MIRA INFORM REPORT

 

 

Report Date :

26.10.2012

 

IDENTIFICATION DETAILS

 

Name :

IRICO GROUP ELECTRONICS CO., LTD.

 

 

Registered Office :

No.1 Caihong Road, Qindu District Xianyang, 712021

 

 

 

 

Country :

China

 

 

 

 

Financials (as on) :

31.12.2011

 

 

 

 

Date of Incorporation :

10.09.2004

 

 

 

 

Legal Form :

Public Independent

 

 

 

 

Line of Business :

Manufacturing and trading of colour picture tubes (CPTs) for colored television sets and related CPT components, trading and assembly of glass related products

 

 

 

 

No. of Employees :

6,634

 

 

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 :

Slow but Correct

Litigation :

Clear

 

 

NOTES :

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

 

ECGC Country Risk Classification List June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

China

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

CHINA - ECONOMIC OVERVIEW

 

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

Source : CIA

COMPANY NAME AND ADDRESS

 

IRICO GROUP ELECTRONICS CO., LTD.

 

No.1 Caihong Road, Qindu District

Xianyang, 712021

China

 

Tel: 86-29-33334293

Fax: 86-29-33332613

 Email: www.irico.com.cn

 

Employees: 6,634

Company Type: Public Independent

Traded: Hong Kong Stock Exchange: 0438

 

Incorporation Date: 10-Sep-2004

Auditor: SHINEWING (HK) CPA LIMITED

Financials in: USD (Millions)

 

Fiscal Year End: 31-Dec-2011

Reporting Currency: Chinese Renminbi

Annual Sales: 505.9  1

Net Income: (39.1)

Total Assets: 2,116.2  2

Market Value: 108.4

(12-Oct-2012)

 

 

Business Description

 

 

IRICO Group Electronics Company Limited (IRICO) and its subsidiaries is engaged in the manufacturing and trading of colour picture tubes (CPTs) for colored television sets and related CPT components, trading and assembly of glass related products and the development of other advanced glass products. The Company operates in three business segments: production and sales of CPT, trading and assembly of glass related products, and development of other advanced glass products. For the six months ended 30 June 2012, IRICO Group Electronics Co., Ltd. revenues decreased 16% to RMB1.22B. Net loss totaled RMB169.5M vs. income of RMB56.4M. Revenues reflect Luminous Materials Production & Sales segment decrease of 36% to RMB308.6M, CPTs Production & Sales segment decrease of 50% to RMB163.4M. Net loss reflects Finance costs increase from RMB89.8M to RMB196.9M (expense), Other Revenues decrease of 48% to RMB34.9M (income).

 

 

Industry  

 

 

Industry

Electronic Instruments and Controls

ANZSIC 2006:

2439 - Other Electrical Equipment Manufacturing

NACE 2002:

3162 - Manufacture of other electrical equipment not elsewhere classified

NAICS 2002:

335999 - All Other Miscellaneous Electrical Equipment and Component Manufacturing

UK SIC 2003:

3162 - Manufacture of other electrical equipment not elsewhere classified

UK SIC 2007:

2790 - Manufacture of other electrical equipment

US SIC 1987:

3699 - Electrical Machinery, Equipment, and Supplies, Not Elsewhere Classified

 

 

Key Executives

Name

Title

Junhua Zhang

President, Executive Director

Jianchao Ma

Chief Financial Officer

Xiaohang Chu

Joint Company Secretary

Chunning Zhang

Vice President

Kui Tao

Executive Vice Chairman of the Board

 

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Other Earnings Pre-Announcement

1

IriCo Group Electronics Co Ltd Comments On H1 2012 Earnings Guidance

16-Jul-2012

Dividends

2

IriCo Group Electronics Co Ltd Does Not Declare Interim Dividend

27-Aug-2012

 

 

* number of significant developments within the last 12 months

 

 

News

 

 

Title

Date

Irico Group Lost CNY253mn Last Year
SinoCast (171 Words)

30-Mar-2012

 

 

Financial Summary

 

As of 30-Jun-2012

 

 

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.10

2.32

Quick Ratio (MRQ)

0.97

1.43

Debt to Equity (MRQ)

3.75

0.56

Sales 5 Year Growth

-3.27

8.07

Net Profit Margin (TTM) %

-30.83

6.72

Return on Assets (TTM) %

-7.45

5.54

Return on Equity (TTM) %

-24.80

13.32

 

Stock Snapshot

 

 

Traded: Hong Kong Stock Exchange: 0438

 

As of 12-Oct-2012

Financials in: HKD

Recent Price

0.31

 

EPS

-0.02

52 Week High

0.64

 

Price/Sales

0.17

52 Week Low

0.27

 

Price/Book

0.30

Avg. Volume (mil)

0.95

 

Beta

1.26

Market Value (mil)

680.87

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

-3.17%

-5.49%

13 Week

-1.61%

-11.12%

52 Week

-40.20%

-46.93%

Year to Date

-29.89%

-38.85%

 

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

 

 

Corporate Overview

 

Location
No.1 Caihong Road, Qindu District
Xianyang, 712021
China

 

Tel: 86-29-33334293

Fax: 86-29-33332613

 

Email: www.irico.com.cn

 

Quote Symbol Exchange: 0438 - Hong Kong Stock Exchange

Sales CNY(mil): 3,270.3

Assets CNY(mil): 13,319.4

Employees: 6,634

Fiscal Year End: 31-Dec-2011

 

Industry: Electronic Instruments and Controls

 

Incorporation Date: 10-Sep-2004

Company Type: Public Independent

Quoted Status: Quoted

 

President, Executive Director: Junhua Zhang

 

 

Industry Codes

 

ANZSIC 2006 Codes:

2439

-

Other Electrical Equipment Manufacturing

2449

-

Other Domestic Appliance Manufacturing

 

NACE 2002 Codes:

3162

-

Manufacture of other electrical equipment not elsewhere classified

2971

-

Manufacture of electric domestic appliances

 

NAICS 2002 Codes:

335999

-

All Other Miscellaneous Electrical Equipment and Component Manufacturing

335228

-

Other Major Household Appliance Manufacturing

 

US SIC 1987:

3699

-

Electrical Machinery, Equipment, and Supplies, Not Elsewhere Classified

3639

-

Household Appliances, Not Elsewhere Classified

 

UK SIC 2003:

3162

-

Manufacture of other electrical equipment not elsewhere classified

2971

-

Manufacture of electric domestic appliances

 

UK SIC 2007:

2790

-

Manufacture of other electrical equipment

2751

-

Manufacture of electric domestic appliances

 

 

Business Description

 

IRICO Group Electronics Company Limited (IRICO) and its subsidiaries is engaged in the manufacturing and trading of colour picture tubes (CPTs) for colored television sets and related CPT components, trading and assembly of glass related products and the development of other advanced glass products. The Company operates in three business segments: production and sales of CPT, trading and assembly of glass related products, and development of other advanced glass products. For the six months ended 30 June 2012, IRICO Group Electronics Co., Ltd. revenues decreased 16% to RMB1.22B. Net loss totaled RMB169.5M vs. income of RMB56.4M. Revenues reflect Luminous Materials Production & Sales segment decrease of 36% to RMB308.6M, CPTs Production & Sales segment decrease of 50% to RMB163.4M. Net loss reflects Finance costs increase from RMB89.8M to RMB196.9M (expense), Other Revenues decrease of 48% to RMB34.9M (income).

 

 

Financial Data

 

Financials in:

CNY(mil)

1 Year Growth

Revenue:

3,270.3

20.3%

Net Income:

-253.0

NA

Assets:

13,319.4

22.8%

Long Term Debt:

4,308.2

 

Total Liabilities:

11,461.6

 

Working Capital:

0.7

 

Date of Financial Data:

31-Dec-2011

 

Market Data

Quote Symbol:

0438

Exchange:

Hong Kong Stock Exchange

Currency:

HKD

Stock Price:

0.3

Stock Price Date:

10-12-2012

52 Week Price Change %:

-40.2

Market Value (mil):

680,866.6

SEDOL:

B04MB64

ISIN:

CNE1000003H9

Equity and Dept Distribution:

FY'01 & '02 EPS are calculated based on WAS of 1.5B shares, assuming that the 1.5B shares issued pursuant to the Reorganization had been in issue throughout both years. 12/2009, Scrip Issue, 1 new share for every 10 shares held.

