MIRA
INFORM REPORT
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Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
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Name : |
IRICO GROUP ELECTRONICS CO., LTD. |
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Registered Office : |
No.1 Caihong Road, Xianyang,
712021 |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
10.09.2004 |
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Legal Form : |
Public Independent |
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Line of Business : |
Engaged in the manufacturing and trading of color picture
tubes (CPTs) and related CPT components, trading and assembly of glass related
products and the development of other advanced glass products. |
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No. of Employees : |
7,190 |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 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
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Source : CIA |
Company name and address
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IRICO Group Electronics Co., Ltd. |
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Employees: |
7,190 |
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Company
Type: |
Public Independent |
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Traded:
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Incorporation
Date: |
10-Sep-2004 |
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Auditor: |
ShingWing (HK) CPA Limited |
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Fiscal
Year End: |
31-Dec-2012 |
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Reporting
Currency: |
Chinese Renminbi |
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Annual
Sales: |
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Net
Income: |
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Total
Assets: |
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Market
Value: |
175.9 |
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(22-Nov-2013) |
Business Description
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IRICO Group Electronics Company Limited (IRICO), along
with its subsidiaries, is engaged in the manufacturing and trading of color picture
tubes (CPTs) and related CPT components, trading and assembly of glass
related products and the development of other advanced glass products. The
Company’s principal businesses consist of solar photovoltaic glass
business, luminous materials business, thin film transistor-liquid crystal
display (TFT-LCD) glass substrate business and display device business. It
operates in six segments: CPTs production and sales, luminous materials
production and sales, liquid crystal related products production and sales,
TFT-LCD glass substrate and display devices production and sales, as well as
solar photovoltaic glass production and sales. On April 7, 2011, the Company
disposed of its entire 87.16% interests in Xianyang Caiqin Electronics Device
Co., Ltd. For the six months ended 30 June 2013, IRICO Group Electronics Co.,
Ltd. revenues decreased 6% to RMB1.15B. Net loss increased 1% to RMB171.7M.
Revenues reflect Luminous Materials Production & Sales segment decrease
of 41% to RMB183.2M, CPTs Production & Sales segment decrease of 33% to
RMB109.9M. Higher net loss reflects Administrative expenses increase of 24%
to RMB154.4M (expense). |
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
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Significant Developments |
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* number of significant developments within the last 12
months |
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News |
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Financial Summary |
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Stock Snapshot |
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1 - Profit & Loss Item Exchange Rate: USD 1 = CNY
6.310555
2 - Balance Sheet Item Exchange Rate: USD 1 = CNY 6.2357
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IRICO
Group Electronics Co., Ltd.
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Annual Income Statement
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Financials in: USD (mil) |
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Except for share items (millions) and per share items
(actual units) |
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period
Length |
12
Months |
12 Months |
12
Months |
12
Months |
12
Months |
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UpdateType/Date |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Restated
Normal |
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Filed
Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
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Exchange
Rate (Period Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
|
Auditor |
ShingWing
(HK) CPA Limited |
SHINEWING
(HK) CPA LIMITED |
SHINEWING
