MIRA
INFORM REPORT
|
Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SJEC CORP
|
|
|
|
|
Registered Office : |
No. 28, Weixin Road, Zhongxin Ecological Science
Hub, Suzhou Industrial Park Zone, Suzhou, 215122 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.03.2002 |
|
|
|
|
Legal Form : |
Public Parent Company |
|
|
|
|
Line of Business : |
· Subject is engaged in research, development, production and sale of elevators, escalators and moving sidewalks Subject is also involved in the installation,
transforming and repairing of elevators, escalators, moving sidewalks and
related products, as well as production of fine aluminum alloy die castings |
|
|
|
|
No. of Employees : |
1,527 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 2012 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 under 8% for 2012. An economic slowdown in Europe
contributed to China's, and is expected to further drag Chinese growth in 2013.
Debt overhang from the stimulus program, particularly among local governments,
and a property price bubble challenge policy makers currently. The government's
12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms
and the need to increase domestic consumption in order to make the economy less
dependent on exports in the future. However, China has made only marginal
progress toward these rebalancing goals.
|
Source : CIA |
Company
name & address
SJEC Corp
No. 28, Weixin Road
Zhongxin Ecological Science Hub
Suzhou Industrial Park Zone
Suzhou, 215122
China
Tel:
86-512-62746790
Fax:
86-512-62810633
Web: www.sjec.com.cn
Operating Address :-
718 Fengting Avenue, SIP,
Suzhou 215122, China
synthesis
Employees:
1,527
Company Type:
Public Parent
Corporate Family: 3
Companies
Traded: Shanghai
Stock Exchange: 601313
Incorporation Date:
29-Mar-2002
Auditor: Jiangsu Tianheng CPA
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency:
Chinese Renminbi
Annual Sales:
315.7 1
Net Income:
23.0
Total Assets:
367.5 2
Market Value:
577.5 (22-Nov-2013)
Business
Description
SJEC Corporation
is a China-based company principally engaged in the research, development, production
and sale of elevators, escalators and moving sidewalks. The Company's products
are mainly used in high buildings for purposes of passenger delivery,
sightseeing and cargo carrying, as well as commercial supermarkets and public
traffic facilities, among others. The Company is also involved in the
installation, transforming and repairing of elevators, escalators, moving
sidewalks and related products, as well as production of fine aluminum alloy
die castings. The Company distributes its products within domestic market and
to overseas markets, including Europe, the rest of Asia, the Americas and
Australia. For the six months ended 30 June 2013, SJEC Corp revenues totaled
RMB1.05B. Net income totaled to RMB71.7M. Results are not comparable due to year
end change.
Industry
Industry Machinery and
Equipment Manufacturing
ANZSIC 2006:
2491 - Lifting and Material Handling Equipment Manufacturing
ISIC Rev 4:
2816 - Manufacture of lifting and handling equipment
NACE Rev 2:
2822 - Manufacture of lifting and handling equipment
NAICS 2012:
333921 - Elevator and Moving Stairway Manufacturing
UK SIC 2007:
2822 - Manufacture of lifting and handling equipment
US SIC 1987:
3534 - Elevators and Moving Stairways
Key
Executives
|
Name |
Title |
|
Zhifeng Jin |
Chairman of the Board, General Manager |
|
Jinrong Su |
Deputy General Manager |
|
Chenyang Xia |
Finance Director |
|
Jinshui Qian |
Vice Chairman of the Board |
|
Daxiong Chen |
Independent Director |
Financial Summary
|
Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = CNY 6.310555
2 - Balance Sheet
Item Exchange Rate: USD 1 = CNY 6.2357
Corporate
Overview
Location
No. 28, Weixin
Road
Zhongxin
Ecological Science Hub
Suzhou Industrial
Park Zone
Suzhou, 215122
China
Tel: 86-512-62746790
Fax: 86-512-62810633
Web: www.sjec.com.cn
Quote Symbol -
Exchange
601313 - Shanghai Stock Exchange
Sales CNY(mil): 1,992.1
Assets CNY(mil): 2,291.5
Employees: 1,527
Fiscal Year End: 31-Dec-2012
Industry: Miscellaneous Capital
Goods
Incorporation
Date: 29-Mar-2002
Company Type: Public Parent
Quoted Status: Quoted
Chairman of the Board, General Manager:
Zhifeng Jin
Industry Codes
ANZSIC 2006
Codes:
2491 - Lifting
and Material Handling Equipment Manufacturing
2132 - Aluminium
Smelting
3299 - Other
Construction Services Not Elsewhere Classified
ISIC Rev 4 Codes:
2816 - Manufacture
of lifting and handling equipment
2432 - Casting
of non-ferrous metals
4390 - Other
specialized construction activities
NACE Rev 2 Codes:
2822 - Manufacture
of lifting and handling equipment
4399 - Other
specialised construction activities n.e.c.
2453 - Casting
of light metals
NAICS 2012 Codes:
333921 - Elevator
and Moving Stairway Manufacturing
331523 - Nonferrous
Metal Die-Casting Foundries
238990 - All
Other Specialty Trade Contractors
US SIC 1987:
3534 - Elevators
and Moving Stairways
1799 - Special
Trade Contractors, Not Elsewhere Classified
3363 - Aluminum
Die-Castings
UK SIC 2007:
2822 - Manufacture
of lifting and handling equipment
43999 - Specialised
construction activities (other than scaffold erection) n.e.c.