 

 

 

Key Corporate Relationships

 

Auditor:

SHINEWING (HK) CPA LIMITED

Auditor:

SHINEWING (HK) CPA LIMITED

 

 

Board of Directors

 

 

Name

Title

Function

 

Kui Tao

 

Executive Vice Chairman of the Board

Vice-Chairman

 

Biography:

Mr. Tao Kui is Executive Vice Chairman of the Board of IrICo Group Electronics Co., Ltd. Mr. Tao joined the Group in September 1978. Mr. Tao graduated from South East University (formerly known as Nanjing Institute of Technology) with a bachelor’s degree in electrical vacuum devices and is qualified as a senior engineer. Mr. Tao served as a Director of IRICO Group from November 1995 to February 2001 and has been serving as the deputy general manager of IRICO Group since March 2001. Before that, he was the factory manager of both the Phosphor Powder Factory and the Glass Factory under Shaanxi Colour Picture Tube Plant (the “SCPT) and the deputy factory manager of CPT Plant.

Age: 59

Education:

Southeast University, B

Compensation/Salary:33,000

Compensation Currency: CNY

Bing Feng

 

Independent Non-Executive Director

Director/Board Member

 

 

Biography:

Mr. Feng Bing serves as Independent Non-Executive Director of IRICO Group Electronics, Co., Ltd. He is currently the chief strategy officer of Dare Technologies Global Co., Ltd. Mr. Feng joined the Group in September 2004. He obtained his bachelor’s degree in computer software from Northwestern Polytechnical University, his master’s degree in engineering from Calculation Technology Research Institute of Chinese Academy of Sciences and his master of science degree in finance from the School of Management at Syracuse University. He was a part-time tutor in optional practical training of the Faculty of Commerce at Syracuse University, a senior manager of Deloitte Touche Tohmatsu in the United States and an executive director and the deputy general manager of China Financial and Consulting Company.

Age: 45

Education:

Chinese Academy of Sciences, M (Engineering)
Syracuse University, MS (Finance)
Northwestern Polytechnical University, B

Jiuquan Fu

 

Non-Executive Director

Director/Board Member

 

 

Biography:

Mr. Fu Jiuquan serves as Non-Executive Director of IRICO Group Electronics Co., Ltd. Mr. Fu joined the Group in July 1990. Mr. Fu graduated from Guilin Electronic Industry College with a bachelor’s degree in finance and accounting. Mr. Fu has obtained a master qualification in Xi’an Jiaotong University. He is a senior accountant and currently the chief accountant of IRICO Group. Mr. Fu once served as the director of the finance division of CPT Plant, the manager of the assets finance department of IRICO Group, a shareholder supervisor and the chairman of the Supervisory Committee of the Company.

Age: 42

Education:

Xian Jiao Tong University, M
Guiling Electronics Institute, B (Finance and Accounting)

Mengquan Guo

 

Non-Executive Director

Director/Board Member

 

 

Biography:

Mr. Guo Mengquan is Non-Executive Director of IrICo Group Electronics Co., Ltd. Mr. Guo joined the Group in September 1983. Mr. Guo graduated from Northwestern Polytechnical University with a bachelor’s degree in control and manipulation of aviation fluid mechanics and from Shaanxi MBA College with an MBA. He is a senior engineer at a professor level. Mr. Guo has been serving as the deputy general manager of IRICO Group since March 2001. He once was the factory manager of the glass factory under Shaanxi IRICO Colour Picture Tube Plant, the vice chairman of IRICO Display Device Co., Ltd. and the President of the Company.

Age: 55

Education:

Shaanxi Master of Business Administration Institute, MBA
Northwestern Polytechnical University, B

Compensation/Salary:227,000

Compensation Currency: CNY

Hua Lv

 

Independent Non-Executive Director

Director/Board Member

 

 

Biography:

Mr. Lv Hua serves as Independent Non-Executive Director of IRICO Group Electronics Co., Ltd. He holds a master’s degree. He is a certified accountant and a certified tax consultant in China. Mr. Lv joined the Group in September 2007. He currently serves as the chairman (chief accountant) of the Xigema Certified Public Accountants Co., Ltd. in Xi’an as well as the vice chairman of Shaanxi Certified Public Accountants Association, the vice chairman of Shaanxi Asset Appraisal Association, the executive member of Shaanxi Research Society of the Economic Systems Restructuring and the vice chairman of General Chamber of Commerce of Xi’an City. He was consecutively awarded various titles such as “Excellent Youth Entrepreneur in Shaanxi Province", “New Long March Pioneer of Shaanxi Province”, “Top Ten News Figures of Finance and Financial System in Shaanxi Province” and “Top 10 Excellent Economic Figures of Shaanxi".

Age: 55

Xinan Niu

 

Non-Executive Director

Director/Board Member

 

 

Biography:

Mr. Niu Xinan serves as Non-Executive Director of IRICO Group Electronics Co., Ltd. Mr. Niu joined the Group in August 1981. Mr. Niu graduated from Northwestern University with a bachelor’s degree in administrative management and is a senior engineer. Mr. Niu has been serving as the party’s Vice-secretary and the Secretary to the disciplinary committee of IRICO Group. In June 2002, he was elected as the chairman of the labor union of IRICO Group. Before that, Mr. Niu held such positions as the factory manager of No. 1 Colour Picture Tube Factory under CPT Plant and the deputy director of its product design institute, the manager of the display devices department and the factory manager of the No. 1 Colour Picture Tube Factory under CPT Plant, the factory manager of the Inner Mongolia Television Factory, the deputy factory manager of CPT Plant, a shareholder supervisor and the chairman of the supervisory committee of the Company (the “Supervisory Committee”).

Age: 51

Education:

Northwestern University, B

Compensation/Salary:265,000

Compensation Currency: CNY

Jialu Wang

 

Independent Non-Executive Director

Director/Board Member

 

 

Biography:

Mr. Wang Jialu is Independent Non-Executive Director of IrICo Group Electronics Co., Ltd. He is a partner of Commerce & Finance Law Office. Mr. Wang joined the Group in September 2004. He completed his course for master’s degree in business administration from Guanghua Management College of Beijing University and the course for juris doctor from Marburg University of Germany, and received his MBA degree from Beijing University and his LLM degree from the Law School of Marburg University of Germany. He is an arbitrator in the Beijing Arbitration Commission and an adjunct lecturer for master’s degree course in the Law Faculty of Beijing University.

Age: 51

Education:

Beijing University, M (Business Administration)
Universitaet Marburg, LLM

Xinzhong Xu

 

Independent Non-Executive Director

Director/Board Member

 

 

Biography:

Mr. Xu Xinzhong serves as Independent Non-Executive Director of IRICO Group Electronics Co., Ltd. He is currently the president of the Lingnan College of Sun Yat Sen University. Mr. Xu joined the Group in September 2004. Mr. Xu obtained his bachelor’s degree in meteorology from Beijing University, his MBA degree from Aston University in the United Kingdom and his doctoral degree in finance from Lancaster University in the United Kingdom. He worked as a lecturer and senior lecturer of the Faculty of Accounting and Finance at Manchester University in the United Kingdom and was a professor and a chair in Finance of the Faculty of Management at Lancaster University in the United Kingdom. Mr. Xu was a professor of Guanghua Management College of Beijing University and Dean of its Faculty of Finance from January 2002 to 2007, and the vice president and a professor in finance of Guanghua Management College of Beijing University from 2007 to April 2011.

Age: 48

Education:

Lancaster University, PHD (Finance)
Aston University, MBA
Beijing University, B

Junhua Zhang

 

President, Executive Director

Director/Board Member

 

 

Biography:

Mr. Zhang Junhua serves as President, Executive Director of IRICO Group Electronics Co., Ltd. He is fully responsible for overall management of the Company’s operations. Mr. Zhang joined the Group in December 1984. Mr. Zhang graduated from Shaanxi Mechanical College with a bachelor’s degree in machinery manufacturing and is a senior engineer. At present, he serves as the chairman of the board of directors of Xi’an New Century Club. He was appointed as the deputy general manager of IRICO Group on 9 December 2010. Before that, he served as the deputy head and the head of the metering & energy conservation department of the No. 2 Colour Picture Tube Factory under CPT Plant, chairman of the board of directors of Xi’an Caihui Display Technology Co., Ltd., assistant to the general manager, the deputy general manager, the general manager, the vice chairman of the board of directors of IRICO Display Devices Co., Ltd., the general manager and the chairman of the board of directors of Xianyang IRICO Digital Display Technology Co., Ltd. and the vice president of the Company (the “Vice President”).

