its nylon 6 tyre cord fabric is used in tyre manufacture. Besides, Junma also offers Nylon 6 white yarn for use in fishing nets, conveying belts, straps and ropes. The company has received many awards and honors, important of which include Jiangsu Famous Brand Certificate, 2005 contract and trustworthy enterprises, Employment of private enterprises in Jiangsu Province advanced unit, AAA grade credit enterprise, and Water-saving enterprise in Jiangsu Province in addition to several government awards. The clients of Junma involve more than 30 big domestic tire companies. Besides, the company also enjoys a wide sales channel spread across the global markets of India, Thai, Singapore, Iran, Germany, America , Korea and Japan. The company has two subsidiaries, namely Zhangjiagang Junma Metal Product Company Ltd. and Zhangjiagang Junma Steel Tyre Cord Company Ltd. Junma Recently, the company established a wholly owned subsidiary, called Junma Tyre Cord (Hongkong) Co., Limited in Hongkong. The principal activity of this company is Non-Risk Foreign Exchange investment. Junma also set up a wholly owned subsidiary, Suqian Junma Tyre Cord Company Limited (SJTC), which is primarily engaged in the production and sale of Nylon 6 industrial yarn and Nylon 6 dipped tyre cords.

Junma Tyre Cord Company Limited (Junma) is involved in manufacturing and trading of chemical fibre and materials. The principal products offered by the company are Nylon 6 industrial yarn and Nylon 6 dipped tyre cords. It operates through two main business units, namely Chemical fiber and Steel yarn. The products of the company are used in the manufacture of bias-ply tyres and radial-ply tires. The operations of the company are mainly based in China. Through its subsidiary, the company also has presence in Hongkong, Thailand, Japan, India, South-East Asia and South Asia. Junma is headquartered in Zhangjiagang, China.The company reported revenues of (Renminbi) CNY 3,193.04 million during the fiscal year ended December 2010, an increase of 33.96% over 2009. The operating profit of the company was CNY 119.69 million during the fiscal year 2010, an increase of 3.87% over 2009. The net profit of the company was CNY 77.71 million during the fiscal year 2010, an increase of 0.13% over 2009.

 

 

 

 

 

 

Financial Data

 

Financials in:

CNY(mil)

 

Revenue:

2,928.4

Net Income:

-169.3

Assets:

3,869.9

Long Term Debt:

290.0

 

Total Liabilities:

3,593.0

 

Working Capital:

-0.4

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

-8.3%

NA

26.7%

 

Market Data

Quote Symbol:

5TF

Exchange:

Singapore Exchange Securities Trading

Currency:

SGD

Stock Price:

0.3

Stock Price Date:

05-23-2012

52 Week Price Change %:

-28.9

Market Value (mil):

17,600.0

 

SEDOL:

B04BMX5

ISIN:

CNE1000007M0

 

Equity and Dept Distribution:

06/2011, 1-for-05 Reverse Stock split.

 

 

Subsidiaries

Company

Percentage Owned

Country

Suqian Junma Tyre Cord Company Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Junma Tyre Cord (Hong Kong) Company Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Zhangjiagang Junma Steel Tyre Cord Company Ltd

55%

PEOPLE'S REPUBLIC OF CHINA

 

 

 

 

Shareholders

 

 

Major Shareholders

Zhang Jiagang Buolie Investment Development Co Ltd (41%); Yang Peixing (20.11%); Liu Zhenfeng (6.1%); Chen Zufu (6%)

 

 

 

 

Key Corporate Relationships

Auditor:

Baker Tilly TFW LLP

Bank:

Industrial and Commercial Bank of China

 

Auditor:

Baker Tilly TFW LLP, Baker Tilly TFW

 

 

 

 

 

 

 

 

Competitors Report

 

CompanyName

Location

Employees

Ownership

Fangda Jinhua Chemical Technology Co Ltd

Huludao, China

6,559

Public

Fibrechem Technologies Ltd.

Xiamen, China

1,028

Public

Greattown Holdings Ltd

Shanghai, China

551

Public

Xinxiang Chemical Fiber Co., Ltd.

Xinxiang, China

10,700

Public

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Peixing Yang

 

Executive Chairman of the Board

Chairman

Biography

Mr. Yang Peixing is Executive Chairman of Junma Tyre Cord Company Ltd., since 10 July 2000. Mr. yang is responsible for the overall management, operations and the charting and reviewing of corporate directions and strategies of Group. prior to joining Company, Mr. yang performed accounting duties for Lunmin Village in Chenghang Town Government, Zhangjiagang City, Jiangsu province in 1979. From 1980 to 1994, mr yang founded and managed four manufacturing businesses producing zips, knit-webbing, textile machinery and nylon 6 dipped tyre cords respectively. in 1994, upon joining Company, Mr. yang was appointed the general manager of Jun ma Group Company. Subsequent to the establishment of predecessor Jun ma nylon in June 1998, Mr. yang was appointed the Chairman of the board of directors and the general manager of Jun ma nylon. in July 2000, with the conversion of Jun ma nylon into a joint stock limited company, yang was appointed executive Chairman of Company. Mr. yang completed a course specialising in Trade and management in 1994 conducted by Suzhou university and obtained a Business management Certificate from dongnan university in 2003.

 


Age: 50

 

Shek Voon Jen

 

Non-Executive Independent Director

Director/Board Member

 

 

Biography

Mr. Jen Sek Voon has been appointed as Non-Executive Independent Director of Junma Tyre Cord Company Limited, with effect from May 12, 2011. Mr. Jen currently manages his own public accounting practice, Jen Shek Voon PAS , as a sole proprietor. He is also an independent and non-executive director on the Board of Directors of a number of publicly listed companies in Singapore, Malaysia, and Hong Kong SAR., Mr. Jen is a Public Accountant Singapore, licensed by the Singapore Accounting and Corporate Regulatory Authority (ACRA), and a fellow member of the Singapore Institute of Directors. He is a practicing member of the Institute of Certified Public Accountants of Singapore (ICPAS ). He is also a member of the Information System Audit and Control Association (ISACA), British Computer Society (BCS), Institute of Internal Auditors (IAA) and the Malaysian Institute of Accountants (MIA). He is also a fellow member of the Institute of Chartered Accountants Australia, the Taxation Institute of Australia, and the Association of Chartered Certified Accountants, respectively.

 


Age: 65

 


Education:

University of New South Wales, M
National University of Singapore, B

 

Yaoxiang Liu

 

Executive Director, Deputy General Manager

Director/Board Member

 

 

Biography

Mr. Liu Yaoxiang is Executive Director, Deputy General Manager of Junma Tyre Cord Company Ltd. He is in charge of the sales and marketing division. Mr. Liu has been the Executive Director since 30 May 1998. He is responsible for the planning, development, implementation and evaluation of the marketing strategies of the Group. Prior to joining the Company, Mr. Liu was the vice-factory head of Zhangjiagang Nylon from 1983 to May 1994. In May 1994, he was appointed the Deputy General Manager of Jun Ma Group Company and continued in this position after the conversion of Jun Ma Nylon into a joint stock limited company. Mr. Liu graduated from the Suzhou Workers’ College specialising in Trade and Management in 1997.

 


Age: 59

 

Zhenfeng Liu

 

Executive Director, Deputy General Manager

Director/Board Member

 

 

Biography

Mr. Liu Zhenfeng is Executive Director, Deputy General Manager of Junma Tyre Cord Company Ltd. He is in charge of project development. He was appointed as executive director on 30 may 1998. prior to joining Company, mr Liu was the vice-factory head of Zhangjiagang nylon from 1990 to 1994 and the Vice Factory Head of Zhangjiagang Chenghang Knitting Factory from 1984 to 1990. He was appointed deputy General manager of Jun ma Group Company in 1994, a position he has retained after the conversion of Jun ma nylon into a joint stock limited company. Mr. Liu graduated from Suzhou Workers’ College specialising in Trade and management in 1997.

 


Age: 58

 

Eric Choon Gan Oh

 

Independent Director

Director/Board Member

 

Wenfeng Shan

 

Non-Executive Independent Director

Director/Board Member

 

Biography

Mr. Shan Wenfeng has been appointed as Non-Executive Independent Director of Junma Tyre Cord Company Ltd. He is presently a lawyer with Jiangsu deshan Law Firm. prior to his legal education, mr Shan obtained a college degree in Fine Chemicals from the nanjing university of Chemical Technology in 1995. He read law in nanjing university Law School from 2000 to 2003 and obtained the Bachelor of Law. Thereafter, from 2004 to 2007, mr Shan worked in different departments of the prosecutor’s office of Xiangshui County, Jiangsu province, prC. He passed the prC national judicial examination in 2004 and practiced as a lawyer in Jiangsu ruixin Law Firm from June 2007 to november 2007 and Jiangsu Sushang Law Firm from november 2007 to april 2008. in april 2008, Mr. Shan joined Jiangsu deshan Law Firm, a position which he holds to-date.

 


Age: 41

 


Education:

Nanjing University, LLB
Nanjing University

 

John Khiok Kin Tan

 

Independent Director

Director/Board Member

 

Cheong Kwee Teng

 

Non-Executive Independent Director

Director/Board Member

 

Biography

Mr. Teng Cheong Kwee has been apponted as Non-Executive Independent Director of Junma Tyre Cord Company Ltd., with effect from May 12, 2011. Mr. Teng also serves as an independent director in several other companies listed on the Singapore Exchange. From 1982 to 1989, Mr. Teng served as assistant director and later, as deputy director, in the Monetary Authority of Singapore. During this period, he served concurrently as Secretary of Singapore Securities Industry Council. From 1989 to 1999, he was executive vice president of the Stock Exchange of Singapore. From 1999 to 2000, Mr. Teng was with the Singapore Exchange as executive vice president and head, Risk Management and Regulatory Division. Mr. Teng graduated from the University of Newcastle, Australia, in Bachelor of Engineering (Industrial) with first class honours, and in Bachelor of Commerce in 1977.

 


Age: 58

 


Education:

University of Newcastle, B
University of Newcastle, BE (Industrial Engineering)

 

Zhidan Zhou

 

Executive Director

Director/Board Member

 

 

Biography

Mr. Zhou Zhidan has been appointed as Executive Director of Junma Tyre Cord Company Ltd., since 13 May 2005. He is responsible for the Group’s financial department. Mr. Zhou Zhidan was in charge of financial function in Jun Ma Group Company from 1994 to 1998. With the incorporation of Jun Ma Nylon in June 1998, Mr. Zhou Zhidan was appointed Deputy General Manager, a position he retained upon the conversion of Jun Ma Nylon into a joint stock limited company. Mr. Zhou Zhidan graduated from Baotou Steel College with a certificate in Accounting in 1991.

 


Age: 43

 


Education:

Baotou Steel College (Accounting)

 

 

Executives

 

Name

Title

Function

Bin Pan

 

Joint Company Secretary

Company Secretary

Janet Tan

 

Joint Company Secretary

Company Secretary

Zhirong Hou

 

Group Internal Auditor

Accounting Executive

Biography

Mr. Hou Zhirong is Group Internal Auditor of Junma Tyre Cord Company Ltd., with effect from 7 August 2007. Prior to assuming this position, Mr. Hou Zhirong has been a Senior Finance Manager with the Company for 2 years. Before joining the Company, Mr. Hou Zhirong worked in Agricultural Bank of China, Zhangjiagang Tangshi sub-branch as vice president from 1997 to 2005. Mr. Hou Zhirong graduated from Southeast University in 2003.

 


Education:

Southeast University

 

Shulin Gu

 

Financial Controller

Controller

 

 

Biography

Mr. Gu Shulin is Financial Controller of Junma Tyre Cord Company Ltd., with effect form 24 May 2005. Prior to assuming this position, Mr. Gu Shulin has been a Senior Finance Manager with the Company for 4 years. Before joining the Company, Mr. Gu Shulin worked in Si Jia Wan Gold & Copper Mine as Financial officer from 1995 to 2001. Mr. Gu Shulin graduated from Baotou Steel College in 1991, Mr. Gu has obtained Qualification Certificate of semisenior accountant in 1999 and obtain International Professional manager Certificate in 2005.

 


Education:

Baotou Steel College

 

Fangfeng Xue

 

Secretary of the Board of Directors, Head - Planning Department

Planning Executive

 

 

Biography

Mr. Xue Fangfeng serves as Secretary of the Board of Directors, Head - Planning Department of Junma Tyre Cord Company Ltd. He started his career with Company in 2004 as a sub-division head of Dipping unit. He was promoted to Quality department manager In May 2006. In January 2007, Mr. Xue was appointed as the head of Planning department, In February 2007, Mr. Xue was appointed as the Secretary of the Board of Directors. Prior to joining the group, from April 1997 to December 2003, he was in charge of the Dipping Unit of Jiangsu Qunfa Chemical Company Limited. Mr. Xue graduated from Yangzhou university and specialised in Chemical Engineering in 1995. Mr Xue obtained the certificate for “professional manager granted by Ministry of Labor and Social Security, PRC in 2005.