(HK) CPA LIMITED |
ShingWing
(HK) CPA Limited |
ShingWing
(HK) CPA Limited |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
419.2 |
505.9 |
401.5 |
307.0 |
509.6 |
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Revenue |
419.2 |
505.9 |
401.5 |
307.0 |
509.6 |
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Total Revenue |
419.2 |
505.9 |
401.5 |
307.0 |
509.6 |
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Cost of Revenue |
434.9 |
489.5 |
341.6 |
320.4 |
419.2 |
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Cost of Revenue, Total |
434.9 |
489.5 |
341.6 |
320.4 |
419.2 |
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Gross Profit |
-15.7 |
16.4 |
59.9 |
-13.3 |
90.4 |
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Selling/General/Administrative
Expense |
93.0 |
63.6 |
44.7 |
73.6 |
78.4 |
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Total Selling/General/Administrative Expenses |
93.0 |
63.6 |
44.7 |
73.6 |
78.4 |
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Interest
Income - Operating |
-3.2 |
-2.2 |
-0.5 |
-0.6 |
-0.6 |
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Investment
Income - Operating |
-0.5 |
-0.3 |
-0.3 |
0.0 |
-1.2 |
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Interest/Investment Income -
Operating |
-3.7 |
-2.5 |
-0.7 |
-0.6 |
-1.8 |
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Interest Expense (Income) - Net Operating Total |
-3.7 |
-2.5 |
-0.7 |
-0.6 |
-1.8 |
|
Impairment-Assets Held for Use |
372.4 |
64.4 |
0.1 |
145.8 |
0.0 |
|
Impairment-Assets Held for Sale |
- |
- |
0.0 |
0.4 |
-0.6 |
|
Loss (Gain) on Sale of Assets -
Operating |
-2.9 |
-21.8 |
-3.5 |
-10.9 |
-6.1 |
|
Other Unusual Expense (Income) |
-1.7 |
-2.0 |
0.0 |
- |
- |
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Unusual Expense (Income) |
367.8 |
40.6 |
-3.4 |
135.3 |
-6.6 |
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Other Operating Expense |
1.4 |
1.0 |
2.7 |
2.6 |
1.7 |
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Other, Net |
-5.2 |
-4.0 |
-2.9 |
-2.4 |
-4.0 |
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Other Operating Expenses, Total |
-3.8 |
-2.9 |
-0.2 |
0.2 |
-2.3 |
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Total Operating Expense |
888.1 |
588.3 |
381.9 |
528.9 |
486.9 |
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Operating Income |
-468.9 |
-82.4 |
19.6 |
-221.9 |
22.7 |
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Interest
Expense - Non-Operating |
-70.4 |
-40.0 |
-15.8 |
-11.5 |
-11.1 |
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Interest
Capitalized - Non-Operating |
41.8 |
27.7 |
6.3 |
5.6 |
2.6 |
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Interest Expense, Net
Non-Operating |
-28.6 |
-12.3 |
-9.5 |
-5.8 |
-8.5 |
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Investment
Income - Non-Operating |
-38.2 |
-6.7 |
-3.6 |
-0.7 |
3.8 |
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Interest/Investment Income -
Non-Operating |
-38.2 |
-6.7 |
-3.6 |
-0.7 |
3.8 |
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Interest Income (Expense) - Net Non-Operating Total |
-66.9 |
-19.0 |
-13.1 |
-6.5 |
-4.7 |
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Income Before Tax |
-535.8 |
-101.4 |
6.5 |
-228.3 |
18.0 |
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Total Income Tax |
3.8 |
4.3 |
0.8 |
0.7 |
1.1 |
|
Income After Tax |
-539.6 |
-105.7 |
5.7 |
-229.1 |
16.9 |
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Minority Interest |
276.2 |
66.5 |
-1.4 |
66.1 |
-3.3 |
|
Net Income Before Extraord Items |
-263.4 |
-39.1 |
4.3 |
-162.9 |
13.7 |
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Net Income |
-263.4 |
-39.1 |
4.3 |
-162.9 |
13.7 |
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Income Available to Common Excl Extraord Items |
-263.4 |
-39.1 |
4.3 |
-162.9 |
13.7 |
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Income Available to Common Incl Extraord Items |
-263.4 |
-39.1 |
4.3 |
-162.9 |
13.7 |
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Basic/Primary Weighted Average Shares |
2,232.3 |
2,232.3 |
2,144.1 |
2,135.3 |
2,135.3 |
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Basic EPS Excl Extraord Items |
-0.12 |
-0.02 |
0.00 |
-0.08 |
0.01 |
|
Basic/Primary EPS Incl Extraord Items |
-0.12 |
-0.02 |
0.00 |
-0.08 |
0.01 |
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Dilution Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Diluted Net Income |
-263.4 |
-39.1 |
4.3 |
-162.9 |
13.7 |
|
Diluted Weighted Average Shares |
2,232.3 |
2,232.3 |
2,144.1 |
2,135.3 |
2,135.3 |
|
Diluted EPS Excl Extraord Items |
-0.12 |
-0.02 |
0.00 |
-0.08 |
0.01 |
|
Diluted EPS Incl Extraord Items |
-0.12 |
-0.02 |
0.00 |
-0.08 |
0.01 |
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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 |
28.6 |
12.2 |
9.5 |
5.8 |
8.5 |
|
Interest Capitalized, Supplemental |
-41.8 |
-27.7 |
-6.3 |