Age: 53

Education:

Shaanxi University of Science & Technology, B

Compensation/Salary:268,000

Compensation Currency: CNY

Weichuan Zhang

 

Non-Executive Director

Director/Board Member

 

 

Biography:

Mr. Zhang Weichuan serves as Non-Executive Director of IRICO Group Electronics, Co. Ltd. Mr. Zhang joined the Group in August 1978. He graduated from Northwestern Telecommunication Engineering College with a bachelor’s degree in electrical vacuum devices. He is a senior engineer at a researcher level. He is currently the manager of the strategic planning department of IRICO Group, and had served as director of the quality assurance department and the deputy chief engineer of CPT Plant, the general manager of IRICO (Zhangjiagang) Flat Panel Display Company Limited, the manager of the technology and quality department of IRICO Group, the manager of the planning and development department of the Company and a staff supervisor of the Company.

Age: 57

Education:

Northwestern College, B

Pengrong Zhong

 

Independent Non-Executive Director

Director/Board Member

 

 

Biography:

Mr. Zhong Pengrong is Independent Non-Executive Director of IrICo Group Electronics Co., Ltd. Mr. Zhong graduated from Zhongnan University of Finance and Economics with a master’s degree in China’s economic issues. He joined the Group in September 2007. Mr. Zhong is the chairman of Beijing Shiye Consultancy Centre as well as professors of various universities such as Northwest University, Central University of Finance and Economics and Zhongnan University of Economics and Law. He also works as an economic consultant for numerous sizable enterprises and regional governments, formulating strategic proposals and restructuring proposals for over a hundred enterprises alongside strategic development plans for more than sixty cities at regional and county level. Apart from working in the investigation and research office of the Central Office, he has also published hundreds of essays on economy on newspapers and magazines such as “People’s Daily”, “Economic Daily, PRC” and “Guang Ming Daily”. He also published many books such as “100 National Measures”, “Macro-economics Theory” and “Research on Inflation in China”.

Age: 58

Education:

Zhongnan University of Economics and Law, M

 

 

Executives

 

Name

Title

Function

Junhua Zhang

 

President, Executive Director

President

Biography:

Mr. Zhang Junhua serves as President, Executive Director of IRICO Group Electronics Co., Ltd. He is fully responsible for overall management of the Company’s operations. Mr. Zhang joined the Group in December 1984. Mr. Zhang graduated from Shaanxi Mechanical College with a bachelor’s degree in machinery manufacturing and is a senior engineer. At present, he serves as the chairman of the board of directors of Xi’an New Century Club. He was appointed as the deputy general manager of IRICO Group on 9 December 2010. Before that, he served as the deputy head and the head of the metering & energy conservation department of the No. 2 Colour Picture Tube Factory under CPT Plant, chairman of the board of directors of Xi’an Caihui Display Technology Co., Ltd., assistant to the general manager, the deputy general manager, the general manager, the vice chairman of the board of directors of IRICO Display Devices Co., Ltd., the general manager and the chairman of the board of directors of Xianyang IRICO Digital Display Technology Co., Ltd. and the vice president of the Company (the “Vice President”).

Age: 53

Education:

Shaanxi University of Science & Technology, B

Compensation/Salary:268,000

Compensation Currency: CNY

Xiaohang Chu

 

Joint Company Secretary

Company Secretary

 

Biography:

Mr. Chu Xiaohang serves as Joint Company Secretary of IRICO Group Electronics Co., Ltd. Mr. Chu is responsible for the securities management, legal matters and investor relations of the Company. Mr. Chu joined the Group in July 1991. Mr. Chu graduated from Northwest University with a bachelor’s degree in computer science and is a senior engineer. He obtained a master’s degree in project management from the Graduate School of Chinese Academy of Sciences. He worked at IRICO Glass Factory and served as a senior project management engineer in the strategic planning department of IRICO Group and head of the office of the board of directors of the Company. He has been the company's Joint Company Secretary since November 2009.

Age: 42

Education:

Chinese Academy of Sciences, M
Northwest University, B (Computer Science)

Chun Lung Lam

 

Joint Company Secretary, Qualified Accountant

Company Secretary

 

Biography:

Mr. Lam Chun Lung serves as Qualified Accountant and Joint Company Secretary of IRICO Group Electronics Co., Ltd. Mr. Lam joined the Group in August 2006. Mr. Lam graduated from The Hong Kong University of Science and Technology with a bachelor’s degree (first honour) in business administration (accounting) in May 1998, and from the City University of Hong Kong with a master’s degree in business administration in July 2006. He had been the head of auditing in S C To & Co., and the accountant and finance manager of Colliers Jardine International. Mr. Lam is a member of both of the Association of Chartered Certified Accountants and Hong Kong Institute of Certified Public Accountants.

Age: 39

Education:

City University of Hong Kong, M (Business Administration)
Hong Kong University of Science and Technology, B (Business Administration)

Jianchao Ma

 

Chief Financial Officer

Finance Executive

 

Biography:

Mr. Ma Jianchao has been appointed as Chief Financial Officer of IRICO Group Electronics Company Limited with effect from May 17, 2010. He joined the group in January 1986. Mr. Ma graduated from Chengdu Radio Engineering College (currently known as University of Electronic Science and Technology of China with a bachelor’s degree in computer science, and subsequently obtained the qualification of industrial accounting from Hangzhou Institute of Electronics Engineering. He furthered his study in the master’s program of accounting at the Xi’an Jiaotong University. He is a senior accountant and senior engineer. He served as chief financial officer and deputy general manager of Royal Rainbow Hotel in Australia from September 1995 to November 1997. He served as chief financial officer of China National Electronics Imp. & Exp Caihong Company from March 1999 to March 2005, during which he served as vice director of the audit department of IRICO Group from April 2001 to March 2002. He served as the general manager of the financial department of the Company from March 2005 to 16 May 2010.Mr. Ma has experience in finance, computer, foreign trade and hotel, especially over 20 years’ experience in operation and financial management.

Age: 53

Education:

University of Electronic Science and Technology of China, B (Computer Science)

Chunning Zhang

 

Vice President

Other

 

Biography:

Mr. Zhang Chunning serves as Vice President of IRICO Group Electronics Co., Ltd. He is responsible for the sales and marketing of products, technology and quality and innovation of new products. Mr. Zhang joined the Group in November 1985. Mr. Zhang graduated from the Faculty of Chemistry of Northwest University with a bachelor’s degree in science (chemistry) and from Xi’an Jiaotong University with a master’s degree in management (business administration). He is now pursuing his doctorate degree in management (business administration) at Xi’an Jiaotong University. He was the deputy head and head of the Workshop of No. 2 Colour Picture Tube Factory under SCPT Plant, the head of IRICO Phosphor Factory under CPT Plant, the general manager of Shaanxi IRICO Phosphor Materials Co., Ltd., the assistant to the President and the joint company secretary of the Company (the “Joint Company Secretary”).

Age: 52

Education:

Xi'an Jiaotong University, M (Management)
Northwestern University, B (Science)

Changfu Zou

 

Vice President

Other

 

Biography:

Mr. Zou Changfu has been appointed as Vice President of IRICO Group Electronics Company Limited with effect from May 17, 2010. He is responsible for the production operation, safety, environmental protection, fire safety, security and material support. Mr. Zou joined the Group in August 1981. Mr. Zou obtained a bachelor’s degree and is a senior engineer. He was the general manager of Shenzhen Hongyang Industry and Trade Company Limited from February 2001 to February 2003; and the general manager of IRICO Kunshan Holdings and the chairman of the board of directors of IRICO Yingguang Electrics Limited Company from February 2003 to December 2005. He was the general manager of the purchase department of the Company from December 2005 to May 2010, and assistant to the President from December 2007 to 16 May 2010.

Age: 53

 

 

Significant Developments

 

 

 

 

IriCo Group Electronics Co Ltd Does Not Declare Interim Dividend

Aug 27, 2012


IriCo Group Electronics Co Ltd announced that no dividend will be paid in respect of interim period.

 

IriCo Group Electronics Co Ltd Comments On H1 2012 Earnings Guidance

Jul 16, 2012


IriCo Group Electronics Co Ltd announced that, based on its preliminary review of the consolidated management accounts of the Company for the first half of 2012 which have not yet been reviewed by the Company's auditors, the Company is expected to record a loss for such period. Such expected loss was mainly due to the contraction of the Company's Cathode Ray Tube (CRT) business, and a decline in product price for businesses such as solar photovoltaic glass and luminous materials resulting from increasing market competition.