 


Education:

Yangzhou University (Chemical Engineering)

 

Jianchun Ji

 

Deputy General Manager

Other

 

 

Biography

Mr. Ji Jianchun is Deputy General Manager of Junma Tyre Cord Company Ltd. He is incharge of Nylon Tyre Cord production line. Mr. Ji Jianchun joined Jun Ma Group Company in 1991 as a Division Head of Production in charge of production and went on to become the production manager in Jun Ma Nylon. He was promoted to Deputy General Manager in July 2000. Prior to joining the Company, Mr. Ji Jianchun worked in Lumin Knitting Factory and was in charge of equipment maintenance and production from 1984 to 1991. Mr. Ji Jianchun received a speciality qualification certificate issued by Jiangsu Science and Industry University in 2001 after attending an adult higher education program in business administration sponsored by Jiangsu Technological University and organised by the Township Enterprise Administration of Jiangsu Province.

 

Hong Tan Lay

 

Secretary

Other

 

Guoping Qian

 

Deputy General Manager

Other

 

Biography

Mr. Qian Guoping is Deputy General Manager of Junma Tyre Cord Company Ltd., with effect from January 2009. Prior to assuming this position, Mr. Qian Guoping has been a manager with the company for 5 years. Mr. Qian Guoping graduated from Nanjing University in 2004.

 


Education:

Nanjing University

 

 

 

Significant Developments

 

 

 

 

Junma Tyre Cord Company Limited Does Not Declare Dividend

Nov 04, 2011


Junma Tyre Cord Company Limited announced that no dividend has been declared for the period ended as on September 30, 2011.

Junma Tyre Cord Company Limited Does Not Declare Dividend

Aug 04, 2011


Junma Tyre Cord Company Limited announced that no dividend has been declared for the period ended as on June 30, 2011.

 

Annual Income Statement

 

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

Baker Tilly TFW LLP

Baker Tilly TFWLCL

Baker Tilly TFWLCL

Baker Tilly International

Baker Tilly International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

453.0

471.7

348.9

355.4

334.7

Revenue

453.0

471.7

348.9

355.4

334.7

Total Revenue

453.0

471.7

348.9

355.4

334.7

 

 

 

 

 

 

    Cost of Revenue

446.0

426.0

306.2

330.6

312.8

Cost of Revenue, Total

446.0

426.0

306.2

330.6

312.8

Gross Profit

7.0

45.8

42.7

24.9

21.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

28.8

21.6

21.2

16.9

10.0

Total Selling/General/Administrative Expenses

28.8

21.6

21.2

16.9

10.0

        Interest Expense - Operating

23.9

16.7

12.8

17.6

-

        Interest Capitalized - Operating

-2.6

-2.5

0.0

-

-

    Interest Expense - Net Operating

21.3

14.2

12.8

17.6

-

        Interest Income - Operating

-1.1

-0.8

-1.0

-1.5

-0.5

        Investment Income - Operating

-2.5

-0.9

0.0

-1.6

-2.0

    Interest/Investment Income - Operating

-3.6

-1.7

-1.0

-3.1

-2.5

Interest Expense (Income) - Net Operating Total

17.7

12.5

11.8

14.5

-2.5

    Other Unusual Expense (Income)

-

0.0

-4.3

0.0

-

Unusual Expense (Income)

-

0.0

-4.3

0.0

-

    Other Operating Expense

5.5

5.4

4.1

3.1

1.1

    Other, Net

-14.4

-11.5

-6.9

-7.1

-4.0

Other Operating Expenses, Total

-8.9

-6.1

-2.8

-4.0

-2.9

Total Operating Expense

483.7

454.0

332.1

357.9

317.4

 

 

 

 

 

 

Operating Income

-30.7

17.7

16.9

-2.5

17.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-

-

-

-13.9

    Interest Expense, Net Non-Operating

-

-

-

-

-13.9

        Investment Income - Non-Operating

-

-

-

-

0.0

    Interest/Investment Income - Non-Operating

-

-

-

-

0.0

Interest Income (Expense) - Net Non-Operating Total

-

-

-

-

-13.9

Income Before Tax

-30.7

17.7

16.9

-2.5

3.4

 

 

 

 

 

 

Total Income Tax

2.5

5.6

2.8

-1.5

6.1

Income After Tax

-33.2

12.1

14.1

-1.0

-2.7

 

 

 

 

 

 

    Minority Interest

7.0

-0.6

-2.7

-0.8

3.2

Net Income Before Extraord Items

-26.2

11.5

11.4

-1.8

0.5

Net Income

-26.2

11.5

11.4

-1.8

0.5

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-26.2

11.5

11.4

-1.8

0.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-26.2

11.5

11.4

-1.8

0.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

73.4

73.4

73.4

73.4

73.4

Basic EPS Excl Extraord Items

-0.36

0.16

0.15

-0.02

0.01

Basic/Primary EPS Incl Extraord Items

-0.36

0.16

0.15

-0.02

0.01

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-26.2

11.5

11.4

-1.8

0.5

Diluted Weighted Average Shares

73.4

73.4

73.4

73.4

73.4

Diluted EPS Excl Extraord Items

-0.36

0.16

0.15

-0.02

0.01

Diluted EPS Incl Extraord Items

-0.36

0.16

0.15

-0.02

0.01

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.03

0.00

0.00

Dividends per Share - Common Stock Issue 2

0.00

0.00

0.01

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

2.1

0.0

0.0

Interest Expense, Supplemental

18.9

11.1

11.3

16.5

13.9

Interest Capitalized, Supplemental

-2.6

-2.5

0.0

-

-

Depreciation, Supplemental

17.7

16.9

14.3

12.2

11.0

Total Special Items

0.0

-0.1

-4.3

0.0

0.0

Normalized Income Before Tax

-30.7

17.6

12.6

-2.4

3.4

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

-0.7

0.0

0.0

Inc Tax Ex Impact of Sp Items

2.5

5.5

2.1

-1.5

6.1

Normalized Income After Tax

-33.2

12.1

10.5

-1.0

-2.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-26.2

11.4

7.8

-1.7

0.5

 

 

 

 

 

 

Basic Normalized EPS

-0.36

0.16

0.11

-0.02

0.01

Diluted Normalized EPS

-0.36

0.16

0.11

-0.02

0.01

Amort of Intangibles, Supplemental

0.4

0.6

0.3

0.2

0.2

Rental Expenses

0.0

1.3

1.9

3.7

3.4

Normalized EBIT

-13.0

30.2

24.4

12.1

14.8

Normalized EBITDA

5.2

47.7

38.9

24.4

26.0

    Current Tax - Domestic

0.0

3.8

1.2

0.0

-

Current Tax - Total

0.0

3.8

1.2

0.0

-

    Deferred Tax - Domestic

2.5

1.2

1.6

-1.5

6.1

Deferred Tax - Total

2.5

1.2

1.6

-1.5

6.1

    Other Tax

0.0

0.6

0.0

-

-

Income Tax - Total

2.5

5.6

2.8

-1.5

6.1

Defined Contribution Expense - Domestic

1.5

1.2

0.8

0.7

0.7

Total Pension Expense

1.5

1.2

0.8

0.7

0.7

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

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-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.294

6.5897

6.827

6.823

7.3041

Auditor

Baker Tilly TFW LLP

Baker Tilly TFWLCL

Baker Tilly TFWLCL

Baker Tilly International

Baker Tilly International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

13.0

7.3

8.7

7.5

46.2

    Short Term Investments

0.1

2.8

0.0

0.0

-

Cash and Short Term Investments

13.1

10.2

8.7

7.5

46.2

        Accounts Receivable - Trade, Gross

134.1

118.2

94.8

89.6

63.7

        Provision for Doubtful Accounts

-4.7

-4.5

-5.4

-3.5

-2.2

    Trade Accounts Receivable - Net

129.4

113.7

89.4

86.2

61.5

    Other Receivables

130.9

58.0

36.7

35.0

35.7

Total Receivables, Net

260.3

171.7

126.1

121.2

97.2

    Inventories - Finished Goods

38.9

33.8

10.7

19.2

12.4

    Inventories - Work In Progress

16.7

9.7

11.7

8.2

16.5

    Inventories - Raw Materials

26.4

24.3

17.5

13.0

8.8

Total Inventory

82.0

67.8

39.9

40.4

37.7

Prepaid Expenses

-

-

2.7

3.7

0.0

    Restricted Cash - Current

48.0

48.1

55.3

45.0

40.8

Other Current Assets, Total

48.0

48.1

55.3

45.0

40.8

Total Current Assets

403.4

297.7

232.8

217.7

221.9

 

 

 

 

 

 

        Buildings

48.2

33.6

32.4

21.5

20.1

        Machinery/Equipment

228.9

169.3

156.7

118.4

108.8

        Construction in Progress

21.6

32.7

2.4

0.1

1.3

    Property/Plant/Equipment - Gross

298.8

235.7

191.5

140.1

130.2

    Accumulated Depreciation

-120.4

-104.4

-84.1

-69.8

-53.6

Property/Plant/Equipment - Net

178.3

131.2

107.4

70.3

76.6

    Intangibles - Gross

35.4

33.8

20.3

8.6

0.0

    Accumulated Intangible Amortization

-2.3

-1.8

-1.2

-0.9

0.0

Intangibles, Net

33.2

32.0

19.1

7.7

7.3

    Deferred Income Tax - Long Term Asset

0.0

2.5

2.6

4.2

2.5

Other Long Term Assets, Total

0.0

2.5

2.6

4.2

2.5

Total Assets

614.9

463.5

361.9

299.9

308.4

 

 

 

 

 

 

Accounts Payable

119.6

124.9

118.6

88.0

82.9

Accrued Expenses

2.2

1.8

1.4

4.0

1.8

Notes Payable/Short Term Debt

0.0

0.0

12.9

12.9

10.4

Current Portion - Long Term Debt/Capital Leases

359.3

192.6

137.4

128.6

120.5

    Customer Advances

4.9

1.8

2.6

3.9

0.9

    Income Taxes Payable

0.2

3.7

1.1

0.0

0.0

    Other Payables

6.3

1.4

22.8

5.8

8.1

    Other Current Liabilities

0.0

0.1

0.0

-

-

Other Current liabilities, Total

11.5

6.9

26.4

9.7

9.0

Total Current Liabilities

492.6

326.3

296.7

243.2

224.6

 

 

 

 

 

 

    Long Term Debt

46.1

45.5

7.3

12.9

41.9

Total Long Term Debt

46.1

45.5

7.3

12.9

41.9

Total Debt

405.4

238.1

157.6

154.4

172.8

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

1.1

1.1

0.0

-

-

Deferred Income Tax

1.1

1.1

0.0

-

-

Minority Interest

31.1

22.9

1.7

-1.0

-1.7

Total Liabilities

570.9

395.8

305.7

255.1

264.9

 

 

 

 

 

 

    Common Stock

11.7

11.1

10.8

10.8

10.0

Common Stock

11.7

11.1

10.8

10.8

10.0

Additional Paid-In Capital

16.8

16.1

15.5

15.5

14.5

Retained Earnings (Accumulated Deficit)

15.5

40.5

29.8

18.5

19.0

Total Equity

44.0

67.7

56.1

44.8

43.5

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

614.9

463.5

361.9

299.9

308.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

55.0

55.0

55.0

55.0

55.0

    Shares Outstanding - Common Stock Issue 2

18.4

18.4

18.4

18.4

18.4

Total Common Shares Outstanding

73.4

73.4

73.4

73.4

73.4

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Treasury Shares - Common Issue 2

0.0

0.0

0.0

0.0

0.0

Number of Common Shareholders

716

760

781

817

840

Accumulated Intangible Amort, Suppl.