-5.6 |
-2.6 |
|
Depreciation, Supplemental |
21.4 |
14.7 |
8.3 |
34.7 |
35.7 |
|
Total Special Items |
367.8 |
53.3 |
-1.9 |
139.1 |
-2.1 |
|
Normalized Income Before Tax |
-168.0 |
-48.1 |
4.6 |
-89.2 |
15.9 |
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|
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Effect of Special Items on Income Taxes |
128.7 |
18.7 |
-0.2 |
48.7 |
-0.1 |
|
Inc Tax Ex Impact of Sp Items |
132.6 |
22.9 |
0.5 |
49.4 |
1.0 |
|
Normalized Income After Tax |
-300.5 |
-71.0 |
4.0 |
-138.6 |
14.9 |
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|
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|
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Normalized Inc. Avail to Com. |
-24.3 |
-4.5 |
2.6 |
-72.5 |
11.7 |
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Basic Normalized EPS |
-0.01 |
0.00 |
0.00 |
-0.03 |
0.01 |
|
Diluted Normalized EPS |
-0.01 |
0.00 |
0.00 |
-0.03 |
0.01 |
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Amort of Intangibles, Supplemental |
0.2 |
0.8 |
0.8 |
0.6 |
0.6 |
|
Rental Expenses |
6.7 |
7.3 |
6.3 |
5.9 |
6.3 |
|
Research & Development Exp, Supplemental |
3.0 |
2.9 |
3.0 |
3.9 |
3.8 |
|
Normalized EBIT |
-104.8 |
-44.3 |
15.4 |
-86.2 |
14.3 |
|
Normalized EBITDA |
-83.3 |
-28.8 |
24.6 |
-50.9 |
50.6 |
|
Current Tax - Domestic |
3.1 |
4.1 |
0.8 |
0.7 |
1.8 |
|
Current Tax - Other |
0.8 |
- |
- |
- |
- |
|
Current Tax - Total |
3.9 |
4.1 |
0.8 |
0.7 |
1.8 |
|
Deferred Tax - Domestic |
- |
0.1 |
-0.1 |
0.0 |
-0.7 |
|
Deferred Tax - Total |
0.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
0.0 |
0.1 |
-0.1 |
0.0 |
-0.7 |
|
Income Tax - Total |
3.8 |
4.3 |
0.8 |
0.7 |
1.1 |
|
Defined Contribution Expense - Domestic |
- |
8.8 |
8.6 |
4.9 |
6.6 |
|
Total Pension Expense |
- |
8.8 |
8.6 |
4.9 |
6.6 |
|
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Annual Balance Sheet |
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Financials
in: USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Restated
Normal |
|
Filed
Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange
Rate |
6.2357 |
6.294 |
6.5897 |
6.827 |
6.823 |
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Auditor |
ShingWing
(HK) CPA Limited |
SHINEWING
(HK) CPA LIMITED |
SHINEWING
(HK) CPA LIMITED |
ShingWing
(HK) CPA Limited |
ShingWing
(HK) CPA Limited |
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Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Cash |
205.1 |
327.1 |
406.6 |
154.2 |
77.6 |
|
Short Term Investments |
96.2 |
3.4 |
2.9 |
3.7 |
4.0 |
|
Cash and Short Term Investments |
301.3 |
330.5 |
409.5 |
157.9 |
81.6 |
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Accounts
Receivable - Trade, Gross |
84.4 |
59.8 |
45.4 |
71.3 |
67.6 |
|
Provision
for Doubtful Accounts |
-3.5 |
-3.9 |
-2.5 |
-7.1 |
-6.4 |
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Trade Accounts Receivable - Net |
81.0 |
55.9 |
42.9 |
64.2 |
61.1 |
|
Other Receivables |
205.8 |
194.5 |
110.3 |
99.0 |
138.7 |
|
Total Receivables, Net |
286.7 |
250.4 |
153.2 |
163.2 |
199.9 |
|
Inventories - Finished Goods |
36.1 |
47.9 |
50.6 |
63.4 |
71.2 |
|
Inventories - Work In Progress |
6.6 |
7.9 |
9.0 |
2.3 |
5.3 |
|
Inventories - Raw Materials |
22.7 |
33.4 |
35.6 |
22.5 |
22.7 |
|
Inventories - Other |
-16.6 |
-25.3 |
-2.8 |
-16.9 |
4.6 |
|
Total Inventory |
48.9 |
64.0 |
92.4 |
71.2 |
103.8 |
|
Prepaid Expenses |
24.1 |
- |
- |
- |
- |
|
Restricted Cash - Current |
10.6 |
16.6 |
7.5 |
0.0 |
- |
|
Other Current Assets, Total |
10.6 |
16.6 |
7.5 |
0.0 |
- |
|
Total Current Assets |
671.6 |
661.5 |
662.6 |
392.3 |
385.3 |
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|
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Buildings |
249.3 |
223.9 |
176.5 |
73.9 |
70.6 |
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Machinery/Equipment |
515.5 |
499.7 |
655.6 |
643.4 |
647.3 |
|
Construction
in Progress |
1,208.9 |
1,045.9 |
673.7 |
167.1 |
127.9 |
|
Other
Property/Plant/Equipment |
17.9 |
16.4 |
15.1 |
12.6 |
12.2 |
|
Property/Plant/Equipment - Gross |
1,991.6 |
1,785.9 |
1,520.8 |
896.9 |
858.0 |
|
Accumulated Depreciation |
-785.1 |
-482.6 |
-636.1 |
-645.1 |
-470.7 |
|
Property/Plant/Equipment - Net |
1,206.5 |
1,303.3 |
884.8 |
251.8 |
387.3 |
|
Intangibles - Gross |
59.6 |
58.9 |
56.2 |
54.1 |
54.1 |
|
Accumulated Intangible
Amortization |
-59.4 |
-58.7 |
-56.0 |
-53.9 |
-53.7 |
|
Intangibles, Net |
0.2 |
0.1 |
0.2 |
0.2 |
0.4 |
|
LT Investment - Affiliate
Companies |
18.3 |
44.2 |
49.6 |
51.3 |
53.7 |
|
LT Investments - Other |
6.9 |
12.6 |
11.3 |
6.1 |
6.0 |
|
Long Term Investments |
25.2 |
56.8 |
60.9 |
57.4 |
59.6 |
|
Deferred Charges |
47.9 |
51.6 |
23.0 |
23.6 |
8.0 |
|
Deferred Income Tax - Long Term
Asset |
- |
- |
- |
0.0 |
0.3 |
|
Restricted Cash - Long Term |
20.4 |
42.8 |
14.2 |
14.7 |
0.0 |
|
Other Long Term Assets, Total |
68.4 |
94.4 |
37.2 |
38.3 |
8.2 |
|
Total Assets |
1,971.9 |
2,116.2 |
1,645.7 |
740.0 |
840.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