 

IriCo Group Electronics Co Ltd Does Not Propose Final Dividend

Mar 28, 2012


IriCo Group Electronics Co Ltd announced that no dividend was paid or proposed during 2011, nor has any dividend been proposed since the end of the reporting period (2010: nil).

 

 

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

Restated Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

SHINEWING (HK) CPA LIMITED

SHINEWING (HK) CPA LIMITED

ShingWing (HK) CPA Limited

ShingWing (HK) CPA Limited

ShingWing (HK) CPA Limited

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

505.9

401.5

307.0

509.6

441.6

Revenue

505.9

401.5

307.0

509.6

441.6

Total Revenue

505.9

401.5

307.0

509.6

441.6

 

 

 

 

 

 

    Cost of Revenue

489.5

341.6

320.4

419.2

394.8

Cost of Revenue, Total

489.5

341.6

320.4

419.2

394.8

Gross Profit

16.4

59.9

-13.3

90.4

46.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

63.8

52.0

75.3

78.4

52.4

Total Selling/General/Administrative Expenses

63.8

52.0

75.3

78.4

52.4

        Interest Income - Operating

-2.2

-0.5

-0.6

-0.6

-0.7

        Investment Income - Operating

-0.3

-0.3

0.0

-1.2

-0.1

    Interest/Investment Income - Operating

-2.5

-0.7

-0.6

-1.8

-0.8

Interest Expense (Income) - Net Operating Total

-2.5

-0.7

-0.6

-1.8

-0.8

    Impairment-Assets Held for Use

64.4

0.1

145.8

0.0

0.3

    Impairment-Assets Held for Sale

-

0.0

0.4

-0.6

-1.4

    Loss (Gain) on Sale of Assets - Operating

-11.1

-2.0

-8.1

-1.6

-5.8

Unusual Expense (Income)

53.3

-1.9

138.1

-2.1

-6.8

    Other Operating Expense

1.0

2.7

2.6

1.7

5.5

    Other, Net

-16.8

-11.8

-6.9

-8.5

-21.3

Other Operating Expenses, Total

-15.8

-9.0

-4.3

-6.8

-15.7

Total Operating Expense

588.3

381.9

528.9

486.9

423.8

 

 

 

 

 

 

Operating Income

-82.4

19.6

-221.9

22.7

17.8

 

 

 

 

 

 

        Interest Expense - Non-Operating

-40.0

-15.8

-11.5

-11.1

-8.8

        Interest Capitalized - Non-Operating

27.7

6.3

5.6

2.6

0.0

    Interest Expense, Net Non-Operating

-12.3

-9.5

-5.8

-8.5

-8.8

        Investment Income - Non-Operating

-6.7

-3.6

-0.7

3.8

1.2

    Interest/Investment Income - Non-Operating

-6.7

-3.6

-0.7

3.8

1.2

Interest Income (Expense) - Net Non-Operating Total

-19.0

-13.1

-6.5

-4.7

-7.6

Income Before Tax

-101.4

6.5

-228.3

18.0

10.2

 

 

 

 

 

 

Total Income Tax

4.3

0.8

0.7

1.1

1.1

Income After Tax

-105.7

5.7

-229.1

16.9

9.1

 

 

 

 

 

 

    Minority Interest

66.5

-1.4

66.1

-3.3

-0.6

Net Income Before Extraord Items

-39.1

4.3

-162.9

13.7

8.5

Net Income

-39.1

4.3

-162.9

13.7

8.5

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-39.1

4.3

-162.9

13.7

8.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-39.1

4.3

-162.9

13.7

8.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

2,232.3

2,144.1

2,135.3

2,135.3

2,135.3

Basic EPS Excl Extraord Items

-0.02

0.00

-0.08

0.01

0.00

Basic/Primary EPS Incl Extraord Items

-0.02

0.00

-0.08

0.01

0.00

Dilution Adjustment

0.0

-

0.0

0.0

0.0

Diluted Net Income

-39.1

4.3

-162.9

13.7

8.5

Diluted Weighted Average Shares

2,232.3

2,144.1

2,135.3

2,135.3

2,135.3

Diluted EPS Excl Extraord Items

-0.02

0.00

-0.08

0.01

0.00

Diluted EPS Incl Extraord Items

-0.02

0.00

-0.08

0.01

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

12.2

9.5

5.8

8.5

8.8

Interest Capitalized, Supplemental

-27.7

-6.3

-5.6

-2.6

0.0

Depreciation, Supplemental

14.7

8.3

34.7

35.7

38.2

Total Special Items

53.3

-1.9

139.1

-2.1

11.9

Normalized Income Before Tax

-48.1

4.6

-89.2

15.9

22.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

18.7

-0.2

48.7

-0.1

1.3

Inc Tax Ex Impact of Sp Items

22.9

0.5

49.4

1.0

2.4

Normalized Income After Tax

-71.0

4.0

-138.6

14.9

19.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-4.5

2.6

-72.5

11.7

19.1

 

 

 

 

 

 

Basic Normalized EPS

0.00

0.00

-0.03

0.01

0.01

Diluted Normalized EPS

0.00

0.00

-0.03

0.01

0.01

Amort of Intangibles, Supplemental

0.8

0.8

0.6

0.6

1.2

Rental Expenses

7.3

6.3

5.9

6.3

-

Research & Development Exp, Supplemental

2.9

3.0

3.9

3.8

3.0

Normalized EBIT

-31.6

16.9

-83.4

18.8

29.0

Normalized EBITDA

-16.1

26.1

-48.1

55.1

68.3

    Current Tax - Domestic

4.1

0.8

0.7

1.8

1.5

Current Tax - Total

4.1

0.8

0.7

1.8

1.5

    Deferred Tax - Domestic

0.1

-0.1

0.0

-0.7

-0.4

Deferred Tax - Total

0.1

-0.1

0.0

-0.7

-0.4

Income Tax - Total

4.3

0.8

0.7

1.1

1.1

Defined Contribution Expense - Domestic

8.8

8.6

4.9

6.6

6.6

Total Pension Expense

8.8

8.6

4.9

6.6

6.6

 

 

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

Restated Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.294

6.5897

6.827

6.823

7.3041

Auditor

SHINEWING (HK) CPA LIMITED

SHINEWING (HK) CPA LIMITED

ShingWing (HK) CPA Limited

ShingWing (HK) CPA Limited

ShingWing (HK) CPA Limited

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

327.1

406.6

154.2

77.6

47.9

    Short Term Investments

3.4

2.9

3.7

4.0

3.4

Cash and Short Term Investments

330.5

409.5

157.9

81.6

51.3

        Accounts Receivable - Trade, Gross

59.8

45.4

71.3

67.6

100.4

        Provision for Doubtful Accounts

-3.9

-2.5

-7.1

-6.4

-1.7

    Trade Accounts Receivable - Net

86.6

72.5

132.8

175.3

200.4

    Other Receivables

163.8

80.7

30.4

24.6

61.4

Total Receivables, Net

250.4

153.2

163.2

199.9

261.8

    Inventories - Finished Goods

47.9

50.6

63.4

71.2

58.1

    Inventories - Work In Progress

7.9

9.0

2.3

5.3

5.7

    Inventories - Raw Materials

33.4

35.6

22.5

22.7

23.8

    Inventories - Other

-25.3

-2.8

-16.9

4.6

8.5

Total Inventory

64.0

92.4

71.2

103.8

96.0

    Restricted Cash - Current

16.6

7.5

0.0

-

-

Other Current Assets, Total

16.6

7.5

0.0

-

-

Total Current Assets

661.5

662.6

392.3

385.3

409.1

 

 

 

 

 

 

        Buildings

223.9

176.5

73.9

70.6

63.5

        Machinery/Equipment

516.1

670.7

656.0

659.5

618.2

        Construction in Progress

1,045.9

673.7

167.1

127.9

16.8

    Property/Plant/Equipment - Gross

1,785.9

1,520.8

896.9

858.0

698.5

    Accumulated Depreciation

-482.6

-636.1

-645.1

-470.7

-411.7

Property/Plant/Equipment - Net

1,303.3

884.8

251.8

389.7

287.5

    Intangibles - Gross

58.9

56.2

54.1

54.1

50.4

    Accumulated Intangible Amortization

-58.7

-56.0

-53.9

-53.7

-49.8

Intangibles, Net

51.7

23.2

23.8

8.4

6.9

    LT Investment - Affiliate Companies

44.2

49.6

51.3

53.7

45.7

    LT Investments - Other

12.6

11.3

6.1

3.5

3.3

Long Term Investments

56.8

60.9

57.4

57.2

48.9

    Deferred Income Tax - Long Term Asset

-

-

0.0

0.3

0.0

    Restricted Cash - Long Term

42.8

14.2

14.7

0.0

-

Other Long Term Assets, Total

42.8

14.2

14.7

0.3

0.0

Total Assets

2,116.2

1,645.7

740.0

840.9

752.4

 