0.4

1.8

1.2

0.9

0.0

Deferred Revenue - Current

4.9

1.8

2.6

3.9

0.9

Total Long Term Debt, Supplemental

405.4

238.1

162.9

154.4

172.8

Long Term Debt Maturing within 1 Year

359.3

192.6

154.4

141.5

130.9

Long Term Debt Maturing in Year 2

-

-

2.1

-

32.3

Long Term Debt Maturing in Year 3

-

-

2.1

-

3.2

Long Term Debt Maturing in Year 4

-

-

2.1

-

3.2

Long Term Debt Maturing in Year 5

-

-

2.1

-

3.2

Long Term Debt Maturing in 2-3 Years

-

-

4.2

-

35.5

Long Term Debt Maturing in 4-5 Years

-

-

4.2

-

6.4

Long Term Debt Matur. in Year 6 & Beyond

46.1

45.5

0.0

12.9

0.0

Total Operating Leases, Supplemental

-

0.0

0.7

0.1

0.3

Operating Lease Payments Due in Year 1

-

0.0

0.1

0.1

0.1

Operating Lease Payments Due in Year 2

-

0.0

0.1

0.0

0.0

Operating Lease Payments Due in Year 3

-

0.0

0.1

0.0

0.0

Operating Lease Payments Due in Year 4

-

0.0

0.1

0.0

0.0

Operating Lease Payments Due in Year 5

-

0.0

0.1

0.0

0.0

Operating Lease Pymts. Due in 2-3 Years

-

0.0

0.3

0.0

0.1

Operating Lease Pymts. Due in 4-5 Years

-

0.0

0.3

0.0

0.1

Oper. Lse. Pymts. Due in Year 6 & Beyond

-

0.0

0.0

0.0

0.0

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

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-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

Baker Tilly TFW LLP

Baker Tilly TFWLCL

Baker Tilly TFWLCL

Baker Tilly International

Baker Tilly International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-30.7

17.7

16.9

-2.5

3.4

    Depreciation

17.7

16.9

14.3

12.2

11.0

Depreciation/Depletion

17.7

16.9

14.3

12.2

11.0

    Amortization of Intangibles

0.4

0.6

0.3

0.2

0.2

Amortization

0.4

0.6

0.3

0.2

0.2

    Unusual Items

0.0

-0.1

-4.3

0.0

0.0

    Other Non-Cash Items

21.2

10.6

10.2

16.0

12.4

Non-Cash Items

21.2

10.6

5.9

16.0

12.5

    Accounts Receivable

-78.4

-37.2

-4.2

-20.4

5.7

    Inventories

-14.1

-25.9

0.4

-1.0

-6.7

    Other Assets

2.3

9.0

-10.3

-1.3

-14.5

    Accounts Payable

-2.8

-20.1

15.9

1.2

29.0

    Other Operating Cash Flow

-3.6

-1.9

0.0

-

-

Changes in Working Capital

-96.7

-76.1

1.8

-21.5

13.4

Cash from Operating Activities

-88.0

-30.4

39.2

4.4

40.5

 

 

 

 

 

 

    Purchase of Fixed Assets

-55.0

-33.9

-14.0

-0.9

-3.5

    Purchase/Acquisition of Intangibles

0.0

-12.5

-3.4

0.0

0.0

Capital Expenditures

-55.0

-46.4

-17.4

-0.9

-3.5

    Acquisition of Business

-

0.0

-3.2

0.0

-

    Sale of Fixed Assets

0.0

0.1

0.0

-

-

    Sale/Maturity of Investment

-

-

0.0

-

-

    Purchase of Investments

0.0

-5.9

0.0

-

-

    Other Investing Cash Flow

3.9

-2.0

1.0

1.5

0.4

Other Investing Cash Flow Items, Total

3.9

-7.8

-2.2

1.5

0.4

Cash from Investing Activities

-51.1

-54.2

-19.6

0.6

-3.1

 

 

 

 

 

 

    Other Financing Cash Flow

-21.6

-13.6

-11.1

-16.2

-13.1

Financing Cash Flow Items

-21.6

-13.6

-11.1

-16.2

-13.1

    Cash Dividends Paid - Common

0.0

-2.2

0.0

0.0

0.0

Total Cash Dividends Paid

0.0

-2.2

0.0

0.0

0.0

        Sale/Issuance of Common

13.9

25.9

0.0

-

-

    Common Stock, Net

13.9

25.9

0.0

-

-

Issuance (Retirement) of Stock, Net

13.9

25.9

0.0

-

-

        Short Term Debt Issued

-

-

-

-

10.0

    Short Term Debt, Net

-

-

-

-

10.0

        Long Term Debt Issued

597.4

311.5

-

293.9

274.4

        Long Term Debt Reduction

-445.5

-238.6

-7.3

-323.9

-266.9

    Long Term Debt, Net

151.9

72.9

-7.3

-30.0

7.5

Issuance (Retirement) of Debt, Net

151.9

72.9

-7.3

-30.0

17.5

Cash from Financing Activities

144.3

83.0

-18.4

-46.3

4.4

 

 

 

 

 

 

Net Change in Cash

5.2

-1.6

1.2

-41.2

41.7

 

 

 

 

 

 

Net Cash - Beginning Balance

7.5

8.8

7.5

48.6

2.7

Net Cash - Ending Balance

12.7

7.1

8.7

7.4

44.4

Cash Interest Paid

21.6

13.6

11.1

16.2

13.1

Cash Taxes Paid

3.6

1.9

0.0

-

-

 

 

 

 

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-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

Baker Tilly TFW LLP

Baker Tilly TFWLCL

Baker Tilly TFWLCL

Baker Tilly International

Baker Tilly International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Revenue

453.0

471.7

348.9

355.4

334.7

Total Revenue

453.0

471.7

348.9

355.4

334.7

 

 

 

 

 

 

    Cost of Sales

446.0

426.0

306.2

330.6

312.8

    Sales of Scrap Materials

-9.5

-7.1

-3.5

-4.4

-2.4

    Interest Income

-1.1

-0.8

-1.0

-1.5

-0.5

    Currency Exchange Gain

-2.4

-1.0

0.0

-1.6

-2.0

    Other Operating Income

-4.9

-4.4

-3.4

-2.7

-1.6

    Distribution Expenses

13.5

13.4

9.9

9.6

5.4

    Administrative Expenses

15.3

8.3

11.3

7.3

4.6

    Other Operating Expenses

5.5

5.4

4.1

3.1

1.1

    Net fair value loss on derivative financ

-0.1

0.1

0.0

-

-

    Interest Expense

23.9

16.7

12.8

17.6

-

    Interest expense capitalised

-2.6

-2.5

0.0

-

-

    Negative goodwill

-

0.0

-4.3

0.0

-

Total Operating Expense

483.7

454.0

332.1

357.9

317.4

 

 

 

 

 

 

    Interest Expense

-

-

-

-

-13.9

    Currency Losses

-

-

-

-

0.0

Net Income Before Taxes

-30.7

17.7

16.9

-2.5

3.4

 

 

 

 

 

 

Provision for Income Taxes

2.5

5.6

2.8

-1.5

6.1

Net Income After Taxes

-33.2

12.1

14.1

-1.0

-2.7

 

 

 

 

 

 

    Minority Interest

7.0

-0.6

-2.7

-0.8

3.2

Net Income Before Extra. Items

-26.2

11.5

11.4

-1.8

0.5

Net Income

-26.2

11.5

11.4

-1.8

0.5

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-26.2

11.5

11.4

-1.8

0.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-26.2

11.5

11.4

-1.8

0.5

 

 

 

 

 

 

Basic Weighted Average Shares

73.4

73.4

73.4

73.4

73.4

Basic EPS Excluding ExtraOrdinary Items

-0.36

0.16

0.15

-0.02

0.01

Basic EPS Including ExtraOrdinary Items

-0.36

0.16

0.15

-0.02

0.01

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-26.2

11.5

11.4

-1.8

0.5

Diluted Weighted Average Shares

73.4

73.4

73.4

73.4

73.4

Diluted EPS Excluding ExtraOrd Items

-0.36

0.16

0.15

-0.02

0.01

Diluted EPS Including ExtraOrd Items

-0.36

0.16

0.15

-0.02

0.01

DPS-Domestic Shares

0.00

0.00

0.03

0.00

0.00

DPS-S Shares

0.00

0.00

0.01

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

2.1

0.0

0.0

Normalized Income Before Taxes

-30.7

17.6

12.6

-2.4

3.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

2.5

5.5

2.1

-1.5

6.1

Normalized Income After Taxes

-33.2

12.1

10.5

-1.0

-2.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-26.2

11.4

7.8

-1.7

0.5

 

 

 

 

 

 

Basic Normalized EPS

-0.36

0.16

0.11

-0.02

0.01

Diluted Normalized EPS

-0.36

0.16

0.11

-0.02

0.01

Amortisation of Intangibles

0.4

0.6

0.3

0.2

0.2

Depreciation

17.7

16.9

14.3

12.2

11.0

Rental Expense

0.0

1.3

1.9

3.7

3.4

Interest Expense

18.9

11.1

11.3

16.5

13.9

Interest Capitalsed

-2.6

-2.5

0.0

-

-

    Current Tax

0.0

3.8

1.2

0.0

-

Current Tax - Total

0.0

3.8

1.2

0.0

-

    Deferred Tax

2.5

1.2

1.6

-1.5

6.1

Deferred Tax - Total

2.5

1.2

1.6

-1.5

6.1

    Underprovision of income tax in previous

0.0

0.6

0.0

-

-

Income Tax - Total

2.5

5.6

2.8

-1.5

6.1

Defined Contribution Retirement Plan

1.5

1.2

0.8

0.7

0.7

Total Pension Expense

1.5

1.2

0.8

0.7

0.7

 

 

 

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-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.294

6.5897

6.827

6.823

7.3041

Auditor

Baker Tilly TFW LLP

Baker Tilly TFWLCL

Baker Tilly TFWLCL

Baker Tilly International

Baker Tilly International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

26.4

24.3

17.5

13.0

8.8

    Work-in-Progress

16.7

9.7

11.7

8.2

16.5

    Finished Goods

38.9

33.8

10.7

19.2

12.4

    Trade and Bills Receivables

134.1

118.2

94.8

89.6

63.7

    Provision for Doubtful Receivables

-4.7

-4.5

-5.4

-3.5

-2.2

    Bills Receivables

104.7

33.6

12.2

2.3

4.0

    Prepaid Expenses

-

-

2.7

3.7

0.0

    Other Receivables

2.8

1.9

5.5

1.1

1.1

    Advances to Suppliers

23.5

22.5

18.9

31.4

30.4

    Income Tax Recoverable

-

-

0.0

0.1

0.1

    Cash at Bank and in Hand

13.0

7.3

8.7

7.5

46.2

    Pledged Bank Deposits

48.0

48.1

55.3

45.0

40.8

    Short Term Bank Deposits

0.1

2.8

0.0

0.0

-

Total Current Assets

403.4

297.7

232.8

217.7

221.9

 

 

 

 

 

 

    Buildings

48.2

33.6

32.4

21.5

20.1

    Machinery & Equipment

226.0

167.4

155.2

117.3

107.8

    Motor Vehicles

1.0

0.8

0.6

0.6

0.6

    Other Equipment

1.9

1.2

0.8

0.5

0.4

    Asset Under Construction

21.6

32.7

2.4

0.1

1.3

    Depreciation

-120.4

-104.4

-84.1

-69.8

-53.6

    Lease Prepayment, Net

-

-

-

-

7.3

    Lease Prepayment

35.4

33.8

20.3

8.6

-

    Amortization of Lease Prepayment

-2.3

-1.8

-1.2

-0.9

-

    Intangible Asset

-

0.0

0.0

0.0

0.0

    Amortization of Intangibles

-

0.0

0.0

0.0

0.0

    Intangible Asset, Net

-

-

-

-

0.0

    Deferred Tax Asset

0.0

2.5

2.6

4.2

2.5

Total Assets

614.9

463.5

361.9

299.9

308.4

 

 

 

 

 

 

    Trade Payables

79.9

80.9

50.8

27.8

29.0

    Derivative financial liabilities

-

-

0.0

-

-

    Bills Payable

39.7

44.0

67.8

60.2

53.9

    Accrued Staff Costs

2.2

1.8

1.4

4.0

1.8

    Other Payables and Accruals

6.3

1.4

22.8

5.8

8.1

    Customer Advances

4.9

1.8

2.6

3.9

0.9

    Income Tax Payable

0.2

3.7

1.1

0.0

0.0

    Derivative financial instruments

0.0

0.1

0.0

-

-

    Bills Payable - Bank Borrowing

-

0.0

12.9

12.9

10.4

    Interest-Bearing Bank Loans

359.3

192.6

137.4

128.6

120.5

Total Current Liabilities

492.6

326.3

296.7

243.2

224.6

 

 

 

 

 

 

    Interest-Bearing Bank Loans

46.1

45.5

7.3

12.9

41.9

Total Long Term Debt

46.1

45.5

7.3

12.9

41.9

 

 

 

 

 

 

    Deferred tax liabilities

1.1

1.1

0.0

-

-

    Minority Interest

31.1

22.9

1.7

-1.0

-1.7

Total Liabilities

570.9

395.8

305.7

255.1

264.9

 

 

 

 

 

 

    Share Capital

11.7

11.1

10.8

10.8

10.0

    Share Premium

16.8

16.1

15.5

15.5

14.5

    Statutory Surplus Reserve

7.7

7.4

3.0

3.0

2.8

    Statutory Public Welfare Fund

-

-

3.0

3.0

2.8

    Discretionary Surplus Reserve

1.6

1.5

1.5

1.5

1.4

    Currency translation Reserve

0.0

0.0

-

-

-

    Accumulated Profits

6.2

31.6

22.4

11.1

12.0

Total Equity

44.0

67.7

56.1

44.8

43.5

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

614.9

463.5

361.9

299.9

308.4

 

 

 

 

 

 

    S/O-Domestic Shares

55.0

55.0

55.0

55.0

55.0

    S/O-S Shares

18.4

18.4

18.4

18.4

18.4

Total Common Shares Outstanding

73.4

73.4

73.4

73.4

73.4

T/S-Domestic Shares

0.0

0.0

0.0

0.0

0.0

T/S-S Shares

0.0

0.0

0.0

0.0

0.0

Amortization of Intangibles

0.4

1.8

1.2

0.9

0.0

Customer Advances

4.9

1.8

2.6

3.9

0.9

Shareholders

716

760

781

817

840

Long Term Debt Payable within 1 Year

359.3

192.6

154.4

141.5

130.9

Long Term Debt Payable within 2 Years

-

-

-

-

32.3

Long Term Debt Payable within 5 Years

-

-

8.5

-

9.6

Long Term Debt Payable after 1 Year

46.1

45.5

-

12.9

-

Total Long Term Debt, Supplemental

405.4

238.1

162.9

154.4

172.8

Operating Lease Maturing within 1 Year

-

0.0

0.1

0.1

0.1

Operating Lease Maturing within 5 Years

-

0.0

0.6

0.0

0.1

Total Operating Leases, Supplemental

-

0.0

0.7

0.1

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
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

Baker Tilly TFW LLP

Baker Tilly TFWLCL

Baker Tilly TFWLCL

Baker Tilly International

Baker Tilly International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

-30.7

17.7

16.9

-2.5

3.4

    Depreciation

17.7

16.9

14.3

12.2

11.0

    Net fair value loss on derivative financ

-0.1

0.1

0.0

-

-

    Amortisation of Lease Payments

0.4

0.6

0.3

0.2

0.2

    Disposal of Fixed Assets

0.0

-0.1

0.0

0.0

0.0

    Write down of inventories

3.4

0.2

0.0

-

-

    Interest Expense

18.9

11.1

11.3

16.5

13.4

    Interest income

-1.1

-0.8

-1.0

-1.5

-0.5

    Negative goodwill

-

0.0

-4.3

0.0

-

    Net fair value loss on derivatives

-

-

0.0

-

-

    Inventories

-14.1

-25.9

0.4

-1.0

-6.7

    Trade and Bills Receivables

-78.4

-37.2

-1.1

-18.1

12.2

    Receivable from related party

-

-

0.0

-

-

    Pledged Bank Deposits

2.3

9.0

-10.3

-1.3

-14.5

    Trade and Other Payables

-2.8

-20.1

15.9

1.2

29.0

    Advances to Related Party

-

0.0

-3.1

-2.3

-6.5

    Income tax paid

-3.6

-1.9

0.0

-

-

    Amotisation of Intangible Assets

-

-

-

0.0

0.0

    Inventory Written Down

-

-

0.0

1.0

-0.5

    Non-Cash Transaction of Servie Exc.