135.8 |
130.2 |
108.0 |
58.6 |
82.1 |
|
Accrued Expenses |
26.0 |
1.0 |
0.9 |
1.4 |
1.8 |
|
Notes Payable/Short Term Debt |
3.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
436.8 |
249.2 |
178.0 |
179.0 |
98.6 |
|
Income Taxes Payable |
1.5 |
0.6 |
0.6 |
0.3 |
0.9 |
|
Other Payables |
211.1 |
167.7 |
63.6 |
117.5 |
92.8 |
|
Other Current Liabilities |
12.0 |
10.8 |
1.2 |
0.0 |
- |
|
Other Current liabilities, Total |
224.6 |
179.1 |
65.4 |
117.8 |
93.7 |
|
Total Current Liabilities |
826.4 |
559.5 |
352.4 |
356.9 |
276.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
784.8 |
668.7 |
371.3 |
88.1 |
48.2 |
|
Capital Lease Obligations |
5.4 |
15.8 |
0.0 |
- |
- |
|
Total Long Term Debt |
790.1 |
684.5 |
371.3 |
88.1 |
48.2 |
|
Total Debt |
1,230.1 |
933.7 |
549.3 |
267.1 |
146.8 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
1.3 |
1.3 |
1.1 |
1.2 |
1.4 |
|
Deferred Income Tax |
1.3 |
1.3 |
1.1 |
1.2 |
1.4 |
|
Minority Interest |
230.2 |
507.5 |
549.9 |
104.0 |
168.7 |
|
Pension Benefits - Underfunded |
1.0 |
1.2 |
1.1 |
- |
- |
|
Other Long Term Liabilities |
89.8 |
67.0 |
49.1 |
15.4 |
3.1 |
|
Other Liabilities, Total |
90.8 |
68.2 |
50.1 |
15.4 |
3.1 |
|
Total Liabilities |
1,938.7 |
1,821.0 |
1,324.8 |
565.5 |
497.5 |
|
|
|
|
|
|
|
|
Common Stock |
358.0 |
354.7 |
338.8 |
284.3 |
284.5 |
|
Common Stock |
358.0 |
354.7 |
338.8 |
284.3 |
284.5 |
|
Additional Paid-In Capital |
218.7 |
215.5 |
205.8 |
110.9 |
107.8 |
|
Retained Earnings (Accumulated Deficit) |
-542.8 |
-273.7 |
-223.0 |
-219.5 |
-48.9 |
|
Translation Adjustment |
-0.7 |
-1.3 |
-0.7 |
-1.2 |
0.0 |
|
Other Equity, Total |
-0.7 |
-1.3 |
-0.7 |
-1.2 |
0.0 |
|
Total Equity |
33.1 |
295.2 |
320.8 |
174.5 |
343.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,971.9 |
2,116.2 |
1,645.7 |
740.0 |
840.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
630.9 |
630.9 |
630.9 |
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 |
2,232.3 |
2,135.3 |
2,135.3 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
- |
- |
- |
- |
|
Treasury Shares - Common Issue 2 |
0.0 |
- |
- |
- |
- |
|
Employees |
7,201 |
7,611 |
7,006 |
6,234 |
6,972 |
|
Accumulated Intangible Amort, Suppl. |
59.4 |
58.7 |
56.0 |
53.9 |
53.7 |
|
Deferred Revenue - Long Term |
89.8 |
67.0 |
49.1 |
15.4 |
3.1 |
|
Total Long Term Debt, Supplemental |
1,221.5 |
917.9 |
549.3 |
265.9 |
145.3 |
|
Long Term Debt Maturing within 1 Year |
436.8 |
249.2 |
178.0 |
179.0 |
98.6 |
|
Long Term Debt Maturing in Year 2 |
243.0 |
53.3 |
0.0 |
0.0 |
5.5 |
|
Long Term Debt Maturing in Year 3 |
167.4 |
107.1 |
97.8 |
15.6 |
5.5 |
|
Long Term Debt Maturing in Year 4 |
167.4 |
107.1 |
97.8 |
15.6 |
5.5 |
|
Long Term Debt Maturing in Year 5 |
167.4 |
107.1 |
97.8 |
15.6 |
5.5 |
|
Long Term Debt Maturing in 2-3 Years |
410.4 |
160.3 |
97.8 |
15.6 |
10.9 |
|
Long Term Debt Maturing in 4-5 Years |
334.7 |
214.2 |
195.5 |
31.2 |
10.9 |
|
Long Term Debt Matur. in Year 6 & Beyond |
39.7 |
294.2 |
78.0 |
40.1 |
24.8 |
|
Total Capital Leases, Supplemental |
16.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 1 |
10.6 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
5.4 |
- |
- |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
5.4 |
- |
- |
- |
- |
|
Total Operating Leases, Supplemental |
0.7 |
5.2 |
12.9 |
17.7 |
12.1 |
|
Operating Lease Payments Due in Year 1 |
0.4 |
1.8 |
6.5 |
6.0 |
12.1 |
|
Operating Lease Payments Due in Year 2 |
0.1 |
0.9 |
1.6 |
2.9 |
0.0 |
|
Operating Lease Payments Due in Year 3 |
0.1 |
0.9 |
1.6 |
2.9 |
0.0 |
|
Operating Lease Payments Due in Year 4 |
0.1 |
0.9 |
1.6 |
2.9 |
0.0 |
|
Operating Lease Payments Due in Year 5 |
0.1 |
0.9 |
1.6 |
2.9 |
0.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
0.1 |
1.7 |
3.2 |
5.9 |
0.0 |
|
Operating Lease Pymts. Due in 4-5 Years |
0.1 |
1.7 |
3.2 |
5.9 |
0.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
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 |
Reclassified
Normal |
Reclassified
Normal |
Restated
Normal |
|
Filed
Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange
Rate (Period Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
|
Auditor |
ShingWing
(HK) CPA Limited |
SHINEWING
(HK) CPA LIMITED |
SHINEWING
(HK) CPA LIMITED |
ShingWing
(HK) CPA Limited |
ShingWing
(HK) CPA Limited |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-535.8 |
-101.4 |
6.5 |
-228.3 |
18.0 |
|
Depreciation |
21.7 |
14.7 |
8.3 |
34.7 |
35.7 |
|
Depreciation/Depletion |
21.7 |
14.7 |
8.3 |
34.7 |
35.7 |
|
Amortization of Intangibles |
0.2 |
0.8 |
0.8 |
0.6 |
0.6 |
|
Amortization |
0.2 |
0.8 |
0.8 |
0.6 |
0.6 |
|
Unusual Items |
369.5 |
77.5 |
0.7 |
155.0 |
3.4 |
|
Equity in Net Earnings (Loss) |
38.2 |
6.7 |
3.6 |
0.7 |
-3.8 |
|
Other Non-Cash Items |
38.6 |
7.6 |
-6.8 |
8.4 |
12.1 |
|
Non-Cash Items |
446.3 |
91.8 |
-2.6 |
164.1 |
11.6 |
|
Accounts Receivable |
-48.1 |
-95.0 |
13.2 |
34.2 |
74.2 |
|
Inventories |
2.0 |
10.9 |
-1.7 |
16.6 |
-5.4 |
|
Accounts Payable |
40.2 |
116.1 |
-12.4 |
-0.9 |
-3.4 |
|