2453 - Casting
of light metals
Business Description
SJEC Corporation
is a China-based company principally engaged in the research, development,
production and sale of elevators, escalators and moving sidewalks. The
Company's products are mainly used in high buildings for purposes of passenger
delivery, sightseeing and cargo carrying, as well as commercial supermarkets
and public traffic facilities, among others. The Company is also involved in
the installation, transforming and repairing of elevators, escalators, moving
sidewalks and related products, as well as production of fine aluminum alloy
die castings. The Company distributes its products within domestic market and
to overseas markets, including Europe, the rest of Asia, the Americas and
Australia. For the six months ended 30 June 2013, SJEC Corp revenues totaled
RMB1.05B. Net income totaled to RMB71.7M. Results are not comparable due to
year end change.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Corporate Family |
Corporate
Structure News: |
|
|
SJEC
Corp |
|
SJEC Corp |
|
|
|
|
|
Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Parent |
Suzhou |
China |
Machinery and Equipment Manufacturing |
315.7 |
1,527 |
|
|
|
Subsidiary |
Suzhou, Jiangsu |
China |
Machinery and Equipment Manufacturing |
36.3 |
239 |
|
|
|
Subsidiary |
Suzhou, Jiangsu |
China |
Metal Products Manufacturing |
17.3 |
75 |
|
Executive report
|
Board of
Directors |
|
|
|
|
||||||
|
Chairman of the Board, General Manager |
Chairman |
|
||||||
|
|||||||||
|
Vice Chairman of the Board |
Vice-Chairman |
|
|
|||||
|
|||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Executives |
|
|
|
|
||||||
|
Chairman of the Board, General Manager |
Division Head Executive |
|
||||||
|
|||||||||
|
Deputy General Manager |
Division Head Executive |
|
|
|||||
|
|||||||||
|
Deputy General Manager, Chief Engineer |
Division Head Executive |
|
|
|||||
|
|||||||||
|
Deputy General Manager, Director |
Division Head Executive |
|
|
|||||
|
|||||||||
|
Deputy General Manager, Secretary of the Board |
Division Head Executive |
|
|
|||||
|
|||||||||
|
Finance Director |
Finance Executive |
|
|
|||||
|
|||||||||
Significant
Developments
SJEC Corp
Announces FY 2013 Q1 to Q3 Net Profit Outlook Oct 16, 2013
SJEC Corp
announced that it expects its net profit for the first three quarters of fiscal
year (FY) 2013 to increase by 40% to 60%, compared to the net profit of the
same period in FY 2012 (RMB 95.0062 million). The Company cited the increased
orders, increased sales and the cost reduction as the main reason for the
forecast.
SJEC Corp to
Acquire Equity Shares of Sichuan-based Elevator Company Sep 03, 2013
SJEC Corp
announced that it plans to acquire stake in a Sichuan-based elevator company
and finally hold a 60% stake in the elevator company. The financial details are
to be determined.
SJEC Corp to
Repurchase Shares Aug 06, 2013
SJEC Corp announced that its Board of Directors has
approved the plan to repurchase approximately 29,410,000 shares (approximately
7.06% of total shares outstanding), for up to RMB 8.5 per share, or up to RMB
250 million in total.
SJEC Corp to Repurchase Shares Jul 19, 2013
SJEC Corp announced that it is planning to repurchase
approximately 29,410,000 shares (approximately 7.06% of total shares
outstanding), for up to RMB 8.5 per share, or up to RMB 250 million in total.
The share repurchase period is six months after the approval of shareholders'
meeting.
SJEC Corp Signs Cooperative Agreement with XI'AN
JIAOTONG UNIVERSITY Suzhou Academy Apr 10, 2013
SJEC Corp announced that it has signed a
cooperative agreement with XI'AN JIAOTONG UNIVERSITY Suzhou Academy for their
cooperation on the development of three dimensions (3D) printing technologies.
SJEC Corp Announces FY 2012 Dividend Payment Date
Mar 29, 2013
SJEC Corp announced that it will use undistributed
profits to pay a cash dividend of RMB 3 (pre-tax) per 10 shares, and use additional
paid-in capital to distribute eight new shares for every 10 shares, to
shareholders of record on March 3, 2013. The Company's shares will be traded
ex-right and ex-dividend on March 8, 2013 and the dividend will be paid on
March 12, 2013.
SJEC Corp Announces FY 2012 Dividend Payment Feb
28, 2013
SJEC Corp announced that it will use undistributed
profits to pay a cash dividend of RMB 3 (pre-tax) per 10 shares, and use
additional paid-in capital to distribute eight new shares for every 10 shares,
to shareholders for fiscal year 2012.