-

-

-

-

0.0

Cash from Operating Activities

-88.0

-30.4

39.2

4.4

40.5

 

 

 

 

 

 

    Deposits Paid for Lease Prepayment

-

-

-

0.0

-0.1

    Payments for Lease Prepayment

0.0

-12.5

-3.4

0.0

0.0

    Capital Expenditure

-55.0

-33.9

-14.0

-0.9

-3.5

    Increase of fixed deposits with original

2.8

-2.7

0.0

-

-

    Proceeds from disposal of property, plan

0.0

0.1

0.0

-

-

    Net cash outflow on acquisition of

-

0.0

-3.2

0.0

-

    Interest Received

1.1

0.8

1.0

1.5

0.5

    Proceeds from issuance of shares to non-

-

-

0.0

-

-

    Purchase of shares from non-controlling

0.0

-5.9

0.0

-

-

Cash from Investing Activities

-51.1

-54.2

-19.6

0.6

-3.1

 

 

 

 

 

 

    Proceeds from New Bank Loans

-

-

-

293.9

274.4

    Proceeds from borrowings

597.4

311.5

-

-

-

    Repayment of Bank Loans

-445.5

-238.6

-7.3

-323.9

-266.9

    Proceeds from issuance of shares to non-

13.9

25.9

0.0

-

-

    Proceeds From Issuance of Bills Payable

-

-

-

-

10.0

    Interest paid

-21.6

-13.6

-11.1

-16.2

-13.1

    Dividend Paid

0.0

-2.2

0.0

0.0

0.0

Cash from Financing Activities

144.3

83.0

-18.4

-46.3

4.4

 

 

 

 

 

 

Net Change in Cash

5.2

-1.6

1.2

-41.2

41.7

 

 

 

 

 

 

Cash - Beginning Balance

7.5

8.8

7.5

48.6

2.7

Cash - Ending Balance

12.7

7.1

8.7

7.4

44.4

    Cash Interest Paid

21.6

13.6

11.1

16.2

13.1

    Cash Taxes Paid

3.6

1.9

0.0

-

-

 

 

 

 

Financial Health

Financials in: USD (mil)

 

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

 

 

 

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

115.7

5.98%

453.0

-8.29%

5.83%

9.10%

Operating Income1

-4.3

-

-30.7

-

-

-

Income Available to Common Excl Extraord Items1

-8.9

-

-26.2

-

-

-

Basic EPS Excl Extraord Items1

-0.12

-

-0.36

-

-

-

Capital Expenditures2

4.6

-84.81%

55.0

13.16%

289.66%

53.90%

Cash from Operating Activities2

-2.6

-

-88.0

-

-

-

Free Cash Flow

-7.2

-

-146.8

-

-

-

Total Assets3

687.9

25.45%

614.9

26.70%

23.67%

15.09%

Total Liabilities3

652.8

36.78%

570.9

37.75%

27.33%

17.53%

Total Long Term Debt3

55.5

16.67%

46.1

-3.33%

48.81%

18.33%

Total Common Shares Outstanding3

73.4

0.00%

73.4

0.00%

0.00%

0.00%

1-ExchangeRate: CNY to USD Average for Period

6.309123

 

6.464380

 

 

 

2-ExchangeRate: CNY to USD Average for Period

6.309123

 

6.464380

 

 

 

3-ExchangeRate: CNY to USD Period End Date

6.303024

 

6.294000

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

1.54%

9.70%

12.25%

7.00%

6.54%

Operating Margin

-6.77%

3.75%

4.83%

-0.70%

5.17%

Pretax Margin

-6.77%

3.75%

4.83%

-0.70%

1.02%

Net Profit Margin

-5.78%

2.43%

3.26%

-0.50%

0.14%

Financial Strength

Current Ratio

0.82

0.91

0.78

0.90

0.99

Long Term Debt/Equity

1.05

0.67

0.13

0.29

0.96

Total Debt/Equity

9.21

3.52

2.81

3.45

3.97

Management Effectiveness

Return on Assets

-6.19%

2.97%

4.26%

-0.32%

-0.99%

Return on Equity

-46.82%

18.74%

22.54%

-3.94%

1.13%

Efficiency

Receivables Turnover

2.11

3.21

2.82

3.22

3.48

Inventory Turnover

5.99

8.02

7.64

8.34

9.59

Asset Turnover

0.85

1.16

1.06

1.15

1.22

Market Valuation USD (mil)

Enterprise Value2

90.5

.

Price/Sales (TTM)

0.03

Enterprise Value/Revenue (TTM)

0.95

.

Price/Book (MRQ)

0.53

Enterprise Value/EBITDA (TTM)

82.29

.

Market Cap1

 

1-ExchangeRate: CNY to USD on 23-May-2012

 

 

 

 

2-ExchangeRate: CNY to USD on 31-Mar-2012

6.303024

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

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

 



 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Financial Strength

Current Ratio

0.82

0.91

0.78

0.90

0.99

Quick/Acid Test Ratio

0.56

0.56

0.45

0.53

0.64

Working Capital1

-89.2

-28.6

-63.9

-25.5

-2.7

Long Term Debt/Equity

1.05

0.67

0.13

0.29

0.96

Total Debt/Equity

9.21

3.52

2.81

3.45

3.97

Long Term Debt/Total Capital

0.10

0.15

0.03

0.06

0.19

Total Debt/Total Capital

0.90

0.78

0.74

0.78

0.80

Payout Ratio

0.00%

0.00%

18.92%

0.00%

0.00%

Effective Tax Rate

-

31.47%

16.57%

-

179.31%

Total Capital1

449.4

305.8

213.7

199.2

216.3

 

 

 

 

 

 

Efficiency

Asset Turnover

0.85

1.16

1.06

1.15

1.22

Inventory Turnover

5.99

8.02

7.64

8.34

9.59

Days In Inventory

60.91

45.50

47.80

43.77

38.05

Receivables Turnover

2.11

3.21

2.82

3.22

3.48

Days Receivables Outstanding

172.62

113.88

129.23

113.53

104.86

 

 

 

 

 

 

Profitability

Gross Margin

1.54%

9.70%

12.25%

7.00%

6.54%

Operating Margin

-6.77%

3.75%

4.83%

-0.70%

5.17%

EBITDA Margin

-2.77%

7.45%

9.02%

2.79%

8.51%

EBIT Margin

-6.77%

3.75%

4.83%

-0.70%

5.17%

Pretax Margin

-6.77%

3.75%

4.83%

-0.70%

1.02%

Net Profit Margin

-5.78%

2.43%

3.26%

-0.50%

0.14%

COGS/Revenue

98.46%

90.30%

87.75%

93.00%

93.46%

SG&A Expense/Revenue

6.37%

4.58%

6.08%

4.75%

2.99%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

-6.19%

2.97%

4.26%

-0.32%

-0.99%

Return on Equity

-46.82%

18.74%

22.54%

-3.94%

1.13%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-2.00

-1.07

0.30

0.05

0.52

Operating Cash Flow/Share 2

-1.23

-0.43

0.53

0.06

0.57

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)

-0.38

Market Cap/Equity (MRQ)

0.39

Market Cap/Revenue (TTM)

0.03

Market Cap/EBIT (TTM)

-0.64

Market Cap/EBITDA (TTM)

-8.84

Enterprise Value/Earnings (TTM)

-12.42

Enterprise Value/Equity (MRQ)

12.77

Enterprise Value/Revenue (TTM)

0.95

Enterprise Value/EBIT (TTM)

-20.62

Enterprise Value/EBITDA (TTM)

-286.54

 

 

 

 

 

Annual Income Statement

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

Baker Tilly TFW LLP

Baker Tilly TFWLCL

Baker Tilly TFWLCL

Baker Tilly International

Baker Tilly International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

453.0

471.7

348.9

355.4

334.7

Revenue

453.0

471.7

348.9

355.4

334.7

Total Revenue

453.0

471.7

348.9

355.4

334.7

 

 

 

 

 

 

    Cost of Revenue

446.0

426.0

306.2

330.6

312.8

Cost of Revenue, Total

446.0

426.0

306.2

330.6

312.8

Gross Profit

7.0

45.8

42.7

24.9

21.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

28.8

21.6

21.2

16.9

10.0

Total Selling/General/Administrative Expenses

28.8

21.6

21.2

16.9

10.0

        Interest Expense - Operating

23.9

16.7

12.8

17.6

-

        Interest Capitalized - Operating

-2.6

-2.5

0.0

-

-

    Interest Expense - Net Operating

21.3

14.2

12.8

17.6

-

        Interest Income - Operating

-1.1

-0.8

-1.0

-1.5

-0.5

        Investment Income - Operating

-2.5

-0.9

0.0

-1.6

-2.0

    Interest/Investment Income - Operating

-3.6

-1.7

-1.0

-3.1

-2.5

Interest Expense (Income) - Net Operating Total

17.7

12.5

11.8

14.5

-2.5

    Other Unusual Expense (Income)

-

0.0

-4.3

0.0

-

Unusual Expense (Income)

-

0.0

-4.3

0.0

-

    Other Operating Expense

5.5

5.4

4.1

3.1

1.1

    Other, Net

-14.4

-11.5

-6.9

-7.1

-4.0

Other Operating Expenses, Total

-8.9

-6.1

-2.8

-4.0

-2.9

Total Operating Expense

483.7

454.0

332.1

357.9

317.4

 

 

 

 

 

 

Operating Income

-30.7

17.7

16.9

-2.5

17.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-

-

-

-13.9

    Interest Expense, Net Non-Operating

-

-

-

-

-13.9

        Investment Income - Non-Operating

-

-

-

-

0.0

    Interest/Investment Income - Non-Operating

-

-

-

-

0.0

Interest Income (Expense) - Net Non-Operating Total

-

-

-

-

-13.9

Income Before Tax

-30.7

17.7

16.9

-2.5

3.4

 

 

 

 

 

 

Total Income Tax

2.5

5.6

2.8

-1.5

6.1

Income After Tax

-33.2

12.1

14.1

-1.0

-2.7

 

 

 

 

 

 

    Minority Interest

7.0

-0.6

-2.7

-0.8

3.2

Net Income Before Extraord Items

-26.2

11.5

11.4

-1.8

0.5

Net Income

-26.2

11.5

11.4

-1.8

0.5

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-26.2

11.5

11.4

-1.8

0.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-26.2

11.5

11.4

-1.8

0.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

73.4

73.4

73.4

73.4

73.4

Basic EPS Excl Extraord Items

-0.36

0.16

0.15

-0.02

0.01

Basic/Primary EPS Incl Extraord Items

-0.36

0.16

0.15

-0.02

0.01

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-26.2

11.5

11.4

-1.8

0.5

Diluted Weighted Average Shares

73.4

73.4

73.4

73.4

73.4

Diluted EPS Excl Extraord Items

-0.36

0.16

0.15

-0.02

0.01

Diluted EPS Incl Extraord Items

-0.36

0.16

0.15

-0.02

0.01

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.03

0.00

0.00

Dividends per Share - Common Stock Issue 2

0.00

0.00

0.01

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

2.1

0.0

0.0

Interest Expense, Supplemental

18.9

11.1

11.3

16.5

13.9

Interest Capitalized, Supplemental

-2.6

-2.5

0.0

-

-

Depreciation, Supplemental

17.7

16.9

14.3

12.2

11.0

Total Special Items

0.0

-0.1

-4.3

0.0

0.0

Normalized Income Before Tax

-30.7

17.6

12.6

-2.4

3.4

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

-0.7

0.0

0.0

Inc Tax Ex Impact of Sp Items

2.5

5.5

2.1

-1.5

6.1

Normalized Income After Tax

-33.2

12.1

10.5

-1.0

-2.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-26.2

11.4

7.8

-1.7

0.5

 