Other Liabilities |
50.2 |
16.6 |
33.6 |
13.1 |
5.4 |
|
Other Operating Cash Flow |
-3.0 |
-3.9 |
-0.6 |
-1.2 |
-1.6 |
|
Changes in Working Capital |
41.3 |
44.7 |
32.0 |
61.8 |
69.2 |
|
Cash from Operating Activities |
-26.4 |
50.6 |
45.1 |
32.8 |
135.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-178.2 |
-467.9 |
-629.2 |
-56.2 |
-115.5 |
|
Purchase/Acquisition of
Intangibles |
-0.2 |
-27.7 |
-0.2 |
-17.2 |
-1.6 |
|
Capital Expenditures |
-178.4 |
-495.6 |
-629.5 |
-73.4 |
-117.1 |
|
Acquisition of Business |
-0.1 |
0.0 |
-4.0 |
0.0 |
-18.1 |
|
Sale of Business |
- |
0.0 |
20.1 |
3.8 |
0.0 |
|
Sale of Fixed Assets |
6.1 |
47.4 |
17.7 |
9.8 |
3.4 |
|
Sale/Maturity of Investment |
- |
- |
- |
- |
0.5 |
|
Investment, Net |
-0.2 |
- |
- |
- |
- |
|
Purchase of Investments |
-95.1 |
- |
- |
- |
- |
|
Sale of Intangible Assets |
- |
0.0 |
0.8 |
0.1 |
0.0 |
|
Other Investing Cash Flow |
12.0 |
-17.4 |
-6.6 |
-10.7 |
15.8 |
|
Other Investing Cash Flow Items, Total |
-77.3 |
30.0 |
28.1 |
3.1 |
1.6 |
|
Cash from Investing Activities |
-255.7 |
-465.6 |
-601.4 |
-70.3 |
-115.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-66.6 |
-8.8 |
510.7 |
-6.9 |
2.3 |
|
Financing Cash Flow Items |
-66.6 |
-8.8 |
510.7 |
-6.9 |
2.3 |
|
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 Reduction |
-10.8 |
- |
- |
- |
- |
|
Short Term Debt, Net |
-10.8 |
- |
- |
- |
- |
|
Long Term
Debt Issued |
582.7 |
589.8 |
352.6 |
266.4 |
143.3 |
|
Long Term
Debt Reduction |
-350.2 |
-261.7 |
-86.0 |
-145.8 |
-139.1 |
|
Long Term Debt, Net |
232.5 |
328.2 |
266.6 |
120.6 |
4.2 |
|
Issuance (Retirement) of Debt, Net |
221.7 |
328.2 |
266.6 |
120.6 |
4.2 |
|
Cash from Financing Activities |
155.1 |
319.4 |
795.4 |
113.7 |
6.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.4 |
0.0 |
0.0 |
|
Net Change in Cash |
-127.0 |
-95.6 |
239.4 |
76.3 |
26.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
329.7 |
417.4 |
159.2 |
81.5 |
53.9 |
|
Net Cash - Ending Balance |
202.7 |
321.8 |
398.6 |
157.8 |
80.1 |
|
Cash Interest Paid |
65.1 |
39.6 |
15.6 |
11.5 |
10.8 |
|
Cash Taxes Paid |
- |
3.9 |
0.6 |
1.2 |
1.6 |
|
|
|
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 |
Restated
Normal |
|
Filed
Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange
Rate (Period Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
|
Auditor |
ShingWing
(HK) CPA Limited |
SHINEWING
(HK) CPA LIMITED |
SHINEWING
(HK) CPA LIMITED |
ShingWing
(HK) CPA Limited |
ShingWing
(HK) CPA Limited |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Turnover |
419.2 |
505.9 |
401.5 |
307.0 |
509.6 |
|
Total Revenue |
419.2 |
505.9 |
401.5 |
307.0 |
509.6 |
|
|
|
|
|
|
|
|
Cost of Sales |
434.9 |
489.5 |
341.6 |
320.4 |
419.2 |
|
Gains on disposal of property |
-2.9 |
-8.6 |
-1.7 |
-8.1 |
-1.6 |
|
Interest Income |
-3.2 |
-2.2 |
-0.5 |
-0.6 |
-0.6 |
|
Other Operating Income |
-5.2 |
- |
- |
- |
- |
|
Sales of raw materials, scraps |
0.0 |
-12.7 |
-1.5 |
-2.8 |
-4.5 |
|
Collection of Write off Trade
Receivable |
-0.4 |
-0.2 |
-7.3 |
-1.7 |
0.0 |
|
Reversal of write-down of
inventories |
- |
- |
- |
0.0 |
-0.6 |
|
Disposal of available-for-sale invest. |
- |
- |
- |
0.0 |
-0.5 |
|
Dividend income from AFS |
-0.5 |
-0.3 |
-0.3 |
0.0 |
-0.6 |
|
Disposal of land usage right |
- |
0.0 |
-0.3 |
0.0 |
- |
|
Gain On Disposal of an Associate |
- |
-0.5 |
0.0 |
- |
- |
|
Gain on partial Disp. of a
Subsidiaries |
-1.7 |
-2.0 |
0.0 |
- |
- |
|
Other operating income |
- |
-4.0 |
-2.9 |
-2.4 |
-4.0 |
|
Selling and distribution costs |
10.6 |
13.4 |
15.9 |
13.9 |
25.4 |
|
Administrative expenses |
82.7 |
50.4 |
36.2 |
61.4 |
53.0 |
|
Other Operating Expenses |
1.4 |
1.0 |
2.7 |
2.6 |
1.7 |
|
Impairment of Fixed Assets |
372.4 |
64.4 |
0.1 |
145.8 |
0.0 |
|
Impairment Loss on Investment in
Assoc. |
- |
- |
0.0 |
0.4 |
0.0 |
|
Impairment Loss on Intangible
Asset |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Operating Expense |
888.1 |
588.3 |
381.9 |
528.9 |
486.9 |
|
|
|
|
|
|
|
|
Total Borrowings costs |
-70.4 |
- |
- |
- |
- |
|
Interest Expense |
- |
-39.8 |
-14.7 |
-9.9 |
-8.1 |
|
Finance Charge on Bills Discounts |
- |
0.0 |
-0.7 |
-0.6 |
-1.7 |
|
Interest Expense to Ultimate
Holding Co. |
- |
-0.2 |
-0.4 |
-0.9 |
-1.3 |
|
Interest Capitalised |
41.8 |
27.7 |
6.3 |
5.6 |
2.6 |
|
Share of loss of associates |
-38.2 |
-6.7 |
-3.6 |
-0.7 |
3.8 |
|
Net Income Before Taxes |
-535.8 |
-101.4 |
6.5 |
-228.3 |
18.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
3.8 |
4.3 |
0.8 |
0.7 |
1.1 |
|
Net Income After Taxes |
-539.6 |
-105.7 |
5.7 |
-229.1 |
16.9 |
|
|
|
|
|
|
|
|
Non-controlling interests |
276.2 |
66.5 |
-1.4 |
66.1 |
-3.3 |
|
Net Income Before Extra. Items |
-263.4 |
-39.1 |
4.3 |
-162.9 |
13.7 |
|
Net Income |
-263.4 |
-39.1 |
4.3 |
-162.9 |
13.7 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-263.4 |
-39.1 |
4.3 |
-162.9 |
13.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-263.4 |
-39.1 |
4.3 |
-162.9 |
13.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