 

 

 

 

 

Accounts Payable

155.7

131.5

98.3

131.5

79.3

Accrued Expenses

0.5

0.4

1.0

1.3

-

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

259.4

178.5

179.4

99.2

132.2

    Income Taxes Payable

0.6

0.6

0.3

0.9

0.6

    Other Payables

142.2

40.1

77.8

43.4

32.3

    Other Current Liabilities

1.1

1.2

0.0

-

-

Other Current liabilities, Total

144.0

41.9

78.2

44.2

32.9

Total Current Liabilities

559.5

352.4

356.9

276.1

244.4

 

 

 

 

 

 

    Long Term Debt

668.7

371.3

88.1

48.2

1.3

    Capital Lease Obligations

15.8

0.0

-

-

-

Total Long Term Debt

684.5

371.3

88.1

48.2

1.3

Total Debt

943.8

549.8

267.5

147.4

133.5

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

1.3

1.1

1.2

1.4

1.8

Deferred Income Tax

1.3

1.1

1.2

1.4

1.8

Minority Interest

507.5

549.9

104.0

168.7

160.3

    Other Long Term Liabilities

68.2

50.1

15.4

3.1

0.1

Other Liabilities, Total

68.2

50.1

15.4

3.1

0.1

Total Liabilities

1,821.0

1,324.8

565.5

497.5

407.8

 

 

 

 

 

 

    Common Stock

354.7

338.8

284.3

284.5

265.8

Common Stock

354.7

338.8

284.3

284.5

265.8

Additional Paid-In Capital

215.5

205.8

110.9

107.8

101.7

Retained Earnings (Accumulated Deficit)

-273.7

-223.0

-219.5

-48.9

-22.9

    Translation Adjustment

-1.3

-0.7

-1.2

0.0

0.0

Other Equity, Total

-1.3

-0.7

-1.2

0.0

0.0

Total Equity

295.2

320.8

174.5

343.3

344.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

2,116.2

1,645.7

740.0

840.9

752.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

630.9

630.9

533.8

533.8

533.8

    Shares Outstanding - Common Stock Issue 2

1,601.5

1,601.5

1,601.5

1,601.5

1,601.5

Total Common Shares Outstanding

2,232.3

2,232.3

2,135.3

2,135.3

2,135.3

Employees

7,611

7,006

6,234

6,972

9,218

Accumulated Intangible Amort, Suppl.

58.7

56.0

53.9

53.7

49.8

Deferred Revenue - Long Term

67.0

49.1

15.4

3.1

0.1

Total Long Term Debt, Supplemental

917.9

549.3

265.9

145.3

131.8

Long Term Debt Maturing within 1 Year

249.2

178.0

179.0

98.6

131.8

Long Term Debt Maturing in Year 2

53.3

0.0

0.0

5.5

0.0

Long Term Debt Maturing in Year 3

107.1

97.8

15.6

5.5

0.0

Long Term Debt Maturing in Year 4

107.1

97.8

15.6

5.5

0.0

Long Term Debt Maturing in Year 5

107.1

97.8

15.6

5.5

0.0

Long Term Debt Maturing in 2-3 Years

160.3

97.8

15.6

10.9

0.0

Long Term Debt Maturing in 4-5 Years

214.2

195.5

31.2

10.9

0.0

Long Term Debt Matur. in Year 6 & Beyond

294.2

78.0

40.1

24.8

0.0

Total Operating Leases, Supplemental

5.2

12.9

17.7

12.1

10.9

Operating Lease Payments Due in Year 1

1.8

6.5

6.0

12.1

5.5

Operating Lease Payments Due in Year 2

0.9

1.6

2.9

0.0

1.4

Operating Lease Payments Due in Year 3

0.9

1.6

2.9

0.0

1.4

Operating Lease Payments Due in Year 4

0.9

1.6

2.9

0.0

1.4

Operating Lease Payments Due in Year 5

0.9

1.6

2.9

0.0

1.4

Operating Lease Pymts. Due in 2-3 Years

1.7

3.2

5.9

0.0

2.7

Operating Lease Pymts. Due in 4-5 Years

1.7

3.2

5.9

0.0

2.7

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

0.0

0.0

0.0

0.0

0.0

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

SHINEWING (HK) CPA LIMITED

SHINEWING (HK) CPA LIMITED

ShingWing (HK) CPA Limited

ShingWing (HK) CPA Limited

ShingWing (HK) CPA Limited

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-101.4

6.5

-228.3

18.0

10.2

    Depreciation

14.7

8.3

34.7

35.7

38.2

Depreciation/Depletion

14.7

8.3

34.7

35.7

38.2

    Amortization of Intangibles

0.8

0.8

0.6

0.6

1.2

Amortization

0.8

0.8

0.6

0.6

1.2

    Unusual Items

77.5

0.7

155.0

3.4

13.7

    Other Non-Cash Items

18.1

15.8

9.1

8.3

-1.4

Non-Cash Items

95.7

16.5

164.1

11.6

12.3

    Accounts Receivable

-95.0

13.2

34.2

74.2

-38.3

    Inventories

10.9

-1.7

16.6

-5.4

-8.5

    Accounts Payable

112.2

-31.5

-0.9

-3.4

-53.1

    Other Liabilities

16.6

33.6

13.1

5.4

-0.1

    Other Operating Cash Flow

-3.9

-0.6

-1.2

-1.6

-1.8

Changes in Working Capital

40.8

13.0

61.8

69.2

-101.8

Cash from Operating Activities

50.6

45.1

32.8

135.2

-39.9

 

 

 

 

 

 

    Purchase of Fixed Assets

-437.6

-629.1

-56.2

-115.5

-28.8

    Purchase/Acquisition of Intangibles

-27.7

-0.2

-17.2

-1.6

-1.7

Capital Expenditures

-465.3

-629.3

-73.4

-117.1

-30.5

    Acquisition of Business

-30.3

-0.2

-

-15.4

-14.5

    Sale of Business

0.0

20.1

3.8

0.0

28.3

    Sale of Fixed Assets

47.4

17.7

9.8

3.4

0.1

    Sale/Maturity of Investment

-

-

-

0.5

0.0

    Purchase of Investments

0.0

-4.0

0.0

-2.7

0.0

    Sale of Intangible Assets

0.0

0.8

0.1

0.0

-

    Other Investing Cash Flow

-17.4

-6.6

-10.7

15.8

52.9

Other Investing Cash Flow Items, Total

-0.3

28.0

3.1

1.6

66.8

Cash from Investing Activities

-465.6

-601.4

-70.3

-115.5

36.3

 

 

 

 

 

 

    Other Financing Cash Flow

-8.8

510.7

-6.9

2.3

-12.0

Financing Cash Flow Items

-8.8

510.7

-6.9

2.3

-12.0

        Sale/Issuance of Common

0.0

18.1

0.0

-

-

    Common Stock, Net

0.0

18.1

0.0

-

-

Issuance (Retirement) of Stock, Net

0.0

18.1

0.0

-

-

        Short Term Debt Issued

589.8

352.6

266.4

143.3

138.0

    Short Term Debt, Net

589.8

352.6

266.4

143.3

138.0

        Long Term Debt Reduction

-261.7

-86.0

-145.8

-139.1

-134.1

    Long Term Debt, Net

-261.7

-86.0

-145.8

-139.1

-134.1

Issuance (Retirement) of Debt, Net

328.2

266.6

120.6

4.2

3.9

Cash from Financing Activities

319.4

795.4

113.7

6.5

-8.1

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.4

0.0

0.0

0.0

Net Change in Cash

-95.6

239.4

76.3

26.2

-11.7

 

 

 

 

 

 

Net Cash - Beginning Balance

417.4

159.2

81.5

53.9

60.9

Net Cash - Ending Balance

321.8

398.6

157.8

80.1

49.3

Cash Interest Paid

39.6

15.6

11.5

10.8

8.8

Cash Taxes Paid

3.9

0.6

1.2

1.6

1.8

 

 

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

Restated Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

SHINEWING (HK) CPA LIMITED

SHINEWING (HK) CPA LIMITED

SHINEWING (HK) CPA LIMITED

ShingWing (HK) CPA Limited

ShineWing Certified Public Accountants

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Turnover

505.9

401.5

307.0

509.6

441.6

Total Revenue

505.9

401.5

307.0

509.6

441.6

 

 

 

 

 

 

    Cost of Sales

489.5

341.6

320.4

419.2

394.8

    Gains on disposal of property

-8.6

-1.7

-8.1

-1.6

0.0

    Interest Income

-2.2

-0.5

-0.6

-0.6

-0.7

    Sales of raw materials, scraps

-12.7

-1.5

-2.8

-4.5

-5.8

    Collection of Write off Trade Receivable

-0.2

-7.3

-1.7

0.0

-

    Reversal of write-down of inventories

-

-

0.0

-0.6

-1.4

    Disposal of available-for-sale invest.