 

 

 

 

 

Basic Normalized EPS

-0.36

0.16

0.11

-0.02

0.01

Diluted Normalized EPS

-0.36

0.16

0.11

-0.02

0.01

Amort of Intangibles, Supplemental

0.4

0.6

0.3

0.2

0.2

Rental Expenses

0.0

1.3

1.9

3.7

3.4

Normalized EBIT

-13.0

30.2

24.4

12.1

14.8

Normalized EBITDA

5.2

47.7

38.9

24.4

26.0

    Current Tax - Domestic

0.0

3.8

1.2

0.0

-

Current Tax - Total

0.0

3.8

1.2

0.0

-

    Deferred Tax - Domestic

2.5

1.2

1.6

-1.5

6.1

Deferred Tax - Total

2.5

1.2

1.6

-1.5

6.1

    Other Tax

0.0

0.6

0.0

-

-

Income Tax - Total

2.5

5.6

2.8

-1.5

6.1

Defined Contribution Expense - Domestic

1.5

1.2

0.8

0.7

0.7

Total Pension Expense

1.5

1.2

0.8

0.7

0.7

 

 

 

 

Interim Income Statement

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Reclassified Normal
31-Mar-2012

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.309123

6.359548

6.417282

6.501206

6.583076

 

 

 

 

 

 

    Net Sales

115.7

120.3

108.4

119.8

104.6

Revenue

115.7

120.3

108.4

119.8

104.6

Total Revenue

115.7

120.3

108.4

119.8

104.6

 

 

 

 

 

 

    Cost of Revenue

115.2

124.5

109.6

114.1

98.2

Cost of Revenue, Total

115.2

124.5

109.6

114.1

98.2

Gross Profit

0.5

-4.3

-1.2

5.7

6.5

 

 

 

 

 

 

    Selling/General/Administrative Expense

6.5

12.2

5.6

5.5

5.6

Total Selling/General/Administrative Expenses

6.5

12.2

5.6

5.5

5.6

        Interest Income - Operating

-0.3

-0.3

-0.2

-0.3

-0.3

        Investment Income - Operating

0.0

-0.9

-1.0

-0.4

-0.2

    Interest/Investment Income - Operating

-0.3

-1.1

-1.2

-0.7

-0.5

Interest Expense (Income) - Net Operating Total

-0.3

-1.1

-1.2

-0.7

-0.5

    Other Operating Expense

2.0

1.6

1.2

1.8

1.3

    Other, Net

-3.4

-2.9

-3.4

-4.4

-4.1

Other Operating Expenses, Total

-1.4

-1.3

-2.2

-2.5

-2.8

Total Operating Expense

120.0

134.3

111.8

116.4

100.5

 

 

 

 

 

 

Operating Income

-4.3

-14.0

-3.3

3.4

4.1

 

 

 

 

 

 

    Interest Income (Expense) - Net Non-Operating

-7.8

-5.0

-5.5

-6.2

-4.5

Interest Income (Expense) - Net Non-Operating Total

-7.8

-5.0

-5.5

-6.2

-4.5

Income Before Tax

-12.2

-19.0

-8.8

-2.8

-0.4

 

 

 

 

 

 

Total Income Tax

0.0

2.7

-0.1

-0.3

0.2

Income After Tax

-12.2

-21.7

-8.8

-2.5

-0.6

 

 

 

 

 

 

    Minority Interest

3.3

3.8

1.7

0.6

0.8

Net Income Before Extraord Items

-8.9

-17.9

-7.0

-1.9

0.2

Net Income

-8.9

-17.9

-7.0

-1.9

0.2

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-8.9

-17.9

-7.0

-1.9

0.2

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-8.9

-17.9

-7.0

-1.9

0.2

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

73.4

73.4

73.4

73.4

73.4

Basic EPS Excl Extraord Items

-0.12

-0.24

-0.10

-0.03

0.00

Basic/Primary EPS Incl Extraord Items

-0.12

-0.24

-0.10

-0.03

0.00

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

-8.9

-17.9

-7.0

-1.9

0.2

Diluted Weighted Average Shares

73.4

73.4

73.4

73.4

73.4

Diluted EPS Excl Extraord Items

-0.12

-0.24

-0.10

-0.03

0.00

Diluted EPS Incl Extraord Items

-0.12

-0.24

-0.10

-0.03

0.00

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Dividends per Share - Common Stock Issue 2

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

6.5

5.7

5.5

4.7

3.1

Depreciation, Supplemental

5.8

4.5

4.4

4.4

4.5

Normalized Income Before Tax

-12.2

-19.0

-8.8

-2.8

-0.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

2.7

-0.1

-0.3

0.2

Normalized Income After Tax

-12.2

-21.7

-8.8

-2.5

-0.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-8.9

-17.9

-7.0

-1.9

0.2

 

 

 

 

 

 

Basic Normalized EPS

-0.12

-0.24

-0.10

-0.03

0.00

Diluted Normalized EPS

-0.12

-0.24

-0.10

-0.03

0.00

Amort of Intangibles, Supplemental

0.2

0.2

0.2

0.2

0.2

Rental Expenses

0.2

0.0

0.2

0.2

0.2

Normalized EBIT

-4.6

-15.1

-4.5

2.7

3.6

Normalized EBITDA

1.4

-10.5

0.1

7.3

8.2

 

 

 

 

Annual Balance Sheet

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.294

6.5897

6.827

6.823

7.3041

Auditor

Baker Tilly TFW LLP

Baker Tilly TFWLCL

Baker Tilly TFWLCL

Baker Tilly International

Baker Tilly International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

13.0

7.3

8.7

7.5

46.2

    Short Term Investments

0.1

2.8

0.0

0.0

-

Cash and Short Term Investments

13.1

10.2

8.7

7.5

46.2

        Accounts Receivable - Trade, Gross

134.1

118.2

94.8

89.6

63.7

        Provision for Doubtful Accounts

-4.7

-4.5

-5.4

-3.5

-2.2

    Trade Accounts Receivable - Net

129.4

113.7

89.4

86.2

61.5

    Other Receivables

130.9

58.0

36.7

35.0

35.7

Total Receivables, Net

260.3

171.7

126.1

121.2

97.2

    Inventories - Finished Goods

38.9

33.8

10.7

19.2

12.4

    Inventories - Work In Progress

16.7

9.7

11.7

8.2

16.5

    Inventories - Raw Materials

26.4

24.3

17.5

13.0

8.8

Total Inventory

82.0

67.8

39.9

40.4

37.7

Prepaid Expenses

-

-

2.7

3.7

0.0

    Restricted Cash - Current

48.0

48.1

55.3

45.0

40.8

Other Current Assets, Total

48.0

48.1

55.3

45.0

40.8

Total Current Assets

403.4

297.7

232.8

217.7

221.9

 

 

 

 

 

 

        Buildings

48.2

33.6

32.4

21.5

20.1

        Machinery/Equipment

228.9

169.3

156.7

118.4

108.8

        Construction in Progress

21.6

32.7

2.4

0.1

1.3

    Property/Plant/Equipment - Gross

298.8

235.7

191.5

140.1

130.2

    Accumulated Depreciation

-120.4

-104.4

-84.1

-69.8

-53.6

Property/Plant/Equipment - Net

178.3

131.2

107.4

70.3

76.6

    Intangibles - Gross

35.4

33.8

20.3

8.6

0.0

    Accumulated Intangible Amortization

-2.3

-1.8

-1.2

-0.9

0.0

Intangibles, Net

33.2

32.0

19.1

7.7

7.3

    Deferred Income Tax - Long Term Asset

0.0

2.5

2.6

4.2

2.5

Other Long Term Assets, Total

0.0

2.5

2.6

4.2

2.5

Total Assets

614.9

463.5

361.9

299.9

308.4

 

 

 

 

 

 

Accounts Payable

119.6

124.9

118.6

88.0

82.9

Accrued Expenses

2.2

1.8

1.4

4.0

1.8

Notes Payable/Short Term Debt

0.0

0.0

12.9

12.9

10.4

Current Portion - Long Term Debt/Capital Leases

359.3

192.6

137.4

128.6

120.5

    Customer Advances

4.9

1.8

2.6

3.9

0.9

    Income Taxes Payable

0.2

3.7

1.1

0.0

0.0

    Other Payables

6.3

1.4

22.8

5.8

8.1

    Other Current Liabilities

0.0

0.1

0.0

-

-

Other Current liabilities, Total

11.5

6.9

26.4

9.7

9.0

Total Current Liabilities

492.6

326.3

296.7

243.2

224.6

 

 

 

 

 

 

    Long Term Debt

46.1

45.5

7.3

12.9

41.9

Total Long Term Debt

46.1

45.5

7.3

12.9

41.9

Total Debt

405.4

238.1

157.6

154.4

172.8

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

1.1

1.1

0.0

-

-

Deferred Income Tax

1.1

1.1

0.0

-

-

Minority Interest

31.1

22.9

1.7

-1.0

-1.7

Total Liabilities

570.9

395.8

305.7

255.1

264.9

 

 

 

 

 

 

    Common Stock

11.7

11.1

10.8

10.8

10.0

Common Stock

11.7

11.1

10.8

10.8

10.0

Additional Paid-In Capital

16.8

16.1

15.5

15.5

14.5

Retained Earnings (Accumulated Deficit)

15.5

40.5

29.8

18.5

19.0

Total Equity

44.0

67.7

56.1

44.8

43.5

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

614.9

463.5

361.9

299.9

308.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

55.0

55.0

55.0

55.0

55.0

    Shares Outstanding - Common Stock Issue 2

18.4

18.4

18.4

18.4

18.4

Total Common Shares Outstanding

73.4

73.4

73.4

73.4

73.4

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Treasury Shares - Common Issue 2

0.0

0.0

0.0

0.0

0.0

Number of Common Shareholders

716

760

781

817

840

Accumulated Intangible Amort, Suppl.

0.4

1.8

1.2

0.9

0.0

Deferred Revenue - Current

4.9

1.8

2.6

3.9

0.9

Total Long Term Debt, Supplemental

405.4

238.1

162.9

154.4

172.8

Long Term Debt Maturing within 1 Year

359.3

192.6

154.4

141.5

130.9

Long Term Debt Maturing in Year 2

-

-

2.1

-

32.3

Long Term Debt Maturing in Year 3

-

-

2.1

-

3.2

Long Term Debt Maturing in Year 4

-

-

2.1

-

3.2

Long Term Debt Maturing in Year 5

-

-

2.1

-

3.2

Long Term Debt Maturing in 2-3 Years

-

-

4.2

-

35.5

Long Term Debt Maturing in 4-5 Years

-

-

4.2

-

6.4

Long Term Debt Matur. in Year 6 & Beyond

46.1

45.5

0.0

12.9

0.0

Total Operating Leases, Supplemental

-

0.0

0.7

0.1

0.3

Operating Lease Payments Due in Year 1

-

0.0

0.1

0.1

0.1

Operating Lease Payments Due in Year 2

-

0.0

0.1

0.0

0.0

Operating Lease Payments Due in Year 3

-

0.0

0.1

0.0

0.0

Operating Lease Payments Due in Year 4

-

0.0

0.1

0.0

0.0

Operating Lease Payments Due in Year 5

-

0.0

0.1

0.0

0.0

Operating Lease Pymts. Due in 2-3 Years

-

0.0

0.3

0.0

0.1

Operating Lease Pymts. Due in 4-5 Years

-

0.0

0.3

0.0

0.1

Oper. Lse. Pymts. Due in Year 6 & Beyond

-

0.0

0.0

0.0

0.0

 

 

 

 

Interim Balance Sheet

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.303024

6.294

6.3859

6.464

6.5485

 

 

 

 

 

 

    Cash & Equivalents

11.3

13.0

34.4

28.7

22.7

    Short Term Investments

-

0.1

-

-

-

Cash and Short Term Investments

11.3

13.1

34.4

28.7

22.7

    Trade Accounts Receivable - Net

253.6

260.3

222.3

216.9

203.6

Total Receivables, Net

253.6

260.3

222.3

216.9

203.6

Total Inventory

122.1

82.0

107.9

79.9

77.1

    Restricted Cash - Current

91.2

48.0

87.5

58.9

52.0

Other Current Assets, Total

91.2

48.0

87.5

58.9

52.0

Total Current Assets

478.2

403.4

452.2

384.5

355.4

 

 

 

 

 

 

Property/Plant/Equipment - Net

176.8

178.3

154.2

144.8

136.3

Intangibles, Net

32.9

33.2

34.5

34.0

33.5

    Deferred Income Tax - Long Term Asset

-

0.0

2.7

2.7

2.6

Other Long Term Assets, Total

-

0.0

2.7

2.7

2.6

Total Assets

687.9

614.9

643.6

565.9

527.8

 

 

 

 

 

 

Accounts Payable

206.8

133.1

168.0

120.0

127.2

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

361.4

359.3

316.2

279.8

245.3

    Income Taxes Payable

0.2

0.2

0.0

0.0

4.0

    Other Current Liabilities

0.0

0.0

0.0

0.0

0.1

Other Current liabilities, Total

0.2

0.2

0.0

0.0

4.1

Total Current Liabilities

568.5

492.6

484.2

399.8

376.6

 

 

 

 