2,232.3 |
2,232.3 |
2,144.1 |
2,135.3 |
2,135.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.12 |
-0.02 |
0.00 |
-0.08 |
0.01 |
|
Basic EPS Including ExtraOrdinary Items |
-0.12 |
-0.02 |
0.00 |
-0.08 |
0.01 |
|
Dilution Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Diluted Net Income |
-263.4 |
-39.1 |
4.3 |
-162.9 |
13.7 |
|
Diluted Weighted Average Shares |
2,232.3 |
2,232.3 |
2,144.1 |
2,135.3 |
2,135.3 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.12 |
-0.02 |
0.00 |
-0.08 |
0.01 |
|
Diluted EPS Including ExtraOrd Items |
-0.12 |
-0.02 |
0.00 |
-0.08 |
0.01 |
|
DPS-Ordinary Shares |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
DPS-Ordinary 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 |
-168.0 |
-48.1 |
4.6 |
-89.2 |
15.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
132.6 |
22.9 |
0.5 |
49.4 |
1.0 |
|
Normalized Income After Taxes |
-300.5 |
-71.0 |
4.0 |
-138.6 |
14.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-24.3 |
-4.5 |
2.6 |
-72.5 |
11.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.01 |
0.00 |
0.00 |
-0.03 |
0.01 |
|
Diluted Normalized EPS |
-0.01 |
0.00 |
0.00 |
-0.03 |
0.01 |
|
Interest Capitalised |
-41.8 |
- |
- |
- |
- |
|
Total Borrowings costs |
28.6 |
- |
- |
- |
- |
|
Interest Expense |
- |
12.2 |
9.5 |
5.8 |
8.5 |
|
Interest Capitalized |
- |
-27.7 |
-6.3 |
-5.6 |
-2.6 |
|
BC - Depreciation of Intangible Assets |
0.2 |
- |
- |
- |
- |
|
Amortization of Leaseholdland & Land |
- |
0.7 |
0.6 |
0.4 |
0.3 |
|
Amort of Intangibles |
- |
0.1 |
0.2 |
0.2 |
0.3 |
|
Rental Expense |
6.7 |
7.3 |
6.3 |
5.9 |
6.3 |
|
Depreciation |
21.4 |
14.7 |
8.3 |
34.7 |
35.7 |
|
Research & Development |
3.0 |
2.9 |
3.0 |
3.9 |
3.8 |
|
Under provision in prior years |
0.8 |
- |
- |
- |
- |
|
Current Tax |
3.1 |
4.1 |
0.8 |
0.7 |
1.8 |
|
Current Tax - Total |
3.9 |
4.1 |
0.8 |
0.7 |
1.8 |
|
Deferred Tax - Total |
0.0 |
- |
- |
- |
- |
|
Deferred Tax |
- |
0.1 |
-0.1 |
0.0 |
-0.7 |
|
Deferred Tax - Total |
0.0 |
0.1 |
-0.1 |
0.0 |
-0.7 |
|
Income Tax - Total |
3.8 |
4.3 |
0.8 |
0.7 |
1.1 |
|
On Termination Benefit |
- |
- |
- |
0.0 |
0.1 |
|
Early Retirement Benefit |
- |
0.6 |
3.4 |
0.1 |
0.8 |
|
One-offterminationbenefits |
- |
1.6 |
0.0 |
- |
- |
|
Defined Pension Obligation |
- |
6.6 |
5.1 |
4.8 |
5.6 |
|
Total Pension Expense |
- |
8.8 |
8.6 |
4.9 |
6.6 |
|
|
|
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 |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Restated
Normal |
|
Filed
Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange
Rate |
6.2357 |
6.294 |
6.5897 |
6.827 |
6.823 |
|
Auditor |
ShingWing
(HK) CPA Limited |
SHINEWING
(HK) CPA LIMITED |
SHINEWING
(HK) CPA LIMITED |
ShingWing
(HK) CPA Limited |
ShingWing
(HK) CPA Limited |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
22.7 |
33.4 |
35.6 |
22.5 |
22.7 |
|
Work in Progress |
6.6 |
7.9 |
9.0 |
2.3 |
5.3 |
|
Finished Goods |
36.1 |
47.9 |
50.6 |
63.4 |
71.2 |
|
Consumables |
2.0 |
2.2 |
3.5 |
5.5 |
11.1 |
|
Provision for Inventory
Obsolescence |
-18.5 |
-27.5 |
-6.3 |
-22.4 |
-6.5 |
|
Trade receivables, Gross |
84.4 |
59.8 |
45.4 |
71.3 |
67.6 |
|
Provision for Doubtful Debt |
-3.5 |
-3.9 |
-2.5 |
-7.1 |
-6.4 |
|
Bills receivables |
24.7 |
30.7 |
29.6 |
68.6 |
114.1 |
|
Tax recoverable |
137.8 |
- |
- |
- |
- |
|
Other Receivables, Gross |
44.3 |
- |
- |
- |
- |
|
Provision for Other Receivables |
-1.1 |
- |
- |
- |
- |
|
Other receivables, deposits and |
- |
150.3 |
65.7 |
26.7 |
20.3 |
|
Deposits & Prepayment |
- |
13.4 |
15.0 |
3.7 |
4.3 |
|
Time Deposits |
- |
3.4 |
2.9 |
3.7 |
4.0 |
|
Restricted bank balances |
10.6 |
16.6 |
7.5 |
0.0 |
- |
|
Bank balances and cash |
205.1 |
327.1 |
406.6 |
154.2 |
77.6 |
|
Other Investments |
96.2 |
- |
- |
- |
- |
|
Prepayments |
24.1 |
- |
- |
- |
- |
|
Total Current Assets |
671.6 |
661.5 |
662.6 |
392.3 |
385.3 |
|
|
|
|
|
|
|
|
Licences for technical knowledge |
58.9 |
58.3 |
55.7 |
53.6 |
53.6 |
|
Computer Software |
0.7 |
0.5 |
0.5 |
0.5 |
0.5 |
|
AccAmortLicences for technical
knowledge |
-58.8 |
- |
- |
- |
- |
|
Acc Amort/Imp Computer Software |
-0.6 |
- |
- |
- |
- |
|
Accumulated Amortization |
- |
-58.7 |
-56.0 |
-53.9 |
-53.7 |
|
Building |
249.3 |
223.9 |
176.5 |
73.9 |
70.6 |
|
Machinery for Electronics
Production |
280.3 |
309.2 |
396.0 |
396.4 |
399.9 |
|
Machinery for Glass Production |
114.3 |
117.1 |
139.2 |
132.9 |
133.7 |
|
Other Machinery |
120.9 |
73.3 |
120.3 |
114.1 |
113.7 |
|
Office Equipment and Others |
17.9 |
16.4 |
15.1 |
12.6 |
12.2 |
|
Properties under development,
Gross |
9.0 |
- |
- |
- |
- |
|
Construction in Progress |
1,199.9 |
1,045.9 |
673.7 |
167.1 |
127.9 |
|
Acc Depr/Imp Buildings |
-59.6 |
- |
- |
- |
- |
|
Acc Depr/Imp Construction in
Progress |
-342.6 |
- |
- |
- |
- |
|
Acc Depr/Imp Office equipment and
others |
-12.3 |
- |
- |
- |
- |
|
Acc Depr/Imp Other machinery |
-6.9 |
- |
- |
- |
- |
|
Acc Depr/Imp Machinery for glass
product |
-101.4 |
- |
- |
- |
- |
|
Acc Depr/Imp Machinery for
electronics p |