SJEC Corp to Apply for Comprehensive Credit Lines
Feb 28, 2013
SJEC Corp announced that it will respectively apply
to Shuzhou Branch of China Construction Bank and Bank of China, as well as
Suzhou Industrial Park Sub-branch of Agricultural Bank of China, for a
comprehensive credit line of RMB 84 million, RMB 130 million and RMB 150
million, all with a term from January 1, 2013 to December 31, 2013.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
|
Auditor |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
315.7 |
258.0 |
224.4 |
191.0 |
136.7 |
|
Revenue |
315.7 |
258.0 |
224.4 |
191.0 |
136.7 |
|
Total Revenue |
315.7 |
258.0 |
224.4 |
191.0 |
136.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
238.4 |
197.6 |
172.7 |
149.7 |
111.2 |
|
Excise Taxes Payments |
0.5 |
- |
- |
- |
- |
|
Cost of Revenue, Total |
238.9 |
197.6 |
172.7 |
149.7 |
111.2 |
|
Gross Profit |
76.8 |
60.3 |
51.7 |
41.3 |
25.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
25.1 |
33.4 |
25.3 |
22.2 |
14.5 |
|
Labor & Related Expense |
13.2 |
- |
- |
- |
- |
|
Advertising Expense |
0.1 |
- |
- |
- |
- |
|
Total Selling/General/Administrative Expenses |
38.5 |
33.4 |
25.3 |
22.2 |
14.5 |
|
Research & Development |
12.1 |
- |
- |
- |
- |
|
Depreciation |
1.1 |
- |
- |
- |
- |
|
Amortization of Intangibles |
0.5 |
- |
- |
- |
- |
|
Depreciation/Amortization |
1.5 |
- |
- |
- |
- |
|
Interest Expense -
Operating |
0.1 |
0.2 |
0.3 |
0.3 |
0.6 |
|
Interest Expense - Net Operating |
0.1 |
0.2 |
0.3 |
0.3 |
0.6 |
|
Interest Income -
Operating |
-4.3 |
-0.8 |
-0.4 |
-0.6 |
-0.5 |
|
Investment Income -
Operating |
0.2 |
0.3 |
0.1 |
0.7 |
0.3 |
|
Interest/Investment Income - Operating |
-4.1 |
-0.5 |
-0.3 |
0.2 |
-0.2 |
|
Interest Expense (Income) - Net Operating Total |
-4.1 |
-0.3 |
0.0 |
0.5 |
0.5 |
|
Impairment-Assets Held for Use |
- |
2.3 |
1.1 |
0.5 |
0.3 |
|
Unusual Expense (Income) |
- |
2.3 |
1.1 |
0.5 |
0.3 |
|
Other, Net |
0.2 |
0.2 |
0.1 |
0.2 |
0.1 |
|
Other Operating Expenses, Total |
0.2 |
0.2 |
0.1 |
0.2 |
0.1 |
|
Total Operating Expense |
287.0 |
233.3 |
199.2 |
173.1 |
126.6 |
|
|
|
|
|
|
|
|
Operating Income |
28.7 |
24.7 |
25.2 |
18.0 |
10.1 |
|
|
|
|
|
|
|
|
Gain (Loss) on Sale of Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Non-Operating Income (Expense) |
0.5 |
0.3 |
0.0 |
0.6 |
0.3 |
|
Other, Net |
0.5 |
0.3 |
0.0 |
0.6 |
0.3 |
|
Income Before Tax |
29.2 |
25.0 |
25.2 |
18.5 |
10.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
4.8 |
3.8 |
3.8 |
2.8 |
1.6 |
|
Income After Tax |
24.3 |
21.1 |
21.4 |
15.7 |
8.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.4 |
-0.9 |
-0.9 |
-0.7 |
-0.3 |
|
Net Income Before Extraord Items |
23.0 |
20.2 |
20.5 |
15.0 |
8.5 |
|
Net Income |
23.0 |
20.2 |
20.5 |
15.0 |
8.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
23.0 |
20.2 |
20.5 |
15.0 |
8.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
23.0 |
20.2 |
20.5 |
15.0 |
8.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
394.8 |
403.2 |
403.2 |
403.2 |
403.2 |
|
Basic EPS Excl Extraord Items |
0.06 |
0.05 |
0.05 |
0.04 |
0.02 |
|
Basic/Primary EPS Incl Extraord Items |
0.06 |
0.05 |
0.05 |
0.04 |
0.02 |
|
Dilution Adjustment |
- |
0.0 |
- |
- |
- |
|
Diluted Net Income |
23.0 |
20.2 |
20.5 |
15.0 |
8.5 |
|
Diluted Weighted Average Shares |
394.8 |
403.2 |
403.2 |
403.2 |
403.2 |
|
Diluted EPS Excl Extraord Items |
0.06 |
0.05 |
0.05 |
0.04 |
0.02 |
|
Diluted EPS Incl Extraord Items |
0.06 |
0.05 |
0.05 |
0.04 |
0.02 |
|
Dividends per Share - Common Stock Primary Issue |
0.03 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
10.6 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
0.1 |
0.2 |
0.3 |
0.3 |
0.6 |
|
Depreciation, Supplemental |
4.0 |
3.3 |
2.4 |
1.6 |
1.6 |
|
Total Special Items |
0.0 |
2.3 |
1.1 |
0.5 |