 

 

    Long Term Debt

55.5

46.1

62.6

61.9

45.8

Total Long Term Debt

55.5

46.1

62.6

61.9

45.8

Total Debt

416.9

405.4

378.8

341.6

291.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

1.1

1.1

1.1

1.1

1.1

Deferred Income Tax

1.1

1.1

1.1

1.1

1.1

Minority Interest

27.8

31.1

34.5

35.8

35.9

Total Liabilities

652.8

570.9

582.4

498.5

459.4

 

 

 

 

 

 

    Common Stock

28.5

11.7

11.5

11.4

11.2

Common Stock

28.5

11.7

11.5

11.4

11.2

Additional Paid-In Capital

-

16.8

16.6

16.4

16.2

Retained Earnings (Accumulated Deficit)

6.6

15.5

33.1

39.6

41.0

Total Equity

35.0

44.0

61.1

67.4

68.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

687.9

614.9

643.6

565.9

527.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

55.0

55.0

55.0

55.0

55.0

    Shares Outstanding - Common Stock Issue 2

18.4

18.4

18.4

18.4

18.4

Total Common Shares Outstanding

73.4

73.4

73.4

73.4

73.4

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Treasury Shares - Common Issue 2

0.0

0.0

0.0

0.0

0.0

Total Long Term Debt, Supplemental

416.9

405.4

378.8

341.6

291.1

Long Term Debt Maturing within 1 Year

361.4

359.3

316.2

279.8

245.3

Long Term Debt Matur. in Year 6 & Beyond

55.5

46.1

62.6

61.9

45.8

 

 

 

 

Annual Cash Flows

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

Baker Tilly TFW LLP

Baker Tilly TFWLCL

Baker Tilly TFWLCL

Baker Tilly International

Baker Tilly International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-30.7

17.7

16.9

-2.5

3.4

    Depreciation

17.7

16.9

14.3

12.2

11.0

Depreciation/Depletion

17.7

16.9

14.3

12.2

11.0

    Amortization of Intangibles

0.4

0.6

0.3

0.2

0.2

Amortization

0.4

0.6

0.3

0.2

0.2

    Unusual Items

0.0

-0.1

-4.3

0.0

0.0

    Other Non-Cash Items

21.2

10.6

10.2

16.0

12.4

Non-Cash Items

21.2

10.6

5.9

16.0

12.5

    Accounts Receivable

-78.4

-37.2

-4.2

-20.4

5.7

    Inventories

-14.1

-25.9

0.4

-1.0

-6.7

    Other Assets

2.3

9.0

-10.3

-1.3

-14.5

    Accounts Payable

-2.8

-20.1

15.9

1.2

29.0

    Other Operating Cash Flow

-3.6

-1.9

0.0

-

-

Changes in Working Capital

-96.7

-76.1

1.8

-21.5

13.4

Cash from Operating Activities

-88.0

-30.4

39.2

4.4

40.5

 

 

 

 

 

 

    Purchase of Fixed Assets

-55.0

-33.9

-14.0

-0.9

-3.5

    Purchase/Acquisition of Intangibles

0.0

-12.5

-3.4

0.0

0.0

Capital Expenditures

-55.0

-46.4

-17.4

-0.9

-3.5

    Acquisition of Business

-

0.0

-3.2

0.0

-

    Sale of Fixed Assets

0.0

0.1

0.0

-

-

    Sale/Maturity of Investment

-

-

0.0

-

-

    Purchase of Investments

0.0

-5.9

0.0

-

-

    Other Investing Cash Flow

3.9

-2.0

1.0

1.5

0.4

Other Investing Cash Flow Items, Total

3.9

-7.8

-2.2

1.5

0.4

Cash from Investing Activities

-51.1

-54.2

-19.6

0.6

-3.1

 

 

 

 

 

 

    Other Financing Cash Flow

-21.6

-13.6

-11.1

-16.2

-13.1

Financing Cash Flow Items

-21.6

-13.6

-11.1

-16.2

-13.1

    Cash Dividends Paid - Common

0.0

-2.2

0.0

0.0

0.0

Total Cash Dividends Paid

0.0

-2.2

0.0

0.0

0.0

        Sale/Issuance of Common

13.9

25.9

0.0

-

-

    Common Stock, Net

13.9

25.9

0.0

-

-

Issuance (Retirement) of Stock, Net

13.9

25.9

0.0

-

-

        Short Term Debt Issued

-

-

-

-

10.0

    Short Term Debt, Net

-

-

-

-

10.0

        Long Term Debt Issued

597.4

311.5

-

293.9

274.4

        Long Term Debt Reduction

-445.5

-238.6

-7.3

-323.9

-266.9

    Long Term Debt, Net

151.9

72.9

-7.3

-30.0

7.5

Issuance (Retirement) of Debt, Net

151.9

72.9

-7.3

-30.0

17.5

Cash from Financing Activities

144.3

83.0

-18.4

-46.3

4.4

 

 

 

 

 

 

Net Change in Cash

5.2

-1.6

1.2

-41.2

41.7

 

 

 

 

 

 

Net Cash - Beginning Balance

7.5

8.8

7.5

48.6

2.7

Net Cash - Ending Balance

12.7

7.1

8.7

7.4

44.4

Cash Interest Paid

21.6

13.6

11.1

16.2

13.1

Cash Taxes Paid

3.6

1.9

0.0

-

-

 

 

 

 

Interim Cash Flows

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.309123

6.46438

6.500043

6.541904

6.583076

 

 

 

 

 

 

Net Income/Starting Line

-12.2

-30.7

-11.9

-3.2

-0.4

    Depreciation

5.8

17.7

13.3

8.9

4.5

Depreciation/Depletion

5.8

17.7

13.3

8.9

4.5

    Amortization of Intangibles

0.2

0.4

0.5

0.3

0.2

Amortization

0.2

0.4

0.5

0.3

0.2

    Unusual Items

-

0.0

-

-

-

    Other Non-Cash Items

5.2

21.2

13.8

9.3

3.8

Non-Cash Items

5.2

21.2

13.8

9.3

3.8

    Accounts Receivable

6.3

-78.4

-2.4

-18.8

-7.2

    Inventories

-38.7

-14.1

-37.4

-10.7

-8.8

    Other Assets

-43.1

2.3

-65.9

-17.8

-5.5

    Accounts Payable

73.8

-2.8

32.6

-13.2

-3.7

    Other Operating Cash Flow

0.0

-3.6

-3.7

-3.7

0.0

Changes in Working Capital

-1.7

-96.7

-76.7

-64.2

-25.3

Cash from Operating Activities

-2.6

-88.0

-61.1

-48.9

-17.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-4.6

-55.0

-42.1

-31.5

-27.3

    Purchase/Acquisition of Intangibles

0.0

0.0

-1.9

-1.6

-1.4

Capital Expenditures

-4.6

-55.0

-44.0

-33.1

-28.8

    Sale of Fixed Assets

-

0.0

-

-

-

    Purchase of Investments

-

0.0

-

-

-

    Other Investing Cash Flow

0.3

3.9

0.8

0.6

0.3

Other Investing Cash Flow Items, Total

0.3

3.9

0.8

0.6

0.3

Cash from Investing Activities

-4.3

-51.1

-43.2

-32.5

-28.4

 

 

 

 

 

 

    Other Financing Cash Flow

-7.0

-21.6

-13.9

-9.1

-3.9

Financing Cash Flow Items

-7.0

-21.6

-13.9

-9.1

-3.9

    Cash Dividends Paid - Common

-

0.0

0.0

0.0

-

Total Cash Dividends Paid

-

0.0

0.0

0.0

-

        Sale/Issuance of Common

0.0

13.9

13.8

13.8

13.7

    Common Stock, Net

0.0

13.9

13.8

13.8

13.7

Issuance (Retirement) of Stock, Net

0.0

13.9

13.8

13.8

13.7

        Long Term Debt Issued

202.0

597.4

421.8

281.2

130.1

        Long Term Debt Reduction

-189.9

-445.5

-291.1

-183.5

-78.9

    Long Term Debt, Net

12.1

151.9

130.7

97.7

51.1

Issuance (Retirement) of Debt, Net

12.1

151.9

130.7

97.7

51.1

Cash from Financing Activities

5.2

144.3

130.6

102.4

60.9

 

 

 

 

 

 

Net Change in Cash

-1.8

5.2

26.4

21.0

15.2

 

 

 

 

 

 

Net Cash - Beginning Balance

13.0

7.5

7.4

7.4

7.3

Net Cash - Ending Balance

11.2

12.7

33.8

28.4

22.6

Cash Interest Paid

7.0

21.6

13.9

9.1

3.9

Cash Taxes Paid

0.0

3.6

3.7

3.7

0.0

 

 

 

 

Annual Income Statement

As Reported

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-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

Baker Tilly TFW LLP

Baker Tilly TFWLCL

Baker Tilly TFWLCL

Baker Tilly International

Baker Tilly International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Revenue

453.0

471.7

348.9

355.4

334.7

Total Revenue

453.0

471.7

348.9

355.4

334.7

 

 

 

 

 

 

    Cost of Sales

446.0

426.0

306.2

330.6

312.8

    Sales of Scrap Materials

-9.5

-7.1

-3.5

-4.4

-2.4

    Interest Income

-1.1

-0.8

-1.0

-1.5

-0.5

    Currency Exchange Gain

-2.4

-1.0

0.0

-1.6

-2.0

    Other Operating Income

-4.9

-4.4

-3.4

-2.7

-1.6

    Distribution Expenses

13.5

13.4

9.9

9.6

5.4

    Administrative Expenses

15.3

8.3

11.3

7.3

4.6

    Other Operating Expenses

5.5

5.4

4.1

3.1

1.1

    Net fair value loss on derivative financ

-0.1

0.1

0.0

-

-

    Interest Expense

23.9

16.7

12.8

17.6

-

    Interest expense capitalised

-2.6

-2.5

0.0

-

-

    Negative goodwill

-

0.0

-4.3

0.0

-

Total Operating Expense

483.7

454.0

332.1

357.9

317.4

 

 

 

 

 

 

    Interest Expense

-

-

-

-

-13.9

    Currency Losses

-

-

-

-

0.0

Net Income Before Taxes

-30.7

17.7

16.9

-2.5

3.4

 

 

 

 

 

 

Provision for Income Taxes

2.5

5.6

2.8

-1.5

6.1

Net Income After Taxes

-33.2

12.1

14.1

-1.0

-2.7

 

 

 

 

 

 

    Minority Interest

7.0

-0.6

-2.7

-0.8

3.2

Net Income Before Extra. Items

-26.2

11.5

11.4

-1.8

0.5

Net Income

-26.2

11.5

11.4

-1.8

0.5

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-26.2

11.5

11.4

-1.8

0.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-26.2

11.5

11.4

-1.8

0.5

 

 

 

 

 

 

Basic Weighted Average Shares

73.4

73.4

73.4

73.4

73.4

Basic EPS Excluding ExtraOrdinary Items

-0.36

0.16

0.15

-0.02

0.01

Basic EPS Including ExtraOrdinary Items

-0.36

0.16

0.15

-0.02

0.01

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-26.2

11.5

11.4

-1.8

0.5

Diluted Weighted Average Shares

73.4

73.4

73.4

73.4

73.4

Diluted EPS Excluding ExtraOrd Items

-0.36

0.16

0.15

-0.02

0.01

Diluted EPS Including ExtraOrd Items

-0.36

0.16

0.15

-0.02

0.01

DPS-Domestic Shares

0.00

0.00

0.03

0.00

0.00

DPS-S Shares

0.00

0.00

0.01

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

2.1

0.0

0.0

Normalized Income Before Taxes

-30.7

17.6

12.6

-2.4

3.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

2.5

5.5

2.1

-1.5

6.1

Normalized Income After Taxes

-33.2

12.1

10.5

-1.0

-2.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-26.2

11.4

7.8

-1.7

0.5

 

 

 

 

 

 

Basic Normalized EPS

-0.36

0.16

0.11

-0.02

0.01

Diluted Normalized EPS

-0.36

0.16

0.11

-0.02

0.01

Amortisation of Intangibles

0.4

0.6

0.3

0.2

0.2

Depreciation

17.7

16.9

14.3

12.2

11.0

Rental Expense

0.0

1.3

1.9

3.7

3.4

Interest Expense

18.9

11.1

11.3

16.5

13.9

Interest Capitalsed

-2.6

-2.5

0.0

-

-

    Current Tax

0.0

3.8

1.2

0.0

-

Current Tax - Total

0.0

3.8

1.2

0.0

-

    Deferred Tax

2.5

1.2

1.6

-1.5

6.1

Deferred Tax - Total

2.5

1.2

1.6

-1.5

6.1

    Underprovision of income tax in previous

0.0

0.6

0.0

-

-

Income Tax - Total

2.5

5.6

2.8

-1.5

6.1

Defined Contribution Retirement Plan

1.5

1.2

0.8

0.7

0.7

Total Pension Expense

1.5

1.2

0.8

0.7

0.7

 

 

 

 

Interim Income Statement

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Reclassified Normal
31-Mar-2012

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.309123

6.359548

6.417282

6.501206

6.583076

 

 

 

 

 

 

    Revenue

115.7

120.3

108.4

119.8

104.6

Total Revenue

115.7

120.3

108.4

119.8

104.6

 