-262.2 |
- |
- |
- |
- |
|
Acc Depr/Imp Construction in
Progress |
0.0 |
- |
- |
- |
- |
|
Accumulated Depreciation |
- |
-482.6 |
-636.1 |
-645.1 |
-470.7 |
|
Investment properties |
3.1 |
- |
- |
- |
2.4 |
|
Investment Property, Gross |
- |
9.6 |
8.3 |
2.8 |
- |
|
Accumulated Depreciation |
- |
-0.8 |
-0.7 |
-0.2 |
- |
|
Leasehold land and land use rights |
47.9 |
51.6 |
23.0 |
23.6 |
8.0 |
|
Interests in associates |
18.3 |
44.2 |
49.6 |
51.3 |
53.7 |
|
Available-for-sale investment |
3.9 |
3.8 |
3.7 |
3.5 |
3.5 |
|
Deferred Taxation |
- |
- |
- |
0.0 |
0.3 |
|
Deposit paid for acquisition of an
assoc |
0.0 |
11.7 |
0.0 |
- |
- |
|
Deposits paid for acquisition of
propert |
20.4 |
31.1 |
14.2 |
14.7 |
0.0 |
|
Total Assets |
1,971.9 |
2,116.2 |
1,645.7 |
740.0 |
840.9 |
|
|
|
|
|
|
|
|
Trade payables |
98.1 |
98.8 |
106.7 |
58.5 |
67.4 |
|
Bills Payables |
37.8 |
31.5 |
1.4 |
0.1 |
14.7 |
|
Amount due to the parent company |
16.3 |
25.5 |
23.5 |
39.7 |
49.4 |
|
Provisions of warranty |
0.6 |
0.5 |
0.4 |
1.0 |
1.3 |
|
Others |
194.8 |
142.2 |
40.1 |
77.8 |
43.4 |
|
Liabilities for cash settled
payments |
1.4 |
1.1 |
1.2 |
0.0 |
- |
|
Bank and other borrowings due
within o |
436.8 |
249.2 |
178.0 |
179.0 |
98.6 |
|
Obligations under finance leases |
10.6 |
9.6 |
0.0 |
- |
- |
|
Termination benefits |
25.4 |
0.5 |
0.5 |
0.4 |
0.5 |
|
Tax payables |
1.5 |
0.6 |
0.6 |
0.3 |
0.9 |
|
Loans from the parent company |
3.2 |
- |
- |
- |
- |
|
Total Current Liabilities |
826.4 |
559.5 |
352.4 |
356.9 |
276.1 |
|
|
|
|
|
|
|
|
Long-term Provisions |
- |
- |
- |
1.2 |
1.5 |
|
Bank and other borrowings due
after on |
784.8 |
668.7 |
371.3 |
86.9 |
46.7 |
|
Obligations under finance leases |
5.4 |
15.8 |
0.0 |
- |
- |
|
Total Long Term Debt |
790.1 |
684.5 |
371.3 |
88.1 |
48.2 |
|
|
|
|
|
|
|
|
Termination benefits |
1.0 |
1.2 |
1.1 |
- |
- |
|
Deferred Income |
89.8 |
67.0 |
49.1 |
15.4 |
3.1 |
|
Deferred tax liabilities |
1.3 |
1.3 |
1.1 |
1.2 |
1.4 |
|
Non-controlling interests |
230.2 |
507.5 |
549.9 |
104.0 |
168.7 |
|
Total Liabilities |
1,938.7 |
1,821.0 |
1,324.8 |
565.5 |
497.5 |
|
|
|
|
|
|
|
|
Share Capital |
358.0 |
354.7 |
338.8 |
284.3 |
284.5 |
|
Capital Reserve |
218.7 |
215.5 |
205.8 |
110.9 |
107.8 |
|
Statutory Surplus Reserve |
3.8 |
3.7 |
3.6 |
3.4 |
3.4 |
|
Merger Reserve |
-6.8 |
-6.7 |
-6.4 |
-6.2 |
1.4 |
|
Exchange Reserve |
-0.7 |
-1.3 |
-0.7 |
-1.2 |
0.0 |
|
Accumulated losses |
-539.8 |
-270.7 |
-220.2 |
-216.8 |
-53.8 |
|
Total Equity |
33.1 |
295.2 |
320.8 |
174.5 |
343.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,971.9 |
2,116.2 |
1,645.7 |
740.0 |
840.9 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
630.9 |
630.9 |
630.9 |
533.8 |
533.8 |
|
S/O-Ordinary 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 |
2,232.3 |
2,135.3 |
2,135.3 |
|
T/S-Ordinary Shares |
0.0 |
- |
- |
- |
- |
|
T/S-Ordinary Shares |
0.0 |
- |
- |
- |
- |
|
AccAmortLicences for technical knowledge |
58.8 |
- |
- |
- |
- |
|
Acc Amort/Imp Computer Software |
0.6 |
- |
- |
- |
- |
|
Accumulated Intangible Amortization |
- |
58.7 |
56.0 |
53.9 |
53.7 |
|
Deferred Income-Long Term |
89.8 |
67.0 |
49.1 |
15.4 |
3.1 |
|
Full-Time Employees |
7,201 |
7,611 |
7,006 |
6,234 |
6,972 |
|
Long Term Debt Payable Within 1 Year |
436.8 |
249.2 |
178.0 |
179.0 |
98.6 |
|
Long Term Debt Payable Within 1-2 Years |
243.0 |
53.3 |
0.0 |
0.0 |
5.5 |
|
Long Term Debt Payable Within 2-5 Years |
502.1 |
321.2 |
293.3 |
46.9 |
16.4 |
|
Long Term Debt Payable After 5 Years |
39.7 |
294.2 |
78.0 |
40.1 |
24.8 |
|
Total Long Term Debt, Supplemental |
1,221.5 |
917.9 |
549.3 |
265.9 |
145.3 |
|
Capital Lease Payments Due within 1 Year |
10.6 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
5.4 |
- |
- |
- |
- |
|
Total Capital Leases, Supplemental |
16.0 |
- |
- |
- |
- |
|
Overfiveyears |
0.1 |
- |
- |
- |
- |
|
Operating Lease-Within 1 Year |
0.4 |
1.8 |
6.5 |
6.0 |
12.1 |
|
Operating Lease-Between 1 to 5 Years |
0.3 |
3.4 |
6.4 |
11.8 |
0.0 |
|
Total Operating Leases, Supplemental |
0.7 |
5.2 |
12.9 |
17.7 |
12.1 |
|
|
|
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 |
Reclassified
Normal |
Reclassified
Normal |
Restated
Normal |
|
Filed
Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange
Rate (Period Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
|
Auditor |
ShingWing
(HK) CPA Limited |
SHINEWING
(HK) CPA LIMITED |
SHINEWING
(HK) CPA LIMITED |
ShingWing
(HK) CPA Limited |
ShingWing
(HK) CPA Limited |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Operating Profit |
-535.8 |
-101.4 |
6.5 |
-228.3 |
18.0 |
|
Depreciation |
21.7 |
14.7 |
8.3 |
34.7 |
35.7 |
|
Reversal of allowance for Doubtful
Debts |
-0.4 |
- |
- |
- |
- |
|
Allowance for inventories |
13.5 |
- |
- |
- |
- |
|
Amortization of Leasehold land and
land |
0.8 |
- |
- |
- |
- |
|
Allowance for doubtful debts of
trade an |
1.8 |
1.4 |
2.6 |
2.4 |
- |
|
Cash-settledshare-basedpaymentsexpense |
0.2 |
0.1 |
1.7 |
0.0 |
- |
|
Amortization of Intangibles |
0.2 |
- |
- |