-

-

0.0

-0.5

0.0

    Dividend income from AFS

-0.3

-0.3

0.0

-0.6

-0.1

    Disposal of land usage right

0.0

-0.3

0.0

-

-

    Gain On Disposal of an Associate

-0.5

0.0

-

-

-2.1

    Gain on partial Disp. of a Subsidiaries

-2.0

0.0

-

-

-3.4

    Other Revenues

-4.0

-2.9

-2.4

-4.0

-15.5

    Distribution Expenses

13.4

15.9

13.9

25.4

21.3

    Admininstrative Expenses

50.4

36.2

61.4

53.0

31.0

    Other Operating Expenses

1.0

2.7

2.6

1.7

5.5

    Impairment losses on property

64.4

0.1

145.8

0.0

0.3

    Impairment Loss on Investment in Assoc.

-

0.0

0.4

0.0

-

    Impairment Loss on Intangible Asset

-

0.0

0.0

0.0

-

    Gain on Disposal of a Subsidiary

-

-

-

-

-0.3

Total Operating Expense

588.3

381.9

528.9

486.9

423.8

 

 

 

 

 

 

    Interest Expense

-39.8

-14.7

-9.9

-8.1

-6.6

    Finance Charge on Bills Discounts

0.0

-0.7

-0.6

-1.7

-1.9

    Interest Expense to Ultimate Holding Co.

-0.2

-0.4

-0.9

-1.3

-0.2

    Interest Capitalised

27.7

6.3

5.6

2.6

0.0

    Share of Results of Associated Companies

-6.7

-3.6

-0.7

3.8

1.2

Net Income Before Taxes

-101.4

6.5

-228.3

18.0

10.2

 

 

 

 

 

 

Provision for Income Taxes

4.3

0.8

0.7

1.1

1.1

Net Income After Taxes

-105.7

5.7

-229.1

16.9

9.1

 

 

 

 

 

 

    Minority Interests

66.5

-1.4

66.1

-3.3

-0.6

Net Income Before Extra. Items

-39.1

4.3

-162.9

13.7

8.5

Net Income

-39.1

4.3

-162.9

13.7

8.5

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-39.1

4.3

-162.9

13.7

8.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-39.1

4.3

-162.9

13.7

8.5

 

 

 

 

 

 

Basic Weighted Average Shares

2,232.3

2,144.1

2,135.3

2,135.3

2,135.3

Basic EPS Excluding ExtraOrdinary Items

-0.02

0.00

-0.08

0.01

0.00

Basic EPS Including ExtraOrdinary Items

-0.02

0.00

-0.08

0.01

0.00

Dilution Adjustment

0.0

-

0.0

0.0

0.0

Diluted Net Income

-39.1

4.3

-162.9

13.7

8.5

Diluted Weighted Average Shares

2,232.3

2,144.1

2,135.3

2,135.3

2,135.3

Diluted EPS Excluding ExtraOrd Items

-0.02

0.00

-0.08

0.01

0.00

Diluted EPS Including ExtraOrd Items

-0.02

0.00

-0.08

0.01

0.00

DPS-H Shares

0.00

0.00

0.00

0.00

0.00

DPS-Domestic 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

-48.1

4.6

-89.2

15.9

22.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

22.9

0.5

49.4

1.0

2.4

Normalized Income After Taxes

-71.0

4.0

-138.6

14.9

19.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-4.5

2.6

-72.5

11.7

19.1

 

 

 

 

 

 

Basic Normalized EPS

0.00

0.00

-0.03

0.01

0.01

Diluted Normalized EPS

0.00

0.00

-0.03

0.01

0.01

Interest Expense

12.2

9.5

5.8

8.5

8.8

Interest Capitalized

-27.7

-6.3

-5.6

-2.6

0.0

Amortization of Leaseholdland & Land

0.7

0.6

0.4

0.3

0.2

Amort of Intangibles

0.1

0.2

0.2

0.3

1.0

Rental Expense

7.3

6.3

5.9

6.3

-

Depreciation

14.7

8.3

34.7

35.7

38.2

Research & Development

2.9

3.0

3.9

3.8

3.0

    Current Tax

4.1

0.8

0.7

1.8

1.5

Current Tax - Total

4.1

0.8

0.7

1.8

1.5

    Deferred Tax

0.1

-0.1

0.0

-0.7

-0.4

Deferred Tax - Total

0.1

-0.1

0.0

-0.7

-0.4

Income Tax - Total

4.3

0.8

0.7

1.1

1.1

On Termination Benefit

-

-

0.0

0.1

0.5

Early Retirement Benefit

0.6

3.4

0.1

0.8

0.1

One-offterminationbenefits

1.6

0.0

-

-

-

Defined Pension Obligation

6.6

5.1

4.8

5.6

6.0

Total Pension Expense

8.8

8.6

4.9

6.6

6.6

 

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

Restated Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate

6.294

6.5897

6.827

6.823

7.3041

Auditor

SHINEWING (HK) CPA LIMITED

SHINEWING (HK) CPA LIMITED

SHINEWING (HK) CPA LIMITED

ShingWing (HK) CPA Limited

ShineWing Certified Public Accountants

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

33.4

35.6

22.5

22.7

23.8

    Work in Progress

7.9

9.0

2.3

5.3

5.7

    Finished Goods

47.9

50.6

63.4

71.2

58.1

    Consummables

2.2

3.5

5.5

11.1

10.3

    Provision for Inventory Obsolescence

-27.5

-6.3

-22.4

-6.5

-1.9

    Account Receivable

59.8

45.4

71.3

67.6

100.4

    Provision for Doubtful Debt

-3.9

-2.5

-7.1

-6.4

-1.7

    Trade and bills receivables Other recei

30.7

29.6

68.6

114.1

101.8

    Other receivables, deposits and

150.3

65.7

26.7

20.3

61.4

    Deposits & Prepayment

13.4

15.0

3.7

4.3

-

    Time Deposits

3.4

2.9

3.7

4.0

3.4

    Restricted bank balance

16.6

7.5

0.0

-

-

    Bank balances and cash

327.1

406.6

154.2

77.6

47.9

Total Current Assets

661.5

662.6

392.3

385.3

409.1

 

 

 

 

 

 

    Technical Knowledge

58.3

55.7

53.6

53.6

50.0

    Computer Software

0.5

0.5

0.5

0.5

0.4

    Accumulated Amortization

-58.7

-56.0

-53.9

-53.7

-49.8

    Building

223.9

176.5

73.9

70.6

63.5

    Machinery for Electronics Production

309.2

396.0

396.4

399.9

371.7

    Machinery for Glass Production

117.1

139.2

132.9

133.7

124.9

    Other Machinery

73.3

120.3

114.1

113.7

109.9

    Office Equipment and Others

16.4

15.1

12.6

12.2

11.8

    Construction in Progress

1,045.9

673.7

167.1

127.9

16.8

    Accumulated Depreciation

-482.6

-636.1

-645.1

-470.7

-411.7

    Investment properties

-

-

-

2.4

0.7

    Investment Property, Gross

9.6

8.3

2.8

-

-

    Accumulated Depreciation

-0.8

-0.7

-0.2

-

0.0

    Leasehold Land & Rights

51.6

23.0

23.6

8.0

6.3

    Associated Companies

44.2

49.6

51.3

53.7

45.7

    AFS Financial Assets

3.8

3.7

3.5

3.5

3.3

    Deferred Taxation

-

-

0.0

0.3

0.0

    Deposit paid for acquisition of an assoc

11.7

0.0

-

-

-

    Deposits property, plant and equipment

31.1

14.2

14.7

0.0

-

Total Assets

2,116.2

1,645.7

740.0

840.9

752.4

 