0.3 |
|
Normalized Income Before Tax |
29.2 |
27.3 |
26.3 |
19.0 |
10.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.4 |
0.2 |
0.1 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
4.8 |
4.2 |
3.9 |
2.9 |
1.6 |
|
Normalized Income After Tax |
24.3 |
23.1 |
22.4 |
16.1 |
9.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
23.0 |
22.2 |
21.4 |
15.4 |
8.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.06 |
0.06 |
0.05 |
0.04 |
0.02 |
|
Diluted Normalized EPS |
0.06 |
0.06 |
0.05 |
0.04 |
0.02 |
|
Amort of Intangibles, Supplemental |
0.5 |
0.3 |
0.2 |
0.1 |
0.1 |
|
Rental Expenses |
0.7 |
0.5 |
0.5 |
0.4 |
0.3 |
|
Advertising Expense, Supplemental |
0.1 |
0.1 |
0.2 |
0.3 |
0.2 |
|
Research & Development Exp, Supplemental |
12.1 |
8.8 |
2.9 |
2.7 |
1.9 |
|
Normalized EBIT |
24.6 |
26.7 |
26.3 |
18.9 |
10.8 |
|
Normalized EBITDA |
29.1 |
30.3 |
28.9 |
20.7 |
12.5 |
|
Current Tax - Total |
5.1 |
4.2 |
3.9 |
2.9 |
1.7 |
|
Current Tax - Total |
5.1 |
4.2 |
3.9 |
2.9 |
1.7 |
|
Deferred Tax - Total |
-0.2 |
-0.3 |
-0.1 |
-0.1 |
-0.1 |
|
Deferred Tax - Total |
-0.2 |
-0.3 |
-0.1 |
-0.1 |
-0.1 |
|
Income Tax - Total |
4.8 |
3.8 |
3.8 |
2.8 |
1.6 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate |
6.2357 |
6.294 |
6.5897 |
6.827 |
6.823 |
|
Auditor |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
167.8 |
49.9 |
- |
- |
- |
|
Cash & Equivalents |
- |
- |
45.7 |
49.7 |
28.0 |
|
Cash and Short Term Investments |
167.8 |
49.9 |
45.7 |
49.7 |
28.0 |
|
Accounts Receivable -
Trade, Gross |
77.6 |
63.8 |
49.3 |
30.3 |
23.0 |
|
Provision for Doubtful
Accounts |
-5.5 |
-3.9 |
-1.7 |
-0.8 |
-0.4 |
|
Trade Accounts Receivable - Net |
72.1 |
59.9 |
47.6 |
29.5 |
22.6 |
|
Notes Receivable - Short Term |
0.4 |
0.6 |
0.1 |
0.8 |
0.1 |
|
Other Receivables |
13.5 |
7.6 |
4.1 |
4.0 |
3.5 |
|
Total Receivables, Net |
86.0 |
68.1 |
51.9 |
34.4 |
26.3 |
|
Inventories - Finished Goods |
28.1 |
14.7 |
8.6 |
10.8 |
6.1 |
|
Inventories - Work In Progress |
18.7 |
16.3 |
7.1 |
4.5 |
4.3 |
|
Inventories - Raw Materials |
4.4 |
3.8 |
2.6 |
3.9 |
4.1 |
|
Inventories - Other |
- |
- |
-0.1 |
0.0 |
- |
|
Total Inventory |
51.2 |
34.8 |
18.1 |
19.1 |
14.5 |
|
Prepaid Expenses |
6.2 |
5.8 |
2.8 |
1.0 |
1.0 |
|
Other Current Assets |
0.2 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Other Current Assets, Total |
0.2 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Total Current Assets |
311.4 |
158.7 |
118.8 |
104.5 |
69.8 |
|
|
|
|
|
|
|
|
Buildings |
28.4 |
26.8 |
20.8 |
9.9 |
9.9 |
|
Machinery/Equipment |
32.3 |
27.2 |
21.6 |
11.0 |
10.5 |
|
Property/Plant/Equipment - Gross |
60.6 |
54.0 |
42.4 |
20.9 |
20.5 |
|
Accumulated Depreciation |
-16.4 |
-12.8 |
-9.5 |
-7.4 |
-6.2 |
|
Property/Plant/Equipment - Net |
46.0 |
44.4 |
35.8 |
20.8 |
15.3 |
|
Goodwill, Net |
0.3 |
- |
- |
- |
- |
|
Intangibles - Gross |
10.1 |
7.2 |
- |
- |
- |
|
Accumulated Intangible Amortization |
-1.5 |
-1.0 |
- |
- |
- |
|
Intangibles, Net |
8.7 |
6.3 |
4.5 |
4.4 |
4.4 |
|
LT Investment - Affiliate Companies |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Long Term Investments |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Deferred Charges |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
1.0 |
0.7 |
0.3 |
0.2 |
0.1 |
|
Other Long Term Assets, Total |
1.0 |
0.7 |
0.4 |
0.2 |
0.2 |
|
Total Assets |
367.5 |
210.1 |
159.5 |
129.9 |
89.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
80.4 |
64.7 |
50.8 |
45.0 |
21.6 |
|
Accrued Expenses |
2.3 |
1.6 |
1.6 |
1.1 |
0.6 |
|
Notes Payable/Short Term Debt |
7.0 |
8.0 |
10.1 |
8.0 |
11.3 |
|
Dividends Payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
59.5 |
40.6 |
26.6 |
22.9 |
11.8 |
|
Income Taxes Payable |
0.6 |
0.6 |
0.6 |
-0.2 |
0.1 |
|
Other Payables |
0.1 |
0.2 |
0.4 |
1.1 |
0.8 |
|