- |
- |
|
Amortization of Intangible Assets |
- |
0.8 |
0.8 |
0.6 |
0.6 |
|
Amortisation of deferred income on
gover |
-3.7 |
-1.4 |
-1.4 |
-1.2 |
-2.3 |
|
Impairment loss recognised in
respect of |
372.4 |
64.4 |
0.1 |
145.8 |
0.0 |
|
Impairment loss on investment in
an asso |
- |
- |
- |
0.4 |
0.0 |
|
Gain on disposal of an associate |
0.0 |
-0.5 |
0.0 |
- |
- |
|
Gain on disposal of a subsidiary |
0.0 |
-2.0 |
0.0 |
- |
- |
|
Gain on disposal of property,
plant and |
-2.9 |
-8.6 |
-1.7 |
-8.1 |
-1.6 |
|
Loss on disposal of leasehold land |
- |
0.0 |
-0.3 |
1.0 |
0.0 |
|
Net impairment losses on trade |
- |
- |
- |
- |
4.5 |
|
Dividend Income |
-0.5 |
-0.3 |
-0.3 |
0.0 |
-0.6 |
|
Gain on disposal of
available-for-sale |
- |
- |
- |
- |
-0.5 |
|
otherreceivables |
- |
-0.2 |
-7.3 |
- |
- |
|
Provision of Warranty |
1.4 |
1.5 |
0.5 |
2.0 |
3.7 |
|
Interest Income |
-3.2 |
-2.2 |
-0.5 |
-0.6 |
-0.6 |
|
Finance Costs |
28.6 |
12.3 |
9.5 |
5.8 |
8.5 |
|
Reversal of Writedown of
Inventories |
- |
- |
- |
- |
-0.6 |
|
Reversal of allowance for
inventories |
0.0 |
-3.9 |
-19.0 |
- |
- |
|
Share of loss of associates |
38.2 |
6.7 |
3.6 |
0.7 |
-3.8 |
|
Impairment of Intangibles Assets |
- |
- |
- |
0.0 |
0.0 |
|
Write-down of Inventories to NRV |
- |
24.2 |
2.6 |
15.9 |
4.9 |
|
Increase in trade and bills
receivables |
-48.1 |
-94.8 |
20.5 |
34.2 |
74.2 |
|
Decrease (increase) in inventories |
2.0 |
10.9 |
-1.7 |
16.6 |
-5.4 |
|
Accounts and Trade Bills Payable |
40.2 |
116.1 |
-12.4 |
-0.9 |
-3.4 |
|
Decrease/ increase in long-term
provisi |
24.4 |
0.0 |
-0.1 |
-0.4 |
0.2 |
|
Deferred Income |
25.8 |
16.6 |
33.7 |
13.5 |
5.2 |
|
Incometaxpaid |
-3.0 |
-3.9 |
-0.6 |
-1.2 |
-1.6 |
|
Cash from Operating Activities |
-26.4 |
50.6 |
45.1 |
32.8 |
135.2 |
|
|
|
|
|
|
|
|
Purchases of Investment Properties |
-0.2 |
- |
- |
- |
- |
|
Purchases of property, plant and
equipme |
-167.3 |
-437.6 |
-629.1 |
-41.5 |
-115.5 |
|
Deposits paid for acquisition of
propert |
-11.0 |
-30.3 |
-0.2 |
- |
- |
|
Acq. of a Subsidiary, Net of Cash
Acq. |
- |
- |
- |
- |
-14.4 |
|
Removal compensation received |
2.1 |
- |
- |
- |
- |
|
Capital contribution from minority
share |
- |
- |
- |
- |
14.4 |
|
Add. Interest in Subsidiaries |
-0.1 |
0.0 |
-4.0 |
0.0 |
-2.7 |
|
Purchase of Land Use Rights |
- |
-27.7 |
0.0 |
-17.2 |
-1.5 |
|
Investments in an Associated
Company |
- |
- |
- |
- |
-1.0 |
|
Deposit paid for acquisition of
property |
- |
- |
- |
-14.7 |
0.0 |
|
Capital reduction of a subsidiary |
- |
- |
- |
-11.3 |
0.0 |
|
Purchases of intangible assets |
-0.2 |
0.0 |
-0.2 |
0.0 |
-0.1 |
|
Placement of restricted bank
balances |
-53.2 |
-26.6 |
-7.3 |
0.0 |
- |
|
Proceedsfromdisposalofasubsidiary |
- |
5.4 |
0.0 |
- |
- |
|
Withdrawal of restricted bank
balances |
59.3 |
18.0 |
0.0 |
- |
- |
|
Disposal of Fixed Assets |
6.1 |
41.2 |
17.7 |
9.8 |
3.4 |
|
Dividendincomefromanassociate |
0.0 |
0.0 |
0.0 |
- |
- |
|
Depositpaidforacquisitionofanassociate |
- |
-11.4 |
0.0 |
- |
- |
|
Dividend Received |
0.5 |
0.3 |
0.3 |
0.0 |
0.6 |
|
Proceeds from disposal of land use
right |
- |
0.0 |
0.8 |
0.1 |
0.0 |
|
Proceedsfromdisposalofanassociate
Divid |
- |
0.8 |
0.0 |
- |
- |
|
Interest Received |
3.3 |
2.2 |
0.5 |
0.6 |
0.6 |
|
Disposal of Other Investments |
- |
- |
- |
- |
0.5 |
|
Dividend Received From an
Associate |
- |
- |
- |
- |
0.2 |
|
Disposal of Subsidiary |
- |
0.0 |
20.1 |
3.8 |
0.0 |
|
Placement of investment held for
maturit |
-95.1 |
- |
- |
- |
- |
|
Cash from Investing Activities |
-255.7 |
-465.6 |
-601.4 |
-70.3 |
-115.5 |
|
|
|
|
|
|
|
|
Proceedsofsaleandleasebacktransactions |
- |
30.2 |
0.0 |
- |
- |
|
Bank borrowings raised |
582.7 |
589.8 |
352.6 |
266.4 |
143.3 |
|
Advance from Ultimate Holding |
- |
- |
- |
- |
14.4 |
|
Loan to a non-controlling
interests shar |
-10.8 |
- |
- |
- |
- |
|
Repaymentsofobligationsunderfinancelease |
-9.6 |
-5.5 |
0.0 |
- |
- |
|
Repayments of bank and other
borrowings |
-340.6 |
-256.1 |
-86.0 |
-145.8 |
-139.1 |
|
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 |
-65.1 |
-39.6 |
-15.6 |
-11.5 |
-10.8 |
|
Dividends Paid to Min.
Shareholders |
-1.6 |
-3.8 |
-0.7 |
-0.4 |
-1.2 |
|
Contribution from Minority
Shareholders |
- |
4.5 |
530.0 |
5.0 |
- |
|
Cash from Financing Activities |
155.1 |
319.4 |
795.4 |
113.7 |
6.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.4 |
0.0 |
0.0 |
|
Net Change in Cash |
-127.0 |
-95.6 |
239.4 |
76.3 |
26.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
329.7 |
417.4 |
159.2 |
81.5 |
53.9 |
|
Net Cash - Ending Balance |
202.7 |
321.8 |
398.6 |
157.8 |
80.1 |
|
Cash Interest Paid |
65.1 |
39.6 |
15.6 |
11.5 |
10.8 |
|
Cash Taxes Paid |
- |
3.9 |
0.6 |
1.2 |
1.6 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions)
and per share items (actual units) |
|
|
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|
Financials in: USD (mil) |
|
|
Except for share items (millions)
and per share items (actual units) |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.