 

 

 

 

 

    Trade and bills payables

98.8

106.7

58.5

67.4

69.7

    Trade Bills Payable

31.5

1.4

0.1

14.7

9.6

    Other Payables & Accruals

-

-

-

-

32.3

    Amount due to ultimate holding

25.5

23.5

39.7

49.4

-

    Provisions of warranty

0.5

0.4

1.0

1.3

-

    Others

142.2

40.1

77.8

43.4

-

    Liabilities for cash settled payments

1.1

1.2

0.0

-

-

    Short Term Bank Loans

249.2

178.0

179.0

98.6

131.8

    Obligations under finance leases

9.6

0.0

-

-

-

    Current Portion of Long Term Provisions

0.5

0.5

0.4

0.5

0.4

    Taxation Payable

0.6

0.6

0.3

0.9

0.6

Total Current Liabilities

559.5

352.4

356.9

276.1

244.4

 

 

 

 

 

 

    Long-term Provisions

-

-

1.2

1.5

1.3

    Long Term Bank Loans

668.7

371.3

86.9

46.7

0.0

    Obligations under finance leases

15.8

0.0

-

-

-

Total Long Term Debt

684.5

371.3

88.1

48.2

1.3

 

 

 

 

 

 

    Long-term Provisions

1.2

1.1

-

-

-

    Deferred Income

67.0

49.1

15.4

3.1

0.1

    Deferred Taxation

1.3

1.1

1.2

1.4

1.8

    Minority Interests

507.5

549.9

104.0

168.7

160.3

Total Liabilities

1,821.0

1,324.8

565.5

497.5

407.8

 

 

 

 

 

 

    Share Capital

354.7

338.8

284.3

284.5

265.8

    Capital Reserve

215.5

205.8

110.9

107.8

101.7

    Statutory Surplus Reserve

3.7

3.6

3.4

3.4

3.2

    Merger Reserve

-6.7

-6.4

-6.2

1.4

37.1

    Exchange Reserve

-1.3

-0.7

-1.2

0.0

0.0

    Retained Profit

-270.7

-220.2

-216.8

-53.8

-63.2

Total Equity

295.2

320.8

174.5

343.3

344.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

2,116.2

1,645.7

740.0

840.9

752.4

 

 

 

 

 

 

    S/O-H Shares

630.9

630.9

533.8

533.8

533.8

    S/O-Domestic Shares

1,601.5

1,601.5

1,601.5

1,601.5

1,601.5

Total Common Shares Outstanding

2,232.3

2,232.3

2,135.3

2,135.3

2,135.3

Accumulated Intangible Amortization

58.7

56.0

53.9

53.7

49.8

Deferred Income-Long Term

67.0

49.1

15.4

3.1

0.1

Full-Time Employees

7,611

7,006

6,234

6,972

9,218

Long Term Debt Payable Within 1 Year

249.2

178.0

179.0

98.6

131.8

Long Term Debt Payable Within 1-2 Years

53.3

0.0

0.0

5.5

0.0

Long Term Debt Payable Within 2-5 Years

321.2

293.3

46.9

16.4

0.0

Long Term Debt Payable After 5 Years

294.2

78.0

40.1

24.8

0.0

Total Long Term Debt, Supplemental

917.9

549.3

265.9

145.3

131.8

Operating Lease-Within 1 Year

1.8

6.5

6.0

12.1

5.5

Operating Lease-Between 1 to 5 Years

3.4

6.4

11.8

0.0

5.4

Total Operating Leases

5.2

12.9

17.7

12.1

10.9

 

 

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

Reclassified Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Filed Currency

CNY

CNY

CNY

CNY

CNY

Exchange Rate (Period Average)

6.46438

6.768989

6.831007

6.950445

7.605973

Auditor

SHINEWING (HK) CPA LIMITED

SHINEWING (HK) CPA LIMITED

SHINEWING (HK) CPA LIMITED

ShingWing (HK) CPA Limited

ShineWing Certified Public Accountants

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Operating Profit

-101.4

6.5

-228.3

18.0

10.2

    Depreciation

14.7

8.3

34.7

35.7

38.2

    Prov. for/ Write-back of Doubtful Debts

-

-

-

-

-0.2

    Write Down of Inventory

-

-

-

-

0.4

    Allowancefordoubtfuldebtsoftradeandother

1.4

2.6

2.4

-

-

    Cash-settledshare-basedpaymentsexpense

0.1

1.7

0.0

-

-

    Amortization of Intangible Assets

0.8

0.8

0.6

0.6

1.2

    Amortisation of deferred income

-1.4

-1.4

-1.2

-2.3

-

    Impairment of Fixed Assets

64.4

0.1

145.8

0.0

0.3

    Impairment loss on investment in an asso

-

-

0.4

0.0

-

    Gainondisposalofanassociate Impairmentl

-0.5

0.0

-

-

-

    Gainondisposalofasubsidiary

-2.0

0.0

-

-

-

    Net gain on disposal of property, plant

-8.6

-1.7

-8.1

-1.6

18.7

    Loss on disposal of leasehold land

0.0

-0.3

1.0

0.0

-

    Net impairment losses on trade

-

-

-

4.5

-

    Dividend Income

-0.3

-0.3

0.0

-0.6

-0.1

    Reversal of Provision of Staff Welfare

-

-

-

-

-9.5

    Gain on disposal of available-for-sale

-

-

-

-0.5

-

    otherreceivables

-0.2

-7.3

-

-

-

    Provision of Warranty

1.5

0.5

2.0

3.7

3.3

    Interest Income

-2.2

-0.5

-0.6

-0.6

-0.7

    Finance Costs

12.3

9.5

5.8

8.5

8.8

    Reversal of Writedown of Inventories

-

-

-

-0.6

-1.4

    Write off of an Intangible Asset

-

-

-

-

0.0

    Reversalofallowanceforinventories Oper

-3.9

-19.0

-

-

-

    Share-Associates

6.7

3.6

0.7

-3.8

-1.2

    Impairment of Intangibles Assets

-

-

0.0

0.0

0.0

    Disposal of Intangible Assets

-

-

-

-

0.0

    Trading Securities

-

-

-

-

0.0

    Write-down of Inventories to NRV

24.2

2.6

15.9

4.9

-

    Amort. of Deferred Income on Grant Rcvd.

-

-

-

-

-0.4

    Gain on Disposal of an Associate

-

-

-

-

-2.1

    Gain on APrtial Disposaql of Subsidiary

-

-

-

-

-3.4

    Gain on Disposal of Subsidiary

-

-

-

-

-0.3

    otherreceivables,depositsandprepayments

-94.8

20.5

34.2

74.2

-

    Decrease (increase)ininventories (Incre

10.9

-1.7

16.6

-5.4

-8.5

    Other Receivables, Deposits & Prepayment

-

-

-

-

-38.3

    Accounts and Trade Bills Payable

116.1

-12.4

-0.9

-3.4

-53.1

    Decrease/ increase in long-term provisi

0.0

-0.1

-0.4

0.2

-0.1

    Deferred Income

16.6

33.7

13.5

5.2

0.0

    Incometaxpaid

-3.9

-0.6

-1.2

-1.6

-1.8

Cash from Operating Activities

50.6

45.1

32.8

135.2

-39.9

 

 

 

 

 

 

    Purchasesofproperty,plantandequipment D

-437.6

-629.1

-41.5

-115.5

-28.8

    plantandequipment

-30.3

-0.2

-

-

-

    Acq. of a Subsidiary, Net of Cash Acq.