Other Current Liabilities |
1.6 |
1.2 |
0.9 |
1.2 |
0.8 |
|
Other Current liabilities, Total |
61.8 |
42.6 |
28.6 |
25.0 |
13.6 |
|
Total Current Liabilities |
151.5 |
116.9 |
91.0 |
79.1 |
47.2 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
7.0 |
8.0 |
10.1 |
8.0 |
11.3 |
|
|
|
|
|
|
|
|
Minority Interest |
5.3 |
4.7 |
3.6 |
2.8 |
2.4 |
|
Other Long Term Liabilities |
0.2 |
0.1 |
0.1 |
0.1 |
- |
|
Other Liabilities, Total |
0.2 |
0.1 |
0.1 |
0.1 |
- |
|
Total Liabilities |
157.1 |
121.6 |
94.7 |
81.9 |
49.6 |
|
|
|
|
|
|
|
|
Common Stock |
35.9 |
26.7 |
18.2 |
17.6 |
14.7 |
|
Common Stock |
35.9 |
26.7 |
18.2 |
17.6 |
14.7 |
|
Additional Paid-In Capital |
96.1 |
3.4 |
6.0 |
5.8 |
5.8 |
|
Retained Earnings (Accumulated Deficit) |
77.7 |
58.4 |
40.5 |
24.6 |
19.6 |
|
Translation Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Equity |
0.6 |
- |
- |
- |
- |
|
Other Equity, Total |
0.6 |
- |
0.0 |
0.0 |
0.0 |
|
Total Equity |
210.4 |
88.5 |
64.7 |
48.0 |
40.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
367.5 |
210.1 |
159.5 |
129.9 |
89.7 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
403.2 |
403.2 |
403.2 |
403.2 |
403.2 |
|
Total Common Shares Outstanding |
403.2 |
403.2 |
403.2 |
403.2 |
403.2 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
1,527 |
874 |
849 |
735 |
642 |
|
Number of Common Shareholders |
19,809 |
- |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
1.5 |
1.0 |
0.7 |
0.4 |
0.3 |
|
Deferred Revenue - Current |
59.5 |
40.6 |
26.6 |
22.9 |
11.8 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
|
Auditor |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts |
352.2 |
278.3 |
233.1 |
216.7 |
147.2 |
|
Cash Payments |
-261.2 |
-236.0 |
-197.0 |
-158.4 |
-128.6 |
|
Cash Taxes Paid |
-12.9 |
-7.8 |
-7.2 |
-5.7 |
-2.6 |
|
Other Operating Cash Flow |
-44.7 |
-16.2 |
-15.7 |
-12.6 |
-8.6 |
|
Changes in Working Capital |
-44.7 |
-16.2 |
-15.7 |
-12.6 |
-8.6 |
|
Cash from Operating Activities |
33.4 |
18.3 |
13.1 |
40.0 |
7.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-9.3 |
-11.2 |
-15.3 |
-7.6 |
-4.6 |
|
Capital Expenditures |
-9.3 |
-11.2 |
-15.3 |
-7.6 |
-4.6 |
|
Acquisition of Business |
-0.4 |
- |
- |
- |
- |
|
Sale of Fixed Assets |
0.1 |
0.3 |
0.0 |
0.1 |
0.0 |
|
Sale/Maturity of Investment |
- |
- |
- |
0.4 |
0.2 |
|
Purchase of Investments |
- |
-0.1 |
- |
- |
- |
|
Other Investing Cash Flow |
- |
-0.1 |
0.3 |
0.3 |
-0.2 |
|
Other Investing Cash Flow Items, Total |
-0.3 |
0.2 |
0.3 |
0.7 |
0.1 |
|
Cash from Investing Activities |
-9.5 |
-11.0 |
-14.9 |
-6.8 |
-4.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
101.6 |
0.0 |
- |
0.1 |
0.1 |
|
Financing Cash Flow Items |
101.6 |
0.0 |
- |
0.1 |
0.1 |
|
Cash Dividends Paid - Common |
-5.6 |
-0.2 |
-6.3 |
-7.8 |
-1.3 |
|
Total Cash Dividends Paid |
-5.6 |
-0.2 |
-6.3 |
-7.8 |
-1.3 |
|
Total Debt Issued |
- |
3.9 |
8.4 |
8.6 |
16.3 |
|
Total Debt Reduction |
-4.0 |
-5.7 |
-8.7 |
-12.2 |
-16.3 |
|
Issuance (Retirement) of Debt, Net |
-4.0 |
-1.9 |
-0.3 |
-3.5 |
0.0 |
|
Cash from Financing Activities |
92.0 |
-2.1 |
-6.6 |
-11.2 |
-1.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.2 |
-0.1 |
-0.3 |
-1.0 |
0.0 |
|
Net Change in Cash |
115.7 |
5.1 |
-8.8 |
21.0 |
1.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
48.7 |
42.4 |
49.3 |
27.8 |
25.6 |
|
Net Cash - Ending Balance |
164.4 |
47.5 |
40.5 |
48.8 |
27.3 |
|
Depreciation |
4.0 |
3.3 |
2.4 |
1.6 |
1.6 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
|
Auditor |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Other Rev from Biz Related Activ. |
3.4 |
- |
- |
- |
- |
|
Net Sales - Balancing value |
312.3 |
- |
- |
- |
- |
|
Net Sales |
- |
258.0 |
224.4 |
191.0 |
136.7 |
|
Total Revenue |
315.7 |
258.0 |
224.4 |
191.0 |
136.7 |
|
|
|
|
|
|
|
|
Business Tax & Sur. - Balancing Value |