 

 

 

 

 

    Cost of sales

115.2

124.5

109.6

114.1

98.2

    Interest Income

-0.3

-0.3

-0.2

-0.3

-0.3

    Currency exchange gain

0.0

-0.9

-1.0

-0.4

-0.2

    Other Operating Income

-3.4

-2.9

-3.4

-4.4

-4.1

    Distribution and selling expenses

4.3

3.6

3.3

3.3

3.3

    Administrative Expenses

2.2

8.6

2.3

2.2

2.4

    Other operating expenses

2.0

1.6

1.2

1.8

1.3

Total Operating Expense

120.0

134.3

111.8

116.4

100.5

 

 

 

 

 

 

    Finance costs

-7.8

-5.0

-5.5

-6.2

-4.5

Net Income Before Taxes

-12.2

-19.0

-8.8

-2.8

-0.4

 

 

 

 

 

 

Provision for Income Taxes

0.0

2.7

-0.1

-0.3

0.2

Net Income After Taxes

-12.2

-21.7

-8.8

-2.5

-0.6

 

 

 

 

 

 

    Non-controlling interests

3.3

3.8

1.7

0.6

0.8

Net Income Before Extra. Items

-8.9

-17.9

-7.0

-1.9

0.2

Net Income

-8.9

-17.9

-7.0

-1.9

0.2

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-8.9

-17.9

-7.0

-1.9

0.2

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-8.9

-17.9

-7.0

-1.9

0.2

 

 

 

 

 

 

Basic Weighted Average Shares

73.4

73.4

73.4

73.4

73.4

Basic EPS Excluding ExtraOrdinary Items

-0.12

-0.24

-0.10

-0.03

0.00

Basic EPS Including ExtraOrdinary Items

-0.12

-0.24

-0.10

-0.03

0.00

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

-8.9

-17.9

-7.0

-1.9

0.2

Diluted Weighted Average Shares

73.4

73.4

73.4

73.4

73.4

Diluted EPS Excluding ExtraOrd Items

-0.12

-0.24

-0.10

-0.03

0.00

Diluted EPS Including ExtraOrd Items

-0.12

-0.24

-0.10

-0.03

0.00

DPS-Domestic Shares

0.00

0.00

0.00

0.00

0.00

DPS-S Shares

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

-12.2

-19.0

-8.8

-2.8

-0.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

2.7

-0.1

-0.3

0.2

Normalized Income After Taxes

-12.2

-21.7

-8.8

-2.5

-0.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-8.9

-17.9

-7.0

-1.9

0.2

 

 

 

 

 

 

Basic Normalized EPS

-0.12

-0.24

-0.10

-0.03

0.00

Diluted Normalized EPS

-0.12

-0.24

-0.10

-0.03

0.00

Amortisation of Intangibles

0.2

0.2

0.2

0.2

0.2

Depreciation

5.8

4.5

4.4

4.4

4.5

Rental Expense

0.2

0.0

0.2

0.2

0.2

Interest Expense

6.5

5.7

5.5

4.7

3.1

 

 

 

 

Annual Balance Sheet

As Reported

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

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.294

6.5897

6.827

6.823

7.3041

Auditor

Baker Tilly TFW LLP

Baker Tilly TFWLCL

Baker Tilly TFWLCL

Baker Tilly International

Baker Tilly International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

26.4

24.3

17.5

13.0

8.8

    Work-in-Progress

16.7

9.7

11.7

8.2

16.5

    Finished Goods

38.9

33.8

10.7

19.2

12.4

    Trade and Bills Receivables

134.1

118.2

94.8

89.6

63.7

    Provision for Doubtful Receivables

-4.7

-4.5

-5.4

-3.5

-2.2

    Bills Receivables

104.7

33.6

12.2

2.3

4.0

    Prepaid Expenses

-

-

2.7

3.7

0.0

    Other Receivables

2.8

1.9

5.5

1.1

1.1

    Advances to Suppliers

23.5

22.5

18.9

31.4

30.4

    Income Tax Recoverable

-

-

0.0

0.1

0.1

    Cash at Bank and in Hand

13.0

7.3

8.7

7.5

46.2

    Pledged Bank Deposits

48.0

48.1

55.3

45.0

40.8

    Short Term Bank Deposits

0.1

2.8

0.0

0.0

-

Total Current Assets

403.4

297.7

232.8

217.7

221.9

 

 

 

 

 

 

    Buildings

48.2

33.6

32.4

21.5

20.1

    Machinery & Equipment

226.0

167.4

155.2

117.3

107.8

    Motor Vehicles

1.0

0.8

0.6

0.6

0.6

    Other Equipment

1.9

1.2

0.8

0.5

0.4

    Asset Under Construction

21.6

32.7

2.4

0.1

1.3

    Depreciation

-120.4

-104.4

-84.1

-69.8

-53.6

    Lease Prepayment, Net

-

-

-

-

7.3

    Lease Prepayment

35.4

33.8

20.3

8.6

-

    Amortization of Lease Prepayment

-2.3

-1.8

-1.2

-0.9

-

    Intangible Asset

-

0.0

0.0

0.0

0.0

    Amortization of Intangibles

-

0.0

0.0

0.0

0.0

    Intangible Asset, Net

-

-

-

-

0.0

    Deferred Tax Asset

0.0

2.5

2.6

4.2

2.5

Total Assets

614.9

463.5

361.9

299.9

308.4

 

 

 

 

 

 

    Trade Payables

79.9

80.9

50.8

27.8

29.0

    Derivative financial liabilities

-

-

0.0

-

-

    Bills Payable

39.7

44.0

67.8

60.2

53.9

    Accrued Staff Costs

2.2

1.8

1.4

4.0

1.8

    Other Payables and Accruals

6.3

1.4

22.8

5.8

8.1

    Customer Advances

4.9

1.8

2.6

3.9

0.9

    Income Tax Payable

0.2

3.7

1.1

0.0

0.0

    Derivative financial instruments

0.0

0.1

0.0

-

-

    Bills Payable - Bank Borrowing

-

0.0

12.9

12.9

10.4

    Interest-Bearing Bank Loans

359.3

192.6

137.4

128.6

120.5

Total Current Liabilities

492.6

326.3

296.7

243.2

224.6

 

 

 

 

 

 

    Interest-Bearing Bank Loans

46.1

45.5

7.3

12.9

41.9

Total Long Term Debt

46.1

45.5

7.3

12.9

41.9

 

 

 

 

 

 

    Deferred tax liabilities

1.1

1.1

0.0

-

-

    Minority Interest

31.1

22.9

1.7

-1.0

-1.7

Total Liabilities

570.9

395.8

305.7

255.1

264.9

 

 

 

 

 

 

    Share Capital

11.7

11.1

10.8

10.8

10.0

    Share Premium

16.8

16.1

15.5

15.5

14.5

    Statutory Surplus Reserve

7.7

7.4

3.0

3.0

2.8

    Statutory Public Welfare Fund

-

-

3.0

3.0

2.8

    Discretionary Surplus Reserve

1.6

1.5

1.5

1.5

1.4

    Currency translation Reserve

0.0

0.0

-

-

-

    Accumulated Profits

6.2

31.6

22.4

11.1

12.0

Total Equity

44.0

67.7

56.1

44.8

43.5

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

614.9

463.5

361.9

299.9

308.4

 

 

 

 

 

 

    S/O-Domestic Shares

55.0

55.0

55.0

55.0

55.0

    S/O-S Shares

18.4

18.4

18.4

18.4

18.4

Total Common Shares Outstanding

73.4

73.4

73.4

73.4

73.4

T/S-Domestic Shares

0.0

0.0

0.0

0.0

0.0

T/S-S Shares

0.0

0.0

0.0

0.0

0.0

Amortization of Intangibles

0.4

1.8

1.2

0.9

0.0

Customer Advances

4.9

1.8

2.6

3.9

0.9

Shareholders

716

760

781

817

840

Long Term Debt Payable within 1 Year

359.3

192.6

154.4

141.5

130.9

Long Term Debt Payable within 2 Years

-

-

-

-

32.3

Long Term Debt Payable within 5 Years

-

-

8.5

-

9.6

Long Term Debt Payable after 1 Year

46.1

45.5

-

12.9

-

Total Long Term Debt, Supplemental

405.4

238.1

162.9

154.4

172.8

Operating Lease Maturing within 1 Year

-

0.0

0.1

0.1

0.1

Operating Lease Maturing within 5 Years

-

0.0

0.6

0.0

0.1

Total Operating Leases, Supplemental

-

0.0

0.7

0.1

0.3

 

 

 

 

Interim Balance Sheet

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.303024

6.294

6.3859

6.464

6.5485

 

 

 

 

 

 

    Cash & Equivalents

11.3

13.0

34.4

28.7

22.7

    Pledged bank deposits

91.2

48.0

87.5

58.9

52.0

    Fixed deposits

-

0.1

-

-

-

    Inventories

122.1

82.0

107.9

79.9

77.1

    Trade and bills receivable

253.6

260.3

222.3

216.9

203.6

Total Current Assets

478.2

403.4

452.2

384.5

355.4

 

 

 

 

 

 

    Property, Pland and Equipment

176.8

178.3

154.2

144.8

136.3

    Lease Prepayment

32.9

33.2

34.5

34.0

33.5

    Intangible Assets

-

-

-

-

0.0

    Deferred Tax Asset

-

0.0

2.7

2.7

2.6

Total Assets

687.9

614.9

643.6

565.9

527.8

 

 

 

 

 

 

    Trade Payables

206.8

133.1

168.0

120.0

127.2

    Interest-Bearing Bank Loans

361.4

359.3

316.2

279.8

245.3

    Derivative financial liabilities

0.0

0.0

0.0

0.0

0.1

    Income Tax Payable

0.2

0.2

0.0

0.0

4.0

Total Current Liabilities

568.5

492.6

484.2

399.8

376.6

 

 

 

 

 

 

    Interest-Bearing Bank Loans

55.5

46.1

62.6

61.9

45.8

Total Long Term Debt

55.5

46.1

62.6

61.9

45.8

 

 

 

 

 

 

    Minority Interest

27.8

31.1

34.5

35.8

35.9

    Deferred tax liabilities

1.1

1.1

1.1

1.1

1.1

Total Liabilities

652.8

570.9

582.4

498.5

459.4

 

 

 

 

 

 

    Share Capital

28.5

11.7

11.5

11.4

11.2

    Share Premium

-

16.8

16.6

16.4

16.2

    Statutory Surplus Reserve

-

7.7

4.5

4.4

4.3

    Statutory Public Welfare Fund

-

-

3.2

3.1

3.1

    Discretionary Surplus Reserve

-

1.6

1.6

1.6

1.5

    Retained Earnings

-2.8

6.2

23.9

30.5

32.0

    Currency translation reserve

-

0.0

-

-

-

    Reserves

9.3

-

-

-

-

Total Equity

35.0

44.0

61.1

67.4

68.4

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

687.9

614.9

643.6

565.9

527.8

 

 

 

 

 

 

    S/O-Domestic Shares

55.0

55.0

55.0

55.0

55.0

    S/O-S Shares

18.4

18.4

18.4

18.4

18.4

Total Common Shares Outstanding

73.4

73.4

73.4

73.4

73.4

T/S-Domestic Shares

0.0

0.0

0.0

0.0

0.0

T/S-S Shares

0.0

0.0

0.0

0.0

0.0

Long Term Debt Payable within 1 Year

361.4

359.3

316.2

279.8

245.3

Long Term Debt Payable after 1 Year

55.5

46.1

62.6

61.9

45.8

Total Long Term Debt, Supplemental

416.9

405.4

378.8

341.6

291.1

 

 

 

 

Annual Cash Flows

As Reported

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-2008

Updated Normal
31-Dec-2007

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

Baker Tilly TFW LLP

Baker Tilly TFWLCL

Baker Tilly TFWLCL

Baker Tilly International

Baker Tilly International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

-30.7

17.7

16.9

-2.5

3.4

    Depreciation

17.7

16.9

14.3

12.2

11.0

    Net fair value loss on derivative financ

-0.1

0.1

0.0

-

-

    Amortisation of Lease Payments

0.4

0.6

0.3

0.2

0.2

    Disposal of Fixed Assets

0.0

-0.1

0.0

0.0

0.0

    Write down of inventories

3.4

0.2

0.0

-

-

    Interest Expense

18.9

11.1

11.3

16.5

13.4

    Interest income

-1.1

-0.8

-1.0

-1.5

-0.5

    Negative goodwill

-

0.0

-4.3

0.0

-

    Net fair value loss on derivatives

-

-

0.0

-

-

    Inventories

-14.1

-25.9

0.4

-1.0

-6.7

    Trade and Bills Receivables

-78.4

-37.2

-1.1

-18.1

12.2

    Receivable from related party

-

-

0.0

-

-

    Pledged Bank Deposits

2.3

9.0

-10.3

-1.3

-14.5

    Trade and Other Payables

-2.8

-20.1

15.9

1.2

29.0

    Advances to Related Party

-

0.0

-3.1

-2.3

-6.5

    Income tax paid

-3.6

-1.9

0.0

-

-

    Amotisation of Intangible Assets

-

-

-

0.0

0.0

    Inventory Written Down

-

-

0.0

1.0

-0.5

    Non-Cash Transaction of Servie Exc.