-

-

-

-14.4

0.0

    Capital contribution from minority share

-

-

-

14.4

-

    Add. Interest in Subsidiaries

0.0

-4.0

0.0

-2.7

0.0

    Purchase of Land Use Rights

-27.7

0.0

-17.2

-1.5

-1.7

    Investments in an Associated Company

-

-

-

-1.0

-14.5

    Deposit paid for acquisition of property

-

-

-14.7

0.0

-

    Capital reduction of a subsidiary

-

-

-11.3

0.0

-

    Intangibles

0.0

-0.2

0.0

-0.1

0.0

    Increase in restricted bank balances

-26.6

-7.3

0.0

-

-

    Proceedsfromdisposalofasubsidiary

5.4

0.0

-

-

-

    Withdrawalofrestrictedbankbalances

18.0

0.0

-

-

-

    Disposal of Fixed Assets

41.2

17.7

9.8

3.4

0.1

    Dividendincomefromanassociate

0.0

0.0

-

-

-

    Depositpaidforacquisitionofanassociate

-11.4

0.0

-

-

-

    Dividend Received

0.3

0.3

0.0

0.6

0.1

    Proceeds from disposal of land use right

0.0

0.8

0.1

0.0

-

    Proceedsfromdisposalofanassociate Divid

0.8

0.0

-

-

-

    Interest Received

2.2

0.5

0.6

0.6

0.7

    Disposal of Other Investments

-

-

-

0.5

0.0

    Dividend Received From an Associate

-

-

-

0.2

0.0

    Capital Injection from Shareholders

-

-

-

-

48.1

    Disposal of Subsidiary

0.0

20.1

3.8

0.0

17.2

    Partial Disposal of Subsidiary

-

-

-

-

7.0

    Liquidation of Subsidiary

-

-

-

-

4.1

    Decrease/Increase in Pledged Bank Deposi

-

-

-

-

3.9

Cash from Investing Activities

-465.6

-601.4

-70.3

-115.5

36.3

 

 

 

 

 

 

    Proceedsofsaleandleasebacktransactions

30.2

0.0

-

-

-

    Draw-down of Short Term Bank Loans

589.8

352.6

266.4

143.3

138.0

    Advance from Ultimate Holding

-

-

-

14.4

2.6

    Repaymentsofobligationsunderfinancelease

-5.5

0.0

-

-

-

    Repayment of Long Term Bank Loans

-256.1

-86.0

-145.8

-139.1

-134.1

    Proceeds from issue of shares

0.0

18.1

0.0

-

-

    Expenses on issue of shares upon placing

0.0

-2.9

0.0

-

-

    Interestexpensepaid

-39.6

-15.6

-11.5

-10.8

-8.8

    Dividends Paid to Min. Shareholders

-3.8

-0.7

-0.4

-1.2

-2.1

    Repayment of Advances from Ultimate

-

-

-

-

-3.8

    Contribution from Minority Shareholders

4.5

530.0

5.0

-

-

Cash from Financing Activities

319.4

795.4

113.7

6.5

-8.1

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.4

0.0

0.0

0.0

Net Change in Cash

-95.6

239.4

76.3

26.2

-11.7

 

 

 

 

 

 

Net Cash - Beginning Balance

417.4

159.2

81.5

53.9

60.9

Net Cash - Ending Balance

321.8

398.6

157.8

80.1

49.3

    Cash Interest Paid

39.6

15.6

11.5

10.8

8.8

    Cash Taxes Paid

3.9

0.6

1.2

1.6

1.8

 

 

Financial Health

 

Financials in: USD (mil)

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

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

193.6

-15.96%

505.9

20.33%

-2.62%

-3.27%

Operating Income1

-36.4

-

-82.4

-

-

-

Income Available to Common Excl Extraord Items1

-26.8

-

-39.1

-

-

-

Basic EPS Excl Extraord Items1

-0.01

-

-0.02

-

-

-

Capital Expenditures2

-

-

465.3

-29.39%

54.61%

92.89%

Cash from Operating Activities2

-16.7

-

50.6

7.22%

-29.66%

-5.11%

Free Cash Flow

-16.6

-

-425.9

-

-

-

Total Assets3

2,103.6

13.69%

2,116.2

22.82%

32.41%

19.39%

Total Liabilities3

1,837.9

21.85%

1,821.0

31.29%

50.02%

28.20%

Total Long Term Debt3

763.2

47.37%

684.5

76.08%

135.72%

232.68%

Employees3

-

-

7611

8.64%

2.97%

-10.20%

Total Common Shares Outstanding3

2,232.3

0.00%

2,232.3

0.00%

1.49%

0.89%

1-ExchangeRate: CNY to USD Average for Period

6.318968

 

6.464380

 

 

 

2-ExchangeRate: CNY to USD Average for Period

6.318968

 

6.464380

 

 

 

3-ExchangeRate: CNY to USD Period End Date

6.358395

 

6.294000

 

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

3.24%

14.93%

-4.35%

17.75%

10.60%

Operating Margin

-16.29%

4.88%

-72.26%

4.46%

4.04%

Pretax Margin

-20.04%

1.62%

-74.38%

3.54%

2.32%

Net Profit Margin

-7.74%

1.07%

-53.07%

2.68%

1.93%

Financial Strength

Current Ratio

1.18

1.88

1.10

1.40

1.67

Long Term Debt/Equity

2.32

1.16

0.51

0.14

0.00

Total Debt/Equity

3.20

1.71

1.53

0.43

0.39

Management Effectiveness

Return on Assets

-5.65%

0.49%

-29.00%

2.09%

1.27%

Return on Equity

-12.74%

1.76%

-62.99%

3.91%

2.75%

Efficiency

Receivables Turnover

2.53

2.56

1.69

2.16

1.92

Inventory Turnover

6.25

4.22

3.66

4.13

4.51

Asset Turnover

0.27

0.34

0.39

0.63

0.61

 

Market Valuation USD (mil)

Enterprise Value2

1,687.0

.

Price/Sales (TTM)

0.18

Enterprise Value/Revenue (TTM)

2.86

.

Price/Book (MRQ)

0.33

Market Cap as of 12-Oct-20121

87.8

.

 

 

1-ExchangeRate: CNY to USD on 12-Oct-2012

7.752351

 

 

 

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

6.358395

 

 

 

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil)

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

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Financial Strength

Current Ratio

1.18

1.88

1.10

1.40

1.67

Quick/Acid Test Ratio

1.04

1.60

0.90

1.02

1.28

Working Capital1

102.0

310.2

35.4

109.2

164.7

Long Term Debt/Equity

2.32

1.16

0.51

0.14

0.00

Total Debt/Equity

3.20

1.71

1.53

0.43

0.39

Long Term Debt/Total Capital

0.55

0.43

0.20

0.10

0.00

Total Debt/Total Capital

0.76

0.63

0.61

0.30

0.28

Payout Ratio

0.00%

0.00%

0.00%

0.00%

0.00%

Effective Tax Rate

-

12.00%

-

6.26%

10.81%

Total Capital1

1,239.0

870.7

442.1

490.7

478.0

 

 

 

 

 

 

Efficiency

Asset Turnover

0.27

0.34

0.39

0.63

0.61

Inventory Turnover

6.25

4.22

3.66

4.13

4.51

Days In Inventory

58.36

86.46

99.64

88.31

81.02

Receivables Turnover

2.53

2.56

1.69

2.16

1.92

Days Receivables Outstanding

144.26

142.59

215.63

168.79

189.65

Revenue/Employee2

68,269

58,868

49,278

74,457

49,889

Operating Income/Employee2

-11,120

2,875

-35,608

3,323

2,013

EBITDA/Employee2

-9,029

4,211

-29,948

8,629

6,462

 

 

 

 

 

 

Profitability

Gross Margin

3.24%

14.93%

-4.35%

17.75%

10.60%

Operating Margin

-16.29%

4.88%

-72.26%

4.46%

4.04%

EBITDA Margin

-13.23%

7.15%

-60.77%

11.59%

12.95%

EBIT Margin

-16.29%

4.88%

-72.26%

4.46%

4.04%

Pretax Margin

-20.04%

1.62%

-74.38%

3.54%

2.32%

Net Profit Margin

-7.74%

1.07%

-53.07%

2.68%

1.93%

COGS/Revenue

96.76%

85.07%

104.35%

82.25%

89.40%

SG&A Expense/Revenue

12.60%

12.96%

24.52%

15.39%

11.86%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

-5.65%

0.49%

-29.00%

2.09%

1.27%

Return on Equity

-12.74%

1.76%

-62.99%

3.91%

2.75%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-0.19

-0.27

-0.02

0.01

-0.03

Operating Cash Flow/Share 2

0.02

0.02

0.02

0.06

-0.02

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)

-1.15

Market Cap/Equity (MRQ)

0.33

Market Cap/Revenue (TTM)

0.18

Market Cap/EBIT (TTM)

-0.73

Market Cap/EBITDA (TTM)

-0.84

Enterprise Value/Earnings (TTM)

-18.13

Enterprise Value/Equity (MRQ)

5.14

Enterprise Value/Revenue (TTM)

2.86

Enterprise Value/EBIT (TTM)

-11.43

Enterprise Value/EBITDA (TTM)

-13.20

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.63

UK Pound

1

Rs.86.17

Euro

1

Rs.69.74

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

This score serves as a reference to assess 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.