0.5 |
- |
- |
- |
- |
|
Wages, Selling Exp. |
8.5 |
- |
- |
- |
- |
|
Wages, Admin Exp. |
4.8 |
- |
- |
- |
- |
|
Advertising Expense, Supplemental |
0.1 |
- |
- |
- |
- |
|
Depreciation in SGA, Selling Exp. |
0.0 |
- |
- |
- |
- |
|
Depreciation in SGA, Admin Exp. |
1.0 |
- |
- |
- |
- |
|
Research & Development Expense |
12.1 |
- |
- |
- |
- |
|
Amortization in SGA, Admin Exp. |
0.5 |
- |
- |
- |
- |
|
Cost of Sales |
238.4 |
196.4 |
171.7 |
149.0 |
110.8 |
|
Business Tax and Surcharges |
- |
1.2 |
1.0 |
0.8 |
0.4 |
|
City Planning Tax |
0.7 |
- |
- |
- |
- |
|
Educational Surcharges |
0.7 |
- |
- |
- |
- |
|
Other Surcharges |
0.0 |
- |
- |
- |
- |
|
Bad Debt Written-off/Provision |
1.5 |
- |
- |
- |
- |
|
Property and Other Taxes |
0.5 |
- |
- |
- |
- |
|
Rental Expense, Selling Exp. |
0.4 |
- |
- |
- |
- |
|
Rental Expense, Admin Exp. |
0.3 |
- |
- |
- |
- |
|
G&A Exp. - Balancing Value |
3.7 |
- |
- |
- |
- |
|
Selling Expense - Balancing value |
17.4 |
- |
- |
- |
- |
|
Selling Expense |
- |
16.3 |
15.4 |
13.4 |
7.8 |
|
General & Administrative Expenses |
- |
17.1 |
9.9 |
8.8 |
6.7 |
|
Interest Expense |
0.1 |
0.2 |
0.3 |
0.3 |
0.6 |
|
Interest Income |
-4.3 |
-0.8 |
-0.4 |
-0.6 |
-0.5 |
|
Commission Fees |
0.2 |
0.2 |
0.1 |
0.2 |
0.1 |
|
Foreign Exchange Gain/Loss |
0.2 |
0.2 |
0.5 |
1.0 |
0.0 |
|
Impairment Loss on Assets |
- |
2.3 |
1.1 |
0.5 |
0.3 |
|
Investment Income |
- |
0.1 |
-0.3 |
-0.3 |
0.3 |
|
Total Operating Expense |
287.0 |
233.3 |
199.2 |
173.1 |
126.6 |
|
|
|
|
|
|
|
|
Gain on Sale of Non-Current Assets |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Non-operating Exp. - Balancing Value |
-0.4 |
- |
- |
- |
- |
|
Non - Operating Income - Balancing value |
0.9 |
- |
- |
- |
- |
|
Non - Operating Income |
- |
0.6 |
0.3 |
0.6 |
0.3 |
|
Loss on Sale of Non-Current Assets |
0.0 |
0.0 |
0.0 |
-0.1 |
- |
|
Non - Operating Expense |
- |
-0.3 |
-0.3 |
0.0 |
-0.1 |
|
Net Income Before Taxes |
29.2 |
25.0 |
25.2 |
18.5 |
10.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
4.8 |
3.8 |
3.8 |
2.8 |
1.6 |
|
Net Income After Taxes |
24.3 |
21.1 |
21.4 |
15.7 |
8.8 |
|
|
|
|
|
|
|
|
Minority interests |
-1.4 |
-0.9 |
-0.9 |
-0.7 |
-0.3 |
|
Net Income Before Extra. Items |
23.0 |
20.2 |
20.5 |
15.0 |
8.5 |
|
Net Income |
23.0 |
20.2 |
20.5 |
15.0 |
8.5 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
23.0 |
20.2 |
20.5 |
15.0 |
8.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
23.0 |
20.2 |
20.5 |
15.0 |
8.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
394.8 |
403.2 |
403.2 |
403.2 |
403.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.06 |
0.05 |
0.05 |
0.04 |
0.02 |
|
Basic EPS Including ExtraOrdinary Items |
0.06 |
0.05 |
0.05 |
0.04 |
0.02 |
|
Dilution Adjustment |
- |
0.0 |
- |
- |
- |
|
Diluted Net Income |
23.0 |
20.2 |
20.5 |
15.0 |
8.5 |
|
Diluted Weighted Average Shares |
394.8 |
403.2 |
403.2 |
403.2 |
403.2 |
|
Diluted EPS Excluding ExtraOrd Items |
0.06 |
0.05 |
0.05 |
0.04 |
0.02 |
|
Diluted EPS Including ExtraOrd Items |
0.06 |
0.05 |
0.05 |
0.04 |
0.02 |
|
DPS-Ordinary Shares |
0.03 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
10.6 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
29.2 |
27.3 |
26.3 |
19.0 |
10.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
4.8 |
4.2 |
3.9 |
2.9 |
1.6 |
|
Normalized Income After Taxes |
24.3 |
23.1 |
22.4 |
16.1 |
9.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
23.0 |
22.2 |
21.4 |
15.4 |
8.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.06 |
0.06 |
0.05 |
0.04 |
0.02 |
|
Diluted Normalized EPS |
0.06 |
0.06 |
0.05 |
0.04 |
0.02 |
|
Interest Expense, Supplemental |
0.1 |
0.2 |
0.3 |
0.3 |
0.6 |
|
Rental Expense, Selling Exp. |
0.4 |
- |
- |
- |
- |
|
Rental Expense, Admin Exp. |
0.3 |
- |
- |
- |