-

-

-

-

0.0

Cash from Operating Activities

-88.0

-30.4

39.2

4.4

40.5

 

 

 

 

 

 

    Deposits Paid for Lease Prepayment

-

-

-

0.0

-0.1

    Payments for Lease Prepayment

0.0

-12.5

-3.4

0.0

0.0

    Capital Expenditure

-55.0

-33.9

-14.0

-0.9

-3.5

    Increase of fixed deposits with original

2.8

-2.7

0.0

-

-

    Proceeds from disposal of property, plan

0.0

0.1

0.0

-

-

    Net cash outflow on acquisition of

-

0.0

-3.2

0.0

-

    Interest Received

1.1

0.8

1.0

1.5

0.5

    Proceeds from issuance of shares to non-

-

-

0.0

-

-

    Purchase of shares from non-controlling

0.0

-5.9

0.0

-

-

Cash from Investing Activities

-51.1

-54.2

-19.6

0.6

-3.1

 

 

 

 

 

 

    Proceeds from New Bank Loans

-

-

-

293.9

274.4

    Proceeds from borrowings

597.4

311.5

-

-

-

    Repayment of Bank Loans

-445.5

-238.6

-7.3

-323.9

-266.9

    Proceeds from issuance of shares to non-

13.9

25.9

0.0

-

-

    Proceeds From Issuance of Bills Payable

-

-

-

-

10.0

    Interest paid

-21.6

-13.6

-11.1

-16.2

-13.1

    Dividend Paid

0.0

-2.2

0.0

0.0

0.0

Cash from Financing Activities

144.3

83.0

-18.4

-46.3

4.4

 

 

 

 

 

 

Net Change in Cash

5.2

-1.6

1.2

-41.2

41.7

 

 

 

 

 

 

Cash - Beginning Balance

7.5

8.8

7.5

48.6

2.7

Cash - Ending Balance

12.7

7.1

8.7

7.4

44.4

    Cash Interest Paid

21.6

13.6

11.1

16.2

13.1

    Cash Taxes Paid

3.6

1.9

0.0

-

-

 

 

 

 

Interim Cash Flows

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.309123

6.46438

6.500043

6.541904

6.583076

 

 

 

 

 

 

Net Income

-12.2

-30.7

-11.9

-3.2

-0.4

    Depreciation

5.8

17.7

13.3

8.9

4.5

    Amortisation of Lease Payments

0.2

0.4

0.5

0.3

0.2

    Net fair value loss on derivative financ

-

-0.1

-0.1

-0.1

-

    Interest expense

7.1

18.9

14.7

9.9

4.1

    Interest income

-0.3

-1.1

-0.8

-0.6

-0.3

    Disposal of Fixed Assets

-

0.0

-

-

-

    Write down of inventories

-1.5

3.4

-

-

0.0

    Net fair value loss on derivatives

0.0

-

-

-

0.0

    Inventories

-38.7

-14.1

-37.4

-10.7

-8.8

    Trade and Bills Receivables

6.3

-78.4

-2.4

-18.8

-7.2

    Deposits, Prepayments and other Rec.

-

-

-31.5

-10.8

-4.8

    Pledged Bank Deposits

-43.1

2.3

-34.3

-6.9

-0.7

    Trade and Other Payables

73.8

-2.8

32.6

-13.2

-3.7

    Income tax paid

0.0

-3.6

-3.7

-3.7

0.0

Cash from Operating Activities

-2.6

-88.0

-61.1

-48.9

-17.3

 

 

 

 

 

 

    Increase of fixed deposits with original

-

2.8

-

-

-

    Capital Expenditure

-4.6

-55.0

-42.1

-31.5

-27.3

    Increase / Decrease in Lease Prepayment

0.0

0.0

-1.9

-1.6

-1.4

    Interest Received

0.3

1.1

0.8

0.6

0.3

    Purchase of shares from minority

-

-

0.0

0.0

0.0

    Proceeds from disposal of property, plan

-

0.0

-

-

-

    Purchase of shares from non-controlling

-

0.0

-

-

-

Cash from Investing Activities

-4.3

-51.1

-43.2

-32.5

-28.4

 

 

 

 

 

 

    Proceeds from New Bank Loans

202.0

597.4

421.8

281.2

130.1

    Repayment of Bank Loans

-189.9

-445.5

-291.1

-183.5

-78.9

    Interest paid Proceeds from issuance of

-7.0

-21.6

-13.9

-9.1

-3.9

    Dividend Paid

-

0.0

0.0

0.0

-

    Proceeds from issuance of shares to

0.0

13.9

13.8

13.8

13.7

Cash from Financing Activities

5.2

144.3

130.6

102.4

60.9

 

 

 

 

 

 

Net Change in Cash

-1.8

5.2

26.4

21.0

15.2

 

 

 

 

 

 

Cash - Beginning Balance

13.0

7.5

7.4

7.4

7.3

Cash - Ending Balance

11.2

12.7

33.8

28.4

22.6

    Cash Interest Paid

7.0

21.6

13.9

9.1

3.9

    Cash Taxes Paid

0.0

3.6

3.7

3.7

0.0

 

 

 

 

Geographic Segments

 

Financials in: As Reported (mil)

Annual

 

 

 

External Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

China

274.8

60.7 %

294.8

62.5 %

251.3

72 %

246.1

69.2 %

292.4

87.4 %

India

58.5

12.9 %

72.7

15.4 %

-

-

-

-

-

-

Other Countries in Asia

119.7

26.4 %

104.2

22.1 %

97.6

28 %

109.3

30.8 %

42.3

12.6 %

Segment Total

453.0

100 %

471.7

100 %

348.9

100 %

355.4

100 %

334.7

100 %

Consolidated Total

453.0

100 %

471.7

100 %

348.9

100 %

355.4

100 %

334.7

100 %

Exchange Rate: CNY to USD

6.464380

 

6.768989

 

6.831007

 

6.950445

 

7.605973

 

Total Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

China

274.8

60.7 %

294.8

62.5 %

251.3

72 %

246.1

69.2 %

292.4

87.4 %

India

58.5

12.9 %

72.7

15.4 %

-

-

-

-

-

-

Other Countries in Asia

119.7

26.4 %

104.2

22.1 %

97.6

28 %

109.3

30.8 %

42.3

12.6 %

Segment Total

453.0

100 %

471.7

100 %

348.9

100 %

355.4

100 %

334.7

100 %

Consolidated Total

453.0

100 %

471.7

100 %

348.9

100 %

355.4

100 %

334.7

100 %

Exchange Rate: CNY to USD

6.464380

 

6.768989

 

6.831007

 

6.950445

 

7.605973

 

 

 

 

Business Segments

Financials in: As Reported (mil)

Annual

 

 

 

External Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Chemical Fibre

374.2

82.6 %

386.2

81.9 %

270.6

77.6 %

292.9

82.4 %

293.8

87.8 %

Steel Yarn

78.8

17.4 %

85.5

18.1 %

78.3

22.4 %

62.5

17.6 %

40.9

12.2 %

Segment Total

453.0

100 %

471.7

100 %

348.9

100 %

355.4

100 %

334.7

100 %

Consolidated Total

453.0

100 %

471.7

100 %

348.9

100 %

355.4

100 %

334.7

100 %

Exchange Rate: CNY to USD

6.464380

 

6.768989

 

6.831007

 

6.950445

 

7.605973

 

Total Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Chemical Fibre

374.2

82.6 %

386.2

81.9 %

270.6

77.6 %

292.9

82.4 %

293.8

87.8 %

Steel Yarn

78.8

17.4 %

85.5

18.1 %

78.3

22.4 %

62.5

17.6 %

40.9

12.2 %

Segment Total

453.0

100 %

471.7

100 %

348.9

100 %

355.4

100 %

334.7

100 %

Consolidated Total

453.0

100 %

471.7

100 %

348.9

100 %

355.4

100 %

334.7

100 %

Exchange Rate: CNY to USD

6.464380

 

6.768989

 

6.831007

 

6.950445

 

7.605973

 

 

Other Unusual Expense (Income)   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Chemical Fibre

0.0

0 %

0.0

0 %

0.8

78 %

-0.6

119.3 %

Steel Yarn

0.0

0 %

-4.3

100 %

0.2

22 %

0.1

-19.3 %

Segment Total

0.0

0 %

-4.3

100 %

1.0

100 %

-0.5

100 %

Consolidated Total

0.0

0 %

-4.3

100 %

1.0

100 %

-0.5

100 %

Exchange Rate: CNY to USD

6.768989

 

6.831007

 

6.950445

 

7.605973

 

Depreciation   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Chemical Fibre

6.7

36.3 %

6.5

37.4 %

7.0

48.3 %

7.4

60.1 %

6.7

60 %

Steel Yarn

11.8

63.7 %

10.9

62.6 %

7.5

51.7 %

4.9

39.9 %

4.5

40 %

Segment Total

18.5

100 %

17.5

100 %

14.6

100 %

12.4

100 %

11.2

100 %

Consolidated Total

18.5

100 %

17.5

100 %

14.6

100 %

12.4

100 %

11.2

100 %

Exchange Rate: CNY to USD

6.464380

 

6.768989

 

6.831007

 

6.950445

 

7.605973

 

 

Operating Income/Loss   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Chemical Fibre

0.7

-7.3 %

26.7

83.4 %

21.1

71.1 %

11.8

78 %

20.1

119.7 %

Steel Yarn

-10.0

107.3 %

5.3

16.6 %

8.6

28.9 %

3.3

22 %

-3.3

-19.7 %

Segment Total

-9.3

100 %

32.0

100 %

29.7

100 %

15.1

100 %

16.8

100 %

Unallocated

-

-

-

-

-

-

-

-

0.5

2.8 %

Consolidated Total

-9.3

100 %

32.0

100 %

29.7

100 %

15.1

100 %

17.3

102.8 %

Exchange Rate: CNY to USD

6.464380

 

6.768989

 

6.831007

 

6.950445

 

7.605973

 

Operating Margin (%)  

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Chemical Fibre

0.2

-

6.9

-

7.8

-

4.0

-

6.9

-

Steel Yarn

-12.7

-

6.2

-

10.9

-

5.3

-

-8.1

-

Segment Total

-2.1

-

6.8

-

8.5

-

4.3

-

5.0

-

Consolidated Total

-2.1

-

6.8

-

8.5

-

4.3

-

5.2

-

 

Total Assets   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Chemical Fibre

311.7

55 %

202.4

49.5 %

230.0

74.9 %

200.3

68.8 %

240.0

79.6 %

Steel Yarn

255.1

45 %

206.7

50.5 %

77.3

25.1 %

90.7

31.2 %

61.5

20.4 %

Segment Total

566.8

100 %

409.1

100 %

307.3

100 %

291.0

100 %

301.4

100 %

Unallocated

48.1

8.5 %

54.4

13.3 %

54.6

17.8 %

8.9

3 %

6.9

2.3 %

Consolidated Total

614.9

108.5 %

463.5

113.3 %

361.9

117.8 %

299.9

103 %

308.4

102.3 %

Exchange Rate: CNY to USD

6.294000

 

6.589700

 

6.827000

 

6.823000

 

7.304100

 

Operating Return on Assets (%)  

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Chemical Fibre

0.2

-

13.6

-

9.2

-

6.0

-

8.7

-

Steel Yarn

-4.0

-

2.6

-

11.1

-

3.7

-

-5.6

-

Segment Total

-1.7

-

8.0

-

9.7

-

5.3

-

5.8

-

Unallocated

-

-

-

-

-

-

-

-

7.1

-

Consolidated Total

-1.6

-

7.1

-

8.2

-

5.1

-

5.8

-

 

Total Liabilities   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Chemical Fibre

95.3

71.6 %

56.5

43.5 %

31.0

21.4 %

28.8

28.3 %

93.6

89.9 %

Steel Yarn

37.8

28.4 %

73.5

56.5 %

114.3

78.6 %

72.9

71.7 %

10.5

10.1 %

Segment Total

133.1

100 %

130.0

100 %

145.3

100 %

101.7

100 %

104.2

100 %

Unallocated

406.6

305.4 %

242.9

186.8 %

158.7

109.2 %

154.4

151.8 %

162.4

155.9 %

Consolidated Total

539.8

405.4 %

372.9

286.8 %

304.0

209.2 %

256.1

251.8 %

266.5

255.9 %

Exchange Rate: CNY to USD

6.294000

 

6.589700

 

6.827000

 

6.823000

 

7.304100

 

Purchase of Fixed Assets   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Chemical Fibre

15.4

28 %

4.7

13 %

1.4

9.9 %

0.3

48.2 %

2.1

59 %

Steel Yarn

39.6

72 %

31.7

87 %

12.6

90.1 %

0.4

51.8 %

1.5

41 %

Segment Total

55.0

100 %

36.4

100 %

14.0

100 %

0.7

100 %

3.6

100 %

Consolidated Total

55.0

100 %

36.4

100 %

14.0

100 %

0.7

100 %

3.6

100 %

Exchange Rate: CNY to USD

6.464380

 

6.768989

 

6.831007

 

6.950445

 

7.605973

 

 

 

 

 

 FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.12

UK Pound

1

Rs.87.08

Euro

1

Rs.70.15

 

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 SCs 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.
 
 

 


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