- |
|
Rental Expense-selling |
- |
0.3 |
0.3 |
0.2 |
0.1 |
|
Advertising Expense, Supplemental |
0.1 |
0.1 |
0.2 |
0.3 |
0.2 |
|
Rental Expense,-general&adm. |
- |
0.2 |
0.2 |
0.2 |
0.2 |
|
Research & Development Exp. |
12.1 |
8.8 |
2.9 |
2.7 |
1.9 |
|
Depreciation, Supplemental |
4.0 |
3.3 |
2.4 |
1.6 |
1.6 |
|
BC - Depreciation of Intangible Assets |
0.5 |
- |
- |
- |
- |
|
Amort of Intangibles, Supplemental |
- |
0.3 |
0.2 |
0.1 |
0.1 |
|
Current Tax - Total |
5.1 |
4.2 |
3.9 |
2.9 |
1.7 |
|
Current Tax - Total |
5.1 |
4.2 |
3.9 |
2.9 |
1.7 |
|
Deferred Tax - Total |
-0.2 |
-0.3 |
-0.1 |
-0.1 |
-0.1 |
|
Deferred Tax - Total |
-0.2 |
-0.3 |
-0.1 |
-0.1 |
-0.1 |
|
Income Tax - Total |
4.8 |
3.8 |
3.8 |
2.8 |
1.6 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate |
6.2357 |
6.294 |
6.5897 |
6.827 |
6.823 |
|
Auditor |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
- |
- |
45.7 |
49.7 |
28.0 |
|
Notes Receivable |
0.4 |
0.6 |
0.1 |
0.8 |
0.1 |
|
Accounts Receivable (Gross) |
77.6 |
63.8 |
49.3 |
30.3 |
23.0 |
|
Provision for Doubtful Accounts |
-5.5 |
-3.9 |
-1.7 |
-0.8 |
-0.4 |
|
Payment in Advance |
6.2 |
5.8 |
2.8 |
1.0 |
1.0 |
|
Other Receivables, Gross |
7.6 |
4.2 |
- |
- |
- |
|
Provision for Other Receivables |
-0.6 |
-0.7 |
- |
- |
- |
|
Tax retained - VAT |
6.6 |
4.1 |
- |
- |
- |
|
Other Receivables |
- |
- |
4.1 |
4.0 |
3.5 |
|
Rental Expense |
0.1 |
0.1 |
- |
- |
- |
|
Insurance Premium |
0.1 |
0.1 |
- |
- |
- |
|
Other Current Assets |
- |
- |
0.2 |
0.2 |
0.1 |
|
Raw Material |
4.4 |
3.8 |
2.6 |
3.9 |
4.0 |
|
Materials in Transit |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Work-in-Process |
18.7 |
16.3 |
7.1 |
4.5 |
4.3 |
|
Finished Products |
4.7 |
3.5 |
2.3 |
4.2 |
1.7 |
|
Products in Transit |
23.4 |
11.1 |
6.2 |
6.6 |
4.3 |
|
Goods in Store |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Provision/Allowance for Inventory |
- |
- |
-0.1 |
0.0 |
- |
|
Cash |
0.1 |
0.1 |
- |
- |
- |
|
Bank Deposit |
166.3 |
48.7 |
- |
- |
- |
|
Other Cash |
1.4 |
1.1 |
- |
- |
- |
|
Total Current Assets |
311.4 |
158.7 |
118.8 |
104.5 |
69.8 |
|
|
|
|
|
|
|
|
Long Term Equity Investment |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Buildings & Structures |
28.4 |
26.8 |
20.8 |
9.9 |
9.9 |
|
Machinery and Equipment |
24.6 |
20.2 |
15.6 |
6.0 |
6.2 |
|
Transportation Equipment |
3.2 |
3.0 |
2.7 |
2.2 |
1.5 |
|
Other Equipment |
4.5 |
4.0 |
3.3 |
2.9 |
2.9 |
|
Acc Depr Buildings & Structures |
-5.1 |
-3.8 |
- |
- |
- |
|
Acc Depr Machinery and Equipment |
-6.8 |
-5.3 |
- |
- |
- |
|
Acc Depr Transportation Equipment |
-1.9 |
-1.6 |
- |
- |
- |
|
Acc Depr Other Equipment |
-2.6 |
-2.1 |
- |
- |
- |
|
Accumulated Depreciation |
- |
- |
-9.5 |
-7.4 |
-6.2 |
|
Construction in Progress |
1.8 |
3.2 |
3.0 |
7.2 |
1.0 |
|
Intangible Assets, Net |
- |
- |
4.5 |
4.4 |
4.4 |
|
Long Term Prepaid Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Tax Assets |
1.0 |
0.7 |
0.3 |
0.2 |
0.1 |
|
Goodwill, Net |
0.3 |
- |
- |
- |
- |
|
Acc Amort Land Use Right |
-0.7 |
-0.6 |
- |
- |
- |
|
Acc Amort Computer Software |
-0.8 |
-0.4 |
- |
- |
- |
|
Land Use Right, Gross |
9.2 |
6.6 |
- |
- |
- |
|
Computer Software, Gross |
0.9 |
0.6 |
- |
- |
- |
|
Total Assets |
367.5 |
210.1 |
159.5 |
129.9 |
89.7 |
|
|
|
|
|
|
|
|
ST Debt & Notes Payable |
- |
4.0 |
- |
- |
- |
|
Short Term Borrowing |
- |
- |
5.6 |
5.7 |
9.2 |
|
Notes Payable |
7.0 |
4.0 |
4.5 |
2.2 |
2.1 |
|
Accounts Payable |
80.4 |
64.7 |
50.8 |
45.0 |
21.6 |
|
Customer Advance |
59.5 |
40.6 |
26.6 |
22.9 |
11.8 |
|
Accrued Payroll |
2.3 |
1.6 |
1.6 |
1.1 |
0.6 |
|
Other Tax Payable |
0.6 |
0.6 |
- |
- |
- |
|
Tax Payable |
- |
- |
0.6 |
-0.2 |
0.1 |
|
Dividend Payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Creditors |
0.1 |
0.2 |
0.4 |
1.1 |
0.8 |
|
VAT |
0.1 |
0.3 |
- |
- |
- |
|
Operating Tax |
0.1 |
0.0 |
- |
- |
- |
|
City Development Tax |
0.1 |
0.1 |
- |
- |
- |
|
Education Surcharge |
0.1 |
0.1 |
- |
- |
- |
|
other tax |
0.0 |
0.0 |
- |
- |
- |
|
Other Current Liabilities |
1.2 |
0.7 |
- |
- |
- |
|
Other Current Liabilities |
- |
- |
0.9 |
1.2 |
0.8 |
|
Total Current Liabilities |
151.5 |
116.9 |
91.0 |
79.1 |
47.2 |
|
|
|
|
|
|
|
|
Grants |
0.2 |
0.1 |
- |
- |
- |
|
Other Non-current Liabilities |
- |
- |
0.1 |
0.1 |
- |
|
Minority Interest |
5.3 |
4.7 |
3.6 |
2.8 |
2.4 |
|
Total Liabilities |
157.1 |
121.6 |
94.7 |
81.9 |
49.6 |
|
|
|
|
|
|
|
|
Other Capital reserves |
0.6 |
- |
- |
- |
- |
|
Capital Stock |
35.9 |
26.7 |
18.2 |
17.6 |
14.7 |
|
Other Paid in Capital |
96.1 |
- |
- |
- |
- |
|
Paid in Capital |
- |
3.4 |
6.0 |
5.8 |
5.8 |
|
Special Reserve |
0.9 |
- |
- |
- |
- |
|
Surplus Reserve |
7.7 |
5.8 |
3.7 |
2.0 |
1.1 |
|
Undistributed Profit |
69.1 |
52.6 |
36.8 |
22.6 |
18.5 |
|
Translation Adjustments |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Equity |
210.4 |
88.5 |
64.7 |
48.0 |
40.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
367.5 |
210.1 |
159.5 |
129.9 |
89.7 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
403.2 |
403.2 |
403.2 |
403.2 |
403.2 |
|
Total Common Shares Outstanding |
403.2 |
403.2 |
403.2 |
403.2 |
403.2 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advance |
59.5 |
40.6 |
26.6 |
22.9 |
11.8 |
|
Accumulated Intangible Amort, Suppl. |
1.5 |
1.0 |
0.7 |
0.4 |
0.3 |
|
Number of Common Shareholders |
19,809 |
- |
- |
- |
- |
|
Full-Time Employees |
1,527 |
874 |
849 |
735 |
642 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
|
Auditor |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash from Sale of Goods & Services |
352.2 |
278.3 |
233.1 |
216.7 |
147.2 |
|
Cash Paid for Goods and Services |
-261.2 |
-236.0 |
-197.0 |
-158.4 |
-128.6 |
|
Refund of Taxes |
1.7 |
2.0 |
2.5 |
1.5 |
1.8 |
|
Cash Paid to/for Employees |
-23.7 |
- |
- |
- |
- |
|
Other Cash from Operating Activities |
4.0 |
1.4 |
1.3 |
2.6 |
1.5 |
|
All Taxes Paid |
-14.6 |
-9.8 |
-9.7 |
-7.2 |
-4.4 |
|
Other Cash Paid for Operating Activities |
-24.9 |
-17.6 |
-17.1 |
-15.2 |
-10.1 |
|
Cash from Operating Activities |
33.4 |
18.3 |
13.1 |
40.0 |
7.4 |
|
|
|
|
|
|
|
|
Cash Paid for Acquisition of Subsidiary |
-0.4 |
- |
- |
- |
- |
|
Sale/Maturity/Redemption of Investments |
- |
- |
- |
0.4 |
0.2 |
|
Cash from Return on Investments |
- |
- |
- |
0.0 |
0.2 |
|
Sale of FA/Intangibles/Other Assets |
0.1 |
0.3 |
0.0 |
0.1 |
0.0 |
|
Other Cash from Investing Activities |
- |
- |
0.3 |
0.3 |
- |
|
Capital Expenditure |
-9.3 |
-11.2 |
-15.3 |
-7.6 |
-4.6 |
|
Cash Paid for Purchase of Investments |
- |
-0.1 |
- |
- |
- |
|
Other Cash Paid for Investing Activities |
- |
-0.1 |
- |
- |
-0.4 |
|
Cash from Investing Activities |
-9.5 |
-11.0 |
-14.9 |
-6.8 |
-4.5 |
|
|
|
|
|
|
|
|
Cash from Investors |
103.2 |
- |
- |
0.1 |
0.1 |
|
Cash from Borrowings |
- |
3.9 |
8.4 |
8.6 |
16.3 |
|
Repayment of Borrowings |
-4.0 |
-5.7 |
-8.7 |
-12.2 |
-16.3 |
|
Cash Paid for Dividend and Interest |
-5.6 |
-0.2 |
-6.3 |
-7.8 |
-1.3 |
|
Other Cash Paid for Financing Activities |
-1.6 |
0.0 |
- |
- |
- |
|
Cash from Financing Activities |
92.0 |
-2.1 |
-6.6 |
-11.2 |
-1.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.2 |
-0.1 |
-0.3 |
-1.0 |
0.0 |
|
Net Change in Cash |
115.7 |
5.1 |
-8.8 |
21.0 |
1.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
48.7 |
42.4 |
49.3 |
27.8 |
25.6 |
|
Net Cash - Ending Balance |
164.4 |
47.5 |
40.5 |
48.8 |
27.3 |
|
Depreciation |
4.0 |
3.3 |
2.4 |
1.6 |
1.6 |
|
Amortization of Intangibles |
0.5 |
0.3 |
0.2 |
0.1 |
0.1 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
|
UK Pound |
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.